Ethical Implications of Abortion Essay Example

Ethical Implications of Abortion Essay Abortion has and continues to be a controversial topic. Most would argue that every woman should have the right to terminate a pregnancy for whatever reason, because her body and the fetus are one entity. Since termination of a pregnancy or abortion is the status quo within society, most would agree with this consensus. I, however, without properly acknowledging the rights of all the parties involved with abortion (the fetus and father), I do not believe it should be used so freely within society. Since the historic case of Roe v. Wade in 1973, abortion has been the accepted standard within society. With this historic judgment, women within this country are legally able to obtain an abortion up to a certain point during their pregnancy. Most believe that â€Å"a pregnant woman and her fetus should never be regarded as separate, independent, and even adversarial, entities† (ACLU, 1996, p. 1). But with men gaining an increased roll in child rearing and with medical advancements, the rights of the men and fetus should be considered before abortion is ever considered an option. There is a long and complicated history that goes hand in hand with abortion. The action of performing abortions can be traced back to the early American colonies. We will write a custom essay sample on Ethical Implications of Abortion specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Ethical Implications of Abortion specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Ethical Implications of Abortion specifically for you FOR ONLY $16.38 $13.9/page Hire Writer Although many religions forbade or even restricted the practice, abortion was not considered illegal in most countries until the 19th century (Boston Womens Health Book Collective, 2005, p. 1). Even though abortions became outlawed in the United States, it did not stop women from getting abortions illegally. â€Å"By 1965, all fifty states banned abortion, with some exceptions which varied by state: to save the life of the mother, in cases of rape or incest, or if the fetus was deformed† (Boston Womens Health Book Collective, 2005, p. 1). Many women worked daily in an effort to have abortion legally available to women. The landmark court case that made an impact for women’s rights on the topic of abortion is Roe v. Wade, one of the most controversial Supreme Court cases in history. Roe v. Wade case established the foundation for abortion rights within the United States stating that laws banning abortionâ€Å"violate a constitutional right to privacy† (ACLU, 1996, p. 1). This case was opposed by many who thought that the fetus was infact a person from conception and therefore has the right to life, but ultimately this viewpoint was overruled in favor of the â€Å"pro-abortion† side. The Supreme Court ruled that the decision to legailze abortion is â€Å"necessary to preserve womens equality and personal freedom† (ACLU, 1996, p. 1). The Supreme Courts decision to legallize abortion in Roe v. Wade in 1973 was the spring board for many decades of court cases to try and reverse the decision. Today, there is still great controversy on the topic. Many politicians and ordinary people debate over what their stances on the subject daily. But whose view is morally and ethically correct, Pro-Choice or Pro-Life? Throughout history abortion has remained a topic of extreme controversy and debate. What makes abortion such a controversial topic? â€Å"An individuals personal stance on the complex ethical, moral, and legal issues has a strong relationship with the given individuals value system. A persons position on abortion may be described as a combination of their personal beliefs on the morality of induced abortion and the ethical limit of the governments legitimate authority† (Lemos, 2007, p. 45). The stances on abortion are split into â€Å"pro-life† and â€Å"pro-choice. These groups have opposing viewpoints on the morality, legality and ethics of abortion. Pro-life activists tend to be religious and avid on the rights of the fetus. Their perspective is that from the moment of conception, that is when a fetus is a human being and therefore has a right to life (Kissling, 2004, p. 1). Pro- life activists consider abortion murder and want to have it outlawed since they believe murder of any kind is unacceptable. The pro-choice viewpoint is the complete opposite. Pro-Choicers believe that the fetus is not a human being and is just a â€Å"mass of tissue† and therefore abortion is not murder (Kissling, 2004, p. 1). Pro- choice activists believe that women should have the right to chose whether to carry out a pregnacy because their body is one with the fetus and they should be able to choose whether to keep or terminate a pregnancy. The main issue of debate is whether or not an embryo is considered a person and if that embryo should have any right and I believe that they should. â€Å"Although Fetuses have never been given any recognition whatever as bureau of persons. It has never been counted as a member of the population. Legally is can not own, bequeath, or inherit property. It can not be sued, married, or adopted. It has no legal relationships and therefore can not be considered a person† (Kissling, 2004, p. 1). However, dramatic scientific breakthroughs in medical technology have revolutionized physician’s ablities regarding fetuses which may enable a fetus to be considered a person (Lenow, 2007, p. 1). Medical advances allow for surgery to be performed in utero, with these advances, new legal implications arise. If the fetus can be treated, then should it be considered a patient separate from its mother? If so does it possess all the rights of the post-birth patients? † (Lenow, 2007, p. 2). As a society it seems that we do not consider a fetus to be a person until it is viable. â€Å"Viablilty is a concepty widely used to identify a reasonable potential for subsequent survival if the fetus were to be removed from the uter us thus viablity is defined in terms of practicality i. e. how early a fetus can be delivered with hopes of reasonable survival† (Lenow, 2007, p. 0). However, I believe that using the standard of viabilty to determine whether or not a fetus is a human is too broad. With the new medical advances that can perform life-saving procedures on fetuses early on in the pregnancy, I believe viability of life should not be the only standard used to determine whether or not a fetus can be aborted or not; A recently reported example illustrative of this potential conflict involved a fourteen year old female, twenty-six weeks pregnant, who experienced premature labor due to a rupture in the amniotic sac. As the fetus was considered borderline viable, it was evident that chances for fetal survival would be maximized with cesarian delivery†¦the patient expressed her wishes not to have the child and delivered vaginally (Lenow, 2007, p. 18). The issue of viability comes to play in situations where the child can sustain life, but the actions of the parents ultimately abort the pregnancy. The aforementioned mother ultimately chose to not save her baby because she didn’t want to have it, essentially aborting the fetus, but at what point during a pregnancy does the fetus gain rights? Recently a friend of the family had complications with their baby at twenty-six weeks and chose to deliver the baby and try everything possible to save it, the baby is now surviving with medical help. Until there is a universal standard for viability, all babies that could possibly survive should be given that opportunity. Within the past two years, states have tried to enact legislation that would provide protection to an unborn fetus; however these bills must be worded carefully as the legislation â€Å"can endanger womens rights by reinforcing claims of fetal rights in the law under Roe v. Wade† (ACLU, 1996, p. 1). The extent to which such a bill may endanger reproductive rights depends on its specific terms and implications. For example, states may: 1) amend existing homicide statutes to include the fetus as a possible victim; 2) ass statutes defining the fetus as a person or human being, thereby making the fetus fall within the compass of other statutes applicable to all persons or human beings; 3) enact freestanding statutes to define and penalize a new crime of injury to a fetus, fetal homicide, or feticide; 4) extend wrongful death statutes to permit civil suits against individuals who cause the death of a fetus; or 5) enact new statutes to penalize injury to a pregnant woman that causes her fetus to die or be injured. However, abortion whether they are performed by a medical professional or self-induced must be exempted from all legislation (ACLU, 1996, p. ). Therefore, a fetus is considered an entity separate from the mother in all in legal aspects except in cases involving abortion. Essentially until a fetus can gain rights across all potential legal and societal aspects, fetuses are suffering injustices. Another aspect of abortion where I believe injustices are suffered, are the rights of the father. Though a mother must incubate a fetus for nine months, the father also contributed to creating the life and should have equal rights regarding the potential life that is created. According to a clinical study performed in Europe, two-thirds or twenty-three out of thirty, of the men who agreed to participate in the research, disagreed with their partner’s decision to have an abortion (Naziri, 2007, p. 480). Should a man have a right to make decisions about his unborn child as well? According to popular beliefs and legal precedent within this country and many others, a man has absolutely no say when it comes to the unborn fetus. There is minimal research and information on the topic of men and their rights regarding abortion. The social, political, and legal constraints†¦have deterred research regarding post-abortion men directly and also indirectly by contributing to difficulties in obtaining funds for such research† (Coyle, 2006, p. 1). One of the few studies on young men’s experiences reveals fear of isolation when peers, parents and partners do not accept abortion, despite its legalized status (Hallden Christensson, 2010, p. 126) M en are involved in conception, decisions concerning out come of the pregnancy, and aftermath of abortion (Coyle, 2006, p. ). According to Coyle, a researcher for the Internet Journal of Mental Health: elective abortion surely involves some sense of loss for many of the men whose partners undergo abortion. Given the inequality between men and women in abortion decisions, one might reasonably expect at least some men to be negatively affected. Yet, mens tendency to comply with societys expectations by repressing their emotions may effectively prevent others from appreciating their suffering. As members of a society which, restricts the discussion of abortion as a womans right, post-abortion men may be confused by their reactions, unsure of their roles or responsibilities, and unlikely to seek help (2006, p. 1). Therefore in a society where a man clearly has no societal or legal support, he is hesitant to come forward and express his feelings towards his partner having an abortion. There have been instances where a man attempts to establish rights to the fetus, but it has not been upheld legally in the court system. In Planned Parenthood of Missouri versus Danforth, 428 U. S. 52, the Supreme Court ruled that the state was not required to notify or obtain permission from the husbands of women seeking abortion. Legal arguments have tended to focus on this inequity between mens lack of legal power regarding termination of pregnancy and their liability for child support there have been a few publicized cases in which men attempted to prevent an abortion such as that of John Stachokus. Mr. Stachokus and his attorney were able to obtain a temporary injunction prohibiting his partners abortion. However, the injunction was suspended one week later (Coyle, 2006, p. 1). Ultimately, until men can be treated as an equal in the process of conceiving a child, a woman is free to abort a fetus that a man could potentially want to care for without any legal repercussion on her part creating a gross injustice to the rights of men. Overwhelming evidence purports that the decision to keep a baby is only given to a mother. This creates gross injustices for both the fetus and father; each should have a say, but are unable to due to lack of societal and legal support. With the decision in Roe v. Wade, women’s rights are the only rights