Biography Of Tim Burton Film Studies Essay

Biography Of Tim Burton Film Studies Essay His first job for Disney was in The Fox and the Hound (1981). This first work was brief because the studies considered the artistic profile of Burton would fit more in the conceptual art of the Black Cauldron. The Burton designs and ideas for both films were not used to not be understood by Disney. After leaving work on the Disney movie Tim Burton began to develop more personal projects, including his first two shorts, (Vincent and Frankenweenie ) the quale they had very good acceptance by the critics and the public. Also began to write and illustrate a Christmas poem, which years later would charge life, Nightmare Before Christmas. Burton befriended Julie Hickson executive and manager of creative development of Disney, Tom Wilhite, amazed by his talent decided to finance his first short film Vincent to $ 60,000. It was during this time that Burton learned and specialization in the art of stop motion, for two months along with other entertainers Burton skilled in the art, Vincent created a black and white story, based on some stories of Edgar Allan Poe. To achieve this Tim Burton enlisted the help of his favorite actor Vincent Price who gave voice to the narration of the story. The play received numerous awards in Chicago and France, still not commercialized Disney ever. In 1984, Burton created his first non-animated short film, Frankenweenie it was based on Frankestain of James Whale, the play was a childs efforts to resurrect his dog Sparky hit by a car. For this short featured actors Burton Barret Oliver, David Stern and Shelly Duval. The film received a Saturn Award nomination. However, at the end of production Disney Tim Burton decided to dismiss, holding that the short was too scary for younger audiences. It was not until 1994 after the success of future work of Burton when he began selling. 1.2.4-The consolidation of Burton as director and producer. The big venture of Pee-wee: Despite the failed working with Disney, Burtons work began to have some spread and caught the attention of some producers. Griffin Dune including that offered Burton directing a comedy called After Hours in 1985, was finally Martin Scorssese in charge of directing this movie. That same year the actor Paul Rubens Burton offered to direct a film about his famous comic character Pee-wee Herman. This work was the first Tim Burton film as director and production was a success since its initial cost 7 million dollars, box office obtained profits of more than 40 million dollars. In that same movie Tim Burton Danny Elfman asked to compose the soundtrack of the same, and so begin a director-composer collaborations more consolidated in the history of cinema. Beetlejuice: In 1988, Tim Burton took the opportunity to direct his second film, Beetlejuice was a black comedy. The film told the story of a couple that after buying a nice house with a fatal traffic accident. After discovering his tragic end the couple, now ghosts trying to make out the new tenants of the house with the help of an eccentric bioexorcist Beetlejuice. This time the film featured in the cast, Michael Keaton, Winona Ryder, Alec Bldwin, and Geena Davis. Received several awards including an Oscar for best makeup and box office earnings of 80 million dollars. Batman: A Burton was offered in 1989 the possibility of directing the first feature film from the Batman comic book character. The director accepted the job, provided they can choose the actors and film aesthetics. Burton and producers Warner Bros have been involved in numerous discussions of pre-production, as Burton wanted Michael Keaton as an actor who had worked with in Beetlejuice and the producers were thinking of a more muscular actor. Following the aesthetic of comic Burton finally got what he wanted, to use Keaton in the role of Batman and Jack Nicholson as the Joker, with the intention of attracting the public uninterested in superhero movies. The film was a success, and he got more than 400 million dollars, becoming the most successful movie of all time movies so far. Additional aesthetic mind chosen by Tim Burton for the city of Gotham City was adapted in the following comics. 1.2.5-The prodigious decade: Edward Scissorshands: In 1990, Burton wrote a new feature this would be interpreted by the idol of youth at the time that Johnny Depp would play the character of Edward, a being created by an eccentric scientist (Vincent Price, who play his last role before his death). Edward had human appearance but after the death of its creator was unfinished and had hands instead of one large scissors. Edward Scissorhands was filmed in Florida and is considered by many fans and critics of Burton as the best of his works, surely Edward Scissorhands is the work collected over the Burton aesthetic that makes a filmmaker unlike any other, either texture, color, character design or objects. Batman Returns: Although Warner Bros would not produce Edward Scissorhands, he was offered the opportunity to direct the sequel to Batman Returns, Burton accepted the condition of having full creative powers. For that film was Burton Michael Keaton again in the role of Batman, Danny DeVito in the role of the Penguin and Michelle Pfeiffer as Catwoman. The film received a lot of criticism for being too dark and not very close to children. Still get a revenue of 160 million dollars, the Warner Bros. decided not to have the services of Tim Buton upon learning that he was preparing a new dry with an aesthetic similar to that of Batman Return. So Burton decided to start preparing a new project, this time returning to its roots as an animator. Nightmare Before Christmas: Tim Burton had planned to write and illustrate a childrens story, but in 1993 just changing that story in his next film. Nightmare Before Christmas, is his great work of animation. Directed by Henry Selick, the film tells the story of Jack Skeleton, the king of Halloween, who wants to understand Christmas, adapting their habits as monarch to carry out this holiday. The film was made using Stop Motion techniques and although there was an overwhelming success at the box office, is considered a cult film and one of the best musical film ever made it. Ed Wood: In 1994, Burton made one of his lesser known films, a narrative biography of Ed Wood, considered the worst filmmaker of all time. Burton pays homage to the director (played by Johnny Depp) which considers a direct influence, for its horror and fantasy in this film involved Martin Landau, Bill Murray and Lisa Marie. Although there was much less commercial success, helped the Burton film cogiera more fans and reopen the interest in the film Ed Wood. Batman Forever: Despite its intention to conduct the next part of Batman, Warner Bros. decided it would be the director Joel Schumacher with the intention of bringing the film to children and Tim Burton would make his work as a producer. This fact caused that Michael Keaton to resign his role as protagonist, and was hired Val Kimler in place. Tim Burton aesthetic differ in many aspects of the film which was contrary. The film generated $ 335 million and Warner, hired Schumacher to fourth, where Tim Burton no longer participate. Mars Attacks!: In 1996 Tim Burton returns to direct a feature film is trying to Mars Attacks! This film is a hybrid of science fiction films of the 50th and the total destruction of the 70th went unnoticed at the box office, surely the fact first 5 months after the Independent Day, made the film to be discredited by critics and public American, but had very good reviews abroad and won many admirers in marketing in VHS and DVD. Sleepy Hollow: In 1999 Tim Burton returned to his more eccentric and supernatural world, based on a story by Washington Irving, which tells the story of the Headless Horseman. Featuring a new interpretation of Johnny Depp in the role of Forensic and Christina Ricci in the role of Karina Van Tassel. The film won an Oscar for best art direction and two BAFTA awards in the categories of Best Production Design and Best Costume. 1.2.6-Year 2000. Planet of the Apes: After his breakup with his wife Lisa Marie, Burton conducted a remake of the 1968 film of Franklin Schaffner. The film was a success, earning 68 million dollars in the first week of release. Still, the film was widely panned by critics and fans of Burton, to get away entirely from its style and dark, nihilistic style of the first version. Despite finishing with an open ending does not seem to be any intention on the part of Burton to continue the saga. Big Fish: In 2003, Burton surprised everyone again with a custom Disney, Big Fish is a film away from the dark world of Burton but that recreates an imaginary fantasy world full of surprises. The film received four nominations for Golden Globe And for many fans is the most amazing film. In this film, Burton had the interpretation of Ewan McGregor and his new wife Helena Bonham Carter. Charlie and the Chocolate Factory: Johnny Depp again which seems to be their star player, Tim Burton made this film based on a story by Roald Dahl, the film was a blockbuster hit 207 million in the U.S. alone. Characterization, and the voice of Johnny Depp in the role of Willy Wonka, was recognized in many ways as a film icon and aesthetic. 9: Tim Burton produced this animated film in 2009, the film received much criticism, even that is considered a beautiful aesthetic work, but lack of narrative. It is the first animated film that Tim Burton does not opt for the technique of stop motion and computer-created in its entirety. Alice in Wonderland: It is the latest project of Tim Burton so far, this commission from Disney, will debut in early 2010, and was the first film in which the director has used the technique of 3D. Based on the acclaimed work of Lewis Carroll, Alice in Wonderland. Was criticized by fans to move far from their darkest work I have incorporated many Disney items. 