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Project Topic:

ONLINE INVESTMENT PROGRAMS AND ITS IMPACT ON THE SOCIAL WELL BEING OF UNIVERSITY OF BENIN STUDENTS

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 Format: MS WORD ::   Chapters: 1-5 ::   Pages: 80 ::   Attributes: Questionnaire, Data Analysis ::   766 people found this useful

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CHAPTER TWO: REVIEW OF RELATED LITERATURE

2.0 INTRODUCTION

The chapter deals with the other research works done on the online investment programs and its impact on university students. The chapter will be divided into three; the conceptual frame work, the theoretical frame work and the empirical review

2.1 CONCEPTUAL FRAME WORK

2.1.1 CONCEPT OF INVESTMENT

Investment is an activity that is engaged in by people who have savings i.e investments are made from savings, or in other words people invest their savings but all savings are not investment. Investment may be defined as a commitment of funds made in the expectations of some positive rate of return, expectation of returns is an essential element of an investment.

2.1.1.1 Scope of investment management

The business of investment has several facets, the employment of professional fund managers, research (of individual assets and asset classes), dealing, settlement, marketing, internal auditing, and the preparation of reports for clients. The largest financial fund managers are firms that exhibit all the complexity their size demands. Apart from the people who bring in the money (marketers) and the people who direct investment (the fund managers), there are compliance staff (to ensure accord with legislative and regulatory constraints), internal auditors of various kinds (to examine internal systems and controls), financial controllers (to account for the institutions' own money and costs), computer experts, and "back office" employees (to track and record transactions and fund valuations for up to thousands of clients per institution).

2.1.2 THE IMPORTANCE OF INVESTMENT

Every branch of knowledge has its own contributions that made a turning point in the historical lanes of human beings. In mechanics it is wheel, in science it is fire. In political science it is vote and in economics it is money. Money is the queen among all these fundamental discoveries. Money is anything that is generally acceptable as a means of exchange and that at the same time act a store of value. So there is no question in the fact that money is important and money does matter. Until the middle part of twentieth century, the whole economic system was run on the basis of classical economic principles associated with the names of Adam Smith, David Ricardo, T R Malthus, J B Say, Alfred Marshall etc. their economic doctrines enjoyed wide spread authority during the late eighteenth and nineteenth century. According to them, money acts as a medium of exchange. It means that money has only one function that is transaction. But after the Great depression of 1930’s, an intellectual giant John Maynard Keynes, a favorite student of Alfred Marshall in Cambridge University came with a new set of thoughts and ideas. He published a book named ‘General Theory of Employment, Interest and Money’ in 1936. it has created a great revolution in economic history and became a landmark in modern economic thinking. In this theory Keynes examined the sore of value function of money along with transaction function. According to him demand for money arises due to three motives. They are transaction motive, precautionary motive and speculative motive

Transaction motive

It refers to the demand for money for the current transaction of the people. People hold cash in order to bridge the interval between receipt of income and the expenditure. This amount will depend upon the interval at which income is received. The businessmen and entrepreneurs also will keep a portion of their resource in ready cash to meet the current needs. Keynes calls this as business motive. The amount hold in liquid form will depend upon the business turnover. Transaction demand for money is independent of rate of interest and it will remain constant at a particular level of income.

Precautionary motive

It refers to the desire of the public to hold cash balances for meeting unforeseen or unpredictable contingencies such as unemployment, sickness, accidents etc. The amount of money hold under this motive will depend on the nature of individuals’ income.

Speculative motive

It refers to the desire to hold one’s resources in liquid form in order to take advantage in market movements regarding future changes in price and rate of interest. There is an inverse relation between rate of interest and people’s tendency to spend money. Precautionary and speculative motive induce people to save money. When people save, banks will lend this amount to businessmen for investment. Thus there is a very close relationship between savings and investment. While we understand the importance of savings and investment in one’s life it is very essential to understand the interconnection between them. Savings refers to that part of income which is not consumed. On the other hand by the term investment we mean an addition to the stock of physical capital. Savings and investment are two crucial economic variables by which we can measure a person’s physical quality of life and standard of living. Everyone can agree that saving money as early as possible will help one and his family to achieve more stable life than someone who has no savings. Long term habit of saving money is a way of protecting someone from natural adversity that comes in his life. According to Warren Buffet, world’s second richest person, if a person has to become a millionaire at the age of 65, then he has to save $10 per day if he is at the age of 25. If he has 35 year old, he must save $22 in a day. If he is at the age of 45, his savings requirement is $55 per day. If he wait until the age of 55, he has to save $182 per day. He assumes the saved amount of money generate 8% returns per year. This example shows the importance of savings in one’s life. The importance of savings may be analyzed on the basis of the reasons by which people are induced to save.

1. To meet unexpected expenditure in life: According to a modern monetarist Milton Friedman, people’s current income has two components namely permanent and transitory component. Transitory component refers to the amount of income generated accidentally and unanticipated. It may be positive or negative. If it is negative people’s current income will decrease and they will become unable to meet their needs. At this time savings plays a crucial role in compensating this adverse situation and rescue them from borrowing.

2. Savings act as an inducement for investment: If a person has considerable savings, he will have a feeling that he is able to meet some unexpected expenditure and to face moderate risk. This feeling induces him to make investments. Savings can provide an excellent source for future business ventures as capital. It also allows for exploring sleeping talents and other interests that may increase one’s income.

3. Makes a felling of rationality: Every normal human beings are rational in behavior. It means that they try to maximize their satisfaction with minimum spending. It induces them to save a part of their income.

 4. Children’s education: One of the most important things a person can do is to educate his children. In today’s world education is very essential and so expensive. Therefore savings is very important on the side of education also. Quality based education will provide a great sense of accomplishment and peace of mind foe a person.

5. Achieve a feeling of self reliance: A habit of savings give people the ability to enjoy independence and power to do things.

6. Security of the family: Even though in the process of income determination, we take income of an individual over his entire life span, death is an accidental fact. Everyone fears death. So they are always aware of the stability and security of their family. It forces them to save a portion of their income. Savings and investment are mutually interconnected economic variables. When we examine the importance of savings, it is very essential to understand what the role of investment in one’s life is. Keynes’s psychological law of consumption shows that income is not equal to expenditure and it makes a gap between income and consumption. It can be filled in by additional investment only. If additional investment does not take place, income and employment will inevitably fall.


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Paper Information

Format:MS WORD
Chapter:1-5
Pages:80
Attribute:Questionnaire, Data Analysis
Price:₦3,000
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