Angliscisms the Use of Foreign Word Elements in German Essay Example

Angliscisms the Use of Foreign Word Elements in German Essay Understudy: Stephanie Korthals Date:25. 03. 2009 Table of substance 1. Presentation 2. Definition 2. 1. What is an outside word 2. 2. What is a loanword 2. 3. What is an Anglicism 2. 4. Pseudo Anglicism and Hybrid Anglicism 3. Standard Trends and the Corpus 4. Word development 4. 1. Order 4. 2. Indigen and eurolatin frameworks 4. 3. The outside addition ing 4. 4. The remote postfix ical 4. 5. English action words and German joins . End 6. Bibliographie 7. Informative supplement 1. Acquaintance English appears with be all over and it goes with us through our lives. Getting up in the first part of the day, I tune in to the radio. In any case, I disdain the melodies on the Hitparade. Thus, I turn on the CD-Player with my preferred CD. The time has come to get dressed. Today is a bright day and consequently an extraordinary chance to wear a T-Shirt. Before going out I put on my Make up, and use Haarspray to fix my new Trendfrisur. Since I dont have the opportunity to have breakfast I sto p by the Backshop to get myself a Sandwich. Showing up busy working I start my Computer and update the most recent Virenscanner. It is so natural, I simply need to press the Enter-Taste. I despite everything have two or three minutes time to check my E-Mails and search for a Last Minute Angebot on the Internet. Ideally, I may have the option to discover some Insidertipps revealing to me which spot merits a visit or I simply organize a Blinddate with the individual I met in the Chatroom a week ago. Yearning for Fastfood I am headed to locate a decent eatery. In any case, Mc Donalds or Burger King doesn’t appear to be a proper choice. We will compose a custom exposition test on Angliscisms the Use of Foreign Word Elements in German explicitly for you for just $16.38 $13.9/page Request now We will compose a custom paper test on Angliscisms the Use of Foreign Word Elements in German explicitly for you FOR ONLY $16.38 $13.9/page Recruit Writer We will compose a custom paper test on Angliscisms the Use of Foreign Word Elements in German explicitly for you FOR ONLY $16.38 $13.9/page Recruit Writer At last, I make the most of my lunch, a Chicken Kebap and a Ginger Ale, in the recreation center close by my office. Before heading home I make a short reroute and choose to turn out to be in the Fitness Studio. I finish the day before the TV with a major bowl of Erdnussflipps and cant choose about the class of Movie I need to watch. On my waitlist I can pick between Actionfilms, a Livesendung, or a Thriller. Not exactly persuaded by the decision, I at long last put my preferred Movie in the DVD-Player and watch Dirty Dancing-the ideal finish of a day. A considerable amount English words have advanced into the German language framework. A few people even dread that English words continually flood the German language, substitute its words and could at long last lead to the termination of German. Examining the paper one can locate various English words, particularly with regards to ad: ,,Der Push up-BH, Magic hide Damen†, kick the bucket ,,Jogginghose hide Kinder†, ,,Mildeenâ ® Desinfizierendes Hautgel†, das ,,Trolley-Reisekofferset† or der ,, Digitale Design Festplatten Satelliten Receiver MEDION ® LIFE  ® †are only a couple of models. 1] English words or Anglicism are moved into German either by being legitimately dominated, or by being joined with German word components. This propensity appears to increment. The procedure of hybridization broadens the chance of making new words on the grounds that for certain words there dont exist an equal. In my paper I consequently need to have a more critical look on these procedures, especially on attachment. Does the blend of outside fastens and local lexemes just as the opposite way around ends up being gainful? Or on the other hand is it the best to adhere to the old principles and make words just by methods for the customary word development and to not focus on the procedure of hybridization? Before focusing on the procedure of word arrangement and specifically looking at the impact of English components in the German language framework, I might want to give a general meaning of the most significant terms. 2. 1. What is an outside word? The term Fremdwort (remote word) denotes an articulation or a word, which is taken from a language and is moved to another. Here, the distinction to loanwords is the uniqueness of their articulation and spelling, just as their unique significance, which doesnt have a place with the beneficiary language in this manner doesnt bode well. In this manner it is anything but difficult to recognize them from local words, which are natural to the local speakers. [2] Muhr portrays the term outside word as the accompanying: ,,Fremdworter : Sind Worter, bite the dust in Schreibung und Aussprache dem Deutschen nicht angepasst sind oder seinen Strukturen nicht entsprechen und daher deutlich als ein neues Wort erkennbar sind. [3] 2. 2. What is a loanword ? All in all, the differentiation between an outside word and a loanword isn't anything but difficult to be drawn and disputable. Besides, there doesnt yet exist an all inclusive separation of the term (Lehnwort/loanword) from the term (Fremdwort/outside word), with respect to occasion Haugen [4] doesnt focus on the term Lehnwort, while German etymologists are supportiv e of the two terms. [5] From an etymological perspective both are structures that start in an unknown dialect and have advanced into the beneficiary language. 6] Polenz separates these two terms by utilizing the rules of combination. He sees an outside word hence as not coordinated, while a loanword is viewed as incorporated. [7] But here the definition isn't exactly clear and in this way leaves space to concentrate either on sociolinguistic or auxiliary measures. While outside words (Fremdworte) have kept their unique structure as to the spelling and elocution, loanwords (Lehnworter) have adjusted morphologically, orthographically and phonologically to the receptor language in way that makes it very effortful to perceive the distinction from local word. This is viewed as one approach to characterize and separate advance words and remote words. The spotlight at this is on similarity, as to the structure, while different creators do intersperse the way that outside words recognize from credit words by a specific structure, with respect to example Kiesler does: [†¦] a word obtained from another dialect is a remote word if the articulation and the spelling don't compare to the elocution rules of the accepting language, while it is a loanword in the event that they relate to these principles. [8] 2. 3. What is an Anglicism? Anglicism signalizes the effect English applies on different dialects and along these lines can be viewed as a conventional term. Just as loanwords, they are a consequence of getting forms, showing an exchange of lexical components from a source language to a receptor language. Albeit one can follow up on the presumption that all borrowings are Anglicisms, it doesnt consistently must be the reverse way around. No t all Anglicisms are borrowings, as indicated by Onysko. [9] Yang characterizes Anglicisms as a rule as: Oberbegriff von Entlehnungen aus dem britischen Englisch, dem amerikanischen Englisch, sowie lair ubrigen englischsprachigen Landern [ ] [10] Again, it isn't exactly clear and along these lines begging to be proven wrong which classification the term Anglicism has a place with and leaves space for theories in light of the fact that the etymological point of view for this situation, an essential perspective for the definition, is regularly indistinguishable and accordingly is certainly not an incredible accommodation in characterizing Anglicisms appropriately. [11] On the one hand, anglicisms are viewed as remote words. Be that as it may, for the most part they are a consequence of advance exchanges and along these lines it isn't certain whether they despite everything can be treated as outside words. Carstensen doesnt consider them to be outside words and rejects that thought. [12] Often the inquiry emerges whether Anglicisms have been straightforwardly moved from their Source language or whether they are the aftereffect of a word creation process. (Babyboom/Snowboardboom)[13]. Barz accepts that the procedure of Conversion (nomen - gt; action word) and induction (Verb+ er as Nomina agentis’) [14]could be a clarification for the two unique methodologies of investigating Anglicisms. A few creators think about Anglicisms as remote words, as certain creators recommend them to be treated as loanwords. Muhr, for example, sees Anglicisms because of a blended type of loanwords and outside words. As per him, Anglicisms are of English birthplace, which have been brought into the German language. Yet, concerning the orthography, Anglicisms keep their unique composition and consequently are conspicuous of outside nature, with respect to occasion words with the accompanying letters, which arent much of the time utilized in German orthography: ,,y†(as in crazy), ,,oo†, ,,c† (as in cool), ,,sh†(as in appear). Muhr 2002, p. 32). Viereck then again, states in his definition that Anglicisms rather fall into the classification of loanwords since he perceives the procedure of adjustment, the word has submitted. â€Å"Anglicisms [ ] are those lexical things that have invaded contemporary German[ ]in the first graphemic structure (graphemic significance) an d, thusly, have experienced certain adjustments in the circle of phonology and morphology: phonemic replacement and morphological importation. [15] The morphological adjustment to the receptor language, for this situation German, would clarify why a few words have lost their unique orthography, concerning occurrence the word club, which is in German not, at this point composed with/c/however with/k/. Another model is clone - gt; klonen or the sketch - gt; der Sketsch. As indicated by the meaning of Viereck, the term Anglicism fits into the classification of loanwords, in spite of the fact that there may be a few exemptions. [16] 2. 4. Pseudo anglicisms and Hybrid anglicisms Talking about Anglicisms, there are two other significant structures applying impact on German language. I simply need to make reference to and in a matter of seconds clarify these two terms: Pseudo anglicisms and Hybrid anglicisms. â€Å"Anglicisms as

Discovery Of Losartan Potassium Health And Social Care Essay

