Psychology: Learning by Doing Essay

A news article entitled â€Å"Keeping your DNA fit: Researchers find exercise buffs have ‘younger’ cells† was released by The Philadelphia Inquirer at the Psychology News Report Section of the American Psychological Association online. The news article was about the newest study released last January 28, 2008 stating that exercise could slow down the aging process in human beings. The authors of the study concluded that the people who exercise more take a slower course of aging than those who have been â€Å"chronically sedentary† (Flam, 2008).   The authors supported this claim with the experiment they conducted involving 67 pairs of identical twins where one of the twins had a sedentary lifestyle while the other had been mostly active and exercises regularly (Flam, 2008). The term exercising regularly has been operationally defined as â€Å"more than three hours a week running, cycling, pumping iron, or other vigorous activity† (Flam, 2008). On the other hand, sedentary has been defined as â€Å"less than 16 minutes [of exercise] a week on the average† (Flam, 2008). The comparisons of the twin’s telomeres revealed that those twins who exercise more have longer telomeres. The telomere is the part of the DNA which becomes shorter when it divides (Flam, 2008). For the old people, the telomere becomes too short for the DNA to be capable of dividing and thus, it just shut downs the cells but it continues to exist (Flam, 2008). The research still continues for the authors to be able to refine the study because there is still the â€Å"chicken-and-egg question† of whether it is the exercise that enables the people to stay young or the healthy condition that enables people to exercise more (Flam, 2008). Further studies would need to be done with this as there might be differences in the capacity of people such as the twins. Though they may have the same set of genes, there is still a difference with the environment they live in that makes them a lot healthier than the other twin and enables them to exercise more such as the type and quality of food available and the levels of stress. Indeed, the most appropriate conclusion for the study is that exercise is one of the factors that slow down the rate of aging but is not the sole reason for the slow aging process (Flam, 2008).    The news article was able to identify the basic answers to basic questions. It poses the side of the research itself and the whereabouts but does not even provide the title and authors of the study. The lead author was mentioned but this could do little compared to having the title of the study itself. In addition to this, alternative views were not presented clearly. References Flam, F. (2008). Keeping your DNA fit: Researchers find exercise buffs have ‘younger’ cells. Retrieved January 29, 2008, from http://psycport.apa.org/showArticle.cfm?xmlFile=knightridder%5F2008%5F01%5F29%5F%5F0000%2D0241%2DPH%2DKeeping%2Dyour%2DDNA%2Dfit%2D0129%2Exml&provider=The%20Philadelphia%20Inquirer.

Pros and Cons on Death Penalty Essay

Ms. Pat Johnson ENG-099 Pros and Cons of Assisted Suicide: Argument Essay When death is knocking at your door, do you answer or ignore the call? Unfortunately, some people answer the call willingly. Euthanasia is painless killing of a patient suffering from an incurable and painful disease or in an irreversible coma. All motives are compassionate for a patient, whether the killing is by a direct action, such as a lethal injection, or by failing to perform an action necessary to maintain life. The euthanasia movement started in l935 in Britain, in l938 in the U S A, and in l980 in Canada (catholicapologetics). Opinion polls show average support of 60 percent in the USA, 74 percent in Canada, and 80 percent in Britain (catholicapologetics). Many people disagree that death is a decision upon GOD but, why make a person suffer more pain being alive? Today, many people are against euthanasia because; they feel that it is murder. This is because there are certain cons of euthanasia that compel them to think this way. Firstly, medical science has made great advancements in the recent years. There is almost always a cure available for a disease. So euthanasia should not be kept as a viable option. One of the other cons of euthanasia is that sometimes there is pressure from family members who want to induce death for their own gains. The doctor may get influenced by the ideas that are put forward by them. In that case it becomes very difficult to decide whether euthanasia was completely necessary or was influenced by the family members. Sometimes even medical science cannot predict with certainty the fate of a patient. In such cases, euthanasia would mean snatching away the chances of a patient’s survival. There are many cases where mercy killing has often been misused. To prevent such manhandling euthanasia should be prohibited. Something that concerns the life of a person should not be left in the open for people to play around with.

Personality Traits and PTSD Resilience Research Paper

Personality Traits and PTSD Resilience - Research Paper Example The TR in DSM-IV-TR refers to† text revision†s. Numeroff et al. (2009), a reprint of the work of Numeroff et al. (2006), reviewed the state of science in posttraumatic stress disorder (PTSD). The authors pointed out five key points. First, PTSD is frequent among women than among men. Second, the presence of group C symptoms after exposure to trauma can predict the development of PTSD. Third, increases in corticotrophin-releasing factor or CRF concentration associated with PTSD â€Å"may be reversed† with paroxetine treatment. Fourth, â€Å"hippocampal volume appears to be selectively decreased and hippocampal function impaired among PTSD patients.† Fifth, prolonged exposure therapy is effective in modifying negative cognitions that are frequent among PTSD patients. Note that in Numeroff et al. (2009) or state of science on the PTSD, there was no mention on the role of personality traits and resilience. In the 2000 guidelines of 50 pages for treating PTSD wri tten by Foa et al., there was no mention on the role of personality traits in hastening or slowing down the treatment or management of PTSDs. The treatment guidelines were developed under the auspices of the PTSD Treatment Guidelines Task Force organized by the Board of Directors of the International Society for Trauma Stress Studies (ISTSS) in November 1997 (Foa et al., 2000, p. 539). The treatment guidelines described PTSD as a serious psychological condition resulting from an exposure to a traumatic event (Foa et al., 2000, p. 539). The 2000 guidelines mentioned that the symptoms associated with PTSDs are â€Å"reliving the traumatic events or frightening elements of it; avoidance of thoughts, memories, people, and places associated with the event; emotional numbing; and symptoms of elevated arousal† (Foa et al., 2000, p. 539). The treatment guidelines pointed out that PTSDs are â€Å"often accompanied by other psychological disorders† (Foa et al., 2000, p. 539). Fu rther, the treatment guidelines elaborated that the â€Å"PTSD is a complex condition that can be associated with significant morbidity, disability, and impairment of life functions† (Foa et al., 2000, p. 539). The fourth edition of the Diagnostic and Statistical Manual of Mental Disorders (DSM-IV) of the American Psychiatric Association (1994) guided the guidelines. The guidelines recognized that research that shaped the guidelines came largely from western industrialized nations and little is known about the treatment of the PTSD in non-industrialized countries (Foa et al, 2000, p. 540). The guidelines also noted that there are limitations in the scientific literature on the PTSDs because most studies have used inclusion and exclusion criteria and, thus, each study may not fully represent the complete â€Å"spectrum† of patients (Foa et al., 2000, p. 541). In particular, it is customary in the studies of PTSD treatment to â€Å"exclude patients with active substance dependence, acute suicidal ideation, neuropsychological deficits, retardation, or cardiovascular disease† such that generalization of the findings to all populations may not be appropriate (Foa et al., 2000 p. 541). However, like Numeroff et al. (2009), Foa et al. (2000) did not mention anything on the association

Paraphrase and improve presenting style Essay Example | Topics and Well Written Essays - 1000 words

Paraphrase and improve presenting style - Essay Example The sources of these sounds are categorized in relation to their engagement of the basis of molecular formation; solids, liquids and gasses. Background: In terms of pitch and frequency discrimination tasks, human performance has been intensively researched with its primary focus upon the duration of repetitive wavecycles. These studies concluded that an individuals’ increasing exposure to wavecycles subsequently increases their performance. This revelation would contribute to the understanding of the evolution of animal’s communicative sounds, particularly from single-pulse resonances which became repetitive expressions of the same stimulus. A study conducted by Hsieh and Saberi (2007) found that an increase in performance coincided with the lengths of exposure duration, where increasing exposure increased performance. Aim: The primary aim of this study was to explore the effect repetition has upon human performance, particularly how the number of exposure periods to a damped sinusoid and double damped sinusoids increases the individuals’ performances. The experimenter then compared the effect on individuals’ performances, focusing between damped and double damped sinusoids. Method: Ten participants with average auditory abilities were recruited from a single population; the staff and students of the university. The experimenters exposed the subjects to an increasing number of periods (1, 2, 4, 8 and 16) of a damped and double damped sinusoid. They accomplished this by using â€Å"a three alternative forced choice method and a one up three down adaptive procedure stair case† in conjunction with the examination of the Just Noticeable Difference threshold in the subject’s ability to discriminate the exposure to varying frequencies. The experimenters labeled the samples in this study as â€Å"looks†, as their multiple-look models would collectively account for the collected data which came from the temporal

Emotional Behavior Disorder Essay Example | Topics and Well Written Essays - 500 words

Emotional Behavior Disorder - Essay Example Scholars keep on identifying biological and genetic reasons behind emotional or behavioral disabilities. For instance, research illustrates that a correlation exist between prenatal drugs and childhood emotional or behavioral disorders. Cefai and Cooper (2010) notes that children who have early drug-related problems have their early childhood history marred with prenatal medications that shaped their emotions. Factors such as mood disorders, depression, and schizophrenia seem to have a genetic origin. The criteria for identification of casual biological factors require parents and those around their children to be observant of the development behaviors of such kids (Grier, 2012). Any deviation in behavior or emotions above the limit needs cautious consideration. Having full knowledge of the possibility of biological factors being part of the cause of emotional or behavioral disorder enables development and use of proper medication to alleviate the condition. Some of the notable biolo gical preventive actions of such emotional disorders include using antidepressants. Additionally, continued research into the field may bring better preventive ways. Grier (2012) reasons that the family and surrounding culture may significantly influence an individual’s behavioral disorder. People live in a social setup where family relations, extended or immediate or community, plays a critical role in their early childhood years. These environmental factors shape a person’s growth and development positively or negatively depending on the type of surrounding. Indeed, emotional problems may be a backlash of long-term adverse experiences such family as child abuse, poverty, neglect, unrealistic rules and parental stress. Poverty in a family and punitive parental disciplinary measures may cause a behavioral disorder (Scanlon & Barnes-Holmes, 2013). Possible criteria for identifying its causes involves looking at the family status of a child then linking it to his

