Performance of Hedge Fund Relatively in UK

Performance of Hedge Fund Relatively in UK 1.1- Introduction: Hedge funds are actively managed portfolios that hold positions in publicly traded securities. Gaurav S. Amin and Harry M. Kat (2000) stated on their report that A hedge fund is typically defined as a pooled investment vehicle that is privately organized, administrated by professional investment managers, and not widely available to the public. It charges both a performance fee and a management fee. It allows a flexible investment for a small number of large investors (usually the minimum investment is $1 million) can use high risk techniques. 1Now days it is very clear that in the matter of alternative investment mutual fund is not performing well. As a high absolute returns and typically have features such as hurdle rates and incentive fees with high watermark provision hedge fund gives a better align to the interests of managers and investors. 2Moreover mutual funds typically use a long-only buy-and-hold type strategy on standard asset classes, which help to capture risk premia as sociate with equity risk, interest rate risk, default risk etc. However, they are not very helpful in capturing risk premia associate with dynamic trading strategies. That is why hedge fund comes into the picture. In the year of 2009, this takes the greatest history of the world in the following century. In the year of 2008 the world saw the greatest fall down of the world economy. Lots of people missing their jobs, lots of company were stopped. The world economy faced the highest losses in the history. These all factors are showing only one way to makeover from that greatest downfall that is hedging. 3The last couple of decades have witnessed a rapidly growing in the hedge funds. Relative to traditional investment portfolios hedge funds exhibit some unique characteristics; they are flexible with respect to the types of securities they hold and the type of the position they take. 1 Agarwal, V. and Naik, N. (2000). Multi-period performance persistence analysis of hedge fund s. The journal of financial and quantitative analysis. Vol. 35, No,3. PP-327. 2 Agarwal, V. and Naik, N. (2004). Risks and portfolio decisions involving hedge funds. The review of financial studies, Vol. 17, No.1. PP-64. 3 Journal of banking and finance 32(2008) 741-753- Hedge Fund Pricing and Model Uncertainty by Spyridan D. Vrontos, Ioannis D. Vrontos, Daniel Giomouridies. Since the early 1990s, hedge funds have become an increasingly popular asset class. The amount invested globally in hedge funds rose from approximately $50 billion in 1990 to approximately $1 trillion by the end of 2004. And because these funds characteristically use stantial leverage, they play a far more important role in the global securities markets than the size of their net assets indicates. Moreover, investments in hedge funds have become an important part of the asset mix of institutions and ever wealthy individual investors (Malkiel, B. and Saha, A. (2005). 4The number of FOHFs increase by 40% between 2001 and 2003, and now comprised almost two third of the $650 billion invested in the USAs hedge fund market. Due to its nature it is difficult to estimate the current size of hedge fund industry. 5Van Hedge Fund Advisors estimates that by the end of 1998 there were 5380 hedge fund managing $311 in capital, with between $800 billion and $1 trillion in total assets, which indicates the higher number of recent new entries. So far, hedge fund is based on American phenomena. About 90% hedge fund managers are based in the US, 9% in Europe and 1% in Asia and elsewhere. Now a days around 5883 hedge funds are trading around the world. (*Barclay Hedge database). Chart 1: Assets of Hedge fund industry from 1997 to 2009. Source: http://www.barclayhedge.com/research/indices/ghs/mum/Hedge_Fund.html According to the Barclay hedge database the asset of hedge fund industry is $1205.6 billion dollar. 4 Financial times, 29th October, 2003. www.vanhedge.com http://www.barclayhedge.com/products/hedge-fund-directory.html 1.2- Research questions: Specifically in this paper, I want to address two main questions. First one is what is the performance of hedge fund and FTSE100 over the period of 2001 to 2008? To evaluate the performance I use three traditional risk adjusted performance measurement model. To give a better idea and matter of easily understand I use the Sharp ratio, the Treynor ratio, and the Capital Asset Pricing Model (CAPM). However, the equity market index is not necessarily the right benchmark for hedge funds, therefore, market betas and abnormal returns may not be the appropriate measures for risks and profits. To mitigate this problem, I calculate sharp ratios, which are defined as the ratio of the average excess fund returns over the standard deviation. Second question is does hedge funds gives better return from UK equity market (FTSE100)? To make this comparison I use regression analysis where the correlation will show how the hedge funds act against the FTSE 100. 1.3- Objective of the study: The main objective of this study is to find out the performance of Hedge fund relatively with the UK equity market FTSE 100. In addition, I address in this paper four major hedge funds performance correlation with FTSE100. As a result an individual investor can easily understand which portfolio will give better return at their investment perspective. This study focuses on UK investors perspective only. In the past several years, lots of studies had been done on this area like Park and Staum (1998), Brown et al. (1999), Agarwal and Naik (2000), Herzberg and Mozes (2003), Capocci and Hubner (2004), and Malkiel and Saha (2005) analysis the hedge fund performance. Most of the statistical methodology is on the regression with equity markets and rest of all are in the cross product ratio. Above all they tried to find out the return of different types of hedge fund depending on the market risk and market return. So finally, the purpose of this paper is clearly established, that is to understand hedge fund performance over the UK equity market (FTSE100). 1.5- Overview of the methodology: In this section I would like to describe an overview of my methodology. To find out the hedge fund performance and the FTSE100 markets performance I use three traditional risk-adjusted performance measurement models. First one is the Sharpe ratio, secondly, the Treynor ratio and finally, the Capital Asset Pricing Model (CAPM). I address the Sharpe ratio and the Treynor ratio because these two gives better easy view for an investor to evaluate the hedge fund performance by themselves. However, the Sharpe ratio and the Treyneo ratio measure the excess return of per unit of risk for an investment asset. These two are used to understand how well the return of an asset compensates the investor for the risk taken. When comparing two assets each with the expected return of fund against the same benchmark with risk free return, the asset with the higher Sharpe ratio gives more return for the same risk. As a result investor can easily understand where to invest. In this paper I use total 287 funds including different types of hedge funds like- Event driven (31), Hedge fund (54), Global macro (37) and Market neutral (165). As a benchmark I use FTSE100 and for the risk free rate I use UK 10 year Treasury bond. All data were collected from the DataStream which is run by Thomson Reuters the worlds leading source of intelligent information for businesses and professionals (http://thomsonreuters.com/). 1.6- Definition of the key terms: Hedge fund: In the early study by Francis C.C. Koh, Winston T.H. Koh , David K.C. Lee, Kok Fai Phoon (2004) stated in their report that Hedge Funds are innovative investment structures that were first created more than 50 years ago by Alfred Winslow Jones. He established a fund with the following features: (a) He set up hedges by investing in securities that he determined as undervalued and funding these positions partly by taking short positions in overvalued securities, creating a market neutral position; (b) He also designed an incentive fee compensation arrangement in which he was paid a percentage of the profits realized from his clients assets; and (c) He invested his own investment capital in the fund, ensuring that his incentives and those of his investors were aligned and forming an investment partnership. Most modern hedge funds possess the above listed features, and are set up as limited partnerships with a lucrative incentive-fee structure. In most hedge funds, managers also often have a significant portion of their own capital invested in the partnerships. The term hedge fund has been generalized to describe investment strategies that range from the original market-neutral style of Jones to many other strategies and opportunistic situations, including global/macro investing. On the other report by Liang, B. (1999) stated on his report that there are two major types of hedge funds, one is inshore and another is offshore. Onshore funds are limited partnerships of no more than 500 investors. Offshore funds are limited liability corporations or partnerships established in the tax neutral jurisdictions that allow investors an opportunity to invest outside their own country and minimize their tax liabilities. Due to the large variety of hedge fund investing strategies, there is no standard method to classify hedge funds smartly. There are at least 8 major databases set up by data vendors and fund advisors. I follow the classification used by Eichengreen and Mathieson (1998), which relied on the MAR/Hedge database. Under this classification, there are 8 categories of hedge funds with 7 differentiated styles and a fund-of-funds category. For my paper I chose three different categories, which are as follows: (a) Event driven funds. These are funds that take positions on corporate events, such as taking an arbitraged position when companies are undergoing re-structuring or mergers. For example, hedge funds would purchase bank debt or high yield corporate bonds of companies undergoing re-organization (often referred to as distressed securities). Another event-driven strategy is merger arbitrage. These funds seize the opportunity to invest just after a takeover has been announced. They purchase the shares of the target companies and short the shares of the acquiring companies. (c) Global/Macro funds refer to funds that rely on macroeconomic analysis to take bets on major risk factors, such as currencies, interest rates, stock indices and commodities. Opportunistic trading manager that makes profits from changes in global economies typically based in major interest rate shifts. To make profits managers uses leverage and derivatives. (d) Market neutral funds refer to funds that bet on relative price movements 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. Convertible bond arbitrage funds typically capitalize on the embedded option in these bonds by purchasing them and shorting the equities. Fixed income arbitrage bet 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. Source Eichengreen and Mathieson (1998). 