Disclosure Of Losartan Potassium Health And Social Care Essay Losartan is the principal angiotensin II receptor enemy medication to be advertised for use essentially to treat (hypertension). Losartan was first found in March 1986 by researchers on their first assignments at a corporate research lab, in Du Pont, as DuP 753(Merck 954), a profoundly strong and orally dynamic non-peptide Ang II receptor enemy. At that point, DuPont as an organization was fairly new to pharmaceutical business. The organization had recently been managing in synthetic substances, yet the during the 1970s when the interest for Petroleum and its related items flammable gas drove costs high, the board endeavored to broaden the business by looking for different business roads to diminish their reliance on synthetic concoctions in a desire for likewise expanding their benefit. Because of making new business, DuPont had wandered into pharmaceuticals and other life sciences organizations by the 1980s. Losartan work was one of the mixes DuPont inquire about labs dealt with. T he organization being inability here of business, recruited Robert I. Taber, a researcher with two many years of research involvement in Schering, to head pharmaceutical research at DuPont.It was Taber who perceived the territories of possibilities and urged the examination group to dive further. Notwithstanding, DuPont being a genuinely youthful organization in these territories would prompt other profound issues, and these issues were immediately settled by a coordinated effort with the more experienced Merck, who additionally perceived the Potential of Losartan and persuaded DuPont that there was more to be picked up by taking a shot at Losartan. Advancement of Losartan was done after a progression of endeavors. The last market item was Co-Developed with Scientists from both Merck DuPont. [BHARDWAJ, G., 2006] Losartan was endorsed by the FDA in April 1995, and it was then propelled that month as the first non-peptide hostile to hypertensive medication in the new class of Ang II receptor rivals. Merck began selling losartan under the exchange names CozaarT and HyzaarT with yearly deals in abundance of $3 Billion Dollars by 2005. Synthetic Structure (IUPAC) classification (2-butyl-4-chloro-1-{[2-(1H-tetrazol-5-yl) biphenyl-4-yl] methyl}-1H-imidazol-5-yl) methanol Synthetic information Equation C22H23ClN6O Mol. mass 422.91 Activity of Losartan Losartan specifically restrains all Ang II reactions that have been considered and brought down circulatory strain in a few creature models of renin-subordinate hypertension. In creatures, the antihypertensive adequacy of losartan has been seen as like that of the ACE Inhibitors (Angiotensin Converting Enzyme inhibitors) at the same time, in contrast to ACE inhibitors, losartan is a progressively particular inhibitor of the renin-angiotensin framework since it doesn't influence the digestion of kinins. Contrasted and peptide Ang II rivals (for example saralasin), losartan has critical focal points, including a long term of activity, powerful oral retention and no Ang II agonist movement. [SIEGL, P.K., 1993] Signs Hypertension Losartan tablets is shown for the treatment of hypertension. Losartan can be utilized alone or utilized in blend with other antihypertensive specialists, including diuretics. [Rx LIST THE INTERNET DRUG INDEX., 2009] Hypertensive Patients with Left Ventricular Hypertrophy Losartan is additionally shown in patients with hypertension and left ventricular hypertrophy to decrease the danger of stroke, however there has been an investigation to recommend that Losartan isn't helpful with Black patients in lessening the danger of stroke. [Rx LIST THE INTERNET DRUG INDEX.,2009] In the LIFE study, it was discovered that Black patients with states of hypertension and left ventricular hypertrophy had a lower danger of stroke on atenolol than on Losartan. Be that as it may, there was a few deficiencies of the LIFE study, as it didn't give proof that the advantages of Losartan in hypertensive patients with left ventricular hypertrophy by decreasing the danger of cardiovascular occasions applied to Black patients. [Rx LIST THE INTERNET DRUG INDEX.,2009] Nephropathy in Type 2 Diabetic Patients Losartan is likewise valuable in the treatment of patients with diabetic nephropathy, where there is a rise of serum creatinine and proteinuria (urinary egg whites to creatinine proportion à ¢Ã¢â‚¬ °Ã¢ ¥ 300 mg/g) in patients that have type 2 diabetes and a background marked by hypertension. In this gathering, Losartan has been appeared to diminish the pace of movement of the nephropathy. This is estimated by the event of multiplying of serum creatinine or end stage renal ailment where there is requirement for dialysis or renal transplantation. [Rx LIST THE INTERNET DRUG INDEX.,2009] Explicit PRODUCTS ( CONTAINING THIS DRUG) AVAILABLE FOR USE IN GIVEN CONDITION Mix treatment: A mix treatment is utilized if losartan monotherapy alone isn't adequate to control hypertension. Subsequently, losartan is accessible in blend with hydrochlorothiazide in various qualities as follows:[BRITISH NATIONAL FORMULARY., 2009] Losartan 50mg + Hydrochlorothiazide 12.5mg Losartan 100mg + Hydrochlorothiazide 12.5mg Losartan 100mg + Hydrochlorothiazide 25mg. The above mix is utilized for treatment of hypertension and stroke in patients with coronary illness. It is a remedy just medication. [MEDICINES AND HEALTH CARE PRODUCTS REGULATORY AGENCY., 2009] Proof FOR EFFICACY FOR THIS TREATMENT. Clinical preliminaries have indicated a superior productivity of losartan as an antihypertensive without anyone else and a further higher effectiveness in a joined state with hydrochlorothiazide. For instance : a twofold visually impaired, multicenter, randomized, equal gathering study performed on African Americans (who are commonly less receptive to monotherapy from any hypertensive class), with serious hypertension have demonstrated a critical decrease in sitting diastolic and systolic pulse with losartan monotherapy (45.8%) when contrasted and fake treatment (27.2%) . In a similar report, the blend losartan/hydrochlorothiazide routine demonstrated huge higher decreases (62.7%) in circulatory strain contrasted and losartan monotherapy or fake treatment. Progressively finished, both the regimens i.e losartan monotherapy and the losartan/hydrochlorothiazide were too endured as the placebo[FLACK, et al., 2001]. Different examinations were performed on hypertensive patients who had ce ased treatment with calcium channel blockers and angiotensin changing over protein inhibitors because of symptoms like fringe edema or dry hack separately. These patients when treated with losartan have appeared as much decrease and power over pulse as they use to with past therapies.[GIOVANNETTI, et al., 1997]. What's more, strangely it has likewise been seen that the clinical reactions were negligible with losartan treatment and the haematologic and biochemical profiles were additionally not upset. [GIOVANNETTI, et al., 1997] Studies performed on the pharmacokinetics and pharmacodynamic parameters of losartan on sound male volunteers and furthermore on unique patient gatherings like old patients with renal weakness and those having liver sickness, recommend that losartan is orally dynamic and its impact goes on for more than 24 hours. None of the patient gatherings indicated any critical pharmacokinetic interactions[McINTYRE, et al., 1997]. Losartan 50mg seems, by all accounts, to be a protected beginning and upkeep portion in most patient populaces. In any case, when an added substance impact is required, it very well may be handily joined with thiazide diuretics to accomplish the objective circulatory strain. Losartan has low cessation rate and it has additionally been seen that it was not related with hack even in patients who experience this symptom with to ACE inhibitors [McINTYRE, et al., 1997]. A BRIEF COMPARISON WITH OTHER MEDICINAL PRODUCT USED TO TREAT THE SAME AILMENT Losartan potassium, is an angiotensin receptor enemy (AT1) utilized in the treatment of hypertension and other cardiovascular illnesses. In any case, a correlation with other ARB(e.g. valsartan and candesartan) shows that, these medications have a similar system of activity, however, their disparities in pharmacokinetic profile might be liable for their disparities in viability in the treatment of hypertension. Losartan and valsartan when thought about, displayed a comparable decrease in circulatory strain at a lower focus ,notwithstanding, valsartan has a higher reaction rate and progressively powerful 24hours pulse control rate at the portion of 160mg and 80mg separately than losartan at 100mg and 50mg respectively.[BURNIER BRUNNER 2000]. Candesartan 8mg and 16mg has additionally shown a more enduring antihypertensive impact than losartan 50mg and 100mg in wandering BP monitoring.[LACOURCIERE ASMAR 1999] A short examination with other restorative items from the different class like B-adrenergic blocker(e.g. atenolol), ACEI(e.g. enerlapril), calcium channel blocker(e.g. felodipine) and diuretics depended on the viability, averageness and security in the treatment of fundamental hypertension. Losartan , when contrasted with amilodipine has been appeared with show a comparative clinically significant decrease in patients with systolic circulatory strain, be that as it may, losartan was better endured as prove by less clinically unfavorable effect(CAE)and cessation contrast and amlodipine [VOLPE, et al., 2003]. In the mean time, in the differentiating impact of losartan, nifedipine GIT, and fosinopril on the mobile pulse, heart structure and work, and defensive capacity of the endothelium in patients with fundamental hypertension, nifedipine GIT is better than others in plate-granule film protein (GMP), while fosinopril and losartan had a preffered activity to nifedipine GIT in switching ventricular hypertrophy, be that as it may, losartan was preferred endured over different medications [QI XIURONG 2001]. Losartan potassium has been known to show a less medication related unfriendly impact rather than other restorative items in different classes utilized in the treatment of hypertension. [GOLDBERG, et al., 1995] I

Blog Archive Diamonds in the Rough Georgia Techs Scheller College of Business

Blog Archive Diamonds in the Rough Georgia Tech’s Scheller College of Business MBA applicants can get carried away with rankings. In this series, we profile amazing programs at business schools that are typically ranked outside the top 15. The Scheller College of Business at Georgia Tech may rival MIT Sloan and Carnegie Mellons Tepper School with respect to its focus on the direct application of Internet technology to global business problems. The school’s rather small (75 students each year) and innovation-focused program was nevertheless ranked 23rd among full-time MBA programs by Bloomberg Businessweek in 2012. Situated in the heart of Technology Square in Midtown Atlanta, Scheller offers students numerous networking and innovation resources within the city’s high-tech business community, including the Advanced Technology Development Center business incubator. Billing itself as “the nation’s largest and most comprehensive university-based program of business and industry assistance, technology commercialization, and economic development” on its Web site, the Enterprise Innovation Institute, or EI2, also provides students with resources for career options at the intersection of business and technology. As an indicator of the school’s overall strengths in information technology and operations management, a large portion of Scheller’s study body tends to come from engineering and computer science backgrounds (51% of the Class of 2015). Share ThisTweet Diamonds in the Rough Blog Archive Diamonds in the Rough Georgia Tech’s Scheller College of Business MBA applicants can get carried away with rankings. In this series, we profile amazing programs at business schools that are typically ranked outside the top 15. The  Scheller College of Business at Georgia Tech  may rival MIT Sloan and Carnegie Mellon’s Tepper School of Business with respect to its focus on the direct application of Internet technology to global business problems. The school’s rather small (approximately 70 students each year) and innovation-focused program was nevertheless ranked 28th among full-time MBA programs by  Bloomberg Businessweek  in 2014. Situated in the heart of Technology Square in Midtown Atlanta, Scheller offers students numerous networking and innovation resources within the city’s high-tech business community, including the Advanced Technology Development Center business incubator. Billing itself as “the nation’s largest and most comprehensive university-based program of business and industry assistance, technology commercialization, and economic development” on its Web site, the Enterprise Innovation Institute, or EI2, also provides students with resources for career options at the intersection of business and technology. As an indicator of the school’s overall strengths in information technology and operations management, a large portion of Scheller’s student body tends to come from science, technology, engineering, and math backgrounds (47% of the Class of 2016). Share ThisTweet Diamonds in the Rough Blog Archive Diamonds in the Rough Georgia Tech’s Scheller College of Business The Scheller College of Business at Georgia Tech MBA applicants can get carried away with rankings. In this series, we profile amazing programs at business schools that are typically ranked outside the top 15. The Scheller College of Business at Georgia Tech may rival MIT Sloan and Carnegie Mellon’s Tepper School of Business with respect to its focus on the direct application of Internet technology to global business problems. The school’s rather small (approximately 60â€"70 students each year) and innovation-focused