The Determinants Of Mutual Fund Growth In Pakistan - Free Essay Example

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 limited 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 fees 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 fina ncial sector. Mutual funds are considered to be an important 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 a re 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 mutua l 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 f unds 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 le d 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)à ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦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 = ÃŽÂ ² 0 + ÃŽÂ ² 1RARi + ÃŽÂ ² 2ATi + ÃŽÂ ² 3ASSETi + ÃŽÂ ² 4FAMPROi + ÃŽÂ ² 5ERi + ÃŽÂ ² 6FEEi + ÃŽÂ ² i à ¢Ã¢â€š ¬Ã‚ ¦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. T he 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. A ssets 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 th e 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 investo rs 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 almost 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 correlate d 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 ev aluation. 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 gro wth 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 fund. 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 t he mutual funds. Its coefficient value is negative and the value is 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 from 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 DURBINà ¢Ã¢â€š ¬Ã¢â‚¬Å"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 return 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 th e mutual fund 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 SR -1.435 0.972 -1.876 0.952 AT -29.005 5.104 -5.682 0.000 FP 13.775 6.468 2.129 0.037 ER -2.021 0.866 -2.134 0.023 FEE -3.497 2.877 -1.217 0.228 EFFECTS SPECIFICATIONS S.D RHO CROSS SECTION RANDON 3.045 0.096 IDIOSYNCRATIC 9.345 0.904 WEIGHTED STATISTICS R-SQUARED 0.432 MEAN DEPENDENT VAR 3.287 ADJ. R-SQRD 0.384 S.D. DEPENDENT VAR 12.429 S.E. OF REG 9.758 SUM SQUARED RESID 5522.350 F-STATISTICS 8.844 DURBIN-WATSON STAT 1.533 PROB (F-STAT) 0.000 UN-WEIGHTED STATISTICS R-SQUARED 0.416 MEAN DEPENDENT VAR 4.051 SUM SQUARED RESID 6076.710 DURBIN-WATSON STAT 1.432 So these are the results from the use of the two different models for the testing of the variables and the impact of the determinants on the growth of the mutual funds. As far as the results are concern so it is clear that in most on the factors like the assets turn over, expense ratio, family proportion and assets the results are same in both the methods. But the concern is from the sharp ratio means the returns on the funds is some little bit difference. According to both the methods the results are same for the return but in the cross section model in which two methods were drawn and only the sharp ratio returns are varying there. In management fee the results are totally different for both of the cases. For the confirmation of the results, all the outcomes and the results are in accordance with the study of Mr. Richard J. Dowen, Thomas Mann (2007). CONCLUSION The basic duty of the management of any firm and the company is to maximize the business and the wealth of the share holders as well as the sustainability of the owners of the company. The management of the mutual funds is charging the management fee for this purpose. The management fee according to them is for the efficient control of the management for the growth of the mutual fund. The study of this article reveals the working and the growth regarding the mutual funds family. The growth of the mutual fund which we examine here is based on the determinants which are effecting the growth of the funds family. According to the result the mutual fund growth is dependant on the negative and the positive impacts of these determinants. We work through two models for the measurement of growth which are fixed effect model and the cross section model. Let us conclude here that most of the results draw by these models is same except of some factors which are the basic theme of this study. The impact of the asset turnover, expense ratio and the return on the investment which is calculated through the sharp ratio has a negative impact on the growth of the mutual funds. It is clear that the increases in the value of these factors cause the less growth of the funds and effect downward the growth of the mutual funds. Whether the factor of the family proportion is impacting and effecting positively on the growth of the mutual funds. As the value or the ratio of the family proportion increases it shows the sign that the growth of the mutual funds increase. Now finally the impact of the mutual fund management fee towards the growth of the mutual fund that to which extent this fee contribute in the growth of the mutual fund. According to the both models, the management fee is resulting differently. In the cross section model the management fee is impacting negatively which is the constraint of this study. Management fee is charging by the funds management is contributing less in the growth. So the cross section model shows that as more and high the fee is charged by the management the less will be the growth of the mutual funds. Secondly the fixed effect model reflects the result that the management fee is contributing to the much growth of the mutual funds as promised by their management advisors. It reflect that the management who is charging the much fee showing and keeping the mutual fund firm towards the high growth of the fund. In the end, the hypothesis results are drawn which were design for the checking of the performance of the fund. As per the calculation of the results the first hypothesis is rejected because the return of the mutual funds is different for the funds that charge the fee and th at not charging the fee. So the first hypothesis is rejected. The second hypothesis is also rejected that the risk adjusted return is same for the funds that charging the fee and on the growth of the funds. Because fro the both models it is clear that the risk adjusted return calculated from the sharp ratio is effecting negatively on the growth of the funds. If return is high so the chances of the less growth is higher. If return is less so chances of the growth is much growth is higher. The third hypothesis is also rejected because the expense ratio can effect the growth of the mutual fund. If the ratio is higher so the growth will be lesser and if the ratio is less the growth of the funds will move towards upwards. According to calculations and from the results of both models, expense ratio has positive impact on the growth of the funds. Lesser the ratio higher will be growth of the mutual funds. Finally the last hypothesis, by applying two models namely cross section model and fixed effect model. As per the results of fixed effects model the value is significant which shows that the funds which charging the fee has higher growth rate and performing well. So the hypothesis will be accepted from fixed effects model. Results of the cross section model reflect that the value is insignificant and growth is effected by management fee. If the management charges fee then their growth will be effected negatively. So from cross section model hypothesis will be rejected.

