Leasing Research Paper Essay

A lease is a contract written between two people one of whom is the owner of a property lending it to another party who uses it and gives financial compensation for the exchange. There are many different types of lease arrangements for property. They include full service, net, percentage, and gross leases (Lank, 2003). Â  To begin with, full service lease is mostly used by tenants who use multi-tenant office buildings where the landlord provides all essential services to his or her lessee (Kennedy, 2005). Such landlord-provided services include water as well as security. Another kind of lease is the gross lease whereby the tenant pays for the gross rent but the landlord pays for the maintenance, insurance, and also the property costs (Steingold & Steingold, 2010). Conversely, the net lease is implemented whereby the tenant takes responsibility for all expenses and amenities which he or she needs to use in the running of his or her business (Peca, 2009). On the other hand, percentage lease plays out when the tenant pays a percentage of the gross revenue (Tamper, 2002). Further, when calculating the gross revenue, one has to deduct all the items that might overstate one’s revenue, for example, items that may overstate sales. There are other lease terms which need to be taken into consideration when entering into a contract related to a lease property. They include lease hold improvements which, if overlooked, can ultimately be very expensive. Knowledge of these issues ensures that the landlord makes any necessary renovations or else leave it open for the tenant to improve for himself or herself, as per certain guidelines and restrictions. In addition, the lease length matters since the duration depends on the landlord, all the amenities offered, as well as the tenant. The advantages of leasing building, medical equipment, and office furniture and equipment include: – Flexibility, when we lease a building, there is room to relocate to another area which suits our provision of medical services to the people. This arrangement can enable us to shift our services to a place where we can access more customers than if we built it in a place where there is low demand for our services. Moreover, there are few responsibilities attached to the management since most of the responsibilities are passed onto the land lords, thus increasing the turnover. Conversely, there is less tax paperwork since the income tax will be simpler to file. This is because building owners normally have very many forms to fill which will not be present in leasing. When we want to run the business without affecting the cash flow, it will be more beneficial to preserve the cash flow by leasing equipment rather than buying them since high initial capital is required to purchase the medical equipment. Further, when we lease equipment, it helps to maintain and build a strong credit background which helps to expand the working capital through smaller initial investment (Haight & Singer, 2005). Further, such an initiative helps in reduction of tax since one does not pay tax on the leased properties. In turn, this helps the business to regain money spent on regular expenses which are adjusted to increase credits and deductions. Lease of property allows business operators to satisfy the business needs on the allotted budget which is more flexible than when purchasing a commodity. Leasing agents always try to please their customers and thus always offer upgrades. The initial capital of upgrading your equipment is therefore highly minimized since one does not purchase them but the leasing agent improves his equipment. This allows one to use improved equipment. The cost of purchasing equipment is spread over a long period of time. After leasing the equipment, it is still owned by the leassor thus one has security of their money, therefore making one to have a credit check pass rather than other forms of finance. A lease contract is always fixed, therefore making it easier to budget. The major disadvantages of leasing property are that there is no ownership of property or equipment. One cannot thus upgrade his or her equipment to improve the performance of one’s office. If the equipment becomes outdated, one cannot sell or discard them without paying much money so as to cancel the contract. The purchase of the equipment may be very hard since it may be difficult to arrange for the purchase which is not simple. Rather, arranging for the purchase of the mostly very expensive items is easier. Sometimes it becomes a long-term expense, although it saves one from paying a large sum of money at once. This is clearly seen when one uses the standard lease wherein one pays for the cost of purchase with the charges of the leasing company. After a leasing period expires, one has to continue paying rent so as to use the equipment. The money one pays for an equipment is thus considerably more than the actual marked price of the product. Although one has not purchased the product, he or she has to maintain and repair it. If one lacks trained personnel, it may prove to be very expensive when a major repair is required, thus increasing the monthly payments (Perlis & Bradley, 2004). A lease has a high interest cost because the lessor makes returns from the leased products, implicating that they get high returns thus making their firm more qualified to borrow so as to purchase other assets. There is lack of the recovery value of the product if one needs to purchase the product. This is evident in products which depreciate in value. There is also difficulty in improving the products. This is because one is prohibited to make improvements on the products without the owner’s approval. It makes it hard to put finances on the leased property, thus making the lender the security to improve the product. If a product becomes outdated, one continues to pay for it till the lease period is over and even continues to use it even if it increases the production cost of one’s products. There are other expenses which follow if the owner had not paid for them, for example, one has to insure property if the owner had not insured. If you have to purchase a property, you lack background information about it unless a nearby neighbor sells to you, a situation which makes many leases to be inflexible (Boiron & Boiron, 008). When one wants to purchase a product, the market is usually untested to the resold product. There is also depreciation of the asset value before the end of the lease period. When it comes to selling of the companies head office, it is a very bad idea to sell and lease it again as this can cause a lot of damages to the company’s outlook if the owner decides not to lease it back. Further, we have to go and search for another to lease. If we decide to get any mortgage loan, we shall lack property to assist us in securing a loan which can help us run the business. The advantage of selling the head office is that we can shift to an area with high market for our services. References Boiron. P.; & Boiron, C. (2008). Commercial real estate investing in Canada: The complete reference for real estate. Â  Hoboken, NJ: John Wiley and Sons. Haight, G. T.; & Singer, D. (2005). The real estate investment handbook. Hoboken, NJ: John Wiley and Sons. Kennedy, J. (2005). The small business owner’s manual: Everything you need to know to start up and run your business. Career Press. Lank, E. (2003). Modern real estate practice in New York: For salespersons and brokers. La Crosse, WI: Dearborn Real Estate. Peca, S. P. (2009). Real estate development and investment: A comprehensive approach. Hoboken, NJ: John Wiley and Sons. Perlis, A.; & Bradley, B. (2004). The unofficial guide to buying a home. Hoboken, NJ: John Wiley and Sons. Steingold, F. S.; & Steingold, F. (2010). Legal forms for starting & running a small business. Berkeley, California: Nolo. Tamper, R. (2002). Mastering real estate mathematics. La Crosse, WI:Â   Dearborn Real Estate.

