Dress for Success Essay

Abstract We’ve all heard the saying â€Å"Dress for Success,† and I believe this saying holds a very valuable meaning in any profession. The way you dress not only affects your confidence and your self-esteem, but it also casts the first impression you are giving to your fellow colleagues and/or prospective employers. What you wear will portray a visual communication of what you have to offer and what they can expect from you in the work field. The primary goal of dressing professional is to feel good about yourself and to project a positive image. Your non-verbal communication is just as important as your verbal communication in any situation. Of course your skills and knowledge are an important factor, but don’t forget to dress the part and rule out any possibilities why people will doubt your abilities to perform. We’d like to think that we live in a world where people don’t judge us by the clothes we wear, but the truth is appearance does matter and the first impressions we portray reflect how we are initially judged by others. . When you dress for success people will take you more seriously and take what you have to say into consideration. Appropriate attire in the workplace gives you respect, and a professional image that will give your superior, colleagues, and patients trust and confidence in your abilities. There has been a lot of research that has proven that employers will likely hire a potential employee who dress and look the part. How you dress sends out many signals, one being an effective leader. When you take the extra step to make sure your clothes are ironed, and your physical attire is up to par, people will recognize that and follow your lead. In my opinion, people today underestimate the importance of a professional image. Many workplaces have a â€Å"casual attire† policy and people would rather blend in with the crowd then stand out and make their own personal impression. Looking for a job in the medical field is very competitive, and although your resume may be one of the most outstanding and qualified, how you look will sum up the final judgment. When potential employers look through tons and tons of paperwork day in and day out, everything starts to look the same, so when you come in for an interview you should try to stand  out and show them that you care about your image and how they perceived you. How you look will put a face to the resume and help you stand out from the other competitors. Ever since we were young, we were taught to never judge a book by its cover, and what really matter is what’s on the inside. Although the topic of how you look and what you wear may sound superficial, you have to look at yourself as a brand. Many companies today spend millions of dollars trying to upgrade and renew their visual image. Making sure how they look as a company and how their brand look will attract the new generations. So, it only makes sense that if a company cares so much of their image, they will also care about how their employees look and carry their name to the outside world. This theory goes hand in hand, if a company cares about how their employees look, the employees themselves should take the initiative and care about their professional image. When we purchase stuff from the store, what initially attracts is that packaging, before we judge the product by its performance. When you look good, you feel good, and ultimately that is all that matters in the end. When a person feels confident there is not stopping them from achieving he/she goals. Interviews are not intended to be a fashion show or beauty contest, but how you look and how you present yourself will always receive a positive reaction from the interviewer. By maintaining a professional image it can help you achieve the career you deserve.

Blackness and The Black Experience

The experience of being black, like the experience of having any other skin color, is left wide open to the personal viewpoint of the individual. Still, with the black race, there is a legacy of being forcibly removed from their homeland and enslaved, and this legacy probably affects the outlook of every black person in some way. In the ancient world, an individual with â€Å"black† skin was not considered inferior. The Greeks, for example, did not regard skin color as an impediment to coordination in social order. They instead judged a man based on his integrity, his word, and his ability. â€Å"What is blackness? † â€Å"What is the black experience? Blackness is defined as the property of being black in color, but that is a raw definition that has no context in human experience. While the ancients seemed to have little or no problem with color, the idea of race difference has been a struggle for modern societies everywhere. Scholar W. E. B. Du Bois calls it â€Å"the problem of the twentieth century. † Du Bois contends that the supposed ugliness exists fundamentally in the psyches of the cutting edge spectators. What that means to me is that, whatever prejudices may exist in the minds of leaders then translates to the attitudes, and more critically the laws, of everyday citizens. In England color turned into the premise of segregation. In the United States, the institution of slavery was the central argument in a states’ rights debate that erupted into the bloodiest war of the 19th century. Even after the Civil War, racial segregation, violence, the KKK, and the struggle for equality marred the next one hundred years. How black people perceive their own â€Å"blackness† today, as opposed to 1863, when the Emancipation Proclamation was signed, is sure to be different. Blackness must have a completely different meaning in 2013. In fact, the very word â€Å"black† is no longer used as often, having been replaced with â€Å"African-American. † The idea of â€Å"blackness† must have made drastic leaps for the better when this country elected a black president. This is a sharp contrast to the self-image blacks had during the years of slavery (in this country and others, including their own native continent). As the decades pass, one would hope that the legacy of slavery, mistreatment, bigotry, and inequality has waned, and become a historical acknowledgement rather than an influencing factor in the psyche of modern individual blacks in the world. I believe that this trend will continue. In dealing with the black people I know, I don’t hear them talking about being mistreated or discriminated against as much as what I’ve read about in our country’s history. Black people seemed to be more present in prestigious jobs and government positions. At least in America, black people are being given more and more opportunity, and society continues to try and fulfill its promise of equality and equal protection. If this continues, I hope that the idea of â€Å"blackness† is one of promise, hope and pride, and not despair.