program was nevertheless ranked 23rd among full-time MBA programs by  Bloomberg Businessweek  in 2015. Situated in the heart of Technology Square in Midtown Atlanta, Scheller offers students numerous networking and innovation resources within the city’s high-tech business community, including the Advanced Technology Development Center business incubator. In addition, the Enterprise Innovation Institute, or EI2, bills itself as “the nation’s largest and most comprehensive university-based program of business and industry assistance, technology commercialization, and economic development” on its Web site and  provides students with resources for career options at the intersection of business and technology. As an indicator of the school’s overall strengths in information technology and operations management, a large portion of Scheller’s student body tends to come from science, technology, engineering, and math backgrounds (50% of the Class of 2017). Share ThisTweet Diamonds in the Rough Blog Archive Diamonds in the Rough Georgia Tech’s Scheller College of Business MBA applicants can get carried away with rankings. In this series, we profile amazing programs at business schools that are typically ranked outside the top 15. The  Scheller College of Business at Georgia Tech  may rival MIT Sloan and Carnegie Mellon’s Tepper School of Business with respect to its focus on the direct application of Internet technology to global business problems. The school’s rather small (approximately 60â€"80 students each year) and innovation-focused program was nevertheless ranked 23rd among full-time MBA programs by  Bloomberg Businessweek  in 2015. Situated in the heart of Technology Square in Midtown Atlanta, Scheller offers students numerous networking and innovation resources within the city’s high-tech business community, including the Advanced Technology Development Center business incubator. In addition, the Enterprise Innovation Institute, or EI2, bills itself as “the nation’s largest and most comprehensive university-based program of business and industry assistance, technology commercialization, and economic development” on its Web site and  provides students with resources for career options at the intersection of business and technology. As an indicator of the school’s overall strengths in information technology and operations management, a large portion of Scheller’s student body tends to come from science, technology, engineering, and math backgrounds (50% of the Class of 2017, for example). Share ThisTweet Diamonds in the Rough Blog Archive Diamonds in the Rough Georgia Tech’s Scheller College of Business MBA applicants can get carried away with rankings. In this series, we profile amazing programs at business schools that are typically ranked outside the top 15. The  Scheller College of Business at Georgia Tech  may rival MIT Sloan and Carnegie Mellon’s Tepper School of Business with respect to its focus on the direct application of Internet technology to global business problems. The school’s rather small (approximately 60â€"70 students each year) and innovation-focused program was nevertheless ranked 23rd among full-time MBA programs by  Bloomberg Businessweek  in 2015. Situated in the heart of Technology Square in Midtown Atlanta, Scheller offers students numerous networking and innovation resources within the city’s high-tech business community, including the Advanced Technology Development Center business incubator. Billing itself as “the nation’s largest and most comprehensive university-based program of business and industry assistance, technology commercialization, and economic development” on its Web site, the Enterprise Innovation Institute, or EI2, also provides students with resources for career options at the intersection of business and technology. As an indicator of the school’s overall strengths in information technology and operations management, a large portion of Scheller’s student body tends to come from science, technology, engineering, and math backgrounds (50% of the Class of 2017). Share ThisTweet Diamonds in the Rough

Dilemma of investment in mutual funds in pakistan - Free Essay Example

Sample details Pages: 30 Words: 9035 Downloads: 7 Date added: 2017/06/26 Category Statistics Essay Did you like this example? Chapter 1 Introduction 1.1 Introduction 1.2 Purpose of the Study Don’t waste time! Our writers will create an original "Dilemma of investment in mutual funds in pakistan" essay for you Create order 1.3 Research Objective 1.4 Research Methodology 1.5 Data Sources 1.INTRODUCTION 1.1 Introduction Mutual funds can play a significant role in the growth of an economy of any country. Mutual funds are a preferred investment destination for any individual/ organization as the fund houses offer not only the expertise in managing funds but also a host of other services. Not too many years ago, mutual funds were simply broad-based investment instruments created to simplify the details involved in investing in separate securities. Mutual funds also provided a greater measure of safety through broad diversification and the kind of top notch professional management that is generally out of reach for the small shareholder. Today, however, mutual funds are well specialized and present almost limitless diversity. The types of mutual fund portfolios available run the range from conservative to aggressive, from stocks to bonds, from domestic to international portfolios, from taxable to tax-free, and from virtually no-risk money market funds to high-risk options funds (Jacobs, 2001). If we come across at mutual fund market of a developed country, we can see that their investment in the mutual fund industry is higher as compared to their bank deposit base, which shows the potential of growth of mutual funds industry in Pakistan. This comparison with other countrys Asset Management Companies (mutual funds) indicates that Pakistans Asset Management companies are not playing the role that it should play. This gives rise to many questions in ones mind. For instance Why are the Pakistans Asset Management Companies not doing well and Why Pakistans Asset Management Companies are not that much competent? The reason is that mutual funds industry in Pakistan is still in its immature stage and investment options are limited to only equity, government security funds, fixed income and money market Funds. With the maturity in the industry and by the passage of time, the investors may have the options to diversify investments into commodities, real estate and other avenues. Today, the greatest challenge faced by the Asset Management Companies is the lack of awareness about the Mutual Fund products by general public. Lack of awareness by the individuals for mutual funds is a dilemma. The reason is that people dont think out of the box. They dont go for any other avenue to keep or save money except banks and on the other hand banks invest in different avenues such as mutual funds, TFCs, stocks, Government bonds, treasury bills etc. So the question arise that why do the individuals always invest their money in banks; why do they dont want to invest other than a bank like in mutual funds. Investing in mutual funds can give them better returns as compared to the banks. The reason is that the individuals are unaware of the better returns, benefits and security they can get by investing in mutual funds. So far, mutual funds have failed in bringing awareness to the individuals. Due to unawareness individuals hesitate in investing in mutual funds. Individuals should be given awareness about the functions that mutual funds perform. Mutual funds process can be better understood in a form of a cycle which i s presented below: In 2008 before recession the Asset Management Companies were doing well, they were building individuals confidence for investing in mutual funds by making individuals aware of Mutual Funds and its benefits along with the higher profitability margins it offers. But recession and the regulators for Asset Management Companies took them to the initial stage again where people were not much confident about investing in mutual funds because giving ones hard earned money into someone elses hands requires utmost faith and a sense of trust. 1.2 Purpose of the Study To highlight those points which are creating negative impact on investor this creates ambiguity when the investor wants to invest in mutual funds. To identify the causes due to which the current market of mutual funds is not growing. To illustrate the basic distinctiveness in operating styles, management and research resources between ASSET MANAGEMENT COMPANIES other Investment Companies. To highlight peoples preference of the Asset Management Company while investing in mutual funds. 1.3 Research Objectives The paper in detail contains the theoretical framework supporting the research objectives. The secondary data is useful in explaining the research objectives and the primary data is also importance as it gives the picture to explain the dilemma in the mutual funds industry. 1.4 Research Methodology The secondary and primary source of data was used in this research, visits of different websites specially the website of MUFAP helped in a great manner to streamline of research work, however few individuals whom we met and ask difference sort of questions for the research gave us valuable information about the past and present situation. The different sources of by which we gathered the data are listed below, 1.5 Data Sources The desired data is collected from the following sources: Karachi Stock Exchange Asset management companies Annual Reports Asset Management Banks Security Exchange Commission of Pakistan State Bank of Pakistan Chapter 2 LITERATURE REVIEW 2.1 Introduction 2.2 Mutual Funds Industry 2.3 Why mutual Funds? 2.LITERATURE REVIEW 2.1 Introduction Chapter 2 focuses on the theoretical approach of mutual funds industries. In the literature review a comprehensive discussion will be performed on the working of mutual fund industries, the types and categories of mutual fund industries and the dilemma that mutual fund industries are facing. The chapter also studies that how investing in mutual funds is better or more beneficial than investing in any other avenue, the factors that differentiate mutual fund industries with other financial Intermediaries and the mutual funds cycle. 2.2 Mutual Funds Industry The mutual funds industry is a secure and better way of investing money. The conventional style of saving money is by keeping them in banks. However, the diminishing bank rates are even lower than that of the rate of inflation and so it may not be a very good choice. The next option could be putting the money in the market but this requires a great deal of knowledge. Investing money through mutual funds is trouble-free and good for small ventures. A mutual fund is a financial institution that allows a group of investors to pool their money together with a predetermined investment objective. The mutual funds have specialized fund managers who are responsible for investing the pooled money into specific kind of securities (usually equity or fixed income securities). The manager uses the money to buy bonds, stocks or other securities according to specific investment objectives that have been established for the fund. In return for putting money into the fund, one can receive either units or shares that represents proportionate share of the pool of fund assets. In return for administering the fund and managing its investment portfolio, the fund manager charges fees based on the value of the funds assets. In simple words, a mutual fund is a pool of money that is managed on behalf of investors by a professional money manager. It includes a group of well qualified people who can guide and invest the money of the unit holders appropriately. When one invests in a mutual fund, he / she is buying shares (or portions) of the mutual fund and becomes a shareholder of the fund. Since mutual fund is a pool of money, different investors invest in it at a time and the total amount collected by all the investors by the mutual fund manager is then invested in different avenues. Be it a money market, stock market, financial