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ANALYSIS OF PROGRAMMING LANGUAGE
PARADIGMN

BY
GROUP 4

(M. Sc.) CSC 801 PROGRAMMING LANGUAGE PARADIGMNS TERM PAPER SUBMITTED TO THE DEPARTMENT OF COMPUTER SCIENCE, UNIVERSITY OF LAGOS, AKOKA

June, 2015.

ABSTRACT

This is a survey on the programming languages paradigm: Imperative, Scripting, logic, Functional, object oriented and Markup. Our survey work involves a comparative study of these six programming languages with respect to the above programming paradigm using the following criteria: secure programming practices, web application development, OOP-based abstractions, reflection, Reusability, Portability, Reliability, Readability, Availability of compilers and tools, Familiarity, Expressiveness We study these languages in the context of the above mentioned criteria and the level of support they provide for each one of them.

TABLE OF CONTENT
1. OVERVIEW OF PROGRAMMING LANGUAGE PARADIGMS 1.1 INTRODUCTION 1.2 CRITERIA OF LANGUAGE COMPARISON
2. IMPERATIVE LANGUAGES 2.1 Imperative Paradigm
2.1.2 Java as an Imperative Paradigm
2.1.3 Criteria
3. SCRIPTING LANGUAGES
3.1 Scripting Paradigm
3.2 Php as an Scripting Paradigm
3.3 Criteria
4. FUNCTIONAL LANGUAGES
4.1 Functional Paradigm
3.2 Php as an Scripting Paradigm
3.3 Criteria
5.1 LOGIC LANGUAGES
5.1.1 Readability
5.1.2 Ease of Learning
5.1.3 Ease of Maintenance 5.1.4 Extensibility 5.1.5 Pedagogy 5.1.6 Portability
6.1 OBJECT ORIENTED LANGUAGES (OOL)
6.1.1 Readability
6.1.2 Ease of Learning
6.1.3 Ease of Maintenance 6.1.4 Extensibility 6.1.5 Pedagogy 6.1.6 Portability 7.1 MARKUP LANGUAGES
7.1.1 Readability
7.1.2 Ease of Learning

7.1 REFERENCES

LIST OF FIGURES

CHAPTER ONE

1.1 INTRODUCTION
Choosing the best language that would satisfy all requirements for the given problem domain can be a difficult task. Some languages are better suited for specific applications than others. In order to select the proper one for the specific problem domain, one has to know what features it provides to support the requirements. Different languages support different paradigms, provide different abstractions, and have different levels of expressive power. Some are better suited to express algorithms and others are targeting the non-technical users. The question is then what is the best tool for a particular problem. Aspects, like security and language safety, reliability, readability, OOP-based abstraction, and portability are also important issues to consider when choosing the programming language. In our analysis we discussed the suitability of the selected languages for the specified criteria.