2.1.2- Current scenario of hedge funds: Chapter two Literature review: 2.1- History of hedge fund Despite the increasing interest and recent development, few studies have been carried out on hedge funds comparing to other investment tools like mutual funds. An analysis of Hedge Fund performance 1984-2000 by Capocci Daniel using one of the greatest hedge fund database ever used on his working paper (2796 individual funds including 801 dissolved), to investigate hedge funds performance using various asset-pricing models, including an extension from of Carharts (1997) model combined with Fama and French (1998), Agarwal and Naik (2000) models that take into account the fact that some hedge funds invest in emerging market bond. At the end they found that their model does a better job describing hedge funds behaviour. That appears particularly good for the Event Driven, Global Macro, US Opportunistic, Equity non-Hedge and Sector funds. Since the early 1990s, when around 2000 hedge funds were managing assets totalling capital of $60 billion, the subsequent growth in the number and asset base of hedge funds has never really been refuted. The industry only suffered from a relative slowdown in 1998, but since then has enjoyed a renewed vitality with an estimated total of 10,000funds managing more than a trillion US dollars by the end of 2006. The growing trend of the sector remained remarkably sustained during the stock market collapse that started in March 2000, when the NASDAQ composite Index reached an all-time high of 5,132 and finished three years later with a floor level of 1,253. In the meantime, the global met asset value (NAV) of hedge funds continued to grow at a steady rate of 10.6% (Van Hedge Funds Advisors International, 2002), contrasting with a decrease of 2.7% in the worldwide mutual fund industry ( Investment Company Institute, 2003). In 2001, Capocci and Hubner(2004) estimated that there were 6,000 he dge fund managing around $400 billion. In 2007, Capocci, Duquenne and Hubner (2007) estimated that there were 10,000 hedge funds managing around $1 trillion. This is a growth of 11% in the number of funds and 26% in assets over six years (6PhD thesis paper by Daniel P.J. Capocci). Other studies from practitioners Hennessee (1994), and Oberuc (1994) also showed an evidence of superior performance in the case of hedge funds. Ackernann and Al. (1999) and Liang (1999) who compared the performance of hedge funds to mutual funds and several indices, found that hedge funds constantly obtained better performance than mutual funds. Their performance was not better than the performance of the market indices considered. They also indicated that the returns in hedge funds were more unstable than both the returns of mutual funds and those of market indices. According to Brown and Al. (1997) hedge funds showing good performance in the first part of the year reduce the volatility of their portfolio in the second half of the year (Capocci Daniel- An analysis of hedge fund performance 1984-2000). Taking all these results into account hedge funds seems a good investment tool. 6 PhD thesis paper by Daniel P.J. Capocci. Electronic copy available at: http//ssrn.com/abstract=1008319. 2.1.1- Facts and finding of development in hedge funds: As a result of flexible investment strategies, a better manager inventive alignment, sophisticated investors, and limited SEC regulations hedge funds have gained incredible popularity. In the report of Agarwal, V. and Naik, N. (2004) stated that it is well accepted that the world of financial securities is a multifactor world consisting of different risk factors, each associated with its own factor risk premium, and that no single investment strategy can span the entire risk factor space. Therefore investors wishing to earn risk premia associated with different risk factors need to employ different kinds of investment strategies. Sophisticated investors, like endowments and pension funds, seem to have recognized this fact as their portfolios consist of mutual funds as well as hedge funds.1 Mutual funds typically employ a long-only buy-and-hold-type strategy on standard asset classes, and help capture risk premia associated with equity risk, interest rate risk, default risk, etc. Howe ver, they are not very helpful in capturing risk premia associated with dynamic trading strategies or spread-based strategies. This is where hedge funds come into the picture. Unlike mutual funds, hedge funds are not evaluated against a passive benchmark and therefore can follow more dynamic trading strategies. Moreover, they can take long as well as short positions in securities, and therefore can bet on capitalization spreads or value-growth spreads. As a result, hedge funds can offer exposure to risk factors that traditional long-only strategies cannot. However, investor can create exposure like hedge funds by trading on their own account, in practice they encounter many frictions due to incompleteness of markets like the publicly traded derivatives market and the financing market. Moreover, the derivatives market for standardized contracts has grown a great deal in recent years, still it is very costly for an investor to create a customized payoff on individual securities. The same is true for the financing market as well, where investors encounter difficulties shorting securities and obtaining leverage. These frictions make it difficult for investors to create hedge fund-like payoffs by trading on their own accounts. According to Koh, F., Koh,W,. Lee, D,. and Phoon, K. (2004) in 1990, the entire hedge fund industry was estimated at about US$20 billion. At of 2004, there are close to 7000 hedge funds worldwide, managing more than US$830 billion. Additionally, about US$200-300 billion is estimated to be in privately managed accounts. While high net worth individuals remain the main source of capital, hedge funds are becoming more popular among institutional and retail investors. Funds of hedge funds and other hedge fund-linked products are increasingly being marketed to the retail market. While hedge funds are well established in the United States and Europe, they have only begun to grow aggressively in Asia. According to Asia Hedge magazine, there are more than 300 hedge funds operating in Asia (including those in Japan and Australia), of which 30 were established in year 2000 and 20 in 2001. In 2003, 90 new hedge funds were started in Asia, compared with 66 in 2002, according to an estimate by th e Bank of Bermuda. In 2004 more than US$15 billion, hedge fund investments in Asia are expected to grow rapidly. Several factors support this view. Asian hedge funds currently account for a tiny slice of the global hedge fund pie and a mere trickle of the total financial wealth of high net worth individuals in Asia. Hedge funds have posted attractive returns. From 1987 to 2001, the Hennessee Hedge Fund Index posted annualised returns of 18%, higher than the SPs 13.5%. Hedge funds are seen as a natural hedge for controlling downside risk because they employ exotic investment strategies believed to generate returns that are uncorrelated to traditional asset classes. Hedge funds vary in their strategies. So-called macro funds, such as Quantum Fund, generally take a directional view by betting on a particular bond market, say, or a currency movement. Other funds specialize in corporate events, such as mergers or bankruptcies, or simply look for pricing anomalies the stock markets. Hedge funds vary widely in both their investment strategies and the amount of financial leverage. (Koh, F., Koh,W,. Lee, D,. and Phoon, K. (2004) There are a number of factors behind the meteoric rise in demand for hedge funds. The unprecedented bull-run in the US equity markets during the 1990s expanded investment portfolios. This led an increased awareness on the need for diversification. The bursting of the technology and Internet bubbles, the string of corporate scandals that hit corporate America and the uncertainties in the US economy have led to a general decline in stock markets worldwide. This in turn provided fresh impetus for hedge funds as investors searched for absolute returns. (Koh, F., Koh,W,. Lee, D,. and Phoon, K. (2004) Unlike registered investment companies, hedge funds are not required to publicly disclose performance and holdings information that might be construed as solicitation materials. Since the early 1990s, there has been a growing interest in the use of hedge funds amongst both institutional and high net worth individuals. Due to their private nature, it is difficult to obtain adequate information about the operations of individual hedge funds and reliable summary statistics about the industry as a whole. (Koh, F., Koh,W,. Lee, D,. and Phoon, K. (2004) Hedge funds are known to be growing in size and diversity. As at the end of 1997, the MAR/Hedge database recorded more than 700 hedge fund managing assets of US$90 billion. This is only a partial picture of the industry, as many funds are not listed with MAR/Hedge. In practical terms, it is not easy to estimate the current size of the hedge fund industry unless all funds are regulated or obligated to register their operations with a common authority. Brooks and Kat (2001) estimated that, as at April 2001, there are around 6000 hedge funds with an estimated US $400 billion in capital under management and US $1 trillion in total assets. (Koh, F., Koh,W,. Lee, D,. and Phoon, K. (2004) According to Koh, F., Koh,W,. Lee, D,. and Phoon, K. (2004) three interesting features differentiate hedge funds from other forms of managed funds. Most hedge funds are small and organized around a few experienced investment professionals. In fact, more than half of U.S Hedge Funds manage amounts of less than US$25 million. Further, most hedge funds are leveraged. It is estimated that 70 per cent of hedge funds use leverage and about 18% borrowed more than one dollar for every dollar of capital. (See Eichengreen and Mathieson (1998). Another peculiar feature is the short life span of hedge funds. Hedge funds have an average life span of about 3.5 years (See Stefano Lavinio (2000) pp 128). Very few have a track record of more than 10 years. These features lead many to view hedge funds, as risky and opportunistic. In the early study by Fung and Hsieh (2001), they use option like payoffs to view the risks of trend following hedge funds. They saw that the trend followers are typically commodity trading advisors (CTAs) who attempt to profit from trends in commodity prices using technical indicators. According to Fung and Hsieh (2001) trend followers are particularly interesting in that not only are their returns uncorrelated with the standard equity, bond, currency, and commodity indices, but their returns tend to exhibit option like features. They tend to be large and positive during the best and worst performing months of world equity indices. They cite evidence by Fung and Hsieh (1997) who show that if one divided up the states of the world into five states based on the return on the MSCI equity world index, trend followers tend to outperform when the MSCI equity return is at its lowest and highest. The relationship between trend followers and the equity market is non-linear and U-shaped. Alth ough returns of trend following funds have a low beta against equities on average, the state-dependent betas tend to be positive in up-markets and negative in down markets. As a result, Fung and Hsieh (2001) assume that the simplest trend following strategy has the same payout as a structured option known as the look back straddle. The owner of a look back call option has the right to buy the underlying asset at the lowest price over the life of the option. Similarly, a look back put option allows the owner to sell at the highest price. The combination of these two options is the look back straddle, which delivers the ex-post maximum payout of any trend following strategy. Fung and Hsieh (2001) then demonstrate empirically that look back straddle returns resemble the returns of trend following hedge funds. Building on this pioneer work, Fung and Hsieh (2004) propose seven factors that explain aggregate hedge fund returns. These seven factors include the excess return on the SP 500 index, the Wilshire small cap minus large cap index return, the term spread, the credit spread, and trend following factors for bonds, currencies, and commodities. They show that their seven factor model well explains variation in aggregate