Alternative Investments Essay

Executive Summary: The purpose of the report is to do an in-depth investigation, study and analysis on alternative investments. From the various alternative investments, our team of analyst chose commodities, variable annuities and hedge funds as our subject of interest for the study. Each financial product has its own aims as to cater to the different investment goals to meet the needs of investors. Thus, just by looking at the basis on expensiveness and tax-efficiency, and then from selecting the better one is unwise. We have to look at the overall picture and considering other indispensable factors like risks, liquidity, asset allocation which are equally important. Therefore, our basis of evaluation comprises of various important factors so as to make  a robust analysis. Firstly, commodities are a highly demanded investment which is traded using options and futures contract.. Moreover, they are also an element of diversification that investors can lower their vulnerability to market volatility. Despite its high volatility in its prices, it managed to gain a higher return as compared to stocks and bonds. As commodities have a low correlation with bonds and stocks, it is able to reduce unsystematic risk through diversification. Its high correlation with rate of inflation thus looks favorable in times of crisis and these enable investors to control its asset allocation decision. By using the 60/40 tax treatment, it has shown that it is indeed an efficient method in lowering taxes. Its high commodity market liquidity thus seem promising to investors as it correlates well with it market trading especially in corn, gold and precious metals futures. Moreover, it is advisable for them to allocate 5% to 10% of their investment to commodities so as for better diversification to eliminate unsystematic risk. As it has no or few substitute, it is advised that investor should take note of any unexpected risk involved. Variable annuities on the other hand are tax-deferred with a withdrawal date only after the age of 59 ½. The performance of its sub-accounts affects many aspect of variable annuity. This is so as the performance of varied underlying investments in the sub-account results in non-uniform distribution in its returns. Furthermore, variable annuity is relatively volatile as it returns tend to varies as accordance to the returns of its underlying investments. Thus, granted with a choice of an asset for the underlying investments, investors will choose an underlying asset that is non-correlated to their portfolio holdings. Variable annuity also incurs reasonable costs. However, the main benefit of investing in variable annuity is that it is highly tax-efficient as it is a tax-deferred vehicle. This reduces the tax burden on investors and at the same time creates an opportunity for them to invest in tax-inefficient vehicles before the withdrawal date as no tax is imposed before the date. The downside to investing in variable annuity is that it has liquidity risks. However, it can reduce unsystematic risk significantly due to the investment options for  its sub-account and this important aspect of it also provide investors with the ability to allocate their assets. The primary aim of most hedge funds is to reduce volatility and risk while attempting to preserve capital and deliver positive returns under all market conditions which brings investors an indispensable option to invest in hedge fund. With a low standard deviation of almost zero, hedge funds are highly of an advantage as it does not fluctuate widely within periods. However, volatility is not the only indicator of risk affecting the fund. For hedge funds, the skewness variations are not uniform across styles. While hedge funds offer potential for returns that are not highly correlated with other markets, their unique properties would also mean that they involve a high degree of risk. Its fees are regular thus investors should follow accordingly. Hedge Funds exploit different ways to minimize capital gains and income taxes for investors. With the Tax Exemption for Singapore Resident Funds, it places investment in Hedge Fund at an advantage. Putting their trust in the fund manager’s ability to meet the fund’s objectives, it is then recommended for investors to choose the right fund manager to manage their investments. From the in-depth analysis on alternative investments, we realized that there is no a perfect product to solely invest in. Each alternative assets has its advantages and disadvantages, thus we have to invest in varieties of asset classes but diversified it. There is also the need for proper asset allocation management and the use of investment strategies. Introduction: The continual search to reap higher risk-adjusted returns has led to a number of highly alternative assets to be considered for financial investment purpose. Thus, the growth of alternative investments market is outstanding. According to the 2010 Alternative Investment Survey of U.S Institutions and Financial Advisor, 36% of the institutional investors that are surveyed have $1-10 Billion in asset under management and 29% with greater than $11 Billion in asset under management. In this report, our team of financial analyst has chose to do an in depth analysis on commodities, variable  annuities and hedge funds. Through this report, we are going analyze the aforementioned alternative assets through various important factors namely its returns, risks, costs, other competitive advantages and disadvantages. At the end of this report, we hope to achieve an in-depth evaluation on the attractiveness of each subject of interest and make sound recommendations. Introduction to Commodities: Commodities are raw materials used for producing secondary goods which are transacted in volumes and classified into energy, metals, grains and livestock. Manufacturers in the commodities market purchase commodities needed on a â€Å"spot market† while speculators purchase and sell commodities using options and futures contracts. Commodity markets are real demand and supply markets. Thus with the increasing world population, there is now higher demand than supply for commodities, making commodities a viable investment for both the present and the future. Expected Returns: During inflation, commodities total returns will soar. When making an investment in commodities one can expect returns that are capital return. Commodities have been providing its investors with relatively high returns, exhibiting negative correlations with equities and bonds as well as hedge against risks. Based on the Commodity Price Index for the past year, expected returns were at 0.85%, volatility were at 0.0641 which is considered to be relatively low, while the return-risk was 0.1319. Volatility: Volatility in commodities’ prices fluctuated recently with their highs and lows due to the â€Å"interference† of the commodities market like political disputes and natural disasters. In 1973 to 2007, based on the S&P 500 Index, MSCI Index and Lehman Brothers Bond Index, it has an annualized return of 10.9% and 24.5% annual standard deviation, volatility. Although stocks performed better than commodity, commodities’ volatility was in the peak compares among stocks and bonds. Historical risk return on commodity had remained positive of about 5% during the years. T-statistic, outlining the level of confidence that the risk return is different from 0 shows a  figure of 2.84 which shows that it is higher than stocks and bonds. Distribution of returns [Refer to Appendix]: From the bell-shaped curve, we can surmise that the distribution of returns on commodities is widely distributed and tends to be close to a normal distribution as investors are concern about their real returns as they want to outperform inflation. As compared to stocks and bonds, the returns in commodities are positively skewed. Since returns for commodities investment is right skewed, it means that the amount of returns will be higher than stocks and bonds which are negatively skewed. Returns distribution is very wide as the returns show a greater than 3 excess kurtosis. However, this also means higher risk for investors due to the wide distribution of returns. Correlation with other asset classes: [Refer to Appendix]: From the table, it shows that Standard & Poor’s 500 and the company are closely related in contrast to the other asset classes. GSCI and 1 month T-bills with a correlation value of -0.003, proves that they are independent of one another. It is revealed that commodities futures are negatively correlated to returns of stocks and bonds with coefficients of -0.42 and -0.25 respectively. Therefore, by allocating funds to those assets of negative correlations, it provides the benefits of diversification when facing a stand-alone risk asset class. Fees, Trading and other expenses: There are many fees and expenses that are implied in commodities trading. When trading commodities, investors incur management and brokerage fees, service tax and a possible loss of investments. When a futures contract is purchased, an initial down payment on the total futures price (initial margin) is to be made. The margin requirement is basically a small percentage of the total purchasing price for a commodity. This margin requirement usually adds up to be less than 10%. Liquidity: Commodity market liquidity often correlates well with commodity market  trading profits. Investors can benefit in high commodity market liquidity. It is easier to enter and exit trades. With the high trading volume and liquidity, the statistics of predictive ability of time honored tools like Candlestick patterns formulates tend to be more precise. Commodities that offer good commodity market liquidity include trading in Corn and Gold futures. Each of these trades at high volume and high liquidity. However, they are driven by different factors. Gold and other precious metals perform well when investors are worried about inflation or when there is the threat of economic or political disruption. Corn is determined by supply and demand. Location: The location of where the commodity is produced is not an important factor that an investor should consider as there are similar products that will be sold regardless of where it has been produced. Hence investors’ consideration of location is not required when making an investment. Tax Efficiency: In commodities, it is quite tax-efficient as they follow the 60/40 tax treatment whereby 60% of the gain is taxed as long-term gains and 40% are taxed as short-term gains. Long-term capital gains are capped at 15% which is favorable for high income investors, meaning that 60% of gains will be taxed at 15% while 40% of gains will be taxed at 35% which both equals to 23% for commodities. Thus, it will help investor to save money in tax. Ability to eliminate or significantly reduce unsystematic risk: Investing in commodities does not reduce unsystematic risks. Firstly natural disaster and bad weather may affect a various types of commodities. Another risk is geopolitical risk. This risk occur as world’s natural resources are located in various continents and the jurisdiction over these commodities lies with sovereign governments, international companies, and many other entities. Thus, international disagreements over the control of natural resources are quite commonplace. Negotiations on the extractions are pretty tense as disagreements may easily rise over licensing agreements, tax structures, environmental concerns, employment of indigenous workers, access to technology, and many other complex issues. Ability to control the asset allocation decision: Investors are able to control asset allocation decision in commodities. This is so as commodities are not professionally managed unless you have the intentions to. Thus, investors who wish for professional money managers who specialize in commodity trading to handle their investments, they may turn to ETFs or mutual funds. With that, commodities traders are able to free decisions on the allocation of their assets. It is advisable for investor to allocate more of his investments to other types of investments and allocates 5 to 10% of his investments into commodities due to its volatility. Substitute? Any alternatives that achieve the same objective in a more efficient –less expensive and/or more tax efficient- manner: Commodities have few/no substitutes as they are generic goods that we utilize in our everyday lives. It’s suggested for any investor to take into consideration the unexpected risk such as natural disasters and bad weather. If they allocate most of their investment in commodities and when an adverse event strikes, they would be caught in a difficult position. Commodities have the best advantage against inflation. During inflation, prices of commodities have the tendency to rise. Therefore, as an investor in commodities, you would be able to gain much from the increment of value. Introduction to Variable Annuities: Variable annuities are tax-deferred investment vehicle that comes with a minimal insurance contract so they can qualify for their tax-deferred status. Variable annuities can be immediate or deferred. Once you reach 59 ½, you can begin withdrawing the funds without any penalty. Expected Returns: Variable annuity has no expected rate of returns as its return is based on the marketplace performance. Its fees will be subtracted from the returns. By diversifying assets, a portfolio may have a higher return potential with a lower level of risk than the portfolio’s components would achieve separately. Volatility: The standard deviation indicates the tendency of the returns to rise or fall drastically in a short period of time. Since the return on investment in a variable annuity is directly tied to the performance of sub-accounts that make up investors’ annuity, the fund would exhibit a high standard deviation as each year’s return of the fund may differ from its mean return. This in turn makes variable annuity riskier as it is volatile. Distribution of returns: Return on investment in a variable annuity is directly tied to the performance of sub-accounts that make up investor’s annuity. If the underlying investments are in stock and bonds for example, there’s potential for a greater return. However, this will be coupled with a higher risk of loss including loss of capital which involves the funding options. It means that payments and earnings are not guaranteed. Thus the skewness variations are not uniform as returns varies depending on the instruments it consists of in the underlying investments. Correlation with other asset classes: Variable annuity offers a range of investments options for the sub-accounts. Investors will have to choose a specific one of his interest. Thus, entitle with the benefit of deciding the underlying investments, it enable investors to pick an asset that is low correlated or non-correlated with other assets classes of his portfolio. Thus, variable annuity offers balance and diversification to investors. Fees: Firstly, there is the surrender charge. It is a type of sales charge that will be issued to the customer when they withdraw money from a variable annuity within a certain period (which may vary from six to ten years) after the purchase. It is to pay the financial professional as a commission for the sale of the variable annuity. It decreases gradually over the surrender period, usually 1% less each year. Next, it is the mortality and expense risk charge which is 1.25% per year. It compensates insurance company for insurance risks. Its profit is to pay the insurer’s initial cost of sale of  the variable annuity. Next up is the administrative fees which are charges for record-keeping and other administrative expenses and is charged 0.15%. Trading and other expenses: Underlying Fund Expenses are fees that will be charged indirectly and they are imposed by mutual funds which are the underlying investment options in the variable annuity. Fees and Charges for other features are other miscellaneous fees charged in special features offered in some variable annuities. Such features include stepped-up death benefit and long-term care insurance. Liquidity: Variable annuity has liquidity risk in it whereby the proceeds from the variable annuity may be unavailable at the time of withdrawal or it will be available but at a significantly lowered value. These are attributable to two factors. Firstly, because annuities are designed as retirement vehicles, getting out early can mean taking a loss. Many variable annuities assess surrender charges for withdrawals within a specified period, which can be as long as 6 to 8 years. Furthermore, any withdrawals before an investor reaches the age of 59 ‘/2 are subject to a 10% tax penalty by the IRS (Internal Revenue Service) in addition to any gain being taxed as ordinary income. Secondly, if the holder is in a need for cash and must liquidate his variable annuity, there is a possibility that on the date of liquidation, its account balance is lower than what it was previously simply due to market fluctuations. Location: Annuities are a commonplace in the current world but actually it existed way back during the Roman times. It was then introduced in Europe and the United Kingdom. It made its mark in America in 18th century but was only fully aware of in the 1930s where the Great Depression caused Americans to â€Å"save for a rainy day†. Variable annuities were first created in America in 1952. Today, variable annuities is popular than ever with sales estimated to be USD40.2 billion and are offered in many countries due to its applicability for retirement purposes. Singapore is not excluded in the variable annuities  market as well. Manulife Singapore launched the first variable annuity, Secure Retirement Plus (US$), in 2007 and later introduced Secure Retirement Plus(S$) in 2008. Tax Efficiency: Variable Annuities are tax-deferred. It can help investors save more while reducing their overall tax burden. This provides investors with good opportunity to invest in tax-inefficient vehicles such as bonds and types of equities. However, there will be a taxable amount of 10% IRS penalty with withdrawal before reaching the age of 59 ½ years. This means that investors pay no taxes on the income and investment gains from their annuity until the withdrawal date. They may also transfer their money from one investment option to another within a variable annuity without paying tax at the time of the transfer. At their withdrawal of variable annuity, they will be taxed on the earnings at ordinary income tax rates rather than lower capital gains rates. Ability to eliminate or significantly reduce unsystematic risk: By diversifying, investing in variable annuity does reduce unsystematic risk. Investors are able to make payment purchase and allocate it to various asset classes such as small-company stocks, international government bonds and fixed annuities. Unsystematic risk decreases as the number of stocks in a portfolio increases. It could help to protect the investors against sustained losses in a single stock or sector of the market. Ability to control the asset allocation decision: Variable Annuity has an accumulation phase whereby the investor makes purchase payments in which they can allocate it to a number of investment options. Moreover, it is a flexible investment that allows investors to move their money into more stable accounts such as fixed account to preserve their gains. It also allows investors to have play in the strong stock market. Substitute? Any alternatives that achieve the same objective in a more efficient –less expensive and/or more tax efficient- manner: Exchange  Traded Note (ETN) is an alternative that can achieve the same objective of a variable annuity in a less expensive and more tax efficient way. A variable annuity can cost up to 4% a year in its fees, while ETN only charge 1% fees. Both ETN and variable annuities are tax efficient and there is no negative tax consequence till the ETN is sold. However, while an annuity is passed through death to its beneficiaries, its entire gain will be taxed. The ETN under the current estate tax laws, will be receiving a step up in basis, this makes it more tax efficient than the variable annuity. However, investors of ETN have to assume credit risk as it is an unsecured debt. Thus, we have to look at other equally important factors before deciding the better alternative as just using cost-effectiveness and tax-efficiency does not equate to a robust eva luation. Introduction to Hedge Fund: Hedge fund is a fund that can take both long and short positions through the use of arbitrage, buying and selling undervalued securities, trading options or bonds, and investing in any opportunity in any market where it foresees impressive gains at reduced risk. Its strategies vary enormously especially today with volatility and anticipation of corrections in overheated stock markets whereby many hedge against downturns in the markets. Main aim of most hedge funds is to reduce volatility and risk while trying to preserve capital and deliver positive returns under all market conditions. Expected Returns: Most hedge funds’ goal is to earn a positive return despite how the overall stock market is performing. It is refer to as an absolute return. Absolute return gains and losses of a hedge fund can be measured relative only to the assets in the fund itself and investors do not compare returns to market benchmarks. With the absolute return goal, hedge fund managers often use aggressive investment techniques like short selling and leveraging. Volatility: Standard deviation reports a fund’s volatility which indicates the tendency of the returns to rise or fall drastically in a short period of time. It measures this risk by measuring the degree to which the fund fluctuates in  relation to its mean return, the average return of a fund over a period of time. Since hedge fund seeks absolute returns independent of market movements; the standard deviation for this fund would then be zero as the fund’s return does not differ within periods. Hence it shows that hedge funds are highly at an advantage since the fund with the lower standard deviation would be more optimal as it is maximizing the return received for the amount of risk acquired. Distribution of Returns: By knowing which way data is skewed, one can better estimate whether a data future point will be more or less than the mean. For hedge funds, the skewness variations are not uniform across styles. For instance, when the number of funds increases, the skewness drops systemically and is negative for Fixed Income Arbitrage, Convertible Arbitrage and Event Driven Strategies while it increases slightly. The Kurtosis tends to be concentrated in the -0.5 to +0.5 range. Changes in kurtosis tend to less predictable and differ widely over time and across investment styles. However, diversification within some hedge fund strategies may appear highly attractive in mean or variance terms, but this is much less so when skewness and kurtosis are taken into account as assessing hedge funds based on return and volatility criteria maybe misleading because of the potential underestimation of return volatilities. Correlation with other asset classes: Correlation is interlinked with diversification. Investors aim for a sound portfolio which is achievable through applying diversification. However, traditional assets classes like bonds and stocks are increasingly linked. Hedge funds which performances often highly dependent on the qualities of individual investment decisions or strategies, as opposed to being highly correlated to an overall market, diversify risk thus bringing about high returns. Instead of achieving returns from market activities, hedge funds use unique investing strategies to exploit market inefficiencies that the markets have not perceived. This further intensified diversification which put them at a better stead than traditional asset classes. Fees: Hedge fund consists of 3 kinds of fees. Sales Charge. It is a one-time charge, generally 5% and it’s the front-end load or commission that is charged on the investment amount. Management fee. It varies around 2% and it is charged on an annual basis and imputed into the Net Asset Value of the fund. Performance fee. It varies around 10-20% above the benchmark and it is charged on an annual basis and imputed into the Net Asset Value of the fund. The benchmark can be simply the zero return line or a benchmark like the London Interbank Offered Rate. Performance fees are charged on a high water mark which means investors are only charged for excess returns with reference to the previous high. If investment drop in value, the manager must bring it back above the previous greatest value before they can receive performance fees. Trading and other expenses: Apart from the above fees, investors also need to pay expenses such as the accounting and tax preparation expenses, auditing expenses, costs and expenses of entering into and utilizing credit facilities and structured notes, swaps or derivative instruments. Liquidity: There are two forms of liquidity constraints that are impose on investors which are liquidity dates and lock-up. Liquidity dates refer to pre-specified times of the year when an investor is allowed to redeem shares. Hedge funds typically have quarterly liquidity dates. Moreover, it is often required that investors give advanced notice of the desired to redeem: these redemption notices are often required 30 days in advance of actual redemption. Lockup refers to the initial amount of time an investor is required to keep his or her money in the fund before redeem shares. Lockup therefore represents a commitment to keep initial investment in a fund for a period of time. For Singapore registered hedge fund, MAS guidelines stipulate one regular dealing day per quarter. Redemption of funds usually requires a notice period and it states that redemption proceeds must be paid to the end investor within 95 days from the dealing day the redemption request is accepted. Location: Funds with a regional presence outperform those without one. Risk-adjusted return difference between nearby and distant hedge fund portfolio is about 4% and is significant. A fund’s geographical proximity to the companies in which it invests the closer it is to its investments the greater the chances that the hedge fund will earn high returns. They are better able to take advantage of local information via short selling and the use of derivatives. Direct way for hedge fund to take advantage of local knowledge is to invest in stocks and bonds in their region. Moreover, Singapore is perceived as having a high level of transparency and reliability in business, economic and regulatory affairs. It boasts a stable political structure, well-established judicial system and forward-looking financial authority thus bringing an advantage to investors locally. Tax efficiency: Tax consideration can be a benefit of alternative investments, particularly hedge funds which exploit different ways to minimize capital gains and income taxes for investor. Investors might be worried of being charged at a higher rate for tax. Singapore has in place a tax incentive scheme which exempts offshore funds from tax. Broadly speaking, a qualifying fund will be granted tax exemption provided it is not 100% owned by Singapore investors. There is also Tax Exemption for Singapore Resident Funds. It requires pre-approval from the authorities and although it is aligned to the offshore fund exemption scheme, some additional conditions have been imposed. Ability to eliminate or significantly reduce unsystematic risk: To diversify from stock-specific risk known as non-systematic risk one can invest in a range of stocks with different characteristic. Most investors of such practice regard it as unwise not to diversify into non-systematic risk. However, killing two birds with one stone is a more attractive opportunity to be seized. Thus, we turn to hedge fund. The main idea behind diversifying your non-systematic risk into assets like hedge funds is that any investment with a positive expected return, low volatility and low correlation to the rest of portfolio, will have a great chance of reducing the overall  portfolio volatility which is an additional advantage as compared to diversifying through stocks and bonds. Thus, hedge fund is an indispensable option. Ability to control asset allocation decision: Hedge fund manager has total trading authority over the fund. They are not required to provide investors with information about the underlying holdings of the hedge funds. Thus, there’s a lack of transparency when investing in hedge funds. Investors are putting their complete trust in the manager’s ability to meet the fund’s objectives. As such, investors lose control over their asset allocation. Thus, it is essential to choose the right fund manager to manage their investments. Substitute? Any alternatives that achieve the same objective in a more efficient –less expensive and/or more tax efficient- manner: The primary objective of hedge funds is to reduce volatility and risk while attempting to preserve capital and deliver positive returns under all market conditions. The emphasis here is positive returns under all market conditions and thus this explains fully utilization of specialized and carefully selected investment strategies to achieve that primary goal. There are alternatives which are less expensive and more tax-efficient such as ETFs and ETNs. Both offer similar advantages which are lower fees, lower investment minimums and greater tax efficiency. However, both products have different investments goals. ETFs mirror the indexes they track by holding diversified collection of securities, such as stocks or bonds but traded like stock on an exchange while ETN is an unsecured debt typically issued by an investment bank that mirror index like ETF. Thus, from the way they operate, we are able to conclude that their investment aims just show differences with that of hedge funds.

