The Dramatic Endings in The Playboy of Seville and Don Juan Tenorio Essay

The Dramatic Endings in The Playboy of Seville and Don Juan Tenorio - Essay Example Notwithstanding that reality that the two plays are developed on a comparable establishment of topics, there are as yet many significant contrasts between them which can be because of the way that both were written in totally different occasions. Social shows and social standards turned out to be very extraordinary in the nineteenth century than how they were in the seventeenth century. Long periods of distinction changed cultural structures the world over, however they additionally altogether affected the state of writing. Following conversation will investigate how the completion scenes in the two plays are not the same as one another and how those distinctions toward the finish of the plays reflect various perspectives of the two social orders towards the character of DJ. In the mid seventeenth century when the Playboy of Seville by Tirso de Molina appeared in the realm of writing, the manner in which DJ is investigated in the story is proposed to think about the Spanish Golden Age which was the early current Spanish society. The play is set in this timespan and complies with the mainstream social, strict, and social shows of that time. This is the reason as opposed to the nineteenth century rendition of Zorrilla, Tirso de Molina’s play is firmly Catholic. It is the amazing contrast between the idea of these two periods that there is such distinction to be found in the plays likewise especially in setting of their consummation scenes. The mid seventeenth century variant spotlights on the connection among activities and their results, while the cutting edge rendition seems to scrutinize the Christian way of thinking identified with activities and their belongings. The later form has an alternate consummation from that in the first play since ess ayists of that time quit wanting to remain carefully faithful to the Catholic way of thinking. Religion was starting to get dynamic by then as an ever increasing number of individuals started to scrutinize its legitimacy in specific issues throughout everyday life. In bygone eras like in the mid seventeenth century carefully

Physical Security risk Assessment Coursework Example | Topics and Well Written Essays - 1500 words

Physical Security hazard Assessment - Coursework Example se, the lives and wellbeing of individuals is consistently in question particularly in social and recreational spots like in arenas, shopping centers, and different spots related with huge hordes of individuals. Psychological militant dangers are genuine and hence security as to the referenced spots ought to and must be maintained no matter what. In numerous events high obstruction materials with ability to oppose slugs and different explosives have been utilized to solidly shield significant form structures. Further, streets and boulevards prompting and from these structure are blockaded to guarantee diverted and controlled section (National Institute of Building Sciences, 2012). This segment is devoted to talking about the solidifying necessities for the BC Place Stadium during the Olympic Games. Building an edge divider around the BC Place Stadium is the above all else physical safety effort that stadia physical security the executives board should set up. The good ways from this edge divider to the stadia ought to in any event be 200 meters; this, in its own privilege is solidifying enough to oppose an impact. As needs be, the border divider ought to be constructed utilizing high obstruction materials and thickened to make it hard if certainly feasible for interruption and breaking in. In a similar line of contention, assembling an edge divider will guarantee that unapproved and malignant vehicles with sick expectation don't have any simple access to the arena. The divider ought to likewise have concrete or steel hindrances to oppose assaults from substantial trucks that may be stacked with explosives. This is additionally basic for constrained passage obstruction (National Institute of Building Sciences, 2012). Setting up boundaries especially at the combination focuses is another measure that must be mulled over; in spite of the fact that it is exorbitant however it is indispensable for the wellbeing of the majority that would go to the arena. Setting up a low boundary marginally away from the stadia will give satisfactory security while likewise not interrupting the visitor’s protection. For

Human resources management Essay Example | Topics and Well Written Essays - 750 words - 4

HR the board - Essay Example For example, one of the consequences of this crumbling is that Personnel Function is handicapped to practice thorough examination, which means clear objective setting and assessment of the faculty. As it were, it has no impact on the socialization of their newcomers and current representatives; along these lines, it is unfit to see their improvement, comprehend their essential desires, and explain their capacities on the work environment. To put it plainly, the absence of systematization in staff enrollment is among the primary difficulties for Personnel Function. In this way, the fate of this body is obscuring, since its incapability turns out to be increasingly apparent. To put it plainly, Personnel Function is marginally answerable for HR the executives even now, and will in general lose much more opportunity later on In the momentary period, the nonappearance the executives is the subject of worry in Valleyway. In this specific situation, there is a need to give this sort of the executives regarding both grasping the social structure of representatives (age, sexual orientation, family conditions) and making good employment circumstance (group building, duty, and work turn). Actually, current issues in nonappearance the board is difficult to recognize, on the grounds that Personnel Function has insufficient data on the company’s representatives. Every sexual orientation and age has various reasons of nonattendance; therefore, Personnel Function must know in insight concerning everyone’s day to day environments in Valleyway. Another momentary measure is to give 360-degree examination held by Personnel Function, which means the open conversation for all the representatives with peer checking on, presenting open culture and common duty in the organization, and basic assessment of own accomplishments on the working environment. In this gathering, it is urgent not exclusively to know better the company’s staff yet in addition to verbalize corporate objectives and desire with away from of everyone’s interest in them. Also, the viability of