considered. Legislature and some society members have attempted to recognize the rights of the fetus by establishing legislature, but the efforts have failed because abortion must be exempted from all legislation in order to protect the rights of women. In order to counteract the injustices found with abortion, I believe that the standard of viability for a fetus should be thoroughly investigated and set of standards should be developed in order to better clarify at what point during the pregnancy a fetus is viable. Also, I believe more consideration should be given to the rights of the male involved in conceiving the fetus. He played an equal part in conception and should have an equal say in whether or not to keep the baby. In order to determine this, I believe more research and information should be gathered on a man’s involvement in the decision to keep or abort a fetus. Until there is a Supreme Court case to challenge Roe v. Wade, none of these qualms about abortion can be addressed. Popular philosophers would also have a heated debate over the ethical and moral implications of abortion. John Stuart Mill was an avid Utilitarian and believed that what would produce the greatest good for the greatest number of people was the correct choice in life (Waller, 2008, p. 65). Philosopher Immanuel Kant disagreed with this viewpoint. His theory was that the moral law is a principle of reason and is not based on facts about the world, such as what would make us happy (Waller, 2008, p. 140). â€Å"Always act so as to treat humanity, whether in yourself or in others, as an end in itself, never merely as a means† (Solomon, 2003, p. 256). Kant would agree with pro-life activists believing that a woman has no right to terminate a fetus since the sole purpose of having an abortion is to fulfill the wishes of the mother. Instead of relying on fact, Kant relies on reason. To correct the injustices that are apparent with abortion, we as a society should use reason like Kant to shed light on the rights of the father and fetus. So as a society, perhaps we should put the utilitarian approach aside and take each case individually and use Kant’s point of view or reason to assess the situation. Don Marquis, professor of Philosophy at the University of Kansas, agrees with the immorality of performing abortions. What makes abortion wrong is: The loss of one’s life is one of the greatest losses one can suffer†¦[it] deprives one of all the experiences, activities, projects, and enjoyments that would otherwise have constituted one’s future. Therefore, killing someone is wrong, primarily because the killing inflicts (one of) the greatest possible losses on the victim (Waller, 2008, p. 264). Even though a fetus has yet to establish a life, it is never given the chance when it is aborted. According to Marquis, â€Å"the wrongness of killing can be extended to fetal life† (Waller, 2008, p. 265). Therefore, because a fetus could have the potential to partake in all of life’s experiences and have a prosperous future, it is morally wrong to abort the fetus. Ultimately, abortion is accepted as the status quo within this country. However, the principles surrounding this procedure are flawed ethically. Fathers and fetuses are given little to no consideration regarding their rights with abortion. Since Roe v. Wade, a womans fundamental rights of privacy, bodily integrity, and self-determination are the only factors considered regarding abortion. Thus, until standards of viability for the fetus are assessed and legal role of men in conception and abortion are established, abortion should be considered an injustice to society. References American Civil Liberties Union. (1996, July 31). Whats Wrong with Fetal Rights? Retrieved from http://www. aclu. org/reproductive-freedom/whats-wrong-fetal-rights. Boston Womens Health Book Collective. (2005).

ACT Reading vs SAT Reading Which Is Easier

ACT Reading vs SAT Reading Which Is Easier SAT / ACT Prep Online Guides and Tips Which is the harder section, ACT Reading or SAT Reading? We will break down the differences between SAT and ACT Reading to help you decide which section is harder for you. You might be surprised which one is easier! Major Differences Between SAT Reading and ACT Reading In this section, I'll break down the most critical differences between SAT Reading and ACT Reading. One test is not inherently easier than the other - it all depends on your skills. Keep your own strengths and weaknesses in mind as you read through the following sections. #1: Breaking Down Long Passages The ACT doesn’t always give line numbers in the questions. For what we call â€Å"little picture, find the detail† questions, you have to skim the whole reading passage to find the answer, whereas SAT always gives line numbers. See an ACT example below: Via ACT's Preparing for the ACT guide. For this question, you have to sift through the passage to find the one line that mentions this very particular detail. If you don't have a good memory for small details, this can take time. In contrast, you can approach the SAT Critical Reading section by reading the questions first and then going back to parts of the passage using the line numbers. For the ACT, you will have to at least skim the entire passage, even if you read the questions first. Our advice? If you have a good memory for longer passages and small details, you will have an advantage on the ACT. If you are good at picking information out of a passage, you might do better on the SAT. #2: Timing Timing is a bigger challenge on the ACT, as the ACT asks more questions per minute.SAT Reading has 52 questions in 65 minutes, giving you 75 seconds per question. On the other hand, ACT Reading has 40 questions in 35 minutes, which gives you just 52 seconds per question.This may not seem like a major difference, but all those extra seconds really add up when you're struggling to answer all the questions in a section before time is called. Keep on your eyes on your watch! Our advice? If pacing and answer questions quickly is a problem for you, you may find the time constraints of the SAT Reading section more manageable. #3: Evidence-Support Questions Are you good at pinpointing specific areas in texts that support your answers to questions? If so, the SAT may be a better fit for you. Evidence-support questions are a big part of SAT Reading but don't appear on ACT Reading. These questions build off of the questions that come before them and ask you to cite specific lines or paragraphs as evidence for your answer to a previous question. Here’s an example of an evidence-support question (with the question to which it's referring): As you can see, these questions can be challenging because theyrequire higher-level thinking and strong reasoning skills. If you're stuck on the first question, you likely won't get the second one right either. Our advice? If you struggle with interconnected questions or having concrete reasons for selecting a certain answer, you may find the ACT easier since it's Reading section doesn't include these types of questions. So Which Test Should You Take? The best way to decide which reading section you’ll do best on is to take real practice tests. Score yourself, and find out which test you score higher on based on percentiles. Also, based on those practice tests, figure out your weaknesses. Are you struggling on SAT’s evidence-based questions? Then the ACT might be a better choice for you. Are you struggling with finishing the ACT Reading section in time? Then maybe the SAT will be a better fit for you. Another strategy is to think about which test you like more. Sure, a test is a test, but you’ll probably find you enjoy one more than the other, and you may study more effectively for the test you like better. Finally, think about the other sections if you can't decide. For example, you might take a practice test and figure out you are slightly better at ACT Reading. But if ACT Math is really hard for you, it could cancel out the benefits of being better at ACT Reading. What’s Next? Want a comprehensive guide to whether the ACT or SAT is easier? Read this detailed breakdown. In this post we recommended taking a practice ACT and practice SAT reading sections to figure out your strength. Check out our links to free ACT and SAT practice tests to get started! What about the writing and math sections? See our complete guide to ACT versus SAT to compare your overall strengths and weaknesses. If you’re going with the SAT, learn and review SAT vocab using the waterfall method. Also check out our tips for a perfect 800 on Critical Reading by our full scorer. Vocabulary is still important on the ACT. Find out the words you must know! Also get a step-by-step essay guide and strategies for a perfect 36 on ACT Reading. Want to improve your SAT score by 160 points or your ACT score by 4 points?We've written a guide for each test about the top 5 strategies you must be using to have a shot at improving your score. Download it for free now:

Management & Health Information Systems Assignment

Management & Health Information Systems - Assignment Example This study would therefore, like to use a system that utilizes reporting programs to view trends of patients under patient care. This is to be adopted as a Clinical Data Repository (CDR) project with clear objectives and deliverables. 1. Project scope: This report will study clinical components that will constitute an integrated Clinical Data Repository (CDR) which will allow the elements to be fed into it ultimately allowing family physicians and doctors to view holistically the attributes of a patient while enhancing the quality of healthcare given to patients. Family members will be able to qualify for incentives like bonuses and patient oriented medical home rewarding programs. There is a principle engine that comprises a mix of elements to guarantee a clinical decision. This project will involve creating a secure Clinical Data Repository that is able to provide data of patients under authorized access. The objectives of this project will be: i) Assess how family physicians will maximize their professional quality care given to patients ii) Examine how family members will benefit from the bonuses and reward systems facilitated by CDR project. iii) Explore the strategies of bringing on board a more secure clinical data repository. Outputs of the project will prioritize the needs of both physicians and patients, creating a patient-doctor relationship. This project will cost $ 23,000 to meet personnel and technical costs with International Health Research Institute (IHRI) being the key sponsor. It is expected to be done 14 months to cover 9 tasks. Tasks will include data collection, system design, implementation, tests and project go live. Time implications and focus will be on how the outcomes of the feasibility studies have on planning and implementation of the project. The progress of the project will be communicated by the project manager at regular basis. This project is expected to commence on 30 June 2012 The report will also be issued at completion of the project August 2013. Project duration: 14 months 2. Project outlines business case - purpose & rationale: Health institutions continue to experience delays in receiving payer contracts because of the indecisiveness brought by irregular procedures and managerial bureaucracies. The CDR project will allow for maximization of health informatics expertise through quick report generation, easy collection of benchmark data and data ownership. Electronic health records are crucial in hospital administration but owing to insufficiency of tools to perform such tasks, family physicians have been at the receiving end. Analysis from feasibility studies has shown that existing patients’ data reporting programs are weak and bureaucratic. Aligning this function will bring more benefits to both physician and patients during treatment and claims from health insurers. Process claims will be done quickly and pay-for-performance incentives will be due on time. The benefits can be tabulated as below. 3. Options for project delivery: During the phase of project implementation, information system designers can use different ways to execute their work. Conventional methods used in the IT industry today are being challenged by clients and consultants in an attempt to reduce time wastage, limit

Ernst Ludwig Kirchner Essay Example | Topics and Well Written Essays - 1750 words