institutions, government securities, banks or / and other avenues. The fund manager may invest in more one than avenue at a time which depends on the category defined. Before investing the gathered amount by the investors, the mutual fund manager has to consider and calculate all the important facts and figures that could create more and more profit for the investors who have invested in the mutual fund. After the fund manager has invested, he/ she gets returns which are then distributed to the investors according to their shares in the mutual fund. It is therefore essential to look out for the best mutual fund to obtain maximum returns. The flow chart below describes broadly the working of a mutual fund: Mutual fund provides numerous advantages to its users. One of a great benefit of mutual funds compared to stocks is their major characteristic of diversification. This means that mutual funds invest in many different stocks and in this way balance the risk you may encounter. Additionally, the fund managers may decide to invest in companies from different sizes and industries. This is done in order to balance the downturns in a particular investment with the upturn in another. The basic duty of the management of any firm and the company is to maximize the business and the wealth of the shareholders as well as the sustainability of the owners of the company. The management of the mutual funds is charging the management fee for this purpose. The growth of the mutual funds which we have examined here is based on the determinants which are affecting the growth of the mutual funds and is dependent on the negative and the positive impacts of these determinants. We worked through two models for investigation of this relationship of growth. The two models are comprised of fixed effect model and the cross section model. Most of the results are drawn by these models provided same results except for some factors. Mutual funds are one of the best investments ever created because they are very cost efficient and very easy to invest in (one doesnt have to figure out which stocks or bonds to buy). 2.3 Why mutual Funds? Mutual funds are used as a gauge to operate economy effectively and efficiently, they help central banks in implementing their monetary policies, organizations to go through financing attained through mutual funds and banks to mobilize the investment or the cash. Mutual funds have become essential for the growth of an economy as it is a source of money mobilization in the country. Mutual funds mobilizes money in a country in such a manner that it deals with almost every available investment options. Mutual funds help in regulating money through investments in stock market i-e via purchasing shares they are rolling the money to the companies. By investing in debts (long term financing), Term Finance Certificates / Sukuk they are mobilizing cash and enhancing the company. Moreover a growing company can raise its countrys economy with the help of mutual funds. Along with the investments in money markets, mutual funds invest in banks and government bonds also. Another rationale to invest in mutual funds is that its conservative nature offers a hedge against loss and allows the investor to climb into other vehicles that may be more risky. That way a retired investor can try to make some money in mutual funds without putting at risk their future. Also by being part of a mutual fund portfolio, the senior citizens have a chance to view how the various stocks that make up the mutual funds are performing and can select to invest in mutual funds that starts out performing the others to produce profits. For the senior citizens and retired investors, mutual funds can offer a hedge against inflation and it can direct the retired investors to the best stock picks and most importantly, it can protect the retired investors from losing their savings. Chapter 3 mutual funds 3.1 What is Mutual Funds? 3.2 Types of Mutual Funds 3.3 Categories of Mutual Funds 3.4 How Mutual Fund Works 3.5 Partners in a Mutual Fund 3. MUTUAL FUNDS 3.1 What is Mutual Fund? A mutual fund is basically a collective investment that pools money from many investors to buy bonds, stocks, short-term money market instruments or other securities and is managed professionally. Mutual funds serve as a connecting bridge of a financial intermediary that allows a group of investors to pool their money together with a predetermined investment objective. The mutual funds have a fund manager who is responsible for investing the gathered money into specific securities (stocks or bonds). When an individual invests in a mutual fund, he or she is likely to buying units or portions of the mutual fund and thus on investing becomes a shareholder or unit holder of the fund. Mutual funds are considered as one of the best available investments as compared to other investments. They are very cost efficient and convenient; individuals can easily invest in. Thus by pooling money together in a mutual fund, investors can purchase stocks or bonds with much lower trading costs than if they tried to do it on their own. But the biggest advantage to mutual funds is diversification, by minimizing risk maximizing returns. A Mutual Fund is a trust that pools the savings of a number of investors who share a common financial goal. The money thus collected is then invested in capital market instruments such as shares, debentures and other securities. The income earned through these investments and the capital appreciations realized are shared by its unit holders in proportion to the number of units owned by them. Thus a Mutual Fund is the most suitable investment for the common man as it offers an opportunity to invest in a diversified, professionally managed basket of securities at a relatively low cost. By pooling money together in a mutual fund, investors can purchase stocks or bonds with much lower trading costs than if they tried to do it on their own. But the biggest advantage to mutual funds is diversification. Mutual funds have a large amount of funds so it is easy for the investors to invest in different stocks or bonds. 3.2 Types of Mutual Funds Open Ended Closed Ended Open-end Mutual Fund Open ended mutual funds possess following characteristics: Open ended fund is a fund which issues or redeems its shares at net asset value (NAV). It does not have a fixed fund size. Investors can get back their investment at any time by selling the units back to the fund. These are no fixed number of units. Open end funds are type of mutual fund that does not have restrictions on the amount of shares the fund will issue. If demand is high enough, the fund will continue to issue shares no matter how many investors there are. Open-end funds also buy back shares when investors wish to sell. It should be noted that when a funds manager(s) determine that a funds total assets have become too large to effectively execute its stated objective, the fund will be closed to new investors and in extreme cases, be closed to new investment by existing fund investors. In simple terms, open end funds mean that the fund does not have a set number of shares. Instead, the fund will issue new shares to an investor based upon the current net asset value and redeem the shares when the investor decides to sell. Open-end funds always reflect the net asset value of the funds underlying investments because shares are created and destroyed as necessary. Close-end Mutual Fund Following are the characteristics of close ended mutual funds: Close end fund is a fund whose shares are traded at prices other than the NAV It has a fixed fund size. Investors can sell their shares to any buyer through an exchange where the share is listed other then the issuing company. These are fixed number of units / shares. A closed-end fund is a publicly traded investment company that raises a fixed amount of capital through an initial public offering (IPO). The fund is then structured, listed and traded like a stock on a stock exchange. Unlike regular stocks, closed-end fund stock represents an interest in a specialized portfolio of securities that is actively managed by an investment advisor and which typically concentrates on a specific industry, geographic market, or sector. The stock prices of a closed-end fund fluctuate according to market forces (supply and demand) as well as the changing values of the securities in the funds holdings. 3.3 Categories of Mutual Funds Following are the broad categories of funds that are further sub categorized and tailored according to the requirements of the investors Stock Fund / Equity Fund / Capital Market Fund Hybrid Funds / Multi Asset Fund / Balanced Fund Fixed Income Fund / Money Market Fund Islamic Fund A. Stock Funds Investment Objective The primary objective of this fund is to invest in stocks through different stock exchanges while controlling risk. The aim of the fund is to provide individuals and institutional investors with a well diversified portfolio of equity stocks covering all major sectors. The objective is to maximize income and capital gains by prudently employing its investment management expertise. Investment Policy The fund follows a growth strategy by investing in large cap companies. This entails looking for companies with a track record of growing sales and earnings and the potential for more of the same. In drawing the investment plan Research plays a vital role, as it identifies the stocks which have potential for capital gains, development of particular industry and its impact on the particular stock, timings of investments and divestments depending upon industry trend and expected results. Asset Allocation The portfolio generally has the following asset allocation but it can change from time to time or as the investment strategy molds it. B. Hybrid Fund Investment Objective The main objective of this fund is to participate in a diversified portfolio of securities representing investments in capital and money markets. The main investment objective is to maximize capital appreciation and income. Investment Policy Consistent with the investment objective the fund primarily invests in large capital equity securities, along with debt securities and other money market instruments such as Government Bonds, TFCs, Islamic Bonds, Reverse-Repo etc. Asset Allocation The portfolio generally has the following asset allocation but it can change from time to time or as the investment strategy molds it. C. Fixed Income Funds Investment Objective These funds seek to provide its unit holders with attractive income from a well diversified portfolio of low risk assets while maintaining liquidity. Investment Policy In line with the investment objective the fund invests in a diversified portfolio of Government Securities, Investment Grade Term Finance Certificates, Rated Corporate Debt, Certificates of Investment and other long and short term money market instruments. Asset Allocation The weightages of the investment mix of the portfolio are managed in a manner that reduces the risk of loss in market value of the investments as the result of any major upward movement in lending rates. During periods where the Management Company is of the view that there is economic uncertainty, the weightages of the portfolio are increased in the short-term debt securities, debt securities with short remaining life, money market instruments and short maturity repurchase arrangements including spread transactions. The funds typically comprise of 60 % fixed income instruments. D. Islamic Fund Investment Objective These fund aims at achieving high level rate of capital gains and current income in line with Shariah principals along with providing liquidity to the investors. Investment Policy These funds primarily invest in Shariah compliant investment instruments whereby 60% investments are made in listed securities. Specifically; Shares, TFCs, Participation term certificates, Musharika, Murabaha, and other asset backed securities. The funds also keep cash in riba free deposit schemes with Islamic banks and other financial institution with the objective to maintain sufficient liquidity. Equity investment broadly meets the following criteria and any additional requirements as advised by the Shariah advisors: (These criteria change subject to change in investment policies and shariah advisors) The basic business of the investee company should be halal. The total debt of the investee company should not exceed 45% of its total assets. Long term assets of the investee company as a percentage of current assets may not exceed 10% Mutual funds with different investment objectives provide a variety of investment risk and return opportunities to the investors. Therefore, it is important for fund investors to thoroughly understand and identify the investing style employed by the funds that they choose to use to build their portfolios. Mutual funds can also be categorized as the following: The three included categories in the mutual funds are lower risk and return, moderate risk and return and high risk and return. Further sub categories include money market funds, income funds, balanced funds,equity funds and aggressive allocation stock funds. 