2. THE ART DIRECTION 2.1- Aspects work of Tim Burton. When talking about aspects of the work of Burton, one must be aware that is not a conventional director, his work is mostly very personal issues, issues which have been consolidated in the audience and created a large pool of supporters and fans. When one analyzes the work of Burton put on his work with his film biography, which is particularly relevant as an artist who often uses his life experience and the elements that shaped his sentimental education. Situation is examined within the context of the Hollywood industry and explores the aesthetic and thematic constants that make up its visual poetry. It addresses gender concerns, the notion of fantasy and Gothic-Expressionist tradition to understand the work of an author who re interprets the cultural tradition from the perspective of post-modern. Addresses the problems and contradictions posed by both the traditional concept of film genres as the auteur theory. It is shown that not only approaches are compatible, but can also become complementary approaches that contribute to the depth and richness of film debate. It talks about the particular generic reflection made by the filmmaker in his films, connecting with the characteristics of postmodern culture in which it is immersed. We can say that Burton has done what he wanted and how much more freedom the author has been most successful has been his work as staff is much much deeper and more spectacular. Burtons work, as well as its broad scope, it is more appropriate to consider more than a genre, a mode of art that various related forms emerge. Referred to the existing theories about the fantastic, the subversive potential and its psychoanalytic implications. It puts a special interest in his themes and myths, as they all are evoked in the Burton films. Also includes the work of the filmmaker as a continuation of a tradition Gothic Expressionism, a continuous movement whose spirit, aesthetic and vital position opposed to the rationalistic attitude of classicism. It takes a journey through the elements of a tradition that Burton has been collected mainly through its cinema events. Tim Burtons heir and successor of the romantic spirit, its atmosphere and features icon-phy, aesthetics of the uncanny, his macabre sense of humor, the denunciation of social hypocrisy and society that denies freedom and individual identity, its emphasis on subjectivity, intuition and the irrational. Tim Burton is a very detailed, very thorough in their staging, from design, photography and music composed by Danny Elfman become key elements of dramatic expression. We consider Edward Scissorshands and Nightmare before Christmas, as two of its films that include and represent all poetic and visual work of director. Since in these two films is the very essence of the author, personal visually despendedoras the full potential of California director. 2.2-Influences: As an author, Tim Burton has had his artistic influences, both film, and painting. In this section we review their main influences, and the basic characteristics of his style. Any person who enters into the imagination of Tim Burton will realize that this is not a conventional writer, with a very personal style, and all his movies are some characteristics or aesthetic and narrative patterns. 2.2.1-Pictorial influences: We can find some reminiscences to German expressionism, particularly in some perspectives, altering the scenery, the kind of light and shadow and also on the themes of his films. Some authors of the movement, as Grosz or Otto Dix. Burton is also influences the Polish poster from the mid-twentieth century. The author surreal expressionism, Paul Klee tube also great significance in the beginning of the film director, especially in making puppets for his early films like Vincent or Nightmare Before Christmas. 2.2.2-Literary Influences: Without doubt the main literary influence of Tim Burton comes from Edgar Allan Poe, American writer, is considered one of the pioneers of the short story, and the father of the renovation of the Gothic, with their tales of terror. Unlike other authors such as Roger Corman, Burton has not shot any film based on a story by Edgar Allan Poe, but it has done with other authors like Washington Irving (Sleppy Hollow), Lewis Carroll (Alice in the wonders) (Sweeney Todd) based on the musical by Stephen Sondheim or (Charlie and the Chocolate Factory) by Roald Dahl and others. 2.2.3-Cinematic influences: Roger Corman is without doubt the great influence of Burton, his films of series B, Burton served as inspiration for many other directors. Roger Corman became famous in the 60s, go to the movies by Edgar Allan Poe stories and mixing genres of science fiction, horror and the occult in low-budget films, using actors low popularity as Boris Karloff or Bela Lugosi , or with actors little known at the time as Peter Fonda Jack Nicholson or Robert De Niro. Most Corman films were performed by Vincent Price, favorite actor and close friend of Burton used frequently at the beginning of this director. See Frankenweenie, or Edward Scissorhands. Princes last film before his death in 1993. Cormans influence is mainly reflected in films like Ed Wood and Mars Attacks. In Ed Wood, Tim Burton pays homage to another series B director, Ed Wood as the worst filmmaker of all time. 2.3-Technic recourses. 2.3.1-Stop Motion. Tim Burton is without doubt one of the most renowned film directors by the use of unconventional techniques for recording of his films, one of these techniques is the Stop Motion animation technique is to generate motion by displaying static objects photographs or successive frames at a given speed, creating the illusion of movement. This incredible technique began with Ladislaw Starewicz with the short film The Cameramans Revenge in which dead insects used to tell the story of a family destroyed by infidelity. Usually use 29 frames per second, which generate the illusion of movement giving the films made with this technique a realism as close to a conventional film. This fascinating technique requires time and patience for the detailed movements of the actors to others in an acceptable knowledge of photography, so Tim Burton has always surrounded by great directors of photography, in the case of Pete Kozachik, manager the technical section in such films as The Nightmare Before Christmas or Corpse Bride. We consider that Tim Burton is one of the artists who have promoted this technique in the last two decades, and why not say is who re-discovered this technique in the new public disuse in the 90s. Due to its popularity as a director and artist has made the genre of Stop Motion animation is made a place in the film industry. Burton himself has been linked in other photographic animation projects, some of them as a producer and some others as a collaborator. This is the case of The Nightmare Before Christmas, Burtons own work, but under the direction of Henry Selick, director also of other projects under the signature of Tim Burton, and James and the Giant Peach or coral. In the future, Burton is expected to redo any work using the technique of stop motion, some rumors say they may be Dear Dead Days, Charles Addams work he did in 1937 and subsequently came to TV screens under the title Addams Family in 1964. The work of Charles Addams is surely close to the Burton films especially recalling works such as The Nightmare Before Christmas Sweeny Todd or obscure pieces, with touches of macabre humor. 2.3.2-3D Animation. Tim Burton not only traditional techniques used for the filming of his animated films, however it was not until 2009, when the California director dared with a 100% digital. 9 was the title of his first work in 3D, which was a box office bomb, and certainly his least known works, the universe of apocalyptic 9 was directed by Shane Acker and produced and supervised by Burton. This first experience will not cower and Burton in 2010, premiere Alice in Wonderland, based on Lewis Carrolls books Alice in Wonderland and Alice Through the Looking Glass, directed by Tim Burton, and produced Disney Pictures The film was a box office hit but was severely challenged by critics and fans. In interviews after the release, Burton says the 3D technique is perfect for his latest film and claims to build his next film (a remake of Frankenweenie gilt work) thinking about the qual this technology brings extra realism to the viewer, However, he admits that is not going to go crazy and will not abandon the classic film format. 3-TIM BURTONS FILM ANALYSIS I chose Edward Scissorhands and Big Fish are two of the films in my opinion more representative of the work of Burton, the first of its popularity and to represent and act out all the poetic and visual narrative that represents the California director. The second has been chosen as the authors lesser-known films by the general public, and to have markedly different aesthetic in Edward Scissorhands, Big Fish still well preserved and fantastic narrative structure that characterizes the work of Tim Burton . Another of the facts that I have been decanted from Big Fish have been the thirteen years between a film and the other, and appreciate the evolution of cinema as well as an analysis of the time they were shot, the motives that pushed Burton to record these movies and what messages the author tries to convey to the viewer in each of them. 3.1-Edward Scissorhands Synopsis: The film begins with a colloquial conversation between an elderly woman and her granddaughter, which viewed from the window as snow falls and, curious, asks her grandmother the reason it snows. So, she begins her story His story begins when a makeup saleswoman named Peg, enters a house to sell beauty products. On entering the place is with Edward, a young man who was created from a robot and was not finished after the death of its creator, running with scissors instead of hands. Touched by his kindness and innocence decided to take him home. No one in her family (her husband Bill and son Kevin) seem uncomfortable with the presence of Edward and even the neighbors are interested in the mysterious guest Peg. However, to get Kims eldest daughter, Peg, it triggers a series of problems because it does feel uncomfortable with Edward at home. Edward falls in love with her. Edward Scissorhands Technical Data: Production year: 1990 Country: United States Director: Tim Burton Production: Twentieth Century Fox Producers: Tim Burton and Denise