Lanzones Festival

Lanzones Festival is held every third week of October and it is a four day grand celebration of the lanzones fruit. The mostimportant livelihood in Camiguin is lanzones. It is when a lot of tourists come to witness the joyous Lanzones festival. Lanzones is one of the major fruit producers in the Philippines. Lanzones is a tropical fruit that grows extravagantly on the north-central coast of Mindanao. Lanzones has a pale brown skin and sweet translucent flesh. It is said that the sweetestlanzones in the Philippines comes from Camiguin. The town of Mambajao in Camiguin celebrated its annual festival calledLanzones Festival together with its harvest in the month of October. Lanzones Festival in MambadjaoCamiguin is celebrated with a weekend street dancing competition and parties, cultural shows, parade and beauty pageant (coronation of MutyasaBuahanan) and trade fair that features local handicraft and products. Houses, street poles and even people are ornamented with lanzones during the lanzones festival. According to the legend of an unknown beautiful maiden took the fruit’s past bitter flavor to replace it to delicious and sweet taste of thelanzones, thus townsfolk dance in the streets in order to honor and celebrate. It also celebrated by the people in Camiguin as a contribution in making Mindanao as a cultural tourism destination and give thanks for a bountiful harvest for all the agricultural products. The Lanzones fruit is a major source of the Camiguin Islands' livelihood and it is for the annual harvest that they celebrate this thanksgiving day. Houses, carriages, street poles and even people are decorated with lanzones and lanzones leaves. townsfolk dance in joy abandon in commemoration of the legend that a beautiful, unknown maiden took from the its former bitter flavor to leave only its luscious, sweet taste.

The Canadian Immigration Information

Stage 1b: Gathering Information and Research Fact #1 (Write down one fact that you found that helps you to argue your specific political issue and helps to support your Party’s position on the political spectrum) Canada allows around 250,000+ immigrants into Canada each year. Comment on the above fact (make reference to your Party’s goals/political spectrum beliefs): That is a large number of immigrants entering Canada each year. Allowing so many immigrants into Canada each year is not fair to Canadians already living in Canada. These immigrants are competing for jobs with Canadians.This can also increase the unemployment rate and many could lose their jobs. Immigrants have benefits to the economy too, but not when 250,000 + are entering each year. From those, 150,000 are skilled workers that can benefit Canada. The number of total immigrants must be brought down to around 130,000 – 150,000 a year. That way we give a chance for some skilled workers, refugees and others to enter Canada while saving jobs for Canadians. Of those 130,000 – 150,000 we will make sure that at least 80% (104,000 – 120,000) of these immigrants should skilled and educated workers that can benefit the Canadian economy and society.Others should be people who are desperately in need of a Canadian Citizenship or Permanent Residence cards. Therefore making sure people in the country are served in the highest quality while still giving foreigners a chance to experience life in Canada. Fact #1 Source: â€Å"Be Humane With Genuine Refugees, But Do Not Put Up With Fraud. † – Immigration Watch Canada. N. p. , n. d. Web. 07 June 2012. . Fact #2 (Write down another fact that you found that helps you to argue your specific political issue and helps to support your Party’s position on the political spectrum) 0,000 students come to study in Canada every year on a temporary residence visa or a study permit. These students must be able to prove that they can pay for their tuition, have a clean criminal record, be in good health, and leave the country once they are finished. Comment on the above fact (make reference to your Party’s goals/political spectrum beliefs): Everybody has a right to learn whether or not it is in Canada or not. As left winger we want to provide an equal chance for everyone to earn an education in Canada. We will encourage students from all around the world to come study in Canada.We would minimize the restrictions for students to come and study in Canada. For example, whether or not a person is sick should not hold their ability to be able to study in Canada. Foreign students bring a rich culture to our classrooms and their knowledge and skills should be welcome in our schools. Fact #2 Source: â€Å"Studying in Canada. † Studying in Canada. N. p. , n. d. Web. 07 June 2012. . Fact #3 (Write down another fact that you found that helps you to argue your specific political issue and helps to su pport your Party’s position on the political spectrum)In Canada 27,852 refugees enter Canada out of the 250,000 that immigrate to Canada each year. Comment on the above fact (make reference to your Party’s goals/political spectrum beliefs): â€Å"Canada offers refugee protection to people in Canada who fear persecution or whose removal from Canada would subject them to a danger of torture, a risk to their life or a risk of cruel and unusual treatment or punishment. † If the number of immigrant into Canada decreases to 130,000 – 150,000 each year than at least 15% of these immigrants must be refugees.Refugees need help and are in desperate need of a place to stay. Letting around 18,000 – 20,000 refugees into Canada is a good amount and can save many people’s lives. These people have a right to experience freedom and peace in Canada. Therefore, refugees should be a big part of immigrants that enter Canada next to skilled workers. Fact #3 Sourc e: â€Å"Refugees. † The Refugee System. N. p. , n. d. Web. 07 June 2012. . ———————– Due Date: Friday, June 8th My Party’s Political Spectrum Position is: Left Wing The Political Issue I am responsible for is: Immigration