Texas Bar Exam Essay Topics Will Be the Most Important Thing You Learn on Your Paper

<h1>Texas Bar Exam Essay Topics Will Be the Most Important Thing You Learn on Your Paper</h1><p>Texas Bar Exam Essay Topics will be the most significant thing you learn on your paper. I couldn't care less how great of an understudy you are, on the off chance that you don't have the foggiest idea what you are doing it will all come to naught.</p><p></p><p>Take an opportunity to investigate your paper in any event twice before taking it to your group. This will assist you with getting a thought of the tone and style you need to utilize. A few understudies experience difficulty composing all alone so they can truly profit by having a type of composing coach.</p><p></p><p>A key inquiry is would you like to compose something like a Law Review article or something increasingly close to home? For some understudies, there is a propensity to turn in a duplicate of a Law Review article or some other conventional book. The most i deal approach to consider your point for your Texas Bar Exam Essay is to consider how it identifies with your life and who you are as an individual. Concentrate on that for the second and ensure it identifies with who you are as an individual as well.</p><p></p><p>Many understudies feel that on the off chance that they need to concentrate hard that is sufficient, yet when you consider it there will be a great deal of Essay Topics to make sense of. In the event that you are sufficiently fortunate to have an instructor that will direct you through your Essay Topics you ought to consistently have one of those educators accessible to support you. They will be your best asset since they are so learned about the subject and know precisely what you have to do.</p><p></p><p>If you are not fortunate enough to have an instructor that is happy to manage you through the procedure then you have to set aside the effort to make sense of what you have to do. Take a couple of moments to do a little research regarding the matter of the Essay Topics you are intending to utilize and choose what you need to place into your article. Utilize those Essay Topics as a guide until further notice and recall that you have a lot of time to overhaul your Essay Topics later on.</p><p></p><p>One smart thought is compose a different framework for yourself for each paper theme. This will make the procedure a lot more obvious and follow. By composing the blueprint first you will think that its simpler to recollect where you need to go with the article. After you have the blueprint made sense of you can continue to make your draft of the Essay Topic.</p><p></p><p>Remember that reading for the Texas Bar Exam is a piece of the condition for what's to come. Thus, on the off chance that you are not kidding about turning into a legal advisor you have to take advantage of your time studying.</p>

Essay Topics for Environmental Studies and Students

<h1>Essay Topics for Environmental Studies and Students</h1><p>Many individuals searching for temporary job openings, and even doctoral level colleges regularly stall out for exposition subjects. It's a choice that must be put forth on a defense by case premise. While there are a couple of essential human effect on the earth themes, for example, an Earth-wide temperature boost and deforestation, others are significantly more specific.</p><p></p><p>There are additionally some notable subjects on the natural effect of the human species, including waste administration and water. Different themes that have less media consideration are food creation, carbon outflows, and creature agribusiness. In any case, the most ideal approach to begin is to begin with a subject that you feel enthusiastic about.</p><p></p><p>Having this as a primary concern, think about the accompanying tips to assist you with picking your theme. Since s uch a significant number of natural themes are emotional, the exact opposite thing you need to do is bargain your composition for having a conclusion. Pick a subject that you are genuinely enthusiastic about.</p><p></p><p>Secondly, consider what kind of crowd you are composing for. On the off chance that your subject will be for understudies, at that point you have to pick one that they can identify with. Make certain to keep your paper as available as possible.</p><p></p><p>Thirdly, consider the way that it's not generally important to take an increasingly different perspectives when expounding on natural issues. In the event that you are composing for a general crowd, at that point you don't should be excessively stubborn, yet in the event that you are composing for experts, at that point you should take the more master ecological position. This is genuine whether you are attempting to persuade the youthful or old, or the politically right or not.</p><p></p><p>Lastly, understand that it isn't important to cover all sides of each issue without a moment's delay. For instance, on the off chance that you are attempting to advance some ecologically well disposed items, you might have the option to handle a worldwide temperature alteration by concentrating on its consequences for human action, and afterward examine a portion of the potential arrangements that you think will work. This is an awesome method to rearrange things and spare time.</p><p></p><p>There are a lot of suppositions on the web, and you have to think about every one of them. Ensure that the paper you are composing covers the entirety of the appropriate points, while being as enlightening as could reasonably be expected. Observe all the parts of the natural effect of humans.</p><p></p><p>Then make sure to sum up quickly what this short history of the ecological effect of people c omprises of. This should just be a passage or two and no more, yet you should make certain to incorporate the entirety of the central matters that you have to make. Composing is difficult, and you have to ensure that you are composing intelligently.</p>

The Difficulty of Writing a Group Essay

The Difficulty of Writing a Group EssayWriting a gathering article is something that is fundamental in your every day life, regardless of whether you're an author or a secondary school understudy. This can be a troublesome errand on the grounds that there are various gatherings inside a school, for example, the school paper, the neighborhood church, the math club, the administration gathering, the discussion group, the walking band, the cheerleading crew, the science class, etc.However, these are not all the troublesome assignments for you to finish. There are a few other testing assignments that you should confront every day. For instance, in case you're an understudy in the news media, there are a few unique things that you should do each day like compose articles, get ready storyboard introductions, produce sound clasps, and much more.A exceptionally troublesome assignment is the composing a gathering exposition. It requires incredible collaboration, assurance, imagination, certai nty, and continuance. This assignment may appear to be convoluted, however it can really be genuinely simple. With enough practice, you will get capable in this procedure and understand your actual potential in this field.When I was experiencing secondary school, I had numerous troubles as far as carrying out this responsibility. From the start, I figured I would simply compose all alone, however in the wake of investing a lot of energy getting ready, I discovered that I had numerous significant things to impart to my companions, my colleagues, and my folks. There were even a few people who scrutinized my prosperity and disclosed to me that I ought to have a composing group.After experiencing this trial, I understood that composing bunch articles can be simple in the event that you simply put a ton of exertion before all else. Presently, as a grown-up, I have discovered that it is difficult to begin composing a gathering exposition. Interestingly, in case you're wanting to do this f or your school venture, I've given a couple of tips to composing bunch articles. When you've done as such, you'll begin to feel sure about the task.First, you should set yourself up well for composing. Attempt to take a gander at the composing models that you read, and attempt to review any supportive data that you got from those models. Next, you should make a plot diagram for your gathering article, where you will detail the central matters that you need to pass on in your essay.This is significant in light of the fact that it will assist you with monitoring the quantity of sections, which ought to associate with three. At long last, when you've composed your paper, attempt to modify it however many occasions as would be prudent, on the grounds that altering can truly improve the nature of your work.