What are the TWO most important things we need to create, and what are Essay - 1

What are the TWO most important things we need to create, and what are the TWO most important obstacles we need to overcome, in dealing with the digital divide - Essay Example consists of the people who have effective access to computer and information technologies and second category comprises of those who do not have accessibility to such resources. There is no doubt that digital technologies and computer have revolutionized the human life largely (Dickard & Schneider, 2002). The paper emphasizes on the importance of equal distribution of resources in all segments i.e. race, education, socioeconomic status etc. Other factors that affect digital divide are existing social economic cultural and learning inequalities. In purview of the complexity of the issue, US federal and state government, internet and computer industry have formulated various focused strategies to spread computer and internet accessibility to every individual. Education is probably the most important issue that affects the ability to gain from technology and minimize the issue of digital divide at greater extent. Generous quantum of time and financial resources are required to provide quality computer education to children at schools and especially to those students who do not have facility of computer at their homes. In this article, Harouna Ba (2009) also explains and throws light on the generalized access model consisting of four universal categories. This model includes technology for disabled people, youth development plans to boost youth leadership, research policies and youth media. Moreover, the introduction of home level programs is mandatory to educate society to its. Another significant thing, on which we need to exercise our focus, is formulation of product and services design industries. The prime drivers of this mission includes the goal of widening and extending the use of internet by developing alternative designs, maintaining lower cost of computing and technical training, and easy accessibility of the training institutes (Centre for Educational Research and Innovation, 2000). These procedures are most likely to help making technology designs and

Description of Assessment Requirements 1 Description Students are Assignment

Description of Assessment Requirements 1 Description Students are required to fully describe 10 Key concepts of accounti - Assignment Example International Accounting Standards (IAS) no. 1 states that the concepts guide the how the contents of the financial accounting reports should be constructed. The conceptual framework of accounting includes the objectives concepts of financial reporting group. The second group of concept accounting concepts represents the qualitative characteristics of useful financial information. The third group of conceptual accounting framework concepts includes description, recognition and measurement concepts of the financial reports’ elements (Alexander, 2008). Discussion In terms of the first objective accounting concept, the financial reports are prepared in order to present the financial data pertaining to the business entities’ periodic transactions. Consequently, the financial statement preparers implement the going concern accounting concept. The concept indicates that business entity is assumed to continue its business operations for several years, without any telltale sign s of bankruptcy creeping into the doors of the business entity. When bankruptcy issues crop up, the going concern concept no longer applies to the business entity. The going concern concept indicates the entity has no plans of folding up or liquidating the business operations within the foreseeable future (Kieso et al., 2011). Relevance Accounting Concept . In terms of the qualitative characteristics group of financial concepts, the financial report accounts should comply with the relevance concept of financial accounting (Kolitz, 2009). Relevance means that financial data reported is material to the decision making process. The relevant financial data can significantly influence the decision makers’ choices. To be relevant, the financial data should comply with the materiality principle of financial accounting. The financial information is material if the data can change the decision makers’ choices. For example, the manager gathers data on whether to promote the cash ier to treasury department manager. Information indicating that the cashiers incurred several cash count shortages may prod the managers to reject the proposal to promote the cashier. Completeness Accounting Concept. Further, the financial reports must comply with the completeness concept of accounting. The completeness concept requires the companies to record all transactions in their respective accounting periods. The income statement must present all sales done within the accounting period. The same statement requires that all expenses should be recorded in the year they are used, not during the year when the expense amounts are paid. The company must include all business transactions in the preparation of the financial reports to avoid being charged for fraud or lackluster financial report preparation. Neutral Accounting Concept. Furthermore, the financial reports must implement the neutral concept to f accounting (Morris, 2009). The financial reports serve the needs of several users. The customers use the financial reports to determine if the company will continue to operate for several years. The financial report indicating the company generated a four your net loss amount will impress on the current and future customers that the company is on the verge of bankruptcy. Consequently, the company may be forced to close shop within the next few years of business operations. When this happens, the current and future customers are forced to seek other suppliers of their needs and wants. The customers need neutral financial reports for