Lenovo's global strategy Assignment Example | Topics and Well Written Essays - 3000 words

Lenovo's global strategy - Assignment Example Apply the analytical underpinnings of international business to real world and up-to-date case study situations in order to inform and direct international business decision-making. As explain in page no:3 of the Moodle guide. The question no 2: 2 (a) Using one specific Multinational Company (MNC) that is headquartered in one of the following countries- Brazil, Russia, India, China or South Africa, Mexico, Nigeria or Turkey - identify and critically evaluate the strategies used by the company to internationalise. (50%) Guide – 1800-2000 words. Learning Outcomes 1, 2, 4 & 5 (b) What recommendations, i.e. future strategic direction, would you make for the MNC to sustain its competitive advantage? (30%) Guide - 1000 words. LO: 4 & 5 (c) Structure, format & standard of English (10%) (d) References and referencing skills (10%) This assignment is an investigation of Lenovo’s initiatives and strategies in order to expand overseas. As a Chinese company, it adopted a hybrid inte rnationalization model (hence the claim of â€Å"new way† and â€Å"next generation† in its self-description) that is typified by the Chinese socio-cultural characteristics such as collectivism and long-term orientation in tandem with conventional methods of international expansion and strong state intervention. Lenovo, today, is one of the leading global manufacturers of computers. In its corporate website, the expanse of the organization was described in the following statement: Lenovo is a US$21 billion personal technology company and the world’s second-largest PC vendor. We have more than 26,000 employees in more than 60 countries serving customers in more than 160 countries†¦ We create and build exceptionally engineered personal technology, but we are much more than a tech company. We are defining a new way of doing things as a next generation global company (Lenovo 2012). This achievement is a result of a daring global strategy of a Chinese firm with humble beginnings to become one of the multinational companies (MNC) in its industry. The Chinese Context The Chinese government plays a strong role in the manner by which domestic firms began to pursue MNC ambitions. This is revealed in many empirical studies examining the motivations of China’s outward FDI (e.g. Taylor 2002, Deng 2004, Liu and Li 2002 and Zhang and Filippov 2009). The current policy is radically different from the Chinese position during the â€Å"open door policies† in the 1970s and the policies adopted when China became a member of the World Trade Organization (Sung 2009; and, Bhattasali, Li and Martin 2004). During this period, China’s policies were more focused on dealing with the global trade flows (Laal and Albaladejo, 2004). The policy trend favors a more aggressive outward flow of direct investment. As a matter of fact, it is part of public policy. China mandated that companies should go global (Bell 2008, p.254). This mandate entailed support that covers the legal, financial and political aid from the government. What this means is that loans are available, the domestic conditions for business is favorable (such as streamlined business approval process), and the mechanisms that encourage production, sales and exports are in place. For instance, China created key agencies that approves and facilitate export

The Film Gods not Dead Essay Example | Topics and Well Written Essays - 750 words

The Film Gods not Dead - Essay Example Josh Wheaton, a Christian in college, enrolls for a class of philosophy taught by an atheist Professor, Jeffrey Radisson. The Professor begins his class by listing famous philosophers to show their similarity in belief that God does not exist. In this class, for a student to get the required pass grade, he has to declare through signature that God is dead. This rule is stated by the atheist professor. All the students apart from one, Josh Wheaton, sing the declaration. At this point, josh is at crossroads and has two options to chose from: he should either deny his faith, or chose to fail in this class. It is important that Josh excels in this class if he is to get the entry points to law school. The professor does not just let Josh go. Instead he welcomes him to debate the topic in the presence of the class members who should decide who the winner of the debate is. His arguments should be well researched and he should present them in an intellectual manner. The students go through the first three lectures where the professor invites Josh to convince the class and him that God exists. For the first two debates, Josh does not seem to get any progress as Jeffery counters all his arguments with sensible points of argument. At this point, most of the students including Josh’ girlfriend Kara try to convince him to either follow Jeffrey’s rules or drop out of the class, after all he does not seem to win the argument.

Cats and Girls painting by Balthus Essay Example | Topics and Well Written Essays - 1000 words

Cats and Girls painting by Balthus - Essay Example The essay "Cats and Girls painting by Balthus" explores Balthus's Cats and Girls painting. Farago in his article expresses similar misunderstanding where he likens the current state of media with Bathus’ works. Hence, implying for anything to have adequate and sizable audience ought to exhibit a certain degree of nudity though based on Bathus’ works the nudity of small girls could only being in the minds of pervert people. According to Bathus, his characters comprised of girls barely out of puberty whereby those who viewed them ought not to entertain thoughts of nudity that could attract somebody sexually because they were all children. This perception did not convince numerous scholars and especially viewers whereby some termed certain portraits extremely disturbing. Hence, prompting Metropolitan Museum of Art choose certain section solely for those works that were provocative such that viewers especially those with children could not visit towards those sections (Smit h). Smith in his article speaks plainly referring Bathus’ preference of depicting nude adolescents as â€Å"infatuation† irrespective of their age. Since, compared to varied mediums used by other artists he tends to exhibit unequaled preference of young nude girls though in his work they seem naà ¯ve and unaware of any strangeness of exposing themselves. Similarly, Gensler towards the end of his article contends Bathus’ images contrary to what he may imply; relay erotic content mostly associated with wicked imagination. especially when staring at teen girls. The affirmation of this is evident with the presence of a cat though to numerous viewers they may end up taking its presence literally but according to Gensler, it is a deeper assertion of sexuality. Hence, violating children’s privacy and sexuality whereby in the latter trying to exhibit a man can at will â€Å"access† budding womanhood (Gensler). This is highest level of provocation despite the artist trying to imply literally encompasses naivety of little girls and their love for cats. Conversely, Magada-Ward despite finding Bathus’ works depicting unequaled provocation especially concerning the sexuality of young girls; she adopts point that is more neutral by comparing what other interpreters have cited about true intend of the artist. Since, this is what matters despite viewers bearing their own interpretations. In her interpretation while taking care of layperson’s perspective, Bathus through his works he presents the age gap when a girl is trying to discover herself before entering to full womanhood (Magada-Ward 26). Hence, the presence of mirrors that serve the purposes of â€Å"metaphors for the pleasure of self-recognition3† and â€Å"vehicles for self-comprehension4† whose presence in the artworks is imagery as a reflection of one’s status similar to the girls once they are studying themselves (Magada-Ward 26). Magada-Ward b esides analyzing Bathu’s implication, she offers her interpretation and criticism that almost aligns with that of layperson though hers is a bit mild. This is because of her recognition that artworks play the role of arousing people’s tensions into retaliations, which differ across individuals based on morals and what one deems to be

The Brief Outline for Ancient Greece History Essay

The Brief Outline for Ancient Greece History - Essay Example These periods are the Early, Middle, Late and Final Neolithic periods. The Early Neolithic (EN) period was characterized by three new features that set it apart from the period it followed. Those characteristics included; 1) the appearance of domestic sheep and goats 2) the appearance of gardens of wheat, barley and lentil 3) and the appearance of polished stone tools and a substantial increase in grinding stones. It is also known as the period of time when pottery first made its appearance in ancient Greece. The pottery and pottery fragments that have been discovered from that era seem to show that the pottery was not used for cooking or cleaning (holding water) but was instead used as status systems on display. This period is also marked as the time when ritual burials first are evidenced. In fact, an infant's burial from that era is the first one discovered with any "wealth" at all buried at the same time. The wealth included a half a pottery jar and a small footed vessel. The Middle Neolithic (MN) does not differ much from the EN except that the pottery being made has now been glazed and there is evidence that the potters have learned how to 'fire' the pottery at higher temperatures and at larger quantities. In the Final Neolithic (FN) period once again (... The Middle Neolithic (MN) does not differ much from the EN except that the pottery being made has now been glazed and there is evidence that the potters have learned how to 'fire' the pottery at higher temperatures and at larger quantities. Wild grape plants appear in the Late Neolithic (LN) period and potters have now discovered how to change their glaze from an iron-based one to a manganese-based product. In the Final Neolithic (FN) period once again (as compared to the MN period) shows burials of adults and infants and like the MN the adults are not as extravagant as the infants appear to be. Many experts believe that the FN is just an extension of the LN. (Ancient n.d.). The next major period of time in ancient Greece is known as the Early Bronze Age (2900 -2000). This period of time is known as when metallurgy was introduced, especially tools, ceremonial objects and weapons that were constructed of bronze. The Bronze Age civilization is known by different titles throughout Greece but the most common was the Early Minoan period named after the king Minos. There are a number of difficulties associated with the establishing the differences in the Early Minoan period compared to the Neolithic period which immediately preceded it. Many of the artefacts from this era were excavated in the early 1900's and the techniques at that time were not as advanced as what they are now. Many of the artefacts were mishandled or not recorded in an orderly way. One of the aspects that the Early Minoan is known for the introduction of the jug shape of pottery and for plenty of painted wares. The Minoan period which followed next actually began about 1700 BC in Crete. Here the Minoan’s established a culture and city that was very advanced and very efficient.  Ã‚  

Reading Response Essay Example | Topics and Well Written Essays - 250 words - 25

Reading Response - Essay Example This leads us to two critically important questions. Is the modern liberation movement heading in the right direction or too much assertion is used to bring a change? Also, how long will it take to eradicate gender stereotypes from society? Feminist artists have contributed a lot to revolutionize the image of women. They have asserted through their works that a woman’s personality cannot be defined by men, rather she is herself the maker of meaning. This means that the status of women in society cannot be labelled submissive. It is important for a woman’s body to be seen through a woman’s eyes because this effectively disrupts the centuries old concepts held and promoted by men. Conventional femininity reinforces this male idea that women are delicate and docile (Frueh 194). So, modern feminist art has definitely focused on female body a lot in myriad different ways. This leads us to important questions. Does concentrating focus on female nudity in art contribute much to changing patriarchal views? Does feminist art play a significant role in emancipating