Discovering Your Topic For Your Research Paper

Discovering Your Topic For Your Research PaperWhen you are researching for school papers, one of the most important things that you will need to do is to determine the best possible topics for your research paper. Often times, this can be a bit of a challenge especially if you don't know what type of topic you want to write about. Here are some of the more common topic areas for the common research papers that you will want to look into.o People's money. These types of research papers typically deal with how people use their money or how it works in their everyday lives. Your research paper may discuss the value of financial planning and how people save their money or invest it in something productive.o Relationships. This is an area that encompasses many other areas of life. You may have to look at many different aspects of relationships such as dating, marriage, and even infidelity.o Gossip. This is another area that can sometimes be too long of a process for you to take on. Often times, you will want to stay away from gossip as this tends to get very personal and it can be difficult to write about it objectively. As long as you understand the personal nature of gossip, you can easily cover it in your paper.o Professional Ethics. If you need to research a topic that pertains to ethics in the workplace, then you will likely want to include this in your paper. These types of topics often get really involved and require a lot of study and research before you can write a convincing paper.o Child Sex Abuse. This is an area that is very personal and can actually cause some controversy among your audience if you write it incorrectly. It is imperative that you research carefully so that you can ensure that you can writea valid research paper.o Labor Unions. Many people feel very strongly about labor unions and how they should be handled. When researching topics like this, you will want to look at a wide variety of different topics so that you can find something that will not offend any of your readers.All in all, when it comes to writing a good research paper, you must be willing to search the entire subject. You must be willing to spend time and effort researching and writing. When you do this, you will be able to write a better, more interesting paper that will show your ability to think and write.

Tips for Writing Excellent Essays in Neuroscience or Psychology

<h1>Tips for Writing Excellent Essays in Neuroscience or Psychology</h1><p>When you plunk down to compose an article for a brain research or neuroscience course, you're probably going to have many diverse paper points. Luckily, picking which article theme to utilize will be a less distressing activity than it may appear. You can pick exposition subjects on postulations that you as of now have a fundamental comprehension of.</p><p></p><p>One of the most straightforward paper points to pick is identified with the themes you definitely know a smidgen about. For instance, you may have some involvement in hereditary qualities or atomic science. It's a smart thought to get a decent handle of these subjects before endeavoring to pick exposition points for your neuroscience or brain research course. You may likewise wish to look into these subjects somewhat more before picking exposition themes that you know a tad about.</p><p></p>& lt;p>For model, in case you're composing an article for a class in brain science, you ought to presumably pick the 'essential neurobiology' paper points. These article themes are recognizable to you; you see how qualities or quality articulation occur in the mind. You see how these qualities and their appearance in the mind cause changes in conduct and physiology. Regardless of whether you pick an article point on memory or conduct, you ought to most likely beginning by investigating the theme you will compose about.</p><p></p><p>Consider what abilities you have that can be utilized to compose great paper subjects for neuroscience. How frequently have you experienced pictures or depictions of cerebrum imaging? How often have you perused an article that utilizes the term 'neuroscience'?</p><p></p><p>Most researchers in a wide range of research bunches know about the instruments and procedures utilized in the investigation of neurosci ence. This is a simple article subject to compose about.</p><p></p><p>You should expound on alternate points of view on specific themes that are pertinent to your own advantage. For instance, in the event that you appreciate expounding on the human psyche and cerebrum, you may wish to expound on a theoretical onlooker that has some data on mind-body issue. Or then again you may decide to expound on a particular point from a particular viewpoint. For instance, you may wish to expound on what it would take to make a brain body issue with an outer cause.</p><p></p><p>You could expound on subjects that may be notable by those in your study hall, for example, 'What will it take to know the entirety of the realities about a speculative ailment?' Or you could expound on points that are not all that notable, however that are additionally questions your class may be asking, for example, 'What might it take to comprehend what causes a malady?' T hese are generally extraordinary exposition themes to pick for your neuroscience or brain research course.</p>

College Essay Contributing to Diversity For African Americans

<h1>College Essay Contributing to Diversity For African Americans</h1><p>As a college understudy, you are keen on taking part in grant programs for African Americans. You need to have the option to do what you have for a long while been itching to do: be a piece of the network and school. Furthermore, you need to enliven your enthusiasm for learning.</p><p></p><p>Finding grants for African Americans may appear to be an overwhelming assignment, yet you can go to one of numerous accessible grant programs. There are a few choices to browse: grant programs made by schools or colleges, grant programs that are set up by organizations, and grant programs that are supported by associations. At the point when you consider the assortment of projects accessible, it is anything but difficult to perceive any reason why such a large number of understudies are keen on these grants. In any case, how might you discover which grant is best for you?</p>&l t;p></p><p>First, look at with your school and find in the event that they offer any grant programs for African Americans. On the off chance that they do, at that point go to the office that manages your school's grant program. Most offices give a rundown of grant openings accessible through their grant program.</p><p></p><p>Second, discover what explicit grant programs are accessible for you. You can scan online for sites that give data on different grant programs accessible to students.</p><p></p><p>Finally, pick a school or college that offers a grant program in which you can take an interest. At times, you won't be offered any kind of grant. Notwithstanding, in the event that you are aware of a school that is effectively offering grants, this is an extraordinary spot to begin your search.</p><p></p><p>The best spot to scan for grants for African Americans is on the Internet. This will give you a superior perspective on the grant openings accessible. You will have the option to audit them and contrast them and different grants that you are qualified for. Keep in mind, grants are expected to have any kind of effect in the lives of understudies; along these lines, you need to ensure that the grant you get is for your own instructive needs.</p><p></p><p>After you discover the grant programs that you meet all requirements for, start the application procedure. Recall that most grant programs expect you to present a total application structure, and this ought to be submitted electronically. Recollect that your scholastic and budgetary data will be gathered and assessed; accordingly, you need to submit everything as fast as possible.</p>

The Baroreceptor Reflex and the Diving Reflex - 547 Words

The baroreceptor reflex and the diving reflex are both two great mechanisms that incorporate both the nervous system and cardiovascular system working together. The nervous system is connected through a series of vessels throughout the human body. The circulatory system is one of the bodies most important mechanisms that helps carry and transport nutrients and oxygen through blood circulation to help digest foods, fight off diseases, and keep the body at homeostasis. The nervous system is basically an extended system of the brain. Every action that the brain thinks, relays it through the nervous system to the specific body part to perform that action. Nerves send information from and to the brain to help regulate and operate organs and muscles in the body. Now how these two systems operate together can be described and explained through information about the baroreceptor reflex and diving reflex. The baroreceptor reflex is a homeostatic mechanism in the body which helps regulate a st able blood pressure. The way that the baroreceptor reflex works is that it provides a negative feedback loop so that when blood pressure increases, the reflex causes the heart rate to decrease in return decreasing blood pressure. When there is increased blood pressure, the carotid arteries and aorta stretches causing the baroreceptor reflex to increase it’s action potential generation. These action potentials are sent to the medulla oblongata through nerves in the body, and as a result,Show MoreRelatedChanges Of The Cardiac System1932 Words   |  8 Pagessystolic pressure is added to two thirds of the diastolic pressure. This gives us an accurate measurement of how much cardiac output by total peripheral resistance there is at one point and time. The mean arterial pressure is then monitored by baroreceptors that act to control blood volume, heart rate, stroke volume, and blood flow due to diameter of arterioles and veins (Sherwood, 374-380). The cardiac systems have many differing measurements to ensure proper function and response to situations

