Johnny Tremain Mr Lorne Essays - Matchmaker.com, Johnny Tremain

Johnny Tremain: Mr Lorne Matchmaker.com: Sign up now for a free trial. Date Smarter! [an error occurred while processing this directive] Johnny Tremain: Mr Lorne After reading the book Johnny Tremain, How would you describe Mr. Lorne? You would probably say that he is a friendly man that helps out other people. He runs a newspaper, called the Boston Observer , in the colony of Massachusetts where he lives. The newspaper is well known and popular in the colony. Mr. Lorne is a fine looking man who is liked throughout the colony. When Johnny Tremain's hand was burned, and he couldn't find a job anywhere else, Mr. Lorne hired him at the Boston Observer. Mr. Lorne didn't care that his hand was burned. He let Johnny ride one of his horses and deliver the newspapers. Mr. Lorne is a helpful person when other people need help for one reason or another. He is caring and friendly, and has many talents that make him successful in life. Mr. Lorne works and owns a newspaper called the Boston Observer. The newspaper is well known around Boston and has a good reputation. He makes a good living off the profitable newspaper. Mr. Lorne is a Whig, which means he doesn't like the king, and wants to be free from Great Britain. The Whigs meet regularly at the Boston Observer to discuss plans to make America a free country. He is respected by the people of Boston and is a popular citizen. If you saw Mr. Lorne in person, you could describe him in many different ways. You would notice that he is very handsome . He is not rich, but makes a good living, so he dresses like any other middle class person in Boston. His blue eyes match almost perfectly with his dark blond hair. All of these traits make him a fine looking man. Since he is such a well liked and skilled person it is hard to name all of his qualities. His blue eyes and blond hair make him a handsome man. It is a wonder why he isn't married. He owns his own newspaper because he is a skilled hard worker. If you knew him well, you would say that he is one of the most caring and friendly person you will probably meet in a long time. [an error occurred while processing this directive] The Linknation Network

Double circle problem

Double circle problem The double circle problem would require a creative divergent thinking approach. This is a type of thinking that results in the production of several ideas from one single entity. All the ideas may not be workable, but from amongst them, one can find a new and refreshing solution. It requires ‘thinking outside the box’ since the conventional route will not yield desired results.Advertising We will write a custom essay sample on Double circle problem specifically for you for only $16.05 $11/page Learn More In the case of the double-circle problem, one is required to draw two parallel circles- one small one inside a large one- without lifting the writing instrument. Clearly, this is not a problem that one can solve using conventional methods of thinking. One needs to consider all possible ways of handling the problem. The instructions state that one cannot lift one’s pen, but they do not state that one cannot rearrange one’s paper. T hrough creative thinking, one immediately realizes that the problem is easily solvable when one changes the paper. Therefore, one can start by drawing the inner circle; that is, start with a line from one point and then go round and back to the starting point. After drawing this first inner circle, one should keep the writing instrument (pen) at the starting point and then use the other hand to fold the paper on which one is drawing the diagram. It should be noted that for this method to work, one should draw the circles near any of the four corners of the paper. After folding one corner of the paper into a triangular shape, the tip of the fold should meet the pen or drawing instrument. One can then move the pen outward through the folded bit and when one gets to the unfolded part, one can draw a bigger circle around the small one. However, this will leave some space, in the outer circle, equal to the folded bit. To overcome this problem, one should unfold the corner (while still keeping the pen on the paper) and then complete the outer circle. Types of organizational problems that require this type of thinking Organizations often deal with scenarios where they have to solve difficult problems even after exhausting all logical avenues. In such scenarios, they will need to use creative thinking to get out of such dilemmas. For instance when a battery manufacturing company has made and sold a whole line of batteries that leak, it could face the possibility of loosing all its clients owing to this error. However, if members of the firm think of creative ways to correct the problems, then they can turn that disastrous event into an insignificant one. Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More They may think about changing the name of the battery and recalling all the faulty ones. Besides this, they can implement a new quality system and then remarket th e new ones as fault proof. Additionally, organizations require creative thinking when introducing new products in the market or when starting up. Entrepreneurs use divergent thinking methods in order to determine new ways of generating value from available resources. One person may look at stockings and think of nothing new about them; however, the entrepreneur may create something significantly different by introducing stockings with an additional leg that can be folded and tucked between the other two legs when one is wearing them. The third, folded one can be exchanged for a torn one when the situation arises. Such a person has introduced something significantly different, and he or she can only do that when using divergent creative thinking. In addition to solving difficult organizational problems and starting new businesses, companies can also use creative thinking when introducing new products. IBM introduced its 1981 PC to the market by letting its engineers create a comple tely different computer using a series of start up materials. As a result, this model revolutionized the computer industry and made the PC a mass product.

Essay 2 Example | Topics and Well Written Essays - 3000 words

2 - Essay Example Independent variables were region, age, and gender. Region referred to the student’s place of study, and took the values of EU, OS, and UK. Age was divided into two values: regular (below 21 years old as of 1st September at the year of intake) and mature (below 21 years old as of 1st September at the year of intake). Gender took the values of Male and Female. Frequency count was used to find the number of respondents per category. In finding the relationship between continuous variables (e. g. scores), Pearson’s correlation techniques were used. In finding the relationship between categorical variables, cross tabulation and chi square tests were performed on the data. To investigate the effects of prior maths education on unit scores and overall performance, t test were conducted. Finally, to find out which variables predicted overall performance, regression analysis was performed. Presentation and Discussion of Results Demographic profile of respondents There were a to tal of 236 respondents surveyed for this study. Table 1 shows the country of origin of the respondents. Figures indicate that majority if the respondents are from the UK (36.4%), China (25.4%), and India (8.5%). In terms of the Program that the respondents are taking up, 36.4% are majoring in MSc (Hons) Management (n = 88), 26.3% in Marketing (n = 62), 16.1% in Accounting (n = 38), 12.3% in IBE (n = 29), 3.8% in Human Resources (n = 9), and 3.4% in IS (n = 8). There are 2 respondents each majoring in Decision Making and in Operations. Of the respondents surveyed, 53.8% are from the OS region (n = 127), 36.4% are from the UK region (n = 86), and 9.7% are from the EU region (n = 23). There were 87.3% of respondents who were considered regular students (n = 206), while 12.7% are mature students (n = 30). There were more female respondents in this study at 53.4% (n = 126) compared with male respondents at 46.6% (n = 110). Descriptive Statistics The primary interest of this study is the overall performance of students and the underlying factors that may predict overall performance. As such, it would be helpful to look into the descriptive characteristics of overall performance scores and the individual unit course scores (Anderson, Sweeney, & Williams, 2009). Figure 1 shows that the overall performance scores are skewed to the left, with higher concentration on the 50 to 70 range (Mean = 56.88, SD = 11.7). Table 2 reflects the mean scores of respondents in the different units. The figures indicate that students have the highest mean score in BMAN10001 (10) – Economic Principles: Microeconomics (Mean = 70.02, SD = 14.77) and the lowest mean scores in BMAN10621 (10) – Fundamentals of Financial Reporting. Table 1. Histogram of overall performance scores. Relationship between unit courses and overall performance Overall performance was measured by taking the average of a student’s unit courses. It is helpful to find out in this investigation which unit course affects overall performance most. Table 3 shows the correlation coefficients, Pearson’s r, between the unit courses and overall performance. The figures show that overall performan

Nothing in Much Ado About Nothing Essay Example | Topics and Well Written Essays - 1500 words

Nothing in Much Ado About Nothing - Essay Example This is why his plays have made it into college classrooms and their popularity has endured through the centuries. He was a master at making almost universal commentaries about human organization and behavior in a way that also served to entertain. It's important to remember, though, that the original context for Shakespeare’s plays was the same context in which plays are performed today. They were originally intended to provide a simple evening's worth of entertainment for the price of a ticket with the hope that the audience would continue to come back for more. â€Å"Shakespeare’s plays were written to be performed to an audience from different social classes and of varying levels of intellect. Thus they contain down-to-earth characters who appeal to the working classes, side-by-side with complexities of plot which would satisfy the appetites of the aristocrats among the audience† (Geraghty). One of his more popular romantic comedies is the play Much Ado About Nothing in which the word 'nothing' takes on numerous meanings and has an effect on characters actions throughout the play. The play takes place at the home of Leonato, a nobleman of Messina and centers around the stories of two young couples. The female half of these couples are residents of Leonato's house, his daughter Hero and his niece Beatrice. The action begins with the expected arrival of the prince Don Pedro and his party including the male halves of these romantic couples. Claudio is a young nobleman and Benedick is a clever man who has proven himself valuable. An unwelcome part of the crowd is Don John, Don Pedro's illegitimate brother who expresses all the typical bitterness and resentment expressed in characters placed in this life role. Benedick and Beatrice are already acquainted with each other and quickly resume their years long banter back and forth. As they compete with each other over which one can get the most words in, Claudio and Hero are quietly falling in l ove with each other. They decide to marry with the wedding planned in a week. To help pass the time until the wedding day, Hero and Claudio agree with the others to play a game on Beatrice and Benedick designed to force them to finally admit their love for each other. The trick works, but it isn't the only one in the works. Don John, jealous and anxious to cause trouble, convinces one of his men to make love to Hero's maid Margaret at Hero's window one night. As Borachio is busy doing this, Don John brings Don Pedro and Claudio to the garden outside Hero's window where they believe they are seeing Hero being unfaithful to her betrothed. Naturally filled with rage, Claudio calls off the wedding, but does so in a very humiliating way at the ceremony in front of the gathering. The family, finally convinced she might be telling the truth that it wasn't her, decide to pretend she died of her shock and grief in the hope that the truth would come out. It nearly comes to a fight between Cla udio and almost everyone else until the night watchman hears Borachio talking about what he'd done. Claudio, in his grief and to amend for his error, agrees to marry another one of Hero's cousins. It isn't until they are before the altar that Claudio finally realizes the veiled woman standing with him is really Hero. The play ends with Beatrice and Benedick getting married and everyone joining in a celebratory dance. One of the major motifs that runs through this play, giving it

