Towards a Definition of Film Noir (1955) by Raymond Borde and Etienne Chaumeton Essay Example

Towards a Definition of Film Noir (1955) by Raymond Borde and Etienne Chaumeton Essay In the excerpt Towards a Definition of Film Noir, authors Raymond Borde and Etienne Chaumeton address the problem of defining film noir. The main issue is the diversity and interrelationships across genres that make the task daunting. While the term film noir may have been coined by influential critics in France, the birthplace of the genre is Hollywood. Many adjectives come to mind when thinking of film noir, but any given film can contain any permutation of these qualities. For example, qualities such as night-marish, weird, erotic, cruel or ambivalent can readily be associated with the genre. Yet this list is not exhaustive. Thrillers such as This Gun for Hire, The Big Sleep and The Lady in the Lake are as much part of the genre as are the more experimental Call Northshid 777, The House on the 92nd Street and The Naked City. Whatmore, compounding the problem of definition of film noir are the various renowned directors who have embraced the genre. Household names like Billy Wilder , John Huston, Otto Preminger, Robert Siodmak and Fritz Lang have all contributed to film noir. These luminous directors have not merely restricted themselves to film noir but have acquired fame for works in other genres. Hence classification on the basis of director groupings is also inadequate in defining film noir. Perhaps the only definitive quality is that the genre came into its own in the decade after the Second World War. It was an era of morose and confusion, as people (both in the United States and Europe) were grappling with evil tendencies in human nature – something film noir faithfully captures. In my opinion, authors Borde and Chaumeton do a commendable job of attempting to define the genre. They lay out the broader categories into which it falls, which incidentally complicate the problem. Finally, their definition of the genre in terms of its emotional effects on the audience – the state of tension and a specific psychological alienation imposed on the spectator – is something I agree with. References: Raymond Borde and Etienne Chaumeton (1955), Towards a Definition of Film Noir, excerpted from Panaroma du Film Noir Americain), p.17-25. In the excerpt Towards a Definition of Film Noir, authors Raymond Borde and Etienne Chaumeton address the problem of defining film noir. The main issue is the diversity and interrelationships across genres that make the task daunting. While the term film noir may have been coined by influential critics in France, the birthplace of the genre is Hollywood. Many adjectives come to mind when thinking of film noir, but any given film can contain any permutation of these qualities. For example, qualities such as night-marish, weird, erotic, cruel or ambivalent can readily be associated with the genre. Yet this list is not exhaustive. Thrillers such as This Gun for Hire, The Big Sleep and The Lady in the Lake are as much part of the genre as are the more experimental Call Northshid 777, The House on the 92nd Street and The Naked City. Whatmore, compounding the problem of definition of film noir are the various renowned directors who have embraced the genre. Household names like Billy . We will write a custom essay sample on Towards a Definition of Film Noir (1955) by Raymond Borde and Etienne Chaumeton specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Towards a Definition of Film Noir (1955) by Raymond Borde and Etienne Chaumeton specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Towards a Definition of Film Noir (1955) by Raymond Borde and Etienne Chaumeton specifically for you FOR ONLY $16.38 $13.9/page Hire Writer

Grassroots

Grassroots Grassroots Grassroots By Maeve Maddox A reader asks, Could you please explain the roots of the word grassroots? I sometimes wonder what the connection between people and grass is!   Grass has a great deal to do with people. Grass is a powerful archetypal symbol that works at the unconscious level to stir a variety of emotions. In his short, emotionally powerful poem called â€Å"Grass,† Carl Sandburg uses the symbol of grass to convey the waste and ultimate meaninglessness of war: Pile the bodies high at Austerlitz and Waterloo. Shovel them under and let me work- I am the grass; I cover all Two years, ten years, and passengers ask the conductor: What place is this? Where are we now? The author of Psalm 103 uses grass to illustrate the brevity of human existence: As for man, his days are as grass: as a flower of the field, so he flourishes. For the wind passes over it, and it is gone; and the place where it was shall know it no more. The importance of grass to human beings is rooted deep in the unconscious. Grasslands once covered up to 25 to 40 percent of the earths land surface. Grass feeds animals that feed people. The roots of grass are so interconnected that damage to one small patch threatens the whole. New grass signals the coming of spring. In fact, grass was once used as a name for spring or early summer: â€Å"She was five years old this grass.† One meaning of the term grassroots is â€Å"the fundamental level; the source or origin,† as illustrated by this citation in the OED: Not till I came to Shamlegh could I meditate upon the Course of Things, or trace the running grass-roots of Evil. - Kipling, 1901. Because grass is rooted in the earth, grassroots has become a term for â€Å"the common people.† In the context of politics, grassroots is used as both noun and adjective in reference to society at the local level. These observations at a political site called Renew America illustrate some of the meanings politicians attach to the term grassroots: Any political strategy that depends on broad grassroots support for its success needs to be based on a sound understanding of how the grassroots works.   By definition, the grassroots is the  bottom of the political pyramid,  opposite the establishment, which controls the top.   The grassroots is the very essence of politics.  It is dumping tea in a harbor, or standing up and testifying at a local city council meeting. It is that whole realm of politics  beyond official station. Grassroots is only one of several idioms that refer to grass. I’ll save the others for another post. Want to improve your English in five minutes a day? Get a subscription and start receiving our writing tips and exercises daily! Keep learning! Browse the Vocabulary category, check our popular posts, or choose a related post below:4 Types of Gerunds and Gerund PhrasesConnotations of 35 Words for Funny PeopleEbook, eBook, ebook or e-book?

8 Places to Practice Italian in Italy

8 Places to Practice Italian in Italy You’ve taken all the community classes your town has to offer, chat with a language partner whenever you can, and listen to Italian music while you drive. Now you’re ready to go to Italy and put all of your hard work into practice. What’s more, you’ve been to the bigger, touristy cities, like Florence, Assisi, and Pisa, which were all lovely, but you want to experience a side of Italy that’s less populated by tour groups and their flags. You want to spend time in a town where very few people speak English or where they’re more willing to play along with you as you figure out this Italian-language thing that you’ve come to love. If that’s you, I’ve put together a short list for you of eight places to visit in Italy if you want to practice your Italian. Of course, there are thousands of towns, large and small, that I could have listed, and no matter where you go, you may still encounter the niece of the proprietor who spent her summer in London and wants to practice her English. I can’t promise you a 100% English-free experience, but I can give you a fighting chance to avoid being â€Å"English-ed.† 8 Places to Visit in Italy If You Want to Practice Italian Northern Italy 1. Bergamo Bergamo is a city (just over 115k in population) in northern Italy that’s around 45 minutes away from Milan by car. While it has a decent-sized expat community, you’ll find less American influence and more Germanic influence. Past visitors recommend taking a walk at Citt Alta (accessible both by way of the funicolare and walking), visiting Castello di Vigilio, and of course, il Duomo. If you’re looking to try a traditional dish, the recommended one is casonsei alla bergamesca, also called casoncelli alla bergamesca.   2.  Reggio Emilia With just over 163k people, Reggio Emilia is well-populated, but don’t let that fool you. I’ve been assured that there are plenty of opportunities to practice your Italian while also learning how to be buone forchette (good forks- those who eat plenty and well). If you have a full day at your disposal, start new conversations while you gawk at Santiago Calatrava bridges from the station, after having walked quietly through il Tempio della Beata Vergine della Ghiara, and as you lounge in Piazza Prampolini (also called Piazza Grande). Oh, and make sure to try l’erbazzone, a type of pot pie made with simple ingredients that’s famous in the region. For more tips on what to do in Reggio Emilia (and to learn some new Italian vocabulary), check out this article from Tasting the World. 3. Ferrara At just over 359k, Ferrara is no small town, but just like Reggio Emilia, there are numerous chances to stretch your Italian to its limits. If you want to hang out with the farreresi, take a passeggiata along le mura  (the walls), eat il pasticcio di maccheroni (and about 47 other nap-inducing dishes), and then ask for directions to Via delle Volte, a characteristic alleyway of the city. For more tips on where to meet people and speak Italian, check out this article from Viaggiare, uno stile di vita. Central Italy 1. Volterra At just over 10.5k residents, Volterra is the third smallest of the places to visit in Italy to practice your Italian. This borgo in Tuscany has Etruscan origins and yep, it was used as the setting for the second Twilight movie (which, to be accurate, was actually filmed in Montepulciano- a town that made the honorable mentions list down below). If you happen to find yourself in Volterra (whether you came hoping to live the magic of New Moon or not- seriously, no judgment), here are a few suggestions for making sure you open your mouth to speak- and eat, of course. First, to start the day off on a ultra positive note, chat about the devices used while browsing il Museo della Tortura, have some cinghiale alla volterrana for lunch, and then hang out in a local bar with the intention to start as many conversations as possible about calcio.    2. Montefalco You’ll find the tiny town (just over 5.6k in population) in Umbria- one of, I might add, my favorite regions in Italy full of green rolling hills and truffles†¦ but I digress. After visiting the main piazza, buy some pan mostato from a nearby panificio, do a tasting of the Sagrantino di Montefalco, and then check out one of the many pathways that hold the same name. Nearby you can also visit  Spello and Bevagna. 3. Viterbo While Viterbo- the city, not the province- does have some beautiful attractions, like Palazzo Papale and Le Terme, which are hot springs, the real beauty of this city in the Lazio region is in its ordinariness. While there is a university with plenty of international students and an exchange program for Americans, the majority of the people who live there don’t speak English. If you’re hanging out there for the day, go straight from the train station to Pizza DJ and grab a slice of the freshest pizza that you can get. Then, take a walk down the corso, stop in a bar and start a conversation with whoever looks friendly. Before settling down for dinner at either the pizzeria Il Labirinto or pasta at La Spaghetteria- famous for having over 300 types of saucespop in and out of the bookshops or grab a gelato from L’antica Latteria. For more suggestions on what to do in Viterbo, check out this article from Trekity. Southern Italy 1. Scilla This small town, or paese, in Reggio Calabria boasts a population of 5k. Besides having a mythologically-based namethe monster that was transformed by Circeit’s characterized primarily by small alleyways that, when followed, lead directly to the sea and houses next to the water that look perpetually sleepy. Besides eating ridiculously fresh seafood on the terrace of a restaurant, the best way to spend your time here is by visiting il borgo di Chianalea, learning some Calabrian dialect from the locals at the bar, or take a dive and learn all kinds of marine-related vocabulary. 2. Lecce Our final place to visit is Lecce, in Puglia, with a population of just over 94k. You can start your day on the more touristy side by having un caffà ¨ at Caffà ¨ Alvino, right in front of the Anfiteatro, or you can seek out a more local place to start your giornata leccese. Then, take a walk at one of the many beaches, get your fill of museums, and then try some sagne torte, or Sagne ‘ncannulate in dialecta pasta dish. For more suggestions, take a gander at this article from Vacanze Lecce. In the event you’re wanting to visit towns with a bit more activity and practice your Italian, here are five that are touristy, but may still play along with your attempts. 3 Other Italian Places to Practice Italian 1. Orvieto - Umbria: You can more about how you can learn Italian in this city in this article. 2. Montepulciano - Tuscany: If you’re interested in learning Italian here, check out Il Sasso school. 3. Monteverde Vecchio in Rome - Lazio: While Rome can generally be categorized a very English-driven tourist city, there are zones, or neighborhoods, that will humor you when you make your best efforts to speak Italian, and Monteverde Vecchio falls squarely in that department.