Essay Topics: Benefits of Writing About Your Old Friends

<h1>Essay Topics: Benefits of Writing About Your Old Friends</h1><p>The writers of the top of the line books on article themes, Lewis and Clark: Living and Working Together, would be pleased to realize that their work is being educated as an exposition point. They may likewise prefer to imagine that the way that different instructors are utilizing their work recorded as a hard copy their own, may urge them to present their thoughts for republish in expositions on numerous different subjects. In any case, one can dare to dream that these writers won't be put off in the event that they are not approached to compose article themes on any of the points they canvassed in their works.</p><p></p><p>Lewis and Clark were no less liberal than those renowned business people in their demeanor towards their topic. Both peruse and rehash their works; they got joy from the experience, the two of which demonstrated supportive to their professions. The two sc holars gave instances of appreciation, companionship, liberality, and the longing to serve.</p><p></p><p>Essay subjects on cooperating and living respectively are instances of initiation and realness in reality. For each situation, the creators told the best way to regard and warmth were useful to the accomplishment of the objectives. Both did a lot to guarantee that their stories were advised to the sum total of what who had been blessed enough to see or hear them. What's more, as the recognition and reverence developed, the outcome was history.</p><p></p><p>Each of the scholars dealt with the activity of detailing the accounts of their campaigns in an unexpected way. The depictions varied in detail, request, tone, and the substance of the material described. Their jobs were unique yet the material they gave was the equivalent in that each taken a stab at an individual task.</p><p></p><p>It was important to fil l in the diagram ahead of time of the endeavor. Lewis and Clark arranged arrangements of the areas they would visit and need to camp, the assets they would require, the lodging they would require, and the gear they would need to start every day's worth of effort. This assignment was more imperative to them than the genuine takeoff. Their activity was to get ready, not convey out.</p><p></p><p>In this case, their preferred subject of everything was their regard for one another. I can't help thinking that the article scholars of today may benefit from the case of these two men. On the off chance that the essayists build up the propensity for making a serviceable blueprint, a strong diagram, I anticipate that the substance and techniques for each work of writing will get the equivalent attention.</p><p></p><p>Articles that utilization the ideal layout will maintain a strategic distance from the traps of tastelessness and unsuitable substa nce. The articles will be anything but difficult to peruse in light of the fact that every essayist is regarded for their work. Furthermore, the articles will have a vitality and verve that make them intriguing, engaging, and engaging.</p><p></p><p>Lewis and Clark are properly noted for their thoughtfulness and liberality. These qualities couldn't be progressively fitting to be remembered for article subjects. Perusers will welcome the glow and liberality showed by these extraordinary American writers.</p>

Secret Techniques for Entrance Essay Samples Only Couple of People Know

<h1> Secret Techniques for Entrance Essay Samples Only Couple of People Know </h1> <p>This exposition allows understudies to feature their composing capacities. Only by playing out a phenomenal research would you be able to assemble the adequate establishment for composing a magnificent confirmation paper. Monitoring what's in store after you graduate can assist you with picking which program to apply for and license you to focus on your announcement or paper in a way that will introduce your dedication. Set forth plainly, composing isn't what makes a great medical caretaker. </p> <h2>A Startling Fact about Entrance Essay Samples Uncovered </h2> <p>If you don't, it is conceivable to really harmed your chances of confirmation. It is critical to catch the enthusiasm of the confirmation guides regardless of how severe they may give off an impression of being. Accordingly, the paper should match with the candidate's characteristics and interests with the end goal for it to support the potential outcomes of confirmation. Remember, confirmation officials read various expositions so it's imperative to stand out from different candidates. </p> <p>As a result, going through cash to deal with your articles might be testing. The strategy for communicating your considerations matters and choose whether your paper will be acknowledged or not. It's constantly conceivable to become proficient composing help at a reasonable cost. Know you don't have to have explained the issue, and a couple of the best articles will investigate issues which ought to be understood later on. </p> <p>There are a few reasons why school entrance expositions, concerning custom papers, are so superb. At that point have a solid companion or partner read your article as well. You should essentially referencing it in the realities of your school entrance exposition. Other than having an extraordinary SAT score, you would need to think abo ut the absolute best school paper. </p> <p>You need to be as readied as you can be, and that implies you ought to be in a situation to uncover adequate measure of aptitude in each point that you may need to manage. Composing an incredible nursing school exposition is very critical to getting your application considered and acknowledged. For certain candidates, basically getting into an extraordinary nursing school is the most urgent factor. You must be fit for the nursing profession just as the nursing vocation and school must be fit for you. </p> <h2> Up in Arms About Entrance Essay Samples? </h2> <p>The entrance advisory board need to comprehend what drives you as an individual and learn all the more with respect to your latent capacity. On the off chance that personnel can't comprehend what you're endeavoring to state, you won't prevail on the assignments. Remember, a confirmation paper test might be acceptable approach to discover progressivel y about the composing system and comprehend the errand better. You may have an English educator or parent help you with the authoritative pre-composing practice. </p> <h2>How to Choose Entrance Essay Samples </h2> <p>On-line assets are a phenomenal flexibly of data they're available and refreshed. The expanding number of paper composing administrations is absolutely overpowering. There are scores and scores of tests in the web, and you can discover the school confirmation article test accommodating your specific needs in a moment in Google. Simply visit the pursuit field, put in your subject and understand the rundown of papers gathered from our site. </p> <h2>The Number One Question You Must Ask for Entrance Essay Samples </h2> <p>The paper isn't just about the substance however about other essential parts that let the affirmation board realize that understudies are determined to entering their projects and they will be significant re sources moreover. Together with the UK Essay Help students can't be worried about the time yet take pleasure in a total life. Schools need to discover a sentiment of development and introspectionpinpoint the change and exhibit your private development. They are bound to concede understudies who can explain explicit reasons why the school is a solid match for them past its notoriety or positioning on any rundown. </p> <p>It's conceivable to get to the author who's composing your article straightforwardly so you may make any remedy. Stephen's paper is somewhat successful. In addition, account articles are the regularly experienced expositions, which in like manner recount to a story. Notwithstanding excellent evaluations, an ineffectively composed exposition gives you a poor name. </p> <p>On the other side, a fantastic paper or private explanation will let you stick out and support your chances of getting conceded, regardless of whether different areas of your application aren't heavenly. In any case, you incorporate the entirety of the data which you have accumulated, after which you cut off the less significant and important pieces until you get to the fundamental volume, in this manner refining the conclusive outcome. Last, the detail of genuine discourse makes the scene pop. On the off chance that you might want to gain high fantastic research and proposition papers in time and at a reasonable cost, you ought to most likely endeavor utilizing EssaySupply.com. </p> <h2> Up in Arms About Entrance Essay Samples?</h2> <p>One of the most troublesome components of school life is accounts. The school will most likely flexibly you with a word limit, which implies you wish to choose a theme that fits that word tally. For example, you may choose to expound on your experience on the inside school math group. You, for instance, allude to an occasion from prior occasions the capacity that has applied effect on you. </p&g t; <h2> The New Angle On Entrance Essay Samples Just Released</h2> <p>Two new paper choices are included, and some of the past inquiries are reexamined. Feature the things you need to place in your article, sum up your individual story and fuse your capabilities. You should simply indicate on the off chance that you need your paper to be conveyed. Bridget's paper is incredibly solid, yet there keep on being a couple seemingly insignificant details that could be made better.</p> <p>If you are looking for top exposition composing organizations, give a shot the referenced previously. Along these lines, it'll be less complex to structure the substance of your article. To achieve this, conceptualize on subjects which you're enthusiastic about. Offer an exposition regarding any matter of your pick. </p>