hedge fund returns. In addition, they find that equity long/short hedge funds tend to load positively on the SP 500 index factor and the small cap minus large cap factor. These results are consistent with the observation that equity long/short hedge funds typically have a small positive exposure to stocks and tend to be long small stocks and short large stocks. Fung and Hsieh (2004) also find that fixed income funds on the other hand tend to load negatively on the change in the credit spread, where the credit spread is measured as the difference between the yield on Moodys Baa bonds and the yield on the 10-year constant maturity Treasury bond. The reason is that fixed income funds typically buy bonds with lower credit ratings and/or less liquidity and then hedge the interest rate risk by shorting US Treasury bonds, which have the highest credit rating and are more liquid. However, Agarwal and Naik (2004) also propose a multi-factor model to explain hedge fund risks. They find that non-linear option like payoffs are not restricted to trend followers and risk arbitrageurs, but are an integral feature of payoffs for a wide range of hedge fund strategies. In particular they observe that the payoffs on a large number of hedge fund strategies look like those from writing a put option on the equity index. These strategies include risk arbitrage, distressed debt, convertible arbitrage, and relative value arbitrage. Consistent with the exposure of these strategies to the risks borne by sellers of equity index put options, Agarwal and Naik (2004) find that these hedge funds suffer from significant left tail risk which tends to coincide with severe market downturns. The performance of hedge fund in 2008 was very shocking like more than ten years ago. Teo, M (2009) stated that in the month of August 1998 alone LTCM lost 45% of its capital in the wake of the massive liquidity event triggered by the Russian rubble default. Lots of academic literature has shown that the year 2007 and 2008 was the worst performance of hedge fund. As we know that hedge fund managers make portfolio by taking position in equity market and another fund, but unfortunately the world equity market goes downside. As a result investors who wish to weather future financial maelstroms should take note of the non-linear relationship between hedge fund returns and the equity market. 2.3- Limitations (previous) With respect to lightly regulated investment vehicles with great treading flexibility, hedge funds often pursue highly sophisticated investment strategies. Hedge funds promise absolute returns to their investor leading to a belief that they hold factor-neutral portfolios. With this in mind, hedge funds have some limitations. In the early studies many researchers discussed and explain that obstacles. First of all if we consider the measurement model of hedge funds performance, most of the researcher use traditional performance measure model like, Sharpe ratio, Treynor ratio and Jensen alpha which are not adequate for the performance evaluation of hedge funds. Fung and Hsieh (2000) and Roy (2003) stated that is incorrect to use these performance measures t evaluate the hedge funds strategies. Brooks and Kat (2002), Kat (2003), Mahdavi (2004) and Murguia and Umemoto (2004) also mentioned that the Sharpe ratio does not represent the true performance of hedge funds because it does not take into consideration the asymmetry returns of these funds. As a result Perello (2007) propose to use the downside risk framework like Sortino ratio, the upside potential ratio and Omega measure as alternative performance measure. Moreover, Chung, Rosenberg and Tomeo (2004) and Scherer (2004) showed that Sortino ratio makes it possible to the investors to evaluate the risk and the performance of the h edge funds more sustainably than Sharpe ratio. Secondly, according to Ackermann et al. (1999) and to Fung and Hsieh (2000), two upward biases exist in the case of hedge funds. They do not exist in the case of mutual funds, and they both have an opposite impact to the survivorship bias. Survivorship bias is an important issue in hedge funds performance studies (see Carhart and al. 2000). This bias is present when a database contains only funds that have data for the whole period studies. In this case, there is a risk of overestimating the mean performance because the funds that would have ceased to exist because of their bad performance would not be taken into account. The two upward biases exist because, since hedge funds are not allowed to advertise, they consider inclusion in a database primarily as a marketing tool. The first phenomenon stressed by Ackermann and al. (1999) and called the self-selection bias is present because funds that realize good performance have less incentive to report their performance to data providers in order to attract new investors. Malkiel, B. and Saha, A. (2005) stated in their report that Databases available at any point in time tend to reflect the returns earned by currently existing hedge funds but they do not include the returns from hedge funds that existed at some time in the past but are presently not in existence (i.e., the truly dead funds) or exist but no longer report their results (the defunct funds). Unsuccessful hedge funds have difficulties obtaining new assets. Hence, they tend to close, leaving only the more successful funds in the database. But some funds stop reporting not because they are unsuccessful but because they do not want to attract new investment. The second point called instant history bias or backfilled bias (Fung and Hsieh 2000) occurs because after inclusion a funds performance history is backfilled. This may cause an upward bias because funds with less satisfactory performance history are less likely to apply for inclusion than funds with good performance history (Capocci Daniel 2001, An analysis of hedge fund performance 1984- 2000). Performance of Hedge Fund Relatively in UK Performance of Hedge Fund Relatively in UK 1.1- Introduction: Hedge funds are actively managed portfolios that hold positions in publicly traded securities. Gaurav S. Amin and Harry M. Kat (2000) stated on their report that A hedge fund is typically defined as a pooled investment vehicle that is privately organized, administrated by professional investment managers, and not widely available to the public. It charges both a performance fee and a management fee. It allows a flexible investment for a small number of large investors (usually the minimum investment is $1 million) can use high risk techniques. 1Now days it is very clear that in the matter of alternative investment mutual fund is not performing well. As a high absolute returns and typically have features such as hurdle rates and incentive fees with high watermark provision hedge fund gives a better align to the interests of managers and investors. 2Moreover mutual funds typically use a long-only buy-and-hold type strategy on standard asset classes, which help to capture risk premia as sociate with equity risk, interest rate risk, default risk etc. However, they are not very helpful in capturing risk premia associate with dynamic trading strategies. That is why hedge fund comes into the picture. In the year of 2009, this takes the greatest history of the world in the following century. In the year of 2008 the world saw the greatest fall down of the world economy. Lots of people missing their jobs, lots of company were stopped. The world economy faced the highest losses in the history. These all factors are showing only one way to makeover from that greatest downfall that is hedging. 3The last couple of decades have witnessed a rapidly growing in the hedge funds. Relative to traditional investment portfolios hedge funds exhibit some unique characteristics; they are flexible with respect to the types of securities they hold and the type of the position they take. 1 Agarwal, V. and Naik, N. (2000). Multi-period performance persistence analysis of hedge fund s. The journal of financial and quantitative analysis. Vol. 35, No,3. PP-327. 2 Agarwal, V. and Naik, N. (2004). Risks and portfolio decisions involving hedge funds. The review of financial studies, Vol. 17, No.1. PP-64. 3 Journal of banking and finance 32(2008) 741-753- Hedge Fund Pricing and Model Uncertainty by Spyridan D. Vrontos, Ioannis D. Vrontos, Daniel Giomouridies. Since the early 1990s, hedge funds have become an increasingly popular asset class. The amount invested globally in hedge funds rose from approximately $50 billion in 1990 to approximately $1 trillion by the end of 2004. And because these funds characteristically use stantial leverage, they play a far more important role in the global securities markets than the size of their net assets indicates. Moreover, investments in hedge funds have become an important part of the asset mix of institutions and ever wealthy individual investors (Malkiel, B. and Saha, A. (2005). 4The number of FOHFs increase by 40% between 2001 and 2003, and now comprised almost two third of the $650 billion invested in the USAs hedge fund market. Due to its nature it is difficult to estimate the current size of hedge fund industry. 5Van Hedge Fund Advisors estimates that by the end of 1998 there were 5380 hedge fund managing $311 in capital, with between $800 billion and $1 trillion in total assets, which indicates the higher number of recent new entries. So far, hedge fund is based on American phenomena. About 90% hedge fund managers are based in the US, 9% in Europe and 1% in Asia and elsewhere. Now a days around 5883 hedge funds are trading around the world. (*Barclay Hedge database). Chart 1: Assets of Hedge fund industry from 1997 to 2009. Source: http://www.barclayhedge.com/research/indices/ghs/mum/Hedge_Fund.html According to the Barclay hedge database the asset of hedge fund industry is $1205.6 billion dollar. 4 Financial times, 29th October, 2003. www.vanhedge.com http://www.barclayhedge.com/products/hedge-fund-directory.html 1.2- Research questions: Specifically in this paper, I want to address two main questions. First one is what is the performance of hedge fund and FTSE100 over the period of 2001 to 2008? To evaluate the performance I use three traditional risk adjusted performance measurement model. To give a better idea and matter of easily understand I use the Sharp ratio, the Treynor ratio, and the Capital Asset Pricing Model (CAPM). However, the equity market index is not necessarily the right benchmark for hedge funds, therefore, market betas and abnormal returns may not be the appropriate measures for risks and profits. To mitigate this problem, I calculate sharp ratios, which are defined as the ratio of the average excess fund returns over the standard deviation. Second question is does hedge funds gives better return from UK equity market (FTSE100)? To make this comparison I use regression analysis where the correlation will show how the hedge funds act against the FTSE 100. 1.3- Objective of the study: The main objective of this study is to find out the performance of Hedge fund relatively with the UK equity market FTSE 100. In addition, I address in this paper four major hedge funds performance correlation with FTSE100. As a result an individual investor can easily understand which portfolio will give better return at their investment perspective. This study focuses on UK investors perspective only. In the past several years, lots of studies had been done on this area like Park and Staum (1998), Brown et al. (1999), Agarwal and Naik (2000), Herzberg and Mozes (2003), Capocci and Hubner (2004), and Malkiel and Saha (2005) analysis the hedge fund performance. Most of the statistical methodology is on the regression with equity markets and rest of all are in the cross product ratio. Above all they tried to find out the return of different types of hedge fund depending on the market risk and market return. So finally, the purpose of this paper is clearly established, that is to understand hedge fund performance over the UK equity market (FTSE100). 