Three works of art Essay Example | Topics and Well Written Essays - 750 words

Three works of art - Essay Example Being a book-worm is one thing; to gain knowledge from the book is a different issue. The captured knowledge in books is the great heritage of humanity. The books that have profoundly affected my thinking process and contributed positively are the following. I write their names in the order I read them. I happened to read them at different stages of my life: George Orwell was born in India in 1903. His family having moved to England in 1907, he commenced studies at Eton in 1917, where he contributed to several college magazines. Orwell served with the Indian Imperial Police in Burma from 1922 to 1927.After rendering some military service, his literary career began when he was the literary editor of the Tribune. He also contributed to the Observer and the Manchester Evening News. The book currently under review, Animal Farm, was published in 1945. In the post-World War era, the communist philosophy spread fast, became popular in many European countries. In addition, in Russia and China, communism dominated. People of these countries hoped that Communism will improve their lot in life and great economic transformation will take place, standard of living will substantially improve. The era of plenty and prosperity will begin. But to their great dismay, nothing of that sort happened. Exploitation of people continued, by a new set of rulers. Orwell says about the revolution through the pig, when it addresses an urgently summoned meting of all animals. â€Å"Rebellion! I do not know when that rebellion will come; it might be in a week of in a hundred years†¦..that sooner or later justice will be done†¦.pass on this message of mine to those who come after you, so that future generations shall carry on the struggle until it is victorious.†(Orwell,2004,p.30) Orwell has intelligently taken animals as the characters to describe how one class of animals exercised authority on the weaker section of animals. In the authoritarian regime,

Wrinkle in Time Essay Example for Free

Wrinkle in Time Essay In A Wrinkle in Time by Madeleine L’Engle (1962), 14-year-old Margaret (Meg) Murry finds herself in trouble and miserable. Her beloved father has disappeared, her five-year-old brother, Charles Wallace, is the object of ridicule, and she’s having enormous problems at school. Then, one dark and stormy night, she meets a â€Å"woman† with the odd name of Mrs. Whatsit, who seems to know more than she lets on and who leads Meg, Charles Wallace, and a popular boy from Meg’s school, Calvin, 14, on a quest to find Meg’s father. This quest takes them to other planets and into great danger as they pass behind an evil presence called the Black Thing. The children and their extraterrestrial helpers, Mrs. Whatsit, Mrs. Who, and Mrs. Which, manage to rescue Mr. Murry from a prison planet, but leave Charles Wallace behind during the attempt. Mr. Murry uses a technique called a â€Å"tesseract† in order to jump from one planet to another to make their escape once the children free him from his prison cell. But because Mr. Murry is greatly inexperienced at tessering, which is how he ended up on a prison planet in the first place, Meg is almost killed. Once she recovers, she understands that only she can return to the prison planet by herself to rescue Charles Wallace because the two of them are very close. In the end, Meg is successful and the family is reunited back on Earth. I decided to select this book for my fictional character review because I remember no other book from my childhood enchanting me the way A Wrinkle in Time (L’Engle, 1962) did when my sixth grade teacher read it aloud to us. The opportunity to look at Meg from a different point of view intrigued me. Is she gifted? Does she have some kind of disorder? Perhaps she has dysthymic disorder, a kind of low-grade, long-term depression? Does she meet the criteria to be diagnosed with Oppositional Defiant Disorder (ODD)? Looking at the story from this point of view opens up a whole new way of seeing this character, and the task of analyzing what Meg is experiencing and what her mother and teachers could have done differently to support her is what I hope to accomplish. One thing that the staff at Meg’s school and even Meg’s mother have failed to deal with is Meg’s grief over the loss of her father. Mr. Murry was a physicist who disappeared while doing top secret experiments for the government. He’s been gone for a year, and the government will provide no information about where he is or when, or even if, he will ever return. Meg’s mother lives in a kind of denial, expecting him back at any time, and so Meg has nowhere to turn to express her grief. She tries to hide her feelings like her mother does, but they just back up on her as she turns them inward. Perhaps because of this, I feel that Meg fits the criteria for a diagnosis of dysthymic disorder. For a child or a teen, two or three criteria must be met for a period of at least a year in order to qualify (Diagnostic and Statistics Manual of Mental Disorders, 2000, p. 311). I believe that Meg meets five of these criteria. Meg certainly suffers from low self-esteem and feelings of inadequacy. She calls herself a monster and a delinquent. She thinks that her 10-year-old twin brothers, Sandy and Dennys, are the only normal ones in the family. She feels her plainness acutely, with her mousy hair, her thick glasses, and her braces, and she compares herself unfavorably to her mother, who is a great beauty. Her teachers also compare her unfavorably to her brilliant parents right to her face. Meg feels that she is â€Å"doing everything wrong. † (L’Engle, 1962, p. 7) Another criterion of dysthymia is feelings of pessimism and despair and a kind of hopelessness. Meg has been dropped to the lowest section in her class, and her teachers chastise her frequently for not trying and not being smart enough. She is grieving the loss of her father and his loving support. She is also subjected to nasty town gossip, such as once overhearing a townsperson say, â€Å"I’ve heard that clever people often have subnormal children,† and that the â€Å"unattractive girl† was not â€Å"all there† (L’Engle, 1962, p. 13). All of these things have culminated in despair and hopelessness for Meg. She also suffers from â€Å"subjective feelings of irritability or excessive anger† (DSM, 2000, p 775). She talks back to and even shouts at her teachers and her principal, Mr. Jenkins, when they criticize her or bring up her father’s absence. In addition, when a boy a year older and 25 lbs. heavier than she is called Charles Wallace her â€Å"dumb baby brother,† she beat him up so badly that his mother called to complain (L’Engle, 1962, p. 8). Another symptom of dysthymic disorder is Meg’s inability to concentrate on her school work. She faithfully does her homework every night, but when she gets to class, she can no longer remember what she read. I also feel that Meg meets the criteria established for Oppositional Defiant Disorder, although it is very hard to know exactly how much of an impact her dysthymic disorder has had on her ODD behavior since there is often some relationship between the two diagnoses and there are some areas that overlap. With Oppositional Defiant Disorder, there is a pattern of negative, hostile, defiant or disobedient behavior towards adults and/or authority figures that lasts for six months or longer (DSM, 2000, p. 100). I feel that Meg’s ODD manifests in six different ways. The first three criteria suggest that she suffers from ODD because she frequently loses her temper, is quite touchy or easily annoyed, and she argues with adults who are in authority. At school, as I mentioned before, she talks back to her teachers and to the principal, she gets angry and shouts at them, and there was also the incident on the way home from school in which she beat up an older boy. She also has a pattern of actively refusing to comply with the rules of adults. In this case, Meg’s mother believes that Meg has set up a mental block about math. For most of her life, Meg’s parents tested her IQ and played a lot of math games with her. They know that she is gifted, and they taught her a lot of short cuts in math, so that Meg can actually do math that is two grades above her. However, in 9th grade, the grade that Meg is in, the math teacher wants Meg to show her work; she wants Meg to do the math the long way so that the teacher can see that Meg knows how she arrived at the result. This annoys Meg to no end as she thinks it is a total waste of her time, so Meg refuses to do it. Another criterion of ODD that Meg meets is doing things on purpose to aggravate other people. For example, when Meg is called into the principal’s office, Mr. Jenkins starts asking her questions about her missing father. Meg starts shouting at him and when he asks her to keep her voice down, she refuses and just shouts all the louder. Lastly, Meg blames others for her misbehavior. It’s the teacher’s fault, or the principal’s fault, or the fault of the boy who taunted her. She does not take responsibility for her own actions. It’s unfortunate that Meg has not received the mental health treatment that she needs. But it’s important to remember that the setting is 1962, and that the guidelines for these mental health disorders had not yet been established. School officials and teachers were often working in the dark and had no idea how to handle â€Å"problem children† like Meg. Her teachers berate her for not trying and the principal tells her that she must face facts about her father’s absence. Meg’s mother is doing her best to hold her family together in the face of humiliating rumors and the loss of the man she loves. Because of her own grief, it no doubt never occurred to her that Meg could use some professional help. In conclusion, one would hope that these days, Meg’s grief, her dysthymia, and her ODD would be identified by her teachers or her mother, and addressed by the school social worker. She should definitely be receiving help from a mental health professional. If the topic of the loss of her father is too sensitive for Meg to discuss with anyone at school, such as a school psychologist, then she should be offered the chance to talk to someone from another town. As it is, her main confidant and her emotional rock is her five-year-old brother, Charles Wallace, and although he is smart and mature for his age, he can’t bear that burden for her. References American Psychiatric Association. (2000). Diagnostic and statistics manual of mental disorders (4th ed. , Text revision). Washington, D. C. : American Psychiatric Association. L’Engle, M. (1962). A wrinkle in time. New York: Farrar, Straus, Giroux.

The Management Skills Of A Farm Manager Management Essay

The Management Skills Of A Farm Manager Management Essay My position for this assignment is as a farm manager. Farm management deals with the organization operation of a farm with the objective of maximizing profits from the farm business on a continuing basis. The farm manager needs to adjust his farm organization from year to year to keep abreast of changes in methods, price variability resources available to him.   Topic 1.   Management skills As a farm manager I discussed leadership as management skills. Leadership means knowing when to lead and when to allow others to lead. Farm managers are employed by farm owners or tenants to make sure the farm runs efficiently and profitably. They may run a whole farm or just part of it, such as an arable (crops) unit. As a farm manager, you could work on one of three main types of farm livestock (animals), arable (crops) or mixed (animals and crops). Your work would depend partly on the type of farm, but could include: planning the running of the farm setting budget and production targets buying and selling animals or produce keeping financial records and records of livestock and/or crops Recruiting, training and supervising staff. Farm managers must know what crops will be profitable during a growing season based on factors such as disease, weather projections and market fluctuations in prices of domestic farm products, according to the U.S. Department of Labor Bureau of Labor Statistics. They then must develop planting and harvesting schedules and supervise farm employees. Farm managers also must know how to apply fertilizer and pesticides to crops, or they must care for  animals  and lead breeding activities if they manage livestock farms. Farm management training programs teach students how to perform these many critical responsibilities. A farm leader is persistent in achieving the goal that will benefits others (as well as him- or herself). A farm leader is patient in their persistence; although the leader wants to achieve the goal as quickly as possible, the farm leader will not abandon the effort just because the goal is not achieved immediately. Instead, the leader will explore alternatives if one strategy did not lead to fulfilling the goal, a leader will look for another strategy. A farm leader develops their successor; no one will last forever but a person who is committed to the goal that benefits a group, will take steps to assure the group continues to strive for the goal even after the farm leadership has transferred to other people. Topic 2.   Strategic planning What are some of the basic questions to be addressed in a strategic plan?   Strategic planning is the formal consideration of an organizations future course. All strategic planning deals with at least one of three key questions: What do we do? For whom do we do it? How do we excel? How might a manager facilitate strategic planning?  Ã‚  HINT Review the decision making process addressed earlier in the semester.   The preparatory phase of a strategic business plan of a farm manager relies on planning. The first phase of a strategic business plan include: Analysis of the current situation past year Business trends analysis Market analysis Competitive analysis Market segmentation Marketing-mix SWOT analysis Positioning analyzing perceptions Sources of information Marketing plan strategy objectives next year Marketing strategy Desired market segmentation Desired marketing-mix TOWS-based objectives as a result of the SWOT Position perceptual gaps Yearly sales forecast What are some of the similarities and some of the differences between strategic planning and the decision making process? Strategic planning is the process that clearly defines business objectives and assesses both the internal and external situation to formulate and implement the strategy, evaluate the progress, and make adjustments as necessary to stay on track. On the other hand decision making can be regarded as an outcome of mental processes (cognitive process) leading to the selection of a course of action among several alternatives. Every decision making process produces a final choice. The output can be an action or an opinion of choice. Topic 3.   Information  management:   address the following questions.   Many of you are involved or will likely be involved in a business.   In one sentence, identify the type of business, such as an agricultural supply firm, or a grain farm, or a feedlot operation, or a food processing plant. As a farm manager I would like to involve in agricultural supply firm. What type of market and production information is needed to operate that type of business and where will that information be found?   Is the market and production information  likely to be public  or private?  Ã‚  How do you know it will be public or private information?   How does the answer to this question relate to the level of competition the business faces? (HINT:   consider and apply relevant economic theory to the business you are considering (characteristics of competition).)   The type of market and production information which is needed to operate aggrictural suppy farm is An  agricultural cooperative. It also known as a  farmers co-op, is a  cooperative  where  farmers  pool their resources in certain areas of activity. A broad typology of agricultural cooperatives distinguishes between  agricultural service cooperatives, which provide various services to their individually farming members, and  agricultural production cooperatives, where production resources (land, machinery) are pooled and members farm jointly.[1]  Agricultural production cooperatives are relatively rare in the world, and known examples are limited to  collective farms  in  former socialist countries  and thekibbutzim  in Israel.  Worker cooperatives  provide an example of production cooperatives outside agriculture. The default meaning of  agricultural cooperative  in English is usually an agricultural  service  cooperative, which is the numerically dominant form in the world. There are two primary types of agricultural service cooperatives,  supply cooperative  and  marketing cooperative. Supply cooperatives supply their members with inputs for agricultural production, including  seeds,  fertilizers,  fuel, and  machinery services. Marketing cooperatives are established by farmers to undertake transformation, packaging, distribution, and marketing of farm products (both crop and livestock). Farmers also widely rely on  credit cooperatives  as a source of financing for both working capital and investments. Where will you find the information; that is, what type of sources willl you use  (e.g., government agencies, private firms, your own research)?   What type of data banks will you use?   Be sure to cite appropriate examples of data sources, such as government web sites. The information must be private. Topic  4.  Risk Management  Ã‚   Address the following questions in this  part of the  memo.  Ã‚   What risks or  uncertainties does or will your business face?   Why do you consider them risks or  uncertainties?   How did  you identify or recognize them?   How do you assess them or measure the amount of risk or uncertainty?   How do you prepare for them?   What is the rationale for your risk management decision? Consider the ideas on risk management presented in the Kay text. Risk can be described as  the uncertainty  or  the unknown  relating to an action or an activity. For example, the outcome of an action or event could be better than expected or less than expected. As a farm manger the risk or uncertainties the business face/ identify/ recognize and prepare are: Production/technical risk Price/market risk Financial risk Legal risk Personal risk Availability of labor Availability of capital Equipment breakdown Health of the business owner Natural disasters such as rain, drought, storms, floods, etc. Power outage following a storm or other natural disaster Natural event that damages your product, such as e-coli entering the food system Availability of transportation Changing government regulations Business activity or event that violates an environmental regulation Availability of a market in which to sell our product or service Topic 5.   Position description and performance review Farm manager Position description Farm managers raise animals, tend crops, plan strategies for maximum yield, organise farm administration, work machinery, organise associated businesses and manage staff. They need to have technical and practical competence, coupled with the ability to make sound business decisions. Farms are generally arable, dairy or livestock, run by management companies or single-owner farmers. Crops range from cereals, oil seed rape and potatoes to vegetables and salad crops. Livestock are usually pigs, cows or sheep. Farm managers must appreciate the need to satisfy regulations set by the  Department for Environment, Food Rural Affairs (DEFRA) (http://www.defra.gov.uk)  for safe, high-quality produce farmed in an environmentally sustainable manner. Typical work activities Farm managers are responsible for planning, organising and managing the activities of a farm to meet the objectives of the owner. Typical work activities include: planning finances and production to maintain farm progress against budgeted parameters; practical activities, e.g., driving tractors, operating machinery, feeding livestock, spraying fields, etc; marketing the farms products; buying supplies, such as fertiliser and seeds; arranging the maintenance and repair of farm buildings, machinery and equipment; planning activities for trainee staff, mentoring and monitoring them; maintaining and monitoring the quality of yield, whether livestock or arable crops; Work conditions An assistant or trainee farm manager can expect to start on around  £22,000 (salary data collected Sep 09). After two years training, salaries rise to around  £28,000. Experienced farm managers earn in the region of  £60,000. Senior posts, including those in a consultancy or advisory role, can pay in excess of  £70,000 (salary data collected Sep 09). Salaries are usually dependent on experience and the size of the farm. Other benefits usually include farm produce, a pension scheme and private health insurance. Continuing professional development (CPD), e.g., in crop management is now available. Farm managers may also have accommodation included as part of their salary package, and/or the use of a vehicle and phone. Entry requirements Previous hands-on farming experience and technical knowledge are as important as academic qualifications, and some employers may appoint candidates on the basis of their experience alone. However, a degree is greatly valued and most farm managers hold at least a degree or HND/Foundation degree in agriculture, or a related subject. In particular, the following subjects may improve your chances: agriculture; farm business management; crop management; horticulture; land/estate management; agricultural engineering. Training Lantra: The Sector Skills Council for the Environmental and Land-based Sector (http://www.lantra.co.uk)  runs a variety of regional and national courses. These include short courses at all levels, from training on specific kinds of equipment, such as chainsaws, through to assessing and validating NVQs up to level 5   a trainee assistant farm manager would be working towards NVQ Level 4 in the first instance. Career development Most beginners in farm management expect to start as an assistant or by managing an enterprise, such as a pig unit, depending on their interests. After that, experience can progress to more responsibility and management. Most farms now are focused on a single activity so, in order to gain a broad range of experience, a farm manager may move from one farm to another. Different areas of the country specialise in different types of production as the climate and soil Farm manager Performance reviews are often used as a tool for evaluating employee raises, potential layoffs, productivity metrics and  job  security. Therefore, farm manager job performance reviews naturally create stress on the part of the manager reviewing an employee and the employee being assessed. With farm manager review, planning and inclusion of detail, farm managers can create job performance reviews for their employees that foster increased productivity, ensure clarity of goals and simultaneously lower the stress of the review process.

