Proposal Submission Letter

Test Cover Letter The Virtual Community Group, Inc. 17 Park Road Rural Town, NH July 1, 1995 Jane Smith, Executive Director Xavier Foundation 555 S. Smith St. Washington, D. C. 22222 Dear Ms. Smith, I am satisfied to present this proposition from the Virtual Community Group, Inc. , mentioning a speculation of $50,000 every year more than two years from the Xavier Foundation to help our Enterprise 2000 initiative.This award would give some portion of the assets required for us to prepare in any event 1200 low-pay business visionaries in country New Hampshire, helping them obtain the PC aptitudes they have to make economical nearby organizations as we enter the twenty-first century. As somewhere else in the U. S. , the financial wellbeing of New Hampshire's country networks has endured consistent decrease since the mid 1900's. Family cultivates, which once framed a monetary base supporting enormous quantities of provincial occupants, have been everything except destroyed by huge scope agribusiness.Moreover, since 1960, New Hampshire has lost xx% of its assembling employments, as enterprises or nearby manufacturing plants have closed down or moved tasks out of state. Therefore, a huge number of people from New Hampshire †especially our youngsters †are moving to urban areas to look for occupations, eradicating and further devastating rustic networks, yet adding to the developing pool of urban unemployed.By tapping the vitality of the little nearby business person, and connecting it to the blast in correspondences advancements, we trust it is conceivable to turn around this pattern, empowering provincial occupants to hold feasible, excellent employments a long way from mechanical and urban focuses. Humble communities would again offer a wide range of business openings †from little assembling to administrations to retail †and create sound, differentiated economies without precedent for ages. Shockingly, numerous little business people can't bear t he cost of either the preparation or gear expected to take an interest in the awards of the Information Revolution.Enterprise 2000 was planned expressly to address this absence of equality, and help level the correspondences playing field. Working as a team with microenterprise associations, junior colleges, and organizations which reuse PC equipment, Enterprise 2000 will offer burdened business visionaries the accompanying administrations at low or no charge: †¢Day-time or night classes in fundamental, middle, and propelled PC aptitudes †¢Training to utilize the Internet and other data systems †¢Assessment of MIS needsAccess to reconditioned PC equipment After two years of experimentation and program advancement, the Virtual Community Group has molded a brilliant, effectively replicable model in Enterprise 2000, and built up a serious extent of believability among local gatherings, strategy creators, and funders. Our cooperation with different offices use each dollar invested.Given that the Xavier Foundation has just made various key speculations to improve the lives of the country poor, we are approaching you to assist us with propelling our joint target above and beyond. I value your thought of this proposition. If you don't mind don't hesitate to call me on the off chance that you have questions or might want us to mastermind a site visit. I anticipate meeting with you soon. Truly, Executive Director (This example introductory letter was made for AGM by Molly Clark Associates. )

A trip to Venice

Presentation A bunch of individuals over the globe, long to visit Venice city in Italy because of various reasons. Venice is a little city that exists in 118 islands with 150 channels associated by more than 400 scaffolds. It is situated inside the Venetian Lagoon in Italy. It has a moderate whether with muggy summers and wet winters.Advertising We will compose a custom report test out traveling to Venice explicitly for you for just $16.05 $11/page Learn More The work of art and compositional structure of pictures gives the city its uniqueness and magnificence. The name Venice is gotten from the Veneti individuals who settled in the district in the tenth century. The city is separated into 6 segments; cannaregio, San Marco, Cas Venice, Tello, Santa Croce, San Polo and Dorsoduro. It is otherwise called the ‘city of canals’,’ the coasting city’ ‘the city of bridges’. Different researchers have likewise characterized the city as the most sentiment al city inside Europe. Its winding waterways and traffic free, makes it simple to explore and investigate. It has numerous grand squares, places of worship and mosques related with delightful and intriguing shops stopped with decent sentimental products. (Wilmer, 2009) Venice is effectively available via train at the Santa Lucia train station. A visitor can likewise fly, however the city has a little air terminal. From that point, you can board a transport or a vessel. While in Venice, the most well-known type of transportation is vaporetti pontoons. Gondolas and cabs likewise offer probably the most sentimental and extravagant methods for transport. While in the city, there are various delightful works of art which can intrigue vacationers. The Venetian glass from Murano, Carnival veils planned from keepsakes, marble paper, ribbon and watercolors of Venetian scenes finishes the rundown. Venice is consistently feeling celebratory with celebrations, for example, the Carnevale festivi ty and Redentore Regatta toping the rundown. (Cucco Umgiesser, 2006) Finally, as the two couples get ready to Venice, probably the most drawing in locales will incorporate; Piazza San Marco, palazzo Ducale, Ponte Di Rialto, Canal Grande, Basilica Di san Marco and Galleria del’ Accademia. These heavenly locales have been accounted for by past visitors to be more engaging than others. This paper will set up an itemized agenda for multi week for the two couples who are visiting the city. The showcasing Ps which is abused is the spot since it gives them the genuine experience of having an excursion. (Davey, 2006)Advertising Looking for report on correspondences media? How about we check whether we can support you! Get your first paper with 15% OFF Learn More Accommodation Couple A Couple A will be reserved in at Ca Mari Adele Hotel in Venice. The lodging which has been evaluated as one of the most sentimental inns in Venice, offers a generally excellent view point to see probably the most brilliant places in Venice. With the appearance of innovation and to catch the necessities of the customers, the lodging was at present revamped to incorporate a portion of the ongoing conveniences which are required by our clients. Ca Mari Adele is beautified with dams’ chi, African wood furniture, Moresch, Swarovski precious stones, and hide backdrops among other sentimental embellishments. The magical and sentimental interests persuade various darlings, this is the inn to remain. The rooms are structured so that they are sitting above Grand Canal situated in focal Venice. The rooms are fitted with level screen TV, washroom, DVD, web get to, attendant service, spin pool and shower robe. The smorgasbord dinners are served in 24-hour round with the help of a multilingual staff working in the inn. The rooms in the lodging go as modest as 600.00 â‚ ¬ for one night. (Simpson, 2007) Advertising We will compose a custom report test out traveling to Venice explicitly f or you for just $16.05 $11/page Learn More Pictures indicating wonderful rooms inside the inn Couple B The subsequent couple will be reserved at Bauer Il Palazzo lodging. The inn is one of the most lavish places on the planet with a presidential suit costing EUR 5000.00. It in this manner satisfies the couple’s need of sumptuous visit. The lodging is more refined than different inns inside the Venice city. The inn mirrors the Venetian richness with extravagant dã ©cor which is intended to suite the requirements of the couple. The lodging is arranged just miles from St. Mark’s square and is inside the nearness of the best Venice shops, historical centers and destinations. Bauer Il Palazzo lodging has its own private vessel dock and consequently visitors showing up at got by luxurious entryway. The embellishments inside the inns rooms and suites cause the customer to have a genuine holiday’s lodging experience and impression. (Ninfo et al, 2009) clarifies that, n umerous rooms inside the inns include gallery and patios that offers an open door for a dynamite perspective on the St. Imprints bowl and the Grand Canal. The break quick is served at the patio and parlor (Settimo Cielo) which offers a great perspective on the tidal pond and the whole Venice city. The smorgasbord suppers are served 24 hours while the bars anteroom gives pleasant music that keeps the client’s engaged entire night. The air is astonishing at the Gran waterway, particularly with the unrecorded music that plays each night. The lodging offices incorporate; wellness spaces for exercise and essential treatments. The couples remaining in the lodging can't need spot to purchase astonishing blessings, as the Bauer Il Palazzo inn has a breathtaking boutique that is fitted with vital tweaked administrations a customer would require. (Grewal Levy,2010), Advertising Searching for report on interchanges media? We should check whether we can support you! Get your first paper with 15% OFF Find out More A portion of the brilliant rooms and view focuses in Bauer Il Palazzo lodging Day 1 Couple A Nothing has been so astounding to various visitors when they show up and are taken round the whole Venice city just to have a see of what is in the town. The most sentimental route is to show up in Venice at around dusk and afterward take a gondola to the lodging. The couples ought to stay away from the day time gondola rides since during day time they are being utilized by other visitor. A concise enlistment and direction will be doe just to guarantee that the customers are very much familiar with the inn activities. At that point, they will be demonstrated their rooms. At night, the couples will serve their supper at their own desire, after which they can move to the bar, where there is an unrecorded music day by day execution. The band in the bar offers very quite engaging melodies. The primary night will be a long one for the couples as the lodging offers great and sentimental spots that may require an entire night alert. This, I persuaded, will be in excess of an incredible path for the couples to begin their remain and make the most of their sentiment. (Wilmer, 2009) Couple B This is an alternate class of couple who are keen on having a greater amount of lavish remain instead of progressively sentiment and Bauer Il Palazzo lodging offers nothing not as much as that. Davey, (2006 p97) on appearance, the couples can take a private chopper that will fly them into the inn. The couple will at that point be marked in. Essential staff presentation will be done, and lodging direction. The customers are relied upon to show up at around noontime. Given that the inn has a private vessel, the couples can be taken around just to have a concise see of the genuine Venice experience. They will likewise be strolled around the hotel’s boutique which has exceptionally excellent items one can be keen on. Given that these are somewhat matured individuals, they can join the well ness space for a back rub from there on they can join the bar for decent unrecorded music. Day 2 Couple An in the first part of the day, the couples can take the gondola visit for two. No excursion in Venice can be practiced without encountering pleasant conduits. The excursion shows the most private and loosening up trips along the excellent city trenches that investigates the history. The couple can likewise appreciate the dreamlike landscape. This is a chance to see old structures and the scaffolds in the city. (Grewal Levy,2010), The gondola tourâ (Venice by 2012) After the ride understanding, the couples can visit the Piazza San Marco (Saint Marks square). In spite of the fact that, the spot is known about floods, the couple doesn't have to stress since it floods just came during winter. While here, the couples can visit a few historical centers and the campanile. The ever present pigeon runs inside the square makes the spot so alluring. Inside the congregation is secured wit h Byzantine mosaics. From the church’s gallery, one can see a perspective on the Piazza. They will at that point move back to the lodging for a night party. (Grewal Levy, 2010) Couple B The couples can begin their visit by visiting the vault workmanship. A visit of the Ca’ Rezzonico, Pieta, Scuola Grande Di San Rocco will give the couple a genuine encounter by review the imaginative work. The wonderful houses and the Medieval and Renaissance ancient rarities will be engaging to the couple. The couples would then be able to investigate the Grand Canal in the Dorsoduro. The locales are as cool as the narrowing causes it to seem like a town. They would then be able to shop at rear entryways for a portion of the extravagant customary products. A vessel ride back to the inn at night will give a genuine importance and experience of the lodging. (Simonis Venice, 2007) Day 3 Couple A Boat ride voyage through the island will be a super method to begin the day. Just meters over the Venetian Lagoon, the couples can take a vessel ride through the awesome Burano’s road. While here, the couples can shop at decorations and the shaded glass of the Murano. In the wake of shopping, the couples can ride back to Campanile to have a bird’s eye perspective on the Venice. The view is incredible with the Lido and the entire Lagoon and Dolomites from a far separation. This will be an open door for the couples to have some little rest. Being here will be a chance to have a perspective on the whole Venic

