Human trafficking on women in hawaii or united states vs foreign Essay

Human dealing on ladies in hawaii or US versus outside nations like india or china - Essay Example As per Fagan Brian, Human dealing regularly includes the utilization of dangers, bogus guarantee, power and dishonesty. The casualties are normally explicitly misused; the sexual practices they participate in incorporate sex appears, sex entertainment, international wives, house of ill-repute prostitution, sex visits and sequential sponsorship. Dealing in ladies and young ladies has become a universal business in Hawaii just as different nations; particularly in U.S. it is viewed as a relocation issue, which prompts reactions that will request endeavors to wrongfully cross the fringe. Taran and Gloria contends that, Hawaii is an intelligent travel goal where dealing is high. Research by Fagan shows how Alec Sou, William Khoo and Mike Sou planned and contrived a plan with the goal that they can acquire the work of Thai nationals. They lure them to come into their homesteads in Hawaii, with bogus guarantees of steady employments. Besides, they make courses of action for high enlistment charge, which draw in numerous jobless ladies from nations like China. As per Taran and Gloria, Hawaii is the primary state to condemn the exercises identified with sex dealing in ladies. Another law was figured; a law that perceive the connection among dealing and the travel industry. The significant exercises that add to dealing in Hawaii incorporate prostitution and other related exercises (Fagan Brian. 2007). The province of Hawaii has built up an enactment that would battle against sex the travel industry and sex exchange general. As indicated by Taran and Gloria, the instance of human dealing is being arraigned by Human dealing indictment unit. The case is directed by the Hawaii branch of open wellbeing; this is the top need of equity office. Be that as it may, human dealing is the quickest creating industry in Hawaii and United States. Individuals dealing keep on ascending in number. Human dealing all through worldwide and nearby outskirts requires joint effort and collaboration between nations or states included. For example to ship dealt ladies from China to Hawaii, the two states need to work together and coordinate so as to perform human dealing effectively. The significant goal for the dealers (U.S. and every one of the 50 states including Hawaii), must concoct a local reaction to this disturbing emergency. Viciousness against ladies and young ladies is characterized as a national arrangement issue in Hawaii. In any case, here and there, it is viewed as an individual issue that isn't applicable to an open subject. At the end of the day, dealing of ladies and youngsters ought to be seen as a wide setting of work movement and transportation of people from emergency circumstances and strife territories as inside dislodged individuals and exiles (Taran Patrick and Gloria Moreno 2007). A successful examination should address the issues of ladies dealing so the government can have the option to concoct strategies, which can be actualized to control the emergency. Fagan claims that, ladies dealing ought to be perceived as a part of populace versatility and work relocation that ranges across occasional and transitory populace development; developments that are planned to be brief may here and there go to occasional or changeless. This is on the grounds that the casualties may choose to stay in the goal place as a changeless transient. Then again, China has had lamentable tales about migrants who relocate to Hawaii and different nations in U.S.

Suny Essay Topics For the Future

Suny Essay Topics For the FutureI had some thoughts on any essay topics this morning, so let's talk a little about what students can expect in the years 2020. The whole class is getting a little older, and we are discussing which kinds of topics will be successful in 2020. Let's take a look at my thoughts on the topic.Prior to all of this happening, I looked at the year ahead of me and said 'Well I guess I will have to do some preparations for the next decade.' That doesn't really work well when you look back ten years from now. If you look out ten years, it would seem that no one wants to go to college, or earn a degree to take care of your house. Things are changing, though. People are starting to take a closer look at what they can do for themselves and their families.We started class with the task of creating an agenda and writing an agenda for the year ahead. The topics are usually pretty bland and unoriginal. We usually learn some history and a little about philosophy or ethics , but those are pretty much the only topics that stick. When I was writing my papers, I was having a lot of trouble trying to find ideas that stuck and maybe turning off some of the readers because they were not as interesting as I would have liked.As the semester progressed, my students began to communicate with each other. They started to interact with each other on a different level, and they have to. We are all adults, and it is expected that we will all get into arguments about things. But I tried to minimize the amount of arguing that took place. We only have to agree on two or three points to come to an agreement on the topic.I noticed that the topic changed quite a bit in between the first week and the last week. I could tell the majority of my students wanted to talk about poverty and jobs, but we did spend a lot of time discussing specific problems in the US. There was a little bit of dissent there, but it was relatively limited. One of my favorite parts of writing my pape rs is getting to debate against my classmates.A lot of Suny students feel that the class projects have been eliminated, and that the professor spends a lot of time making up the project descriptions in advance. The professor likes to continue making up the project descriptions, so that means you are always trying to learn something new.The final exams also changed. Most of the student handouts had sections filled out for test question type, but there were a few that were unique. So, you were asked to fill out a couple of sections for the actual question type, but there were two more sections that were randomly filled out. This helped narrow down the problem sets that students had to answer.My goal is to make sure that students are working on essay topics that they love. I am going to have a lot of fun this semester, so you better believe that I will use all of the topics I write about for next semester.

Essay Topics That Will Be the Most Effective

Essay Topics That Will Be the Most EffectiveChoosing essay topics can be the most difficult part of writing your own college essays. Topics have the power to make or break a composition. The topic is the focal point for your essay.When it comes to the topic of your essay, you should carefully consider what type of subject you would like to write about. If you are unsure of your subject, you might want to seek out some advice from a professional writer. There are some advantages and disadvantages to both topic and writer for essay topics Charlotte Doyle.A topic that is known for the best essay topics is an urban topic. Urban topics tend to have a high volume of subjects. This means that there are a lot of words to choose from and the essay has to be fast paced.If you choose an essay topic based on an urban topic, it may not be a good idea to use several short sentences to describe the subject. Instead, you might want to find a more 'sticky' topic and use longer sentences in order to c reate interest. You may also want to see how long the essay is before you select it for a topic.Many different student populations will respond well to the topic of the essay. If you are a college student, there are many topics that you can choose from that will appeal to you. However, if you are a teacher, you may want to consider a subject that will attract the specific group of students you are teaching.Some topics, though not necessarily a topic that will interest everyone, can use general opinion as the basis for your essay. The general opinions you will need to supply will vary based on your type of subject. You may need to see which subjects have the most letters written in order to decide what topics to cover.Finally, when choosing essay topics, make sure you give a detailed description of your own personal experiences in order to make your essay unique. Choose topics that can easily be quoted as evidence. Give details about your life and let your readers know why you feel t hey should care about your topic.These are just a few tips to help you when choosing the best essay topics for Charlotte Doyle. Remember that the most important thing is to be creative. It is crucial that you come up with unique topics that you can use in class as examples of your skills.

Personal Statement For Nursing Leadership - 962 Words

Advocate and Nursing Leadership Throughout our nursing careers we have come into a situation where we needed to advocate for our patient or co-worker. It takes leadership skills, respect, and accountability to advocate in our workplace. Moreover, in order to create change one must first evaluate the issue then set goals to implement the plan. The purpose of this paper is to discuss my weaknesses and strengths to nursing, use of current leadership skills to advocate change in the workplace, and reflection on personal goal for leadership growth and development of implementation plan to reach goal. Weaknesses and Strengths to Nursing Within my nursing practice I have my own weaknesses and strengths to personal and professional accountability, career planning, personal journey disciplines, and reflective practice reference behaviors. For instance, with my personal and professional accountability I have held myself accountable for anything I did not properly accomplish or did wrong. With every decision I have made in my personal life I knew if the wrong decision was made, I would have to face the consequence for it. Being that as it may I have tried my best in life to do what is right and hold myself accountable to my own actions. Moreover, through the commitment of my daily tasks I was able to demonstrate accountability. Although this may be true my weakness have been being a thorough and detailed individual with my given tasks at work. In the matter of my professionalShow MoreRelatedPersonal Statement : Nursing Leadership1887 Words   |  8 PagesLeadership occurs when an individual is able to affect the behaviour or actions of others without having to make threats or use violence to implement changes (Ellis Abbott, 2013). Nursing leadership involves all roles and aspects of nursing practice. It revolves around the ability to use critical thinking related to patient care, act upon those decisions and advocate for change whenever necessary. Nursing leadership has an important role in the lives of nurses’, influences the entire health careRead MoreMy Personal Philosophy Of Innovation1290 Words   |  6 PagesNursing Innovation and Leadership: A Personal Philosophy To embrace the person that you are, in a time and place where everyone seems to be telling you that you should be everything but the person that you are, is a daunting but worthwhile challenge. I believe that it is in the acceptance of our true selves, imperfections and all, that we gain the ability to view others through a lens colored with compassion and acceptance. It is then that we can become a leader who is self-aware and emotionallyRead MoreLeadership Style And Personal Strengths Essay1410 Words   |  6 PagesUsing Leadership Style and Personal Strengths to Succeed in a Doctoral Program Leadership is an important outcome of the doctor of nursing practice (DNP) program (Zaccagnini White, 2014). Measurement tools are available that identify leadership style (Clark, 2010) and personal talents, called Signature Themes (Gallup, Inc., 2010). When leadership style and personal strengths are identified, they can be maximized to achieve success (Clark, 2010; Gallup, Inc., 2010). This paper provides both aRead MoreThe Philosophy Of Azure College A Nursing Institution1159 Words   |  5 PagesPractice Model Nursing career is one of the most respectful professions not only in the United States but also around the world. The remarkable aspect that makes nursing in such position is the evolution of the nursing theorists, the nursing theories, and the nursing philosophy. Among of these three, the nursing philosophy is the one that really identifies the nursing mission, and the fundamental evidence-based practice of nursing. In this case, many health organizations include nursing schools designRead MoreThe Purpose Of This Paper Is To State My Personal Mission1138 Words   |  5 PagesThe purpose of this paper is to state my personal mission and how it relates to my nursing care as an RN. I have learnt from my sixteen years of experience as an RN, the importance of educating the patients and taking some time to interact with them and their family members. It helps in creating a trustworthy relationship with the patients and their family members. I will explain my interpretation of the Vangua rd University’s mission statement and how it may incorporate into my professional practiceRead MoreLeadership From A Nurses Perspective1548 Words   |  7 PagesLeadership in Clinical Nursing When one thinks of leaders, they think of those who hold a high profile position or someone who is highly visible in the public eye. A leader, regardless of prestige is someone who can easily influence and inspire the actions and goals of others. The definition of a leader in Nursing Leadership and Management in Nursing states, â€Å"leadership is commonly defined as a process of influence in which the leader influences others towards goal achievement (Kelly, 2012 p.2)Read MoreStatement Of Philosophy. Record Your Statements Of Philosophy1057 Words   |  5 Pages Statement of Philosophy Record your statements of philosophy of Nursing and of personal philosophy. Explain how these are reflected the values, vision, and personal interests that you recorded in your â€Å"My Vision and Interests† tool. My personal philosophy of nursing is to assist all my patients and their families during this crisis of illness and improve to their outcomes, using only the best nursing practices. Although their hospital stay may be unpreventable I can better facilitate their journeyRead MoreMy Personal Philosophy Of Nursing1353 Words   |  6 Pages Personal Philosophy of Nursing April B. Lalumiere GNUR501: Evidence Based Communication Cheryl Slusher Indiana Wesleyan University February 4, 2015 I have read and understand the plagiarism policy as outlined in the syllabus and the sections in the Catalog relating to the IWU Honesty/Cheating Policy. By affixing this statement to the title page of my paper, I certify that I have not cheated or plagiarized in the process of completing this assignment. If it is found that cheating and/orRead MoreEducational Preparation931 Words   |  4 PagesAssociate- degree level versus Baccalaureate-degree level Nursing is a profession which requires a lots of knowledge to treat patients in an efficient and creative method. Studies and personal skills have shown that nurses with baccalaureate level has smaller amount of errors, enhanced organization, critical thinking, increase in clinical skill and lower death rates than with nurses who have an associate degree level. Nursing practice mainly concentrates on the health promotion, diseaseRead MoreImportance of Leadership Vision1118 Words   |  5 PagesLeadership vision [Name of the student] [Name of the institution] Executive Summary This assignment will focus on the leadership vision that how a leader should articulate his vision by adopting different ways. This assignment will provide you the importance of vision. It will also put the light on the roles of the nurses within the society. Table of Contents Executive Summary ii Leadership vision 1 Leader should articulate a vision 2 Importance of leadership vision in nursing 2