Ernst Ludwig Kirchner - Essay Example Expressionism took many forms including theatre, cinema and art (www.artmovements.co.uk). Other movements including Fauvism, Post- Impressionism and Impressionism heavily influenced the art itself. However Expressionism evolved beyond all those, incorporating many of the elements of each type but also imparting extreme violence and exaggeration of brushstrokes, as well as harsh and intense colour to the canvas in order to convey their personal emotional response to the scene. In 1880 two events took place that led to the rise of Expressionism. The first was the unification of Germany and all its controlled states into a single federation or empire by the German Chancellor Otto von Bismarck (www.spartacus.schoolnet.co.uk). This resulted in the appointment of Wilhelm II, the King of Prussia, (Germany's biggest state) to the position of Emperor of Germany. Wilhelm's governance and his policies led to social and political unrest in the empire and eventually led to World War I. Kirchner was born in Aschaffenburg, the son of a chemist in the paper industry. Though his parents encouraged his artistic tendencies they did not consider it a profession and after his schooling, his parents sent him to an architecture course in a Technical College in Dresden (http://tigtail.org). While there he formed an artists group with two other students, Heckel and Schmidt- Rotluff. They called themselves Die Brucke, literally, The Bridge. They considered themselves to be a bridge from the old set ways into the future of art and society in Germany. Kirchner was the driving force of this group and his work endures as a striking commentary on German society at the time. His most famous works as his art developed were those belonging to his "Streetwalker" series. Two of those paintings, Potsdamer Platz (1914) and The Street (1913) will be discussed as an example of how the period in which he lived influenced him. In order to fully comprehend the import of his work it is also necessary to understand the time in which he lived. Germany from 1880 to the time of the Great War was undergoing great turmoil on several fronts. Firstly it was a time of immense expansion on an industrial and technological front (Myers and Praeger, p11). Artists all over Europe were invigorated by this infusion of modernity. However Germanys unified empire was beginning to crack. After the appointment of Wilhelm as Kaiser there was a growing rift between the Emperor and his Chancellor Bismarck on various issues of social policy and he finally forced Bismarck to resign in 1890. With the dismissal of the Chancellor Wilhelm forced the passing of several policies that were completely unsuitable for a technologically developing nation (www.bbc.co.uk/history/historic_figures). He also adopted political stands that led to the development of World War I. On the social front things were not much better in Germany during this period. Women's rights were virtually unheard of; women were unable to vote until quite late, they had very few legal financial rights and job opportunities and marriage and children were the only way for a respectable woman

Public Awareness of Stroke Risk Factors and Warning Signs

Public Awareness of Stroke Risk Factors and Warning Signs Introduction Stroke is defined as a sudden neurological deficit caused by impairment in perfusion to the brain (M. Bornstein, N 2009). The WHO estimates that by year 2030, 80% of all strokes will occur in low and middle income countries and high quality of health statistics are essential for planning and implementing health policy in all countries. Of all neurological diseases, stroke is the most preventable. The need to increase public awareness of stroke risk factors and warning signs has been identified as critical to addressing the large gaps in knowledge. An important aspect of improving understanding of stroke was to prevent strokes from occurring in the first place, by increasing public awareness of the risk factors (Britain, G 2009). Act F.A.S.T(face, arm, speech, time) campaign was laughed and organized by MOH in most of the countries and which has been effective in improving the public’s recognition of the symptoms of stroke . There are a lot of researches had been done to know the effectiveness of campaign and programs. This paper will review two articles to test the stroke awareness and risk factors in general population. Methods Two articles were chosen from Bio Med Central, using key words of stroke, awareness, risk factors, warning signs. The criteria were established with articles of data collection strategies, identification of the main study, full text and up to date published in between 2007 to 2008. Abstract The abstract is a brief description of the study placed at the beginning of the article about 100 to 150 words and it allows readers to assess whether to read the full articles of the report (POLIT, D. F., BECK, C. T 2010). Both articles illustrate background objective, method, results and conclusions in one paragraph clearly and concise, which stimulates the reader to read full articles. In (W Wahab, K. et al. 2008) article, author conducted the cross sectional study of ability to identify one risk factor of stroke warning sign at Irrua Specialist Teaching Hospital in southern Nigeria whereas in (Hickey, A. et al. 2009) article, discovered lack of public awareness about stroke warning signs and risk factors which contribute to reducing mortality and morbidity from stroke. Introduction/Research problems Successful fundraising professionals reveal that only 10 percent of their time is actually spent soliciting major gifts whereas the other 90 percent is spent researching prospects and developing strategies. For that reason, it is extremely important for an organization to allocate resources to establish a prospect research program (Ciconte, B. and Jacob, J 2009). (BASTABLE, S. B. 2006) said an introduction should provide the reader with an understanding of how the study fits into what is already known about the research topic and provides a justification as why this particular piece of research is important. Central phenomena, concepts, the study purpose, the hypotheses (POLIT, D. F., BECK, C. T. 2010) were briefly described in these two articles. In Hickey, A. et al. (2009) article, the author has discussed needs of increase public awareness of stroke risk factors and warning signs in older adults, at higher risk for stroke with relevant references and the study was conducted across two jurisdictions the republic of Ireland and northern Ireland. In (W Wahab, K. et al2008) article, author has discussed due to the spite of high case fatality rate from stroke in Nigeria, the study was designed to assess the knowledge of warning signs in patients with hypertension, diabetes mellitus or both conditions that are modifiable risk factors for stroke. Research question Both articles have been introduced in a general way at the end of the introduction, it is worth restating it before the methods section to refocus the reader’s attention though there is no actual research question is posted nor hypothesis. Literature review (Gliner, J. and Morgan, G 2000) explained that in most journals, the introduction and literature review are together in one section which is untitled in APA format, but some journals will separate these two titles. As can see, there are no subtitles of literature review in these two articles. However, the reader felt that both articles used primary sources briefly summarize the existing knowledge, which provided a state of evidence and solid basic. Some of the studies mentioned in the literature review for both articles were consider up to date as the oldest reference is dated as 1998. Research Approach Both articles, study were conducted using questionnaire by interviewers. In Anne article mentioned the reason why this approach was adopted. (POLIT, D. F., BECK, C. T 2010) stated that quantitative researchers use several criteria to assess the quality of a study, referred to as its scientific merit. Quantitative research is identified with traditional scientific method that gathers data objectively in an organized, systematic, controlled manner so that the findings can be generalized to other situations, population which can find in these two articles. Research Design Both articles used experimental research; which maintains the greatest control over the research settings and takes the form of randomized controlled trails (RTC) where participants are randomly selected into the different groupings. The RTC is generally considered the ‘gold standard’ of study designs (Kirch, W 2008). In (Hickey, A. et al 2009) article, study involved a cross sectional survey of randomly selected community based older people in the republic of Ireland and Northern Ireland. (Houser, J 2012) described that the quantitative studies, the design will detail how the subject will be selected and assigned to groups, the way the intervention will be applied, a measurement strategy, and a plan for data analysis. Ethic approval has been granted and informed consent was provided in both articles. Sample In both articles, researches used simple random sampling, which is the most basis form of probability sampling (REIS, H. T., JUDD, C. M 2000). The sample size was enough in these two studies. However (Offredy, M. and Vicker, P 2010) concludes that there are no simple rules we can apply that is the correct size sample for the research. Sample size depends largely on aims and purpose of the research, as well as the current time and methodology used to undertake the research study (SMART, J. C. 2009). In (W Wahab, K. et al 2008) article, the study was conducted at the Irrua specialist teaching hospital from January to march 2007 with 225 eligible patients was approached for the study. All participants were recruited with a diagnosis of hypertension, diabetes mellitus or both were interviewed about knowledge of stroke warning signs by attending doctors. In (Hickey, A. et al 2009) article, the study involved 2033 participants of a cross sectional survey of randomly selected aged of 65 + in the republic of Ireland and Northern Ireland. Interviews were conducted in participant’s own homes asking knowledge and warning signs of stroke by trained market researchers. This article did not mention duration of the study has been conducted. Both articles declared ethical considerations and consent taken. Data Collection and Analysis In both articles, the researchers used the questionnaire that was used and re corrected in pilot study to collect the data. In (Hickey, A. et al 2009) article, no information is given as when the data was collected. But the researcher has clearly explained the appropriateness of the methods and survey data was statistically adjusted prior to analysis to avoid potential bias. Descriptive and comparative analyses were carried out using the Stata version 8.2. The chi square test was used to examine differences between the Republic of Ireland and Northern Ireland in recognition of stroke risk factors and warning signs. Logistic regression analysis was used to examine the effects of demographic variables and the presence of risk factors on stroke. In (W Wahab, K. et al 2008)article, researcher excluded those who participated in the pilot and history of stroke to avoid bias as they have been primed to seek for information. Researcher failed to describe the appropriateness of methods. Data was analyzed with statistical package for the social sciences version 11( SPSS Inc), a very widely used computer program designed to aid the statistical analysis of data in the course of research (KEMP, R., SNELGAR, R 2006) , means and standard deviations were determined. Means were compared using Chi-Square Test to analyze variances. A multivariate logistic regression analysis was done to determine independent predictor of ability to identify warning sign from among baseline variables. Reliability and Validity Validity is the one if the obtained results are truthful and believable. In order to determine the validity, the researcher generally poses a series of questions, and will often look for the answers in the research of others to know the measurements accurately.