1.2 CRITERIA OF LANGUAGE COMPARISON
We consider the following feature criteria:
REUSABILITY: Does the language support effective reuse of program units? If so, the project can be accelerated by reusing tried and-tested program units; it might also develop new program units suitable for future reuse. Relevant concepts here are packages, abstract types, classes, and particularly generic units.
PORTABILITY: Does the language help or hinder writing of portable code? In other words, can the code be moved from one platform to a dissimilar platform without major changes?
RELIABILITY: Is the language designed in such a way that programming errors can be detected and eliminated as quickly as possible? Errors detected by compile-time checks are guaranteed absent in the running program, which is ideal. Errors detected by run-time checks are guaranteed to cause no harm other than throwing an exception (or at worst terminating the program), which is second-best. Errors not detected at all can cause unlimited harm (such as corrupting data) before the program crashes. While reliability is always important, it is absolutely essential in safety-critical systems.
EFFICIENCY: Is the language capable of being implemented efficiently? Some aspects of object-oriented programming entail runtime overheads, such as class tags and dynamic dispatch. Runtime checks are costly (although some compilers are willing to suppress them, at the programmer’s own risk). Garbage collection is also costly, slowing the program down at unpredictable times. Interpretive code is about ten times slower than native machine code. If critical parts of the program must be highly efficient, does the language allow them to be tuned by resort to low level coding, or by calls to procedures written in a lower-level language?
READABILITY: Does the language help or hinder good programming practice? A language that enforces cryptic syntax, very short identifiers, default declarations, and an absence of type information makes it difficult to write readable code. The significant point is that code is read (by its author and other programmers) more often than it is written.
AVAILABILITY OF COMPILERS AND TOOLS: Are good-quality compilers available for the language? A good-quality compiler enforces the language’s syntax and type rules, generates correct and efficient object code, generates run-time checks (at least as an option) to trap any errors that cannot be detected at compile time, and reports all errors clearly and accurately. Also, is a good-quality integrated development environment (IDE) available for the language? An IDE enhances productivity by combining a program editor, compiler, linker, debugger, and related tools into a single integrated system.
FAMILIARITY: Are the available programmers already familiar with the language? If not, is high-quality training available, and will the investment in training justify itself in future projects?
EXPRESSIVENESS: This factor reflects the ability of a language to express complex computations or complex data structures in appealing, intuitive ways.
REFLECTION: Reflection is the process by which a computer program can observe and modify its own structure and behaviour.
Normally, instructions are executed and data is processed; however, in some languages, programs can also treat instructions as data and therefore make reflective modifications.
Reflection is most commonly used in high-level virtual machine programming languages like and scripting languages, and less commonly used in manifestly typed and/or statically typed programming languages.
Reflection can be used for observing and/or modifying program execution at runtime. A reflection-oriented program component can monitor the execution of an enclosure of code and can modify itself according to a desired goal related to that enclosure (Naim, et al., 2010).

CHAPTER TWO

2.1 IMPERATIVE PARADIGM

Anything that isn't declarative can be categorized as imperative. The word "imperative" comes from the Latin "impero" meaning "I command" (aaron_baugher, 2012). It is a programming paradigm that uses statements that change a program's state. The language provides statements, such as assignment statements, which explicitly change the state of the memory of the computer. Languages which reflect this paradigm recognize the fact computers have re-usable memory that can change state. So they are characterized by statements, which affect the state of the machine, for example. x := x+1
This can only be understood mathematically by associating a sequence of values with x let us say x1, x2,..., where xt denotes the value the variable x has at some time t. Thus the above statement can be translated into mathematics as xt+1 = xt + 1
Imperative programming is the most dominant paradigm of all the others. It is used in Assembly, Java, C, C#, Python, Ruby, JavaScript, and many others. (Note: Some programming languages have multiple paradigms)
2.2 JAVA AS AN IMPERATIVE PROGRAMMING LANGUAGE

It is a multi-paradigm programming language. It is a general-purpose computer programming language that is concurrent, class-based, object-oriented, and specifically designed to have as few implementation dependencies as possible. It is intended to let application developers "write once, run anywhere" (WORA), meaning that compiled Java code can run on all platforms that support Java without the need for recompilation. Java applications are typically compiled to bytecode that can run on any Java virtual machine (JVM) regardless of computer architecture (wikipedia, 2015).