Malt Liquor Consumers Drink More and More Often

Malt Liquor Consumers Drink More and More Often Addiction Alcohol Use Print Why Malt Liquor Consumers Drink More Often By Buddy T facebook twitter Buddy T is an anonymous writer and founding member of the Online Al-Anon Outreach Committee with decades of experience writing about alcoholism. Learn about our editorial policy Buddy T Medically reviewed by Medically reviewed by Steven Gans, MD on April 06, 2016 Steven Gans, MD is board-certified in psychiatry and is an active supervisor, teacher, and mentor at Massachusetts General Hospital. Learn about our Medical Review Board Steven Gans, MD Updated on February 04, 2020 blue jean images / Getty Images More in Addiction Alcohol Use Binge Drinking Withdrawal and Relapse Children of Alcoholics Drunk Driving Addictive Behaviors Drug Use Nicotine Use Coping and Recovery Malt liquor is not your average beer. Typically malt liquor beverages have a higher percentage of alcohol content, are sold in larger containers, and are sold at a lower price per volume than the average beer. Compared to a standard drink, the typical malt liquor beverage is off the scale. The average malt liquor beer can average 80% more alcohol content than the usual 12-ounce beer. Because malt liquor represents a quick, cheap alcohol buzz, the beverages have been traditionally targeted at lower-income, minority communities. In fact, one study found that malt liquor drinkers are more likely to be homeless, unemployed, on public assistance, compared to regular beer drinkers. The study also found they also tend to drink more alcohol, and drink more often than other types of drinkers. Consume More Alcohol Per Drink Measuring malt liquor beer consumption is difficult because malt liquor beers differ from other beer beverages in two important aspects: container size and alcohol content by volume, said Ricky Bluthenthal, assistant professor at Charles R. Drew University of Medicine and Science and corresponding author for the study. We found that the combination of these differences resulted in the average malt liquor drinker in our study consuming 80% more alcohol per drink than the average regular beer drinker. Although we did not report consequences in this paper, typically the more alcohol consumed the greater the probability of negative alcohol-related consequences for an individual and their community. Increased Risk of Problems Malt liquor beers can be sold in containers as large as 40-ounce bottles, or forties as they are referred to, said Rhonda Jones-Webb, associate professor in the School of Public Health at the University of Minnesota. Forties are commonly sold chilled and wrapped in brown paper bags for immediate consumption, and independent web sites devoted to malt liquor as well as rap lyrics and movie scripts encourage chugging the bottles before they get warm. The combined effects of higher alcohol content, larger serving size, and faster consumption can result in higher blood alcohol levels, an increased risk of aggressive behavior, and other alcohol-related problems. A Sign of Masculinity? Jones-Webb said that malt liquor beers are largely targeted to African American and Hispanic youth, and young adults. Malt liquor brands such as Steel Reserve, Hurricane, Magnum, and Panther are used by the alcohol industry to connote power and machismo and lure youth and young adults into the market. Rap artists have been popular images in malt liquor advertising and gangsta rap performers portray malt liquor as a sign of masculinity. The targeting of minority youth for malt liquor sales is of particular concern because alcohol advertising has been shown to influence the brand choice, and brand choices during youth can influence beverage choices as adults. South Los Angeles Study To find out more about malt liquor drinkers, the researchers went to the streets conducting face-to-face interviews with 329 drinkers recruited from randomly selected alcohol outlets in South Los Angeles. The investigators gathered information on the drinkers socio-demographic characteristics, alcohol-use history, drinking patterns, and drinking context. Based on previous research, said Bluthenthal, we know that malt liquor beers, because of price per volume and availability, are likely to be more attractive to lower-income drinkers. In addition, advertising and popular culture references to malt liquor beers are more prevalent in media that are likely to be seen or used by African Americans. In short, south Los Angeles seemed to fit the profile we needed. Malt Liquor Drinking Patterns The sub-sample that reported drinking in the previous 90 days (n297) was 88 percent African American, 72 percent male, and 35 percent unemployed. Compared to regular beer and hard-liquor consumers, malt liquor beer drinkers were: More likely to be homelessMore likely to receive public assistance for housingLess likely to be employedReported significantly higher rates of daily or near-daily drinkingReported more drinks per day on drinking daysReported higher daily average alcohol consumptionMore likely to smoke while drinkingMore likely drink with same-sex friendsMore likely to drink outdoors Drinking More Hazardous Amounts The drinking levels we observed among malt liquor beer consumers were on average higher than the amount of alcohol consumed by individuals who are entering alcohol treatment programs, said Bluthenthal. The study also confirms that malt liquor beers are consumed in potentially more hazardous amounts and settings than regular beers and that grouping malt liquor beer drinkers with regular beer drinkers are likely to result in underestimates of alcohol consumed among malt liquor beer drinkers as well as the consequences of this consumption.

Brave New World Book Review

In Brave New World, Aldous Huxley constructs a futuristic society based on pleasure without moral repercussions, and within it places a few oddball characters to stir up the plot. With eugenics at its core, this novel hearkens back to Shakespeares The Tempest, where Miranda says, O brave new world, that hath such people in it. Background on Brave New World   Aldous Huxley published Brave New World in 1932. He was already established as a drama critic and novelist of such books as Crome Yellow (1921), Point Counter Point (1928), and Do What You Will (1929). He also was well-known to many of the other great writers of his day, including the members of the Bloomsbury Group (Virginia Woolf, E.M. Forster, etc.) and D.H. Lawrence.Even though Brave New World is now considered a classic, the book was criticized for a weak plot and characterization when it was first published. One review even said, Nothing can bring it alive. Along with the poor and mediocre reviews, Huxleys book has also become one of the most frequently banned books in literary history. Book banners have cited negative activities (undoubtedly referring to the sex and drugs) in the book as reason enough to prevent students from reading the book. What World Is This? This Utopian/dystopian future offers the drug soma and other carnal pleasures, while manipulating the people into mind-numbing dependence. Huxley explores the evils of a seemingly satisfied and successful society, because that stability is only derived from the loss of freedom and personal responsibility. None of the people challenge the caste system, believing they all work together for the common good. The god of this society is Ford, if the dehumanization and loss of individuality wasnt enough. A Controversial Novel Part of what has made this book so controversial is the very thing that has made it so successful. We want to believe that technology has the power to save us, but Huxley shows the dangers as well.John claims the right to be unhappy. Mustapha says its also the right to grow old and ugly and impotent; the right to have syphilis and cancer; the right to have too little to eat; the right to be lousy; the right to live in constant apprehension of what might happen tomorrow... By getting rid of all of the most unpleasant things, the society also rid itself of many of the true pleasures in life. Theres no real passion. Remembering Shakespeare, Savage/John says: You got rid of them. Yes, thats just like you. Getting rid of everything unpleasant instead of learning to put up with it. Whether tis better in the mind to suffer the slings and arrows of outrageous fortune, or to take arms against a sea of troubles and by opposing end them... But you dont do either. Savage/John thinks of his mother, Linda, and he says: What you need... is something with tears for a change. Nothing costs enough here.

Small Business Development in the United States Essay

Small businesses were once the backbone of the United States economy. After a time these business owners expanded, merged, and bought other businesses. This historic business trend has created some the well know corporations we know of today. One example would be the development of Wal-mart. Today, small businesses operate in the shadows of â€Å"big box† stores. However, small business owners account for more than 90% of, but only less than 5% or 10% of the GDP, â€Å"gross domestic product.† As a manager of a large corporation or a prospective business owner it is wise to be knowladgeble of new competitors, state of the economy, and current management trends. There are trends today that will change everyone’s expecatons of small business†¦show more content†¦During the recession companies downsized on these jobs and are still reluctant to hire for these positions. A small business opportunity would be to start a business that offers outsourced service such as this. A testing business thoroughly tests other businesses’ apps and websites for glitches, flaws, etc†¦New websites or apps usually never get test properly. There is a demand in this field and potential growth in particular niche markets. A mobile salon business is another way to take advantage of the large baby boomer generation that is now senior citizens. More elderly people would rather pay for a salon to come to their house to do their hair and nails. Food truck restaurants are appearing all over. This is no new idea, however this idea as a restaurant is gained a lot of attention since 2012. The investment is way lower and the failure rate is only 10 to 20% as opposed to a brick and mortar restaurant which is 60 to 90%. It is expected this industry will reach 2.7 billion dollars by 2017. Being a software trainer is in more demand these days. With so many sophisticated programs on the market more and more people would rather pay to have someone teach them how to use the program instead of learning themselves with a user manual. Usually an entrepreneur in a startup business like this will hold small workshops. The year 2014 holds signs of economic recovery and growth for small businesses. On average there has been an increase in employment per business whichShow MoreRelatedThe Small Business Administration ( Sba )1236 Words   |  5 PagesAbstract The Small business administration (SBA) was created on July 30, 1953, by President Eisenhower with the signing of the Small Business Act. When it was created, there are some presidents want to stop it and some presidents want to develop it. Therefore, we also can see it active in the United States government on today. In this paper, I will through the background of The Small Business Administration (SBA) to introduce what type of organization is it? What does the organization do? WhoRead MoreThe Benefits Of Small Economic Development1145 Words   |  5 Pagesalthough many banks have programs for affordable housing development. Many large banks and financial institutions provide small business development funding through their partnerships with the Local Initiatives Support Corporation (LISC), which operates throughout the United States. Bank of America, Cambridge Savings Bank, KeyBank, TD Bank, and MT Bank have active programs in their service areas to assist small business creation and community development, either through nonprofit partnerships or throughRead MoreEssay On E-Learning1055 Words   |  5 PagesPerceptions of E-learning by Management Trainees in a Small, Fast-Food Restaurant Small businesses in the United States are significant drivers of economic growth, job creation, wealth, and the embodiment of the â€Å"American Dream† (Chow Dunkelberg, 2011; Valadez, 2012). In 2013, The Small Business Administration estimated there were â€Å"28.8 million small businesses that accounted for 99.7 percent of U.S. employer firms, 33.6% of known export value ($471 billion out of $930 billion), 33.6% of knownRead MorePike Place Market1673 Words   |  7 PagesPike Place Market is a public market overlooking the Elliott Bay waterfront in Seattle, Washington, United States. The Market opened August 17, 1907, and is one of the oldest continuously operated public farmers markets in the United States. It is a place of business for many small farmers, craftspeople and merchants. Named after the central street, Pike Place runs northwest from Pike Street to Virginia Street, and remains one of Seattles most popular tourist destinations. The Market is builtRead More The Small Business Administration (SBA) Essay examples1665 Words   |  7 PagesThe Small Business Administration (SBA) In July of 1953 the United States Congress amended an act called the Small Business Act. Many believed that the essence of the American economic system of private enterprise is free competition. Also, that only through full and free competition can free markets, free entry into business, and opportunities for expression and growth of personal initiative and individual judgment can be assured. Thus, the Small Business Act was amended. In order to carryRead MoreMom and Pop Shops1153 Words   |  5 Pageseffect on small business, but also it has to do with our economy. I plan on the information and graphs I found by researching my information about how the big companies do take over some small business. I will provide a power point presentation in my research paper to also show you more information about my research paper. There is no question that Wal-Mart does cause some mom-and-pop shops to fail. However, those failures are entirely compensated for by the entry of other new small bu siness. I am alsoRead MoreThe Role Of Value Added Tax In The UK701 Words   |  3 Pageson national economic development. After Income Tax and National Insurance, value added tax has become the third largest source of income for the British government. Value Added Tax is referred to as VAT. Its predecessor was Purchase Tax in the United Kingdom. And the government began to change to Value Added Tax officially in April 1973. Since January 4, 2011, the standard value added tax of the UK was increased from 17.5% to 20%. Value added tax applies to imports, business transactions and servicesRead MoreImmigration And The United States870 Words   |  4 Pagesimmigrants should allow into the USA is important to the country’s development. Immigration to the USA should increase for several reasons. One reason immigration should be increased in the USA is many immigrants start new business and contribute to the American economy development. Immigrants are important for the American economic, strength and development. For instance, if an immigrant who comes from Asia and he opens a small Asian restaurant, and hire more employees to facilitate his restaurantRead MoreNon Immigrant Visas Should Be Legal1501 Words   |  7 Pagesare required to have a Bachelor’s degree or the equivalent in what is described as a field of human endeavor. Fields such as engineering, medicine, business, technology, and law qualify. While there is a cap of 65,000 issued visas per fiscal year, the Center for Immigration Studies estimated that the actual number of H1-B workers in the United States was somewhere between 650,000 and 700,000 as of September, 2009 due to various exemptions and renewals.. Universities, non-profits with universityRead MoreSuccess Of Friend Z s A Regional Based Coffee House1648 Words   |  7 PagesThe success of Friend-Z s, a regional based coffee house in the United States, is in its tenth year of business. The small business venture, which began as a cooperative college project, has grown into one of the best coffee houses on the college scene. Friend-Z s success has sparked the interest of its partners to take their small business to the next level by expanding into the global market. Competing globally would allow Friend-Z s Coffee House to take advantage of a larger customer base,