My Dream to Be a Nurse Essay Sample - Do Not Bother!

My Dream to Be a Nurse Essay Sample - Do Not Bother!An essay sample that can help you get the best essay for your My Dream to Be a Nurse (MnBD) essay is most of the time a bit boring. Maybe it is because your writing skills are not good enough or it is because you lack self-confidence. Nevertheless, it is up to you to do something about it.Write what you think and what's essay should not be about yourself. Although, if you think too much about yourself and you already feel that you are writing an essay which you can't really write.Yes, you may write an essay about yourself but there are too many things that can be fixed. The problem is that you must find the right words and the proper order of words that will make you do something to you. Since the essay will be about yourself, you must be more assertive.Indeed, assertiveness and self-esteem go hand in hand. When you are assertive, you are confident in what you are doing and you can take a step forward even if the entire world is aga inst you. On the other hand, when you are not assertive, you are confident that you will not be rejected by anyone.There are many ways in which you can practice expressing your innermost thoughts in writing an essay. For instance, you can write your emotions in the form of descriptions or emotions. Describing how you felt during certain situations can help you express your innermost thoughts.On the other hand, letting your inner feelings out can also help you achieve self-confidence. When you share your innermost thoughts and emotions with others, you can know that you have the ability to express your feelings openly. Therefore, self-confidence is related to one's ability to let out their emotions.You can also use the essay sample in order to write your thoughts. Since, the objective of writing the essay is to let your inner thoughts out, then you can write it in the form of a journal. Furthermore, you can write your thoughts down in a journal even if you cannot express them in an e ssay.The ideal way to do this is through writing out everything that you feel and everything that you think about. It can be a journal, or an essay that you wrote in a notebook. Whatever the case, writing in your journal is a good exercise for self-expression.

Research Paper Topics on Algorithms

<h1>Research Paper Topics on Algorithms</h1><p>Research paper themes on calculations can be very precarious to compose. While they are fascinating, you should be clear in your composing style and realize what you need to state and how to state it. Fortunately you don't need to compose like a PC researcher to make this work. Follow these tips and you won't just make extraordinary research papers, yet you will likewise establish a decent connection with your reader.</p><p></p><p>If you would prefer not to over break down the theme, at that point you may have a go at composing something in a progressively easygoing way, where the calculations are featured pretty much as you read the paper. This can go far to draw the peruser's attention.</p><p></p><p>Another tip for good research paper themes on calculations is to utilize the most fundamental words, as opposed to attempting to create complex writing. Mull over your peruse rs contemplations, not yours.</p><p></p><p>Write according to a perspective of an extremely essential certainty, for example, what is the contrast between an Algorithm and a Function? Simply determine what calculations are and what they do. At that point move onto the following part, clarifying what capacities are and what they do.</p><p></p><p>Do not start your contention at the most basic situation, rather start at the most straightforward of realities, for example, what is an Algorithm? Next you can clarify what a capacity is and what it does.</p><p></p><p>You may likewise consider in your exploration paper themes on calculations the request for significance of realities, what is the pertinence of these realities to the end you are attempting to make? To get over the most significant realities, simply place them in the initial not many sentences of your paper. Attempt to utilize shorter sentences when possibl e.</p><p></p><p>Usingthese tips for good research paper subjects on calculations, you will have a vastly improved possibility of effectively finishing your examination paper and of establishing a positive connection with your peruser. Your examination paper will mirror your actual musings, not those you need to dazzle your reader.</p>