2.3 CRITERIA

Appropriate software engineering-based supporting tools and environments should be available:
Current Java tool kits contain primarily tools to support code creation, although some software engineering-based tool kits are beginning to appear.
Readability:
Java is strictly object oriented, so its form is very well defined. The code suffers somewhat from the cryptic C syntax forms.
Maintainability:
Many features of Java support maintainability, such as those which support code clarity, encapsulation, and object orientation. Object-oriented capabilities can have both good and bad effects on maintainability, but, if used properly, object-oriented programming will improve maintainability.
Mixed language support:
Java provides for interfacing with other languages by providing wrappers around the code from the other languages.
Portability:
Java was built for complete portability. Its compiler produces source code in a platform-independent bytecode. The bytecode is then translated at runtime into native machine code for the given platform.
Reliability:
Java requires the specification of information, the omission of which can make a program unreliable, such as type specifications.
Reusability:
Java supports reusability with language features supporting code clarity (making code understandable), encapsulation (making code adaptable), maintainability, and portability.
Safety:
Java was not developed for safety-critical systems, and its capabilities in that area are unproven.
Standardization:
Java is in the process of ISO standardization. Nevertheless, it is currently a very effective de facto standard, and it is reasonable to expect implementations to follow the standard.
Support for modern engineering methods:
Java was developed explicitly to support many software engineering principles, including its support for reliability, maintainability, and portability.
Effectively support the application domain(s) of interest:
Java was developed specifically to support WWW applications. However, it is also a general-purpose language. Although it is still a very young language, it has proven to provide good support for any domain in which it has been tried.

Support the required level of system reliability and safety:
Java provides many features which support system reliability. For safety-critical systems, those on which human life may depend, no current language is entirely satisfactory. Java has not been around long enough to be studied for suitability for safety critical systems. However, since it does not provide formal analysis features, at best it would require a combination with mathematical specification, rigorous analysis, and formal proofs of correctness before it could be appropriate for use in safety critical systems.

CHAPTER THREE

3.1 SCRIPTING PARADIGM

3.2 PHP AS A SCRIPTING PARADIGM
PHP is a widely used general purpose scripting language which used to make dynamic interact web pages. It can embedded with HTML source document used in server side. Influenced by C, Perl, Java, C++, thus it support multiple paradigm in programming, such as object-oriented (OO) and imperative. In the meantime, its type system is losing typing and dynamic type checking. As the updates of version, it supports more new features to make the PHP more functional and diversify. Now, the latest version is PHP 5.33. PHP is completely independent of any particular hardware or operating system. Hypertext Preprocessor is a general-purpose scripting language that was originally designed for web development to produce dynamic web pages. For this purpose, PHP code is embedded into the HTML source document and interpreted by a web server with a PHP processor module, which generates the web page document. As a general-purpose programming language, PHP code is processed by an interpreter application in command-line mode performing desired operating system operations and producing program output on its standard output channel. (Thakkar, 2010)
It may also function as a graphical application. PHP is available as a processor for most modern web servers and as a standalone interpreter on most operating systems and computing platforms. PHP has improved support for object-oriented programming, the PHP Data Objects (PDO) extension which defines a lightweight and consistent interface for accessing databases, and numerous performance enhancements. PHP currently does not have native support for Unicode or multibyte strings; Unicode support is under development for a future version of PHP and will allow strings as well as class, method, and function names to contain non-ASCII characters. PHP interpreters are available on both 32-bit and 64-bit operating systems, but on Microsoft Windows the only official distribution is a 32-bit implementation, requiring Windows 32-bit compatibility mode while using Internet Information Services (IIS) on a 64-bit Windows platform. (Thakkar, 2010)
As of PHP 5.3.0, experimental 64-bit versions are available for MS Windows. PHP is an open-source server-side scripting environment that you can use to create and run dynamic, interactive Web server applications. With PHP, you can combine HTML pages, script commands, and components to create interactive Web pages and powerful Web-based applications that are easy to develop and modify. It improves considerably on the language characteristics for supporting reliability with features such as encapsulation, as well as improved expression. Hosting PHP applications on a server requires careful and constant attention to deal with security risks. There are advanced protection patches such as Suhosin and Hardening-Patch, especially designed for web hosting environments. The language was originally implemented using a PHP interpreter. Several compilers now exist, which decouple the PHP language from the interpreter. A wide variety of supporting tools, environments, and frameworks is available for PHP development (Thakkar, 2010).
3.3 CRITERIA
Readability: It as a very well defined form. (Thakkar, 2010)
Maintainability: so many features of PHP support maintainability, such as those which support code clarity, encapsulation, and scripting languages. (Thakkar, 2010)
Mixed language support: PHP allows developers to write extensions in C to add functionality to the PHP language. These can then be compiled into PHP or loaded dynamically at runtime. Extensions have been written to add support for the Windows API, process management on Unix-like operating systems, multibyte strings (Unicode), cURL, and several popular compression formats. Some more unusual features include integration with Internet Relay Chat, dynamic generation of images and Adobe Flash content, and even speech synthesis. (Thakkar, 2010)
Portability: PHP was built for complete portability. It is a server side scripting language. PHP is a flexible and portable language and applications programmed in PHP are easy to be implemented or ported on many operating systems, (Thakkar, 2010)
Reliability: PHP improves considerably on the language characteristics for supporting reliability with features such as encapsulation, as well as improved expression. (Thakkar, 2010)
Reusability: PHP supports reusability with language features supporting code clarity, encapsulation, maintainability, and portability. (Thakkar, 2010)
Safety: Hosting PHP applications on a server requires careful and constant attention to deal with security risks. There are advanced protection patches such as Suhosin and Hardening-Patch, especially designed for web hosting environments. (Thakkar, 2010)
Standardization: PHP is in the process of ISO standardization, and it is reasonable to expect implementations to follow the standard. (Thakkar, 2010)
Support for modern engineering methods: PHP is developed to support many software engineering principles, including its support for reliability, maintainability, and portability. (Thakkar, 2010)

