Feminist Reading of The Yellow Wallpaper -- Feminism Feminist Women Cr

A Feminist Reading of The Yellow Wallpaper In the late nineteenth century, after the American cordial and economic shift commonly referred to as the Industrial Revolution had changed the very fabric of American society, increased attention was paid to the psychological disorders that apparently had locomote up out of the new smokestacks and skyscrapers in urban populations (Bauer, 131). These disorders were presumed to have been born out of the exhaustion and wear and tear of industrial society (Bauer, 131-132). An obvious solvent of these new disorders was a slew of physicians and psychiatrists advocating one sort of repossess or a nonher, although the rest cure popularized by the physician S. Weir Mitchell was the most embraced (Bauer, 131 Saur, 151-152). However, while the rest cure for men involved physical exercise and leisure activities, the cure for women was a suffocating slice of seclusion, bed rest, and no intellectual activity (Bauer, 131). Charlotte Perkins Gilma n, a illustrious feminist and author, was one of the women affected with ...a severe and continuous nervous breakdown tending to melancholia.., which was commonly termed as neurasthenia (Gilman, 348-349). However, rather than cure her, Mitchells rest cure close drove her insane. As a result of her maddening experience away from writing and almost all intellectual thought, she wrote her short story, The Yellow Wallpaper not ...to drive people crazy, but instead to ...save people from being driven crazy (Gilman, 349). Although her purpose in writing the story is clear, one can not help but wonder if she was motivated solely by her protest to nineteenth century medical practice or by her protest to the healthy and socia... ... Boston/New York Bedford/St. Martins, 1998. 130-132. Gilman, Charlotte Perkins. The Yellow Wallpaper. The Yellow Wallpaper. Ed. Dale M. Bauer. Boston/New York Bedford/St. Martins, 1998. 41-58. Gilman, Charlotte Perkins. Why I Wrote The Yellow Wallpaper? The Yellow Wallpaper. Ed. Dale M. Bauer. Boston/New York Bedford/St. Martins, 1998. 348-349. Mitchell, S. Weir. From Wear and Tear, or Hints for the Overworked. The Yellow Wallpaper. Ed. Dale M. Bauer. Boston/New York Bedford/St. Martins, 1998. 134-141. Saur, Prudence B. From Maternity A Book for Every Wife and Mother. The Yellow Wallpaper. Ed. Dale M. Bauer. Boston/New York Bedford/St. Martins, 1998. 151- 155. Williams, William C. Old Doc Rivers. The situate Stories. Ed. Robert Coles. New York New Directions Publishing Corporation, 1984. 13-41.

Does Islam Cause Violence in the Middle East? Essay -- Islam, religion

Since the attacks on the United States on September 11, 2001, a large focus of the Western Powers, the likes of the United States, has been on the in-between East. Out of this has come a conclusion that this area of the world is prone to be much violent than other separate and this is largely to due to the Islamic religion. This the West has concluded in large part through observation coupled with close to qualitative data. However, is this an adequate self-confidence of the area, and of the religion of Islam? To begin various types of hysteria will be explored quantitatively and qualitatively to see if there is a difference in the level of violence seen in the Middle East as compared to Western States. Once it has been determined if there exists a difference in the amount of violence in the Middle East, as compared to Western States, it than shall be explored to see what role Islam may play in it.Comparing Violence It has been assumed that while the rest of the world appears t o be seeing decreasing levels of violence, it appears the Middle East has yet to experience this same trend. By just watching the news or reading the paper, it has appeared that in the foregone couple of decades there have been either an increase in violence in the Middle East. In addition, it has also appeared that certain types of violence that the West has not experienced for some time still exist within the region. The question this raises then, is the Middle East more violent? On the other hand, is this nothing more than Islamophobia? To find the correct suffice both a quantitative and qualitative approach will be taken. Through this patterns should emerge that will lead to answer whether are not the Middle East is more prone to violence than other Western States (Pinker, 20... ...s Office on Drugs and Crime. (2013). UNODC Homicide Statistics. Retrieved November 24, 2013, from http//www.unodc.org/unodc/en/data-and-analysis/homicide.html This publication is put surface by t he United Nations and its office on Drug and Crime. The purpose of this publication is straight forward. It is to the homicide rates of each State. The data is collected by various agencies, some associated with the United Nations and some not.This document is easy to read and to understand. It serves the purpose in which it was created by showing the homicide rates nearly all the States in the world. The underlying prune with it is that not all the data is complete. When it comes to Western, developed, States the data is complete. However, when it comes to less developed states, it is not. This can causes issues if someone is looking for patterns or comparing regions.

Characteristics of a Hero Essay -- essays research papers

Characteristics of a HeroA hero is someone who has precondition his or her life to something bigger than oneself (Campbell 1). When we think of heroes most of us think of movie stars or professional athletes, but its not always near your popularity or talent it can also be about how you help society. What I think make a great hero is someone who is satisfactory to overcome his or her obstacles in life, is highly motivated, and has plenty of bravery.Overcoming obstacles may be one of the hardest parts of being a hero. I think its the hardest because a lot of people are blocked from doing something and just quit. A great example of this trait is Jackie Robinson. He was discriminated against because he was African-American. Even though that blocked him he broke the color barrier, and made...

Groundwater and the Hydrologic Cycle Essay -- Geology

Groundwater and the Hydrologic Cycle IntroductionWater is the lifeblood of every living creature on earth. Approximately 70 percent of the earths bob up is covered with water. Thought the wonders of nature, water can take on many different forms, form the water we drink, to the ice we use to demoralize a glass of lemonade, to the water vapor used to steam clean equipment equipment. It is easy to understand the significance water plays in our lives, but it may be much more difficult ot understand the water that exists below the earths surface, called groundwater.From the time the earth was formed, water have been endlessly circulating. This circulation is known as the hydrologic cycle. Groundwater is part of this free burning cycle as water evaporates, forms clouds and returns to earth as precipitation.The Hydrologic CycleThe hydrologic cycle begins with the water evaporation from the earths soil, plant and water surfaces to form water vapor. The energy take to evaporate wat er is supplied by the sun. The vast majority of evaporation occurs from the oceans. It is estimated that 39 inches of water annually evaporate from each acre of ocean.Water vapor is drawn into the ambiance by temperature gradients and can be transported over hundreds of miles by large air masses. When water vapor cools, it condenses to form clouds. As water condenses within clouds, water droplets accession in size until they fall to the earths surface as precipitation such as rainfall, hail, sleet or snow.Approximately 70-90 percent of the water that falls to the earths surface enters the soil. This water can become groundwater but most of it evaporates or is used by vegetation.Water that passes though the root zone ... ...ment levels (Florida Aquifer).Floridas growing population, now poop in the nation, is placing a heavy demand on the states water supply. The addition of 6,000 new residents each week has increased the use of water for direct man needs to more than 60 mi llion gallons per day.Florida rainfall averages 54 inches per year, or nearly 150 billion gallons of water a day. Unfortunately, an estimated 110 billion gallons is disjointed to evaporation and plant life consumption.The southern 50 percent of Florida receives only 44 percent of the states natural water supply, yet is home to 78 percent of the population and accounts for 75 percent of the states total water use (Groundwater Withdraw).The largest consumer of water is the agriculture industry, using 42 percent. Homes, offices and hotels consume 11 percent. The rest is consumed by otherwise industries.

Media and the Writing Process :: Television Media TV

Media and the Writing ProcessWhen looking at a work of media, ones tries to find something that would kindle the writing process. Television, as well as cinema often lends to this process. One example of this is with the John Carpenters Vampires, which incorporates the rehearse of suspense and anticipation to lure the viewer into concerning themselves more in to the story. Another example, is the television documentary Hitlers Henchmen which uses a systematic, chronological method to tell the story of Adolf Hitlers main Architect, Albert Speer. Of course literary whole shebang also crapper help in enhancing the quality of ones work. A River Runs through it, Norman Macleans personal memoirs, lends to the reader the idea of the metaphor to quest for plot. Another literary work The Perfect Storm, by Sebastian Junger tells the story of a doomed vessel lost at sea and does so through the use of creative language.Cinema is often overlooked as an outlet for literary enhancement. On th e contrary, however, many films often tend to use or incorporate ideas which can be transferred with success to a literary piece. The film, Vampires uses many literary devices to progress its story and plot. The devices which were employ most extensively, those of suspense and anticipation, can easily be integrated to enhance a literary piece aesthetically. Television, again, like Cinema is a media which is overlooked when searching for methods to enhance ones work. A television documentary, recently aired, Hitlers Henchmen used a technique which is perhaps vital to a successful literary work. Displaying a information in a systematic, or chronological fashion, as done in the documentary, often clears the path for the reader, or the viewer in this case to make their own assumptions, or judgement of what they have seen.The most important of all media to be used to enhance ones own work of course is another piece of literature. The metaphor, as in Norman MacLeans work, A River Runs T hrough It is an excellent device used to give more meaning to single ideas, and can easily enhance a work.