Comic and Tragic Elements in Kurt Vonneguts Slaughterhouse Five Essay

Comic and Tragic Elements in Slaughterhouse Five    Slaughterhouse-Five, by Kurt Vonnegut Jr., is the tale of a World War II soldier, Billy Pilgrim. His wartime experiences and their effects lead him to the ultimate conclusion that war is unexplainable. To portray this effectively, Vonnegut presents the story in two dimensions: historical and science-fiction. The irrationality of war is emphasized in each dimension by contrasts in its comic and tragic elements. The historical seriousness of the Battle of the Bulge and the bombing of Dresden are contrasted by many ironies and dark humor; the fantastical, science-fiction-type place of Tralfamadore is, in truth, an outlet for Vonnegut to show his incredibly serious fatalistic views. The surprising variations of the seriousness and light-heartedness allow Vonnegut to show effectively that war is absurd. The most important historical plot strand of Slaughterhouse-Five is Billy Pilgrim's war experience which occurs during the last six months of World War II. This plot strand follows Billy through the Battle of the Bulge and his presence as a POW during the bombing of Dresden, Germany. Vonnegut contrasts these documented milestones with incredible amounts of dramatic irony and dark humor. This provides the plot with not only comic relief, but examples of absurdities which parallel the message of the insanity of war. Billy, standing at a lanky six-foot two, is introduced in the middle of a Luxembourg forest during the Battle of the Bulge. He, along with two infantry scouts and an antitank gunner named Roland Weary, have been separated from their platoon and are alone in enemy territory. In contrast to the two scouts, who are quiet and swiftly moving through the fo... ...mbolized fatalism and the Garden of Eden. Vonnegut gives a compelling account of the horrors of war using intricate, clever story-telling techniques, bringing together the extremes between truth (historical facts) and science fiction (futuristic imagination). He uses the extraordinary technique of combining the dark humor of Billy's views of World War II with the serious message from the figment of madness of Tralfamadore to show the inexplicable occurrences of war and its repercussions. This ingenious combination leads to a unique tale that is timeless and interesting, that brings the story of Dresden, of Tralfamadore, and of Billy Pilgrim, into the public eye. Works and Sources Cited Merrill, Robert. ed. Critical Essays on Kurt Vonnegut.   Boston: G.K. Hall & Co., 1990. Vonnegut, Kurt.   Slaughterhouse-Five.   New York: Dell Publishing, 1968.

Beowulf Essay

English 1001 Beowulf Essay The element of religious tension is common in Anglo-Saxon writings, but a pagan story with a Christian narrator is unusual. â€Å"Much of the poem’s narrative intervention reveals that the poet’s culture was different from that of his ancestors† and also that of his characters (Watson). There are many different perceptions to the reasons why the author wrote Beowulf. The best answer, in my opinion, was that the author was creating a magical and intriguing story that had an underlying theme to it.Christianity was a newly introduced religion to the western Europeans at the time and I believe that someone would have written about it, or at least the conflicts that came with it. This is just a background in which time period the story was told, even more evidence to this interpretation is buried in the actual text. Though still an old pagan story, Beowulf was told by a Christian poet. People believe the epic Beowulf is a story full of pagan tradition. However, Beowulf is really a Christian-based story, in which Christianity prevails. Nature is accommodating; death and fate are controllable; man can reconcile with the world; and the main character, a hero and representative of good, triumphs over evil and does not fail in the end† (Perrello). The way the author incorporated many side notes, of what seemed to be other tales told at the time that may not have ever been saved like this one, was an amazing mystery for our present day historians to try and solve. The beginning of the story is where we find our first sign of Christianity, as the poem goes, â€Å"Afterward a boy-child was born to Shield, a cub in the yard, a comfort sent by God to that nation† (Beowulf 12-14).This child was a blessing for this tribe and was the uprising of their downfall and this is where we see that first conflict between the Heroic Code and Christianity. Complete polar opposites are the two, favoring blood- shed and vengeance, family, and praising the king who led them into battle. Christianity on the other hand is all about showing one another kindness and grace. There must have been confusion when these tribes were first introduced to this way of life. But the more and more these stories of God were told, people’s lives changed and they started to be moved.It’s the idea of God being the creator of the earth that we see next, â€Å"the clear song of a skilled poet telling with mastery of man’s beginnings, how the Almighty had made the earth a gleaming plain girdled with waters† (Beowulf 90-93). Aside from showing that God was creator of all earth, we find that repentance is taking place, â€Å"But blessed is he who after death can approach the Lord and find friendship in the Father’s embrace† (Beowulf 186-188). They were unfamiliar with the Lord and had their many other gods to go to, to seek help for different things.Then they started seeking help from the Lord, who in return gives them calm waters to safely travel back home and the people are extremely grateful and moved by his presence in their lives. In the end, there was a great purpose behind the composition of this difficult and complex storyline. It was in a time of life where everything was done the people’s way. They were reluctant at first when hearing about God but soon saw what he was capable of and ended up following him. Beowulf's claim to kingship is a matter of his military prowess as much as it is by birth.We also learn that what we consider virtues today were not considered at the time. Celibacy, or even monogamy was not of any interest to the Anglo Saxons. It was very acceptable for warriors to have relationships with multiple partners. Also, humility and modesty was seen as a flaw. Not only were heroes expected to be physically brave, strong, and victorious, they were expected to brag about it. A warrior was meant to succeed. Not only to win, but to triumph. The ideal was to have one's stories live on in epic poems, and the only way to assure that was to make sure people knew of one's deeds.It also suggests a bit of the Anglo-Saxon structure. The fact that â€Å"the main action occurs in the Mead Hall, and that people sleep there, shows the importance of this central building† (Bloom). The Beowulf that we read today is unlike the Beowulf with which the first Anglo-Saxon audiences were familiar. Beowulf can be considered â€Å"one of the most compelling stories in the English language†, and most certainly is considered the first English masterpiece to be written (Bloom). â€Å"Originally the Anglo-Saxon and Scandinavian invaders experienced a large-scale conversion to Christianity at the end of the sixth century† (Perrello).Beowulf is a hero, representing courage, concern for his own people as well as foreign people, and pride. However, this novel shows a lot of controversy. Beowulf is filled with Christian teachings, cu lture, and pagan tradition. The values of the Anglo-Saxons were mainly their faith and their success as a warrior. In Beowulf, warriors were expected to create a self-image of fame. Being a warrior required winning. You had to die an honorable death if you were the loser. Only the best warriors went to Valhalla. They always thought God was in control of fate and nobody can change it because all the decisions have been made.The values of the Anglo-Saxon people didn’t vary along a wide range. They all believed in the same thing, thought the same thing, honored the same people, and stood for who they were as people. â€Å"Nature is accommodating, and the forces of death are controllable. Fate is neither blind, nor random in its choice of victims; rather, fate is likewise dependent on certain criteria, such as the character of the person whom is experiencing fate† (Johnson 18). Their destiny was chosen for them by God and there was nothing they could do to change that.Beow ulf follows the virtues most important to the Anglo-Saxon culture being as their religion, militaristic nature, and values. Beowulf is also a prime example of an Anglo-Saxon literary work. â€Å"The Anglo-Saxon era was defined by a heroic code found in the people of that culture† (Johnson 19). This was exemplified through qualities such as bravery, honor, and strength. In Beowulf, the character of Beowulf depicts an Anglo-Saxon warrior traveling lands and fighting fierce monsters to glorify himself and achieve his ultimate goal of fame. Works Cited â€Å"Beowulf†. The Norton Anthology: English Literature.Ed. Stephen Greenblatt. 8th Ed. New York: Norton, 2006. 26-97. Print Bloom, Harold. â€Å"Background to Beowulf†. Bloom’s Literary Reference Online. Chelsea House Publishing, 2008. Web. 5 Feb. 2012. Johnson, David and Elaine Treharne, eds. Readings in Medieval Texts: Interpreting Old and Middle English Literature. NY: Oxford University Press, 2005. Perrel lo, Tony. â€Å"Religion in Beowulf†. Bloom’s Literary Reference Online. McClinton- Temple. 2011. Web. 5 Feb. 2012. Watson, Robert. â€Å"Beowulf†. Bloom’s Literary Reference Online. The Facts on File Conpanion to British Poetry, 2009. Web. 4 Feb. 2012 Beowulf Essay James Robinson 3/18/13 English 12 Beowulf Argument In the poem Beowulf it has been argued whether or not Beowulf shows pagan or Christian values or even both. however if one reads the poem and analysis closely you can see that Beowulf upholds both Christian and pagan values. The bravery and courage that Beowulf became so famous for shows his heroic and pagan values however he also shows Christian values by protecting and treating all of his people equally and by fighting the dragon alone and giving the gold to the people even if he did survive the final battle with the dragon.The dragon that Beowulf fights to the death at the end of the poem shows Beowulf's Christian values because Beowulf agrees to fight the dragon by himself as a selfish act of bravery and love for his people and men. Beowulf tell his men not to help him because he knows the danger he must face and he knows it could be his last battle and doesn't want to put any of his men in danger. In Ogilvy's Beowulf's Heroic de ath Ogilvy agrees that Beowulf fights the dragon alone â€Å"in sake of his men. Beowulf also tells his people not to bury the dragons treasure with him if he dies but to instead give it back to the people. This shows Beowulf compassion and kindness towards his people. If Beowulf only showed Pagan values then he would not have fought the dragon alone and he would have kept the treasure for himself to help better his glory and fame . However Beowulf also shows his pagan values because he boast about killing Grendel which a true Christian would not boast about killing anyone.Beowulf also shows Pagan values because he does his carries out his duty as king to protect the people even though it means his death which a true pagan hero would do. He also tells his men to divide the treasure between the people if he does not survive the battle between the dragon because Pagans believed in gift giving and gold sharing as part of their culture. In Goldsmith's The corruption of Beowulf goldsmit h agrees that Beowulf shows his pagan values of bravery, strength and duty as a king â€Å"his motives where arrogant elf-confidence, and if there is added to it a desire for gain, the hero's bold action is spiritually perilous. Overall this shows Beowulf Pagan values along with his Christian values and how there uphold. The overall understanding of Beowulf is that it could be argued either way of the Pagan and Christian values. However Beowulf really shows us both Pagan and Christian values you just have to analyze the reading for traits that show both the Pagan and Christian values of Beowulf.