CHAPTER FOUR

4.1 FUNCTIONAL PARADIGM
This is a programming paradigm that treats computation as the evaluation of mathematical functions. This means that it does its own computations by evaluation of expressions. It is a declarative programming paradigm which means its computation is done using expressions or declarations and not statements; it was originally developed specifically to handle symbolic computation and list-processing applications.

In FPLs the basic computation is function. This function defines the name of the function, its parameter lists and the expressions used in carrying out the computations. A programmer is concerned only with functionality, not with memory-related variable storage and assignment sequences (Bellaachia, 2011).

Functional programming requires that functions are first-class, which means that they are treated like any other values and can be passed as arguments to other functions or be returned as a result of a function, they can also define and manipulate functions from within other functions. Programming in a functional style can also be accomplished in languages that are not specifically designed for functional programming (http://en.wikipedia.org/wiki/Functional_programming).

FPL can be categorized into two types: * PURE functional languages, which support only the functional paradigm, examples include: Agda ,Charity, Clean, Coq (Gallina),Curry, Haskell, Hope etc and * Impure functional languages which contain imperative features, examples include : APL, ATS, CAL,C++ (since C++11), C#, Ceylon, lisp, java , python, ruby, prolog, scheme etc (Bellaachia, 2010)
4.2 LISP AS A FUNCTIONAL PARADIGM
Lisp is Functional programming language which has been in use since the mid-1960s. Most Lisp programming systems are interpreters, but compilers are also commonly used. Lisp is a weakly typed language but supports various sets of programming features like recursion, closures, string handling, macros, arrays and extensive I/O features. Modern Lisp systems support object-oriented programming, database access, GUI construction, and all other forms of general-purpose programming.

Readability: Lisp code is very readable, its statements begin and end with parentheses which make it easy for the compiler but can be a slight problem for beginners.
Mixed language support: Lisp provides interfaces for other languages, due to its flexibility.
Portability: Lisp is portable across many operating systems
Reliability: Lisp is very reliable; it has good type inference which eliminates errors at compile time.
Reusability: Lisp programming is follows a bottom-up approach. Working bottom-up is a best way to make software reusable. The essence of writing reusable software is to separate the general from the specific and bottom-up programming inherently creates such a separation.
Orthogonality: There are way too many common lisp implementations. However, these implementations have standards of their own (notably ANSI common lisp) which they adhere to. Lisp implementations support modern engineering method. Since lisp is an easily extensible language, it is very easy to add any new feature into lisp (Kulkarni et al., 2007).