Cain Cain s Life Essay - 1252 Words

Cain Cain grew up as the very first child in the world. He was the son of Adam and Eve, the handcrafted creations of God at the beginning of time. Cain grew up with a younger brother named Abel. He worked as a gardener while Abel was a herdsman. The turning point in Cain’s life was during harvest time when he brought a sacrifice of vegetables to God while his brother brought the best lamb he had. God accepted Abel’s offering but rejected Cain’s. This threw Cain into an uncontrollable rage in which he planned the murder of his brother. Even though God warned Cain to subdue his evil intentions, Cain murdered his brother. This caused God to curse Cain as an endless wonderer. Cain’s sin was infected into all his descendants to the point of God whipping the slate clean in a flood only to save Cain’s brother’s second brother Seth’s descendant – Noah and his family. Isaac Isaac was the long anticipated son of Abraham and Sarah. He was the son of the promise in which God gave to Abraham. However, Isaac was born into a hostile environment because of is half brother Ishmael. There was great favoritism played between the boys in the family which eventually Isaac won and Ishmael moved out. Tragically, Isaac’s life just about came to an end when his father obeyed the instructions of the Lord and headed to Mount Moriah to sacrifice him as a burnt offering. Isaac was not fully aware of the situation and asked where the sacrifice was, which became obvious when Abraham tied him up andShow MoreRelatedReligion By John Steinbeck s East Of Eden1379 Words   |  6 Pagessimilarities between the Cain and Abel story, the Hebrew word timshel, and the presence of God and Fate in the novel. Throughout the book, the characters struggle with the ideas of good and evil, and choice and freewill. As the story unfolds and progresses, we see the characters deal wi th these things with religion being the base and the root that the book lays upon. The biblical story of Cain and Abel plays a central role in the novel East of Eden. In Genesis, Adam and Eve s sons, Cain and Abel, offeredRead MoreEssay on Brothers of the Bible1624 Words   |  7 PagesBrothers of the Bible The Old Testament sibling rivalries between Cain and Abel, Esau and Jacob, and Joseph and his brothers were similar in some ways and different in others, but they all hold lessons for us today, for brothers today still face many of the same problems in life that challenged brothers thousands of years ago. Cain and Abel were in a situation much more unique than Esau and Jacob, and Joseph and his brothers faced, for the society they lived in was extremely small, and theyRead MoreEternal Reward And Consequences Beyond Residency Essay1498 Words   |  6 PagesRomans 14:10-12. These passages include a reckoning of more than just financial issues. The above truth is a sobering fact of Scripture. If Millennials were to internalize these values, it would create a sense of careful calculations in all matters of life. After determining that God owns all things and that Christians are accountable to God, it is important to clarify how the word steward is used in the Bible. In biblical times a steward was a trusted person given responsibility for someone else’sRead MoreProtists : The First Eukaryotic Organisms989 Words   |  4 Pagesfungi, nor are they bacteria or archaeans (Cain, 2012, p. 55). Biologists today, still agree that protista is an artificial kingdom, composed of groups with very different evolutionary histories. Several classifications have been developed, split, and assigned to different members, such as, Plantae, Fungi, and Animalia. Protista is a category of eukaryotic organisms that have not been formally assigned to other kingdoms or to separate kingdoms of their own (Cain, 2012, p. 55). It is not clear howRead MoreCharacter Analysis Of Max Demian1479 Words   |  6 Pageswith the promptings from his true self. Max Demian is Emil Sinclair s guide and mentor through his path to individuality, teaching him to think differently and to discover himself and his deepest desires. Demian plays a unique role in Sinclair’s life, though he remains as a static character who does not mature with the protagonist throughout the novel. Demian helps Sinclair realize the importance of accepting duality in his life. Sinclair is also taught about the value of maintaining a questioningRead MoreSibling Rivalry And The Relationship Of Brothers939 Words   |  4 Pagesparallels between the relationship of brothers, resulting for the seek of revenge and restored order to compare. Green with envy, Scar and Claudius result to murder to achieve victory in gaining power over the thrown. The comparison between Claudius and Cain are evident to portray revenge upon their brothers and later to be exiled With both king deaths, Mufasa and King Hamlet bring meaning and actions to lend hand in the motive to their sons to restore what is right. Green with envy, Scar and ClaudiusRead MoreSonny s Blues : A Story Based On A Boy1279 Words   |  6 Pagessent to prison, and he and his brother didn’t have much of a relationship. On the other hand, Sonny’s older brother had his life together. He was well educated as he was a mathematics teacher with a family that he had to support. The short story has a lot of connections and relations to some of the biblical stories. One being the prodigal’s son, and the other story being Cain and Abel. Sonny’s Blues was also based on the sufferings of the African American Community, as Sonny and his brother livedRead MoreThe Death Penalty Should Be Abolished Essay1630 Words   |  7 Pagesfalsely executed years after their death. There are situations that we, the people, will never be able to take back and that s an innocent life. More, it s biblically proven that even God forgives and humanely punishes his people and servants. Men in the bible are examples that de monstrate that everyone is human and everyone sins, even the godliest men like Moses and Cain that have committed murder. Even though God knows what they have done, he doesn t punish them with death but in moral ways.Read More Themes in the Novel and Movie Adaptation of James Cain’s Mildred Pierce1573 Words   |  7 Pagesmaking, â€Å"Hollywood-ization† generally refers to the re-creation of a classic work in a form more vulgar and sexually explicit than the original in an effort to boost movie attendance. After all, sex and violence sell. However, from the mid-1930’s to the 1950’s, â€Å"Hollywood-ization† referred to the opposite case where controversial books had to be purified to abide by the Production Code of 1934.[1] This occurred to many of James Cain’s novels as they moved from text to the genre of â€Å"film noir.† AsRead More Analysis Of Grendel And Beowulf Essay1228 Words   |  5 Pages Point of View in Grendel and Beowulfnbsp;nbsp;nbsp;nbsp;nbsp; nbsp;nbsp;nbsp;nbsp;nbsp;Contrasting points of view in Grendel and Beowulf significantly alter the readeramp;#8217;s perception of religion, good and evil, and the character Grendel. John Gardneramp;#8217;s book, Grendel, is written in first person. The book translated by Burton Raffel, Beowulf, is written in third person. nbsp;nbsp;nbsp;nbsp;nbsp;Good and evil is one of the main conflicts in the poem Beowulf. How is

The Worst Hard Time Free Essays

In this work of non-fiction Timothy Egan expresses his wish for sounder government policy to avoid natural disasters. Egan’s The Worst Hard Time is a harrowing tale about farmers who decided to stay on the plains stretching across Texas’ panhandle, Oklahoma, New Mexico, and Colorado during the major drought in the 1930’s. The disaster, known as the Dust Bowl, is largely regarded as a human caused problem. We will write a custom essay sample on The Worst Hard Time or any similar topic only for you Order Now Egan, who is a national correspondent on environmental issues for the New York Times, expertly incorporates historical facts from the time with real accounts from those who stayed. Although Egan sees farming as the direct cause of the drought, winds, and dust, he portrays his characters as hardy entrepreneurs who were duped onto unsustainable farm-land. These individuals, who were known as â€Å"Sod-busters†, started moving into the area during the 1800s when federal government was selling land for next to nothing. They quickly tore up huge regions of recently settled grass-land to plant wheat. This quick change in topography caused high winds to blow off top soil that had been accumulating over millennia. High temperatures and dust storms ravaged the area killing animals and humans in its wake for most of the ‘30s. On April 14, 1935 the region saw its worst dust storm which rained more than 300,000 tons of dirt and dust. This day became known as Black Sunday because those who witnessed it said it blotted out the sun. The dry grass became fuel for praire fires that were sparked by lightning. Swarms of grasshoppers and rabbits plagued the region. In one story Egan describes a story in which the bunnies are brutally beaten while they’re assailants are still dressed in the Sunday best. The worst effect was the endless wind and dust. One young mother, Hazel Shaw, lost her baby daughter and grandmother within hours of each other to dust pneumonia. Using personal stories such as this, Egan tries to point out that this disaster could have been prevented with more cautious government policy. Egan portrays his characters as innocent victims of railroad companies and the government. However, as the situation got worse no one told them that their promises where founded on speculation. Egan describes how Germans, who had been lured to Russia by Catherine the Great to serve as a human buffer from the Turks, headed for the American plains when her promise of free land and no taxes was found to be false. One such man was George Ehrilich. He didn’t â€Å"flee the czar’s army, survive a hurricane at sea and live through homegrown hatred caused by the Great War just to abandon 160 acres of Oklahoma that belonged to him and his 10 American-born children†. In stories like this Egan portrays his characters as resilient and even stubborn. To survive they did what they had to do but did not give up on their dreams. Egan follows the stories of families that move into new lands in the region that rarely turned out worthwhile. In one story a family moves to an inhospitable area after grueling journey. Upon arrival their horses fell over dead and their owners were forced to drink the blood from a sows ear to stay alive. Egan expertly incorporates facts and vivid stories to gain sympathy for hard working Americans and reveal the root cause of the Dust Bowl. Hopefully Egan can reach enough people that control government policy to prevent another catastrophe like the Dust Bowl. How to cite The Worst Hard Time, Papers The worst hard time Free Essays What lessons, If any, have we learned from the dust bowl catastrophe-?about how human actions, well-intentioned or not, can lead to environmental damage? Is there anything comparable on the horizon today? 225). What lessons, If any, have we learned from the dust bowl catastrophe-?about how human actions, well-intentioned or not, can lead to environmental damage? Is there anything comparable on the horizon today? Drawing on more contemporary examples of environmental disasters or concerns, write a paper that explores how this debate continues to be timely or hat takes a stand on this debate. . We will write a custom essay sample on The worst hard time or any similar topic only for you Order Now According to the Houston Chronicle, â€Å"The Worst Hard Time documents how government and business with the best of Intentions can facilitate the destruction of an entire region. † Explain how this Is true with regard to the Dust Bowl, and then extend your analysis to include the relevance of this statement to more recent events. What parallels to current events do you see? What are the implications for our society today? 3. Watch the 2012 documentary film by Ken Burns called â€Å"The Dust Bowl† (PBS. Erg/sunburns/dustbins), and then write a imperative analysis of the documentary film and Jean’s book. Note any conflicting accounts of the dust bowl or the presentation of events or any additions of details In one account that aren’t present in the other, and then reflect on the significance of these differences. Do the accounts share the same purpose and audience? How do the messages vary? Analyze how the different medium and genre-?a historical book vs.. A documentary film-?employ similar or differing strategies to appeal to the audience and carry out their message. 4. As noted at the end of the book, in the section on â€Å"Notes and Sources,† Egan conducted the research for the book using multiple methods and by compiling various types of data. Besides consulting public documents (like U. S. Census reports), local public library collections, local newspapers, and other historical societies and historical sources, Egan also did primary research by visiting the High Plains and interviewing people who lived through the Dust Bowl. What is the effect of weaving personal stories and stories of individuals and families Into his historical account? What is the effect on you, as a deader, and your understanding of this historical event? Carry out your own project In which you 1) consult a secondary source on a local historical event (environmental, political, or cultural) and then 2) interview an older relative or acquaintance or community member who has a recollection of the event. Write a report on the event, followed by a reflection on how your understanding of the event and presentation of the report were affected by these deferent types of evidence. 5. Conduct further research on the political and social events coinciding with Jean’s Dust Bowl portrayal Ђ?such as the Stock Market Crash of 1 929, the Homestead Act, the Hoover administration policies, the election of FED, the New Deal programs implemented by FED, etc. Then write an analysis of how an understanding of the larger cultural, historical, and economic context can deepen our understanding of the Dust Bowl. As an alternative, you might research and write a project that examines the local context in Kansas, drawing on Kansas History resources (see the links at assassinations. Us/ dustbins. HTML). Or, explore, In particular, the political effects of the Dust Bowl. How multimedia project-?a website or video-?that integrates print, audio, video, and images to capture the multi-layered experiences of various families and regions portrayed in Jean’s book, along with the multi-sensory experiences of the Dust Bowl. You might create a timeline or use maps, oral histories, photos, etc. To help convey the experience via a multimedia format. Or you might focus on a key event or issue, such as Black Sunday, dust pneumonia, static electricity, soil 8 | Face u I t y G u I d e erosion and conservation, etc. ND organize your multimedia presentation around en of these topics in order to deepen and enrich understanding of these issues. 7. Write a response to the question: â€Å"How is this book relevant to 21st century readers? † You might consider the most serious ecological or environmental issues that we currently face, and the responses and actions of individuals, communities , activists, and governments. Or, as a group collaborative project, define an ecological or environmental problem, and outline a proposal or solution that might address the problem. Present this as a multi-part paper or website. . During the Dust bowl, a umber of people left their homes-?a migration about which Steinbeck Grapes of Wrath is written. But most residents chose to stay. Write a response in which you evaluate why the residents stayed. Would it have been better to have left? Which choice would you have made? Use illustrations and examples from the book to support your analysis. 9. Create a class environmental blob in which you include discussion threads of historical accounts of environmental disasters-?such as the Dust Bowl-?along with accounts of current environmental events or concerns. With he purpose of creating collective action, include concrete steps that individuals and communities might take to address environmental concerns, and include links to relevant national and local organizations and community groups. 10. Imagine that the sequences of diary entries from Don Harebell in Nebraska (pages 244-48; 274-78; 294-302) were presented in the current day as a wobble or blob. Harebell, like many floggers, has chosen to leave the entries open to comments from readers. Write a comment in response to one of the sequences of diary entries. Harebell’s last entry name in the form of a poem (page 302). Analyze the significance of that poem, or write a response to that in the form off blob entry. 11. Jean’s historical account incorporates multiple disciplinary perspectives ranging across the sciences, the social sciences, and the humanities. While the environmental perspective is crucial to Jean’s account of the Dust Bowl, he is also interested in effects on human psychology, family behavior, marriage, labor conditions, agriculture, the food industry, the liquor laws and trade, political systems, religious systems, economic systems, music, the arts, etc. Drawing on your own academic (or personal) interests or the subject area or field in which you are planning to major, look for appearances of this interest/area of interest in the book. What role does your disciplinary interest (or related interest) play in Jean’s historical account? Or, if you don’t see your area of interest or study represented in Cantor’s account, explain what role it might have played had it been factored in. Links to further questions for discussion or short writing prompts. How to cite The worst hard time, Papers