( Kirk and Miller 1986) identified three types of reliability referred to in quantitative research, which relates to: (1) producing the same results under same measurement conditions (2) the stability of a measurement with respect to time; and (3) the similarity of measurements in a given time period. This has not been discussed by the researchers in both articles. Results Overall, both articles results was statistically analyzed and presented in a way that average reader could understand. Tables are clear and promote clarity of the text. (Hickey, A. et al 2009) article’s table 1 showed significant demographic differences between the samples. Adjusted odds ratio analysis indicates that higher levels of knowledge were significantly associated with having second level education or grater and geographic location. Less than half of the population correctly identified stroke risk factors in table 2. In (W Wahab, K. et al 2008) article, table 1 results showed that primary education was the highest educational attainment in 30.2% of the respondents. In table 2, no warning sign was identified by 60.4% while 39.6% was one sign identified. Gender (Male), 11 or more years of education emerged as the independent predictors of ability to identify at least one warning sign in table 3 on multiple logistic regression analysis. Discussion In(W Wahab, K. et al 2008) article, the authors have interpreted the findings and made comparisons with India, Australia and Developed countries studies. The authors have discussed the finding related to research questions, aim clearly and stated that their study has potential limitations as its cross sectional and hospital based nature that the results might not be completely generalized to the community. They also suggested for further community based study to ascertain the generalizability of their results and there is no obvious bias seen in the discussion. In (Hickey, A. et al 2009) article, the discussions were clearly explained the findings related to research hypotheses and analyze with US and mass media campaigns to be more effective. Limitations of their study is possible bias however the research team sought to minimize the possibility by having all interviewers receive the same training and work from a standardized script. Also suggested that need more longitudinal study investment in future. The authors had brought attentions to the National Health Service in UK system to provide a similar program me in Republic of Irelands. Conclusion The authors had suggested the need for substantial population health education with regard to stroke prevention and management is critical to a future reduction in Anne article. Recommendations were clear, relate to findings and encouraged for further study in (Hickey, A. et al 2009) article. In (W Wahab, K. et al 2008) article,conclusion were mentioned clearly includes the finding, suggestions related to aims. Also recommended to do regular community education programs through mass media, radio and television using the appropriate local language. Both articles references were accurate and well written for overall. Implementation Time is brain, May is the National stroke awareness month, a month dedicated to raise awareness about the nation’s fourth leading cause of death and disability (Stroke.org 2013). This annual event is sponsored by the National Stroke Association, intended to engage individuals, community organizations and business in the effort to educate the public about how to prevent stroke through risk factor management, response to stroke symptoms and spread hope from stroke recovery. I am working in an acute local hospital; medical unit specialized of gastro logy and neurology. From my experiences, most of the family members are not aware of stroke. Today, patient education is a topic of significant interest to nurses in every setting in which they practice. As teaching is a major aspect of nurse’s professional role, I do explore information to patient or family members regarding the stroke and awareness of stroke, risk factors provide with booklet from the hospital. There are also stroke specialize nurses in my hospital, who are giving moral support, needs for the patients and family members. Health promotion role of hospital nurses was to emphasize the need to influence, and help patients modify health beliefs and lifestyle together with disease related teaching (Piper, S 2009) The focus of care is on outcomes that demonstrate the extent to which patients and their significant other have learned the knowledge and skills necessary for independent living (BASTABLE, S. B. 2006). It is important for every nurse to teach public and learning will continue to increase in this era of healthcare reform.

Demand chain management Essay

1.Introduction Purpose of this assignment is to analyse the case study of the Dell Inc, relating to the seven questions asked on the case study. Objective of the case study analysis is to get a deeper understanding of the Global production, outsourcing and logistics. 2.Company overview Dell is a global information technology company that offers its customers a broad range of solutions and services delivered directly by Dell and through other distribution channels. Their focused is to provide technology solutions that are more efficient, more accessible, and easier to manage. Dell Inc. is a holding company that conducts its business worldwide through its subsidiaries. Their global corporate headquarters is located in Round Rock, Texas. In terms of the PC manufacturing market, DELL is at number 3 position (Behind HP & Lenovo) with annual revenue of USD 62,071 Million. They made a net profit of USD 3,492 Million for the year 2012, which would translate to a net profit margin of 5.6%. Dell focuses on 4 main market target segments. SegmentRevenue percentage Large Enterprises30% Public 27% Small & medium business 24% Consumers 19% Table 2.1 – Dell Inc’s marketing segments The product portfolio of Dell consists of selling Servers, Networking, Storage, Outsourced services, Project Management, Support & deployment services, Infrastructure, Cloud, Security services, Applications, Business Process services, Client devices: notebooks, workstations, tablets, smartphones, and desktop PCs For the purpose of the case study, the focus will be on the products & distribution of personal computers. 3.Case study questions 3.1.1.What are the advantages to DELL of having manufacturing sites located where they are? A company once decided to place their productions overseas, must make a decision to whether to centralize their production or to de-centralize it over different countries. A company will look at 3 areas in making this decision. †¢Country factors oPolitical oEconomical oCultural oFactor Costs oLocation Externalities : Skilled labour technology oTrade barriers oTransport cost oFDI rules & regulations oExpected exchange rate stability †¢Technological factors oFixed cost oMinimum Efficient Scale oFlexible manufacturing/Mass customization †¢Product Factors oValue-to-Weight Ratio oServes Universal needs(Hill, 2011) Dell Inc which have a product with lower fixed cost of manufacturing, lower minimum efficient scale and with low requirement for mass customization or flexible manufacturing will opt in for decentralization. Also considering the product factors, Dell has a product which has a lower Value-to-weight ratio and a product which needs to be customized to each market, which indicates the requirement for the De-centralized strategy. Decentralize/Centralize decision will be influenced by the company’s own objectives. Dell specify their objectives as †¢Generating cost efficiencies, †¢Delivering products faster, †¢Better serving their customers †¢Building a world-class supply chain.(Annual Report, 2012) In order to cater to these objectives and support product factors and technology factors, Dellhas taken the decision to De-centralize. Once the decision to decentralize has been taken, they will go ahead with selecting the countries where they will try to exploit the country factors listed above to their advantage. Current locations where Dell has their production facilities are as follows: †¢Austin, Texas; †¢Penang, Malaysia; †¢Xiamen, China; †¢Hortolà ¢ndia, Brazil; †¢Chennai, India; †¢Lodz, Poland. Advantages exploited from each of these locations can be listed as below 3.1.1.1.Market Access – Generating cost efficiencies, Delivering products faster, Dell main objective is to deliver products faster while generating cost efficiencies. The growth countries and regions that they have highlighted are BRIC countries (Brazil, Russia, India, and China). The strategy they have used is to keep best possible market access these strategic regions. Analysing the location they have selected following advantages can be seen. †¢Texas is central to all of the U.S; †¢Malaysia is central to the huge Asia-Pacific region. †¢Lodz Poland close to the big markets of the UK, Germany, and France. †¢Brazil, India and China plants are set up to reach the respective markets quickly 3.1.1.2.Labor costs and quality: †¢China is a low cost manufacturing location †¢Texas is cheaper than Silicon Valley †¢Malaysia is cheaper than Singapore †¢The quality of labor is high in each of these locations as well. Besides having well-educated workers, engineers and technicians, each location has little or no labor union activity. †¢They have also ignored industry clusters such as Sao Paulo (Brazil) and Shenzhen (China) to ensure that labour markets are not tight and expensive. 3.1.1.3.Transportation and telecommunications infrastructure: †¢The Texas locations, for instance, are in close proximity to major highways and to a major Federal Express distribution center. †¢Telecommunications bandwidth, cost, and quality are also factors, especially for call centers and data centers. 3.1.1.4.Government incentives: †¢Major incentives were offered by Texas †¢financial incentives were offered in Brazil by the state government †¢Tax holidays in Malaysia 3.1.2.What are the potential disadvantages of the locations? Political turmoil Political stability is a requirement for a production location. Countries such as Brazil may be affected by unstable political situations. If shutdown, a Whole region will be effected Economical Instability Operations may be effected from economical stability of its countries, especially European region with the current EURO debt crisis. E.g DELL had to close down it Ireland manufacturing arm in 2011, after laying off 2000 employees. Expiration of Government concessions One of the key reasons to locate the production facilities where they are is due to concessions offered by government. Most government concessions will be expired after a particular period, after which operations might be unfavourable. (e.g Texas, china, Malaysian operations). In such situation net expenditure may drastically rise, making financially unfeasible. Why does Dell purchase most of the components that go into its PC market from independent suppliers as opposed to making more itself (Dell does little more than final assembly of components into PC)? Dell purchases many of their products and all of their components from third party vendors. Main reasons for Dell purchasing them from independent suppliers are; 1.Reduce the risk of having large inventories, which can become obsolete quite quickly – In the IT industry generally new products are introduced to the market very rapidly. Therefore exsising products can become obsolete quite rapidly, with the introduction of new products into the market by competitors. 2.Reduce the inventory holding cost- Inventory holding cost includes cost such as warehousing and logistic cost, insurance cost, spoilage and breakage cost etc. However since Dell carries extremely lower level of inventories their inventory holding cost have been reduced to a grater extent. Majority (95%) of Dell’s supplier’s located at closer to the Dell’s factory and most of these suppliers have to supply the products to Dell within 90 minutes after placing the order. This has also helped Dell to reduce their inventory to a greater extent and has enable Dell to practice Just In Time (JIT) manufacturing. 3.Reduce the cost of co-ordination compared to vertical integration – As Dell does not have its own factories, they are not incurring any expenditure by way of establishment expenses, administrative expenditure etc, which generally carries relatively large amounts. Also Dell has been able to reduce the cost of controlling and cost of coordination to a greater extent which otherwise would have to be incurred, if they have been vertically integrated. 4.Obtain flexibility in terms of cost, quality, quantity, delivery, capacity, support etc, as they are purchasing items from several different suppliers depending on the requirement and circumstances. Dell openly shares its daily production schedules, sales forecasts, and new-model introduction plans with vendors using Electronic Data Interchange (EDI)’s. Dell’s forecast of supply is normally 75% accurate and if in case it is wrong, â€Å"Demand Shaping† is done to overcome the situation. 