The Sloth

Sek Budapest International School English Work no. 1 Poetry analysis Song Yuan Shan 15. 01. 10 The poetry analysis of The Sloth by Theodore Roethke The title of the poem ‘the sloth’ tells us that the poem is probably about the animal, that lives in South America. It’s probably a poem for kids to read. In the first stanza the poet is talking about slowness. If you ask him something it takes him a year to realize that he’d been asked something. Next it says that all he does is hang on a tree upside down. Then it says that no matter you call him smug or insult him, he doesn’t care. He will still continue doing what he did before. In the last stanza he’s sleeping again swaying by his toes and just won’t bother to answer your question. But you just know that he knows he knows. Every poem has another meaning beyond the literal one. In this poem the poet writes ‘he’ for an animal and not ‘it’, so actually he’s not really talking about animals. He’s referring to lazy humans. Throughout the whole poem the poet was describing a lazy person. They’re self-satisfied, that’s why they never change their behavior. One way of achieving the qualities and making the words poetic is through poetic devices. It’s the technique or strategy a poet uses. It can help the poet or writer in developing cogent, e. g. the figures of speech. The poet was criticizing lazy people but he didn’t write it so obviously. He used metaphor. The poet also gives human characteristics to the sloth which is personification. For example: â€Å"he says, he thinks†¦Ã¢â‚¬ . â€Å"He thinks about it for a Year†. The poet is exaggerating here, which is a hyperbole. He also uses capital letters. This makes a rhythm, patterns of sound. In addition the word EX-as-per-at-ing is divided into syllables to emphasize the word and call special attention to it. All lines rhyme in the poem. The sound of the last part of the word is identical in each stanza, so it’s a perfect rhyme. The tone of the poem could have been mean but he made it funny and friendly. The poet compared the lazy people to the lazy animals. The image I got after reading it a couple of times, is a stinky person watching TV on the couch while drinking coke and eating popcorn. They won’t even do the basic things for living or to stay clean. They’re too lazy to do anything. They’re happy with the way they are. So the theme of the poem is laziness. Bibliography http://ezinearticles. com/? Poetic-Devices-in-Poetry&id=110584 Total number of words : 438

Death and Philosophy Essay Example | Topics and Well Written Essays - 750 words

Death and Philosophy - Essay Example Nagel, interestingly, argues that it is not the death that is harm but rather the ending of life. He takes the a bit further by discussing prenatal life and life after death, almost equally qualifying the value of each "state" but fearful to arrive at a conclusion. Should we follow Nagel's premise, then the loss of life is the injury and the earlier loss of life compared to a later loss of life is far more injurious. Indeed, by way of example he states that a corpse can suffer no injury because the corpse is a dead being. Thus perhaps, in Nagel's world, there should be no such thing as a crime committed against a corpse. For example, because the person is dead, one cannot have violated the law because he desecrated a corpse. One can be found guilty, if he contributed to the cause of death only. Nagel's focal point is time. Thus when a person dies, they have been robbed of the extra time that they would have lived. Thus if a man lived 80 years, the harm is not so bad, but if the man lived only 20, the harm is egregious. Lacking here, is the discussion of what happens during that time. For example, if a man lives only 20 years, and becomes an astounding man, has he been robbed Nagel would probably argue in the affirmative. Conversely, if a man is 80 and has lived a life of no consequence, has he been harmed by being robbed of extra years Perhaps not. What if the person has spent 10 of those years suffering from a painful disease Has not death then rescued the person Finally, I am asked to explain which theory I prefer. I do not believe that one suffers by death. I agree with Rosenbaum in that once death has happened, there is no harm. Indeed, it is the path to death in which harm lays in wait. Many religions herald the notion that we choose our own exit from this world by our behavior during the time in it. Rosenbaum however offers an explanation that agrees with my religious values and my basic common sense. Once I am dead, I expect that to be it. Indeed, depending on my condition at death, I may find death to be a