Preventing Caregiver Abuse Essay Example for Free

Preventing Caregiver Abuse Essay The term â€Å"caregiver† is used to refer to an individual who assists another who cannot act freely due to certain chronic conditions. There are two main types of caregivers: the â€Å"informal caregivers† are family members or sympathetic friends who care for impaired older people living at home. The â€Å"formal caregivers,† on the other hand, are hired or volunteer workers who are connected either with the health care systems or social service agencies. The tasks associated with caregiving are grouped under two categories, namely: the ‘Activities of Daily Living† (ADLs) and the â€Å"Instrumental Activities of Daily Living† (IADLs). Included under ADLs are activities like getting in or out of bed, taking a bath, getting dressed, and the general toilet use. IADLs, on the other hand, may include meal preparation, general household chores, grocery shopping, and the management of the care receiver’s medication (Nerenberg, 2002). Studies have shown that the greatest negative consequence to caregiving is â€Å"stress† which is believed caused by fatigue due to lack of sleep, improper nutrition, and lack of exercise. Stress is also believed caused by the â€Å"burden† being experienced by caregivers. This burden increases as the level of disability of the care receiver increases, thereby needing a greater extent of care. Some quarters suspect that stress is one of the main reasons for caregivers to â€Å"go over the edge† and consequently abuse their patients (Nerenberg, 2002). For others, however, stress is not a cause but merely an aggravating factor. Abuse, which does not only mean physical injury but also includes â€Å"mental anguish, unreasonable confinement, sexual abuse or exploitation, or financial exploitation† of defenseless older people, are believed by some to be caused by factors like the caregiver’s frustration, sense of isolation, insufficient support from the community, behavior of the care receiver, and the nature of his or her daily tasks (Bratteli, 2003). Bratteli (2003) offered several legal remedies which are expected to prevent caregiver abuse in care facilities, namely: †¢ The care receiver should accomplish a â€Å"Financial Power of Attorney,† a legal document which would appoint his or her attorney-in-fact who will attend to his or her financial matters. This is usually a trusted relative or friend, the appointment of whom will prevent financial exploitation especially when the care receiver is staying in an institution. †¢ Accomplishment of a â€Å"Durable Power of Attorney for Health Care. † This is another legal document which appoints an agent who will decide for the care receiver on matters of healthcare. It contains the care receiver’s preferred method of treatment and would prevent neglect on the part of the caregiver in an institution. Nerenberg (2002), on the other hand, pointed to some techniques and services which are now available which could reduce the risk of abuse on the part of caregivers who care for older people at home. According to her, these techniques and services were specifically developed in order to meet the needs of caregivers in terms of assistance and support. One of these is a program aimed at providing relief. Under this program, employees or volunteer workers visit the patient at home and spend several hours with him or her in order to allow the caregiver to have some rest. Other programs arrange for the care receiver to stay for several days in a care facility to allow the caregiver to enjoy an extended break. Some support services take the form of friendly visits and reassuring telephone calls to address the feeling of isolation by providing â€Å"social contact and emotional support. † These practices also relieve the anxiety being felt by the caregiver. Finally, caregivers should also be provided with informative materials which would teach them the techniques for reducing stress like exercise and proper diet (Nerenberg, 2002). References Bratteli, M. (2003). CAREGIVER ABUSE, NEGLECT AND EXPLOITATION: The Journey Through Caregiving. North Dakota Family Caregiver Project, North Dakota State University. Nerenberg, L. (2002). Caregiver Stress and Elder Abuse. National Center on Elder Abuse. Retrieved April 17, 2008 from http://www. ncea. aoa. gov/NCEAroot/Main_Site/pdf/family/caregiver. pdf