The Modern Chinese Wedding Ceremony and Banquet

The Modern Chinese Wedding Ceremony and Banquet In modern China, the official marriage ceremony is  now substantially different than it was in traditional Chinese custom, where most marriages were arranged according to a social arrangement and were heavily influenced by the philosophy and practices of Confucianism- at least for the majority of Han Chinese. Other ethnic groups traditionally had different customs. These traditional customs were a carry-over from feudal times in China but were changed by two different reforms after the Communist revolution.  Thus, the official act of marriage in modern China is a secular ceremony, not a religious one. However, there remain strong traditional customs in place in many parts of China.   The first reform came with the 1950 marriage law, the first official marriage document for the Peoples Republic of China, in which the feudal nature of traditional marriage was officially eliminated. Another reform came in 1980, at which time individuals were allowed to select their own marriage partners. In an effort to control population numbers, Chinese law today requires men to be at least 22 years of age and women 20 years of age before they can legally marry. It should be noted that while official policy outlaws all the feudal customs, in practice of arranging marriage does persist in many families. Chinese law does not recognize yet recognize same-sex marriage rights. Since 1984 homosexuality is no longer considered a crime, but there is still substantial social disapproval of same-sex relationships. Modern Chinese Wedding Ceremonies Although the official modern Chinese wedding ceremony usually takes place in a city hall office presided over by a government official, the genuine celebration generally occurs later at a private wedding banquet reception that is usually hosted and paid for by the grooms family.  Religious Chinese may also opt to exchange vows at a religious ceremony, but either way, it is at the later banquet reception that the larger celebration occurs, attended by friends and extended family.   The Chinese Wedding Banquet The wedding banquet is a lavish affair lasting two or more hours. Invited guests sign their names in a wedding book or on a large scroll and present their red envelopes to attendants at the entrance of the wedding hall. The envelope is opened and the money is counted while the guest looks on. The guests’ names and amounts of money given are recorded so that the bride and groom know how much each guest gave toward the wedding. This record is helpful for when the couple later attends this guests own wedding- they are expected to offer a gift of more money than they themselves received.   After presenting the red envelope, guests are ushered into a large banquet hall. Guests are sometimes assigned seats but are sometimes welcome to sit where they choose.  Once all the guests have arrived, the wedding party begins. Nearly all Chinese banquets feature an emcee or master of ceremonies who announces the arrival of the bride and groom. The couple’s entrance marks the beginning of the wedding celebration. After one member of the  couple, usually the groom gives a short welcome speech, guests are served the first of nine meal courses. Throughout the meal, the bride and groom enter and re-enter the banquet hall, each time wearing different clothing outfits. While the guests eat, the bride and groom are typically busy changing their clothes and attending to their guests’ needs. The couple typically re-enters the dining hall after the third and sixth courses. Toward the end of the meal but before dessert is served, the bride and groom toast the guests. The groom’s best friend may also offer up a toast. The bride and groom make their way to each table where the guests stand and simultaneously toast the happy couple. Once the bride and groom have visited each table, they exit the hall while dessert is served. Once dessert is served, the wedding celebration  promptly ends. Before leaving, guests line up to greet the bride and groom and their families standing outside the hall in a receiving line. Each guest has a photo taken with the couple and may be offered sweets by the bride. Post-Wedding Rituals After the wedding banquet, close friends and relatives go to the bridal chamber and play tricks on the newlyweds as a way to extend good wishes. The couple then shares a glass of wine and teach traditionally cuts off a lock of hair to symbolize that they are now of one heart. Three, seven or nine days after the wedding, the bride returns to her maiden home to visit her family. Some couples opt to go on a honeymoon vacation as well. There are also customs regarding the birth of the first child.

Polonius is an interesting Essays

Polonius is an interesting Essays Polonius is an interesting Paper Polonius is an interesting Paper Essay Topic: Interesting The characters play important roles in Shakespeares Hamlet. Each character is unique in his of her contribution to the entire play. Without certain characters, the play would not have the same effect. Polonius is an interesting and complicated character who plays an important part in Hamlet. Although he is not one of the main characters, Polonius serves as the nosy chief counselor to King Claudius. Poloniuss destructive personality and meddling behavior leads to his fatal end. Poloniuss first extended speaking scene is in Act I, Scene 3. In this scene, Laertes is speaking to his sister Ophelia about Hamlets attention towards her. He warns her to protect her virtues. Polonius arrives and reminds his son that he should be on his way to Paris. Right after Laertes leaves, Polonius turns to his daughter and asks her what they were discussing before he entered the room. Although it may be common for a father to be concern with his daughters life, Polonius did not act concerned- just ignorant and criticizing. The lack of Poloniuss concern can be read in his responses to Ophelia. Right after she reveals that they were talking about Hamlet, Polonius criticized her. When Ophelia explains to her father that Laertes was concerned about Hamlets late made many tenders (1. 3. 108), Polonius just scoffs at the idea of Hamlet being attentive towards her. His words are blunt and unkind. He calls Ophelia a woodcock (1. 3. 124), which is a gullible bird. Polonius does not consider his daughters feelings for Hamlet. He continues to warn her to conduct herself well so she does not make him appear a fool. He forbids her from seeing Hamlet for the wrong, selfish reasons. In this scene, Poloniuss character displays a selfish nature where he only cares about his image. His rudeness to his daughter shows that he does not care about her. Instead, he is suspicious that she might ruin his reputation and that Hamlet has the worst intentions for Ophelia. Polonius is selfish, suspicious, and uncaring. The suspicious trait later plays a part in Claudiuss death when he is trying to find out the reason behind Hamlets insanity. Polonius is meddling in his sons life in Act II, Scene 1. Before Laertes departs to Paris, Polonius gave him some last words of advice. Polonius reminds him thou canst not be false to any man (1. 3. 83) and to thine own self be true (1.3. 84). Polonius is asking his son to be honorable and virtuous. Polonius is hypocritical for giving his son this advice because he is not trusting of his own son. After his son leaves, he sends Reynaldo to follow Laertes to Paris to find out how he is conducting himself. Polonius does not trust his son and does the dishonorable thing of sending a spy. Why would Polonius give Laertes fatherly advice and still not trust his son? This shows another weakness of Polonius. He cannot learn to trust others. He is a hypocrite for asking his son to be honorable when he cannot listen to his own advice. Polonius is proven not to be an honorable man and this ironically is how he was killed. Polonius did the unthinkable act of spying and eavesdropping on a private conversation and is killed. If Polonius had listen to his own advice to his son, Polonius would have never mettle in Hamlets life and continually spy on him. Poloniuss job is to be King Claudiuss chief counselor. Part of the job description is to help Claudius sort out information and make wise decisions. But there are moments when it seems as though Polonius wants to make the final word, as oppose to letting Claudius make the final decision. This shows that Polonius likes to meddle in other peoples business, including his own kings life. Polonius does not let other people live their lives without his words. Being nosy is the reason why Polonius got involved with Hamlets sanity issue and leads Polonius to his death later in the play. In Act II, Scene 2, Polonius suggests a reason for Hamlets sudden lunacy. He believes the reason is that Ophelia refuses to see Hamlet and that alone has driven Hamlet into madness. Polonius devises a plan where he will let Ophelia talk to Hamlet. During their encounter, Polonius and Claudius will observe the situation from a hidden area. From this encounter, Polonius ensures Claudius that they will find the true reason for Hamlets madness. Poloniuss insensitivity towards Ophelias situation is shown when he uses her for his personal plans. He does not take her feelings into consideration and uses her as a prop to impress Claudius. But Poloniuss plan did not please Claudius. After watching the couple interacts, Claudius is now convinced that love is not the cause of Hamlets craziness. Dissatisfied that the King did not agree with his theory, Polonius urges one last attempt to find out Hamlets secret. Polonius is desperate to convince the King that his theory is right. Polonius wants to please Claudius, but he also does not want to be wrong. As a counselor, he should be obedient to the King. Instead, he tries to control Claudius by ignoring Claudiuss theory and convinces him to give one last attempt to find the whole truth. Little did he know his last meddling in Hamlets life would be a fatal one. Poloniuss life ends tragically. While hiding behind the arras and eavesdropping on Hamlet and Queen Gertrude, Polonius is convinced the truth would be revealed. Polonius is meddling in Hamlets life by getting involved in a situation that has nothing to do with him. During Hamlets and Gertrudes conversation, she is frightened by Hamlet which prompts Polonius to echo a cry out for help. Thinking Polonius was the king, Hamlet thrusts his rapier into the arras and kills him, whom Hamlet describes as a fool (3. 4. 38). Even Hamlet recognizes that Poloniuss death is avoidable if only he had stayed out of everyones personal business. Poloniuss sudden death is caused by his nosy, meddling ways. He is out to seek the truth about Hamlet and, ironically, is killed by Hamlet. If Polonius stopped meddling in Hamlets life in Act II, Scene 1, he would still be alive to be by the Kings side. Instead, he forces his way into finding secrets that do not involves him and ends up dead. Poloniuss destructive and prying personality is what kills him. Polonius plays an important role in Shakespeares play Hamlet. He meddles in other characters lives. He also sticks his nose into others situations. He is a selfish, suspicious, dishonorable, and nosy. These qualities are destructive and that is why his life ended so tragically. Poloniuss early death foreshadows the other characters deaths later in the play.

White Tale Deer essays

White Tale Deer essays Whitetail Deer can be found all over North America. Deer have the ability to adapt to almost any habitat, making them one of the most overpopulated animals in many parts of the United States. Recently deer have received more attention the normal. This is due to the fact that they are one of the most unpredictable animals in the world. Until recently their behaviors were unknown. The population of deer across America has been growing at tremendous rates, making the species easier to observe. Many people assume hunters are the only ones interested. Farmers and everyday people are affected by the exponential growth of the white tail deer. Crops are diminishing at huge rates. In areas of overpopulation, deer can cause an over browsing effect which can destroy most plant species up to six feet. People are being killed by deer related car accidents on a regular basis. These are some things that can possibly be avoided if the public was more informed on the behaviors of deer. The male deer is called a buck and the female deer is called a doe. There are some very distinct differences in their appearances that are good to know. The male buck has what are called antlers. Hunters refer to them as the rack. The bucks will shed its antlers each year and just before fall they will return or grow back. The antlers consist of bone and grow out of the top of the head. Does are relatively smaller in size and usually are seen leading a herd of dear. This is why many hunters will wait after they see a doe hoping that the male buck will follow. Hunting season starts when mating season begins, this is why the buck will usually follow the doe. Bucks can grow to be between 200 and 300 pounds and can grow enormous antlers. During mating season the bucks are very aggressive and can be very territorial. They mark their area by what is called scrubs. They stand on there hind legs and reach as high as they can to scrub the tree. It leaves t...