Knowledge Managemenet Essay Example | Topics and Well Written Essays - 1250 words

Knowledge Managemenet - Essay Example The essay will further analyse the function and role of learning organisation. Further, the cases of various real-life learning organisation would be discussed along with the probable challenges, so as to recommend how an organisation can transform into a learning organisation. Peter Senge and his fifth disciple for learning organisations The concept of learning organisation has been coined by Peter Senge and his associates. It assist organisation to shift towards an interconnected mode of thinking. According to this concept, the organisations should be like communities, towards which employees are committed. There should be a drive to work harder and achieve recognition within the employees. Organisation cannot be drastically restructured into learning organisations, but it is the changes in policies that bring about a gradual transformation (Senge, 1990). Peter Senge has stated in an interview that in learning organisations people work in group to attain group goals and enhance the capabilities of the organisation. He popularised this concept through his book called The Fifth Disciple (Infed., 2013a, 2013b). Figure 1: The Fifth Discipline Source: (Author’s Creation) There are certain characteristics that a learning organisation must possess. Firstly, system thinking must exist in an organisation. This framework assists employees to understand businesses as bounded objects. System thinking encourages every characteristics or information in an organisation to be apparent, so that goals can be achieved transparently. Secondly, personal mastery that is the commitment of individuals towards their work is important. Staff training Individual learning and development is a competitive advantage for the firm. Thirdly, the mental modes, which are the assumption of the individuals, decide what perception the employees have for the organisation (Senge, 1990). Fourthly, there must be shared vision in the organisation to motivate the employees for attaining group go als. Last but not the least, an environment of team learning is necessary that will increase the capacity to solve problems faster in an organisation (Infed., 2013a, 2013b). Challenges to Transform into a Learning Organisation It has been stated in the book called The Dance of Change that there are various reasons as to why an organisation might face trouble in transforming into a learning organisation. The first issue might be that the organisation lacks enough time. The management and the employees in the organisation have other significant issues to ponder over than trying to bring about a change in the organisational culture. It might happen that the employees or teams cannot spare time for training and change management process within the organisation (Senge et. al., 1999). The organisation might not be having appropriate expertise workforce to transform the work place into a learning organisation (Senge, 1990). In such case an appropriate solution, mentors and training program mes are required. Time is the most significant element that is required because a comprehensive discussion on the actual issues should be done, problems should be discussed and training programmes should be linked in order to make the transformation process easier. However, challenges like convincing older employees for training and learning processes and co-ordinating human resource, operations and resources give rise to

