Investing in property shares

Investing in property shares http://ezinearticles.com/?Pros-and-Cons-of-Indirect-Investingid=1506834: Investing indirectly means purchasing shares of companies that hold large portfolios of securities on behalf of their share holders. Indirect investing is a great opportunity for those who are willing to start investing with a small amount, having no previous knowledge or experience of stock markets ups and downs. You can decide if indirect investing is the right choice for you after examining the following features. The advantages associated with investing in property shares is that investors gain from greater liquidity since property company shares are publicly traded and the time taken to buy and sell these shares is far shorter than the time taken to buy and sell real property. Investors can create diversified property portfolios of property company shares at relatively low costs and in most cases, buying into diversified property portfolios in acquiring those shares. Transaction costs are lower than direct purchase. Finally since the price of publicly traded shares are known at any given time, there are no uncertainties as to the value of them. This is a contrast to direct investment with the buying and selling of real property, whereby it can take a matter of days to establish the values. Possibly the biggest advantage of indirect investment is the expertise and high standard management that comes along with investing in indirect property investment vehicles, as far as someone who knows little about property investment is concerned. Property investment companies have experts specializing in investment analysis and portfolio management and these companies will always stand a better chance for positive yields as compared to a common man who barely knows about financial markets. Furthermore another advantage with indirect investment vehicles is the opportunity for the investor to capitalise on discounts and premiums, especially in the case of close-ended funds. The net asset value of investment companys share keep going up and down based on companys performance and these shares are not always traded on net asset value. If sold at a price lower then net asset value, these are said to be sold at discount and if the price is higher then net asset value, they are selling at premium. This provides an opportunity to earn, even when the Net Asset Value has not changed. Neverthless there are disadvantages to investing in property shares. Firstly, the prices of property shares move up and down with the stock market, as such they are more voliatilie. Between 1970 and 1992 the annualised standard deviation of UK property shares was 27 per cent compared to 11 per cent for direct property as measured by the Jones Lang Wooton Index (Barkham and Gelthbner, 1995). It should be noted that when the impact of gearing was removed form property share prices and when the JLW series desmoothed, the standard deviations were much clooser in magnitude. Since according to finance theory, risk-adjusted returns should equalise, property companies should offer higher average performance to compensate investors with this volatility. Secondly another disadvantage is that since property companies are taxed on their profits , their is no full tax transparency . As such tax-exempt investors such as pension funds are unable to claim back corporation tax. A notable disadvantage of investing in indirect property vehicles is that although mutual funds are managed by qualified professionals and experts, no expert can guarantee a profit on every investment made. There are many uncontrollable variables involved and then there is always a chance of unpredictable happening, normally referred to as the great unknown. Mutual funds can be divided into different categories on basis of risk, for example hybrid fund being less risky while specialized stock funds falling in the high risk high return category. Another disadvantage is the charges involved in buying into property shares, trusts and funds. Investment companies do not provide the high quality portfolio management services for free. This can off putting to the would be investor because they also have to pay additional charges associated with dealing through a broker as most property investment companies do not offer direct purchase plans. Also, most of these companies run excessive marketing and sales campaign because of competition. Some part of this expense is also charged from investors, known as sales load. In addition, another disadvantage is the lack of control that the investor has in guiding their investments. This can be off putting to a investor who wants control and they have to alternatively rely fully on the companys management decisions regarding investment. Another shortcoming is that investing in property shares, trusts and funds are not guaranteed by any government body or authorities nor do they provide any specific protection. The shareholder has little influence over the acquistion and disposal decisions made by the company, nor overfinancing decisons (the amount of borrowing -gearing or leverage and the issuing of new shares which dilute the value of existing shares). Since share prices should reflect judgements about the quality of management, the equity markets provides some form of discipline. The shareholder may also find it difficult to obtain full information on the property assets and development schemes of the company, particularly where there exist complex own ership structures with