international journal of emerging … - 020303.pdfinternational journal of emerging trends in...

INTERNATIONAL JOURNAL OF EMERGING TRENDS IN TECHNOLOGY AND SCIENCES(ISSN: 2348-0246(online)), VOLUME-02, ISSUE-03, MAY-2014

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COMPARATIVE ANALYSIS OF MUTUAL FUNDS1PREMALATHA K

1MBA, VARDHAMAN COLLEGE OF [email protected]

Abstract— this paper is the result of Comparative study of Mutual Funds in India. It throws the light on how Mutual funds really work, how much risk involved in it and how they diversify themselves. The main objective of the study is to give investors a basic idea of investing into the Mutual Funds and encourage them to invest in those areas where they can maximize the return on their capital. The research provided an interesting insight into awareness about the mutual funds, differences in age groups, occupation, income levels, risk taking ability of individuals, investment options preferred etc. This study helps me to understand how the companies diversify themselves in different sectors and in different companies to maximize the return and to minimize the risk involved in it. It also taught me how to take every experience in the right sprit & learn from each one. Finally, I shall consider all my hard work worthwhile, if this endeavour of mine is able to satisfy all those concerned & proves useful to any one or for any study in the future.

1. INTRODUCTIONMutual Funds are professionally managed pool

of money from a group of investors. A Mutual fund manager invests your funds in securities including stocks and bonds, Money Market instruments or some combination and decides the best time to buy and sell. By pooling your resources with other investors in Mutual Funds, you can diversify even a small investment over a wide spectrum.

With the emergence of the capital market at the center stage of the Indian financial system from its marginal role a decade earlier, the Indian capital market also witnessed during the same period a significant institutional development in the form of diversified structure of Mutual Funds. A Mutual fund is a special type of investment institution which acts as an investment conduit.

It pools the savings, particularly of the relatively small investors, and invests them in a well-diversified portfolio of sound investment. As an investment intermediary, it offers a variety of services/advantages to the relatively small investors who on their own cannot successfully construct and manage investment portfolio mainly due to the small size of their funds, lack of expertise and experience, and so on. These services include the diversification of portfolio, expertise of the professional management, liquidity of investment, tax shelter, reduced risk and reduced cost.

Mutual fund is the most suitable investment mode for the common man as it offers an opportunity to invest in a diversified, professionally managed portfolio at a relatively low cost. Anybody with an investible surplus of as little as a few thousand rupees can invest in mutual

funds. Each Mutual fund scheme has a defined investment objective and strategy.

The most important trend in the Mutual Fund industry is the aggressive expansion of the foreign owned Mutual Fund companies and the decline of the companies floated by nationalized banks and smaller private sector players.

Funds issue and redeem shares on demand at the fund's net asset value (NAV). Mutual fund management fees typically range between 0.5% and 2% of assets per year, exchange fees and other administrative charges also apply.

According to SEBI - Mutual Fund is defined as -“A fund established in the form of a trust to raise money’s through the sale of units to the public or a section of the public under one or more schemes for investing in securities, including money market instruments.”Mutual Fund is a mechanism for pooling the resources by issuing units to the investors and investing funds in securities in accordance with objectives as disclosed in the offer document.1.1. METHODOLOGY AND DATABASE OF THE

STUDYAll information related to the topic needs to be

carefully scrutinized to avoid the risk of biased analysis. Having once identified which information is relevant and need to be collected, we will have to define how this will be done.The Method employed in the investigation depends on the purpose and scope of the study. Research Design:

Research design is some statement or specification of procedures for collecting and analyzing the information required for the solution of some specific problem. Here, the exploratory research is used as investigation and is mainly concerned with determining the trends and returns in Mutual Funds and Bank returns.

Data Collection Methods:The key for creating useful system is selectivity in

collection of data and linking that selectivity to the analysis and decision issue of the action to be taken. The accuracy of collected data is of great significance for drawing correct and valid conclusions from the research.