Determinants of Mutual Fund Growth in Pakistan

Determinants of Mutual Fund Growth in Pakistan This study is actually about the mutual fund growth and the determinants which are influencing on the growth of these funds. We ask whether the growth of funds is influences by the management fee, family proportion and the expense ratio or not. How much these variables influenced the growth of funds. We further check out the relation of the family assets and the return on the funds with the performance of the funds. Investors are paying the charges to control the funds and for the growth of the funds in the shape of management fee and the administrative charges. We study the behavior and the output of the funds from the duration of 2005-2009. We selected the funds which are listed in KSE. The funds are selected which are in the family proportions because of the nature of regression model which is used for the calculation of the effect of determinants on the growth of the funds. We use two models for the interpretation of the data. These are fixed effect model and cross section model. Through these models we elaborate the effects of different factors on the growth of these funds. We focus on the management fee for checking the efficiency of the funds management. Whether these are contributing in the growth of the funds or not, if not then these fee is only for the benefit of funds management INTRODUCTION In Pakistan the mutual fund industry handles a significant portion of the assets of individual investors. Basically there are many factors which can affects on the growth of the mutual fund. In these determinants of the mutual funds which can affect the growth of the mutual fund we are focusing on the management fee, the main focus is on the charging of the management fee and its impact on the growth. Whether it is beneficial for the growth or not? Along with this we are determining some other major determinants of which can influence on the growth of these funds in Pakistan. Compensation to managers is primarily in the form of a Management fee. With few exceptions, Management fees are charged as a percentage of the assets under management rather than on the basis of performance. It is therefore in the interest of management to grow the total assets in the fund and in the associated fund family. One tool that managers may use to grow funds is the Management fee. The fees, which are l imited to1% to 3% per year as Management fee, are used to cover administrative costs. This paper studies whether or not the charging of a Management fee support the investors by growing the worth of mutual funds family along with that of some other determinants. Next we checked that the charging of Management fee leads to greater cash inflow for the funds which charge them. We focus on various mutual funds existing in the Karachi Stock Exchange and listed there, in order to control for the variety of commission payment schemes associated with management fee charging funds that are now available to shareholders and are in the group of families charging Management fee. LITERATURE REVIEW These are some of the review from the experts and the researchers. Academic opinion on mutual fund fees is generally critical. Bogle, points out that the average cost of owning mutual funds has risen over 100 percent in the last sixty years. Freeman and Brown contend mutual fund advisory fees alone are excessively high. In their view the mutual fund industry is dominated by conflicts of interest where the mutual fund boards fail to negotiate arms-length management contracts with asset managers. In their view asset managers are over compensated for the services that they provide. Similarly Ang, Chen and Lin argue that the primary benefit that managers can provide to the shareholders is the reduction of expenses. The reason is that management has more control over expenses than over any other aspect of the return to the shareholders. Therefore, if managers are not working to reduce expenses they are failing to carry out their primary duty to the shareholders. Golec found that fund managers are compensated primarily on the basis of a percentage of the assets under management. That compensation scheme provides fund managers with a strong incentive to grow fund assets regardless of the degree to which such growth is consistent with shareholder welfare. Collins, along with Livingston and ONeal (1998) and ONeal (1999) argue that some investors pay to receive professional investment advice and assistance in the purchase of mutual funds. Essentially they argue that brokers provide some combination of resolving asymmetric information for investors and providing a needed service in completing and maintaining the required records in order to complete the investing process. We closely examine the issue of whether brokers primarily resolve asymmetric information or primarily provide investors with record completion and maintenance services. One way to grow the assets is to well manage the fund by the fund management of that varies funds. Management f ees provide a source of funds for controlling and managing the funds. Naim Sipra (2008) one of the interesting things to note is the low correlation between the funds and the market portfolio. In US studies the correlation between the market and mutual funds is often 0.9 or above. A high correlation with the market is an indication of a high degree of diversification. The low correlation in the Pakistani case suggests that the mutual funds are not doing a very good job of diversification. The low correlation and also the low betas are probably due to inclusion of fixed income securities such as the Term Finance Certificates (TFCs) in the portfolios of these funds. Since the composition of the funds is not publicly known therefore it is not possible to analyze this issue any further. Ali S M, Malik A S (2006) A Capital markets play a vital role in the economic development of a country. It is now widely accepted that there is a direct correlation between economic growth and the development of the financial sector. Mutual funds are considered to be an imp ortant source of injecting liquidity into the capital markets. A well established financial intermediation system facilitates the economic activity by mobilizing domestic as well as foreign savings. Muhammad Akbar Saeed (2004) during the last two years, mutual fund sector has more than tripled in size to Rs. 112 billion (as of 31-Dec-04). The industry players are predicting that the business is likely to grow by 200 percent over the next five years. The success of the industry will lie in several factors, one of which will be the role of regulators and their efforts to continuously evolve the code of corporate governance for the mutual fund industry. Moeen Cheema and Sikandar A. shah (2006) Mutual funds are becoming vehicles of securities investments most favored by the general public worldwide. Whereas, this trend is more pronounced in the developed securities markets of the United States of America and Europe, mutual funds are increasingly gaining the public attention in the developing economies as well. Pakistan is not an exception to this global trend and even though mutual funds form a comparatively small segment of the securities markets, they have grown phenomenally over the last few years. According to the Mutual Fund Association of Pakistan (MUFAP), whereas mutual funds may not shield investors from the risks associated with overall market failure, the ability to diversify that they provide may reassure public investors as regards the failure of individual companies and hence make them less wary of insider opportunism in any given corporation. We similarly consult some of the related articles for this purpose, which can be seen from the references. We also consult some of the conflicting matters with the course instructor. In summary, Management fee is basically for the controlling of the mutual funds and for the growing purpose of the funds. But is it working well for the growth of the mutual funds which funds are being charging this fee. HYPOTHESES AND METHODOLOGY This paper studies whether the shareholders income and their wealth increase from the growth of the mutual funds through the charging of Management fees. The main focus on the Management Fee but there are some other determinants like family proportion, expense ratio, return through sharp ratio and assets turnover in that specific duration which we selected for the research purpose. There are a number of ways in which investors could enjoy by the growing of wealth from funds which charge this fee. Since the fee is used for administrative expenses. It could aid investors by making them aware of high quality managed funds that might otherwise be invisible to them. There are several possible examples of funds where this might apply. First, funds charging this management fee lead the higher total returns. Funds with greater total returns would benefit investors in that, if the superior performance was persistent, investors would have a higher terminal wealth from investing in these funds than they would have from investing in other funds. A fee showing the existence superior total returns would be of great of interest to investors. The null hypothesis: Ho: There is no difference between the total returns of mutual funds that charge the Management fee and those that do not charge the Management fee will be tested. Second, the Management fee might be a signal to investors of a greater risk adjusted rate of return. A greater risk adjusted return would imply that investors could earn superior returns with less chance of loss with respect to other portfolios offering the same level of return. The second null hypothesis to be tested is: Ho: There is no difference in risk adjusted returns between the risk adjusted return of mutual funds that charge the Management fee and those that do not charge the Management fee. 2nd hypothesis will be tested using Sharpe Ratio. It needs to be noted that these null hypotheses could be rejected either because the funds charging the Management fee over perform or because they under perform. If there is persistent over performance, the over performance is in the interest of the investors. However, persistent under performance would mean that the fee being paid by the investors is being used to let them know that these mutual funds are not performing well that will leave the investors with less terminal wealth. Such a result would be consistent with the view that Management fees are inconsistent with shareholders income growth. Third, the funds charging the Management fee could be the funds that have lower expense ratios. The numerator of the expense ratio includes all of the operating costs of managing the fund; including the management fee and other administrative costs as well as all the expenses. It may be that after the Management fee is removed from the expense ratio the fund has lower expenses than other funds. Such a result would support the idea that the fee itself is merely a substitute for other costs and that the investor in such a fund is no worse off, and could be better off than the investor in a fund that does not have the fee. The null hypothesis to be tested is: Ho: There is no difference of the expense ratios of the funds on the growth of the mutual funds. 3rd hypothesis will be tested after subtracting the Management fee from the expense ratio. The null hypothesis could be rejected because the funds charging the fee have lower expense ratios or because the funds charging the fee have greater expense ratios. In the first case the management fee would be in the interests of shareholders and in the second case the fee would not be in the interests of shareholders. If it is found that the management fee is not supporting the growth of the mutual funds of shareholders, the other alternative is that the fee is in the favor of the fund management. It would be in the interest of fund management to charge the management fee if the existence of the fee led to faster asset growth than could otherwise be expected. Management desires faster asset growth because of the manner in which management is compensated. Fourth, managers might be using management fees to grow funds more rapidly than they would otherwise be growing. The growth of the fund from time t to t+1 is defined as: Gi = (Assetst Assetst -1(1+R))/Assetst -1 (1)†¦Ã¢â‚¬ ¦Equation Where Gi is the growth rate in the assets under management by fund i from time t-1 to time t. Assetst are the net assets under management at time t. Since the assets under management may grow either due to new sales or returns, equation 1 eliminates the growth that is due to returns. For all of the funds in the study, the management fee is based on the net assets under management which may provide a managerial incentive to grow the fund as rapidly as possible. Ho: The growth rate of mutual funds that charge management fee is higher as compare to the funds which are not charging the fee. We will test whether the funds that charge the fees actually are growing faster using a regression model that controls for risk adjusted return, asset turnover rate, the relative size of the mutual fund within a family of funds, the expense ratio of the fund other than the management fee and the level of the management fee. Gi = ÃŽ ² 0 + ÃŽ ² 1RARi + ÃŽ ² 2ATi + ÃŽ ² 3ASSETi + ÃŽ ² 4FAMPROi + ÃŽ ² 5ERi + ÃŽ ² 6FEEi + ÃŽ ² i †¦2) Equation Gi is the growth due to new investment in funds i from previous year t to current year t+1. Growth is defined by equation 1. This sign (?) Measures the sensitivity of the growth rate of the mutual fund to the specified factor in each case. An expected positive sign means that the growth rate is expected to respond positively to increases in the variable. An expected negative sign means that the growth rate is expected to respond negatively to increases in the variable. The expected sign is specified for each of the control variables. RARi is the risk adjusted returns on fund i from year t to t+1, estimated by using the Sharpe Ratio. In accordance with past findings, this control variable is hypothesized to have a positive sign and does take a positive sign. ATi is the asset turnover for fund i which is measured through the formula of Net Income divided by the Total Assets. Turnover is a measure of investing activity. The greater the turnover, the greater the cost of operating the fund. Holding all else equal, the greater the cost of operating the fund the lower the growth in the fund. This variable is hypothesized to have a negative sign and does have a negative sign. ASSETi is the total assets of fund i at time t. The