Young Adult Literature Research Proposal Example | Topics and Well Written Essays - 6000 words

Young Adult Literature - Research Proposal Example This is because the issues that are presented in this literature are more realistic and more interesting to the teenager audience. The content of these books, together with their popularity amongst the teenagers, has led to them been criticized and challenged by the society. This has led to them been banned from high school libraries as the librarians fear for reprisals from the parents and the authorities. However, banning a piece of work from a school library openly can lead to a lot of pressure and complications as the writers are bound to complain. To avoid the confrontation with the publishers or authors, many high school library media specialists have come up with an ingenious way of making sure that the books are not accessed by the teenagers in the school library. They simply choose not to add controversial items to their library's collection. This action is referred to as self-censorship in the collection development process. This research proposal is a prerequisite for a research to be carried on the practices that make up self-censorship of professional librarianship in young adult literature. The researcher will try to find out why school library media specialists reject to add books with edgy content to their collection. 1.1: Problem Statement Problem statement is the section that the researcher sets forth the underlying focus of his undertaking (Tomang, 2009). The problem that will be addressed in this case is the practices that make up self censorship of professional librarianship in young adult literature. The research will try to find out why the librarians, especially in high school, engage in self censorship where they restrict the access of the young adult literature by the teenagers in the school library. The researcher will examine whether this action is justified and the effects that it has on the writers and the teenagers themselves. 1.2: Purpose of the Research In his book methodologies of sociological research, Kimberley (2008) opines that every research must have a clearly stated purpose that motivates and guides the researcher throughout the research. The research will have no value to the researcher himself and to the field within which it is conducted if the researcher himself (who carried out the research) is unable to determine the purpose of his undertaking. The purpose of this research will be identifying the practices that make up self censorship of professional librarianship in young adult literature. The researcher will be specifically interested in self censorship of high school's library media specialists. 1.2: Research Questions Research questions are the "sign posts that help the researcher to navigate the maze of his research" (Kimberley, 2008). This is because the research revolves around answering these research questions. The success of the research is gauged by how well the researcher answers the questions that were set forth at the beginning of the research process. The quality of the research will also be gauged by the objectivity of the research questions that are addressed. The following is the major research question that the researcher will be answering in this study. What are the practices that make up self-censorship of professional librarianship in young adult literature This research question will act as the major objective of the research. All of the research w

PTSD sources analysis Essay Example | Topics and Well Written Essays - 1000 words

PTSD sources analysis - Essay Example Some people overcome this problem over time while others continue to be affected in their lifetime. Veterans especially Army and firefighters are the majority group likely to get PTSD. It has been found that people involved in combat situations are highly likely to have mental health problems due to what they encounter. After surviving in combat zones, many veterans have been seeking help in mental health care to overcome PTSD. However, they receive little or no medical attention for their life after they leave the army.4 Some of the problems that soldiers are forced to live with include anxiety, stress, and nightmares while others take their life after failing to get the necessary attention to PTSD. Because of this reason, the Veteran Affairs, set aside 300 million dollars for veteran mental health, but not all this amount will be spent.5 In fact, The Government Accountability Office (GAO) issued a report that faults the â€Å"Department of Veterans’ Affairs for failing to fully spend a promised $300 million since 2005 to fill gaps in mental illness treatment for veterans and returning troops.†6 The lack of support system in places of mental health care is due to lack of qualified medical professionals and resources.7 Moreover, there is lack of qualified mental health professionals in the field of mental health specializing in the recognition and treatment of PTSD. For example, many troops and veterans have not been screened for neurological and psychological injuries due to lack of physicians and inadequate medical screening process.8 A report published in Jan 2009 by the organization IAVA (Iraq and Afghanistan Veterans of America) states â€Å"Instead of screening troops through a face to face interview with a qualified mental health professionals, the DOD relies on an ineffective system of paper work to conduct mental health evaluations.†9 The report also mentions, â€Å"Mental health support for troops in Iraq is actually declining;

Performance appraisals Research Paper Example | Topics and Well Written Essays - 1250 words

Performance appraisals - Research Paper Example Performance appraisals are aimed at the smooth accomplishment of organizational goals by monitoring employee behavior and enhancing employee productivity. This paper deals with the various aspects of performance appraisals including its use in the workplace, its subjective and objective nature, legal and ethical issues, advantages and disadvantages, and suggests possible alternatives. Performance appraisals in the workplace Performance appraisals play a pivotal role in the management of organizations. Performance appraisals serve a large variety of purposes within organizations. The management often uses performance appraisals for taking important decisions on promotions, rewards, transfers and terminations of employees, for identifying training and development needs, for validating selection and development programs, and for providing timely feedback to the employees on their performance (Robbins 228). Performance appraisals offer a unique opportunity for managers and supervisors to evaluate the performance of their employees and to improve their performance by timely feedbacks or interventions. For Chukwuba, performance appraisals play two potentially conflicting roles within an organization. The first of these roles is â€Å"to measure performance for the purpose of rewarding or otherwise making administrative decisions about employees† whereas the second is ‘development of individual potential’ within the organization (Chukwuba 3). Both these roles are essential for the overall growth and development of the organization. It is the responsibility of the supervisors to guide, direct and motivate the subordinates through appropriate performance appraisals. However, self-appraisals, peer appraisals, subordinate appraisals, customer/client appraisals, and multiple raters are also proved to be significant in various organizational settings (Jennifer 255). Performance appraisals yield employee satisfaction and enhance their performance when the ir work is appreciated or rewarded. On the other hand, it can also put an end to undesirable behavior among the employees. Objective and subjective performance appraisals Performance appraisals can be of two types-objective or subjective. While objective performance appraisals are based on facts subjective performance appraisals are based on individuals’ perceptions. As such objective measures appear to be more valid and reliable. However, it is a fact that the actual performance of an employee cannot completely be evaluated based on facts or statistical data alone. Therefore, effective management system makes use of both objective and subjective performance appraisals. Objective performance appraisals are results-oriented as the focus is on facts or statistical data whereas subjective measures are â€Å"based on individuals’ perceptions and can be used for appraisals based on traits, behaviors, and results† (Jennifer 254). While objective performance appraisals value the performance of employees in terms of their sales, business, achievements, profits or growth in income subjective evaluation takes into account such aspects as the efforts made by the employee, the attitude of the employee and his/her behavior. For instance, the

Acute Care Nursing - Reflections on Practice Essay

Acute Care Nursing - Reflections on Practice - Essay Example This paper evaluates management of a midwifery case of a 29-year old who after presenting bleeding at 35.5 weeks of pregnancy undergoes an emergency caesarean section (C/S) and in the recovery room for post-surgery, bleeding continues despite IV infusion. After four hours, the woman is pale and responds poorly to non-verbal cues. The midwife has to assess Yee to ensure that her bleeding is not due to any other underlying risk factor but for cesarean section in her third stage of labor (Jacob, 2012, p. 415). Yee has experienced postpartum hemorrhage even though her blood loss after the cesarean birth is 700mL just four hours after the operation and there is a possibility of retained placenta fragments in her uterus given that her fundus is boggy and non-contracted (Yogev, 2004, p. 486). For accurate assessment of the fundus, the mother should be required to empty her bladder to eliminate interference with the uterine and lie flat on her back while flexing her knees. If the fundus is still soft and boggy, massaging should be performed gently until it gets firm. Retained fragments are ranked as one of the main cause of late postpartum hemorrhage and in the case of Yee, shock, continued bleeding, and boggy uterus are some main signs and symptoms. Further, the midwife must also ensure that fundus palpitation is d one frequently to determine ongoing muscle tone but this should not involve over massage as it fatigues the muscles (B-Lynch, 2006, p. 396). Since effective uterine contraction is the goal, bladder distention must be prevented since it displaces the uterus. Besides the administration of intravenous fluid, a physician can provide manual removal especially if the cause is incomplete separations of the placenta. The midwife must use communication to manage Yee’s feelings of faintness and dizziness that makes her not to respond to verbal cues (Confidential Enquiry into Maternal and Child Health (CEMACH), 2010). Sub-consciousness is due to orthostatic hypotension after birth and cautions the midwife of the patient’s safety. Hypotension arises from blood results loss causing blood pressure to lower to about 90/50 and a heart rate of 120 in attempts to circulate the blood in the body.

Debate on Allowing Homosexuals to Adopt Children Essay

Debate on Allowing Homosexuals to Adopt Children - Essay Example This essay highlights that  the debate, in the public view, has less gay rights sympathizers with the majority, under churches and other conservative institutions, being against the idea of gays adopting children. The judiciary, however, has, by requirement, seemingly inclining to the side of favoring the push by LGBTQ since it relies on subjectivity. It does not take into account public opinion. Since empirical data does not suggest conclusively that children raised up by gay couples disadvantages them in their development, the judiciary has made the majority of its rulings to the favor of the LGBTQ. In Legislative bodies, the majority oppose the motion. The debate is however still balanced since such matters demand constitutional changes that require big numbers. The debate will in the Parliamentary context require an overwhelming argument to sway total consensus.From this discussion it is clear that there have been judicial and legislative manifestations of the debate as well as media publicity too. Initially, the Catholic Church and the society, in general, reacted murderously to homosexuality. It was illegal under the law, and one would be convicted for merely confessing love to a person of the same sex. The clerk denied the application and the couple sued him. The trial court sided with the clerk and even after appealing, the appellate court did not find the favor of the couple.