Memorandum Assignment Example | Topics and Well Written Essays - 750 words - 2

Memorandum - Assignment Example Unfortunately, after one year of operations in China, the company’s headquarter did not satisfy the Chinese performance according to the objectives that were set (Bartlett, Christopher, Sumatra, and Paul, 23).  Currently, the organization’s domestic demand was declining as well as its stock price. The new chief executive officer faces a big challenge of building a multinational enterprise due to lack of previous management experience.  The CEO should note that the major problem was due to her difference with Chen in the view and management styles of the market. Other major problems were cultural differences and limited international experience. The CEO should curb the above problems by taking cautious analytical procedures that will make the enterprise to perform efficiently and effectively. The CEO should make the following decisions to solve the problems above:   In the concept of globalization, any element of difference in culture should not be traced in any ca se. Embracing culture will create a platform of togetherness. This will be depicted by preparing meals of different cultures in the cafà ©.   CEO should seek international experience by attending various global workshops that focus on building leadership skills. This will trigger an element of understanding the international appropriately thus doing serious business in the cafà ©. Recommendations of a number of fundamental changes to Levendary Cafà ©Ã¢â‚¬â„¢s new that would significantly affect Levendary’s relationship with Louis Chen, their future growth and expansion prospects in China, and the interrelationship that exists between their Chinese subsidiary and their Denver corporate headquarters. In the beginning, former CEO Howard Leventhal granted great latitude to Chen for their expansion into the Chinese marketplace (Bartlett, Christopher, Sumantra, and Paul, 57).

Spotify E-Commerce Essay Example | Topics and Well Written Essays - 2750 words

Spotify E-Commerce - Essay Example On a day-to-day basis, the company utilizes technology in conducting their operations. Additionally, the management uses generic marketing strategy in products and services to consumers. In addition to using Apple airplay, Denon and Marantz, Logitech squeezebox, Onkyo Network-Capable Receivers and Sonos Digital Music Systems, the company employs a combination of marketing strategies in promoting their products to clients. According to Gilmour (2012), Spotify uses cost leadership, product differentiation and generic strategies in the market. As discussed in the report, innovations are vital to success at spotify. The discussion is highlighting the implications of technologies at Spotify, the types of technologies used by the company, and the information systems used in conducting operations at the company. The report’s aim was to analyze the strategies that Sportify uses in conducting its operations in the global market, thereafter make recommendations that will suit the intere st of the company. According to Sehgal (2010, p. 12), the report used online content in analyzing the stratagem that Sportify use in the market. The information was sourced from journals, books and sportify’s website. E-commerce Introduction Spotify TM is a Swedish company that offers a variety of entertainment services to consumers in different parts of the globe. The company has its head office in London but it still conducts some of its operations in Sweden. Additionally, the company offers services that include streaming of music and sharing of data via the internet (Eldring, 2009). Sportify TM works in conjunction with companies like Sony, universal records and EMI in ensuring that the company meets the growing demand in entertainment industry. Currently, the company serves more than twenty million customers on an annual basis. In 2010, records indicated that the company surpassed its initial target by supplying close to 10 million customers entertainment services. Profe ssionals in Stockholm came up with the idea of starting the company in 2006. Daniel, E. K spearheaded the process with the assistance of Martin Lorentzon. Thereafter, the two came up with software that offers clients registration to the site. Generally, Spotify TM has revolutionized the entertainment industry despite facing challenges in their operations. In 2009, hackers invaded the sites of the company and got away with sensitive information that belonged to clients. This contributed to major losses recorded in that year. However, the company was able to regain back its position with support from Founders funds. Besides, Spotify recruited Sean parker who reintroduced the winning strategies at the company. According to Porter (2008), the manager used a combination of marketing strategies and technologies in putting back the company to its positions. At present, Spotify is leading distributor of music in the world’s entertainment industry. Spotify TM Spotify is a cloud-based music-streaming process delivered via desktop and mobile phone. It was launched in October 2008 and offers subscribers access to a vast database of songs via the internet. In order to achieve this, Spotify TM uses many information systems, some of which are so unique to its operations. An individual could play Spotify music through their network devices, smart phones and mobile devices. Spotify also continue to innovate new features that enhances music listening from inside the house. It allows people to simplify their work and vitality as they develop an admirable in music catalogue. Additionally, Spotify availability is also found in UNIX, Microsoft spotify code windows and Macintosh. These sites contain

