Mutual Funds in Business Example For Free - Free Essay Example

Sample details Pages: 18 Words: 5455 Downloads: 5 Date added: 2017/06/26 Category Business Essay Type Argumentative essay Did you like this example? A mutual fund is a collective investment scheme, which specializes in investing a pool of money collected from many investors for the purpose of investing in securities such as stocks, bonds, money market instruments and similar assets. A funds portfolio is structured and maintained to  match the investment objectives stated in its prospectus. One of the main advantages of  funds is that they give  small investors access to  professionally managed, diversified portfolios of equities, bonds and other securities, which would be quite difficult to create with a small amount of capital. Don’t waste time! Our writers will create an original "Mutual Funds in Business Example For Free" essay for you Create order 1) Income is earned from dividends on stocks and interest on bonds. A fund pays out nearly all of the  income it receives over the year to fund owners in the form of a distribution. 2) If the fund sells securities that have increased in price, the fund has a capital gain. Most funds also pass on these gains to investors in a distribution. 3) If fund holdings increase in price but are not sold by the fund manager, the funds shares increase in price. Then can sell your mutual fund shares for a profit. 1.1.2 Mutual fund industry in Pakistan: This sector is grown in Pakistan few years ago and hold around 55.3 % share in total assets of the non banks financial sectors in FY08. Net assets under management grown more than 13 times in a shorter span of time from FY02 to FY08.Average pay out for investor in FY08 was 18 % Liberalization has helped to facilitate entry of the private sector in the mutual funds industry. Historically, the industry was dominated by public sector funds. However, creation of an enabling legal framework to allow mutual funds to be set up in the private sector and transfer of ICP-managed closed end funds to two private sector investment advisers in FY03 boosted the number and size of funds under the management of the private sector, increased competition and efficiency of the sector and enhanced the quality of fund management. It also provided opportunity to financial institutions, like banks and brokerage firms, to diversify into fund management through subsidiaries and associated companies. 1.1.3 Performance Review of Non-Bank Finance Sector The public sector open-end mutual fund, NIT, by its sheer size continues to have a significant share of 31.0 percent in the net assets of the sector. As of end-June FY07, the mutual funds sector comprised of 66 funds with 47 open-end funds and19 closed-end funds. The number of funds increased to 95 by end-FY08. Open-end funds dominate the sector, due to investors preference for ease of exit and the flexibility this investment option offers. By end-FY08, the share of open-end funds in the net assets of the mutual funds sector was 86.0 percent as compared to the share of closed-end funds at 14.0 percent. Closed-end mutual funds are more suitable for long-term investors. In the absence of the continuous sale and redemption of certificates by a closed-end fund, investors can only exit the fund at the given market price of the shares/certificates in the stock market, which is generally at a discount to the NAV per share/certificate. However, lack of redemption pressure has its advantage s for the closed-end fund, particularly with respect to the ability to invest in illiquid, but high-potential small and medium-sized companies to earn high returns, optimizing investment of assets by maintaining low liquidity and saving on marketing and distribution costs. Given the usefulness of closed-end funds, necessary mechanisms may be introduced to facilitate investors who wish to exit a closed-end fund in order to address their primary concern about ease of exit. Internationally, buy-back of shares/certificates of a closed-end fund by its fund manager, prompted by trading of shares at a certain discount to the NAV, is widely used to minimize the difference between the market price of shares/certificates on the stock market and their net asset value (NAV), so that the secondary market price is not disadvantageous to investors exiting the closed-end fund. An encouraging development in the mutual funds sector is the increasing diversity of categories of funds offered for pub lic subscription, as also evident from the variety of entrants in the sector during FY08. By the close of the year, equity funds constituted almost 41.0 percent of the mutual funds sector; income funds constituted 23.9 percent, money market funds had a share of 16.2 percent, balanced funds 6.5 percent, Islamic funds 7.9 percent, while the rest consisted of miscellaneous types of funds such as tracker funds and fund of funds. While, equity funds have the largest share in the mutual funds sector in terms of the number of funds as well as the net assets under management, however, the large assortment of options for investors is a reflection of the ability of fund managers to meet the investment needs and risk profile of a variety of investors. Several studies conducted in order to evaluate the mutual fund performances while fund size has their importance in order to evaluate the fund performances. The empirical results of prior studies that examined the relationship between risk- adjusted mutual fund returns and the costs of research (the expense ratio) and costs of trading (turnover) that are associated with active investment management are conflicting (Ippolito 1993). On the other hand, Sharpe (1966) observed that mutual funds with higher reward-to-volatility ratios tend to be those with lower expenses. The growth in fund size may cause a manager to boost returns by deviating from the funds stated investment objectives. As R.B. Clelland of R.J. Metcalf Associates pointed out (Herring 1996), that Size alone does not hamper money managers; the issue is style. It really boils down to prudent restraints and portfolio diversification. With increasing size, a fund manager is likely to engage in strategies (e.g., market timing) or invest in assets that would normally not have been chosen because of policy constraints (e.g., a policy limiting change in the value-growth orientation.) Growth in the size of net assets initially provides cost advantages becau se growth increases net returns. That is, because transaction volume is relatively larger for the larger funds, brokerage commissions on the execution of trades for large firms are lower. In addition, the costs of access to data, research services, and support, as well as administrative and overhead expenses, do not rise in direct proportion to fund size. Daniel C. Indro, 1999 mentioned that effect of fund size on its return can be evaluated by measuring the relationship of funds net asset with its return. Prior studies have indicated that smaller the size of fund, the higher is its operating efficiency. Robert (1988) concluded that the smallest quartile of US funds size achieved superior performance in comparison to other quartiles. The conclusion specifically indicated that the smallest quartile had significant positive risk adjusted returns as measured by Jensen Abnormal Performance Index at 90% level of significance. Gorman (1991) also found that small mutual funds, as measured by net assets, perform slightly better than large mutual funds. These results indicate that mutual funds quickly exhaust economies of scale and experience decreased returns (Becker and Vaughan, 2001; Chen et al., 2004). Consistent with these researches, Soderlind et al. (2000) evaluated the relationship between fund performance and fund size in the Swedish market and concluded that better performance is achieved by the equity funds that are smaller in size. 1.2 Objective of Study This study is based on fund size which is an indicator of mutual fund performance measurement for fixed income and money market. Whereas size of fund, cost of transactions and performance are the main elements of evaluating mutual fund performance. Data collected of fixed income funds as well as Money market fund from 2007 to 2009. From MUFAP as well funds annual report. Size of funds, Expense ratio and Funds age variables used in this study to evaluate the performance of fixed /money market funds. The ultimate beneficial owner for this research will be investor as well as researcher who would be able to know that how all market determinants affect on mutual fund return and their performance and which factor affect most on performance and it will further elaborate that how a fixed income is safer to invest as compare to equity fund at it will also explain that how a fixed income fund is more beneficial for individual investors as well as corporate investors in comparison o f BANKS? 