3.4 How Mutual Fund Works The below mentioned diagram is clearly shown the process that how a mutual fund works. A. Net Asset Value The Net Asset Value is a term used to describe the value of an entitys assets less the value of its liabilities. The term is commonly used in relation to collective investment schemes. It may also be used as a synonym for the book value of a firm. For mutual funds, net asset value is the total value of the funds portfolio less liabilities. The NAV is usually calculated on a daily basis. B. Sale Redemption Sale With reference to mutual fund industry sale is said to be executed when a unit or number of units are sold to an investor by a mutual fund on a specific price. Sale Price It is the price at which an open-end mutual fund sells its shares or units to the investor. In most cases, the sale price is the net asset value per share but they might have a sales load incorporated which is explained in the next two paragraphs. Redemption With reference to mutual fund industry redemption is said to be executed when a unit or number of units bought back from an investor on their instructions and the investor is paid back his money at the rates of the prevailing unit price by a mutual fund. Redemption Price It is the price at which an open-end mutual fund buys backs its shares or units from the owners. In most cases, the redemption price is the net asset value per share but they might have a back end load incorporated which is explained in the next two paragraphs. Management Fees The management fee for the fund is usually the advisory fee charged for the management of a funds investments. However, as many fund companies include administrative fees in the advisory fee component, when attempting to compare the total management expenses of different funds, it is helpful to define management fee as equal to the contractual advisory fee + the contractual administrator fee. This helps when comparing management fee components across multiple funds. Contractual advisory fees may be structured as flat-rate fees, i.e., a single fee charged to the fund, regardless of the asset size of the fund. However, many funds have contractual fees which include breakpoints, so that as the value of a funds assets increases, the advisory fee paid decreases. 3.5 Partners in a Mutual Fund Investment Management / Asset Management Investment management is the professional management of various securities (shares, bonds etc) assets (e.g. real estate), to meet specified investment goals for the benefit of the investors. Investors may be institutions (insurance companies, pension funds, corporations etc.) or private investors (both directly via investment contracts and more commonly via collective investment schemes e.g. mutual funds). The term asset management is often used to refer to the investment management of collective investments. Investment managers who specialize in advisory or discretionary management on behalf of (normally wealthy) private investors may often refer to their services as wealth management or portfolio management. Investment management services include financial analysis, asset selection, stock selection, plan implementation and ongoing monitoring of investments. Coming under the remit of financial services many of the worlds largest companies are at least in part investment managers and employ millions of staff and create billions in revenue. Investors An investor is any party that makes an investment. The term has taken on a specific meaning in finance to describe the particular types of people and companies that regularly purchase equity or debt securities for financial gain in exchange for funding an expanding company. The term is also applied to parties who purchase real estate, currency, commodity derivatives, personal property, or other assets. The term implies that a party purchases and holds assets in hope of achieving capital gain, not as a profession or for short-term income. Trustee Trustee is a legal firm or group of people who hold the property or investments on behalf of the mutual fund. A trust can be set up either to benefit particular persons, or for any charitable purposes. In all cases, the trustee may be a person or company, whether or not they are a prospective beneficiary Registrar A registrar is an official keeper of records. In case of a mutual fund they are the ones who keep the record of the Sale and Redemption of units, total units issued or outstanding with the information regarding the Unit Holder, dividend distribution etc. Distributor It is a firm or an individual who is licensed by the Asset Management Company to sell units on behalf of the fund. Custodian / Depository It refers to an institution which safeguards and manages flow of the financial assets of a Mutual Fund. In finance, a custodian bank, or simply custodian, refers to a financial institution responsible for safeguarding a firms or individuals financial assets. The role of a custodian is as follows: to hold in safekeeping assets such as equities and bonds, arrange settlement of any purchases and sales of such securities, collect information on and income from such assets (dividends in the case of equities and interest in the case of bonds), provide information on the underlying companies and their annual general meetings, manage cash transactions, perform foreign exchange transactions where required and provide regular reporting on all their activities to their clients. Custodian banks are often referred to as global custodians if they hold assets for their clients in multiple jurisdictions around the world, using their own local branches or other local custodian banks in each market to hold accounts for their underlying clients. Assets held in such a manner are typically owned by pension funds. Chapter 4 Research Findings 4.1 Choice of Investment in Mutual Fund 4.2 Comparison of Pakistan with Asia. 4.3 Delimma of Investing in Mutual Funds 4.1 Choices for Investing in Mutual Funds For the following four categories; Stock Fund / Equity Fund / Capital Market Fund Hybrid Funds / Multi Asset Fund / Balanced Fund Fixed Income Fund / Money Market Fund Islamic Fund Listed are the available choices for Investing in Mutual Funds as of March 31st 2011. AKD Investment Management Ltd AKD Income Fund AKD Index Tracker Fund AKD Opportunity Fund AKD Alfalah GHP Inv. Management. Ltd. Alfalah GHP Income Multiplier Fund Alfalah GHP Value Fund Alfalah GHP Islamic Fund Alfalah GHP Stock Fund Alfalah GHP Capital Protected Fund Alfalah GHP Cash Fund Alfalah GHP Capital Protected Fund II Al Falah GHP AMZ Asset Management AMZ Plus Income Fund AMZ Plus Stock Fund AMZ Askari Investment Management Ltd. Askari Income Fund Askari Asset Allocation Fund Askari Islamic Income Fund Askari Islamic Asset Allocation Fund Askari Soverign Cash Fund Askari Atlas Asset Management Ltd. Atlas Income Fund Atlas Islamic Income Fund Atlas Islamic Fund Atlas Stock Market Fund Atlas Money Market Fund Atlas Crosby Asset Management Crosby Dragon Fund Crosby Pheonix Fund Crosby Dawood Capital Management Dawood Money Market Fund Dawood Islamic Fund Dawood Faysal Asset Management Faysal Balanced Growth Fund Faysal Income Growth Fund Faysal Asset Allocation Fund Faysal Savings Growth Fund Faysal Money Market Fund Faysal Islamic Savings Growth Fund Faysal Habib Asset Management First Habib Income Fund First Habib Cash Fund First Habib Stock Fund Habib HBL Asset Management HBL Income Fund HBL Multi Asset Fund HBL Stock Fund HBL Money Market Fund HBL IGI Funds Limited IGI Income Fund IGI Stock Fund IGI Money Market Fund IGI Aggressive Income Fund IGI Islamic Income Fund IGI KASB Fund Limited KASB Liquid Fund KASB Islamic Income Fund KASB Balanced Fund KASB Cash Fund KASB Capital Protected Gold Fund KASB Stock Market Fund KASB MCB Asset Management MCB Dynamic Cash Fund MCB Dynamic Allocation Fund MCB Dynamic Stock Fund MCB Cash Management Optimizer Fund MCB Sarmaya Mahfooz Fund 1 MCB Al-Meezan Asset Management Ltd. Meezan Islamic Fund Meezan Islamic Income Fund Meezan Capital Protected Fund I Meezan Cash Fund Meezan Soverign Fund Al Meezan National Fullerton Asset Management NAFA Cash Fund NAFA Income Fund NAFA Stock Fund NAFA Multi Asset NAFA Islamic Multi Asset fund NAFA Islamic Income fund NAFA Government Securities liquid Fund NAFA Asset Allocation Fund NAFA Riba Free Savings Fund NAFA Savings Plus Fund NAFA National Investment Trust NIT Stock Fund NIT (GBF) NIT (IF) NIT Arif Habib Investments Pak Intl Element Islamic Fund Pakistan Capital Market Fund MetroBank sovereign Fund Pakistan Income Encashment Fund Pakistan Income Fund Pakistan Stock Market Fund Pakistan Capital Protected Fund Arif Habib 15 Index Fund Pakistan Strategic Allocation Fund Pakistan Premier Fund Pakistan Cash Management Fund Arif Habib Noman Abid Investment Reliance Income Fund Noman Abid UBL Fund Managers Ltd. United Composite Islamic Fund United Growth Income Fund United Money Market Fund United Stock Advantage Fund United Islamic Income Fund UBL Capital Protected Fund ii UBL Islamic Savings Fund UBL Savings Income Fund UBL Liquidity Plus Fund UBL JS ABAMCO Limited Unit Trust of Pakistan UTP A 30+ Fund UTP Aggressive Asset Allocation Fund UTP Fund of funds JS Income Fund JS Aggressive Income Fund UTP Islamic Fund UTP- Large Capital Fund UTP Capital Protected Fund UTP Capital Protected Fund II UTP Capital Protected Fund III JS Principal Secure Fund 1 JS Principal Secure Fund II JS Cash Fund UTP Capital Protected Fund IV JS PAK OMAN Investment Management Pak Oman Advantage Plus Fund Pak Oman Advantage Stock Fund Pak Oman Advantage Islamic Income Fund Pak Oman Advantage Islamic Fund Pak Oman BMA Asset Management BMA Chundrigar Road Saving Fund BMA Empress Cash Fund BMA ABL Asset Management ABL Income Fund ABL Stock Fund ABL Cash Fund ABL Islamic Cash Fund ABL Lakson Investments Lakson Income Fund Lakson Money Market Fund Lakson Equity Fund Lakson PICIC Asset Management PICIC Income Fund PICIC Cash Fund PICIC 4.2 Comparison of Pakistan AMCs with Asia AMCs. As far as choices are concerned these are more than enough for a developing country or developed country if it is working good. Total 25 AMCs offering 125 funds have the size of _______ billion which is 5% of the economy. Raising a question what are the hurdles for the mutual fund industry that the growth rate is as low as it can be. If we compare our mutual fund industry with in ASIA we found at the initial stage the pace was moving parallel. As it is clearly seen from the above graph that at initial stage Pakistani and Asia AMCs were moving parallel but after the recession Pakistans AMCs couldnt recover. Although the rest of the countries AMCs are not on that position where they should be but far better then Pakistans AMCs and giving their best for the economic growth. The below mentioned graph simply showing the performance of Pakistans AMCs from inception till now which shows a clear decline after the recession. And up till now there is no clear forecasting for recovering the AMCs. Pakistan AMCs. The below mentioned graph 4 (a) is showing the performance of Pakistans Asset Management Companies from inception till now which shows a clear decline after the recession. And up till now there is no clear forecasting for recovering the Asset Management Companies. Graph 4 (a) Description of the graph (a). The graph represents the performance of Pakistans mutual funds from the year 2006 to 2010. In the mid of the year 2006 mutual fund size was Rs. 160 billion (6 %) which increased to Rs.179 billion till the end of the year remaining to the 6 % of bank deposits. In the year 2007, significant increase in the size of mutual funds has been seen i-e Rs.302 billion. 