Di Novi Executive Producer: Richard Hashimoto Associate Producer: Caroline Thompson Argument: Tim Burton and Caroline Thompson Writer: Caroline Thompson Music: Danny Elfman Director of Photography: Stefan Czapsky Art Director: Tom Duffield Scenery: Rich Heinrichs (design) and Cheryl Carasik (decoration) Costume Design: Colleen Atwood Editing: Richard Halsey Hair Design: Yolanda Toussieng Makeup: Stan Winston Special effects supervisor: Michael Wood Duration: 107 minutes Starring: Johnny Depp: Edward Winona Ryder Kim Boggs Dianne Wiest: Peg Boggs Vincent Price: Inventor Anthony Michael Hall: Jim Kathy Baker: Joyce Monroe Robert Oliveri: Kevin Boggs Conchata Ferrell: Helen Alan Arkin: Bill Boggs Caroline Aaron: Marge O-Lan Jones: Esmeralda Dick Anthony Williams Officer Allen ÂÂ   3.2-Big Fish Synopsis: Edward Bloom is a man who recounts moments of her life by adding great features. When it does at the wedding of his son Will, it stops talking for years. Will work as a journalist in Paris when his fathers health worsens, Will returns with his wife Josephine to Alabama. On the plane, Will tells one story of her father, she knew a witch who showed him how he would die by looking through his glass eye. Throughout the film, Edward has some stories to tell of moments of his life. For example, explains that as a child, he spent three years in bed due to its rapid growth. After this, he becomes a successful athlete, but I think the town where he lives is too small for their ambitions. After meeting Karl, a misunderstood giant, began a journey with him. Edward goes through a haunted forest and reaches a village where she meets a poet called Norther Winslow. Before leaving the village, he promises to Jenny, a girl he met, he would return someday. Big Fish Technical Data: Production year: 2003 Country: United States Director: Tim Burton Production: Columbia Pictures Producers: Bruce Cohen, Dan Jinks Executive Producer: Arne Schmidt Associate Producer: Katterli Framentelder Plot: Daniel Wallace Writer: John August Music: Danny Elfman Director of photography: Philippe Rousselot Art Direction: Roy Barnes, Robert Fechtmen Set Decoration: Nancy Haigh Costume Design: Colleen Atwood Editing: Chris Chamia Hair Design: Coni Address Makeup: Gloria Belz Special Effects Supervisor: Eric Allard Length: 125 minutes Starring: Ewan McGregor: Young Ed Bloom Albert Finney: Senior Ed Bloom Jessica Lange: Senior Sandra Bloom Alison Lohman: Young Sandra Bloom Billy Crudup: Will Bloom Steve Buscemi: Norther Winslow Danny DeVito: Amos Calloway Helena Bonham Carter: Jenny Young, Jenny Senior, The Witch Matthew McGrory, Karl the Giant

Hutchinson-Gilford Progeria Syndrome Genetics

Hutchinson-Gilford Progeria Syndrome Genetics Progeria is a rare, fatal, sporadic, autosomal dominant syndrome that involves premature aging, generally leading to death at approximately 13 years of age due to myocardial infarction or stroke. The genetic basis of most cases of this syndrome is a change from glycine GGC to glycine GGT in codon 608 of the lamin A (LMNA) gene, which activates a cryptic splice donor site to produce abnormal lamin A; this disrupts the nuclear membrane and alters transcription. Mutations in the Lamin A: To date, models have been proposed to explain how mutations in the lamin A gene could lead to HGPS, structural fragility and altered gene expression. One model links HGPS to stem cell-driven tissue regeneration. In this model, nuclear fragility of lamin A-deficient cells increases apoptotic cell death to levels that exhaust tissues ability for stem cell-driven regeneration. Tissue-specific differences in cell death or regenerative potential, or both, result in the tissue-specific segmental aging pattern seen in HGPS. Children born with HGPS typically appear normal at birth, but within a year they begin to display the effects of accelerated aging. Typical facial features include micrognathia (small jaw), craniofacial disproportion, alopecia (loss of hair), and prominent eyes and scalp veins. Children experience delayed growth and are short in stature and below average weight. Due to a lack of subcutaneous fat, skin appears wrinkled and aged looking. Other key abnormalities include delayed dentition, a thin and high pitched voice, a pyriform (pear-shaped) thorax, and a horse riding stance. As they mature, the disorder causes children to age about a decade for every year of their life. This means that by the age of 10, an affected child would have the same respiratory, cardiovascular, and arthritic conditions as a senior citizen. On average, death occurs at the age of 13. HGPS vs. Inheritance HGPS had been proposed to be a recessive disorder due to observations of affected individuals found in consanguineous families. However, many cases of progeria were also observed in families in which the parents were not related, suggesting sporadic autosomal dominant inheritance, which has been confirmed with the discovery of the causative mutations. Others have reported the presence of various chromosomal abnormalities, such as an inverted insertion in the long arm of chromosome 1, as possible contributing factors to the disease. These cytogenetic clues proved to be critical for discovery of the HGPS gene. HGPS vs. Genetics After many years of appreciating that HGPS was caused by genetic rather than by environmental factors, researchers took the first steps in isolating genetic mutations that cause HGPS. A team centered at the National Human Genome Research Institute in Maryland, under the direction of Francis Collins, initiated their search with a genome-wide scan. Using 403 polymorphic microsatellite markers, the investigators found no evidence of homozygosity in 12 individuals with classical HGPS. However, two individuals showed uniparental isodisomy of chromosome 1q, and one had a 6Mb paternal interstitial deletion in 1q. From this observation, the investigators concluded that the HGPS gene must lie within a 4.82Mb region on chromosome 1q. This region contains approximately 80 known genes, including Lmna. Lmna and Types A-type and B-type lamins (Type V intermediate filaments) are the main components of the nuclear lamina, the innermost layer of the nuclear envelope. The nuclear lamina in mammalian cells is a thin (20-50 nm) protein meshwork that interacts with various proteins and chromatin and is essential for maintaining the structural integrity of the nuclear envelope, the protective barrier between the cytoplasm and nucleus. Cell studies of HGPS patients Immunofluorescence studies with antibodies against lamin A/C were performed using fibroblasts from HGPS subjects and their parents. The results showed structural nuclear abnormalities in 48% of HGPS cells compared with

Anatomy of a False Confession Essay -- essays research papers

Anatomy of a False Confession   Ã‚  Ã‚  Ã‚  Ã‚  Depending on what study is read, the incidence of false confession is less than 35 per year, up to 600 per year. That is a significant variance in range, but no matter how it is evaluated or what numbers are calculated, the fact remains that false confessions are a reality. Why would an innocent person confess to a crime that she did not commit? Are personal factors, such as age, education, and mental state, the primary reason for a suspect to confess? Are law enforcement officers and their interrogation techniques to blame for eliciting false confessions? Regardless of the stimuli that lead to false confessions, society and the justice system need to find a solution to prevent the subsequent aftermath.   Ã‚  Ã‚  Ã‚  Ã‚  In the adversarial justice system, when the offender admits to the criminal act, there is no further controversy and the case promptly proceeds to sentencing. Physical evidence and victim or witness statements may often be overlooked and not considered. The confession is considered unequivocal evidence of guilt and a conviction is ensured. Indeed, the interrogation process’ sole purpose is to obtain a confession. Zimbardo (1967) estimated that â€Å"of those criminal cases that are solved, more than 80% are solved by a confession.† (Conti, 1999) Without the confession, convictions may be reduced significantly. So why does a person falsely confess to a crime if the likelihood of a conviction is eminent? A false confession to any crime is self-destructive and counterintuitive.   Ã‚  Ã‚  Ã‚  Ã‚  The mental state of the suspect can give explanation to a false confession. If a person is inebriated and is questioned before she is sober, that may lead to easier manipulation by the police. A suspect under the influence of alcohol or drugs may not remember all the events leading up to her arrest. This mental state allows police officers to give misleading information, which may imply that the suspect did commit the crime and does not remember the incident. Mental retardation or suspects with low intelligence quotients (IQ) are easily manipulated by police comments and interrogation tactics. Those suspects usually do not understand the law or the consequences of a confession. They may want to please the police officer by being accommodating or agreeable. They may just wa... ...p;The power of innocence. Law and Human Behavior Vol.28, No. 2, p. 211. Kassin, S.M., & McNall, K. (1991). Police interrogations and confessions:   Ã‚  Ã‚  Ã‚  Ã‚  Communicating promises and threats by pragmatic implication. Law and   Ã‚  Ã‚  Ã‚  Ã‚  Human Behavior Vol. 15, No. 3, p. 233 – 251. Kassin, S.M., & Sukel, H. (1997). Coerced confessions and the jury: an experimental   Ã‚  Ã‚  Ã‚  Ã‚  Test of the â€Å"harmless error† rule. Law and Human Behavior Vol. 21, No. 1, p.   Ã‚  Ã‚  Ã‚  Ã‚  27 – 28. Kassin, S. (2004, April 26). Videotape police interrogations. Retrieved August 21, 2005,   Ã‚  Ã‚  Ã‚  Ã‚  From The Boston Globe. Meissner, C.A., & Kassin, S.M. (2002, October). â€Å"He’s guilty!†: investigator bias in   Ã‚  Ã‚  Ã‚  Ã‚  Judgments of truth and deception. Law and Human Behavior Vol. 26, No. 5,   Ã‚  Ã‚  Ã‚  Ã‚  469 – 479. Osterburg, J.W., & Ward, R.H. (2004). Criminal Investigation: A Method For   Ã‚  Ã‚  Ã‚  Ã‚  Reconstructing The Past. (4th ed.). Anderson Publishing: LexisNexis Group. Perina, A. (2004, March 1). â€Å"I confess.† Psychology Today Vol. 36, Issue 2.