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Sources of Information: Data available in marketing research are either primary or secondary. Primary Data is not included in this study, only secondary data is taken in to account since, it is a comparative analysis. Secondary Data:

Secondary data can be defined as - “data collected by someone else for purpose other than solving the problem being investigated”. Secondary data is collected from external sources which include information from published material of SEBI and some of the information is collected online. The data sources also include various books, magazines, newspapers, websites etc. The organization profile is collected from the Hyderabad Stock Exchange.1.2. LIMITATIONS OF THE STUDY

The data that is considered for the Comparative analysis of various Mutual Funds returns of Open-Ended Balanced Growth Fund are only for a short period of one year and performance during this period may not be same in future. Project period is only 45 days , so I have taken two months portfolios into consideration

As the project period is limited, the long-term data of Mutual Funds are not taken into consideration in analysis section.

Mutual Funds of only five organizations are taken into account for analyzing their performance, because the time duration of the project is short and limited. The performance of these funds since inception is not considered.

This study on Mutual Funds is restricted to Open-Ended Balanced Schemes only. The core details are untouched.

The data taken into account for analysis is very general. Confidential data is ignored as it is highly sensitive. As a result the information presented in the research report is limited.

2. REVIEW OF LITERATURE

DEFINITION

A Mutual Fund is a financial intermediary which acts as an instrument of investment. It collects the funds from different investors to a common pool of investible funds and then invest these funds in a wide variety of investment opportunities in diversified portfolios of securities such as Money Markets instrument, corporate and government bonds and equity shares of joint stock companies.

The investment may be diversified to spread risk and to ensure good return to the investors. The Mutual Funds employ professional, experts and investment consultants to conduct investment analysis and then to select the portfolio of securities where the funds are to be invested.

Each investor owns units, which represent a portion of the holdings of the fund. You can make money from a MF in three ways:-

1. Income is earned from dividends on stocks and interest on bonds. A Fund pays out nearly all 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 the form of dividends.

3. If fund holdings increase in price but are not sold by the fund manager, the fund’s shares increase in price. You can then sell your Mutual Fund units for a profit. Funds will also usually give you a choice either to receive a cheque for dividends or to re-invest the same and get more units.FIGURE SHOWING THE WORKING OF MUTUAL FUND

STRUCTURE AND CONSTITUENTS OF FUND

SPONSOR: Establishes the MUTUAL FUND

→ Need to have sound financial track record.→ Appoints TRUSTEES.→ Appoints Asset Management Company.

→ Must contribute 40% of the net worth of the AMC.

Sometimes this power is given by the sponsor to the trustees through the trust deed.

MUTUAL FUND

Sponsor Trustee AMC Custodian


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At least 50% of directors on the board of Asset Management Company should be independent of the sponsor.

Asset Management Company shall not deal with any broker or firm associated with sponsor beyond 5% of daily gross business of the Mutual Fund.

All securities transactions of the Asset Management Company with its associates should be disclosed.

TRUSTEE: Manages the Mutual Fund and look after the

operation of the appointed AMC. The investments are held by the Trustees, in a

fiduciary responsibility. Trustees approve each Mutual Fund Scheme

floated by AMC. Furnish report to SEBI on half yearly basis on

AMC and Fund Functioning.

ASSET MANAGEMENT COMPANY: AMC acts as investment manager of the trust under the

board supervision and direction of the trustees. AMC floats the different Mutual Fund schemes. Submits report to the Trustees on quarterly basis,

mentioning activity and compliance factor. AMC is responsible to the trustees. AMC fees have a ceiling, decided by SEBI. Should have a net worth of at least Rs.11 crores at all

the times.

CUSTODIAN: Appointed by board of trustees for safekeeping of

securities. It’s an entity independent of sponsors.

SEBI regulates the securities market in India. According to SEBI every Mutual Fund require that at least two thirds of the directors of trustee company or board of trustees must be independent i.e. they should not be associated with the sponsors. Also, 50% of the directors of AMC must be independent. All Mutual Fund are required to be registered with SEBI before they launch any Scheme. ORGANISATION OF MUTUAL FUND:

CHARACTERISTICS OF MUTUAL FUNDS:

A Mutual Fund actually belongs to the investors who have pooled their funds. The ownership of the Mutual Fund is in the hands of the investors.

Mutual funds are trusts or registered associations managed by investment professionals and other service providers, who earn a fee for their services from the fund.

The pools of the funds are invested in a portfolio of marketable investments (Shares and Securities). The value of the portfolio is updated every day.

Mutual funds collect money from small investors and in return, they will issue a certificate in units.

The investor’s share in the fund is denoted by “UNITS". The value of the units changes with the change in the portfolio’s value every day.