larger a fund, generally, the older the fund is so that assets serve as a proxy for the age of the fund. The older a fund, the more well known the fund is to the investing public and the easier it will be to sell the fund. Assets are expected to and do have a positive relation with growth. FAMPROi is the proportion of the mutual fund family assets made up by fund i. The larger the proportion of the family assets in the fund the slower will be the growth, as management efforts will be directed primarily at the newer, smaller funds. This variable is expected to have a negative sign and generally has a negative sign. ERi is the expense ratio of fund i , less the management fee from all the expenses. The expense ratio includes all of the costs that the management company charges to the fund including the management fee, trading costs, and any other expenses. Since the purpose of the test is to isolate the effect of the management fee, that fee is subtracted from the expense ratio. The greater the expense ratio, the lower the growth. Investors should prefer a lower cost fund to a higher cost fund. The variable generally has the expected negative sign. FEEi is the level of the Management fee. For the vast majority of the funds in the study, this variable will be charged by 1% to 3%. It is expected that the null hypothesis will be rejected and that this variable will have a positive sign which is generally the case. The regression model (Equation 2) is estimated on an annual basis for the years 2004 through 2009 for all funds that have all required data available. Equity and fixed income funds are examined separately. A positive and significant sign on the FEE variable will lead to a rejection of the null hypothesis and will be consistent with the idea that the Management fee is used by management to increase growth in assets. There are two economic rationales that apply to the imposition of the Management fee on mutual fund investors. The first is that investors are the primary beneficiaries. The second is that fund management is the primary beneficiary of the fee. The major contribution of this paper is to determine whether the facts are more consistent with the investors or the managers being the beneficiaries for mutual funds. THE DATA All of the data are taken for the years 2004 through 2009. Since 2004 is the first year and lagged data is needed, the results are presented for all funds for which all data was available for 2005 through 2009. The data are summarized in the table form and data is regarding the equity funds. As far as the collection of the data is concerned so we consult many sources for the collection of the data. Mainly we collect it from KSE. From where the full data was not available and after that we consult the Business recorder, Statistical Bulletin of Pakistan [Federal Bureau of Statistics (2005)] for 2005-2009 and SBP for the collection of the financial reports and the kibor rates. The net asset values are collected from the KSE as well as from Brecorder. The data available in the form of tables and excel sheet which is attach along with this article. Mainly we collect the data of the equity mutual funds. Our focus was on most commonly known mutual funds of the Pakistan market. We selected a lmost 21 mutual funds from the KSE available sources but because of the running of Regression Model, for which we need only the family funds which are in the form of groups. We neglect the individual funds because of the family proportion concern. So now the data available is of 13 mutual funds which are in the form of family. From that we could generate the family proportion of the mutual funds assets. Because the amount of the data was less for five years so we take the data in the panel form representing through panel EGLS. RESULTS These are some of the results which we conclude from the help of the CROSS SECTION MODEL FIXED EFFECT MODEL. In econometrics and statistics, a fixed effects model is a statistical model that represents the observed quantities in terms of explanatory variables that are all treated as if those quantities were non-random. This is in contrast to random effects models and mixed models in which either all or some of the explanatory variables are treated as if they arise from the random causes. Often the same structure of model, which is usually a linear regression model, can be treated as any of the three types depending on the analysts viewpoint, although there may be a natural choice in any given situation. In panel data analysis, the term fixed effects estimator (also known as the within estimator) is used to refer to an estimator for the coefficients in the regression model. If we assume fixed effects, we impose time independent effects for each entity that are possibly correlated with the regressors. The major attraction of fixed effects methods in non-experimental research is the ability to control for all stable characteristics of the individuals in the study, thereby eliminating potentially large sources of bias. Within-subject comparisons have also been popular in certain kinds of designed experiments known as changeover or crossover designs (Senn 1993). In these designs, subjects receive different treatments at different times, and a response variable is measured for each treatment. Ideally, the order in which the treatments are received is randomized. The objective of the crossover design is not primarily to reduce bias, but to reduce sampling variability and hence produce more powerful tests of hypotheses. Fixed effects methods cannot estimate coefficients for variables that have no within-subject variation Time-series cross-section (TSCS) data harness both cross-temporal and cross spatial variation to maximize empirical leverage for theory evaluation. However, this powerful data structure also requires careful consideration of temporal and spatial (cross-unit) heterogeneity, temporal and spatial dynamic processes, and potentially complex stochastic error structures. In the table 1 which is descriptive table and that is showing the mean, median and standard deviation as well. As it is clear and shows from the descriptive table that the sharp ratio, which is basically the return calculation through the sharp measure, is the negative impact on the growth of the mutual fund. As you will increase the return on the funds or the return increases over the amount of the funds the impact of it is negative on the growth of the mutual fund. Similarly the coefficient of this sharp ratio is also negative impact on the growth of the mutual funds. Now secondly, the asset turnover showing, the mean in the descriptive table representing the negative value which means that if the asset turnover will be negative so it can reduce the growth of the mutual funds. Assets are in the positive form and they show that if the asset of the fund increases so it means that the impact of this on the growth of the fund is positive and it contribute in the growth of the mutual fu nd. The family proportion of the mutual fund should have the positive impact on the growth of the mutual fund and in the table 1 of the descriptive result, the result of this is positive so it means that the family proportion increasing in this which is the positively impacting on the growth. Expense ratio is resulting negatively on the growth of the funds, and the management fee which is the basic testing of this is also showing the negative impact on the growth of the mutual funds in Pakistan. TABLE NO. 1 Descriptive Analysis GR SR AT ASSET FP ER FEE MEAN 3.989 -1.096 -0.008 2633207 0.365 1.262 54455166 MEDIAN 0.005 -0.540 0.010 1435134 0.410 1.260 38342000 MAX. 63.590 2.290 0.450 14193216 1.000 10.900 2.49708 MIN. -27.660 -5.010 -1.070 0.00000 0.000 0.000 0.00000 STD. DEV 12.763 1.470 0.272 3060791 0.255 1.644 53774795 SKEW. 2.134 -0.946 -1.834 1.951847 0.187 4.008 1.599424 PROB. 0.000 0.004 0.000 0.0000 0.729 0.000 0.0000 SUM 259.290 -71.278 -0.525 1.71608 23.400 82.060 3.54709 OBS. 65 65 65 65 65 65 65 TABLE NO. 2 Correlation Matrix DETERMINANTS GR SR AT ASSETS FP ER FEE GR 1.000 -0.269 -0.578 -0.163 0.062 0.100 -0.146 SR -0.269 1.000 0.360 0.124 0.174 -0.186 0.132 AT -0.578 0.306 1.000 0.139 0.071 -0.403 0.125 ASSETS -0.163 0.123 0.193 1.000 0.503 0.084 0.972 FP 0.061 0.174 0.071 0.503 1.000 0.270 0.538 ER 0.100 -0.187 -0.403 0.084 0.270 1.000 0.058 FEE -0.146 0.133 0.125 0.972 0.538 0.058 1.000 Now further according to the table 3 which is Fixed Effect Model, we design a panel least squares method in this model for the calculation of the data, in that the sharp ratio is resulting in the negative form and show the result that as the return on the mutual funds increases the growth effected negatively. The coefficient of the sharp ratio is negative and the result is showing significance, which is acceptable. After that assets turnover of it is in negative figure which shows a negative impact on the growth and the prob. Is significance we are keeping the level of the significance here is 0.10. The coefficient of the family proportion is positive thats good for the growth of the mutual fund but it is not significance because the prob. is higher than the level of significance. The expense ratio is showing the negative result, which means that the increase of the expense ratio is a negative impact on the growth of the mutual funds. Its coefficient value is negative and the value i s significant according to the fixed effect model. Now comes the management fee, according to this model the management fee is resulting in the positive value for the fund, that means that the funds that using the Management fee are contributing in the better growth of the fund because the coefficient value is positive but according to this model the fee is not significant here, the result is that the funds charging the fee can make the funds growing as compare to the funds that are not charging the management fee. The factor we assume here that the management fee effect positively for the growth of the funds but because of the political instability and the country economic situation it is not resulting good in the growth of the mutual funds in Pakistan. Lastly according to this model, value of Lassets is positive and the significant level is good which shows the Lassets significant. We take the assets here despite of the assets because of the mismatch and not the proper results fro m the assets. So it is impacting positively on the growth of the mutual fund. If it increases the mutual fund growth will increase. TABLE NO. 3 Fixed Effect Model Dependent Variable: GR Method: Panel Least Squares Sample: 2005-2009 Total panel (unbalanced) observations: 64 Cross-sections included: 13 DETERMINANTS COEFFICIENT STD. ERROR T-STATISTICS PROB. SR -3.772 1.532 -2.462 0.018 AT -24.784 7.253 -3.417 0.001 LASSET 0.447 0.155 2.878 0.006 FP 4.932 9.653 0.512 0.612 ER -2.250 1.054 -2.135 0.038 FEE 1.637 1.427 1.144 0.258 CONSTANT -1.456 4.251 -0.343 0.734 EFFECTS SPECIFICATIONS CROSS-SECTION FIXED (DUMMY VARIABLES) PERIOD FIXED (DUMMY VARIABLES) ADJUSTIFIED R-SQUARED 0.438 MEAN.DEP BAR 4.051 S.E OF REGRESSION 9.639 S.D. DEP BAR 12.859 SUM SQUARED RESID 3810.045 SCHWARZ CRITERION 8.418 LONG LIKELIHOOD -221.580 F-STAT. 3.227 DURBIN–WATSON STAT 1.896 PROB F-STAT 0.000 In table 4 and 5, we use the CROSS SECTION MODEL (cross section random effects cross section weights), according to both of these methods the calculations are same, the coefficient values and the significant are same. The assets turnover is showing the negative value which shows according to it that the more assets turnover can impact the growth of the mutual funds and the value is significant in both methods as well as in the fixed effect model. The value of the sharp ratio means the return of the mutual fund is showing coefficient negative in the random effect method that means that the increase of the return value can effect the growth negatively and growth is less when this return value is high while the value is significant which means it is good for the growth of the mutual fund and same value is showing in the fixed effect method. But in the cross section weights method the value of the return is positive and it is not significant there. So it shows here a that the higher ret urn impact the mutual fund growth positively means higher the return higher the growth of the mutual fund nut it is nit the case here. Family proportion of the mutual funds according to the both methods says that the results are showing positive relationship in the growth of the funds and the higher the family proportion. The values are significant according to the probability measures. Expense ratio according to both of these models reflects the results that expense ratio is impacting the growth of the funds negatively. Means as the ratio of the expense increase the growth is going to be less for the mutual funds. The coefficient value of the expense ratio is in negative value and the value in both the methods shows that this is significant. As far as the Management fee is concerned here so according to the both methods the management fee is impacting on the growth inversely. The coefficient value in both the cases is negative means if the management fee is charged by the mutual fu nd management so the growth is less than if they dont charge the management fee. And the value is significant in both the methods. So it is clear from now that according to the Cross Section Model the impact of the management fee is negative on the growth of the mutual funds. The management who is charging the management fee their growth of the mutual funds is less and downward. TABLE NO. 4 Cross Section Weights Dependent Variable: GR Method: Panel EGLS (Cross Section Weights) Sample: 2005-2009 Total panel (unbalanced) observations: 54 Cross-sections included: 13 Linear Estimation after One-Step Weighting Matrix VARIABLE COEFFICIENT STD.ERROR T-STAT PROB SR 0.439 0.825 0.532 0.596 AT -32.916 3.815 -8.628 0.000 FP 4.404 3.353 2.506 0.016 ER -2.032 0.719 -2.825 0.006 FEE -5.297 1.997 -2.665 0.010 LASSET 0.447 0.155 2.877 0.006 WEIGHTED STATISTICS R-SQUARED 0.788 MEAN DEPENDENT VAR 7.211 ADJ. R-SQRD 0.766 S.D. DEPENDENT VAR 20.513 S.E. OF REG 9.905 SUM SQUARED RESID 4709.255 DURBIN-WATSON STAT 1.785 UN-WEIGHTED STATISTICS R-SQUARED 0.396 MEAN DEPENDENT VAR 4.801 SUM SQUARED RESID 6164.67 DURBIN-WATSON STAT 1.521 TABLE NO. 5 Cross Section Random Effect Model Dependent Variable: GR Method: Panel EGLS (Cross-Section random Weights) Sample: 2005-2009 Total panel (unbalanced) observations: 64 Cross-sections included: 13 Swamy and Arora estimator of component variances VARIABLE COEFFICIENT STD.ERROR T-STAT PROB CONSTANT 1.663 2.777 0.599 0.551 