Adidas Marketing Plan Free Essays

Adidas is the number two sporting goods maker in the world, second to Nike. The company has long focused on being the footwear for sports and high performance. The company has three components: Adidas, Reebok, newly acquired in 2006, and TaylorMade, well known on the Pro Am Golf Tour. We will write a custom essay sample on Adidas Marketing Plan or any similar topic only for you Order Now (Adidas Group Annual Report, 2008) This marketing plan will focus on the Adidas brand. While research indicates there’s a belief that Adidas makes better footwear than Nike (Vertical Ascent Website), it has been unsuccessful in penetrating the young hip-hop crowd. With a generation that has grown up with i-pods, blogs and video games, Adidas is looking to appeal to his younger generation through technology that they have become used to using. (Marina, 2009) Adidas 1, claimed to be the world’s first computerized smart shoe, went on sale March 18, 2005. Adidas has long focused on being the footwear for sports and high performance with its core base being sports. According to the Adidas Group 2008 Annual Report, the company targets three brands: sports performance, sports heritage and sports styles. It’s known for its technological innovation and cutting edge design, with its mission being to challenge and lead through creativity. Adidas has positioned itself as a leader in professional and competitive sports, notably soccer, basketball, and running. As the technology permeates everyday life, Adidas hopes to live up to their changing expectations and deliver the best consumer experience through using creative new initiatives including interactive fitting footwear for peak performance and fit. With that focus on technological innovation, Adidas is going high tech, with everything from high tech sneakers, high tech virtual stores, and high tech promotion. This high tech is not just for show or glitz. It has a purpose – to deliver the best fitting, and best performing footwear tailored to the consumer’s individual needs. Adidas is hoping the high tech approach will eliminate potential customer dissatisfaction through virtual fitting. This eliminates producing shoes that don’t fit properly or perform well. It also leads to the best fit for the best performance out of footwear, something desired by professional or amateur athletes, as well as anyone embarking upon a running or fitness program. Adidas is looking at the changing interests of the up and coming market who also have i-pods, video games, email, internet, youtube and other highly technological devises as a way of life rather than traditional television or print media. With this change in media delivery, there’s also a change from it being one way to two-way communication, and with rapid advances in technology, they expect new and different things, and new and different footwear and sportswear is a way to reach that market. With an emphasis on fitness in today’s world, Adidas must create an image that Adidas footwear excels for everyone who is looking to improve their health. The goal is to maintain its traditional base as well while developing a technological environment that will broaden appeal to a younger consumer. Adidas’ strategy is to come up with a technology that meets a consumer need – excellent fitting footwear that has top notch performance. By having technology where one is not just fitted for the footwear, but also can gauge them for exact pressure and running posture, the company continues to follow its positioning as being the world’s favorite footwear for sports, and setting the pace for their footwear to meet their customer’s performance needs. The company is taking that image to its traditional promotional use of television and print advertising, as well as its exclusivity banners at major sporting events, especially European soccer matches. It also has made deals with professional football players and the New York Yankees to endorse Adidas. The company is the official sponsor of the 2008 Beijing Olympics that will reach millions, billions, and potentially open up strong Chinese Markets, and renew interest in sports performance which will lead to increased sales Adidas is distributed in corporate stores, throughout the web, high end sporting stores, the internet, and more limitedly in sporting goods stores throughout the US and Europe. It is also rethinking its distribution practices after last year’s purchase of Reebok and will close Reebok sports apparel and sneaker distribution centers in Massachusetts, Tennessee and Kentucky, and move those operations to an expanded center in South Carolina. Spartanburg was chosen for the two brands’ consolidated distribution center in part because it’s close to the two brands’ product shipping locations and to many customers (The Associated Press, 2008) Adidas high tech strategy is moving into its internal operations departments, adopting a better delivery system, increasing retail distribution, and taking customer service to a new level, beyond satisfaction to delight, thus trying to obtain return and possibly ifetime customers, something that would be very profitable for the company. The company can benchmark its success by measuring sales, web traffic to its innovative color based on-line advertisements that never mention the product, the number of downloaded pod casts and the number of visits to their Paris high-tech store. Works Cited http://usatoday30.usatoday.com/money/industries/2005-03-02-smart-usat_x.htm How to cite Adidas Marketing Plan, Essay examples

Money spent on research is almost a good investmen Essay Example For Students

Money spent on research is almost a good investmen Essay t, even when the results of that research are contMoney spent on research is almost a good investment, even when the results of thatresearch are controversial. Here we are talking about a good investment on a controversial research. A good investment is something where we get good returns. Research has always been a good return as it throws light on some of the hidden information. In this fast growing world information is power as well as key to success. Research is an active, diligent and systematic process of inquiry in order to discover, interpret or revise facts, events, behaviors, or theories, or to make practical applications with the help of such facts, laws or theories. Investing money on such a thing always proves to be fruitful. The success or failure of a research is measured as how much it is going to help the mankind. But in the end whatever is the result I think we all get a better picture and become aware of some information which was hidden from us. Ultimately once people come to know about the research then these people only decide whether it is a controversy or not. Looking into some of the controversial researches till date The Human Cloning Successfully created cloned human embryos for the purpose of extracting their stem cells. Those are the building block cells that ultimately develop into all specialized cells and tissues of the human body. This in itself has two sides one it has enormous life saving potential, people can be cured from a range of diseases from diabetes to Parkinsons to Alzeimers and the other side is the reproductive cloning, which is the effort to produce a human child or baby. Being in a controversy still this proves to give a new hope and life to the people suffering from diabetes, Parkinsons or Alzeimers to name the few. Investing money in something which is for the better of the mankind in itself can be appreciated highly. What can be a better return than bringing smile on millions of faces. But at the same we should not ignore the other side of the coin which can prove of going against the nature and feelings of the m ass of producing a human child from cells. In these cases we should know to draw a line between what needs to be followed and what not. Another controversial issue to be looked at is the Animal testing where people have invested huge amount of money to cure some life taking diseases. We have come up with lots of vaccines against diseases like rabies and measles and other drugs, like penicilins to save many human lives. But at a place where we are heading towards advanced medical technology we should also think whether we are acting as barbarians causing pain and distress for the animals involved, which usually results in their death. In such cases we should come up with a neutral way of investment which will prove to be a benefit for both humans and the animals. Controversy is an important part of an scientific practice. This is a part of the process by which society understands and comes to grip with scientific progress. In some cases, moral and ethical questions surround scientific issues, as in the controversy over the management of genetic information. For example, in Iceland widespread genetic screening and the unique history of the island combine to produce a database of genomic information that will be very useful for learning more about human development, physiology and disease. Research contoversies push the process of scientific investigation forward by highlighting the absence of information on a particular point. Raising awareness of the question, the debate sparks further, which ultimately improves our understanding on that particular topic. This dynamic aspect can surprise many students and encourage a deeper, more compelling engagement with scientific topics. In doing so, people themselves can become knowledgeable participants in debates over controversial researches and whether that comes out to be a good investment.