The profits of investments will be distributed to the unit holders. The unit holders can sell their units in the open market at ‘Net Asset Value’ (NAV).

NET ASSET VALUE (NAV):Mutual Funds invest the money collected from the

investors in securities markets. In simple words, Net Asset Value is the market value of the securities scheme also varies on day to day basis. The NAV per unit is the market value of securities of a scheme divided by the total number of units of the scheme on any particular date. The performance of a particular scheme of a Mutual Fund is denoted by “Net Asset Value”.

For example; if the market value of securities of a MF Scheme is Rs. 200 lakhs and the Mutual Fund has issued 11 lakhs units of Rs. 11 each to the investors, then the NAV per unit of the fund is Rs. 20. NAV is required to be disclosed by the MF on a regular basis – daily or weekly –depending on the type of scheme.

NAV = Market value of the fund’s investments + Receivables + Accrued Income – Liabilities – Accrued Expenses

Number of Outstanding units

2.1. OBJECTIVES OF MUTUAL FUNDS:The objectives sought to be achieved by Mutual funds are as follows:- To provide an opportunity for lower income groups to

acquire without much difficulty property in the form of shares.

To cater mainly to the need of individual investors whose means are small?

To manage investor’s portfolio’s in a manner that provides regular income, growth, safety, liquidity and diversification.


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2.2. SCHEMES OF MUTUAL FUNDS:

Mutual fund schemes are usually open-ended (Perpetually open for investors and redemption) or close-ended (with a fixed term). A Mutual Fund scheme issues units that are normally priced at Rs.11/- during the initial offer. The number of units you own against the total number of units issued by a Mutual Fund scheme determines your share in the profits or losses in the scheme.

2.3. TYPES OF MUTUAL FUND SCHEMESThe Mutual Funds can be classified under the following types:

ACCORDING TO STRUCTURE:

2.4. OPEN - ENDED SCHEME

An open-ended scheme is a scheme in which an investor can buy and sell units on a daily basis. The scheme has a perpetual existence and flexible, ever changing corpus. Open-Ended schemes do not have a fixed maturity period. The investors are free to buy and sell any number of units, at any point of time, at prices that are linked to the NAV of the units.

In these schemes the investor can invest and disinvest any amount, any time after a short initial lock – in period. This scheme gives investors with instant liquidity and fund announces sale and repurchase price from time to time. The units can be bought from and sold to any Mutual Fund.

Advantages of Open-ended funds over Close-ended funds: Any time Entry Option. This provides ready liquidity to the investors and

avoids reliance on transfer deeds, signature verifications and bad deliveries.

Allows to enter the fund at any time and even to invest at regular intervals.

Any time Exit Option.

2,5, CLOSE – ENDED SCHEME

A Close-ended scheme has a stipulated maturity period. E.g. 5-7 years. A Close-ended scheme is one in which the

subscription period for the Mutual Fund remains open only for a specific period, called the ‘redemption period’. At the end of this period, the entire corpus is disinvested and the proceeds distributed to unit holders. After final distribution the scheme ceases to exist. Such schemes can be rolled over by approval of unit holders.Reason’s for fluctuations in NAV Investor’s doubts about the abilities of the fund’s

management. Lack of sales effort (Brokers earn less commission on

closed end schemes than on open ended schemes). Riskiness of the fund. Lack of marketability of the fund’s units. 2.6. INTERVAL SCHEMES

Interval schemes are those that combine both the features of both open-ended and close-ended schemes. The units may be traded on the stock exchange or may be open for sale redemption during pre–determined intervals at NAV related prices.ACCORDING TO INVESTMENT OBJECTIVE

INVESTMENT

OBJECTIVE

EQUITY SCHEME

DEBT OR BOND SCHEME

BALANCED SCHEME

MONEY MARKETSCHEME

GROWTH & INCOME FUND

OTHER SCHEMES

STRUCTURE

OPEN-ENDED SCHEME CLOSED-ENDED SCHEME INTERVAL SCHEME


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3. ADVANTAGES OF MUTUAL FUNDS

The key advantages of both open and close-end Mutual Funds is that they put professional managers with experience and access to sophisticated financial research to work for you this, and other wide range of key benefits are as follows :-

1) Professional ManagementExperienced portfolio managers carefully select a fund’s holdings according to the fund’s seated investment objective. The portfolio management team continuously monitors and evaluates the fund’s holdings to help make sure it keeps pace with changing market conditions. The team decides when to buy and sell securities. There is a fee associated with this professional management.