5.Reduce the cost – Dell purchases 75% of their purchases from 30 main suppliers (15% of their suppliers), and generally maintains several single-source or limited-source supplier relationships, either because multiple sources are not readily available or because the relationships are advantageous to us due to performance, quality, support, delivery, capacity, price etc. Majority of these suppliers are from Asian countries that have relatively lower labor cost and this has been helped to reduce Dell’s cost to greater extent. Also due to the large volumes that are purchased, their is high bargaining power over their suppliers which has resulted in Dell obtaining vendor rebates and discounts which too have resulted in Dell reducing the cost to a greater extent. 6.Reduce time to market compared to competitors – Time taken to release a new product to market is a critical success factor in IT industry. Since Dell is purchasing most of their components independent suppliers, Dell is able to introduce new products to the market as and when new components are introduced by suppliers. As a result of Dell’s effective supply chain management, they don’t have any warehouse and also their factories have only 72 hours worth of inventory. Also cash conversion cycle (time between an outlay of cash for parts and collection of payments) of Dell is negative 36, where as in industry it is 30 days. Also their inventory turnover has remained around 107 times where as in companies such as IBM it is 17.5 times. What are the consequences for Dells cost structure and profitability of replacing inventories with information? In year 2004, Dell has been able to achieve the lowest inventory levels in the industry that was only three days of inventory on hand, compared to 30, 45, or even 90 days’ worth at competitors. This was a critical advantage in the computer inventory, where component costs account for 75 percent of revenues and typically fall by 1 percent per week due to rapid obsolescence. Replacing inventory with information has contributed greatly to Dell’s business model; it is the cornerstone of their cost structure. Reducing inventory also reduces the need for working capital thus replacing inventory with information boosts profitability. Another aspect of dell’s customer focus was build to order philosophy. Every dell pc has been built this way unlike many other companies who build for sales forecasts. To offer build to order system, companies must have cell manufacturing – team of workers who build each PC from start to finish rather than a typical assembly line production. Cell manufacturing in which one group of people is responsible for building a pc. Among other things cell manufacturing allows you to build to order in an efficient way. Dells original inspiration was to go direct but that only got it off the ground. Dell has made crucial innovations in its business model as it has grown these successive innovations have made it prosper not its adherence to a single rigid idea standards based technology as a point of market entry is one of those crucial points. Then dell began to implement a new model. Its operations had always featured a build to order process with direct sales to customers but dell took a series of ingenious steps to eliminate its inventories. Three golden rules of dell are disdain inventory, listen to the customer, never sell indirect. Note that disdaining inventory was number one. Because of computers and the way they handle information zero or near zero inventory control is going to be a major business factor in the coming years and dell lead the way. Inventory is a drag on any business and particularly pure internet based businesses need no inventory on hand. Inventory means capital investments and that investment is a formidable challenge to any start up. Further holding considerable amount of inventory in a business increase the overall debt position of firms and force them to incur massive amount of interest cost. The strategy to minimize inventory is the only way to maintain start up cost and interest cost at an acceptable level. In the short run it will permit more start-ups because smart companies with tiny inventories come online with minimal capital investment and Dell’s strategy of direct sale through online was a good example for the above. Dell actually funds its operations in large part by maintaining zero inventory. It bills customers immediately but pays suppliers 36 to 45 days later. So it can flat an enormous amount of cash on which it earns a significant amount of additional interest. Besides reducing and reversing capital investment, zero inventory means that stock depreciation and obsolete a central concern in high tech is almost on problem. Maintaining zero inventory naturally keeps a company more agile. In fact true zero inventory keeps a company on the knife’s edge of responsiveness which is where dell likes to be. Dell’s model demand comes first supply second. †¢Cost Structure 1.Inventory acquisition and holding cost 2.Interest cost 3.Re-work cost 4.Obsolete inventory written off †¢Profitability 1.Gross profit and net profit margin 2.Higher return on investment 3.Interest cover 4.Higher EBIT margin Question 6 What is the source of Dell’s competitive advantage? A competitive advantage is an advantage over competitors gained by offering consumers greater value, either by means of lower prices or by providing greater benefits and services that justifies higher prices. Michael Porter suggests that accompany can adopt one of the three strategies: Differentiation, cost leadership, or focus in finding its competitive edge. Dell mass produce its components to keep the cost minimum, while postponing the assembly of the computers till the customer final orders are received. The model enabled Dell to gain competitive advantage ahead of competition with â€Å"Low cost structure and customer experience†. Dell’s global business model which is admired by world-over has positions its production plants close their key markets in order to reduce shipping and transport costs and access to labour markets on low wages and with high productivity. The JIT inventory enabled Dell to reduce heavy investments on large inventories and warehousing. Short channel length and optimized supply chain process reduces cost of doing business further internet sales which generates major revenue inflow is an low cost sales channel helped Dell immensely in gaining cost leadership in the industry. Dell offer customers unique experience with its responsiveness through assembled-to-order, speed and convenient purchasing cycle online. How secure is this advantage ? Dell’s practical and economical model combining mass production and customization is a key strength which is well executed by effective integration of business plans aligned with supply chain resources. Evolvement of lean supply chain can give Dell with its drive for innovation to capitalize heavily and come up with better business model enhancing value proposition to the customer. Similarly fast-paced technological developments too will be opportunities for Dell to enhance their competitive advantage. Internet sales channel can further expanded with Brazil and China consisting of one of the largest internet populations of the world. Product life cycle of PC market is at maturity stage and global trend is consumers are demanding for more convenient devices. Treats from low cost new entrants and rivalry among competitors make Dell, more reputed and admired organization to stand tall. Pressure from USA on China on exchange rate, China and Brazil growth as a middle income nation can impact the low cost labour and competitiveness of the product. Lack of culture driving innovation in countries they operate limits options for Dell to move value added services to lost cost labour countries like how HP has moved its design and R/D centre to Singapore. Anti-globalization ideology of China could impact Dells business future. For reputed organization like Dell, Green SC, ethics and CSR will require additional investments will increase their cost structures. In conclusion, we are of the view that considering above situation, Dell’s competitive advantage is not secure and could impact their current advantages. 07. What are the potential risks associated with Dell’s global supply chain strategy? How can these risks be mitigated? Supply chain risk can be defined as follows: â€Å"Unforeseen events that might interrupt the smooth flow of materials.† (Waters, 2008) Unlike local or company-specific risks, system-wide risks are those which significantly disrupt supply chains across multiple operations and a wide geographic area. Systemic risks are created or magnified by the way supply chain systems are configured. So they are not easily resolved by individual acts. In today’s globalized and interconnected world, any major disruption; from a disease to a fire, has the potential to cascade through supply chains and permeate other systems. According to the research of consulting firm Accenture in 2006, over 50% of executives surveyed felt that the risk of supply chains had increased as a result of their globalization of business operations & also significant supply chain disruptions have been found to cut the share price of impacted companies by 7% on average. Further Accenture research done in 2012 indicates that more than 80% of companies are now concerned about supply chain resilience. The World Economic Forum in 2012 conducted a detailed survey on Supply Chain Risk across Europe, North America and Asia via the World Economic Forum’s Supply Chain Risk Radar. The aim was to understand how the risk landscape varied across the three regions and compared with the top five global risks from 2011. Survey respondents considered global risks and their potential to cause system-wide disruptions in global supply chains. According to the survey the following top five disruption figures in 2012 were identified: What risks is Dell exposed to through its supply chain †¢Government Regulations / Legal decisions †¢ Currency / Interest rate volatility †¢ Country Financial Risks †¢ Political & Social Disruptions †¢ Corporate Governance issues †¢ Disruption of key supplier / partner †¢ Theft of intellectual property †¢ Natural disasters Risk Why Dell is exposedMitigates Government Regulations / Legal decisions 50% of the major suppliers are in Asia (Developing countries) Close study on the changes in regulations & the political situation of the countries invested in and limit expansion if the conditions are adverse Currency / Interest rate volatility 200 suppliers of which 50% located outside USA Supply on determined fixed prices for a specific period of time Forward exchange rate contracts Theft of intellectual property 85% of the sales are done through the internet Depend on a resilient core network, appropriate communication tools, and an element of redundancy. 34 This requires IT systems that are scalable, secure and re-routable Natural DisastersMany suppliers & factories Adequate insurance protections World Economic Forum, Building Resilience in Supply Chains January 2012 Conclusion Dell’s effective supply chain management has enabled them to reduce their cost to a greater extent, which has in turn helped them to improve its international competitiveness. Also effective supply chain management has enabled them to increase the value creation to the customer by providing a faster and better service to the customer. When determining the production locations, consideration must be given to country factors, technological factors and product factors prior to finalizing the decision. Strategiclocations of Dell’s production facilities have helped them to minimize cost, improve product quality and enabling better delivery channels. Furthermore Dell’s strategy to purchase components from independent suppliers has facilitates strategic flexibility and helps the company to avoid the problems and costs associated with vertical integration. However unlike locally operated companies, global operatorslike Dell, has system-wide risks which could significantly disrupt supply chains across multiple operations and a wide geographic area other than the inherent company specific risks. In conclusion it is important that global companies like Dell should continue to mitigate these risks and achieving a better supply chain management through close alliances with suppliers and customers in striving for long term business competitiveness.