Essay --

Manufacturing process of CLAY BRICKS Most bricks are formed by one of two basic processes. Extrusion Fairly stiffed texture is mixed with clay body which is loaded into extruder worm screw force it into a die through pushing it along a barrel .depending upon how much clay will shrink in drying and firing process the die is made larger considering this The clay emerges as a continuous brick shaped column. Initially this is smooth but it can be modified by removing a thin sliver from the top and sides using a taught wire to produce a ‘wiredrag’ effect or by placing textured rollers over the column to create a rusticated effect or even by blasting the column with sand. The clay column is then cut into single bricks and palletised ready for the dryers or in some factories, are loaded directly onto kiln cars. Extruded bricks can be solid but cannot be frogged & are generally perforated. Soft mud moulding Soft mud moulding Bricks are constituted in mould boxes through some number of processes . Many methods can be applied but all have a common theme. A mould release medium stops the clay from sticking to the box (sand, oil or water) when soft clay is thrown into a mould,. The bricks are turned out & the excess clay is stuck off from the top of the mould. This is done by hand by a craftsman who would create one brick at a moment. This is slow, expensive & labour intensive used In these days only for generating special shapes or decorative bricks. For standard bricks large automated machines can be replicated the hand-making procedure much quicker by taking use of banks of mould boxes on a circuit where the boxes are filled with pre sanded clots of clay, washed, sanded struck off level and the formed brick turned out.... ...re than 60 F/h by introducing steam standard weight is generally cured at 150-165 F , whereas light weight at 170-185F . After reaching curing temperature steam flow is shut down .blocks are then left for soak in moist hot air for 12 – 18 hours. After this block is left for drying by exhausting moist air and further increasing the temperature of kiln which took about 24 hours. 2) High pressure kiln pressure (autoclave) –temperature is generally higher about 300-375 F and pressure is 80-185 psi block is left to soak for 10 hours , pressure is then decreased rapidly , because of which trapped moisture of block is released quickly. It is more costly process but it takes less time. References http://www.madehow.com/Volume-3/Concrete-Block.html http://dcmsme.gov.in/reports/glass/HollowBricks.pdf http://www.ibstock.com/pdfs/technical-support/TIS16Howbricksaremade.pdf

Hitler - A Method to His Madness Essay -- Essays Papers

Hitler - A Method to His Madness The Holocaust found its origins in Hitler's deep rooted hatred of the Jewish Society. This quote from Hitler's diary is an example of his feelings toward Jews... "The Jew has never founded any civilization, though he has destroyed hundreds. He must spread as a disease spreads. Already he has destroyed Russia; now it is the turn of Germany and, with his envious instinct for destruction he seeks to disintegrate the national spirit of the Germans and to pollute their blood." 1 Hitler believed that there was one race with a "natural advantage"2 over the others, and this race was the Aryans. He drew many of his Nazi ideas from Friedrich Nietzsche. Nietzsche was a German philosopher of the late 19th century who questioned traditional morality. Nietzsche and Hitler thought that Western society was decaying. They also felt that Christianity was weakening the the influence humanity's free will. In addition, they believed that passion and emotion were obstacles to obtaining rational thinking. These radical ideas led to a call for a super-race by using selective breeding to achieve ethnic cleansing. This plan of selective breeding included extermination. With Hitler's perverted mind and his execution of his ideals of superiority, nothing less than the Holocaust could have been expected. To achieve racial extermination, Hitler put the ideas of Nietzsche into motion. He saw the Aryans as a race above all others. Since blond hair and blue eyes were seen as superior, it was the duty of the Aryans to "enslave the lesser races-- such as the Slavs so that it could continue to push forward the boundaries of human achievement".3 Hitler began his work with the Nuremberg race laws of 1935. These laws... ...nurlawtoc.html> - Waite, Robert G.L. The Psychopathic God: Adolf Hitler. New York: De Capo Press, 1993 - Wistrich, Robert. Hitler’s Apocalypse. New York: St. Martins Press, 1985" Endnotes 1. Liang, Stuart. The Illustrated Hitler Diary. London: Marshall Cavendish, 1980 2. Liang, Stuart 3. Liang, Stuart 4. The Nuremberg Laws." The Jewish Student Online Research Center. 17 October 1998. http://www.us-isreal. org/jsource/Holocaust/nurlawtoc.html> 5. Waite, Robert G.L. The Psychopathic God: Adolf Hitler. New York: De Capo Press, 1993 6. "Heinrich Himmler." 24 October 1998. <http://www.wsg-hist .uni-linz.ac.at/ Auschwitz/ HTML/himmler.html> 7. Picard, Max. Hitler in Our Selves. Illinois: Henry Regnery Company, 1947. 8. Picard, Max

Study on Mutual Funds

OBJECTIVE OF THE STUDY The main objective of the present study to understand how mutual funds function in India. Specifically the study seeks to answer the following question: 1. What is the present status of mutual funds industry in India? How does it compare with mutual funds in foreign countries? 2. How mutual funds operate to create value for their investors? 3. What consideration an investors should keep in mind while making investment in mutual funds? 4. What is the regulatory frame work for mutual funds in India? 5. What are the problems faced by mutual funds industry in India & what are its future prospects? RESEARCH DESIGN & METHADOLOGY The Present study has been completed on the basis of secondary data colleted from internet and from various books, publicity materials and brochures issued by various mutual funds co. Reference has also been made to the regulations issued by securities and exchange board of India in regard to mutual funds. The data and the resource material so collected have been analysed within the frame work of 5 sections each focusing on a particular questions the study seeks to answer. PLAN OF THE STUDY The Study has been completed within the frame work of five sections. The Section wise plan is as follows:- I. PRESENT STATUS OF MUTUAL FUND INDUSTRY II. OPERATION OF MUTUAL FUNDS III. INVESTMENT CRITERIA IV. REGULATORY FRAME WORK OF MUTUAL FUNDS V. PROBLEMS AND PROSPECTUS I PRESENT STATUS OF MUTUAL FUNDS IN INDIAN CAPITAL MARKET Retail investors usually want to participate in the capital market, but due to paucity of funds, lack of expertise knowledge and limited risk-bearing capital, they have limited access to capital market. Mutual funds provide a mechanism that helps the retail investors enter the capital market. the mutual funds manage their funds for maximum gain with minimum risk and in the most professional way and work as agent for growth and stability of capital market. Till 1964, there were no mutual funds in India. In 1963, UTI Act, 1963 was enacted for the establishment of first mutual fund. The UTI launched its first scheme, US-64; in1964 which later became the most popular unit scheme in India. In1987, the RBI issued guidelines for bank-sponsored mutual funds. The evolution of mutual funds in India is consisting of different phases as follows: PHASE I: History of mutual funds started in India in 1964 when the first mutual fund in the name of Unit Trust of India was established in July 1964. UTI launched its first scheme US-64 which eventually became the most popular scheme and could accumulate the largest corpus. After 1964, it started several other schemes also. Till 1987, UTI remained the synonym for mutual fund in India. It was a sole player and gathered shape of monolithic mutual fund with millions of investors in several schemes. PHASE II: In 1987, the Government allowed the public sector banks to establish mutual funds. SBI Mutual Fund in 1987. Other mutual funds to follow suit were Canbank Mutual Fund (1987), PNB Mutual Fund (1989), IndBank Mutual Fund (1989), LIC Mutual Fund (1989), GIC Mutual Fund (1990), etc. The position continued till 1992 and other mutual funds were also established. PHASE III: There was a historical change in 1993 when the government allowed private sector mutual funds also. The first mutual fund in the private sector was Kothari Pioneer. Thereafter, in 1994, the foreign mutual funds were also allowed to operate schemes in India, and Morgan Stanley was the first foreign mutual fund in India whose initial issue of units was overwhelmingly subscribed by the investors. In 1992, SEBI was established and it issued guidelines for the working and supervision of mutual funds. PHASE IV: In 1966 a need was felt for the modification of SEBI (Mutual Funds) Regulations. On the basis of ‘Mutual Funds-2000’ Report, SEBI framed new Regulations in 1996. There have been several amalgamations of mutual funds. After 1996, a number of foreign mutual funds as well as Indian mutual funds have been established. At the end of march 2004, there were 33 mutual funds and Assets Under Management of Rs 1,39,616 crores. After 1996, mutual funds have become very popular among retail investors. The increase in number of mutual funds and their schemes speak of the underlying strength of the investors’ confidence in them. As in April, 2005, there were 28 mutual funds operating in India. Some of the mutual funds operating in India at present are as follows (in alphabetical order): ABN AmroDSP Merril LynchJM Sahara Bank of Beroda Escorts Kotak Mahindra SBI Benchmark Fidelity LIC Standard Chartered Birls Sunlife Franklin Tempelton Morgan Sundarum Canbank HDFC Principal Tata Cholamandalam HSBC Prudential Tauras Deutsche ING Vysya Reliance UTI A large number of mutual funds have intensified competition and led go to product innovation. Each of these mutual funds has a number of schemes operating with different features and characteristics. There are more than 500 schemes in operation at present. II OPERATION OF MUTUAL FUNDS A mutual fund is a financial intermediary which acts as an instrument of investment. It collects funds from different investors to a common pool of investible funds and then invests these funds in a wide variety of investment opportunities. Small investors who are unable to participate in capital market, can access the stock market through the medium of mutual funds which can manage their funds for maximizing return. The investment may be diversified to spread risk and to ensure a good return (dividend or capital gain or both) to the investors. The mutual funds employ professional experts and investment consultants to conduct investment analysis and then select the portfolio of securities where the funds are to be invested. Thus, a mutual fund is a pool of funds contributed by individual investors having common investment preferences. FEATURES AND CHRACTERISTICS OF MUTUAL FUNDS A mutual fund is a financial intermediary and works as an investment company. It has distinct features and characteristics which differentiate it from other financial intermediaries. Some of the features of mutual funds are: (i) Mutual fund is a pool of financial resources. Investors bring their individual funds together. Sometimes, the funds which otherwise may not come for investment in the capital market, are invested through mutual funds. (ii)Mutual funds are professionally managed. The resources collected by mutual funds are managed by professionals and experts in investment. These professionals can undertake specialized investment analysis such as fundamental analysis, technical analysis, etc. , which are not otherwise expected on the part of individual investors. (iii)Mutual fund is an indirect investing. The individual investors invest in the mutual funds which in turn invest in the shares, debentures and other securities in the capital market. The proportionate funds given by an investor are represented