2) DiversificationA Single diversified Mutual Fund may invest in dozens – even hundreds – of different holdings. This approach may reduce the impact on your return if any one investment held by the fund declines. Diversification spreads your assets among different types of holdings and may be one of the best ways to protect yourself amid the complexity and uncertainty of the financial markets.

3) CompoundingIn a Mutual Fund, you may choose to reinvest your earnings automatically to buy more shares. When you reinvest, not only do you have the potential to earn money on your initial investment, you may also have the opportunity to earn money on the dividends and capital gains you accumulate. Compounding may increase the impact of what you contribute and can help your money grow faster. And the longer you invest, the greater the potential growth.

4) Systematic InvestingYou can invest in most mutual funds automatically through regular payments directly from your bank account; you can start building a long-term investment program. With systematic investing you invest a fixed amount of money at regular intervals regardless of market conditions, helping out market fluctuations.

5) Hassle-free operationsWith most Mutual Funds, buying and selling shares, changing distribution options, and obtaining information can be accomplished conveniently by telephone, by mail, or online. Although a fund’s shareholder is relieved of the day-to-day tasks involved in researching, buying and selling securities, an investor will still need to evaluate a Mutual Fund based on investment goals and risk tolerance before making a purchase decision. Investors should always read the prospectus carefully before investing in any Mutual Fund.

6) Buying PowerWhen you invest in a mutual fund, you join the other investors in a pool of investment money. The result is that you have a “partial stake” in each company the fund holds for a relatively small amount of principal invested, while potentially offsetting some of the risk associated with holding individual securities.

7) ChoiceThere is an incredible array of mutual funds – more than 11,000 – available to meet your specific Investment objective. Funds have different investment objectives and degrees of investment risk – often indicated through asset classes and sub-classes, such as money market funds, fixed income funds, balanced funds, growth and income funds, growth funds and aggressive growth funds.

8 )LiquidityMutual fund shares are liquid and orders to buy or sell are placed during market hours. However, orders are not executed until the close of business when the NAV (Net Asset Value) of the fund can be determined. Fees or commissions may or may not be applicable. Fees and commissions are determined by the specific fund and the Institution that executes the order.

9) TransparencyYou get regular information on the value of your investments in addition to disclosure on the specific investments made by your scheme, the proportion invested in each class of assets and the fund manager’s investment strategy and outlook.

4. TOOLS USED FOR ANALYSIS

TABULATION:A Table is a systematic arrangement of statistical

data in rows and columns. Rows are horizontal arrangements whereas columns are vertical arrangements. Tabulation is a systematic presentation of data in a form suitable for analysis and interpretation.

PRESENTATION OF DATA:The impression created by a picture has much greater impact than detailed explanation. Statistical data can be effectively presented in the form of diagrams and graphs. Graphs and Diagrams make complex data simple and easily understandable. They help to compare related data and bring out subtle data with amazing clarity. The diagrams used are as follows –

PIE CHARTS: The Pie charts are used to represent a component on a percentage basis. Each part of a component is shown as the percentage of whole component. Pie Charts are used to represent the percentage share of Equity, Debt & Money Market components of Balanced Growth Fund.


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BAR DIAGRAMS: The Bar Diagrams are used specifically for categorical data series. They consist of the group of equidistant rectangles, one for each group or category of data in which the values of magnitudes are represented by length or height of rectangles.

RISK ASSOCIATED WITH MUTUAL FUND INVESTMENT

The Principal that the greater risk you take, the greater the potential reward. Typically, risk is defined as short – term price variability. But on a long – term basis, risk is the possibility that your accumulated real capital will be insufficient to meet your financial goals. And if you want to reach your financial goals, you must start with an honest.