Mutual Fund in India

Master of Science in Management Specialization in Banking & Finance Research Methodology & Decision Analysis for Business (RMDAB) Assignment 2 Literature Review TOPIC: MUTUAL INVESTMENT FUNDS IN INDIA Student Name: Sangawar Pratik Shankar Batch: MFBD51217A FIN: G1190040U Table of Contents: 1. Background†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Pg. 3 2. Literature Review on Mutual Investment Funds†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. Pg. 7 3. Conclusion†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Pg. 21 4. References†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Pg. 23 Background a)Introduction The Four Basic Components on which Indian financi al system is based on are Financial Market, Financial Institutions, Financial Service and Financial Instrument. One of the most important components of Financial Instrument is Mutual Investment Fund (mutual fund). (Jaspal Singh, 2004) (Mason Dave, 1999) â€Å"A mutual fund is a pool of money contributed by numerous investors, the capital gathered is invested to buy a hefty portfolio of securities† There are essentially three categories of mutual funds i. e.Money Market, Fixed Income and Stocks within each category there are variety of funds. (Mason Dave, 1999) An investment company is a body with trained portfolio managers as investment experts, they pool up the investors’ small capitals or funds for the reason of bankroll in securities. The most well-known form of Investment organisation is the open-end management association. The Other type of investment funds are closed-end funds, exchange-traded funds, business development organizations and unit investment trusts. (Jaspal Singh, 2004)The all above mentioned are civil funds the reason for that is, their share are publicly issued to investors and thus the funds and their shares are requisite to be registered with the Security Exchange Board of India (SEBI). Investment organisation/association that are secretly tender and issue their shares to investors/buyers are called private or hedge funds. The mutual or investment funds industry was started in early 1960’s with the configuration of Unit Trust of India, as an inventiveness of the Government of India and Reserve Bank of India. Jaspal Singh, 2004) Mutual fund is said to be investment as subject to market risk. As the capital is invested in the stock market to earn profits in terms of dividends, bonus shares of company, trading-buying and selling on higher prices. A common investor may not have adequate knowledge of the share market and the technical terms of the investment as how to create a good capital portfolio, which helps an invest or to play safe in the market.Now this situation of lack of investment knowledge creates an demand for mutual investment fund in mutual investment funds many small investor come together with their minor investment capital or funds and deposit it to a mutual fund investment company, organization or bank which acts as there agents or can be said as representatives in the stock market and for that service they take commission whenever the trading or buying or selling of shares is done, the commission may vary as per the investment companies. Amporn Soongswang, 2011) Mutual fund is the pool of invested money it based on the investment company which invests the savings of an amount of investors here the investors share a common financial objective, it in the ways of capital appreciation and earning incomes in the form of dividends. The funds are collected from the investors by the investment company and invested into capital markets instruments such as shares, debentures and overseas ma rket. Investors invest money and get the units as per the Net Asset Value (NAV).NAV is the current value of the money in the financial market or it can be explained as the present value of the fund in the financial market. (Bello, 2009) As mentioned that Mutual fund is the appropriate investment mode for the common man or the ordinary investor as it offers an investment prospect to invest in diversified portfolio management, high-quality research panel, proficiently manage Indian stock as well as the foreign market, the most important objective of the fund manager is to give the investor the safest investment and a balanced capital portfolio to play safe with maximum returns with good capital appreciation.The fund manager should also look after the trading of the stock i. e. buying and selling of stock or shares and through this the fund manager should generate revenue for the investor and should be able to give fair returns to the investors. (Dave, 1992) This helps the investment c ompany to keep up their promise of profit generation and maximization through mutual funds and it can be done through good diversification of capital portfolio. (Patzelt, 2009) (b)Brief History of Mutual Investment FundMutual Investment as per the dates support was started in 19th century it was introduced in Europe, in exacting, Great Britain. Robert Fleming was the person to set up the first investment trust called Foreign and colonial investment trust as per the records it was in 1868. The Foreign and colonial investment trust and other investment which had their located in Britain and the U. S. , are known as close-ended mutual funds today. Massachusetts investor’s trust was the first trust in the U. S. , it was established in March 1924 it was an open-ended mutual fund. Ramola, 1992) Innovation in the products and services of financial market improved the popularity of mutual investment funds in 1950s and 1960s. The first global stock mutual investment fund was introduce d in the U. S in year 1940. This financial market or can called as finance industry witnessed substantial growth in the 1980s and 1990s. In present the mutual funds are major source of ‘safe’ investment and it is a very successful product of financial market. (Ramola, 1992) Literature ReviewTHE EMERGENCE OF mutual funds was the outcome of the requirement to assemble small savings of domestic sector and to channelize it for productive measures through stock market or can be said as financial market. In the early stage of industrial revolution which was in early 1970’s in India, the deposits with the banks and other financial institution lost their importance with the growth of capital market and the declining interest rates. The new investors or small investor demonstrating their risk adverse nature shifted from less rollback bank deposits and low fluidic investment like LIC, Provident Fund and Pension Funds etc. owards fluidic, momentary investments like units, s hares, and debentures. (Bhapkar, 2007) However, an boilerplate or common investor is scared of fundamental market and hence cannot take decision or can be said as no path to walk on or no way can be seen, the condition was not at all decision making for investment, for small or average investor as, in which security to make the investment and when to make investment. This as a conclusion led to the advancement of mutual funds/bond funds in Indian financial industries.As mentioned above that in early 1970’s it was an start of industrial revolution in India and in that period of time there was high industries setting up in India and it created a high requirement of funds, so as the reaction of this action was public issue of for gathering of capital, but the amount which was collected was in bulk or we can say that investment which was asked by the companies or industries was a huge amount in this situation the small investors was not able to invest and enjoy the ownership and were also not having the knowledge of investment, so as to overcome this problem the mutual funds came into introduction, and the financial institution such as bank, mutual fund investment companies came to represent the investors in the market and help them invest into correct or good company. (Furfine, 2001) Here in Mutual Fund Company the funds were gathered from small investors and pool up capital and make a huge or bulk of capital and in exchange they were given NAV â€Å"Definition of ‘Net Asset Value – NAV' A mutual fund's price per share or exchange-traded fund's (ETF) per-share value. In one and the other cases, the per-share dollar amount of the capital is determined by segmented the total value of all the securities in its portfolio, less any liabilities/amenabilities, by the number of fund shares outstanding† . (Iqbal Mansur, 2010) Mutual funds units are investment vehicles that help new investors to take a ong ride through capital market, which is no t possible individually with small amount of investment. It provides a means of involvement in the financial market for investors who don’t have the time or perhaps the expertise to take direct investment decisions in equities successfully. (Dr. Rajesh Bahunguna, 2010) The basic need and objectives of the fund assembled by mutual funds in India has been on the exaggerated since their initiation in 1964 i. e. with introduction of US 64, the flagship scheme of UTI. A further it was in 1987 and 1989, when the investors. Distant, accumulating in measure with the objectives of distinct commercial policy of 1991, mutual fund market was open to the clandestine sectors in the country i. e. India. (Dr.Rajesh Bahunguna, 2010) Since 1993 the opening year of clandestine sector mutual funds, the investment inclination deviated more in favour the private sector funds. The swelling collection of mutual funds crossed Rs. 120000 billion (SGD $ 2666. 66 billion) marks in India by November, 200 2 with almost 59. 78% of the total investment going into private sector mutual investment funds. (Dr. Rajesh Bahunguna, 2010) The fact that the money so invested comes out of the hard earned savings of the investors apparently bring home the desired need of studying what the investors think about the mutual funds. It may also be mentioned here that less or small effort has been devoted or done by researchers in India to study the perceptions of investor towards mutual funds. Haugen, 1986) In the antecedent phase in India it was found that in general less knowledgeable mutual fund investors were found to be lacked in knowledge and were not autonomous in making fund investment decision making. Rather, they are the easily lured and motivated lot to get their investment made in any recommended mutual fund. Hence, to make this research meaningful, the focus is more on the educated and informed investors. Hence to invest in mutual funds the factor describes that investor’s preferen ce for mutual fund investment because of the professional expertise of fund managers which can be said as the representatives on behalf of investors and in return they commission as there fees. (F. A.Abeer, 2012) The risk exposure that has to be faced for directly investing in stock market obviates the need for professionally expert managers for managing investment in stock market. We can take one more explanation to get some more knowledge of mutual funds; the first category of Contribution Company was the entity trust, which was a fixed pool of securities that, conflicting a mutual fund was not intensely managed. The first unit trust was bringing about in England in 1868. In contrast to the entity investment trusts, these funds were awful leveraged and formularised in market performance and their amount collapse during the great stock market clash of 1929. Open end and closed funds that bought their capital managers the potential to convert the concealed structure of securities. I qbal Mansur, 2010) Mean while past years, closed-end investment organisation were another prevailing category of fund. A considerable aspect of this closed-end organisation was that they use leverage