Determinants of Mutual Fund Growth in Pakistan Determinants of Mutual Fund Growth in Pakistan This study is actually about the mutual fund growth and the determinants which are influencing on the growth of these funds. We ask whether the growth of funds is influences by the management fee, family proportion and the expense ratio or not. How much these variables influenced the growth of funds. We further check out the relation of the family assets and the return on the funds with the performance of the funds. Investors are paying the charges to control the funds and for the growth of the funds in the shape of management fee and the administrative charges. We study the behavior and the output of the funds from the duration of 2005-2009. We selected the funds which are listed in KSE. The funds are selected which are in the family proportions because of the nature of regression model which is used for the calculation of the effect of determinants on the growth of the funds. We use two models for the interpretation of the data. These are fixed effect model and cross section model. Through these models we elaborate the effects of different factors on the growth of these funds. We focus on the management fee for checking the efficiency of the funds management. Whether these are contributing in the growth of the funds or not, if not then these fee is only for the benefit of funds management INTRODUCTION In Pakistan the mutual fund industry handles a significant portion of the assets of individual investors. Basically there are many factors which can affects on the growth of the mutual fund. In these determinants of the mutual funds which can affect the growth of the mutual fund we are focusing on the management fee, the main focus is on the charging of the management fee and its impact on the growth. Whether it is beneficial for the growth or not? Along with this we are determining some other major determinants of which can influence on the growth of these funds in Pakistan. Compensation to managers is primarily in the form of a Management fee. With few exceptions, Management fees are charged as a percentage of the assets under management rather than on the basis of performance. It is therefore in the interest of management to grow the total assets in the fund and in the associated fund family. One tool that managers may use to grow funds is the Management fee. The fees, which are l imited to1% to 3% per year as Management fee, are used to cover administrative costs. This paper studies whether or not the charging of a Management fee support the investors by growing the worth of mutual funds family along with that of some other determinants. Next we checked that the charging of Management fee leads to greater cash inflow for the funds which charge them. We focus on various mutual funds existing in the Karachi Stock Exchange and listed there, in order to control for the variety of commission payment schemes associated with management fee charging funds that are now available to shareholders and are in the group of families charging Management fee. LITERATURE REVIEW These are some of the review from the experts and the researchers. Academic opinion on mutual fund fees is generally critical. Bogle, points out that the average cost of owning mutual funds has risen over 100 percent in the last sixty years. Freeman and Brown contend mutual fund advisory fees alone are excessively high. In their view the mutual fund industry is dominated by conflicts of interest where the mutual fund boards fail to negotiate arms-length management contracts with asset managers. In their view asset managers are over compensated for the services that they provide. Similarly Ang, Chen and Lin argue that the primary benefit that managers can provide to the shareholders is the reduction of expenses. The reason is that management has more control over expenses than over any other aspect of the return to the shareholders. Therefore, if managers are not working to reduce expenses they are failing to carry out their primary duty to the shareholders. Golec found that fund managers are compensated primarily on the basis of a percentage of the assets under management. That compensation scheme provides fund managers with a strong incentive to grow fund assets regardless of the degree to which such growth is consistent with shareholder welfare. Collins, along with Livingston and ONeal (1998) and ONeal (1999) argue that some investors pay to receive professional investment advice and assistance in the purchase of mutual funds. Essentially they argue that brokers provide some combination of resolving asymmetric information for investors and providing a needed service in completing and maintaining the required records in order to complete the investing process. We closely examine the issue of whether brokers primarily resolve asymmetric information or primarily provide investors with record completion and maintenance services. One way to grow the assets is to well manage the fund by the fund management of that varies funds. Management f ees provide a source of funds for controlling and managing the funds. Naim Sipra (2008) one of the interesting things to note is the low correlation between the funds and the market portfolio. In US studies the correlation between the market and mutual funds is often 0.9 or above. A high correlation with the market is an indication of a high degree of diversification. The low correlation in the Pakistani case suggests that the mutual funds are not doing a very good job of diversification. The low correlation and also the low betas are probably due to inclusion of fixed income securities such as the Term Finance Certificates (TFCs) in the portfolios of these funds. Since the composition of the funds is not publicly known therefore it is not possible to analyze this issue any further. Ali S M, Malik A S (2006) A Capital markets play a vital role in the economic development of a country. It is now widely accepted that there is a direct correlation between economic growth and the development of the financial sector. Mutual funds are considered to be an imp ortant source of injecting liquidity into the capital markets. A well established financial intermediation system facilitates the economic activity by mobilizing domestic as well as foreign savings. Muhammad Akbar Saeed (2004) during the last two years, mutual fund sector has more than tripled in size to Rs. 112 billion (as of 31-Dec-04). The industry players are predicting that the business is likely to grow by 200 percent over the next five years. The success of the industry will lie in several factors, one of which will be the role of regulators and their efforts to continuously evolve the code of corporate governance for the mutual fund industry. Moeen Cheema and Sikandar A. shah (2006) Mutual funds are becoming vehicles of securities investments most favored by the general public worldwide. Whereas, this trend is more pronounced in the developed securities markets of the United States of America and Europe, mutual funds are increasingly gaining the public attention in the developing economies as well. Pakistan is not an exception to this global trend and even though mutual funds form a comparatively small segment of the securities markets, they have grown phenomenally over the last few years. According to the Mutual Fund Association of Pakistan (MUFAP), whereas mutual funds may not shield investors from the risks associated with overall market failure, the ability to diversify that they provide may reassure public investors as regards the failure of individual companies and hence make them less wary of insider opportunism in any given corporation. We similarly consult some of the related articles for this purpose, which can be seen from the references. We also consult some of the conflicting matters with the course instructor. In summary, Management fee is basically for the controlling of the mutual funds and for the growing purpose of the funds. But is it working well for the growth of the mutual funds which funds are being charging this fee. HYPOTHESES AND METHODOLOGY This paper studies whether the shareholders income and their wealth increase from the growth of the mutual funds through the charging of Management fees. The main focus on the Management Fee but there are some other determinants like family proportion, expense ratio, return through sharp ratio and assets turnover in that specific duration which we selected for the research purpose. There are a number of ways in which investors could enjoy by the growing of wealth from funds which charge this fee. Since the fee is used for administrative expenses. It could aid investors by making them aware of high quality managed funds that might otherwise be invisible to them. There are several possible examples of funds where this might apply. First, funds charging this management fee lead the higher total returns. Funds with greater total returns would benefit investors in that, if the superior performance was persistent, investors would have a higher terminal wealth from investing in these funds than they would have from investing in other funds. A fee showing the existence superior total returns would be of great of interest to investors. The null hypothesis: Ho: There is no difference between the total returns of mutual funds that charge the Management fee and those that do not charge the Management fee will be tested. Second, the Management fee might be a signal to investors of a greater risk adjusted rate of return. A greater risk adjusted return would imply that investors could earn superior returns with less chance of loss with respect to other portfolios offering the same level of return. The second null hypothesis to be tested is: Ho: There is no difference in risk adjusted returns between the risk adjusted return of mutual funds that charge the Management fee and those that do not charge the Management fee. 2nd hypothesis will be tested using Sharpe Ratio. It needs to be noted that these null hypotheses could be rejected either because the funds charging the Management fee over perform or because they under perform. If there is persistent over performance, the over performance is in the interest of the investors. However, persistent under performance would mean that the fee being paid by the investors is being used to let them know that these mutual funds are not performing well that will leave the investors with less terminal wealth. Such a result would be consistent with the view that Management fees are inconsistent with shareholders income growth. Third, the funds charging the Management fee could be the funds that have lower expense ratios. The numerator of the expense ratio includes all of the operating costs of managing the fund; including the management fee and other administrative costs as well as all the expenses. It may be that after the Management fee is removed from the expense ratio the fund has lower expenses than other funds. Such a result would support the idea that the fee itself is merely a substitute for other costs and that the investor in such a fund is no worse off, and could be better off than the investor in a fund that does not have the fee. The null hypothesis to be tested is: Ho: There is no difference of the expense ratios of the funds on the growth of the mutual funds. 3rd hypothesis will be tested after subtracting the Management fee from the expense ratio. The null hypothesis could be rejected because the funds charging the fee have lower expense ratios or because the funds charging the fee have greater expense ratios. In the first case the management fee would be in the interests of shareholders and in the second case the fee would not be in the interests of shareholders. If it is found that the management fee is not supporting the growth of the mutual funds of shareholders, the other alternative is that the fee is in the favor of the fund management. It would be in the interest of fund management to charge the management fee if the existence of the fee led to faster asset growth than could otherwise be expected. Management desires faster asset growth because of the manner in which management is compensated. Fourth, managers might be using management fees to grow funds more rapidly than they would otherwise be growing. The growth of the fund from time t to t+1 is defined as: Gi = (Assetst Assetst -1(1+R))/Assetst -1 (1)†¦Ã¢â‚¬ ¦Equation Where Gi is the growth rate in the assets under management by fund i from time t-1 to time t. Assetst are the net assets under management at time t. Since the assets under management may grow either due to new sales or returns, equation 1 eliminates the growth that is due to returns. For all of the funds in the study, the management fee is based on the net assets under management which may provide a managerial incentive to grow the fund as rapidly as possible. Ho: The growth rate of mutual funds that charge management fee is higher as compare to the funds which are not charging the fee. We will test whether the funds that charge the fees actually are growing faster using a regression model that controls for risk adjusted return, asset turnover rate, the relative size of the mutual fund within a family of funds, the expense ratio of the fund other than the management fee and the level of the management fee. Gi = ÃŽ ² 0 + ÃŽ ² 1RARi + ÃŽ ² 2ATi + ÃŽ ² 3ASSETi + ÃŽ ² 4FAMPROi + ÃŽ ² 5ERi + ÃŽ ² 6FEEi + ÃŽ ² i †¦2) Equation Gi is the growth due to new investment in funds i from previous year t to current year t+1. Growth is defined by equation 1. This sign (?) Measures the sensitivity of the growth rate of the mutual fund to the specified factor in each case. An expected positive sign means that the growth rate is expected to respond positively to increases in the variable. An expected negative sign means that the growth rate is expected to respond negatively to increases in the variable. The expected sign is specified for each of the control variables. RARi is the risk adjusted returns on fund i from year t to t+1, estimated by using the Sharpe Ratio. In accordance with past findings, this control variable is hypothesized to have a positive sign and does take a positive sign. ATi is the asset turnover for fund i which is measured through the formula of Net Income divided by the Total Assets. Turnover is a measure of investing activity. The greater the turnover, the greater the cost of operating the fund. Holding all else equal, the greater the cost of operating the fund the lower the growth in the fund. This variable is hypothesized to have a negative sign and does have a negative sign. ASSETi is the total assets of fund i at time t. The