From Americanization to Globalization free essay sample

The USA, the country which had been an importer of influences has become in the twentieth century a major exporter of them. The whole world imports products and services from the USA. The majority of the worlds best known celebrities are from the LASS. In many areas of life, American popular tastes and attitudes have conquered the world. The United States became the first nation in history to build its way of life.Culturally, Americans are In between affective and neutral cultures In some ways hey are more open and in other ways they are more reserved. However, the Americans tend to show feelings more, they show how they feel quite openly when they are happy, or when they are angry. Over 60% would express anger openly In a work or formal situations. The USA is a big democratic country, where the way of life is fast, the food is fast, and thus, the trade mark features of America are the Statue of Liberty, McDonalds and Coca-Cola. We will write a custom essay sample on From Americanization to Globalization or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Most people spend their holiday In the USA, because its so bag and there are so many spectacular places to visit.Besides, the Americans go to the movies a lot. In the sass American movies filled the cinema screens of the world. Most were made In Hollywood. By the sass It had become the film-making capital of the world. Hollywood movies were made by large companies called studios. The men who ran these studios were businessmen and their main alma was to make as much money as possible. They soon found that one way to do this was to standardize their films. The actors were turned into stars. A famous star could make any movie a certain success, so the studios went to great legends to make their actors Into stars.They encouraged fan magazines The movies of the sass were silent. They spoke in pictures, not words, and so their language was international. All over the world, from Berlin to Tokyo, from London to Buenos Aries, tens of millions of people lined up every night of the week to see their favorite Hollywood stars and, without realizing, to be Americanizes. After the World War II the spreading of American influence was continued by a powerful new force television. In 1947 around 170000 American families had television sets flickering in their living rooms.Comedy, fiction, westerns all these were popular. Nowadays, the Americans watch a lot of TV there are hundreds of channels on 24 hours a day. By the sass filmed television programmer had become an important American export. Other countries found it cheaper to buy American television production than to make their own. Soon such exported programmer were being watched by viewers all over the world. Most TV shows were concerned with entertainment. The global appeal of big entertainment events is gained by reality shows, which combine the drama of life performance with interactive participation.One of such shows is American Idol celebrity matchbook affective 3MOL4h0HanbHb17 reserved Acceptances movies KM to standardize Catastrophically o line up Strict a cowpea;1 flickering Chattahoochee entertainment passionate interactive participation Homestretches Yeager The USA has had the enormous influence on popular music in the last hundred years. It all started with the blues. Things really began in a big way at the beginning of the twentieth century, when the blues developed from black folk music into popular music.George Gershwins Rhapsody in Blue, first performed in 1924, was very innovative and succeeded in being both serious and extremely popular. Blues singers like Bessie Smith were popular with both blacks and whites. It was also big business. The sass was known as the Jazz Age, and Jazz music was popularized by such great performers as the trumpet player Louis Armstrong, and late the Duke Elongating Orchestra and singer Ella Fitzgerald. Side by side with the blues was early country and western music, aimed at white audiences in the south. Songs in both styles shared the same themes poverty, homelessness and hardships.In music, the process of Americanization could be seen most clearly in the huge international popularity of rock. In the middle of the sass pop music returned to its black roots tit the rock-and-roll revolution. Rock began as a music that was first played in the American South and combined black blues with the country music of working class whites to produce a heavily rhythmic rocking sound that appealed especially to young people. Many of rock-and-roll first stars were black performers such as Chuck Berry and Little Richard. But the unchallenged king of rock-and-roll was a young southern white named Elvis Presley.The major exhibition of Elvis Presley personal belongings outside of the USA has been organized in Liverpool, the Auks Capital of Pop. A fascinating exhibition Fingerprints of Elvis brings you closer to the man who has been the biggest influence on popular music. At the Fingerprints of Elvis you can see many of the kings personal items including his 1976 Harley Davidson which he was actually riding two days before his death and his unique Gold Mercedes SELL, wonderful Stage Suits, Guitars and personal Jewelry as worn and owned by Elvis.His private collection of Deputy Sheriff badges, Elviss sporting paraphernalia and many more items including the actual set of Elvis fingerprints taken for his gun license application are also on show. To rock-and-roll enthusiasts, Presley came to symbolize a new culture of youth. After Elvis Presley, American music rapidly splintered into a variety of mixtures o f styles. For example, there was a revival in called folk-rock. Since then weve had hard rock, soft rock, country rock and even rock operas and musicals.By the sass rock-and-roll had blended with the protest songs of the sass to become rock, a harder music than rock-and-roll. However, rock became an international as well as American phenomenon, one that millions of younger people worldwide saw as their natural cultural language. A larger part of its appeal was that it symbolized opposition to officially approved ideas and standards even more strongly than its ancestor (rock-and-roll) had done in the sass. A phenomenon of the sass and sass was the musical.Composers wrote songs for Broadway theatres which were often adapted for Hollywood. A classical composer who turned his hand to musicals was Leonard Bernstein. Nowadays, Chicago is the most popular one. Music can be a powerful weapon. In 1966, a song Banana Boat Song recorded by a truck driver from Buffalo, New York, helped force a Dutch detailer, (the CEO of Royal Dutch Aloud, the largest supermarket chain in the Easter United States) to the negotiating table over a dispute with U.S. Workers. The song managed to pressure the company to sign a profitable contract. Many more well- known musicians are also working to raise consciousness of globalization. In 2003, a group of diverse stars including country singer Steve Earl, performed in thirteen U. S. Cities to expose the negative impacts of free trade and media concentration. Innovative Hoodoo, Hatchback, VIHHoaaL4h0HHb17 trumpet player Typify, cacao+catch fascinating exponentiationsDeputy Sheriff unholy;K Elijah+a paraphernalia _onshore Neglected, nonappearance;1 to splint vaccination revival exposure to blend Accentuate(CO) ancestor unpack phenomenon anyone negotiating table croon Neapolitan to pressure cablecast Anaheim consciousness of globalization channel rainfall_AVIVA diverse pa3H006pa3Hb17 to expose instant The Americanization of popular taste and habits was not restricted to entertainment. Not only did fast food and blue Jeans earn the popularity, but also supermarkets and skyscrapers. The first supermarkets appeared in the United States n the sass. They gave shoppers a much wider range of choices of foods and other consumer goods. They were the visible proof of the superiority of the American way of organizing a nations economic life. When supermarkets proved a commercial success in the USA they quickly spread to other prosperous countries, first in Europe and then in other parts of the world. So did another feature of American cities in appeared in Chicago in sass. One of the earliest examples of the skyscrapers in New York was Seagram Building, designed by Miss van deer Roe and Philip Johnnys architects working in the USA.By the sass skyscrapers became office and apartment buildings in cities all over the world. In the early sass there was a real craze for graffiti art, which was no longer found only in the subway and poor ghetto areas of the city as it used to be in the sass. Graffiti came back with hip-hop music. Hip-hop culture grew up in the black ghettos of big American cities in the early sass. When hip-hop music suddenly got to the top of the American music charts, hip-hop culture was spread, bringing graffiti with it. Hip-hop music is linked with rap, which is a style of talking/singing that is very popular.Today companies re starting to realize the appeal of graffiti in advertising. Keel Rodriguez, who used to spray New York subway trains, was the artist to design the Wall Street Journals website and it is obviously, done in graffiti-style. Another artist, Blade has his own website devoted only to the world of graffiti. This website has a merchandise page where Blade sells things with his own original designs all over the world. Leonardo McGuire, a street artist for 25 years, when from painting subway trains to designing and marketing graffiti-inspired clothes for young people, says: Graffiti has been a story of survival.Nowadays, it has the status of street art and you get graffiti in advertisements, on clothes, on toys. Other examples of street art are street musicians, known as buckers, live-statues people who stand motionless like a statue and pavement artists, chalking on pavements, often reproducing famous works of art. Visual artistry and street theatre have helped globalization activists reach new audiences and transformed demonstrations into festivals of colorful and creative expression. Art can be powerful.On the eve of a major protest against the World Bank in 2000, Washington, DC, police took actions and confiscated gigantic paper-mach puppets, including a massive smiling sun that had been constructed for the rally. Since 2000 a decentralized group of graphic artists and educators, the Maine-based Beehive Collective has designed and distributed 45000 educational posters on globalization and other issues through pollination tours on college campuses, high schools, at major demonstrations.The tapes and complementary comic books were produced by a U. S. Group Media for International Development. They have distributed 5000 tapes and 3000 comic books throughout the country. A lot of people have emigrated from Europe to the USA, looking for Jobs and career opportunities. As the USA has become a melting pot and cultures mix more and more, its necessary to become not only culturally sensitive and tolerant, but also to make English, the official language of the United States, the global language the language of international communication, peace talks and government negotiations. English is certainly a useful language to learn.

Jury Essays - Law, Legal Terms, Legal Procedure, Government, Verdict

Jury Essays - Law, Legal Terms, Legal Procedure, Government, Verdict Jury Members of the jury you have been chosen because you are a captive audience. You will be required to submit a verdict of guilty or not guilty at the end of this trail by raising the appropriate card. The Foreman will tally the votes and tell the judge. The courtroom is now in secession the Honorable Judge Bonnie is presiding Forman, is the jury ready? Case # BBA 329 WLS West Loop South vs Ima Slacker Will the defendant please rise? You are charged with 3 counts of being late to study group w/o calling 1 count of not doing your part of the assignment 1 count of yelling and throwing How do you plead? Please be seated. Defense; please call your first witness. Place your hand on the LeTourneau Catalogue. Do you swear to tell the truth the whole truth? Over Ruler Sustained Restate the question Please approach the bench Prosecutor, do you wish to cross-examine? Witness please step down. Prosecutor your closing statements Defense your closing statements Jury please vote. Foreman, has the jury reached a verdict? Defendant please stand Forman, please read the verdict.

Research Paper ( Fine Art) Example | Topics and Well Written Essays - 750 words

( Fine Art) - Research Paper Example This therefore implies that art is relative and differs greatly with the region either of origin or of representation. The metropolitan Museum in New York therefore stocks artifacts from diverse cultures among the most common of the current exhibits are The Sleeping Eros, Birds in the art of Japan and Plain or Fancy among many others. The above artifacts have unique features that set them apart from the rest. Additionally, the creators of such works employ different artistic features to ensure that the above artifacts communicate effectively and draw the attention from their audiences. Each of the three artifacts has specific placing and draw relevance to specific cultures. However, the modern society is integrated and culture therefore is increasingly difficult to distinct between the different social groupings. This requirement by the modern consumers of art works dictates the use of familiar and modern features that best earn the artifacts familiarity with the modern audience. Owi ng to such features as time and the social stratifications, the different artifacts possess distinctive features, which readily set them apart in terms of both their time of production thus their target audience. The Sleeping Eros for example is an iconic artifact in the museum, one of the oldest and among the finest. Set during the Bronze Age in the human history, the artifact consists of pure bronze. Man had identified a number of metals throughout the evolution history. The discovery of bronze was an integral period in the development of man since with bronze, man could make very strong and durable (Semper and Harry 33). Bronze was therefore the only essential tool man had, he artifact is therefore also made of bronze and set in the early times. The sleeping Eros is a simple artifact, which simply depicts a sleeping male child with curly white hair lying on his left arm but with a wing. The simplicity of the creation makes it easier to understand and is typical of the timing of t he artifact. At such early periods, man had not developed sophisticated features that could influence the development of more sophisticated artifacts. However, in its simplicity owing to the use of bronze, which was arguably easier to manipulate, the artifact conveys complex social features of the early Greek society. The hair of the Eros among other pertinent features sets it to the early Greek culture. Its other intricate features such as the wing and the missing left arm set it in the supernatural world thereby earning it some elements of divinity. Plain or fancy is yet another beautiful artifact, which just as the name depicts a comparison of two iconic artifacts bound into one. It is a painting of two different jugs. One of the jugs is earthen while the other is metallic. The difference between the jugs is conspicuous yet it becomes increasingly difficult to select which is more beautiful. In such a simple creation, the artist manages to conceal his intended meaning in the cont ours of his creation. The relativity in the comparison of the two jugs is also applicable in the analysis of the message that the artist communicates in his artifact (Foster and Judith 51). It is evident that the artifact compares a number of features of both the earthen jug and the metallic one. In the history of man, the use of earthenware was characteristic of the

Shouldice Hospital Case Study Example | Topics and Well Written Essays - 750 words - 71

Shouldice Hospital - Case Study Example The data indicate that some former patients had been attending the event for over thirty years. The most interesting fact is that out of 100 patients who attend Shouldice hospital one is a doctor. Past data indicates that the large patient turns up at Shouldice hospital is attributed to the efficiency and effectiveness of its service delivery (Chase, Jacobs & Aquilano, 2007). For example, the doctors employ superior techniques such as ambulation to ensure patients recover fist. There is the proper rapport between the nurses and the patient, this attracts patients to come back even after recovering. The management of Shouldice hospital has been faced by two options namely; whether to add one more operating to the hospital schedule or to add a second floor to the hospital by increasing bed capacity by 50%. Based on the Shouldice hospital data it can be observed that there are 5 major rooms for operation. The first room is utilized by a patient for recovery purposes, the second one is t he laboratory where patients are tested blood and other samples are tested to determine the disease that they could be suffering (Schumpelick & Fitzgibbons, 2007). There are other 6 rooms where patient’s health condition is examined. The data further indicates that the hospital had been having an average of ninety beds. This could only allow the doctors at Shouldice hospital to carry out 40 operations each day and an average of 7000 medical operations each year (Robert and Richard, 2012). Therefore, adding one operation day could increase the hospital capacity by 20%. This means that the current hospital capacity will be optimally utilized, this indicates that per year the hospital will be able to serve 1500 patients. However, it might be assumed that increasing an extra working day (Saturday) without increasing doctor’s remuneration could make the quality of service to decline because some workers might feel de-motivated.  