1.3 Hypothesis Testing In this study behavior of return with respect to fund size of fixed income fund have evaluated Fund size has a positive relationship with the return. Return ÃÆ' ¢Ãƒâ€¹Ã¢â‚¬  Ãƒâ€¦Ã‚ ¾ Size Expense ratio relationship with return of fund. Age of funds relationship with return of fund. Dependent Variables Return: Actual return mean profit over investment in a given period. In mutual fund it includes Dividend, capital gains, Interest realized in a year. Independent Variables Fund Size (asset under management): Net assets under management collected from each audited annual report and for the reliability and validity and also ensure the result from MUFAP database. In mutual fund industry net assets include bank deposits, certificate of investments, treasury bills and TFCs, TDR and all income receivables excluding short term liabilities such as NCCPL payments, SECP payments, Banks charges and so on. Fund Age: As the name shows age mean since when the fund is operating in market. Study have seen the impact of age on performance while collecting data. In this research all work done on yearly basis. Expense Ratio: A measure of  what it costs an  investment company to operate  a mutual  fund. An expense ratio is determined through an annual  calculation,  where  a funds operating expenses  are divided by the total assets under management .all expenses excluding brokerage cost or transaction cost divided by net assets under management. The largest component of operating expenses is the fee paid to a funds investment manager/advisor. Other costs include recordkeeping, custodial services, taxes, legal expenses, and accounting and auditing fees. Some funds  have a marketing cost referred to as a 12b-1 fee, which would also be included in operating expenses. All expenses and brokerage cost of different funds are available on annual reports. 1.4 Scope of Study This research consists of open ended fixed income and money market mutual funds for the period of 3 years (2007 till 2009). Majority of fixed income/money market funds launched in these 3 years. After the crisis of stock exchange investor tend to take interest in fixed income/money market funds in which capital amount remains safe. Limited studies conducted on fixed income fund in Pakistan Mutual fund industry. 1.5 Limitations of Study Fixed income and money market constitutes a major part of mutual fund industry and all these funds launched in last 3 years so study is based on 3 years performance. Only 14 income funds and 5 money market funds were operational in 2007 in Pakistan mutual fund industry in which companies were very small and can say non operational like AKD,AMZ,Noman Abid ,Dawood and so on. In this research study is focused on 15 funds which are big in size and hold some market share. CHAPTER 2 LITERATURE REVIEW In a study of (Daniel C. Indro, 1999) they mentioned that Fund size is of vital importance in order to evaluate mutual fund performance .Mutual funds must manage a minimum fund size in view of attaining satisfactory returns to substantiate their costs of obtaining and dealing with information. Moreover, there are diminishing marginal returns which becomes negative when the fund size of mutual fund exceeds. Study sample of 683 equity funds, 1993-95 periods, we evaluate that 20 % of the mutual funds were smaller fund size and 10 percent of the largest funds were over invested. Moreover value and blend fund have more to expand than growth funds from these information behavior. Growth in size of assets increases returns and offer cost advantage, this is because larger funds have more transaction volume. Previous studies related to mutual fund returns for obtaining and trading information were prove to be unsuccessful in identifying the effectiveness of investment strategy relating to f und size. Therefore in order to achieve substantial growth, right level of fund size has to be maintained in order to achieve good returns. Study reveals that blend and value funds are more likely to draw higher gains to information activities than do growth funds. An study was made by (RAUF, 2009)on open ended funds in which performance of mutual funds evaluated through different attributes such as fund size, expense ratio , turnover ratio, age,12B-1 load and liquidity and it showed a significant impact on mutual fund performance which also helped investors while making investment decisions. It is clearly mention that fund size is not helping to increase the return. As research by (Daniel C. Indro, 1999)in which they studied how fund size affects mutual fund performance? Mutual fund should also maintain an optimal size in order to get the better return which will also justify their information and research cost. In research of (Titman, 1989) they analyzed the mutual fund p erformance with their past performance on the basic of few securities attributes such as firm size, dividend yield, past return, skewness , interest rate sensitivity and CAPM beta. And found that past performance is a key attribute for investors before investing in a mutual fund. A study was conducted on the optimal size of Net assets under management by (Mack, 1997)in which they focused on economies of scale in which net assets of mutual fund should be utilized efficiently by spreading the fixed cost and as well as research cost over a large asset base. Three types of funds evaluated with their expenses and their fund size. Fund size under 20 billion to 40 billion could achieve economies of scale while small funds have space for their diversification opportunity while an optimal asset size should be a full service provider in order to get the distinctive competency in industry. A study also focused (Davis, 2001)on the relationship of performance with style of fund manager. Da ta from 1962 to 1998 was used in this research specifically for equity funds; Fama-French three factor model used in order to interpret the relation of performance with style of fund managers and concluded on the result that no investments style in the above mentioned period generated any abnormal return. A research by (Joseph Chen, 2004) on fund size affects on performance showed by the different attributes such as turnover ratio, expenses, age, flow, fund size. Study strongly showed negative relationship of funds return with fund size. Also explained that return and fund size relationship is also associated with liquidity or price impact. Large funds attract investors through advertisement and marketing activities while small funds rely more on performance to attract and maintain investors. He also mentioned the effect of fund size on performance is very loud which invested in small stocks also suggested that liquidity is a key attribute when size erodes performance of funds. The study of (Servaes, 1999)is based on sample of 1163 mutual funds opening started over the period 1979-1992, this study focuses on fund family behavior of opening new funds when there are more prospective of generating additional fee income. We find that fund openings are positively related to the level asset investment and the capital gains associated with it, there are more possibility of funds opening when size of