The Philosophy of St. Augustine Essay Example | Topics and Well Written Essays - 750 words

The Philosophy of St. Augustine - Essay Example As such, St. Augustine himself brought the ‘City of God’ to proposition, synthesizing conception of justice and state under Plato’s theory or that it occurs rather disposed to resemble it. Since ‘justice’ is an entity on which the ‘state’ must be founded, its presence is essential in determining how a good kingdom is like or should be. For St. Augustine, the applicability of justice in this sense may be extended to the measure of happiness for the ruler within a state or kingdom. He concretizes moreover: â€Å"For neither do we say that certain Christian emperors were therefore happy because they ruled a long time, or dying a peaceful death ... or subdued the enemies of the republic ... But we say that they are happy if they rule justly.† On a biblical context, St. Augustine claimed that rulers can satisfy being just if they are capable of delaying punishment yet are ready to pardon and if they necessitate having to employ such pun ishing act upon the government in favor of defending the republic. In ‘The Republic’, this well coincides with Plato’s argument explicating that the elements namely – reason, appetite, and spirit must consist in justice just as they must in state (Ebenstein & Ebenstein, 1990). According to St. Augustine, two cities emerge out of love of self or the earthly love and love of God or the heavenly love. While the love of self is sought based on the approval of men, regardless of God’s judgment, the love of God exists in an individual who primarily seeks God’s glory despite harsh criticisms by other men. As a consequence, the earthly city is composed of nobilities and subjects that are governed by the exercise of authority where pleasing the state seems to form the sole basis and cause either of anxiety or of contentment among people. In the heavenly city, however, it is the Lord’s command that matters most for the people who fear or delight in following his will. The truth behind divine forces or the ways by which God communicates to men in the city of God may, to a certain extent, raise doubts requiring support via evidences that are less abstract than intangible conviction, Nevertheless, St. Augustine’s proposition quite matches the remarkable portion of world history when kingdoms indeed found triumph over all others because they, rulers and subjects alike, had hopes that rested highly on God’s power to vanquish the enemies. When St. Augustine further elaborates that the absence of human wisdom enables godliness and genuine worship of God in the heavenly city, such idea may be perceived to bear consistent thought and agreement with the conception of justice in state. A godly nation with a just king or emperor discerns justice that places no distinction between the rich and the poor or the strong and the weak, only between right and wrong by sensible law, for by the fundamental meaning of the term, it is intended to be carried out at times unjust situations transpire. With the city of God, this condition especially holds for the Lord is considered the supreme being so that all else under him are made equal with each other in view of justice and its righteous function as God himself exhibits no partiality in rendering proper justice on anyone through Christian faith. Much as St. Augustine distinguished between the two cities with opposing characteristics he more so argued about the two types of man

CONVENT LIFE OF A CAMELITE NUN Essay Example | Topics and Well Written Essays - 1250 words

CONVENT LIFE OF A CAMELITE NUN - Essay Example Her new novice’s veil seemed to have its own source of light and it radiated above her feet, catching the rays of the moon from the small, high window. This reminded Jessie of the momentous decision which had brought her here to begin a new life of prayer and seclusion. Thinking of the greatness of God and the exciting prospect of joining this community of nuns, Jessie eventually fell asleep. There was a faint ringing in the distance, and Jessie dreamed of the convent garden, where she would pray with the other novices. The sun would shine and she would sing with the nuns, happy at last to be a part of their community. How sweet the bell sounded, and how glorious it was to have a calling to be a Carmelite nun! There would be endless days of sunshine and singing, and Jessie would look serene and contented in her distinctive habit and veil, happy at last to have found her true vocation. A rough hand shook Jessie’s shoulder and she opened her eyes to see an older woman shaking her fist and looking very cross. In total silence the nun pulled Jessie from the bed and dragged her down the corridor to the washroom. In less than three minutes she was stripped of her nightgown and bundled into the uniform of the novitiate – a full-length brown habit and the white novice’s veil. â€Å"Wait, wait, I have to adjust my clothes† she cried, searching in vain for a mirror, but the nun placed one finger on Jessie’s lips and pushed her unceremoniously through the door. The chapel was filled with nuns. Jessie slunk in to a pew at the back, and tried to look inconspicuous. An hour of silent prayer was followed by an hour of psalms and readings and then a formal Mass. The overriding sensation that Jessie felt was tiredness, although boredom and hunger also troubled her during these lengthy rituals. Everyone else seemed to know exactly what to do. When to sit, or to stand, and how to respond to the Divine Office. At last, the nuns filed

The Growing Role Of Technology In Modern Age Essay - 1

The Growing Role Of Technology In Modern Age - Essay Example Ray Kurzweil addresses how nano-engineered fuel cells can be a step in the right direction as far as the future realms are concerned. He asserts that this is the next chapter of engineering since there is immense safety present as far as transmission and transfer of nano-engineered fuel cells are linked plus there are apparently no hurdles or disruptions that can be come across in the future. He has touched base with poverty in Asia and has quoted different facts and figures from the World Bank which substantiates his point. He is of the view that the potential to overcome disease and poverty is there as far as the world bodies are concerned. The will and determination must be enacted by the people who shall actually bring the very change in motion, and that too for the betterment of all and sundry. Since Ray has been a student of technology and its changing trends for a long amount of time, he suggests that technology in his view seems to develop in an exponential manner and thus raises estimated which are based around the years 2010, 2011 and 2012. He goes back in the past and tells the audience about the Genome Project that took place in the year 1990 which turned out to be a failure. Also, he talked about how serious diseases like HIV and SARS were overcome easily within a span of one month when these started to spread in different parts of the world. This was done through evidence provided by different logarithmic graphs so that data trends can be easily explained to everyone. Going one step further, he shows how cell phones, the telephone, and other relevant tools and devices took years to catch up with the people. This was made apparent through research done on his part. However, he suggested that these trends have become quicker to adopt as far as the modern day generations are concerned.

Assessing IT Security Measures of HSBC Bank Coursework

Assessing IT Security Measures of HSBC Bank - Coursework Example Pre defined and anticipated risks have to be assessed meticulously and the adequacy of safety measures has to be ascertained to incorporate all the necessary and change and improvements required in the security systems. This current study aims to identify the various security issues that have blemished HSBC’s image and status in the recent past. The report also features the security policy that has been redefined by the organization in order to mitigate the anticipated risks along with the advanced security features that have been installed in the systems for assuring safety and security to its clients. INTRODUCTION HSBC has encountered numerous instances of data theft that has affected thousands of customers. Data reveals that almost 24,000 clients have suffered financial losses. In the year 2006, almost 9000 customers holding an account in HSBC Switzerland had their account data pilfered (Barrett L, 2010). After such incidents, it became necessary for the bank to incorporate significant improvements to its data security measures and the system as a whole involving technology in order to upgrade the current status. Such revisions added to the overall cost burden of the organization almost $93 million (Barrett L, 2010). ... However such information was shared between the administrators and home office staff that created unwanted problems for the firm. After analyzing the current case, it can be said that security issues have greatly tarnished the organization’s reputation and image. A huge amount of fine the largest fine ever imposed in UK, approximately 5% million dollars was forced on three HSBC firms for implementing ineffective and inadequate security measures (Barrett L, 2010). LITERATURE REVIEW There are numerous threats faced by an organization in the modern times, but till now there has been no single or uniform strategy that could be adopted by organizations as one comprehensive policy to resolve the issues or mitigate the challenges right from hardware to software, from core to application and from local issues to broad network problems ( Chen L, Dan Feng D & Ming L, 2007). With the rapid advancement and growth in the IT sector, parallel developments have also been witnessed in their il legal and unethical use (Ditzion R, Geddes E, & Rhodes M, 2003; Maher M K & Thompson J. M, 2002). The negative consequences of cyber crime are tremendous causing financial and economic loss both to the organization as well as the economy. The irony is that such crimes require too less a resources and equally low technical expertise. Past data reveals that almost 5percent of US based organizations including banks have been attached by computer virus and hackers which have caused huge losses to the firms and their clients (Barr K, Beiting M & Grezeskinski A, 2003). In a research conducted by Meier D, Mackman A, Dunner M, Vasireddy S, Escamilla R & Murukan A (2006), a systematic process of an attacker’s methodology was analyzed in-depth

Business security and globalization issues that Mexico face Research Paper

Business security and globalization issues that Mexico face - Research Paper Example Global issues†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ Bribery and corruption†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ Terrorist threat†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. Organized crime†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ Border threats†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 7 7 8 8 9 10 7 1.5 RECOMMENDED SECURITY ACTIONS Security and tracking system†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã ¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. Foreign direct investment†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. Assistance from security agencies†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. Evacuation plan†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. Competitive management†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ State and local regulatory†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 10 10 11 11 11 12 12 8 Conclusion†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 13 9 References†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â ‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 14 Outline of Security issues and threats Mexico being one of the best business sites is facing many problems in relation to security issues. The security situation in Mexico is fluid and there exist conflicts among security forces. This led to increase in threats and risk in relation to the insecurity in the country. Some of the threats and preventive measures in relation to the security are discussed below: 1.1 Natural threats Mexico is suffering from just one natural threat which has affected the business economy i.e. global issues. Global issues Country have initially suffered a downturn in the business economy due to the global issues such as falling international... The intention of this study is Mexico as one the best business sites. It has provided many opportunities and growth to international businesses. It involves less cost of conducting a business as compared to other Asian countries. Though Mexico had promoted businesses in all aspects but it has negative aspects also, which are harming the working of business such as risk related to securities. Since 2007, more than 24000 people have been killed due to drug violence. Smuggling of drugs and goods is becoming quite common on borders which are increasing risk of trading companies that conduct operations on borders. Small businesses have also become security minded and they take precautions while travelling to Mexico, especially in border and capital regions. This shows that businesses are investing more on security in order to perform business in Mexico, which in result increases the cost and reduces profitability of the company. Mexico is a federal constitutional republic of North America and is bordered in the north of United States. It covers two million square kilometers i.e. 760,000 sq mi. on the basis of this area it is the fifth largest country in America. Researchers identified that its current population is around 112 million and is eleventh most populated country in the world. Spanish is the most popular language in Mexico. This country comprises of thirty one states and one federal district which is a capital city. Mexico is one of the best business locations as compared to 112 cities in Europe, North America and Asia Pacific.

Project Management Principles Essay Example | Topics and Well Written Essays - 1000 words

Project Management Principles - Essay Example Once the purpose has been stated, the planning stage can commence. An important part of the planning is to define what is required for the problem to be solved. These requirements should be clearly stated and communicated to employees in such a fashion that everyone is onboard with the plan of action. The next stage of project management is prioritizing. This is an often unnoticed stage in the process because it does not openly contribute to the solution. Actually, prioritizing targets is a very sensible thing to do because there may not be enough time or resources available to complete everything to an acceptable standard. It should be expected that the project may not be completed within the budgeted timeframe, so alternative plans need to be prepared just in case the unthinkable happens. Generally, organizations should plan to take more time than is needed just to be safe. In order to help accomplish the goals and objectives of a project management plan, a project manager needs to be appointed as the leader. This person is vital because they will determine the potential success or failure of the project. This person holds a critical role within the organization because his responsibility is to deal with any obstacles that may crop up. Other than this position, there should also be a project sponsor. The project sponsor is the person who will receive a benefit from the project. There are three people that should report to the project sponsor: application architects, technical architects, and data architects. Apart from these people, there should also be analysts, designers, modelers, and developers. It is preferred that experts are given these positions, but trainees are also acceptable. If this happens to be the case, then there should be no more than two trainees to one expert. Once the project has begun, senior management will require an approximate estimate of how long each stage of the project will take. There are three methods that are commonly used wit hin organizations for giving estimations: top-down, parametric, and bottom-up. The first method is not very accurate, but can be useful in giving a rough estimate at the start of the project management process. The parametric system is slightly more accurate in that this process sums the number of work units by the time it takes to complete one work unit. This technique is generally useful when a certain task has previously been completed and thus the new task can be estimated based on that fact. Lastly, the bottom-up method is the most accurate, but every single detail is required to give an approximation on how long a task will take. In terms of issues that may come up in project management, I feel that lack of clarity plays a huge part in the project not going to plan. At the beginning of the project, if every step is not laid out, then it will be difficult to determine which processes have been completed. A written agreement should be made between the project manager, the projec t customer, and the project sponsor. This document should identify the project’s objective and how this objective will be met. It may be that the project needs to change slightly once the process has begun. If this is the case, then the change management process needs to be implemented so changes can be made when needed. This leads to the next issue with project management—shifting managerial priorities. The business environment is always

Assessing IT Security Measures of HSBC Bank Coursework

Assessing IT Security Measures of HSBC Bank - Coursework Example Pre defined and anticipated risks have to be assessed meticulously and the adequacy of safety measures has to be ascertained to incorporate all the necessary and change and improvements required in the security systems. This current study aims to identify the various security issues that have blemished HSBC’s image and status in the recent past. The report also features the security policy that has been redefined by the organization in order to mitigate the anticipated risks along with the advanced security features that have been installed in the systems for assuring safety and security to its clients. INTRODUCTION HSBC has encountered numerous instances of data theft that has affected thousands of customers. Data reveals that almost 24,000 clients have suffered financial losses. In the year 2006, almost 9000 customers holding an account in HSBC Switzerland had their account data pilfered (Barrett L, 2010). After such incidents, it became necessary for the bank to incorporate significant improvements to its data security measures and the system as a whole involving technology in order to upgrade the current status. Such revisions added to the overall cost burden of the organization almost $93 million (Barrett L, 2010). ... However such information was shared between the administrators and home office staff that created unwanted problems for the firm. After analyzing the current case, it can be said that security issues have greatly tarnished the organization’s reputation and image. A huge amount of fine the largest fine ever imposed in UK, approximately 5% million dollars was forced on three HSBC firms for implementing ineffective and inadequate security measures (Barrett L, 2010). LITERATURE REVIEW There are numerous threats faced by an organization in the modern times, but till now there has been no single or uniform strategy that could be adopted by organizations as one comprehensive policy to resolve the issues or mitigate the challenges right from hardware to software, from core to application and from local issues to broad network problems ( Chen L, Dan Feng D & Ming L, 2007). With the rapid advancement and growth in the IT sector, parallel developments have also been witnessed in their il legal and unethical use (Ditzion R, Geddes E, & Rhodes M, 2003; Maher M K & Thompson J. M, 2002). The negative consequences of cyber crime are tremendous causing financial and economic loss both to the organization as well as the economy. The irony is that such crimes require too less a resources and equally low technical expertise. Past data reveals that almost 5percent of US based organizations including banks have been attached by computer virus and hackers which have caused huge losses to the firms and their clients (Barr K, Beiting M & Grezeskinski A, 2003). In a research conducted by Meier D, Mackman A, Dunner M, Vasireddy S, Escamilla R & Murukan A (2006), a systematic process of an attacker’s methodology was analyzed in-depth

Project Management Principles Essay Example | Topics and Well Written Essays - 1000 words