Islam Essay Example | Topics and Well Written Essays - 1250 words

Islam - Essay Example Thus, although there is no sign at all that Mohammed and his followers were blood descendants of Abraham, Islam is clearly associated with the biblical times, characters and traditions; even if the Bible has not had that profound effect on Islam as upon Christianity (Peters, 2004). Having developed from events that took place some 1400 years ago in the Arabian Peninsula, Islam is currently a world faith with over one billion followers worldwide (Gordon, 2003). On the other hand, although the Islamic religious doctrine, practices, and institutions have been the subject of numerous, if not countless, writings and discussions (Gordon, 2003), Islam remains the most misinterpreted, hence misunderstood religion, especially in the light of recent events such as the 9/11 attacks and the consequent ‘war on terror’. Therefore, this paper attempts to get an insight into the Islamic religion, highlighting some of the most contentious points of the doctrine. Historical Background In order to understand the essence of Islam as fully as possible, one would need to take into consideration first and foremost its historical context in which this religious cult has originated and matured; by the way, this is equally valid as far as any other religious tradition is concerned. Mohammed was born in Mecca about 570 AD, in the Hashim clan of the Quraish tribe which possessed a distinguished status in the town (Schimmel, 1992, p. 11). By that time, the wealth and ancient glory of the Arabian Peninsula, most notably the powerful trading kingdom of Saba (â€Å"The Kingdoms of Ancient South Arabia,† n.d.), was already too far gone (Schimmel, 1992). The religious life of the Arab tribes, particularly in Central Arabia, was still dominated by a rather primitive religion, whose rituals were performed in numerous tribal sanctuaries, including the shrine in Kaaba which appeared the center of the pagan cult; additionally, there were certain Jewish and Christian influences (S chimmel, 1992, p. 7). Arabia was situated in the sphere of influence of its trade partners by then – Persia and Constantinople (Schimmel, 1992). There were also a number of Jewish settlements not far from Medina, and even – according to some authors – the kings of Saba had reportedly converted to Judaism; the latter inter alia indicates a quest of a higher faith (Schimmel, 1992). Somewhere in his forties, Mohammed was overcome by visions and voices, realizing that he was entrusted with a divine mandate – to proclaim, like some Hebrew prophets of earlier times, most notably Amos, the forthcoming Day of Judgment when the human beings will face the one omnipotent God, their Lord, to answer for their actions (Schimmel, 1992, p. 12). The obvious parallel between Mohammed – the last prophet – and the first Hebrew prophet of judgment, Amos, is not only in theological terms, but also in terms of historical necessity. Thus, having seen the decline in Arabia’s power and wealth, likely brought about by the Arab tribes’ disunity and internal feuds, Mohammed found the ultimate means of unification – the belief in one omnipotent God – and saw himself at first as a God’s messenger to the Arabs, a prophet being sent to warn them (Schimmel, 1992, p. 15); later on, however, he put his visions into practice, embarking on a decisive move towards uniting the