Paragraph Essay Topics Ideas

<h1> Paragraph Essay Topics Ideas </h1> <p>At the finish of these rundown, you will find connects to a scope of factious passages and articles. The rest of the piece of the section will be created of supporting sentences. It is vital to realize the measures to form an essential 5 section paper. At some point or another, you should begin composing your 5 section paper! </p> <p>Now you own a body section. In early on section you must make convincing postulation proclamation to procure peruser's advantage. A framework is one strategy to start composing. </p> <h2> The Ideal Approach to 5 Paragraph Essay Topics </h2> <p>You may obtain many composing assignments of particular kinds and multifaceted nature. Having incredible research capacities and choosing a magnificent point is fundamental. Every understudy had an exceed expectations sheet they used to watch out for the stock trade and a contributing project to figure out how to place cash into the stock trade. Each understudy requests help with schoolwork every now and then. </p> <h2> What Everybody Dislikes About 5 Paragraph Essay Topics and Why</h2> <p>The 5 passage exposition is thought of as the typical article composing task. 5 passage article points aren't. They are not constrained to the one subject. The ensuing 5 section paper subjects are just a few prompts to help you get moving on your exposition undertaking, or you should simply use them for training. </p> <p>All expositions will have a presentation and end that is 2 sections as of now. On the off chance that you comprehend what things to expect and realize how to create a five section paper, you will be prepared to handle any exposition composing brief. Like each task, an enlightening article has a specific capacity. A factious paper is a sure kind of scholarly composition. </p> <p>It's workable for you to compose expositions on various points, and you're ready to begin them from multiple points of view. Try not to show up through the themes before you select. There are heaps of exposition points. There is a phenomenal number of subjects for papers and are set up to give you. </p> <p>The hardest advance is to choose the subject and kind of article at the very beginning. Much appreciated for the entirety of the important information posted in the site. </p> <p>In picking your point, it's much of the time a decent thought to begin with a subject which you as of now have some commonality with. Plainly, you should not intentionally select a point that will exhaust your crowd. In the determination of a point, an individual must take care to choose a theme he is amazingly acquainted with and will have unrivaled impression of what his identity is. At the point when left with the best determination of picking a five passage article theme, it's reasonable to settle on a subject that is not very expansive or thin. </p> <h2>The Secret to 5 Paragraph Essay Topics </h2> <p>There are differing sees on if an advanced degree is important so as to have a prosperous life. In different occurrences, subjects are given to people and they're allowed to compose on them. Understudies can learn huge wholes of insights regarding occasions which are going on everywhere throughout the world. In view of the immense measure of data on the web, they can increase bigger measures of information. </p> <h2> Choosing 5 Paragraph Essay Topics Is Simple </h2> <p>The most every now and again experienced paper composing administration that the greater part of our customers require is exposition composing. Most understudies flinch at composing a 5 section spellbinding article since they experience issues sorting out and composing their contemplations to complete an exceptional piece when in fact, using the fitting devices can have a gigantic effect. In case you're still keeping watch for the productive scholarly reviewing help to accompany an efficient five-section paper, realize you could arrange a full composing arrangement online without any snags or dangers. You may confide in us to offer master help for a significant number of your scholarly composing needs.</p> <p>When you form an illustrative paper, your chief assignment is to create a clear picture before perusers' eyes. The perfect method to improve composing aptitudes is by means of customary practice. Finally, remember that a colossal bit of being viable in influence is the ability to intrigue your crowd's feelings. 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Jane Austen - Inspiration?

Jane Austen - Inspiration?There is some controversy surrounding Jane Austen as the main inspiration for Pride and Prejudice. She is also sometimes identified with character Charlotte, who married Mr. Bingley in Pride and Prejudice. It has been said that Charlotte and Mr. Bingley are a double for Jane Austen's character Elizabeth, whose husband Mr. Collins loved to visit and sleep with all the visiting ladies.As far as I am concerned, I was rather surprised to see Jane Austen listed as a source of inspiration for Joan Blankenship. One can only wonder why she was not mentioned when Jane Austen and Emma were being set up together.I know from experience as an author Jane Austen is an inspiration. She gives so much to the reader by writing from a very real and highly emotive viewpoint, trying to convey thoughts, feelings and meanings. It is no surprise then that she is used as an inspiration to authors everywhere. Even I've seen Jane Austen quoted in books with different names.To be compl etely honest, I would like to know how Jane Austen got this particular title, but I'm not sure whether or not it is true or not. It may have come from the fact that Jane Austen had a close friend who was a socialite, they met at the Hazlitt garden parties. Although there is nothing to indicate any actual friendship between Jane Austen and Jane Grayson.Jane Austen wrote a variety of novels, and most of them are still around to read today. These are all great books about women, and I think it is probably fair to say most women like what they read. Jane Austen's books have a realistic and factual feel to them, which makes them appeal to many women.As far as the first line of Pride and Prejudice, 'I could not help myself', goes, I agree with it being a clever piece of writing from Jane Austen, but I can't help thinking there may be a little bit of exaggeration here and the author may have merely been stating the facts of life. Not very wise or well advised really, and definitely not one of her better pieces of writing, so I guess we have to admit to being biased.The fact remains that Jane Austen's writing is top class, and I can't wait to read what else she has to say. Her other works include Emma, Sense and Sensibility, Northanger Abbey, Mansfield Park, and the three volumes of her collected works. She wrote many other short stories and several novels, including one that was published posthumously, which was most likely Northanger Abbey.There are so many brilliant pieces of writing that inspire women to write, and Jane Austen was definitely one of them. Let's hope she is happily deceased and happily doing what she likes best.

One-Page Essay Topics - The Shortest One Page Essay Topic

One-Page Essay Topics - The Shortest One Page Essay TopicWriting a one-page essay topic is a great idea to help you finish your freshman or sophomore year of college. Since so many students have just arrived at their first class and will be thinking about classes, it is important that they find ways to make sure they are doing what they need to be doing, getting as much college credit as possible and getting college credits in their name.One of the best ways to help you write essay topics is to study the successful ones. In order to do this, take some time to really think about what the famous professors were talking about in class. Study all of the topics that a famous professor used to discuss in their essay topics.What are their early life experiences? What was the nature of their relationship? What kind of work did they do? All of these things can really help you understand what kind of people they are.Find out if they attended a prestigious university. Go ahead and contact the p rofessor and ask for their advice on how you should write your essay topic. Many professors are willing to give you their input and even read your paper before grading it. This will give you an idea of what you should expect when you submit your paper to a college.The essay topic on one page essay topics should be short and to the point. They should be written by explaining something or telling a story, not with just plain facts. Be very careful when you are writing a one page essay topic. Try to make it very interesting and moving, so that when the professor reads it, he or she may feel like giving you a better grade for it.It is very easy to forget how much you are struggling to maintain your grades when you are at school first. If you do, try to take things slowly. As you get used to college life, you will realize that more is going on around you. You will probably have many more assignments that you do not need to worry about so this will help you get your grades up a bit faster .These one-page essay topics will be a great help for many college students. For the students who need it the most, these are perfect for you. Study as much as you can and see what the teachers are talking about. It is likely that you will be able to do a better job when you submit your paper to a college.