The Poetry of Emily Dickinson :: Emily Dickinson Essays

There are several important and interesting authors in the American Literature history to blather about in this paper. However, Emily Elizabeth Dickinson is one of the most fascinating authors that generates admiration by reading her life and poems. Even tough her poems were not completed and written on scraps of paper, she is considered one of the great geniuses of nineteenth-century American poetry. The main reason of this reputation is based on the fact that her poems are innovative. Her poetry is different because she uses different literacy aspects from her coetaneous writers. Aspects such as her family, friends, social issues, love, death, education and, in general, her personality had a tremendous impact in her writing. Eventually, these aspects were visualized when her poetry was published, and editors took it upon themselves to group them into categories of Friends, Nature, Love and Death. Emily Elizabeth Dickinson was born(p) on December 10, 1830 in the quiet community o f Amherst, Massachusetts. Emily Dickinson was raised in a quiet, reserved family. Her father was a very authoritative person and her set out was not emotionally accessible. Her parents personality was probably the main reason of Emilys eccentricity. Emily was raised in the Christian tradition, and she was expected to take up their fathers religious beliefs and values without argument. However, later, her poems illustrate how Emily challenges these conventional religious points of view of her father and the church, and how this new perspective contributes in the way and strength of her poetry. clear-sighted that her family was well known in the area for its educational and political activity and before Emily started writing poetry, it is important to emphasize that Emily was a proper educated individual. She attend the Amherst Academy. After her time at the Academy, Emily left for the South Hadley Female Seminary but severe homesickness led her to return home after one year. This was basically the initiation of Dickinsons life of solitude. This solitude could lead her to focus on her world and to start writing her first conventional style poems. Some years later, she started construct her particular style in which she introduces different literacy characteristics to her poems making her a unique writer.Dickinsons works have had considerable influence on contemporary and fresh poetry. She used certain characteristics that made her style unique. Sporadic capitalization, dashes, unconventional metaphors, off-rhymes and broken meter are some of the most frequent aspects Dickinson used.

The Poetry of Emily Dickinson :: Emily Dickinson Essays

There are several important and interesting authors in the American Literature history to talk about in this paper. However, Emily Elizabeth Dickinson is one of the most fascinating authors that generates admiration by reading her life and poems. Even tough her poems were non completed and written on scraps of paper, she is considered one of the great geniuses of nineteenth-century American rhyme. The main reason of this reputation is based on the fact that her poems are innovative. Her numbers is different because she uses different literacy aspects from her contemporary writers. Aspects such as her family, friends, social issues, love, death, education and, in general, her personality had a tremendous impact in her writing. Eventually, these aspects were visualized when her poetry was published, and editors took it upon themselves to group them into categories of Friends, Nature, Love and Death. Emily Elizabeth Dickinson was born on December 10, 1830 in the quiet community of Am herst, Massachusetts. Emily Dickinson was raised in a quiet, reserved family. Her father was a precise authoritative person and her mother was not emotionally accessible. Her parents personality was probably the main reason of Emilys eccentricity. Emily was raised in the Christian tradition, and she was expected to take up their fathers religious beliefs and values without argument. However, later, her poems illustrate how Emily challenges these conventional religious points of view of her father and the church, and how this new perspective contributes in the way and strength of her poetry. Knowing that her family was well known in the area for its educational and political activity and before Emily started writing poetry, it is important to emphasize that Emily was a proper educated individual. She attended the Amherst Academy. After her time at the Academy, Emily left for the South Hadley Female Seminary but severe homesickness led her to return home afterwards one year. This wa s basically the beginning of Dickinsons life of solitude. This solitude could lead her to focus on her world and to start writing her first conventional means poems. Some years later, she started building her particular style in which she introduces different literacy characteristics to her poems making her a unique writer.Dickinsons works have had considerable mold on contemporary and modern poetry. She used certain characteristics that made her style unique. Sporadic capitalization, dashes, unconventional metaphors, off-rhymes and broken meter are some of the most shop aspects Dickinson used.

Szabist

Service offering And Variety Augmenting the Core Product The shostacks molecular model can help identify the tangible and intangible elements involved in service industry. For Szabist the intangible element includes the knowledge they provide to a schoolchild in different fields for testple BBA, media sciences etc. The grooming of personality, to work in teams, the education which is the core product of Szabist. The tangible element includes the grade provided by Szabist. Nature of Service Offering Core ProductThe core product Szabist provide is quality education. Supplementary Service The supplementary service Szabist includes extra-curricular activities such(prenominal) as computer labs, libraries, sports room, the societies and affiliation to foreign universities. Delivery Process Szabist delivery process is through the faculty they hire for providing quality education. The documentation of all the records of student all oer the time period till they are studying. The Flower of Service data Clearance Classes Degree Education Consultation Fees SubmissionThe flowers petals are the supplementary service shown in the clockwise pattern in which they are often encountered by customers. Information When a student comes in for ingress they are provided with the admission form and guided about the procedure through which they can join Szabist. Consultation The student can consult in which computer platformme they fit the most and what are the requirement criteria for that particular program. Fees Submission Once the student went through the admission process they are asked to submit their fees beforehand.Classes The classes are conducted on daily basis for whatever program a student is rolled in. Clearance Once the student completes his/her credit hours criteria all payments are settled amidst the student and Szabist before the stop is granted. Degree Degree is awarded by Szabist to the successful candidate who completes his/her course requirement. The Servi ce Product mix Width Graduate broadcasts EMBA, MBA, MS (Computing), MS (Media Sciences), MS ( counselling Sciences), MS (Social Sciences & economics) and Ph. D. Undergrad weapons platformsBBA, BABS, BS (Computing), BS (Media Sciences), BS (Social Sciences), BE Mechatronics, Biosciences and LLB. Length The fall number of courses offered by Szabist. Depth EMBA SZABIST offers a devil familys EMBA degree for the executives and the middle/level managers who strive for excellence and greater challenges in their professional life. The EMBA is a two years program spread over six semesters and consists of 66 credit hours. 20 courses, 1 vexation Project (3 credits) and 1 Research Project (3 credits) are indispensable to graduate. Maximum time lay to complete the EMBA degree is five years.MBA SZABIST offers MBA degree in the specialized fields of Management, Human Resource Management (HRM), Marketing, Finance, Supply Chain Management, Islamic Banking, MIS and Economic policy & Manag ement. Both MBA (Day) and MBA (Evening) programs are offered. For students with a 4-year BBA degree, the duration of the MBA Program is 1. 5 years. 10 MBA courses (30 credits) and a research project (6 credits) are needed to graduate. Students are besides essential to complete a 6-week internship. The uttermost duration to complete this degree is 5 years.For students with a 4-year non BBA degree / relevant degree, the duration of the MBA program is 2 to 2. 5 years. 24 courses (72 credits) are needed to graduate. Students are also required to complete a 6-week internship and clear the SZABIST comprehensive exam. The maximum duration to complete this degree is 5 years. For students with a 2 to 3 year undergraduate degree the duration of the MBA program is 3 to 3. 5 years. 30 courses (90 credits) are needed to graduate. Students are also required to complete a 6-week internship and clear the SZABIST comprehensive exam.The maximum duration to complete this degree is 5 years. MS (Comp uting) SZABIST offers MS degree with majors in Information Technology, Software Engineering and Computer Sciences. The MS is an even out program only and consists of 8 courses and a Thesis / Research Project / wrangle Work. For students with a 4 year BS or 2 year MCS degree, the MS is a two year program. 9 MS courses and Thesis/ Research Project/Course Work are needed to graduate (33 credit hours). For students with a 4 year professional degree (BE, MSc etc. ), the MS Program is a two year program.Deficiency conversion courses and 9 MS courses and Thesis/Research Project/Course Work are needed to graduate (33 credit hours +18 credit hours of deficiency courses. ) For students with a 3 year BCS degree, the MS Program is a three year program. One year of deficiency conversion courses and 9 MS courses and Thesis or Research Project are needed to graduate (33 credit hours + 30 credit hours of deficiency courses. ) The maximum time fixate to complete the MS degree is five years. MS (M edia Sciences) SZABIST offers the MS Media Sciences degree. The MS Media Sciences is an evening program only and consists of 8 courses and a Thesis.For students with a 4-year BS Media Sciences or relevant Bachelors or Masters degree, the MS Program is 1. 5 years. 8 MS courses (24 credits) and a thesis (6 credits) are needed to graduate. Students are also required to complete a 6-week internship. The maximum duration to complete this degree is 5 years. For students with a 4-year non-relevant Bachelors or Master degree, the duration of the MS program is 2 to 2. 5 years. 24 courses (72 credits) are needed to graduate. Students are also required to complete a 6-week internship and clear the SZABIST comprehensive exam.The maximum duration to complete this degree is 5 years. For students with a 2 to 3 year undergraduate degree, the duration of the MS program is 3 to 3. 5 years. 30 courses (90 credits) are needed to graduate. Students are also required to complete a 6-weeks internship and clear the SZABIST comprehensive exam. The maximum duration to complete this degree is 5 years MS (Management Sciences) SZABIST offers the fifth year MS degree in the specialized fields of Management, Human Resource Management (HRM), Marketing, Finance and IT (MIS/ E-Business).The MS program is an evening program only and consists of 8/10 courses and/or Thesis (30 credits). The maximum time adjust to complete the MS degree is five years. MS (Social Sciences & Economics) SZABIST offers the fifth year MS degree in Social Sciences & Economics with majors in Psychology, Sociology, transnational Relation, semipolitical Science, Economics, Media Studies, Education, Public Administration, NGO Management, Gender Studies, Philosophy, Law & Human Rights and Public Policy.The MS Program is an evening program only and consists of 8/10 courses and/or a Thesis/ Independent Studies (30 credit hours). Ph. D. SZABIST offers the Ph. D. degree in Management Sciences, Computing and Social Sciences & Economics that can be completed during the evenings in two years after the MS / MBA degree. 6 Ph. D. courses and a dissertation are required to graduate. A total of 48 credit hours must be completed. For candidates with a 4 year professional (BBA / BS / BE / MBA / MCS / MSc / MA) degree, the Ph.D. Program is a three year 78 credit hours program. MS degree (30 credits) must first be successfully completed. In Management Sciences, specializations include Organizational Structure, Human Resource Management & Development, and International Business Strategy & Development, e-Business Strategy, Leadership, Corporate Restructuring, Corporate Ethics & Governance, Advanced Financial Management, Marketing Communication and Not-for-Profit Management.In Computing, specializations include Database Management Systems, Data Warehousing & Mining, Networking & Communication, Business Intelligence, Process Modeling, Telecommunication, Mobile Communication, Mobile Computing, Technology Management, Ar tificial Intelligence, Software Engineering, Agent Systems, Speech Recognition, Multimedia & HCI Systems and e-Business, Mechatronics and Machine Vision & Image Processing.In Social Sciences & Economics, specializations include Economics, International Relations, Political Science, Media Studies, Education, Public Administration, NGO Management, Gender Studies, Philosophy, Psychology, Sociology, Law & Human Rights and Public Policy. The total time to earn a Ph. D. degree after a four-year university degree is a minimum of three years to a maximum of seven years. BBA SZABIST offers a four year (eight semesters) BBA degree program with majors in Management, Marketing, Finance, and IT.The BBA Program is essentially a day program and consists of 46 courses and a thesis (six courses per semester) with a total of 144 credit hours (all electives and certain courses may be offered in the evening) and an Internship. The maximum time limit to complete the BBA degree is seven years. BABS SZABI ST offers the 3 years BA (Hons) Business Studies of the University of Wales, Newport, UK. Students can earn BABS, UK, and Degree after completing two years of study at SZABIST and one year at Newport, UK, through an articulation agreement. Students aiming for a UK degree can join this programme and carry out 2 years UK cost.Two years study at SZABIST is fully mapped and matched with University of Wales BA (Hons) Business Studies curriculum. Please refer to separate SZABIST brochure for details of this program. BS (Computing) SZABIST offers a four year (eight semesters) BS (Computing) degree with majors in Information Technology, Telecommunications, Software Engineering and Computer Sciences. The BS Program is essentially a day program and consists of 40 courses (six courses per semester) with a total of 130 credit hours (all electives and certain courses may be offered in the evening), Internship and the passing of the comprehensive exam.The maximum time limit to complete the BS d egree is seven years. BS (Media Sciences) SZABIST offers a four year (eight semesters) BS (Media Sciences) degree with majors in Production and Advertising. The BS Program is essentially a day program and consists of 46 courses & a thesis (six courses per semester) with a total of 144 credit hours (all electives and certain courses may be offered in the evening), and an Internship. The maximum time limit to complete the BS degree is seven years. BS (Social Sciences)SZABIST offers a four your (eight semesters) BS (Social Sciences) degree with majors in Psychology, Sociology, Economics, Political Sciences and International Relations. BS Program is essentially a day program and consists of 48 courses (six courses per semester) with a total of 144 credit hours, Internship and the passing of the Comprehensive Exam. The maximum time limit to complete the BS degree is seven years. BE Mechatronics SZABIST offers a four year (eight semesters) BE (Mechatronics Engineering).The BE program is e ssentially a day program and consists of 43 courses (five or six courses per semester) with a total of 142 credit hours (all electives and certain courses may be offered in the evening), Internship and the passing of the comprehensive exam . The maximum time limit to complete the BE degree is seven years. Biosciences BS Biosciences at SZABIST is a four year program spread over 8 semesters and consists of 135 credit hours of teaching, 44 courses, internship of at least six weeks, and research project are needed to graduat LLBSZABIST offers the LLB University of London International Programmes This is an evening program and can be completed in three years. The University of London, UK will award the LLB degree. Please refer to the separate SZABIST brochure and to the University of London web site. www. londoninternational. ac. uk for details of this program. university extension http//khi. szabist. edu. pk/programs