to play safe in the field. Closed-end organisation applied Leverage by allotting bonds and issuing shares in the financial market offering shares to the public. This helped to the company to raise funds that were used to purchase portfolio securities which were a very important part. The extensive aberration among a closed-end fund and an open-end fund is that the mainstay of an open-end fund stance equipped to regain shares while and are redeemable. Kirsch, 2011) As it becomes very flexible for choices of mutual funds as they are redeemable and irredeemable it depends upon the investor that in which form they feel safe and are willing to invest. Mutual Funds have such structure to endow with utmost benefits to the investors, and the authorised person in Investment Company which is the fund manager has research team to attain the objectives of the scheme. Mutual Fund Investment Company has different units of sector funds; the requirement of these units to achieve the maximum market return is proper planning for strategic investment. (William Fung, 2008) There should be a planned and unique diversification for the capital portfolio as per the market condition and investors or Investment Company’s resistance capacity.A planned portfolio helps to resist in the market as if the one part of the investment occurs loss the other stock or unit may bear it through generating profits and balance the situation, it is seen when the capital investment portfolio of the investor is very strong and well planned. For strong portfolio there should be professional Management here the fund manager should undergo throughout different research works and has adequate investment skills which promise high returns to the investor than what the investor can cope on his own. (Rainish Robert, 2002) Investment through mutual funds by a mutual fund investment company reduces risk factor, as the financial market is very dynamic in nature and requires high and accurate quality of analysis to generate good amount of return which very worth for an investor after taking such risk.Investing in mutual fund through an investment company diversifies the portfolio of securities yet with little investment in a mutual fund. The risk is diverted in a diversified portfolio than investing in just in 2 or 3 securities. (Palmiter, 2009) There are low transaction expenses due to the economies of scale (repayment of larger volumes), because of that reason mutual funds pay lesser transaction costs and the paybacks are passed to the investors. Mutual funds units have a great advantage of liquidity as in case an investor may not be capable to sell the shares hold by him effortlessly and swiftly, while units of mutual funds are more liquid to sell off and regain the invested capital as p er the current value.Mutual funds are said to be investor oriented as it gives investors a wide range of investment schemes with different investment objectives. Investor has the choice of investing in a scheme which provides him the association between its investment aims and desired financial goals. As every investor wants to get higher return but with that they have right to know that where the capital is invested, so for such course of action mutual funds provides investors with the latest updated information pertaining to the markets and the investment schemes in the financial markets. All required material is disclosed to the investor as per the requirement of the regulator. Shah, 2000) As mutual funds have liquidity, security, transparency, low transaction cost and fair returns, it makes it very flexible. Investor can also control their holdings from a debt scheme to equity scheme and vice-versa. There is alternative of organized investment and withdrawal at regular time inte rvals is also offered to investors in open-end schemes. As mutual fund industry is a regulatory, it has its rules and regulation it is an element of well synchronized investment environment in this environment the interests of the investors are confined by the supervisory body. All the transactions and funds are registered in up to date manner with SEBI and complete transparency is kept. (Dr.Rajesh Bahunguna, 2010) In spite of ample amount of positive terms there are some disadvantages of mutual funds such as the fund manager may always not be able to manage to generate profits he might create loss as the whole control is in hand of the fund manager as the capital is of the investor but there is no control of the investor on his own capital. The fund has its own strategy for investment to sell, to hold, to buy time period. The cost control is not in hand of the investor, investors are applicable to pay the investment management fees and also the fund allocation costs as a proportion of the capital value of his investment as long as the investor holds the funds or units it is irrespective of the performance of the fund in the financial market.The capital portfolio is decided by the fund manager and also the decision of the investment of securities is in hands of the fund manager here investor has no right to get in the way on the decision making procedure of the investment by the fund manager, which some of the investors find as disadvantage in achieving their financial objectives. (Furfine, 2001) As mutual fund offers a range of investment schemes, so the investors finds it difficult to select the one in which he invests his capital it because the investor is lacking in that knowledge that is the reason he is investing his money through mutual funds but still the investor has to take decision to choose the scheme for this, they may have to take advice of the financial planners in order to make safe investment and invest in the right fund to gain profits throug h the invested funds which the major objective of the investors and let their money bloom. (Cornaggia, 2009)It is mentioned by many authors that investment funds are one of the important institutions for investing capital in to the financial market which is along with many risks for various investors especially the new and inexperienced ones which are lacking in the market conditions knowledge or we can say investment knowledge. Mutual investment companies act as financial intermediaries for non-professional investors they also respond to the requirement of the investors by making different types of capital portfolios with different configurations of securities. Since the market conditions are very dynamic in nature as mentioned earlier, investors are lacking in experience or almost new to the financial industry and they do not have knowledge of the markets professional literature and culture of the stock. (F. A. Abeer, 2012)The financial market in very wide in nature of investment and has an insufficient financial tools for investment and further support of small investor rights in neither regular nor efficient, and investing directly in capital market without any professional’s advice is rather very risky to invest until and unless the investor is an professional himself or has an adequate knowledge of financial industry and other important financial tool thus forecasting and establishing financial intermediary associations such as mutual fund investment companies is important and should be done by the financial market custodians. (F. A. Abeer, 2012) There are some main characteristics of mutual funds which have to be kept in mind while investing and which are very useful for an investor even if the investor is investing through an investment company such as, the mutual investment funds are purchased or the capital is invested through fund or broker of the fund so in this case the investor cannot sell it in the secondary market to other buyers or inve stors.The price of mutual fund each unit is decided according to the net value of the asset of investment unit and additional of wages that are occurred at the time of purchase. The investment unit can return to the fund or the broker as the units are redeemable. The return price of the each unit is as per the current net value asset with deduction of the transaction fees. The buying and selling of units is and continues process and continue constantly. There are different types of mutual funds it is based on the different investment objectives along with the various amount of risk involved, investment expenses and the fluctuations of the unit fund. Garmhausen, 2012) There are some types of funds such as close end fund; some features of these funds are the investment companies having fixed capital and in spite of being redeeming stocks makes its trading in secondary market for investors and hence can traded in secondary market, here the investors are able to purchase the funds direc tly and solely. Units or stocks of closed end funds are not available in stock or financial market for selling continuously these funds is just issued at their stocks in Initial Public Offering (IPO) for selling and investors willing to invest in funds can buy or invest their capital at the time of IPO or issue made the company and then those shares can easily trade in the secondary stock markets, here the stock can be traded. (Glassman, 2004) After the issue or the IPO and the stock price designated in the market according to the market’s conditions and influence, because of this sign of action it can be lower or higher that the NAV of each unit or share.Basically closed end funds are divided based on their approaches, risks, return patterns, investment objectives and portfolios are separated to different types and as according to that they have various levels of risk, volatility and fees variances. There is another category of funds which is said to be Index funds it is par t of investment fund the most important feature of the index fund is the low cost, low tax and fees as compared to the other funds which are active in the financial market. The portfolio for the index funds is fixed, so they have lesser flexibility as compare to other funds. (Glassman, 2004) The major objective of the fund is to reach the return of the selected index such as National Stock Exchange (NSE) Index.There are some very important stock exchanges in India such as follows: Bombay stock exchange, Ahmedabad share and stock brokers association, Calcutta stock exchange association Ltd, Delhi stock exchange association Ltd, Madras stock exchange association Ltd, Indore stock brokers association Ltd, Bangalore stock exchange, Hyderabad stock exchange, Cochin stock exchange, Pune stock exchange, Uttar Pradesh stock exchange, Ludhiana stock exchange, Jaipur stock exchange Ltd, Gauhati stock exchange Ltd, Mangalore stock exchange, Maghad stock exchange Ltd, Patna, Bhuvaneshwar stock exchange association Ltd, Over the counter exchange of India, Bombay, Saurastra kuth stock exchange Ltd, Vsdodard stock exchange Ltd, Coimbatore stock exchange Ltd, The Meerut stock exchange, National stock exchange, Integrated stock exchange. (Dr. Rajesh Bahunguna, 2010) The mentioned are the stock exchanges of India but are driven by the major stock exchanges which are Bombay Stock Exchange (BSE) and National StockExchange (NSE) these are the major index setters in the market are the regulatory which governed them id the Security Exchange board of India (SEBI). Exchange Traded Fund is a type of fund which is also called as ETF; ETF shares are not sold directly to the individual investors the ETF shares are mostly issued in the stock exchange in big blocks which been called creating and issuing units, and then the offers are given to the institutional investors. The sales of ETF are in non cash way for issuing and creating units to institutional investors and investors bring in the ir portfolio instead of cash and their portfolio is