The Development And Practice Of Accounting - 1801 Words

The development and practice of accounting is affected by the international business environment. Several influential factors that impact the international environment are the country s legal system, the political and economical relationships with other countries, as well as the social and cultural climate. From an economical perspective many variables that play into the development and practice of international accounting such as the level of inflation, strength of funding, growth pattern of the country s economy and the country s level of independence. In my global business class, I was tasked to review the global market and decide chose a developing country and a market in which I would like to enter. In order to assess which market and country that was suitable, I reviewed the World Bank for pertinent data such as GDP, debt, country ease of doing business, unemployment rate and diversity. In addition, I reviewed the country s resources, regulations and procedures and identifi ed all risks for market entry. Throughout this project, I utilized various resources such as Global Insight, Global Marketing Financial Times, Trading Economics and Atradius. While researching information for this project it was evident that I was not going to develop my business in the European market. This is where the legal and political variables play an important role into development and accounting internationally. 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Analyzing Film 2 Essay Example For Students

Analyzing Film 2 Essay Analyzing Film ENG 225: Introduction to Film June 7, 2010 Abstract â€Å"To evaluate a film as art requires knowing the purpose of a film, and then judging how well the basic elements of the film work together to achieve that end† (Durante, 2006). To become truly â€Å"cineliterate† (Boggs Petrie, 2008, p. 5), one must be totally absorbed in the film but also impartial and indifferent. The thematic, fictional, and dramatic elements, visual design, cinematography and special visual effects, editing, color, sound effects and dialogue, acting, and direction are all important components in the making of a film. In this paper, I will clarify by what means to analyze a film, reveal according to what we find and interpret the meaning in movies, and clarify my personal criteria for the evaluation of movies. Analyzing Film â€Å"The properties that make film the most powerful and realistic of the arts also make analysis challenging† (Boggs Petrie, 2008, p. 5). The viewer’s reaction of the image, sound, and movement on the screen must be receptive in reaction to concurrent and uninterrupted interaction. A film tells the viewer that a certain issue, event, emotion or principle is worth thinking about and perhaps fighting for. The theme distinguishes the style of the film. All aspects of the film must work together to articulate the theme. The viewer should be able to analyze the contributions to its theme by secondary plots, twists of plot, recollections of the past, use of body language, conversations, costumes, and each camera position. Nothing should be incomprehensible or useless nor should it be baffling unless perplexity is necessary for plot development (Boggs Petrie, p. 5). Film analysis is an assessment of how all the essentials in a film unite to divulge the theme. The viewer should watch the film more than once to gain a more insightful knowledge. The film should be watched the first time for initial impressions of the plot, mood, and theme. It should be viewed at least once more to study the means by which the theme was delivered. A viewer should be able to look at a film and know exactly what purpose one or more aspects perform and its input to the films theme. The ending is a crucial part of the plot because it is what reveals the theme (Boggs Petrie, 2008, p. 6). The theme of a film is the â€Å"unifying central concern, the special focus that unifies the work† (Boggs Petrie, 2008, p. 0). There are four major elements the filmmaker may choose to focus on or emphasis. They are plot, emotional effect or mood, character, and style or texture. These elements are present in all films, but usually one is more prevalent than the others (Boggs Petrie, 2008, p. 20). The arrangement of the events in a film to achieve a specific effect is t he plot. The plot is essentially the events in a film for a purpose. The expression of the meaning of a work is important in a plot. A cause-effect relationship may be formed in a pattern. The film communicates information necessary to understand the story line. The introduction of the plot introduces the element of instability which opens up the development of the story. The theme can be summarized in a film by its plot. The plot is what provides general entertainment to the viewer in maintaining interest throughout the entire film. The final outcome of a film is usually of most importance, but characters, ideas, and emotional effects are very significant to underlying events (Boggs Petrie, 2008, p. 20). A specific mood or emotion that is prevalent throughout an entire film is a part of a large majority of movies. Some films suggest a specific mood or emotion in difference sequences to exemplify and advance an emotional outcome within the film (Boggs Petrie, 2008, pp. 20-22). In the film, The Way We Were (Pollack, 1973); the mood is somewhat dismal and bleak. By the end, the leading male character (Robert Redford) realizes he is nothing special without the leading female character (Barbara Streisand) who is the only one who believes in him, but it is too late to resurrect their past for transgressions are far too prominent. The theme of many films is suggested in their characters. Some films describe the theme in only one character. The importance of what happens to the character is essential in development of the story line. The character’s charm lies in their persona which sets them apart from common people. The main character is usually highlighted by the remarkable qualities of the individual’s character which in turn sets the theme of the film (Boggs Petrie, 2008, pp. 22-23). Film style and texture can be so dominant and memorable because of the way the director tells the story in such a different way. This gives a stronger impact on the viewer’s minds and senses and is stronger than any of the other thematic elements. This type of film has such â€Å"qualities that set them apart by their unique look, feel, rhythm, atmosphere, tone, or organization that echoes in the minds and senses of the viewers long after leaving the theater† (Boggs Petrie, 2008, p. 23). The film’s distinctive style, texture, or shape spreads throughout, and all the cinematic elements are blended collectively. These types of film are often not successful because of their distinctiveness (Boggs Petrie, 2008, p. 3). Film and plays act out or dramatize what happens in a story. Films are not expressed simply in writing but depend on nonverbal and visual elements. The central theme of a film is unified under a good plot or story line making it clearly understood. In a unified plot, conflict must be resolved by the elements within the plot. There are always exceptions to this general rule by w hich the unity of action and cause-and-effect relationships between events are not that important (Boggs Petrie, 2008, p. 2). Credibility of a story is usually required for the viewer to be convinced that it could be true. A good story usually requires suspense and action. Simplicity of a story that is expressed and unified cinematically is also an element of a good story, but it should also have some complexity to maintain the viewer’s interest. An ending that is a surprise to the viewer is very powerful when the plot has prepared the viewer for it as in The Sixth Sense (Boggs Petrie, 2008, pp. 46-49). The viewer’s reaction of the image, sound, and movement on the screen must be receptive in reaction to concurrent and uninterrupted interaction. A film tells the viewer that a certain issue, event, emotion or principle is worth thinking about and perhaps fighting for. The theme distinguishes the style of the film. All aspects of the film must work together to articulate the theme. The viewer should be able to analyze the contributions to its theme by secondary plots, twists of plot, recollections of the past, use of body language, conversations, costumes, and unique arrangement of the camera. Nothing should be beyond understanding nor should it