4.3 CHARACTERISTICS OF FUNCTIONAL PROGRAMMING
While there are variations in a number of functional programming languages, functional programming usually has the following characteristics: * Function Closure Support: A closure is used to associate a function with a set of “private” variables. Anonymous functions are a technique used to accomplish this in some languages, which is where the line gets blurred for those new to the concepts. Technically closures are dynamically allocated data structures containing a code pointer, pointing to a fixed piece of code computing a function result and an environment of bound variables. * Higher-order functions: Higher-order functions (HOFs) are functions that take other functions as their arguments. A basic example of a HOF is Map which takes a function and a list as its arguments, applies the function to all elements of the list, and returns the list of its results. This method is used to map array of one structure into another structure. For instance, we can write a function that subtracts 2 from all elements of a list without using loops or recursion: Subtract Two from List l = map (\x -> x - 2) l
We can generalize this function to subtract any given number: Subtract from List l y = map (\x -> x - y) l
The function given to map then becomes a closure because \x -> x - y references a local variable y from outside its body. * Use of recursion as a mechanism for flow control:
Recursion is heavily used in functional programming as it is the canonical and often the only way to iterate. Functional language implementations will often include tail call optimisation to ensure that heavy recursion does not consume excessive memory. * No side-effects:
Some functional languages allow expressions to yield actions in addition to return values. These actions are called side effects to emphasize that the return value is the most important outcome of a function (as opposed to the case in imperative programming). Languages that prohibit side effects are called pure. Even though some functional languages are impure they often contain a pure subset that is also useful as a programming language. It is usually beneficial to write a significant part of a functional program in a purely functional fashion and keep the code involving state and I/O to the minimum as impure code is more prone to errors. * Referential transparency :
Pure computations yield the same value each time they are invoked. This property is called referential transparency and makes possible to conduct equational reasoning on the code. For instance if y = f x and g= h y y, then we should be able to replace the definition of g with g = h (f x) (f x) and get the same result; only the efficiency might change. Aid in the development of constructs that ease concurrent development. * Data structures in functional languages include tuples, and monad.
Tuples are immutable sequences of objects. Sequences, lists and trees are very common data structures in functional languages A Monad is an abstract data type used to represent control flows or computations. The purpose of monads is to express input/output operations and changes in state without using language features that introduce side effects. * Support for pattern matching: Pattern matching is a way to match a value or type. Say you had a long complex series of if, if/else statements or a complicated switch statement, and then pattern matching is a very powerful technique.

4.4 APPLICATIONS AREAS OF FUNCTIONAL PROGRAMMING
AI is the main application domain for functional programming, covering topics such as: expert systems, knowledge representation, machine learning, natural language processing, modelling speech and vision. Functional programming is being used as a method to teach problem solving, algebra and geometric concepts. It has also been used as a tool to teach classical mechanics in Structure and Interpretation of Classical Mechanics.

MARKUP LANGUAGES
7.1 MARKUP PARADIGM
A mark-up language is a language which is used to represent structured data. Markup languages are used to write formatted documents. For example, HTML enables to specify that some part of the document is a title or some other part is a list, by comparison to a flat text document.
Markup languages are not considered as programming languages.
Programming languages are used to write software. Examples – Python, Java and C++. The difference with programming languages is not always obvious. For example, XSLT is a Turing-complete language, but is based on XML which is a markup language.
Since markup Languages are not programming languages, they cannot be compared with other programming languages.
7.2 HTML AS A MARKUP PARADIGM
This is a type of markup language. Data is encapsulated, or “marked up” within HTML tags, which define the data and describe its purpose on the webpage. The web browser afterwards reads the HTML, which tells it things like which parts are headings, which parts are paragraphs, which parts are links, etc. The HTML describes the data to the browser, and the browser then displays the data accordingly. This however, is not programming.
Programming languages have functional purposes; but HTML doesn’t really “do” anything in the sense that a programming language does. It contains no programming logic or have common conditional statements such as If/Else. It can’t evaluate expressions or do any math. It doesn’t handle events or carry out tasks. You can’t declare variables and you can’t write functions. It doesn’t modify or manipulate data in any way. HTML can’t take input and produce output. For instance, you can’t compute the sum of 2 + 2 in HTML; that’s not what it’s for. This is because HTML is not a programming language.
HTML can be used together with an actual programming language, such as when using a web framework.