Project Management Principles - Essay Example Once the purpose has been stated, the planning stage can commence. An important part of the planning is to define what is required for the problem to be solved. These requirements should be clearly stated and communicated to employees in such a fashion that everyone is onboard with the plan of action. The next stage of project management is prioritizing. This is an often unnoticed stage in the process because it does not openly contribute to the solution. Actually, prioritizing targets is a very sensible thing to do because there may not be enough time or resources available to complete everything to an acceptable standard. It should be expected that the project may not be completed within the budgeted timeframe, so alternative plans need to be prepared just in case the unthinkable happens. Generally, organizations should plan to take more time than is needed just to be safe. In order to help accomplish the goals and objectives of a project management plan, a project manager needs to be appointed as the leader. This person is vital because they will determine the potential success or failure of the project. This person holds a critical role within the organization because his responsibility is to deal with any obstacles that may crop up. Other than this position, there should also be a project sponsor. The project sponsor is the person who will receive a benefit from the project. There are three people that should report to the project sponsor: application architects, technical architects, and data architects. Apart from these people, there should also be analysts, designers, modelers, and developers. It is preferred that experts are given these positions, but trainees are also acceptable. If this happens to be the case, then there should be no more than two trainees to one expert. Once the project has begun, senior management will require an approximate estimate of how long each stage of the project will take. There are three methods that are commonly used wit hin organizations for giving estimations: top-down, parametric, and bottom-up. The first method is not very accurate, but can be useful in giving a rough estimate at the start of the project management process. The parametric system is slightly more accurate in that this process sums the number of work units by the time it takes to complete one work unit. This technique is generally useful when a certain task has previously been completed and thus the new task can be estimated based on that fact. Lastly, the bottom-up method is the most accurate, but every single detail is required to give an approximation on how long a task will take. In terms of issues that may come up in project management, I feel that lack of clarity plays a huge part in the project not going to plan. At the beginning of the project, if every step is not laid out, then it will be difficult to determine which processes have been completed. A written agreement should be made between the project manager, the projec t customer, and the project sponsor. This document should identify the project’s objective and how this objective will be met. It may be that the project needs to change slightly once the process has begun. If this is the case, then the change management process needs to be implemented so changes can be made when needed. This leads to the next issue with project management—shifting managerial priorities. The business environment is always

Columbine Shooting Essay Example for Free

Columbine Shooting Essay Columbine high school was built in 1973 on a dirt road off a larger dirt road way out in horse country. It was named after the flower that blankets section of the Rockies. Hardly anybody lived near the school, but soon enough there were about 100,000 new arrivals that filled one continuous suburb with no town center: no main street, no town hall, town library, or town name. Littleton is what they called this quiet suburb where columbine lied several miles west from. Eric and Dylan called it Judgment Day. Monday, April 19th was the day columbine would erupt with an explosion killing hundreds of students and faculty. Eric read instructions to create bombs from the internet called The Anarchist Cookbook. The first step was to plant a bomb near Eric’s house, three miles from the school. That bomb could kill hundreds of people but was intended for only stones and trees. The attack was to begin with a decoy that would rock the neighborhood and divert police. There plan was separated in three acts. The first act would start with a massive explosion by using two bombs in the commons, which would have about six hundred students killed. The bombs would wipe out most of the lunch crowd and set the school ablaze. The bombs would be set out for maximum killing radius and would be planted near two thick columns supporting the second floor which would collapse after exploding. After the explosion, Eric and Dylan would start firing their weapons at whoever they see in sight. Each had a backpack and duffle bag to carry more weapons and explosives. There next step was to have bombs planted in their own cars in the school parking lot near the school exits that would detonate forty five minutes after the initial blast. The cars were placed near the ideal locations for police command, emergency medical staging, and news vans. The maximum body count they were planning on would be: nearly 2,000 students, plus 150 faculty and staff, plus who knows how many police, paramedics, and journalists. The bombs Eric and Dylan planted in the school had failed to explode, but that didn’t stop them from going in and opening fire. They took pipe bombs and threw them wherever they saw a big crowed and opened fire to anyone they saw. They both had trench coats on and Eric discarded his trench coat at the top of the stairs almost as soon as he began shooting. Dylan kept his on until he got to the library. Each costume change created another shooter that would confuse the students and faculty. Nate was a friend of Eric’s and seen something peculiar. He saw Eric walk into the building from the wrong parking lot at the wrong time, when he should have been walking out. Nate figured Eric and Dylan were up to something since he knew they had both been missing that morning. At this point students were running for their lives and finding classrooms they could hide in. no one really knew who the shooters were and didn’t know why they were doing such an attack. Even though Eric and Dylan were shooting whoever they find in sight, they were mainly looking for people with white hats on. People who wore the white hats at school were the jocks. Eric and Dylan had committed suicide once they saw empty halls and when the school looked abandoned. Before they shot themselves, the officers had discovered files on the boys. The cops had twelve pages from Eric’s website, spewing hate and threatening to kill. Dylan Bennet Klebold was born brilliant. He started school a year early, and by third grade he was enrolled in the CHIPS program which stood for Challenging High Intellectual Potential Students. Even among the brains, Dylan stood out as math prodigy. Tom and Sue were Dylan’s parents. His father couldn’t see his boy as the killer, saying â€Å"this was not my son. † Dylan’s service was done quietly with just fifteen people including, friends, family and clergy. The Klebolds were afraid to bury Dylan because his grave would be defaced. It would become and anit-shrine, so they cremated his body and kept the ashes in the house. Eric Dutro was evolving inside and the changes began to show in his sophomore year. Social status was important to Eric as he always made friends. People described Eric as nice, polite, preppy and a dork, but in sophomore year, he tried an edgier look with combat boots and all black outfits. He was breaking out of his shell and grew boisterous, moody, and aggressive. Eric was neither normal nor insane, he was a psychopath. He killed for two reasons: to demonstrate his superiority and to enjoy it. â€Å"Psychopaths are distinguished by two characteristics. The first is a ruthless disregard for others: they will defraud, maim, or kill for the most trivial personal gain. The second is an astonishing gift for disguising the first. It’s the deception that makes them so dangerous. You never see him coming (it’s usually a him – more than 80 percent are male. ) Don’t look for the oddball creeping you out. Psychopaths don’t act like Hannibal Lecter or Norman Bates. They come off like Hugh Grant, in his most adorable role. † (Cullen, 240) Psychopaths take great personal pride in their deceptions and extract tremendous joy from them. Lies become the psychopath’s occupation. The truth does work, but they lie for fun. I have read stories about columbine before but reading this book has really enlightened me on such details that actually happened in this event. I didn’t know that there were bombs involved in this massacre until I read the book. Columbine was organized and well planned by high school students. Eric and Dylan planned this for nearly a year and half so they knew what they were doing. They made home video tapes saying their good-byes to their parents and apologizing to them about the trouble the columbine shooting might cause them. So they knew at some point they were going to either be killed or commit suicide. This impacted me because as it said in the book, the people who do these devastating events can be friends of mine and I wouldn’t even know it. They are people who act good to the public eye, but also have hidden secrets behind closed doors. I can’t imagine someone that is close to me going through this kind of tragedy. The question that was brought to mind was: why would someone do this? Why would two kids want to kill hundreds of people? What was the reason? Was it video games? Was it depression? Was it because they were being bullied and wanted payback? Was it because they were psychotic? I believe they had all of these problems. They were psychotic, Eric did have depression and was taking depression pills for it, and they might have been aiming for jocks because they were bullied by them.