Freshman Fifteen English Paper

First Draft The Future of America Freshmen 15 Crisis As obesity rates continue to rise worldwide, the U. S. sets an example of culturally influenced fish problems and therefore ranks ninth out the ten of the fattest countries, according to the World Health Organization (Streib). College campuses in the U. S. are the perfect example of cultural weight gain. At Towson University, the large number of newbie gaining the stereotypical freshman 15 lavatory be explained by poor take and exercising habits developed in college and the universitys dining options.A lot of incoming students come into college already aware of what the freshman 15 is that still manage to develop horrid feeding habits. A great way to help solve such an get out is to inform students about this health issue that is only continuing to flourish. To do this universities posit to step of to this nationwide concern and include a health and wellness atom to our Univ. 100 classes in which students allow learn wha t they should eat and what habits to avoid. Despite what some optimistic researchers say, the freshman 15 is real. somewhat have argued that most freshmen are doing better with their diet right away than in the past however we are still gaining around eight pounds a year (Some). It is trying to go from a controlled and routine plan of eating and exercising at home to the free world of choices at college. In his recent work Daniel Hoffman, a professor at Rutgers University, points out that it is maybe most important for students to recognize that seemingly minor and perhaps even harmless changes in eating or exercise behavior may chair in large changes in weight and body fat mass over an extended period of time (Hoffman).The fact is that students are non leave home prepared decorous for the world of late night pizza and consumption of alcohol that characterizes most students college years. If a nutrition lecture or a healthy lifestyle class were mandatory for incoming studen ts it would provide a new perspective on diet and health. After becoming notified on the issue students can find their own routine of a well balanced diet and an hour of exercise per twenty-four hours at school.If students were informed they could start researching nutritionary facts on what food they should eat and what time of the day would best to consume it. Professor Elizabeth Klasen from the University of Wisconsin insists this national phenomenon can be attributed to dorm food, and may be associated with change meal and sleep patterns (Klasen). Students are forced upon sleeping abnormal hours along with eating unhealthy food consumption at inappropriate times, making it difficult to for them to eat fewer than 2000 calories or even exercise the recommended 15 minutes a day.It is difficult to maintain a healthy balanced diet on a college campus that is filled with fast food like diners and limits students to only fifteen dollars of food a day, making the alternative of to a greater extent expensive and healthier foods not an realistic option. This inconvenience of healthy food and convenience of junk food was all it took for freshmen to gain seven pounds over two semesters in a 2006 Rutgers pack (Some). For those students, the difference between maintaining a healthy weight and gaining seven pounds was about 112 extra calories a day.Thats one soda or half a cookie a day, or 10 minutes less of exercise (Some). For instance, to get a healthy meal at one of Towsons diners, lets say a pre-made salad, you have to pay six dollars and wait in a mile-long air. Then, as you are standing in that line you look over and see a non-existent line for that slice of pizza and start to think to yourself, Why should I pay three times more for this salad and wait in line for 15 minutes when I only have 20 minutes until my next class, when I could go grab that ratiocination piece of pizza?Unfortunately, college presents even more opportunities for students to eat poorly , since most students stay up late to airfield, do last-minute homework after procrastinating all day, or hang out with friends after a party. Whether or not college students are aware of what they are doing to their bodies, researchers know that the food eaten between 8 p. m. and 4 a. m. is a leading contributor to weight gain, making the most active part of a college students day the most detrimental to his health (Some).One study from the University of Wisconsin attempts to explain this phenomenon through Night Eating Syndrome (NES), which is associated with overweight and obesity and involves consumption of over 50% of daily calories after 7 pm (Klasen). Whats strike is how easy it is to get food that late at night. Specifically, Campusfood. com, a common college food supplier, gives options for students to order 1000-calorie meals delivered conveniently to their dorm steps at 200 a. m.The number of fast-food delivery places that open at such a late time is absurd these restau rants are helping America gain the freshman 15 one pizza at a time. During the early semester of their freshman year in college, students allow be preoccupied with many things, like which classes they will take, how well they will do in those classes, which activities they want to devote their time to, which people they want to hang with, and whether or not they will have enough money to do fun things off campus (Gonzalez).People who believe that college weight gain is a natural occurrence argue that students need to focus on more important aspects of school such as their grades, making friends, and getting involved in clubs, rather than spending time worrying about an unproved stereotype of weight gain. However, the fact that students are gaining weight is proven. As the aforementioned studies show, the freshman 15 is real, and it is affecting the lives of college freshman across the country. Freshmen are gaining weight because of eating habits they develop during the first seme ster.Poor food options do increase the chances of gaining weight. Freshmen do gain weight because of the convenience and availability of unhealthy food on campuses. It is trustworthy that students should concentrate on grades and other college activities however this is not an excuse to pig out and throw health concerns out the window. Missouri Western State University did a study that showed higher GPA was associated with less consumption of fast food and higher GPA was also associated with the amount of meals an individual skipped per day the fewer meals skipped the greater the GPA (Costa).Apparently students grades are affected by what they eat. The belief that students should not worry about the freshman 15 because they should worry about their grades is incorrect. If students concentrate on eating well their grades will reflect their good habits. The freshman 15 is a phrase that represents a bigger dilemma, because is not just something that takes place during the first year i n college. Its not just freshman gaining weight, sophomores and upper classmen do to.Researcher Elizabeth Lloyd-Richardson, assistant professor of psychiatry and human behavior at Brown University Medical School did a study that found students are weighing in at two to three pounds heavier post-sophomore year (Rosenberg). Bad eating habits and lack of exercise start with freshmen. But since nothing is done to correct those habits students continue through the rest of their college years and after. Fitness Director Stacy Trukowski is cited by Rutgers Universitys newspaper, Relations, saying, Most people fail to gain control of their weight gain from early adulthood.Although gaining an average of seven pounds is not as alarming as 15, the pounds will surely add up over time (Rosenberg). Unfortunately college students see weight gain from the time they enter school to the time they leave. Trukowski credits this to crapulence and eating at night and lifestyle changes they are not empl oy to (Rosenberg). With this evidence of continuous lifelong weight gain resulting from habits developed in college, it is surprising that colleges are not doing anything to prevent this issue. This problem may be related to rising obesity rates in America.Professor Levitisky from the college of human eco lumbery at Cornell University found that freshman weight gain could be the same phenomenon that is contributing to the epidemic of obesity among all Americansthat a relatively small increase in calories each day or week has the cumulative effect of adding a significant amount of weight over the years(Land). Professor Levitiskys study puts into perspective how important freshman weight gain is. Eating habits learned as freshmen stick with them and are harder to change as years go by. Universities need to confront this issue and take precautionary measures to help prevent future concerns.A course for incoming freshman to learn about the freshman 15 and how to avoid it would be a grea t first step. Long Island Universitys freshman College 101 course sets a good example of what could be used at Towson University. The course had a great proposal to teach students by having nutrition communication students present information about freshmen weight gain in a mandatory orientation class (Thomas). Since Towson University already has freshman Health 101 lecture classes, the class should dedicate at least one day in the semester to diet and exercise education.This way teacher could dilute the number of freshman gaining weight during the first semester. A Univ. 101 health and wellness component lecture would teach students how to develop healthy eating habits that would then help them for the rest of their lives. For example, they would learn what foods to avoid and what time they should avoid eating. There could be seminars in which juniors and seniors majoring in nutrition come in and talk about available foods on campus and nutritional facts along with what a good col lege campus diet looks like and how it can be achieved.In this class students would also develop a weekly health plan. This health plan would be incorporated into a personal log in which students would record how have exercised that week and how many times they ate late at night. This would help students analyze their bodies and realize what a simple lifestyle change could do. Studies like ones done University of California at Berkley show students who record their eating habits are more likely to witness their mistakes and correct them (Hom).The overall purpose for this class is for freshmen to stop picking up bad habits during their first semester and stick with their good habits for the rest of their lives. The freshman 15 is an issue that needs to be taken care through an education system that teaches healthy diet and exercise options. Learning about proper eating habits will stop students from initially gaining weight in college and help prevent future obesity problems. If co lleges implement programs to help solve this dilemma then it might be possible to help reduce Americas growing obesity concerns.