by the units of mutual fund. Investors own these units. The shares, debentures are owned by the mutual fund. Investors have no direct claim on these securities. In case of closure or liquidation of the proceeds of these securities are proportionally distributed among the unitholders. (iv)Investment in mutual fund in not borrowing-lending relationship. Investors do not lend money to the mutual fund. Consequently, the investors have to share the gains or losses of operations of the mutual fund. (v)Mutual fund is a representative of investors. The mutual funds collect the funds from investors under a particular investment scheme. as a representative, the mutual fund has to invest these funds as per the designated scheme only. MECHANISM OF MUTUAL FUND OPERATIONS A mutual fund represents pooled savings/funds of individual investors. Professional managers of the mutual fund invest these funds in different types of securities. They have to take different decisions from time to time. The revenue returns may be distributed by the mutual funds to the unitholders. Capital appreciation in the mutual funds also belong to the investors. MUTUAL FUND SCHEMES One of the main objectives of mutual funds is to provide better returns to investors at minimum risk. Mutual funds issue units to the investors in proportion to the funds contributed by the investors. The income of the funds are shared by the investors in the proportion to the number of units held. These mutual funds offer different types of schemes from time to time to attract investors and to take care of their needs, on the basis of nature of investment, type of operations and type of income distribution. Mutual funds may launch different schemes to offer one or more of the following: (a)Regular and steady flow of income, (b)High capital appreciation, c)Capital appreciation and regular return,and (d)Return with tax benefits. There are different ways in which various mutual fund schemes can be classified. Following shows the classification of mutual fund schemes with reference to schemes being offered in India: 1. On the basis of Life Span. (a) Close-ended Schemes (b) Open-ended Schemes 2. On the basis of Income Mode (a) Income schemes (b) Growth schemes 3. On the basis of Portfoli o (a) Equity schemes (b) Debt schemes (c) Balanced schemes 4. On the basis of Maturity of Securities (a)Capital Market Schemes (b)Money market Schemes 5. On the basis of Sectors Different Sectoral Schemes 6. On the basis of Load (a) Load Schemes (b)No Load Schemes 7. Special Schemes: (a) Index Schemes (b)Offshore Schemes (c) Gilt Securities Schemes (d) Exchange Traded Funds (ETF) (e) Fund of Funds. Some of these schemes have been explained below: OPEN-ENDED AND CLOSE-ENDED MUTUAL FUNDS SCHEMES As per SEBI Regulations, 1996, open-ended scheme means a scheme of mutual fund which offers units for sale without specifying any duration for redemption. On the other hand, close-ended scheme is one in which the period of redemption is specified. The open-ended mutual fund scheme sells and repurchases the units of mutual fund on a continuous basis. Any investor can become a member (by purchasing units) or can exit (by selling these units back to the mutual fund). These sales and repurchases of units take place at a price called Net Assets Value (NAV) which is calculated periodically on the basis of the market value of the portfolio of the mutual fund. The sale and repurchase prices are announced by the mutual fund on a periodic basis. The Unit Scheme-1964 (US-64) was an open-ended mutual fund scheme. The essential feature of open-ended scheme is the liquidity. On the other hand, close-ended mutual fund scheme is only one in which the limited number of units are sold to investors during a specified period only. Thereafter, any transaction in these units can take place only in secondary market, ie, the stock exchanges. So, after the initial public offering, the mutual fund goes out of the picture and subsequent sale and purchase take place among the investors. The market price of the units of a closed-ended mutual fund scheme is determined by the market forces of demand and supply. The liquidity to investors provided by the market. However, all the closed-ended mutual fund schemes are redeemable at the end of a specified period when all the investment of the scheme are sold and the proceeds are distributed among the unit holders on a proportionate basis. There are several close-ended schemes such as Master Share Scheme of the UTI. INCOME FUND AND GROWTH FUND The mutual funds are called income funds when they promise a regular and/or guaranteed return in the form of dividends to the investors. For example, UTI launched several Monthly Income Schemes. The portfolio of these schemes is usually consisting of fixed income investments such as bonds, debentures, etc. The income schemes are also known as dividend schemes. These schemes are ideal for investors who need or seek intermediate cash flows in the form of dividend payment. A growth fund scheme is one which offers capital appreciation as well as a variable dividend opportunity to the investors. The investors may get dividend income from the mutual fund on a regular basis and the capital appreciation is available in the form of increase in market price. Growth schemes are good and suitable for investors having long-term investment perspective. In addition, there may also be income-cum-growth (hybrid funds) where the investor may be offered fixed incomes as well as growth opportunities. An example of a growth fund is UTI Growth and Value Fund which is an open-ended equity oriented scheme. The objective is to seek capital appreciation by making investments primarily in listed securities of Indian companies. A variant of income fund is known as Dividend Yield Fund. These invest funds in shares of those companies that pay high dividends. In addition, any appreciation of share price adds or subtracts investors return. DOMESTIC FUNDS AND OFF-SHORE FUNDS The domestic funds schemes are those which are open for subscription by the investors of the country of origin only. Most of the mutual funds launched in India are domestic mutual funds. The off-shore mutual funds bring funds (in the form of foreign exchange) to the capital market. At present, several off-shore mutual fund schemes have been floated in India. Ind Bank Off-Shore Mutual Fund, 1993 and Common Wealth Equity Mutual Fund, 1993 are examples of off-shore mutual fund schemes. TAX-SAVING SCHEMES These mutual fund schemes are designed to avail tax exemptions and concessions to the investors. These schemes help individual investors in their tax planning. CANPEP MEP 1994, PNB-ELSS were some of the tax-savings schemes. These schemes are also known as Equity-linked savings schemes were entitled to tax benefit under Section 88 of the Income Tax Act. Recently, private sector mutual funds have also launched these schemes such as HDFC Tax Plan, KP Tax Shields, etc. MONEY MARKET MUTUAL FUNDS (MMMF) SEBI Regulations, 1996 define an MMMF, as one which has been set up with the objective of investing in money market investments which include commercial papers, commercial bills, ‘T-Bills, etc. The funds collected by these mutual funds are invested exclusively in money market instruments. Money market mutual funds are a part of short-term pooling arrangement of funds. These are open-end funds. These funds are very liquid and risk free because of nature of their investments. MMMF provide better returns than short-term bank deposits and are often considered to be good alternative to bank deposits. The Reserve Bank of India has announced Guidelines for money market mutual fund in April 1992. However, at present, the MMMF are also regulated under SEBI Regulations, 1996. SPECIALISED SECTOR FUNDS Sector funds schemes are those under which the funds are planned to be invested in a particular region, industry or sector. For example, Pharma (D) Scheme of Franklin Templeton Mutual Fund, Technology Company Scheme of DSP Merill Lynch Mutual Fund, Banking (D) of Reliance Mutual Fund are some specialised sector schemes of mutual funds. INDEX SCHEMES In this case, the funds collected by the mutual funds are invested in the shares forming the Stock Exchange Index. These funds are also known as growth funds. The funds are allocated o the basis of proportionate weight of different shares in the underlying Index. For example, Nifty Index Scheme of UTI Mutual Fund, Index Fund (Sensex) of Tata Mutual Fund, Index Fund (D) of Principal Mutual Fund are Index Schemes. There are 13 Index Funds which use S & P CNX NIFTY as the underlying index. EQUITY FUNDS SCHEMES Under these schemes, the funds are invested primarily in equity shares only. The equity fund schemes are high on the risk scale as the share prices are volatile. These funds try to reduce the risk by diversifying the investments in different types of shares. If invested rationally and properly, these schemes may give high returns commensurate with risk taken. The choice of investee companies is made by the mutual fund. These schemes may be income schemes or growth schemes. Fidelity Equity Fund is an open ended equity growth scheme with the objective of generating long term capital growth from a diversified portfolio of equity and equity-related securities (95%) and Money Market Instrument (5%). DEBT FUNDS SCHEMES In case of debt funds, the collected funds are invested in debt securities. A variant of debt funds schemes may be in the form of government securities funds scheme wherein the funds are invested in government securities only. Debt schemes are generally income scheme. A debt fund scheme is an ideal option for investors who are averse to risk which is associated wit equity schemes. BALANCED FUNDS A balanced fund provides both growth and regular incomes as these schemes invest both in debts and equity instruments in the proportion as disclosed in the offer document. These schemes are appropriate for investors who look for moderate growth. The NAV of these schemes are likely to be less volatile than the pure equity funds. GILT FUNDS The funds of these schemes are invested exclusively in government securities. These funds are low return and low risk and popular among the risk averse investors. Some of the gilt funds operating in India are Gilt Plus (Birla Sunlife Mutual Fund), Gilt Investment (Cholamandalum Mutual Fund), FT Gilt (Franklin Templeton Mutual Fund), Gilt long-term (HDFC Mutual Fund), Gilt Treasury (Prudential ICICI Mutual Fund), etc. SCHEMES BASED ON MARKET CAPITALIZATION In recent past, mutual funds in India have launched several schemes with a focus on market capitalization of companies. For example, UTI Large Cap Fund, UTI Small-Cap Fund, Chola Multi-Cap Fund, HDFC Premier Multi-Cap Fund, etc. are schemes based on market capitalization. It may be noted that the classification between large, small and mid-cap is arbitrary and can vary from market to market. In India, the National Stock Exchange defines mid-cap companies as those having average 6-months market capitalization between Rs. 75 crores to Rs. 750 crores. In Case of multi-cap or flexi-cap schemes, the investments ar e made across companies with different market capitalization-large, small or mid. LOAN AND NO-LOAN FUNDS A load fund is one that charges a % of NAV (Net Assets Value) as entry or exit fees. Whenever an investor buys or sells the units, a fee is charged by the fund to meet the administrative expenses. On the other hand, a no-loan fund is one which does not charge any fees for entry or exit. In case of no-loan fund, all transactions of sale and repurchase of units are done at NAV while in case of load funds, the repurchase is made at a price less than NAV and sale is made at a price more than NAV. FUND OF FUNDS A fund of funds scheme means a scheme that invests primarily in other schemes of same mutual fund or other mutual funds. Benchmark Mutual Fund has started a FOF under the name of FOF Junior BeES. EXCHANGE TRADED FUNDS Exchange Traded Funds (ETFs) refers to basket of securities that are tradeable at a stock