investment is large, it also depends on past performances of the funds, low fee range and large families decision of opening funds which would develop their fame as brilliant performer by increasing there product line, large families innovate and smaller families imitate. Further more experience large families who have opened funds in the prior years are more prone to open new funds In this study of (Warner, 2001) study performance of mutual funds are measured, using imitated funds, holding actual fund characteristics. Non market factors are accounted in this study focusing on size of fund, momentum and book-to market. We find that these performance measure have very less aptitude to sense large magnitude for example 3% per year, of the abnormal performance of fund mainly when funds style individuality vary from those of value biased market portfolio, characteristics based methods to evaluate return to return size , momentum and book to market, can display self-effacing enhancement over regression procedures but these power evaluations may be misty the reason being the style-based funds show wrong measurement in both types of measures at times. Study also exhibits that funds stock trades can significantly improve power. Though there is large journalism on mutual fund performance measures but the aptitude to sense abnormal performance for an individual fund has established very less notice. Main communication of this study is that mutual fund performance measures are changeable and undependable can lead to wrong conclusions and abnorma l performance are hard to detect when they are present mainly when funds style individuality vary from those of value biased market portfolio. (Ruckman, 2003)mentioned In his study of Expense Ratios of North American Mutual Funds explains causes that decides Management expense Ratio in North American Mutual Fund market in order to explain the interest which apply on those Canadian funds. It is evaluated that Canadian MER is comparatively higher because of several reasons which include that on average Canadian funds are smaller having less competitor funds. The expense Ratio paid by Canadian shareholders is 50% more than what is paid by US investors because Canadian funds do not take benefits from economies of scale. With this there are bigger numbers of Index funds in US with lower MER which keep the average MER of US funds towards lesser rate as compared to Canadian one, with this higher clip fee charges of Canadian funds, higher Marketing expenses in Canada and labor charges are some of the other factors as well. Monopolistic competition use by Mutual fund industry allow different funds to have different characteristics to lay dissimilar expense ratio and this Monopolistic approach has advantage for bookkeeping for these two divergence. But bigger fund volume and size in United States show the way to economies of scale and the benefit of economy of scope is not prevailed by Canada due to smaller fund size and significant difference in the cost factors of the two entities. According to (Mark M. Carhart, 2002)Mutual fund Survivor offer detailed study of fund existence concerns with the help of (Carhart, 1997)data. Funds live many years depending upon their average multiyear performance, which suggest performance determination leads to mutual fund existence and disappearing of funds from market is the result of their poor multiyear performance. For US 1 year mutual funds the annual partiality increases from .07% as compare to the 1% for funds more t han 15 years which shows existence condition or survivor time deteriorates facts of persistent performance this survivorship condition also effects funds characteristics itself and also its performance , not only performance but persistence performance and may lead to fund erosion as many profitable datasets contains only fund which are currently in operations and for funds to be included in study or analysis requires to survive for minimum timeframe. (Jorion, 1999)Study of how equity market departure is accustomed upon a downward float in performance over time, also propose that survivor biases are expected to be a difficult for practical studies using international data. And study of (Mark M. Carhart, 2002) elaborate the importance of both the nature of the survival and the sample period span at the time of trying to illustrate survivorship biases. Taking survivor partiality sample (Carhart, 1997)expresses Persistence in Mutual Fund Performance and reveals that basic causes in returns and expenses of investments in stock entirely elucidate persistence in equity mutual funds and threat attuned returns. Hendricks, Patel and Zeckhausers (1993) Jegadeesh and Titman (1993), Study is typically obsessed by the one year momentum outcome but funds individually dont make higher returns by momentum approach in stocks. The only important determination not elucidate is strong underperformance by the awful returns in mutual funds. The outcome of which is not even supported by expert portfolio managers. Mutual funds persistent performance is not the sign of good stock picking capabilities but to certain extent its explained by common factors such as returns on stock, its expenses, and cost of transaction explains the certainty of returns. Study also reveals that performance of mutual fund is negatively related to factors such as portfolio turnover and load fess and Expense ratios come out to diminish performance a slight more than one-for-one. The top ten mutual funds earn back their investment overheads, the bottom ten funds conversely underperforms by about double their accounted investment overheads. Christopherson, Ferson, and Glassman (1995) reach parallel outcome about pension fund act. This article proposes three significant set of laws for maximizing returns. One of which is evading from investing in funds having poor performance another important point is funds with high income previous year have more higher expected returns the following year, but not in years from then on and third is the negative relation of performance with factors like expense ratio, transaction cost and load fees. CHAPTER 3 RESEARCH METHODS 3.1 Method of Data collection: Secondary data was collected to test the hypothesis. Data collected from different resources are mentioned below: Mutual fund association of Pakistan. Karachi stock exchange of Pakistan. Asset Management Companies. State Bank of Pakistan Library. Interviewed with CEO of Safeway fund as well as MUFAP director. Interviewed with Finance Manager of JS Investments. Meeting with fund manager of UBL funds. 3.2 Sample Size Fifteen Mutual funds are included in this research in which 10 are Income funds and 5 are Money market funds. Data is collected from 2007 till 2009 as mostly fixed income /money market funds launched in this period. Only four income funds were operating in 2005 in Pakistan. Variables are mentioned below which used in this research. Fund Size 🙠 Assets under management): Net assets under management collected from each annual report also confirmed from MUFAP research department. Using a small sample of funds from 1974 to 1984, (Titman, 1989) find mixed evidence that fund returns decline with fund size. Fund size may be correlated with such other fund characteristics as fund age or expense ratio. Fund size (as measured by the log of total net assets under management Growth in the size of net assets initially provides cost advantages because growth increases net returns. That is, because transaction volume is relatively larger for the larger funds, brokerage commissions on the execution of trades for large firms are lower. In addition, the costs of access to data, research services, and support, as well as administrative and overhead expenses, do not rise in direct proportion to fund size. (Daniel C. Indro, 1999) Proposed hypothesis is mentioned below in which assumed a positive relationship betwe en fund size and return. Fund size has a positive relationship with the return. Return ÃÆ' ¢Ãƒâ€¹Ã¢â‚¬  Ãƒâ€¦Ã‚ ¾ Size Fund Age: As the name