joint ventures and off balance shet holdings. The advantages of Real Estate Investment Trusts (REITs) are alike to that of property shares in terms of lot size, liquidity, public trading and price information, with the added advantage of tax transparency. As many researchers have pointed out, there has been an explosive growth of the REIT market. For example the market capitalisation of the industry has gone from $1.88 billion in 1972 to $44.31 billion in 1994 for the total index with a substaintial amount of that growth in the equity index (without healthcare). Also the breakdown between two types of REITs in the index was as follows: 205 equity REITs with a reported value if $62.06 billion (70.4 per cent of total assest value); 32 mortgage REITs with a reported value of $21.78 billion (24.7 per cent); and 23 hybrid REITs with a reported value of $4.34 billion (4.9 per cent). This boom in the market was a direct result of the 1986 Tax Reform Act that allowed greater management flexibility and established a less restrictive tax environment as such more tax transparency, creating the conditions for growth in the REIT market. However, in common with property company shares, REITs exhibit higher volatility than the direct market. The advantages of investing in Property Unit Trusts and Managed Funds is that they offer relatively low unit costs , allowing investors to acquire an interest in a diversified property portfolio without excessive commitment of capital. However there are potential disadvantages in terms of lack of management control and illiquidity. In theory, there is some liquidity in that units may be redeemed on a monthly basis. In practice, in a poor market or when a when a high proportion of units are attempting to sell, the manager may defer redemption. Furthermore, the spread (gap between unit purchase and redemption prices) tends to increase when there is selling pressure, harming performance. Finally, since selling pressure tends to occur in falling markets, sales take place in poor conditions and are, in effect, forced rather than open market sales. These disadvantages temper the benefits in terms of lot size and diversification. The disadvantages of conventional debt instruments such as mortgages, mortgage debentures and bonds is that the lender as a investor cannot benefit from any growth in rents and capital values: there is downside, but no upside risk. The risk-adjusted return will, therefore, change with conditions in the property market. Innovative forms of debt funding have similar characteristic. Deep discount bonds are sol below par (that is, at less than their face and redemption value) so that the investor obtains capital growth on redemption. A number of hybrid debt-equity instruments have been developed which enable the investor to participate in market performance. Since convertible mortgages are loans secured on a property (or, possibly, a portfolio of properties). The lender has an option to convert some or all of the loan into a direct or indirect equity interest in the property. Thus, the lender can benefit from greater than anticipated growth in the property market. The borrower can benefi t from lower interest rates or from the lender permitting a higher loan to value ratio, thus reducing the borrowers own equity input. Furthermore there are tax and accounting advantages in participating mortgage structures for both the borrower and the lender, whereby the lender receives a premium related to the sale price (or agreed valuation) at redemption. However, a legal problem the fact that the lenders call option acts as a clog the equity of redemption, preventing a borrower from clearing debt and thus owning the asset unencumbered has, at the time of writing, not been decisively resolved and has been the subject of Law Commission deliberations in the UK. The principal advantages of property derivatives relate to their low unit costs , the ability to gear up investment and the ability to gain exposure to the property market without incurring high levels of specific risk (for example, a PIC enabled an investor to track the IPD portfolio then valued at some  £40bn) for just  £250,000. However, there are a number of drawbacks. These include questions about the information content of commercial property indices, lags in the publication of the indices and the fact that the investor is buying into average performance and cannot hope to outperform the market. he key condition for successful development of property derivatives is the establishment of an active secondary market. This requires sufficient market capitalisation, investors prepared to trade actively in the market (as opposed to buying the initial offering and holding it to redemption) and, critically, differences in opinion as to future trajectories of the underlying assets o r index. There must be buyers and sellers. Once established, it is possible that price movements in the derivative market will, as in other capital markets, have implications for pricing in the underlying direct property market. The introduction of UK REITs means small investors are now able to invest indirectly in a truly diversified property portfolio, buying low cost and easily tradable units, instead of having to purchase, say, entire properties. A major advantage of UK REITs is their tax-efficient nature. Investors avoid the double taxation that any investor in property company shares faces, as tax wont be payable on rental or capital gains earned within a REIT (as the REIT organisation is exempt