exchange. They are somewhat similar to Index Fund Schemes. The ETFs are so called because they are listed on a stock exchange and are traded as any other listed security. So, ETFs have characteristics of open-ended mutual funds as well as that of listed shares. ETFs do not sell their units directly to the investors. Rather, a security firm creates an ETF by depositing a portfolio of shares in line with an Index selected. The security firm creates units against this portfolio of shares. These units are sold to the retail investors. So, the ETF has portfolio of shares as well as a liability towards the holders of ETF units. ETFs are different from Mutual Funds in the sense that ETF units are not sold to the public for cash. Instead, the Asset Management Company that sponsors the ETF (fund) takes the shares of companies comprising the index from various categories of investors like authorized participants, large investors and institutions. In turn, it issue them a large block of ETF units. Since dividend may have accumulated for the stocks at any point in time, a cash component to that extent is also taken from such investors. In other words, a large block of ETF units called a â€Å"Creation Unit† is exchanged for a â€Å"Portfolio Deposit† of stocks and â€Å"Cash Component†. The number of outstanding ETF units is not limited, as with traditional mutual funds. It may increase if investors deposit shares to create ETF units; or it may reduce on a day if some ETF holders remeed their ETF units for the underlying shares. These transactions are conducted by sending creation/ redemption instructions to the Fund. In case of mutual funds, the portfolio of the investments made under the scheme may change, but in case of ETF, this is not so, because the ETF portfolio created once does not change. The market value of the units of ETF changes in line with the Index automatically. The funds managers are not required to actively manage the portfolio resulting in lower expense level of the fund. Consequently, the NAV of the ETF would be higher than the NAV of the Index Fund with the same portfolio. As the ETFs are listed on a stock exchange, they provide a lot of liquidity and price is determined by the demand and supply forces and the market value of the shares held. As opposed to ETF, the sale/ purchase prices of the units of a mutual fund are based on the NAV. A comparison of ETF, Open-ended funds and close-ended funds has been presented in table below: 1. Parameter Open-ended Fund (OEF) Closed-ended Fund (CEF) Exchange Traded Fund (ETF) Find Size Flexible Fixed Flexible 2. NAV Daily Daily Real Time 3. Liquidity Provider Fund itself Stock Market Stock Market/Fund itself 4. Sale price At NAV plus load, if any Significant Premium/Discount to NAV Very close to actual NAV of Scheme 5. Availability Fund itself Through Exchange where listed Through Exchange where listed/ fund itself. 6. Portfolio Disclosure Monthly Monthly Daily/Real-time ETFs have edge over the ordinary mutual funds. In case of latter, an investor cannot take the benefit of intra-day movement of price of shares because the mutual fund units can be traded at the closing NAV based rate. However, the performance of ETF is based on the underlying index and ETF can be traded through out the day taking benefit of intra-day movement in price. In India, several ETFs, have been created so for. Bench Mark Mutual Fund has created 5 ETFs. 1. Liquid BeES 2. Nifty BeES 3. Nifty Junior BeES 4. Bank BeES, and 5. FOF Junior BeES All these 5 ETFs are listed and traded at the capital market segment of the NSE. Prudential ICICI Mutual Fund has launched SPICE which tracks the Sensex. It combines features of both open-ended scheme and exchange traded share. It is listed at Mumbai Stock Exchange and can be traded in a lot of one unit. Value of one SPICE is 1/100 of the Sensex value. UTI Mutual Funds has launched SUNDERS, which is also listed at Mumbai Stock Exchange. Certain ETFs traded at American Stock Exchange are QUBES (Representing NASDAQ-100), SPIDERS (representing S&P 500), DIAMONDS (Representing Dow Jones Industrial Average), etc. NET ASSETS VALUE (NAV) OF A MUTUAL FUND Investors are the owners of the mutual fund. Funds collected under a particular scheme are invested in different securities. So the ownership interest of the unit holders is represented by these securities. Net Assets Value (NAV) refers to the ownership interest per unit of the mutual fund, i. . , NAV refers to the amount which a unit holder would receive per unit if the scheme is closed. NAV is represented as follows: An amount of Rs. 50,00,000 has been collected by a mutual fund by the issue of 5,00,000 units of Rs. 10 each. The amount has been invested in different securities. The market value of these securities at present is Rs. 56,00,000 and the mutual fund has a liability of Rs. 4, 50,000 in respect of expenses, etc. The NAV of the fund is: The units of an open-ended mutual fund scheme are sold and purchased by the mutual fund at a price based on NAV. The NAV of a mutual fund scheme is calculated by dividing the net assets of the scheme by the number of outstanding units under that scheme on the date of valuation. SEBI Regulations, 1996 provide that while determining the price of the units, the mutual fund has to ensure that the repurchase price is not lower than 93% of the NAV and the selling price is not higher than 107% of the NAV. Further that the difference between the selling price and the repurchase price shall not exceed 7%, calculated on the selling price of the units. The NAV varies from time to time and is published in newspapers so as to enable the nvestors to know the value of their investments. SEBI Regulations, 1996 require that the NAV of a mutual fund scheme shall be calculated and published at least in two daily newspapers at an interval of not exceeding one week. III INVESTMENT CRITERIA MAKING THE INVESTMENT DECISION Ones main considerations as an investor, besides choosing which vehicles are right, lie in the a reas of risk management, taxes and inflation, and asset allocation. In order to reach your financial objectives, you must choose from diverse investment alternative – all of which vary greatly in the degree and type of risk and potential return. The key to developing a sound portfolio is to strike the right balance between potential reward and risk, based on your financial objectives, financial situation and investment style. We’ve all heard the expression, â€Å"Nothing ventured, nothing gained. † Perhaps nowhere does this maxim hold truer than in the financial markets, where pursuing potentially higher returns means accepting higher levels of risk. Before you venture anything, you should determine your personal level of risk tolerance, given your needs and goals. To do this, you should familiarize yourself with the various kinds of risk and how they affect different types of investments. THE MANY OF FACES OF RISK Risk is the possibility that one may lose some or all of his investment in real terms, or that his investment may not increase in value. Several factors may influence the amount of risk one can comfortably accept, including ones age, family situation, income, time horizon and financial goals. When investing, one faces the following key risks: †¢Market Risk: This is the possibility that an investment (e. g. , a stock) will decline in value. As a result, if you sold the investment, you would receive less than what you initially paid for it. †¢Credit Risk: This is the possibility that the issuer of an investment (e. g. , a corporate bond) may not live up to its financial obligations. A default by the issuer could mean that you lose your invested capital and the expected interest payments. †¢Inflation Risk: This is the possibility that the value of a long-term asset (e. g. , a government bond) may not grow enough to keep up with inflation, reducing your purchasing power as a result. †¢Reinvestment Risk: This is the possibility that interest rates will fall as an investment (e. . , a bond) matures. If this occurs, you may be unable to reinvest matured assets at the rate of return you were accustomed to receiving. This type of risk also applies to reinvesting the coupon payments received from bonds and other fixed-income payments. †¢Liquidity Risk: This is the possibility that you will be unable to liquid ate an asset (e. g. , real estate) when you want and at the price you want. As a result, you may be forced to retain the asset or accept less than you wanted for the sake of liquidity. †¢National, International, and Political Risk: The possibility that a country’s government will suddenly change its policies. Events such as wars, embargos, coups, and the appointments of individuals with unfavorable economic policies can impact the financial markets, especially concerning investments related to that country. Possible results changes in tax structures and changes in bond or stock ratings. †¢Economic Risk: The risk that the economy will suffer a downturn as a whole. Such an event generally affects all the financial markets across the board, from product prices to the job market. †¢Industry Risk: The risk that a specific industry will suffer a downturn. Often, industries related to the one that experiences problems will suffer as well. Tax Risk: The risk that high taxes will make investments less profitable for both businesses and investors. Businesses that have no pay expand or improve. Investments that carry heavy tax baggage generally lead to lower dividends for an investor. How Much Risk Is Right? The amount of risk that is right depends upon person to person. To determine the r isk comfort level, one may ask this himself: Am I willing to tolerate greater volatility for potentially higher returns from my investments, or do I place more emphasis on quality, with less risk? Several factors may influence the amount of risk one can comfortably accept in ones portfolio, including: †¢Age †¢Family situation †¢Income †¢Financial goals In addition, the markets evolve and ones personal goals will inevitably change with time. One of the best ways to keep ones investments on target is to meet with financial professional regularly. In these meetings, the investor and his financial professional can discuss the investment objectives, determine the individual risk tolerance level and help to understand the various risks associated with an investment. The financial professional can also help an investor build a portfolio that has the potential to provide the highest returns consistent with the amount of risk one wish to assume. HOW TO CHOOSE WHICH RISKS TO TAKE? Whenever one considers a new investment, he may wish to ask his financial professional the following questions: †¢What types of risk are involved? Once the financial professional has explained the risks, one must ask how he or she can help to manage or minimize the different kinds or risk for the investment one is considering. Not all kinds of risk will apply to every investment. †¢What could happen to the principal in a â€Å"worst-case† scenario? The financial professional can explain how diversifying ones portfolio can help mitigate the effect of a downturn in any one market or industry. For example, assume you invested in the stock of a highly speculative biotechnology company. The stock’s trading price could fall substantially if the company’s only product fails to get FDA approval or is shown to be inferior to a competitor’s product. Spreading ones money across different asset classes – stocks, fixed – income investments, and cash equivalents – could help one manage the risk better than investing all his funds in this one stock. †¢How will adding this investment to the holdings help to manage the portfolio’s overall risk? Managing market risk through a balance of financial assets in ones portfolio is a significant component of long-ter m investment success. Ideally, ones portfolio should offer a measure of protection during inevitable market downturns and be positioned for opportunity when markets heat up. In addition to risk there are other factors also which need to be considered before investing, as stated below: INFLATION: Inflation taxes are two factors always on the minds of investors. Inflation is the persistent increase in the cost of goods and services, and the reason why the same loaf of bread that costs you $1. 