Four Framework Approach to Richard Branson

Four Framework Approach to Richard Branson Introduction Leadership was once about hard skills such as planning, finance and business analysis. When command and control ruled the corporate world, the leaders were heroic rationalists who moved people around like pawns and fought like stags. When they spoke, the company employees jumped. The entire career system in some organizations is based on using hard functional skills to progress. But when executives reach the top of the organization, many different skills are required. Corporate leaders may find that although they can do the financial analysis and the strategic planning, they are poor at communicating ideas to employees or colleagues, or have little insight into how to motivate people. The modern CEO requires an array of skills. Some suggest that people expect too much of leaders. Indeed, renaissance men and women are rare. Leadership in a modern organization is highly complex and it is increasingly difficult. It is sometimes impossible for finding all the necessary traits in a single person. Among the most crucial skills is the ability to capture audiences. Richard Branson, the funder of Virgin Group and Virgin Atlantic Airline could be one of best leader in the industry. Biography According to Virgin group website, Richard Branson was born in July 18, 1950 in Surrey, England. He is the son of a lawyer and an airline stewardess. He was educated at the exclusive Stowe School, but did not excel, possibly due to his nearsightedness and dyslexia. In his teens he developed a national magazine, Student at the Age of Sixteen. At seventeen he began a student advisory service. After leaving school, Branson entered the music industry. Considering that he could sell records cheaper than the existing average, he started a mail-order catalogue with friends. It was a success, and they opened a record discount shop. They named the business Virgin, because it was their first venture. Virgin Airlines is one of Bransons main businesses. Formed in 1984, it is part owned by Singapore Airlines, and it is the second largest British long haul international airline, and has won many awards. During the 1990s the fleet and the air route network expanded and a Premium Economy service was introduced. In 2003 Virgin Atlantic launched the innovative Upper Class Suite with a flat bed and seat, and in 2006 the Virgin Clubhouse opened at Heathrow with a spa, brasserie, cocktail bar, hair salon and games room. Branson is also well known for his personal adventures by Virgin Atlantic Flyer. In 2010, and less than 40 years after the original conception of the Branson Virgin businesses, Branson boasted over 200 Virgin Megastores worldwide. All told, Branson employed 24,000 employees in 150 companies, with revenues totaling an estimated five billion dollars each year from the entire Virgin Group including the music stores and airline. The Virgin empire was is the largest privately owned business in England (Virgin Atlantic Airways, 2010). Bolman and Deals Four Framework Approach to Richard Branson Leadership models can also help us to understand a leaders organizational influence. Bolman and Deal, in Four Framework Approach, suggest that leaders display behaviors in one of four frameworks: Structural, Human Resource, Political, or Symbolic. Each requires a specific organizational setting to be successful. The Structural Framework From the rational perspective, organizations are instruments designed to achieve specified goals. Organizations are purposeful in the sense that the activities and interactions of participants are centrally coordinated to achieve common objectives; behaviors in organizations are rational in the sense that roles and role relations are prescribed independently of the personal attributes of the individuals in the structure (Richard, 1992). In the rational domain, organizations are driven by strategies, and the role of management is to align strategies and structure with the external environment. Strategy development includes two kinds of approaches mainly. The first one is prescriptive approach which is the firm defined the objective and/or the main elements before brainstorm the strategy; vice versa, another one is have no clear objective and/or elements, all the strategy will be developing during the process, which call emergent approach. Finally, what people and task performed base on above approaches that will generate the strategic change by formal or informal organizational structure from the managers, because of environment, business relationship, technology, people, life cycle, political power, etc (Tichy, 1983). The importance of strategic change is that may occur considerable disruption, but this practice is also useful to analysis the specific causes for planning the best direction on Bransons management change. Bransons Corporate Level Strategy Diversification: The core business of Virgin Group is travel, but since early 1990, it has begun to involve in many other different businesses, such businesses are no directly or substantial relationships between each other. Such businesses include mass media, entertainment, beverage, finance, weight industries and more, all these small business units (SBUs) enriched the Virgins portfolio. Brand Extension: Branson built its red brand to represent value for money, quality, fun, innovation, success and trust. This idea is developed and applied on its whole range of businesses. Joint-Venture: In the flight service, each airline have to get the permission for access paths by during with local governments, this process is very complicated and consume a lot of resources in terms of human, money and time. Joint-venture is the method that can be easy to get this permission, also could be easy to meet the economic of scale to reduce cost, and share or lower the risk. Bransons SBUs Level Strategy Differentiation: Branson provides the offer which other firms no. The very common example is, Virgin Atlantics souvenirs are always different and united. Another one example is Virgin Atlantic keeps its safety record is zero accident, to increase the confidence to its passengers, or customers though its air ticket is expensive then others in generally. The Human Resource Framework Although people are intentionally rational, not all human behavior is the result of rationality. People do not leave their emotions and feelings at home when they come to work in the morning, and noneconomic objectives are pursued alongside economic objectives (Powell, 1999). In the human domain, the central issue is how to integrate human needs with organizational rationality. Virgin Group considers peoples as the important assets, so it pays attention on peoples motivation, culture and even the individual desires to manage and maintain peoples work well and comfortable. Branson also thinks staff first, then customers and shareholders, therefore the chairperson, staff, customers and shareholders could be considered as the key stakeholders. Chairperson Shareholders: Branson is as a leader in Virgin which has used the corporate brand name across its entire product, the whole Virgin Group is influenced by him, and he is the greater single asset in the group (Ensor Drummond, 2001). Meanwhile, Branson is one of the shareholder of Virgin Group companies, so as same as other shareholder, his values will be added into the group and will be implemented in running the business. Bransons values are innocence, innovation, quality, fun and irreverence of authority, all of such values could be found in his choices of new ventures. Investor: The investors mainly focus on the profit and the return of investment (ROI). This issue makes the conflict between investor and customers, because customers want to have better services that will increase the cost and decrease the maximization level of the profit Staff: The skills, knowledge and suggestions of the staff are important to the company, Branson also understand this point so that he wants his best people will stay in his company for venturing (Grant, 2003). Example: Julie Bower, Virgin Atlantic Project Manager, response to source alternative customer relations management (CRM) software, then experienced partially customized system with Virgin Atlantics own data. Finally, Saratoga System has been chosen as the provider of CRM system (Thomson Corporation Company, 2005). This example shows the valuable staff will affect the strategic development. Customers: The best products or services are always seeking by customer, in order words, firms are required to provide best product or service for maintaining current customers and exploring new customers. Companies that survive profitably in a competitive environment must be providing value for money (Johnson et al, 2005). Therefore, customers also influence the strategies of the company. Our first time with Virgin Atlantic, and out last! Chaotic queue at LHR took three hours to reach check in desk. The cabin crews were arrogant and more interested in putting on more make up than serving passengers. Virgin relies on their reputation from the eighties, but they have lost it big time. Want to travel and enjoy the experience avoid Virgin at all costs (Skytrax, 2008). This example not only explains how customers influence the strategy development, also explains to provide the certain products to customer can reduce the probability of finical loss. The Political Framework From the political perspective, organizations are coalitions of diverse individuals and groups with enduring differences in values and preferences. They are governed not by a single center, as is assumed in the rational perspective, but by a dominant coalition of interest groups. As such, organizations often operate with unresolved conflicts in goals (March Shapiro, 1992). From the human domain perspective, malfunctions arise from structural misalignment or from personal deficiency; while from the political perspective, divergent interests and resource scarcity inevitably turn organizations political. Government: The core business of Virgin Group is transport service, and this business is highly regulated by the government. In the result, government policy is very import to the Branson and company as well, like policy on safety, route, franchise etc. These factors are about the change in government or government policy. The airline industry in UK has been privatized already, this action is initiated by UK Government. Branson got the opportunity to run the airline services from this political change to be a franchisee. Branson entered the markets or industries that have large, well established competitors, for instance, David is one of his favorite roles who against Goliaths, it is the example that the corporate against a big business. Now, the airline industry is run by two parts, Virgin Atlantic and British airways, provide flight and airline services respectively. Moreover, British Airways is the main competitor for Virgin Atlantic that leaded Virgin Atlantic always played the underdog role in competing with British Airways. Though Virgin Atlantic and British Airways had been role as underdog and bully respectively, in 1992, Virgin Atlantic had been success to claim one and half million dollars from British Airways (Aker, 2005 Grant, 2003). The Symbolic Framework Symbolism plays a critical role in human experience. In the rational domain, the point of life is choice. However, organizational life is only partly concerned with making decisions (March Shapiro 1992). Decision making is often an arena for symbolic actions. Many events and processes are more important for what is expressed than for what is produced (Bolman Deal, 2008). The leaders use symbols to capture attention; they try to frame experience by providing plausible interpretations of experiences; they discover and communicate a vision. Innovation: Branson understands the new matters could attack the new customers and maintain the current customers, but its competitors also understand this simple theory. Therefore Virgin Atlantic based on the existed offers with new concepts or packages as a new products or services to get the competitive advantage in the industry. These factors are about the application of new inventors or ideas. The technology in air applies to the development of safe airplane, or reliable engine. Virgin Atlantic is the pioneer in this area, Branson introduced the Rolls-Royce Trent 700 engines to power its new Airbus fleet of 10 A330-300s has triggered a big switch from polution to green eco-friendly travel on the route. The Trent 700 is the first engine in the highly successful Trent family. The 72,000lb thrust engine has lower maintenance costs, lower weight and better performance retention. With the lowest lifecycle fuel burn, lowest cumulative emissions and lowest noise levels the Trent 700 has the lowest environmental impact of any engine on the A330 (TravelDailyNews, 2009). Branson reduces the time taken for long distance travel and efficiency in helping to customers. Except the improvement on speed, Branson also increased number of channels for passenger to buy tickets by web and machine. The software was designed to link customer details, flight information and limo service details together and provides Virgin Atlantic staff with accurate information and tools to efficiently and effectively manage the Upper Class Wing operation (Journalism UK, 2008). Virgin Atlantic has got the opportunity to operate the UK and World air service by the government policy. The inflection perhaps people will be willing to expand more on the travelling. The change of working place also affects the demand on all the modes of transport. The new channels have been developed through the web and new machine system. The market still has space to operate obviously, but the most important consideration of a transport services provider is safety. So the most strength of Branson and Virgin Atlantic has been improving its reputation especially in safety and on-time to get confidence of passengers. Comparison of Richard Bransons corporate strategy decision In the stage of setting up the strategies, Branson definitely understand the strategies of which are the ways in which strategy develops in organization. Bransons Virgin Atlantic Airline Strategic Development Command View and Culture View are highlighted by Virgin Atlantic The culture view is that it occurs as the outcome of the taken-for-granted assumptions and behaviors in organizations. (Johnson et al, 2005) Branson founded Virgin Atlantic in 1984; in fact, Virgin Atlantics success highly depends on the founders principles to provide the highest quality innovative service at excellent value for money for all classes of air travelers. This principle created and established the culture of Virgin Atlantic, because all Virgin companies also maintain an entrepreneurial culture based on Bransons principle. There are four strategic developments have been found out and will be further described in following: Strategy One: Differentiation Branson also has another philosophy in his principle which is to be a pioneer rather then a follower of the leader. In order to reach this point, Virgin Atlantic must offer highest quality innovative service for its air travelers. Its innovative actions include: 1986, the 1st airline provided sleeper seats in upper class 1990, the 1st airline brought in the automatic defibrillators, trained the staff to help in-flight cardiac arrest victims The 1st airline installed individual TVs to all classes of passenger on the wide-bodied aircraft 2005, won the RFID Breakthrough Integration Award since it is as a leader in RFID 2005 Virgin Atlantic applied RFID tag on the important parts that used in aircraft maintenance and repairs at Heathrow Airport warehouse, UK. The technological advancement is always the advantage taking for Virgin and the customers, said by Mark Butler, System Implementation Manager, Engineering Department, Virgin Atlantic (Tata Consultancy Services Limited, 2007). Strategy Two: Jointing Alliance Virgin Atlantic has jointed an alliance with many airlines until 2006 that providing better choice on where and when for its customers flights, the member of that alliance includes Singapore Airline, Bmi British Midland, Continental Airline, South African Airways, US Airways, Virgin Blue and Air China. All above airlines also signed Codeshare Agreement, so the connections between partners services become closer, customers could enjoy better service and value, such as checking customers and their luggage over to their final destination and synchronizing their schedules with Virgin Atlantics partners. Turn out the customers of Virgin Atlantic could enjoy the shortest possible connections between their services (Virgin Atlantic Airways, 2010). The crises of 11th September, 2001 that affected the worldwide economy, Virgin Atlantic also got heavy losses in financial aspect. The alliance strategy was significantly assisted the recovery, because it reduced the investment and the accompanying inflexibility and risk during the uncertainties of operating in other countries (Aaker, 2005). Strategy Three: Partnership In 1999, Singapore Airline acquired 49% Virgin Atlantic stake that can reinforce to provide the highest quality innovative service at excellent value for money for all classes of air travellers. Singapore Airline is a unique global partner, this is a perfect collaboration since both two airlines have an incomparable reputation for quality and innovation, and have own numerous awards from the travel industry. According to the terms of the dealing, both two airlines routes will not overlap each other and are uniquely complementary, also they keep independent managements, and the rights to develop their own products. This partnership action generated greater benefits to both companies passengers, such as fare, access to lounges world-wide and an increasingly seamless travel experience across their airlines network (Virgin Atlantic Airways, 2010). Japan Airline Strategic Development In terms of strategic management, the major contrast between Virgin Atlantic and Japan Airline is, Japan Airline is the one managed by traditional state-run or government hierarchy, so its companies strategy was established by country leader and the board, as same as or followed by the strategy of government, often the goal or the result is extremely unrealistic to the commercial. The gap occurs in between the top management board and the tactical managers which more strengthen the difficulties in implementation and lessen the competitiveness in international airline market. Moreover, Virgin Atlantic emphasizes on command view and culture view; in this session, Japan Airline emphasizes on planning view to develop its strategies. In the planning view, strategic planning is to use a formal planning system for the development and implementation of the strategies related to mission and objectives of the organization. (Lynch, 2000) Japan Airlines Background Japan Airline is a joint-venture company which was founded by one governmental company and two private companies, Japan Airline Company, Philippine Airlines and Northwest Airlines in 1951. Japanese Government bought the share from Northwest Airlines that leaded to Japan Airline totally transfer to Japanese Government. Nowadays, all decisions are made by the Board of Directors and their strategic development is mainly focused on strategic planning (Fundinguniverse, 2010). Japan Airlines Planning Procedure One of the Japan Airlines department, Corporate Planning Information Technology Services is established in Japan Airline for responsible to suggest strategies for Japan Airline. After the seminar in 1987, this department suggested five corporate strategies for planning strategies and implementation, one of the strategies is about operational. The Board of Directors and the management group suggest that it (the operational strategy) is now a matter of urgency that Japan Airline must speed up the development of the airlines state enterprise plan in compliance with the policy and guidelines., Minister Shintaro Ishihara, Tokyo Conference, Nov 6, 1987. Then, Minister Ishihara grouped Japan Airlines problems for Japan Airlines management group to take actions (Sanchanta Takahashi,2010). Although this company is now privatized, but used to be country-owned and running by Government long time, the country leaders provide comments and policies on commercial-based company. This manner had been intervened the flexibility of Japan Airline. In 2006, Japan Airlines Chairperson, Haruka Nishimatsu established three committees, Strategic Steering Committee, Project Management Committee and Task Force Committee to increase competitiveness and the value of shareholder (Sanchanta Takahashi,2010). Today, Japan Airline failed to be effectively competing with other airlines because of such time-consuming and not really flexible to implement in Japan Airlines planning. Conclusion Leaders establish goals, assumptions, policies, strategies, and accepted norms of behavior. They usually recruit and promote managers who conform to their own values and expectations. While a leaders influence is evident in all organizations, it will apply more to small, highly centralized firms, or young, owner run businesses, and can increase with tenure. In the addition, the most relevant contrasts between Virgin Atlantic and Japan Airline are: Virgin Atlantic emphasizes on culture and command view because of following the principle that provided by Branson that it is controlled by the company. Japan Airline emphasizes on planning view which is controlled by Government so almost every strategies development is produced follow the planning procedure to lead the company more systematic. In theory it should not only focus on single view, but these two companies are only focused one or two views, that led some limitations in Virgin Atlantic and Japan Airline. For Virgin Atlantic, it is highly depends on the principles of Branson, he almost becomes the only one and unique person that can decide the future of Virgin Atlantic, includes stay in the market or shut down the business. Another side, for Japan Airline, it involves more procedures for making decision that could be enhances and smoothen the running for a company. As mentioned, there is only Branson is the key person for Virgin Atlantic or the whole Virgin Group, for the future, Virgin Group is suggested to established a number of rules or methods to maintain and investigate the current saturation of its businesses or the new ventures. After that, Branson is the most key person that affects all the things in Virgin Group, then is the staff, last is the customers. Last but not least, whether success to run a business depends on the policy, economy, society and technology in the place where located or plan to locate the business. In the result, the leader should aware all Structural, Human Resource, Political, and Symbolic framework in mind for coping the political, social, economic and technology factors positively. So, the finial suggestion is Richard Branson have to establish a committee to share and continue his great work.