larger a fund, generally, the older the fund is so that assets serve as a proxy for the age of the fund. The older a fund, the more well known the fund is to the investing public and the easier it will be to sell the fund. Assets are expected to and do have a positive relation with growth. FAMPROi is the proportion of the mutual fund family assets made up by fund i. The larger the proportion of the family assets in the fund the slower will be the growth, as management efforts will be directed primarily at the newer, smaller funds. This variable is expected to have a negative sign and generally has a negative sign. ERi is the expense ratio of fund i , less the management fee from all the expenses. The expense ratio includes all of the costs that the management company charges to the fund including the management fee, trading costs, and any other expenses. Since the purpose of the test is to isolate the effect of the management fee, that fee is subtracted from the expense ratio. The greater the expense ratio, the lower the growth. Investors should prefer a lower cost fund to a higher cost fund. The variable generally has the expected negative sign. FEEi is the level of the Management fee. For the vast majority of the funds in the study, this variable will be charged by 1% to 3%. It is expected that the null hypothesis will be rejected and that this variable will have a positive sign which is generally the case. The regression model (Equation 2) is estimated on an annual basis for the years 2004 through 2009 for all funds that have all required data available. Equity and fixed income funds are examined separately. A positive and significant sign on the FEE variable will lead to a rejection of the null hypothesis and will be consistent with the idea that the Management fee is used by management to increase growth in assets. There are two economic rationales that apply to the imposition of the Management fee on mutual fund investors. The first is that investors are the primary beneficiaries. The second is that fund management is the primary beneficiary of the fee. The major contribution of this paper is to determine whether the facts are more consistent with the investors or the managers being the beneficiaries for mutual funds. THE DATA All of the data are taken for the years 2004 through 2009. Since 2004 is the first year and lagged data is needed, the results are presented for all funds for which all data was available for 2005 through 2009. The data are summarized in the table form and data is regarding the equity funds. As far as the collection of the data is concerned so we consult many sources for the collection of the data. Mainly we collect it from KSE. From where the full data was not available and after that we consult the Business recorder, Statistical Bulletin of Pakistan [Federal Bureau of Statistics (2005)] for 2005-2009 and SBP for the collection of the financial reports and the kibor rates. The net asset values are collected from the KSE as well as from Brecorder. The data available in the form of tables and excel sheet which is attach along with this article. Mainly we collect the data of the equity mutual funds. Our focus was on most commonly known mutual funds of the Pakistan market. We selected a lmost 21 mutual funds from the KSE available sources but because of the running of Regression Model, for which we need only the family funds which are in the form of groups. We neglect the individual funds because of the family proportion concern. So now the data available is of 13 mutual funds which are in the form of family. From that we could generate the family proportion of the mutual funds assets. Because the amount of the data was less for five years so we take the data in the panel form representing through panel EGLS. RESULTS These are some of the results which we conclude from the help of the CROSS SECTION MODEL FIXED EFFECT MODEL. In econometrics and statistics, a fixed effects model is a statistical model that represents the observed quantities in terms of explanatory variables that are all treated as if those quantities were non-random. This is in contrast to random effects models and mixed models in which either all or some of the explanatory variables are treated as if they arise from the random causes. Often the same structure of model, which is usually a linear regression model, can be treated as any of the three types depending on the analysts viewpoint, although there may be a natural choice in any given situation. In panel data analysis, the term fixed effects estimator (also known as the within estimator) is used to refer to an estimator for the coefficients in the regression model. If we assume fixed effects, we impose time independent effects for each entity that are possibly correlated with the regressors. The major attraction of fixed effects methods in non-experimental research is the ability to control for all stable characteristics of the individuals in the study, thereby eliminating potentially large sources of bias. Within-subject comparisons have also been popular in certain kinds of designed experiments known as changeover or crossover designs (Senn 1993). In these designs, subjects receive different treatments at different times, and a response variable is measured for each treatment. Ideally, the order in which the treatments are received is randomized. The objective of the crossover design is not primarily to reduce bias, but to reduce sampling variability and hence produce more powerful tests of hypotheses. Fixed effects methods cannot estimate coefficients for variables that have no within-subject variation Time-series cross-section (TSCS) data harness both cross-temporal and cross spatial variation to maximize empirical leverage for theory evaluation. However, this powerful data structure also requires careful consideration of temporal and spatial (cross-unit) heterogeneity, temporal and spatial dynamic processes, and potentially complex stochastic error structures. In the table 1 which is descriptive table and that is showing the mean, median and standard deviation as well. As it is clear and shows from the descriptive table that the sharp ratio, which is basically the return calculation through the sharp measure, is the negative impact on the growth of the mutual fund. As you will increase the return on the funds or the return increases over the amount of the funds the impact of it is negative on the growth of the mutual fund. Similarly the coefficient of this sharp ratio is also negative impact on the growth of the mutual funds. Now secondly, the asset turnover showing, the mean in the descriptive table representing the negative value which means that if the asset turnover will be negative so it can reduce the growth of the mutual funds. Assets are in the positive form and they show that if the asset of the fund increases so it means that the impact of this on the growth of the fund is positive and it contribute in the growth of the mutual fu nd. The family proportion of the mutual fund should have the positive impact on the growth of the mutual fund and in the table 1 of the descriptive result, the result of this is positive so it means that the family proportion increasing in this which is the positively impacting on the growth. Expense ratio is resulting negatively on the growth of the funds, and the management fee which is the basic testing of this is also showing the negative impact on the growth of the mutual funds in Pakistan. TABLE NO. 1 Descriptive Analysis GR SR AT ASSET FP ER FEE MEAN 3.989 -1.096 -0.008 2633207 0.365 1.262 54455166 MEDIAN 0.005 -0.540 0.010 1435134 0.410 1.260 38342000 MAX. 63.590 2.290 0.450 14193216 1.000 10.900 2.49708 MIN. -27.660 -5.010 -1.070 0.00000 0.000 0.000 0.00000 STD. DEV 12.763 1.470 0.272 3060791 0.255 1.644 53774795 SKEW. 2.134 -0.946 -1.834 1.951847 0.187 4.008 1.599424 PROB. 0.000 0.004 0.000 0.0000 0.729 0.000 0.0000 SUM 259.290 -71.278 -0.525 1.71608 23.400 82.060 3.54709 OBS. 65 65 65 65 65 65 65 TABLE NO. 2 Correlation Matrix DETERMINANTS GR SR AT ASSETS FP ER FEE GR 1.000 -0.269 -0.578 -0.163 0.062 0.100 -0.146 SR -0.269 1.000 0.360 0.124 0.174 -0.186 0.132 AT -0.578 0.306 1.000 0.139 0.071 -0.403 0.125 ASSETS -0.163 0.123 0.193 1.000 0.503 0.084 0.972 FP 0.061 0.174 0.071 0.503 1.000 0.270 0.538 ER 0.100 -0.187 -0.403 0.084 0.270 1.000 0.058 FEE -0.146 0.133 0.125 0.972 0.538 0.058 1.000 Now further according to the table 3 which is Fixed Effect Model, we design a panel least squares method in this model for the calculation of the data, in that the sharp ratio is resulting in the negative form and show the result that as the return on the mutual funds increases the growth effected negatively. The coefficient of the sharp ratio is negative and the result is showing significance, which is acceptable. After that assets turnover of it is in negative figure which shows a negative impact on the growth and the prob. Is significance we are keeping the level of the significance here is 0.10. The coefficient of the family proportion is positive thats good for the growth of the mutual fund but it is not significance because the prob. is higher than the level of significance. The expense ratio is showing the negative result, which means that the increase of the expense ratio is a negative impact on the growth of the mutual funds. Its coefficient value is negative and the value i s significant according to the fixed effect model. Now comes the management fee, according to this model the management fee is resulting in the positive value for the fund, that means that the funds that using the Management fee are contributing in the better growth of the fund because the coefficient value is positive but according to this model the fee is not significant here, the result is that the funds charging the fee can make the funds growing as compare to the funds that are not charging the management fee. The factor we assume here that the management fee effect positively for the growth of the funds but because of the political instability and the country economic situation it is not resulting good in the growth of the mutual funds in Pakistan. Lastly according to this model, value of Lassets is positive and the significant level is good which shows the Lassets significant. We take the assets here despite of the assets because of the mismatch and not the proper results fro m the assets. So it is impacting positively on the growth of the mutual fund. If it increases the mutual fund growth will increase. TABLE NO. 3 Fixed Effect Model Dependent Variable: GR Method: Panel Least Squares Sample: 2005-2009 Total panel (unbalanced) observations: 64 Cross-sections included: 13 DETERMINANTS COEFFICIENT STD. ERROR T-STATISTICS PROB. SR -3.772 1.532 -2.462 0.018 AT -24.784 7.253 -3.417 0.001 LASSET 0.447 0.155 2.878 0.006 FP 4.932 9.653 0.512 0.612 ER -2.250 1.054 -2.135 0.038 FEE 1.637 1.427 1.144 0.258 CONSTANT -1.456 4.251 -0.343 0.734 EFFECTS SPECIFICATIONS CROSS-SECTION FIXED (DUMMY VARIABLES) PERIOD FIXED (DUMMY VARIABLES) ADJUSTIFIED R-SQUARED 0.438 MEAN.DEP BAR 4.051 S.E OF REGRESSION 9.639 S.D. DEP BAR 12.859 SUM SQUARED RESID 3810.045 SCHWARZ CRITERION 8.418 LONG LIKELIHOOD -221.580 F-STAT. 3.227 DURBIN–WATSON STAT 1.896 PROB F-STAT 0.000 In table 4 and 5, we use the CROSS SECTION MODEL (cross section random effects cross section weights), according to both of these methods the calculations are same, the coefficient values and the significant are same. The assets turnover is showing the negative value which shows according to it that the more assets turnover can impact the growth of the mutual funds and the value is significant in both methods as well as in the fixed effect model. The value of the sharp ratio means the return of the mutual fund is showing coefficient negative in the random effect method that means that the increase of the return value can effect the growth negatively and growth is less when this return value is high while the value is significant which means it is good for the growth of the mutual fund and same value is showing in the fixed effect method. But in the cross section weights method the value of the return is positive and it is not significant there. So it shows here a that the higher ret urn impact the mutual fund growth positively means higher the return higher the growth of the mutual fund nut it is nit the case here. Family proportion of the mutual funds according to the both methods says that the results are showing positive relationship in the growth of the funds and the higher the family proportion. The values are significant according to the probability measures. Expense ratio according to both of these models reflects the results that expense ratio is impacting the growth of the funds negatively. Means as the ratio of the expense increase the growth is going to be less for the mutual funds. The coefficient value of the expense ratio is in negative value and the value in both the methods shows that this is significant. As far as the Management fee is concerned here so according to the both methods the management fee is impacting on the growth inversely. The coefficient value in both the cases is negative means if the management fee is charged by the mutual fu nd management so the growth is less than if they dont charge the management fee. And the value is significant in both the methods. So it is clear from now that according to the Cross Section Model the impact of the management fee is negative on the growth of the mutual funds. The management who is charging the management fee their growth of the mutual funds is less and downward. TABLE NO. 4 Cross Section Weights Dependent Variable: GR Method: Panel EGLS (Cross Section Weights) Sample: 2005-2009 Total panel (unbalanced) observations: 54 Cross-sections included: 13 Linear Estimation after One-Step Weighting Matrix VARIABLE COEFFICIENT STD.ERROR T-STAT PROB SR 0.439 0.825 0.532 0.596 AT -32.916 3.815 -8.628 0.000 FP 4.404 3.353 2.506 0.016 ER -2.032 0.719 -2.825 0.006 FEE -5.297 1.997 -2.665 0.010 LASSET 0.447 0.155 2.877 0.006 WEIGHTED STATISTICS R-SQUARED 0.788 MEAN DEPENDENT VAR 7.211 ADJ. R-SQRD 0.766 S.D. DEPENDENT VAR 20.513 S.E. OF REG 9.905 SUM SQUARED RESID 4709.255 DURBIN-WATSON STAT 1.785 UN-WEIGHTED STATISTICS R-SQUARED 0.396 MEAN DEPENDENT VAR 4.801 SUM SQUARED RESID 6164.67 DURBIN-WATSON STAT 1.521 TABLE NO. 5 Cross Section Random Effect Model Dependent Variable: GR Method: Panel EGLS (Cross-Section random Weights) Sample: 2005-2009 Total panel (unbalanced) observations: 64 Cross-sections included: 13 Swamy and Arora estimator of component variances VARIABLE COEFFICIENT STD.ERROR T-STAT PROB CONSTANT 1.663 2.777 0.599 0.551