Charlie Hedbo

The two men killed twelve people, which inch duded the editor Stephan Char bonnier, seven other employees, and wounded eleven others. This was France's deadliest terrorist in at least two decades. More than 700,000 people took to the streets across France in tribute to the p people killed by Salamis extremists.The slogan in French â€Å"Jew sues Charlie† (â€Å"l am Charlie†) was widely used following the January 7 attack on the magazine, as people showed their support. Almost 40,000 people were seen holding up signs that read, â€Å"I am Charlie† with a large banner in the front of the e rally saying, â€Å"We are all Charlie†. Charlie Hoped will release its first issue since the attack Wednesday ay, January 13, but only a few hundred copies of the first printing are set to reach the United States ova err the next few days.This issue was created by the surviving employees using equipment and workspace e provided by other companies. It is set to print near ly one million copies, which is much greater t an its normal 60,000 copies. If necessary, there is an option in place to print two more million copies Editorship Gerard Board told reports: â€Å"We are happy to have done it and ha app to have been able to do it, to have achieved it.It was tough. The front page†¦ Was com placated to put together, because it had to express something new, it had to say something relating to the event that we had to deal with. † The front cover of the issue is said to be a Islamic male holding up a sign that reads their slogan, â€Å"Jew Sues Charlie†. The magazine's lawyer, Richard Malta, said yesterday (January 1 3):

Long-Term Results of Enlightenment Essay Example | Topics and Well Written Essays - 2500 words

Long-Term Results of Enlightenment - Essay Example The Enlightenment thinkers, also known as philosophers, worked to cultivate new proposals about economics, government, and religion. Furthermore, they suggested new ideas for the enhancement of human beings and for the reformation of the society. The main themes of these philosophers were to improve humanity so that the church would no longer control education. These philosophers also wanted to separate the church from political activities. Voltaire, Jean-Jacques Roueseau, David Hume, and Denis Diderot were amongst the most famous philosophers of that time. These rising groups spread their beliefs to the public while philosophers though of new ideas. (Baker 28-34) Most of the matters that resulted in the Great Awakening showed that the Americans misunderstood Christianity and its values. Hence, the South and the North shared a common evangelical vision. Other religious personalities such as Baptists, Methodists, and Presbyterians developed and grew. Although denomination lines remained intact, all of the religions had a common evangelical viewpoint. Not only did it affect religions but it resulted in a great emphasis on education too. George Whitefield founded schools that comprised of Presbyterian ministers. A superior feeling of responsibility for the Indians and the Slaves materialized from this revival. Whitefield was one of the few preachers of that time who preached to blacks. Hence, most blacks and whites had a common evangelical sight. (Samson 94-96) People began to consider religion differently. The Puritan theology emphasized what God had done for humanity. Afterwards, people started thinking what a person can do in answer to the gifts God had bestowed on him. Salvation is a man's responsibility, not God's responsibility. The Enlightenment had conceptual reasons but people did not want to confess before God Almighty as people of the Great Awakening did. Those who appreciated the Enlightenment honored human beings and their abilities. They also argued that they worshipped God more than others did. Therefore, such people cared more about what they can do for themselves. Developments in the UK, such as the scientific methods, the Glorious Revolution, and the growth of the parliamentary government transferred to the colonies too. This Enlightenment started in Europe and came to America sometime near the early 18th century. The reason for its arrival into America was the reaction of what had happened due to the Great Awakening. The primary difference between these two affairs was a greater emphasis on faith in the Awakening. The Enlightenment was more about the assessment of human reasoning and less about the belief behind this concept. Hence, this scientific age was more about moral values. Galileo Galilei played a vital role in the Enlightenment. He made significant observations to argue the Copernican theory that the earth rotates on its axis beneath the motionless sun. The Church opposed this theory and stated that the Bible clearly says that the sun moves through the sky. Hence, the Church denounced Galileo's observations and teachings. Afterwards, monarchs forced Galileo to hide his new observations about the sun and prevented him from spreading his teachings anymore. Therefore, a fight started between science and