Malaysian Conventional and Islamic Equity Mutual Fund

Malaysian Conventional and Islamic Equity Mutual Fund An Analysis Of Companies Portfolio Performance Using Sharpe Ratio: A Study On The Differences Of Performance Between Malaysian Conventional And Islamic Equity Mutual Fund In 2007 1.0 Introduction 1.0.1 Chapter Description In this chapter, explaining the background of the study, problem statement, objectives of the study, hypotheses, significance of this study, as well as the scope and limitations during the process of completing this study. 1.0.2 Background of the Study Portfolio evaluation is on the time before 1960. Investors evaluated portfolio performance almost entirely on the basis of the rate of return. They were aware of the concept of risk but did not know how to quantify or measure it, so they could consider it explicitly. Developments in portfolio theory in the early 1960s showed investors on how to quantify and measure risk in terms of the variability of returns. Still, because no single measure combined both return and risk, the two factors had to be considered separately as researchers such as Friend, Blume, and Crockett (1970). Specifically, the investigators grouped portfolios into similar risk classes based on a measure of risk (such as the variance of return) and compared the rates of return for alternative portfolios directly within these risk classes. Before 1960, investors evaluated portfolio performance almost entirely on the rate of return, although they knew that risk was a very important variable in determining investment success. The reason for omitting risk was the lack of knowledge on how to measure and quantify it. After the development of portfolio theory in early 60s, and CAPM in subsequent years, risk, measured as either by standard deviation or beta, was included in evaluation process. However, since there was not a single measure combining return and risk, two factors were to be considered separately that were researchers grouped portfolios into similar risk classes and compared rates of return of portfolios in the same risk class. There are many kinds of measurement such as Jensen, Treynor and also Sharpe to evaluate the companys portfolio performance. Jensens alpha has been a popular performance measure because it is a return concept. Related to Dr. William F. Sharpes contribution to style analysis of investment performance, the Sharpes alpha is related to the Jensens alpha in the sense that both measures excess returns. They differ, however, in the selection and construction of benchmarks. Sharpe (1966) developed a composite index which was very similar to the Treynor measure, the only difference was that it was being used as standard deviation, instead of beta. To measure the portfolio risk, the researcher needs the average rate of return for Portfolio during a specified time period, the average rate of return on risk-free rate during the same period, Sharpe performance index and the standard deviation of the rate of return for Portfolio during the time period. Sharpe preferred to compare portfolios to the capital market line (CML) rather than the security market line (SML). Sharpe index, therefore, evaluated funds performance based on both rate of return and diversification (Sharpe 1967). For a completely diversified portfolio Treynor and Sharpe indices would give identical rankings. Although the mutual fund industry in Malaysia started as far back as 1959 with the establishment of the Malayan Unit Trust Ltd, the development of the industry did not take-off until the 1980s with the launching of the Amanah Saham Nasional (ASN). In 2004, the Commission approved 17 new Syariah-based unit trust funds, bringing the total number of such funds to 71 or 24.4% of the total 291 approved funds in the industry as at the end of 2004 (2003: 55 funds or 24.3% of the total industry). Of the 71 Syariah-based unit trust funds, 14 were balanced funds, 14 were bond funds, 39 were equity funds, 2 two were fixed income funds and two were money market funds. The number of units in circulation for Syariah-based unit trust funds also increased from 8.59 billion units as at the end of 2003 to 13.16 billion units in 2004. The number of accounts registered an increase of 23.4% or 80,848 accounts, with a total of 427,000 accounts in 2004. One conventional fund made changes to its investment objectives and operations which enabled it to comply with the requirements of Syariah-based unit trust funds. In terms of value, the NAV of Syariah-based unit trust funds grew to RM6.76 billion representing 7.7% of the industry, an increase of 0.9% from the previous year. Over a 10-year period (1995-2004), the NAV of Syariah-based unit trust funds grew at a compounded annual growth rate (CAGR) of 26.18% while the overall industry CAGR was 7.89%. The recognition of the increasing dominance and importance of unit trusts as an investment instrument has spurred researchers to devise appropriate techniques to assess portfolio performance. The earlier works by Sharpe (1966), Treynor (1965) and Jensen (1968) represented significant contributions to the evaluation of portfolio performance. Therefore, the primary aim of this paper is to present new evidences for the analysis of companies portfolio performance using Sharpe ratio by studying the differences the performance between Malaysian conventional and Islamic Equity Mutual Fund in 2007. 1.0.3 Overview of Conventional and Islamic Mutual Fund Mutual fund or better known as unit trust in Malaysia is an investment vehicle created by asset management companies specializing in pooling savings from both retail and institutional investors. Individual investors seeking liquidity, portfolio diversification and investment expertise are increasingly choosing unit trust funds as their investment vehicle. However, these investors do differ in their preferences based on their risk threshold, liquidity needs and their needs to comply with religious requirement. In the Malaysian context, the performance of mutual funds or more popularly known as unit trust funds as reported by Shamsher and Annuar (1995), Tan (1995), Leong and Aw (1997), Annuar et al,. (1997) and Low and Noor A. Ghazali (2005) concluded that on average, funds were unable to beat the market. The number of unit trust has grown dramatically in recent years. Unit trusts are now the preferred way for individual investors and many institutions to participate in the capital markets, and their popularity has increased demand for evaluations of fund performance. Muslims are not allowed to invest in standard mutual funds since their religion prohibits them from investing in certain equities, like those of banks or companies that deal in pork, alcohol, pornography and certain entertainment related products. An Islamic mutual fund is similar to a â€Å"conventional† mutual fund in many ways; however, unlike its â€Å"conventional† counterpart, an Islamic mutual fund must conform to the Sharia (Islamic Law) investment precepts. The Sharia encourages the use of profit sharing and partnership schemes, and forbids riba (interest), maysir (gambling and pure games of chance), and gharar (selling something that is not owned or that cannot be described in accurate detail; i.e., in terms of type, size and amount) (El-Gamal 2000). The Sharia guidelines and principles govern several aspects of an Islamic mutual fund, including its asset allocation (portfolio screening), investment and trading practices, and income distribution (purification). When selecting investments for their portfolio (asset allocation), conventional mutual funds can freely choose between debt-bearing investments and profit-bearing investment, and invest across the spectrum of all available industries. An Islamic mutual fund, however, must set up screens in order to select those companies that meet its qualitative and quantitative criteria set by Sharia guidelines. 1.1 Problem Statement At some levels, people are always interested in evaluating the performance of their investments. Having to spend the time and incurred the expense to design an asset allocation strategy and select the specific set of securities to form their portfolios, investors whether they are individuals, corporations, or financial institutions. It must be periodically determined whether this effort is worthwhile. Investors in managing their own portfolios should evaluate their performance, as should those who pay one or several professional money managers to make these decisions for them. It is imperative to determine the realized investment performance which justifies the additional costs of engaging professional management. Comparing a portfolios historical returns to those produced by other managers or indexes can be instructive; such comparisons do not produce a complete picture of the portfolios performance. Indeed, the central tenet of the modern approach to performance measurement is that it is impossible to make a thorough evaluation of an investment without explicitly control the risk of the portfolio. Given the complexity and importance of the issues involved, it is not a surprise to learn that there is not a single universally accepted procedure for risk-adjusting portfolio returns. Nevertheless, there are several techniques that are commonly employed. Some previous studies found results that are inconsistent with Chuas findings. These studies include Ewe (1994), Shamsher and Annuar (1995), and Tan (1995). Shamsher and Annuar (1995), focused their study on the performance of 54 unit trusts covering the period of late 80s to early 90s. They found out that the returns on investment in unit trust were well below the risk free and market returns. Furthermore, the results indicated that not only the degree of portfolios diversification was below expectation but the actual returns and risk characteristics of funds were also inconsistent with their stated objectives. Tan (1995) analyzed performance of 12 unit trusts over a 10-year period, 1984-1993. He concluded that unit trusts in general perform worse than the market portfolio. Consistent with Chuas findings, Tan also concluded that government sponsored funds performed better than private funds. As we can see, there are three portfolio performance evaluation techniques that comprise the basic ‘toolkit for measuring risk-adjusted performance. Although some redundancy exists among these measures, each of them provides unique perspectives, so that best viewed as complementary measures. In particular, examining the controversy surrounding the selection of the proper benchmark to use in the risk-adjustment process and discussing why these benchmark problems become larger when beginning to invest globally. From here, how to evaluate the performance of the investments in order to reduce the risk taken? What measurement can contribute to evaluating a good investment? Therefore, it is interesting to analyze the companies portfolio performance by studying on the differences in the performance between conventional and Islamic equity mutual fund in Malaysia by using Sharpe ratio. 1.2 Objectives of Research The general purpose of this study is to analyze the companies portfolio performance using Sharpe ratio by studying on the differences in the performance between conventional and Islamic equity mutual fund in Malaysia. A careful review on those questions has led to the development of the following specific research objectives which are: i. To measure and rank both relative quantitative performances of mutual fund (conventional/Islamic) on the basis of their return, total risk, coefficient of variation and Sharpe ratio. The term performance contains both the return and the risk undertaken by these mutual funds. ii. To investigate whether both mutual funds (conventional/Islamic) are earning higher returns than the benchmark returns (or market Portfolio/Index returns) in terms of risk. iii. To determine the relationship between dependent variable and independent variable. 1.3 Scope of Study The study is on the analysis of the companies portfolio performance in determining the measure of average daily return, total risk (standard deviation), coefficient of variation and Sharpe ratio. Moreover, to observe the differences in terms of performance between conventional and Islamic mutual fund in the context of Malaysian capital market by comparing them to the stock market index or Kuala Lumpur Composite Index (KLCI) benchmark. The scopes of the study are stated as follow:  § The relationship between two variables: the return on equity mutual fund as the dependent variable whereas the return on stock market index (KLCI) as the independent variable for conventional and Islamic fund.  § The period of study will cover one (1) year starting from January 2007 to December 2007 using the daily basis collected from The Star and New Straits Times newspapers and also from the internet.  § This research will also focus on the conventional and Islamic Equity Mutual Fund companies available in Malaysia. 1.4 Theoretical Framework The theoretical framework shows the relationship between the independent variables and dependent variable. The independent variable is the return on KLCI while the dependent variable is the return of Equity Mutual fund companies in Malaysia. Schematic diagram for the theoretical framework in this study is as follows: Market Index Equity Fund Market Index Islamic Equity Fund Independent Variable Dependent Variable 1.5 Hypotheses According to Uma Sekaran (2003), a hypothesis can be defined as a logically conjectured relationship between two or more variables expressed in the form of testable statement. Hypothesis can be divided into two categories which are Ho which is a Null Hypothesis and Ha which is an Alternate Hypothesis. The term â€Å"null† can be thought of as meaning â€Å"no change† or â€Å"no difference†. The second hypothesis is called alternative hypothesis. It is summary of the case if the null hypothesis is not true. It is stated that Ha, the alternative hypothesis is a statement of a view that has been prepared to be accepted if Ho is rejected. The hypotheses of this study are: Hypothesis 1: Ho: There is no relationship between the return on KLCI and the return on Conventional equity mutual fund. Ha: There is a relationship between the return on KLCI and the return on Conventional equity mutual fund. Hypothesis 2: Ho: There is no relationship between the return on KLCI and the return on Islamic equity mutual fund. Ha: There is a relationship between the return on KLCI and the return on Islamic equity mutual fund. 1.6 Limitations of the Study Data Collection and Cost Limitation The major source of data gained is from the secondary sources. The data is only available at certain places and it requires cost to obtain the data. Besides, it also requires costs in the process of printing, photocopying, data services and transportations to obtain the information. The information about the topic studied is also difficult to search in the library because of the limited information. As a result, it causes problems to the researcher to gather and collect the information. The information and data related to the study is rather difficult to obtain. Thus, the accuracy of the study depends on the accuracy of the data available and may not perfectly precise. In addition, data is also limited since it relies on the secondary sources alone. Lack of Experience and Expertise Since this research is the first research experience for the researcher, undoubtedly there are still lots of things to improve. The lacks of experience especially in data collection and time management have been the limitations to the researcher. Moreover, the researcher has limited knowledge on the topic and needs more understanding on the topic studied. Time Constraint Time is very limited for the researcher to complete the research. The researcher has to be very smart in scheduling the time to make sure the research is completed in time. Thus, time constraint has been identified as one of the limitations for the researcher. 