REFERENCES

aaron_baugher, 2012. Programming Examples: Declarative, Imperative, Functional, Etc.. [Online]
Available at: http://www.perlmonks.org/?node_id=983655
[Accessed 19 June 2016].
Naim, R. et al., 2010. Comparative Studies of 10 Programming Languages within 10 Diverse Criteria, s.l.: Naim, R., Nizam, M.F., Hanamasagar, S., Noureddine, J. and Miladinova, M., 2010. Comparative Studies of 10 ProgarXiv preprint arXiv.
Romy, B., 2012. Why HTML is Not a Programming Language. [Online]
Available at: http://infospace.ischool.syr.edu/2012/04/05/why-html-is-not-a-programming-language/
Sebesta, R. W., 2012. Concepts of Programming Languages. In: Boston: Pearson, p. 43.
Thakkar, P. B., 2010. Comparative Study Of Eight Programming Languages : C, C++, C#, Java, PHP, ASP, JavaScript & Visual Basic. Hasmukh Goswami College Of Engineering, Vahelal, A'bad. wikipedia, 2015. java programming language. [Online]
Available at: http://en.m.wikipedia.org/wiki/Java_(programming_language)
[Accessed 19 June 2016].…...

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...see the reversal in March 2003, Figure 3). If the visual element is not sufficient, simple indicators can be used to arrive at similar conclusions. The main advantage of this simple method is a better visual perspective of the current status and strength of the trend or consolidation, and a possible anticipation of the next bar's strength. As with any other charting method, the heikin-ashi is not 100% reliable and therefore should be combined with other technical indicators. Your trading, of course, should also include risk- and capital-control strategies. Dan Valcu is a Swedish private trader, computer consultant, and a technical analysis instructor. He may be reached at ta@educofin.com. With special thanks to S. Koike. SUGGESTED READING Forex Watcher: http://plaza4.mbn.or.jp/~skoike/top_eng.htm Nison, Steve [1994]. Beyond Candlesticks: New Japanese Charting Techniques Revealed, John Wiley & Sons. MetaStock (Equis International) Worden Brothers (TC2000)(data) See our Traders' Tips section beginning on page 96 of this issue for various program code implementing Dan Valcu's techniques. "..And please, please, please give me the chance to prove to you that winning the lottery won't spoil me... " 28 • February 2004 • Technical Analysis of STOCKS & COMMODITIES See Traders' Glossary for definition See Editorial Resource Index TRADING TECHNIQUES HEIKIN-ASHI OHLC VALUES To illustrate the calculation of heikin-ashi OHLC values in a spreadsheet (sidebar Figure 1), I......

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...targeting and central bank independence - are being reviewed. Even the International Monetary Fund (IMF) and the World Bank have revised their views and conceded that capital controls may be necessary at times. However, for the ideologically blinkered in India, capital account controls in any form are synonymous with "licence and permit raj". Given the size of India's outstanding stock of internal public debt and projected budget deficits, there are limitations to which the government/public sector can access funds domestically. This would suggest that India should welcome all forms of capital inflows to plug its funding gaps. However, if foreign capital flows into India are more than its current account deficit, the excess gets added to its forex (FX) reserves, which are warehoused in low interest rate bearing government securities of triple A developed countries. The governor of the Reserve Bank of India (RBI) mentioned at a conference in Zurich on May 11, 2010 that "problems arise when the (capital) flows are largely in excess of the economy's absorptive capacity". This article examines available options and corresponding logic to increase or restrict capital inflows against the irony of India having to lend its FX reserves to governments of countries with much higher per capita income. First, a few numbers. As of December 31, 2009, India's FX reserves stood at $283.5 billion. On the same date, total external debt amounted to $251.4 billion, of which long-term debt......