The exhibition as a process and as a product Case Study

The exhibition as a process and as a product - Case Study Example of the team into a multi-disciplinary exhibition research team is that; it is through broad research into exhibition themes and subjects, that it can be possible to design an exhibition theme that will be relevant, yet attractive to a broad audience (Morris, 2002:8). Thus, through the different research areas that the sub-groups of the team engaged in analyzing, it eventually became possible to emerge with the theme of displaying how and why image has been controlled through time. Further, the operation of the team as a research group was further reinforced by the ability of the team to work together in harmony, a factor that was a major source of strength for the process. Teamwork is an essential component for achieving success in different projects, and most especially in projects that entail combination of different individual strengths (Bedno, 1999:42). The process of preparing for an exhibition highly depends on the multiple strengths of different members of a team, considering that there are different roles that need to be played in the process, such as planning, designing, interpreting, curate and educating the audience (Downey, 2002:44). All these different roles highly depended on the different strengths of the team members, considering that some team members were highly competent in researching and developing content, while others were good at designing and planning, and still others played the role of educating the audience very well. This combination eventually produced a very competent team, considering that specialization is an effective strategy in the process of division of labor, which allows individuals to concentrate and specialize on the areas that they are highly competent and proficient (Kamien, 2002:127). Through this specialization and division of labor, the work process was effectively broken down into categories of tasks, and the competent individuals in such areas were offered the responsibilities. Thus, specialization and division of

Heat and Temperature Essay Example | Topics and Well Written Essays - 1000 words - 1

Heat and Temperature - Essay Example Whether the matter is in the form of solid, liquid or gas, it consists of molecules. These molecules are in constant movement bombarding each other like billiard balls. Such characteristic of motion is responsible for the production of heat. However, the amount of heat produce depends on the speed of collision produced by the molecules. The faster the motions of the particles are the higher the thermal energy is enough to change the state of the matter from solid to liquid or to gas. With this, it is inevitable not to relate heat with the kinetic theory of matter. Heat is defined as the transfer of energy from an object with higher temperature to an object with lower temperature (Freeman, 2005). For instance, if you touch a hot iron, you feel the heat as the thermal energy enters your hand because the iron is warmer than your hand. Consequently, if you touch a cold drink, the energy passes out of your hands and into the cold drink. The heat which passes from the hot iron to a colder hand originates in the internal energy of the hot object. The internal energy is the sum of the kinetic energy of the molecules called the molecular energy. The kinetic energy is called the thermal energy. Both kinetic and potential energies of the molecules provide the ultimate source of heat which is only appreciated when there is a difference in the temperature of objects coming in contact together until equilibrium is reached. With this, it is important to note that when one is exposed outside the cold winter, there is a need to wear a coat to slow down the fl ow of the heat from the body. Temperature is the state of coldness and hotness of an object measured with a device called thermometer. The expansion and contraction of the mercury within the thermometer is compared in a scale to measure how much thermal energy is present in certain molecules of an object.

WE 1 & 2CRJ 520 Essay Example | Topics and Well Written Essays - 250 words

WE 1 & 2CRJ 520 - Essay Example Different individuals are required by the law to go for counseling sessions while others are ordered by doctors when their health is wanting due to increased consumption of drugs and thus the need to deter them, rehabilitation, incapacitation and retribution. Through deterrence, criminals are deterred from their actions and thus the criminal justice system using harsh penalties to try and deter them from engaging in criminal related issues. On the other hand, retribution justifies the punishment and thus the criminals are punished for their wrong deed to the society so that a repeat for the same will never be conducted. Rehabilitation ensures that through counseling and guidance transformation of individuals is achieved while incapacitation ensures that the criminal will be behind the bars for a period of time so that one will not commit crime again. When individuals are behind the bars serving for the criminal offence that was conducted, some may transform and others get worse and they will do anything so that they can be incapacitated again. The high numbers of individuals who are behind the bars are mothers and fathers who are serving in different prisons thus not carrying their responsibilities. The gap between the father and mother figure is important in the growth and development of child thus the trend will continue of incapacitation which is expensive to the government and to the society. Though incapacitation is seen as the only method to deal with criminals it can not solve the problem rather it will be continuous trend from generation to generations. Due to high number of criminals in the society, the government is building a lot of prisons so that they can isolate the criminals from the society. The government is using millions of dollars to construct prisons using taxpayer’s money which would be used to stabilize the economy and support