Post WWI Poetry Essay :: English Literature

Post WWI Poetry Essay The poems that I will compare are Rupert Brooke – The Soldier, Seigfried Sassoon – ‘They’, and How Sleep the Brave – William Collins. Rupert Brooke - The Soldier The first few words that Brooke uses are ‘If I should die,’ He uses if as a possibility of death. He uses this because he thinks death is a possibility not a definite answer to war. The forth word he uses connects the Sestet and Octave together because ‘think’ is used in both stanza. At the end of the first line he says ‘me’. This means that he is a ‘patriotic soldier who has done his duty for his country’. ‘That there’s some corner of a foreign field’. This means where every he falls during the war, no matter if it is in a shell hole or on the edge of a river he will be able to die in a piece of England. This shows even more patriotism towards the war and his fellow soldiers. The line ‘in that rich earth a richer dust concealed’, means that the soldier’s ashes are held in the earth. They have been called ‘richer dust’ because the ashes of the people are the ashes of people who have dies for their country and their fellow countrymen. This also means that his body fertilizes the patriotism and honour of England’s people. ‘A dust whom England bore, shaped, made aware’, means that the man who died was raised by England and educated. This personifies England as a mother nurturing a small child. The soldier’s body is said to be owned by England in the line, ‘A body of England’s’. In the poem the word ‘blest’ is used some this may have some religious significance. The lines 5 – 8 are describing the soldiers ‘Englishness’. It is patriotism at its most extreme. In the second stanza, the word ‘think’ arises again, joining the sestet and octave. ‘All evil shed away’, means that the person who has sacrificed their body for their country cannot sin any more because they are dead. This may also mean that they may have been forgiven for killing the enemy to protect their country and its rights of freedom. ‘A pulse in the eternal mind’ has a spiritual or religious meaning. It could mean that all of the people, who knew him in the war and his family, still remember him and will do forever. ‘Gives somewhere back the thoughts by England given’, continues the patriotism and emphasizes his sacrifice for England. The last three lines describe the ‘Good of England’. The last line ‘In hearts at peace, under an

Rising Cost of Education

There was a time when a person from a low income family could believe he or she could attain the American dream without going to college. My eldest brother began working at Chevy in 1969; he was 16 years old, and he retired from Chevy in 2005. When he retired he owned three homes, three cars (one was a race car he built) a Harley Davis Motor cycle, a huge mobile home and he boasted more than $100,00. 00 in the bank. He continued to live in Detroit until he died in 2011. The only problem my brother had was that he could barely read or write. Thirty years ago, a young person could work at a McDonalds, over the period of two years they would become a Team Lead, and a year or two later they could be a Shift Manager. In a period of seven to ten years from the time this kid started, they could manage their own store. I did this and it only took me three years. I left food service because one day I wanted to Mickaole Walden, Ph. D. or M. D. I was going to be an engineer, but being assaulted and left with a brain injury and Post Traumatic Stress Disorder ended my military carrer; it took me twenty years to accept that I no longer had an IQ of 137. It was made clear to me very early I had to go to college. I first was told by my father that since he taught at N. I. T, The National Institute of Technology in Dallas, Texas that we would not have to pay for my college degree. Later, when I got a poor grade in Math Theorem, I decided to go into the Military to get funding for school. I have known many people who went into the military as a catalyst for education and funding for college. Today, having a way to finance ones education is as essential as higher education itself. The inequality in education is evident. At the time Sociology in Modules was written only 11 percent of kids from low income families received a degree, this is compared with Children from families in the top five percent Income level which were at 53 percent. After children from poor families enter college weather they graduate or not, they are usually left with the burden of financial aid debt, (Schaefer 2011). Having a way to pay for higher education was not an issue that concerned me or my Pops with him being an Educator, and after I completed military service and having access to the GI Bill. It was not until my daughter graduated high school that financial aid became an issue. I am currently paying off a loan for my daughter after she dropped out of Clark. She is now attending Georgia Perimeter College. I have nearly cleared one of my bank accounts to keep her in school until we can take out a loan or get a grant. Today, helping my young adult daughter attain grants and loans is painfully important. My daughter could not care less because her fiance is financially secure and I am funding her education. She doesn’t understand the importance of having her own source of income even if she does not need it right now. Earlier this year she and I were looking through a travel guide, she wanted us to take a one week vacation in Jamaica, (she works less than full time as a waitress). She truly suffers from false consciousness. Education is more than â€Å"The knowledge or skill obtained† (American Heritage dictionary 2001). Education is an opportunity for vertical mobility. Education is a chance for greater socioeconomic status. In order to gain knowledge, skill and a level of greater earning potential, you have to be able to pay for higher Education.