Eine Kleine Nachtmusik painting Essay Example | Topics and Well Written Essays - 1500 words

Eine Kleine Nachtmusik painting - Essay Example Eine Kleine Nachtmusik can be described as one of the best known Dorothea Tanning’s early painting. The painting depicts what appears to be a motel or hotel corridor with numbered doors, the farthest of which is open enough in order to offer a certain glimpse of incandescent light. There seems to be activity inside the open room that does not exist in the three doors. This is one of the signs of life that exists in the painting. The open door is the only unnumbered door and for this reason it can be said to hold a lot of mystery. The other three doors are named meticulously and they seem to be tightly locked. A giant sunflower lies on the top of the staircase and two petals lie further down the stairs. The giant sunflower is colossal as it occupies almost at the top of staircase. The third petal is held up by a doll that is propped up against one of the doorways number 207. There are two dolls that are in the painting and they are remarkably life like and wear clothing that is almost similar. The two dolls can only be described as toys because of their hairline as well as regularly molded contours of the torso. The walls are cracked indicating that either there was an earthquake or the building is very old. The cracks are especially located between doors 207 and door 208. It is in between these two doors where the girl and the doll are located. This might indicate also that there might have been a power struggle that existed between the doll and the girl or even the presence of supernatural forces.

Effects of Technology in Administrative Office Systems Essay - 1

Effects of Technology in Administrative Office Systems - Essay Example ed turnaround such as Smartphone, the Internet and tablet PCs has shown signs of certain disadvantages that may have long-lasting effects if not addressed timely. Since connectivity to the internet is not an issue anymore it is possible to access both personal and office related work via the internet just about any time during the day. All one needs to do is to log into the internet and begin to access your work while even sitting at your home. " Typically, the concern about our dependence on technology is that it detracts from our time with family and friends in the real world. ... It may be that the immediacy of the Internet, the efficiency of the iPhone and the anonymity of the chat room change the core of who we are." (Pope, 2010) Administrative Offices have many managerial tasks at hand. It is imperative that their details be discussed in order to narrate the changes that would be bought with the fusion of technology in them. For a conventional office system administrative tasks may merely be as simple as the maintenance of records of the employees working for an organization and the maintenance and generation of their payroll, regularly, on a monthly basis to the strategic tasks as those involving major business decision making. Managing of administrative knowledge, in a knowledgeable manner is the key to betterment in the implementation of these processes. Shannak researched the effect of managing knowledge upon administrative decision making and quotes the following as part of his research, "Knowledge Management is a technique that seeks to improve the performance of individuals and organizations by making use of the present and future value of knowledge assets. It is presumed that the performance will be improved by providing the right knowledge to the right people at the right time." (Shannak, 2010) The introduction of technology has revolutionized the nature of administrative office tasks. The transition from manually entered official data in a

Chronic Fatigue Syndrome (CFS) Assignment Example | Topics and Well Written Essays - 250 words

Chronic Fatigue Syndrome (CFS) - Assignment Example The number of people suffering from CFS has been increasing overtime. Research shows that by 2011, approximately 270,000 people in the UK suffered from Chronic Fatigue Syndrome. More than 1 million of America’s total population has CFS, with about 75 % of these being undiagnosed (CDC). For CFS patients, severe fatigue is the major complaint that is recorded. Records show that the number of women who suffer from this condition is three times higher that of men, a ratio of 3:1. In the diagnosed cases, women comprise 60-80 % of the total (CDC). Also among adults, the highest level of occurrence of the disease happens between 40-49 years. In addition, children are more disposed to the condition as compared to adults, with the highest frequency of occurrence happening in adolescents between 10-17 years. Research further shows that African Americans are more susceptible to the condition (CDC). Though the medical field has not identified and proved the main causes of the condition, there are several suggestions on the same. Some of the common social determinants suggested include gender, race, age, cultural differences, socio-economic status, psychological distress, domestic workload, employment dissatisfaction, physical diseases and presence of