from corporation tax on qualifying property income and gains). Investors will only be liable for the tax due on income received as dividends. Because UK REITs pay out such a large portion (90%) of their profits in dividends, theyre also particularly attractive to small income-seeking investors. Without the challenges associated with the current double taxation regime, UK REITs may differ from existing quoted property companies in that their prime focus may be less about capital growth than maximising shareholder dividends. They are able to meet the needs of the property investment market and the small investor in that they offer regular and potentially high-yielding returns. Also access to property investment for small investors is for minimal outlay as such there is less exposure to their investments. It offers portfolio diversification for investors and as such more leverage against risk. Buying into REITs offers a more attractive form of diversification than by buying into a wider range of bonds or equities simply because they have a higher correlation with diversification than equities and bonds have (reita.org, All about REITs) Liquidity easy to buy/sell Lower transaction costs compared to buying property directly (stamp duty on direct property is up to 4%, whereas buying shares in a UK REIT will only be subject to stamp duty of 0.5%)Access to property investment in a variety of sectors and geographical locations Strong corporate governance. The major concern about investing in REITs as a means of gaining exposure to the commercial property market is their correlation to equities. Because REITs are stock market listed companies, the performance of their shares is inevitably affected by the performance of the market. In the short-term, ie over periods of less than 18 months, the performance of REITs shares is likely to be more closely correlated to that of other shares than it is to that of commercial property. Having said that, commercial property, whether direct or indirect, should be considered for long-term investment rather than short-term speculation. Like any investment, the value of a REIT can go down as well as up and past performance isnt necessarily an indicator of future performance. If you are looking for advice on where to invest, Reita would always recommend seeking independent financial advice from an investment professional.

Health promotion Essay

Health promotion is the art and science for helping people develop of their preferences between optimal health and their major passions. What motivate people to achieve optimal health, and what supporting then in lifestyle changing to movie forward to the optimal health. I strongly believe that optimal health is emotional balance, physical, spiritual, intellectual, and social health. Changing of lifestyle based on combination of increase motivation, learning experiences, build skills and creation of different opportunities that give us access to environment that provide positive health practice like the best choice. Moreover, health promotion is amount of information for individuals, communities, and family education. Health promotion is promotion of healthy lifestyle and healthy ideas and help people to achieved their best status of health. According to the definition of Health Promotion motivate people to take control over to improve their health. For health promotion we need to have support such as: create supportive environment for health and develop personal skills. Health promotion is the most important part of nursing care. Nurse plays important role in public health promoting. Focus for health promotion for nurses more point of disease prevention and changing lifestyle of individuals and their behavior. Moreover, that main purpose of health promotion in nursing is educate people and encourage them respect their health. Nursing role as health promoters is very complex, because of multi-disciplinary experience and knowledge of health promotion in nursing practice. Main idea of health promotion developed to improve community based practice according to the health policies. My idea is that healthcare professionals guide other people to the right health decisions. Nurses make people re-evaluate their health ideas and moreover we help not just for individual, we help even families, organizations, and communities. Nurses proved models toward health promotion and appraise how effective is evidence-based practice for the future researches. How are nursing roles and responsibilities evolving in health promotion? Nursing of public health practice is focused on population and  required a lot of different knowledge, skills and competencies. Nurse must have unique knowledge by focusing working in the community participation in health promotion and prevention. Nursing Role in primary care very important and can redesign of the primary nursing care system when patient is the center of the medical facility. All nursing field working for patient`s care such as: communication with the patients, visit patients at the home for their daily care. Many resources used for public health nursing practice and centered on improving health of population by prevention methods. Moreover, nurses are advocates and planning for the patients by multi level view of health. We know what our patients needs because we are at bedside and in the community. We take care of patients every day and every hour because nursing is 24 hour care. Nurses improve the health outcome for everybody in the community by applying their