Star Trek Technology We Use Everyday Essay Example for Free

Star Trek Technology We Use Everyday Essay Star Trek technology has become reality that we use in our daily lives. There are many different forms of technology fields that have been shown in Star Trek as a first that have become a reality rather than a Science Fiction (Sci-Fi) fantasy. Star Trek technology came from the great imaginative minds of writers and designers with little to no knowledge of science in the original series. It wasnt until the second series that they started to incorporate actual scientific methods and terms. Advancements in science have come about through the influence of creative people thinking of the future. This technology has been instrumental in how we conduct our lives. Contemporary technology has been influenced by Star Trek in many ways. Phones were around for many years before Star Trek; however, they were tied down to the house or office by wires and the bulkiness of the devices. No one could possibly make a phone call on the go, yet they could by using a phone booth. However, using a phone booth would not be of much use since it couldnt be carried around. One of the greatest inventors of this decade, Dr. Martin Cooper, decided to come up with a new form of communicating with the rest of the world. Dr. Martin Cooper found himself tripping over his phone cord when he saw Star Trek appear on the TV playing in the background. Cooper watched with envy as Captain Kirk calmly conversed while walking across an alien landscape. (Laytner, 2011) While Cooper watched Captain Kirk with his communicator, he was bewildered â€Å"And, suddenly theres Captain Kirk talking on his communicator,† remembers Cooper. â€Å"Talking with no dialing!† (Handel, 2005) With the idea set in his mind, he set out to make it a reali ty. In 1973, Martian Cooper, While working for Motorola, he [Cooper] created the first personal cell phone, citing Captain Kirks communicator on Star Trek as an inspiration. His first call on the 28-oz. (800 g) cordless cell phone — dubbed the brick — was to his rival at Bell Labs Research. (Grossman, 2007) However, this big brick of a phone didnt match the likeness of the communicator that Captain Kirk used, so in 1996, Motorola made the first flip phone named StarTAC. (Kessler, 09-0) These clamshell phones were highly sought after and held the cell phone design for many years until touch screen phones recently became more popular. Many Star Trek fans and even older more stubborn non-techies still try to keep the flip phone for the nostalgia of Star Trek and to keep pocket dialing to a minimum. In 1974, Ed Roberts created the Altair 8800, the first minicomputer that came in kits for consumers to put together, yet it wasnt a friendly user system since software wasnt invented yet. The Altair 8800 was named after a space system from the Star Trek series and was the basis for the basic computer language that Bill Gates of Microsoft, Steve Jobs of Apple, and Gordon Moore of Intel used to create new and more user friendly computers. This basic language that Ed Roberts created was inspired by Star Trek (Handel, 2005). When computers became a household name and personal were computers available to the general public, a new development occurred that would be called a laptop. Adam Osborne of Osborne Computer Corporation, the father of portable computers, introduced the first commercially available portable computer with software to run it, named Osborne 1 in 1981 (Scott, n.d.). In 1968, Alan Kay of Xerox made a concept and prototype of a portable information manipulator, named Dynabook, a different form of a portable computer that wasn’t user friendly or available to the general public (Maxwell, 2006). Without software, the Dynabook was hard to understand and use, so the Osborne 1 with its software and graphic interface to allow users to see what they were doing made it a true portable computer. Portable computers got an even newer facelift in 1993 when Robert Haitani developed the Palm Pilot, a first in personal data assistant (PDA) and a new form of portable computers. Robert Haitani, the designer of the Palm Pilot, said his first sketches were influenced by the Enterprise bridge panels and produced it. A few years later there was a combination of cell phones and PDAs since they shared hardware which resembled to the communicator in Star Trek. You could stand there and talk into it like Captain Kirk (Laytner, 2011). The Palm Pilot spanned PDAs which transformed into the current popular trend of tablets and smart phones. All the different technologies incorporated into the tablet and the smart phone can be traced back to their Star Trek influenced roots. Advancements in technology and science have been influenced by many sources. Star Trek played a large role in evolution of the modern technology by influencing many inventors. Even though the original series of Star Trek was written and designed with little to no knowledge of the technological advancements of the times, Gene Rodenberry wrote many views of how life would be with various forms of technology that weren’t even a reality, yet. Works Cited Grossman, Lev. (2007). Best inventions of 2007. Time. Retrieved from http://www.time.com/time/specials/2007/article/0,28804,1677329_1677708_1677825,00.html. (Grossman, 2007) Time listed the best inventions and inventors of the 2007, and they had Martin Cooper listed for creating the first mobile telephone that wasnt mounted in a car in 1973. Laytner, Lance. (2011). Edit international. Retrieved from http://www.editinternational.com/read.php?id=4810edf3a83f8 (Laytner, 2011) Talks about the documentary How William Shatner Changed The World and the many inventions of many inventors help shaped the world now because they were influenced by Star Trek to reach for the future. Maxwell, John (2006) Tracing the Dynabook: A Study of Technocultural Transformations http://thinkubator.ccsp.sfu.ca/Dynabook/Maxwell-DynabookFinal.pdf (Maxwell, 2006) This thesis paper was great detail on Alan Kay, who made a from of portable computer that manipulated information, and his accomplishments and how the Dynabook became what it did. Handel, Alan. (Writer) (2005). How William Shatner Changed The World [Web]. Retrieved from http://www.youtube.com/watch?v=u304yVYoCJs