1.7 Significance of the Study This research analyzes on the companies portfolio performance using Sharpe ratio by studying on the differences in the performance between conventional and Islamic Equity Mutual Fund in Malaysia. Therefore this study will provide some information that can be useful because the data and findings from this research will help other researchers to produce better result in their research. This research is also significant to: To Researcher As a finance student, issues in measuring portfolio performance are so much important and crucial. By studying about measurement of portfolio performance in depth, a better understanding and knowledge is gained. This research has given the researcher the opportunity to get the experience in practice as well as in theories. To other researcher This study also can be a useful reference to other researchers who are keen to carry on the study regarding the performance of mutual fund in Malaysia. There are several fruitful areas in this study that can be further examined by other researchers. Further study will give an opportunity to other researchers to expand their view and knowledge. To do so, they need to refer to numerous literatures and hopefully, this research can come in handy for them. To Finance Students This research will be very useful for finance students in having more knowledge about the companys portfolio performance and the differences in the performance between conventional and Islamic Equity Mutual fund in Malaysia. They can use this research as a guide and as references in their studies in portfolio management and mutual fund in Malaysia. To Businesses This research is very important to businesses in realizing the effects of portfolio management on their performance. This is important so that they will have clear direction in deciding their investment. To Investors This study plays an important role in decision making since it gives the investors a prior knowledge of which Equity Mutual Fund companies is the best to invest and whether those companies provide high returns on investment. Moreover, revealing the specific volatility patterns in returns might also benefit investors in risk management and portfolio optimization. This research is also important to investors so that they can have a clearer picture of their investment choices. For investors the study can help them to know the risk and return of their investment transaction. 1.8 Definition of Terms Portfolio A collection of investments are all owned by the same individual or organization. These investments often include stocks, which are investments in individual businesses; bonds, which are investments in debt that are designed to earn interest; and mutual funds, which are essentially pools of money from many investors that are invested by professionals or according to indices. Sharpe Ratio A risk-adjusted measure developed by William F. Sharpe, calculated using standard deviation and excess return to determine reward per unit of risk. The higher the Sharpe ratio, the better the funds historical risk-adjusted performance. Mutual Fund (Unit Trust) A form of collective investment constituted under a trust deed or a pooled investment plan where the capital contributions of investors are combined into a legally formed trust fund. Equity fund Equity fund or stock fund is a fund that invests in Equities more commonly known as stocks. Such funds are typically held either in stock or cash, as opposed to bonds, notes or other securities. Return Based on Investopedia definition, return can be defined as the gain or lossof an investment over a specified period, expressed asa percentage increase over the initial investment cost. Gains on investments are considered to beany income received from the security, plus realized capital gains. Risk The quantifiable likelihood of loss or less-than-expected returns Risk-adjusted return A measure of how much an investment returned in relation to the amount of risk it took on. Often used to compare a high-risk, potentially high-return investment with a low-risk, lower-return investment. Benchmark A standard, used for comparison. For example, the Nasdaq may be used as a benchmark against which the performance of a technology stock is compared. Regression Analysis A statistical technique used to find relationships between variables for the purpose of predicting future values. Coefficient of Determination A measure of the correlation between the dependent and independent variables in a regression analysis. R-squared A measurement of how closely a portfolios performance correlates with the performance of a benchmark index, such as the SP 500, and thus a measurement of what portion of its performance can be explained by the performance of the overall market or index. Values for r-squared range from 0 to 1, where 0 indicates no correlation and 1 indicates perfect correlation. Kuala Lumpur Composite Index (KLCI) The Kuala Lumpur Composite Index (KLCI) is a stock market index generally accepted as the local stock market barometer. KLCI was introduced in 1986 to public the need for a stock market index which would serve as an accurate performance indicator of the Malaysian stock market as well as the economy. It is used to be the main index, and is now one of the three primary indices for the Malaysian stock market which the other two are FMB30 and FMBEMAS, Bursa Malaysia. It contains 100 companies from the Main Board with approximately 500 to 650 listed companies in the Main Board which comprise of multi-sectors companies across the year 2000 to 2006 and is a capitalization-weighted index. 2.0 Literature Review 2.1 Chapter Description Literature review is the documentation of a comprehensive review of the published and unpublished work from the secondary sources of data in the areas of specific interest to the researcher. The reason of the literature review is to ensure that no important variable that has in the past been founded repeatedly to have an impact on the problem is ignored. (Uma Sekaran, 2005 page 63). 2.2 Literature Review of Evaluated Portfolio Performance Craig W. French (2003) discussed on what is involved in evaluating portfolio performance, including the need to adjust for differential risk and differential time periods, the need for a benchmark, and constraints on portfolio managers. It also considered the difference between the portfolios performance and the managers performance. For measurement this paper used well-known risk-adjusted (composite) measures of Sharpe portfolio performance. Investors who had all (or substantially all) of their assets in a portfolio of securities should rely more on the Sharpe measure because total risk is important. Joel Owen and Ramon Rabinovitch (1998), for the last four decades, numerous authors have been suggesting methods to evaluate portfolio performance. Sharpe (1966) proposed performance measures which had produced a score for every portfolio being evaluated. These scores were used to compare the performance of any two portfolios or rank the performance of all portfolios in a given set. The earlier works by Sharpe (1966), Treynor (1965) and Jensen (1968) represented significant contributions to the evaluation of portfolio performance. 2.3 Literature Review of Sharpe Ratio Francisco Peà ±aranda (2007) in her paper commented on developments beyond mean-variance preferences to some alternatives to the Sharpe ratio. The main goal of those measures was to give a similar ranking to Sharpe ratios when returns were symmetrically distributed and showed a preference for skewness when they were not. Moreover, performance measures could be used to guide asset allocation since they can be used as the criterion to maximize with portfolio. Raphie Hayat (2006), the attractiveness of the Sharpe Ratio came from its intuitiveness and simplicity. The Sharpe Ratio are simple because it could rank funds on the base of a single and intuitive since it only rewarded funds with a higher ratio if their returns were higher with the same level of risk or if the risk was lowered while keeping the same level of return. Zhidong Bai, Keyan Wang, and Wing-Keung Wong (2006) stated that the asset performance evaluation was one of the most important areas in investment analysis. In order to compare the performance among assets, several statistics had been developed and among them, the Sharpe-ratio statistic was the most prevalent. However, the major limitation of the Sharpe-ratio statistic was that its distribution is only valid asymptotically, but not valid for small samples. Nevertheless, it was important in finance to test the performance among assets for small samples. Tzu-Wei Kuo and Cesario Mateus (2006), the Sharpe ratio was well known risk-adjusted performance measures and easily understood by an individual investor. Thus, investors could evaluate the exchange-traded funds (ETFs) performance, based on the Sharpe ratio. However, the Sharpe ratio relied on the assumption that returns were normally distributed having these measures difficulty in evaluating the performance with skewed return distributions. Martin Eling and Frank Schuhmacher said that the classic Sharpe ratio was adequate in evaluating investment funds when the returns of those funds were normally distributed and the investor intended to place all his risky assets into just one investment fund. Because hedge fund returns differed significantly from a normal distribution, other performance measures had been proposed and encouraged in both academic and practice-oriented literature. The Sharpe ratio measured the performance of an investment fund by considering the relationship between the risk premium and the standard deviation of the returns generated by a fund. The Sharpe ratio were an adequate performance measure if the returns of the investment funds were normally distributed and the investor wished to place all his risky assets in just one investment fund. Andreas G Merikas, Anna A Merikas and Ioannis Sorros (2005) examined the exact relationship between the Sharpe ratio and the information ratio. Sharpe in 1994 asserted that the information ratio was a generalized Sharpe ratio. Sharpe ratios had been estimated for each fund in each category, and an average ratio for each category. The Sharpe ratio would generally be positive since excess returns of funds over the risk free rate would be positive, unlike excess returns of funds over the market, which could be negative, as the return of the risk free bond was smaller but at the same time less volatile than the return of the market. Cheryl J. Frohlich, Anita Pennathur and Oliver Schnusenberg in their research, Sharpe reward-to-variability ratio was used if total variability was thought to be the appropriate measure of risk, a stocks (portfolios) risk-adjusted returns could be computed using the Sharpe Index. The Sharpe and Treynor Index eliminated the problem of only considering return as a measure of performance. However, neither ratio was independent of the time period over which it is measured. This means that the ratio can change from one period to another with different results. Moreover, both ratios also ignored the correlation of a fund with other assets, liabilities, or previous realizations of its own return. Mario Onorato (2004), the Sharpe Ratio of any investment was defined as its excess return, it is return in excess of a benchmark return divided by the standard deviation of excess return. The benchmark represents a risk free investment alternative. Moreover, although the Sharpe ratio has become part of the modern financial analysis, its applications typically did not account for the fact that it was an estimated quantity, subject to estimation errors that would be substantial in some cases. The statistical properties of Sharpe ratios depended intimately on the statistical properties of the return series on which they are based. This suggests that a more sophisticated approach to interpreting Sharpe ratios is called for, one that incorporates information about the investment style that generates the returns and the market environment in which those returns are generated. Wei Zhen (2004), in his paper said that the Sharpe (1966) and Treynor (1965) performance measures were widely accepted in both academia and industry to assess the Risk-adjusted value of a particular portfolio. It could be shown, after some mathematical treatment, that the Sharpe performance measure was useful when the portfolio of interest represented all of the investors investment, while Treynors measure was preferred when the portfolio under discussion was only a portion of the whole investment package. Robert McCauley and Guorong Jiang (2004), through the Sharpe ratio it compared the returns of portfolios in relation to their risk by dividing their returns in excess of the riskless rate of return by the volatility of their returns. A portfolio with a higher Sharpe ratio was preferred in that it offered a higher return per unit of risk, as measured by return volatility. William Goetzmann, Jonathan Ingersoll, Matthew Spiegel and Ivo Welch (2002), the Sharpe ratio is one of the most common measures of portfolio performance. It was used as a tool for evaluating and predicting the performance of mutual fund managers. Since then the Sharpe ratio, and its close analogues the Information ratio, the squared Sharpe ratio and M-squared, have become widely used in practice to rank investment managers and to evaluate the attractiveness of investment strategies in general. The appeal of the Sharpe measure was clear. It was an affine transformation of a simple t-test for equality in means of two variables, the first variable being the managers time series of returns and the second being a benchmark. The Sharpe ratio was also ubiquitous in academic research as a metric for bounding asset prices. Andrew Worthington and Helen Higgs (2002), the Sharpe ratio (also known as the reward-to-volatility ratio) indicated the excess return per unit of risk and was calculated by dividing the return in excess of the risk-free rate by the standard deviation of returns. In the current context, the Sharpe ratio was the most appropriate performance measure for an investor whose portfolio was composed wholly of a given artists work. Verena Kugi (1999), the Sharpe ratio measured the change in the portfolios return with respect to a one unit change in the portfolios risk. The higher this Reward-to-Variability-Ratio the more attractive was the evaluated portfolio because the investor received more compensation for the same increase in risk. Graphically, the Sharpe ratio was equal to the slope of a straight line connecting the position of the evaluated portfolio, for example a fund, with the risk-free rate. To determine the quality of performance, the Sharpe index of the evaluated portfolio was compared to the Sharpe index of the market or benchmark portfolio. The portfolios Sharpe index being higher than the markets Sharpe index indicated that the portfolio manager had outperformed the market. Respectively, a lower Sharpe ratio was a sign of underperformance. Any portfolio that was positioned on the capital market line had a Sharpe ratio equal to that of the market and was therefore characterized by neutral perform ance. Youguo Liang and Willard McIntosh (1998), the Sharpes alpha captured the excess return of Malaysian Conventional and Islamic Equity Mutual Fund Malaysian Conventional and Islamic Equity Mutual Fund An Analysis Of Companies Portfolio Performance Using Sharpe Ratio: A Study On The Differences Of Performance Between Malaysian Conventional And Islamic Equity Mutual Fund In 2007 1.0 Introduction 1.0.1 Chapter Description In this chapter, explaining the background of the study, problem statement, objectives of the study, hypotheses, significance of this study, as well as the scope and limitations during the process of completing this study. 