Why Investors Invest In Hedge Funds

Why Investors Invest In Hedge Funds Abstract Hedge funds have gained a lot of popularity in the last decade and are one of the fastest growing industries. The main aim of most hedge funds is to reduce volatility and risk. It also attempts to preserve capital and deliver positive returns under all market conditions. Not all hedge funds are same therefore it is important to know the difference between them. It differs in terms of its risks,  investment returns and volatility among the different hedge fund strategies. The strategies which are correlated to equity markets deliver consistent returns and have low risk while the ones that are not will be more volatile. Main objective of hedge funds is to provide consistency in its returns for investor, lower portfolio volatility and preserve their capital investments, which is the reason why investors such as pension funds, insurance companies, institutional investors and high net worth individuals and families invest in hedge funds. This thesis reviews various issues relating to the investment in hedge funds, which have become popular with high net-worth individuals and institutional investors, as well as discuss their empirical risk and return profiles. The concerns regarding the empirical measurements are highlighted, and meaningful analytical methods are proposed to provide greater risk transparency in performance reporting. It also discusses the development of the hedge fund industry in Asia. Asian hedge funds have grown vastly in past few years. It is said to have grown nearly six times as many funds while managing ten times are much in assets since 2000 according to Eurekahedge. The industry is estimated to consist over 1100 funds, and managing roughly $175 billion in assets. International managers are starting up their own Asia-focused funds too. Allocators are increasingly eyeing investment opportunities in Asia. Funds with a global mandate are increasing their allocation to Asia. The paper presents an overview of hedge funds, describing their development and characteristics. It also discussed the various issues related to the measurement of hedge fund performance, as well as examined alternative performance measures. This thesis ends with some remarks on the development of the hedge fund industry in Asia. 1. Introduction There has several definition of hedge funds throughout the history. There isnt one particular sentence that defines what hedge funds really means. However, according to Chicago Board Options Exchange (No Date), hedge funds can be defined as: A conservative strategy used to limit investment loss by effecting a transaction that offsets an existing position. Alfred Winslow Jones was the first person to create hedge fund structure more than 50 years ago. The fund established had following feature: He created hedges by investing in securities that was said to be undervalued and funded these positions by taking short positions in overvalued securities hence creating market-neutral position. He designed an incentive fee compensation arrangement for fund mangers. They were paid a percentage of profit from the clients capital assets; and He so invested his own investment capital in the fund, to make sure that his capital and that of his investors were coordinated and in line so that it is not just an individual investment but a partnership Almost all modern hedge funds have above listed features in them, and are set up as limited partnerships with a lucrative incentive-fee structure. In most hedge funds, managers also have a significant portion of their own capital invested in the partnerships. The term hedge fund has been generalized to describe investment strategies that range from the original market-neutral style of Jones to many other strategies and opportunistic situations, including global/macro investing. There is a large variety of hedge fund investing strategies present today and therefore no standard way to classify hedge funds separately. Many data vendors and fund advisors set up their own major hedge fund styles according to their popularity. Under the classification by Credit Suisse, the categories of hedge funds with 9 differentiated styles and a fund-of-funds category: (a) Event driven funds are the funds that take positions on corporate events when companies are undergoing re-structuring or mergers. For example, fund managers would purchase bank debt or high yield corporate bonds of companies undergoing the re-organization which is often referred to as distressed securities. Another event-driven strategy is merger arbitrage where the funds seize the opportunity to invest just after a takeover has been announced. They purchase the shares of the target companies and then short these shares of the acquiring companies. (b) Global funds are categories of funds that invest in non-US stocks and bonds with no specific strategy reference. This fund has the largest number of hedge funds and it includes funds that specialize on the emerging markets. (c) Global/Macro funds are the funds that rely on macroeconomic analysis and invest in long and short position in order to capitalise on major risk factors and unforeseen markets such as currencies, interest rates, stock indices and commodities. (d) Market neutral funds refer to hedge fund strategy that involves utilizing strategies such as long-short equity, stock index arbitrage, convertible bond arbitrage and fixed income arbitrage. Long-short equity funds use the strategy of Jones by taking long positions in selective stocks and going short on other stocks to limit their exposure to the stock market. Stock index arbitrage funds trade on the spread between index futures contracts and the underlying basket of equities. (e) Dedicated Short Bias  funds are strategies that take more short positions than long positions and earn returns by maintaining net short exposure in long and short equities. Detailed individual company research typically forms the core alpha generation driver of dedicated short bias managers, and a focus on companies with weak cash flow generation is common. To affect the short sale, the manager borrows the stock from a counter-party and sells it in the market. Short positions are sometimes implemented by selling forward. Risk management consists of offsetting long positions and stop-loss strategies. (f) Convertible bond arbitrage funds typically capitalize on the embedded option in these bonds by purchasing them and shorting the equities. (g) Fixed income arbitrage is a strategy that bets on the convergence of prices of bonds from the same issuer but with different maturities over time. This is the second largest grouping of hedge funds after the Global category. (h) Short/long fund-, shorts focus on engineering short positions in stocks with or without matching long positions. They play on markets that have raised too fast and on mean reversion strategies. Long funds take long equity positions with leverage. Emerging market funds that do not have short-selling opportunities also fall under this category. (i) Emerging Markets  funds invest in currencies, debt instruments, equities and other instruments of countries with emerging or developing markets (typically measured by GDP per capita). Such countries are considered to be in a transitional phase between developing and developed status. Examples of emerging markets include China, India, Latin America, much of Southeast Asia, parts of Eastern Europe, and parts of Africa. There are a number of sub-sectors, including arbitrage, credit and event driven, fixed income bias, and equity bias. (j) Fund of funds refer to funds that invests in a pool of hedge funds. They specialize in identifying fund managers with good performance and rely on their good industry relationships to gain entry into hedge funds with good track records. Table 1 gives statistics about the various categories of hedge funds and past performance. The global/macro hedge funds provided the best mean return over the period studied, while the event-driven funds had the lowest standard deviation of returns. On a risk adjusted basis which is obtained by dividing the mean return by the standard deviation, the category of fund that ranks highest is the global/macro funds followed closely by event-driven funds. Hedge funds are not required to publicly disclose performance and holdings information unlike the registered insurance companies, which might be construed as solicitation materials. This is the reason why which makes it more difficult for investors to evaluate hedge fund managers. TABLE 1 Jan 2000   Nov 2009 Categories Mean Return (%) Standard Deviation (%) Risk-Adjusted Return Event driven 8.66 5.44 1.60 Global 6.60 6.23 1.06 Global / Macro 12.28 6.07 2.02 Market neutral 2.09 13.48 0.16 Short/Long 5.50 8.88 0.62 Emerging Market 9.23 11.05 0.84 Convertible Arbitrage 6.98 8.34 0.84 Dedicated Short Bias (1.95) 16.40 (0.12) Fixed Income Arbitrage 3.66 6.81 0.54 Source: Credit Suisse/ Tremont hedge index Notes: The mean returns are annually compounded returns over the period 2000 to November 2009, The annualized standard deviations were computed from of the standard deviation of monthly returns for each investment style. Risk-adjusted returns are obtained by dividing the mean return by the standard deviation. In 1990 the entire hedge fund industry was estimated at $20 billion. At the end of 2008, global hedge fund industry was estimated to be worth $1 trillion with 8350 active funds. It has gained a lot of popularity in the last decade and is one of the fastest growing industries. While hedge funds are well established in US and Europe, they have also been growing rapidly in Asia. Hedge funds have posted attractive returns. A seven year annualised return of 2.47% posted by Hedge Fund Research (HFR) from 2003 to 2009, higher than the SP 1200 of 1.18%. Hedge funds are seen as natural hedge to control downside risk because they employ investment strategies believed to generate returns that are uncorrelated to traditional asset classes. Hedge funds differ in strategies- a macro fund such as quantum fund generally take a directional view by betting in particular bond market or a currency movement. Other funds specialise in corporate events such as mergers or bankruptcies. They also vary widely in investment strategies and the amount of financial leverage. In the recent financial crisis, hedge funds have been heavily criticised in terms of their strategies and also for the fact that in 2008, they have had hard time fulfilling their absolute return targets. There have been other criticisms towards hedge fund regarding this particular crisis. Stromqvist (2009) writes that ever since the growth of hedge fund industry there has always been discussions regarding the role of hedge funds in a financial crisis. The main focus of the criticism was on highly leveraged hedge funds and that they may have a large impact on price stability on both currencies and equities. In an article written in The Times, Dillow (2008) observes that even though average return of hedge funds in 2008 has been poor, they have not been a serious source of instability in the wider financial system. Regardless of the recent financial crisis, hedge funds still generate a growing number of interests all around the world. Due to their private nature, it is difficult to obtain