clinical skills and experience in health care. Health promotion is focusing on removing bad influences on health to developing healthy environment and supporting individuals and communities to take control and charge of their own health. Moreover, health promotion build on health education and help people prevent many illnesses and injuries by supporting right healthy behavior. Programs for health promotions include intervention such as lifestyle changing, smoking cessation and primary method of prevention. Unfortunately, people rarely change their behavior that’s why implementation methods must be started in community as a first step for global changes. Local health promotion will bring to the people right set of priorities which can support to promote health. Health Promotion has three levels: primary prevention, secondary prevention and tertiary prevention. The major one is to protect people from experiencing an injury and protect people from developing a disease. For example: education about quit smoking, the importance of exercise regularly, good nutrition , dangers of alcohol and other drugs. Regular screening tests to monitor risk for illness. Secondary prevention is intervention after disease or risk factor have already diagnosed. The goal is to catch disease in slow face or in earliest stage. As educators we have to tell people to take daily low dose of aspirin as a prevention of stroke or heart attack. We can recommend regular screening tests and exams in people who have risk  factors for diseases. Tertiary prevention more about helping people take care of long-term health problems such as diabetes, cancer, and heart attack. For example rehabilitation programs for stroke, support group chronic pain management programs for the patients. I am nurse in Rehabilitation Center and Long –term facility. I have seen every day how rehabilitation program help people to manage their new lifestyle and how to fight with their illnesses. Else in our facility we have support groups. People can discuss to each other about their health problems, their prognosis and future expectations. Moreover in that group people share with their own experiences and can provide right and helpful information for the patient who just was diagnosed and have a long way ahead to accept that new role in family and community. For a lot of health problems primary, secondary and tertiary interventions combination is necessary to achieve a right level of protection and prevention. For ideal world Primary prevention is the best but unfortunately in our modern busy world not all of us follow the best way. The main role here play limit of knowledge about causes of some particular injury or diseases. Although, primary and secondary prevention are clear in areas as heart disease and cancer, may be not that much useful for musculoskeletal illness. In that case prefer to have primary prevention then secondary and tertiary. I am wound care nurse in long term facility and I believing that primary prevention for pressure ulcers is the best way to promote health for all patients. Bed sores are not a disease process and preventive method must be on the first place. Elderly population has higher risk factors to have bed sores because of age, fragile skin, complicated disease, chronic disease. Prevention is the best way to keep such patients in a good level of health. Many resources now available to prevent pressure ulcers in the long-term facilities: Air mattresses, turning and reposition every two hours and as needed, incontinence care every two hours and as needed, skin barrier, Moreover, physical and occupation therapy intervention: schedule patients for out of bed daily, special cushion to prevent pressure ulcer from prolong sitting. All of that can promote health to geriatric population and make their lives longer and more comfortable. Else, in wound care preventive measures less cost than treatment. Money that is saved on treatment can be good resources for future researches of wound care field. Wound Care still needs new researches to promote healing. The  main reason of prevention in wound healing is sepsis which can lead to death of the patient. We have to take care about our patients and the best care is prevention method. By that we can save people lives and make them feel better and more comfortable in their diseases and injuries. Art of science of Health Promotion Conference  Michael P. O’Donnell (2009) Definition of Health Promotion 2.0: Embracing Passion, Enhancing Motivation, Recognizing Dynamic Balance, and Creating Opportunities. American Journal of Health Promotion: September/October 2009, Vol. 24, No. 1, pp. iv-iv. International Journal of Healthcare Management. Apr2014, Vol. 7 Issue 1, p53-59. 7p. DOI: 10.1179/2047971913Y.0000000058. , Database: Business Source Complete ASCs for the promotion of the wound healing of radiation ulcers via angiogenesis. †¦.. J Plast Reconstr Aesthet Surg 2010 JOURNAL OF WOUND CARE SORBION SUPPLEMENT 2010. http://www.jcn.co.uk/key-topics/wound-care/

A Fierce Discontent