3% of bank deposits increased in one year i-e from 6 % in 2006 to 9 % in the mid of 2007. Mutual fund size further increased till the end of the year 2007, in June 2007 it was 9 % (Rs.302 billion) and in December it expanded to 10 % (Rs.368 billion). Moving on, the year 2008 seems to be the most appalling year for Pakistan mutual fund industry because mutual fund size decreased to its lowest level comparatively. In June 2008, mutual fund size was Rs.336 billion (9 %) which decreased terribly to Rs.180 billion and 5 % of bank deposits. After the decline of mutual funds in the year 2008, the Pakistan mutual funds industry couldnt r ecover in the next years. Although a minor increase in the mutual fund size in rupees in billion has been observed from the year 2008 to 2009 and 2010, it couldnt affect the percentage of bank deposits. The below mentioned graph is showing the performance of Asian countries AMCs from inception till now which shows that after recession, they do suffer from recession but somehow they managed to maintain. 4.3 The Performance The performance of the Pakistan AMCs with the respective categories and with the periods is listed and explains below. The Returns the comparisions with the benchmark for the different categories for latest periods are listed below:For Stock Funds: Date KSE 30 Cummulative Return Kse-100 Cummulative Return Peer Group Average 31-Mar-11 11561.50 -19.30% 11809.54 -3.90% -3.90% Date KSE 30 Cummulative Return Kse-100 Cummulative Return Peer Group Average 31-Dec-11 11561.50 -19.30% 11809.54 -3.90% -3.90% Date KSE 30 Cummulative Return Kse-100 Cummulative Return Peer Group Average 30-Jun-10 11561.50 -19.30% 11809.54 -3.90% -3.90% For hybrid Fund: Date KSE 30 Cummulative Return Kse-100 Cummulative Return Peer Group Average 31-Mar-11 11561.50 -19.30% 11809.54 -3.90% -3.90% Date KSE 30 Cummulative Return Kse-100 Cummulative Return Peer Group Average 31-Dec-11 11561.50 -19.30% 11809.54 -3.90% -3.90% Date KSE 30 Cummulative Return Kse-100 Cummulative Return Peer Group Average 30-Jun-10 11561.50 -19.30% 11809.54 -3.90% -3.90% For Islamic Fund: Date KSE 30 Cummulative Return Kse-100 Cummulative Return Peer Group Average 31-Mar-11 11561.50 -19.30% 11809.54 -3.90% -3.90% Date KSE 30 Cummulative Return Kse-100 Cummulative Return Peer Group Average 31-Dec-11 11561.50 -19.30% 11809.54 -3.90% -3.90% Date KSE 30 Cummulative Return Kse-100 Cummulative Return Peer Group Average 30-Jun-10 11561.50 -19.30% 11809.54 -3.90% -3.90% For Fixed income Fund: Date KSE 30 Cummulative Return Kse-100 Cummulative Return Peer Group Average 31-Mar-11 11561.50 -19.30% 11809.54 -3.90% -3.90% Date KSE 30 Cummulative Return Kse-100 Cummulative Return Peer Group Average 31-Dec-11 11561.50 -19.30% 11809.54 -3.90% -3.90% Date KSE 30 Cummulative Return Kse-100 Cummulative Return Peer Group Average 30-Jun-10 11561.50 -19.30% 11809.54 -3.90% -3.90% 3. LITERATURE SURVEY Financial systems in a modern economy transfer resources over space, time and sectors. The flow of funds in a financial system occurs through financial systems and financial intermediaries. The major functions of this system are to transfer resources, manage risk, subdivide and pool funds and clear transactions. Institutions that provide financial services and products are called Financial Intermediaries. Financial institutions differ from other businesses because their assets are largely financial, rather than plants and equipments. The most important financial intermediary is Banks. They borrow and lend money to different households, corporate, and to those who need funds. Other important financial intermediaries are Insurance Companies and Mutual Funds that Pool and Subdivide securities. These financial systems allowed investments to be devoted to their most productive uses rather than being bottled up where they are least needed. Mutual funds in this regard help the economy to continuously rotate money in and out of the systems to make it remain hydrant. The mutual funds not only pools but subdivides the funds based on the need of individual saver or investor. The current and past environment of Pakistani Financial markets have always supported the Mutual fund industry due to their ability to pool and diversify investments that helps the money rotates to complete the fund transfers in and out of economy. The current scenario is a clear indication of the rising income levels as the money flow in the industry have shown a sharp increase in last three to four years. This rise have not only mobilized the money rotation but have also helped economy to develop at a much desired pace to beat inflation and help country fight out the phases of past recession that have somehow dampened the economic growth and prosperity. Previously the banks are the only options that an investor could opt from where he could save money and earn interest on it, now with the advent of Mutual funds the investment options have not only widened but have also increased the competition in the market as funds helps individuals take exposure in stock and money markets separately and collectively making them earn a higher risk adjusted return. This successful emergence of funds has let banks divest into Asset Management business making competition tough between banks and private groups. There is no denying that mutual funds these days are becoming more attractive and popular vehicles of securities investments among the general public world-wide. This trend is highly pronounced in the developed securities market of the United States of America and Europe. However, the developing economies including Pakistan are no exception to this global trend. It has been witnessed that mutual funds though form a comparatively small segment of the securities market in developing countries; they have been still increasingly gaining the public attention and have grown phenomenally over the last few years. To deliberate further on mutual funds industry, both global and local, it is essential in the first instance to have a look at the overall global situation regarding financial markets and the position occupied by mutual funds. These days, financial markets are in the process of momentous change prompted and catalyzed by the imperatives of globalization and the huge strides taking place in information technology, in particular the internet with its remarkable flexibility and endless, unfolding possibilities. And one can visualize that within a few years, not decades, neither capital markets nor banking will be the same as these are today. The fact of the matter is that financial services are getting disinter-mediated, commoditized and globalize. Stock exchanges, as structured today, perhaps even stockbrokers, may well become dispensable and redundant very soon unless they adjust substantially to changing realities and are able to provide real services as well as liquidity to market pa rticipants. Banks, too, will not be able to escape being disinter-mediated by specialized and commoditized and, perhaps, global provision of the type of services that one recognizes as banking. It is also clear that today, the three operational forces dominating the global financial system are: first an increasing focus towards meeting client needs instead of product sales; second, an increasing emphasis on the alignment of operations to manage and mitigate risk; and finally, reliance on emerging, broad-based intra-industry utilities for trade processing, settlement, funds transfer etc. Based on these three drivers, the intellectual ferment in global financial circles is overwhelmingly about advisory services and client-specific or designer financial products, in line with what is called client DNA. The talk is also about sales of risk and risk-reward packages as opposed to products, and about the importance of scale as well as the out-sourcing of back-end functionalities to seek cost savings. This year cross border flows are likely to be around 5-6 trillion dollars of which well over a trillion would pertain to investments in mutual funds. Obviously, it will be necessary to make the required and pertinent adjustments in operational modalities and approach to take account of global developments and it would, therefore, make sense for all concerned to forge and strengthen linkages with international asset managers as well as investment banks. As to the question how mutual funds will fit into this emerging paradigm for the global financial system, it is important, in the first place, to acknowledge the undoubted importance of mutual funds. This is obvious from the industrys aggregate, world size of $ 21 trillion as against the worlds financial assets that at present total around $ 120 trillion. Four years ago the industrys size was about one-third less i.e. $ 14 trillion. The hallmark of the industry has been innovation, its ability to utilize and leverage off information technology, and the professional acumen displayed by its managers. It appears that the evolving scenario of the world financial system that is characterized by disintermediation, commoditization, client-specific advisory services, and an emphasis on both risk management as well as economies of scale actually provides ample scope for mutual funds to flourish. The industry continues to innovate and develop products of differing risk-reward profiles which are constructed to capture value in a variety of ways. In many developing countries, including several middle-income countries in Asia and the Pacific, the mutual funds industry has displayed considerable progress in recent years. Although Pakistan had an early start with the setting up of NIT in 1962 and subsequently the ICP mutual funds, for almost 40 years, until 2002, the progress made was lackadaisical at best. In fact, the industry suffered both as a consequence of poor management as well as Government intervention and the distortions thus induced. During the past five years, prompted by positive changes in Government policy and regulation, as also measures to privatize and allow new entrants, the industry has witnessed major improvements and enhancement. The aggregate size of the local funds industry that was Rs. 25 billion in 2002 has now grown to Rs. 190 billion, i.e. over $3 billion, which is spread over some 61 funds that are managed by 34 asset management companies. Rs. 145 billion are in open-end funds and the rest is in closed-end funds. The total assets under management are, however, only 2% of GDP or 5.8% of bank deposits or 6-7% of market capitalization. By way of comparison I might mention that Indias mutual fund industry is 6% of GDP, 13.4% of bank deposits, and around 10-12% of market cap, whereas in the United States mutual funds are about 70% of GDP, over 150% of bank deposits, and about 20-25% of market cap. Also, it is noteworthy that the industry in Pakistan has come out with a fairly wide range of mutual fund products. In fact, the mutual funds industry of Pakistan deserves to be applauded and saluted for its excellent achievements. There are, however, several challenges to overcome! Both absolute and relative size of the industry remains rather small by international standards, its management is fragmented, its funding mostly comes from institutions and not from retail investors, its IT endowment is weak, its human capital is poor, and it has to contend with a shallow pool of invest-able assets. The question now is what should be done to enhance the mutual funds industry in Pakistan in order that it clearly plays its role of underpinning the financial markets and serves as an effective channel for mobilizing resources and allocating them to productive uses. This is not a perfect world, never has been, nor will it be! There will always be constraints and issues which will need to be addressed. If mutual fund managers are competent, they will know how to deal with