1.5- Overview of the methodology: In this section I would like to describe an overview of my methodology. To find out the hedge fund performance and the FTSE100 markets performance I use three traditional risk-adjusted performance measurement models. First one is the Sharpe ratio, secondly, the Treynor ratio and finally, the Capital Asset Pricing Model (CAPM). I address the Sharpe ratio and the Treynor ratio because these two gives better easy view for an investor to evaluate the hedge fund performance by themselves. However, the Sharpe ratio and the Treyneo ratio measure the excess return of per unit of risk for an investment asset. These two are used to understand how well the return of an asset compensates the investor for the risk taken. When comparing two assets each with the expected return of fund against the same benchmark with risk free return, the asset with the higher Sharpe ratio gives more return for the same risk. As a result investor can easily understand where to invest. In this paper I use total 287 funds including different types of hedge funds like- Event driven (31), Hedge fund (54), Global macro (37) and Market neutral (165). As a benchmark I use FTSE100 and for the risk free rate I use UK 10 year Treasury bond. All data were collected from the DataStream which is run by Thomson Reuters the worlds leading source of intelligent information for businesses and professionals (http://thomsonreuters.com/). 1.6- Definition of the key terms: Hedge fund: In the early study by Francis C.C. Koh, Winston T.H. Koh , David K.C. Lee, Kok Fai Phoon (2004) stated in their report that Hedge Funds are innovative investment structures that were first created more than 50 years ago by Alfred Winslow Jones. He established a fund with the following features: (a) He set up hedges by investing in securities that he determined as undervalued and funding these positions partly by taking short positions in overvalued securities, creating a market neutral position; (b) He also designed an incentive fee compensation arrangement in which he was paid a percentage of the profits realized from his clients assets; and (c) He invested his own investment capital in the fund, ensuring that his incentives and those of his investors were aligned and forming an investment partnership. Most modern hedge funds possess the above listed features, and are set up as limited partnerships with a lucrative incentive-fee structure. In most hedge funds, managers also often have a significant portion of their own capital invested in the partnerships. The term hedge fund has been generalized to describe investment strategies that range from the original market-neutral style of Jones to many other strategies and opportunistic situations, including global/macro investing. On the other report by Liang, B. (1999) stated on his report that there are two major types of hedge funds, one is inshore and another is offshore. Onshore funds are limited partnerships of no more than 500 investors. Offshore funds are limited liability corporations or partnerships established in the tax neutral jurisdictions that allow investors an opportunity to invest outside their own country and minimize their tax liabilities. Due to the large variety of hedge fund investing strategies, there is no standard method to classify hedge funds smartly. There are at least 8 major databases set up by data vendors and fund advisors. I follow the classification used by Eichengreen and Mathieson (1998), which relied on the MAR/Hedge database. Under this classification, there are 8 categories of hedge funds with 7 differentiated styles and a fund-of-funds category. For my paper I chose three different categories, which are as follows: (a) Event driven funds. These are funds that take positions on corporate events, such as taking an arbitraged position when companies are undergoing re-structuring or mergers. For example, hedge funds would purchase bank debt or high yield corporate bonds of companies undergoing re-organization (often referred to as distressed securities). Another event-driven strategy is merger arbitrage. These funds seize the opportunity to invest just after a takeover has been announced. They purchase the shares of the target companies and short the shares of the acquiring companies. (c) Global/Macro funds refer to funds that rely on macroeconomic analysis to take bets on major risk factors, such as currencies, interest rates, stock indices and commodities. Opportunistic trading manager that makes profits from changes in global economies typically based in major interest rate shifts. To make profits managers uses leverage and derivatives. (d) Market neutral funds refer to funds that bet on relative price movements 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. Convertible bond arbitrage funds typically capitalize on the embedded option in these bonds by purchasing them and shorting the equities. Fixed income arbitrage bet 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. Source Eichengreen and Mathieson (1998). 2.1.2- Current scenario of hedge funds: Chapter two Literature review: 2.1- History of hedge fund Despite the increasing interest and recent development, few studies have been carried out on hedge funds comparing to other investment tools like mutual funds. An analysis of Hedge Fund performance 1984-2000 by Capocci Daniel using one of the greatest hedge fund database ever used on his working paper (2796 individual funds including 801 dissolved), to investigate hedge funds performance using various asset-pricing models, including an extension from of Carharts (1997) model combined with Fama and French (1998), Agarwal and Naik (2000) models that take into account the fact that some hedge funds invest in emerging market bond. At the end they found that their model does a better job describing hedge funds behaviour. That appears particularly good for the Event Driven, Global Macro, US Opportunistic, Equity non-Hedge and Sector funds. Since the early 1990s, when around 2000 hedge funds were managing assets totalling capital of $60 billion, the subsequent growth in the number and asset base of hedge funds has never really been refuted. The industry only suffered from a relative slowdown in 1998, but since then has enjoyed a renewed vitality with an estimated total of 10,000funds managing more than a trillion US dollars by the end of 2006. The growing trend of the sector remained remarkably sustained during the stock market collapse that started in March 2000, when the NASDAQ composite Index reached an all-time high of 5,132 and finished three years later with a floor level of 1,253. In the meantime, the global met asset value (NAV) of hedge funds continued to grow at a steady rate of 10.6% (Van Hedge Funds Advisors International, 2002), contrasting with a decrease of 2.7% in the worldwide mutual fund industry ( Investment Company Institute, 2003). In 2001, Capocci and Hubner(2004) estimated that there were 6,000 he dge fund managing around $400 billion. In 2007, Capocci, Duquenne and Hubner (2007) estimated that there were 10,000 hedge funds managing around $1 trillion. This is a growth of 11% in the number of funds and 26% in assets over six years (6PhD thesis paper by Daniel P.J. Capocci). Other studies from practitioners Hennessee (1994), and Oberuc (1994) also showed an evidence of superior performance in the case of hedge funds. Ackernann and Al. (1999) and Liang (1999) who compared the performance of hedge funds to mutual funds and several indices, found that hedge funds constantly obtained better performance than mutual funds. Their performance was not better than the performance of the market indices considered. They also indicated that the returns in hedge funds were more unstable than both the returns of mutual funds and those of market indices. According to Brown and Al. (1997) hedge funds showing good performance in the first part of the year reduce the volatility of their portfolio in the second half of the year (Capocci Daniel- An analysis of hedge fund performance 1984-2000). Taking all these results into account hedge funds seems a good investment tool. 6 PhD thesis paper by Daniel P.J. Capocci. Electronic copy available at: http//ssrn.com/abstract=1008319. 2.1.1- Facts and finding of development in hedge funds: As a result of flexible investment strategies, a better manager inventive alignment, sophisticated investors, and limited SEC regulations hedge funds have gained incredible popularity. In the report of Agarwal, V. and Naik, N. (2004) stated that it is well accepted that the world of financial securities is a multifactor world consisting of different risk factors, each associated with its own factor risk premium, and that no single investment strategy can span the entire risk factor space. Therefore investors wishing to earn risk premia associated with different risk factors need to employ different kinds of investment strategies. Sophisticated investors, like endowments and pension funds, seem to have recognized this fact as their portfolios consist of mutual funds as well as hedge funds.1 Mutual funds typically employ a long-only buy-and-hold-type strategy on standard asset classes, and help capture risk premia associated with equity risk, interest rate risk, default risk, etc. Howe ver, they are not very helpful in capturing risk premia associated with dynamic trading strategies or spread-based strategies. This is where hedge funds come into the picture. Unlike mutual funds, hedge funds are not evaluated against a passive benchmark and therefore can follow more dynamic trading strategies. Moreover, they can take long as well as short positions in securities, and therefore can bet on capitalization spreads or value-growth spreads. As a result, hedge funds can offer exposure to risk factors that traditional long-only strategies cannot. However, investor can create exposure like hedge funds by trading on their own account, in practice they encounter many frictions due to incompleteness of markets like the publicly traded derivatives market and the financing market. Moreover, the derivatives market for standardized contracts has grown a great deal in recent years, still it is very costly for an investor to create a customized payoff on individual securities. The same is true for the financing market as well, where investors encounter difficulties shorting securities and obtaining leverage. These frictions make it difficult for investors to create hedge fund-like payoffs by trading on their own accounts. According to Koh, F., Koh,W,. Lee, D,. and Phoon, K. (2004) in 1990, the entire hedge fund industry was estimated at about US$20 billion. At of 2004, there are close to 7000 hedge funds worldwide, managing more than US$830 billion. Additionally, about US$200-300 billion is estimated to be in privately managed accounts. While high net worth individuals remain the main source of capital, hedge funds are becoming more popular among institutional and retail investors. Funds of hedge funds and other hedge fund-linked products are increasingly being marketed to the retail market. While hedge funds are well established in the United States and Europe, they have only begun to grow aggressively in Asia. According to Asia Hedge magazine, there are more than 300 hedge funds operating in Asia (including those in Japan and Australia), of which 30 were established in year 2000 and 20 in 2001. In 2003, 90 new hedge funds were started in Asia, compared with 66 in 2002, according to an estimate by th e Bank of Bermuda. In 2004 more than US$15 billion, hedge fund investments in Asia are