Indiana University’ Michael McGerr chronicles the development and eventual collapse of the American progressive movement in his 2003 work, A Fierce Discontent: The Rise and Fall of the Progressive Movement in America, 1870-1920. He employs various literary techniques in his attempt to draw the reader into the world that was America at the end of the 19th and beginning of the 20th centuries. More than a simple retelling of historical events, the book seeks to allow the reader to catch a glimpse of the emotions that swirled around at the time.Not only does McGerr give an insight into the lives of all the key players in the historical drama, but McGerr allows the reader to see an image of what life was like for the people who did not make it to the cover of history books, poor farmers and inter-city immigrants. McGerr’s book captures far more angles than you would expect it to. A Fierce Discontent is filled with many of the author’s own convictions about the progres sive era and the legacy it would leave.McGerr interestingly asserts that the excesses and overly-fervent radicalism of many of the leaders of the progressive movement would be responsible for events such as the Communist scare of the 1920s, the popularity of eugenics and racial tension in the coming decades. He uses the term â€Å"coercively reform† to describe the actions some radical progressives took in trying to affect the lives of the lower classes and eventually concludes that the folly of the progressive movement was in the fact that, â€Å"reformers should not try too much.† Furthermore, it is interesting to learn the McGerr believes that the meteoric fall of the progressive movement is still affecting our society and government today. He sees the overreaching of the progressive movement and its consequences as foreshadowing the overly liberal policies of Lyndon Johnson’s â€Å"Great Society† and the resurgence of American conservatism. When one l ooks at the political reality of both situations, there seems to be a sense of parallelism.The progressive administrations of Theodore Roosevelt, Taft, and Wilson gave way to the laissez-faire conservatism of Harding, Coolidge, and Hoover. Similarly, the â€Å"New Deal† began by Franklin Roosevelt and continued by Kennedy and Johnson set the table for the â€Å"Reagan Revolution†. There is certainly a discernible economic pattern that exists between the two situations, although there seems to be noticeable societal differences. This can be attributed to the changing nature of what being â€Å"conservative† has come to mean in America.Whereas it was the progressives who fought so hard for prohibition and other â€Å"defenses of morality†, it would be the Reagan-era conservatives that would take up these causes a little more than half a century later. Another, and perhaps questionable, aspect of McGerr’s depiction is his vary assertion that the Ameri can progressive movement can be traced back to 1870. Most historians date the formation of the American progressive movement to the early 1890s.No where does McGerr rationalize the decision to date the movement to 1870, as there is almost no discussion of events or people before the early 1890s. While minor in the context of the whole work, it is unusual that such a seemingly arbitrary date was given for the origins of a critical period in American history. A Fierce Discontent is thoroughly enjoyable, a fact that is greatly contributed to by the author’s deliberate attempts to draw the reader into the period of history that McGerr is describing.Additionally, it is extremely comprehensive, covering each and every strike, â€Å"robber baron†, and anti-trust act you could possibly need or want to know about. While some of McGerr’s assertions seem to be questionable at times, He effectively brings to life the period around the turn to the 20th century, and makes the reader think about some of the lasting effects this turbulent time might have put into play. Bibliography: McGerr, Michael, A Fierce Discontent: The Rise and Fall of the American Progressive Movement,1870-1920, 2nd edition, Oxford University Press, 2005.

Literary Analysis Essay - 1237 Words

Literary Analysis Essay Parallel Paths by Kevin Clark We would like to believe that love brings us together, but this is not always the case as Kevin Clark implies in the first two lines of â€Å"Parallel Paths† when he states â€Å"Today you’re lucky, in love with your wife for the first time in weeks†. We lead very hectic lives and in the mist of all the commotion we tend to forget to pencil in time for our loved ones, the people we are supposed to keep near and dear. The poem â€Å"Parallel Paths† by Kevin Clark is about a marriage that is strained. In this poem Kevin Clark uses several metaphors that reflect on the importance of maintaining a marriage by devoting time and effort. The metaphors that will be discussed in this essay†¦show more content†¦It is important to look for that hope, because where there is hope there is help. If you really want your marriage to last you have to be willing to fight for it, even though there are no guarantees. You have to put everything else aside a nd take the time to focus in on the issues and try to fix them to determine if the marriage can move forward and the problems can be left in the past. In line 37 Clark uses the metaphor â€Å"a single mutable wildflower†. This single flower reflects that there are no guarantees in a marriage. When you try to work on issues in your marriage it is possible that the table could turn either way. The issues may be fixable and then again maybe not but you want know until you try. If you only look at the negative things then you will have a hard time fixing the problems. If you look at the negative things with a positive attitude, an attitude of I can fix this, then who knows what might happen. But one thing is for sure I would feel better walking away knowing that I have tried to mend the fences instead of just walking away. 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