At the cornerstone or investing is the basic appraisal of your own personal comfort zone with regard to risk. Individual tolerance for risk varies, creating a distinct ‘investment personality’ for each investor. Some investors can accept short-term volatility with ease, others with near panic. So whether you consider you investment temperament to be conservative, moderate or aggressive, you need to focus on how comfortable or uncomfortable you will be as the value of your investment moves up or down

5. COST INVOLVED IN MUTUAL FUNDS

An investor must know that there are certain costs can be classified into 2 broad categories:Operating expensesWhich are paid out of the fund’s earnings Sales charges- That are directly deducted from your investment. It is not Compulsory that every mutual fund levy sales charges but

they certainly have operating expenses. No doubt they influence returns on investment in a fund.

Operating expensesThese referred to cost incurred to operate a mutual

fund. Advisory fees paid to investment managers, Audit fees to chartered accountant, custodial fees, register and transfer agent fees, trustee fee, agent commission. Operating expenses also known as expenses ratio which is annual expenses expressed as a percentage of the funds average daily net assets mutual funds. The breakup of these expenses is required to be reported in the schemes offer document (or) prospectus

Operating expensesExpenses Ratio = -----------------------------

Average Net Assets

For instant, if funds Rs. 110 Crores and expenses 20 lakhs. Then expenses ratio is 2% expenses ratio is available in the offer document and from historical per unit statistics included in the financial results of the fund which are published by annually. UN audited for the half year ending Sep’30 and audited for the physically year end in March 30.

Depending upon schemes and net asset, operating expenses are determined by limits mandated by SEBI Mutual fund regulation Act. Any excess over specified limits as to be born by Asset Management Company, the trustees or sponsors.

Sales charges:These are known commonly sales loads; these are

charged directly to investor. Sales loads are used by mutual fund for the payment of agent’s commission, distribution and marketing expensed. These charges have not effect on the performance of the scheme. Sales loads are usually express in percentage and or of two type’s front-end and back end.

Front-end load: It is a one time fixed fee paid by an investor when buying a mutual fund scheme. It determines public offer price which intern decides how much of your initial investment actually get invested the standard practice of arriving a public offer price is as follows:

Net Asset Value

Public offer price = --------------------------- (1- front end load)

Let us assume, an investor invests Rs.11, 000 in a scheme that charges a 2%front end load at a NAV per unit RS. 11 using the formula public offer price =11/ (1-0.02) is Rs. 11.20. So only 980 units are allotted to the investor

Amount invested

Number of units allotted = -------------------------- Public offer price

11,000/11..20= 980 units at a NAV of Rs. 11This means units worth 9800 are allotted to him on an initial investment of Rs. 11,000. Front end loads tent to decrease as initial investment amount increase.

Back end load:May be a fixed fee redemption (or) a contingent

deferred sales charges-a redemption load continues so long as the redeeming or selling of the units of the units of a fund does not take place in the event of back end load is applied. The redemption price is arriving at using following formula.

Net Asset ValueRedemption price = ------------------------------

(1+ back end load)


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Let us assume an investor redeems units valued at Rs. 11,000 in a scheme that charges a 2% back end load at a NAV per unit of Rs. 11. Using the formula redemption price 11/ (1+0.02) = Rs. 9.8So, what the investor gets in hand is 9800(908*1100)

Contingent Deferred Sales Charges (CDSC):Contingent deferred sales charges are a structured

back end load. It is paid when the units are redeemed during the initial years of ownership. It is for a pre determined period only and reduced over the time you’re invested for a fund. The longer the investor remains in fund the lower the CDSC.

The SEBI (mutual fund Regulation 1996) stipulate that a CDSC may be charge only for first 4 years after purchase of units and also stipulate the maximum CDSC that can we charge every year. The SEBI Mutual funds Regulation 1996 do not allow either the front end load or back end load to any combination is higher that 7%.

Transaction cost:Some funds may also impose a switch over fee

which is a charge on transfer of investment from one scheme to another within a same mutual fund family and also to switch from on plan (short term) to another (long term) within same scheme.

SYSTEMATIC INVESTING PLANS (SIPs)

It is an investment vehicle, where you need to deposit a fixed amount at regular intervals (monthly, quarterly, etc.) in a MF scheme; just like you do in a recurring deposit account with a bank or the post office.

Regular Investing is not easy. Owing to lack of time, most people invest sporadically. The result? The returns are rarely optimal. However, there is a foolproof way of investing a fixed amount of money at regular intervals: Chola Mutual Fund’s “Systematic Investment Plan” (SIP). SIP uses the concept of rupee cost averaging, ensuring investors buy more when prices are low; and fewer units when prices are high.