information about the operations of individual hedge funds and reliable summary statistics about the industry as a whole. It is a common belief that investing in hedge funds can have superior returns. Many success stories have emerged in the past and the most popular of which is the George Soros story. In September of 1992, he risked $10 billion on a single  currency  speculation when he shorted the British pound, which gave him an international fame. He was right, and in a single day he successfully generated a profit of $1 billion â‚ ¬Ã¢â‚¬Å" ultimately, it was reported that his profit on the transaction almost reached $2 billion. Therefore, he is famously known as the the man who broke the  Bank of England. The greates investor: George Soros, http://www.investopedia.com/university/greatest/georgesoros.asp 16-12-09 As seen in Table 1, the hedge funds as a group can generate positive returns. For example, over the period 1990-1997, all the hedge funds had positive absolute returns. Global/Macro funds obtained mean returns of 28.1% p.a. with a standard deviation that is comparable to equity funds. Traditional asset allocation makes the most of the use of equities, bonds, real estate and private equity to invest in a portfolio that maximizes returns and minimizes the portfolio risk. Therefore, in an investment portfolio hedge funds can play a vital role in maximising returns. Moreover, in a bear market, many investment and fund mangers find it dull to just beat the market index, which may have negative returns. They generally prefer to go short or avoid long positions to have positive returns. Choosing an appropriate hedge fund to invest increases the possibility of obtaining positive absolute returns. It is also generally believed that hedge funds have returns that are generally uncorrelated with the traditional asset classes. In fact, hedge funds may even have a lower risk profile. For example, Morgan Stanley Dean Witter (2000) reported that hedge funds exhibit a low correlation with traditional asset classes, suggesting that hedge funds should play an important role in strategic asset allocation. The answer to the question Why invest in Hedge funds? simply is to make money. The common analogy in all hedge funds strategies and the underlying rationale for investing in hedge funds is the search for absolute returns. This is sometimes called alpha. Alpha is the extra return a skilled manager can produce over and above the market return (or beta). Whereas many conventional fund managers aim simply to outperform their chosen benchmark index, hedge fund managers seek to produce positive gains in all market conditions. http://www.fleetstreetinvest.co.uk/shares/trend-investing/hedge-fund-investing-00128.html Research Question By using quantitative study, I will try to answer the following questions: Why investors invest in hedge funds? To answer this question I will be looking at the return, risk and performance associated with investing in hedge fund and how the fund mangers. By looking at the annualised return, standard deviation and risk adjusted returns of different styles of hedge funds their performance can be measured. What are the issues relating the investment in terms of risk, return and performance measurement? Although hedge funds are popular in terms of an investment vehicle, there are various issues. The issues related are its cost/ management fee structures, collection of data, survivorship bias and selection bias. Various performance measure techniques are available for hedge funds too. I will be looking at some of the performance measurement approaches. Purpose There are several purpose for this paper. First is to give an overview of hedge fund as an investment vehicle with a short description of different characteristics and styles of hedge funds. Second is to describe why hedge funds are attractive for investors and fund managers by presenting different theories where risk and returns of hedge funds are investigated in order to evaluate the performance measures. Third purpose is to investigate the issues related to the investment in hedge funds where several sets of issues are evaluated and various performance measures are identified. LITERATURE REVIEW There is no one particular definition of hedge fund as mentioned earlier. According to the Investment Company Act 1940 of the US, hedge funds were defined by their low degree of regulatory controls. In comparison to mutual funds, hedge funds were seen to have higher level of risk. This led to a 100-investor limit as well as wealth requirement of the investors. Fung and Hsieh (1999) claim that another reason for 100-investor limit is the use of leverage and short selling in hedge funds. The limit restrictions were later abandoned and wealth requirement lowered. Many definitions of hedge funds have been cited-most of them mainly based on its characteristics. Some of them are: Investment companies that by their charter can buy on margin, sell short, hold warrants, convertible securities and commodities and otherwise engage in aggressive trading tactics in order to profit from forcasting market swings.- Polhman, Ang and Hollinger (1978) A mutual fund that employs leverage and uses various techniques of hedging- Soros (1987) hedge funds are vehicles that allow private investors to pool assets to be invested by a fund manager. Unlike mutual funds, hedge funds are commonly structured as private partnerships and thus subject to only minimal SEC regulation. Moreover, because hedge funds are only lightly regulated their managers can pursue investment strategies involving, for example, heavy use if derivatives, short sales and leverage.- Bodie, Kane and Marcus (2008). Murguia and Umemoto (2004) claims that the reason why there is no proper definition of hegdge funds is because they are not classified by the different asset classes but by the type of strategies employed by the fund mangers is what classifies them. Such strategies range from very aggressive to conservative, which is the reason why there is no clear definition. Several studies have been carried out about hedge funds performance and risk issues. Fung and Hsieh (1997a) extend Sharpe (1992) style analysis and conclude that there are more diversified hedge fund strategies and suggested that hedge fund strategies are more dynamic. The literatures also conclude that option-based factors can enhance the power of explaining hedge fund returns. Brown, Goetzmann and Ibbotson (1999) examine the performance of offshore hedge funds and attribute fund performance to style effects rather than managerial skills. Brown, Goetzmann and Liang (2003) found, in a study using the TASS database, that fund of hedge funds reduce by a third the standard deviation of monthly hedge fund returns, as well as significantly reduce the value at risk of hedge fund investment. Hence, fund of hedge funds can also provide significant diversification potential. A well-diversified fund of hedge fund manager can therefore take advantage of market-specific risks while maintaining low correlations to stock, bond, and currency markets. As a result of which the fund of hedge fund manager can provide superior returns and generate alpha which reflects managerial skills. More generally, since fund of hedge funds deliver more consistent returns with lower volatility than individual hedge funds, they are considered to be ideal for diversifying traditional portfolios. During 1993â‚ ¬Ã¢â‚¬Å"2001, fund of hedge funds outperformed the SP 500 index on a risk-adjusted basis (Gregoriou, 2003a). Koh, Koh, Lee and Phoon(2004) state that traditional asset allocation optimizes the use of equities, bonds, real estate and private equity to invest in a portfolio that maximizes returns and minimizes the portfolio risk. Thus, hedge funds become vital in enhancing returns in an investment portfolio. Following the growth in hedge fund industry, fund-of-hedge funds (FOF) have become more and more popular. Liang (2003) states that FOF mixes various strategies and asset classes together and creates more stable long-term investment returns than any of the individual funds. It invests in underlying hedge funds and diversifies the fund specific risks and relieves burdens on investor to select and monitor managers, and providing asset allocation in dynamic market environments. Fund-of-funds require less initial investment as compare to hedge funds and therefore are more affordable for small investors. To participate in the investment, small investors may be willing to pay extra fees as it might be the only way for them. Previous studies in this area by Brown, Goetzmann and Liang (2002) conclude that combining hedge funds with fund-of-funds not only causes the double counting but also hides the difference in fee structures between hedge funds and fund-of-funds. Liang (2003) state that a hedge funds charges a management fee and incentive fee while a fund-of-funds not only charges these fees at a fund-of-fund level but also passes hedge fund level fees in the form of after fee returns to the fund-of-fund investors whether or not the fund-of-funds make a profit. Brown, Goetzmann and Liang (2002) examine this issue and propose an alternative fee which provide a better incentive for fund-of-fund managers and reduce the cost for investors under the current fee structure, which is that the fund-of-fund managers absorb the underlying hedge fund fees and establish their own incentive fees at the fund-of-fund level. Liang (2003) conclude that because of the above issues fund-of-funds need to be separated from hedge funds in academic studies and address the difference in performance, risk and fee structures. However, the FOF mangers can add value to the portfolio through selection, construction and continuous monitoring of the portfolio. They provide professional services and have access to the information that are expensive and difficult to obtain otherwise. The FOF mangers quite often use different investment strategies and styles through a diversified portfolio of individual fund managers. Considering these advantages for an investor, investing in fund of hedge funds is not cheap. The cost can be as high as the cost of buying a building, according to Koh, Koh, Lee and Phoon (2004). This structure allows for more diversified portfolio and much reduced risk at the fund level which comes at a price. More diversified the portfolio is it is more likely that it will incur more incentive fees. Therefore, there are many persuasive reasons why investing in hedge funds are considered as alternative investments. Some uninformed investors may be misled about the risks and returns on hedge funds as it relies heavily on statistical compilation from the database vendors which is filled with data bias such as survivorship bias and selection bias. Fung and Hsieh (2001a) found that estimates of survivorship biases differed across two commonly used databases, HFR and TASS. The survivorship bias was much higher in TASS than that in HFR. They estimated that survivorship bias would over-report hedge fund mean returns by about 1.5% to 3% per annum. Brooks and Kat (2001) stated that around 30% of newly established funds do not survive the first three years, primarily due to poor performance. Thus, not including defunct funds is likely to lead to over-estimation of the returns and profile of hedge fund industry.