Mini-Literature Review Evaluation assignment Research Paper

Mini-Literature Review Evaluation assignment - Research Paper Example The patients experienced physical discomfort and difficult behavior. The intervention employed to make the patients comfortable is STA OP! (Dutch version of the STI protocol) Compared to the control intervention. The design used is cluster randomized controlled trial in moderate or mild patients in nursing homes (Pieper et al., 2011). This study was conducted by several persons with end-stage dementia who were under the care of a hospice. The method used was randomized controlled palliative care trial with an objective of enhancing patient’s comfort. The intervention employed comprised of long-term enteral feeding, phlebotomy, systematic antibiotics and new feeding tubes. The research concluded that it was not possible to assess the degree of comfort and awareness of feeding through a tube (Ahronheim, Morrison, Morris, Baskin & Meier, 2000). This research was conducted to analyze the end-of-life care in patients with dementia. The method used was in a form of questionnaires that consisted of questions in regard to emotional and physical signs that hap ended in the last three months of the patient. The interventions utilized include (CAD-EOLD) comfort assessment of dying individual with dementia, psychological and physical signs (Volicer, Hurley & Blasi, 2001). The implementation of the serial trial intervention for pain and challenging behaviour in advanced dementia patients (STA OP!): A clustered randomized controlled trial. Retrieved February 10, 2015, from

The purpose and effectiveness of police patrol Term Paper

The purpose and effectiveness of police patrol - Term Paper Example Ingram, as well as â€Å"Measuring Crime: Police Statistics and Victimisation Surveys,† by Philippe Robert, Renee Zauberman, Marie-Lys Pottier, and Hugues Lagrange. Both were located in online library journals. The goal of this paper is to evaluate the purpose and effectiveness of police patrol. This article discusses certain types of behaviors that police officers have been noted to exhibit throughout many different studies. This particular article differs from others of its type in that it focuses on place. This means that the author of this particular author was curious about how location affected the behavior of officers. In this context, behavior can be defined as what the officer chose to do when observing a citizen breaking the law, from issuing a citation all the way up to making a formal arrest (Ingram 2007) This article goes far beyond previous studies that covered the influence of merely situational types of factors on the behavior of police officers. Rather, this article claims that an overall more contextualized framework is now needed in order to study law enforcement tasks. â€Å"Using multilevel and spatial modeling procedures, the current study examined the role that both immediate and surrounding neighborhood characteristics played on citation issuance within a large, metropolitan department. Findings indicated that neighborhood structural characteristics were significantly related to the number of citations written during traffic encounters, independent of situational factors† (Ingram, 2007, pg. 371). This article takes a look at numbers and trends related to police statistics and victimization. According to the authors, â€Å"A conflict may now be arising between citizens and the State around the issue of crime. There clearly seems to be a yawning gap between the actions taken by the authorities and the expectations of citizens. Personal safety and the protection of property

Front end of Sky West Inc case Study Example | Topics and Well Written Essays - 1000 words

Front end of Sky West Inc - Case Study Example Sky West Inc. was named the regional company of the year since 2006 depicting customer satisfaction. However, Sky West Inc. faces a challenge of increased and fluctuating fuel costs and it is the aim of this report of the alternatives strategies for implementation by management to overcome the challenge and recommend the best alternative. The first alternative available for Sky West Inc. is to improve the fleet of aircrafts to have better technology, be bigger, and efficient in flying both short and long distant locations. Improving the fleet will provide Sky West Inc. the chance to increase destinations and augment the ability of the company to compete with established airlines. The current fleet requires large maintenance costs and affects the ability of the company to make large contracts with major airline companies to fly for long distances. Pros: several benefits will accrue from the implementation of the strategy including low fuel consumption from the increased efficiency in fuel consumption by the more technologically advanced aircrafts. Another benefit from the alternative is the augmented efficiency of operations from the improved fleet allowing for a reduction in maintenance costs and decreased breakdowns reducing operation costs for the company. Time-saving on maintenance and repairs will allow Sky West Inc. access better returns from the increased times of flying with the new flight compared to old fleet that have to be frequently grounded for maintenance and repairs. Improving the fleet will also put Sky West Inc. at a better position of competing with international aviation companies for greater market share and propel it beyond regional aviation service provision. Cons: the main disadvantage with the alternative is the high cost of implementation. The high costs are as a result of the need to phase out old fleet resulting in losses owing to sale at lower price or minimal use reducing return on assets ratio.