be mysterious unless confusion is needed for development of the plot (Boggs Petrie, 2008, p. 5). The film’s title is very important to the meaning of the film. One may have a specific idea of what the title means. After viewing the film the impression is completely different, more affluent, and more profound. A key scene can also be where the title is taken from. The title of the film is extremely important in identifying the theme, but it does not always name the theme (Boggs Petrie, 2008, pp. 53-54). The conflict is the basic driving force behind every film. The interest in the conflict is the one element that encapsulates and challenges the mind while accelerating the viewer’s pulse. The major conflict is of great importance to the characters involved. This almost always brings about an important change either to the characters or their situations. There are two types of conflict—external or internal. An external conflict may be between two characters of a film. The internal conflict may be an inner or emotional conflict within the main character (Boggs Petrie, 2008, pp. 57-59). Quebec EssaySometimes the editor may even be the genius of the film’s structure. The editor may also have the clearest vision making up for lack of vision by the director (Boggs Petrie, 2008, p. 186). Human response to color is not only pleasurable to the eye, but also psychological or possibly physiological and known to attract and hold our attention better than shape or form. Colors bright or saturated placed against a contrasting background can simply capture the viewer’s eye. Three-dimensionality can be created on screen by advancing and receding characteristics that color develops in an illusion. Colors can create a notion or sense of temperature. In the film The Fox color is used inside the house to show the warmth and love between two women yet the harsh cold outside the house is portrayed also (Boggs Petrie, 2008, p. 231). Combinations or schemes of color manufacture expected and reliable visual effects. Color is used as a transitional device to signal significant variations within a film. In the film, The Wizard of Oz, when Dorothy is in Kansas, the story is black and white and when she enters Oz, it becomes very colorful (Boggs Petrie, 2008, p. 235). Color used to clue the audience in on a character’s innermost feelings is an expressionistic use of color. Director Ron Howard used the subdued shades of beige to imply the sensitive and tender connection between boxer husband Jim Braddock (Russell Crowe) and his wife (Renee Zellweger) (Boggs Petrie, 2008, p. 237). Colors are used in films as symbols akin to Ingmar Berman’s Cries and Whispers (Boggs Petrie, 2008, p. 238). The over abundant use of deep red in the bedroom of the dying Agnes is Bergman’s vision of the symbol of the soul as a red membrane which the audience may not be clearly aware (Boggs Petrie, 2008, pp. 23-238). Sound effects and dialogue are two of the three elements that make up the soundtrack of the modern film. Digital recording technology is used by filmmakers to combine and process layers of sound in a film. Dialogue in film is realistic compared to onstage. The pace of film dialogue is delivered more rapidly than onstage. The use of dial ogue must be carefully done so that what can be expressed visually is done so that the cinematic and dramatic power of a film is not diminished (Boggs Petrie, 2008, pp. 257-259). The musical score is the third element that makes up the soundtrack of the modern film. Creating structural rhythms and to stimulate emotional responses are the two most general and basic functions of the musical score which greatly enhance and reinforce the effect of the image (Boggs Petrie, 2008, p. 292). The normal question we ask when going to view a film is who is in the movie? The work of the actor overshadows the work of any other contributor to the film. The actor should make the viewer believe completely in the character he or she is portraying. They must be talented by projecting sincerity, truthfulness, and naturalness in such a way that we are unaware that they are acting (Boggs Petrie, 2008, p. 319). The director is the unifying force that is responsible for the majority of the creative decisions (Boggs Petrie, 2008, p. 364). The director has varying amounts of control in each individual film. The director who brainstorms the scheme of the film, writes the script, and then supervises every step of the film is known as an auteur (Boggs Petrie, 2008, p. 365). Not all directors are inclined to handle all of these aspects of the film therefore they assign rather than do much of the work for the film. The director is responsible for determining the style of the film. A director’s personality is expressed through the language of the medium and his or her style is reflected in almost every decision (Boggs Petrie, 2008, pp. 364-367). The thematic, fictional, and dramatic elements, visual design, cinematography and special visual effects, editing, color, sound effects and dialogue, acting, and direction are all vital pieces in the theme of a film. The viewer must see the film at east twice to make a correct analysis and evaluation of the film because the difficulty of the many conditions makes it too complicated to reflect on all the elements of a film in one viewing. The first viewing the viewer should figure out its theme and plot. In the second viewing, the viewer can focus all attention on the â€Å"how’s and whys of the film maker’s art† (Boggs Petrie, 2008, p. 404). Theme is the first step in analyzing a film. The question we should ask ourselves is which element unifies this film? Is it the plot, a single unique character, the creation of an emotional mood or effect, or the creation of a certain style or texture? A film can also be intended to express an idea or declare a thought. When the theme is known, the viewer can move on to identify the basis of the film (Boggs Petrie, 2008, p. 405). Every element of the film should be considered at this point. If the relationship between each element is obvious and reasonable, then we have correctly identified the film’s theme. If we cannot be sure of the theme at this point, we should reconsider our preliminary perception of the theme and alter the blueprint and affiliation surrounded by the distinctive film elements. Once we are satisfied that we are completely harmony with the theme of the film, we move on to the evaluation process (Boggs Petrie, 2008, p. 405). In evaluation of the film, we must think about the objective of the film. Once we have discovered that, we should adjust our expectations of what the film aspires. When we discover the level of ambition, we can begin the objective evaluation. Does the film succeed in its goal? Why does the film succeed or fail? The specific strengths and weaknesses should be assessed to determine this information. Nitpicking should be avoided in the overall process of analyzing the film. Every decision we make must be defended or explained as to why we believe something worked or did not work. The next step is the subjective step. The question we should ask ourselves is â€Å"what is our person reaction to the film? What are our personal reasons for liking or disliking it† (Boggs Petrie, 2008, pp. 405-409)? â€Å"To evaluate a film as art requires knowing the purpose of a film, and then judging how well the basic elements of the film work together to achieve that end† (Durante, 2006). To become truly â€Å"cineliterate† (Boggs Petrie, 2008, p. 5), one must be totally absorbed in the film but also impartial and indifferent. The thematic, fictional, and dramatic elements, visual design, cinematography and special visual effects, editing, color, sound effects and dialogue, acting, and direction are all important components in the making of a film. Once we have completed the evaluation of all the elements of the film, we are ready to re-read the reviews of the film. We may now be more open to the review of the critics or vice versa. Although we should be open-minded about the critic’s opinion, we should never be too submissive about our own analysis, interpretation, or evaluation. References Boggs, J. M. , Petrie, D. W. (2008). The art of watching films. Boston: McGraw Hill. Durante, D. (2006). Analyzing and evaluating films as works of art: Part 3 of a 3-part series. Forgotten Delights: Representational art and more. Pollack, S. (1973). The way we were. USA: Columbia-Tristar. Shyamalan, M. (1999). The sixth sense. USA: Spyglass Entertainment.