Malaysian Conventional and Islamic Equity Mutual Fund

Malaysian Conventional and Islamic Equity Mutual Fund An Analysis Of Companies Portfolio Performance Using Sharpe Ratio: A Study On The Differences Of Performance Between Malaysian Conventional And Islamic Equity Mutual Fund In 2007 1.0 Introduction 1.0.1 Chapter Description In this chapter, explaining the background of the study, problem statement, objectives of the study, hypotheses, significance of this study, as well as the scope and limitations during the process of completing this study. 1.0.2 Background of the Study Portfolio evaluation is on the time before 1960. Investors evaluated portfolio performance almost entirely on the basis of the rate of return. They were aware of the concept of risk but did not know how to quantify or measure it, so they could consider it explicitly. Developments in portfolio theory in the early 1960s showed investors on how to quantify and measure risk in terms of the variability of returns. Still, because no single measure combined both return and risk, the two factors had to be considered separately as researchers such as Friend, Blume, and Crockett (1970). Specifically, the investigators grouped portfolios into similar risk classes based on a measure of risk (such as the variance of return) and compared the rates of return for alternative portfolios directly within these risk classes. Before 1960, investors evaluated portfolio performance almost entirely on the rate of return, although they knew that risk was a very important variable in determining investment success. The reason for omitting risk was the lack of knowledge on how to measure and quantify it. After the development of portfolio theory in early 60s, and CAPM in subsequent years, risk, measured as either by standard deviation or beta, was included in evaluation process. However, since there was not a single measure combining return and risk, two factors were to be considered separately that were researchers grouped portfolios into similar risk classes and compared rates of return of portfolios in the same risk class. There are many kinds of measurement such as Jensen, Treynor and also Sharpe to evaluate the companys portfolio performance. Jensens alpha has been a popular performance measure because it is a return concept. Related to Dr. William F. Sharpes contribution to style analysis of investment performance, the Sharpes alpha is related to the Jensens alpha in the sense that both measures excess returns. They differ, however, in the selection and construction of benchmarks. Sharpe (1966) developed a composite index which was very similar to the Treynor measure, the only difference was that it was being used as standard deviation, instead of beta. To measure the portfolio risk, the researcher needs the average rate of return for Portfolio during a specified time period, the average rate of return on risk-free rate during the same period, Sharpe performance index and the standard deviation of the rate of return for Portfolio during the time period. Sharpe preferred to compare portfolios to the capital market line (CML) rather than the security market line (SML). Sharpe index, therefore, evaluated funds performance based on both rate of return and diversification (Sharpe 1967). For a completely diversified portfolio Treynor and Sharpe indices would give identical rankings. 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 the 1980s with the launching of the Amanah Saham Nasional (ASN). In 2004, the Commission approved 17 new Syariah-based unit trust funds, bringing the total number of such funds to 71 or 24.4% of the total 291 approved funds in the industry as at the end of 2004 (2003: 55 funds or 24.3% of the total industry). Of the 71 Syariah-based unit trust funds, 14 were balanced funds, 14 were bond funds, 39 were equity funds, 2 two were fixed income funds and two were money market funds. The number of units in circulation for Syariah-based unit trust funds also increased from 8.59 billion units as at the end of 2003 to 13.16 billion units in 2004. The number of accounts registered an increase of 23.4% or 80,848 accounts, with a total of 427,000 accounts in 2004. One conventional fund made changes to its investment objectives and operations which enabled it to comply with the requirements of Syariah-based unit trust funds. In terms of value, the NAV of Syariah-based unit trust funds grew to RM6.76 billion representing 7.7% of the industry, an increase of 0.9% from the previous year. Over a 10-year period (1995-2004), the NAV of Syariah-based unit trust funds grew at a compounded annual growth rate (CAGR) of 26.18% while the overall industry CAGR was 7.89%. The recognition of the increasing dominance and importance of unit trusts as an investment instrument has spurred researchers to devise appropriate techniques to assess portfolio performance. The earlier works by Sharpe (1966), Treynor (1965) and Jensen (1968) represented significant contributions to the evaluation of portfolio performance. Therefore, the primary aim of this paper is to present new evidences for the analysis of companies portfolio performance using Sharpe ratio by studying the differences the performance between Malaysian conventional and Islamic Equity Mutual Fund in 2007. 1.0.3 Overview of Conventional and Islamic Mutual Fund Mutual fund or better known as unit trust in Malaysia is an investment vehicle created by asset management companies specializing in pooling savings from both retail and institutional investors. Individual investors seeking liquidity, portfolio diversification and investment expertise are increasingly choosing unit trust funds as their investment vehicle. However, these investors do differ in their preferences based on their risk threshold, liquidity needs and their needs to comply with religious requirement. In the Malaysian context, the performance of mutual funds or more popularly known as unit trust funds as reported by Shamsher and Annuar (1995), Tan (1995), Leong and Aw (1997), Annuar et al,. (1997) and Low and Noor A. Ghazali (2005) concluded that on average, funds were unable to beat the market. The number of unit trust has grown dramatically in recent years. Unit trusts are now the preferred way for individual investors and many institutions to participate in the capital markets, and their popularity has increased demand for evaluations of fund performance. Muslims are not allowed to invest in standard mutual funds since their religion prohibits them from investing in certain equities, like those of banks or companies that deal in pork, alcohol, pornography and certain entertainment related products. An Islamic mutual fund is similar to a â€Å"conventional† mutual fund in many ways; however, unlike its â€Å"conventional† counterpart, an Islamic mutual fund must conform to the Sharia (Islamic Law) investment precepts. The Sharia encourages the use of profit sharing and partnership schemes, and forbids riba (interest), maysir (gambling and pure games of chance), and gharar (selling something that is not owned or that cannot be described in accurate detail; i.e., in terms of type, size and amount) (El-Gamal 2000). The Sharia guidelines and principles govern several aspects of an Islamic mutual fund, including its asset allocation (portfolio screening), investment and trading practices, and income distribution (purification). When selecting investments for their portfolio (asset allocation), conventional mutual funds can freely choose between debt-bearing investments and profit-bearing investment, and invest across the spectrum of all available industries. An Islamic mutual fund, however, must set up screens in order to select those companies that meet its qualitative and quantitative criteria set by Sharia guidelines. 1.1 Problem Statement At some levels, people are always interested in evaluating the performance of their investments. Having to spend the time and incurred the expense to design an asset allocation strategy and select the specific set of securities to form their portfolios, investors whether they are individuals, corporations, or financial institutions. It must be periodically determined whether this effort is worthwhile. Investors in managing their own portfolios should evaluate their performance, as should those who pay one or several professional money managers to make these decisions for them. It is imperative to determine the realized investment performance which justifies the additional costs of engaging professional management. Comparing a portfolios historical returns to those produced by other managers or indexes can be instructive; such comparisons do not produce a complete picture of the portfolios performance. Indeed, the central tenet of the modern approach to performance measurement is that it is impossible to make a thorough evaluation of an investment without explicitly control the risk of the portfolio. Given the complexity and importance of the issues involved, it is not a surprise to learn that there is not a single universally accepted procedure for risk-adjusting portfolio returns. Nevertheless, there are several techniques that are commonly employed. Some previous studies found results that are inconsistent with Chuas findings. These studies include Ewe (1994), Shamsher and Annuar (1995), and Tan (1995). Shamsher and Annuar (1995), focused their study on the performance of 54 unit trusts covering the period of late 80s to early 90s. They found out that the returns on investment in unit trust were well below the risk free and market returns. Furthermore, the results indicated that not only the degree of portfolios diversification was below expectation but the actual returns and risk characteristics of funds were also inconsistent with their stated objectives. Tan (1995) analyzed performance of 12 unit trusts over a 10-year period, 1984-1993. He concluded that unit trusts in general perform worse than the market portfolio. Consistent with Chuas findings, Tan also concluded that government sponsored funds performed better than private funds. As we can see, there are three portfolio performance evaluation techniques that comprise the basic ‘toolkit for measuring risk-adjusted performance. Although some redundancy exists among these measures, each of them provides unique perspectives, so that best viewed as complementary measures. In particular, examining the controversy surrounding the selection of the proper benchmark to use in the risk-adjustment process and discussing why these benchmark problems become larger when beginning to invest globally. From here, how to evaluate the performance of the investments in order to reduce the risk taken? What measurement can contribute to evaluating a good investment? Therefore, it is interesting to analyze the companies portfolio performance by studying on the differences in the performance between conventional and Islamic equity mutual fund in Malaysia by using Sharpe ratio. 1.2 Objectives of Research The general purpose of this study is to analyze the companies portfolio performance using Sharpe ratio by studying on the differences in the performance between conventional and Islamic equity mutual fund in Malaysia. A careful review on those questions has led to the development of the following specific research objectives which are: i. To measure and rank both relative quantitative performances of mutual fund (conventional/Islamic) on the basis of their return, total risk, coefficient of variation and Sharpe ratio. The term performance contains both the return and the risk undertaken by these mutual funds. ii. To investigate whether both mutual funds (conventional/Islamic) are earning higher returns than the benchmark returns (or market Portfolio/Index returns) in terms of risk. iii. To determine the relationship between dependent variable and independent variable. 1.3 Scope of Study The study is on the analysis of the companies portfolio performance in determining the measure of average daily return, total risk (standard deviation), coefficient of variation and Sharpe ratio. Moreover, to observe the differences in terms of performance between conventional and Islamic mutual fund in the context of Malaysian capital market by comparing them to the stock market index or Kuala Lumpur Composite Index (KLCI) benchmark. The scopes of the study are stated as follow:  § The relationship between two variables: the return on equity mutual fund as the dependent variable whereas the return on stock market index (KLCI) as the independent variable for conventional and Islamic fund.  § The period of study will cover one (1) year starting from January 2007 to December 2007 using the daily basis collected from The Star and New Straits Times newspapers and also from the internet.  § This research will also focus on the conventional and Islamic Equity Mutual Fund companies available in Malaysia. 1.4 Theoretical Framework The theoretical framework shows the relationship between the independent variables and dependent variable. The independent variable is the return on KLCI while the dependent variable is the return of Equity Mutual fund companies in Malaysia. Schematic diagram for the theoretical framework in this study is as follows: Market Index Equity Fund Market Index Islamic Equity Fund Independent Variable Dependent Variable 1.5 Hypotheses According to Uma Sekaran (2003), a hypothesis can be defined as a logically conjectured relationship between two or more variables expressed in the form of testable statement. Hypothesis can be divided into two categories which are Ho which is a Null Hypothesis and Ha which is an Alternate Hypothesis. The term â€Å"null† can be thought of as meaning â€Å"no change† or â€Å"no difference†. The second hypothesis is called alternative hypothesis. It is summary of the case if the null hypothesis is not true. It is stated that Ha, the alternative hypothesis is a statement of a view that has been prepared to be accepted if Ho is rejected. The hypotheses of this study are: Hypothesis 1: Ho: There is no relationship between the return on KLCI and the return on Conventional equity mutual fund. Ha: There is a relationship between the return on KLCI and the return on Conventional equity mutual fund. Hypothesis 2: Ho: There is no relationship between the return on KLCI and the return on Islamic equity mutual fund. Ha: There is a relationship between the return on KLCI and the return on Islamic equity mutual fund. 1.6 Limitations of the Study Data Collection and Cost Limitation The major source of data gained is from the secondary sources. The data is only available at certain places and it requires cost to obtain the data. Besides, it also requires costs in the process of printing, photocopying, data services and transportations to obtain the information. The information about the topic studied is also difficult to search in the library because of the limited information. As a result, it causes problems to the researcher to gather and collect the information. The information and data related to the study is rather difficult to obtain. Thus, the accuracy of the study depends on the accuracy of the data available and may not perfectly precise. In addition, data is also limited since it relies on the secondary sources alone. Lack of Experience and Expertise Since this research is the first research experience for the researcher, undoubtedly there are still lots of things to improve. The lacks of experience especially in data collection and time management have been the limitations to the researcher. Moreover, the researcher has limited knowledge on the topic and needs more understanding on the topic studied. Time Constraint Time is very limited for the researcher to complete the research. The researcher has to be very smart in scheduling the time to make sure the research is completed in time. Thus, time constraint has been identified as one of the limitations for the researcher. 1.7 Significance of the Study This research analyzes on the companies portfolio performance using Sharpe ratio by studying on the differences in the performance between conventional and Islamic Equity Mutual Fund in Malaysia. Therefore this study will provide some information that can be useful because the data and findings from this research will help other researchers to produce better result in their research. This research is also significant to: To Researcher As a finance student, issues in measuring portfolio performance are so much important and crucial. By studying about measurement of portfolio performance in depth, a better understanding and knowledge is gained. This research has given the researcher the opportunity to get the experience in practice as well as in theories. To other researcher This study also can be a useful reference to other researchers who are keen to carry on the study regarding the performance of mutual fund in Malaysia. There are several fruitful areas in this study that can be further examined by other researchers. Further study will give an opportunity to other researchers to expand their view and knowledge. To do so, they need to refer to numerous literatures and hopefully, this research can come in handy for them. To Finance Students This research will be very useful for finance students in having more knowledge about the companys portfolio performance and the differences in the performance between conventional and Islamic Equity Mutual fund in Malaysia. They can use this research as a guide and as references in their studies in portfolio management and mutual fund in Malaysia. To Businesses This research is very important to businesses in realizing the effects of portfolio management on their performance. This is important so that they will have clear direction in deciding their investment. To Investors This study plays an important role in decision making since it gives the investors a prior knowledge of which Equity Mutual Fund companies is the best to invest and whether those companies provide high returns on investment. Moreover, revealing the specific volatility patterns in returns might also benefit investors in risk management and portfolio optimization. This research is also important to investors so that they can have a clearer picture of their investment choices. For investors the study can help them to know the risk and return of their investment transaction. 1.8 Definition of Terms Portfolio A collection of investments are all owned by the same individual or organization. These investments often include stocks, which are investments in individual businesses; bonds, which are investments in debt that are designed to earn interest; and mutual funds, which are essentially pools of money from many investors that are invested by professionals or according to indices. Sharpe Ratio A risk-adjusted measure developed by William F. Sharpe, calculated using standard deviation and excess return to determine reward per unit of risk. The higher the Sharpe ratio, the better the funds historical risk-adjusted performance. Mutual Fund (Unit Trust) A form of collective investment constituted under a trust deed or a pooled investment plan where the capital contributions of investors are combined into a legally formed trust fund. Equity fund Equity fund or stock fund is a fund that invests in Equities more commonly known as stocks. Such funds are typically held either in stock or cash, as opposed to bonds, notes or other securities. Return Based on Investopedia definition, return can be defined as the gain or lossof an investment over a specified period, expressed asa percentage increase over the initial investment cost. Gains on investments are considered to beany income received from the security, plus realized capital gains. Risk The quantifiable likelihood of loss or less-than-expected returns Risk-adjusted return A measure of how much an investment returned in relation to the amount of risk it took on. Often used to compare a high-risk, potentially high-return investment with a low-risk, lower-return investment. Benchmark A standard, used for comparison. For example, the Nasdaq may be used as a benchmark against which the performance of a technology stock is compared. Regression Analysis A statistical technique used to find relationships between variables for the purpose of predicting future values. Coefficient of Determination A measure of the correlation between the dependent and independent variables in a regression analysis. R-squared A measurement of how closely a portfolios performance correlates with the performance of a benchmark index, such as the SP 500, and thus a measurement of what portion of its performance can be explained by the performance of the overall market or index. Values for r-squared range from 0 to 1, where 0 indicates no correlation and 1 indicates perfect correlation. Kuala Lumpur Composite Index (KLCI) The Kuala Lumpur Composite Index (KLCI) is a stock market index generally accepted as the local stock market barometer. KLCI was introduced in 1986 to public the need for a stock market index which would serve as an accurate performance indicator of the Malaysian stock market as well as the economy. It is used to be the main index, and is now one of the three primary indices for the Malaysian stock market which the other two are FMB30 and FMBEMAS, Bursa Malaysia. It contains 100 companies from the Main Board with approximately 500 to 650 listed companies in the Main Board which comprise of multi-sectors companies across the year 2000 to 2006 and is a capitalization-weighted index. 