Nursing Research Essay Example | Topics and Well Written Essays - 4250 words

Nursing Research - Essay Example Overall, the project focused on improving the Hospital Consumer Assessment of Healthcare Providers and Systems (HCAHPS) scores in order to ensure that the facility achieved and maintained a competitive edge that made it provide quality care. In addition, it was evident that the failure to keep the HCAHPS scores high might affect the amount of the hospital’s reimbursement since the scores are influential in calculating the amount of reimbursement a healthcare facility received. In view of the level of importance and the benefits that the facility would accrue from the project, the planning, development, and the eventual implementation of the plan had to be aboveboard in order to leave no room for failure. There are various approaches that a healthcare facility can use in order to raise its HCAHPS scores. However, the unique nature of each facility necessitates a healthcare facility to examine the areas that required attention to raise the HCAHPS scores. For example, a healthcar e facility’s score on the aspect of pain management might rank high on the HCAHPS scores while the HCAHPS scores on the facility’s environmental conditions might rank low. ... The need for effective case management arose from the importance attached to improving the quality of care, which has to start with effective case management. Therefore, raising HCAHPS has to start with efficiency in case management. Communication is another key component that the practicum project focused on improving in order to raise the facility’s HCAHPS scores. In this regard, the practicum focused on communication among the members of staff and communication between practitioners and their patients. In this case, it is evident that communication helps improve the management of a patient’s case in order to provide quality care. Finally, the practicum project focused on improving the hospital setting and the environment in order to provide care that was safe and high in quality. Importantly, improving the hospital setting and environment not only improves the quality of care that a healthcare facility provided, but it also raises the HCAHPS scores in the facility. E ventually, raising the hospital’s HCAHPS scores was the overall objective of this scholarly project. Development of the Project The development of the project involved a series of steps as outlined below: Carrying out an analysis on the need to improve the low HCAHPS scores in the facility. Development of an action plan based on the analysis carried out on the need to raise HCAHPS scores in the healthcare facility. Implementation of the developed action plan in order to improve the HCAHPS scores. Evaluation of the implemented plan in order to find out the need for modifying the project. Analysis on the Need to Improve the Low HCAHPS scores Before implementing any project, it is important to carry out an analysis that highlights the need

Critically analyse financial statemebt Essay Example | Topics and Well Written Essays - 250 words

Critically analyse financial statemebt - Essay Example c. Cash Flow - cash flows provides the business’ operating, investing, and financing cash flows over a specified period. It reconciles the changes on the cash on hand at end of a period with the beginning balance by including the income derive from non-cash revenue and expenses â€Å"by adjusting net income for non-cash revenues and expenses† (Tempte, 2005). d. Statement of Changes in Owners’ Equity – the change in owner’s equity happens when a business profits, its asset value changes and when its owners adds more capital or made withdrawals against the business (McGrann, 1998). Sole trader or single proprietorship is a business owned solely by an entrepreneur where owner assumes all responsibilities pertaining to the business and do not distinguish between the owner and the business. In effect, he or she also carries the whole burden of the business’s liability. In the event that loss occurs, the liability will affect and extend to the owner’s finances. With regard to its income statement, a sole trader has to pay tax on the business net profit and in the event that the net profit is over a certain threshold, the owner has to pay the Value Added Tax (VAT) of 17.5%. This VAT rate however has been decreased to 15% in consideration of the recent financial crisis. With regard to reporting for taxation purposes, a complete income statement and balance sheet should be submitted to HMRC. The owner is responsible for keeping all the expenses for a certain tax year. The financial statement of a sole trader is straightforward where accounts are simpler compared to limited companies where entries vary due to the complexity of the business. It involves deduction of expenses from sales to arrive at the taxable net profit or loss (which of course not taxable anymore because it is a loss). Limited companies are also called as Joint stock companies or partnership where owners or