shows age mean since when the fund is operating in market. Age will be calculated by the number of years the fund is operational (rauf, 2009) As age increases it is deemed that efficiency increases therefore, returns are also supposed to increase resulting in a positive relationship. Age of funds has a positive relationship with return of fund. Size ÃÆ' ¢Ãƒâ€¹Ã¢â‚¬  Ãƒâ€¦Ã‚ ¾ Return Expense Ratio:The expense ratio is the portion of the funds assets paid for operating expenses and management fees, including 12b-1 fees, administrative fees, and other asset-based costs incurred by the fund but excluding brokerage costs (Daniel C. Indro, 1999) .Expense ratios are the costs they pay investment managers to become informed. Each funds return, expense ratio, turnover, and net assets for each year in the 1993-95 periods are av ailable from Morningstar. Expense ratio has been measured by mutual funds quarterly operating expenses (including management fees, distribution fees, and other expenses) as a percentage of the funds average net assets. If by spending more resources on active management, managers increase the return then expenses regression coefficient should be positive (Talat Afza) Blume, and Crockett (1970) reported an insignificant negative correlation between risk-adjusted mutual fund returns and expense ratios and Elton, Gruber, Das, and Hlavka (1993) found that risk-adjusted returns exhibit a negative correlation with expense ratio. Expense ratio relationship with return of fund. Expense ratio ÃÆ' ¢Ãƒâ€¹Ã¢â‚¬  Ãƒâ€¦Ã‚ ¾ 1/Return Return: Actual return mean profit over investment in a given period. In mutual fund it includes Dividend, capital gains, Interest realized in a year. Return can be calculated through different ways which is applicable in industry. Talat and Afza us ed the regression model of Philpot et al. (1998), which was particularly used for evaluating management effectiveness of US bond mutual funds. Model 1 (Philpot Model) Returnit = ÃÆ'Ã… ½Ãƒâ€šÃ‚ ± + ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²1 (ÃÆ'Ã… ½Ãƒ ¢Ã¢â€š ¬Ã‹Å"ssetsit) + ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²2 (Expenseit) + ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²3 (Turnoverit) + ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²7 (12B-1it) + ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²4 (Loadit) + ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²8 (Returnt-1, i) + ÃÆ'Ã… ½Ãƒâ€šÃ‚ µit Where i, represents the fund t, represents the time period Korkeamaki and Smythe (2004) also used a similar regression model to explain the returns over time for Finnish mutual funds for the period 1993-2000. (Daniel C. Indro, 1999) used the 683 non indexed US equity fund annual return available on the database of morning star. Performance in terms of growth of Net Asset Value (NAV) per unit is commonly applied measure of performance of mutual funds. According to Firth (1977), the growth of NAV is measured in terms of rate of return over a period of evaluation using the following equation: R1 = D1 + (P1 P0) P0 R1 = Rate of Retun P1 = current price D1 = Dividend for the period P0= Old Price 3.3 Statistical Test and Instrument: The technical tool which used in this research in order to evaluate the performance of mutual funds is SPSS. Regression analysis is applied on 3 years Data (2007, 2008, and 2009) Dependent variable is Annual Return. Independent Variables Fund Size Fund age Expense Ratio CHAPTER 4 RESULTS 4.1 FINDINGS AND INTERPRETATIONS OF RESULTS: Table 4.1.1 : Correlation Result  Return Infund size Age Expenseratio Return Pearson Correlation 1 0.149 -0.106 -.666*  Sig. (2-tailed)  0.345 0.503 0.000  N 42 42 42 42      Infund size Pearson Correlation 0.149 1 0.151 -0.106  Sig. (2-tailed) 0.345  0.332 0.498  N 42 43 43 43      Age Pearson Correlation -0.106 0.151 1 0.393*  Sig. (2-tailed) 0.503 0.332  0.009  N 42 43 44 43      Expense ratio Pearson Correlation -.666* -0.106 0.393* 1  Sig. (2-tailed) 0.000 0.498 0.009   N 42 43 43 43 * Correlation is significant at the .01 level (2 tailed) Above mentioned table is showing the correlation analysis which basically tests the strength of the relationship between two variables without any interference of any other variables. Here researchers tested relationship between independent and dependent variables. Return is significantly correlated with Expense ratio whereas Age and Fund Size is not correlated with Return. Table 4.1.2 : Regression Result    Model Summary b   Model R R Square Adjusted R Square Std. Error of the Estimate 1 .683a 0.467 0.425 0.0244848      The model summary table reports the strength of the relationship between the model and the dependent variable. R, the multiple correlation coefficients, is the linear correlation between the observed and Model-predicted values of the dependent variable. Its large value indicates a strong relationship R square shows that 46.7% variance in return is accounted by the independent variables (fund size, age, and expense ratio) As a whole, the regression does a good job of predicting the performance. Nearly half the variation in Dependent variable (Return) is explained by the model. R Square, the coefficient of determination, is the squared value of the multiple correlation coefficients. It shows that about half the variation in time is explained by the model. R square Value explains that how well the independent variable is explains their impact on dependent variable. Table 4.1.3: ANOVA Result ANOVA b Model  Sum Of Squares df Mean Square F Sig        1 Regression 0.020 3 0.007 11.091 .000a Model  Sum Of Squares df Mean Square      1 Residual 0.023 38 0.001  Total 0.043 41  The ANOVA table tests the acceptability of the model from a statistical perspective. The Regression row displays information about the variation accounted for by the model The Residual row displays information about the variation that is not accounted by the model. The regression and residual sums of squares are approximately equal, which indicates that about half of the variation in return is explained by the model. The significance value of the F statistic is less than 0.05, which means that the variation explained by the model is not due to chance. While the ANOVA table is a useful test of the models ability to explain any variation in the dependent variable, it does not directly address the strength of that relationship. Table 4.1.4: Regression Coefficient Coefficients a   Unstandardized Coefficients Standardized Coefficients  Model  B Std. Error Beta t Sig. 1 (Constant) 0.103 0.103  1.001 0.323  Infundsize 0.001 0.005 0.020 0.168 0.868  Expenseratio 0.015 0.003 -0.722 -5.532 0.000  Age 0.003 0.002 0.16 1.233 0.225 a. Dependent Variable: Return This table explained the regression coefficients and its significance while this regression equation will help in order to develop ordinary least square (OLS) equation which use to test the hypothesis of each independent variables 4.2: HYPOTHESES ASSESMENT SUMMARY Proposed hypothesis was: Fund size has a positive relationship with the return. Expense ratio has a negative relationship with return of fund. Age of funds positive relationship with return of fund. The P value for beta coefficient of fund size is .868 and expense ratio is .000 and 0.225 for age coefficient. Only expense ratio P value shows the relationship and we can accept the proposed hypothesis while fund size and age is not significant. Hypothesis Assessment Summary Test hypothesis t-Value Sig Result     ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¢ Fund size has a positive relationship with the return 0.168 0.868 Rejected     ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¢ Expense ratio relationship with return of fund -5.532 0.000 Accepted     ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¢ Age of funds relationship with return of fund 1.233 0.225 Rejected     CHAPTER 5 DISCUSSIONS, IMPLICATIONS, FUTURE RESEARCH AND CONCLUSION: 5.1 Conclusion and Discussion: Although there are thousands of studies related to performance of mutual