The Basics of the Electron Transport Chain Essays (911 words)

The Basics of the Electron Transport Chain Article Summary:The electron transport chain is the most complex and productive pathway of cellular respiration. Here's a straightforward, simplified explanation of how the ETC works. All living things run on energy. If the organism is a plant or autotrophic microbe, the energy comes from sunlight. For all other forms of life, energy is extracted from nutrients through the reactions of metabolism--cellular respiration. Cellular Respiration the Electron Transport Chain Regardless of whether the original form of energy is sunlight or food, it must ultimately be converted to the cellular energy currency of adenosine triphosphate (ATP). or most organisms, this conversion is accomplished though cellular respiration, a series of biochemical pathways in which glucose (asugar) is broken down and the energy extracted is converted to ATP. The pathways of cellular respiration include: 1. glycolysis, 2. conversion of acetyl-CoA, 3. Kreb's cycle 4. electron transport. Electron transport is the most complex and productive pathway of cellular respiration. Duringaerobic respiration, the ETC produces 34 of the 38 ATP molecules obtained from every molecule of glucose. or most organisms, this conversion is accomplished though cellular respiration, a series of biochemical pathways in which glucose (asugar) is broken down and the energy extracted is converted to ATP. Where the Electron Transport Chain Is Located Electron transport requires a membrane in order to work. Inprokaryotic cells, those of bacteria and bacteria-like Archaeans, electron transport takes place in the cell's plasma membrane, in folded areas called mesosomes. For most organisms, this conversion is accomplished though cellular respiration, a series of biochemical pathways in which glucose (asugar) is broken down and the energy extracted is converted to ATP. The pathways of cellular respiration include: 1. glycolysis 2. conversion of acetyl-CoA 3. Kreb's cycle 4. electron transport. Electron transport is the most complex and productive pathway of cellular respiration. Duringaerobic respiration, the ETC produces 34 of the 38 ATP molecules obtained from every molecule of glucose. Whichever type of membrane houses the cell's electron transport chains (plasma membrane, inner membrane of mitochondria or the tylakoid membrane of chloroplasts)cells have many ETCs running continuously, to produce the ATP energy required for cells to survive and thrive. How the ETC Works Most of theATPmade incellular respiration comes from the stepwise release of energy, of a series of oxidation-reduction reactions between molecules embedded in the plasma membrane(prokaryotes)or mitochondria(eukaryotes). It is easiest to understand how electron transport works by dividing this process into three main events: 1.Oxidation Reduction Reactions During glycolysis, synthesis of acetyl-CoA and Kreb's cycle, the electron carriers NAD+ and FADH are reduced to form NADH and FADH2 respectively. These molecules are like little rechargeable batteries, and when NAD+ and FADH are reduced, this means that they accept and carry electrons and hydrogen ions (H+), potential energy that can be used later in cellular respiration. In the electron transport chain, these electron carriers are oxidized, transferring their electrons to the carrier molecules embedded in the ETC membrane. In aerobic respiration, these electrons are passed from one carrier molecule to another in a series of oxidation-reduction reactions, and ultimately to the final electron acceptor, oxygen (O2), that combines with hydrogen, resulting a water (H2O), a metabolic waste product. 2.Creation of Hydrogen Ion Gradient The energy from each electron being passed down the chain is used to pump a proton (H+) through each carrier molecule, from one side of the membrane to the other. This creates a proton gradient, a type ofconcentration gradient(difference in concentration of a substance between two sides of a membrane), and gradients are potential energy available for cellular work. 3.Phosphorylation of ADP(The payoff!) The hydrogen ions (H+), on the side of the membrane where most concentrated, will eventually flow back across the membrane, down the proton gradient, through anenzymecalledATP synthase. As each H+ moves back across the membrane, the enzyme ATP synthase phosphorylates (adds a phosphate to) adenosine diphosphate (ADP) to make the high energymolecule ATP, which can be used for many different energy-requiring reactions throughout the cell. Taken from : http ://www.scienceprofonline.com/metabolism/electron-transport-chain-cellular-respiration-3.html 10 QUESTIONS How does the ETC works? If the organism is a plant or autotrophic microbe, the energy comes from sunlight. For all other forms of life, energy is extracted from nutrients through the reactions of metabolism--cellular respiration. Which are the pathways of cellular respiration? glycolysis conversion of acetyl-CoA Kreb's cycle electron transport. During aerobic respiration ,how many

buy custom Winnebago Industries essay

buy custom Winnebago Industries essay Winnebago Industries is a prominent manufacturer of motor homes in the U.S (Winnebago Industries, Inc. 2011). The company has a good history of manufacturing entertainment vehicles for over 50 years now. This company produces facilities in the State of Lowa and they distribute their products through independent dealers throughout the U.S and Canada who tell the products to the final consumers. Winnebago industries lead the industry with the greatest retail market in the U.S. In addition, the company has reintroduced the ERA in the 2012 model which will help to improve its market share (Winnebago Industries, Inc. 2011). Winnebago has demonstrated its ability to maintain its liquidity through its improved profitability. However, in 2010, the company was negatively impacted by the increased compensation and benefit expense. Its employees have not had salary increase since 2008 and in 2009; salaries were reduced across the board in order to reduce the companys cost. Equity grants have al so been awarded to the top management and this has resulted to incremental stock based compensation. Restricted stock awards were given to maintain and motivate key managers to continue improving long-term stock market performance in order to increase shareholder value (Winnebago Industries, Inc. 2011). Net values for Winnebago industries have increased due to towables and motor home delivery. In 2011, the gross profit was 6.4% of the net revenues (Winnebago Industries, Inc. 2011). There is also increased cost of expenses as well as administrative expense due to increase in legal expense. On the financial condition of the industry, cash equivalent of the company have increased from 65.2 to 74.4 Dollars in 2011. The company has a loan agreement that provides it with 20 million dollar credit facility. In addition, the company has signed registration statement which allows it to sell up to 35 million dollars of its common stock. The companys current working capital is 109.4 million dollars which is increase from the 91.3 in 2010 (Winnebago Industries, Inc. 2011). The cash that is spent in operating activities is lower than the cash generated from operating activities and this signifies good financial status. In Winnebago, financial statements are prepared in accordance with GAAP. This requires the company to make assumptions concerning future events that affect the amounts of revenue, liabilities and expenses (Winnebago Industries, Inc. 2011). Such assumptions are based on the time when the financial statements are prepared. The company recognizes revenues from recreation vehicles when they get orders for the products and they deliver the product to the dealer who placed the order. In addition, the company accrues for sales promotions and incentive expenses. Moreover, Winnebago industries repurchase goods defaulted by dealers if the goods have not been sold to retail customers. Winnebago Industries is involved in legal proceedings which are ordinary routine litigations which are essential to the business. The company may have a risk if it will not be able to integrate the operation of SunnyBrook Company to its operations after purchasing the company (Winnebago Industries, Inc. 2011). Some of the possible risks include the diversion of management to the integration operations, difficulties in assimilating and retaining employees as well as difficulties in the integration of departments, systems and accounting systems. Unregistered sales of equity securities are repurchased by the outstanding shares of the common stock but this only depends on the market conditions. In this connection, the Winnebago Industries shows improved financial performance as shown in its financial statements. Each class of financial instrument in Winnebago industries is based on the short-term and long-term investments and assets and liabilities measured on fair value (Winnebago Indus tries, Inc. 2011). Winnebago industries thus have good financial statements that fully present their financial status. Buy custom Winnebago Industries essay