Workplace Project Action Plan Free Essays

The motivation behind the work environment task (and this course) is to build up a familiarity with the wellbeing abberations and the boundaries powerless populaces face/suffer in looking for and getting medicinal services and accomplishing health. The center is the hindrances introduced by the medicinal services suppliers. Your introduction needs to address those boundaries by giving data/instruction focused towards changing their biased discernments or predisposition of a particular helpless populace to impact a positive change in human services conveyance/mediation later on. We will compose a custom exposition test on Work environment Project Action Plan or then again any comparative point just for you Request Now Your activity plan should express your goal of your instructive mediation and depict what you will do to accomplish that objective. This incorporates the sort, assuming any, sound/visual guide, or an instructing plan. Attempt to be as explicit as could be expected under the circumstances. Powerless populace: Elderly Goal of your showing activity: What are you going to instruct to your staff? Boundaries the older face getting to human services after release. For what reason would you say you are tending to this specific populace? Our unit deals with fundamentally older patients. What are the obstructions this populace faces: What is your staff’s boundaries/predisposition toward this populace? Work environment Project Action Plan: Toni R. Wrench If you don't mind USE THIS FORM FOR YOUR ACTION PLAN The reason for the work environment venture (and this course) is to build up an attention to the wellbeing differences and the obstructions powerless populaces face/suffer in looking for and acquiring social insurance and accomplishing health. The center is the hindrances introduced by the human services suppliers. Your introduction needs to address those boundaries by giving data/training focused towards changing their biased discernments or inclination of a particular defenseless populace to impact a positive change in human services conveyance/mediation later on. Your activity plan should express your target of your instructive intercession and portray what you will do to accomplish that objective. This incorporates the sort, assuming any, sound/visual guide, or an instructing plan. Attempt to be as explicit as could be expected under the circumstances. Defenseless populace: Elderly Target of your showing activity: What are you going to educate to your staff? Obstructions the old face getting to human services after release. For what reason would you say you are tending to this specific populace? Our unit deals with for the most part older patients. What are the boundaries this populace faces: What is your staff’s obstructions/inclination toward this populace? The staff’s hindrances or inclinations to this populace are basically presumption that they have family/companions upon release home to help them. Additionally, I don't feel that the staff evaluates their release needs as altogether as they should. What sound/media device do you plan to utilize? Leaflet What three ideas from this course do you intend to fuse in your introduction? The ideas I will consolidate are helplessness, Watson’s Theory of Caring, and appraisal instruments. If you don't mind recollect the focal point of this task is to beaten any current inclination or biased recognitions your staff may have toward this populace with an end goal to improve the wellbeing results of this populace. . What sound/media device do you mean to utilize? Handout What three ideas from this course do you intend to join in your introduction? The ideas I will consolidate are helplessness, Watson’s Theory of Caring, and appraisal apparatuses. If you don't mind recollect the focal point of this task is to beaten any current inclination or biased discernments your staff may have toward this populace with an end goal to improve the healthâ outcomes of this populace. Instructions to refer to Workplace Project Action Plan, Papers Work environment Project Action Plan Free Essays If you don't mind USE THIS FORM FOR YOUR ACTION PLAN The reason for the working environment venture (and this course) is to build up a familiarity with the wellbeing variations and the obstructions helpless populaces face/suffer in looking for and getting human services and accomplishing health. The center is the boundaries introduced by the social insurance suppliers. Your introduction needs to address those boundaries by giving data/training focused towards changing their biased recognitions or predisposition of a particular powerless populace to impact a positive change in human services conveyance/mediation later on. We will compose a custom article test on Work environment Project Action Plan or on the other hand any comparable subject just for you Request Now Your activity plan should express your target of your instructive intercession and depict what you will do to accomplish that objective. This incorporates the sort, assuming any, sound/visual guide, or an instructing plan. Attempt to be as explicit as could be expected under the circumstances. Defenseless populace: Elderly Target of your showing activity: What are you going to educate to your staff? Hindrances the older face getting to medicinal services after release. For what reason would you say you are tending to this specific populace? Our unit deals with basically old patients. What are the obstructions this populace faces: What is your staff’s hindrances/predisposition toward this populace? Working environment Project Action Plan: Toni R. Wrench It would be ideal if you USE THIS FORM FOR YOUR ACTION PLAN The motivation behind the working environment task (and this course) is to build up a familiarity with the wellbeing differences and the hindrances powerless populaces face/suffer in looking for and getting medicinal services and accomplishing health. The center is the obstructions introduced by the medicinal services suppliers. Your introduction needs to address those boundaries by giving data/training focused towards changing their biased recognitions or inclination of a particular helpless populace to impact a positive change in medicinal services conveyance/mediation later on. Your activity planâ should express your target of your instructive intercession and portray what you will do to accomplish that objective. This incorporates the sort, assuming any, sound/visual guide, or an instructing plan. Attempt to be as explicit as could be expected under the circumstances. Defenseless populace: Elderly Target of your showing activity: What are you going to educate to your staff? Hindrances the old face getting to human services after release. For what reason would you say you are tending to this specific populace? Our unit deals with for the most part older patients. What are the hindrances this populace faces: What is your staff’s obstructions/predisposition toward this populace? The staff’s boundaries or inclinations to this populace are fundamentally presumption that they have family/companions upon release home to help them. Additionally, I don't feel that the staff surveys their release needs as altogether as they should. What sound/media device do you plan to utilize? Leaflet What three ideas from this course do you intend to fuse in your introduction? The ideas I will join are helplessness, Watson’s Theory of Caring, and appraisal devices. If it's not too much trouble recall the focal point of this task is to beaten any current inclination or biased discernments your staff may have toward this populace with an end goal to improve the wellbeing results of this populace. . What sound/media device do you mean to utilize? Pamphlet What three ideas from this course do you intend to consolidate in your introduction? The ideas I will consolidate are defenselessness, Watson’s Theory of Caring, and appraisal devices. If it's not too much trouble recall the focal point of this task is to conquered any current inclination or biased recognitions your staff may have toward this populace with an end goal to improve the wellbeing results of this populace. Step by step instructions to refer to Workplace Project Action Plan, Papers

G.C.S.E. English Coursework Macbeth Essay

Task title: (5) Å"Fair is foul and foul is fair . Show how this picture repeats and creates through the play. All through the catastrophe, the subject entitled Å"fair is foul and foul is fair , is critical to the plays achievement and performance, as it both repeats and creates as the play proceeds. The fore referenced words are utilized by and against the key characters in the play, as Shakespeare utilizes his language to depict the subject and characters. The witches are key in playing out the appearance versus reality topic. This significant subject is first welcomed on in the primary scene of the play, with the creepy, upsetting, oxymoronic section finishing in Å"Hover through the haze and messy air , which clarifies Shakespeares expectations for the plot and more profound representations and echoes through to act five. The obtrusive opener is a lot of like the paradoxical expression of I.3, Å"lesser than Macbeth, and greater , which seems inconceivable, however sets the later scenes where Banquo meets his end; in light of the fact that Banquo is lesser when he bites the dust, yet will be more noteworthy in light of his fabulous dedication to great, and he Å"shalt get kings , indicating Shakespeares want to dazzle James I, the conceivable seed of Banquo, in his theater. Unmistakably, by Hecats rhyming discourse in III.5, Å"strength of their illusion , that the savages entire reason and technique is to mislead individuals like the educated Macbeth by circumstances seeming to mean certain things, however in all actuality meaning something very surprising. This cunning trademark is additionally shown by the phantoms: the third genuine or hallucinative allegory, Å"Be lion-mettled , tells Macbeth of the apparently incomprehensible move of Å"Birnan Wood the high Dunsinane Hill  that they talk about i s the main manner by which to execute Macbeth, and the English get the wood as a straightforward, acknowledged yet destructive significant fight strategy. The virtuoso dramatist shows inconspicuously and splendidly the guiltless showing up kid holding a tree, providing the riveted principle character some insight into the unexpected turns of events. The obscure implications alongside the ever-present embodiment, Å"Who chaves, who frets , would energize the crowd and give amazing diversion. Additionally in the spirit scene, it appears that the Å"masters  are thought by Macbeth to disclose to him pleasant news, yet in reality they bring the offensive kind after the rhyming first head, Å"beware Macduff! Excuse me, enough. , has considered the heartbreaking legend in this ordinarily delightful story, however what Macbeth cannot deny is that that the thing the ridiculous youngster said about his destiny Å"none of lady conceived will hurt Macbeth , which sends Shakespeare into his ride into the mists fusing the standard expound illustrations, Å"a obligation of fate , Å"sleep disregarding thunder  when the fantastical plot of Macduffs C esarean segment sees Macduff as the one with the forces, when he in the end murders the absolutely trusting Macbeth. Shakespeare builds up the character of Macbeth as an investigation of the extraordinary when what appears to be a useless speculation by three old witches, Å"This otherworldly soliciting , turns out, not exclusively to be valid, yet suspiciously veracious in Macbeths mind from the exceptionally off, when even he doesn't know whether it is reasonable or foul, Å"cannot be acceptable, can't be ill , in his oxymoronic assessment of the expressions of the witches heretofore, making sensational Irony. Banquo is the balance of this with his resolute honorableness, Å"to double-crosses in most profound consequence. , however the malevolent forecasts end up being valid in Shakespeares optimistic plot, (to follow James Is sees in his book, demonology) as the devils drive him to the highs of government and right down once more. The talks of Macbeth furnish us with incredible knowledge into this all around created subject. He straightforwardly concedes he himself is