mostly same as the fund portfolio.After the purchase of the large blocks of ETF units the institutional investors divide the large stock into smaller parts or units and then it is ready to trade in the secondary market and is offered to the individual investors. (Dr. Rajesh Bahunguna, 2010) Then after the trading in secondary market, individual investors have two ways to trade the ETF’s shares or funds which are selling the stock to the other willing investors or returning them to the institution. Returning shares is only possible at the creation stage, issuing units scale and in non-cash ways. In layman’s words, instead of cash money, investors are allotted with existing securities at the portfolio of the funds. (Dr.Rajesh Bahunguna, 2010) The two main features of Mutual Investment Fund are said to be management and high liquidity: -Outside management: As the nature of mutual investment fund is different from joint s tock company’s shares in one major issue, i. e. they are not managed by the inside management of the company. The important part of the Administrative and Operations of the mutual investment funds are done by the service providers from outside of the fund. There are some important fund operations and duties such as portfolio management, distribution of investment units, marketing and other activities which are directly affecting the service provider company; it uses existent specialty association’s facilities and abilities in the field of finance industry. The administrative and public expenses can be saved by outsourcing of main activities and small organizational core work. Klinger, 1992) -Variable capital and high liquidity: There is no fixed/closed capital for mutual investment fund and the difference in their capital is seen at the time of issue and redeeming investment units, while there are no limitations for buying and redeeming as they are continuous in nature and investors can always buy and sell the mutual fund investment units and can be freely traded. Here the investors holding the fund unit can redeem the entire or part of their investment holdings and can change it to liquid cash on the basis of the Net Asset Value (NAV) of the funds. (Klinger, 1992) – Daily pricing of investment units: There is daily pricing of the fund units as mentioned early that it depends upon the NAV of the fund.The daily NAV is the sum of the market value of the portfolio minus funds debt and divided by the total amount of units have purchased by the investor. – Professional Management: Involvement of professional investment consultant gives a feature of Professional Management; the consultant has done with comprehensive research and having abundant information of the market situation and conditions. This feature is very important for any service provider as the investors may not have adequate knowledge of the investment planning and making a strong capital portfolio and this feature also helps investors to get familiar with the mechanism of Stock Exchange system. Klinger, 1992) – Diversification of securities and risk management: As investing in different securities and assets reduces the influence of reduction of value of the investment, the mutual funds manage the risk factor by diversifying configuration of different companies in different industries securities and use an expert or professional for maintenance of capital portfolio. (Klinger, 1992) Mutual Funds Classification: Mutual funds have been divided into three main groups which are as follows- I. Mutual funds that invest in companies stock II. Mutual funds that invest in securities with fixed income III. Mutual funds that invest in the money market All types of Mutual funds have been placed in one of the three above-mentioned groups. Mutual Investment Funds have wide range of investment objectives and it can be classified from conservative to aggressive and offer wide range of options and flexibility of investment of the funds to investor. (Dr. Rajesh Bahunguna, 2010) Conclusion:The study focuses on mutual funds risks and advantages, the findings may not be appropriate for an investor to understand the condition but with the above research we can get a picture of mutual fund and the risks allotted with it. The outputs of the research will let the investors understand mutual funds and market better. With the help of the information a new investor can get a basic idea or can understand the concept of mutual fund, the above research also helps in exploring the risk factors of mutual funds. It also mentions the advantages of mutual funds which help investors to make good decision for investing their hard earned money and with they can play safe in the market and gain good profits.As the research of mutual fund is an continues process because the market condition are very dynamic in nature and continuously changing are they directly af fect the funds as it gives an direct impact on the funds the market conditions are need to be watched or observed very closely by the experts and investors as well. Market situation needs to be observing very closely to play safe in the market and help the investors to grow their funds and earn a fair income. India is a developing economy with many emerging industries and companies; the current situation in India today is that a common investor in general is found to be confused regarding his or her selection of investment in mutual investment funds it may be due to dynamic economy or various scheme that are available in the market, so the selection process becomes very important for investors that in which fund to invest in?The above study was trying to resolve the problem of investment decision with giving a brief introduction to the nature and characteristics of mutual investment funds and the finance industry. (Words-4,698) Bibliography/References Amporn Soongswang, Y. S. , 2011 . Equity Mutual Fund: Performances, Persistence and Fund Rankings. Journal of Knowledge Management, 1(6), pp. 11-76. Bello, Z. Y. , 2009. On The Predictability Of Mutual Fund Returns. Journal Of Business & Economic Stidies, 15(1), pp. 70-89. Bhapkar, R. , 2007. Corporate Portfolio Management: Capital Allocation From A Risk-Return Perspective. Corporate Finance Review, 12(2), pp. 27-38. Cornaggia, J. N. , 2009. Economic Effects of Access to Finance. Jornal of Finance, 1(4), pp. 43-57. Dave, S. A. , 1992. Mutual Funds: Growth and Development.The Journal of the Indian Institute of Bankers, pp. 42-117. Dr. Rajesh Bahunguna, M. K. A. , 2010. Dehradun Law Review. A Journal Of Law College Dehradun Uttarakhand India, 2(1), pp. 7-82. F. A. Abeer, A. A. A. N. T. Z. , 2012. Obstacles Of Mutual Investment Funds. Interdiciplinary Journal Of Contemporary Research In Business, 3(12), pp. 350-355. Fama Eugenef, K. R. F. , 2010. Luck versus Skill in the Cross-Section of Mutual Fund Returns. The Jour nal of Capital portfolio Management, LXV(5), pp. 16-37. Furfine, C. , 2001. Bank portfolio allocation: The impact of capital requirements. Journal of Financial Services Research, 20(1), pp. 33-56. Garmhausen, S. , 2012. Primed For A Come Back.Financial Planning, 2(4), pp. 23-45. Glassman, J. , 2004. A Better Mutual Fund Reform. The American Enterprise, 15(3), pp. 49-57. H Paul, K. J. F. , 2007. Capital Allocation For Portfolio Credit Risk. Journal of Banking and Finance, 10(4), pp. 103-122. Hamidreza Mirmohammad, M. N. , 2012. International Research Journal of Finance and Economics. A New Service Development in Iranian Financial Service Industry: Mutual Fund, Issue 87 (2012), pp. 7-16. Harald Hau, H. R. , 2004. Can Portfolio Rebalancing Explain The Dynamics of Equity Returns, Equity Flows and Exchange. The American Economic Review, 94(2), pp. 126-145. Haugen, R. A. K. c. O. , 1986.A PORTFOLIO APPROACH TO OPTIMIZING THE STRUCTURE OF CAPITAL CLAIMS. Jaurnal of Risk and Insurance , 37( 1), pp. 41-72. Hickey, L. , 2010. The Palgrave Macmillan Dictionary of finance, investment and banking. Dictionary of finance, 48(1), pp. 60-87. Iqbal Mansur, O. B. A. N. , 2010. The Relationship Between Money Market Mutual Fund Maturity and Interest Rates. Journal of capital management, 1(2), pp. 109-178. Jaspal Singh, S. C. , 2004. An Emperical Analysis of Perception Of Investors towards Mutual Investment Fund. Finance India, 18(4), pp. 1673-1693. Jian Cai, C. K. a. T. M. , 2010. Economic Commentary Compensation and Risk Incentives in Banking and Finance. Journal of Banking and Finance, 1(1), pp. 010-2013. j, n. d. Kirsch, C. E. , 2011. An Introduction to mutual funds. Joournal of capital portfolio and Fund management, 1(6), pp. 12-76. Klinger, E. D. , 1992. A Banker's Guide to Mutual Funds. Bankers Monthly, 109(12), pp. 18-21. Korpela, M. , 2005. Mutual fund expenses: Evidence on the effect of distribution channels. Journal of Finance Management, 1(2), pp. 89-103. Lashgari Malek, W. M. , 2003. The Information cantent of Morningstar's mutual fund ratings: The case for growth funds. American Business Review, 21(2), pp. 1-19. Lashgari, M. , 2011. An Invetment Portfolio Design For an Educational Endowment Fund the Role of Human Capital.Journal of Applied Business and Economics, 1(1), pp. 1-14. Leake, J. , 2008. Successful Portfolio management and RAPM. Balance sheet, 8(3), pp. 18-46. Mahreen Mahmud, N. M. , 2011. An Evaluation of Mutual Fund Performance in an Emerging Economy: The case of Pakistan. The Lahore Journal Of Economics, 16(2), pp. 301-316. Mansur, I. , 2011. JOURNAL OF FINANCIAL SERVICE PROFESSIONALS. The Relationship between Money Market Mutual Fund Maturity and Interest Rates, Issue JULY 2011, pp. 55-66. Martin, W. A. , 2009. Essays on financial markets, legal institutions and economic development. ProQuest Dissertations and Theses, 2(1), pp. 80-91. Mason Dave, M. A. M. , 1999.An Introduction to mutual funds: A good choice for retirement investing. New Accountant, 14(4), pp. 10-34. Nanigian, D. , 2012. Advice on Mutual Fund Selection. Journal Of Financial Service Professional, 1(1), pp. 72-76. Nilsson, J. , 2007. Investment with a Conscience: Examining the Impact of Pro-Social Attitudes and Percieved Financial Performance on Social Responsible Investment Behvior. Journal of Bussiness Ethics, 10(1), pp. 308-322. O'Neal, S. E. , 2000. Real estate mutual funds: Abnormal performance and fund characteristics. Journal of Real Estate Porfolio Management, 6(3), pp. 239-354. Palmiter, A. R. T. E. A. , 2009. Star Creation: The Incubation of Mutual Funds.Vanderbilt Law Review, 62(5), pp. 1483-1491. Palmiter, A. R. T. E. A. , 2009. Star Creation: The Incubation of Mutual Funds. Vanderbilt law Review, 62(5), pp. 1487-1498. Patari, E. J. , 2007. Do Hot Hands Warm the Mutual Fund Investor? The Myth of Performance Persistence phenomenon. International Research Journal Of Finance and Economics, 1(4), pp. 118-135. Patzelt, K. a. H. , 2009. Por tfolio Strategies of Life Science Venture. Journal of Small Business and Entrepreneurship, 22(2), pp. 87-100. Rainish Robert, P. G. , 2002. Performance of Latin American focused mutual funds. American Business Review, 20(1), pp. 21-45. Ramola, K. , 1992. Yojana.Mutual Fund and The Indian Capital Market, 36(11), pp. 57-69. Shah, T. M. , 2000. Hot money and the emerging markets: Global political and economic determinants of portfolio capital. The Journal of Social, Political and Economic Studies, 25(1), pp. 27-57. Warburton, A. J. , 2006. Should Mutual Fund Be Corporations? A Legal ; Econometric Analysis. Business Review, 3(6), pp. 747-776. Wildmann, C. , 2011. What drives portfolio investment of German banks in emerging markets?. Finance Market and Portfolio Management, 14(2), pp. 197-231. William Fung, D. A. H. N. N. , 2008. Hedge Funds: Performance, Risk and Capital Formation. The Journal Of Finance, LXIII(4), pp. 23-49.