funds but in Pakistan there is relatively less studies specially in fixed income and money market fund. This study concluded to examine the relationship the impact of fund size, expense ratio and age on the performance of Mutual fund specifically for fixed income fund. This study consists of three years audited data of fixed income and money market mutual funds. Regression analysis used to observe the impact of fund size, expense ratio and age on the return. This study test the validity of the assumption that there is no correlation between the fund size, age, expense ratio and return , get pearsons correlation coefficient, P value for two tailed test of significance and the sample size. R square shows that 46.7% variance in return is accounted by the independent variables (fund size, age, and expense ratio) As a whole, the regression does a good job of predicting the performance. Nearly half the vari ation in Dependent variable (Return) is explained by the model. Our hypothesis was Fund size has a positive relationship with the return. Expense ratio has a negative relationship with return of fund. Age of funds positive relationship with return of fund. The P value for beta coefficient of fund size is .868 and expense ratio is .000 and 0.225 for age coefficient. Only expense ratio P value shows the relationship and can accept the proposed hypothesis while fund size and age is not significant. 5.2 Recommendation and future research After a thorough analysis of data, the following recommendations are made : Investors should focus on so many attributes while investing in mutual funds nor specially on Fund Size as in Pakistan ,investors whether corporates or individual usually invest in mutual funds due to their fund sizes. Old is Gold quote denotes that old mutual fund will give better returns comparitevly. Very Limited data available for Fixed income and money market fund as this type is new in industry after the crisis of stock exchange, Same study could be conduct for stocks fund for further clarification of fund size,Expense ratio and Age of fund. Choose those variables which are available in our mutual fund industry as there are so many technical things which are not present in our mutual fund industry. Fixed income ,Money Market and saving plus type of fund should be clubbed for larger studies and better results. CHAPTER 6 REFERENCES Carhart, Mark M.(1997) On Persistence in Mutual Fund Performance. The Journal of Finance, 57-82 Daniel C. Indro, C. X. (1999). Mutual Fund Performance: Does Fund Size Matter? Financial Analysts Journal , 55, pp. 74-87. Davis, James L (2001) Mutual Fund Performance and Manager Style. Financial Analysts Journal,19-27. Ippolito, Richard A. 1989. Efficiency with Costly Information: A Study of Mutual Fund Performance, 1965-1984. Quarterly Journal of Economics, vol. 104, no. 1 (February):1-23. Joseph Chen, H. H. (2004). Does Fund Size Erode Mutual Fund Performance? The Role of Liquidity and Organization. The American Economic Review , 94, 1276-1302. Mack, Sean Collins and Phillip (1997). The Optimal Amount of Assets under Management in the Mutual Fund Industry .Financial Analysts Journal, 67-73 Mark M. Carhart, J. N. (2002). Mutual Fund Survivorship. The Review of Financial Studies , 15, 1439-1463. Michael Adler (1983) Global Fixed-Income Portfolio Management 41-48 Rauf, t. and. (2009). performance evaluation of Pakistani mutual funds. Pakistan economic and social review , 47, 199-214. Ruckman, K. (2003). Expense Ratios of North American Mutual Funds. The Canadian Journal of Economics , 36, 192-223. Servaes, A. K. (1999). The Determinants of Mutual Fund Starts. The Review of Financial Studies , 12, 1043-1074. Sharpe, W. J., (1966). Mutual Fund Performance. Journal of Business, Vol 39, No. 1: 119-138 Sharpe, William F. 1966. Mutual Fund Performance. Journal of Business, vol. 39, no. 1 January):19-38. Sipra, N. (2004). Mutual Fund Performance in Pakistan. Centre for Management and Economic Research , 06-45. Sipra, Naim (2005). Mutual Fund Performance in Pakistan, 1995-2004. CMER Working Paper Series. Talat and Rauf .Perfomance evaluation of Pakistani Mutual Funds, 2009 .Pakistan economic and social review. Vol 47, No. 2, 199-214 Titman, M. G. (1989). Mutual Fund Performance: An Analysis of Quarterly Portfolio Holdings. The Journal of Business , 62, 393-416. Warner, S. P. (2001). Evaluating Mutual Fund Performance. The Journal of Finance , 56, 1985-2010.

We Can, But Dare We. Vu H. Chau. Chamberlain College Of

We Can, but Dare We? Vu H. Chau Chamberlain College of Nursing, Jacksonville, FL We Can, but Dare We? Die-hard fandom. Commonly associated with devoted and often crazed idolization of celebrities and public figures. We are all guilty, in one way or the other, of admiring someone of certain talents and/or skill set. There is nothing wrong with that. With today’s technological advances in cellular devices, a forever memory is only one click away. The question at hand is whether acts of excitement related to admiration are legally, ethically, or morally acceptable in the field of medicine. Medical personnel are bind by Health Insurance Portability and Accountability Act (HIPAA), medical ethics, and legal obligations that may jeopardize†¦show more content†¦165). The HIPAA regulations are set as a protection of Personal Health Information (PHI) and all of its areas of concern, i.e. – name, condition, symptoms, etc†¦ Legally, the nurse is not subjected to any clearly defined healthcare related laws, at the federal level, liable under the Privacy Acts of 1974 wh ich protects any personal identification records or information relating to the patient’s privacy. The nurse takes photographs of the patient’s demographic information from his electronic health record which violates the regulations set forth by the Privacy Acts of 1974 (Privacy Act of 1974, n.d.). In many aspects of this scenario, a major concern lies on the nurse’s ethical, unethical, practice. The American Nurses Association (ANA) delineates in Provision Three of the Code of Ethics for Nurses â€Å"The nurse promotes, advocates for, and protects the rights, health, and safety of the patient.† (ANA, 2015). The nurse is in many violations enough to end their career in this situation. The privacy of the patient is a right not a privilege. With the increase usage of social media, this invasion of privacy on the patient could potentially be leaked and could lead to jeopardizing the patient’s safety while in the hospital. Scenario Ending Recommendations The possible ending scenario used for the purpose of this paper is scenario four provided and

Chapter 1 The Riddle House Free Essays

The villagers of Little Hangleton still called it â€Å"the Riddle House,† even though it had been many years since the Riddle family had lived there. It stood on a hill overlooking the village, some of its windows boarded, tiles missing from its roof, and ivy spreading unchecked over its face. Once a fine-looking manor, and easily the largest and grandest building for miles around, the Riddle House was now damp, derelict, and unoccupied. We will write a custom essay sample on Chapter 1 The Riddle House or any similar topic only for you Order Now The Little Hangletons all agreed that the old house was â€Å"creepy.† Half a century ago, something strange and horrible had happened there, something that the older inhabitants of the village still liked to discuss when topics for gossip were scarce. The story had been picked over so many times, and had been embroidered in so many places, that nobody was quite sure what the truth was anymore. Every version of the tale, however, started in the same place: Fifty years before, at daybreak on a fine summer’s morning when the Riddle House had still been well kept and impressive, a maid had entered the drawing room to find all three Riddles dead. The maid had run screaming down the hill into the village and roused as many people as she could. â€Å"Lying there with their eyes wide open! Cold as ice! Still in their dinner things!