playing out his own reasonable/foul deeds, Å"Hes here in twofold trust , as what is by all accounts a blowout for Kind Duncan, ends up being his own homicide as Macbeth depicts the prophetically calamitous symbolism, Å"tears will suffocate the wind , which he finds later on, after his ambiguous change from polysyllabic to monosyllabic words, Å"Commends the ingredience , Å"naked new-conceived babe , where Shakespeare can't conclude whether to be actually eminent or to focus on his plot and echoes. This is grown again by the Ëœpoet in the following demonstration when it proceeds onward from the basic, beguiling demonstration of unfairness, to mask of shrewdness, concealing genuine nature, Å"Nature appears dead , where the noxiousness is embodied and Å"Tarquins bewitching strides  cover the apparently unstoppable the compelling force of nature into the ground, as the crowd are whiteness to the scene as a predicament when Macbeth transforms into the debased, underhanded side of him. Macbeth is so riveted at the nebulous visions scene that he keeps on utilizing his idyllic permit to incredible impact as, in any event, when he is stunned, he keeps on adjusting the two contrary energies while utilizing similar sounding word usage to its fullest, Å"blood-boltered Banquo . He proceeds in precisely the same perspective in the accompanying pages, as Shakespeare creates Macbeth as an emphatic, yet effortlessly convinced character, when the minor Lennox gets a similar consideration as the rest none Å"The mansion of Macduff I will surprise , as he contemplates on the best way to slaughter the dreaded Macduff: Ironic in light of the fact that he holds the conclusion that Macduff is foul, despite the fact that he is reasonable and he accepts the witches talk decently, however their expectations are extremely foul. Much like in IV.1, Macbeth plays out a speech in his troubled perspective while Seyton is available, in V.1. The topic is significantly more evolved here where the philosophical Shakespeare tells his presently hypnotized crowd that Å"Lifes however a mobile shadow , showing Macbeths melancholy, trailed by his figurative, adverse depiction, Å"Struts and frets , of a thing that is thought of as ethical by most of individuals. This comes after the purported Ëœbad updates on his wifes passing, yet he assumes that a foul thing like that appears to be very reasonable, Å"She ought to have kicked the bucket hereafter , despite the fact that he shows up as the other, thoughtful portion of himself, Å"find her disease , before again evolving demeanor, Å"Would scour these English hence , where he egotistical like focuses all alone, delicate predetermination, as Shakespeare messes about and clutters the character of Macbeth. Woman Macbeth is a brilliant case of the reasonable/foul topic. She is a woman and is believed to be a sort, adoring and genteel, yet her sensational, alliterative passageway in I.5, Å"And take my milk for nerve, you killing ministers , is the genuine Lady Macbeth, while the play compose demonstrates magnificently how she is appearing to be reasonable before visitors, Å"Look to the lady , however in truth she is the genuine antagonist of the play, tormenting the crowd and each ones guiltless obliviousness of ladies. The subject is to some degree turned around towards the finish of the content since Shakespeare with his debased reiteration, Å"To bed, to bed, to bed  has not made Lady Macbeth such a foe to his captivated crowd, that they cant truly feel sorry a little for her ailment, Å"This malady is past my practice , as she turns out to be all the more reasonable in the shuffled finish of the play. The spouse of Macbeth likewise shows up un-harming, silly and pitiless, before we see the beginning of her all the more reasonable side in II.2, Å"Had he not resembled ¦ I had donet , as the essayist prods the crowd with his confounding, turning plot and monosyllabic exchanges. She rehashes an increasingly weak side of herself in a progressively unpredictable manner as the play creates, Å"dwell in far fetched joy , and she turns into a more