Western philosophy Essay Example for Free

Western philosophy Essay Philosophy is the discipline concerned with questions of how one should live (ethics); what sorts of things exist and what are their essential natures (metaphysics); what counts as genuine knowledge (epistemology); and what are the correct principles of reasoning (logic). The word is of Ancient Greek origin (philosophia), meaning love of wisdom. Definition of philosophy: Every definition of philosophy is controversial. The field has historically expanded and changed depending upon what kinds of questions were interesting or relevant in a given era. It is generally agreed that philosophy is a method, rather than a set of claims, propositions, or theories. Its investigations are based upon rational thinking, striving to make no unexamined assumptions and no leaps based on faith or pure analogy. Different philosophers have had varied ideas about the nature of reason. There is also disagreement about the subject matter of philosophy. Some think that philosophy examines the process of inquiry itself. Others, that there are essentially philosophical propositions which it is the task of philosophy to answer. Although the word philosophy originates in Ancient Greece, many figures in the history of other cultures have addressed similar topics in similar ways. The philosophers of East and South Asia are discussed in Eastern philosophy, while the philosophers of North Africa and the Middle East, because of their strong interactions with Europe, are usually considered part of Western philosophy. Branches of philosophy: The point of philosophy is to start with something so simple as to seem not worth stating, and to end with something so paradoxical that no one will believe it. To give an exhaustive list of the main divisions of philosophy is difficult, because various topics have been studied by philosophers at various times. Ethics, metaphysics, epistemology, and logic are usually included. Other topics include politics, aesthetics, and religion. In addition, most academic subjects have a philosophy, for example the philosophy of science, the philosophy of mathematics, and the philosophy of history. Metaphysics was first studied systematically by Aristotle. He did not use that term; the term emerged because in later editions of Aristotles works the book on what is now called metaphysics came after Aristotles study of physics. He calls the subject first philosophy (or sometimes just wisdom), and says it is the subject that deals with first causes and the principles of things. The modern meaning of the term is any inquiry dealing with the ultimate nature of what exists. Epistemology is concerned with the nature and scope of knowledge, and whether knowledge is possible. Ethics, or moral philosophy, is concerned with questions of how agents ought to act. Platos early dialogues constitute a search for definitions of virtue. Metaethics is the study of whether ethical value judgments can be objective at all. Ethics can also be conducted within a religious context. Logic has two broad divisions: mathematical logic (formal symbolic logic) and what is now called philosophical logic, the logic of language. Greek philosophy and Hellenistic philosophy: Ancient Greek philosophy may be divided into the pre-Socratic period, the Socratic period, and the post-Aristotelian period (or Hellenistic period). The pre-Socratic period was characterized by metaphysical speculation, often preserved in the form of grand, sweeping statements, such as All is fire or All changes. Important pre-Socratic philosophers include Pythagoras, Thales, Anaximander, Anaximenes, Democritus, Parmenides, Heraclitus, and Empedocles. The Socratic period is named in honor of Socrates, who, along with his pupil Plato, revolutionized philosophy through the use of the Socratic method, which developed the very general philosophical methods of definition, analysis, and synthesis. While no writings of Socrates survive, his influence as a skeptic is transmitted through Platos works. Platos writings are often considered basic texts in philosophy as they defined the fundamental issues of philosophy for future generations. These issues and others were taken up by Aristotle, who studied at Platos school, the Academy, and who often disagreed with what Plato had written. The subsequent period ushered in such philosophers as Euclid, Epicurus, Chrysippus, Hipparchia the Cynic, Pyrrho, and Sextus Empiricus. Though many of these philosophers may seem irrelevant given current scientific knowledge, their systems of thought continue to influence both philosophy and science today. Medieval philosophy History: Medieval philosophy is the philosophy of Western Europe and the Middle East during what is now known as the medieval era or the Middle Ages, roughly extending from the fall of the Roman Empire to the Renaissance period. Medieval philosophy is defined partly by the rediscovery and further development of classical Greek philosophy and Hellenistic philosophy, and partly by the need to address theological problems and to integrate sacred doctrine (in Islam, Judaism and Christianity) and secular learning. Some problems discussed throughout this period are the relation of faith to reason, the existence and unity of God, the object of theology and metaphysics, the problems of knowledge, of universals, and of individuation. Philosophers from the Middle Ages include the Muslim philosophers Alkindus, Alfarabi, Alhacen, Avicenna, Algazel, Avempace, Abubacer and Averroes; the Jewish philosophers Maimonides and Gersonides; and the Christian philosophers Anselm, Peter Abelard, Roger Bacon, Thomas Aquinas, Duns Scotus, William of Ockham and Jean Buridan. Early modern philosophy History(c. 1600 c. 1800): Modern philosophy is usually considered to begin with the revival of skepticism and the genesis of modern physical science. Canonical figures include Montaigne, Descartes, Locke, Spinoza, Leibniz, Berkeley, Hume, and Kant. Chronologically, this era spans the 17th and 18th centuries, and is generally considered to end with Kants systematic attempt to reconcile Newtonian physics with traditional metaphysical topics. Later modern philosophy History(c. 1800 c. 1960): Later modern philosophy is usually considered to begin after the philosophy of Immanuel Kant at the beginning of the 19th-century. German idealists, Fichte, Hegel, Hoelderlin, Schelling, expanded on the work of Kant by maintaining that the world is rational and it is knowable as rational. Rejecting idealism, other philosophers, many working from outside the university, initiated lines of thought that would occupy academic philosophy in the early and mid-20th century: Contemporary philosophy History(c. 1960 present): In the last hundred years, philosophy has increasingly become an activity practiced within the modern research university, and accordingly it has grown more specialized and more distinct from the natural sciences. Much of philosophy in this period concerns itself with explaining the relation between the theories of the natural sciences and the ideas of the humanities or common sense. It is arguable that later modern philosophy ended with contemporary philosophys shift of focus from 19th century philosophers to 20th century philosophers. Realism and nominalism in Philosophy: Realism sometimes means the position opposed to the 18th-century Idealism, namely that some things have real existence outside the mind. Classically, however, realism is the doctrine that abstract entities corresponding to universal terms like man have a real existence. It is opposed to nominalism, the view that abstract or universal terms are words only, or denote mental states such as ideas, beliefs, or intentions. The latter position, famously held by William of Ockham, is conceptualism. Rationalism and empiricism in Philosophy: Rationalism is any view emphasizing the role or importance of human reason. Extreme rationalism tries to base all knowledge on reason alone. Rationalism typically starts from premises that cannot coherently be denied, then attempts by logical steps to deduce every possible object of knowledge. The first rationalist, in this broad sense, is often held to be Parmenides (fl. 480 BCE), who argued that it is impossible to doubt that thinking actually occurs. But thinking must have an object, therefore something beyond thinking really exists. Parmenides deduced that what really exists must have certain properties for example, that it cannot come into existence or cease to exist, that it is a coherent whole, that it remains the same eternally (in fact, exists altogether outside time). Zeno of Elea (born c. 489 BCE) was a disciple of Parmenides, and argued that motion is impossible, since the assertion that it exists implies a contradiction. Plato (427-347 BCE) was also influenced by Parmenides, but combined rationalism with a form of realism. The philosophers work is to consider being, and the essence of things. But the characteristic of essences is that they are universal. The nature of a man, a triangle, a tree, applies to all men, all triangles, all trees. Plato argued that these essences are mind-independent forms, that humans (but particularly philosophers) can come to know by reason, and by ignoring the distractions of sense-perception. Modern rationalism begins with Descartes. Reflection on the nature of perceptual experience, as well as scientific discoveries in physiology and optics, led Descartes (and also Locke) to the view that we are directly aware of ideas, rather than objects. This view gave rise to three questions: Is an idea a true copy of the real thing that it represents? Sensation is not a direct interaction between bodily objects and our sense, but is a physiological process involving representation (for example, an image on the retina). Locke thought that a secondary quality such as a sensation of green could in no way resemble the arrangement of particles in matter that go to produce this sensation, although he thought that primary qualities such as shape, size, number, were really in objects. How can physical objects such as chairs and tables, or even physiological processes in the brain, give rise to mental items such as ideas? This is part of what became known as the mind-body problem. If all the contents of awareness are ideas, how can we know that anything exists apart from ideas? Descartes tried to address the last problem by reason. He began, echoing Parmenides, with a principle that he thought could not coherently be denied: I think, therefore I am (often given in his original Latin: Cogito ergo sum). From this principle, Descartes went on to construct a complete system of knowledge (which involves proving the existence of God, using, among other means, a version of the ontological argument). His view that reason alone could yield substantial truths about reality strongly influenced those philosophers usually considered modern rationalists (such as Baruch Spinoza, Gottfried Leibniz, and Christian Wolff), while provoking criticism from other philosophers who have retrospectively come to be grouped together as empiricists. Empiricism, in contrast to rationalism, downplays or dismisses the ability of reason alone to yield knowledge of the world, preferring to base any knowledge we have on our senses. John Locke propounded the classic empiricist view in An Essay Concerning Human Understanding in 1689, developing a form of naturalism and empiricism on roughly scientific (and Newtonian) principles. During this era, religious ideas played a mixed role in the struggles that preoccupied secular philosophy. Bishop Berkeleys famous idealist refutation of key tenets of Isaac Newton is a case of an Enlightenment philosopher who drew substantially from religious ideas. Other influential religious thinkers of the time include Blaise Pascal, Joseph Butler, and Jonathan Edwards. Other major writers, such as Jean-Jacques Rousseau and Edmund Burke, took a rather different path. The restricted interests of many of the philosophers of the time foreshadow the separation and specialization of different areas of philosophy that would occur in the 20th century. Skepticism in Philosophy: Skepticism is a philosophical attitude that questions the possibility of obtaining any sort of knowledge. It was first articulated by Pyrrho, who believed that everything could be doubted except appearances. Sextus Empiricus (2nd century CE) describes skepticism as an ability to place in antithesis, in any manner whatever, appearances and judgments, and thus to come first of all to a suspension of judgment and then to mental tranquility. Skepticism so conceived is not merely the use of doubt, but is the use of doubt for a particular end: a calmness of the soul, or ataraxia. Skepticism poses itself as a challenge to dogmatism, whose adherents think they have found the truth. Sextus noted that the reliability of perception may be questioned, because it is idiosyncratic to the perceiver. The appearance of individual things changes depending on whether they are in a group: for example, the shavings of a goats horn are white when taken alone, yet the intact horn is black. A pencil, when viewed lengthwise, looks like a stick; but when examined at the tip, it looks merely like a circle. Skepticism was revived in the early modern period by Michel de Montaigne and Blaise Pascal. Its most extreme exponent, however, was David Hume. Hume argued that there are only two kinds of reasoning: what he called probable and demonstrative (cf Humes fork). Neither of these two forms of reasoning can lead us to a reasonable belief in the continued existence of an external world. Demonstrative reasoning cannot do this, because demonstration (that is, deductive reasoning from well-founded premises) alone cannot establish the uniformity of nature (as captured by scientific laws and principles, for example). Such reason alone cannot establish that the future will resemble the past. We have certain beliefs about the world (that the sun will rise tomorrow, for example), but these beliefs are the product of habit and custom, and do not depend on any sort of logical inferences from what is already given certain. But probable reasoning (inductive reasoning), which aims to take us from the observed to the unobserved, cannot do this either: it also depends on the uniformity of nature, and this supposed uniformity cannot be proved, without circularity, by any appeal to uniformity. The best that either sort of reasoning can accomplish is conditional truth: if certain assumptions are true, then certain conclusions follow. So nothing about the world can be established with certainty. Hume concludes that there is no solution to the skeptical argument except, in effect, to ignore it. Even if these matters were resolved in every case, we would have in turn to justify our standard of justification, leading to an infinite regress (hence the term regress skepticism). Many philosophers have questioned the value of such skeptical arguments. The question of whether we can achieve knowledge of the external world is based on how high a standard we set for the justification of such knowledge. If our standard is absolute certainty, then we cannot progress beyond the existence of mental sensations. We cannot even deduce the existence of a coherent or continuing I that experiences these sensations, much less the existence of an external world. On the other hand, if our standard is too low, then we admit follies and illusions into our body of knowledge. This argument against absolute skepticism asserts that the practical philosopher must move beyond solipsism, and accept a standard for knowledge that is high but not absolute. Idealism in Philosophy: Idealism is the epistemological doctrine that nothing can be directly known outside of the minds of thinking beings. Or in an alternative stronger form, it is the metaphysical doctrine that nothing exists apart from minds and the contents of minds. In modern Western philosophy, the epistemological doctrine begins as a core tenet of Descartes that what is in the mind is known more reliably than what is known