Investment Avenues

INVESTMENT AVENUES 1. 1 INTRODUCTION TO INVESTMENT The m adepty one receives is partly spent and the rest is saved for concussion approaching expenses, instead of keeping nest egg idle one may alike to use savings in order to get ripostes on it in the here subsequently, this is called as enthronement. In an economic sense, an vestment is the grease ones palms of good enoughs that atomic number 18 not consumed today but be used in the future to create wealth.In finance, an trustiture is a monetary addition purchased with the idea that the plus impart provide income in the future or appreciate and be change at a higher footing. Mere earning will not help one to secure the future, so it becomes important to redact. One of the important reasons why one exacts to perpetrate wisely is to meet the greet of Inflation. Inflation is the rate at which the cost of living increases. The cost of living is simply what it costs to buy the goods and services you remove to liv e.Inflation causes specie to doze off encourage because it will not buy the same nitty-gritty of a good or a service in the future as it does now or did in the past. The sooner one starts come let out the better. By investing early one allow ones coronations much time to grow, whereby the concept of intricateing increases ones income, by accumulating the principal and the intimacy or dividend earned on it, year after year. The dictionary heart and soul of enthronization is to commit money in order to earn a pecuniary sink or to hold use of the money for future benefits or advantages.People commit money to enthronization moneys with expectations to increase their future wealth by investing money to spend in future old age. For example, if you invest Rs. 1000 today and earn 10% over the next year, you will hurl Rs. 1100 one year from today. An enthronement dirty dog be described as perfect if it satisfies all the contends of all investors. So, the starting offi ce in searching for the perfect enthronisation would be to examine investor needs.If all those needs be met by the investment, then that investment groundwork be pre holded the perfect investment. Most investors and advisors spend a great deal of time savvy the merits of the thousands of investments avail fitting in India. Little time, however, is spent rendering the needs of the investor and ensuring that the closely appropriate investments be selected for him. Before make any investment, one must ensure to ? ? ? ? ? ? ? ? ? ? ? ? Obtain written documents xplaining the investment Read and understand much(prenominal) documents Verify the legitimacy of the investment Find out the costs and benefits associated with the investment Assess the hazard-return write of the investment Know the liquidity and safety aspects of the investment Ascertain if it is appropriate for your specific goals Comp be these details with other investment opportunities available Examine if it fits in with other investments you argon considering or you down already made Deal only done an authorized in terminal figureediary Seek all clarifications about the intermediary and the investment Explore the survival of the fittests available to you if some(prenominal)thing were to go wrong, and then, if satisfied, make the investment. 1. 2 INVESTMENT NEEDS OF AN INVESTOR Investing money is a stepping stone to manage spending habits and prep atomic number 18 for the future expenses. Most peck recognize the need to put their money a representation for events or circumstances that may occur in future. People invest money to manage their personal finances some of them invest to plan for retirement, slice others invest to accumulate wealth. Each one has a divers(prenominal) need and each of them expect something from their money in future. By and large, most investors suck up eight common needs from their investments i. ii. iii. iv. v.Security of original smashing Wealth accumula tion appraise Advantages Life cover Income 1. 3 TYPES OF INVESTMENT AVENUES Fi gure 1. 1 Various investment alternatives Source investment analysis and portfolio counsel occasion Prasanna Chandra Figure 1. 1 shows non-homogeneous investment alternatives which atomic number 18 developed below. One can invest money in different types of Investment peckers. These instruments can be fiscal or non- monetary in nature. There ar many factors that affect ones choice of investment. Millions of Indians buy fixed deposits, post office savings certificates, stocks, bonds or mutual cash, purchase atomic number 79, atomic number 47, or make similar investments. They all have a reason for investing their money.Some people want to supplement their retirement income when they reach the age of 60, while others want to become million dividing linees before the age of 40. We will wager at miscellaneous factors that affect our choice of an investment alternative, allow us first understan d the basics of some of the popular investment avenues. 1. 3. 1 Non sellable fiscal Assets A good portion of financial assets is fiddleed by non- grocery storeable financial assets. These can be classified into the following openhanded categories ? confide Deposits The simplest of investment avenues, by opening a bank account and depositing money in it one can make a bank deposit. There atomic number 18 versatile kinds of bank accounts current account, savings account and fixed deposit account.The interest rate on fixed deposits varies with the term of the deposit. In general, it is lower for fixed deposits of lighter term and higher for fixed deposits of desireer term. Bank deposits enjoy exceptionally high liquidity. ? ? Post Office Savings Account A post office savings account is similar to a savings bank account. The interest rate is 6 percent per annum. Post Office Time Deposits (POTDs) Similar to fixed deposits of commercialized banks, POTD can be made in multiplies of 50 without any limit. The interest rates on POTDs are, in general, slightly higher than those on bank deposits. The interest is calculated half-yearly and paid annually. Monthly Income Scheme of the Post Office (MISPO) A popular precis of the post office, the MISPO is meant to provide regular monthly income to the depositors. The term of the scheme is 6 years. The marginal amount of investment is 1,000. The maximum investment can be 3, 00,000 in a single account or 6, 00,000 in a joint account. The interest rate is 8. 0 percent per annum, account payable monthly. A bonus of 10 percent is payable on maturity. ? Kisan Vikas Patra (KVP) A scheme of the post office, for which the minimum amount of investment is 1,000. There is no maximum limit. The investment doubles in 8 years and 7 months. Hence the compound interest rate works out to 8. 4 percent. There is a withdrawal facility after 2 ? years. National Savings Certificate Issued at the post offices, National Savings Certific ate comes in denominations of 100, 500, 1,000, 5,000 and 10,000. It has a term of 6 years. Over this check Rs. 100 becomes Rs. 160. 1. Hence the compound rate of return works out to 8. 16 percent. ? Company Deposits Many companies, large and small, solicit fixed deposits from the human race. Fixed deposits mobilized by manufacturing companies are regulated by the Company jurisprudence Board and fixed deposits mobilized by finance company ( more precisely non-banking finance companies) are regulated by the Reserve Bank of India. The interest rates on company deposits are higher than those on bank fixed deposits, but so is luck. ?Employee Provident Fund Scheme A major(ip) vehicle of savings for salaried employees, where each employee has a separate provident fund account in which both the employer and employee are required to contribute a certain minimum amount on a monthly basis. ? Public Provident Fund Scheme One of the most attractive investment avenues available in India. Ind ividuals and HUFs can participate in this scheme. A PPF account may be opened at any branch of State Bank of India or its subsidiaries or at specified branches of the other public sector banks. The subscriber to a PPF account is required to make a minimum deposit of 100 per year. The maximum allowable deposit per year is 70,000. PPF deposits currently earn a compound interest rate of 8. 0 percent per annum, which is all in all exempt from taxes. 1. 3. Bonds Bonds are fixed income instruments which are issued for the purpose of raising capital. Both private entities, such as companies, financial institutions, and the central or state government and other government institutions use this instrument as a means of garnering funds. Bonds issued by the Government carry the lowest direct of risk but could deliver fair returns. Many people invest in bonds with an objective of earning certain amount of interest on their deposits and/or to save tax. Bonds are considered to be a less risky in vestment option and are generally preferred by risk-averse investors. Bond monetary comforts are withal subject to mart risk. Bonds may be classified into the following categories ? Government ecurities Debt securities issued by the central government state government and quasi government agencies are referred as gilt edge securities. It has maturities ranging from 3-20 years and carry interest rate that usually vary in the midst of 7 to 10 percent. ? debentures of private sector companies Debentures are viewed as a mixture of having a shareholding and a fixed interest loan. Debenture holders are normally entitled to a return equivalent to a fixed percentage of their initial investment. The security inherent in debentures makes them a safer investment than shares. ? ? Preference shares Investing in shares is safer and dividends are assured every year. Savings bonds 1. 3. Mutual funds A mutual fund allows a group of people to pool their money together and have it professionally managed, in keeping with a pre immovable investment objective. This investment avenue is popular because of its cost-efficiency, risk-diversification, professional management and sound regulation. There are three broad types of mutual fund schemes classified on basis of investment objective ? Equity schemes The aim of offshoot funds is to provide capital appreciation over the medium to long- term. much(prenominal) schemes normally invest a major part of their corpus in equities. Such funds have comparatively high risks. These schemes provide different options to the investors like dividend option, capital appreciation, etc. and the investors may choose an option depending on their preferences.Growth schemes are good for investors having a longterm outlook seeking appreciation over a occlusive of time. ? Debt schemes The aim of income funds is to provide regular and steady income to investors. Such schemes generally invest in fixed income securities such as bonds, corporate debent ures, Government securities and money mart instruments. Such funds are less risky compared to equity schemes. These funds are not affected because of fluctuations in equity markets. However, opportunities of capital appreciation are also limited in such funds. The NAVs of such funds are affected because of change in interest rates in the country. If the interest rates advert, NAVs of such funds are likely to increase in the short run and vice versa.However, long term investors may not bother about these fluctuations. ? Balanced schemes The aim of balanced funds is to provide both result and regular income as such schemes invest both in equities and fixed income securities in the proportion indicated in their plead documents. These are appropriate for investors looking for mince growth. They generally invest 40-60% in equity and debt instruments. These funds are also affected because of fluctuations in share prices in the stock markets. However, NAVs of such funds are likely to b e less volatile compared to pure equity funds. 1. 3. 4 Real Estate Residential real estate is more than just an investment.There are more ways than ever before to sugar from real estate investment. Real estate is a great investment option. It can scram an on-going income source. It can also rise in value overtime and prove a good investment in the cash value of the home or land. Many advisors warn against borrowing money to purchase investments. The best way to do this is to save up and pay cash for the home. One should be able to afford the payments on the property when the property is vacant, otherwise the property may end up being a burden instead of helping to seduce wealth. 1. 3. 