† The police were summoned, and the whole of Little Hangleton had seethed with shocked curiosity and ill-disguised excitement. Nobody wasted their breath pretending to feel very sad about the Riddles, for they had been most unpopular. Elderly Mr. and Mrs. Riddle had been rich, snobbish, and rude, and their grown-up son, Tom, had been, if anything, worse. All the villagers cared about was the identity of their murderer – for plainly, three apparently healthy people did not all drop dead of natural causes on the same night. The Hanged Man, the village pub, did a roaring trade that night; the whole village seemed to have turned out to discuss the murders. They were rewarded for leaving their firesides when the Riddles’ cook arrived dramatically in their midst and announced to the suddenly silent pub that a man called Frank Bryce had just been arrested. â€Å"Frank!† cried several people. â€Å"Never!† Frank Bryce was the Riddles’ gardener. He lived alone in a run-down cottage on the grounds of the Riddle House. Frank had come back from the war with a very stiff leg and a great dislike of crowds and loud noises, and had been working for the Riddles ever since. There was a rush to buy the cook drinks and hear more details. â€Å"Always thought he was odd,† she told the eagerly listening villagers, after her fourth sherry. â€Å"Unfriendly, like. I’m sure if I’ve offered him a cuppa once, I’ve offered it a hundred times. Never wanted to mix, he didn’t.† â€Å"Ah, now,† said a woman at the bar, â€Å"he had a hard war, Frank. He likes the quiet life. That’s no reason to -â€Å" â€Å"Who else had a key to the back door, then?† barked the cook. â€Å"There’s been a spare key hanging in the gardener’s cottage far back as I can remember! Nobody forced the door last night! No broken windows! All Frank had to do was creep up to the big house while we was all sleeping†¦Ã¢â‚¬  The villagers exchanged dark looks. â€Å"I always thought that he had a nasty look about him, right enough,† grunted a man at the bar. â€Å"War turned him funny, if you ask me,† said the landlord. â€Å"Told you I wouldn’t like to get on the wrong side of Frank, didn’t I, Dot?† said an excited woman in the corner. â€Å"Horrible temper,† said Dot, nodding fervently. â€Å"I remember, when he was a kid†¦Ã¢â‚¬  By the following morning, hardly anyone in Little Hangleton doubted that Frank Bryce had killed the Riddles. But over in the neighboring town of Great Hangleton, in the dark and dingy police station, Frank was stubbornly repeating, again and again, that he was innocent, and that the only person he had seen near the house on the day of the Riddles’ deaths had been a teenage boy, a stranger, dark-haired and pale. Nobody else in the village had seen any such boy, and the police were quite sure Frank had invented him. Then, just when things were looking very serious for Frank, the report on the Riddles’ bodies came back and changed everything. The police had never read an odder report. A team of doctors had examined the bodies and had concluded that none of the Riddles had been poisoned, stabbed, shot, strangles, suffocated, or (as far as they could tell) harmed at all. In fact (the report continued, in a tone of unmistakable bewilderment), the Riddles all appeared to be in perfect health – apart from the fact that they were all dead. The doctors did note (as though determined to find something wrong with the bodies) that each of the Riddles had a look of terror upon his or her face – but as the frustrated police said, whoever heard of three people being frightened to death? As there was no proof that the Riddles had been murdered at all, the police were forced to let Frank go. The Riddles were buried in the Little Hangleton churchyard, and their graves remained objects of curiosity for a while. To everyone’s surprise, and amid a cloud of suspicion, Frank Bryce returned to his cottage on the grounds of the Riddle House. â€Å"As far as I’m concerned, he killed them, and I don’t care what the police say,† said Dot in the Hanged Man. â€Å"And if he had any decency, he’d leave here, knowing as how we knows he did it.† But Frank did not leave. He stayed to tend the garden for the next family who lived in the Riddle House, and then the next – for neither family stayed long. Perhaps it was partly because of Frank that the new owners said there was a nasty feeling about the place, which, in the absence of inhabitants, started to fall into disrepair. The wealthy man who owned the Riddle House these days neither lived there nor put it to any use; they said in the village that he kept it for â€Å"tax reasons,† though nobody was very clear what these might be. The wealthy owner continued to pay Frank to do the gardening, however. Frank was nearing his seventy-seventh birthday now, very deaf, his bad leg stiffer than ever, but could be seen pottering around the flower beds in fine weather, even though the weeds were starting to creep up on him, try as he might to suppress them. Weeds were not the only things Frank had to contend with either. Boys from the village made a habit of throwing stones through the windows of the Riddle House. They rode their bicycles over the lawns Frank worked so hard to keep smooth. Once or twice, they broke into the old house for a dare. They knew that old Frank’s devotion to the house and the grounds amounted almost to an obsession, and it amused them to see him limping across the garden, brandishing his stick and yelling croakily at them. Frank, for his part, believed the boys tormented him because they, like their parents and grandparents, though him a murderer. So when Frank awoke one night in August and saw something very odd up at the old house, he merely assumed that the boys had gone one step further in their attempts to punish him. It was Frank’s bad leg that woke him; it was paining him worse than ever in his old age. He got up and limped downstairs into the kitchen with the idea of refilling his hot-water bottle to ease the stiffness in his knee. Standing at the sink, filling the kettle, he looked up at the Riddle House and saw lights glimmering in its upper windows. Frank knew at once what was going on. The boys had broken into the house again, and judging by the flickering quality of the light, they had started a fire. Frank had no telephone, in any case, he had deeply mistrusted the police ever since they had taken him in for questioning about the Riddles’ deaths. He put down the kettle at once, hurried back upstairs as fast as his bad leg would allow, and was soon back in his kitchen, fully dressed and removing a rusty old key from its hook by the door. He picked up his walking stick, which was propped against the wall, and set off into the night. The front door of the Riddle House bore no sign of being forced, nor did any of the windows. Frank limped around to the back of the house until he reached a door almost completely hidden by ivy, took out the old key, put it into the lock, and opened the door noiselessly. He let himself into the cavernous kitchen. Frank had not entered it for many years; nevertheless, although it was very dark, he remembered where the door into the hall was, and he groped his way towards it, his nostrils full of the smell of decay, ears pricked for any sound of footsteps or voices from overhead. He reached the hall, which was a little lighter owing to the large mullioned windows on either side of the front door, and started to climb the stairs, blessing the dust that lay thick upon the stone, because it muffled the sound of his feet and stick. On the landing, Frank turned right, and saw at once where the intruders were: At the every end of the passage a door stood ajar, and a flickering light shone through the gap, casting a long sliver of gold across the black floor. Frank edged closer and closer, he was able to see a narrow slice of the room beyond. The fire, he now saw, had been lit in the grate. This surprised him. Then he stopped moving and listened intently, for a man’s voice spoke within the room; it sounded timid and fearful. â€Å"There is a little more in the bottle, My Lord, if you are still hungry.