Competitor Analysis Coursework Example | Topics and Well Written Essays - 3750 words

Competitor Analysis - Coursework Example Extended presence through local branch offices present in 350 locations across US, Canada, Japan, UK, Australia and Hong Kong. Availability through phone 24/7, email alerts and information from schwab.com. Products: Includes brokerage accounts (one brokerage account, one organization account), bank checking and brokerage, individual retirement plans (traditional, roth, rollover, custodial, inherited), annuities, business retirement plans, Schwab personal choice retirement account (PCRA), estate planning (one trust account, one estate account, charitable gift account), college (college savings plan, educational savings account, custodial account) and Charles Schwab bank. Employees and programs used: 13,400 full time employees and growth rate of 11.4%. Has an open corporate culture, various work/life and career advancement programs, employee surveys, rewarding work environment, employee stock plans, open door policy and inclusive corporate culture. Employee programs include Schwab university (in house learning resource), formal mentoring program, Women's Interactive Network (WINS, an employee resource group on women's issues), and VisionQuest (to bring together new hires of Schwab as part of employee orientation). IT platforms for CRM: In Fall of 2007, the company adapted the CRM software of Junxure. This software has been built by financial advisors for financial advisors. The system automates critical processes, thus providing a high level of client service and enhancing profitability and productivity. Issues: In 2003 there were certain instances of late mutual fund trading. The issue was fixed by upgrading systems and processes. Gartmore Company background: This independent fund management company has 30 years of experience and works with a strong focus on asset management. Its offices are located in Tokyo, Boston, Madrid and Frankfurt. During 2006 to 2007, the organization received over 40 awards and also the Gold standard award for fund management. The organization operates through investment specialists who work in small teams. Clients and client relationship: Services both retail and institutional clients. Customers are classified and serviced on the basis of their locations in UK, Europe and Japan. In these regions they are further classified as private customers, professional advisors and institutional customers. Products: Offers an array of products and services like the Gartmore Cautious managed fund for pension savers, cash fund, corporate bond fund, China opportunities fund. Emerging markets opportunities fund, European growth fund, European focus fund, global focus fund and a range of MultiManager funds. Its products are classified in distinct categories like Gartmore OEICs (Open Ended Investment companies), Gartmore SICAV (Luxemborg based fund range) and Gartmore Investment trusts (includes a generalist worldwide trust, fledgling trust, European specialist trust and a range of trusts concentrating on smaller firms). Employees: Committed to long term success of employees, such that many of their senior employees are now company owners. IT platform for CRM: The organization has licensed Financial fusion Server SWIFT libraries. This platform provides solutions to retail and e-financial service companies. The Financial Fusion's message broker technology and SWIFT libraries will also translate internal messaging to SWIFT format messaging. This will facilitate Gartmore for application integration and

From Africa to the Americans Essay Example for Free

From Africa to the Americans Essay The first pages of Kelly and Lewis’ To Make Our World Anew: Volume I: A History of African Americans to 1880 had opened the eyes of its readers about the real nature of the African race. While discussing the slave history of Black in the Western Hemisphere, he redirect the focus in discussing the great history of the Black people in its homeland in Africa. Prior to the slave trade and during the peak and climax of the numerous Black civilizations that existed, the Black people had managed to construct and established huge empires that were characterized with civilized systems like language and systems of writing. In many cases, the achievements of the Black people during their stay in their homeland can be compared to the successes of some of the greatest empire and civilizations that had existed in the East and in the West. It is just disappointing that the heritages of the Black people in Africa are undermined when compared to the heritage of the Asians or Americans for example. Rather, what is plotted in the mind of many people is the Blacks history as a slave. As the modern world had managed to reverse its perception on Black in relation to slavery period, it is important to note what happened in the past and the real history. Lewis and Kelly with their objective approach of the situation and history had provided us a new way of perceiving the Black people. With their reminders that great civilizations like Egypt that impacted other great civilizations like Greece and Rome, we are now starting to appreciate the beauty and wonders of the Black culture and descent. Today more than ever, we now see them not as ‘other people’ but rather a person that is equal to us that just happened to be created with a different color. Indeed, this is an improvement in the way of life in the modern world. Works Cited Kelly, Robin Lewis, Earl. To Make Our World Anew: Volume I: A History of African Americans to 1880. 2000. Oxford UP. Oxford. pp. 3-52. Print.