through the senses. The first prominent modern Western idealist in the metaphysical sense was George Berkeley. Berkeley argued that there is no deep distinction between mental states, such as feeling pain, and the ideas about so-called external things, that appear to us through the senses. There is no real distinction, in this view, between certain sensations of heat and light that we experience, which lead us to believe in the external existence of a fire, and the fire itself. Those sensations are all there is to fire. Berkeley expressed this with the Latin formula esse est percipi: to be is to be perceived. In this view the opinion, strangely prevailing upon men, that houses, mountains, and rivers have an existence independent of their perception by a thinking being is false. Forms of idealism were prevalent in philosophy from the 18th century to the early 20th century. Transcendental idealism, advocated by Immanuel Kant, is the view that there are limits on what can be understood, since there is much that cannot be brought under the conditions of objective judgment. Kant wrote his Critique of Pure Reason (1781-1787) in an attempt to reconcile the conflicting approaches of rationalism and empiricism, and to establish a new groundwork for studying metaphysics. Kants intention with this work was to look at what we know and then consider what must be true about it, as a logical consequence of, the way we know it. One major theme was that there are fundamental features of reality that escape our direct knowledge because of the natural limits of the human faculties. Although Kant held that objective knowledge of the world required the mind to impose a conceptual or categorical framework on the stream of pure sensory data a framework including space and time themselves he maintained that things-in-themselves existed independently of  our perceptions and judgments; he was therefore not an idealist in any simple sense. Indeed, Kants account of things-in-themselves is both controversial and highly complex. Continuing his work, Johann Gottlieb Fichte and Friedrich Schelling dispensed with belief in the independent existence of the world, and created a thoroughgoing idealist philosophy. The most notable work of this German idealism was G. W. F. Hegels Phenomenology of Spirit, of 1807. Hegel admitted his ideas werent new, but that all the previous philosophies had been incomplete. His goal was to correctly finish their job. Hegel asserts that the twin aims of philosophy are to account for the contradictions apparent in human experience (which arise, for instance, out of the supposed contradictions between being and not being ), and also simultaneously to resolve and preserve these contradictions by showing their compatibility at a higher level of examination (being and not being are resolved with becoming) . This program of acceptance and reconciliation of contradictions is known as the Hegelian dialectic. Philosophers in the Hegelian tradition include Ludwig Andreas Feuerbach, who coined the term projection as pertaining to our inability to recognize anything in the external world without projecting qualities of ourselves upon those things, Karl Marx, Friedrich Engels, and the British idealists, notably T. H. Green, J. M. E. McTaggart, and F. H. Bradley. Few 20th century philosophers have embraced idealism. However, quite a few have embraced Hegelian dialectic. Immanuel Kants Copernican Turn also remains an important philosophical concept today. Pragmatism in Philosophy: Pragmatism was founded in the spirit of finding a scientific concept of truth, which is not dependent on either personal insight (or revelation) or reference to some metaphysical realm. The truth of a statement should be judged by the effect it has on our actions and truth should be seen as that which the whole of scientific enquiry will ultimately agree on. This should probably be seen as a guiding principle more than a definition of what it means for something to be true, though the details of how this principle should be interpreted have been subject to discussion since Peirce first conceived it. Like Rorty many seem convinced that Pragmatism holds that the truth of beliefs does not consist in their correspondence with reality, but in their usefulness and efficacy. The late 19th-century American philosophers Charles Peirce and William James were its co-founders, and it was later developed by John Dewey as instrumentalism. Since the usefulness of any belief at any time might be contingent on circumstance, Peirce and James conceptualised final truth as that which would be established only by the future, final settlement of all opinion. Critics have accused pragmatism of falling victim to a simple fallacy: because something that is true proves useful, that usefulness is the basis for its truth. Thinkers in the pragmatist tradition have included John Dewey, George Santayana,W. V. O. Quine and C. I. Lewis. Phenomenology in Philosophy: Edmund Husserls phenomenology was an ambitious attempt to lay the foundations for an account of the structure of conscious experience in general. An important part of Husserls phenomenological project was to show that all conscious acts are directed at or about objective content, a feature that Husserl called intentionality. In the first part of his two-volume work, the Logical Investigations (1901), he launched an extended attack on psychologism. In the second part, he began to develop the technique of descriptive phenomenology, with the aim of showing how objective judgments are indeed grounded in conscious experience not, however, in the first-person experience of particular individuals, but in the properties essential to any experiences of the kind in question. He also attempted to identify the essential properties of any act of meaning. He developed the method further in Ideas (1913) as transcendental phenomenology, proposing to ground actual experience, and thus all fields of human knowledge, in the structure of consciousness of an ideal, or transcendental, ego. Later, he attempted to reconcile his transcendental standpoint with an acknowledgement of the intersubjective life-world in which real individual subjects interact. Husserl published only a few works in his lifetime, which treat phenomenology mainly in abstract methodological terms; but he left an enormous quantity of unpublished concrete analyses. Husserls work was immediately influential in Germany, with the foundation of phenomenological schools in Munich and Gottingen. Phenomenology later achieved international fame through the work of such philosophers as Martin Heidegger (formerly Husserls research assistant), Maurice Merleau-Ponty, and Jean-Paul Sartre. Indeed, through the work of Heidegger and Sartre, Husserls focus on subjective experience influenced aspects of existentialism. Existentialism in Philosophy: Although they didnt use the term, the nineteenth century philosophers Soren Kierkegaard and Friedrich Nietzsche are widely regarded as the fathers of existentialism. Their influence, however, has extended beyond existentialist thought. The main target of Kierkegaards writings was the idealist philosophical system of Hegel which, he thought, ignored or excluded the inner subjective life of living human beings. Kierkegaard, conversely, held that truth is subjectivity, arguing that what is most important to an actual human being are questions dealing with an individuals inner relationship to existence. In particular, Kierkegaard, a Christian, believed that the truth of religious faith was a subjective question, and one to be wrestled with passionately. Although Kierkegaard and Nietzsche were among his influences, the extent to which the German philosopher Martin Heidegger should be considered an existentialist is debatable. In Being and Time he presented a method of rooting philosophical explanations in human existence (Dasein) to be analysed in terms of existential categories (existentiale); and this has led many commentators to treat him as an important figure in the existentialist movement. However, in The Letter on Humanism, Heidegger explicitly rejected the existentialism of Jean-Paul Sartre. Sartre became the best-known proponent of existentialism, exploring it not only in theoretical works such as Being and Nothingness , but also in plays and novels. Sartre, along with Albert Camus and Simone de Beauvoir, all represented an avowedly atheistic branch of existentialism, which is now more closely associated with their ideas of nausea, contingency, bad faith, and the absurd than with Kierkegaards spiritual angst. Nevertheless, the focus on the individual human being, responsible before the universe for the authenticity of his or her existence, is common to all these thinkers. Structuralism and post-structuralism in Philosophy: Inaugurated by the linguist Ferdinand de Saussure, structuralism sought to ferret out the underlying systems through analysing the discourses they both limit and make possible. Saussure conceived of the sign as being delimited by all the other signs in the system, and ideas as being incapable of existence prior to linguistic structure, which articulates thought. This led continental thought away from humanism, and toward what was termed the decentering of man: language is no longer spoken by man to express a true inner self, but language speaks man. Structuralism sought the province of a hard science, but its positivism soon came under fire by poststructuralism, a wide field of thinkers, some of whom were once themselves structuralists, but later came to criticize it. Structuralists believed they could analyse systems from an external, objective standing, for example, but the poststructuralists argued that this is incorrect, that one cannot transcend structures and thus analysis is itself determined by what it examines, that systems are ultimately self-referential. Furthermore, while the distinction between the signifier and signified was treated as crystalline by structuralists, poststructuralists asserted that every attempt to grasp the signified would simply result in the proliferation of more signifiers, so meaning is always in a state of being deferred, making an ultimate interpretation impossible. Structuralism came to dominate continental philosophy from the 1960s onward, encompassing thinkers as diverse as Michel Foucault and Jacques Lacan. The analytic tradition in Philosophy: The term analytic philosophy roughly designates a group of philosophical methods that stress clarity of meaning above all other criteria. The philosophy developed as a critique of Hegel and his followers in particular, and of speculative philosophy in general. Some schools in the group include 20th-century realism, logical atomism, logical positivism, and ordinary language. The motivation is to have philosophical studies go beyond personal opinion and begin to have the cogency of mathematical proofs. In 1921, Ludwig Wittgenstein published his Tractatus Logico-Philosophicus, which gave a rigidly logical account of linguistic and philosophical issues. At the time, he understood most of the problems of philosophy as mere puzzles of language, which could be solved by clear thought. Years later he would reverse a number of the positions he had set out in the Tractatus, in for example his second major work, Philosophical Investigations (1953). Investigations encouraged the development of ordinary language philosophy, which was promoted by Gilbert Ryle, J.L. Austin, and a few others. The ordinary language philosophy thinkers shared a common outlook with many older philosophers (Jeremy Bentham, Ralph Waldo Emerson, and John Stuart Mill), and it was this style of philosophical inquiry that characterized English-language philosophy for the second half of the 20th century. Ethics and political in Philosophy: From ancient times, and well beyond them, the roots of justification for political authority were inescapably tied to outlooks on human nature. In The Republic, Plato declared that the ideal society would be run by a council of philosopher-kings, since those best at philosophy are best able to realize the good. Even Plato, however, required philosophers to make their way in the world for many years before beginning their rule at the age of fifty. For Aristotle, humans are political animals (i. e. social animals), and governments are set up in order to pursue good for the community. Aristotle reasoned that, since the state (polis) was the highest form of community, it has the purpose of pursuing the highest good. Aristotle viewed political power as the result of natural inequalities in skill and virtue. Because of these differences, he favored an aristocracy of the able and virtuous. For Aristotle, the person cannot be complete unless he or she lives in a community. His The Nicomachean Ethics and The Politics are meant to be read in that order. The first book addresses virtues (or excellences) in the person as a citizen; the second addresses the proper form of government to ensure that citizens will be virtuous, and therefore complete. Both books deal with the essential role of justice in civic life. Nicolas of Cusa rekindled Platonic thought in the early 15th century. He promoted democracy in Medieval Europe, both in his writings and in his organization of the Council of Florence. Unlike Aristotle and the Hobbesian tradition to follow, Cusa saw human beings as equal and divine (that is, made in Gods image), so democracy would be the only just form of government. Cusas views are credited by some as sparking the Italian Renaissance, which gave rise to the notion of Nation-States. Later, Niccolo Machiavelli rejected the views of Aristotle and Thomas Aquinas as unrealistic. The ideal sovereign is not the embodiment of the moral virtues; rather the sovereign does whatever is successful and necessary, rather than what is morally praiseworthy. Thomas Hobbes also contested many elements of Aristotles views. For Hobbes, human nature is essentially anti-social: people are essentially egoistic, and this egoism makes life difficult in the natural state of things. Moreover, Hobbes argued, though people may have natural inequalities, these are trivial, since no particular talents or virtues that people may have will make them safe from harm inflicted by others. For these reasons, Hobbes concluded that the state arises from a common agreement to raise the community out of the state of nature. This can only be done by the establishment of a sovereign, in which (or whom) is vested complete control over the community, and which is able to inspire awe and terror in its subjects. Many in the Enlightenment were unsatisfied with existing doctrines in political philosophy, which seemed to marginalize or neglect the possibility of a democratic state. David Hume was among the first philosophers to question the existence of God, circa 1700. Jean-Jacques Rousseau was among those who attempted to overturn these doctrines: he responded to Hobbes by claiming that a human is by nature a kind of noble savage, and that society and social contracts corrupt this nature. Another critic was John Locke. In Second Treatise on Government he agreed with Hobbes that the nation-state was an efficient tool for raising humanity out of a deplorable state, but he argued that the sovereign might become an abominable institution compared to the relatively benign unmodulated state of nature. Following the doctrine of the fact-value distinction, due in part to the influence of David Hume and his student Adam Smith, appeals to human nature for political justification were weakened. Nevertheless, many political philosophers, especially moral realists, still make use of some essential human nature as a basis for their arguments. Consequentialism, Deontological ethics, and Virtue ethics in Philosophy: One debate that has commanded the attention of ethicists in the modern era has been between consequentialism (actions are to be morally evaluated solely by their consequences) and deontology (actions are to be morally evaluated solely by consideration of agents duties, the rights of those whom the action concerns, or both).