expected to grow rapidly. Several factors support this view. Asian hedge funds currently account for a tiny slice of the global hedge fund pie and a mere trickle of the total financial wealth of high net worth individuals in Asia. Hedge funds have posted attractive returns. From 1987 to 2001, the Hennessee Hedge Fund Index posted annualised returns of 18%, higher than the SPs 13.5%. Hedge funds are seen as a natural hedge for controlling downside risk because they employ exotic investment strategies believed to generate returns that are uncorrelated to traditional asset classes. Hedge funds vary in their strategies. So-called macro funds, such as Quantum Fund, generally take a directional view by betting on a particular bond market, say, or a currency movement. Other funds specialize in corporate events, such as mergers or bankruptcies, or simply look for pricing anomalies the stock markets. Hedge funds vary widely in both their investment strategies and the amount of financial leverage. (Koh, F., Koh,W,. Lee, D,. and Phoon, K. (2004) There are a number of factors behind the meteoric rise in demand for hedge funds. The unprecedented bull-run in the US equity markets during the 1990s expanded investment portfolios. This led an increased awareness on the need for diversification. The bursting of the technology and Internet bubbles, the string of corporate scandals that hit corporate America and the uncertainties in the US economy have led to a general decline in stock markets worldwide. This in turn provided fresh impetus for hedge funds as investors searched for absolute returns. (Koh, F., Koh,W,. Lee, D,. and Phoon, K. (2004) Unlike registered investment companies, hedge funds are not required to publicly disclose performance and holdings information that might be construed as solicitation materials. Since the early 1990s, there has been a growing interest in the use of hedge funds amongst both institutional and high net worth individuals. Due to their private nature, it is difficult to obtain adequate information about the operations of individual hedge funds and reliable summary statistics about the industry as a whole. (Koh, F., Koh,W,. Lee, D,. and Phoon, K. (2004) Hedge funds are known to be growing in size and diversity. As at the end of 1997, the MAR/Hedge database recorded more than 700 hedge fund managing assets of US$90 billion. This is only a partial picture of the industry, as many funds are not listed with MAR/Hedge. In practical terms, it is not easy to estimate the current size of the hedge fund industry unless all funds are regulated or obligated to register their operations with a common authority. Brooks and Kat (2001) estimated that, as at April 2001, there are around 6000 hedge funds with an estimated US $400 billion in capital under management and US $1 trillion in total assets. (Koh, F., Koh,W,. Lee, D,. and Phoon, K. (2004) According to Koh, F., Koh,W,. Lee, D,. and Phoon, K. (2004) three interesting features differentiate hedge funds from other forms of managed funds. Most hedge funds are small and organized around a few experienced investment professionals. In fact, more than half of U.S Hedge Funds manage amounts of less than US$25 million. Further, most hedge funds are leveraged. It is estimated that 70 per cent of hedge funds use leverage and about 18% borrowed more than one dollar for every dollar of capital. (See Eichengreen and Mathieson (1998). Another peculiar feature is the short life span of hedge funds. Hedge funds have an average life span of about 3.5 years (See Stefano Lavinio (2000) pp 128). Very few have a track record of more than 10 years. These features lead many to view hedge funds, as risky and opportunistic. In the early study by Fung and Hsieh (2001), they use option like payoffs to view the risks of trend following hedge funds. They saw that the trend followers are typically commodity trading advisors (CTAs) who attempt to profit from trends in commodity prices using technical indicators. According to Fung and Hsieh (2001) trend followers are particularly interesting in that not only are their returns uncorrelated with the standard equity, bond, currency, and commodity indices, but their returns tend to exhibit option like features. They tend to be large and positive during the best and worst performing months of world equity indices. They cite evidence by Fung and Hsieh (1997) who show that if one divided up the states of the world into five states based on the return on the MSCI equity world index, trend followers tend to outperform when the MSCI equity return is at its lowest and highest. The relationship between trend followers and the equity market is non-linear and U-shaped. Alth ough returns of trend following funds have a low beta against equities on average, the state-dependent betas tend to be positive in up-markets and negative in down markets. As a result, Fung and Hsieh (2001) assume that the simplest trend following strategy has the same payout as a structured option known as the look back straddle. The owner of a look back call option has the right to buy the underlying asset at the lowest price over the life of the option. Similarly, a look back put option allows the owner to sell at the highest price. The combination of these two options is the look back straddle, which delivers the ex-post maximum payout of any trend following strategy. Fung and Hsieh (2001) then demonstrate empirically that look back straddle returns resemble the returns of trend following hedge funds. Building on this pioneer work, Fung and Hsieh (2004) propose seven factors that explain aggregate hedge fund returns. These seven factors include the excess return on the SP 500 index, the Wilshire small cap minus large cap index return, the term spread, the credit spread, and trend following factors for bonds, currencies, and commodities. They show that their seven factor model well explains variation in aggregate hedge fund returns. In addition, they find that equity long/short hedge funds tend to load positively on the SP 500 index factor and the small cap minus large cap factor. These results are consistent with the observation that equity long/short hedge funds typically have a small positive exposure to stocks and tend to be long small stocks and short large stocks. Fung and Hsieh (2004) also find that fixed income funds on the other hand tend to load negatively on the change in the credit spread, where the credit spread is measured as the difference between the yield on Moodys Baa bonds and the yield on the 10-year constant maturity Treasury bond. The reason is that fixed income funds typically buy bonds with lower credit ratings and/or less liquidity and then hedge the interest rate risk by shorting US Treasury bonds, which have the highest credit rating and are more liquid. However, Agarwal and Naik (2004) also propose a multi-factor model to explain hedge fund risks. They find that non-linear option like payoffs are not restricted to trend followers and risk arbitrageurs, but are an integral feature of payoffs for a wide range of hedge fund strategies. In particular they observe that the payoffs on a large number of hedge fund strategies look like those from writing a put option on the equity index. These strategies include risk arbitrage, distressed debt, convertible arbitrage, and relative value arbitrage. Consistent with the exposure of these strategies to the risks borne by sellers of equity index put options, Agarwal and Naik (2004) find that these hedge funds suffer from significant left tail risk which tends to coincide with severe market downturns. The performance of hedge fund in 2008 was very shocking like more than ten years ago. Teo, M (2009) stated that in the month of August 1998 alone LTCM lost 45% of its capital in the wake of the massive liquidity event triggered by the Russian rubble default. Lots of academic literature has shown that the year 2007 and 2008 was the worst performance of hedge fund. As we know that hedge fund managers make portfolio by taking position in equity market and another fund, but unfortunately the world equity market goes downside. As a result investors who wish to weather future financial maelstroms should take note of the non-linear relationship between hedge fund returns and the equity market. 2.3- Limitations (previous) With respect to lightly regulated investment vehicles with great treading flexibility, hedge funds often pursue highly sophisticated investment strategies. Hedge funds promise absolute returns to their investor leading to a belief that they hold factor-neutral portfolios. With this in mind, hedge funds have some limitations. In the early studies many researchers discussed and explain that obstacles. First of all if we consider the measurement model of hedge funds performance, most of the researcher use traditional performance measure model like, Sharpe ratio, Treynor ratio and Jensen alpha which are not adequate for the performance evaluation of hedge funds. Fung and Hsieh (2000) and Roy (2003) stated that is incorrect to use these performance measures t evaluate the hedge funds strategies. Brooks and Kat (2002), Kat (2003), Mahdavi (2004) and Murguia and Umemoto (2004) also mentioned that the Sharpe ratio does not represent the true performance of hedge funds because it does not take into consideration the asymmetry returns of these funds. As a result Perello (2007) propose to use the downside risk framework like Sortino ratio, the upside potential ratio and Omega measure as alternative performance measure. Moreover, Chung, Rosenberg and Tomeo (2004) and Scherer (2004) showed that Sortino ratio makes it possible to the investors to evaluate the risk and the performance of the h edge funds more sustainably than Sharpe ratio. Secondly, according to Ackermann et al. (1999) and to Fung and Hsieh (2000), two upward biases exist in the case of hedge funds. They do not exist in the case of mutual funds, and they both have an opposite impact to the survivorship bias. Survivorship bias is an important issue in hedge funds performance studies (see Carhart and al. 2000). This bias is present when a database contains only funds that have data for the whole period studies. In this case, there is a risk of overestimating the mean performance because the funds that would have ceased to exist because of their bad performance would not be taken into account. The two upward biases exist because, since hedge funds are not allowed to advertise, they consider inclusion in a database primarily as a marketing tool. The first phenomenon stressed by Ackermann and al. (1999) and called the self-selection bias is present because funds that realize good performance have less incentive to report their performance to data providers in order to attract new investors. Malkiel, B. and Saha, A. (2005) stated in their report that Databases available at any point in time tend to reflect the returns earned by currently existing hedge funds but they do not include the returns from hedge funds that existed at some time in the past but are presently not in existence (i.e., the truly dead funds) or exist but no longer report their results (the defunct funds). Unsuccessful hedge funds have difficulties obtaining new assets. Hence, they tend to close, leaving only the more successful funds in the database. But some funds stop reporting not because they are unsuccessful but because they do not want to attract new investment. The second point called instant history bias or backfilled bias (Fung and Hsieh 2000) occurs because after inclusion a funds performance history is backfilled. This may cause an upward bias because funds with less satisfactory performance history are less likely to apply for inclusion than funds with good performance history (Capocci Daniel 2001, An analysis of hedge fund performance 1984- 2000).