Determinants of Mutual Fund Growth in Pakistan

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

Demonstrating Achievement of Learning Outcomes in Nursing

Demonstrating Achievement of Learning Outcomes in Nursing Analytical summary of portfolio to demonstrate achievement of the learning outcomes This essay is primarily aimed at analytically reviewing the portfolio that I have assimilated in the recent past. It effectively is a record of a number of key episodes in my student career. The portfolio itself documents a number of different aspects of events in my practice whereas this essay sets out to take an overview of the aims, goals and achievements that have been set and the degree to which they have been achieved. (Green J et al. 1998) The portfolio opens with a statement of intent as far as the original preparation was concerned. Although I have addressed the issues of professional requirement I have also approached the project form the viewpoint of my own personal benefit. I appreciate that this tool gives me the ability (amongst other things) to review my professional development and to document my evolution through my time as a student nurse. During its preparation I have therefore always kept in the forefront of my mind the eight learning goals enumerated in this statement. Reflections on academic and clinical experiences Continuing professional development and lifelong learning Decisions about the quality of my work Effective critical thinking Reflection on professional growth Empowerment to take responsibility for my own learning Development towards being a critical, reflective practitioner Document achievements (Pearce, R 2003). In terms of an analytical assessment of this portfolio, one should consider the work of Knowles and others in the field of adult education (Knowles, M. 1984 a ). Knowles’ theory of andragogy highlights the necessity for the adult student to appreciate the need to know something and the fact that adult students learn most effectively through experience and adaptation (Knowles, M. 1984 b ). Although not explicitly expounded by Knowles, the adaptive process is helped to a considerable degree by the process of reflection. As such my experiences have been recorded in a series of case studies and other investigations, and the process of adaptation has been illustrated through the mechanism of reflective practice. (Palmer in Bulpitt Martin 2005) The move towards evidence based practice has been one of the most noticeable aspects of the various changes in emphasis in practice in most areas of medically related work in recent years. (Berwick D 2005). I have been at pains to consider the evidence base which supports the various areas that I have either worked in or examined. To illustrate this point, let us consider the section presented on the subject of moral reasoning and health care law. This chapter examined a wide spectrum of ethical issues and associated moral dilemmas. Ethics is an area which in some respects is universal but in others is determined by local issues which include environment, culture and belief systems. (Kuhse Singer 2001) The evidence base for the various views expressed is presented and documented. An analytical assessment of this piece would have to include the fact that it only covers a small area of the whole potential issue. There is no apology for this, as the whole area of ethics is vast and the literature on the subject is extensive. It was not considered appropriate to do more than present an overview of one area. But the elements of this area are covered and presented with the important guiding principles that form the evidence base being set out, such as Bolam and the professional guidelines together with specific examples such as the precedent of the Charlotte Wyatt case. The evidence base element is also demonstrated in the clinical spectrum and I can cite the case study on Mrs Y (an MRSA infection case), as an example which not only allowed me to examine the issues of evidence (citing Pennington) but also to reflect and learn from the experience. (Taylor, E. 2000). It is always possible to criticise writing as not being totally inclusive of all of the available evidence and clearly such a criticism could be levelled at my work. In defence, I would suggest that much of the private reading and research that I have done that has helped to inform me in my professional life does not appear in the portfolio on grounds of expediency. In addition one is aware that the evidence base is constantly changing as new work is published and assimilated into the pool of accepted medical knowledge. (Sackett, 1996). In the case study that I presented relating to Angela, the evidence base played a large part in both the study, the learning experience derived from it and also the actual presentation of the evidence. I suggest that it is obvious that I clearly spent a great deal of time researching the various elements of the case and presenting them in an authoritative and evidence based fashion. I believe that this gives the work a greater credibility and also a greater learning potential for myself. (Holland K et al. 2003) Reflection is a large element in this portfolio. I make no apology for this as I have found reflective practice to be an invaluable learning tool and as can be seen in the substance of the portfolio I have used it extensively. It should be noted that although I have recorded a number of instances of reflective practice using the Gibbs model, (Gibbs, G 1988) it is a technique that I frequently use in my daily practice. Stockhausen, (L. 1994) makes a differentiation between reflection on practice and reflection in practice. I think that his analysis is both valid and relevant. Reflection on practice is a retrospective process that encompasses those processes that allow reflection at a stage after the event, and allow for modification in processing and response mechanisms to be employed when a similar situation is encountered for a second time. Reflection in practice refers to a dynamic process that occurs at the