00 today will probably cost you $1. 05 next year. For your purchasing power to grow in â€Å"real† terms, your returns must outpace the inflation rate. TAXES: Additionally, taxes must be a consideration. There are investments available that are both taxable and tax-free; others are tax-deferred or tax-deductible. The differences are significant, but not as dizzying as they seem. ASSET ALLOCATION: Asset allocation refers to the diversification of your portfolio across all the different classes of assets. The goal of effective asset allocation is to develop an appropriate mix of investments based on your specific investment objectives that maximizes performance potential with an acceptable level of investment risk. The goal is more consistent returns, lower volatility and a greater chance of achieving financial objectives. SELECTION OF A MUTUAL FUNDS There are thousands of funds to choose from, but there are some general guidelines that can help you choose a fund. †¢Define your investment time horizon and financial goals. Meeting a long-term goal (e. g. , starting a college fund for a newborn) will require different investments than in meeting a short-term goal (e. g. , accumulating money to purchase a car). †¢Understand your risk tolerance and the risk of different mutual funds. Risk tolerance is based on your comfort level in the fluctuation of price, which will affect your investment principal. Once this is determined, you can match fund types that have historically shown commensurate price movement. Keep in mind, however, that past performance is no guarantee of future results. †¢Combine your goals, time horizon and risk tolerance and find a fund category that matches these objectives. This will help in deciding what types of funds you may want to consider. You will find that there are still many funds to choose from within a specific category. Your prudential financial professional will be able to perform a comparative analysis of the individual funds to find the most appropriate choice. Check with your tax advisor prior to investing in a tax-exempt or tax-managed fund. Match the term of the investment to the time you expect to keep it invested. Money you may need right away (for example, if your car breaks down) should be in a money market account. Money you will not need until your retire in decades (or for a newborn’s college education) should be in longer- term investments, such as stock or bond funds. Putting money you will need soon in stocks risks having to sell them when the market is low and missing out on the rebound. Expenses matter over the long term, and of course, cheaper is usually better. You can find the expense ratio in the prospectus. Expense ratios are critical in index funds, which seek to match the market. Actively managed funds need to pay the manager, so they usually have a higher expense ratio. Sector funds often make the â€Å"best fund† lists you see every year. The problem is that it is usually a different sector each year. Also, some sectors are vulnerable to industry-wide events (airlines do come to mind). Avoid making these a large part of your portfolio. Closed-end funds often sell at a discount to the value of their holdings. You can sometimes get extra return by buying these in the market. Hedge fund managers love this trick. This also implies that buying them at the original issue is usually a bad idea, since the price will often drop immediately. Mutual funds often make taxable distributions near the end of the year. If you plan to invest money in the fund in a taxable account, check the fund company’s website to see when they plan to pay the dividend; you may prefer to wait until afterwards if it is coming up soon. Research. Read the prospectus, or as much of it as you can stand. It should tell you what these strangers can do with your money, among other vital topics. Check the return and risk of a fund against its peers with similar investment objectives, and against the index most closely associated with it. Be sure to pay attention to performance over both the long-term and the short-term. A fund that gained 53% over a 1-yr. period (which is impressive), but only 11% over a 5-yr. period should raise some suspicion, as that would imply that the returns on four out of those five years were actually very low (if not straight losses) as 11% compounded over 5 years is only 68%. Diversification can reduce risk. Most people should own some stocks, some bonds, and some cash. Some of the stocks, at least, should be foreign. You might not get as much diversification as you think if all your funds are with the same management company, since there is often a common source of research and recommendations. The same is true if you have multiple funds with the same profile or investing strategy; these will rise and fall together. Too many funds, on the other hand, will give you about the same effect as an index fund, except your expenses will be higher. Buying individual stocks exposes you to company-specific risks, and if you buy a large number of stocks the commissions may cost more than a fund will. The compounding effect is your best friend. A little money invested for a long time equals a lot of money later. The decision to invest in a mutual fund is one you have to make on your own. However, when you try to choose an investment, it’s usually best to seek the guidance of an investment representative. Why? Consider that there are more mutual funds than there are stocks listed on the New York Stock Exchange. While many of these funds share the same objectives, no two are exactly alike. Similarly, as an investor, your goals are unique. An investment representative can help you determine the fund that’s right for you. A mutual fund investor has more options than ever before – stock, bond, and money market funds to satisfy all outlooks, from the most conservative to the most venturesome. Generally speaking, in investment management, intelligently assumed risk creates the opportunity for greater returns. †¢A money market mutual fund aims for current income at minimal risk. †¢A municipal bond mutual fund aims for current tax-free income. †¢Government income funds aim for current income with principal security. †¢Corporate bond funds aim for a high rate of current income. †¢An income fund aims for a higher rate of current income. A balanced fund aims for current income with some capital appreciation. †¢Growth and income funds offer the possibility of more growth than a balanced fund, but probably less income. †¢A growth fund aims for the accumulation of capital, with little or no current income. †¢Aggressive growth funds offer the prospect of maximum capi tal appreciation, with more than average risk. In addition, specialized funds are available – for instance, those that invest only in certain geographic regions or in certain sectors or industries (like health care, technology, or energy). There are even funds that have adopted certain social objectives or that follow specific investment philosophies. For more complete information, including charges and expenses, obtain the mutual fund’s prospectus. Read it carefully before you invest or send money. The Securities and Exchange Commission (SEC) requires every open-mutual fund (where the fund’s managers issue new shares on demand) to provide you with a copy of its prospectus before – or coinciding with – a purchase of shares. A prospectus is a key source of information regarding a mutual fund and often is the best place to start when you are considering investing in one. It will describe the fund’s objectives, risks, and operations. TURNOVER Turnover is a measure of the amount of securities that are bought and sold, usually in a year, and usually expressed as a percentage of net asset value. It shows how actively managed the fund is. A caveat is that this value is sometimes calculated as the value of all transactions (buying, selling) divided by 2; i. e. , the fund counts one security sold and another one bought as one â€Å"transaction†. This makes the turnover look half as high as would be according to the standard measure. Turnover generally has tax consequences for a fund, which are passed through to investors. In particular, when selling an investment from its portfolio, a fund may realize a capital gain, which will ultimately be distributed to investors as taxable income. The very process of buying and selling securities also has its own costs, such as brokerage commissions, which are borne by the fund’s shareholders. The Dalbar Inc. consultancy studied stock mutual fund returns over the period from 1984 to 2000. Dalbar found that the average stock fund returned 14 percent; during that same period, the typical mutual fund investor had a 5. percent return. This finding has made both â€Å"personal turnover† (buying and selling mutual funds) and â€Å"professional turnover† (buying mutual funds with a turnover above perhaps 5%) unattractive to some people. IV REGULATORY FRAME-WORK OF MUTUAL FUNDS Immediately after its constitution, SEBI issued the Mutual Fund Regulations in 1993. However, with the growth of mutual funds, it was imperative that they should follow prepared a ‘Mutual Fund 2000 Report’ and on the basis of this report, it prepared more stringent and comprehensive regulations in 1996, known as SEBI (Mutual Fund) Regulations, 1996. ince then, there have been number of amendments in Regulations, 1996. Besides, SEBI has also issued several guidelines in respect of working of mutual funds. Some of the provisions of the SEBI (Mutual Fund) Regulations, 1996 (as amended from time to time) have been summarized hereunder: 1. The sponsor, who wants to establish a mutual fund, should have a sound track record and a general reputation of fairness and integrity, i. e. , must be in business of financial services for 5 years, and must have contributed at least 40% of the net worth of the Asset Management Company. 2. A mutual fund is constituted in form of trust. The trust shall incorporate an Asset Management Company (AMC). The trustees shall ensure that the AMC has been managing the schemes independently of other activities. 3. Two-thirds of the trustees shall be independent persons and not be associated with the sponsor. 4. The trustees shall ensure that activities of the AMC are in accordance with the Regulations, 1996. 5. The trust shall periodically review the investors’ complaints received and shall be redressed by the AMC. 6. The mutual fund shall appoint a custodian to carry out the custodial services for the schemes. The sponsor or its associates shall no have 50% or more of the share capital of the custodian. 7. No scheme shall be launched by the AMC unless the offer document contains disclosures which are adequate in order to enable the investors to make informed investment decisions. 8. Advertisement in respect of every scheme shall be in conformity with the Advertisement Code. 9. Every close-ended scheme shall be listed at a recognized stock exchange, or there will be a repurchase facility. 10. The close-ended schemes may be converted into open-ended schemes under certain conditions. A close-ended scheme may be allowed to be rolled over if necessary disclosures about NAV, etc. , are made to the unit holders. 11. In case of over-subscription for a new scheme, the applicants applying for upto 5,000 units shall be allotted full. The refund to applicants, if any, shall be made within 6 weeks from the data of closure of the list. 12. No guaranteed return shall be provided in a scheme, unless such return is fully guaranteed by the sponsor or the AMC. 13. An open-ended scheme shall be would up after the expiration of the mixed period, or in case, 75% of the nit holders decide so, after repaying the amount due to the unit holders. 