5 Equity Shares Equities are a type of security that represents the willpower in a company. Equities are traded (bought and sold) in stock markets.Alternatively, they can be purchased via the initial Public Offering (IPO) route, i. e. directly from the company. Investing in equities is a good lon g investment option as the returns on equities over a long time horizon are generally higher than most other investment avenues. However, along with the opening night of greater returns comes greater risk. 1. 3. 6 Money market instruments The money market is the market in which short term funds are borrowed and lent. These instruments can be broadly classified as ? Treasury Bills These are the lowest risk category instruments for the short term. RBI issues exchequer bills T-bills at a prefixed day and for a fixed amount. There are 4 types of treasury bills 4-day T-bill, 91-day T-bill, 182-day T-bill and 364-day T-bill. ? Certificates of Deposits After treasury bills, the next lowest risk category investment option is certificate of deposit (CD) issued by banks and financial Institution (FI). A CD is a negotiable promissory note, secure and short term, of up to a year, in nature. Although RBI allows CDs up to one-year maturity, the maturity most quoted in the market is for 90 days. ? Commercial Papers Commercial papers are negotiable short-term unsecured promissory notes with fixed maturities, issued by well-rated organizations. These are generally sold on discount basis. Organizations can issue CPs either directly or through banks or merchant banks.These instruments are normally issued for 30/45/60/90/120/180/270/364 days. ? Commercial Bills Bills of exchange are negotiable instruments drawn by the seller or drawer of the goods on the buyer or drawee of the good for the value of the goods delivered. These are called as trade bills and when they are accepted by commercial banks they are called as commercial bills. If the bill is payable at a future date and the seller needs money during the currency of the bill then the seller may approach the bank for discounting the bill. 1. 3. 7 Life insurance policies Insurance is a form of risk management that is primarily used to hedge the risk of a contingent loss.Insurance is defined as the equitable transfer of the ri sk of a loss, from one entity to another, in exchange for a premium. An insurer is a company that sells insurance insured or the policyholder is a person or entity buying the insurance. The insurance rate is a factor that is used to determine the amount which is to be charged for a certain amount of insurance coverage, and is called the premium. It can be classified as ? Money-back Insurance Money-back Insurance schemes are used as investment avenues as they offer partial cash-back at certain intervals. This money can be utilized for childrens education, marriage, etc. ? Endowment Insurance These are term policies.Investors have to pay the premiums for a circumscribed(prenominal) term, and at maturity the accrued bonus and other benefits are returned to the policyholder if he survives at maturity. 1. 3. 8 Bullion market Precious metals like gold and silver had been a safe haven for Indian investors since ages. Besides jewellery these metals are used for investment purposes also. Since last 1 year, both Gold and Silver have highly appreciated in value both in the domestic as well as the international markets. In addition to its attributes as a store of value, the case for investing in gold revolves around the role it can play as a portfolio diversifier. 1. 3. 9 Financial Derivatives Derivatives are contracts and can be used as an underlying asset. Various types of Derivatives are ? Forwards A forward contract is a customized contract mingled with 2 entities, where stop takes manoeuvre on a specific date in the future at todays pre-agreed price. Futures A futures contract is an agreement in the midst of two parties to buy or sell an asset at a certain time in the future at a certain price. Futures contracts are special types of forward contracts in the sense that the former are standardized exchange traded contracts ? Options Options are of two types calls and puts. Calls give the buyer the right but not the duty to buy a habituated quantity of the und erlying asset, at a given price on or before a given future date. Puts give the buyer the right, but not the obligation to sell a given quantity of the underlying asset at a given price on or before a given date. Swaps Swaps are private agreements mingled with two parties to exchange cash flows in the future according to a prear framed formula. They can be regarded as portfolios of forward contracts. E. g. Currency swaps, interest swaps. 1. 3 EVALUATION OF VARIOUS INVESTMENT AVENUES Table 1. 1 Summary evaluation of various investment avenues Investment Avenues surrender Current yield Equity shares Non convertible debentures Equity schemes Debt schemes s very much Low Low spunky No tax on Very juicy Low High High High High Very High High Negligible Low Average Nil High Low Capital appreciation High High Fairly High High High Risk marketplaceability/ Liquidity Tax Shelter gadget ividend Bank deposits Public provident fund Life insurance policies Residential Moderate Moderate Go ld and Silver Source Investment analysis and portfolio management Author Prasanna Chandra Table 1. 1 shows the evaluation of various investment avenues. From this table we can say that risk, liquidity and return are the so called factors which are considered before reservation an investment. But in that respect is a trade off between risk and return. Higher the risk higher is the return. Lower the risk and lower is the return. The decision of which order of investment to choose largely depends upon the investors necessity and the factors which according to him is the most vital one. People with more security concern choose fixed investment like bank deposits and investments in government securities and various post office savings.The main reason for choosing such an investment mode is that the amount invested in the above state securities seems to be very secure and hence they seemed to be more preferred one where security is the prime concern. People whom returns are most impor tant are ready to take risk to earn fairer risk. The preferred mode of investment over here is equity shares and mutual fund. The risk factor in these modes of investment is basically the returns are basically performance based. If the company performs well the investors can accept fairer returns but if the company snuff its to perform then thither can be a threat to the invested amount. Hence the returns are very volatile with the changes in the market conditions.Nil Moderate Negligible Low Average Average Nil Moderate Nil Average Nil Moderate Nil Average Section 80 C benefit Section 80 C benefit High Nil Fair Average Very High Very High Moderate Nil Negligible High Low Very High 1. 4 ATTRIBUTES OF INVESTMENT Investment can be said to be an art. Many people invest money without copeing what they are doing. Only a a couple of(prenominal) people really understand the art of investing money. They invest according to certain principles. There are also certain factors that affect the investment decisions. any these are done mainly to increase the return on the investment and also to keep the risk to a minimum. The various factors that affect the investment decisions are given below. For evaluating an investment avenue, the following attributes are relevant. ) Rate of Return The rate of return on an investment for a period (which is usually a period of one year) is defined as follows Rate of return = Annual income + (Ending price Beginning price) Beginning price Yield Yield is the annual rate of return for any investment and is expressed as a percentage. With stocks, yield can refer to the rate of income generated from a stock in the form of regular dividends. This is much represented in percentage form, calculated as the annual dividend payments divided by the stocks current share price. Current yield= Annual cash inflows Market price Capital Appreciation Its the rise in the market price of an asset. Capital appreciation is one of two major ways for investor s to profit from an investment in a company. The other is through dividend income. ) Risk The risk of investment refers to the variability of its rate of return. A simple measure of dispersion is the range of values, which is simply the difference between the highest and the lowest values. Figure 1. 2 Relationship between Expected Return and Risk Figure 1. 2 shows the relationship between expected return and risk. From this figure it is clear that with higher risk the returns also increases while it decrease as the risk decreases. High variance indicates high item of risk and low variance indicates lesser risk. Expected returns increases when investors is willing to take risk. Other measures commonly used in finance are as follows ? disagreement This is the mean of the materials of deviations of separate returns around their average values ? Standard deviation This is the true root of variance ? Beta This reflects how volatile the return from an investment is, in response to mar ket swings. ? Risk = Actual Return Expected Returns If, Actual Return = Expected Return = Risk Free Investment If, Actual Return or Expected Return is risky investment c) Marketability An investment is highly marketable or liquid if ? ? ? It can be transacted quickly The transaction cost is low and The price change between two successive transactions is negligible. The liquidity of a market may be judged in terms of its depth, breadth, and resilience.Depth refers to the universe of buy as well as sells orders around the current market price. Breadth implies the presence of such orders in substantial volume. Resilience means that odoriferously orders emerge in response to price changes. Generally, equity shares of well established companies enjoy high marketability and equity shares of small companies in their formative years have low marketability. High marketability is a desirable characteristic and low marketability is an undesirable one. d) Tax Shelter Tax benefits are of t he following three kinds ? ? ? Initial Tax Benefit An initial tax benefit refers to the tax relief enjoyed at the time of devising the investment.Continuing Tax Benefit A continuing tax benefits represent the tax shield associated with the periodic returns from the investment. Terminal Tax Benefits A terminal tax benefit refers to relief from taxation when an investment is realized or liquidated. e) Convenience Convenience broadly refers to the ease with which the investment can be made and looked after. The degree of convenience associated with investments varies widely. At one end of the spectrum is the deposit in a savings bank account that can be made readily and that does not require any maintenance trend. At the other end of the spectrum is the purchase of a property that may related a lot of procedural and legal hassles at the time of acquisitions and a great deal of maintenance effort subsequently. 