Tolnaftate Drug Profile:

Tolnaftate Drug Profile: Trade Names: Tinactin Synonym: Tolnaftato, Tolnaftatum Structure: Fig: Structure of Tolnaftate Chemical Name: 0-2- naphthyl methyl (3- methyl phenyl thiocarbamate) Description: Tolnaftate is a synthetic thiocarbamate used as an anti- fungal agent that may be sold without medical prescription in most jurisdictions. It may come as a cream, powder, spray, or liquid aerosol, and is used to treat fungal conditions such as jock itch, athletes foot and ringworm. It is sold under several brand names in including Tinactin, odor Eaters, Absorbine, Aftate, Ting (85) . Molecular Weight: 307.41 g/mol Mechanism of Action: Tolnaftate is a topical fungicide. Though its exact mechanism unknown, it is believed to prevent Ergosterol biosynthesis by inhibiting squalene epoxidase (86) . It has also been reported to distort the hyphae and to stunt mycelia growth in susceptible organisms (87) . Melting Point: 110- 111.50C (230- 2330F) Pharmacological Action: Tolnaftate, a pharmacologically inert new fungicide for topical treatment of superficial mycoses, has been reported to be highly effective in skin infections caused by common pathogenic fungi as well as being non- irritating and non- sensitizing. It is a fungicidal invitro. During clinical investigation, studies showed no changes in the blood and urine of patients given tolnaftate topically, suggesting that the drug is not toxic to the kidney or the hematopoietic system. Distorts hyphae and inhibits mycelia growth in susceptible fungi. The anti- dermatophyte agent to tolnaftate was compared with the allylamine anti-fungal compounds naftifine and terbinafine. Tolnaftate was shown to inhibit sterol biosynthesis at the level squalene epoxidation and squalene was shown to accumulate in dermatophytes grown in its presence. Biochemical studies in whole and broken cells supported this conclusion and showed that the compound was active against squalene epoxidation in broken candida albicans cells, but was mwch less potent against whole cells. These results suggested there was a barrier to penetration in these yeasts (88) . Side Effects: Irritation Pruritus Contact dermatitis Onset: 24- 72 Hours Dosage: Topical/ cutaneous: Superficial dermatophyte infections, pityriasis versicolor. Adult: Apply a 1% gel / solution /powder /cream bid for 2-6 weeks; repeat if necessary. Continue treatment for 2 weeks after disappearance of all symptoms to prevent recurrence of infection. Storage: Topical/Cutaneous: Store at 15-300C TOLNAFTATE DRUG PROFILE: Trade Names: Tinactin Synonym: Tolnaftato, Tolnaftatum Structure: Fig: Structure of Tolnaftate Chemical Name: 0-2- naphthyl methyl (3- methyl phenyl thiocarbamate) Description: Tolnaftate is a synthetic thiocarbamate used as an anti- fungal agent that may be sold without medical prescription in most jurisdictions. It may come as a cream, powder, spray, or liquid aerosol, and is used to treat fungal conditions such as jock itch, athletes foot and ringworm. It is sold under several brand names in including Tinactin, odor Eaters, Absorbine, Aftate, Ting (85) . Molecular Weight: 307.41 g/mol Mechanism of Action: Tolnaftate is a topical fungicide. Though its exact mechanism unknown, it is believed to prevent Ergosterol biosynthesis by inhibiting squalene epoxidase (86) . It has also been reported to distort the hyphae and to stunt mycelia growth in susceptible organisms (87) . Melting Point: 110- 111.50C (230- 2330F) Pharmacological Action: Tolnaftate, a pharmacologically inert new fungicide for topical treatment of superficial mycoses, has been reported to be highly effective in skin infections caused by common pathogenic fungi as well as being non- irritating and non- sensitizing. It is a fungicidal invitro. During clinical investigation, studies showed no changes in the blood and urine of patients given tolnaftate topically, suggesting that the drug is not toxic to the kidney or the hematopoietic system. Distorts hyphae and inhibits mycelia growth in susceptible fungi. The anti- dermatophyte agent to tolnaftate was compared with the allylamine anti-fungal compounds naftifine and terbinafine. Tolnaftate was shown to inhibit sterol biosynthesis at the level squalene epoxidation and squalene was shown to accumulate in dermatophytes grown in its presence. Biochemical studies in whole and broken cells supported this conclusion and showed that the compound was active against squalene epoxidation in broken candida albicans cells, but was mwch less potent against whole cells. These results suggested there was a barrier to penetration in these yeasts (88) . Side Effects: 1.Irritation 2.Pruritus 3.Contact dermatitis Onset: 24- 72 Hours Dosage: Topical/ cutaneous: Superficial dermatophyte infections, pityriasis versicolor. Adult: Apply a 1% gel / solution /powder /cream bid for 2-6 weeks; repeat if necessary. Continue treatment for 2 weeks after disappearance of all symptoms to prevent recurrence of infection. Storage: Topical/Cutaneous: Store at 15-300C 3.2.1 LECITHIN Synonyms Pc; kelecin; LECITHIN; Alcolec-S; granulestin; L-Lecithin; LIPOID(R)E80; Lecithin, NF; Phospholutein; E322; egg lecithin; LSC 5050; LSC 6040; mixed soybean phoaphatides; ovolecithin; Phosal 53 MCT; Phospholipon 100 H; Prokote LSC; soybean lecithin; soybean phospholipids; Sternpur; vegetable lecithin (89) . Structure Where red – choline and phosphate group; black glycerol; green-unsaturated fatty acid; Blue saturated fatty acid. Chemical name 1,2-diacyl-sn-glycero-3-phosphatidylcholine Molecular weight 789 g/mol Description Lecithin occurs light yellow to dark brown, transparent or translucent, viscous liquid substance, as white to brown powder or granules, or as a light yellow to dark brown lump, having a slight, characteristic odour and taste. Identification: (1) Place 1 g of lecithin into a kjeldahl flask, add 5 gm of powdered potassium sulphate and 0.5 gm of cupric sulfate, and 20 ml of sulfuric acid. Tilt the flask at about 45ËÅ ¡C angle, heat gently until the effervesense , and raise the temperature to boiling. After the contents become blue, transparent solution, heat for 1-2 hours, cool and add an equal volume of water. Take 5 ml of this solution, and add 10 ml of ammonium molybdate solution (1 → 5), and heat. A yellow precipitate is formed. (2) To 0.5 g of lecithin, add 5 ml of diluted hydrochloric acid(1→2), heat in a water bath for 2 hours and filter. Use this solution is considered as a test solution. Perform paper chromatography with 10 Â µl of the test solution, using choline chloride solution (1 →200) as the control solution and a mixture of n-butanol, water, and acetic acid (4:2:1) as the developing solvent. A red orange spot is obtained from the control solution is observed. In pap er chromatography for the filter paper, use a No. 2 filter paper. Stop the development when the developing solvent rises about 25 cm, air-dry, spray with Dragendorffs reagent to develop a colour, and observe in daylight (90) . Solubility Insoluble in cold water and also acetone. Soluble in about 12 parts of absolute alcohol. Soluble in chloroform, petroleum ether, mineral oil and fatty acids. Sparingly soluble in benzene. Insoluble in cold vegetable oils and animal oils (91) . Viscosity Viscosity of lecithin is directly influenced by heat. Lower temperature equals higher viscosity and vise versa. The influence of temperature on lecithin viscosity is curvilinear, meaning that at low temperatures, a small increase in heat causes a elatively larger decrease in viscosity. For example, a lecithin with a viscosity of 10,000 centipoise at 24 0C, might have a viscosity of 5000 centipoise at 350C. An increase in temperature to 460C might lower the viscosity to 3000 centipoise and further increase to 570C would reduce viscosity to 2250 centipoise. Mixing oil, such as soybean oil or fish oil, with the lecithin at a rate of 20 % oil and 80 % lecithin as a similar influence on viscosity as raising temperature by 110C. In other words, a standard fluid lecithin with 10,000 centipoise viscosity when mixed with 20 % soybean oil would have an approximate viscosity of 5000 centipoise (92) TYPICAL PROPERTIES Acidity/alkalinity pH = 5.5–8.0 for a 1 % w/w aqueous solution Ash 1.5–3.0 %, depending upon the grade and viscosity Auto ignition temperature 360Â ºC Density (bulk) 0.341 g/cm3 Density (tapped) 0.557 g/cm3 Density (true) 1.326 g/cm3 Specific gravity 1.26 Melting point Browns at 190–200 Â ºC. Chars at 225–230 Â ºC. Glass transition temperature is 170–180 Â ºC. Iodine number 95-100 for liquid lecithin. 82-88 for powdered lecithin. Saponification number 196 Functional Category Lecithin is a generic term to designate any group of yellow-brownish fatty substances occurring in animal and plant tissues, and in egg yolk. It is naturally composed of phosphoric acid, choline, fatty acids, glycerol, glycolipids, triglycerides, and phospholipids. It is often used as an emulsifying agent.Available in variety of forms including granules, soft gels and chewable tablets. Applications: Lecithins are used in a wide variety of pharmaceutical applications. They are also used in cosmetics and food products. Lecithins are mainly used in pharmaceutical products as dispersing, emulsifying, and stabilizing agents, and are included in intramuscular and intravenous injections, parenteral nutrition formulations, and topical products such as creams and ointments. Lecithins are also used in suppository bases to reduce the brittleness of suppositories, and have been investigated for their absorption-enhancing properties in an intranasal insulin formulation. Lecithins are also commonly used as a component of enteral and parenteral nutrition formulations. There is evidence that phosphatidylcholine (a major component of lecithin) is important as a nutritional supplement to fetal and infant development. Furthermore, choline is a required component of FDA-approved infant formulas. Other studies have indicated that lecithin can protect against alcohol cirrhosis of the liver, lower serum cholesterol levels, and improve mental and physical performance. Liposomes in which lecithin is included as a component of the bilayer have been used to encapsulate drug substances; their potential as novel delivery systems has been investigated.This application generally requires purified lecithins combined in specific proportions. Therapeutically, lecithin and derivatives have been used as a pulmonary surfactant in the treatment of neonatal respiratory distress syndrome.mnb Stability and storage conditions: Lecithins decompose at extreme pH. They are also hygroscopic and subject to microbial degradation. When heated, lecithins oxidize, darken, and decompose. Temperatures of 160–1808C will cause degradation within 24 hours. Fluid or waxy lecithin grades should be stored at room temperature or above; temperatures below 108C may cause separation. All lecithin grades should be stored in well-closed containers protected from light and oxidation. Purified solid lecithins should be stored in tightly closed containers at subfreezing temperatures Incompatibilities Incompatible with esterases owing to hydrolysis. Safety Lecithin is a component of cell membranes and is therefore consumed as a normal part of the diet. Although excessive consumption may be harmful, it is highly biocompatible and oral doses of up to 80 g daily have been used therapeutically in the treatment of tardive dyskinesia.(8) When used in topical formulations,lecithin is generally regarded as a nonirritant and nonsensitizing material.(2) The Cosmetic Ingredients Review Expert Panel (CIR) has reviewed lecithin and issued a tentative report revising the safe concentration of the material from 1.95% to 15.0% in rinse-off and leave-in products. They note, however, that there are insufficient data to rule on products that are likely to be inhaled Handling precautions Lecithins may be irritant to the eyes; eye protection and gloves are recommended. Regulatory status: GRAS listed (Generally Recognized as Safe). Accepted for use as a food additive in Europe. Included in the FDA Inactive Ingredients Database (inhalations; IM and IV injections; otic preparations; oral capsules, suspensions and tablets; rectal, topical, and vaginal preparations). Included in nonparenteral and parenteral medicines licensed in the UK. Included in the Canadian List of Acceptable Non-medicinal Ingredients. 3.2.2 SPAN80 Nonproprietary Names Sorbitan monooleate Synonyms Ablunol S-80; Arlacel 80; Armotan MO; Capmul O; Crill 4; Crill 50; Dehymuls SMO; Drewmulse SMO; Drewsorb 80K; E494; Glycomul O; Hodag SMO; Lamesorb SMO; Liposorb O; Montane 80; Nikkol SO-10; Nissan Nonion OP-80R; Norfox Sorbo S-80; Polycon S80 K; Proto-sorb SMO; Protachem SMO; S-Maz 80K; Sorbester P17; Sorbirol O; sorbitan oleate; Sorgen 40; Sorgon S-40- H; Span 80; Tego SMO. Structure Chemical name C24H44O6 (Z)-Sorbitan mono-9-octadecenoate Molecular weight : 429 g/mol Description Span80 occur as Yellow viscous liquid with a distinctive odour and taste. Solubility: Sorbitan esters are generally soluble or dispersible in oils; they are also soluble in most organic solvents. In water, although insoluble, they are generally dispersible. Viscosity Typical viscosity values for span80 1200-2000 mPa.s measured at 20Â ºC Typical properties HLB value : 4.3 Density : 1.01g/cm3 Saponification value : 149-160 Functional category: Emulsifying agent, non ionic surfactant, solubilizing agent, wetting, dispersing and suspending agent. Applications A non-ionic surfactant that can be used to form oil-in-water emulsions and in combination with low HLB surfactants can form water-in-oil emulsions. EPA approved oil spill dispersant. Sorbitan monoesters are a series of mixtures of partial esters of sorbitol and its mono- and dianhydrides with fatty acids. Sorbitan diesters are a series of mixtures of partial esters of sorbitol and its monoanhydride with fatty acids. Sorbitan esters are widely used in cosmetics, food products, and pharmaceutical formulations as lipophilic nonionic surfactants. They are mainly used in pharmaceutical formulations as emulsifying agents in the preparation of creams, emulsions, and ointments for topical application. When used alone, sorbitan esters produce stable water-in-oil emulsions and microemulsions but are frequently used in combination with varying proportions of a polysorbate to produce water-in-oil or oil-in-water emulsions or creams of varying consistencies. Sorbitan monolaurate, sorbitan monopalmitate and sorbitan trioleate have also been used at concentrations of 0.01–0.05% w/v in the preparation of an emulsion for intramuscular administration. Stability and storage conditions: Gradual soap formation occurs with strong acids or bases. Sorbitan esters are stable in weak acids or bases. Sorbitan esters should be stored in a well-closed container in a cool, dry place. Safety Sorbitan esters are widely used in cosmetics, food products, and oral and topical pharmaceutical formulations and are generally regarded as nontoxic and nonirritant materials. However, there have been occasional reports of hypersensitive skin reactions following the topical application of products containing sorbitan esters. When heated to decomposition, the sorbitan esters emit acrid smoke and irritating fumes. The WHO has set an estimated acceptable daily intake of sorbitan monopalmitate, monostearate and tristearate and of sorbitan monolaurate and monooleate at up to 25 mg/kg body-weight calculated as total sorbitan esters. Regulatory status Certain sorbitan esters are accepted as food additives in the UK. Sorbitan esters are included in the FDA Inactive Ingredients Guide (inhalations; IM injections; ophthalmic, oral, topical and vaginal preparations). Sorbitan esters are used in nonparenteral medicines licensed in the UK. Sorbitan esters are included in the Canadian List of Acceptable Non-medicinal Ingredients. 3.2.3 TWEEN 80: Non-proprietary names: Polysorbate 80 Synonyms: Atlas E; Armotan PMO 20; Capmul POE-O; Cremophor PS 80; Crillet 4; Crillet 50; Drewmulse POE-SMO; Drewpone 80K; Durfax 80; Durfax 80K; E433; Emrite 6120; Emulgin SMO; Glycospere O-20; Hodag PSMO-20; Liposorb O-20; Liposorb O-20K; Montanox 80; Polyoxyethylene 20 oleate; Protasorb o- 20; Ritabate 80;(Z)-sorbitan mono -9-octadecenoate poly(oxy1,2- ethanediyl) derivatives; Tego SMO 80; Tego SMO 80V; Tween 80. Structural formula Chemical name Polyoxyethylene 20 sorbitan monooleate Empirical formula C64H124026 Molecular weight M.W: 1310 Functional category: It acts as an Emulsifying agent; nonionic surfactant; solubilizing agent; wetting agent and also dispersing/suspending agent Description: It is colorless to light yellowish viscous liquid. Typical Properties: HLB value: 15 Density: 1.08 g/ml at 20 ËÅ ¡c Saponification value: 45-55 P H 5% aq solution : 5.5-7.5 Specific gravity (20/20ËÅ ¡c) : 1.065-1.095 Moisture content: Moisture content not more than 3% Solubility: Soluble in water and also soluble in ethanol. Insoluble in mineral oils. Viscosity (dynamic): The viscosity of tween 80 is 300-500 centi stokes at 25ËÅ ¡c Applications of tween80 in pharmaceutical formulation or technology: Polyoxyethylene sorbiton fatty acid esters (polysorbates) are a series of partial fatty acid esters of sorbitol and its anhydrides copolymerized with approximately 20, 5 or 4 moles of ethylene oxide per each mole of sorbitol and also sorbitol anhydrides. The resulting product is therefore a mixture of molecules of varying sizes rather than in single uniform compound. Polysorbates containing 20 units of oxy ethylene are hydrophilic nonionic surfactants that are used widely as emulsifying agent in the preparation of stable oil-in-water pharmaceutical emulsions. They may also be used as solubilizing agent for a variety of substances including essential oils and also other oils like oils are soluble vitamins, and teen 80 as a wetting agent in the formulation of oral and parenteral suspensions. They also have been useful in improving the oral bioavailability of drug molecule that are substrates for P-glycoprotein. Polysorbates are also used in cosmetics and also food products. Stability and storage conditions: Polysorbates are stable to electrolytes and week acids and bases; gradual saponification occurs with strong acids and strong bases. This type of oleic acid esters are sensitive to oxidation. Polysorbates are hygroscopic and should be examined necessary for water content before to use and dried if necessary. Prolonged storage of tween 80 along with other polyoxyethylene surfactants can leads to the formation of peroxides. Polysorbates should be stored in a well closed containers, protected from the light, in a cool and dry place. Incompatabilities: Discoloration and /or precipitation occur with various substances especially phenols, tannins, tars, tar like materials.The anti microbial activity of paraben preservatives is reduced in the presense of polysorbates. Regulatory status: Polysorbate60, 65and 80 are GRAS listed. Polysorbates 20, 40, 60, 65and 80 are accepted as food additives in Europe. Polysorbates 20, 40, 60, 65and 80 are included in the FDA inactive ingredients guide (IM,IV,oral,rectal,topical and vaginal preparations). Polysorbates are included in parenteral and non parenteral medicines licensed in the UK. Polysorbate such as 20, 21, 40, 60, 61, 65, 80, 81, 85 and 120 are included in the Canadian list of acceptable non medicinal ingredient.