Spanking Essay Example

Spanking Essay Example Spanking Paper Spanking Paper Is an Issue which Is highly debated In the world, every country, state, region, and city has It own Idea or way of arguing on spanking. Many cultures do not like to spank their children others also want to spank their children. However the bible says do not withhold discipline from a child, If you punish them with a rod you save them from death. Therefore spanking a child is a great way to discipline ones child and helps in the child growth as it helps the child to be successful in life. Discipline is the practice of helping children to develop self control, guiding them, titivating and correcting misbehaving of children and teaching them the right way of doing things for them to be acceptable in a society. It is the responsibility of parents or guardian to discipline a child. But then what is the right way to discipline a child?. Imagine telling your child is late do not watch television this night and your child look In eyes and says I will watch. His is the time for you to teach your child how to respect and the need to respect elders. This Is not done through Just talking to your child because he would not take It seriously but rather when you spank him e will never do It again. In other words It will establish a new Idea In the childs brain which will let the child be very sensitive to good behaviors. When you physically punish a child it becomes very difficult for the child to repeat such a behavior again because he would remember what happened to him. I had a friend in my community in Ghana and that friend since he was a child he was always pampered and even when he does mistake, or do bad things like insulting elderly people his parents Just talked to him, now he blames his parents for that, and he has ended p in prison. There is no doubt the bible says the one who spares the rod hates his son but who loves him is diligent to discipline. Furthermore spanking helps in the child growth as it makes the child to be successful In life According to newspaperman: spanking Is like a milk It does good or at least a mind (dry. James Dobson). A study conducted by psychology professor Marjorie Guenon at Calvin college, mulligan fox news reports on the story, according to the research children spanked up to age of six were likely as teenagers to perform better at school, were ore likely to carry out volunteer work and to want to go college and also have academic success than their peers who had never been physically disciplined. These people do not wait for opportunities to come, they do not sit back and relax but their aggressive nature makes them serious in everything they do. These grown up children rather search for opportunities. And most companies like these people and are likely to be employed very easily because of their seriousness, they take everything with care. At age nine a friend of mine who was always at the bottom of he class gradually became one of the five best students In that class and with curiously I asked him how because I am always beaten at my buttock and my palm when am last said kopi. Spanking always help Individual success, It Is a detrimental tool to success. I will always blame my parents for not physically punishing me when a not go to cocoon, out ratter Just talked to me , talking never mace sense to me when I was a child, I did not value talking, because I thought when they talk, when I do not go to school next they will Just talk to me. I was a child I did not know anything ND never knew it would affect my life and these were what I thought, but now I believe if my parents had spanked me I would never had done what I did, now I am an illiterate and really suffering in this life although it hurts when I remembers them, Fests Champion said. However spanking could hurt the emotions and feelings of the child and makes them fear their parents and most often let the child think whether his parent love him or not. According to Joan Duran a professor at university of Manitoba, spanking may reduce the brains grey matter the connective issue between brain cells, grey matter is an integral part of the centre nervous system and influences intelligence and learning abilities. T includes areas of the brain involved in sensory perception speech muscular control,emotions. As it also inflict emotional damages and relations. Spanking is really a great way to help your child focus in this life. Spanking is an essential way to discipline your child very well, the bible says foolishness is bound up in the heart of a child ; but the rod of discipline will drive it far away.

Maxis SWOT Essays

Maxis SWOT Essays Maxis SWOT Essay Maxis SWOT Essay Findings and Analysis Consumer Analysis These are among the feedback that Maxis has analyze and with these, they use it as a guidance to perform their Corporate Social Responsibilities ( CSR) in fulfilling customers satisfaction. Internal factor: Strength Weakness Innovative culture Strong management Customer loyalty Economics of scale Weak supply chain Weak brand External factor:- Opportunity Threat Online market Innovation New service New technology New markets New products Intense competition Volatile cost Substitute product Strengths An innovative culture helps Maxis to produce unique products and services that eet their customers needs. Innovative Culture (Maxis) will have a long-term positive impact on the this entity, which adds to its value. This statements will have a short- term positive impact on this entity, which adds to its value. Strong management Strong management can help Maxis reach its potential by utilizing strengths and eliminating weaknesses. Customer loyalty When given a choice, customers are loyal to Maxis. Instead of targeting all customers, Maxis only needs to target new customers in order to grow their business. Customer Loyalty (Maxis) has a significant impact, so an analyst should put ore weight into it. Customer Loyalty (Maxis) will have a long-term positive impact on tnlS ty, wnlcn aaas to Its value. Economics 0T scale Economies of scale is the cost advantages that Maxis obtains due to size. The greater the volume, the greater the advantages. Weakness A weak supply chain can delay the arrival of products to Maxiss customers. Unnecessary delays can hurt Maxis over the long run, because customers will cancel orders. Weak Supply Chain (Maxis) has a significant impact, so an analyst should put more weight into it. Weak Supply Chain (Maxis) will have a long-term negative impact n this entity, which subtracts from the entitys value. This statements will have a short-term negative impact on this entity, which subtracts from its value. This qualitative factor will lead to an increase in costs. This statement will lead to a decrease in profits. A weak brand means Maxis cant charge the same prices for goods and services as their competitors, because consumers dont value the brand. Weak brand (Maxis) has a significant impact, so an analyst should put more weight into it. Weak brand (Maxis) will have a long-term negative impact on this entity, which subtracts from the entitys value. This statements will have a short-term negative impact on this entity, which subtracts from its value. This qualitative factor will lead to an increase costs. This statement will lead to a decrease in profits. Oppurtunities The online market offers Maxis the ability to greatly expand their business. Maxis can market to a much wider audience for relatively little expense. Greater innovation can help Maxis to produce unique products and services that meet customers needs. New service New services help Maxis to better meet their customers needs. These services can expand Maxiss business and diversify their customer base. New Services (Maxis) will have a long-term positive impact on the this entity, which adds to its value. New technology New technology helps Maxis to better meet their customers needs with new and improved products and services. Technology also builds competitive barriers against rivals. New markets allow Maxis to expand their business and diversify their portfolio of products and services. New products can help Maxis to expand their business and diversity their customer base Threats Intense competltlon Intense competition can lower Maxiss profits, because competitors can entice consumers away with superior product . ntense Competition (Maxis) has a significant impact, so an analyst should put more weight into it. Intense Competition (Maxis)will have a long-term negative impact on this entity, which subtracts from the entitys value. This statements will have a short-term negative impact on this entity, which subtracts from its value. Volatile costs mean Maxis has to plan for scenarios where costs skyrocket. Cautious planning leads to development delays that can negatively affect Maxis. Substitute product The availability of substitute products hurts Maxiss ability to raise prices, because customers can easily switch to another product or service

Consolidated Electric Case Study Example | Topics and Well Written Essays - 500 words - 1

Consolidated Electric - Case Study Example Contrastingly, for the other 20,000 separate line items, the company will buy discount minimums that match the various inventory sizes. In the warehouses managed by Consolidated Electric, for instance, Cedar Rapids, Des Moines, Davenport, and Sioux City should ensure the fixed ratios are part of the wholesaler concept. In the same view, actual rations should be calculated using the clerk posts transactions because determining on-hand inventory balance will result to $1 million of pre-tax profits. Integration of the vendor-managed inventory (VMI) systems is equally part of increasing customer stocks as the company expands on operations and warehouse layout (Ravindran, 2007). Calculation of quantities and reorder points, thus, are ordered in terms of low-cost items in order to control profitability that are targets for earn-turn rations. Product lines should equally reflect what Joe Henry called a balance between constant values and supplies in the four warehouses as seen in the diagram below: The above inventory control system above will enable the company to meet customer-service and cost objectives in various ways worth noting. First, entering of electric data interchange is part of refining database connectivity because it generates earn-turn ratios that help wholesalers in different parts of the country. It means when the Cardex system is infused in the Consolidated Electric’s case, inventory formulas will help in the sale of product line items that ensure translations happen smoothly. Second, there is also the quantification of assets and label inventory using the QR Code as noted in the second diagram to keep the total count of stock (Jaber, 2009). Warehouse operations also deserve automations and controls that are efficient within the system to assist in the calculation of electrical equipment and goods for enhancing customer

Critical Thinking Argument Paper Assignment Example | Topics and Well Written Essays - 500 words

Critical Thinking Argument Paper - Assignment Example Age has never been an indicator of a person’s ability to produce results. While at the workplace, employees should be assessed basing on their capability to produce results but not on their age. There is no logic in an argument suggesting that, if the elderly are employed, the younger generation would lack the opportunity to work in organizations. In fact such a view is an argument in fallacy. Workplace principles demand that each and every employee should be treated fairly at his/her place of work. The elderly employees at the workplace have the right to employment just like the young. The principles of nondiscrimination at the place of work, therefore, form basic components of the human rights. Such rights should only be ignored if there is proof that continued employment of a particular person results in no significant benefit for the organization he/she works for. In order to fulfill the provisions in the principles that govern workplace discipline, an aged person may be replaced by a younger person only when the aged lacks the manual strength or concentration to effectively perform his/her roles. Discriminatory practices at the workplace affect the economy negatively regardless of the specific gains that may be realized by an organization that engages in such discrimination. Discrimination may result in relevant skills being disposed off. Such disposal may result in losing skills that would have contributed uniquely to the success of the organization. Some aged workers may have a great experience in the running of matters at the workplace which may not be the case with the young employees. In such situations age discrimination may result in organizations incurring economic losses. This in turn results in jobs being matched to workers in an inefficient manner and thus wastage of talents. The participation of the elderly in activities at the workplace results in correct matching of jobs with workers