Socrates (Defense), the Apology Essay - 1014 Words

Socrates – â€Å"The Apology† or (Defense) Socrates had no written work, never had a job and there are questions of whether he was even literate. However, Plato was a student of Socrates and recorded what occurred at his death trial. Socrates asked lots of questions and made people with political power look stupid. At no time during his trial does he claim to be innocent. He (attacks his accuser instead) There were two types of charges brought against him. - The new or (Official) Charges – which is why he was brought to trial o â€Å"He corrupts the youth† o â€Å"He disses the Old Gods and tosses props (credits) to New Gods.† - Old Charges (Rumors/Not Official) o â€Å"He makes the weaker argument defeat†¦show more content†¦Ã¢â‚¬ ¦..Meteltus, you claim I corrupt the youth, correct? Meletus: Yep Socr: If you care so much about the youth, that you know who corrupts them, you must also know who helps them. Who is that? M: The Laws S: No, give me a name. How about the Judges? Do they benefit or corrupt the youth? M: Benefit S; The Jury? M: Benefit S: Audience? M: Benefit S: Rest of Athens? M: Benefit S: Everyone but me benefits the youth except me? M: Yup S; That is dope wacky. There is no way that makes sense. How do you best train a horse with one or a few or with several? With one or a few of course, it is impossible that only one person corrupts. Meletus you obviously only care about hurting me and not helping the youh. S; Meletus, don’t you agree that people you treat well treat you well in erturn? And those you harm will come to harm you? So if I were corrupting the youth wouldn’t that come back to haun me. Either I have made an unwitty mistake or I am crazy. Either way I should have been talked to first instead of being brought to trial. All you care about is hurting me. 2nd Charge Disses Old Gods, tosses props to New Gods S: Meletus, le me be sure that I understand this charge – do you claim I believe in New gods or in No Gods at all? M: You do not believe in any Gods at all! [Here Meletus is trying to make Socrates look bad] S: So I wonder what could ‘New Gods’ be? If New Gods are not really Gods, the can be people, so maybe they are like fairies and spirits. CanShow MoreRelatedSocrates Defense Against The Criticism Of Plato s Apology2077 Words   |  9 PagesAfter the introductory remarks, Plato’s Apology continues with Socrates’ defense against the â€Å"First Accusations,† because his accusers are many, and of all ages: the older accusers have persuaded the youth to speak and think badly of Socrates, and given that they were at an age of influence, the lesson stuck. The old accusations that Socrates has to address first and foremost are: â€Å"Socrates is guilty of wrongdoing in that he busies himself studying things in the sky and below the earth; he makesRead MoreAnalysis of Socrates Defense in The Apology and Search for the Truth about Piety in Euthyphro1589 Words   |  6 PagesSocrates Defense in the Apology and Search for the Truth about Piety in Euthyphro In Platos Dialogues, there is the singly ignorant person, the individual who is ignorant of some information or truth but who knows that he is ignorant, and the doubly ignorant person, the individual who is ignorant of his own ignorance. Socrates, in the Apology, maintains that he is singly ignorant when he states that the only thing he is that he knows nothing. The singly ignorant person is in a far better positionRead MoreAnalysis Of Platos Apology On The Man Of Save The Day, But Not Himself1285 Words   |  6 PagesHimself An Analysis of Plato’s Apology Socrates, painted as a humble man who never had any of his own writings, and often speculated to be illiterate, is considered one of the major partisans of Western philosophy. Western philosophy is the philosophical thought of the western world. This idea proves to be quite accurate when considering Plato’s Apology, the apology of Socrates which is not really considered an apology but a defense. In the ancient Greek era, the word apology meant to defend one’s actionsRead MoreSocrates will Refuse the Jurys Decision1397 Words   |  6 PagesDuring Socrates’ defense against Meletus, Anytus, and Lycon in Plato’s Apology, Socrates states that he will refuse the jury’s decision, regarded as the Law of Athens, if the court were to acquit him on the basis that he stops practicing philosophy. However, later in Plato’s Crito, Socrates explains he cannot escape from prison due to the laws of Athens and thus adheres to the jury’s decision of a d eath sentence. Despite appearing to contradict himself, Socrates is actually not contradicting himselfRead MoreA Just Man Should Fear No Death in the Apology by Plato Essay825 Words   |  4 PagesPlato’s Apology The Apology was written by Plato, and relates Socrates’ defense at his trial on charges of corrupting the youth and impiety. Socrates argues that he is innocent of both charges. His defense is ultimately unsuccessful, and he is convicted and sentenced to death. Socrates concludes the Apology by arguing that a just man should have no fear of death. Socrates defends himself against the charges brought against him by his prosecutor Meletus in two ways. One way consists of a descriptionRead MoreWhat Are The Charges Against Socrates?1019 Words   |  5 Pages2015 What are the charges against Socrates as recorded in the Apology. Is he guilty of them? Why or why not? The Apology is assumed to be the most realistic account that has been conserved of Socrates defense of himself as it was presented before the Athenian Council. It is in essential agreement with the references to the trial that occur in Plato s other dialogs. We may determine that Apology is not written by Socrates and only contains the words of Socrates that were memorized by Plato, sinceRead MoreApology Paper1168 Words   |  5 PagesApology Paper SangYeob Kim College of Southern Nevada PHIL 102 - 1005 Howe, Richard March 15, 2013 Apology Paper In Apology by Plato, Socrates, who is convicted and sentenced to death by the jury of Athenian citizens, not only pleads his innocence, but also expresses his opinion on democracy. The speeches and dialogues Socrates makes in this book raises a question for the reader whether the jury of Athenian citizens is justified in convicting Socrates and condemning him to death. AlthoughRead MorePlato and Socrates Relentless Question1274 Words   |  6 PagesSocrates knew the trial brought onto him by three citizens of Athens was not just and the official accusations of corrupting the youth and impiety are not the true reasons for the trial. He was put to death because of his method of challenging others in the search for wisdom and knowledge. Socrates was given the opportunity to defend himself and choose not to beg for his life but praise his life and to honor his mission. He opposed the charges by a cross-examination of the people who put him onRead MoreEssay on The Three Modes of Pers uasion: Socrates Apology1331 Words   |  6 PagesPersuasion: Socrates’ Apology In speaking of effective rhetorical persuasion, we must appeal to our target audience in a way that will get them to accept or act upon the point of view we are trying to portray. Aristotle said that we persuade others by three means: (1) by the appeal to their reason (logos); (2) by the appeal to their emotions (pathos); and (3) by the appeal of our personality or character (ethos) (Corbett and Connors 32). When Socrates, an infamous rhetorician, gave his â€Å"apology† to hisRead MoreLessons Learned From Socrates Plato s The Apology 1453 Words   |  6 PagesThree Lessons Learned From Socrates (Three Points Learned From Socrates in Plato’s â€Å"The Apology†) In the year of 399 BCE, the philosopher Socrates was put on trial for two things, being an atheist and corrupting the youth. Both of these charges were because of false accusations of people who were insulted by Socrates’ intelligence. Socrates’ argument or defense against the charges while he is on trial is written by Plato, Socrates’ student, as â€Å"The Apology.† During Socrates’ trial, he argued that he

Analysis of the Novel A Farewell to Arms by Ernest...

In the book A Farewell to Arms, Catherines passion for her values and motivations prove to, not only direct her, but direct Henry towards a fulfilled life. Catherine had an intense desire for love, dedication, and redemption. Through her love, she convinces Henry to live his life in a zealous way and take risks for a good cause. As a result of her dedication to a loved one, her liberating relationship is prolonged. Catherines yearning for redemption drives Henry to commit to their love. Also it helps her repair her void of lost love. Love helps them get though the war and work up the courage to run away. She is able to share her passion with Henry, which makes him find contentment within his life. Catherine, in mourning for her dead fiancà ©, seduces Henry to distance herself from the pain of his death. Similarly, Henry attempts to stop the talk about war. Henry and Catherine discover comfort with each other from the war that haunts them. In a conversation, Catherine says, Youre jus t mine. Thats true and youve never belonged to any one else. But I dont care if you have. Im not afraid of them(105). In this line, she is expressing her intense love for Henry and how their love can only be found in them. Catherines courage to take a chance on their love galvanized Henry to do what makes him happy. Her choices to get involved with Henry compel him to also take a chance on love. When Henry recognizes how serious his love for Catherine is, his new values eradicate hisShow MoreRelatedErnest Hemmingway Research Paper1127 Words   |  5 Pagesmatter that authors have no choice but to get creative. One of the most famous, classic American writers and journalists was Ernest Hemmingway. Ernest Hemmingway had one of the most unique writing styles of all time. His distinctive writing style, characterized by economy and understatement, influenced 20th-century fiction, as did his life of adventure and public image. Ernest Hemingways fictional style of writing was successful d ue to the fact that the characters he presented exhibited authenticityRead MoreNot Only Did The Effects Of War Negatively Influence Henry’S1282 Words   |  6 PagesNot only did the effects of war negatively influence Henry’s actions, the theme of tragedy and the horrors of war also influence the entire Italian Army. For example, in Moddelmog’s literary analysis, the author refers back to novel to discuss the temptations that are depicted by Hemingway to give an accurate representation of the daily lives of the soldiers and the author hints at a justification for their actions: â€Å"It might sound sordid, but during war who can blame soldiers for seeking pleasurableRead MoreCoping with War: A Comparison Between Slaughterhouse Five and A Farewell to Arms1630 Words   |  7 PagesEarnest Hemmingway once said Never think that war, no matter how necessary, nor how justified, is not a crime. (Ernest Hemingway: A Literary Reference) War is a gruesome and tragic thing and affects people differently. Both Vonnegut and Hemmingway discus this idea in their novels A Farewell to Arms and Slaughterhouse Five. Both of the novels deal not only with war stories but other genres, be it a science fiction story in Vonnegut’s case or a love story in Hemingway’s. Despite all the similaritiesRead More Hemingway and Fitzgerald Essay1423 Words   |  6 PagesHemingway and Fitzgerald Ernest Hemingway and F. Scott Fitzgerald, the parties of one of the most famously infamous relationships in literary history met for the first time in late April 1925 at The Dingo Bar, a Paris hangout for the bohemian set. In his novel A Moveable Feast (published posthumously) Hemingway describes his first impressions of Fitzgerald: â€Å"The first time I ever met Scott Fitzgerald a very strange thing happened. Many strange things happened with Scott, but thisRead MoreThroughout his career, Ernest Hemmingway’s writing style has brought many questions from critics1500 Words   |  6 PagesThroughout his career, Ernest Hemmingway’s writing style has brought many questions from critics all over the world. These questions mainly emerged due to his writing being different from anyone else during that time. Hemmingway’s writing was simple and direct unlike other fellow writers. This made it easier for people to comprehend and it made connections to his ideas straightforward. In works such as Old Man and the Sea and For whom the Bell Tolls, Ernest Hemmingway uses his style of writing to