Benefits of Systematic Investment PlansDiscipline Saving:

Inculcating discipline in your investment has been easier. Your investment is done on a regular basis by the mutual fund without any intervention required by you. The best part is that you will not feel the pain of having to save since the money will move from your bank account automatically.

Rupee Cost Averaging:The SIP helps you take advantage of the

fluctuation in the stocks market by rupee cost averaging. The investor buys more units when the prices are low and fewer units cost. Assume you are investing Rs.1100/-each for next four months.

MonthAmount Invested

Purchase Price

No of Units Purchased

1 1100 11 110

2 1100 09 121.12

3 1100 11 110

4 1100 12 90.9Table 2 (b)

Total Investment = Rs. 4000; No of units purchased is 402.21. The average cost per units work out to be Rs9.95.

As illustrated, over time you have a lower average cost per unit. By investing a fixed amount of money at regular intervals, you as an investor stand to gain reasonable returns and create significantly wealth-over time.Lower Cost of Investing:

Getting into SIP program does not required large investment amounts at regular intervals. Even as small as Rs. 1100 can be invested at regular intervals.

Builds Investment Kitty:You have to give Post-Dated cheque (PDCs) to

the mutual fund for deposit on specific dates, for the amount you want to invest. These cheques are presented to your bank account on these dates and the funds are withdrawn from your account for investment in the mutual fund scheme at the prevailing NAV. Other than making the initial investment and issuing the cheques at the beginning, no further efforts are required from you.

Overcoming market volatility:SIPs help you avoid missing market falls because

of lack of time to track the market. You don’t have the responsibility of actively monitoring market movement to be able to enter during falls.

Market timing doesn’t work:Trying to time the markets, i.e. entering when the

markets fall and exiting when the markets rise, usually does not work. It is best to take the systematic investment approach to stay above market

Redemption of Units:The units can be redeemed (i.e. sold back to the

mutual fund) or switched-out subject to completion of lock in period, on every business day at the redemption price. The redemption/switch out request can be made by way of a written request, on a pre printed form or by using the relevant tear off section of the transaction slip enclosed


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with the account statement, which should be submitted at/may be sent by mail to any of the ISC’s.Redemption price:Redemption price will be calculated on the basis of the loads of different plans/options. The redemption price per unit will be calculated using the following formula:

Redemption Price = Application NAV * (1 – exit Load, if any)

6. CONCLUSION

The information in this project report will provide the investors the basic knowledge about Mutual Funds and enable them to choose the best investments suiting their risk/return profile. Basing on the information in this project, recommendations made to investors are as follows:-

Mutual funds provide regular and steady income to investors.

Systematic investment plan in Mutual Funds is the best tool for sound investment to small investors who prefer investments in installments.

Liquidity, transparency, well regulated and flexibility, are some of the features of Mutual funds which is very advantageous to investors.

The entry load and exit load in Mutual Funds is very low which does not affect the ultimate yields.

Safety of funds & positive rate of return over inflation are the basic two needs of traditional investor. Mutual Fund is well equipped to cater to these basic desires of investors.

7. REFERENCESBOOKS REFERRED

Security analysis and - DONALD E. FISHER Portfolio management - RONALD J. JORDAN Financial Services - M.Y.KHAN Essentials of Investment &Tax Planning

--ICFAI Personal Finance - ASHU DATT

WEBSITES VISITED www.mutualfundsindia.com www.stockholding.com www.moneypore.com www.amfiindia.com

JOURNALS

Charles P. Holt,(2008) "Planning capital investments: Easy as 1–2–3",Strategy & Leadership, Vol. 12 Iss: 5, pp.30 –32

Mark J. Lawless, (2002) "Investment and strategy evaluation: A personal computer model", Strategy &

Leadership, Vol. 12 Iss: 3, pp.24 –27 Shalini Kalra Sahi, Nand Dhameja, Ashok

Pratap Arora, (2012) "Predictors of preference for financial investment products using CART analysis", Journal of Indian Business Research, Vol. 4 Iss: 1, pp.61 –86

Timo Korkeamaki, Vesa Puttonen, Tom Smythe, (2007) "Advertising and mutual fund asset flows", International Journal of Bank Marketing, Vol. 25 Iss: 7, pp.434 – 451

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