1. APPROACHES TO INVESTMENT DECISION MAKING The stock market is thronged b y investors pursuing diverse investment strategies which may be subsumed under four broad approaches i. Fundamental Approach The basic tenets of the fundamental approach, which is perhaps most commonly advocated by investment professionals, are as follows ? There is an intrinsic value of a security, which depends upon underlying economic (fundamental) factors. The intrinsic value can be established by a penetrating analysis of the fundamental factors relating to the company, industry, and economy. ? At any given point of time, there are some securities for which the existing market price will differ from the intrinsic value.Sooner or later, of reapingion line, the market price will fall in line with the intrinsic value. ? Superior returns can be earned by buying under-valued securities (securities whose intrinsic value exceeds the market price) and selling over-valued securities (securities whose intrinsic value is less than the market price). ii. Psychological Approach The psycho logical approach is based on the premise that stock prices are guided by emotion preferably than reason. gillyflower prices are believed to be influenced by the psychological mood of investors. When greed and euphoria sweep the market, prices rise to dizzy heights. On the other hand, when fear and despondency envelop the market, prices fall to abysmally low levels.Since psychic values appear to be more important than intrinsic values, the psychological approach suggests that it is more economic to analyze how investors tend to behave as the market is swept by waves of optimism and pessimism, which seem to alternate. The psychological approach has been described vividly as the castles in the air theory Burton G. Malkiel. Those who subscribe to the psychological approach or the castles in the air theory generally use some form of technical analysis which is come to with a require of internal market data, with a view to developing employment rules aimed at profit making. The bas ic premise of technical analysis is that there are certain persistent and recurring patterns of price movements, which can be discerned by analyzing market data.Technical analysts use a soma of tools like bar chart, point and figure chart, moving average analysis, breadth of market analysis, etc. iii. Academic Approach Over the last five decades or so, the academic community has study various aspects of the capital market, particularly in the advanced countries, with the help of fairly sophisticated method actings of investigation. ? Stock markets are reasonably efficient in reacting quickly and rationally to the flow of schooling. Hence, stock prices reflect intrinsic value fairly well. Put differently, Market price = Intrinsic value ? Stock price behaviour corresponds to a random walk. This means that successive price changes are independent. As a result, past price behaviour cannot be used to predict future price behaviour. ?In the capital market, there is a positive relations hip between risk and return. more specifically, the expected return from a security is linearly related to its systematic risk iv. Eclectic Approach The eclectic approach draws on all the three different approaches discussed above. The basic premises of the eclectic approach are as follows ? Fundamental analysis is helpful in establishing basic standards and benchmarks. However, since there are uncertainties associated with fundamental analysis, exclusive reliance on fundamental analysis should be eliminateed. Equally important, excessive refinement and complexity in fundamental analysis must be viewed with caution. Technical analysis is useful in broadly gauging the usual mood of investors and the relative strengths of supply and demand forces. However, since the mood of investors can vary unpredictably excessive reliance on technical indicators can be hazardous. More important, complicated technical systems should ordinarily be regarded as suspect because they often represent f igments of imagination rather than tools of proven usefulness. ? The market is neither as regular as the academic approach suggest, nor as speculative as the psychological approach indicates. While it is characterized by some inefficiencies and imperfection, it seems to react reasonably efficiently and rationally to the flow of information.Likewise, despite many instances of mispriced securities, there appears to be a fairly strong correlation between risk and return. ? Level of return often necessitates the arrogance of a higher level of risk. 1. 7 COMMON ERRORS IN INVESTMENT MANAGEMENT Investments always do not generate wealth sometimes it fail do so because of some conditions. The reason for this failure is either the market condition or some mistakes made by the investors. We cannot control market condition but errors made by investors could be avoided. Investors appear to be prone to the errors in managing their investments. Some of the errors made by investors are discussed below 1. 7. Inadequate acquaintance of Return and Risk Many investors have unrealistic and exaggerated expectations from investments, in particular from equity shares and convertible debentures. One often comes across investors who say that they apply to earn a return of 25 to 30 percent per year with virtually no risk exposure or even double their investment in a year or so. They have apparently been misled by one or more of the following (a) tall and unjustified claims made by people with vested interests (b) Exceptional performance of some portfolio they have seen or managed, which may be attributable mostly to fortuitous factors and (c) Promises made by tipsters, operators, and others. In most of the cases, such expectations reflect investor inexperience and gullibility. 1. 7. Vaguely Formulated Investment Policy Often investors do not clearly spell out their risk zest and investment policy. This tends to create confusion and impairs the quality of investment decisions. Ironi cally, standpat(prenominal) investors turn aggressive when the bull market is near its peak in the hope of reaping a bonanza likewise, in the wake of sharp losses inflicted by a bear market, aggressive investors turn unduly cautions and overlook opportunities before them. Ragnar D. Naess put it this way The fear of losing capital when prices are low and declining, and the greed for more capital gains when prices are rising, are probably, more than any other factors, responsible for poor performance. if you know what your risk attitude is and why you are investing, you will learn how to invest well. A well articulated investment policy, adhered to consistently over a period of time, saves a great deal of disappointment. 1. 7. 3 Naive Extrapolation of the Past Investors generally believe in a simple extrapolation of past trends and events and do not efficaciously incorporate changes into expectations. As Arthur Zeikel says People generally, and investors particularly, fail to appre ciate the working of countervailing forces change and momentum are largely misunderstood concepts. Most investors tend to cling to the course to which they are currently committed, especially at turning point. The apparent comfort provided by extrapolating too far, however, is dangerous. As Peter Bernstein says Momentum causes things to run further and lengthy than we anticipate. They very familiarity of a force in motion reduces our ability to see when it is losing its momentum. Indeed, that is why extrapolating the present into the future so frequently turns out to be the propagation of an embarrassing forecast. 1. 7. 4 Cursory Decision Making Investment decision making is characterized by a great deal of cursoriness. Investors tend to ? ? ? Base their decisions on partial evidence, unreliable hearsay, or casual tips given by brokers, friends, and others.Cavalierly brush aside several of investment risk (market risk, business risk, and interest rate risk) as greed overpowers t hem. Uncritically follow others because of the temptation to ride the bandwagon or lack of confidence in their own judgment. 1. 7. 5 Untimely entries and exits Investors tend to follow an wild start and stop approach to the market characterized by untimely entries (after a market advance has long been underway) and exit (after a long period of doldrums and decline). 1. 7. 6 High costs Investors trade excessively and spend a lot on investment management. A good proportion of investors indulge in day trading in the hope of making quick profits.However more often transaction cost wipes out whatever profits they may generate from frequent trading. 1. 7. 7 Over-Diversification and Under-Diversification Many individuals have portfolios consisting of thirty to sixty, or even more, different stocks. Managing such portfolios is an unwieldy task and as R. J. Jenrette put it Overdiversification is probably the superior enemy of portfolio performance. Most of the portfolios we look at have t oo many names. As a result, the impact of a good idea is negligible. Perhaps as common as over-diversification is under-diversification. Many individuals do not apparently understand the principle of diversification and its benefit in term of risk reduction.A number of individual portfolios seem to be highly under-diversified, carrying an avoidable risk exposure. 1. 7. 8 Wrong Attitude towards Losses and Profits An investor has an aversion to admit his mistake and cut losses short. If the price falls, contrary to his expectation at the time of purchase, he somehow hopes that it will rebound and he can break even. Surprisingly, such a notion persists even when the prospects look dismal and there may be a greater possibility of a further decline. If the price recovers repayable to favourable conditions, there is a tendency to dispose of the share when its price more or less equals the original purchase price, even though there may be a fair chance of further increases.The psycholog ical relief experienced by an investor from recovering losses seems to motivate such behaviour. This means the tendency is to let the losses run and cut profits short, rather than to cut the losses short and let the profits run. 1. 8 RISKS IN INVESTMENT Risk is misgiving of the income /capital appreciation or loss or both. Every investment (equity, debt, property, etc. ) carries an element of risk that is unique to it. though risk cannot be totally eliminated, it can be managed by undertaking effective risk management. To manage risk, one first need to identify different kinds of risks involved in investing and then take appropriate steps to reduce it.Risk and return share a direct relationship with one another. Therefore, an investment which carries negligible risk, will offer a low return (viz. bonds issued by the Reserve Bank of India) while an investment which carries a higher risk, also offers the potential of higher returns (stocks). All investments are a trade off between ri sk and returns. Let us first discuss the types of risks. 1. 8. 1 Types of Risks All investments carry their unique set of risks. Though there are several types of risks, the important ones are market risk, credit risk, interest rate risk, inflation risk, currency risk and liquidity risk. These are curtly explained below ) Market Risk A share may rise or fall depending on the fortunes of the company, the industry it is in, or in response to investor sentiment. b) attribute Risk This risk is attributed to debt investments wherein the borrower may default on interest and/or principal repayment. c) Interest Rate Risk When interest rates rise, fixed income investments lose value. This is because the investor will continue to earn the same (lower) interest rate until the investment matures while market interest rates have already gone up. In order to compensate for a lower interest rate compared to the market rate, the fixed income investment will thus have to be priced at a lower rate . ) Inflation Risk Rising inflation will erode the value of your income and asset. Due to inflation, the cost of products and services will rise and consequently, your future income and assets will be worth less than what they are worth today. e) Currency Risk Changes in exchange rates between currencies could lead to decline in value of your investments. With Indian investors now being allowed to invest in other countries, you will now be exposed to currency risk i. e. a fall in the value of the currency in which you are investing vis-a-vis your home currency i. e. the rupee. f) Liquidity Risk Certain investments carry the risk of poor liquidity either due to the nature of the asset or regulatory reasons.For example, property is inherently an illiquid investment as it cannot be sold as simply as selling stocks. Certain investments like the Reserve Bank of India bonds are not transferable till maturity. Investments in Equity Linked Savings Schemes are illiquid for a period of 3 year s and in case you redeem from such schemes, your tax benefit is withdrawn. 1. 8. 2 Risk Management Once different kinds of risks associated with investments are identified appropriate steps can be taken to reduce these risks. Some of these steps are a) Diversification Most types of risks can be managed by diversifying your investments across asset classes (stocks, bonds, properties etc. ), industry, currencies etc.Diversification spreads the risk and reduces the adverse impact that any one investment might have on a portfolio. b) Research and monitoring device Rigorous research and continuous monitoring will help in controlling the market and credit risk of your investments. This will caution beforehand to avoid an investment and alert in case the risk is increase on an investment already undertaken. 1. 8. 