The Importance of Inclusive Education in Australia Essay -- Special Ed

As a child It was constantly stated to me by my family and teachers â€Å"If everyone was the same, what a boring place the world would be† a famous quote by an unknown author about celebrating individual differences. Difference is defined by Ashman and Elkins; as varying levels of social, emotional, physical and intellectual qualities that make us all different from other people (Ashman & Elkins, 2009). In today’s world this is viewed as society’s version of normality (Ashman & Elkins, 2009). Inclusion involves the incorporation of all types of differences into a mainstream classroom (Ashman & Elkins, 2009). It is unfortunate that even in the 21st century that the policies and legislations related to inclusive education are different between all the different states and territories of Australia as well as between the public and private school systems. These current differences in policies in legislation between the states and different school structures in my opinion don’t encourage the students’ with diverse needs. As a nation Australian authorities do promote and encourage inclusion into their mainstream classrooms (Campbell, Gilmore & Cuskelly, 2003). But this promotion cannot and does not ensure that this as a policy will be accepted by all individual classroom teachers (Campbell, Gilmore & Cuskelly, 2003). As a whole teachers with bad attitudes towards inclusion impact their own views onto their pupils and onto their students general level of educational outcome (Campbell, Gilmore & Cuskelly, 2003). As time moves forward more and more schools are becoming involved with the idea of inclusive education (Ashman & Elkins, 2009). One of the negatives or variations as seen by a school with inclusion is that if the child has high... ...ther diverse the new generations will become. Works Cited Ashman, A & Elkins, J. (2009). Education for Inclusion and Diversity (3rd ed.). Frenchs Forest, NSW: Pearson Education Australia. Campbell, J., Gilmore, L., & Cuskelly, M. (2003). Changing student teachers’ attitudes towards disability and inclusion. Journal of Intellectual and Developmental Disability, 28, 369-379. Carpenter, L. (2010, March 4). Developing an Inclusive Curriculum 4030EPS. Lecture presented for the Griffith Education Lectures in Inclusive Curriculum, Griffith University, Gold Coast, QLD. Lachlan, F., & Boyle, C. (2007). Labels and Special Education: Is the use of labels in special education helpful?. Support for Learning, 22, 36-42. Queensland Government. (2005). Inclusive Education Statement (Reference Information paper ). Queensland Government Department of Education.

Pros and Cons of Biofuels Essays -- Energy Production, Biomass, Corn

Before talking about biofuels, you need to know the basics from where it is created from. Biofuels are produced from biomass, which is derived from living or recently living plant matter such as trees, grasses, agricultural residue, algae, and other biological material. â€Å"Biofuel is considered carbon neutral†, which absorbs roughly the same amount of carbon dioxide during growth as when it is burnt (Rutherford, 2009). Biofuels is much cleaner than petrol/diesel because of the considerable impact petrol/diesel has on the environment from the high fuel emissions. Biofuels will help decrease dependence on fossil fuels such as oil, gas, petrol, and coal. This paper will discuss the many crops that biofuels derive from, the various types of biofuels, and the advantages (Pros) and disadvantages (Cons) of biofuels. These biofuels will reduce our nation's dependence on foreign oil, improve our air quality, and support rural economies. Pros and Cons of Biofuels The primary principle of how biofuels work is through the process of photosynthesis, which is how plants capture and store the sun’s energy. The energy stored in the plants is converted to many types of biofuels through a process called biocatalysis. Biofuels are developed through agricultural crops. There are two factors why agricultural crops are the main reason biofuels are developing: plants are easy to grow and are a key form of a renewable resource. There are many crops that biofuels are specifically grown and produced from. Here is a list of the top ten agricultural crops and a description of each. 10) Corn Turning sugar-rich corn into ethanol is like a brewery. They first grind the kernels and mix them with warm water. Then they add yea... ...ps engines last longer by eliminating the wear and tear (Perritano, 2011). 4) Health Benefits According to Reilly, 10,000 people die each year in the United States from pollution created by gasoline engines (Perritano, 2011). Reilly also stated that gasoline emissions release nitrogen oxide, acetaldehyde, and other pollutants in air that produce smog which causes asthma and respiratory ailments. As stated before biofuels reduces emissions and pollution. Biofuels only release the carbon dioxide which their plant source absorbs out of the atmosphere. In conclusion, biofuels are quickly becoming the future source of fuel to run vehicles and equipment. Biofuels has many disadvantages, but the advantages significantly outweigh them. Nobody has a definite answer on how to fix the growing fuel and oil crisis of today, but biofuels absolutely has promise. Pros and Cons of Biofuels Essays -- Energy Production, Biomass, Corn Before talking about biofuels, you need to know the basics from where it is created from. Biofuels are produced from biomass, which is derived from living or recently living plant matter such as trees, grasses, agricultural residue, algae, and other biological material. â€Å"Biofuel is considered carbon neutral†, which absorbs roughly the same amount of carbon dioxide during growth as when it is burnt (Rutherford, 2009). Biofuels is much cleaner than petrol/diesel because of the considerable impact petrol/diesel has on the environment from the high fuel emissions. Biofuels will help decrease dependence on fossil fuels such as oil, gas, petrol, and coal. This paper will discuss the many crops that biofuels derive from, the various types of biofuels, and the advantages (Pros) and disadvantages (Cons) of biofuels. These biofuels will reduce our nation's dependence on foreign oil, improve our air quality, and support rural economies. Pros and Cons of Biofuels The primary principle of how biofuels work is through the process of photosynthesis, which is how plants capture and store the sun’s energy. The energy stored in the plants is converted to many types of biofuels through a process called biocatalysis. Biofuels are developed through agricultural crops. There are two factors why agricultural crops are the main reason biofuels are developing: plants are easy to grow and are a key form of a renewable resource. There are many crops that biofuels are specifically grown and produced from. Here is a list of the top ten agricultural crops and a description of each. 10) Corn Turning sugar-rich corn into ethanol is like a brewery. They first grind the kernels and mix them with warm water. Then they add yea... ...ps engines last longer by eliminating the wear and tear (Perritano, 2011). 4) Health Benefits According to Reilly, 10,000 people die each year in the United States from pollution created by gasoline engines (Perritano, 2011). Reilly also stated that gasoline emissions release nitrogen oxide, acetaldehyde, and other pollutants in air that produce smog which causes asthma and respiratory ailments. As stated before biofuels reduces emissions and pollution. Biofuels only release the carbon dioxide which their plant source absorbs out of the atmosphere. In conclusion, biofuels are quickly becoming the future source of fuel to run vehicles and equipment. Biofuels has many disadvantages, but the advantages significantly outweigh them. Nobody has a definite answer on how to fix the growing fuel and oil crisis of today, but biofuels absolutely has promise.

Emotional Disorder Behavior Essay -- essays research papers

Parents today face the dilemma of having a child with emotional or behavioral disorder. For small children, to have it is one thing, but to detect it is another. Since they are still growing up and going through stages such as the â€Å"terrible two’s† and adolescence, you’d think that some of their behavior is normal and it’s all a part of child development. It all depends on how one may look at it. If a small child were to have a severe tantrum and rip their toys apart, one parent may see it as a serious behavioral problem, while another may look at it as their child showing independence or leadership skills. Before seeking mental health assessment, parents must first look at the whole picture. Is the child having social issues at school? Are there any family problems such as divorce or death occurring? Alternatively, may be a specific condition the child has may be affecting their behavior? Whatever the situation may be, parents should first try and un derstand and be aware of the problem that is going on.   Ã‚  Ã‚  Ã‚  Ã‚  All toddlers, behaviors range differently and may be considered normal for their age. Yet, if there is a delay in language development, in which an infant who is unresponsive to his her environment (doesn’t show emotion such as pleasure or fear that is developmentally appropriate, doesn’t look at or reach for objects within reach or respond to environmental changes such as sound or light), who is over-responsive (easily startled, cries), or who s...