vulnerable character. Her commitments to the reasonable foul/foul subject change as she gradually turns out to be to a lesser extent a lowlife, yet her hold on her significant other gets a lot more fragile, Å"Be blameless of the information dearest chuck , as he turns out to be a greater amount of the shrewd one, while proceeding to utilize oxymoronic representation, Å"Light thickens , in light of the fact that previously, he was seeming to be simply duplicity proposed by the witches, Å"In their most current gloss , where the woman assaults Macbeths manliness, Å"then you were a man , however in the second and third homicides, a fearless man being brought somewhere around the witches. Woman Macbeth is additionally an extraordinary devotee to the topic as a mask for the couples activities, Å"Look like the blameless blossom, yet be the snake undert , as the incredible, malicious brain of the woman, grew at an early stage in the play, plots to execute the lord. She and him both display their prior aims a fter the homicide, Å"outrun the pauser reason , and Å"What, in our house , when reasonably the expectations by the witches to be strict and a reason to pick up power, yet the terrible acting would flaunt Shakespeares ability of delivering emotional incongruity, disappointment and redundancy to show ladies as being irrelevant, Å"O Banquo, Banquo! Our illustrious bosses murdered , which he does all through the play. In the homicide of Duncan, Lady Macbeth has a significant job, as her contentious side is obvious. This is so in light of the fact that she is taking the forecasts by the witches to be exacting and a reason to pick up power, yet the knowledgeable Macbeth sees the foul double dealing by the witches, Å"In their most current gloss , where the woman assaults Macbeths manliness, Å"then you were a man , yet in the second and third homicides the she has no contribution. He excuses her with his over staggering ironic expression, Å"restless ecstasy , and alliterative illustrations, Å"lifes erratic fever , so Shakespeare can flaunt to James I. The pipedreams of especially Macbeth show the appearance versus reality topic in light of the fact that the items show up, however are not reality. The knife, all around depicted by certain creations as a shadow, is the first occasion when that Macbeth starts to fantasize. His riveted, overwhelmed perspective is skilfully appeared by Shakespeare to f urnish us with prophetically calamitous symbolism represented, Å"fatal vision , and the idea that a Å"false creation  could transform an apparently reasonable destiny into such a foul closure. At the point when the violence become a reality, Å"the cry of women , Å"Untimely ripped , and Macbeth meets his

Some Notes

Some Notes Today is the first day of final exam week at MIT. [read more: schedule] 800+ students alums came to Kresge Auditorium last night to watch Randal Pinkett PhD 01 win the TV show The Apprentice. [read more: MITAA, Melis] ESPN.coms Page 2 mocks MITs football team [read more: Page 2] while the mens basketball team heads into the break with a 7-1 record [read more: MITAthletics] So, Summer got a 2300 on her SATs. In the fictional world of The OC, colleges might have quotas for particular high schools, but at MIT we admit the best students, regardless of who else is applying from a particular school. Dressing like a pirate, though, does earn you bonus points. [read more: TWoP] Marilee was quoted in a recent Bloomberg News article on stress college admissions [read more: Bloomberg] The latest Harvard Business Review has a neat interview with Prof. Henry Jenkins about video games and the workplace. [read more: HBR] Taiwans Quanta Computer Inc will manufacture the $100 Laptop. [read more: Slashdot, Taipei Times] The New York Times has an article on the length of the new SAT. Some students and counselors think it is too long. What do you think? [read more: NYTimes] Update for deferred students coming tomorrow. [read more: tomorrow]

Why Investors Invest In Hedge Funds - Free Essay Example

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