Funny Quotes About Life

Funny Quotes About Life People have been pondering, debating, and writing about life for millennia. Sometimes, no matter the circumstances, humor can help with healing or understanding- and sometimes you just have to laugh. Its all about perspective. Alan Bennett Life is rather like a tin of sardines- were all of us looking for the key. Carl Sandburg Life is like an onion: You peel it off one layer at a time, and sometimes you weep. Charles Schulz My life has no purpose, no direction, no aim, no meaning, and yet Im happy. I cant figure it out. What am I doing right? Charlotte Bronte Life is so constructed that an event does not, cannot, will not, match the expectation. Elbert Hubbard Do not take life too seriously. You will never get out of it alive. Douglas Adams Life...is like a grapefruit. Its orange and squishy and has a few pips in it, and some folks have half a one for breakfast. Friedrich Nietzsche He who has a why to live can bear almost any how. Alice Roosevelt Longworth I have a simple philosophy: Fill whats empty. Empty whats full. Scratch where it itches. George Bernard Shaw Life does not cease to be funny when people die any more than it ceases to be serious when people laugh. Anatole French The average man does not know what to do with his life yet wants another one which will last forever. J.P. Getty â€Å"My formula for success is rise early, work late and strike oil.† T.S. Eliot â€Å"The journey, not the arrival, matters.† Ralph Waldo Emerson â€Å"Do not follow where the path may lead, go instead where there is no path and leave a trail.† Winston Churchill If you are going through hell, keep going. Douglas Adams â€Å"There is a theory which states that if ever anyone discovers exactly what the Universe is for and why it is here, it will instantly disappear and be replaced by something even more bizarre and inexplicable. There is another theory which states that this has already happened.† Mark Twain Age is an issue of mind over matter. If you dont mind, it doesnt matter. Ray Kroc Luck is a dividend of sweat. The more you sweat, the luckier you get. Mahatma Gandhi   There is more to life than increasing its speed.   Maya Angelou   Ive learned that you can tell a lot about a person by the way (s)he handles these three things: a rainy day, lost luggage, and tangled Christmas tree lights.   Abraham Lincoln   Everyone desires to live long, but no one would be old. Mother Teresa   I know God will not give me anything I cant handle. I just wish He didnt trust me so much. Robert Louis Stevenson Dont judge each day by the harvest you reap, but by the seed that you plant. W. Somerset Maugham Its a funny thing about life; if you refuse to accept anything but the best, you very often get it.  Ã‚   Mark Twain â€Å"All you need in this life is  ignorance and confidence, and then  success is sure.† Voltaire â€Å"Life is a shipwreck but we must not forget tossing in the lifeboats.† Sydney Harris â€Å"When I hear somebody sigh,  Life is hard, I am always tempted to ask, ‘Compared to what?† Terry Pratchett â€Å"Wisdom comes from experience. Experience is often a result of lack of wisdom.† Jim Harrison â€Å"The simple act of opening a bottle of wine has brought more happiness to the human race than all the collective governments in the history of earth.† W.H. Auden â€Å"We are all here on earth to help others; what on earth the others are here for I don’t know.† Abraham Lincoln â€Å"The best thing about the future is that it comes one day at a time.† Bernard Baruch â€Å"Be who you are and say what you feel, because those who mind don’t matter and those who matter don’t mind.† Dalai Lama â€Å"If you think you are too small to make a difference, try sleeping with a mosquito.† Dorothy Parker â€Å"The cure for boredom is curiosity. There is no cure for curiosity.† Douglas Adams â€Å"Human beings, who are almost unique in having the ability to learn from the experience of others, are also remarkable for their apparent disinclination to do so.† George W. Bush â€Å"To those of you who received honors, awards, and distinctions, I say, Well done. And to the C students, I say you, too, can be president of the United States.†

Humanities Ethics Coursework Example | Topics and Well Written Essays - 1250 words - 3

Humanities Ethics - Coursework Example He notes than humans use this criterion as a moral importance that they believe succeeds in excluding all animals and including all humans. He points variations that exist among humans themselves that sometimes could undermine the essence of equality among human beings themselves. For instance, he argues that there exist essential differences among humans such as different sizes and shapes, different intellectual abilities, differing moral capacities, differences in ability to communicate effectively, different capacities to experience pain and pleasure, differences in the amount of benevolent feeling and sensitivity towards others. According to singer, humans equally have differences as mentioned hence it could be incredibly erroneous to assert that there should be equality among humans when the differences are profound. In other words, Singer posits that humans then, have only a common ground in which they share a fundamental characteristic. That is, all human beings belong to the species of Homo sapiens. So the existence in the human species confers the moral responsibility of humans to control the lives of other non-human beings. He considers this understanding arbitrary and that human beings should not take advantage on the difference that exist among groups to see themselves as morally important. According to him, â€Å"speciesism† exists and human beings have hijacked the differences in species to confer among themselves moral importance vis-a-vis that of animals (White, 328). Scruton would almost go contrary to the assertions of Singer. But certain distinction need to be made in Singer’s argument, he defends animals and demand that there should be equality. This simply does not mean that animal right should be exactly comparable to that of humans, or to any extent supersedes that of human. Scruton believes that it may be essential to defend the life and rights of animals but, he makes an emphasis that doing so at the expense of human life makes no sense. He believes that human beings have interests while non-humans do not have interests. They may feel the same pain and pleasure but that ends just there, while humans tend to look at the outcome or how certain actions would impact on them. He then believes that it is not appropriate my any mean feat to terrorize the lives of humans for the sake of protecting the interests of animals. On his radar is the Animal Liberation Front in Britain, which he sites as the most dangerous terrorist groups. He also criticizes the Parliament for acting as if they are the representatives of animals. 2. Human â€Å"animal use† runs the gamut from use for food, research, recreation (fighting/hunting), to protection. How would you differentiate between killing bacteria (antibiotics), cockroaches (bug spray), or a rogue tiger, where they pose a real danger to humans? What about using animals in medical research that may save human lives, although the animals may suffer, or die? Shou ld all living things be grouped together under the same rules? Explain. There are very serious moral issues that Scruton cites with relation to animal rights. For instance, he uses the example of fur trade that has seen serious resistance from animal activists. He also cites the situation the Oxford Professor,

Hidden Time Capsule from both the Renaissance and the Age of Baroque Essay

Hidden Time Capsule from both the Renaissance and the Age of Baroque - Essay Example This period began in Italy, Rome, at around the year 1600 and rapidly spread to other European regions (Fitzpatrick, 2008). Its popularity and success were however encouraged by the Roman Catholic Church which insisted that the arts produced at the time were to communicate various religious subjects through emotional or direct involvements. This was in response to the protestant reformation that was taking place at the time. The baroque architectural styles were perceived as means through which visitors would be entertained and triumphant control or power would be expressed (Buelow, 2004). On the other hand, the renaissance period began back in the 14th century and lasted through to the 17th century and was also started in Italy while spreading to other European regions in the course of time (Hinds, 2009). The period mainly encompassed the creative flowering of the vernacular and Latino literatures, the establishment of linear perspectives along with various rendering styles for brin ging out the natural realities of painting (Mason, 2005). In writing this paper, I am imagining that I am a cultural anthropologist searching a hidden capsule from both periods with two items each from these periods’ art, music, architecture, philosophy and literature locked inside them. The paper therefore describes the each of the items that have been found in the capsules from these periods. Inside the first capsule, I found the first art from the Renaissance period which came from Giotto di Bondone who lived between the years 1267-1337 and treated paintings as windows in space. He made his break by using the Byzantine styles and made his first masterwork found were the decorations of Padua’s Scrovegni Chapel which were completed around the year 1305 (Hinds, 2009). I also found the sculptures of Pieta and David that were made by Michelangelo even before he turned thirty years were classical and herculean in structure in this capsule. Michelangelo was the most famous painter, sculptor and artist of the renaissance period (Mason, 2005). Inside the second capsule that came from the baroque period, Aleijadinho of Brazil creations of the statute called Santuario de bom jesus de matosinhos that is located in Congonhas was found. Most of his finest works were several soapstone structures of Old Testament prophets that were created on the terraces of the Brazilian temple (Fitzpatrick, 2008). The fountains of Bernini that were created between the years 1598 to 1680 also have high traits of the Baroque period were also found in the second capsule. Bernini was renowned for making sculptures that could combine the spiritual with the physical and created several busts for the powerful people who lived during his time (Buelow, 2004). In the first capsule, I found music from the renaissance period that had been produced by composers like Guillaume Dufay and Giovanni da Palestrina which included masses and motets (Mason, 2005). Masses were sacred compositions that mainly set the Eucharistic liturgies into music. On the other hand, motets were highly varied musical compositions that were choral (Hinds, 2009). In the second capsule, I found musical types like the concerto and the sinfonia which came into being during the baroque period. The sinfonia was an Italian form of symphony and comprised of an orchestral piece whereas the concertos were composed of three elements which were the solo instruments, movements and an orchestra that accompanied the two (Fitzpatrick, 2008). The cathedral of Morelia Michoacan that are situated in Mexico and the Basilica di San Sebastiano gardens in Sicily are the best examples of baroque period architecture that were found in this capsule. These two

The Great Gatsby :: essays research papers

A good novel has a number of themes. The following are important themes of The Great Gatsby. The corruption of the American dream, sight and insight, the meaning of the past, and the education of a young man. The American Dream was based on the assumption that each person, no matter what his origins, could succeed in life on the sole basis of his or her own skill and effort. The dream was embodied in the ideal of the self-made man, just as it was embodied in Fitzgerald's own family by his grandfather, P. F. McQuillan. The Great Gatsby is a novel about what happened to the American dream in the 1920s, a period when the old values that gave substance to the dream had been corrupted by the vulgar pursuit of wealth. The characters are Midwesterners who have come East in pursuit of this new dream of money, fame, success, glamour, and excitement. Tom and Daisy must have a huge house, a stable of polo ponies, and friends in Europe. Gatsby must have his enormous mansion before he can feel confident enough to try to win Daisy. The energy that might have gone into the pursuit of noble goals has been channeled into the pursuit of power and pleasure, and a very showy, but fundamentally empty form of success. The characters might be divided into three groups: 1. Nick, the observer and commentator, who sees what has gone wrong; 2. Gatsby, who lives the dream purely; and 3. Tom, Daisy, and Jordan, the "foul dust" who are the prime examples of the corruption of the dream. The primary images and symbols that Fitzgerald employs in developing the theme are: 1. the green light; 2. the eyes of Dr. T. J. Eckleburg; 3. the image of the East and Midwest; 4. Owl Eyes; 5. Dan Cody's yacht; and 6. religious terms such as grail and incarnation. Both the character groupings and the images and symbols suggest a second major theme that we can call "sight and insight." As you read the novel, you will come across many images of blindness; is this because hardly anyone seems to see what is really going on? The characters have little self-knowledge and even less knowledge of each other. Even Gatsby- we might say, especially Gatsby- lacks the insight to understand what is happening. He never truly sees either Daisy or himself, so blinded is he by his dream. The only characters who see, in the sense of "understand," are Nick and Owl Eyes. The ever present eyes of Dr. Eckleburg seem to reinforce the theme that there is no all-seeing presence in the