difficulties and make progress but if they are not, they wont. To say, for instance, that by once again permitting institutions to invest in National Savings instruments has posed inordinate difficulties for mutual funds is not very convincing since the returns on NSS instruments have been drastically slashed over the years, and in any case, mutual funds must target retail investors, not institutions, if they are to play their proper role. Actually, with banking spreads being 7-10% and mutual fund fees being 1 to 2%, mutual fund managers have a lot of room to maneuver. Nonetheless, it is sincerely believed that policy makers and regulators in Pakistan will take the responsibility to adopt a progressive and enlightened view of mutual funds and will take such measures as are necessary so as to enhance the effectiveness of the industry as an important pillar of the financial system. To compare the basic management styles of the two groups following factors were analyzed that marks the characteristics of both major groups active in the market. Strong Management team that involves good professionals having experiences of managing funds and their appropriate qualifications have helped hem manage funds more efficiently. Standard Hierarchal Organization structure where the Audit and Risk Committee have to report to the Audit and Risk Board. This minimized the fraud risk and makes organization working effective. Mutual funds core concept is to minimize the Risk involved in Investments and most of the Banks managed AMC have strong Risk management department. Banks capacity to channelize their account holders to invest in their funds have given them an extra edge over others, as the investors feel secure to carry their confidence from one business to another. The other major factor engaged in its success is strong support from their parent organizations, starting from the seed capital, providing them the expertise required and fulfilling their funding requirements. The last factor that have helped them grow their networks are strong distribution and marketing channels, as bank branches are used as distribution centers for sales an collection points for redemptions and transfers. Private house expertise of stock market and their vast experience in this field have helped them give high returns on the stock funds making them more famous than other parties involved in the business. The time span that this group enjoyed at the start of the 90s helped them built confidence and launch new funds strengthening their market share before new entrants could stable themselves. Their major disability to expand at an enormous rate is their weak distribution network as only few institutions facilitate them in promoting sales and fulfilling other clients request. The general pay levels prevailing in this group is slightly lower than the other groups as they do not have a strong parental support to help them in fulfill their funding requirements and manage them in time of crises. The general reputation of this group among investors is not that equally high as of other group, as their alleged issues are being frequently highlighted in newspapers denting their reputation even harder. Chapter 4 Hypotheses Testing 4.1 Hypothesis 4.2 Testing of Hypothesis 4.HYPOTHESIS TESTING 4.1 Hypothesis Ho: Banks Managed Funds give higher returns on income funds as compared to Income fund managed by other private groups. Ha: Banks Managed Funds do not give higher returns on income funds as compared to Money market Funds managed by other private groups. Ho: Private groups manage Stock funds better than Banks AMC could. Ha: Private groups do not manage Stock funds better than Banks AMC could. 4.2 Testing of Hypothesis HYPOTHESIS NO. 1: Statement of Hypothesis Ho: Banks Managed Funds give higher returns on income funds as compared to Income fund managed by other private groups. Ha: Banks Managed Funds do not give higher returns on income funds as compared to Income fund managed by other private groups. Data Collected The data is primarily collected through the websites and fund managers report of the selected funds. The data available for the current financial year has been accounted and used as a sample for calculation. FactorsThrough which Hypothesis Result would be driven The result of the aforementioned hypothesis is represented through four most appropriate statistical tools used in the industry to evaluate the performance of income funds. These four methods are described below: a. Annualized Returns Annualized return calculates the fund return of a particular period being calculated on 365-day basis. This represents an annual return if the fund continues to perform in the same manner. Formula used: A.R= {(P1-PO)/PO}*365/ No. of Days of period selected Here, P1 = Last day NAV of the selected month. PO = Last day NAV of the previous month. b. Risk Adjusted Returns This ratio calculates the risk adjusted return by dividing the average return for the period with the standard deviation of the return for the same period. The higher the risk adjusted return the better is the funds performance. c. Asset Allocation The asset allocation of the fund represents its risk appetite and management concern over the consistent return. Fund invested in different asset classes having different assigned rating offer different return based on their assigned rating. The higher amount of fund invested in Junk Bonds do give higher returns but at times it causes funds return to decline in case of default of issuer. Similarly the investment in spread transactions also causes funds return to move adversely based mark to market basis. RESULT: Based on the weighted average annualized returns following results were obtained: Jul-08 Aug-08 Sep-08 Oct-08 Nov-08 Dec-08 Jan-09 Feb-09 Mar-09 Bank group 9.76% 9.80% 8.76% 8.76% 8.72% 8.99% 9.41% 9.10% 9.42% Private group 10.22% 10.83% 8.27% 8.96% 8.71% 9.20% 9.04% 8.86% 8.86% Difference -0.46% -1.03% 0.49% -0.20% 0.01% -0.21% 0.37% 0.24% 0.56% The Bank group as well as private houses has competed almost neck to neck but the variance in the returns of Private houses income fund have been more as compared to Bank group managed Income funds. To compare the variance in returns RISK ADJUSTED RETURN was calculated based on the same data that is used to calculate the annualized returns. Jul-08 Aug-08 Sep-08 Oct-08 Nov-08 Dec-08 Jan-09 Feb-09 Mar-09 Bank group 6.66 5.43 4.44 3.07 3.64 4.93 5.05 2.76 3.53 Private group 1.95 2.57 3.30 1.57 3.89 2.23 3.79 2.89 1.51 Difference 4.70 2.86 1.14 1.50 (0.25) 2.70 1.26 (0.13) 2.01 Based on the above results we could say that Banks group managed Income funds gives a higher risk adjusted return as compared to private houses managed Income funds. The asset allocation pattern of both the groups remained pretty much constant, private houses invested more in secured instruments having good credit ratings whereas, private houses funds invested more in Spread transaction and Money Market lending that usually carries a greater amount of risk as compared to investment in CFS and other rated instruments. Graphical Representation of Weighted Average Annualized Returns of Both Groups HYPOTHESIS 2: Statement of Hypothesis Ho: Private groups manage Stock funds better than Banks AMC could. Ha: Private groups do not manage Stock funds better than Banks AMC could. Data Collected The data is primarily collected through the websites and fund managers report of the selected funds. The data available for the current financial year has been accounted and used as a sample for calculation. Result of Hypothesis The result of the aforementioned hypothesis is represented through two most appropriate statistical tools used in the industry to evaluate the performance of stock funds. These two methods are described below: 1. Cumulative Return Cumulative return shows the average increase in the Net Asset Value of the fund for a given period. It is calculated by using formula: Cumulative Return = {(P1-PO)/PO} Here, P1 = Last day NAV of the selected month PO = Last day NAV of the previous month. 2. Comparison with Benchmark Measure of our performance as compared with funds benchmark. Through this measure the funds consistency in return is measured. RESULT: The weighted average cumulative returns of both the groups are shown below: Jul -08 Aug -08 Sep -08 Oct -08 Nov -08 Dec -08 Jan -09 Feb -09 Mar -09 Apr -09 BANK GROUP 0.95% -8.95% 9.22% 8.56% -1.03% -2.32% -0.72% 6.07% 2.00% 0.34% PRIVATE GROUP 0.45% -9.52% 10.84% 8.00% -1.59% -3.23% -0.93% 6.99% 1.71% 0.60% The Bank group managed funds over the tested period have shown a better performance as compared with private houses managed funds. The Private group Stock funds have shown an aggressive attitude as their deviation has been more than the Bank managed Stock funds. The general trend found with the Bank managed funds are their aggressive equity allocation in sectors that are highly affected by the macro economic conditions Like Banking sector. The Beta of these sectors has always remained above the average Betas of average performing stocks. Stock Funds Comparison with Benchmark Bank group performance: Jul -08 Aug -08 Sep -08 Oct -08 Nov -08 Dec -08 Jan -09 Feb -09 Mar -09 Apr -09 BANK GROUP 0.95% -8.95% 9.22% 8.56% -1.03% -2.32% -0.72% 6.07% 2.00% 0.34% KSE -30 -2.21% -10.35% 8.62% 6.83% -3.08% -0.23% -0.13% 10.01% 0.39% -1.51% DIFFERENCE 3.16% 1.40% 0.60% 1.73% 2.05% -2.09% -0.59% -3.94% 1.61% 1.85% Private houses group performance: Jul -08 Aug -08 Sep -08 Oct -08 Nov -08 Dec -08 Jan -09 Feb -09 Mar -09 Apr -09 PRIVATE GROUP 0.45% -9.52% 10.84% 8.00% -1.59% -3.23% -0.93% 6.99% 1.71% 0.60% KSE -30 -2.21% -10.35% 8.62% 6.83% -3.08% -0.23% -0.13% 10.01% 0.39% -1.51% DIFFERENCE 2.66% 0.83% 2.22% 1.17% 1.49% -3.00% -0.80% -3.03% 1.33% 2.11% From the above tables and graphs it could be concluded that private houses do outperform the bench mark (i.e. KSE-30) but as compared with the Private houses managed Stock funds they do not match their out performance. Based on the above facts and figures we could conclude that our Null hypothesis is rejected and PRIVATE HOUSES STOCK FUNDS DO NOT OFFER BETTER RETURNS AS COMPARED WITH BANKS GROUP MANGED STOCK FUNDS. Chapter 5 conclusion and recommendation 5.1 Conclusion 5.2 Recommendation 5.CONCULSION AND RECOMMENDATION 5.1 Conclusion Based on the above hypothesis we could conclude that Banks group manages mutual funds in a more efficient manner giving superior risk adjusted return as compared with private houses managed mutual funds. The working style and adoption of international best practices (like Audit and Risk Committee Board) has been far most applicable on the Banks managed Asset Management limited (AMC). 5.2 Recommendation The most vital problem spotted is of ignorance. Investors should be made aware of the benefits. Nobody will invest until and unless he is fully convinced. Investors should be made to realize that ignorance is no longer bliss and what they are losing by not investing. Mutual funds offer a lot of benefit which no other single option could offer. But most of the people are not even aware of what actually a mutual fund is? They only see it as just another investment option. So the advisors should try to change their mindsets. The advisors should target for more and more young investors. Young investors as well as persons at the height of their career would like to go for advisors due to lack of expertise and time. Mutual Fund Company needs to give the training of the Individual Financial Advisors about the Fund/Scheme and its objective, because they are the main source to influence the investors. Before making any investment Financial Advisors should first enquire about the risk tolerance of the investors/customers, their need and time (how long they want to invest). By considering these three things they can take the customers into consideration. Younger people aged under 35 will be a key new customer group into the future, so making greater efforts with younger customers who show some interest in investing should pay off. Customers with graduate level education are easier to sell to and there is a large untapped market there. To succeed however, advisors must provide sound advice and high quality.