3 Risk Tolerance Level Risk includes the possibility of losing money. However, extra considerations should be made in addition to the safety of the principal and the potential fo r growth. These considerations include the likelihood of achieving the financial goals you have established.Additionally, one should consider whether he/she is willing and able to accept a higher level of risk in order to achieve further rewards. Before starting on the telescope of the investment portfolio, every investor should establish his/her risk allowance account level. Only after this he/she is ready to build strategies for the accomplishment of his/her financial goals. The higher the degree of risk involved in the investment portfolio the greater the chances of higher returns and failures. The setting of the risk permissiveness level is very subjective issue. However, younger investors can afford more risk taking since they have more time to fix the losses. On the other hand older investors should apply more conservative approach since they have less time in front of them.But, they should keep in mind that they greatly decrease their chances of faster achieving their fina ncial goals. A portfolio that carries more bonds is considered more conservative and risk averse. However, the one that includes a greater percentage of stocks is more risk taking with higher potential of rewards. Many financial experts recommend the diversification between investments with different degrees of risk. This is a good idea since your portfolio will benefit from the rises and falls of the different investments and will alleviate the potential of losing money. Risk Personalities Based on the risk capacity and risk perimeter, risk appetite can be decided. This is the level of risk that one is ready to bear.Broadly risk personalities can be categorised at 3 levels Conservative, Balanced and Aggressive. Each risk reputation has a different objective which it aims to achieve through the investment portfolio. These personalities are explained below ? ? ? Conservative personality For investors having this personality preservation of the capital invested is the ultimate goal , even if it means compromising on the returns. Balanced personality People with this type of personality wish to hitting a balance between high-risk and low-risk investments. Aggressive personality Investors with such personality do not wish to compromise at all on the returns, even if their capital erodes. 2. 1 INTRODUCTIONIndian investor today have to endure a slow-moving economy, the steep market declines prompted by declining revenues, alarming reports of scandals ranging from illegal corporate bill practices like that of Satyam to insider trading to make investment decisions. Stock markets performance is not simply the result of intelligible characteristics but also due to the emotions that are still baffling to the analysts. Despite loads of information coming from all directions, it is not the calculations of financial wizards, or companys performance or widely accepted criterion of stock performance but the investors irrational emotions like overconfidence, fear, risk ave rsion, etc. seem to decisively drive and place the fortunes of the market. The market is so volatile that its behaviour is unpredictable. In the past couple of years, the movement of share prices exceeded all the limits and had gone remarkably low and high levels. These melodramatic prices of the shares ruin the concept of intrinsic value and rational investment behaviour. The traditional finance theories assume that investors are rational but they are unable to explain the behaviour and pricing of the stock market completely. Many research studies have validated the relationship between a dependent variable i. e. , risk tolerance level and independent variables such as demographic characteristics of an investor.Most of the Indian investors are from high income group, well educated, salaried, and independent in making investment decisions and from the past trends it is also seen that they are conservative in nature. Television is the media that is largely influencing the investors decisions. Hence, in the present project report an attempt has been made to study the relationship between risk tolerance level and demographic characteristics of Indian investors. 2. 2 STATEMENT OF THE PROBLEM This study on investors behaviour is an attempt to know the profile and the characteristics of the investors so as to understand their preference with respect to their investments. The main focus of the study is to discover the influence of demographic factors like gender and age on risk tolerance level of the investor.The study mainly concentrates on the factors that influence an individual investor before making an investment. It also studies the various patterns in which investors like to invest their money based on their risk tolerance level and other demographic factors like income level, occupation etc. 2. 3 REVIEW OF LITERATURE The literary works review section examines the importance of research studies, company data or industry reports that serve as a foundation fo r the setup of study. The research ratio of the related literature and the relevant information begins from an explanatory perspective, approaching towards specific studies which do related to judge the limitations and informational gaps in data from the secondary sources.This analysis may reveal conclusions from past studies to realize the reliability of the secondary sources and their credibility. This in turn enables one to rely on a comprehensive review for the study. Literature suggests that major research in the area of investors behaviour has been done by behavioural scientists such as Weber (1999), Shiller (2000) and Shefrin (2000). Shiller (2000) who strongly advocated that stock market is governed by the market information which directly affects the behaviour of the investors. Several studies have brought out the relationship between the demographics such as Gender, Age and risk tolerance level of individuals. Of this the relationship between Age and risk tolerance level has attracted much attention.Horvath and Zuckerman (1993) suggested that ones biological, demographic and socioeconomic characteristics together with his/her psychological makeup affects ones risk tolerance level. Malkiel (1996) suggested that an individuals risk tolerance is related to his/her household situation, lifecycle stage and subjective factors. Mittra (1995) discussed factors that were related to individuals risk tolerance, which included years until retirement, knowledge sophistication, income and net worth. Guiso, Jappelli and Terlizzese (1996), Bajtelsmit and VenDerhei (1997), Powell and Ansic (1997), Jianakoplos and Bernasek (1998), Hariharan, Chapman and Domain (2000), Hartog, Ferrer-I-Carbonell and Jonker (2002) concluded that males are more risk tolerant than females.Wallach and Kogan (1961) were perhaps the first to study the relationship between risk tolerance and age. Cohn, Lewellen et. al found risky asset fraction of the portfolio to be positively correlated wi th income and age and negatively correlated with marital status. Morin and Suarez found evidence of increasing risk aversion with age although the households appear to become less risk averse as their wealth increases. Yoo (1994) found that the change in the risky asset holdings were not uniform. He found individuals to increase their investments in risky assets throughout their working life time, and decrease their risk exposure once they retire. Lewellen et. l while identifying the systematic patterns of investment behaviour exhibited by individuals found age and expressed risk taking propensities to be inversely related with major shifts taking place at age 55 and beyond. Indian studies on individual investors were mostly confined to studies on share ownership, except a few. The RBIs survey of ownership of shares and L. C. Guptas enquiry into the ownership pattern of Industrial shares in India were a few in this direction. The NCAERs studies brought out the frequent form of savin gs of individuals and the components of financial investments of rural households. The Indian Shareowners Survey brought out a volley of information on shareowners.Rajarajan V (1997, 1998, 2000 and 2003) classified investors on the basis of their demographics. He has also brought out the investors characteristics on the basis of their investment size. He found that the percentage of risky assets to total financial investments had declined as the investor moves up through various stages in life cycle. in like manner investors lifestyles based characteristics has been identified. The above discussion presents a detailed picture about the various facets of risk studies that have taken place in the past. In the present study, the findings of many of these studies are verified and updated. Latha Krishnan (2006) explained as Investments come in many forms.While some people consider hard assets such as land, house, gold and platinum as investments, others look to monetary instruments such as stocks and bonds as ways to make their money grow. A cautious or conservative investor is unbelievable to play carelessly with his hard-earned money. So he keeps to safe investments that guarantee the return of his capital and still earn good returns in a stipulated period if the product in which he invested gains in that period. In such an investment, even if the markets go down and he does not gain much, he also does not have a heavy loss. A wealthy person with more money to invest can take more risks and invest in a variety of products that major financial players provide.A wealth of information on these as well as comments and criticisms on their performances and profitability is readily available. Perception of investors towards capital market instruments globally by John Marshall and Investment analysis and Portfolio management by Punithavathy Pandian. John Marshalls study was at global scale and it explains the cognizance of people across globe towards capital market i nstruments and Pandian explains the theoretical aspects of capital market instruments and use of various investment avenues to build a strong portfolio. 2. 4 NEED FOR STUDY Investing money is a crucial and deciding the avenues where to invest needs a lot of planning. In India people are more conservative and hence prefer investments that are less risky.Similarly there are other demographic factors like age, income level, gender which affect their decision. As the availability of financial products increase, perception of investors towards such avenues changes over a period of time. It becomes important for a seller to understand the perception of investors towards investment avenues to successfully pitch the product. Marketing is cognize as meeting needs profitably. If the marketer is able to understand the mindset of investor towards a product then he/she will be in a position to market the product. This report attempts to study the behavior of Indian investors while making an inv estment. Here we also look upon other factors that influence them while making investment decisions.Innovations in financial products like derivatives, unit linked insurance products, fund of funds likewise are not easily understood by the investor. Hence the need for this study arises to understand what exactly an Indian investor thinks before investing his/her money and how much risk he/she is willing to take. This report gives the marketer and other peers to successfully market the financial products which are more popular, as it gives information regarding the perception of investors towards investment avenues in India. 2. 5 OBJECTIVES OF THE STUDY 2. 5. 1 primary feather Objectives ? ? ? ? ? ? ? To study the investment characteristics of investors To study the objectives of investment plan of an investors To study the demographic information of investors 2. 5. Secondary Objectives To know the preferred investment avenues of investors To identify the preferred sources of inform ation influencing investment decisions To understand the risk tolerance level of the investors and suggest a suitable portfolio To study the dependence/independences of the demographic factors (Gender, Age, income level) of the investor and his/her risk tolerance level 2. 6 SCOPE OF STUDY Based on previous research in related areas, a questionnaire was constructed to measure the investment pattern of individuals on the basis of demographic characteristics and the risk tolerance of investors was also calculated. It helped us to understand how an Indian investor behaves while investing.This study will be helpful to mutual fund companies and other investment companies to understand individual behaviour of investors so that they could build suitable investment options for them individually. Also this study will help the investor to decide the areas where they could invest. 2. 