Investment Avenues

INVESTMENT AVENUES 1. 1 INTRODUCTION TO INVESTMENT The money one earns is partly spent and the rest is saved for meeting future expenses, instead of keeping savings idle one may like to use savings in order to get returns on it in the future, this is called as investment. In an economic sense, an investment is the purchase of goods that are not consumed today but are used in the future to create wealth.In finance, an investment is a monetary asset purchased with the idea that the asset will provide income in the future or appreciate and be sold at a higher price. Mere earning will not help one to secure the future, so it becomes important to invest. One of the important reasons why one needs to invest wisely is to meet the cost of Inflation. Inflation is the rate at which the cost of living increases. The cost of living is simply what it costs to buy the goods and services you need to live.Inflation causes money to lose value because it will not buy the same amount of a good or a ser vice in the future as it does now or did in the past. The sooner one starts investing the better. By investing early one allow one’s investments more time to grow, whereby the concept of compounding increases one’s income, by accumulating the principal and the interest or dividend earned on it, year after year. The dictionary meaning of investment is to commit money in order to earn a financial return or to make use of the money for future benefits or advantages.People commit money to investments with expectations to increase their future wealth by investing money to spend in future years. For example, if you invest Rs. 1000 today and earn 10% over the next year, you will have Rs. 1100 one year from today. An investment can be described as perfect if it satisfies all the needs of all investors. So, the starting point in searching for the perfect investment would be to examine investor needs.If all those needs are met by the investment, then that investment can be terme d the perfect investment. Most investors and advisors spend a great deal of time understanding the merits of the thousands of investments available in India. Little time, however, is spent understanding the needs of the investor and ensuring that the most appropriate investments are selected for him. Before making any investment, one must ensure to: ? ? ? ? ? ? ? ? ? ? ? ? Obtain written documents xplaining the investment Read and understand such documents Verify the legitimacy of the investment Find out the costs and benefits associated with the investment Assess the risk-return profile of the investment Know the liquidity and safety aspects of the investment Ascertain if it is appropriate for your specific goals Compare these details with other investment opportunities available Examine if it fits in with other investments you are considering or you have already made Deal only through an authorized intermediary Seek all clarifications about the intermediary and the investment Expl ore the options available to you if something were to go wrong, and then, if satisfied, make the investment. 1. 2 INVESTMENT NEEDS OF AN INVESTOR Investing money is a stepping stone to manage spending habits and prepare for the future expenses. Most people recognize the need to put their money away for events or circumstances that may occur in future. People invest money to manage their personal finances some of them invest to plan for retirement, while others invest to accumulate wealth. Each one has a different need and each of them expect something from their money in future. By and large, most investors have eight common needs from their investments: i. ii. iii. iv. v.Security of original capital Wealth accumulation Tax Advantages Life cover Income 1. 3 TYPES OF INVESTMENT AVENUES Fi gure 1. 1: Various investment alternatives Source: Investment analysis and portfolio management Author: Prasanna Chandra Figure 1. 1 shows various investment alternatives which are explained below. One can invest money in different types of Investment instruments. These instruments can be financial or non-financial in nature. There are many factors that affect one’s choice of investment. Millions of Indians buy fixed deposits, post office savings certificates, stocks, bonds or mutual funds, purchase gold, silver, or make similar investments. They all have a reason for investing their money.Some people want to supplement their retirement income when they reach the age of 60, while others want to become millionaires before the age of 40. We will look at various factors that affect our choice of an investment alternative, let us first understand the basics of some of the popular investment avenues. 1. 3. 1 Non marketable Financial Assets: A good portion of financial assets is represented by non-marketable financial assets. These can be classified into the following broad categories: ? Bank Deposits: The simplest of investment avenues, by opening a bank account and depositi ng money in it one can make a bank deposit. There are various kinds of bank accounts: current account, savings account and fixed deposit account.The interest rate on fixed deposits varies with the term of the deposit. In general, it is lower for fixed deposits of shorter term and higher for fixed deposits of longer term. Bank deposits enjoy exceptionally high liquidity. ? ? Post Office Savings Account: A post office savings account is similar to a savings bank account. The interest rate is 6 percent per annum. Post Office Time Deposits (POTDs): Similar to fixed deposits of commercial banks, POTD can be made in multiplies of 50 without any limit. The interest rates on POTDs are, in general, slightly higher than those on bank deposits. The interest is calculated half-yearly and paid annually. Monthly Income Scheme of the Post Office (MISPO): A popular scheme of the post office, the MISPO is meant to provide regular monthly income to the depositors. The term of the scheme is 6 years. T he minimum amount of investment is 1,000. The maximum investment can be 3, 00,000 in a single account or 6, 00,000 in a joint account. The interest rate is 8. 0 percent per annum, payable monthly. A bonus of 10 percent is payable on maturity. ? Kisan Vikas Patra (KVP): A scheme of the post office, for which the minimum amount of investment is 1,000. There is no maximum limit. The investment doubles in 8 years and 7 months. Hence the compound interest rate works out to 8. 4 percent. There is a withdrawal facility after 2 ? years. National Savings Certificate: Issued at the post offices, National Savings Certificate comes in denominations of 100, 500, 1,000, 5,000 and 10,000. It has a term of 6 years. Over this period Rs. 100 becomes Rs. 160. 1. Hence the compound rate of return works out to 8. 16 percent. ? Company Deposits: Many companies, large and small, solicit fixed deposits from the public. Fixed deposits mobilized by manufacturing companies are regulated by the Company Law Boa rd and fixed deposits mobilized by finance company (more precisely non-banking finance companies) are regulated by the Reserve Bank of India. The interest rates on company deposits are higher than those on bank fixed deposits, but so is risk. ?Employee Provident Fund Scheme : A major vehicle of savings for salaried employees, where each employee has a separate provident fund account in which both the employer and employee are required to contribute a certain minimum amount on a monthly basis. ? Public Provident Fund Scheme: One of the most attractive investment avenues available in India. Individuals and HUFs can participate in this scheme. A PPF account may be opened at any branch of State Bank of India or its subsidiaries or at specified branches of the other public sector banks. The subscriber to a PPF account is required to make a minimum deposit of 100 per year. The maximum permissible deposit per year is 70,000. PPF deposits currently earn a compound interest rate of 8. 0 perc ent per annum, which is totally exempt from taxes. 1. 3. Bonds: Bonds are fixed income instruments which are issued for the purpose of raising capital. Both private entities, such as companies, financial institutions, and the central or state government and other government institutions use this instrument as a means of garnering funds. Bonds issued by the Government carry the lowest level of risk but could deliver fair returns. Many people invest in bonds with an objective of earning certain amount of interest on their deposits and/or to save tax. Bonds are considered to be a less risky investment option and are generally preferred by risk-averse investors. Bond prices are also subject to market risk. Bonds may be classified into the following categories: ? Government ecurities: Debt securities issued by the central government state government and quasi government agencies are referred as gilt edge securities. It has maturities ranging from 3-20 years and carry interest rate that u sually vary between 7 to 10 percent. ? Debentures of private sector companies: Debentures are viewed as a mixture of having a shareholding and a fixed interest loan. Debenture holders are normally entitled to a return equivalent to a fixed percentage of their initial investment. The security inherent in debentures makes them a safer investment than shares. ? ? Preference shares: Investing in shares is safer and dividends are assured every year. Savings bonds 1. 3. Mutual funds: A mutual fund allows a group of people to pool their money together and have it professionally managed, in keeping with a predetermined investment objective. This investment avenue is popular because of its cost-efficiency, risk-diversification, professional management and sound regulation. There are three broad types of mutual fund schemes classified on basis of investment objective: ? Equity schemes: The aim of growth funds is to provide capital appreciation over the medium to long- term. Such schemes norma lly invest a major part of their corpus in equities. Such funds have comparatively high risks. These schemes provide different options to the investors like dividend option, capital appreciation, etc. and the investors may choose an option depending on their preferences.Growth schemes are good for investors having a longterm outlook seeking appreciation over a period of time. ? Debt schemes: The aim of income funds is to provide regular and steady income to investors. Such schemes generally invest in fixed income securities such as bonds, corporate debentures, Government securities and money market instruments. Such funds are less risky compared to equity schemes. These funds are not affected because of fluctuations in equity markets. However, opportunities of capital appreciation are also limited in such funds. The NAVs of such funds are affected because of change in interest rates in the country. If the interest rates fall, NAVs of such funds are likely to increase in the short ru n and vice versa.However, long term investors may not bother about these fluctuations. ? Balanced schemes: The aim of balanced funds is to provide both growth and regular income as such schemes invest both in equities and fixed income securities in the proportion indicated in their offer documents. These are appropriate for investors looking for moderate growth. They generally invest 40-60% in equity and debt instruments. These funds are also affected because of fluctuations in share prices in the stock markets. However, NAVs of such funds are likely to be less volatile compared to pure equity funds. 1. 3. 4 Real Estate: Residential real estate is more than just an investment.There are more ways than ever before to profit from real estate investment. Real estate is a great investment option. It can generate an ongoing income source. It can also rise in value overtime and prove a good investment in the cash value of the home or land. Many advisors warn against borrowing money to purc hase investments. The best way to do this is to save up and pay cash for the home. One should be able to afford the payments on the property when the property is vacant, otherwise the property may end up being a burden instead of helping to build wealth. 1. 3. 5 Equity Shares: Equities are a type of security that represents the ownership in a company. Equities are traded (bought and sold) in stock markets.Alternatively, they can be purchased via the Initial Public Offering (IPO) route, i. e. directly from the company. Investing in equities is a good long-term investment option as the returns on equities over a long time horizon are generally higher than most other investment avenues. However, along with the possibility of greater returns comes greater risk. 1. 3. 6 Money market instruments: The money market is the market in which short term funds are borrowed and lent. These instruments can be broadly classified as: ? Treasury Bills: These are the lowest risk category instruments fo r the short term. RBI issues treasury bills [T-bills] at a prefixed day and for a fixed amount. There are 4 types of treasury bills: 4-day T-bill, 91-day T-bill, 182-day T-bill and 364-day T-bill. ? Certificates of Deposits: After treasury bills, the next lowest risk category investment option is certificate of deposit (CD) issued by banks and financial Institution (FI). A CD is a negotiable promissory note, secure and short term, of up to a year, in nature. Although RBI allows CDs up to one-year maturity, the maturity most quoted in the market is for 90 days. ? Commercial Papers: Commercial papers are negotiable short-term unsecured promissory notes with fixed maturities, issued by well-rated organizations. These are generally sold on discount basis. Organizations can issue CPs either directly or through banks or merchant banks.These instruments are normally issued for 30/45/60/90/120/180/270/364 days. ? Commercial Bills: Bills of exchange are negotiable instruments drawn by the se ller or drawer of the goods on the buyer or drawee of the good for the value of the goods delivered. These are called as trade bills and when they are accepted by commercial banks they are called as commercial bills. If the bill is payable at a future date and the seller needs money during the currency of the bill then the seller may approach the bank for discounting the bill. 1. 3. 7 Life insurance policies: Insurance is a form of risk management that is primarily used to hedge the risk of a contingent loss.Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for a premium. An insurer is a company that sells insurance; insured or the policyholder is a person or entity buying the insurance. The insurance rate is a factor that is used to determine the amount which is to be charged for a certain amount of insurance coverage, and is called the premium. It can be classified as: ? Money-back Insurance: Money-back Insurance schemes are used as investment avenues as they offer partial cash-back at certain intervals. This money can be utilized for children’s education, marriage, etc. ? Endowment Insurance: These are term policies.Investors have to pay the premiums for a particular term, and at maturity the accrued bonus and other benefits are returned to the policyholder if he survives at maturity. 1. 3. 8 Bullion Market: Precious metals like gold and silver had been a safe haven for Indian investors since ages. Besides jewellery these metals are used for investment purposes also. Since last 1 year, both Gold and Silver have highly appreciated in value both in the domestic as well as the international markets. In addition to its attributes as a store of value, the case for investing in gold revolves around the role it can play as a portfolio diversifier. 1. 3. 