Mian Mohammad Nawaz Sharif Essay Example for Free

Mian Mohammad Nawaz Sharif Essay During his second term, he notably ordered Pakistans first nuclear tests in response to Indias nuclear tests. [1] He was ousted in an October 1999 military coup by Pervez Musharraf. He returned to Pakistan in late 2007 after eight years of forced exile. He successfully called for Musharrafs impeachment and the reinstatement of Chief Justice Iftikhar Muhammad Chaudhry. He is a potent force in Pakistani politics. Early life and Education Originally, his family came from the village of Heera mandi His family moved to Lahore before the creation of Pakistan for better farmland. 2] His family also traces their roots to Shopian in the Kashmir valley. [3] He was born in Lahore, Pakistan on December 25, 1949, a year after the nations founding. He came from a family of scrap traders. His father and uncles had a small steel business named as Ittefaq in Landa Bazar Lahore before the creation of Pakistan. He attended St. Anthonys School Lahore. However, he along with his younger brother Shahbaz Sharif later on attended Pakistan Railway High School, Moghalpura, and Lahore. Both passed Matric from this school in 1964 and 1965 respectively. Nawaz Sharif got admission in the Government College of Lahore. He obtained his B. A. degree after appearing in the supplementary examination. He attained his Bachelor of Law degree from the Punjab University Law College, which is also in Lahore. Business enterprise: Ittefaq Group He is a joint owner of Ittefaq Group. Ittefaq Group is one of the largest business conglomerates in Pakistan. He helped establish the Ittefaq Islamic Academy in Lahore, where students receive religious instruction in addition to their secular training. A practicing Muslim, Sharif comes from a religious family and has said he would make the teaching of the Quran, the Muslim Holy Book, a compulsory subject up to the secondary level. He appeared in one 1st class cricket match from Pakistan Railway against Karachi in 1974 where he scored a duck. He and his cousins expanded their family iron foundry. They lost control of their business in the 1972 nationalization by Prime Minister Zulfikar Ali Bhutto. It was re-established in 1977 as Ittefaq Industries in Lahore. The business was returned after Sharif developed political links with President Mohammad Zia ul-Haq. By 1990, Ittefaq Industries was one of Pakistans most affluent conglomerates, with more than $450 million in annual revenues, up from about $16 million in 1981. It included the countrys largest private steel mill, Ittefaq Foundries (Pvt) Ltd, eight sugar mills, and four textile factories. Sharifs net worth is around US $4 billion. With upwards of hundred thousand employees, Ittefaq Group has played a significant role in the development and growth of industry in Pakistan. It has likely influenced Sharifs political career and pro-business stance as well. Initial Political Career He principally rose to political prominence as a staunch proponent of the military government of President Muhammad Zia-ul-Haq during the 1980s. He maintained an alliance with Rahimuddin Khan. He also had ties with ISI Director-General Hamid Gul, who played a substantial role in the formation of the Islami Jamhoori Ittehad- a conservative political alliance that supported Sharif. citation needed] Punjab Advisory Council In 1981, he initially joined as a member of the Punjab Advisory Council under President Muhammad Zia-ul-Haq. He served as the Minister of Finance and Minister of Sports under the provincial government of Punjab. During his tenure, he was credited with increasing funding for sports activities and rural projects. He also wanted to continue the peaceful nuclear atomic program and to make Pakistan a truly Islamic state and to do so he introduced Islamic Laws such as the Shariat Ordinance and Bait-ul-Maal (to help poor orphans widows etc); Moreover he gave tasks to the Ministry of Religious Affairs to prepare reports and recommendations for steps taken for Islamization. He ensured the establishment of three committees. 1) Ittehad-e-bain-ul-Muslemeen 2) Nifaz-e-Shariat Committee 3) Islamic Welfare Committee He believed in forming a Muslim Bloc by uniting all Central Asian Muslim Countries thus he extended the membership of ECO to all Central Asian Countries. Nawaz Sharif was pretty confident that he had majority in the assembly thus he ruled with considerable confidence. He had disputes with three successive army chiefs. He contended with General Mirza Aslam Beg over the 1991 Gulf War, with General Asif Nawaz over the Sindh Operation Clean-Up issue, and with General Abdul Waheed Kakar over the Sharif-Ishaq Imbroglio. To diffuse the tension him and Benazir and to disperse the long march he promised her to release her detained husband and to abolish the Eighth amendment her Party’s co-operation (PPP). Ghulam took this as an attack on him by the ruling party so in order to win the presidential election he on April 1993, with the support of the Pakistan Army, used his reserve powers to dissolve the National Assembly and appointed Mir Balakh Sher Mazari as the Caretaker Prime Minister. In May 1993, Sharif returned to power after the Supreme Court ruled that the Presidential Order as unconstitutional and reconstituted the National Assembly. In July 1993, Sharif resigned under pressure from the military but negotiated a settlement that resulted in the removal of President Ghulam Ishaq Khan. Moin Qureshi became Caretaker Prime Minister. He was succeeded shortly thereafter by Benazir Bhutto in October 1993. Second term as Prime Minister U. S. Defense Secretary, William S. Cohen, with Prime Minister Nawaz Sharif, at the Pentagon, 3 December 1998. He was elected Prime Minister in 1997 to serve a non-consecutive second term. [7] In August 1997, he passed the controversial Anti-Terrorist Act which established Anti-Terrorism Courts. The Supreme Court later rendered the Act unconstitutional. In 1999, he met with Indian Prime Minister Atal Bihari Vajpayee at the Wagah border and signed a joint communique, known as the Lahore Declaration. [8] 1998 Pakistans nuclear tests Pakistans nuclear tests were an important turning point in his political career. Pakistan carried out its successful nuclear tests on 28 May 1998, and on 30 May 1998, in response to the Indian detonation of five nuclear devices roughly two weeks before. When India tested its nuclear arsenal a second time, it caused a great alarm in Pakistan. After weeks of anticipation, Pakistan surprised the world by conducting its own nuclear tests. Sharif proclaimed an emergency on the same day as these nuclear tests were conducted. All the foreign currency accounts in Pakistani banks were frozen to minimize the effects of economic sanctions. Nawaz put the Pakistan Armed Forces on high alert in order to defend countrys nuclear installations. He justified the tests on national security grounds, as they demonstrated Pakistans nuclear deterrent capabilities against an armed Indian nuclear program. Under Nawaz Sharifs leadership, Pakistan became the first Muslim country and seventh nation to become a nuclear power. Constitution Amendment In late August 1998, he proposed a law to establish a legal system based on the Islamic principles. [9] His proposal came a week after 10-year commemorations of the late President Zia ul-Haq. The Cabinet removed some of its controversial aspects. [10][11] The National Assembly approved and passed the bill on 10 October 1998 by 151 votes to 16. 12] However, the amendment failed to achieve two-thirds majority in the Senate. Weeks afterward, Sharifs government would suffer a military coup. Relations with the military During his second tenure, he removed General Karamat over the National Security Council disputes. He later had severe political confrontation with General Musharraf that resulted in a coup detat which removed him from office. At the end of General Waheed’s three-year term in January 1996, General Jehangir Karamat was appointed army chief. His term was due to end on 9 January 1999. In October 1998, however, Sharif fell out with General Karamat over the latter’s advocacy of the need for the creation of a National Security Council. Sharif interpreted this move to be a conspiracy to return the military to a more active role in Pakistani politics. In October 1998, General Karamat resigned and Sharif appointed General Pervez Musharraf as army chief. During the Kargil War in 1999, he claimed to have no knowledge of the planned attacks, saying that Pervez Musharraf acted alone. [13] Military coup Further information: 1999 Pakistani coup detat On 12 October 1999, Sharif attempted to remove Pakistan Army Chief General Pervez Musharraf and appoint Ziauddin Butt in his place. Musharraf, who was in Sri Lanka, attempted to return through a commercial airliner to return to Pakistan. Sharif ordered Sindh IG Rana Maqbool to arrest of Chief of Army Staff and Musharraf. He ordered the Karachi Airport to be sealed off to prevent the landing of the Musharrafs airliner fearing a coup detat. Sharif ordered the plane to land at Nawab Shah Airport. Musharraf contacted top Pakistan Army Generals who then took over the country and ousted Sharifs administration. Musharraf later assumed control of the government as Chief Executive. [14] Trial The military placed him on trial for kidnapping, attempted murder, hijacking and terrorism. The military court quickly convicted him and gave him a life sentence. [15] Under an agreement facilitated by Saudi Arabia, Sharif was placed in exile for the next 10 years. Return to Pakistan Failed Attempt in Islamabad On August 23, 2007, Pakistans top court ruled Nawaz Sharif and his brother, Shahbaz, were free to return. Both vowed to return soon. [16][17] On 8 September 2007, Lebanese politician Saad Hariri and Saudi intelligence chief Prince Muqrin bin Abdul-Aziz addressed an unprecedented joint press conference at Army House to discuss how Sharifs return would affect relations. [18] Muqrin stated that the initial agreement was for 10 years but these little things do not affect relations. † [18] Muqrin expressed hope that Sharif would continue with the agreement. [18] On 10 September 2007, Sharif returned from exile in London [18] to Islamabad. Post-2008 elections His party had joined a coalition led by PPP but the alliance had been strained by differences over the fate of judges Musharraf dismissed last year and over how to handle the unpopular president. [31] Sharif won much public support for his uncompromising stand against Musharraf and for his insistence the judges be reinstated. [31] The coalition successfully forced Musharrafs resignation. He also successfully pressured Zardari for the reinstatement of judges removed by Musharraf in emergency rule. This led to the courts cleansing Sharif of a criminal record rendering him eligible to re-enter parliament. [32] By-Elections In June 2008 by-elections, Sharifs party won three National Assembly seats and eight provincial assembly seats, all but one in the countrys political nerve center of Punjab province, where Shahbaz Sharif heads the provincial government. [33] The Lahore seat election was postponed because of wrangling over whether Sharif was eligible to contest. [31] [34] 2008 Musharraf impeachment On 7 August 2008, the coalition government agreed to impeach Musharraf.

The Writing Process Essay -- Writing Composing Papers Essays School

The Writing Process Writing can be a very difficult process for those who do not know how to go about constructing a work of writing. I have my own ideas on how I think the writing process should be done. Time and good ideas will make for a good paper because when I begin writing a paper or an essay I take a day to think of all the possibilities to write about. If I am lucky if I have the chance to come up with my own ideas rather than have them given to me, but if that is not the case then I follow my simple steps to get through with my work .   Ã‚  Ã‚  Ã‚  Ã‚  To start off, I remember that it may take awhile until I am sure on what I am going to write about for the topic. It is all right to change the subject many times if I absolutely have to. Absolutely do not start out writing the paper with the opening or ending paragraph. It is best to do the end and beginning paragraphs once I have finished completing and editing the entire paper.   Ã‚  Ã‚  Ã‚  Ã‚  First of all I sit down where I can really concentrate on my topic, and I make outlines. I start off with numbers and label them what the topic of the paragraph is going to be about. After I finish figuring out what each paragraph will be about, I then go in subdivisions on the details that will be included in each specific paragraph. This will help to avoid getting off of the subject and the paper will be in a good order.   Ã‚  Ã‚  Ã‚  Ã‚  After finishing the outline, I go on to start writing down ideas that are at the top of my ...

Does Holding the Olympic Games Have Benefits for the Host Country?