Determinants of Mutual Fund Growth in Pakistan

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

Professional Ethics And Accountability Of Teachers Education Essay

Professional Ethics And Accountability Of Teachers Education Essay In a world of science and technology, it is education that determines the level of prosperity, welfare and security of the people. This is not a mere statement of faith in education as expressed by the Education Commission (1964-66) but a very well proven truth as well. While education of acceptable quality depends on many factors including curriculum, infrastructure, teaching-learning material and methods, educational technology, etc. yet the most important among these factors is the teacher. It is he who is directly responsible to operationalize the process of education, establish intimate contact with learners and motivate and train them in various aspects of their personality in a manner that they are successfully initiated into the society as its young, promising, productive and responsible members who are capable to face the challenges of life effectively. Like many other professionals, a teacher also needs initial education and training of reasonable length and quality which h as to be followed by regular life-long professional development equipment sharp and useful in the ever changing contexts. - 1Research Scholar, Department of Education, Ch. Devi Lal University, Sirsa. 2Teaching Associate, Department of Education, Ch. Devi Lal University, Sirsa. Introduction In India, the need of initial education and training of the would-be teacher for different levels of schools education is now well recognized. In higher education sector this need is yet to be appreciated by educational planner. Given the importance assigned to initial training of teacher, elaborate arrangement for initial preparation of school teachers has been made across the country. It is sad that the pre-service teacher preparation in the country is not well organised in its setting as well as in its curriculum. While emphasizing the need to revamp the initial preparation of teachers, the Programme of Action (POA 1986) and the revised POA (1992) had also stressed that to meet the challenges of the twenty-first century, the quality of education will have to be enhanced which would only be possible through continuous professional development of working teacher at school and higher education levels. For school teachers, regular programmes of in-service training were mooted and for college and university teachers, programmers of initial orientation followed by a series of refresher courses were planned. At school level, organization of the professional development programmes for teachers is the responsibility of Institute of Advanced Studies in Education (IASE), Council for Teacher Education (CTE), State Council of Educational Research and Training (SCERT) and District Institutes of Education and Training (DIET) for different categories of teacher and teacher educators. At university level, this responsibility is being taken up by the specially created institutions called Academic Staff Colleges. But in both the cases, teachers professional development activities are confined to their attending these activities, get some number and completing a technical requirement of a particular number of in-service courses for further promotion in the ladder of their career. In both the cases, it is commonly observed that teachers are more concerned with their certification for having attended programmes than their academic enrichment and professional development. The fault, of course, does not entirely lie with the teachers, it is also the teachers professional development institutions and educational administrators who fail to motivate the teachers to change their approach and attitude towards their professional responsibilities. Ethics originated as the philosophical study, begun by Plato and Aristotle, of what constituted a good life. Under the tutelage of subsequent philosophers, the thought came about that a truly good life was a life lived virtuously. This line of though helped to establish a philosophical study of just and unjust behavior. This has taken root most especially in the professional field where the jobs of people have grant them a certain amount of authority. Professional Ethics If one is attempting to live a just, and therefore ethical, life, then it follows that their actions should be virtuous in their vocation as well as their personal life. This is the beginning of professional ethics. Professional ethics were established, and are constantly being developed, as a guiding set of principles that help dictate what constitutes good behavior of person in authority. Professional ethics, in short, are the means of which we judge authoritys validity. Professional Ethical Principles The following are the basic rules for ethical behavior: Not using authority to influence personal life or for monetary gain. Not using authority with malicious intent. Acting within the scope of positions authority only. Not influencing or advocating unethical conduct in others. Acting in good faith to fulfill the duty of the position of authority. Need of Professional Ethics To aware the teachers to do their duties and abiding by truth, hard work and honesty when they tend towards comforts, selfishness, laziness and money. To change