9 Financial Derivatives: Derivatives are contracts and can be used as an underlying asset. Various types of Derivatives are: ? Forwards: A forward contract is a customized contract between two entities, where settlement takes place on a specific date in the future at today’s pre-agreed price. Futures: A futures contract is an agreement between two parties to buy or sell an asset at a certain time in the future at a certain price. Futures contracts are special types of forward contracts in the sense that the former are standardized exchange traded contracts ? Options: Options are of two types – calls and puts. Calls give the buyer the right but not the obligation to buy a given quantity of the underlying asset, at a given price on or before a given future date. Puts give the buyer the right, but not the obligation to sell a given quantity of the underlying asset at a given price on or before a given date. Swaps: Swaps are private agreements between two parties to exchange cash flows in the future according to a prearranged formula. They can be regarded as portfolios of forward contracts. E. g. Currency swaps, inte rest swaps. 1. 3 EVALUATION OF VARIOUS INVESTMENT AVENUES Table 1. 1: Summary evaluation of various investment avenues Investment Avenues Return Current yield Equity shares Non convertible debentures Equity schemes Debt schemes Moderate Low Low High No tax on Very High Low High High High High Very High High Negligible Low Average Nil High Low Capital appreciation High High Fairly High High High Risk Marketability/ Liquidity Tax Shelter Convenience ividend Bank deposits Public provident fund Life insurance policies Residential Moderate Moderate Gold and Silver Source: Investment analysis and portfolio management Author: Prasanna Chandra Table 1. 1 shows the evaluation of various investment avenues. From this table we can say that risk, liquidity and return are the so called factors which are considered before making an investment. But there is a trade off between risk and return. Higher the risk higher is the return. Lower the risk and lower is the return. The decision of which mode of investment to choose largely depends upon the investors necessity and the factors which according to him is the most vital one. People with more security concern choose fixed investment like bank deposits and investments in government securities and various post office savings.The main reason for choosing such an investment mode is that the amount invested in the above stated securities seems to be very secure and hence they seemed to be more preferred one where security is the prime concern. People whom returns are most important are ready to take risk to earn fairer risk. The preferred mode of investment over here is equity shares and mutual fund. The risk factor in these modes of investment is basically the returns are basically performance based. If the company performs well the investors can accept fairer returns but if the company fails to perform then there can be a threat to the invested amount. Hence the returns are very volatile with the changes in the market conditions .Nil Moderate Negligible Low Average Average Nil Moderate Nil Average Nil Moderate Nil Average Section 80 C benefit Section 80 C benefit High Nil Fair Average Very High Very High Moderate Nil Negligible High Low Very High 1. 4 ATTRIBUTES OF INVESTMENT Investment can be said to be an art. Many people invest money without knowing what they are doing. Only a few people really understand the art of investing money. They invest according to certain principles. There are also certain factors that affect the investment decisions. All these are done mainly to increase the return on the investment and also to keep the risk to a minimum. The various factors that affect the investment decisions are given below. For evaluating an investment avenue, the following attributes are relevant. ) Rate of Return: The rate of return on an investment for a period (which is usually a period of one year) is defined as follows: Rate of return = Annual income + (Ending price – Beginning price) Beginnin g price Yield: Yield is the annual rate of return for any investment and is expressed as a percentage. With stocks, yield can refer to the rate of income generated from a stock in the form of regular dividends. This is often represented in percentage form, calculated as the annual dividend payments divided by the stock's current share price. Current yield= Annual cash inflows Market price Capital Appreciation: It’s the rise in the market price of an asset. Capital appreciation is one of two major ways for investors to profit from an investment in a company. The other is through dividend income. ) Risk: The risk of investment refers to the variability of its rate of return. A simple measure of dispersion is the range of values, which is simply the difference between the highest and the lowest values. Figure 1. 2: Relationship between Expected Return and Risk Figure 1. 2 shows the relationship between expected return and risk. From this figure it is clear that with higher risk the returns also increases while it decrease as the risk decreases. High variance indicates high degree of risk and low variance indicates lesser risk. Expected returns increases when investors is willing to take risk. Other measures commonly used in finance are as follows: ?Variance: This is the mean of the squares of deviations of individual returns around their average values ? Standard deviation: This is the square root of variance ? Beta: This reflects how volatile the return from an investment is, in response to market swings. ? Risk = Actual Return – Expected Returns If, Actual Return = Expected Return = Risk Free Investment If, Actual Return ; or ; Expected Return is risky investment c) Marketability: An investment is highly marketable or liquid if: ? ? ? It can be transacted quickly The transaction cost is low; and The price change between two successive transactions is negligible. The liquidity of a market may be judged in terms of its depth, breadth, and resilience .Depth refers to the existence of buy as well as sells orders around the current market price. Breadth implies the presence of such orders in substantial volume. Resilience means that new orders emerge in response to price changes. Generally, equity shares of well established companies enjoy high marketability and equity shares of small companies in their formative years have low marketability. High marketability is a desirable characteristic and low marketability is an undesirable one. d) Tax Shelter: Tax benefits are of the following three kinds: ? ? ? Initial Tax Benefit: An initial tax benefit refers to the tax relief enjoyed at the time of making the investment.Continuing Tax Benefit: A continuing tax benefits represent the tax shield associated with the periodic returns from the investment. Terminal Tax Benefits: A terminal tax benefit refers to relief from taxation when an investment is realized or liquidated. e) Convenience: Convenience broadly refers to the ease with which the investment can be made and looked after. The degree of convenience associated with investments varies widely. At one end of the spectrum is the deposit in a savings bank account that can be made readily and that does not require any maintenance effort. At the other end of the spectrum is the purchase of a property that may involved a lot of procedural and legal hassles at the time of acquisitions and a great deal of maintenance effort subsequently. 1. APPROACHES TO INVESTMENT DECISION MAKING The stock market is thronged by investors pursuing diverse investment strategies which may be subsumed under four broad approaches: i. Fundamental Approach: The basic tenets of the fundamental approach, which is perhaps most commonly advocated by investment professionals, are as follows: ? There is an intrinsic value of a security, which depends upon underlying economic (fundamental) factors. The intrinsic value can be established by a penetrating analysis of the fundamental factors relating to the company, industry, and economy. ? At any given point of time, there are some securities for which the existing market price will differ from the intrinsic value.Sooner or later, of course, the market price will fall in line with the intrinsic value. ? Superior returns can be earned by buying under-valued securities (securities whose intrinsic value exceeds the market price) and selling over-valued securities (securities whose intrinsic value is less than the market price). ii. Psychological Approach: The psychological approach is based on the premise that stock prices are guided by emotion rather than reason. Stock prices are believed to be influenced by the psychological mood of investors. When greed and euphoria sweep the market, prices rise to dizzy heights. On the other hand, when fear and despair envelop the market, prices fall to abysmally low levels.Since psychic values appear to be more important than intrinsic values, the psychological approach suggests that it is m ore profitable to analyze how investors tend to behave as the market is swept by waves of optimism and pessimism, which seem to alternate. The psychological approach has been described vividly as the ‘castles in the air’ theory Burton G. Malkiel. Those who subscribe to the psychological approach or the ‘castles in the air’ theory generally use some form of technical analysis which is concerned with a study of internal market data, with a view to developing trading rules aimed at profit making. The basic premise of technical analysis is that there are certain persistent and recurring patterns of price movements, which can be discerned by analyzing market data.Technical analysts use a variety of tools like bar chart, point and figure chart, moving average analysis, breadth of market analysis, etc. iii. Academic Approach: Over the last five decades or so, the academic community has studied various aspects of the capital market, particularly in the advanced cou ntries, with the help of fairly sophisticated methods of investigation. ? Stock markets are reasonably efficient in reacting quickly and rationally to the flow of information. Hence, stock prices reflect intrinsic value fairly well. Put differently, Market price = Intrinsic value ? Stock price behaviour corresponds to a random walk. This means that successive price changes are independent. As a result, past price behaviour cannot be used to predict future price behaviour. ?In the capital market, there is a positive relationship between risk and return. More specifically, the expected return from a security is linearly related to its systematic risk iv. Eclectic Approach: The eclectic approach draws on all the three different approaches discussed above. The basic premises of the eclectic approach are as follows: ? Fundamental analysis is helpful in establishing basic standards and benchmarks. However, since there are uncertainties associated with fundamental analysis, exclusive relia nce on fundamental analysis should be avoided. Equally important, excessive refinement and complexity in fundamental analysis must be viewed with caution. Technical analysis is useful in broadly gauging the prevailing mood of investors and the relative strengths of supply and demand forces. However, since the mood of investors can vary unpredictably excessive reliance on technical indicators can be hazardous. More important, complicated technical systems should ordinarily be regarded as suspect because they often represent figments of imagination rather than tools of proven usefulness. ? The market is neither as well-ordered as the academic approach suggest, nor as speculative as the psychological approach indicates. While it is characterized by some inefficiencies and imperfection, it seems to react reasonably efficiently and rationally to the flow of information.Likewise, despite many instances of mispriced securities, there appears to be a fairly strong correlation between risk a nd return. ? Level of return often necessitates the assumption of a higher level of risk. 1. 7 COMMON ERRORS IN INVESTMENT MANAGEMENT Investments always do not generate wealth sometimes it fail do so because of some conditions. The reason for this failure is either the market condition or some mistakes made by the investors. We cannot control market condition but errors made by investors could be avoided. Investors appear to be prone to the errors in managing their investments. Some of the errors made by investors are discussed below: 1. 7. Inadequate Comprehension of Return and Risk Many investors have unrealistic and exaggerated expectations from investments, in particular from equity shares and convertible debentures. One often comes across investors who say that they hope to earn a return of 25 to 30 percent per year with virtually no risk exposure or even double their investment in a year or so. They have apparently been misled by one or more of the following; (a) tall and unju stified claims made by people with vested interests; (b) Exceptional performance of some portfolio they have seen or managed, which may be attributable mostly to fortuitous factors; and (c) Promises made by tipsters, operators, and others. In most of the cases, such expectations reflect investor inexperience and gullibility. 1. 7. Vaguely Formulated Investment Policy Often investors do not clearly spell out their risk disposition and investment policy. This tends to create confusion and impairs the quality of investment decisions. Ironically, conservative investors turn aggressive when the bull market is near its peak in the hope of reaping a bonanza; likewise, in the wake of sharp losses inflicted by a bear market, aggressive investors turn unduly cautions and overlook opportunities before them. Ragnar D. Naess put it this way: â€Å"The fear of losing capital when prices are low and declining, and the greed for more capital gains when prices are rising, are probably, more than an y other factors, responsible for poor performance. if you know what your risk attitude is and why you are investing, you will learn how to invest well. A well articulated investment policy, adhered to consistently over a period of time, saves a great deal of disappointment. 1. 7. 3 Naive Extrapolation of the Past Investors generally believe in a simple extrapolation of past trends and events and do not effectively incorporate changes into expectations. As Arthur Zeikel says: â€Å"People generally, and investors particularly, fail to appreciate the working of countervailing forces; change and momentum are largely misunderstood concepts. Most investors tend to cling to the course to which they are currently committed, especially at turning point. † `The apparent comfort provided by extrapolating too far, however, is dangerous. As Peter Bernstein says: â€Å"Momentum causes things to run further and longer than we anticipate. They very familiarity of a force in motion reduces our ability to see when it is losing its momentum. Indeed, that is why extrapolating the present into the future so frequently turns out to be the genesis of an embarrassing forecast. † 1. 7. 4 Cursory Decision Making Investment decision making is characterized by a great deal of cursoriness. Investors tend to: ? ? ? Base their decisions on partial evidence, unreliable hearsay, or casual tips given by brokers, friends, and others.Cavalierly brush aside several of investment risk (market risk, business risk, and interest rate risk) as greed overpowers them. Uncritically follow others because of the temptation to ride the bandwagon or lack of confidence in their own judgment. 1. 7. 5 Untimely entries and exits Investors tend to follow an irrational start and stop approach to the market characterized by untimely entries (after a market advance has long been underway) and exit (after a long period of stagnation and decline). 1. 7. 6 High costs Investors trade excessively and spend a lot on investment management. A good proportion of investors indulge in day trading in the hope of making quick profits.However more often transaction cost wipes out whatever profits they may generate from frequent trading. 1. 7. 7 Over-Diversification and Under-Diversification Many individuals have portfolios consisting of thirty to sixty, or even more, different stocks. Managing such portfolios is an unwieldy task and as R. J. Jenrette put it: Overdiversification is probably the greatest enemy of portfolio performance. Most of the portfolios we look at have too many names. As a result, the impact of a good idea is negligible. † Perhaps as common as over-diversification is under-diversification. Many individuals do not apparently understand the principle of diversification and its benefit in term of risk reduction.A number of individual portfolios seem to be highly under-diversified, carrying an avoidable risk exposure. 1. 7. 8 Wrong Attitude towards Losses and Profits An investor has an aversion to admit his mistake and cut losses short. If the price falls, contrary to his expectation at the time of purchase, he somehow hopes that it will rebound and he can break even. Surprisingly, such a belief persists even when the prospects look dismal and there may be a greater possibility of a further decline. If the price recovers due to favourable conditions, there is a tendency to dispose of the share when its price more or less equals the original purchase price, even though there may be a fair chance of further increases.The psychological relief experienced by an investor from recovering losses seems to motivate such behaviour. This means the tendency is to let the losses run and cut profits short, rather than to cut the losses short and let the profits run. 1. 8 RISKS IN INVESTMENT Risk is uncertainty of the income /capital appreciation or loss or both. Every investment (equity, debt, property, etc. ) carries an element of risk that is unique to it. Tho ugh risk cannot be totally eliminated, it can be managed by undertaking effective risk management. To manage risk, one first need to identify different kinds of risks involved in investing and then take appropriate steps to reduce it.Risk and return share a direct relationship with one another. Therefore, an investment which carries negligible risk, will offer a low return (viz. bonds issued by the Reserve Bank of India) while an investment which carries a higher risk, also offers the potential of higher returns (stocks). All investments are a ‘trade off’ between risk and returns. Let us first discuss the types of risks. 1. 8. 1 Types of Risks All investments carry their unique set of risks. Though there are several types of risks, the important ones are – market risk, credit risk, interest rate risk, inflation risk, currency risk and liquidity risk. These are briefly explained below: ) Market Risk: A share may rise or fall depending on the fortunes of the compan y, the industry it is in, or in response to investor sentiment. b) Credit Risk: This risk is attributed to debt investments wherein the borrower may default on interest and/or principal repayment. c) Interest Rate Risk: When interest rates rise, fixed income investments lose value. This is because the investor will continue to earn the same (lower) interest rate until the investment matures while market interest rates have already gone up. In order to compensate for a lower interest rate compared to the market rate, the fixed income investment will thus have to be priced at a lower rate. ) Inflation Risk: Rising inflation will erode the value of your income and asset. Due to inflation, the cost of products and services will rise and consequently, your future income and assets will be worth less than what they are worth today. e) Currency Risk: Changes in exchange rates between currencies could lead to decline in value of your investments. With Indian investors now being allowed to i nvest in other countries, you will now be exposed to currency risk i. e. a fall in the value of the currency in which you are investing vis-a-vis your home currency i. e. the Rupee. f) Liquidity Risk: Certain investments carry the risk of poor liquidity either due to the nature of the asset or regulatory reasons.For example, property is inherently an illiquid investment as it cannot be sold as simply as selling stocks. Certain investments like the Reserve Bank of India bonds are not transferable till maturity. Investments in Equity Linked Savings Schemes are illiquid for a period of 3 years and in case you redeem from such schemes, your tax benefit is withdrawn. 1. 8. 2 Risk Management Once different kinds of risks associated with investments are identified appropriate steps can be taken to reduce these risks. Some of these steps are: a) Diversification: Most types of risks can be managed by diversifying your investments across asset classes (stocks, bonds, properties etc. ), indust ry, currencies etc.Diversification spreads the risk and reduces the adverse impact that any one investment might have on a portfolio. b) Research and Monitor: Rigorous research and continuous monitoring will help in controlling the market and credit risk of your investments. This will caution beforehand to avoid an investment and alert in case the risk is increasing on an investment already undertaken. 1. 8. 3 Risk Tolerance Level: Risk includes the possibility of losing money. However, extra considerations should be made in addition to the safety of the principal and the potential for growth. These considerations include the likelihood of achieving the financial goals you have established.Additionally, one should consider whether he/she is willing and able to accept a higher level of risk in order to achieve further rewards. Before starting on the setting of the investment portfolio, every investor should establish his/her risk tolerance level. Only after this he/she is ready to bu ild strategies for the accomplishment of his/her financial goals. The higher the degree of risk involved in the investment portfolio the greater the chances of higher returns and failures. The setting of the risk tolerance level is very subjective issue. However, younger investors can afford more risk taking since they have more time to fix the losses. On the other hand older investors should apply more conservative approach since they have less time in front of them.But, they should keep in mind that they greatly decrease their chances of faster achieving their financial goals. A portfolio that carries more bonds is considered more conservative and risk averse. However, the one that includes a greater percentage of stocks is more risk taking with higher potential of rewards. Many financial experts recommend the diversification between investments with different degrees of risk. This is a good idea since your portfolio will benefit from the rises and falls of the different investmen ts and will alleviate the potential of losing money. Risk Personalities: Based on the risk capacity and risk tolerance, risk appetite can be decided. This is the level of risk that one is ready to bear.Broadly risk personalities can be categorised at 3 levels – Conservative, Balanced and Aggressive. Each risk personality has a different objective which it aims to achieve through the investment portfolio. These personalities are explained below: ? ? ? Conservative personality: For investors having this personality preservation of the capital invested is the ultimate goal, even if it means compromising on the returns. Balanced personality: People with this type of personality wish to strike a balance between high-risk and low-risk investments. Aggressive personality: Investors with such personality do not wish to compromise at all on the returns, even if their capital erodes. 2. 1 INTRODUCTIONIndian investor today have to endure a slow-moving economy, the steep market declines prompted by declining revenues, alarming reports of scandals ranging from illegal corporate accounting practices like that of Satyam to insider trading to make investment decisions. Stock market’s performance is not simply the result of intelligible characteristics but also due to the emotions that are still baffling to the analysts. Despite loads of information coming from all directions, it is not the calculations of financial wizards, or company’s performance or widely accepted criterion of stock performance but the investor’s irrational emotions like overconfidence, fear, risk aversion, etc. seem to decisively drive and dictate the fortunes of the market. The market is so volatile that its behaviour is unpredictable. In the past couple of years, the movement of share prices exceeded all the limits and had gone remarkably low and high levels. These dramatic prices of the shares ruin the concept of intrinsic value and rational investment behaviour. The traditi onal finance theories assume that investors are rational but they are unable to explain the behaviour and pricing of the stock market completely. Many research studies have validated the relationship between a dependent variable i. e. , risk tolerance level and independent variables such as demographic characteristics of an investor.Most of the Indian investors are from high income group, well educated, salaried, and independent in making investment decisions and from the past trends it is also seen that they are conservative in nature. Television is the media that is largely influencing the investor’s decisions. Hence, in the present project report an attempt has been made to study the relationship between risk tolerance level and demographic characteristics of Indian investors. 2. 2 STATEMENT OF THE PROBLEM This study on investor’s behaviour is an attempt to know the profile and the characteristics of the investors so as to understand their preference with respect to their investments. The main focus of the study is to discover the influence of demographic factors like gender and age on risk tolerance level of the investor.The study mainly concentrates on the factors that influence an individual investor before making an investment. It also studies the various patterns in which investors like to invest their money based on their risk tolerance level and other demographic factors like income level, occupation etc. 2. 3 REVIEW OF LITERATURE The literature review section examines the importance of research studies, company data or industry reports that serve as a foundation for the setup of study. The research dimension of the related literature and the relevant information begins from an explanatory perspective, approaching towards specific studies which do related to judge the limitations and informational gaps in data from the secondary sources.This analysis may reveal conclusions from past studies to realize the reliability of the secondary so urces and their credibility. This in turn enables one to rely on a comprehensive review for the study. Literature suggests that major research in the area of investor’s behaviour has been done by behavioural scientists such as Weber (1999), Shiller (2000) and Shefrin (2000). Shiller (2000) who strongly advocated that stock market is governed by the market information which directly affects the behaviour of the investors. Several studies have brought out the relationship between the demographics such as Gender, Age and risk tolerance level of individuals. Of this the relationship between Age and risk tolerance level has attracted much attention.Horvath and Zuckerman (1993) suggested that one’s biological, demographic and socioeconomic characteristics; together with his/her psychological makeup affects one’s risk tolerance level. Malkiel (1996) suggested that an individual’s risk tolerance is related to his/her household situation, lifecycle stage and subje ctive factors. Mittra (1995) discussed factors that were related to individuals risk tolerance, which included years until retirement, knowledge sophistication, income and net worth. Guiso, Jappelli and Terlizzese (1996), Bajtelsmit and VenDerhei (1997), Powell and Ansic (1997), Jianakoplos and Bernasek (1998), Hariharan, Chapman and Domain (2000), Hartog, Ferrer-I-Carbonell and Jonker (2002) concluded that males are more risk tolerant than females.Wallach and Kogan (1961) were perhaps the first to study the relationship between risk tolerance and age. Cohn, Lewellen et. al found risky asset fraction of the portfolio to be positively correlated with income and age and negatively correlated with marital status. Morin and Suarez found evidence of increasing risk aversion with age although the households appear to become less risk averse as their wealth increases. Yoo (1994) found that the change in the risky asset holdings were not uniform. He found individuals to increase their inves tments in risky assets throughout their working life time, and decrease their risk exposure once they retire. Lewellen et. l while identifying the systematic patterns of investment behaviour exhibited by individuals found age and expressed risk taking propensities to be inversely related with major shifts taking place at age 55 and beyond. Indian studies on individual investor’s were mostly confined to studies on share ownership, except a few. The RBI's survey of ownership of shares and L. C. Gupta's enquiry into the ownership pattern of Industrial shares in India were a few in this direction. The NCAER's studies brought out the frequent form of savings of individuals and the components of financial investments of rural households. The Indian Shareowners Survey brought out a volley of information on shareowners.Rajarajan V (1997, 1998, 2000 and 2003) classified investors on the basis of their demographics. He has also brought out the investor’s characteristics on the b asis of their investment size. He found that the percentage of risky assets to total financial investments had declined as the investor moves up through various stages in life cycle. Also investor’s lifestyles based characteristics has been identified. The above discussion presents a detailed picture about the various facets of risk studies that have taken place in the past. In the present study, the findings of many of these studies are verified and updated. Latha Krishnan (2006) explained as Investments come in many forms.While some people consider hard assets such as land, house, gold and platinum as investments, others look to monetary instruments such as stocks and bonds as ways to make their money grow. A cautious or conservative investor is unlikely to play carelessly with his hard-earned money. So he keeps to safe investments that guarantee the return of his capital and still earn good returns in a stipulated period if the product in which he invested gains in that pe riod. In such an investment, even if the markets go down and he does not gain much, he also does not suffer a heavy loss. A wealthy person with more money to invest can take more risks and invest in a variety of products that major financial players provide.A wealth of information on these as well as comments and criticisms on their performances and profitability is readily available. â€Å"Perception of investors towards capital market instruments globally† by John Marshall and â€Å"Investment analysis and Portfolio management’† by Punithavathy Pandian. John Marshall’s study was at global scale and it explains the perception of people across globe towards capital market instruments and Pandian explains the theoretical aspects of capital market instruments and use of various investment avenues to build a strong portfolio. 