AGRUMENTATIVE ESSAY Does holding the Olympic Games have benefits for the host country? In recent years, the Olympic Games have developed into one of the most significant mega-international sporting events (Roche,2000). More and more cities are bidding to host the Olympics and increasingly money are invested in Olympic bids, which is due to the reason that the government believe that they could get benefits from such an event. During the proceeding of the 2012 London Olympic Games, amount of people in the world have been brought into focus on Olympic Games.It is such a big event, holding it successfully will improve one country’s reputation and get more attention around the world. Does holding the Olympic Games have benefits for the host country? It might be said that hosting Olympic Games has some financial risks because of its exceeding budgets. Countries invest huge number of money on sports facilities, which could result in the over-needed of infrastructure. However, there are many reasons why a country should organize Olympic Games.The first reason why holding Olympic Games have benefits for the host country is that, from the economic point of view, increase the income of revenue. Because of the influx of people who come from all around the world, the needs of consumption will dramatically rise. As a result, it is contributed to the output of factory, which is benefit to the whole market. What’s more, Olympic Games attract numbers of merchants to the host country to look for the business opportunities. Their investment in the market will stimulate the growth of economic.Rose and Spiegel (2009) suggests that the rate of trade is increased 30% for those host countries, which ‘realize an economic benefit in the form of greater openness. ’ Furthermore, during the proceeding of the Olympics, large numbers of foreigners will come to the hosts to visit. Bolton (2004) states that the percentage of tourists is increased to 150% in the 1992 Barcelona Games, with the Spanish government’s effort to stimulate the tourism. They are the potential consumer groups which could promote the local economy. This will stimulate some tourism-relative ndustries (hotels restaurants and shops) to develop. Although it is sometimes claimed that these numbers of tourists tend to be temporary, it must be acknowledged that the host country could become a popular tourist destination. In addition, employment is another great benefit to the host countries. Holding Olympics will create some full-time jobs because of the investment in infrastructure. For example, in Atlanta, the host city of the 1996 Olympic Games, the government invest about $2 billion to Olympic-related projects, which is leading to over 580 000 new jobs to this region between 1991 and 1997. Steven and Bevan, 1999) suggests that the Olympic Games were stimulating economic growth up to $5. 1 billion between 1991 and 1997. During the period of games, Barcelona, the host city of the 1992 Olympic Games, the general percentage of unemployment drop from 18. 4% to 9. 6% (Brunet, 1995). The second reason why holding the Olympics Games have benefits for the host country is that infrastructure such as transportation and sports facilities will get improved during the Games. To guarantee a successful Olympics, government should invest into infrastructure, such as improve the public’s transportation and sports facilities.Firstly, the Olympics have promoted the urban development and have an impact on the landscape and urban environment. In Tokyo, the host city of 1964 Olympics games, a new road and highway network was constructed to meet the short-term demands of the Games and to accommodate the city’s continued population and traffic increase in the long-term. Chalkley and Essex (2010) points out a total of 22 main highways were designed for the Games, huge amount of money were spent on land acquisition, compensation and providing alternative si tes for the activities displaced.In addition, the development of infrastructure is not directly related to the leisure facilities, commercial and open spaces, it also involves improve the appearance of the host city. Secondly, the staging of Olympics often contains build the new sporting facilities or restructure the exiting ones. It is often claimed that those facilities have failed to produce a long-term benefits to the country; some of the sports venues often become unused after the Olympics is finished. However, this ignores the fact that the whole society will get beneficial from infrastructural investment and environmental improvement.The London 2012 Olympic Games have made a dedicated plan for the usage of facilities before the facilities is built. For example, after the games, the Olympics Village will become a new community housing. The new shopping centre, which is separated from the Olympic Park, will become an employment centre of this area. Transportation will get impro ved through the construct of new stations, line extensions and additional trains and a largest urban park will build available for both local community and for elite athletes (Olympic Delivery Authority, 2007).The final reason why holding the Olympics Games have benefits for the host country is that it will help to improve the host country‘s image. For the host country, it’s not just a competition about sports; it's a chance to improve their international prominence and a sense of national pride. Firstly, it is contribute to transforming the image of the host city. In order to amplify the effect of Olympics Games, it is necessary to rely on the function of media. During the Games, the worldwide TV audience watched a cumulative 36. 1 billion hours of sport (IOC, 2001).This is one of the most effective ways to improve a nation’s image and attract tourists. For example, in 1996, during the 17 days of the Centennial Olympic Games, it has been reported that 3. 5 billi on people saw the city on worldwide television coverage in 214 countries and territories and about two million people visited Atlanta, as a result, the tourist industry of the region increased dramatically (Steven and Bevan, 1999). It seems clear that a successful mega-event can enhance cities’ reputations through the global media coverage.Prior to the 1992 Olympics, Barcelona was only a large city in Spain, but it is now a famous destination which attracts numbers of tourists to visit. Furthermore, holding this mega-international sporting event could attract the public’s interest to take part in sporting activities, and also increase local pride and community spirit, which could make a significant contribution to the quality of life of both the individual and community. For example, there is a remarkable increase in Barcelona in the participation of sports activities in the years following the hosting of the Olympic Games.There has been an increase of 46 000 new users in the city’s sports centres following the 1992 Games, with the percentage of women participating in sporting activities increasing from 35% in 1989 to 45% in 1995. Moreover, in 1994, more than 300 000 people took part in sporting events which involved the city’s inhabitants on the streets of Barcelona, such as athletic competitions, popular marathon, the bicycle festival and the roller-skating festival (Truno, 1995).In conclusion, it is clear from the weight of evidence that holding Olympic Games have benefits in economic growth, infrastructure improvement and image promotion for the host country. However, there are still some aspects should get the government’s attention. For example, in order to handle with the financially risks such as the increasing rate of over-budget, the international Olympic Committee, together with local Olympic organisers should make the capital budget table precisely.Moreover, the post-event facility usage should be considered befor e the infrastructure is built, which is avoid to become a burden to the long-term economy. Only in this way can the host country get maximise economics benefits. Bibliography: Bolton, L. (2004) Despite Lackluster Ticket Sales, Can Greece Be a Big Winner in This Year’s Olympics? [Online] Available at: http://knowledge. wharton. upenn. edu/article. cfm? articleid=1026 [Accessed 24/08/12]. Brunet, F. (1995) An economic analysis of the Barcelona '92 Olympic Games: resources, financing and impact, in Moragas, D.M. & Botella, M. (eds). The Keys of success: the social, sporting, economic and communications impact of Barcelona ‘92. Bellaterra: Servei de Pulbication de la Universitat Autonoma de Barcelona. Chalkley, B. & Essex, S (1999) Urban development through hosting international events: a history of the Olympic Games. Planning Perspectives 14(4), pp. 369-394. International Olympic Committee (2001) Sydney 2000 Olympic Games; Global Television Report. UK: Olympic Television R esearch Centre Sports Marketing Surveys LtdRoche, M. (2000) Mega-Events and Modernity: Olympics and Expos in the Growth of Global Culture. London: Routledge. The Olympic Delivery Authority (2007) Guide to the Olympic, Paralympic & Legacy transformation planning applications and Olympic village (Part) and legacy residential planning application. Guide to Planning Applications [Online] (February 2007). Available at: http://www. london2012. com/mm%5CDocument%5CPublications%5CPlanningApps%5C01%5C24%5C08%5C36%5Cguide-to-the-planning-applications. df [Accessed 26/08/12] Rose, K. & Spiegel, M. (2011) The Olympic Effect. The Economic Journal 121(3), pp. 652-677. Steven, T. & Bevan, T. (1999) Olympic legacy. Sport Management Magazine 19 (9), pp. 16–19. Truno, E. (1995) Barcelona: city of sport, in Moragas, D. M. & Botella, M. (eds). The Keys of success: the social, sporting, economic and communications impact of Barcelona ‘92. Bellaterra: Servei de Pulbication de la Universitat Autonoma de Barcelona.

Factor Affecting People Investing in Mutual Fund

Factors affecting people investing in Mutual Fund in Malaysia: An application of the Theory of Planned Behavior Kuah Kean Lam Research report in partial fulfillment of the requirements for the degree of MBA 2008 ACKNOWLEDGEMENTS I would like to thank my supervisor, Dr. Nabsiah Abd. Wahid and my co-supervisor, Dr. Datin Joriah for their invaluable guidance in helping me with this research. Special thanks also go to Associate Professor T. Ramayah for his kind assistance and consultants in my statistical analysis. My sincere thanks to all the lecturers in the MBA programs.I also want to thank my family for their patience, support and encouragement during the period of my study. I am also grateful to my friends for their help and encouragement. Lastly, I wish to accord my appreciation to all the respondents who had so kind to respond my questionnaire in time. i TABLE OF CONTENTS Page ACKNOWLEDGEMENT i TABLE OF CONTENTS ii LIST OF TABLES vii LIST OF FIGURES viii LIST OF APPENDICES ix ABST RAK xi ABSTRACT xii Chapter 1 INTRODUCTION 1 1. 1 Introduction 1 1. 2 Background 1 1. 2. 1 Benefits of Unit Trust Scheme 2 1. 2. 2 Disadvantages of Unit Trust Scheme 1. 2. 3 Types of Unit Trust Funds 4 1. 2. 4 Growth of Mutual Fund in Malaysia 6 1. 3 Problem Statement 8 1. 4 Research Objectives 10 1. 5 Research Question 10 1. 6 Definition of Key Terms 11 ii 1. 6. 1 Mutual Fund / Unit Trust Fund 1. 6. 2 11 Federation of Malaysia Unit Trust Managers (FMUTM) 12 1. 6. 3 Net Asset Value (NAV) 12 1. 6. 4 Islamic Mutual Fund 12 1. 6. 5 Attitude 13 1. 6. 6 Subjective Norms 13 1. 6. 7 Perceived Behavioral Control 14 1. 6. 8 Behavioral Intention 14 1. 7 14 1. 8 Chapter 2 Significance of Study Organization of Remaining Chapter 15 LITERATURE REVIEW 16 2. Introduction 16 2. 2 Literature Review 16 2. 2. 1 Emerging Market Research 17 2. 2. 2 International Research 20 2. 3 Model Explanation (TRA, TAM, TPB, and DTPB) 22 2. 3. 1 Theory of Reasoned Action (TRA) 23 2. 3. 2 Technology Acceptance Model ( TAM) 25 2. 3. 3 Theory of Planned Behavior (TPB) 26 2. 3. 4 Decomposed Theory of Planned Behavior (DTPB) 28 2. 3. 5 Inclusion of other variables in the TPB iii 31 2. 4 33 2. 5 Theoretical Framework 33 2. 6 Chapter 3 Gaps in Literature Hypothesis Development 35 METHODOLOGY 41 3. 1 Introduction 41 3. 2 Research Design 41 3. 2. 1 Type of Study 1 3. 2. 2 Data Collection Method 42 3. 2. 3 Population and Sample 42 3. 2. 4 Data Collection 43 3. 3 Data Analysis 43 3. 3. 1 Descriptive Analysis 45 3. 3. 2 Factor Analysis 45 3. 3. 3 Reliability Test 45 3. 3. 4 Correlation Analysis 46 3. 3. 5 Multiple Regression Analysis 46 3. 4 48 3. 5 Chapter 4 Summary Expected Outcome 48 RESULTS 50 4. 1 Introduction 50 4. 2 Profile of Respondents 50 4. 3 Goodness of Measures 52 iv 4. 3. 1 Factor Analysis 52 4. 3. 1. 1 Factor Analysis for Relative Advantage, Compatibility and Ease of Invest 53 4. 3. 1. 2 Factor Analysis for Efficacy andFacilitating Condition 54 4. 3. 1. 3 Factor Analysis for Past Behavior, At titude, SN and PBC 4. 3. 2 4. 4 Reliability Test 57 Descriptive Analysis 4. 4. 1 55 58 Analysis of Independent Variable Explanatory Role 58 4. 5 Correlation Analysis 60 4. 6 Hypotheses Testing 62 4. 6. 1 Multiple Regression Analysis (Stage 1a) 62 4. 6. 2 Multiple Regression Analysis (Stage 1b) 64 4. 6. 3 Multiple Regression Analysis (Stage 1c) 66 4. 6. 4 Multiple Regression Analysis (Stage 2) 68 4. 6. 5 Multiple Regression Analysis (Stage 3) 70 4. 7 Chapter 5 Summary of Results 73 DISCUSSION AND CONCLUSION 76 . 1 Introduction 76 5. 2 Recapitulation of the Study Findings 76 5. 3 Discussion of Major Findings 77 v 5. 3. 1 Attitude towards the Behavioral 78 5. 3. 2 Past Behavior 79 5. 3. 3 Subjective Norms 80 5. 3. 4 Perceived Behavioral Control 80 5. 3. 5 Behavioral Intention 81 5. 3. 6 Actual Investment 82 5. 3. 7 Relative Advantage, Compatibility and Ease of Invest 5. 3. 8 Efficacy and Facilitating Condition 83 5. 3. 9 5. 4 82 Normative Influence 84 Implications 84 5. 4. 1 Theoretica l Implication 84 5. 4. 2 Practical Implication 85 5. 4. 2. 1 Marketing Strategy for Mutual Fund 85 5. 5Answering the Research Questions 87 5. 6 Limitations 89 5. 7 Future Research 90 5. 8 Conclusion 90 REFERENCES 91 APPENDICES 97 vi LIST OF TABLES Page Table 4. 1 Respondents Demographic Profile Table 4. 2 Rotated Component Matrix for relative advantage, Compatibility and ease of invest Table 4. 3 54 Rotated Component Matrix for efficacy and facilitating Condition Table 4. 4 51 55 Rotated Component Matrix for Attitude, SN, PBC and Past Behavior 56 Table 4. 5 Reliability Coefficients of Variables 57 Table 4. 6 Descriptive Statistics 59 Table 4. 7 Pearson’s Correlation Analysis of Variable 1 Table 4. 8 Result of Multiple Regression of H8, H9 and H10 63 Table 4. 9 Result of Multiple Regression of H13 65 Table 4. 10 Result of Multiple Regression of H11 and H12 67 Table 4. 11 Result of Multiple Regression of H1, H2, H3 and H5 69 Table 4. 12 Result of Multiple Regression of H4, H6 a nd H7 72 Table 4. 13 Summary of Hypotheses Testing Results 73 vii LIST OF FIGURES Page Figure 1. 1 Total NAV vs Bursa Malaysia Market Capitalization as at 31st Dec 2006 6 Figure 2. 1 Theory of Reasoned Action 24 Figure 2. 2 Technology Acceptance Model 25 Figure 2. 3 Theory of Planned Behavior 26Figure 2. 4 TPB with belief de-composition 29 Figure 2. 5 Theoretical Framework 35 Figure 4. 1 Stage 1a Multiple Regression 62 Figure 4. 2 Stage 1b Multiple Regression 64 Figure 4. 3 Stage 1c Multiple Regression 66 Figure 4. 4 Stage 2 Multiple Regression 68 Figure 4. 5 Stage 3 Multiple Regression 71 Figure 4. 6 Model Summaries with Significant Relationship and Beta Value 75 viii LIST OF APPENDICES Page Appendix A Questionnaire 97 Appendix B Coding of Variables 103 Appendix C Respondent Frequency Results 104 Appendix D Factor Analysis – Relative Advantage, Compatibility and Ease of Invest 08 Appendix D1 Factor Analysis – Relative Advantage, Compatibility and Ease of Invest. (Afte r removal of RA_2) Appendix E 111 Factor Analysis – Efficacy and Facilitating Condition 114 Appendix E1 Factor Analysis – Efficacy and Facilitating Condition (After removal of FC_2) 117 Appendix E2 Factor Analysis – Efficacy and Facilitating Condition (After removal of FC_2 and EF_2) Appendix F 120 Factor Analysis – Past Behavior, Attitude, Subjective Norm And PBC 123 Appendix F1 Factor Analysis – Past Behavior, Attitude, Subjective Norm And PBC (After removal of Att_3) 128 Appendix GReliability Analysis – Behavioral Intention 133 Appendix H Reliability Analysis – Actual Investment 134 Appendix I Reliability Analysis – Attitude 135 Appendix J Reliability Analysis – Subjective Norm 136 Appendix K Reliability Analysis – PBC 137 Appendix L Reliability Analysis – Relative Advantage 138 ix Appendix M Reliability Analysis – Ease of Invest 139 Appendix N Reliability Analysis – Normative Influence 140 Appendix O Reliability Analysis – Efficacy 141 Appendix P Reliability Analysis – Facilitating Condition 142 Appendix Q Descriptive Analysis Results 143 Appendix R Correlation Analysis Results 44 Appendix S Stage 1a Multiple Regression Analysis 145 Appendix T Stage 1b Multiple Regression Analysis 148 Appendix U Stage 1c Multiple Regression Analysis 151 Appendix V Stage 2 Multiple Regression Analysis 154 Appendix W Stage 3 Multiple Regression Analysis 157 x ABSTRAK (MALAY) Faktor-faktor yang mempengaruhi pelaburan dalam dana bersama di Malaysia: Applikasi dengan Teori Perlakuan Terancang. Dana Bersama (Mutual Fund) di Malaysia mengalami perkembangan pesat dalam beberapa tahun yang lepas. Perkembangan pesat ini menandakan kesesuaian pelaburan secara berkumpul di Malaysia.Hari ini, dana bersama telah menjadi satu bahagian penting dalam bidang ekonomi Malaysia. Perkembangan sihat dalam bidang tersebut telah memberi manfaat kepada ekonomi negara dan para pelabur. Tujuan kaj ian ini adalah untuk menentukan faktorfaktor yang mempengaruhi orang ramai untuk melabur dalam dana bersama di Malaysia dengan menggunakan Teori Perlakuan Terancang (TPB) yang diubahsuai. Sebanyak 400 soal selidik telah diedarkan kepada orang dewasa di negeri Pulau Pinang dan 211 soal selidik yang boleh diguna telah dikutip balik. Berdasarkan analisis, didapati model yang diguna dapat menerangkan 47. % varian dalam Keinginan (Intention). Sikap (Attitude), Perlakuan Lepas (Past Behavior) and Norma Subjektif (Subjective Norms) mempunyai hubungan positif yang ketara dengan keinginan untuk melabur dalam dana bersama. Analisis seterusnya mendapati kedua-dua kelakuan lepas dan keinginan mempunyai hubungan kesan positif yang ketara dengan pelaburan sebenar. Sungguhpun model ini dapat menerangkan varian agak tinggi dalam keinginan, tetapi didapati Tanggapan Kawalan Perlakuan (Perceived Behavioral Control) tidak mempunyai hubungan kesan positif yang ketara dengan keinginan dan pelaburan sebe nar.Keputusan ini mencadangkan model teoretikal lain tanpa pembolehubah (variable) ini mungkin akan lebih sesuai untuk mengkaji sikap pelaburan dana bersama. xi ABSTRACT Mutual Funds in Malaysia have experienced phenomenal growth in the past few years. This growth reflects the suitability of collective investments in Malaysia. Mutual fund forms an important part of the Malaysian economy today. The healthy growth of the industry seems to benefit the country’s economy and the investors.The aim of this study is to determine the factors affecting people investing in Mutual Fund in Malaysia using the modified decomposed Theory of Planned Behavior. Structured questionnaire was used in this study. Four hundred questionnaires were distributed to the adults in Penang state and two hundred eleven useable questionnaires have been collected back. Based on the analysis, it was found that the model has explained 47. 4% of the variance in Behavioral Intention. Attitude towards behavior, Pas t Behavior and Subjective Norm have positive significant influence on investors’ Intention to invest in mutual fund.Further analysis on the Actual Investment, it was found that the both Past Behavior and Intention have positive significant influence on investors’ actual investment behavior. Even though the model has explained considerable high percentage of variances in Behavioral Intention, however, the findings that Perceived Behavioral Control is not a significant contributor to both Behavioral Intention and Actual Investment suggests that other theoretical model without this variable might be more suitable to study mutual fund investment behavior. ii Chapter 1 INTRODUCTION 1. 1 Introduction This chapter introduces the research outline of the study. The chapter begins with an overview of the Mutual Fund industry in Malaysia, followed by brief discussion of the benefits and disadvantages of the Unit Trust Scheme, their growth and different types of Mutual Funds. Besi des that, this chapter also includes the problem statement, research objectives and research questions. The key terms and significance of the study will also be highlighted. 1. 2 BackgroundA Unit Trust Scheme (UTS) or Mutual Fund (MF) is a form of collective investment that allow investors with similar investment objectives to pool their savings, which are then invested in a portfolio of securities or other assets managed by investment professionals. Investors in Unit Trust Scheme or Mutual Fund do not purchase the securities in the portfolio directly. Securities or stocks are purchased by the Unit Trust Management Company (UTMC) following the authorized investments guidelines by a group of professional fund managers.Ownership of the portfolio is divided into units of entitlement and each investor is known as a ‘unit holder’. In this case, unit holders in Unit Trust Scheme (UTS) are not shareholders in the company but are rather beneficiaries under a trust set up by the company. Under the Unit Trust Scheme constitution or ‘deed’, there must be a trustee looking after the interest of the investors. The trustee is the legal owner of all the assets of UTS on behalf of the unit holders, and must act for the benefit of the unit holders. Unit holders in UTS have a eneficial interest in all the assets of those UTS, but are not entitle to direct UTMC on how to invest the portfolio of investments (Dealing in Unit Trust, FMUTM 2005). The return on investment for unit holders in UTS is usually a combination of a regular income payment (a ‘distribution’) and capital appreciation derived from the pool of investments held within those UTS. Each unit represents an entitlement to an equal amount of income and capital appreciation or depreciation that is normally reflected in the unit price of those UTS (Dealing in Unit Trust, FMUTM 2005). 1. 2. Benefits of Unit Trust Scheme For investor who is unable or unwilling to research and analyze investment markets by their own effort, Unit Trust Scheme is an ideal way of investing. To maintain a portfolio of directly held investments, an individual needs to keep up-to-date with market information and sentiment. This means keeping track of a wide range of information from many sources. For many individual investors, this is difficult, time consuming and expensive. Investing in UTS transfers most of the stress of investing to those best equipped to handle it – professional fund managers.Other significant benefits of investing in UTS are listed as below: (i) Diversification A larger pool of funds from many small investors allows the fund manager to purchase a wide range of investments. (ii) Liquidity of funds Most investors require that their investment be liquid. The investor can redeem their unit trust fund and receive their money in the specified time frame. In the case of Malaysia, the guideline is within 10 days. 2 (iii) Professional Management Investment decisions are made by professional fund managers.The investment process adopted is structured and follows basic investment principles outlined in the prospectus and deed. (iv) Investment Exposure For small investor (with RM1000), it is sometimes difficult to invest in particular asset class or certain securities, for example real estate or corporate bonds. UTS make this possible with pool investments from many small investors. (v) Investment Cost When making direct investments, the smaller investors will pay higher transaction cost if compare to large institutional investors due to prenegotiated fees on large purchase. 1. 2. Disadvantages of Unit Trust Scheme Some of the disadvantages of Unit Trust Scheme are list as follows: (i) Risk Any investment involves risk. Investment in UTS also has its risk of losing all of the money invested. (ii) Loss of Control Investors in UTS lose their right to direct how their savings are invested. If the fund manager invests the portfolio in accordance with the prospectus and deed, there is little that the unit holders can do if they disagree with the investment decisions made by the fund manager. 3 (iii) Fees and Charges The services provided by the UTMC are not without cost.Hence there are fees and charges payable by investors in UTS. (iv) Opportunity cost As with any decision, an investor who invests in UTS may have produced better returns by investing directly in the markets. This excess represents the ‘opportunity cost’ of investing in UTS. 1. 2. 3 Types of Unit Trust Funds Mutual funds are referred to as open-end funds for two main reasons: (i) they are required to redeem (or buy back) outstanding shares at any time upon a shareholder’s request, at a price based on the current value of the fund’s net assets; and (ii) irtually all mutual funds continuously offer new fund shares to the public. A closed-end fund is an investment company that issues a fixed number of shares that trade on a stock exchange or in the over-the-counter market. Assets of a closed-end fund are professionally managed in accordance with the fund’s investment objectives and policies, and may be invested in stocks, bonds, or a combination of both. Like other publicly traded securities, the market price of closed-end fund shares fluctuates and is determined by supply and demand in the marketplace. 4Based on Lipper’s fund investment objectives, Unit Trust Funds in Malaysia have been grouped into the following seven types (FMUTM Annual Report, 2006): (a) Exchange Traded Funds-Bond General funds. (b) Guaranteed/ Protected funds : Comprises Capital Guaranteed funds and Capital Protected funds. (c) Money Market funds : Include all Money Market funds. (d) Mixed Asset funds : Include Mixed Asset Asia, Mixed Asset Emerging Markets Asia, Mixed Asset Global, Mixed Asset Growth funds and Mixed Asset Income funds. (e) Islamic funds : Bond Islamic/Syariah funds, Equity Islamic/Syariah funds and Mixed Asset Islam ic/Syariah Balanced funds. f) Bond funds : Include all General Bond funds. (g) Equity funds : Include Equity ASEAN fund, Equity Asia Pacific Ex-Japan funds, Equity, Equity Europe, Global funds, Equity Growth funds, Equity Income funds, Equity Index Tracking funds, Equity Info & Technology funds, Equity Sector Real Estate Asia funds, Equity Sector Real Estate Global funds and Equity Small Companies funds. 1. 2. 4 Growth of Mutual Fund in Malaysia In Malaysia and throughout the world, Mutual Trust funds have experienced phenomenal growth in the past few years.This growth reflects the suitability of collective investments in Malaysia, as a means for the smaller investor to accumulate capital over the longer term. 5 Figure 1. 1 shows the growth trend of mutual fund and total NAV versus Bursa Malaysia Market capitalization. Figure 1. 1. Total NAV vs Bursa Malaysia Market Capitalization as at 31st Dec 2006 Source: Securities Commission (2007) Although the mutual fund industry in Malaysia started as far back as 1959 with the establishment of the Malayan Unit Trust Ltd, the development of the industry did not take-off until 1980s with the launching of the Amanah Saham Nasional (ASN). The major growth of the industry can only be seen in the 1990s when Malaysia, together with other Asian Tigers, saw a high and consistent growth in their economies. For Malaysia, the growth in the mid-1990s was very much due to the boost given by the government in the area of tax relief and allowing withdrawal on Employee Provident Fund (EPF) to invest in the mutual fund. With these incentives the mutual fund industry increased in size from RM15. 7 billion in 1992 to RM60 billion in 1996. The Asian crisis of 1997 had brought a sudden halt to this and we have seen even negative growth. However, the signs of recovery after that are becoming evident.Growth of the unit trust industry in Malaysia continued at a rapid pace in 2006. Total Net Asset Value (NAV) of the industry gained 23. 6 per ce nt, the net asset value of the managed funds increased to RM121. 8 billion. This amounts made-up of only 14. 35 per cent of the total market capitalization of the Bursa Malaysia, which stood at RM848. 7 billion. (FMUTM Annual Report, 2006) Different from the developed countries, an important characteristic of the Malaysian mutual fund industry is the dominant role of the government. As of 2006, more than 58% of these funds are affiliated with the government, i. . either owned by state governments or quasi-government agencies. Nevertheless, the number of private sector funds is increasing, in particular bank-owned funds. The NAV of the private unit trust funds (excluding federal and some state funds) in year 2006 stood at RM50. 7 billion, an increase of RM 6. 6 billion over previous year. (FMUTM Annual Report, 2006) The double digit growth was observed. The type of funds included Equity Funds, Bond Funds, Islamic Funds, Mixed Asset Funds, Money Market Funds, Guaranteed Funds and Exch ange Traded Funds. All these funds are the â€Å"open-end† Mutual Funds. 7Unit Trust industries are well established in developed financial markets like United States and European Union. The extent to which research, both at the theoretical and technical level, has been conducted in developed markets indicates the stage of maturity of mutual funds in these markets. In emerging markets, however, mutual funds are a recent phenomenon. Nevertheless, growth has been robust. Emerging Asian economies like China, Indonesia, the Philippines, India and Malaysia are expected to grow by double digits annually and projected to reach US$ 12 trillion by the year 2030 (PR Newswire, 2000).The phenomenon growth in the mutual fund industry in these emerging markets has resulted in an increase in the number of investment companies offering a wide range of different mutual funds (Ramasamy & Yueng, 2003). Faced with a wide range of mutual funds, how does one made choices and what are the factors a ffecting the intention of an investor investing in Mutual Funds? 1. 3 Problem Statement Growth, both in terms of size and number of funds categories, in the mutual fund industry among emerging markets has been impressive.Most researches, be it domestic or international, were on the mutual funds performance compared to the market (Don, Galagedera & Silvapulle, 2002), comparison of funds performance in different regions (Otten 2002), Islamic Funds performance (Abdullah, Hassan & Mohamad, 2007), aggregate funds performance (Taib & Isa, 2007), qualification, experience and investment style of fund manager, asset size and transaction cost (Ramasamy & Yeung, 2003), price linkage with index in emerging market (Low & Ghazali, 2007) and performance of funds during different economic cycles (Low, 2007).All the researches are conducted on the nature and 8 characteristics of the mutual funds it selves and not for one of the most important components of the mutual funds, the â€Å"investorsâ₠¬  or â€Å"mutual fund purchasers†. Thus, in this research, we will study the individual investors’ intention and factors affecting investment decision in the emerging market like Malaysia. This paper intends to fill this gap. Mutual fund forms an important part of the Malaysian economy today. As of 31st December 2006, the total registered mutual trust agent was 31060 people (FMUTM annual report, 2006).Many peoples’ livelihoods are depending on this industry, directly or indirectly. Besides the mutual trust agents, the mutual trust management companies, and regulatory bodies in Mutual Fund industry, investors play the utmost important role in the growth of the industry as they are the one who provides the required capital in the industries. Investors have numerous choices to invest their savings; there are many benefits and disadvantages to invest in the mutual trust funds. Investors have to weight the benefits and disadvantages, and to consider their investme nt objectives before deciding to invest in the Mutual Funds.In many developed countries, Mutual Funds investment has become the preferred vehicle for savings and retirement. The healthy growth of the industry seems to benefits the country’s economy and the investors. For the continuous growth of the industries in Malaysia, it is utmost important to study the behaviors of the investors, their intention, and the other factors motivating investors investing in Mutual Fund. Many theories have been developed and evolved through time for the research of behaviors and intentions in many domains. Among the few popular theories re Theory of Reasoned Action (TRA), Theory of Planned Behavior (TPB) and Technology Acceptance 9 Model (TAM). The theoretical models and their comparison will be discussed in detail in section 2. 3. 1. 4 Research Objectives We have seen that NAV of Mutual Funds invested in Malaysia on 2006 was at RM 121. 8 billion. This has formed an important part of the Malay sian economy. This study is to investigate factors influencing Malaysian consumers’ intentional behavior to invest in Mutual Funds using modified Decomposed Theory of Planned Behavior (DTPB).In line with this, four specific objectives have been developed. The four main objectives of this study are therefore to: (1) determine significant contributing factors to Attitude, Subjective Norm and Perceived Behavioral Control, (2) determine the most significant factors among Attitude, Subjective Norm and Perceived Behavioral Control that lead to Behavioral Intention to invest in Mutual Fund, (3) identify the relationship of Intention and Actual Investment (Behavior). (4) In line with the 3 objective above, an additional objective will be drawing the implications for the marketing of Mutual Fund products. . 5 Research Question This research attempts to answer the following research question: (1) What are the factors that significantly affect Attitude, Subjective Norm and Perceived Beh avioral Control? 10 (2) Attitude, Subjective Norm, Perceived Behavioral Control and Past Behavior – which of these factors significantly contribute to Intention to invest in Mutual Funds? (3) Will Intention turn into actual Investment in Mutual Funds? (4) What are the conclusions and implications of the study for the marketing of Mutual Fund products? 1. 6 Definition of Key TermsIn order to share common understanding of the concepts and for better understanding of further discussion, the following key terms’ definition were referred specifically. 1. 6. 1 Mutual Fund / Unit Trust Fund Mutual Fund is a form of collective investment that allow investors with similar investment objectives to pool their savings, which are then invested in a portfolio of securities or other assets managed by investment professionals. Investors in Unit Trust Scheme or Mutual Fund do not purchase the securities in the portfolio directly.Ownership of the portfolio is divided into units of entit lement and each investor is known as a ‘unit holder’ (Dealing in Unit Trust, FMUTM, 2005) 11 1. 6. 2 Federation of Malaysian Unit Trust Managers (FMUTM) Federation of Malaysian Unit Trust Managers – an organization with the vision to develop unit trust as the preferred vehicle for saving and retirement. The objectives of the organization are (Dealing in Unit Trust, FMUTM, 2005): ? To improve the regulatory, fiscal and legal environment of unit trust; ?To formulate sound and ethical business practices, to promote the interest of the unit trust industry and provide investor protection; ? To provide information, assistance and other services to its Member; and; ? To promote public awareness of the benefit and risk of investing in unit trust. 1. 6. 3 Net Asset Value (NAV) The net value of the assets invested in the portfolio of the mutual fund. It’s a way to assess the net worth of the mutual fund. The value is computed every day after the closing of the share market. The NAV will be used to determine the price of buying and redemption of units trust. Dealing in Unit Trust, FMUTM, 2005) 1. 6. 4 Islamic Mutual Fund Islamic investing can be defined as investment in financial services and other investment products, which adhere to the principles established by the Shari’ah. These principles require that (Dealing in Unit Trust, FMUTM, 2005): (a) Investment must be made in ethical sectors. In other words, profits cannot be generated from prohibited activities such as alcohol production, gambling, 12 pornography etc. In addition, investing in interest (riba)-based financial institutions are not allowed. b) All wealth creation should result from a partnership between an investor and the user of capital in which rewards and risks are shared. Returns in invested capital should be earned rather than be pre-determined. 1. 6. 5 Attitude The extent to which one views a behavior as favorable or unfavorable, if a person perceives that there are positive outcomes resulting from an activity, then his or her attitude towards performing that behavior is likely to be positive (Ajzen, 1991). Attitude can be measure either through direct or belief-based measure.Belief-based measure of attitude is the weighted average of the strengths and outcomes evaluation of person’s behavioral beliefs (Ajzen, 2002b). 1. 6. 6 Subjective Norms An individual’s perception of social normative pressures, or relevant others’ beliefs, that he or she should or should not perform such behavior. It can be measured either through direct or belief-based measure. Belief –based measure of subjective norms is the weighted average of the normative expectations of others such as from family, friends or doctors and motivation to comply with their expectations (Ajzen, 1991 & 2002b). 3 1. 6. 7 Perceived Behavioral Control An individual's perceived ease or difficulty of performing the particular behavior (Ajzen, 1985). It is assumed that perceived behavioral control is determined by the total set of accessible control beliefs. It can be measured either through direct or belief-based measure. Belief –based measure of subjective norms is the weighted average of the strength of control beliefs and facilitation power of these beliefs (Ajzen, 1991, 2002b). 1. 6. 8 Behavioral Intention An indication of an individual's readiness to perform a given behavior.It is assumed to be immediate antecedent of behavior (Ajzen, 2002b). It is based on attitude toward the behavior, subjective norm, and perceived behavioral control, with each predictor weighted for its importance in relation to the behavior and population of interest (Ajzen, 1991). 1. 7 Significance of the study Mutual fund has become one of the important investment vehicles for the world’s economy. The launching of the Amanah Saham Nasional (ASN) in 1980 in Malaysia is part of the government efforts to increase the stakes holding of native Malays’ in Malaysian economy.The Unit Trust industry is an important component of the Malaysian economy. The industry serves to mobilize the saving of the average, small investors by funneling these savings into areas where capital is required. Investors want good returns on their savings, Mutual Fund provides an ideal way for them to gain exposure to investment that in the long run can produce returns superior to those from traditional savings accounts and fixed deposits. Study on the factors influencing the intention to invest and investment decisions will help the 4 industry formulate marketing strategies to further stimulate growth of this industry and eventually help in the healthy growth of the country’s economy. 1. 8 Organization of Remaining Chapter This research is presented in five chapters including this introduction chapter. The next chapter (Chapter Two) is the review of literature that outlined previous studies, from the review of literature; gaps are identified and new research framework is formulated for study in Malaysia context.Chapter Three will illustrate the research design, methodology used for data collections, and data analysis techniques to be used to analyzed and test the variables. Chapter Four will present the analyses done for the study and also the findings of the study. Chapter Five will discuss the interpretation and recapitulation of the study, implications of the findings, limitations of the study and suggestion for future research. It then concludes the whole research. 15 Chapter 2 LITERATURE REVIEW 2. 1 IntroductionFor better understanding of the present study, a comprehensive search of previous literature has been undertaken. As such, this chapter was organized in the manner to give an overview of literature, identify gaps, formulated theoretical framework and the hypotheses development. 2. 2 Literature Overview Mutual funds offer investors the advantages of portfolio diversification and professional management at low cost. These advantages are particularly important in the case of equity funds where both diversification and professional management have the potential to add value.For bond and money market mutual funds, the main advantage is transactional efficiency through professional management. There are many literature about the mutual funds in the developed countries. Literature are limited in the emerging market but are gaining popularity recently due to the tremendous growth in this industry. We will examine some literature in the emerging market, especially Malaysia as well as the international market. 16 2. 2. 1 Emerging Market research Investors made investment in the mutual funds with various investment objectives.Selecting mutual funds that will offer high returns with acceptable risk is a complex task. Literature shows that there are multiple factors that determine the performance of a mutual fund. Study by Ramasamy and Yeung (2003) on mutual fund purchaser in emerging country, Malaysia, s hows that among the factors dominating the selection of mutual funds are consistent past performance, size of funds and cost of transactions. Qualification and investment style of fund manager seems to be relatively less important. This means that in emerging market, the final performance of the funds is what matters.A study by Taib and Isa (2007) on Unit Trust Funds performance of Malaysian market from period 1991-2001 showed that unit trusts have not performed well over the share market index on the period of study. In most of the instances, unit trust trail behind the performance of the market portfolio except during the crisis period when the unit trust market adjusted returns yields positive results. Of the various types of unit trust under investigation, they found the bond funds showed very superior performance over and above the market and equity unit trusts.The high interest rate kept throughout majority of the period particularly during the crisis period in year 1997 has t remendously benefited the bond funds. The study also found no meaningful inter-temporal correlation between current performance and past performance. Low (2007) had studied on the Malaysia’s unit trust performance during the up and down market conditions has shown that the Malaysia mutual fund performance from 1996 to 2000 reported that the manager’s poor timing ability contributes