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...there is an alternative approach to exchange rate forecasting called the asset market approach. The asset approach to forecasting suggests that whether foreigners are willing to hold claims in monetary form depends partly on relative real interest rates and partly on a country‘s outlook for economic growth and profitability. For example, during the period 1981-1985 the US dollar strengthened despite growing current account deficits. This strength was due partly to relatively high real interest rates in the US. Another factor, however, was the heavy inflow of foreign capital into the US stock market and real estate, motivated by good long-run prospects for growth and profitability in the US. 1.7. Technical Analysis Technical analysts traditionally referred to as chartists focus on price and volume data to determine past trends that are expected to continue into the future. The single most important element of time series analysis is that future exchange rates are based on the current exchange rate. Exchange rate movements, like equity price movements, can be subdivided into periods: (I) day-to-day movement that is seemingly random; (2) short-term movements extending from several days to trends lasting several months; (3) long-term movements, which are characterized by up and down long-term trends. The longer the time horizon of the forecast, the more inaccurate the forecast is likely to be. Whereas forecasting for the long-run must depend on......

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...invest is disclosed in the Offer Document. Further, the AMC cannot charge any fees for the investment. The appointment of an AMC can be terminated by a majority of the trustees, or by 75% of the Unit-holders. However, any change in the AMC is subject to prior approval of SEBI and the Unit-holders. 40 Operations of AMCs are headed by a Managing Director, Executive Director or Chief Executive Officer. Some of the other business-heads are: Chief Investment Officer (CIO), who is responsible for overall investments of the fund. Fund managers assist the CIO. As per SEBI regulations, every scheme requires a fund manager, though the same fund manager may manage multiple schemes. Securities Analysts support the fund managers through their research inputs. As will be discussed in Unit 8, these analysts come from two streams, Fundamental Analysis and Technical Analysis. Some mutual funds also have an economist to analyse the economy. Securities Dealers help in putting the transactions through in the market. Chief Marketing Officer (CMO), who is responsible for mobilizing money under the various schemes. Direct Sales Team (who generally focus on large investors), Channel Managers (who manage the distributors) and Advertising & Sales Promotion Team support the CMO. Chief Operations Officer (COO) handles all operational issues Compliance Officer needs to ensure all the legal compliances. In Offer Documents of new issues, he signs a due-diligence certificate to the effect that all......

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... Methods of hedging can be classified as a. Internal methods b. External methods 1. Internal methods: Internal methods include: i. Invoicing: In invoicing the corporate shifts the entire exchange risk to the other party by insisting that all its imports and exports be invoiced in its home currency. ii. Netting/matching of cash flows: In this method of hedging if a firm has receivables and payables corresponding to the same periods then even if no other action is taken it will be able to match these exposures and make payments out of the payments received, since it will not have to buy or sell currencies in respect of these matched receipts and payments, there is no forex exposure risk involved. This is also called as ‘natural hedging’. iii. Leading and Lagging: The expression leading mean s paying before the due date and lagging means postponing the receipt of funds beyond the date on which they are due. The general rule is to lead i.e. advance payables and lag i.e. postpone receivables in strong currencies and conversely lead receivables and lag payables in weak currencies. 2. External methods: External method includes: i. Forward contract: Forward contract is a firm and binding contract entered into by the bank and its customer for the purchase of specified amount of foreign currency at an agreed rate of exchange for delivery and payment at a future......

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