1.0.2 Background of the Study Portfolio evaluation is on the time before 1960. Investors evaluated portfolio performance almost entirely on the basis of the rate of return. They were aware of the concept of risk but did not know how to quantify or measure it, so they could consider it explicitly. Developments in portfolio theory in the early 1960s showed investors on how to quantify and measure risk in terms of the variability of returns. Still, because no single measure combined both return and risk, the two factors had to be considered separately as researchers such as Friend, Blume, and Crockett (1970). Specifically, the investigators grouped portfolios into similar risk classes based on a measure of risk (such as the variance of return) and compared the rates of return for alternative portfolios directly within these risk classes. Before 1960, investors evaluated portfolio performance almost entirely on the rate of return, although they knew that risk was a very important variable in determining investment success. The reason for omitting risk was the lack of knowledge on how to measure and quantify it. After the development of portfolio theory in early 60s, and CAPM in subsequent years, risk, measured as either by standard deviation or beta, was included in evaluation process. However, since there was not a single measure combining return and risk, two factors were to be considered separately that were researchers grouped portfolios into similar risk classes and compared rates of return of portfolios in the same risk class. There are many kinds of measurement such as Jensen, Treynor and also Sharpe to evaluate the companys portfolio performance. Jensens alpha has been a popular performance measure because it is a return concept. Related to Dr. William F. Sharpes contribution to style analysis of investment performance, the Sharpes alpha is related to the Jensens alpha in the sense that both measures excess returns. They differ, however, in the selection and construction of benchmarks. Sharpe (1966) developed a composite index which was very similar to the Treynor measure, the only difference was that it was being used as standard deviation, instead of beta. To measure the portfolio risk, the researcher needs the average rate of return for Portfolio during a specified time period, the average rate of return on risk-free rate during the same period, Sharpe performance index and the standard deviation of the rate of return for Portfolio during the time period. Sharpe preferred to compare portfolios to the capital market line (CML) rather than the security market line (SML). Sharpe index, therefore, evaluated funds performance based on both rate of return and diversification (Sharpe 1967). For a completely diversified portfolio Treynor and Sharpe indices would give identical rankings. Although the mutual fund industry in Malaysia started as far back as 1959 with the establishment of the Malayan Unit Trust Ltd, the development of the industry did not take-off until the 1980s with the launching of the Amanah Saham Nasional (ASN). In 2004, the Commission approved 17 new Syariah-based unit trust funds, bringing the total number of such funds to 71 or 24.4% of the total 291 approved funds in the industry as at the end of 2004 (2003: 55 funds or 24.3% of the total industry). Of the 71 Syariah-based unit trust funds, 14 were balanced funds, 14 were bond funds, 39 were equity funds, 2 two were fixed income funds and two were money market funds. The number of units in circulation for Syariah-based unit trust funds also increased from 8.59 billion units as at the end of 2003 to 13.16 billion units in 2004. The number of accounts registered an increase of 23.4% or 80,848 accounts, with a total of 427,000 accounts in 2004. One conventional fund made changes to its investment objectives and operations which enabled it to comply with the requirements of Syariah-based unit trust funds. In terms of value, the NAV of Syariah-based unit trust funds grew to RM6.76 billion representing 7.7% of the industry, an increase of 0.9% from the previous year. Over a 10-year period (1995-2004), the NAV of Syariah-based unit trust funds grew at a compounded annual growth rate (CAGR) of 26.18% while the overall industry CAGR was 7.89%. The recognition of the increasing dominance and importance of unit trusts as an investment instrument has spurred researchers to devise appropriate techniques to assess portfolio performance. The earlier works by Sharpe (1966), Treynor (1965) and Jensen (1968) represented significant contributions to the evaluation of portfolio performance. Therefore, the primary aim of this paper is to present new evidences for the analysis of companies portfolio performance using Sharpe ratio by studying the differences the performance between Malaysian conventional and Islamic Equity Mutual Fund in 2007. 1.0.3 Overview of Conventional and Islamic Mutual Fund Mutual fund or better known as unit trust in Malaysia is an investment vehicle created by asset management companies specializing in pooling savings from both retail and institutional investors. Individual investors seeking liquidity, portfolio diversification and investment expertise are increasingly choosing unit trust funds as their investment vehicle. However, these investors do differ in their preferences based on their risk threshold, liquidity needs and their needs to comply with religious requirement. In the Malaysian context, the performance of mutual funds or more popularly known as unit trust funds as reported by Shamsher and Annuar (1995), Tan (1995), Leong and Aw (1997), Annuar et al,. (1997) and Low and Noor A. Ghazali (2005) concluded that on average, funds were unable to beat the market. The number of unit trust has grown dramatically in recent years. Unit trusts are now the preferred way for individual investors and many institutions to participate in the capital markets, and their popularity has increased demand for evaluations of fund performance. Muslims are not allowed to invest in standard mutual funds since their religion prohibits them from investing in certain equities, like those of banks or companies that deal in pork, alcohol, pornography and certain entertainment related products. An Islamic mutual fund is similar to a â€Å"conventional† mutual fund in many ways; however, unlike its â€Å"conventional† counterpart, an Islamic mutual fund must conform to the Sharia (Islamic Law) investment precepts. The Sharia encourages the use of profit sharing and partnership schemes, and forbids riba (interest), maysir (gambling and pure games of chance), and gharar (selling something that is not owned or that cannot be described in accurate detail; i.e., in terms of type, size and amount) (El-Gamal 2000). The Sharia guidelines and principles govern several aspects of an Islamic mutual fund, including its asset allocation (portfolio screening), investment and trading practices, and income distribution (purification). When selecting investments for their portfolio (asset allocation), conventional mutual funds can freely choose between debt-bearing investments and profit-bearing investment, and invest across the spectrum of all available industries. An Islamic mutual fund, however, must set up screens in order to select those companies that meet its qualitative and quantitative criteria set by Sharia guidelines. 1.1 Problem Statement At some levels, people are always interested in evaluating the performance of their investments. Having to spend the time and incurred the expense to design an asset allocation strategy and select the specific set of securities to form their portfolios, investors whether they are individuals, corporations, or financial institutions. It must be periodically determined whether this effort is worthwhile. Investors in managing their own portfolios should evaluate their performance, as should those who pay one or several professional money managers to make these decisions for them. It is imperative to determine the realized investment performance which justifies the additional costs of engaging professional management. Comparing a portfolios historical returns to those produced by other managers or indexes can be instructive; such comparisons do not produce a complete picture of the portfolios performance. Indeed, the central tenet of the modern approach to performance measurement is that it is impossible to make a thorough evaluation of an investment without explicitly control the risk of the portfolio. Given the complexity and importance of the issues involved, it is not a surprise to learn that there is not a single universally accepted procedure for risk-adjusting portfolio returns. Nevertheless, there are several techniques that are commonly employed. Some previous studies found results that are inconsistent with Chuas findings. These studies include Ewe (1994), Shamsher and Annuar (1995), and Tan (1995). Shamsher and Annuar (1995), focused their study on the performance of 54 unit trusts covering the period of late 80s to early 90s. They found out that the returns on investment in unit trust were well below the risk free and market returns. Furthermore, the results indicated that not only the degree of portfolios diversification was below expectation but the actual returns and risk characteristics of funds were also inconsistent with their stated objectives. Tan (1995) analyzed performance of 12 unit trusts over a 10-year period, 1984-1993. He concluded that unit trusts in general perform worse than the market portfolio. Consistent with Chuas findings, Tan also concluded that government sponsored funds performed better than private funds. As we can see, there are three portfolio performance evaluation techniques that comprise the basic ‘toolkit for measuring risk-adjusted performance. Although some redundancy exists among these measures, each of them provides unique perspectives, so that best viewed as complementary measures. In particular, examining the controversy surrounding the selection of the proper benchmark to use in the risk-adjustment process and discussing why these benchmark problems become larger when beginning to invest globally. From here, how to evaluate the performance of the investments in order to reduce the risk taken? What measurement can contribute to evaluating a good investment? Therefore, it is interesting to analyze the companies portfolio performance by studying on the differences in the performance between conventional and Islamic equity mutual fund in Malaysia by using Sharpe ratio. 1.2 Objectives of Research The general purpose of this study is to analyze the companies portfolio performance using Sharpe ratio by studying on the differences in the performance between conventional and Islamic equity mutual fund in Malaysia. A careful review on those questions has led to the development of the following specific research objectives which are: i. To measure and rank both relative quantitative performances of mutual fund (conventional/Islamic) on the basis of their return, total risk, coefficient of variation and Sharpe ratio. The term performance contains both the return and the risk undertaken by these mutual funds. ii. To investigate whether both mutual funds (conventional/Islamic) are earning higher returns than the benchmark returns (or market Portfolio/Index returns) in terms of risk. iii. To determine the relationship between dependent variable and independent variable. 1.3 Scope of Study The study is on the analysis of the companies portfolio performance in determining the measure of average daily return, total risk (standard deviation), coefficient of variation and Sharpe ratio. Moreover, to observe the differences in terms of performance between conventional and Islamic mutual fund in the context of Malaysian capital market by comparing them to the stock market index or Kuala Lumpur Composite Index (KLCI) benchmark. The scopes of the study are stated as follow:  § The relationship between two variables: the return on equity mutual fund as the dependent variable whereas the return on stock market index (KLCI) as the independent variable for conventional and Islamic fund.  § The period of study will cover one (1) year starting from January 2007 to December 2007 using the daily basis collected from The Star and New Straits Times newspapers and also from the internet.  § This research will also focus on the conventional and Islamic Equity Mutual Fund companies available in Malaysia. 1.4 Theoretical Framework The theoretical framework shows the relationship between the independent variables and dependent variable. The independent variable is the return on KLCI while the dependent variable is the return of Equity Mutual fund companies in Malaysia. Schematic diagram for the theoretical framework in this study is as follows: Market Index Equity Fund Market Index Islamic Equity Fund Independent Variable Dependent Variable 1.5 Hypotheses According to Uma Sekaran (2003), a hypothesis can be defined as a logically conjectured relationship between two or more variables expressed in the form of testable statement. Hypothesis can be divided into two categories which are Ho which is a Null Hypothesis and Ha which is an Alternate Hypothesis. The term â€Å"null† can be thought of as meaning â€Å"no change† or â€Å"no difference†. The second hypothesis is called alternative hypothesis. It is summary of the case if the null hypothesis is not true. It is stated that Ha, the alternative hypothesis is a statement of a view that has been prepared to be accepted if Ho is rejected. The hypotheses of this study are: Hypothesis 1: Ho: There is no relationship between the return on KLCI and the return on Conventional equity mutual fund. Ha: There is a relationship between the return on KLCI and the return on Conventional equity mutual fund. Hypothesis 2: Ho: There is no relationship between the return on KLCI and the return on Islamic equity mutual fund. Ha: There is a relationship between the return on KLCI and the return on Islamic equity mutual fund. 1.6 Limitations of the Study Data Collection and Cost Limitation The major source of data gained is from the secondary sources. The data is only available at certain places and it requires cost to obtain the data. Besides, it also requires costs in the process of printing, photocopying, data services and transportations to obtain the information. The information about the topic studied is also difficult to search in the library because of the limited information. As a result, it causes problems to the researcher to gather and collect the information. The information and data related to the study is rather difficult to obtain. Thus, the accuracy of the study depends on the accuracy of the data available and may not perfectly precise. In addition, data is also limited since it relies on the secondary sources alone. Lack of Experience and Expertise Since this research is the first research experience for the researcher, undoubtedly there are still lots of things to improve. The lacks of experience especially in data collection and time management have been the limitations to the researcher. Moreover, the researcher has limited knowledge on the topic and needs more understanding on the topic studied. Time Constraint Time is very limited for the researcher to complete the research. The researcher has to be very smart in scheduling the time to make sure the research is completed in time. Thus, time constraint has been identified as one of the limitations for the researcher. 