significantly to the fund’s 7 negative overall performance. Such results suggest no economic benefit accrues to the average fund manager involving in market timing activities. The other study by Low and Ghazali (2007) examines the price linkages between unit trust funds and the stock market index during the period of 1996-2000. He finds in the short run, the prices of unit trust funds are related to the stock market index, but finds the nonexistence of long run relationship between the unit trust funds and the stock market index.This could possibly due to fund managers that are oblige d to adhere to their investment policies with the aim of maintaining a long term allocation strategy. One recent study by Lau (2007) on the investment style of fund managers of emerging market, Malaysia, indicates that most of the funds do not outperform the passive style benchmarks. Fund managers invest in large-cap stocks with cash enhances the performance of funds. Besides having a relatively high degree of style, funds that hold large-cap stocks together with a relatively high portion of liquid asset class tend to have higher alpha, translating into higher information ratio.It could be implied that liquid asset class enables fund managers to invest in stocks that improve their values in economic cycles. It is obvious that most of the funds concentrated on large-cap stocks, followed by medium-capital and government bonds. The Islamic Mutual Fund is gaining popularity in the emerging market like Malaysia and China. In the study by Abdullah, Hassan and Mohamad (2007) on the perform ance of Islamic mutual fund over three different economic periods namely pre, during and post economic crisis in year 1997 compared to the conventional mutual funds has shown that 18Islamic funds performed better than the conventional funds during bearish economic trends while, conventional funds showed better performance than Islamic funds during bullish economic conditions. In addition to that finding, both conventional and Islamic funds were unable to achieve at least 50 per cent market diversification levels, though conventional funds are found to have a marginally better diversification level than the Islamic funds. The results also suggest that fund managers are unable to correctly identify good bargain stocks and to forecast the price movements of the general market.In the past decades, there were wide variety of studies in consumer behaviors indicated a considerably consistent successful findings using the application of TPB model (Ajzen & Madden, 1986). The model was wide u sed in the emerging market to study the consumer behaviors. Study by Mohamed (2004) on consuming herbal supplement in Malaysia has indicated the suitability of the model. In his study, Attitude was found to be the strongest predictor of behavioral intention. Study by Chai (2006) on consumer behavioral intention to choose functional foods in Malaysia was also based on TPB model.The results showed that intention was strongly predicted by subjective norms followed by perceived susceptibility to illness, health value, attitude towards behavior and finally perceived behavioral control. Interesting finding in this study was perceived importance of taste did not have significant impact on intention. The other study by Muniandy (2006) using the integrated Decomposed Theory of Planned Behavior on internet stock trading showed that attitude, subjective norm, perceived behavioral control, descriptive norm and perceived usefulness have a direct significant 9 positive relationship towards behavi oral intention. In his study, the model was also compared to other intention based model like TAM, TPB and DTPB and found that IDTPB has better explanatory power. 2. 2. 2 International Research. In the research on the global growth of mutual funds by Fernando, Klapper, Sulla and Vittas (2003) indicate that the growth of mutual funds was likely to be determined by a number of factors. First and foremost is the level of income and wealth of the residents of a country.Conceptually, investing in mutual funds, like purchasing life insurance and saving for retirement, should be seen as a luxury good with a positive income elasticity of demand. In practice, however, the relationship between per capita income (used as an indicator of economic development and wealth) and holdings of mutual fund assets (expressed as a percentage of national income) is not always positive. In the same research on the global growth of mutual funds also indicated that the availability or not of substitutes as we ll as complements also greatly affects the growth of mutual fund assets.For example, houses are distant substitutes of mutual fund shares in household wealth but most other instruments are either close substitutes or close complements, in some cases both at the same time. Bank deposits, both the traditional form of checking accounts and savings deposits and the more modern money market deposit accounts, are close substitutes of money market mutual funds. The interest rate spread between bank deposits and money market funds would be expected to play an important part in determining the demand for money market mutual funds (Fernando et al. , 2003). 20The study by Otten (2002) to analyze the development and performance of the European mutual fund industry and compared it with the industry in the United States, found that Europe was lagging the American mutual fund industry when it comes to total asset size, average fund size, and market importance. Furthermore, it appears that a few la rge domestic fund groups dominate the mutual fund markets in the individual European countries. The study also showed that the performance of US equity funds was relatively poor compared to the European funds, and the outperformance of small cap mutual funds.In one of the extensive research by Fortin (2005) on international mutual fund management, he examined the international mutual fund returns for each category and overall returns for the 25-year period (1976-2000). The result of the study showed that there is no relationship between total return and expense ratio, but there is a significant positive relationship between total return and turnover, and a significant positive relationship between total return and fund size.Study by Huhmann and Bhattacharyya (2005) on Mutual Fund advertisement in Canada and United States has found that Mutual fund advertisements are not providing the information necessary for optimal investment decisions. In another word, mutual fund advertisements do not contain all the requisite information on the risk-return trade-off, principal-agent conflict, and transaction costs that consumers need to optimize their investment decisions. Mutual funds used techniques known to increase the likelihood that their advertisements are noticed, but they also use techniques known to decrease the readership of their advertisements.Also, they rarely included convenience information. 21 Philpot and Peterson (2006) study on the Real Estate Mutual Fund (REMF) found that team-managed funds have lower risk-adjusted returns than solo-managed funds. Managers with longer tenure on job tend to pursue higher market risk levels, and there was no relation between manager characteristics and management fees. Researchers have begun to recognize the importance of understanding consumers’ or investors’ intention and behavior and consequently, there has een an increase in the number of studies in this area. Many theories have been developed and evolv ed through time and situational change. Each has its strengths and weaknesses. Among the few popular theories are Theory of Reasoned Action (TRA), Theory of Planned Behavior (TPB), DecomposedTPB and Technology Acceptance Model (TAM). There are many more theories in the literature, however this research will concentrate only on the theories as listed above as they are related and well within the scope of study. . 3 Models Explanation (TRA, TAM, TPB and DTPB) The objective of the study is to determine the factors affecting the purchasing behavior of the investors in the Mutual Trust funds. Four alternative models – the Theory of Reasoned Action (TRA), Technology Acceptance Model (TAM), Theory of Planned Behavior (TPB) and the Decomposed Theory of Planned Behavior (DTPB), primarily adapted from Taylor and Todd (1995) – are here examined and compared. 22 2. 3. 1 Theory of Reasoned Action (TRA)The Theory of Reasoned Action was developed by Fishbein and Ajzen in 1975. TRA su ggests that a person's behavioral intention depends on the person's attitude about the behavior and subjective norms. If a person intends to do a behavior then it is likely that the person will do it. Furthermore a person's intentions are themselves guided by two things: the person's attitude towards the behavior and the subjective norm. Behavioral intention measures a person's relative strength of intention to perform a behavior.Attitude consists of beliefs about the consequences of performing the behavior multiplied by his or her valuation of these consequences. Subjective norm is seen as a combination of perceived expectations from relevant individuals or groups along with intentions to comply with these expectations. In other words, â€Å"the person's perception that most people who are important to him or her think he should or should not perform the behavior in question† (Azjen & Fishbein, 1980). The TRA is popular in applied to explain use or adoption behavior.Research by Buttle and Bok (1996) on hotel marketing strategy reveals the two predictor constructs contained in the theory, attitude-towards-the act and subjective norm, jointly explain about 65 per cent of the variance in the criterion variable intention to stay in the hotel on the next business trip. Other example of research is consumption of alcohol free beer (Thomson & Thomson, 1996). In his research, it was found that the main determinant of behavior was Attitude followed by the subjective norm. Control factors failed to improve the basic model. The basic framework of TRA is shown in Figure 2. . 23 Figure 2. 1. Theory of Reasoned Action One shortcoming of the theory of reasoned action is the consideration of behaviors over which people do not have complete control. Therein lies the notion of perceived behavioral control, or â€Å"the perceived ease or difficulty of performing the behavior† (Ajzen, 1991). As Hagger et al. (2001) note, this concept â€Å"reflects the person†™s assessment of the capacities (e. g. , skills and abilities) and the limiting or facilitating factors (e. g. , barriers and access to facilities) regarding behavioral engagement†.Theory would predict that perceived behavioral control influences both intentions (Ajzen, 1991) and actual behavior (Ajzen & Madden, 1986). Another limitation of the theory is that the theory stems from the assumption that behavior is under volitional control. It means that this theory could only be applied if the person can decide at will to perform or not to perform a certain behavior (Ajzen, 1991). The limitations of TRA lead to the development of Theory of Planned Behavior (TPB). TPB is an extension of TRA to include the dealings of behaviors when people do not 24

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