Work Place Hazards

Question: Discuss about theWork Place Hazards. Answer: Introduction: In opinion of Jailer et al. (2016), workplace hazards define the health and safety problems faced by the employees in office environment. There are different types of health hazards such as physical, chemical, biological and ergonomic health hazards that affect the health of the workers. Steel (2015) has mentioned that use of machinery without permission creates trouble in the workplace. Emission of chemicals from the tools pollutes the environment that affects the environment in work area. The unethical use of machinery also creates hazards in the workplace (Bedi, 2015). The environmental pollution affects the health of workers that affects their service provided to the company. The present proposal will deal with the workplace hazard faced in Accenture. It will help to understand the safety issues faced by the employees of the organisation and to offer necessary solutions to dissolve the issues in the company. It will help to justify the proposed solution needed for the current scenario. Background and Revision of the Challenge faced by Accenture: Objectives: The objectives of the research proposal are as follows: To address different types of work place hazards faced in the organisation. To identify the solution that helps in dissolving the issues. To investigate the workplace hazard issues that prevalent in Accenture. To address the solution needed to reduce the workplace hazards in the organisation. Justification: The current proposal has focused on identifying the workplace problems faced by the organisation. Here, it is observed that different chemical, biological and physical hazards are there that affect the health and safety of the worker in the office. The proposal will assist to identify the hazardous issues faced in Accenture. It is observed that the organisation faces operational issues that affect the safety issue of the employees. It is observed that the employees of Accenture face unhealthy condition in the workplace. The emission of chemical and harmful gases from the manufacturing plant affects the health of the workers (Lefkowitz, 2015). The employees of the organisation also confront issues regarding the use of defective tools in the workplace. The unsafe use of these tools creates trouble for the workers in the work area. Therefore, the company should focus on incorporating wireless detection system to control the use of multi-gas in the company (Runkle et al. 2014). It helps to control the emission of chemical and gases in the working sites. The company might also work on introducing highly advanced technology that helps the company to address the safety of the workers in the location. Analysis of the Proposed Solution for Challenges: The proposed solution has focused on including wireless detection system that helps to monitor and regulate the release of chemical and harmful products in the workplace. It aids to protect the health condition of workers in the hazardous environment of the company. On the other hand, the company has worked on including high quality technology that assists to resist the accidents in hazardous location of the work area. It helps to control the pollution in the manufacturing sites that protects the health of the workers. The introduction of Wi-Fi technologies assists the organisation to address the location of the staffs to provide safety measures to them. Hierarchal Decomposition Process: Scope: The scope of the present proposal is to identify the workplace hazards faced in Accenture. The main objective of the proposal is to identify the key work place hazards faced in Accenture. The safety of the workers is the prime objective followed by the company. Therefore, the organisation has focused on enhancing the wireless detection system that helps to improve the present health condition of the workers. The research proposal will also help the company to take necessary steps for protecting the health condition of the workers. The proposal helps to address the need of protecting the health of the employees in business environment. It will help the company to protect the health and hygiene of the workers. The incorporation of Wi-Fi connection helps the organisation to locate the position of the employees in workplace. Installation of sensor helps to increase the security of the workers in the company. Scope Exclusions: In opinion of Clarke et al. (2015), scope exclusion helps in defining the topic that is excluded from the topic. It is observed that the scope exclusion focuses on controlling the expectations of the stakeholders. In the present scenario, it is observed that Accenture has focused on including project charter that helps the company to address the boundaries of the project. The firm has focused on protecting the location of the site. Okun et al. (2016) has mentioned that social exclusion assists the company to offer revolutionary approach to protect the health and safety of the workers. The scope exclusion assists the company to understand the necessity of including the awareness programs that assist the firm to improve the business operation. Project Plan: The project plan of the present proposal has focused on following the hierarchical decomposition process that assists in decomposing the objects of the present project. McCaughey et al. (2013) has mentioned that black box, middle size, cohesion, fan out, coupling are some of the concepts present in hierarchical decomposition process. Clarke et al. (2015) has opined that coupling defines the independency of two modules. It is observed that the coupling assists in collecting the data and information. Jailer et al. (2016) has mentioned that black box possesses predictable behavior and consists of documents unnecessary in different other units. Steel (2015) has stated that cohesion explains the strength possesses in associating elements of different documents. The present study has focused on implementing the coupling process that assists to incorporate different input materials to attain proper output products. It is observed that logical cohesion defines the module that performs simila r tasks. The present proposal has focused on implementing the project plan that helps to analyse the matters related with workplace hazards prevalent in the Accenture. SWOT Analysis: The SWOT analysis of the present proposal has helped to understand the strength, weakness, opportunity and threat connected with the present study. The strength of the proposal is that it helps to understand the workplace issues faced in the manufacturing sites of the company. It also assists to understand the safety policies taken by the organization. The weakness of the project is that the company has failed to avail the necessary steps needed to improve the present condition. The opportunity of the project is to address the security measures taken by the company to protect the dignity of employees. The project also faces technical threats of improving the safety and security measures in workplace. Methodology: The present proposal has followed exploratory research design that assists to improve the business performance of the organization. Smith (2015) has mentioned that exploratory research design helps to analyse the data and information required to draw relevant conclusion in the present topic. The proposal will also follow the descriptive research design that helps to analyse the data collected in the present study. Mackey Gass (2015) has opined that descriptive research design helps to explain the data in reference to the present topic. The present proposal has focused on following the descriptive research design that helps to understand the necessary steps needed to taken for improving the present condition in the workplace of Accenture. Here, the researcher has focused on following the primary data collection process that helps to understand the feedback of the clients regarding the current topic. It is observe that the opinion of the clients assist to understand the necessary step s that should be taken by the company to protect the health and safety needs of the clients. The present proposal will also focus on considering inductive research design that helps to mix different theories to develop a theory. In the present scenario, it is noticed that the inductive research design helps to understand the different theories that relevant to develop a single theory that helps to reduce the chances of challenges in workplace. Deliverables: The deliverables of the present proposal are the security plans that are developed by Accenture to provide better working environment to the workers. It is observed that the company introduces security plans that assist to understand the steps taken by the company to improve the business operation. The plans and diagrams are the deliverables that are needed to improve the present working condition prevalent in the workplace. Here, the researcher has focused on addressing the key elements of the project. The project plan helps to make the strategy for reducing workplace troubles in Accenture. Development Tasks and Milestones: The present proposal will assist to understand the development tasks taken by Accenture to improve the business performance of the organisation. The company has worked on introducing detection system for controlling the multi-gas that helps to improve the condition of work area. The improvement in the workplace helps to protect the health of the workers. Accenture has also worked on introducing high quality technology that helps the company to locate the position of the workers. It assists them to keep safe distance from the danger prevalent in the manufacturing site. The use of Wi-Fi connection helps the company to locate the position of the workers. It helps to monitor the environment in the plant. The organization has located gas-detector that helps to reduce the chances of pollution in the work area. It assists to protect the health and safety of the staffs in the office. The firm has focused on introducing protect policy to retain the safety of the workers in the plant. It helps the organisation to locate the uncontrolled area. The department of Research and Development has focused on enhancing the range of solution provided to the staff in the work place. Analysis of the Risk Factor and Quality Assurance Process: Resource Requirements and Costs: The research proposal will help to understand the resources needed to fulfill the requirements of the solution. Here, it is observed that the company has focused on improving the detection system that helps to control the emission of gases in the manufacturing site. Therefore, the company uses resources such as advanced equipments, tools to attain the desired objectives. Accenture has also worked on introducing different technologies that assist the company to address the accidental areas in the manufacturing site. The company has also introduced a cost management plan that helps to regulate the cost of the present plan. It assists the organisation to improve the condition of sites to provide safety working environment to the workers. The company has worked on introducing different highly advanced technical equipments that affect their business operation. Clarke et al. (2015) has mentioned that the involvement of technological equipments assists the organisation to improve the detect ion system that helps to locate the position of employees in short period of time. It assists the company to improve the safety and security service provided to the workers in the company. Project Team: The director of HR department in Accenture endeavours to introduce different material to enhance the quality of protection. The company has also made a Research and Development team that assists to enhance the security measures prevalent in the manufacturing site. Mackey Gass (2015) have opined that the permit of the project team helps to make their activities legal. Accenture has focused on introducing different legal policies to retain ethical issues in the organization. Accenture has worked on incorporating different legal regulations to control the activities of the employees in the organization. It helps them to improve the business operation. The team leaders and managers have worked on introducing different legal consultation and licenses that assist the company to attain the solution needed to dissolve the workplace hazards in the organisation. Strong relation between team members help to improve the safety plan to protect the health of workers in the work area. It also help s to avail the opinion of workers regarding their present health condition and the necessity of improving the present position of security in the company. Project Work Plan: Control Plans and Timeline: Team Project task Time required (week1-week8) Team 1 Introducing detection system for controlling the multi-gas Week 1-3 Team 2 Incorporation Wi-Fi connection to locate the position of the workers. Week 4-Week 5 Team 3 Introducing project plan Week 6-Wek 8 The control plan of Accenture has focused on introducing different programs that affect the company to enhance their security system. It is observed that the company has worked on introducing detection system that helps in controlling the emission of gas and chemical materials that affect their business operation. Team 1 consists of team managers that assist the organisation to control the pollution in the office environment. Team 2 consists of team managers that help the company to incorporate the Wi-Fi connection that helps the company to improve the security in different locations of the site. Team 3 consists of employees of the company that focuses o developing the project plan to enhance the security prevalent in the workplace. Roles and Responsibilities: The role and responsibilities of the team members help to understand their activities and involvement in the project. It is observed that the manager has worked on implementing introducing team work to facilitate the detection system prevalent in the workplace. It helps to understand the roles of the team leaders that assist the managers to attain the desires objectives. Therefore, company focuses on introducing different departments to run their work in smooth manner. It is observed that the manager of RD Department of Accenture has worked on introducing different project development strategies to improve the business performance of the company. The team leaders focus on including democratic leadership style that helps in strengthening the relation between employees and team leaders that affect their business operation. Accenture has worked on introducing different security policies to provide better service to the employees. The managers from different departments help in enhancing the security service in the organization. The team members have focused on incorporating different technological equipments that assist the company to improve their business operation. Team leaders of Accenture help in improving the security plan that affects the business plan of the company. The team members focus on enhancing the quality of equipment needed in the manufacturing site. It helps to increase the productivity of the business operation. Conclusion: In the present scenario, the present proposal will help to address the security plan taken by Accenture. It will assist to understand the necessary actions that are required to protect the safety needs of the workers in the workplace. The proposal will assist to understand the solution required to dissolve the matter prevalent in the project. Here, the resources required to meet the solution have also been mentioned. The present proposal has also focused on addressing the team work project that helps to identify the needs required to dissolve the security issue faced in the organization. References: Bedi, R. (2015). Best practice in construction disputes [Book Review].Ethos: Official Publication of the Law Society of the Australian Capital Territory, (238), 42. Clarke, S., Probst, T. M., Guldenmund, F. W., Passmore, J. (2015).The Wiley Blackwell Handbook of the Psychology of Occupational Safety and Workplace Health. John Wiley Sons. Jailer, T., Lara-Meloy, M., Robbins, M. (2016). Promoting Worker Health on the Job and in the Community: A Vital Resource for Workers and Advocates. Lefkowitz, R. Y. (2015). International Seafarers and Transnationalism in the Twenty-First Century. Mackey, A., Gass, S. M. (2015).Second language research: Methodology and design. Routledge. McCaughey, D., DelliFraine, J. L., McGhan, G., Bruning, N. S. (2013). The negative effects of workplace injury and illness on workplace safety climate perceptions and health care worker outcomes.Safety science,51(1), 138-147. Okun, A. H., Guerin, R. J., Schulte, P. A. (2016). Foundational workplace safety and health competencies for the emerging workforce.Journal of Safety Research. Runkle, J., Culley, J., Economos, J., Mac, V., Tovar, J. A., Flocks, J. J., McCauley, L. (2014). Participatory Educational Intervention to Address Heat, Ergonomic Stress, and Pesticide Exposure as Workplace Hazards for Female Farmworkers in Central Florida.Journal of agromedicine,19(2), 235-235. Smith, J. A. (Ed.). (2015).Qualitative psychology: A practical guide to research methods. Sage. Steel, E. (2015). Ten pathways to death and disaster: Learning from fatal incidents in mines and other high hazard workplaces [Book Review].Ethos: Official Publication of the Law Society of the Australian Capital Territory, (238), 42.