14. The money collected under any scheme shall be invested only in transferable securities in money market or capital market or private placed debts or securitized debts. 15. The mutual fund shall not borrow any money except to meet temporary liquidity needs and borrowing, if any, need not be more than 20% of NAV of the scheme, and for period o f less than 6 months. 16. The funds of a scheme shall not be used in option trading or a carry forward transaction. However, derivatives can be traded by a mutual fund at a recognized stock exchange for portfolio balancing. 7. A mutual fund can enter into underwriting agreement. 18. NAV for each scheme shall be calculated by dividing the total assets of the scheme by the number of outstanding units. The NAV of the scheme shall be published in two daily newspapers at interval of not exceeding one week. 19. In case of open-ended schemes, the repurchase and sale price shall be published at least once a week. 20. The mutual fund shall ensure that the repurchase price of a unit is not less than 93% of NAV and the sale price is not more than 107% of NAV. In case of close-ended schemes, the repurchase price shall not be less than 95% of the NAV. 1. The AMC may charge the mutual fund with investment and advisory fees as per rates prescribed in the Regulations. The issue expenses and redempt ion expenses of a scheme shall not exceed the limits given in the Regulations. 22. The mutual funds are required to raise at least Rs. 20 crores or Rs. 50 crores (for close-ended and open-ended schemes respectively) or 60% of the target amount, otherwise the entire subscription be refunded. Each scheme should have a minimum of 20 investors and not single investor should account for more than 25% of the corpus of the scheme. 23. The unquoted debt instruments shall not exceed 10% in case of growth funds and 40% in case of income funds. 24. Investment in one company under any scheme should be restricted to 5% of the corpus of the scheme. Under all schemes, the investment in one company should be restricted to 5% of the paid-up capital of the company. Total investment in all securities (debts and shares) in one company shall be restricted to 10% of the corpus of the mutual fund. 25. Funds under the same AMC mutual not be lent or invest from one scheme to another, unless the funds are transferred at the prevailing market price. 26. All mutual fund must distribute a minimum of 905 of their profits in any given year. The e3arnings must be segregated as current income, short-term capital gain and long-term capital gain. 27. Trading by mutual funds shall be restricted to hedging and portfolio balancing purposes only. The securities held shall be marked to market by the AMC to ensure full coverage of the investments made in derivative products. 28. Mutual funds are permitted to participate in the Securities Lending Scheme of SEBI under certain guidelines. 29. Mutual funds are allowed to invest in ADRs/GDRs issued by Indian companies. They can also invest in foreign securities under certain conditions and within limits. 30. Mutual funds can also invest up to 10% their funds in equity of listed overseas companies which have a shareholding of at least 10% in an Indian company listed on a recognized stock exchange. 31. The AMC and the trustees are required to review and disclose the performance of their schemes. They are also required to disclose the performance of the benchmark indices. Any of the following indices may be selected for this purpose: BSE Sensex, S&P CNX Nifty, BSE 100, BSE 200 or S&P CNX Nifty 500. 32. Several Guidelines have been prescribed in respect of Advertisement to be issued by mutual funds. Any advertisement, communication, sales literature, or presentation, etc. , should not be misleading. 33. Detailed guidelines are prescribed for valuation of investments. For this purpose, the investments are classified into traded, thinly traded and non-traded investments. 34. Guidelines for identification and provisioning for NPA are also provided. For this purpose, an asset is NPA if the principal/ interest is not received for one quarter. On NPA, no interest shall be accrued. If any interest is already accrued, it shall be provided. A provision @ 10%, 20% or 25% of the book value of NPA is required depending upon the period for which it is NPA. 35. A mutual fund and the AMC shall, before the expiry of 1 month from the close of half year, shall publish its financial results in respect of that half year. MUTUAL FUND INVESTMENT AND INVESTORS’ PROTECTION IN INDIA In case of mutual funds, small investors park their funds in expectation of a suitable return and safety of their funds. Mutual funds take decisions on behalf of the investors. There is a relationship of trust between the mutual fund and the investors. Market regulators should take a cognizance of this fact. The interest of the investors should be protected by framing a comprehensive set of regulatory provision. As the first mutual fund in India, the UTI was created as a statutory body under the UTI Act, the relevant provision regarding investment policies, etc. were all given in the UTI Act itself. However, the position changed after 1992 with the constitution of SEBI. The basic objective of SEBI is to â€Å"protect the interest of the investors in securities and to promote the development of, and to regulate, the securities market and for matters connected therewith or incidental therewith. So, the regulation of mutual funds activities was make a matter under purview of SEBI. SEBI issued the Mutual Fund Guidelines, 1993 as a first attempt to provide for a regulatory framework to give directions to the functioning of mutual funds and to protect the interest of the mutual funds investors. Keeping in view the changing scenario, SEBI issued a new set of Mutual Funds Guidelines in 1996. A detailed list of the provisions of Guidelines, 1996 is already given in this chapter. Some other provision specifically dealing with investors protection are: (i)Each mutual fund must be registered with SEBI. The sponsor must have a sound track record and experience in financial services of at least 5 years. (ii)Number of terms and conditions have been provided in respect of Asset Management Company (AMC). The Directors of the AMC should here adequate professional experience in finance and financial services. (iii)The custodian of the mutual fund should also be approved and registered with SEBI. (iv)No mutual fund scheme can be launched unless approved with the trustees. (v)Minimum and Maximum amount to be raised under the scheme should be notified. (vi)Lot of disclosures are required in respect of the scheme in the prospectus. vii)No scheme with a guaranteed return can be issued unless such return is guaranteed by the AMC or the sponsor. (viii)Periodic report in respect of each of the scheme is to be published. Any information that has an adverse bearing on the investment should also be disclosed. (ix)There are investment norms provided for mutual fund investment with a view to contain t he investment risk. Investors’ interest is protected by prohibiting mutual funds from excessive risk exposure. (x)SEBI can impose several types of monetary penalties for violations of SEBI Regulations and Guidelines.

Moral Philosophy Essay

Hare uses the â€Å"indirect† version of utilitarianism. Hare believes that individuals can deliberate at the intuitive level. In dire situations where there is no time to evaluate decisions on a critical level, intuition maybe used to commit most acts. Direct utilitarianism follows a rigid rules approach to utilitarianism. Hare’s approach implies that certain acts done intuitively will become moral because the decision was made on a gut level instinct instead of simply following a set of rules. Hare attempts to distinguish his theories from â€Å"crude† or direct utilitarianism. However, it would seem that he does not remove the problems of direct utilitarianism, but he manages to create new ones. â€Å"An act (for act utilitarians) or rule (for rule utilitarians) is right if and only if the act or rule maximizes the utility of all persons (or sentient beings). † 1 Following the direct utilitarianism approach, there is no flexibility for human emotion or consequences. In addition, there is no true definition of what is right for all persons. An example would be a decision by a surgeon in an emergency room to save the life of an elderly priest or that of a young man that was in a terrible car accident. By the direct utilitarianism approach, the surgeon would have to ascertain what would be best for all persons. Such a decision would realistically be made deliberation and gut instinct. The direct utilitarianism approach does not answer what is best for everyone in this type of circumstance. The problem with Hare’s approach is one can prove virtually any moral dilemma with custom tailored and non-realistic circumstances where gut instinct would be used as the determining factor for the situation. There are no set guidelines for defining what is moral for these extenuating circumstances. Hare in general often speaks about conflicting desires, and he seems to adhere to Plato’s notion that being good coincides with being informed. What Hare fails to address is that some individuals might desire to do evil. Hare presumes that the individual is going to conform to the standards of society and use deliberation to not commit heinous and horrific acts. With the direct utilitarianism approach, individuals will act for the good of everyone thus more likely to conform to moral restrictions placed upon them by society. Hare’s approach states that individuals will follow gut instinct to do what is moral but at the same time Hare’s approach calls for individuals to follow deliberation when making some decisions. For the individual that is a sociopath, Hare’s response would be that the sociopath would â€Å"condemn those desires at a critical level†. 2 With the assumption of individual conformity to the group’s standard, Hare is contracting his gut instinct part of the decision making progress. Hare argues that direct utilitarianism cannot accommodate political rights because the government is an institutional set of rules and regulations. Direct utilitarianism assumes that the government knows what is best for the majority. Hare’s approach would require the individual to deliberate as to follow the rules set forth by the government. Using Hare’s approach it would be ethical for an individual to refuse to pay taxes or speed on the highway because there would’ve been a deliberation and analysis based on the critical level of thinking. Hare’s approach is more direct utilitarianism on the political issues because the individual will most likely make a choice that is inherently good for everyone to avoid negative consequences such as a speeding ticket or imprisonment. Each decision or choice that the individual makes results in some type of consequence. Hare’s approach to indirect utilitarianism does not address consequences. The direct utilitarianism addresses consequences because the individual is going to follow rules that are set forth for the good of the whole. Direct utilitarianism requires conformity to societal standards to maximize individual happiness. Hare’s approach requires that the individual deliberate and make a decision. Yet, the other part of his approach requires the individual to follow gut instinct while conforming to good of the whole to make an ethical decision. Instead of refuting the direct utilitarianism approach, Hare is supporting the notion that we all have a set of rules that we inherently follow. To strictly follow Hare’s approach to indirect utilitarianism, society would be in total chaos because virtually any circumstance can be manipulated to appear as though the individual was following instinct and thus making a moral decision. There are no overall guidelines for extenuating circumstances with Hare’s approach to indirect utilitarianism. Hare creates more chaos in trying to refute the direct utilitarianism approach instead of providing solid arguments for the nature of human beings and ethical decisions.