James Joyce s The Odyssey And Ulysses - 1622 Words

Ulysses is arguably one of James Joyce’s most famous literary works. At least, the obscene sexual nature of Ulysses is notorious in itself. Indeed, it is widely considered that the novel was a scandal when it first appeared serialized in 1918. However, some consider that the epic â€Å"is still a scandal, nearly a century after its first publication. For something is missing† . Critics claim the missing element is romanticism and in this essay, the absence of mythical authority. The use of myth romanticizes Odysseus’ journey home while, the crude description sex confronts the reader with the primal realism of life. The lack of godly intervention deflects the blame onto Leopold Bloom for the distance in his marriage. Sex simultaneously represents the distancing factor in his marriage and the process of return to marital intimacy. The â€Å"Naussica† episode exemplifies this and it will be the primary focus of this essay. In both texts, The Odyssey and Ulys ses, book thirteen is a scene of return. Thus we can see, the sexual acts which replace mythological elements, which are absent in Ulysses, mutually illuminate the process of return in both texts. In the absence of mythical authority Bloom is searching for sexual intimacy. Feeling detached from his wife, Molly, Bloom finds sexual comfort through other women. While the â€Å"Nausicaa† episode can be seen as return to sexual intimacy, Joyce contrasts the physical relief of masturbating with the spatial distance between Bloom and Gerty. TheShow MoreRelated How James Joyce Challenges His Readers in Ulysses and Finnegans Wake2592 Words   |  11 PagesHow James Joyce Challenges His Readers in Ulysses and Finnegans Wake      Ã‚   In the history of written literature, it is difficult not to notice the authors who expand their readers style and manner of reading. Some write in   an unusual syntax which forces the reader to utilize new methods of looking at a language; others employ lengthy allusions which oblige the reader to study the same works the author drew from in order to more fully comprehend the text. Some authors use ingenious andRead More James Joyces Ulysses - Balancing Information in Ithaca Essay3248 Words   |  13 PagesJames Joyces Ulysses - Balancing Information in Ithaca I hold this book [Ulysses] to be the most important expression which the present age has found; it is a book to which we are all indebted, and from which none of us can escape. T.S. Elliot In the midst of Ithaca, the climactic second to last episode of Ulysses, James Joyce provides the necessary information for calculating how much excrement, in pounds, is produced annually by the entire population of Ireland (p. 718). The typeRead MoreThe Iliad And The Odyssey1060 Words   |  5 Pagesand The Odyssey. Homer’s stories are old and probably translated differently than their original telling. Homer’s The Iliad and The Odyssey still show the basic human emotions and are an inspiration to other authors, poets, and oral presenters. Homer was forgotten, but now Homer’s existence is almost legend. According to Cynthia Shelmerdine, August Wolf Friedrich, a German scholar, debated that more than one person wrote The Iliad and The Odyssey. Wolf believed that The Iliad and The Odyssey were writtenRead More Comparing the Symbology and Imagery in T. S. Eliot’s Poetry Essay1481 Words   |  6 Pages In the poems â€Å"The Love Song by J. Alfred Prufrock,† written in 1910, published in 1915, and â€Å"Rhapsody on a Windy Night,† written in 1917, both of which were written by poet and literary-critic T. S. Eliot, the symbolism and imagery of the women represented in mythological means, the locations and landscapes that both protagonists wander through or plan on going to, and the nature that is used in both poems are very similar, yet uniquely different. â€Å"The Love Song of J. Alfred Prufrock† is aboutRead MoreThe Bronze And Iron Age Essay2093 Words   |  9 Pagesacross dangero us seas to found new city states in alien lands. Greeks believe that that heroic society described by Homer flourished at a time corresponding to the 13th or early 12th century in our chronology. Homers greatest works are the Iliad and Odyssey. The both tell the story of heroes trying to survive their way through war and other things. Here is just an example of Homer’s poetry â€Å"He cast on the fire bronze which is weariness, and tin with it and valuable gold and silver and thereafter setRead MoreSamuel Beckett ¨s Novel Molloy and Its Particular Style, Theme and Similarities to Author James Joyce1214 Words   |  5 Pages There’s no question Samuel Beckett was deeply influenced by the avant-garde style of fellow Irish novelist James Joyce when writing Molloy. Both Beckett and Joyce allude to the classics (Dante’s Purgatorio and Homer’s Odyssey, respectively) and both extensively employ interior monologue to often similar effect. Even so, Beckett, ev er aware of the shadow cast by his former mentor, also attempted to eschew Joycean tendencies in his works, as demonstrated in Molloy. Here, not only does Beckett entirelyRead MoreGreek Mythology s Influence On The Arts And Literature Of Western Civilization2652 Words   |  11 Pagesstories. Today the Greek myths are known primarily from written Greek literature such as the Iliad and the Odyssey. These classic epics—long, narrative poems praising heroic deeds—are said to have been written by the poet Homer. He may have flourished in the 9th or 8th century BC. The Iliad, set during the Trojan War, recounts the story of the wrath of the Greek warrior Achilles. The Odyssey tells of the long wanderings and adventures of Odysseus, king of Ithaca, as he travels home from the war. TheRead MoreThe Lotus Eater2754 Words   |  12 Pagesupon its hypotext, missing which we can hardly expect to get at what it really comes to convey. II In Odyssey IX, 84, when Odysseus and his men landed on the island of the lotus-eaters, they began doing as the natives did, eating the lotus flowers. This caused them to sleep and stop caring about ever going home. Finally, Odysseus managed to rescue himself from the apathy and set sail. Ulysses tells how adverse north winds blew him and his men off course as they were rounding Cape Malea, the southernmostRead MoreRelationship Between Sexuality And Identity2496 Words   |  10 Pagesrelationship. Through the use of visual comic pictures and writing, the books central themes challenge cultural norms of sexual and gender identity. It questions how associated a daughters open lesbian identity is with her fathers closeted gay one. Bechdel s sexual discovery throughout the book, is always linked to her father Bruces sexual identity and it is possible to say that it had an effect on her own sexuality. She provides the reader with a sample of the identity struggle both her and her father sufferedRead MoreGreek Mythology8088 Words   |  33 Pages  Four  children  of  Zeus  and  one  child  of  Hera  joined  the  Olympian  gods  Zeus,  Hera,   Poseidon,  Hades,  Hestia,  Demeter,  and  Ares.  Zeus’s  Olympian  offspri ng  were  Apollo,  Artemis,  Hermes,   and  Athena.  Hera  gave  birth  to  Hephaestus.   A4   The  Offspring  of  Zeus Zeus s  Consorts  and  Offspring   Zeus,  the  ruler  of  the  Greek  gods,  had  many  relationships  with  Greek  goddesses  and  mortal  women  that  resulted   in  offspring.  Zeus  even  gave  birth  to  a  child  without  a  mother—Athena,  the  goddess  of  wisdom,  sprang  from  his   head

Henna and Old Lady - 1502 Words

Henna in Arab countries and India Henna is a type of temporary tattoo that dyes the skin for several weeks. Henna is made out of a plant that is dried, ground to a dust and then made in to a paste by adding essential oils. Henna got its start in the Arab culture and remains popular to this day and growing in popularity in other countries. The paste that is made is placed into a cone or bag that closely resembles that used by cake decorators. The paste is applied to the skin in intricate designs and as it dries and hardens it begins to fall off leaving behind an orange tint. Designs made from henna are completely free form and have no specific meaning and are meant for the sheer beauty of the art with no religious or cultural meaning. The†¦show more content†¦Henna will be a shade of red/brown. There are no other safe dyes and henna does not come in black or blue. Allergies Are Rare (Me): Should you test for an allergic reaction prior to applying henna dye to the skin? (Old lady): You can test for henna sensitivity although it is extremely rare. If you use 100% natural henna mixed with safe oils and lemon juice, there is little to no chance of an allergic reaction. If you suspect a henna allergy, please do not apply the henna and be sure to also test for citrus allergies. (me): Even though henna art is temporary, how long should the tattoo last? (Old lady): Henna typically lasts seven to ten days. However, it can last longer than that depending on several variables such as where the henna is placed on the body, how long the henna is on the skin, if the skin is clean, and if the essential oils and henna are good quality. (Me): Could you explain the difference between Indian style designs and Arabic style henna? (Old lady): Indian styles of henna are usually filled with lacy paisleys or flowers and everyday shapes from daily Indian life such as the mango and the peacock. Arabic style is usually a large floral that will have more open space, and the designs will not have a motif like faces or peacocks. Both styles of henna are amazingly beautiful. (me): Is it easy to apply henna yourself? Whats the process? ((Old lady): If you want to apply the henna yourself, you can purchase pasteShow MoreRelatedEssay A Desi Wedding1269 Words   |  6 Pagesof a drum. This day is celebrated separately in the groom and brides house where family, relatives and friends gather to spend a night full of dance such as bhangra a northern Pakistani dance where boys gather in circle to dance, sings songs from old days, films songs with instruments like dhol or drum, and they cook or cater food and sweets from outside some of the menu could be biryani (a must in wedding ceremonies), chicken curry also known as korma, pita bread and yogurt with seasoning (raita)Read MoreCurrent Learning Of Antiquated Middle East Dress953 Words   |  4 Pagescalled a kilt. 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As far as clothing from the time they were born, no matter what gender, were naked except forRead MoreA Confederacy of Dunces Essay2209 Words   |  9 Pagesersters, and this old man comes up to me and says, Wasnt you by the bowling alley the other night? So I says, Yeah, mister, I go there a lot. And he says, Well I was there with my daughter and her husband and I seen you with a lady got sorta red hair. I says, You mean the lady got the henna hair? Thats my friend Miss Reilly...Thats all, Irene. He just tips his hat and walks out the market (Toole: 104). The lonely old Mr. Robichaux is interested in some companionship in his old age, as is MrsRead MoreHistorical Development of Cosmetics Indusrty3992 Words   |  16 Pageswear makeup and the reasons why they wear it have changed dramatically over time. The Roman philosopher, Plautus, once wrote, â€Å"A women without paint is like food with out salt.† The attraction of a beautiful face did not appear yesterday; painted ladies and even gentlemen have been known through time in artwork and illustrations. The art of cosmetics has definitely changed over time and through different cultures including: Egyptians, Greeks, Romans, French, Italians, and Americans. The firstRead MoreMarriage through the Eyes of the Globe Essay1869 Words   |  8 Pagesengagement and seals the deal for a life full of sweetness. The following ceremony is called Mehendi, which occurs the day before the wedding during afternoon tea with ladies only. The intriguing patterns drawn on the hands and feet of the bride are made to symbolize the deep bond between the bride and groom. The mehendi is also known as henna in the Western society and this portion of the ceremony often may merge with the Sagri, or acquaintance party. During the Sagri the groom’s female relatives visitRead MoreBeauty Ideals Around the World3206 Words   |  13 Pagesall following the same standards or principles; we do not have the same ideals. We are different, so is beauty. In Asia for example the standards for beauty differ from country to country, from culture to culture. In the Far East, in Japan, a century old tradition offers an original beauty recipe treatment: nightingale droppings. These are transformed into a powder, mixed with soap and used as a face wash. The facial is supposed to make the face look young. The female members of the Kayan tribe (situatedRead MoreDifferent Marriage or Wedding Practices in Countries2911 Words   |  12 Pagesunevenly, but the tendency is toward fewer close-cousin marriages and for the couple to communicate with each other before the wedding. 3. The bride wears an elaborate veil and gets her hands and feet decorated with a drawing made with alhea (henna).  Ã‚   4. During the reception, men and women stay separated.  Ã‚   5. Men are allowed to have four wives at a time as long as they can treat them equally, but polygyny is uncommon in most of the population. Marriage is considered a necessary part ofRead MoreMarketing Strategy of Dabur Vatika Hair Oil and Dabur Chyawanprash15871 Words   |  64 Pagesand are today available in over 60 countries across the globe. Its brands are highly popular in the Middle East, SAARC countries, Africa, US, Europe and Russia. Daburs overseas revenue today accounts for over 30% of the total turnover. The 125-year-old company, promoted by the Burman family, had started operations in 1884 as an Ayurvedic medicines company. From its humble beginnings in the bylanes of Calcutta, Dabur India Ltd has come a long way today to become one of the biggest Indian-owned consumerRead MoreEverest Brand Strategy and Recomendation3251 Words   |  14 PagesKitchen King Masala 12. Jaljira Powder 13. 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