Contemporary Culture Seen Thru Post-War British Films

The British cinema of the Second World War has typically been exemplified in terms of its depiction of ‘the people's war’. The films which have attracted most crucial consideration are those which offered a picture of the British people at war, united regardless of class differences, and where the chronicles of individuals, heroic though they may be, were inspired into the greater story of the whole nation pulling together at a time of national crisis. Curran and Porter (1983) have identified, for the first time in British feature films, a genuine, true-to-life image of ordinary men and women.Roger Manvell (1947)considered that films such as Millions Like Us, San Demetrio, London, Nine Men, The Way Ahead, Waterloo Road and The Way to the Stars ‘showed pe ople in whom we could trust and whose experience was as genuine as our own’. The reason for this pristine realism, according to Aldgate and Richards (2002) is usually clarified through the impact of the docu mentary movement, the progressive left-wing sector of the British film industry, on the mainstream feature film producers. The British film industry endeavoured to open out overseas. J.Arthur Rank, of the Rank Organization, extended his world-wide distribution. The Associated British Picture Corporation or ABPC joined Warner Brothers to institute distribution in the United States. Perry (1988) noted that Alexander Korda acquired London Films and British Lion, the former from MGM. Korda's London Films had in 1933 created The Private Lives of Henry VIII. He established circulation of his films in the United States through Twentieth Century Fox. Green (1983) illustrates that unlike the aspirations of the highly financed studios, Ealing Studios focused its labours on a series of modest comic films.Teams of writer/directors made a series of remarkable films. The Boulting brothers, John and Roy, interchanged as director and producer of a series of films, including Brighton Rock (1947), Th e Magic Box (1951), Lucky Jim (1957), and I'm All Right, Jack (1959). The team of Michael Powell and Emeric Pressburger, operating under the label of the Archers and supported by J. Arthur Rank, made two specials, The Red Shoes (1948) and Tales of Hoffman (1951). The first popularised ballet while the second popularised opera.Powell and Pressburger's Stairway to Heaven (also called A Matter of Life and Death, 1945) was the make-believe tale of a pilot who is mistakenly called to heaven so soon. One of the folklores that cropped up from war-weary Britain was a faith in the unity and equality of the community. The myth persisted for a brief time after the war, stimulated by expectations for the Labour government's experiment, when recuperating English society felt the likelihood of progressing the unity experienced in the â€Å"people's war† to decipher the nation's massive social problems.The myth, in which all elements of society, even those not normally associating with one another, pull together, played out in a number of films, such as the Ealing films of Hue and Cry, Whiskey Galore, Passport to Pimlico, and The Blue Lamp. Michael Balcon of Ealing Studios produced these films as â€Å"fantastic escape. † The fantasy created was of a sense of community prompted by the world war. The distraction was in fancy and departure from actuality. Hue and Cry was the first of what have become known as the Ealing comedies and it started the fantasy foundation of community.The setting in south London, an area devastated by the German blitz, was scheduled for enormous restoration in the years 1945-1953. In Hue and Cry, writer T. E. B. Clarke fixed on a London community of youths living and playing around a bombsite, who come together to overpower a gang of criminals. The young hero, Joe Kirby, spends time reading escapist pulp detective comics. Through a series of imaginary and strange encounters, Joe ascertains a criminal syndicate of black market operators using comic books as a code. Joe, with the help of the community of boys, suppresses the criminals, led by the evil Nightingale.Manvell (1947) said that at the end of the war, British film was trapped in a struggle between its realist, documentary tradition and a pull toward the fantastic and expressionism. The anthology film Dead of Night (1945), co-directed by Alberto Cavalcanti, Robert Hamer, Charles Crichton and Basil Dearden, caught some of this resistance. The film modifies from the factual to the Gothic. It makes use of expressionist techniques, such as a powerful mirror scene. Landy (1991) described that realism was a primary trait of British cinema during the war.Realism was acknowledged with black and white, straight-forward narrative and characters. It was profoundly influenced by Britain's documentary tradition. However, many post-war films were answers to realism. Of course, realism comes in many forms. Some films used realism seemingly to expand the story line, as in Michael Anderson's The Dam-Busters (1954), the Boulting brothers' Seven Days to Noon (1950) or Michael Powell's The Small Back Room (1949). The Boulting film involved a reconstruction of the evacuation of London when the city is endangered by a scientist with an atomic device.Powell's film integrated a long episode of the dismantling of a bomb. Ealing comedies, such as Hue and Cry and Passport to Pimlico, used realism as a framework for stories that were essentially non-realistic. In other films, such as Carol Reed's The Third Man or Odd Man Out, realism is used to heighten the drama and suspense. Other films used a documentary-style reconstruction, such as Charles Frend's Scott of the Antarctic (1948). The documentary-style opening of The Blue Lamp was an intentional device, although the story propagated the fantasy of community.The documentary opening and closing of Whiskey Galore were essentially significant to the film's satire. Realism, as a predominant style, resurfaced in the late Fifties, leading to â€Å"new cinema† or social realism. Dickinson and Street (1985) said that expressionism, rather than realism, dominated many of the British productions. Most of the literary were highly yet successfully stylized, including Lean's adaptations from Dickens, Olivier's Shakespearean films, and Dickinson's The Queen of Spades. Michael Powell and Emeric Pressburger's The Red Shoes and Tales of Hoffman are examples of the stylization.The films represent the nexus of several strands of film and literary tradition, including German expressionism of the 1920's, romanticism, Gothic, the combination of the arts, and the reaction of realism. The Red Shoes was a story by Hans Christian Anderson, derived from a story by E. T. A. Hoffman (1776-1822), a German romanticist, and influenced by life of Russian ballet director Diaghilev and dancer Nijinsky. It is the story of a ballerina torn between the control of two men — her director, Lermontov, and her husban d, Julian, a conductor.Her husband wrote the score for a ballet just for her — â€Å"The Red Shoes. † Lermontov directed her in it. Although Vicki is tough at the start, able to return â€Å"the gaze† of Lermontov, she soon loses her capability to endure either man. The men, primarily Lermontov, are puppet masters, using manipulation to restrain the female to the male's domination. Geraghty (1985) stresses that the battle of the masters is carried out on several levels. At the core of the struggle are the highly stylized ballet scenes, using images of Julian conducting, Lermontov directing and Vicki soaring on stage and in the air.The shoe maker in the ballet is, likewise, a puppeteer. The expressionistic ballet, a combination of music, art, dance and film, is surrounded by the narrative, in which the dancer shifts loyalties between herself, Lermontov and Julian. Lermontov manipulates both dancer and conductor. Vicki finally escapes by injuring herself and endin g forever her ability to dance. Lermontov continues the final performance of the ballet without a dancer in the lead role. Green (1983) said that The Tales of Hoffman was based on an opera of the German expressionist Jacques Offenbach.It comprises film with little dialog. It recollects the universal visual language of the silent film. The various characters of the opera, which challenge and defy Hoffman, a nobleman/poet, include an array of manipulators — an eye glass maker, a master of souls, and a demonic doctor. The filmed opera originally had four episodes, though one episode, hence another manipulator, was cut from the film. The film represents creator as monster and tormentor as well as tormented victim. This theme, said to cast Hoffman as a metaphor for Powell, recalls Lermontov and his tries to gets in touch with Vicki.Both films utilise expressionist techniques such as the metaphors of the gaze and the mirror to symbolize and accentuate the struggle, which Werner Fas sbinder has called sadism in the creative act and creation in destruction. Williams (1991) describes Both Powell and Pressburger films aim to create what Richard Wagner hoped to do with opera — the total art by combining the visual with the aural. The Red Shoes mediates ballet cinematically. It interprets ballet into film rather than record ballet on film. The Tales of Hoffman interprets opera into film rather than record opera on film.Adding to their stature, the creative collaboration of Powell and Pressburger combined the art tradition of European film and the technical advances of American film. Their films experimented with the new Technicolor technology. Low (1985) reports that the anti-realism traits of German expressionism, Gothic and fantasy even appeared in the Ealing comedies. At least twice in Hue and Cry — when the hero and his friend climbed the stairs to the writer's apartment, and in the final fight with the criminal master-mind in the bombed building à ¢â‚¬â€ the camera angles and shadows evoked images of German expressionist films such as The Cabinet of Dr.Caligari. The expressionistic device of the