2.0 Literature Review 2.1 Chapter Description Literature review is the documentation of a comprehensive review of the published and unpublished work from the secondary sources of data in the areas of specific interest to the researcher. The reason of the literature review is to ensure that no important variable that has in the past been founded repeatedly to have an impact on the problem is ignored. (Uma Sekaran, 2005 page 63). 2.2 Literature Review of Evaluated Portfolio Performance Craig W. French (2003) discussed on what is involved in evaluating portfolio performance, including the need to adjust for differential risk and differential time periods, the need for a benchmark, and constraints on portfolio managers. It also considered the difference between the portfolios performance and the managers performance. For measurement this paper used well-known risk-adjusted (composite) measures of Sharpe portfolio performance. Investors who had all (or substantially all) of their assets in a portfolio of securities should rely more on the Sharpe measure because total risk is important. Joel Owen and Ramon Rabinovitch (1998), for the last four decades, numerous authors have been suggesting methods to evaluate portfolio performance. Sharpe (1966) proposed performance measures which had produced a score for every portfolio being evaluated. These scores were used to compare the performance of any two portfolios or rank the performance of all portfolios in a given set. The earlier works by Sharpe (1966), Treynor (1965) and Jensen (1968) represented significant contributions to the evaluation of portfolio performance. 2.3 Literature Review of Sharpe Ratio Francisco Peà ±aranda (2007) in her paper commented on developments beyond mean-variance preferences to some alternatives to the Sharpe ratio. The main goal of those measures was to give a similar ranking to Sharpe ratios when returns were symmetrically distributed and showed a preference for skewness when they were not. Moreover, performance measures could be used to guide asset allocation since they can be used as the criterion to maximize with portfolio. Raphie Hayat (2006), the attractiveness of the Sharpe Ratio came from its intuitiveness and simplicity. The Sharpe Ratio are simple because it could rank funds on the base of a single and intuitive since it only rewarded funds with a higher ratio if their returns were higher with the same level of risk or if the risk was lowered while keeping the same level of return. Zhidong Bai, Keyan Wang, and Wing-Keung Wong (2006) stated that the asset performance evaluation was one of the most important areas in investment analysis. In order to compare the performance among assets, several statistics had been developed and among them, the Sharpe-ratio statistic was the most prevalent. However, the major limitation of the Sharpe-ratio statistic was that its distribution is only valid asymptotically, but not valid for small samples. Nevertheless, it was important in finance to test the performance among assets for small samples. Tzu-Wei Kuo and Cesario Mateus (2006), the Sharpe ratio was well known risk-adjusted performance measures and easily understood by an individual investor. Thus, investors could evaluate the exchange-traded funds (ETFs) performance, based on the Sharpe ratio. However, the Sharpe ratio relied on the assumption that returns were normally distributed having these measures difficulty in evaluating the performance with skewed return distributions. Martin Eling and Frank Schuhmacher said that the classic Sharpe ratio was adequate in evaluating investment funds when the returns of those funds were normally distributed and the investor intended to place all his risky assets into just one investment fund. Because hedge fund returns differed significantly from a normal distribution, other performance measures had been proposed and encouraged in both academic and practice-oriented literature. The Sharpe ratio measured the performance of an investment fund by considering the relationship between the risk premium and the standard deviation of the returns generated by a fund. The Sharpe ratio were an adequate performance measure if the returns of the investment funds were normally distributed and the investor wished to place all his risky assets in just one investment fund. Andreas G Merikas, Anna A Merikas and Ioannis Sorros (2005) examined the exact relationship between the Sharpe ratio and the information ratio. Sharpe in 1994 asserted that the information ratio was a generalized Sharpe ratio. Sharpe ratios had been estimated for each fund in each category, and an average ratio for each category. The Sharpe ratio would generally be positive since excess returns of funds over the risk free rate would be positive, unlike excess returns of funds over the market, which could be negative, as the return of the risk free bond was smaller but at the same time less volatile than the return of the market. Cheryl J. Frohlich, Anita Pennathur and Oliver Schnusenberg in their research, Sharpe reward-to-variability ratio was used if total variability was thought to be the appropriate measure of risk, a stocks (portfolios) risk-adjusted returns could be computed using the Sharpe Index. The Sharpe and Treynor Index eliminated the problem of only considering return as a measure of performance. However, neither ratio was independent of the time period over which it is measured. This means that the ratio can change from one period to another with different results. Moreover, both ratios also ignored the correlation of a fund with other assets, liabilities, or previous realizations of its own return. Mario Onorato (2004), the Sharpe Ratio of any investment was defined as its excess return, it is return in excess of a benchmark return divided by the standard deviation of excess return. The benchmark represents a risk free investment alternative. Moreover, although the Sharpe ratio has become part of the modern financial analysis, its applications typically did not account for the fact that it was an estimated quantity, subject to estimation errors that would be substantial in some cases. The statistical properties of Sharpe ratios depended intimately on the statistical properties of the return series on which they are based. This suggests that a more sophisticated approach to interpreting Sharpe ratios is called for, one that incorporates information about the investment style that generates the returns and the market environment in which those returns are generated. Wei Zhen (2004), in his paper said that the Sharpe (1966) and Treynor (1965) performance measures were widely accepted in both academia and industry to assess the Risk-adjusted value of a particular portfolio. It could be shown, after some mathematical treatment, that the Sharpe performance measure was useful when the portfolio of interest represented all of the investors investment, while Treynors measure was preferred when the portfolio under discussion was only a portion of the whole investment package. Robert McCauley and Guorong Jiang (2004), through the Sharpe ratio it compared the returns of portfolios in relation to their risk by dividing their returns in excess of the riskless rate of return by the volatility of their returns. A portfolio with a higher Sharpe ratio was preferred in that it offered a higher return per unit of risk, as measured by return volatility. William Goetzmann, Jonathan Ingersoll, Matthew Spiegel and Ivo Welch (2002), the Sharpe ratio is one of the most common measures of portfolio performance. It was used as a tool for evaluating and predicting the performance of mutual fund managers. Since then the Sharpe ratio, and its close analogues the Information ratio, the squared Sharpe ratio and M-squared, have become widely used in practice to rank investment managers and to evaluate the attractiveness of investment strategies in general. The appeal of the Sharpe measure was clear. It was an affine transformation of a simple t-test for equality in means of two variables, the first variable being the managers time series of returns and the second being a benchmark. The Sharpe ratio was also ubiquitous in academic research as a metric for bounding asset prices. Andrew Worthington and Helen Higgs (2002), the Sharpe ratio (also known as the reward-to-volatility ratio) indicated the excess return per unit of risk and was calculated by dividing the return in excess of the risk-free rate by the standard deviation of returns. In the current context, the Sharpe ratio was the most appropriate performance measure for an investor whose portfolio was composed wholly of a given artists work. Verena Kugi (1999), the Sharpe ratio measured the change in the portfolios return with respect to a one unit change in the portfolios risk. The higher this Reward-to-Variability-Ratio the more attractive was the evaluated portfolio because the investor received more compensation for the same increase in risk. Graphically, the Sharpe ratio was equal to the slope of a straight line connecting the position of the evaluated portfolio, for example a fund, with the risk-free rate. To determine the quality of performance, the Sharpe index of the evaluated portfolio was compared to the Sharpe index of the market or benchmark portfolio. The portfolios Sharpe index being higher than the markets Sharpe index indicated that the portfolio manager had outperformed the market. Respectively, a lower Sharpe ratio was a sign of underperformance. Any portfolio that was positioned on the capital market line had a Sharpe ratio equal to that of the market and was therefore characterized by neutral perform ance. Youguo Liang and Willard McIntosh (1998), the Sharpes alpha captured the excess return of Malaysian Conventional and Islamic Equity Mutual Fund Malaysian Conventional and Islamic Equity Mutual Fund An Analysis Of Companies Portfolio Performance Using Sharpe Ratio: A Study On The Differences Of Performance Between Malaysian Conventional And Islamic Equity Mutual Fund In 2007 1.0 Introduction 1.0.1 Chapter Description In this chapter, explaining the background of the study, problem statement, objectives of the study, hypotheses, significance of this study, as well as the scope and limitations during the process of completing this study. 1.0.2 Background of the Study Portfolio evaluation is on the time before 1960. Investors evaluated portfolio performance almost entirely on the basis of the rate of return. They were aware of the concept of risk but did not know how to quantify or measure it, so they could consider it explicitly. Developments in portfolio theory in the early 1960s showed investors on how to quantify and measure risk in terms of the variability of returns. Still, because no single measure combined both return and risk, the two factors had to be considered separately as researchers such as Friend, Blume, and Crockett (1970). Specifically, the investigators grouped portfolios into similar risk classes based on a measure of risk (such as the variance of return) and compared the rates of return for alternative portfolios directly within these risk classes. Before 1960, investors evaluated portfolio performance almost entirely on the rate of return, although they knew that risk was a very important variable in determining investment success. The reason for omitting risk was the lack of knowledge on how to measure and quantify it. After the development of portfolio theory in early 60s, and CAPM in subsequent years, risk, measured as either by standard deviation or beta, was included in evaluation process. However, since there was not a single measure combining return and risk, two factors were to be considered separately that were researchers grouped portfolios into similar risk classes and compared rates of return of portfolios in the same risk class. There are many kinds of measurement such as Jensen, Treynor and also Sharpe to evaluate the companys portfolio performance. Jensens alpha has been a popular performance measure because it is a return concept. Related to Dr. William F. Sharpes contribution to style analysis of investment performance, the Sharpes alpha is related to the Jensens alpha in the sense that both measures excess returns. They differ, however, in the selection and construction of benchmarks. Sharpe (1966) developed a composite index which was very similar to the Treynor measure, the only difference was that it was being used as standard deviation, instead of beta. To measure the portfolio risk, the researcher needs the average rate of return for Portfolio during a specified time period, the average rate of return on risk-free rate during the same period, Sharpe performance index and the standard deviation of the rate of return for Portfolio during the time period. Sharpe preferred to compare portfolios to the capital market line (CML) rather than the security market line (SML). Sharpe index, therefore, evaluated funds performance based on both rate of return and diversification (Sharpe 1967). For a completely diversified portfolio Treynor and Sharpe indices would give identical rankings. 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 the 1980s with the launching of the Amanah Saham Nasional (ASN). In 2004, the Commission approved 17 new Syariah-based unit trust funds, bringing the total number of such funds to 71 or 24.4% of the total 291 approved funds in the industry as at the end of 2004 (2003: 55 funds or 24.3% of the total industry). Of the 71 Syariah-based unit trust funds, 14 were balanced funds, 14 were bond funds, 39 were equity funds, 2 two were fixed income funds and two were money market funds. The number of units in circulation for Syariah-based unit trust funds also increased from 8.59 billion units as at the end of 2003 to 13.16 billion units in 2004. The number of accounts registered an increase of 23.4% or 80,848 accounts, with a total of 427,000 accounts in 2004. One conventional fund made changes to its investment objectives and operations which enabled it to comply with the requirements of Syariah-based unit trust funds. In terms of value, the NAV of Syariah-based unit trust funds grew to RM6.76 billion representing 7.7% of the industry, an increase of 0.9% from the previous year. Over a 10-year period (1995-2004), the NAV of Syariah-based unit trust funds grew at a compounded annual growth rate (CAGR) of 26.18% while the overall industry CAGR was 7.89%. The recognition of the increasing dominance and importance of unit trusts as an investment instrument has spurred researchers to devise appropriate techniques to assess portfolio performance. The earlier works by Sharpe (1966), Treynor (1965) and Jensen (1968) represented significant contributions to the evaluation of portfolio performance. Therefore, the primary aim of this paper is to present new evidences for the analysis of companies portfolio performance using Sharpe ratio by studying the differences the performance between Malaysian conventional and Islamic Equity Mutual Fund in 2007. 1.0.3 Overview of Conventional and Islamic Mutual Fund Mutual fund or better known as unit trust in Malaysia is an investment vehicle created by asset management companies specializing in pooling savings from both retail and institutional investors. Individual investors seeking liquidity, portfolio diversification and investment expertise are increasingly choosing unit trust funds as their investment vehicle. However, these investors do differ in their preferences based on their risk threshold, liquidity needs and their needs to comply with religious requirement. In the Malaysian context, the performance of mutual funds or more popularly known as unit trust funds as reported by Shamsher and Annuar (1995), Tan (1995), Leong and Aw (1997), Annuar et al,. (1997) and Low and Noor A. Ghazali (2005) concluded that on average, funds were unable to beat the market. The number of unit trust has grown dramatically in recent years. Unit trusts are now the preferred way for individual investors and many institutions to participate in the capital markets, and their popularity has increased demand for evaluations of fund performance. Muslims are not allowed to invest in standard mutual funds since their religion prohibits them from investing in certain equities, like those of banks or companies that deal in pork, alcohol, pornography and certain entertainment related products. An Islamic mutual fund is similar to a â€Å"conventional† mutual fund in many ways; however, unlike its â€Å"conventional† counterpart, an Islamic mutual fund must conform to the Sharia (Islamic Law) investment precepts. The Sharia encourages the use of profit sharing and partnership schemes, and forbids riba (interest), maysir (gambling and pure games of chance), and gharar (selling something that is not owned or that cannot be described in accurate detail; i.e., in terms of type, size and amount) (El-Gamal 2000). The Sharia guidelines and principles govern several aspects of an Islamic mutual fund, including its asset allocation (portfolio screening), investment and trading practices, and income distribution (purification). When selecting investments for their portfolio (asset allocation), conventional mutual funds can freely choose between debt-bearing investments and profit-bearing investment, and invest across the spectrum of all available industries. An Islamic mutual fund, however, must set up screens in order to select those companies that meet its qualitative and quantitative criteria set by Sharia guidelines. 1.1 Problem Statement At some levels, people are always interested in evaluating the performance of their investments. Having to spend the time and incurred the expense to design an asset allocation strategy and select the specific set of securities to form their portfolios, investors whether they are individuals, corporations, or financial institutions. It must be periodically determined whether this effort is worthwhile. Investors in managing their own portfolios should evaluate their performance, as should those who pay one or several professional money managers to make these decisions for them. It is imperative to determine the realized investment performance which justifies the additional costs of engaging professional management. Comparing a portfolios historical returns to those produced by other managers or indexes can be instructive; such comparisons do not produce a complete picture of the portfolios performance. Indeed, the central tenet of the modern approach to performance measurement is that it is impossible to make a thorough evaluation of an investment without explicitly control the risk of the portfolio. Given the complexity and importance of the issues involved, it is not a surprise to learn that there is not a single universally accepted procedure for risk-adjusting portfolio returns. Nevertheless, there are several techniques that are commonly employed. Some previous studies found results that are inconsistent with Chuas findings. These studies include Ewe (1994), Shamsher and Annuar (1995), and Tan (1995). Shamsher and Annuar (1995), focused their study on the performance of 54 unit trusts covering the period of late 80s to early 90s. They found out that the returns on investment in unit trust were well below the risk free and market returns. Furthermore, the results indicated that not only the degree of portfolios diversification was below expectation but the actual returns and risk characteristics of funds were also inconsistent with their stated objectives. Tan (1995) analyzed performance of 12 unit trusts over a 10-year period, 1984-1993. He concluded that unit trusts in general perform worse than the market portfolio. Consistent with Chuas findings, Tan also concluded that government sponsored funds performed better than private funds. As we can see, there are three portfolio performance evaluation techniques that comprise the basic ‘toolkit for measuring risk-adjusted performance. Although some redundancy exists among these measures, each of them provides unique perspectives, so that best viewed as complementary measures. In particular, examining the controversy surrounding the selection of the proper benchmark to use in the risk-adjustment process and discussing why these benchmark problems become larger when beginning to invest globally. From here, how to evaluate the performance of the investments in order to reduce the risk taken? What measurement can contribute to evaluating a good investment? Therefore, it is interesting to analyze the companies portfolio performance by studying on the differences in the performance between conventional and Islamic equity mutual fund in Malaysia by using Sharpe ratio. 