1.7 Significance of the Study This research analyzes on the companies portfolio performance using Sharpe ratio by studying on the differences in the performance between conventional and Islamic Equity Mutual Fund in Malaysia. Therefore this study will provide some information that can be useful because the data and findings from this research will help other researchers to produce better result in their research. This research is also significant to: To Researcher As a finance student, issues in measuring portfolio performance are so much important and crucial. By studying about measurement of portfolio performance in depth, a better understanding and knowledge is gained. This research has given the researcher the opportunity to get the experience in practice as well as in theories. To other researcher This study also can be a useful reference to other researchers who are keen to carry on the study regarding the performance of mutual fund in Malaysia. There are several fruitful areas in this study that can be further examined by other researchers. Further study will give an opportunity to other researchers to expand their view and knowledge. To do so, they need to refer to numerous literatures and hopefully, this research can come in handy for them. To Finance Students This research will be very useful for finance students in having more knowledge about the companys portfolio performance and the differences in the performance between conventional and Islamic Equity Mutual fund in Malaysia. They can use this research as a guide and as references in their studies in portfolio management and mutual fund in Malaysia. To Businesses This research is very important to businesses in realizing the effects of portfolio management on their performance. This is important so that they will have clear direction in deciding their investment. To Investors This study plays an important role in decision making since it gives the investors a prior knowledge of which Equity Mutual Fund companies is the best to invest and whether those companies provide high returns on investment. Moreover, revealing the specific volatility patterns in returns might also benefit investors in risk management and portfolio optimization. This research is also important to investors so that they can have a clearer picture of their investment choices. For investors the study can help them to know the risk and return of their investment transaction. 1.8 Definition of Terms Portfolio A collection of investments are all owned by the same individual or organization. These investments often include stocks, which are investments in individual businesses; bonds, which are investments in debt that are designed to earn interest; and mutual funds, which are essentially pools of money from many investors that are invested by professionals or according to indices. Sharpe Ratio A risk-adjusted measure developed by William F. Sharpe, calculated using standard deviation and excess return to determine reward per unit of risk. The higher the Sharpe ratio, the better the funds historical risk-adjusted performance. Mutual Fund (Unit Trust) A form of collective investment constituted under a trust deed or a pooled investment plan where the capital contributions of investors are combined into a legally formed trust fund. Equity fund Equity fund or stock fund is a fund that invests in Equities more commonly known as stocks. Such funds are typically held either in stock or cash, as opposed to bonds, notes or other securities. Return Based on Investopedia definition, return can be defined as the gain or lossof an investment over a specified period, expressed asa percentage increase over the initial investment cost. Gains on investments are considered to beany income received from the security, plus realized capital gains. Risk The quantifiable likelihood of loss or less-than-expected returns Risk-adjusted return A measure of how much an investment returned in relation to the amount of risk it took on. Often used to compare a high-risk, potentially high-return investment with a low-risk, lower-return investment. Benchmark A standard, used for comparison. For example, the Nasdaq may be used as a benchmark against which the performance of a technology stock is compared. Regression Analysis A statistical technique used to find relationships between variables for the purpose of predicting future values. Coefficient of Determination A measure of the correlation between the dependent and independent variables in a regression analysis. R-squared A measurement of how closely a portfolios performance correlates with the performance of a benchmark index, such as the SP 500, and thus a measurement of what portion of its performance can be explained by the performance of the overall market or index. Values for r-squared range from 0 to 1, where 0 indicates no correlation and 1 indicates perfect correlation. Kuala Lumpur Composite Index (KLCI) The Kuala Lumpur Composite Index (KLCI) is a stock market index generally accepted as the local stock market barometer. KLCI was introduced in 1986 to public the need for a stock market index which would serve as an accurate performance indicator of the Malaysian stock market as well as the economy. It is used to be the main index, and is now one of the three primary indices for the Malaysian stock market which the other two are FMB30 and FMBEMAS, Bursa Malaysia. It contains 100 companies from the Main Board with approximately 500 to 650 listed companies in the Main Board which comprise of multi-sectors companies across the year 2000 to 2006 and is a capitalization-weighted index. 2.0 Literature Review 2.1 Chapter Description Literature review is the documentation of a comprehensive review of the published and unpublished work from the secondary sources of data in the areas of specific interest to the researcher. The reason of the literature review is to ensure that no important variable that has in the past been founded repeatedly to have an impact on the problem is ignored. (Uma Sekaran, 2005 page 63). 2.2 Literature Review of Evaluated Portfolio Performance Craig W. French (2003) discussed on what is involved in evaluating portfolio performance, including the need to adjust for differential risk and differential time periods, the need for a benchmark, and constraints on portfolio managers. It also considered the difference between the portfolios performance and the managers performance. For measurement this paper used well-known risk-adjusted (composite) measures of Sharpe portfolio performance. Investors who had all (or substantially all) of their assets in a portfolio of securities should rely more on the Sharpe measure because total risk is important. Joel Owen and Ramon Rabinovitch (1998), for the last four decades, numerous authors have been suggesting methods to evaluate portfolio performance. Sharpe (1966) proposed performance measures which had produced a score for every portfolio being evaluated. These scores were used to compare the performance of any two portfolios or rank the performance of all portfolios in a given set. The earlier works by Sharpe (1966), Treynor (1965) and Jensen (1968) represented significant contributions to the evaluation of portfolio performance. 2.3 Literature Review of Sharpe Ratio Francisco Peà ±aranda (2007) in her paper commented on developments beyond mean-variance preferences to some alternatives to the Sharpe ratio. The main goal of those measures was to give a similar ranking to Sharpe ratios when returns were symmetrically distributed and showed a preference for skewness when they were not. Moreover, performance measures could be used to guide asset allocation since they can be used as the criterion to maximize with portfolio. Raphie Hayat (2006), the attractiveness of the Sharpe Ratio came from its intuitiveness and simplicity. The Sharpe Ratio are simple because it could rank funds on the base of a single and intuitive since it only rewarded funds with a higher ratio if their returns were higher with the same level of risk or if the risk was lowered while keeping the same level of return. Zhidong Bai, Keyan Wang, and Wing-Keung Wong (2006) stated that the asset performance evaluation was one of the most important areas in investment analysis. In order to compare the performance among assets, several statistics had been developed and among them, the Sharpe-ratio statistic was the most prevalent. However, the major limitation of the Sharpe-ratio statistic was that its distribution is only valid asymptotically, but not valid for small samples. Nevertheless, it was important in finance to test the performance among assets for small samples. Tzu-Wei Kuo and Cesario Mateus (2006), the Sharpe ratio was well known risk-adjusted performance measures and easily understood by an individual investor. Thus, investors could evaluate the exchange-traded funds (ETFs) performance, based on the Sharpe ratio. However, the Sharpe ratio relied on the assumption that returns were normally distributed having these measures difficulty in evaluating the performance with skewed return distributions. Martin Eling and Frank Schuhmacher said that the classic Sharpe ratio was adequate in evaluating investment funds when the returns of those funds were normally distributed and the investor intended to place all his risky assets into just one investment fund. Because hedge fund returns differed significantly from a normal distribution, other performance measures had been proposed and encouraged in both academic and practice-oriented literature. The Sharpe ratio measured the performance of an investment fund by considering the relationship between the risk premium and the standard deviation of the returns generated by a fund. The Sharpe ratio were an adequate performance measure if the returns of the investment funds were normally distributed and the investor wished to place all his risky assets in just one investment fund. Andreas G Merikas, Anna A Merikas and Ioannis Sorros (2005) examined the exact relationship between the Sharpe ratio and the information ratio. Sharpe in 1994 asserted that the information ratio was a generalized Sharpe ratio. Sharpe ratios had been estimated for each fund in each category, and an average ratio for each category. The Sharpe ratio would generally be positive since excess returns of funds over the risk free rate would be positive, unlike excess returns of funds over the market, which could be negative, as the return of the risk free bond was smaller but at the same time less volatile than the return of the market. Cheryl J. Frohlich, Anita Pennathur and Oliver Schnusenberg in their research, Sharpe reward-to-variability ratio was used if total variability was thought to be the appropriate measure of risk, a stocks (portfolios) risk-adjusted returns could be computed using the Sharpe Index. The Sharpe and Treynor Index eliminated the problem of only considering return as a measure of performance. However, neither ratio was independent of the time period over which it is measured. This means that the ratio can change from one period to another with different results. Moreover, both ratios also ignored the correlation of a fund with other assets, liabilities, or previous realizations of its own return. Mario Onorato (2004), the Sharpe Ratio of any investment was defined as its excess return, it is return in excess of a benchmark return divided by the standard deviation of excess return. The benchmark represents a risk free investment alternative. Moreover, although the Sharpe ratio has become part of the modern financial analysis, its applications typically did not account for the fact that it was an estimated quantity, subject to estimation errors that would be substantial in some cases. The statistical properties of Sharpe ratios depended intimately on the statistical properties of the return series on which they are based. This suggests that a more sophisticated approach to interpreting Sharpe ratios is called for, one that incorporates information about the investment style that generates the returns and the market environment in which those returns are generated. Wei Zhen (2004), in his paper said that the Sharpe (1966) and Treynor (1965) performance measures were widely accepted in both academia and industry to assess the Risk-adjusted value of a particular portfolio. It could be shown, after some mathematical treatment, that the Sharpe performance measure was useful when the portfolio of interest represented all of the investors investment, while Treynors measure was preferred when the portfolio under discussion was only a portion of the whole investment package. Robert McCauley and Guorong Jiang (2004), through the Sharpe ratio it compared the returns of portfolios in relation to their risk by dividing their returns in excess of the riskless rate of return by the volatility of their returns. A portfolio with a higher Sharpe ratio was preferred in that it offered a higher return per unit of risk, as measured by return volatility. William Goetzmann, Jonathan Ingersoll, Matthew Spiegel and Ivo Welch (2002), the Sharpe ratio is one of the most common measures of portfolio performance. It was used as a tool for evaluating and predicting the performance of mutual fund managers. Since then the Sharpe ratio, and its close analogues the Information ratio, the squared Sharpe ratio and M-squared, have become widely used in practice to rank investment managers and to evaluate the attractiveness of investment strategies in general. The appeal of the Sharpe measure was clear. It was an affine transformation of a simple t-test for equality in means of two variables, the first variable being the managers time series of returns and the second being a benchmark. The Sharpe ratio was also ubiquitous in academic research as a metric for bounding asset prices. Andrew Worthington and Helen Higgs (2002), the Sharpe ratio (also known as the reward-to-volatility ratio) indicated the excess return per unit of risk and was calculated by dividing the return in excess of the risk-free rate by the standard deviation of returns. In the current context, the Sharpe ratio was the most appropriate performance measure for an investor whose portfolio was composed wholly of a given artists work. Verena Kugi (1999), the Sharpe ratio measured the change in the portfolios return with respect to a one unit change in the portfolios risk. The higher this Reward-to-Variability-Ratio the more attractive was the evaluated portfolio because the investor received more compensation for the same increase in risk. Graphically, the Sharpe ratio was equal to the slope of a straight line connecting the position of the evaluated portfolio, for example a fund, with the risk-free rate. To determine the quality of performance, the Sharpe index of the evaluated portfolio was compared to the Sharpe index of the market or benchmark portfolio. The portfolios Sharpe index being higher than the markets Sharpe index indicated that the portfolio manager had outperformed the market. Respectively, a lower Sharpe ratio was a sign of underperformance. Any portfolio that was positioned on the capital market line had a Sharpe ratio equal to that of the market and was therefore characterized by neutral perform ance. Youguo Liang and Willard McIntosh (1998), the Sharpes alpha captured the excess return of