† â€Å"Later,† said a second voice. This too belonged to a man – but it was strangely high-pitched, and cold as a sudden blast of icy wind. Something about that voice made the sparse hairs on the back of Frank’s neck stand up. â€Å"Move me closer to the fire, Wormtail.† Frank turned his right ear toward the door, the better to hear. There came the clink of a bottle being put down upon some hard surface, and then the dull scraping noise of a heavy chair being dragged across the floor. Frank caught a glimpse of a small man, his back to the door, pushing the chair into place. He was wearing a long black cloak, and there was a bald patch at the back of his head. Then he went out of sight again. â€Å"Where is Nagini?† said the cold voice. â€Å"I – I don’t know, My Lord,† said the first voice nervously. â€Å"She set out to explore the house, I think†¦Ã¢â‚¬  â€Å"You will milk her before we retire, Wormtail,† said the second voice. â€Å"I will need feeding in the night. The journey has tired me greatly.† Brow furrowed, Frank inclined his good ear still closer to the door, listening very hard. There was a pause, and then the man called Wormtail spoke again. â€Å"My Lord, may I ask how long we are going to stay here?† â€Å"A week,† said the cold voice. â€Å"Perhaps longer. The place is moderately comfortable, and the plan cannot proceed yet. It would be foolish to act before the Quidditch World Cup is over.† Frank inserted a gnarled finger into his ear and rotated it. Owing, no doubt, to a buildup of earwax, he had heard the word â€Å"Quidditch,† which was not a word at all. â€Å"The – the Quidditch World Cup, My Lord?† said Wormtail. (Frank dug his finger still more vigorously into his ear.) â€Å"Forgive me, but – I do not understand – why should we wait until the World Cup is over?† â€Å"Because, fool, at this very moment wizards are pouring into the country from all over the world, and every meddler from the Ministry of Magic will be on duty, on the watch for signs of unusual activity, checking and double-checking identities. They will be obsessed with security, lest the Muggles notice anything. So we wait.† Frank stopped trying to clear out his ear. He had distinctly heard the words â€Å"Ministry of Magic,† â€Å"wizards,† and â€Å"Muggles.† Plainly, each of these expressions meant something secret, and Frank could think of only two sorts of people who would speak in code: spies and criminals. Frank tightened his hold on his walking stick once more, and listened more closely still. â€Å"Your Lordship is still determined, then?† Wormtail said quietly. â€Å"Certainly I am determined, Wormtail.† There was a note of menace in the cold voice now. A slight pause followed – and the Wormtail spoke, the words tumbling from him in a rush, as though he was forcing himself to say this before he lost his nerve. â€Å"It could be done without Harry Potter, My Lord.† Another pause, more protracted, and then – â€Å"Without Harry Potter?† breathed the second voice softly. â€Å"I see†¦Ã¢â‚¬  â€Å"My Lord, I do not say this out of concern for the boy!† said Wormtail, his voice rising squeakily. â€Å"The boy is nothing to me, nothing at all! It is merely that if we were to use another witch or wizard – any wizard – the thing could be done so much more quickly! If you allowed me to leave you for a short while – you know that I can disguise myself most effectively – I could be back here in as little as two days with a suitable person -â€Å" â€Å"I could use another wizard,† said the cold voice softly, â€Å"that is true†¦Ã¢â‚¬  â€Å"My Lord, it makes sense,† said Wormtail, sounding thoroughly relieved now. â€Å"Laying hands on Harry Potter would be so difficult, he is so well protected -â€Å" â€Å"And so you volunteer to go and fetch me a substitute? I wonder†¦perhaps the task of nursing me has become wearisome for you, Wormtail? Could this suggestion of abandoning the plan be nothing more than an attempt to desert me?† â€Å"My Lord! I – I have no wish to leave you, none at all -â€Å" â€Å"Do not lie to me!† hissed the second voice. â€Å"I can always tell, Wormtail! You are regretting that you ever returned to me. I revolt you. I see you flinch when you look at me, feel you shudder when you touch me†¦Ã¢â‚¬  â€Å"No! My devotion to Your Lordship -â€Å" â€Å"Your devotion is nothing more than cowardice. You would not be here if you had anywhere else to go. How am I to survive without you, when I need feeding every few hours? Who is to milk Nagini?† â€Å"But you seem so much stronger, My Lord -â€Å" â€Å"Liar,† breathed the second voice. â€Å"I am no stronger, and a few days alone would be enough to rob me of the little health I have regained under your clumsy care. Silence!† Wormtail, who had been sputtering incoherently, fell silent at once. For a few seconds, Frank could hear nothing but the fire crackling. The second man spoke once more, in a whisper that was almost a hiss. â€Å"I have my reasons for using the boy, as I have already explained to you, and I will use no other. I have waited thirteen years. A few more months will make no difference. As for the protection surrounding the boy, I believe my plan will be effective. All that is needed is a little courage from you, Wormtail – courage you will find, unless you wish to feel the full extent of Lord Voldermort’s wrath -â€Å" â€Å"My Lord, I must speak!† said Wormtail, panic in his voice now. â€Å"All through our journey I have gone over the plan in my head – My Lord, Bertha Jorkin’s disappearance will not go unnoticed for long, and if we proceed, if I murder -â€Å" â€Å"If?† whispered the second voice. â€Å"If? If you follow the plan, Wormtail, the Ministry need never know that anyone else has died. You will do it quietly and without fuss; I only wish that I could do it myself, but in my present condition†¦Come, Wormtail, one more death and our path to Harry Potter is clear. I am not asking you to do it alone. By that time, my faithful servant will have rejoined us -â€Å" â€Å"I am a faithful servant,† said Wormtail, the merest trace of sullenness in his voice. â€Å"Wormtail, I need somebody with brains, somebody whose loyalty has never wavered, and you, unfortunately, fulfill neither requirement.† â€Å"I found you,† said Wormtail, and there was definitely a sulky edge to his voice now. â€Å"I was the one who found you. I brought you Bertha Jorkins.† â€Å"That is true,† said the second man, sounding amused. â€Å"A stroke of brilliance I would not have thought possible from you, Wormtail – though, if truth be told, you were not aware how useful she would be when you caught her, were you?† â€Å"I – I thought she might be useful, My Lord -â€Å" â€Å"Liar,† said the second voice again, the cruel amusement more pronounced than ever. â€Å"However, I do not deny that her information was invaluable. Without it, I could never have formed our plan, and for that, you will have your reward, Wormtail. I will allow you to perform an essential task for me, one that many of my followers would give their right hands to perform†¦Ã¢â‚¬  â€Å"R-really, My Lord? What -?† Wormtail sounded terrified again. â€Å"Ah, Wormtail, you don’t want me to spoil the surprise? Your part will come at the very end†¦but I promise you, you will have the honor of being just as useful as Bertha Jorkins.† â€Å"You†¦you†¦Ã¢â‚¬  Wormtail’s voice suddenly sounded hoarse, as though his mouth had gone very dry. â€Å"You†¦are going†¦to kill me too?† â€Å"Wormtail, Wormtail,† said the cold voice silkily, â€Å"why would I kill you? I killed Bertha because I had to. She was fit for nothing after my questioning, quite useless. In any case, awkward questions would have been asked if she had gone back to the Ministry with the news that she had met you on her holidays. Wizards who are supposed to be dead would do well not to run into Ministry of Magic witches at wayside inns†¦Ã¢â‚¬  Wormtail muttered something so quietly that Frank could not hear it, but it made the second man laugh – an entirely mirthless laugh, cold as his speech. â€Å"We could have modified her memory? But Memory Charms can be broken by a powerful wizard, as I proved when I questioned her. It would be an insult to her memory not to use the information I extracted from her, Wormtail.