1.2 Objectives of Research The general purpose of this study is to analyze the companies portfolio performance using Sharpe ratio by studying on the differences in the performance between conventional and Islamic equity mutual fund in Malaysia. A careful review on those questions has led to the development of the following specific research objectives which are: i. To measure and rank both relative quantitative performances of mutual fund (conventional/Islamic) on the basis of their return, total risk, coefficient of variation and Sharpe ratio. The term performance contains both the return and the risk undertaken by these mutual funds. ii. To investigate whether both mutual funds (conventional/Islamic) are earning higher returns than the benchmark returns (or market Portfolio/Index returns) in terms of risk. iii. To determine the relationship between dependent variable and independent variable. 1.3 Scope of Study The study is on the analysis of the companies portfolio performance in determining the measure of average daily return, total risk (standard deviation), coefficient of variation and Sharpe ratio. Moreover, to observe the differences in terms of performance between conventional and Islamic mutual fund in the context of Malaysian capital market by comparing them to the stock market index or Kuala Lumpur Composite Index (KLCI) benchmark. The scopes of the study are stated as follow:  § The relationship between two variables: the return on equity mutual fund as the dependent variable whereas the return on stock market index (KLCI) as the independent variable for conventional and Islamic fund.  § The period of study will cover one (1) year starting from January 2007 to December 2007 using the daily basis collected from The Star and New Straits Times newspapers and also from the internet.  § This research will also focus on the conventional and Islamic Equity Mutual Fund companies available in Malaysia. 1.4 Theoretical Framework The theoretical framework shows the relationship between the independent variables and dependent variable. The independent variable is the return on KLCI while the dependent variable is the return of Equity Mutual fund companies in Malaysia. Schematic diagram for the theoretical framework in this study is as follows: Market Index Equity Fund Market Index Islamic Equity Fund Independent Variable Dependent Variable 1.5 Hypotheses According to Uma Sekaran (2003), a hypothesis can be defined as a logically conjectured relationship between two or more variables expressed in the form of testable statement. Hypothesis can be divided into two categories which are Ho which is a Null Hypothesis and Ha which is an Alternate Hypothesis. The term â€Å"null† can be thought of as meaning â€Å"no change† or â€Å"no difference†. The second hypothesis is called alternative hypothesis. It is summary of the case if the null hypothesis is not true. It is stated that Ha, the alternative hypothesis is a statement of a view that has been prepared to be accepted if Ho is rejected. The hypotheses of this study are: Hypothesis 1: Ho: There is no relationship between the return on KLCI and the return on Conventional equity mutual fund. Ha: There is a relationship between the return on KLCI and the return on Conventional equity mutual fund. Hypothesis 2: Ho: There is no relationship between the return on KLCI and the return on Islamic equity mutual fund. Ha: There is a relationship between the return on KLCI and the return on Islamic equity mutual fund. 1.6 Limitations of the Study Data Collection and Cost Limitation The major source of data gained is from the secondary sources. The data is only available at certain places and it requires cost to obtain the data. Besides, it also requires costs in the process of printing, photocopying, data services and transportations to obtain the information. The information about the topic studied is also difficult to search in the library because of the limited information. As a result, it causes problems to the researcher to gather and collect the information. The information and data related to the study is rather difficult to obtain. Thus, the accuracy of the study depends on the accuracy of the data available and may not perfectly precise. In addition, data is also limited since it relies on the secondary sources alone. Lack of Experience and Expertise Since this research is the first research experience for the researcher, undoubtedly there are still lots of things to improve. The lacks of experience especially in data collection and time management have been the limitations to the researcher. Moreover, the researcher has limited knowledge on the topic and needs more understanding on the topic studied. Time Constraint Time is very limited for the researcher to complete the research. The researcher has to be very smart in scheduling the time to make sure the research is completed in time. Thus, time constraint has been identified as one of the limitations for the researcher. 1.7 Significance of the Study This research analyzes on the companies portfolio performance using Sharpe ratio by studying on the differences in the performance between conventional and Islamic Equity Mutual Fund in Malaysia. Therefore this study will provide some information that can be useful because the data and findings from this research will help other researchers to produce better result in their research. This research is also significant to: To Researcher As a finance student, issues in measuring portfolio performance are so much important and crucial. By studying about measurement of portfolio performance in depth, a better understanding and knowledge is gained. This research has given the researcher the opportunity to get the experience in practice as well as in theories. To other researcher This study also can be a useful reference to other researchers who are keen to carry on the study regarding the performance of mutual fund in Malaysia. There are several fruitful areas in this study that can be further examined by other researchers. Further study will give an opportunity to other researchers to expand their view and knowledge. To do so, they need to refer to numerous literatures and hopefully, this research can come in handy for them. To Finance Students This research will be very useful for finance students in having more knowledge about the companys portfolio performance and the differences in the performance between conventional and Islamic Equity Mutual fund in Malaysia. They can use this research as a guide and as references in their studies in portfolio management and mutual fund in Malaysia. To Businesses This research is very important to businesses in realizing the effects of portfolio management on their performance. This is important so that they will have clear direction in deciding their investment. To Investors This study plays an important role in decision making since it gives the investors a prior knowledge of which Equity Mutual Fund companies is the best to invest and whether those companies provide high returns on investment. Moreover, revealing the specific volatility patterns in returns might also benefit investors in risk management and portfolio optimization. This research is also important to investors so that they can have a clearer picture of their investment choices. For investors the study can help them to know the risk and return of their investment transaction. 1.8 Definition of Terms Portfolio A collection of investments are all owned by the same individual or organization. These investments often include stocks, which are investments in individual businesses; bonds, which are investments in debt that are designed to earn interest; and mutual funds, which are essentially pools of money from many investors that are invested by professionals or according to indices. Sharpe Ratio A risk-adjusted measure developed by William F. Sharpe, calculated using standard deviation and excess return to determine reward per unit of risk. The higher the Sharpe ratio, the better the funds historical risk-adjusted performance. Mutual Fund (Unit Trust) A form of collective investment constituted under a trust deed or a pooled investment plan where the capital contributions of investors are combined into a legally formed trust fund. Equity fund Equity fund or stock fund is a fund that invests in Equities more commonly known as stocks. Such funds are typically held either in stock or cash, as opposed to bonds, notes or other securities. Return Based on Investopedia definition, return can be defined as the gain or lossof an investment over a specified period, expressed asa percentage increase over the initial investment cost. Gains on investments are considered to beany income received from the security, plus realized capital gains. Risk The quantifiable likelihood of loss or less-than-expected returns Risk-adjusted return A measure of how much an investment returned in relation to the amount of risk it took on. Often used to compare a high-risk, potentially high-return investment with a low-risk, lower-return investment. Benchmark A standard, used for comparison. For example, the Nasdaq may be used as a benchmark against which the performance of a technology stock is compared. Regression Analysis A statistical technique used to find relationships between variables for the purpose of predicting future values. Coefficient of Determination A measure of the correlation between the dependent and independent variables in a regression analysis. R-squared A measurement of how closely a portfolios performance correlates with the performance of a benchmark index, such as the SP 500, and thus a measurement of what portion of its performance can be explained by the performance of the overall market or index. Values for r-squared range from 0 to 1, where 0 indicates no correlation and 1 indicates perfect correlation. Kuala Lumpur Composite Index (KLCI) The Kuala Lumpur Composite Index (KLCI) is a stock market index generally accepted as the local stock market barometer. KLCI was introduced in 1986 to public the need for a stock market index which would serve as an accurate performance indicator of the Malaysian stock market as well as the economy. It is used to be the main index, and is now one of the three primary indices for the Malaysian stock market which the other two are FMB30 and FMBEMAS, Bursa Malaysia. It contains 100 companies from the Main Board with approximately 500 to 650 listed companies in the Main Board which comprise of multi-sectors companies across the year 2000 to 2006 and is a capitalization-weighted index. 2.0 Literature Review 2.1 Chapter Description Literature review is the documentation of a comprehensive review of the published and unpublished work from the secondary sources of data in the areas of specific interest to the researcher. The reason of the literature review is to ensure that no important variable that has in the past been founded repeatedly to have an impact on the problem is ignored. (Uma Sekaran, 2005 page 63). 2.2 Literature Review of Evaluated Portfolio Performance Craig W. French (2003) discussed on what is involved in evaluating portfolio performance, including the need to adjust for differential risk and differential time periods, the need for a benchmark, and constraints on portfolio managers. It also considered the difference between the portfolios performance and the managers performance. For measurement this paper used well-known risk-adjusted (composite) measures of Sharpe portfolio performance. Investors who had all (or substantially all) of their assets in a portfolio of securities should rely more on the Sharpe measure because total risk is important. Joel Owen and Ramon Rabinovitch (1998), for the last four decades, numerous authors have been suggesting methods to evaluate portfolio performance. Sharpe (1966) proposed performance measures which had produced a score for every portfolio being evaluated. These scores were used to compare the performance of any two portfolios or rank the performance of all portfolios in a given set. The earlier works by Sharpe (1966), Treynor (1965) and Jensen (1968) represented significant contributions to the evaluation of portfolio performance. 2.3 Literature Review of Sharpe Ratio Francisco Peà ±aranda (2007) in her paper commented on developments beyond mean-variance preferences to some alternatives to the Sharpe ratio. The main goal of those measures was to give a similar ranking to Sharpe ratios when returns were symmetrically distributed and showed a preference for skewness when they were not. Moreover, performance measures could be used to guide asset allocation since they can be used as the criterion to maximize with portfolio. Raphie Hayat (2006), the attractiveness of the Sharpe Ratio came from its intuitiveness and simplicity. The Sharpe Ratio are simple because it could rank funds on the base of a single and intuitive since it only rewarded funds with a higher ratio if their returns were higher with the same level of risk or if the risk was lowered while keeping the same level of return. Zhidong Bai, Keyan Wang, and Wing-Keung Wong (2006) stated that the asset performance evaluation was one of the most important areas in investment analysis. In order to compare the performance among assets, several statistics had been developed and among them, the Sharpe-ratio statistic was the most prevalent. However, the major limitation of the Sharpe-ratio statistic was that its distribution is only valid asymptotically, but not valid for small samples. Nevertheless, it was important in finance to test the performance among assets for small samples. Tzu-Wei Kuo and Cesario Mateus (2006), the Sharpe ratio was well known risk-adjusted performance measures and easily understood by an individual investor. Thus, investors could evaluate the exchange-traded funds (ETFs) performance, based on the Sharpe ratio. However, the Sharpe ratio relied on the assumption that returns were normally distributed having these measures difficulty in evaluating the performance with skewed return distributions. Martin Eling and Frank Schuhmacher said that the classic Sharpe ratio was adequate in evaluating investment funds when the returns of those funds were normally distributed and the investor intended to place all his risky assets into just one investment fund. Because hedge fund returns differed significantly from a normal distribution, other performance measures had been proposed and encouraged in both academic and practice-oriented literature. The Sharpe ratio measured the performance of an investment fund by considering the relationship between the risk premium and the standard deviation of the returns generated by a fund. The Sharpe ratio were an adequate performance measure if the returns of the investment funds were normally distributed and the investor wished to place all his risky assets in just one investment fund. Andreas G Merikas, Anna A Merikas and Ioannis Sorros (2005) examined the exact relationship between the Sharpe ratio and the information ratio. Sharpe in 1994 asserted that the information ratio was a generalized Sharpe ratio. Sharpe ratios had been estimated for each fund in each category, and an average ratio for each category. The Sharpe ratio would generally be positive since excess returns of funds over the risk free rate would be positive, unlike excess returns of funds over the market, which could be negative, as the return of the risk free bond was smaller but at the same time less volatile than the return of the market. Cheryl J. Frohlich, Anita Pennathur and Oliver Schnusenberg in their research, Sharpe reward-to-variability ratio was used if total variability was thought to be the appropriate measure of risk, a stocks (portfolios) risk-adjusted returns could be computed using the Sharpe Index. The Sharpe and Treynor Index eliminated the problem of only considering return as a measure of performance. However, neither ratio was independent of the time period over which it is measured. This means that the ratio can change from one period to another with different results. Moreover, both ratios also ignored the correlation of a fund with other assets, liabilities, or previous realizations of its own return. Mario Onorato (2004), the Sharpe Ratio of any investment was defined as its excess return, it is return in excess of a benchmark return divided by the standard deviation of excess return. The benchmark represents a risk free investment alternative. Moreover, although the Sharpe ratio has become part of the modern financial analysis, its applications typically did not account for the fact that it was an estimated quantity, subject to estimation errors that would be substantial in some cases. The statistical properties of Sharpe ratios depended intimately on the statistical properties of the return series on which they are based. This suggests that a more sophisticated approach to interpreting Sharpe ratios is called for, one that incorporates information about the investment style that generates the returns and the market environment in which those returns are generated. Wei Zhen (2004), in his paper said that the Sharpe (1966) and Treynor (1965) performance measures were widely accepted in both academia and industry to assess the Risk-adjusted value of a particular portfolio. It could be shown, after some mathematical treatment, that the Sharpe performance measure was useful when the portfolio of interest represented all of the investors investment, while Treynors measure was preferred when the portfolio under discussion was only a portion of the whole investment package. Robert McCauley and Guorong Jiang (2004), through the Sharpe ratio it compared the returns of portfolios in relation to their risk by dividing their returns in excess of the riskless rate of return by the volatility of their returns. A portfolio with a higher Sharpe ratio was preferred in that it offered a higher return per unit of risk, as measured by return volatility. William Goetzmann, Jonathan Ingersoll, Matthew Spiegel and Ivo Welch (2002), the Sharpe ratio is one of the most common measures of portfolio performance. It was used as a tool for evaluating and predicting the performance of mutual fund managers. Since then the Sharpe ratio, and its close analogues the Information ratio, the squared Sharpe ratio and M-squared, have become widely used in practice to rank investment managers and to evaluate the attractiveness of investment strategies in general. The appeal of the Sharpe measure was clear. It was an affine transformation of a simple t-test for equality in means of two variables, the first variable being the managers time series of returns and the second being a benchmark. The Sharpe ratio was also ubiquitous in academic research as a metric for bounding asset prices. Andrew Worthington and Helen Higgs (2002), the Sharpe ratio (also known as the reward-to-volatility ratio) indicated the excess return per unit of risk and was calculated by dividing the return in excess of the risk-free rate by the standard deviation of returns. In the current context, the Sharpe ratio was the most appropriate performance measure for an investor whose portfolio was composed wholly of a given artists work. Verena Kugi (1999), the Sharpe ratio measured the change in the portfolios return with respect to a one unit change in the portfolios risk. The higher this Reward-to-Variability-Ratio the more attractive was the evaluated portfolio because the investor received more compensation for the same increase in risk. Graphically, the Sharpe ratio was equal to the slope of a straight line connecting the position of the evaluated portfolio, for example a fund, with the risk-free rate. To determine the quality of performance, the Sharpe index of the evaluated portfolio was compared to the Sharpe index of the market or benchmark portfolio. The portfolios Sharpe index being higher than the markets Sharpe index indicated that the portfolio manager had outperformed the market. Respectively, a lower Sharpe ratio was a sign of underperformance. Any portfolio that was positioned on the capital market line had a Sharpe ratio equal to that of the market and was therefore characterized by neutral perform ance. Youguo Liang and Willard McIntosh (1998), the Sharpes alpha captured the excess return of