2. 4 NEED FOR STUDY Investing money is a crucial and deciding the avenues where to invest needs a lot of planning. In India people are more conservative and hence prefer investments that are less risky.Similarly there are other demographic factors like age, income level, gender which affect their decision. As the availability of financial products increase, perception of investors towards such avenues changes over a period of time. It becomes important for a marketer to understand the perception of investors towards investment avenues to successfully pitch the product. Marketing is known as meeting needs profitably. If the marketer is able to understand the mindset of investor towards a product then he/she will be in a position to market the product. This report attempts to study the behavior of Indian investors while making an investment. Here we also look upon other factors that influence them while making investment decisions.Innovations in financial products like derivatives, unit linked insurance products, fund of funds likewise are not easily understood by the investor. Hence the need for this study arises t o understand what exactly an Indian investor thinks before investing his/her money and how much risk he/she is willing to take. This report gives the marketer and other peers to successfully market the financial products which are more popular, as it gives information regarding the perception of investors towards investment avenues in India. 2. 5 OBJECTIVES OF THE STUDY 2. 5. 1 Primary Objectives ? ? ? ? ? ? ? To study the investment characteristics of investors To study the objectives of investment plan of an investors To study the demographic information of investors 2. 5. Secondary Objectives To know the preferred investment avenues of investors To identify the preferred sources of information influencing investment decisions To understand the risk tolerance level of the investors and suggest a suitable portfolio To study the dependence/independences of the demographic factors (Gender, Age, income level) of the investor and his/her risk tolerance level 2. 6 SCOPE OF STUDY Based o n previous research in related areas, a questionnaire was constructed to measure the investment pattern of individuals on the basis of demographic characteristics and the risk tolerance of investors was also calculated. It helped us to understand how an Indian investor behaves while investing.This study will be helpful to mutual fund companies and other investment companies to understand individual behaviour of investors so that they could build suitable investment options for them individually. Also this study will help the investor to decide the areas where they could invest. 2. 7 HYPOTHESIS A hypothesis describes the relationship between or among variables. A good hypothesis is one that can explain what it claims to explain, is testable and has greater range, probability and simplicity than its rivals. There are two approach of hypothesis testing: 1) Classical or sampling theory statistics and 2) The Bayesian approach In the present dissertation chi square test has been used to f ind out the dependence/independence of various factors that influence investment decision.Hypothesis has been found between following factors: ? ? ? ? ? Gender and risk tolerance of respondents Age and preferred investment avenues by the respondents Income and investment avenues preferred by the respondents Age of respondents and time horizon for investment Age and risk tolerance of the respondents 2. 8 RESEARCH DESIGN Research methodology is a way to systematically solve the research problem. It may be understood as a science of studying how research is done scientifically. ? Research type Many investors were reluctant to reveal their investment details especially the amount of money invested so, referral sampling method is used for this study. Sample description The sample was drawn from the population of the potential investors from Tamil Nadu. A survey was conducted to understand the investor’s behaviour with the help of questionnaire. It was carried out with a sample siz e of 100 investors. 2. 9 TOOLS FOR DATA COLLECTION Primary data: The data has been collected directly from respondent with the help of structured questionnaires. Secondary data: The secondary data has been collected from various magazines, journals, newspapers, text books and related websites. 2. 10 METHOD OF ANALYSIS Statistical techniques like Chi square test, simple percentage method are used to analyze and interpret raw data. Chi square was used to show the dependency/independency of various factors.After collecting the data its variable having defined character, it was tabulated and analyzed with the help of charts and graphs in Microsoft Excel 2007. 2. 11 LIMITATIONS OF STUDY †¢ †¢ †¢ †¢ Sample size is small because of the time constraint Respondent may be hesitant to provide their investment details Behaviour of investors doesn’t remain same for long time Time for the study is limited 3. 1 INDIAN FINANCIAL MARKET Money always flows from surplus sect or to deficit sector. That means persons having excess of money lend it to those who need money to fulfil their requirement. Similarly, in business sectors the surplus money flows from the investors or lenders to the businessmen for the purpose of production or sale of goods and services.So, we find two different groups, one who invest money or lend money and the others, who borrow or use the money. The financial markets act as a link between these two different groups. It facilitates this function by acting as an intermediary between the borrowers and lenders of money. So, financial market may be defined as ‘a transmission mechanism between investors (or lenders) and the borrowers (or users) through which transfer of funds is facilitated’. It consists of individual investors, financial institutions and other intermediaries who are linked by a formal trading rules and communication network for trading the various financial assets and credit instruments.Financial market talks about the primary market, FDIs, alternative investment options, banking and insurance and the pension sectors, asset management segment as well. India Financial market happens to be one of the oldest across the globe and is the fastest growing and best among all the financial markets of the emerging economies. The history of Indian capital markets spans back 200 years, around the end of the 18th century. It was at this time that India was under the rule of the East India Company. The capital market of India initially developed around Mumbai; with around 200 to 250 securities brokers participating in active trade during the second half of the 19th century. 3. 1. Scope of Indian Financial Market The financial market in India at present is more advanced than many other sectors as it became organized as early as the 19th century with the securities exchanges in Mumbai, Ahmedabad and Kolkata. In the early 1960s, the number of securities exchanges in India became eight – incl uding Mumbai, Ahmedabad and Kolkata. Apart from these three exchanges, there was the Madras, Kanpur, Delhi, Bangalore and Pune exchanges as well. Today there are 23 regional securities exchanges in India. The Indian stock markets till date have remained stagnant due to the rigid economic controls. It was only in 1991, after the liberalization process that the India securities market witnessed a flurry of IPOs serially. The market saw many new companies spanning across different industry segments and business began to flourish.The launch of the NSE (National Stock Exchange) and the OTCEI (Over the Counter Exchange of India) in the mid 1990s helped in regulating a smooth and transparent form of securities trading. The regulatory body for the Indian capital markets was the SEBI (Securities and Exchange Board of India). The capital markets in India experienced turbulence after which the SEBI came into prominence. The market loopholes had to be bridged by taking drastic measures. 3. 1. 2 Potential of Indian Financial Market India Financial Market helps in promoting the savings of the economy – helping to adopt an effective channel to transmit various financial policies.The Indian financial sector is welldeveloped, competitive, efficient and integrated to face all shocks. In the India financial market there are various types of financial products whose prices are determined by the numerous buyers and sellers in the market. The other determinant factor of the prices of the financial products is the market forces of demand and supply. The various other types of Indian markets help in the functioning of the wide India financial sector. 3. 1. 3 Features of Indian Financial Market ? ? India Financial Indices – BSE 30 Index, various sector indexes, stock quotes, Sensex charts, bond prices, foreign exchange, Rupee & Dollar Chart Indian Financial market news ?Stock News – Bombay Stock Exchange, BSE Sensex 30 index, S&P CNX-Nifty, company information, is sues on market capitalization, corporate earnings statements ? Fixed Income – Corporate Bond Prices, Corporate Debt details, Debt trading activities, Interest Rates, Money Market, Government Securities, Public Sector Debt, External Debt Service ? ? ? ? ? ? ? ? Foreign Investment – Foreign Debt Database composed by BIS, IMF, OECD,& World Bank, Investments in India & Abroad Global Equity Indexes – Dow Jones Global indexes, Morgan Stanley Equity Indexes Currency Indexes – FX & Gold Chart Plotter, J. P. Morgan Currency Indexes National and Global Market Relations Mutual Funds Insurance Loans Forex and Bullion The main functions of financial market are: ? ? ? It provides facilities for interaction between the investors and the borrowers. It provides pricing information resulting from the interaction between buyers and sellers in the market when they trade the financial assets. It provides security to dealings in financial assets. It ensures liquidity by provid ing a mechanism for an investor to sell the financial assets. It ensures low cost of transactions and information. 3. 2 CLASSIFICATION OF FINANCIAL MARKETS Figure 3. 1: Classification of financial markets Source: Investment analysis and portfolio management Author: Prasanna Chandra Figure 3. 1 shows the classification of financial markets.From this figure we can interpret that there are different ways of classifying financial market. ? One is to classify financial market by the type of financial claim. The debt market is the financial market foe fixed claims (debt instrument) and the equity market is the financial market for residual claims (equity instruments) ? The second way is to classify financial markets by the maturity of claims. The market for short term financial claims is referred to as the money market and the market for long term financial claims is referred to as the capital market. ? The third way to classify financial markets is based on whether the claims represent n ew issues or outstanding issues.The market where issues sell new claims is referred as primary market and the market where issues sell outstanding claims is referred as secondary market. ? The fourth way to classify financial markets is by the timing of delivery. A cash or spot market is one where the delivery occurs immediately and forward or futures markets are those markets where the delivery occurs at a pre determined time in future. ? The fifth way to classify financial markets is by the nature of its organizational structure. An exchange traded market is characterized by a centralized organization with standardized procedures and an over the counter market is a decentralized market with customized procedures.These markets are further explained in detail. 3. 3 MONEY MARKET The money market is a market for short-term funds, which deals in financial assets whose period of maturity is up to one year. It should be noted that money market does not deal in cash or money as such but s imply provides a market for credit instruments such as bills of exchange, promissory notes, commercial paper, treasury bills, etc. These financial instruments are close substitute of money. These instruments help the business units, other organizations and the Government to borrow the funds to meet their short-term requirement. Money market does not imply to any specific market place.Rather it refers to the whole networks of financial institutions dealing in short-term funds, which provides an outlet to lenders and a source of supply for such funds to borrowers. Most of the money market transactions are taken place on telephone, fax or Internet. The Indian money market consists of Reserve Bank of India, Commercial banks, Co-operative banks, and other specialized financial institutions. The Reserve Bank of India is the leader of the money market in India. Some Non-Banking Financial Companies (NBFCs) and financial institutions like LIC, GIC, UTI, etc. also operate in the Indian money market. 3. 4 CAPITAL MARKET Capital Market may be defined as a market dealing in medium and long-term funds.It is an institutional arrangement for borrowing medium and long-term funds and which provides facilities for marketing and trading of securities. So it constitutes all long-term borrowings from banks and financial institutions, borrowings from foreign markets and raising of capital by issue various securities such as shares debentures, bonds, etc. The market where securities are traded known as Securities market. It consists of two different segments namely primary and secondary market. The primary market deals with new or fresh issue of securities and is, therefore, also known as new issue market; whereas the secondary market provides a place for purchase and sale of existing securities and is often termed as stock market or stock exchange. 3. 4. PRIMARY MARKET The Primary Market consists of arrangements, which facilitate the procurement of longterm funds by companies by mak ing fresh issue of shares and debentures. You know that companies make fresh issue of shares and/or debentures at their formation stage and, if necessary, subsequently for the expansion of business. It is usually done through private placement to friends, relatives and financial institutions or by making public issue. In any case, the companies have to follow a well-established legal procedure and involve a number of intermediaries such as underwriters, brokers, etc. who form an integral part of the primary market.You must have learnt about many initial public offers (IPOs) made recently by a number of public sector undertakings such as ONGC, GAIL, NTPC and the private sector companies like Tata Consultancy Services (TCS), Biocon, Jet-Airways and so on. 3. 4. 2 SECONDARY MARKET The secondary market known as stock market or stock exchange plays an equally important role in mobilizing long-term funds by providing the necessary liquidity to holdings in shares and debentures. It provide s a place where these securities can be encashed without any difficulty and delay. It is an organized market where shares and debentures are traded regularly with high degree of transparency and security.In fact, an active secondary market facilitates the growth of primary market as the investors in the primary market are assured of a continuous market for liquidity of their holdings. The major players in the primary market are merchant bankers, mutual funds, financial institutions, and the individual investors; and in the secondary market you have all these and t