† Out in the corridor, Frank suddenly became aware that the hand gripping his walking stick was slippery with sweat. The man with the cold voice had killed a woman. He was talking about it without any kind of remorse – with amusement. He was dangerous – a madman. And he was planning more murders – this boy, Harry Potter, whoever he was – was in danger – Frank knew what he must do. Now, if ever, was the time to go to the police. He would creep out of the house and head straight for the telephone box in the village†¦but the cold voice was speaking again, and Frank remained where he was, frozen to the spot, listening with all his might. â€Å"One more murder†¦my faithful servant at Hogwarts†¦Harry Potter is as good as mine, Wormtail. It is decided. There will be no more argument. But quiet†¦I think I hear Nagini†¦Ã¢â‚¬  And the second man’s voice changed. He started making noises such as Frank had never heard before; he was hissing and spitting without drawing breath. Frank thought he must be having some sort of fit or seizure. And then Frank heard movement behind him in the dark passageway. He turned to look, and found himself paralyzed with fright. Something was slithering toward him along the dark corridor floor, and as it drew nearer to the sliver of firelight, he realized with a thrill of terror that it was a gigantic snake, at least twelve feet long. Horrified, transfixed, Frank stared as its undulating body cut a wide, curving track through the thick dust on the floor, coming closer and closer – What was he to do? The only means of escape was into the room where the two men sat plotting murder, yet if he stayed where he was the snake would surely kill him – But before he had made his decision, the snake was level with him, and then, incredibly, miraculously, it was passing; it was following the spitting, hissing noises made by the cold voice beyond the door, and in seconds, the tip of its diamond-patterned tail had vanished through the gap. There was sweat on Frank’s forehead now, and the hand on the walking stick was trembling. Inside the room, the cold voice was continuing to hiss, and Frank was visited by a strange idea, an impossible idea†¦This man could talk to snakes. Frank didn’t understand what was going on. He wanted more than anything to be back in his bed with his hot-water bottle. The problem was that his legs didn’t seem to want to move. As he stood there shaking and trying to master himself, the cold voice switched abruptly to English again. â€Å"Nagini has interesting news, Wormtail,† it said. â€Å"In-indeed, My Lord?† said Wormtail. â€Å"Indeed, yes,† said the voice, â€Å"According to Nagini, there is an old Muggle standing right outside this room, listening to every word we say.† Frank didn’t have a chance to hide himself. There were footsteps and then the door of the room was flung wide open. A short, balding man with graying hair, a pointed nose, and small, watery eyes stood before Frank, a mixture of fear and alarm in his face. â€Å"Invite him inside, Wormtail. Where are your manners?† The cold voice was coming from the ancient armchair before the fire, but Frank couldn’t see the speaker. the snake, on the other hand, was curled up on the rotting hearth rug, like some horrible travesty of a pet dog. Wormtail beckoned Frank into the room. Though still deeply shaken, Frank took a firmer grip on his walking stick and limped over the threshold. The fire was the only source of light in the room; it cast long, spidery shadows upon the walls. Frank stared at the back of the armchair; the man inside it seemed to be even smaller than his servant, for Frank couldn’t even see the back of his head. â€Å"You heard everything, Muggle?† said the cold voice. â€Å"What’s that you’re calling me?† said Frank defiantly, for now that he was inside the room, now that the time had come for some sort of action, he felt braver; it had always been so in the war. â€Å"I am calling you a Muggle,† said the voice coolly. â€Å"It means that you are not a wizard.† â€Å"I don’t know what you mean by wizard,† said Frank, his voice growing steadier. â€Å"All I know is I’ve heard enough to interest the police tonight, I have. You’ve done murder and you’re planning more! And I’ll tell you this too,† he added, on a sudden inspiration, â€Å"my wife knows I’m up here, and if I don’t come back -â€Å" â€Å"You have no wife,† said the cold voice, very quietly. â€Å"Nobody knows you are here. You told nobody that you were coming. Do not lie to Lord Voldemort, Muggle, for he knows†¦he always knows†¦Ã¢â‚¬  â€Å"Is that right?† said Frank roughly. â€Å"Lord, is it? Well, I don’t think much of your manners, My Lord. Turn ’round and face me like a man, why don’t you?† â€Å"But I am not a man, Muggle,† said the cold voice, barely audible now over the crackling of the flames. â€Å"I am much, much more than a man. However†¦why not? I will face you†¦Wormtail, come turn my chair around.† The servant gave a whimper. â€Å"You heard me, Wormtail.† Slowly, with his face screwed up, as though he would rather have done anything than approach his master and the hearth rug where the snake lay, the small man walked forward and began to turn the chair. The snake lifted its ugly triangular head and hissed slightly as the legs of the chair snagged on its rug. And then the chair was facing Frank, and he saw what was sitting in it. His walking stick fell to the floor with a clatter. He opened his mouth and let out a scream. He was screaming so loudly that he never heard the words the thing in the chair spoke as it raised a wand. There was a flash of green light, a rushing sound, and Frank Bryce crumpled. He was dead before he hit the floor. Two hundred miles away, the boy called Harry Potter woke with a start. How to cite Chapter 1 The Riddle House, Essay examples

Growing up on Grace free essay sample

In ‘Growing up on Grace’, the autobiography written by Rosie Dimanno, she comes to realize at an early age that she is living in a country with completely different cultural beliefs than what she has been learning from her Italian household. Rose attempts to abandon her Italian culture by asking her mom to do un-Italian things like shave her legs. Throughout the autobiography Rose desperately wants a Canadian identity suggested by her refusing to do a variety of things such as refusing to go to catholic school. Rosie had come to the realization at an early age that she was in fact, a Canadian. Her parents had always shown her the Italian way and this made it difficult to fit in with the Canadian culture. Rosie explains that when she was young and her mother never used to shave her legs she was totally mortified by her mother’s pure Italian-ness. We will write a custom essay sample on Growing up on Grace or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page She had begged her mother to shave her legs. She had finally done so but her mother never understood the fuss. This suggests that Rosie had was always going to shave her legs in an attempt to fit in with the Canadian culture. Rosie explains that her parents would always have hardcore Italian foods in the house. Her mother would often pack her lunches with these foods and Rosie would just throw them in the garbage to save the embarrassment from being judged by her peers at school. ‘Growing up on Grace’ describes how Rosie attempts to gain her own Canadian identity by doing things like refusing to go to catholic school, refusing to kiss the aunts and uncles, refusing to eat anything with tomatoes in it and refusing to speak Italian. In Italian tradition, education is not highly valued because of fears of rebelling. Rosie never actually successfully adopts a Canadian Identity. She travels to Italy at the end and says that she â€Å"felt as if (she) belonged† (Rosie Dimanno) suggesting that she never really found a true Canadian Identity otherwise it might have been the other way around, she would have felt like she didn’t belong.