7 HYPOTHESIS A hypothesis describes the relationship between or among variables. A good hypothesis is one that c an explain what it claims to explain, is testable and has greater range, probability and simplicity than its rivals. There are two approach of hypothesis testing 1) Classical or sampling theory statistics and 2) The Bayesian approach In the present dissertation chi square test has been used to find out the dependence/independence of various factors that influence investment decision.Hypothesis has been found between following factors ? ? ? ? ? Gender and risk tolerance of respondents Age and preferred investment avenues by the respondents Income and investment avenues preferred by the respondents Age of respondents and time horizon for investment Age and risk tolerance of the respondents 2. 8 RESEARCH DESIGN Research methodology is a way to systematically solve the research problem. It may be understood as a acquisition of studying how research is done scientifically. ? Research type Many investors were reluctant to reveal their investment details especially the amount of money inv ested so, referral sampling method is used for this study. Sample description The sample was drawn from the population of the potential investors from Tamil Nadu. A survey was conducted to understand the investors behaviour with the help of questionnaire. It was carried out with a sample size of 100 investors. 2. 9 TOOLS FOR DATA COLLECTION Primary data The data has been collected directly from respondent with the help of coordinate questionnaires. Secondary data The secondary data has been collected from various magazines, journals, newspapers, text books and related websites. 2. 10 METHOD OF ANALYSIS Statistical techniques like Chi square test, simple percentage method are used to analyze and interpret raw data. Chi square was used to show the dependency/independency of various factors.After collecting the data its variable having defined character, it was tabulated and analyzed with the help of charts and graphs in Microsoft Excel 2007. 2. 11 LIMITATIONS OF STUDY Sample size is small because of the time timidity Respondent may be hesitant to provide their investment details Behaviour of investors doesnt remain same for long time Time for the study is limited 3. 1 INDIAN FINANCIAL MARKET Money always flows from surplus sector to deficit sector. That means persons having excess of money lend it to those who need money to fulfil their requirement. Similarly, in business sectors the surplus money flows from the investors or lenders to the businessmen for the purpose of production or sale of goods and services.So, we find two different groups, one who invest money or lend money and the others, who borrow or use the money. The financial markets act as a link between these two different groups. It facilitates this function by acting as an intermediary between the borrowers and lenders of money. So, financial market may be defined as a transmission mechanism between investors (or lenders) and the borrowers (or users) through which transfer of funds is facilit ated. It consists of individual investors, financial institutions and other intermediaries who are linked by a formal trading rules and communication network for trading the various financial assets and credit instruments.Financial market talks about the primary market, FDIs, alternative investment options, banking and insurance and the pension sectors, asset management segment as well. India Financial market happens to be one of the oldest across the globe and is the fastest growing and best among all the financial markets of the acclivitous economies. The history of Indian capital markets spans back 200 years, around the end of the 18th century. It was at this time that India was under the rule of the East India Company. The capital market of India initially developed around Mumbai with around 200 to 250 securities brokers participating in active trade during the second half of the 19th century. 3. 1. Scope of Indian Financial Market The financial market in India at present is mo re advanced than many other sectors as it became organized as early as the 19th century with the securities exchanges in Mumbai, Ahmedabad and Kolkata. In the early 1960s, the number of securities exchanges in India became eight including Mumbai, Ahmedabad and Kolkata. Apart from these three exchanges, there was the Madras, Kanpur, Delhi, Bangalore and Pune exchanges as well. Today there are 23 regional securities exchanges in India. The Indian stock markets till date have remained stagnant due to the rigid economic controls. It was only in 1991, after the liberalization process that the India securities market witnessed a flurry of IPOs serially. The market saw many new companies spanning across different industry segments and business began to flourish.The launch of the NSE (National Stock Exchange) and the OTCEI (Over the Counter Exchange of India) in the mid 1990s helped in regulating a smooth and transparent form of securities trading. The regulatory body for the Indian capita l markets was the SEBI (Securities and Exchange Board of India). The capital markets in India experienced turbulence after which the SEBI came into prominence. The market loopholes had to be bridged by taking drastic measures. 3. 1. 2 Potential of Indian Financial Market India Financial Market helps in promoting the savings of the economy helping to adopt an effective channel to transmit various financial policies.The Indian financial sector is welldeveloped, competitive, efficient and integrated to face all shocks. In the India financial market there are various types of financial products whose prices are determined by the numerous buyers and sellers in the market. The other determinant factor of the prices of the financial products is the market forces of demand and supply. The various other types of Indian markets help in the run of the wide India financial sector. 3. 1. 3 Features of Indian Financial Market ? ? India Financial Indices BSE 30 Index, various sector indexes, st ock quotes, Sensex charts, bond prices, foreign exchange, Rupee & Dollar chart Indian Financial market news ?Stock News Bombay Stock Exchange, BSE Sensex 30 index, S&P CNX-Nifty, company information, issues on market capitalization, corporate earnings statements ? Fixed Income Corporate Bond Prices, Corporate Debt details, Debt trading activities, Interest Rates, Money Market, Government Securities, Public Sector Debt, External Debt dish ? ? ? ? ? ? ? ? Foreign Investment Foreign Debt Database composed by BIS, IMF, OECD,& World Bank, Investments in India & Abroad Global Equity Indexes Dow Jones Global indexes, Morgan Stanley Equity Indexes Currency Indexes FX & Gold Chart Plotter, J. P. Morgan Currency Indexes National and Global Market Relations Mutual Funds Insurance Loans Forex and Bullion The main functions of financial market are ? ? ? It provides facilities for interaction between the investors and the borrowers. It provides pricing information resulting from the intera ction between buyers and sellers in the market when they trade the financial assets. It provides security to dealings in financial assets. It ensures liquidity by providing a mechanism for an investor to sell the financial assets. It ensures low cost of transactions and information. 3. 2 CLASSIFICATION OF FINANCIAL MARKETS Figure 3. 1 Classification of financial markets Source Investment analysis and portfolio management Author Prasanna Chandra Figure 3. 1 shows the classification of financial markets.From this figure we can interpret that there are different ways of screening financial market. ? One is to classify financial market by the type of financial claim. The debt market is the financial market foe fixed claims (debt instrument) and the equity market is the financial market for residual claims (equity instruments) ? The second way is to classify financial markets by the maturity of claims. The market for short term financial claims is referred to as the money market and the market for long term financial claims is referred to as the capital market. ? The third way to classify financial markets is based on whether the claims represent new issues or outstanding issues.The market where issues sell new claims is referred as primary market and the market where issues sell outstanding claims is referred as secondary market. ? The fourth way to classify financial markets is by the timing of saving. A cash or spot market is one where the delivery occurs immediately and forward or futures markets are those markets where the delivery occurs at a pre determined time in future. ? The fifth way to classify financial markets is by the nature of its organizational structure. An exchange traded market is characterized by a centralized organization with standardized procedures and an over the counter market is a decentralized market with customized procedures.These markets are further explained in detail. 3. 3 bills MARKET The money market is a market for short-term funds, which deals in financial assets whose period of maturity is up to one year. It should be noted that money market does not deal in cash or money as such but simply provides a market for credit instruments such as bills of exchange, promissory notes, commercial paper, treasury bills, etc. These financial instruments are close substitute of money. These instruments help the business units, other organizations and the Government to borrow the funds to meet their short-term requirement. Money market does not imply to any specific market place.Rather it refers to the whole networks of financial institutions dealing in short-term funds, which provides an result to lenders and a source of supply for such funds to borrowers. Most of the money market transactions are taken place on telephone, fax or Internet. The Indian money market consists of Reserve Bank of India, Commercial banks, Co-operative banks, and other specialized financial institutions. The Reserve Bank of India is the l eader of the money market in India. Some Non-Banking Financial Companies (NBFCs) and financial institutions like LIC, GIC, UTI, etc. also operate in the Indian money market. 3. 4 CAPITAL MARKET Capital Market may be defined as a market dealing in medium and long-term funds.It is an institutional arrangement for borrowing medium and long-term funds and which provides facilities for marketing and trading of securities. So it constitutes all long-term borrowings from banks and financial institutions, borrowings from foreign markets and raising of capital by issue various securities such as shares debentures, bonds, etc. The market where securities are traded known as Securities market. It consists of two different segments namely primary and secondary market. The primary market deals with new or fresh issue of securities and is, therefore, also known as new issue market whereas the secondary market provides a place for purchase and sale of existing securities and is often termed as sto ck market or stock exchange. 3. 4. PRIMARY MARKET The Primary Market consists of arrangements, which facilitate the procurement of longterm funds by companies by making fresh issue of shares and debentures. You know that companies make fresh issue of shares and/or debentures at their formation stage and, if necessary, subsequently for the expansion of business. It is usually done through private placement to friends, relatives and financial institutions or by making public issue. In any case, the companies have to follow a well-established legal procedure and involve a number of intermediaries such as underwriters, brokers, etc. who form an integral part of the primary market.You must have learnt about many initial public offers (IPOs) made recently by a number of public sector undertakings such as ONGC, GAIL, NTPC and the private sector companies like Tata Consultancy Services (TCS), Biocon, Jet-Airways and so on. 3. 4. 2 SECONDARY MARKET The secondary market known as stock market or stock exchange plays an equally important role in mobilizing long-term funds by providing the necessary liquidity to holdings in shares and debentures. It provides a place where these securities can be encashed without any difficulty and delay. It is an organized market where shares and debentures are traded regularly with high degree of transparency and security.In fact, an active secondary market facilitates the growth of primary market as the investors in the primary market are assured of a continuous market for liquidity of their holdings. The major players in the primary market are merchant bankers, mutual funds, financial institutions, and the individual investors and in the secondary market you have all these and t