Vitamin C in Different Fruit Juice

Activity 1. 21- Is high Vitamin C all it claims to be? Purpose: * To investigate the vitamin C content of fruit juice * To investigate which type of fruit juice provides the most vitamin C The quantity of vitamin C in food and drink can be determined using a simple colour test. Vitamin C decolourises the blue dye DCPIP (dichlorophenolindolphenol). Vitamin C is an antioxidant and reduces the DCPIP. DCPIP changes from blue to colourless (or slightly pink) as it becomes reduced. We will be testing a range of different fruit juices to see which contains the highest concentration of vitamin C Hypothesis: I predict that the orange might be the juice that provides the most vitamin C; this is because it is widely promoted as a ‘high vitamin C juice’. * Grapefruit juice might contain the second highest amount of vitamin C; also because of it promotion in the media. Vitamin C is a water-soluble compound that is essential for life. It is involved in many processes in the human body , including: the production of collagen in the connective tissue; the synthesis of dopamine, noradrenaline and adrenaline in the nervous system; and the synthesis of carnitine, which is important in the transfer of energy to the cell mitochondria.A deficiency in vitamin C causes scurvy, a disease that affected sailors in the 16th – 18thCenturies. It was discovered that fresh fruit, e. g. limes and oranges, or sauerkraut (preserved cabbage) provided the sailors with protection from scurvy. Safety: * Running should be avoided in the laboratory to prevent accidents especially when handling liquids * Goggles should be warn at all times when carrying out the experiment * Care should be taken when handling glass wear * The supervisor should be informed about any spillages of liquid that may be hazardous to others in the laboratory. Controlled variables: Temperature; If a juice is higher in temperature than the other, it will cause the reaction to speed up which would make the exper iment unfair. * Concentration of DCPIP; different concentrations would not benefit the experiment as we are only changing the type of juice. * Shake each flask using the same movements; more vigorous movements may add oxygen which would affect the DCPIP and turn it slightly blue again. * Same end point colour (colourless); attention and concentration should be given to see through until the very last drop so the volume is not increased. Independent variable: * Fruit juice Dependant Variable: Volume of juice required to decolourise the DCPIP. The experiment procedure: Equipment: * 1% DCPIP solution * Vitamin C solution * Range of fruit juices * Conical flasks * Beakers * Pipette accurate to 1cm3 to measure volumes accurately * Burette to measure volumes accurately * Safety goggles Method: 1. Pipette 1cm3 into a beaker 2. Fill the burette with the vitamin C solution 3. Add the vitamin solution in droplets 4. As soon as the DCPIP goes colourless, stop the burette and record the volume of vitamin C solution that was used. 5. Repeat this procedure with other juices 6. Repeat the experiment at least 2 times . Calculate the mean result for each juice Table of results: | Vitamin C| Orange| Grapefruit| Lemon| Blueberry| Pineapple| | 1| 2. 5| 3| -| 2| 13| | 0. 4| 2. 4| 1. 95| 1. 1| 3| 12. 75| | 0. 35| 0. 4| 1. 15| -| 0. 8| 8. 2| | 0. 1| 2. 1| 4. 7| 1. 7| 1. 5| 8. 2| | 0. 1| 1. 96| 4. 6| 2. 3| 1. 8| -| AVERAGE| 0. 39| 1. 96| 3. 08| 1. 9| 1. 8| 10. 5| Here the least volume of juice needed to decolourise DCPIP was the blueberry juice, followed by lemon then orange juice. From the experiment, blueberry juice provided the most vitamin C because less of it was needed in order to turn DCPIP colourless.The pineapple juice was the juice that let out the highest volume from the burette in order to decolourise DCPIP; this is because it was the juice that provided the least amount of vitamin C. All of the juices had vitamin C in them as the highest volume was only 10. 5cm3. The res ults obtained from the experiment showed no relation to my hypothetical prediction. It may have been because of the experimental errors that had been overlooked whilst carrying out the experiment. The results from the experiment did not agree with the widely publicised fact that orange juice provides the most vitamin C.A number of errors could have been made: the temperature may not have been the equivalent for all juices( the last juice to be measured may have been at a higher temperature than the rest causing the reaction with the DCPIP to hasten), the amount of shaking may of effected the results as too much shaking could have added oxygen which would have restored the DCPIP to blue, the end point may have been difficult to judge because of it close proximity, some juice may have been lost whilst it was being transferred from the beaker , there might have been an error in how accurate the juices were measured or recorded.In the future more attention could be given and the experim ent could be done more slowly; time may have been an issue when carrying out the experiment. The results obtained were pulled together from different groups in the class who may have all treated their readings and measurements differently, therefore it would be much reliable if I repeated the experiment and obtained at least three readings for each juice on my own. Moreover, the juices bought could all be from the same brand, this is because some manufacturers put more sweeteners or fresh juice than others.

Communication Theories Matrix Essay

Instructions: Complete the following matrix by filling in the box for each of the five communication theories with the following four items: the theory definition, the main principles of the theory, a real-world theory example, and an application of each theory to virtual communication. Theory definition Main principles of the theory Real-world theory example Application of each theory to virtual communication Social Exchange Theory Theory that attempts to explain human behavior in terms as behavioral psychology. The main principle of this theory is social relationships are the outcome of an exchange process with the purpose of maximizing the benefits and minimizing costs. An example of this theory is asking someone out on a date, but you dislike the fact that he/she lacks money or good looks, but he/she is caring and fun to hang out with the therefore you go because the benefits outweigh the cost. The rewards of virtual communication include freedom from the constraints of time and space but the costs is the possibility for misunderstanding when we are not able to see each other’s facial expressions or tone of voice. Systems Theory Systems theory is an open system of interdependent elements, employing input variables and process variables to yield output. The main principle is to receive input, process input and yield an output An example would be in a group you collectively develop a task from input and expect productivity as a output. Connection through the internet can alter patterns in many ways making the system more open. Symbolic Convergence Theory Theory of communication that explains how certain  types of communication shape a group’s identity and culture, which in turn influence other dynamics. Share group fantasies create symbolic convergence.  In a business symbolic convergence is used to determine what the customers like about the business and that allows the business to cater to the customer. In, virtual communication the possibilities for visual, verbal, or auditory communication can make new avenues for fantasy themes and group identity. Structuration Theory Theory that provides a general framework  and explains how people structure their groups by making active use of rules and resources. The main function of this theory is to focus attention on individuals’ behaviors in groups rather than on dynamics of groups. Basketball team is a example of structuration theory, because it has structure and rules that all members must follow. The coach is the leader and implements the rules for the team to follow. use of computers, e-mail,  and the internet as resources can expand the repertoire of structures available to group members. Functional Theory Communication in groups that functions to promote sound reasoning, prevent errors, and build relationships among all members. Focus on results and outcomes of group behaviors and structure. In a group where members use this theory to make decisions and to solve problems. Use of virtual group communication to enhance areas of group interaction by extending dialogue beyond a meeting room.

The Boy in the Striped Pyjamas

The Boy In The Striped Pyjamas – John Boyne Summary Bruno is a nine years old boy, who lives with his father, mother and his twelve years old sister Gretel in Berlin during the second world war. His father is commandant for the German army. One day, when Bruno came home from school, the family’s maid Maria is packing his belongings. They move to a new home, because of his fathers’ work. Their new home’s called Out-With. Immediately when the Family arrive at Out-With, Bruno gets homesick.He misses his friends, his grandparents and especially his old home at Berlin. From a bedroom window Gretel and Bruno see many people, all in the same grey-white striped pyjamas. Out-with and the people in the pyjamas are separated by a huge fence. When Bruno asks his father who this people are, his father says they aren't really people. When Bruno walks along the fence (exploring), he sees a boy sitting on the other site of the fence. The Jewish boy is called Schmuel and h e has exactly the same age as Bruno. They become friends and Bruno visits Schmuel every day.After one year at Out-With, Bruno’s mother wants to go back to Berlin because she thinks Out-With is an unsafe place for children to grow up. Bruno doesn’t want to go back to Berlin because of Schmuel. When he went for the last time to Schmuel, Schmuel tells him his father is gone. Bruno wants to help Schmuel to search and explore for his father. He changes into the striped pyjamas. Bruno and Schmuel go into the camp. When they are exploring, suddenly they went on a march. They marched to a long room and the frond was suddenly closed. Bruno doesn’t know it is a airtight room.Nothing more was ever heard of Bruno after that. Relationships Gretel – Bruno Bruno calls his sister Gretel ‘The Hopeless Case’. She always thinks Bruno’s stupid, because he’s ‘only’ nine. Gretel is twelve years old and she thinks she’s very smart, old and wise. Bruno is a little scared of Gretel. When Gretel becomes a little older, she gets more serious and stops teasing Bruno. Schmuel – Bruno Schmuel and Bruno are very good friends. In the end of the book, Bruno calls Schmuel his best friend. Bruno goes every afternoon to the fence to talk with Schmuel. They can’t play, because the fence separate them.Their friendship is also strange, because Schmuel hates all the soldiers who live with Bruno. Bruno doesn’t know what the soldiers (and his father) do to the Jewish people. Father – Bruno Bruno doesn’t really know what his fathers’ Job is. He only know his father wears the most beautiful uniform of all the soldiers. The year after Bruno went to the airtight room, his father goes back to the place where the clothes of Bruno were found. He discovers a gap in the fence and he knows immediately what happened to Bruno. On that moment, he regretted about everything what he have done. The Boy in the Striped Pyjamas The Boy In The Striped Pyjamas – John Boyne Summary Bruno is a nine years old boy, who lives with his father, mother and his twelve years old sister Gretel in Berlin during the second world war. His father is commandant for the German army. One day, when Bruno came home from school, the family’s maid Maria is packing his belongings. They move to a new home, because of his fathers’ work. Their new home’s called Out-With. Immediately when the Family arrive at Out-With, Bruno gets homesick.He misses his friends, his grandparents and especially his old home at Berlin. From a bedroom window Gretel and Bruno see many people, all in the same grey-white striped pyjamas. Out-with and the people in the pyjamas are separated by a huge fence. When Bruno asks his father who this people are, his father says they aren't really people. When Bruno walks along the fence (exploring), he sees a boy sitting on the other site of the fence. The Jewish boy is called Schmuel and h e has exactly the same age as Bruno. They become friends and Bruno visits Schmuel every day.After one year at Out-With, Bruno’s mother wants to go back to Berlin because she thinks Out-With is an unsafe place for children to grow up. Bruno doesn’t want to go back to Berlin because of Schmuel. When he went for the last time to Schmuel, Schmuel tells him his father is gone. Bruno wants to help Schmuel to search and explore for his father. He changes into the striped pyjamas. Bruno and Schmuel go into the camp. When they are exploring, suddenly they went on a march. They marched to a long room and the frond was suddenly closed. Bruno doesn’t know it is a airtight room.Nothing more was ever heard of Bruno after that. Relationships Gretel – Bruno Bruno calls his sister Gretel ‘The Hopeless Case’. She always thinks Bruno’s stupid, because he’s ‘only’ nine. Gretel is twelve years old and she thinks she’s very smart, old and wise. Bruno is a little scared of Gretel. When Gretel becomes a little older, she gets more serious and stops teasing Bruno. Schmuel – Bruno Schmuel and Bruno are very good friends. In the end of the book, Bruno calls Schmuel his best friend. Bruno goes every afternoon to the fence to talk with Schmuel. They can’t play, because the fence separate them.Their friendship is also strange, because Schmuel hates all the soldiers who live with Bruno. Bruno doesn’t know what the soldiers (and his father) do to the Jewish people. Father – Bruno Bruno doesn’t really know what his fathers’ Job is. He only know his father wears the most beautiful uniform of all the soldiers. The year after Bruno went to the airtight room, his father goes back to the place where the clothes of Bruno were found. He discovers a gap in the fence and he knows immediately what happened to Bruno. On that moment, he regretted about everything what he have done.