time of an action or intervention and is a shorter and more truncated process than the previously cited example. It is accepted however, that such a shorter process may not have the intellectual validity of a more protracted process. I have used both mechanisms both in the portfolio and also in my daily practice the case study of Angela demonstrates my ability to reflect on practice and the case study (year 1 chapter 3) shows that I am also quite able to use reflection in practice. As such I think that the portfolio is representative of my abilities in a clinical situation. I note that I frequently return to the concept of self assertiveness in my analysis of a situation. This is an area which is difficult to promote as a student nurse as one is hampered by both inexperience and lack of seniority. As I have progressed through my training, I feel that the process of reflection has helped me to identify situations where I can usefully be more self assertive, either to put forward my own point of view based on my own knowledge and beliefs, or to act as the patient’s advocate in situations where I believe that the patient’s best interests may not have been fully considered. (Koole S. L. et al. 19990 This element of self assertiveness has another and more profound implication. There is an implied responsibility incumbent on all healthcare professionals to disseminate and knowledge or experience that they may have to their professional colleagues. The element of learning and teaching comes within this remit. (Yura H et al. 1998). I fully recognise that, as a student, I have not been in a position to consider the possibility of teaching, as my own knowledge base has been dependent, at least in part, on the benevolence and knowledge of others. I am aware however, that as my own knowledge base has increased, I have been better placed to offer opinions and to add specialist knowledge into situations that are appropriate. I believe that this aspect of my training and development has also bee clearly demonstrated in the portfolio. For example, I can cite the section on basic life support that is presented in the portfolio. Having completed this element of the course, I now feel empowered to pass this specific knowledge on in areas where I encounter people (both patients, carers or other professionals) who may not have this type of specific knowledge at their fingertips. (Fawcett J 2005) I have little doubt that, as my professional knowledge increases, I shall be able to assume this role in a greater variety of areas and help to play my part in the future education of both patients and aspiring professionals. A large proportion of the portfolio documents my assessment of the impact of policy on the current mechanisms of health care delivery. The entry relating to equality in the health management of minority groups could be considered typical in this regard with a review of the issues of the Care Standards Act (CSA 2000) and the Disability Discrimination Act (DDA 1995). This particular case study was a major learning experience for me as it was by doing this analysis that I became more professionally aware of the possibilities for overt and covert discrimination both in terms of sexuality and disability and the need to be fully aware of these possibilities and to take positive steps to ensure that they do not colour my professional activities. There is a great deal of literature on the subject of discrimination in its widest applications and a critical analysis of my work could reasonably conclude that such a large area is underrepresented in the overall portfolio. This particular critici sm could clearly be levelled at virtually any work in this area and I am aware that I have had to make a judgement in this (and many other areas) where the line of balance between presenting all of the arguments both in favour and against a particular topic, can be drawn in the interests of both expediency and practicality. It would have to be conceded that even it the portfolio were 100 times as long as it is, it could not reasonably be expected to cover all of the arguments in the area. A sensible overview has had to be taken and I would suggest that the finished article is the product of these two opposing considerations. Some elements of the portfolio are specific and detailed case studies. I again refer to the case study of Angela, a 58 yr old lady with anal cancer. I cite this is being particularly informative for me as it not only is a demonstration of my research into the many issues that were impinging on this case but also in my ability to follow Angela through her illness trajectory (Newell et al. 1992) and I was able to reflect at length on the issues that she faced as her diagnosis was faced and the treatment. The major learning issue here, which is probably applicable to virtually all areas of professional work, is that effective communication is one the most important skills that the professional nurse can acquire. Effective communication can help to deal with some of the elements of the sequelae that can arise in this situation such as depression as well as the more positive aspects such as empowerment and education of the patient. (Mason T et al. 2003). This particular case study also highlights the need to assess and assimilate the social (and other) elements of the patient’s case. The reductionist school would have us regard the patient as a set of symptoms and nursing problems to solve. Although reductionism can be a useful analytical tool to assess the most appropriate forms of treatment, it can be criticised for removing the human angle from the professional assessment of the patient. (Jacobs, B B 2001) I have always been a staunch advocate of the holistic approach to patient care and reductionism is diametrically opposed to this viewpoint. (Thompson C 1999) I believe this is demonstrated in my presentation of the socio-economic situation as it pertains to Angela. The consideration that her mother lives alone and has a Yorkie dog to contend with is all part of the overall spectrum of