the conduct and behavior of teachers in such a way behind which there must be social acceptance and approval. To act as a role model for students by behaving in ethical manner to one and all. To create, sustain and maintain a reciprocal relationship between school and society for ensuring harmonious development of the students as well as of society. To enable every teacher for becoming a real one in truest sense of the term by moulding his personality. To bring improvement in professional environment to make it more conducive, favourable and appropriate for effective working. For this the teacher have to follow the ethical codes of teaching profession. Professional Ethics The following are some professional ethics for teachers:- Loyalty Towards Duty Punctuality Dutifulness Respect for the profession Respect for the institution Respect and admiration for Co-Staff Strictness and straight forwardness Truthfulness Honesty Good Behavior Towards Students Use of Rights Motivational Attitude Studious / Good Learner Dressing Sense Positive Attitude Innovative Proper Use of Authority IN PARAGRAPH FORM Accountability Accountability is a concept of ethics and governance with several meanings. It is often used synonymously with such concepts as responsibility, answerability, Blameworthiness, Liability. As result the concept of Accountability of teachers has completely disappeared into cold bag not leaving behind even a faint clue. For the last three decades, all the committees and commissions appointed to suggest reforms in higher education had recommended the regular teachers performance evaluation and ensuring their accountability: In 1986, S.R. Sen Committee while recommending higher pay scales had added the need for code of (professional ethics) to be made a part of it. In 1986, National Policy of Education and also its programme of action (POA) had recommended for annual performance appraisal of teachers of education institutions to ensure their accountability. In Dec. 1988, the U.G.C. Issued a notification regarding Accountability in higher education for all the universities that self appraisal performance of the teacher is to be made mandatory as a requirement of Career Advancement Scheme (CAS) for award of new pay scales and be implemented with a year. Rastogi committee (1977) while emphasizing the need for account ability in teaching profession suggested self-appraisal by teacher, assessment by students in appropriate manner, periodic performance appraisal, work load and code of professional ethics should be taken in to consideration while ensuring accountability of the teachers. In 2008, UGCs latest pay review committee headed my professor G.K. Chadda recommended multiple parameters like regularity in classroom teaching, holding tutorials, availability to students for consultation, participating in faculty meetings, guiding and carrying our research and participating in other academic activities like seminar, workshop etc. should taken in to consideration while assessing a teachers academic accountability. Professional Accountability Professionalism in any sector is a result of the extent of accountability on the part of individuals. Teaching, being a profession, assumes that every teacher needs to be accountable towards his job. The following are the expected teacher behavior in the form of accountability:- Accountability towards students Teacher and students are the two main pillars of the teaching learning process. The progress and development of the learners can be possible only when the teacher is sincere, hard work, sympathetic. For achieving optimal learning of students, the teacher should be accountable and should take care of the students progress according to his ability. Accountability towards Society The most important role of teacher is to bring the students into educational fold, coordinate various activities of the society and motivate the weaker sections of the society to learn because he can develop confidence to link between the school and the society. Hence the teacher should be accountable towards the society, which is beyond the classroom teaching. Accountability towards Profession A teacher should think various ways and means to help the students to acquire the knowledge, to develop academic potential and to sharp their future through the process of teaching- learning. Professionally accountable teachers adopt various methods and techniques of teaching follow the code of conduct, set the examples for others apply new ideas in classroom situations. Thus a teacher can achieve profession enrichment and excellence which which is beneficial for national development. Accountability towards lifelong teaching and learning A teacher should devote his whole life to teaching as well as learning for the future of humanity as his role is multidimensional and multifarious. Conclusion A professionally accountable teacher must be excellent not only in the subject to be taught, but also understand the learning requirements of the students. He should be caring, affectionate and sympathetic towards them for their harmonious development and prosperity of nation. Hence it is essential that a teacher must be accountable towards his students, society, profession, teaching- learning process, knowledge and values. Hence, quality education is possible when a teacher has the ethics and accountability towards his profession.