mirror appears in a number of films, such as Dead of Night, and The Blue Lamp. Likewise, the technique of â€Å"the gaze† appears in several films, including The Blue Lamp. Williams (1991) described the behaviour of the writer and the Victorian clutter of his apartment, and the passage of the children through the London sewers, both in Hue and Cry, evoked images of Gothic horror. Likewise, the Hammer horror films were a reaction to realism. Fantasy appeared in a variety of films, especially the Ealing comedies, including the fanciful idea of a sovereign Pimlico or Hue and Cry's children against crime.These communities were rooted in fantasy not reality. They were no more than a daydream. British cinema after the Second World War can be distinguished by a number of features. The films were generally comedies, melodramas, litera ry or horror films. Among the features coming out through these films were 1) attempts to preserve the nostalgic values, such as community of wartime Britain, and 2) the denunciation of the realism and documentary style of the World War II films, particularly through expressionism and stylization. Britain today is a richly mixed society and culture.Its residents typify a wide variety of national, cultural, racial and religious backgrounds and mixtures. That diversity is an outcome of a history, which has incorporated invasion, expansion, empire and Commonwealth, and Britain’s role as a retreat for people of all races. Murphy (2000) describes the British governments have taken measures to undertake problems of discrimination and disadvantage through pioneering such things as race relations legislation which makes racial discrimination an objectionable, and illegal practice, and through strategy to remedy disadvantage.Britain’s ethnic diversity, with its range of and uni que mix of cultural identities and heritages, describes and puts in worth to contemporary Britain. For instance, the Muslim society in Britain make a crucial and lively input to every facet of life from sports and the arts to business and even politics. This paper shall look into at least three film features created after the Second World War. First is Notting Hill which stars Julia Roberts and Hugh Grant. The film was a certified box-office hit not only in the United Kingdom but the world over.Next is Four Weddings and a Funeral written by the same writer of Notting Hill. The last movie is Chariots of Fire. Britain’s contemporary cultural diversity is being studied through these film features. Notting Hill Notting Hill has a reputation as an affluent and fashionable area popular for its attractive terraces of large Victorian townhouses and high-class shopping and restaurants. Residents are symbolised as young and affluent and many people who conform to such stereotypes are o ften referred to as â€Å"The Notting Hill Set†, â€Å"The Notting Hillbillies†, and â€Å"Trustafarians†.The area came to international attention with the release of the successful Hollywood movie of the same name. Notting Hill (1999) stars Julia Roberts and Hugh Grant use the characteristic features of the area as a backdrop to the action, including the Portobello Road antiques market and enclosed square gardens. Notting Hill is a 1999 romantic comedy film set in the Notting Hill district of London,. The screenplay was written by Richard Curtis who also wrote the movie Four Weddings and a Funeral. In Western culture, we are fixated by the notion of celebrity.This may be easily viewed with the enormous number of paparazzis everywhere that descend on public figures when they make appearances, or the popularity of gossip magazines and TV shows. Celebrities are treated like royalty – fascinating and untouchable, they become objects of unreasonable adoration . Perhaps one of the most common fantasies entertained by an average man or woman is what would happen if someone famous fell in love with them. And therein lies the premise of Notting Hill. Hugh Grant plays William Thacker, the owner of a small bookstore in London's Notting Hill.Grant’s character is just an average Joe – when he's not working, he spends time with his friends and his wacky Welsh flat-mate, Spike played by Rhys Ifans, but has no romantic life to speak of. One day, however, the foundation of his way of life changes when Anna Scott, played by Julia Roberts, a famous actress, walks through the door to his little shop. In London to publicize her new film, she's taking a break from the press and Notting Hill seems like a good place to lose them. Later, William literally runs into her in the street, spilling orange juice all over her. Annoyed and humiliated, he requests her to his place to clean up.Much to his surprise, she accepts his offer, and, after chang ing outfits, she gives him a lingering kiss on the lips. William is immediately smitten and so, apparently, is Anna. Thus begins a turbulent relationship that asks whether a star can live happily ever after with somebody who has never had his face in the papers. Although Notting Hill is a pleasant enough motion picture, it isn't much more than that. It's a domesticated movie that takes few chances. Even the casting of Hugh Grant and Julia Roberts is an example of playing it safe, since both are proven box office draws.The comedy, while sporadically funny, occasionally feels forced and unnatural, as if screenwriter Richard Curtis was forced to ratchet up the level of humour at the cost of characters' integrity. Spike is a case in point. As portrayed by Rhys Ifans he's the constant butt of jokes but he achieves little purpose beyond that. He's a pure misrepresentation of a lewd lazy bone, and, whenever he comes on screen, he actually becomes a disturbance. Another problem with the fil m is that the romance is half-hearted. While there's a feeling of sociability and even affection between William and Anna, there was no passion felt between the two.They appear more like brother and sister than lovers broken up by an army of publicists and photographers. The plot pursues the ordinary beat of a traditional romantic comedy: boy meets girl, boy likes girl, boy and girl get to know each other, then complications interfere. In this case, those complications come in the form of Anna's off-again/on-again boyfriend and the media. Notting Hill is not without its enjoyable moments. The relationship between two of William's friends, Max and Bella, is touching. There's an exciting conversation between William and Anna about why men are attracted to breasts.And there's an appealing shot of William walking down a street in Notting Hill as the seasons change around him. The movie shows us how Britain has achieved tremendous changes after the war era. It is an attempt to penetrate the western movie market and this proved to be quite a difficult task at first. Four Weddings and a Funeral The simplest and most honest articulation of praise that can be presented to this Mike Newell's movie is that it epitomises two hours of solid movie magic. Four Weddings and a Funeral enjoys the extraordinary power to make an audience laugh and cry without ever apparent scheming or going desperately over-the-top.Another Hugh grant movie who plays Charles is a serial monogamist or someone who moves from girlfriend to girlfriend without ever falling in love. His friends have started down the matrimonial road, but not Charles. Feelings of spending the rest of his life with someone never went through his mind, until one day at a wedding when he encounters Carrie played by Andie MacDowell, an American fashion editor. And, although the two enjoy a brief rendezvous at an inn, Charles' typical British uncommunicativeness comes in, and Carrie is on her way back to America before he rec ognizes he should have said something.Here’s another movie that showcases cultural diversity in Britain were two individuals from different cultural backgrounds may have the possibility of ending up together despite their cultural diversity. Four Weddings and a Funeral is about four weddings and a funeral. While the central story of this delightful motion picture is somewhat common romantic comedy fare, it is structured by a plot packed with little twists and turns, lots of laughs, and a frothy, fascinating atmosphere. Mike Newell, whose recent directing credits include Enchanted April and Into the West, maintains to display a clever hand when it comes to good, escapist fun.Newell's direction is unassuming — he allows his actors and the script to carry the film, which results in an enjoyable mix of cheerful comedy with a dash of misery. Screenwriter Richard Curtis is fast to let the humour starts flowing, and once it starts, it never stops. The scenes most likely to ca use irrepressible laughter happen during the second wedding and centre on Rowan Atkinson as a somewhat confused priest. It's not a shock that Atkinson feels at home with a Curtis script, since the two have teamed up on the British TV show Blackadder.Four Weddings and a Funeral is a modern comedy with a very time-honoured theme. It mixes upright breeding and bad language; laughter and tears; and marriage and friendship into a thoroughly enjoyable whole. This movie showcases how Britain has become one of the world’s best movie producers. It was so popular across the globe which highlighted the greatness of Britain. Chariots of Fire Sporting events today have become vicious, angry affairs where the slogan, more frequently than not, is â€Å"win at all costs. † Demonstrations of good sportsmanship are about as rare as altruism.Everyone is out for themselves, and the displays of athletes like Albert Belle, John McEnroe, and Dennis Rodman can sit in the stomach like a large piece of heavy matter. So it's invigorating to look back at an era when triumph didn't command seclusion, resentment, and disgust of one's rivals. Chariots of Fire, the Oscar-winning 1981 film, delights us to the 1924 Olympics, and, in the process, highlights such laudable qualities as loyalty, determination, and fraternity. That's not to say that winning isn't