Tesco International Learning Experience Essay Example

Tesco International Learning Experience Essay The Emerald Research Register for this journal is available at www. emeraldinsight. com/researchregister The current issue and full text archive of this journal is available at www. emeraldinsight. com/0959-0552. htm Retail multinational learning: a case study of Tesco Mark Palmer Aston Business School, Aston University, Birmingham, UK Abstract Purpose – This article examines the internationalisation of Tesco and extracts the salient lessons learned from this process. Design/methodology/approach – This research draws on a dataset of 62 in-depth interviews with key executives, sell- and buy-side analysts and corporate advisers at the leading investment banks in the City of London to detail the experiences of Tesco’s European expansion. Findings – The case study of Tesco illuminates a number of different dimensions of the company’s international experience. It offers some new insights into learning in international distribution environments such as the idea that learning is facilitated by uncertainty or â€Å"shocks† in the international retail marketplace; the size of the domestic market may inhibit change and so disable international learning; and learning is not necessarily facilitated by step-by-step incremental approaches to expansion. Research limitations/implications – The paper explores learning from a rather broad perspective, although it is hoped that these parameters can be used to raise a new set of more detailed priorities for future research on international retail learning. We will write a custom essay sample on Tesco International Learning Experience specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Tesco International Learning Experience specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Tesco International Learning Experience specifically for you FOR ONLY $16.38 $13.9/page Hire Writer It is also recognised that the data gathered for this case study focus on Tesco’s European operations. Practical implications – This paper raises a number of interesting issues such as whether the extremities of the business may be a more appropriate place for management to experiment and test new retail innovations, and the extent to which retailers take self-re? ection seriously. Originality/value – The paper applies a new theoretical learning perspective to capture the variety of experiences during the internationalisation process, thus addressing a major gap in our understanding of the whole internationalisation process. Keywords Learning, International business, Retailers, Multinational companies Paper type Case study Retail multinational learning 23 Introduction International retailers frequently emphasise the cognitive aspects of the retail internationalisation process. Examples of this abound but include Tesco’s utilisation of embedded research teams within Japanese families to monitor consumption behaviour prior to their acquisition of the Japanese C Two chain in 2003. Within the international retail literature, however, there has been limited detailed empirical or conceptual research on international retail learning (Clarke and Rimmer, 1997). Thus, although learning has played an important role in shaping the way retail companies behave in practice, comparatively few studies actually address international retail learning. An absence of detailed empirical or conceptual research on international retail learning is The author would like to thank Dr Barry Quinn at the University of Ulster for his thorough critiques of his ideas on an early draft of this work. This paper has developed out of doctoral work supported by Sainsbury’s. The author is also grateful for the assistance of British Stores Shops Association and, in particular, The George Spencer Trust under individual Research Awards. International Journal of Retail Distribution Management Vol. 33 No. 1, 2005 pp. 23-48 q Emerald Group Publishing Limited 0959-0552 DOI 10. 1108/09590550510577110 IJRDM 33,1 24 therefore a major gap in our understanding of the whole internationalisation process. It is contended that important insights and valuable lessons have been learned by retailers from their own successful international forays as well as the visible success of other companies in the international marketplace. Not all international retail operations have been successful however, and the dif? cult and highly contested process of scaling back of retailing operations to remedy mistakes may also result in an equally valuable learning process for international retailers (see Palmer 2000, 2002a, b). A number of researchers have called for research to re-examine the ways in which retailer internationalisation has been conceptualised (Dawson, 2001; Howard and Dragun, 2002). The recent critiques of Wrigley (2000), Burt and Sparks (2001) and Burt et al. (2002) suggest that the existing conceptualisations neither adequately capture the multiplicity and dif? ulties in retail internationalisation process, nor suf? ciently explain the variety of approaches to internationalisation being used by retailers. Various explanations of the retail internationalisation process are emerging, but one viable and promising line of inquiry is the area of international retail learning. Notable in this respect is Clarke and Rimmer’s (1997) analysis of Daimaru’s (a Japanese department store) investment in a new outlet in Melbourne, Australia, which provided an initial step towards understanding the cognitive aspects of the international retail investment process. Indeed, this research has drawn a number of important lessons learned from retail market entry and development. Despite the value of this initial research, and although the international retail learning process itself and the outcomes are occasionally referred to in the literature (see Treadgold, 1991; Alexander and Myers, 2000; Evans et al. , 2000; Vida, 2000; Dawson, 2001; Arnold, 2002), its conceptualisation and analysis remains largely under-theorised and under-developed. What is required, according to Clarke and Rimmer (1997), is a research approach that explores â€Å"the way in which a retail ? m re? ects on individual decisions it has made, and how this might in? uence their perceptions and actions†. From this perspective, it is critical to understand international retail experiences through re? ection and analysis, and to identify what has been learned from the internationalisation process. Furthermore, while some researchers in the ? eld have indicated that experienc e is important for many aspects of market entry and development (Treadgold, 1991; Williams, 1991a, b; Evans et al. 2000; Doherty, 2000) it is clear that these studies do not provide detailed empirical or conceptual understanding of this complex learning phenomenon. For example, this work does not directly deal with the questions: What are the components of this experience? What lessons can be drawn from this experience? How does this experience shape or inform the decision-making process of the international retailer? It would therefore appear that the international retail literature is less developed in considering what retailers have learned from their experience of internationalising store operations. This paper aims to probe these issues by providing a more extended debate and considered analysis of the concept of international retail learning within the context of Tesco’s internationalisation process. It should be noted that it is outside the scope of this paper to present a review of the international retail literature (see the excellent reviews by Alexander (1997); Alexander and Myers (2000); and Burt et al. (2003)). This would increase the length of the paper substantially while the theoretical background on international retail learning has previously been laid out in detail elsewhere (see Palmer and Quinn, 2004). In this paper, the discussion will mainly pertain to the empirical case study ? ndings of Tesco. The paper begins by brie? y positioning the case ? ndings by way of a conceptual framework put forward by Palmer and Quinn (2004) on international retail learning. More detailed discussion of this framework can be found in Palmer and Quinn (2004). Following this, an overview of the methodology is put forward. The main part of the paper presents the case ? ndings of Tesco and the paper will conclude with a discussion of the key ? dings. International retail learning framework Palmer and Quinn’s (2004) recent work provides a useful conceptual framework for examining the studies to date on international retail learning. Drawing on the broader management literature on organisational learning and international retailing, Palmer and Quinn (2004) synthesised the various components of international retail learning (see Figure 1). The broad components of Figure 1 frame a series of research questions for studying international retail learning and these include: . What do retail internationalists identify as the most important lessons learned from their experience of internationalising retail operations? . To what degree has this knowledge been absorbed by the internationalising retail company? . What is the locus of international retail learning diffusion or transfer? . What are the outcomes from the lessons learned and how do these shape the future decision-making and learning behaviour of the retailer? For the purposes of this paper, the aim is to explore the dimensions of international retail experience and how hese shape or inform the strategic decision-making process of the retailer. Thus it does not provide an in-depth analysis of the other components of this framework in relation to the international activities of Tesco. The experiences of Tesco are essentially conceptualised under three main broad dimensions. These Retail multinational learning 25 Figure 1. A framework of international retail learning IJRDM 33,1 26 dimensions make a d istinction between the internal corporate and the wider external view of international retail experience. The ? rst critical area refers to the internal strategic processes. The second theme concerns the external strategic processes. This includes the interactive aspects of the retailers’ international environment. The third dimension considers the internal operational functions. These dimensions are especially important when conceptualising experience and interpreting Tesco’s international learning in this paper. The paper now turns its attention to the methodology of the study and this section will brie? y outline the details of the primary research undertaken. Methodology This study employed an interpretative, qualitative methodology to examine the international retail learning. The single case approach has been an increasingly popular methodology within the retail internationalisation literature of late, and it has enabled various authors to provide some very important new insights into the subject area (Sparks, 1995; Shackleton, 1996a, b; Clarke and Rimmer, 1997; Wrigley, 2000). Furthermore, ? eld research that involves investigating the views and opinions of organisations directly and indirectly involved in the decision-making process is receiving increasing support within the literature (Shackleton, 1996a, b; Sparks, 1996; Palmer, 2002a, b; Palmer and Quinn, 2003). These authors have highlighted the limitations of relying solely on the views of the case company under investigation and have highlighted the insights into the retailer internationalisation process that can derive from surveying a diverse variety of organisations and stakeholders involved in the process. Stakeholder parties in the retail internationalisation process should therefore not be underestimated. Indeed it may be argued that a strong interdependence exists between investment banks and ? rms with respect to advising retail executives on strategy, structure, and international retail operations. Eliciting the views of investment bankers would therefore allow the research to gain access to the tacit knowledge and practical know-how gathered through years of experience through the direct interaction with the company via research, consulting and advisory services utilised by retail executives. Multiple and independent sources of evidence, including market research reports, company pro? les, ? nancial statements and so on were also used to corroborate the interview data and, by so doing, develop convergent lines of inquiry (Yin, 1994). The case of Tesco was chosen for three reasons. First, the transformation underway in Britain’s largest retailer has been profound, while its growth has been one of most consistent amongst its international peers (1995-2002), with estimated sales rising to e45. 9 billion in 2003. Indicative of the scale of its international ambitions, Tesco unveiled one of the most radical and ambitious internationalisation programmes that that would involve the development of 200 hypermarkets in Europe and Asia, generating GB? 10 billion sales per annum by 2004 and which, in proportional terms, would be equivalent to that of UK-based food retailers, ASDA and J. Sainsbury sales combined. This strategy, however, has been overshadowed by Wal-Mart’s $10. 6 billion takeover of ASDA in the UK and has gone largely unnoticed in the academic literature. Second, despite the scale and growth of Tesco’s internationalisation, the focus of many researchers has been on the international activity of US retailer, Wal-Mart (Arnold and Fernie, 2000; Palmer, 2000; Burt and Sparks, 2001; Hallsworth and Clarke, 2001; Fernie and Arnold, 2002), or Sainsbury’s capital investment in the US market (Shackleton, 1996a, b, 1998; Wrigley, 1997a, b, 1998; Muskett, 2000). Only modest attention has been attributed to Tesco in the academic literature (see Palmer, 2002b for a recent example). Tesco’s success abroad therefore remains an under-emphasised case within the contemporary academic literature. Third, internationalisation has been a major aspect of the strategy of Tesco over the years. Signi? cantly though, not all of Tesco’s international operations have been successful and this has resulted in some form of divestment. It is argued that divestment is a highly visible case of where learning is likely to have taken place. A total 62 interviews were undertaken during 1999 and 2000 with the leading food sector buy- and sell-side analysts, and international retail merger and acquisition specialists (i. e. those within the corporate strategy unit in the corporate ? nance division of investment banks) and senior executives of the retailer under investigation. In planning the interviews, particular attention was given to the danger of the interviewees presenting biased views and opinions (see Palmer and Sparks (2004) for a wider discussion of the limitations of this method). This research used â€Å"convergent in-depth interviewing† (Dick, 1990 cited in Carson et al. , 2001). In short, it is an in-depth interviewing method that allows the researcher to develop, clarify, verify and re? ne the core issues of the interview protocol. It consists of a number of interviews in which the procedure is both structured and unstructured. During the early stages the content of the interview is unstructured and ? exible during which the interviewee tells a story about key events or episodes and what they have learned about their experiences from these events. The process used in the interview then becomes more structured as the interviewer converges in speci? c issues of the research problem and to disprove the emerging explanations of the data (Carson et al. , 2001). The length of the interviews typically varied from half-an-hour to three-and-half-hours. Rather than concentrating on one or two aspects of the dimensions of Tesco’s international learning, the interview protocol explored learning initially from a broad perspective. In line with the arguments put forward by other researchers (Hallsworth, 1992; Clarke and Hallsworth, 1994; Clarke and Rimmer, 1997; Burt and Sparks, 2001, Dawson, 2001) a broader perspective may be necessary so that these parameters can be used to raise a new set of more detailed priorities for research on international retail learning. That is to say, each lesson is not necessarily an end in itself, but an entry point for a wider discussion. Data collection and analysis were simultaneous. Analysing data involved categorising and triangulating the evidence from the multiple perspectives, and the presentation of ? dings largely followed the most recent interview protocol. However, it should be noted that the analysis of learning is not easily de? ned in terms of beginning or end points and this research identi? ed extreme situations and critical incidents which were transparently observable for data collection. Moreover, Tesco’s experiences were not assessed by any quantitativ e measurement of the amount of learning occurred, but rather by reference to the content of these experiences and the impacts that such learning had on the outcome or trajectory of international expansion. The paper now reports the ? ndings from the in-depth interviews. The key themes from the ? ndings are discussed in the sections that follow. Excerpts from the in-depth interviews are used throughout the ? ndings section in order to illuminate and contextualise relevant themes. For con? dentiality reasons, the identities of respondents will not be disclosed during the remainder of this paper. This case study will be largely formatted in the same way as the dimensions outlined in the framework. The data Retail multinational learning 27 IJRDM 33,1 28 athered for this case study focus on Tesco’s European operations. While Tesco’s investment activities in Asia are strategically important, it is argued that the most insightful aspects of the company’s international investment and divestment activities occurred in the European market. The ? ndings proceed with an initial overview of the case company’s international developments. The main body of ? ndings follows this, and directly examines the lessons learned by Tesco from the internationalisation of retail operations and their impact on the future trajectory of international operations. Tesco’s international background This section provides an overview of the markets chosen by Tesco. The company initially expanded into the geographically close markets of Ireland and France. Tesco’s initial international foray was in 1979 when they purchased 51 per cent of Albert Gubay’s Three Guys operation for GB? 4 million in the neighbouring market of the Republic of Ireland. This expansion proved to be immature given the structural capacity for expansion and the relative strength of the company within their domestic market at the time of the initial international foray. This untimely venture abroad was summed up by one sell-side analyst: The perceived success (or otherwise) of their early venture abroad would have been considered insigni? cant to the company’s fortunes at home, and as a result, this largely undermined the company’s (perceived) efforts in the eyes of the ? nancial markets as being a peripheral and/or even a distraction to the core UK business. The continued realignment, focus and momentum of the company in the UK market provided the context in which internationalisation had taken â€Å"a secondary position† in the company’s corporate development agenda. Tesco subsequently divested the Three Guys operations to the Dublin-based supermarket company H. Williams in 1986. Towards the end of the 1980s, the company embarked on research efforts into possible international growth options and these primarily centred on the US market, but also covered several European countries. The company spent several years investigating the North American market during the late 1980s and early 1990s. The product of this research effort was the company’s move into the French market. Tesco’s ? st foray into mainland Europe with the acquisition of the medium-sized supermarket chain Catteau in December 1992 was intended to be the company’s springboard to international expansion and serve as a platform for European growth in particular. The company’s rationale at the time for acquiring a small regional chain was that they were going to build Catteau into a national chain in France. Tesco acquired an effective 85 per cent holding, leav ing 15 per cent of the ownership in the hands of management as part of an incentive scheme. According to the analysts’ research at the time, the company was attracted by Catteau’s good record and high pro? tability. Group turnover of the chain in 1991 was GB? 340 million and over 80 per cent of this revenue came from retailing (Catteau also had wholesaling and franchise activities). Management felt that Catteau’s impressive net pro? tability re? ected the economies gained from a tight geographical clustering of stores and the strong centralised cost controls, and as a result, the ? nancial markets were largely supportive: At the time the ? ancial markets pointed out that Tesco had done all the classic right things – the lesson learned from UK retailers’ forays overseas has been that it is vital to buy a successful business rather than a â€Å"turnaround† situation and retain strong local management. By the end of the middle of the 1990s, Tesco would begin to question the acquisition of Catteau, and later in 1997 would completely wit hdraw from France. For much of this early expansion, the company focused on structurally mature markets, but with more recent expansion the company has been more disposed toward emerging markets (see Table I). The third phase of the company’s international expansion was in 1995, when management acquired the Global supermarket chain in Hungary for GB? 15 million. This did not represent a particularly expensive entry, and indeed, this was re? ected in the poor quality of the assets purchased – in total 43 small stores. The intention of the company was not to trade the stores in the long-term, but rather to secure a foothold in the market and learn from these businesses, while later building a larger hypermarket business based on their experiences. Using the Hungarian acquisition as a foothold in eastern Europe, the company subsequently acquired Savia SA in Poland for GB? 8 million in late 1995, which was, again, a chain of 36 small supermarkets acquired for relatively little ? nancial consideration and designed to secure a foothold in the Polish market for Tesco from which to develop a hypermarket business. In 1996 the company entered the Czech Republic and Slovakia through the acquisition of Kmart for GB? 77 million, acquiring a portfolio of 13 stores with an average selling space of 72,000 ft2. Essentially the Kmart business geographically was an in-? ll acquisition between Tesco’s Polish and Hungarian investments. Tesco also re-entered the Irish market with the acquisition of ABF’s Irish food retailing business for GB? 630 million in 1997. Following the ABF acquisition, the company secured their position as the largest food retailer in Ireland with 109 supermarkets and annual sales of GB? 1. 23billion. And in addition Tesco captured 17. 5 per cent of the market in Northern Ireland and 19. per cent in the Republic securing number one position in both markets. The initial move into Asia, and the Thailand market in particular, came in May 1998 with the purchase of a 75 per cent majority controlling stake in Lotus, a chain of 13 hypermarkets which cost GB? 111 million for the equity – assuming GB? 89 million as their share of Lotus’s debt. Lotus’ previous owner, Thai CP Group (a major agricultural supplier in the region) retained a 17 per cen t stake, with SHV Makro holding the remaining 8 per cent. Tesco subsequently entered South Korea. In March 1999, Tesco formed a joint venture with Samsung, one of South Korea’s largest conglomerates, into Year 1979 1992 1994 1994 1998 1999 2000 2001 2002 2003 Country Ireland France Hungary Czech Republic/Slovakia Thailand South Korea Taiwan Malaysia Poland Japan Method of entry Acquisition of The Three Guys chain Acquisition of Catteau Acquisition of 51 per cent of Global Acquisition of K-Mart business Acquisition of 75 per cent share of Lotus Partnership with Samsung (81 per cent) Acquisition of one Makro store Joint venture with Sime Darby Bhd (Tesco share 70 per cent) Acquisition of HIT hypermarket from Dohle Gruppe Acquisition of the C Two (C2) Retail multinational learning 29 Source: Not disclosed Table I. Tesco’s international expansion IJRDM 33,1 30 which the company invested GB? 80 million in cash. Later that year the company increased their share of the joint venture from 51 per cent to 81 per cent at a cost of a further GB? 30 million. Tesco further developed operations in the region when they entered Malaysia in early 2002. In a similar structure to the other Asian operations, the Malaysian operation, Tesco Stores (Malaysia) Sdn Bhd, was established as a joint venture with a local company Sime Darby Behad. Tesco would own 70 per cent of the equity, but the operation would be under local control. Tesco later entered Japan during July 2003. Dimensions of Tesco’s international retail experience This section provides an overview of the various dimensions of Tesco’s international retail experience emerging from the in-depth interviews. Important lessons learned are extracted from the company’s international retail experiences. Internal strategic processes Market section experience. Tesco’s internationalisation raises several questions regarding the nature of their market selection decision experiences. Tesco’s decision-making process highlights the contrasting motivational structures that underpin the various paths towards international markets which eventually led to different spatial behaviours. In qualitative terms, the interviewees highlighted a number of important characteristics of Tesco’s market selection decisions: . Retaining spatial focus is more important than capitalising on small-scale opportunities in diverse markets. Competition from local retailers in their chosen markets is virtually non-existent. . Dynamics for the international retailers are relatively level (which is not the case in Latin America where Carrefour has operated for almost 20 years). . Capitalised on oppo rtunistic events unfolding within the existing portfolio of international retail markets. Tesco’s expansion was spatially characterised as being largely regional in nature and less global oriented. Cautiously, Tesco had decided to dominate the smaller central European markets that are unlikely to attract much attention from the large retail multinational peers such as Carrefour and Wal-Mart who preferred to focus on the larger markets. The company incrementally entered markets rather than entering several markets at the same time, limiting the large start-up losses as one executive explained: What is important to us is not the number of countries we are present in but rather that we attain, and/or sustain number one or two position in each of these countries. The aim is to balance the global scale that comes from Tesco with the local strength of being a market leader. Market position gives you market share, which in turn gives you scale, which in theory, should allow you to have the lowest cost base, best buyers, best offers to customers, therefore the best revenues, earnings and dividend growth. That is why retail multinationals aim for leadership in markets and strong regional presence. It’s a virtual circle. The importance of due diligence processes in foreign markets and/or target’s operations is repeatedly inferred from the company’s executives and the corporate advisors. During the interviews, the company’s management suggested that initial phase of expansion via international acquisitions placed too much emphasis on opportunism: Organic growth is, in your hands, acquisition-driven, consolidation is not. Acquisition-driven consolidation is opportunistic, particularly with businesses that are privately owned. It’s not something that is easily predictable. We are not blind to acquisition opportunities, but the nature of the opportunities and when they present themselves is anybody’s guess. Organic store-by-store development allows for a much more strategic approach to internationalisation. Retail multinational learning 31 In turn, this would result in the management placing greater emphasis on store-by-store development that allowed the company to become more strategic in terms of their selection of markets, procurement, distribution and store locations. Based on this evidence, it was apparent that the nature of the market selection decisions would be shaped by the mode of entry used and whether or not opportunities existed. Entry mode experience. Tesco used a combination of multinational entry mode strategies within one country. As previously discussed, Tesco entered the central and eastern Europe by acquiring a relatively small chain of convenience stores in Hungary, a supermarket business in Poland and a department store chain in the Czech Republic and Slovakia (see Table II). It was certainly unusual for such a large public company to become involved in these operations, and even competitors at the time questioned the logic of their approach. However, the use of â€Å"seed† acquisitions with a view to develop knowledge of the market before expanding organically through store-by-store development allowed Tesco to minimise their own human and ? ancial capital in the face of potential economic and political uncertainty. Some of these small stores would later be closed down and replaced by large hypermarkets nearby. Although Tesco faced criticism and, indeed, pressure from the ? nancial markets, there are sometimes comp elling reasons for retaining a small operating presence in a foreign market where international competitors are already established. First, the small presence would facilitate the implementation of an acquisition strategy by securing the necessary contacts and networks into foreign retailers and local suppliers, especially considering the challenges associated with family owned and controlled chains. Second, retaining a direct and small operating presence in a competitors’ major market would lead to important insights into the competitive behavioural dynamics of competition that otherwise would not be possible without a direct presence. During the interviews, management made this point: The reality is that you are not going to learn everything until you either open a store or purchase a chain in the new market. Price (GB? million) 13. 4 8. 0 77. 0 200. 0 80. 0 386 Sq. footage (million) 0. 1 0. 2 1. 0 1. 6 0. 2 NK Country Hungary Poland Czech Republic and Slovakia Thailand South Korea Poland Source: Not disclosed Acquisition Global Savia K-Mart Lotus Homeplus HIT Date June 1994 November 1995 March 1996 March 1999 April 1999 July 2002 No. of stores 43 36 13 13 2 15 Table II. International acquisitions by Tesco in emerging markets IJRDM 33,1 32 Small experiential or pilot stores were an integral part of initial learning phase of expansion, while later might be seen as surplus to requirements to international expansion, and consequently divested. Indeed, after an initial period of understanding these store practices, management decided that the primary development comprised the hypermarket format. The development of the new hypermarket format was primarily driven through two pilot stores. Despite a relatively cautious approach to market selection, Tesco rather mbitiously developed a completely new format in a distant market – a format, moreover, which had not been tested in the domestic market. This approach allowed the company to experiment and radically depart from their existing domestic supermarket format and extend the non-food merch andise content of their international store operations. Tesco’s entry mode experience did not mirror the experiences adopted by manufacturing companies. In the broader international literature Chang’s (1995) ? ndings showed that when Japanese electronic ? rms ? rst acquired an international business, they did so in one in which they had a strong competitive advantage in order to reduce the risk of failure. In stark contrast Tesco entered new markets by acquiring relatively weak target ? rms or by launching into areas where they were less strong in terms of a distinct competitive advantage. Tesco’s initial forays into Ireland and Czechoslovakia clearly illustrate this point. In Ireland, dif? culty with post integration led to the realisation that these â€Å"turnaround† cases were disproportionately demanding for management resources, and in the Czechoslovakia Tesco moved into non-food merchandise lines by acquiring the Kmart department stores. Divestment experience. What surfaced as a main theme from the ? ndings was the intense learning process during international retail divestments. The ? dings indicated that failure or partial failure during the

The psp essays

The psp essays Technology is everywhere and is still growing at a rapid rate. Its everywhere, inside your house, in the street, at the shops, in your car or in public transport. Technology is something that is never going to stop growing and it plays a major part in our lives. Lately, technology seems to be flying through the roof with all the new computers and gaming systems being released. It is unbelievable how fast these systems are expanding into newer, bigger and better things. The Sega megadrive; few people even remember this system but this is around where console gaming got big! This moved on to Super Nintendo that went onto N64 and after that came the Sony playstation. Now we have such devices as the Playsation2 and the XBOX. These are probably the newest console devices to be out at this time but were we satisfied by that? No, we are still bringing that technology further by adding new software, better graphics, and internet availability. One anticipated console which few people are to know about is the PSP which stands for Playstation Portable. Sony is entering the hand held game market in the winter of 2004 with the PSP. It has a backlit 16:9 widescreen LCD, a Universal Media Device (UMD) which can store 1.8GB of data on a disc thats half the size of a CD. It will support Sony's own ATRAC sound format, used in Mini Discs. It will also have a secure ROM cartridge to aid in Anti-Piracy. It will be a while for this to arrive in Australia but will be out in Japan early next year. ...

How to Format Papers in MLA and APA

How to Format Papers in MLA and APA MLA and APA Essay Formatting Tips Writing services are growing in popularity among both students and authors seeking for a job. Becoming a professional essay writer looks impossible without knowing how to organize and format texts in all major academic styles. Knowing how to write a good essay is not enough to get scholarship as well as well-aid writing job. You are supposed to be an expert when it comes to formatting papers in APA, MLA, Chicago or any other style. Benefit from our simple guide on how to organize papers in MLA and APA. MLA formatting tips We should start with the core structural elements. Introduction is the first paragraph in your paper followed by the thesis statement. It should contain the following: Transition and the topic sentence; Arguments, proofs and evidence; A hook or a sentence that will wrap up the topic. Once you are done with the main paragraphs and conclusion, you need to handle the reference page featuring works cited. Use Times of Roman font type. The size is generally 12pt. Italic fonts are used to add some contrast where necessary. Start each new paragraph with eh 0.5-inch indents, while the text itself should have one-inch margins with double-spacing. Make sure each page of your essay has a header containing your name and the number that refers to the page. Do not create a separate title page when it comes to MLA style, unless it is indicated in the requirements to the assignment. Ensure a proper first page format with indicated author and instructor’s names in addition to date and title in the center of the page. The in-text citation should include the source name and the number of page. Do not put commas between them. APA formatting tips The core structural elements of the APA style include: A Title Page; An Essay Abstract; Body Paragraphs; A Reference List. You should place the abstract before the introduction paragraph. Place it on a separate page centralized and typed in Times New Romans 12pt. Make sure the abstract does not exceed 200 words with double-spacing. The intro comes as a brief summary of the major work where you need to highlight the key points of the essay. It should also cover the key aspects and claim disputes. The conclusion is not just a summary of the paper. It is supposed to encourage readers for further exploration and examination of the areas related to the topic. Include each and every source you cite in the reference list. The text size is generally 12pt. Italic fonts are used to add some contrast where necessary. Start each new paragraph with eh 0.5-inch indents, while the text itself should have one-inch margins with double-spacing. Do not create a separate title page when it comes to MLA style, unless it is indicated in the requirements to the assignment. Indicate the running head of the essay on the first page in addition to a full student’s name. Formatting in-text citations is a bit more complicated if compared with MLA. Here you need ti indicate the name of the author in addition to date of publication, page number. Commas should divide each point.

Should Nuclear Power Be Revived in California and the United States Research Paper - 1

Should Nuclear Power Be Revived in California and the United States - Research Paper Example On attaining a wealth of information from the US senate, senator Domenici indicated that human development is the creation of a surrounding where individuals can establish their maximum potential, as humans are considered the real wealth of the world; indeed, human development supersedes economic growth. The fact remains that we need energy to not only drive our industries, but also support our current trends of living. Lack of electricity has been identified as one of the perpetrators of poverty. In 1999, the United States was noted to consume approximately 25 percent of the world’s energy. Nevertheless, high consumption of electricity indicates the ever-changing lifestyle in United States’ growing population. Nuclear power generation as a way of diversifying the sources of electricity generation can not only free up fossil fuel, but also ensure the uses have no other substitutes. The result of use of nuclear power is a cleaner environment, creation of more job opportu nities and maximum use of available raw material. According to Sir Ingham, based on rational discourse, nuclear power should be viewed based as the foundation of man’s sustainable power that has no offence to the surrounding environment (Domenici, Lyons and Steyn, 2004, p. 182, 183 & 184). Increase in population brings about high demand of energy. This high demand of energy hence forces the country to import energy, which could lead to political instability and lack of cost control. According to Domenici, Lyons and Steyn (2004), reliance of imported energy has been predicted to rise from 50 percent to 70 percent in the decades to come within the European countries. Heavy reliance of imported energy may have negative global impact and hence United States should have an equilibrium energy policy that incorporates healthy reliance on nuclear power in order to suppress the ever-increasing competition of fossil fuel supply in the decades to come.  Increase in population brings a bout high demand of energy. This high demand of energy hence forces the country to import energy, which could lead to political instability and lack of cost control.

Child care Essay Example | Topics and Well Written Essays - 750 words

Child care - Essay Example Mother has a very important role in the nurturing of a child particularly in the pre-school age. A child starts to learn from the very first day of his/her life. In fact, much of the psychological development of a child happens in the very first year. Therefore, mothers should be very careful in their attitude with the child in the pre-school age. In the contemporary age, there is a growing trend among mothers to feed their babies with supplements. Many mothers prefer not to give their babies their own milk. Although there is considerable evidence and scientific research to show that artificial supplements are never nutritious enough to replace mother’s milk, yet there are several more factors that speak against such attitude of mothers. For example, when mothers feed their babies their own milk, it also lays basis for the development of a unique psychological relationship between the mother and the child in addition to the child’s health. This psychological relationshi p lasts throughout the life of both, and gains strength from the initial two years of mother-child feed relationship. Therefore, mothers should feed their children their own milk. Mothers commonly have trouble when the child becomes 2 years old because this is the age when mother’s milk has to be removed from the child’s diet plan. Mothers have a tough time saying â€Å"no† to their children when they ask for milk at that age. This requires display of extreme patience and determination on the part of mother along with the child. Mothers can say â€Å"no† to the demanding child and mean it by reading literature about child’s diet schedule. There is comprehensive information available regarding what type of diet should a child be given at a particular age. Frequently reading such digests helps a mother make up her mind and be practical on her plans. The attention mothers pay towards their children’s education in the kindergarten age lays foundations upon which the children build their academic career. The stronger the foundations, the stronger the career becomes. Children are introduced to the world of academics by their mothers. That is an age when they are least receptive towards academic load. In those days, mothers convince them to accept the load by singing nursery rhymes with them so that they feel at home doing school work. In order to facilitate the transition from pre-school age to kindergarten age, mothers should make use of moving image. Nursery rhymes on youtube are one of the best means to inculcate a liking for poems in children. Child care covers a wide range of subjects that include but are not limited to child’s education, sports, mannerism and behavior with adults and other children the age of child. Mothers lay the foundations for child’s psychological development in the pre-school age and academic career in the kindergarten age. Breastfeeding offers far more benefits that bottle-feeding the child (Lee). Therefore, mothers should resolve to breastfeed their child up to 2 years from birth. After the first 2 years when the child asks for breastmilk, mothers have to be determined and consistent in saying â€Å"no† to the child. In that phase, mothers can seek help from mothers’ digests that are frequently published. These digests offer

Blacks worthy of Free

Blacks worthy of Freedom Essay Born the youngest of eleven children, Marcus Garvey started his inspiring life in the rather uninspiring town of St. Ann, Jamaica in 1887. Before his death in 1940, Garvey would revolutionize the way many Blacks throughout the world portrayed their lives and approached the White world they were thrown into. Garvey was revolutionary from many of his contemporary thinkers, Black or White. His most extreme belief was that it’s impossible for white people to responsibly hold the best interests for black people. Garvey proclaimed an activist paradigm at a time a place when black Americans most needed hopeful guidance and social rejuvenation. Garvey believed that Black people had to unite as a common faction, not one that was divided by scales of darkness, or history of family DNA, all Black could unite under the Pan-African principle. United, the rallies spread a revival amongst down trodden Black Americans, many of who were disenfranchised by White America, who only recently saw Blacks worthy of Freedom. After World War I, Europe and Africa proved themselves easy to carve. Territory boundaries were easily re-drawn on maps and countries grew, while others collapsed. The theory of new country, one founded under the principles of Garvey-ism, did not seem that distant to his followers. Eventually, under carful structure that saw room for all members of the community, Garvey’s organization, the United Negro Improvement Association (UNIA) grew as a symbol of rebellion against the White rulers, as well as social gathering welcoming all Blacks with the same Pan-Africanist that united everyone. Garvey sought to revive the Black community through communal strength, societal willpower, and business gumption. As his organization grew in radicalism, it spread warning of rebellion, which naturally appealed to disenfranchised blacks in all parts of the world, many of who saw Garvey as the agent of an Earthly salvation.

Roman Religion In A Romans Everyday Life Vs. Religions Effects On Tod :: essays research papers fc

"We Romans", said Cicero, "owe our supremacy overall other peoples to our piety and religious observances and to our wisdom in believing that the spirit of the gods rules and directs everything." Roman rites and observances took two main forms. One was the domestic reverence of the spirit or genius of the family. The other was the public attitude to the gods and goddesses by whom the destiny and welfare of the Roman people as a whole were supposed to be guided and controlled. During the Classical period, religious observance accompanied all important private and public events and transactions and, no successful outcome went without a vow of thanks or public dedication. Temples, priests and sacred rites were provided by the State. Nothing in the nature of religious services as we know them, in which the body of worshipers as a whole were able to participate, seems to have been celebrated in the temples. Any set forms of prayers, hymns or chants were performed sole ly by the official priests whose secrets they remained. The ordinary Roman man or woman had little personal part to play in such rites (Handbook To Life In Ancient Greece). While they were being undertaken and fulfilled it was the duty of the ordinary citizen not to interfere or make any disturbance and to refrain from any business affairs. When religiously minded Roman dropped in to a temple in order to worship the god or goddess whose house it was , they had some practical object in view : some personal favor or advantage. They came and perhaps burn incenses. When praying they stood with upturned palms. Sometimes they got as close to the image of the god as they could in order to whisper their pleas; the feet of some of the images were worn by the kisses of generations of worshipers. In addition to paying a fee for admission, the grateful petitioner for divine aid also brought sacrifices and thankful offerings to the temples. Enormous numbers of livestock and cattle went to augmen t the wealth of the temples, and to swell the incomes of the priests and attendants, many of whom became extremely wealthy. Temple worship was no essential part of Roman life. If it had been, it is difficult to understand why there were not more than about a hundred within the city confines, which is no large number in a city of some million inhabitants.

Study on Mutual Funds

OBJECTIVE OF THE STUDY The main objective of the present study to understand how mutual funds function in India. Specifically the study seeks to answer the following question: 1. What is the present status of mutual funds industry in India? How does it compare with mutual funds in foreign countries? 2. How mutual funds operate to create value for their investors? 3. What consideration an investors should keep in mind while making investment in mutual funds? 4. What is the regulatory frame work for mutual funds in India? 5. What are the problems faced by mutual funds industry in India & what are its future prospects? RESEARCH DESIGN & METHADOLOGY The Present study has been completed on the basis of secondary data colleted from internet and from various books, publicity materials and brochures issued by various mutual funds co. Reference has also been made to the regulations issued by securities and exchange board of India in regard to mutual funds. The data and the resource material so collected have been analysed within the frame work of 5 sections each focusing on a particular questions the study seeks to answer. PLAN OF THE STUDY The Study has been completed within the frame work of five sections. The Section wise plan is as follows:- I. PRESENT STATUS OF MUTUAL FUND INDUSTRY II. OPERATION OF MUTUAL FUNDS III. INVESTMENT CRITERIA IV. REGULATORY FRAME WORK OF MUTUAL FUNDS V. PROBLEMS AND PROSPECTUS I PRESENT STATUS OF MUTUAL FUNDS IN INDIAN CAPITAL MARKET Retail investors usually want to participate in the capital market, but due to paucity of funds, lack of expertise knowledge and limited risk-bearing capital, they have limited access to capital market. Mutual funds provide a mechanism that helps the retail investors enter the capital market. the mutual funds manage their funds for maximum gain with minimum risk and in the most professional way and work as agent for growth and stability of capital market. Till 1964, there were no mutual funds in India. In 1963, UTI Act, 1963 was enacted for the establishment of first mutual fund. The UTI launched its first scheme, US-64; in1964 which later became the most popular unit scheme in India. In1987, the RBI issued guidelines for bank-sponsored mutual funds. The evolution of mutual funds in India is consisting of different phases as follows: PHASE I: History of mutual funds started in India in 1964 when the first mutual fund in the name of Unit Trust of India was established in July 1964. UTI launched its first scheme US-64 which eventually became the most popular scheme and could accumulate the largest corpus. After 1964, it started several other schemes also. Till 1987, UTI remained the synonym for mutual fund in India. It was a sole player and gathered shape of monolithic mutual fund with millions of investors in several schemes. PHASE II: In 1987, the Government allowed the public sector banks to establish mutual funds. SBI Mutual Fund in 1987. Other mutual funds to follow suit were Canbank Mutual Fund (1987), PNB Mutual Fund (1989), IndBank Mutual Fund (1989), LIC Mutual Fund (1989), GIC Mutual Fund (1990), etc. The position continued till 1992 and other mutual funds were also established. PHASE III: There was a historical change in 1993 when the government allowed private sector mutual funds also. The first mutual fund in the private sector was Kothari Pioneer. Thereafter, in 1994, the foreign mutual funds were also allowed to operate schemes in India, and Morgan Stanley was the first foreign mutual fund in India whose initial issue of units was overwhelmingly subscribed by the investors. In 1992, SEBI was established and it issued guidelines for the working and supervision of mutual funds. PHASE IV: In 1966 a need was felt for the modification of SEBI (Mutual Funds) Regulations. On the basis of ‘Mutual Funds-2000’ Report, SEBI framed new Regulations in 1996. There have been several amalgamations of mutual funds. After 1996, a number of foreign mutual funds as well as Indian mutual funds have been established. At the end of march 2004, there were 33 mutual funds and Assets Under Management of Rs 1,39,616 crores. After 1996, mutual funds have become very popular among retail investors. The increase in number of mutual funds and their schemes speak of the underlying strength of the investors’ confidence in them. As in April, 2005, there were 28 mutual funds operating in India. Some of the mutual funds operating in India at present are as follows (in alphabetical order): ABN AmroDSP Merril LynchJM Sahara Bank of Beroda Escorts Kotak Mahindra SBI Benchmark Fidelity LIC Standard Chartered Birls Sunlife Franklin Tempelton Morgan Sundarum Canbank HDFC Principal Tata Cholamandalam HSBC Prudential Tauras Deutsche ING Vysya Reliance UTI A large number of mutual funds have intensified competition and led go to product innovation. Each of these mutual funds has a number of schemes operating with different features and characteristics. There are more than 500 schemes in operation at present. II OPERATION OF MUTUAL FUNDS A mutual fund is a financial intermediary which acts as an instrument of investment. It collects funds from different investors to a common pool of investible funds and then invests these funds in a wide variety of investment opportunities. Small investors who are unable to participate in capital market, can access the stock market through the medium of mutual funds which can manage their funds for maximizing return. The investment may be diversified to spread risk and to ensure a good return (dividend or capital gain or both) to the investors. The mutual funds employ professional experts and investment consultants to conduct investment analysis and then select the portfolio of securities where the funds are to be invested. Thus, a mutual fund is a pool of funds contributed by individual investors having common investment preferences. FEATURES AND CHRACTERISTICS OF MUTUAL FUNDS A mutual fund is a financial intermediary and works as an investment company. It has distinct features and characteristics which differentiate it from other financial intermediaries. Some of the features of mutual funds are: (i) Mutual fund is a pool of financial resources. Investors bring their individual funds together. Sometimes, the funds which otherwise may not come for investment in the capital market, are invested through mutual funds. (ii)Mutual funds are professionally managed. The resources collected by mutual funds are managed by professionals and experts in investment. These professionals can undertake specialized investment analysis such as fundamental analysis, technical analysis, etc. , which are not otherwise expected on the part of individual investors. (iii)Mutual fund is an indirect investing. The individual investors invest in the mutual funds which in turn invest in the shares, debentures and other securities in the capital market. The proportionate funds given by an investor are represented by the units of mutual fund. Investors own these units. The shares, debentures are owned by the mutual fund. Investors have no direct claim on these securities. In case of closure or liquidation of the proceeds of these securities are proportionally distributed among the unitholders. (iv)Investment in mutual fund in not borrowing-lending relationship. Investors do not lend money to the mutual fund. Consequently, the investors have to share the gains or losses of operations of the mutual fund. (v)Mutual fund is a representative of investors. The mutual funds collect the funds from investors under a particular investment scheme. as a representative, the mutual fund has to invest these funds as per the designated scheme only. MECHANISM OF MUTUAL FUND OPERATIONS A mutual fund represents pooled savings/funds of individual investors. Professional managers of the mutual fund invest these funds in different types of securities. They have to take different decisions from time to time. The revenue returns may be distributed by the mutual funds to the unitholders. Capital appreciation in the mutual funds also belong to the investors. MUTUAL FUND SCHEMES One of the main objectives of mutual funds is to provide better returns to investors at minimum risk. Mutual funds issue units to the investors in proportion to the funds contributed by the investors. The income of the funds are shared by the investors in the proportion to the number of units held. These mutual funds offer different types of schemes from time to time to attract investors and to take care of their needs, on the basis of nature of investment, type of operations and type of income distribution. Mutual funds may launch different schemes to offer one or more of the following: (a)Regular and steady flow of income, (b)High capital appreciation, c)Capital appreciation and regular return,and (d)Return with tax benefits. There are different ways in which various mutual fund schemes can be classified. Following shows the classification of mutual fund schemes with reference to schemes being offered in India: 1. On the basis of Life Span. (a) Close-ended Schemes (b) Open-ended Schemes 2. On the basis of Income Mode (a) Income schemes (b) Growth schemes 3. On the basis of Portfoli o (a) Equity schemes (b) Debt schemes (c) Balanced schemes 4. On the basis of Maturity of Securities (a)Capital Market Schemes (b)Money market Schemes 5. On the basis of Sectors Different Sectoral Schemes 6. On the basis of Load (a) Load Schemes (b)No Load Schemes 7. Special Schemes: (a) Index Schemes (b)Offshore Schemes (c) Gilt Securities Schemes (d) Exchange Traded Funds (ETF) (e) Fund of Funds. Some of these schemes have been explained below: OPEN-ENDED AND CLOSE-ENDED MUTUAL FUNDS SCHEMES As per SEBI Regulations, 1996, open-ended scheme means a scheme of mutual fund which offers units for sale without specifying any duration for redemption. On the other hand, close-ended scheme is one in which the period of redemption is specified. The open-ended mutual fund scheme sells and repurchases the units of mutual fund on a continuous basis. Any investor can become a member (by purchasing units) or can exit (by selling these units back to the mutual fund). These sales and repurchases of units take place at a price called Net Assets Value (NAV) which is calculated periodically on the basis of the market value of the portfolio of the mutual fund. The sale and repurchase prices are announced by the mutual fund on a periodic basis. The Unit Scheme-1964 (US-64) was an open-ended mutual fund scheme. The essential feature of open-ended scheme is the liquidity. On the other hand, close-ended mutual fund scheme is only one in which the limited number of units are sold to investors during a specified period only. Thereafter, any transaction in these units can take place only in secondary market, ie, the stock exchanges. So, after the initial public offering, the mutual fund goes out of the picture and subsequent sale and purchase take place among the investors. The market price of the units of a closed-ended mutual fund scheme is determined by the market forces of demand and supply. The liquidity to investors provided by the market. However, all the closed-ended mutual fund schemes are redeemable at the end of a specified period when all the investment of the scheme are sold and the proceeds are distributed among the unit holders on a proportionate basis. There are several close-ended schemes such as Master Share Scheme of the UTI. INCOME FUND AND GROWTH FUND The mutual funds are called income funds when they promise a regular and/or guaranteed return in the form of dividends to the investors. For example, UTI launched several Monthly Income Schemes. The portfolio of these schemes is usually consisting of fixed income investments such as bonds, debentures, etc. The income schemes are also known as dividend schemes. These schemes are ideal for investors who need or seek intermediate cash flows in the form of dividend payment. A growth fund scheme is one which offers capital appreciation as well as a variable dividend opportunity to the investors. The investors may get dividend income from the mutual fund on a regular basis and the capital appreciation is available in the form of increase in market price. Growth schemes are good and suitable for investors having long-term investment perspective. In addition, there may also be income-cum-growth (hybrid funds) where the investor may be offered fixed incomes as well as growth opportunities. An example of a growth fund is UTI Growth and Value Fund which is an open-ended equity oriented scheme. The objective is to seek capital appreciation by making investments primarily in listed securities of Indian companies. A variant of income fund is known as Dividend Yield Fund. These invest funds in shares of those companies that pay high dividends. In addition, any appreciation of share price adds or subtracts investors return. DOMESTIC FUNDS AND OFF-SHORE FUNDS The domestic funds schemes are those which are open for subscription by the investors of the country of origin only. Most of the mutual funds launched in India are domestic mutual funds. The off-shore mutual funds bring funds (in the form of foreign exchange) to the capital market. At present, several off-shore mutual fund schemes have been floated in India. Ind Bank Off-Shore Mutual Fund, 1993 and Common Wealth Equity Mutual Fund, 1993 are examples of off-shore mutual fund schemes. TAX-SAVING SCHEMES These mutual fund schemes are designed to avail tax exemptions and concessions to the investors. These schemes help individual investors in their tax planning. CANPEP MEP 1994, PNB-ELSS were some of the tax-savings schemes. These schemes are also known as Equity-linked savings schemes were entitled to tax benefit under Section 88 of the Income Tax Act. Recently, private sector mutual funds have also launched these schemes such as HDFC Tax Plan, KP Tax Shields, etc. MONEY MARKET MUTUAL FUNDS (MMMF) SEBI Regulations, 1996 define an MMMF, as one which has been set up with the objective of investing in money market investments which include commercial papers, commercial bills, ‘T-Bills, etc. The funds collected by these mutual funds are invested exclusively in money market instruments. Money market mutual funds are a part of short-term pooling arrangement of funds. These are open-end funds. These funds are very liquid and risk free because of nature of their investments. MMMF provide better returns than short-term bank deposits and are often considered to be good alternative to bank deposits. The Reserve Bank of India has announced Guidelines for money market mutual fund in April 1992. However, at present, the MMMF are also regulated under SEBI Regulations, 1996. SPECIALISED SECTOR FUNDS Sector funds schemes are those under which the funds are planned to be invested in a particular region, industry or sector. For example, Pharma (D) Scheme of Franklin Templeton Mutual Fund, Technology Company Scheme of DSP Merill Lynch Mutual Fund, Banking (D) of Reliance Mutual Fund are some specialised sector schemes of mutual funds. INDEX SCHEMES In this case, the funds collected by the mutual funds are invested in the shares forming the Stock Exchange Index. These funds are also known as growth funds. The funds are allocated o the basis of proportionate weight of different shares in the underlying Index. For example, Nifty Index Scheme of UTI Mutual Fund, Index Fund (Sensex) of Tata Mutual Fund, Index Fund (D) of Principal Mutual Fund are Index Schemes. There are 13 Index Funds which use S & P CNX NIFTY as the underlying index. EQUITY FUNDS SCHEMES Under these schemes, the funds are invested primarily in equity shares only. The equity fund schemes are high on the risk scale as the share prices are volatile. These funds try to reduce the risk by diversifying the investments in different types of shares. If invested rationally and properly, these schemes may give high returns commensurate with risk taken. The choice of investee companies is made by the mutual fund. These schemes may be income schemes or growth schemes. Fidelity Equity Fund is an open ended equity growth scheme with the objective of generating long term capital growth from a diversified portfolio of equity and equity-related securities (95%) and Money Market Instrument (5%). DEBT FUNDS SCHEMES In case of debt funds, the collected funds are invested in debt securities. A variant of debt funds schemes may be in the form of government securities funds scheme wherein the funds are invested in government securities only. Debt schemes are generally income scheme. A debt fund scheme is an ideal option for investors who are averse to risk which is associated wit equity schemes. BALANCED FUNDS A balanced fund provides both growth and regular incomes as these schemes invest both in debts and equity instruments in the proportion as disclosed in the offer document. These schemes are appropriate for investors who look for moderate growth. The NAV of these schemes are likely to be less volatile than the pure equity funds. GILT FUNDS The funds of these schemes are invested exclusively in government securities. These funds are low return and low risk and popular among the risk averse investors. Some of the gilt funds operating in India are Gilt Plus (Birla Sunlife Mutual Fund), Gilt Investment (Cholamandalum Mutual Fund), FT Gilt (Franklin Templeton Mutual Fund), Gilt long-term (HDFC Mutual Fund), Gilt Treasury (Prudential ICICI Mutual Fund), etc. SCHEMES BASED ON MARKET CAPITALIZATION In recent past, mutual funds in India have launched several schemes with a focus on market capitalization of companies. For example, UTI Large Cap Fund, UTI Small-Cap Fund, Chola Multi-Cap Fund, HDFC Premier Multi-Cap Fund, etc. are schemes based on market capitalization. It may be noted that the classification between large, small and mid-cap is arbitrary and can vary from market to market. In India, the National Stock Exchange defines mid-cap companies as those having average 6-months market capitalization between Rs. 75 crores to Rs. 750 crores. In Case of multi-cap or flexi-cap schemes, the investments ar e made across companies with different market capitalization-large, small or mid. LOAN AND NO-LOAN FUNDS A load fund is one that charges a % of NAV (Net Assets Value) as entry or exit fees. Whenever an investor buys or sells the units, a fee is charged by the fund to meet the administrative expenses. On the other hand, a no-loan fund is one which does not charge any fees for entry or exit. In case of no-loan fund, all transactions of sale and repurchase of units are done at NAV while in case of load funds, the repurchase is made at a price less than NAV and sale is made at a price more than NAV. FUND OF FUNDS A fund of funds scheme means a scheme that invests primarily in other schemes of same mutual fund or other mutual funds. Benchmark Mutual Fund has started a FOF under the name of FOF Junior BeES. EXCHANGE TRADED FUNDS Exchange Traded Funds (ETFs) refers to basket of securities that are tradeable at a stock exchange. They are somewhat similar to Index Fund Schemes. The ETFs are so called because they are listed on a stock exchange and are traded as any other listed security. So, ETFs have characteristics of open-ended mutual funds as well as that of listed shares. ETFs do not sell their units directly to the investors. Rather, a security firm creates an ETF by depositing a portfolio of shares in line with an Index selected. The security firm creates units against this portfolio of shares. These units are sold to the retail investors. So, the ETF has portfolio of shares as well as a liability towards the holders of ETF units. ETFs are different from Mutual Funds in the sense that ETF units are not sold to the public for cash. Instead, the Asset Management Company that sponsors the ETF (fund) takes the shares of companies comprising the index from various categories of investors like authorized participants, large investors and institutions. In turn, it issue them a large block of ETF units. Since dividend may have accumulated for the stocks at any point in time, a cash component to that extent is also taken from such investors. In other words, a large block of ETF units called a â€Å"Creation Unit† is exchanged for a â€Å"Portfolio Deposit† of stocks and â€Å"Cash Component†. The number of outstanding ETF units is not limited, as with traditional mutual funds. It may increase if investors deposit shares to create ETF units; or it may reduce on a day if some ETF holders remeed their ETF units for the underlying shares. These transactions are conducted by sending creation/ redemption instructions to the Fund. In case of mutual funds, the portfolio of the investments made under the scheme may change, but in case of ETF, this is not so, because the ETF portfolio created once does not change. The market value of the units of ETF changes in line with the Index automatically. The funds managers are not required to actively manage the portfolio resulting in lower expense level of the fund. Consequently, the NAV of the ETF would be higher than the NAV of the Index Fund with the same portfolio. As the ETFs are listed on a stock exchange, they provide a lot of liquidity and price is determined by the demand and supply forces and the market value of the shares held. As opposed to ETF, the sale/ purchase prices of the units of a mutual fund are based on the NAV. A comparison of ETF, Open-ended funds and close-ended funds has been presented in table below: 1. Parameter Open-ended Fund (OEF) Closed-ended Fund (CEF) Exchange Traded Fund (ETF) Find Size Flexible Fixed Flexible 2. NAV Daily Daily Real Time 3. Liquidity Provider Fund itself Stock Market Stock Market/Fund itself 4. Sale price At NAV plus load, if any Significant Premium/Discount to NAV Very close to actual NAV of Scheme 5. Availability Fund itself Through Exchange where listed Through Exchange where listed/ fund itself. 6. Portfolio Disclosure Monthly Monthly Daily/Real-time ETFs have edge over the ordinary mutual funds. In case of latter, an investor cannot take the benefit of intra-day movement of price of shares because the mutual fund units can be traded at the closing NAV based rate. However, the performance of ETF is based on the underlying index and ETF can be traded through out the day taking benefit of intra-day movement in price. In India, several ETFs, have been created so for. Bench Mark Mutual Fund has created 5 ETFs. 1. Liquid BeES 2. Nifty BeES 3. Nifty Junior BeES 4. Bank BeES, and 5. FOF Junior BeES All these 5 ETFs are listed and traded at the capital market segment of the NSE. Prudential ICICI Mutual Fund has launched SPICE which tracks the Sensex. It combines features of both open-ended scheme and exchange traded share. It is listed at Mumbai Stock Exchange and can be traded in a lot of one unit. Value of one SPICE is 1/100 of the Sensex value. UTI Mutual Funds has launched SUNDERS, which is also listed at Mumbai Stock Exchange. Certain ETFs traded at American Stock Exchange are QUBES (Representing NASDAQ-100), SPIDERS (representing S&P 500), DIAMONDS (Representing Dow Jones Industrial Average), etc. NET ASSETS VALUE (NAV) OF A MUTUAL FUND Investors are the owners of the mutual fund. Funds collected under a particular scheme are invested in different securities. So the ownership interest of the unit holders is represented by these securities. Net Assets Value (NAV) refers to the ownership interest per unit of the mutual fund, i. . , NAV refers to the amount which a unit holder would receive per unit if the scheme is closed. NAV is represented as follows: An amount of Rs. 50,00,000 has been collected by a mutual fund by the issue of 5,00,000 units of Rs. 10 each. The amount has been invested in different securities. The market value of these securities at present is Rs. 56,00,000 and the mutual fund has a liability of Rs. 4, 50,000 in respect of expenses, etc. The NAV of the fund is: The units of an open-ended mutual fund scheme are sold and purchased by the mutual fund at a price based on NAV. The NAV of a mutual fund scheme is calculated by dividing the net assets of the scheme by the number of outstanding units under that scheme on the date of valuation. SEBI Regulations, 1996 provide that while determining the price of the units, the mutual fund has to ensure that the repurchase price is not lower than 93% of the NAV and the selling price is not higher than 107% of the NAV. Further that the difference between the selling price and the repurchase price shall not exceed 7%, calculated on the selling price of the units. The NAV varies from time to time and is published in newspapers so as to enable the nvestors to know the value of their investments. SEBI Regulations, 1996 require that the NAV of a mutual fund scheme shall be calculated and published at least in two daily newspapers at an interval of not exceeding one week. III INVESTMENT CRITERIA MAKING THE INVESTMENT DECISION Ones main considerations as an investor, besides choosing which vehicles are right, lie in the a reas of risk management, taxes and inflation, and asset allocation. In order to reach your financial objectives, you must choose from diverse investment alternative – all of which vary greatly in the degree and type of risk and potential return. The key to developing a sound portfolio is to strike the right balance between potential reward and risk, based on your financial objectives, financial situation and investment style. We’ve all heard the expression, â€Å"Nothing ventured, nothing gained. † Perhaps nowhere does this maxim hold truer than in the financial markets, where pursuing potentially higher returns means accepting higher levels of risk. Before you venture anything, you should determine your personal level of risk tolerance, given your needs and goals. To do this, you should familiarize yourself with the various kinds of risk and how they affect different types of investments. THE MANY OF FACES OF RISK Risk is the possibility that one may lose some or all of his investment in real terms, or that his investment may not increase in value. Several factors may influence the amount of risk one can comfortably accept, including ones age, family situation, income, time horizon and financial goals. When investing, one faces the following key risks: †¢Market Risk: This is the possibility that an investment (e. g. , a stock) will decline in value. As a result, if you sold the investment, you would receive less than what you initially paid for it. †¢Credit Risk: This is the possibility that the issuer of an investment (e. g. , a corporate bond) may not live up to its financial obligations. A default by the issuer could mean that you lose your invested capital and the expected interest payments. †¢Inflation Risk: This is the possibility that the value of a long-term asset (e. g. , a government bond) may not grow enough to keep up with inflation, reducing your purchasing power as a result. †¢Reinvestment Risk: This is the possibility that interest rates will fall as an investment (e. . , a bond) matures. If this occurs, you may be unable to reinvest matured assets at the rate of return you were accustomed to receiving. This type of risk also applies to reinvesting the coupon payments received from bonds and other fixed-income payments. †¢Liquidity Risk: This is the possibility that you will be unable to liquid ate an asset (e. g. , real estate) when you want and at the price you want. As a result, you may be forced to retain the asset or accept less than you wanted for the sake of liquidity. †¢National, International, and Political Risk: The possibility that a country’s government will suddenly change its policies. Events such as wars, embargos, coups, and the appointments of individuals with unfavorable economic policies can impact the financial markets, especially concerning investments related to that country. Possible results changes in tax structures and changes in bond or stock ratings. †¢Economic Risk: The risk that the economy will suffer a downturn as a whole. Such an event generally affects all the financial markets across the board, from product prices to the job market. †¢Industry Risk: The risk that a specific industry will suffer a downturn. Often, industries related to the one that experiences problems will suffer as well. Tax Risk: The risk that high taxes will make investments less profitable for both businesses and investors. Businesses that have no pay expand or improve. Investments that carry heavy tax baggage generally lead to lower dividends for an investor. How Much Risk Is Right? The amount of risk that is right depends upon person to person. To determine the r isk comfort level, one may ask this himself: Am I willing to tolerate greater volatility for potentially higher returns from my investments, or do I place more emphasis on quality, with less risk? Several factors may influence the amount of risk one can comfortably accept in ones portfolio, including: †¢Age †¢Family situation †¢Income †¢Financial goals In addition, the markets evolve and ones personal goals will inevitably change with time. One of the best ways to keep ones investments on target is to meet with financial professional regularly. In these meetings, the investor and his financial professional can discuss the investment objectives, determine the individual risk tolerance level and help to understand the various risks associated with an investment. The financial professional can also help an investor build a portfolio that has the potential to provide the highest returns consistent with the amount of risk one wish to assume. HOW TO CHOOSE WHICH RISKS TO TAKE? Whenever one considers a new investment, he may wish to ask his financial professional the following questions: †¢What types of risk are involved? Once the financial professional has explained the risks, one must ask how he or she can help to manage or minimize the different kinds or risk for the investment one is considering. Not all kinds of risk will apply to every investment. †¢What could happen to the principal in a â€Å"worst-case† scenario? The financial professional can explain how diversifying ones portfolio can help mitigate the effect of a downturn in any one market or industry. For example, assume you invested in the stock of a highly speculative biotechnology company. The stock’s trading price could fall substantially if the company’s only product fails to get FDA approval or is shown to be inferior to a competitor’s product. Spreading ones money across different asset classes – stocks, fixed – income investments, and cash equivalents – could help one manage the risk better than investing all his funds in this one stock. †¢How will adding this investment to the holdings help to manage the portfolio’s overall risk? Managing market risk through a balance of financial assets in ones portfolio is a significant component of long-ter m investment success. Ideally, ones portfolio should offer a measure of protection during inevitable market downturns and be positioned for opportunity when markets heat up. In addition to risk there are other factors also which need to be considered before investing, as stated below: INFLATION: Inflation taxes are two factors always on the minds of investors. Inflation is the persistent increase in the cost of goods and services, and the reason why the same loaf of bread that costs you $1. 00 today will probably cost you $1. 05 next year. For your purchasing power to grow in â€Å"real† terms, your returns must outpace the inflation rate. TAXES: Additionally, taxes must be a consideration. There are investments available that are both taxable and tax-free; others are tax-deferred or tax-deductible. The differences are significant, but not as dizzying as they seem. ASSET ALLOCATION: Asset allocation refers to the diversification of your portfolio across all the different classes of assets. The goal of effective asset allocation is to develop an appropriate mix of investments based on your specific investment objectives that maximizes performance potential with an acceptable level of investment risk. The goal is more consistent returns, lower volatility and a greater chance of achieving financial objectives. SELECTION OF A MUTUAL FUNDS There are thousands of funds to choose from, but there are some general guidelines that can help you choose a fund. †¢Define your investment time horizon and financial goals. Meeting a long-term goal (e. g. , starting a college fund for a newborn) will require different investments than in meeting a short-term goal (e. g. , accumulating money to purchase a car). †¢Understand your risk tolerance and the risk of different mutual funds. Risk tolerance is based on your comfort level in the fluctuation of price, which will affect your investment principal. Once this is determined, you can match fund types that have historically shown commensurate price movement. Keep in mind, however, that past performance is no guarantee of future results. †¢Combine your goals, time horizon and risk tolerance and find a fund category that matches these objectives. This will help in deciding what types of funds you may want to consider. You will find that there are still many funds to choose from within a specific category. Your prudential financial professional will be able to perform a comparative analysis of the individual funds to find the most appropriate choice. Check with your tax advisor prior to investing in a tax-exempt or tax-managed fund. Match the term of the investment to the time you expect to keep it invested. Money you may need right away (for example, if your car breaks down) should be in a money market account. Money you will not need until your retire in decades (or for a newborn’s college education) should be in longer- term investments, such as stock or bond funds. Putting money you will need soon in stocks risks having to sell them when the market is low and missing out on the rebound. Expenses matter over the long term, and of course, cheaper is usually better. You can find the expense ratio in the prospectus. Expense ratios are critical in index funds, which seek to match the market. Actively managed funds need to pay the manager, so they usually have a higher expense ratio. Sector funds often make the â€Å"best fund† lists you see every year. The problem is that it is usually a different sector each year. Also, some sectors are vulnerable to industry-wide events (airlines do come to mind). Avoid making these a large part of your portfolio. Closed-end funds often sell at a discount to the value of their holdings. You can sometimes get extra return by buying these in the market. Hedge fund managers love this trick. This also implies that buying them at the original issue is usually a bad idea, since the price will often drop immediately. Mutual funds often make taxable distributions near the end of the year. If you plan to invest money in the fund in a taxable account, check the fund company’s website to see when they plan to pay the dividend; you may prefer to wait until afterwards if it is coming up soon. Research. Read the prospectus, or as much of it as you can stand. It should tell you what these strangers can do with your money, among other vital topics. Check the return and risk of a fund against its peers with similar investment objectives, and against the index most closely associated with it. Be sure to pay attention to performance over both the long-term and the short-term. A fund that gained 53% over a 1-yr. period (which is impressive), but only 11% over a 5-yr. period should raise some suspicion, as that would imply that the returns on four out of those five years were actually very low (if not straight losses) as 11% compounded over 5 years is only 68%. Diversification can reduce risk. Most people should own some stocks, some bonds, and some cash. Some of the stocks, at least, should be foreign. You might not get as much diversification as you think if all your funds are with the same management company, since there is often a common source of research and recommendations. The same is true if you have multiple funds with the same profile or investing strategy; these will rise and fall together. Too many funds, on the other hand, will give you about the same effect as an index fund, except your expenses will be higher. Buying individual stocks exposes you to company-specific risks, and if you buy a large number of stocks the commissions may cost more than a fund will. The compounding effect is your best friend. A little money invested for a long time equals a lot of money later. The decision to invest in a mutual fund is one you have to make on your own. However, when you try to choose an investment, it’s usually best to seek the guidance of an investment representative. Why? Consider that there are more mutual funds than there are stocks listed on the New York Stock Exchange. While many of these funds share the same objectives, no two are exactly alike. Similarly, as an investor, your goals are unique. An investment representative can help you determine the fund that’s right for you. A mutual fund investor has more options than ever before – stock, bond, and money market funds to satisfy all outlooks, from the most conservative to the most venturesome. Generally speaking, in investment management, intelligently assumed risk creates the opportunity for greater returns. †¢A money market mutual fund aims for current income at minimal risk. †¢A municipal bond mutual fund aims for current tax-free income. †¢Government income funds aim for current income with principal security. †¢Corporate bond funds aim for a high rate of current income. †¢An income fund aims for a higher rate of current income. A balanced fund aims for current income with some capital appreciation. †¢Growth and income funds offer the possibility of more growth than a balanced fund, but probably less income. †¢A growth fund aims for the accumulation of capital, with little or no current income. †¢Aggressive growth funds offer the prospect of maximum capi tal appreciation, with more than average risk. In addition, specialized funds are available – for instance, those that invest only in certain geographic regions or in certain sectors or industries (like health care, technology, or energy). There are even funds that have adopted certain social objectives or that follow specific investment philosophies. For more complete information, including charges and expenses, obtain the mutual fund’s prospectus. Read it carefully before you invest or send money. The Securities and Exchange Commission (SEC) requires every open-mutual fund (where the fund’s managers issue new shares on demand) to provide you with a copy of its prospectus before – or coinciding with – a purchase of shares. A prospectus is a key source of information regarding a mutual fund and often is the best place to start when you are considering investing in one. It will describe the fund’s objectives, risks, and operations. TURNOVER Turnover is a measure of the amount of securities that are bought and sold, usually in a year, and usually expressed as a percentage of net asset value. It shows how actively managed the fund is. A caveat is that this value is sometimes calculated as the value of all transactions (buying, selling) divided by 2; i. e. , the fund counts one security sold and another one bought as one â€Å"transaction†. This makes the turnover look half as high as would be according to the standard measure. Turnover generally has tax consequences for a fund, which are passed through to investors. In particular, when selling an investment from its portfolio, a fund may realize a capital gain, which will ultimately be distributed to investors as taxable income. The very process of buying and selling securities also has its own costs, such as brokerage commissions, which are borne by the fund’s shareholders. The Dalbar Inc. consultancy studied stock mutual fund returns over the period from 1984 to 2000. Dalbar found that the average stock fund returned 14 percent; during that same period, the typical mutual fund investor had a 5. percent return. This finding has made both â€Å"personal turnover† (buying and selling mutual funds) and â€Å"professional turnover† (buying mutual funds with a turnover above perhaps 5%) unattractive to some people. IV REGULATORY FRAME-WORK OF MUTUAL FUNDS Immediately after its constitution, SEBI issued the Mutual Fund Regulations in 1993. However, with the growth of mutual funds, it was imperative that they should follow prepared a ‘Mutual Fund 2000 Report’ and on the basis of this report, it prepared more stringent and comprehensive regulations in 1996, known as SEBI (Mutual Fund) Regulations, 1996. ince then, there have been number of amendments in Regulations, 1996. Besides, SEBI has also issued several guidelines in respect of working of mutual funds. Some of the provisions of the SEBI (Mutual Fund) Regulations, 1996 (as amended from time to time) have been summarized hereunder: 1. The sponsor, who wants to establish a mutual fund, should have a sound track record and a general reputation of fairness and integrity, i. e. , must be in business of financial services for 5 years, and must have contributed at least 40% of the net worth of the Asset Management Company. 2. A mutual fund is constituted in form of trust. The trust shall incorporate an Asset Management Company (AMC). The trustees shall ensure that the AMC has been managing the schemes independently of other activities. 3. Two-thirds of the trustees shall be independent persons and not be associated with the sponsor. 4. The trustees shall ensure that activities of the AMC are in accordance with the Regulations, 1996. 5. The trust shall periodically review the investors’ complaints received and shall be redressed by the AMC. 6. The mutual fund shall appoint a custodian to carry out the custodial services for the schemes. The sponsor or its associates shall no have 50% or more of the share capital of the custodian. 7. No scheme shall be launched by the AMC unless the offer document contains disclosures which are adequate in order to enable the investors to make informed investment decisions. 8. Advertisement in respect of every scheme shall be in conformity with the Advertisement Code. 9. Every close-ended scheme shall be listed at a recognized stock exchange, or there will be a repurchase facility. 10. The close-ended schemes may be converted into open-ended schemes under certain conditions. A close-ended scheme may be allowed to be rolled over if necessary disclosures about NAV, etc. , are made to the unit holders. 11. In case of over-subscription for a new scheme, the applicants applying for upto 5,000 units shall be allotted full. The refund to applicants, if any, shall be made within 6 weeks from the data of closure of the list. 12. No guaranteed return shall be provided in a scheme, unless such return is fully guaranteed by the sponsor or the AMC. 13. An open-ended scheme shall be would up after the expiration of the mixed period, or in case, 75% of the nit holders decide so, after repaying the amount due to the unit holders. 14. The money collected under any scheme shall be invested only in transferable securities in money market or capital market or private placed debts or securitized debts. 15. The mutual fund shall not borrow any money except to meet temporary liquidity needs and borrowing, if any, need not be more than 20% of NAV of the scheme, and for period o f less than 6 months. 16. The funds of a scheme shall not be used in option trading or a carry forward transaction. However, derivatives can be traded by a mutual fund at a recognized stock exchange for portfolio balancing. 7. A mutual fund can enter into underwriting agreement. 18. NAV for each scheme shall be calculated by dividing the total assets of the scheme by the number of outstanding units. The NAV of the scheme shall be published in two daily newspapers at interval of not exceeding one week. 19. In case of open-ended schemes, the repurchase and sale price shall be published at least once a week. 20. The mutual fund shall ensure that the repurchase price of a unit is not less than 93% of NAV and the sale price is not more than 107% of NAV. In case of close-ended schemes, the repurchase price shall not be less than 95% of the NAV. 1. The AMC may charge the mutual fund with investment and advisory fees as per rates prescribed in the Regulations. The issue expenses and redempt ion expenses of a scheme shall not exceed the limits given in the Regulations. 22. The mutual funds are required to raise at least Rs. 20 crores or Rs. 50 crores (for close-ended and open-ended schemes respectively) or 60% of the target amount, otherwise the entire subscription be refunded. Each scheme should have a minimum of 20 investors and not single investor should account for more than 25% of the corpus of the scheme. 23. The unquoted debt instruments shall not exceed 10% in case of growth funds and 40% in case of income funds. 24. Investment in one company under any scheme should be restricted to 5% of the corpus of the scheme. Under all schemes, the investment in one company should be restricted to 5% of the paid-up capital of the company. Total investment in all securities (debts and shares) in one company shall be restricted to 10% of the corpus of the mutual fund. 25. Funds under the same AMC mutual not be lent or invest from one scheme to another, unless the funds are transferred at the prevailing market price. 26. All mutual fund must distribute a minimum of 905 of their profits in any given year. The e3arnings must be segregated as current income, short-term capital gain and long-term capital gain. 27. Trading by mutual funds shall be restricted to hedging and portfolio balancing purposes only. The securities held shall be marked to market by the AMC to ensure full coverage of the investments made in derivative products. 28. Mutual funds are permitted to participate in the Securities Lending Scheme of SEBI under certain guidelines. 29. Mutual funds are allowed to invest in ADRs/GDRs issued by Indian companies. They can also invest in foreign securities under certain conditions and within limits. 30. Mutual funds can also invest up to 10% their funds in equity of listed overseas companies which have a shareholding of at least 10% in an Indian company listed on a recognized stock exchange. 31. The AMC and the trustees are required to review and disclose the performance of their schemes. They are also required to disclose the performance of the benchmark indices. Any of the following indices may be selected for this purpose: BSE Sensex, S&P CNX Nifty, BSE 100, BSE 200 or S&P CNX Nifty 500. 32. Several Guidelines have been prescribed in respect of Advertisement to be issued by mutual funds. Any advertisement, communication, sales literature, or presentation, etc. , should not be misleading. 33. Detailed guidelines are prescribed for valuation of investments. For this purpose, the investments are classified into traded, thinly traded and non-traded investments. 34. Guidelines for identification and provisioning for NPA are also provided. For this purpose, an asset is NPA if the principal/ interest is not received for one quarter. On NPA, no interest shall be accrued. If any interest is already accrued, it shall be provided. A provision @ 10%, 20% or 25% of the book value of NPA is required depending upon the period for which it is NPA. 35. A mutual fund and the AMC shall, before the expiry of 1 month from the close of half year, shall publish its financial results in respect of that half year. MUTUAL FUND INVESTMENT AND INVESTORS’ PROTECTION IN INDIA In case of mutual funds, small investors park their funds in expectation of a suitable return and safety of their funds. Mutual funds take decisions on behalf of the investors. There is a relationship of trust between the mutual fund and the investors. Market regulators should take a cognizance of this fact. The interest of the investors should be protected by framing a comprehensive set of regulatory provision. As the first mutual fund in India, the UTI was created as a statutory body under the UTI Act, the relevant provision regarding investment policies, etc. were all given in the UTI Act itself. However, the position changed after 1992 with the constitution of SEBI. The basic objective of SEBI is to â€Å"protect the interest of the investors in securities and to promote the development of, and to regulate, the securities market and for matters connected therewith or incidental therewith. So, the regulation of mutual funds activities was make a matter under purview of SEBI. SEBI issued the Mutual Fund Guidelines, 1993 as a first attempt to provide for a regulatory framework to give directions to the functioning of mutual funds and to protect the interest of the mutual funds investors. Keeping in view the changing scenario, SEBI issued a new set of Mutual Funds Guidelines in 1996. A detailed list of the provisions of Guidelines, 1996 is already given in this chapter. Some other provision specifically dealing with investors protection are: (i)Each mutual fund must be registered with SEBI. The sponsor must have a sound track record and experience in financial services of at least 5 years. (ii)Number of terms and conditions have been provided in respect of Asset Management Company (AMC). The Directors of the AMC should here adequate professional experience in finance and financial services. (iii)The custodian of the mutual fund should also be approved and registered with SEBI. (iv)No mutual fund scheme can be launched unless approved with the trustees. (v)Minimum and Maximum amount to be raised under the scheme should be notified. (vi)Lot of disclosures are required in respect of the scheme in the prospectus. vii)No scheme with a guaranteed return can be issued unless such return is guaranteed by the AMC or the sponsor. (viii)Periodic report in respect of each of the scheme is to be published. Any information that has an adverse bearing on the investment should also be disclosed. (ix)There are investment norms provided for mutual fund investment with a view to contain t he investment risk. Investors’ interest is protected by prohibiting mutual funds from excessive risk exposure. (x)SEBI can impose several types of monetary penalties for violations of SEBI Regulations and Guidelines.