consideration for Angela, as her hospitalisation will effectively impair her mother’s ability to both survive independently and also to care for her dog. These are vital and important elements in a patient’s care and should realistically be incorporated into the decision making process that evolves from the patient management considerations. (Hewison, A. 2004). I hope that this particular essay demonstrates my ability to pursue a logical and rational approach to decision making based on a strong evidence base and a holistic care plan. In terms of my own professional development, this portfolio represents a number of â€Å"snapshots† in my trajectory through the undergraduate course. It has helped to focus my attention on a number of specific issues, some were specified by the tutors and some were self determined. It is a feature of adult education that learning in one area often opens up possibilities for research and interest in other related areas.(Merriam S B 2001) I have certainly found this to be true, as my reading on one issue will frequently be punctuated with explorations into other areas that may be related. This may not necessarily feature in the portfolio itself, but will inevitably add to the knowledge base that I have accumulated throughout my undergraduate career. This comment is not intended to be viewed as a weakness but is presented as a strength. It has to be said that the portfolio does not fully reflect the professional development that I have been able to achieve and is not intended to do so. It should be more critically seen as a record of the stages of my development and some of the areas that have been actively explored. I am aware that it is in the nature of a professional career in nursing that every interaction with patients and staff brings the possibility of new learning experiences. (Hogston, R et al. 2002). It is my hope and belief that this portfolio illustrates the fact that I have taken advantage of these possibilities as they have presented themselves to me. I believe that I have grown in professional stature and competence as a direct result of having had the experience of completing it. In viewing the work there are a number of areas in which the portfolio could be considered deficient. The very act or recording and writing is itself a trophic and dynamic process (Meleis A. 1991) and thereby records a process of evolution from my early days as a nursing student to the present. It can be therefore seen that some of the earlier entries lack the degree of maturity and knowledge that the later entries clearly have. I do not believe that this is actually a deficiency as, to a large extent, this documentation of process is one of the major functions of the portfolio. I believe that I learned a great deal relating to the processes of effective reading, efficient research and informative presentation during this process which I believe are just some of the less well publicised attributes of the modern nurse every bit as much as the clinical skills and knowledge that is perhaps more generally accepted as a core requirement. (Clarke J E et al. 1997). It would appear to me that a critical assessment of the portfolio would also have to include the realisation that some of the earlier elements are clearly not as sophisticated nor perhaps as informatively written as the later ones for this very reason. The very fact that I have been able to take a critical overview in this particular essay, to a large degree, underlines the point that I would not have been able to write an essay of this nature when I started on my undergraduate career but I feel that I have now been enabled to assimilate sufficient knowledge to reflect critically on the learning process and to comment on it. With the benefit of hindsight, I feel that if I had appreciated the importance of the evidence base in discussions at an earlier stage in my education, I believe that I would have placed a greater emphasis on it in my earlier writing. As I have observed earlier however, it is this learning evolution coloured by experience which is perhaps one of the greatest benefits that can be both seen in and derived from a portfolio such as this. It is the act of research, reading and then the committing of analytical concepts to paper, which is a fundamental learning stimulus of the adult student. Looking forward, I believe that the experiences that I have derived from compiling this portfolio will stand me in good stead for my future professional career, not only in terms of the factual knowledge that it contains but also the conceptual methodologies that it represents and that I have now been able to experience, evolve and put into practice. (Kazdin A E 1998). I now more fully appreciate the need for critical analysis and evidence based practice particularly if I wish to enhance my professional status by imparting good practice and knowledge onto other colleagues in due course. References Berwick D 2005 Broadening the view of evidence-based medicine Qual. Saf. Health Care, Oct 2005 ; 14 : 315 316. Clarke J E Copcutt L 1997  Management for nurses and Healthcare Professionals.  Edinburgh: Churchill Livingstone 1997 CSA 2000  Care Standards Act. (2000).  Government White Paper  HMSO : London 2000 DDA 1995  Disability Discrimination Act. 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Stockhausen, L. 1994  The Clinical Learning Spiral: A Model to develop Reflective Practitioners.  Nurse Education Today 14, 63371. 1994 Taylor, E. 2000.  Building upon the theoretical debate: A critical review of the empirical studies of Mezirow’s transformative learning theory.  Adult Education Quarterly, 48 (1) , 34-59. Thompson C 1999  A conceptual treadmill : the need for middle ground in clinical decision making theory in nursing  Journal of Advanced Nursing Volume 30 Page 1222 November 1999 Yura H, Walsh M. 1998  The nursing process. Assessing, planning, implementing, evaluating. 5th edition. Norwalk, CT: Appleton Lange, 1998. ############################################################### 3.7.06 PDG Word count 3,549