important to the competitors in Hugh Hudson's film.On the other hand, for British track stars Harold Abrahams (Ben Cross) and Eric Lidell (Ian Charleson), it's a principal anxiety, but neither is so fixated by their ambition that they lose sight of the larger picture. Eric is a devout Christian who runs because he considers it venerates God. Harold is a Jew who struggles as a way of establishing his worth. Both are driven by an internal fire, and have nothing but reverence for their competitors. Chariots of Fire tells the story of the British triumphs at the 1924 Olympics, where the UK representatives took a number of medals over the heavily-favoured Americans.With Abrahams and Lidell leading the way, the British track team had one of their best-ever showings. This film outlines the two principal athletes' paths to the Paris games, where their on-field victories form a astoundingly low-key climax. Chariots of Fire doesn't depend on worn-out sports film cliches; it's more fascinated in enthusiasm and character improvement. Yes, it's essential to know that Abrahams and Lidell win, but the real essence of the story is enclosed in what leads up to the races.Like in Sylvester Stallone's first Rocky, it's probable to claim victory before the competition begins — Lidell because he has holds fast to his beliefs and Abrahams because gives all he has to give. At the time when Chariots of Fire was first released, many of the major cast members, including Ben Cross, Ian Charleson, Nigel Havers, and Alice Krige, were relative unheard of. All give strong presentations, and each was remunerated with future part s in other productions. Some identifiable faces fill supporting roles, including Sir John Gielgud as the Master of Trinity College and Ian Holm as Abraham's mentor, Sam Mussabini.There's barely a trace of exaggerated scenes in Chariots of Fire, which makes the film-watching experience all the more effective — director Hugh Hudson shows respect for the veracity of his material and the cleverness of his audience. The deficiency of maudlin moments supplies the storyline with an authentic quality that supports its factual background. Not only do we care about the characters, but we admit that they really existed. In fact, the entire production declares that same sense of atmosphere. Most sports movies counts on melancholy and adrenaline — Chariots of Fire stands up on strong writing, direction, and acting.Approval of this picture doesn't require a love of sports, simply an understanding of human nature. Conclusion Immigrant, ethnic minority, asylum-seeker – slivers of intimation divide the meanings of each term in contemporary Britain. Ethnic minority, black and Asian, cultural diversity – clouds of confusion have distinguished contemporary arts in Britain over the past 30 years. Cook (1981) declares that notably, every liberal political measure undertaken so far to correct injustices – the Stephen Lawrence Inquiry into institutional racism being only the most recent – has proven ineffectual.Racism is not an intellectual failure that can be corrected by a greater dose of education. It is a moral value, however much one may abhor such a morality. It is an imaginative construct and so the engineers of the imagination – artists – find themselves in the frontline, their weapons being the pen or the hand or the body or the voice. Gilette (2003) discloses Post-war British film was both a response to the world war and a reaction to the film styles of the war and post-war periods. As a response to the war, post-war f ilms adopted a style of pseudo-realism to construct a post-war fantasy world.This fantasy, sometimes captured as a daydream, attempted to preserve the spirit of the war years, including the values of community and egalitarianism. This daydream or fantasy world also served as an escape from the memory of the war and the disappointment over the failure of a new society in post-war Britain. As a reaction to the war, post-war films revolted against the realism of the war-period films. They utilized and integrated strands of romanticism, expressionism, and the Gothic. References: Aldgate, A. and Richards, J. 2nd Edition. 1994. Britain Can Take it: British Cinema in the Second World War.Edinburgh: Edinburgh University Press Barr, Charles; Ed. 1986. All Our Yesterdays: 90 Years of British Cinema. London: British Film Institute Aldgate, A. and Richards, J. 2002. Best of British: Cinema and Society from 1930 to the Present. London: I. B. Tauris Barr, C. Ealing Studios (London: Cameron & Tayl or, 1977). Cook, D. A History of Narrative Film (New York: W. W. Norton & Company, 1981). Curran, J. and Porter, V. ; Eds. 1983. British Cinema History. London: Weidenfeld and Nicholson Dickinson, M. and Street, S. 1985. Cinema and the State: The Film industry and the British Government, 1927-84.London: BFI Friedman, Lester; Ed. 1992. British Cinema and Thatcherism. London: UCL Press Geraghty, Christine. 2000. British Cinema in the Fifties: Gender Genre and the New Look. London Routledge Gillett, P. 2003. The British Working Class in Postwar Film. Manchester: Manchester University Press Green, I. â€Å"Ealing in the Comedy Frame,† in British Cinema History, eds. , James Curran and Vincent Porter (London: Weidenfeld and Nicholson, 1983). Landy, M. 1991. British Genres: Cinema and Society, 1930-1960. Princeton University Press Low, R. 1985. Film Making in 1930s Britain.London: George, Allen and Unwin Rotha, Paul. 1973. Documentary diary; an informal history of the British docum entary film, 1928-1939, New York: Hill and Wang Swann, Paul. 2003. The British Documentary Film Movement, 1926-1946. Cambridge University Press Manvell, R. ‘The British Feature Film from 1925 to 1945’, in Twenty Years of British Film 1925–1945, eds M. Balcon, E. Lindgren, F. Hardy and R. Manvell (London, The Falcon Press, 1947), p. 85. Murphy, Robert. 2000. British Cinema and the Second World War. London: Continuum Murphy, R; Ed. 1996. Sixties British Cinema. London: BFIOrwell, G. â€Å"England, Your England† (1941), in A Collection of Essays (New York: Doubleday, 1954). Perry, G. 1988. The Great British Picture Show. Little Brown, 1988. Porter, V. â€Å"The Context of Creativity: Ealing Studios and Hammer,† in British Cinema History, eds. , James Curran and Vincent Porter (London: Weidenfeld and Nicholson, 1983). Powell, Pressburger and Others (British Film Institute, 1978). Shaw, T. 2001. British Cinema and the Cold War. London: I. B. Tauris Willi ams, T. various lectures, The Survey of Film History, fall semester, 1991, Southern Illinois University, Carbondale.

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Multicultural Education Piecing Together The Puzzle Essay

Multicultural Education: Piecing Together the Puzzle nbsp;nbsp;nbsp;nbsp;nbsp;When a child opens his (or her) first puzzle and the pieces fall to the ground, it may seem very confusing. What are they to do with this pile of shapes in front of them? It often takes a parent to explain to them that all the different pieces fit together into one whole picture. Although every piece is different and unique, when they are all put into their place they form one whole picture. In the same way, teachers can teach multiculturalism in the classroom. Although every member of our society is unique, with different cultural backgrounds, we all fit together to form one unit. As stated by Noel (1995), â€Å"Understanding our own identity and the culture†¦show more content†¦Multiculturalism promotes positive change for persons of all cultures. It involves not only teaching majority groups about minorities, but also teaching minority groups about the majority groups. It has its base in democratic ideals such as equality, freedom, and justice. Multiculturalism will unite our divided nation into one unit which will have no mainstream culture, but many diverse subcultures which will cooperate for the good of everyone, not just the majority or the minority. nbsp;nbsp;nbsp;nbsp;nbsp;I feel very strongly that multiculturalism should be included in all curricula. My school experience (until college) didnt include multicultural perspectives and I feel as if I missed out on some important things. I often feel a little clueless when confronted with situations involving people different from me. Without some knowledge of our surroundings, how can we be expected to survive in society? This question reveals one of the purposes of education, survival. Learning about the other people who share our community is an essential part of this survival in modern society. Multiculturalism becomes increasingly important as our society becomes more diverse. nbsp;nbsp;nbsp;nbsp;nbsp;In the past (Lynch, 1989), efforts to provide multicultural content to students have, as critics feared, created more diversity and tension among groups. However, more recent methods areShow MoreRelatedTheories of Ethnocentrism: Social Dominance Theory and Social Identity Perspective6083 Words   |  25 Pagesgender, and temperament or personality factors. Evidence for this shows SDO declines with empathy and increases with aggression. Education is also thought to be involved, with higher levels of education correlating with lower SDO and prejudice generally. However, this seems to contradict other SDT predictions, as you would expect that people with higher levels of education would be in higher status groups. Finally, socioeconomic status, ethnicity, religiosity and employment status are also thoughtRead MoreFundamentals of Hrm263904 Words   |  1056 PagesEnvironment 312 Learning Outcomes 312 Introduction 314 The Occupational Safety and Health Act 314 OSHA Inspection Priorities 314 OSHA Record-Keeping Requirements 316 OSHA Punitive Actions 317 OSHA: A Resource for Employers 320 Areas of Emphasis 320 Education and Training 320 Assisting Employers in Developing a Safer Workplace 323 Management Commitment and Employee Involvement 323 Worksite Analysis 323 Hazard Prevention and Control 324 Retirement Benefits 297 WORKPLACE ISSUES: Flying High No More: