Hamlet By William Shakespeare s Hamlet - 1206 Words

Humanity in Hamlet The play Hamlet shows how, Humans are the most complex species on the planet earth. Ever since the history has been keeping records, we have seen how humans reacted under different circumstances. Human feelings are like a ripple effect. Many people are affected by the decisions they make. Humans could be either very cruel or show great compassion and kindness towards each other. The William Shakespeare’s tragedy Hamlet shows how human nature can be greedy, revengeful and cruel. All these sides of human nature are an example of the ripple effect caused by the decisions of an individual. The theme of greed is seen though the play Hamlet portrayed by different characters under different circumstances. The opposing character of the play is Claudius, all the conflict is caused by him. Throughout the play audience gets aware of how he killed his brother so he can claim the crowned greed of being the new King of Denmark. His blinded by the greed which made him forget the relationship he had with his brother. Claudius â€Å"that cannot be; since I am still possess’d. Of those effects for which I did the murder, My crown, mine own ambition, and my queen(Act 3 Scene 3 56-59). In this soliloquy Claudius asks for forgiveness but he comes to notice that he can’t be forgiven because of what he possesses and what he has done. Due to what he possess he struggles to feel sorry for his actions. He sacrificed the happiness of others for his own selfish reasons. Characters in theShow MoreRelatedHamlet : William Shakespeare s Hamlet1259 Words   |  6 PagesOmar Sancho Professor Christopher Cook English 201-0810 Hamlet Paper 23 May 2016 Hamlet Character Analysis â€Å"There is nothing either good or bad, but thinking makes it so.†(Act 2, Scene 2, 239-251) Hamlet by William Shakespeare is one of the most famous plays written that conveys a multitude theme. But most predominant is the presence of Hamlet s obsession with philosophy of life, throughout the play Hamlet philosophy reviles his point of view love, loyalty, the importance of family and friendsRead MoreWilliam Shakespeare s Hamlet - Hamlet1160 Words   |  5 PagesPart 1: Hamlet Word Count: 1000 In what ways does Shakespeare s Hamlet explore the human mind? The play Hamlet written by William Shakespeare, is seen to be an exploration of the human mind and shows the consequences our actions have when they are acted in pure impulse and emotion instead of being thought about. The character Hamlet makes majority of his decision in the heat of the moment, but had trouble deciding which action to take after intense consideration. The actions that Hamlet doesRead MoreHamlet By William Shakespeare s Hamlet1936 Words   |  8 PagesWilliam Shakespeare s, Hamlet, written in the seventeenth century and first performed in 1602, is still a complex and intriguing play that encompasses many Jungian archetypes in relation to the setting and characters. This play was approximately four centuries old before Shakespeare reworked it for the stage. Hamlet is based on events involving the death of the King of Denmark according to the Norse legends. This paper deals with a small portion of the entirety of the events in Hamlet. ScholarsRead MoreWilliam Shakesp eare s Hamlet - Hamlet And The Ghost Essay1550 Words   |  7 PagesAlthough written over 400 hundred years ago, Hamlet remains a puzzling and complex play, partially due to the ambiguous Queen Gertrude. The Queen is a puzzling character as her motives are unclear and readers question her intentions throughout the play. Townsend and Pace in The Many Faces Of Gertrude: Opening And Closing Possibilities In Classroom Talk view her â€Å"as a simple-minded, shallow woman...who has no self beyond a sexual one† while Harmonie Loberg in Queen Gertrude: Monarch, Mother, MurdererRead MoreWilliam Shakespeare s Hamlet Essay902 Words   |  4 PagesTo be, or not to be; that s the question† (Act III, Scene 1, P.1127) is of the most widely circulated lines. As we all know, it is also the most important part of the drama, â€Å"Hamlet†, which is one of the most famous tragedy in the literature written by William Shakespeare between from 1599 to1602. The drama was written at the age of Renaissance that reflects the reality of the British society in sixteenth century to early seventeenth century. During that period, Britain was in the era of reverseRead MoreWilliam Shakespeare s Hamlet 1265 Words   |  6 PagesWe have all been guilty at some point in our lives of trying to act like a conflict we ve had has not existed or been a problem at all. In William Shakespeare s Hamlet we are bombarded with characters that are avoiding conflict by acting like they don t exist. Although majority of my classmates felt Hamlet was a play about revenge, I believe Shakespeare is addressing the issue of chaos and how it cannot be rectified by conjuring up a false reality; it only pushes the conflict into further disarrayRead MoreWilliam Shakespeare s Hamlet 1130 Words   |  5 PagesHoratio and Hamlet that demonstrate how he changes from the beginning to the end of the play. In the epic tragedy Hamlet, by William Shakespeare, Prince Hamlet is trapped in a world of evil that is not his fault. Hamlet’s demeanor and attitude fluctuate over the course of the play. While Hamlet means well and is portrayed to be very sensitive and moral, at times he can appear to be overruled by the madness and darkness from the tragedy of his father s murder. His dealings with his dad s ghostlyRead MoreWilliam Shakespeare s Hamlet 1116 Words   |  5 PagesTeresa Fang Professor Moore Humanities 310 28 October 2015 To Seek Revenge or to Wait? Hamlet is a very enigmatic fellow. In Hamlet by William Shakespeare, the theme of revenge is presented as a controversial one. Before the play was set, Prince Hamlet’s uncle and new stepfather, King Claudius, had taken part in the assassination of his brother, old King Hamlet. Old King Hamlet died without a chance to receive forgiveness for his sins. As a result, his spirit is condemned to walk the earthRead MoreWilliam Shakespeare s Hamlet 1077 Words   |  5 Pagessuch as William Shakespeare have 4dictated their works in a way that allows for them to integrate common occurrences of new psychological findings into a text, giving them an opportunity to sculpt characters that differentiate themselves from one another. Psychoanalytical Criticism is the application of psychological studies incorporated into the findings of contemporary literature, principles founded by Sigmund Freud and Jacques Lacan are most commonly referred to in these texts. Hamlet is an identityRe ad MoreWilliam Shakespeare s Hamlet 2273 Words   |  10 Pages William Shakespeare was an English playwright, widely regarded as the greatest writer in the English language and the world s pre-eminent dramatist. Shakespeare is perhaps most famous for his tragedies. Most of his tragedies were written in a seven-year period between 1601 and 1608. One of these tragedies is his famous play Hamlet. The age of Shakespeare was a great time in English history. The reign of Queen Elizabeth saw England emerge as the leading naval and commercial power of the

Hip Hop Is Here At Stay - 2053 Words

Khaaliq Crowder Professor Allen World Civilization October 13th, 2015 It’s Official: Hip-Hop is Here to Stay Published by Rolling Stone Written by Ezra Cox || March 23, 2003 â€Å"I’m very proud to live in a country that guarantees every citizen including artists the right to sing and say what we believe† (Oscars, Lose Yourself winning Best Original Song Oscar ®Ã¢â‚¬ ) says Barbara Streisand, as she announces the nominees for Best Original Song. This took place last night at the 75th Annual Academy Awards. As she opens the envelope with her eyes and mouth wide open, she announces the Oscar winner for the Best Song in a Motion Picture category. It is Luis Resto, Jeff Bass and Eminem for the song â€Å"Lose Yourself† from the hit movie this past year, 8†¦show more content†¦First I would like to tell you a little about myself. This is my first article ever published in a magazine. Rolling Stone is my first job straight out of college. I finished college back in May 2002 at New York University with a degree in Journalism. I landed my job with the magazine as one of the editors saw a blog post of mine. With the growing popula rity of computer and the internet, I decided to start blogging as a way to pass time while I was looking for a post-college job and a way to move out of my parent’s house. I grew up in a middle-class family in Scarsdale which is located in Westchester County about forty minutes north of New York City. My Irish-American mother is a flight attendant while my dad who came from London, England is a lawyer. I’m the oldest of four children. Before hip hop became a movement shared by the world it was New York City’s best kept secret. And it was an example of how blacks and Latinos were known to be the trailblazers in American culture. â€Å"The history of hip-hop’s origins among African American and Puerto Rican youth in the South Bronx is commonly recited† (Ogbar, 3). Factors that â€Å"gave rise to hip-hop in New York City† (Ogbar, 3) in the 1970s -- the decade prior to my birth -- included the fact of â€Å"the Black Power movement and Puerto R ican nationalist activism† (Ogbar, 3) beginning to wane. â€Å"The most important direct influence on the creation of hip hop music is the Jamaican

Microsoft Free Essays

Question 1 Developing customer intimacy is essential for developing a sustainable competitive advantage. Whether the products of an organization will have any market potential depends on whether the customers like them or not. Therefore the management of an organization will have to develop an intimate understanding of the customers’ tastes and preferences if that organization is to stay of ahead of the competition. We will write a custom essay sample on Microsoft or any similar topic only for you Order Now The process of developing customer intimacy is to conduct periodic market research on what the customer expectations are. One of the first companies to market itself through developing customer intimacy was Dell Computers. Michael Dell wanted to build computers not through idea generation from its internal engineering personnel but through data collection on what the customers’ tastes and preferences were. The founder of the company himself spent a significant amount of time with the customers to determine what they wanted to see most in a computer. The hardware manufacturing company also developed a website by means of which the customers could share their opinions with the company. As a result, the company hit the fortune 500 list in a very short time. Being in constant touch with customer requirements enabled Dell to develop customer intimacy that also enabled them to develop their products and services very quickly. Question 2 The external environment of an organization is the industry in which it operates. The industry is affected by a number of forces such as political, economic, sociological and technological. Therefore a business organization in particular has to conduct a PEST analysis periodically. A company such as Microsoft has to take into account the forces of the external environment very carefully. On first appearances, the political environment would not seem to affect Microsoft’s operations significantly. However Microsoft is frequently thrust into anti-trust suits the outcome of which would depend considerably on the prevailing political environment. The company would be hard hit if the country it is operating in went through an economic downturn. Whenever there is an economic downturn, companies tend to invest less and one of the first operations that experience cost-cutting is information technology. Therefore, demand for Microsoft’s products and services would go down when the economic environment is unfavorable. Corporate social responsibility is a very critical issue in today’s business environment. Therefore Microsoft has to fund community projects from time to time in order to endear itself to the society. That is part of the sociological environment. Also relevant in this respect is how the society views the complexities of adopting new technologies. Microsoft would also be affected very significantly by technological shifts. For example, when the use of the internet caught on, Microsoft had to reengineer itself completely to stay in business because previously it had decided not to enter the Internet. Question 3 Price is the risk that is at the forefront of the customers’ minds when making a purchase. When making a purchase, consumers must make sure that the price they are paying is equivalent to the value they are receiving in return. If this risk remains high for the customer, then the company will have a negative image in the minds of the customers. Therefore the management of that company must work to reduce that risk. One method is to offer customers price guarantees. This means that the customers will be paying the lowest possible price available anywhere. Some companies even offer to lower the price even further by a certain percentage if after purchase, the customer comes across another company offering a lower price still. Price guarantees are an admirable way to attract customers in the current age of the Internet because a lot of customers prefer to make their purchases online if the products they are looking for are available there. This enables to them go price shopping. Rather than walking miles to compare prices, customers shopping online can simply surf and compare sitting in the comforts of home. If they come across a certain company offering price matching or price beating, then customers will be hooked immediately because they can stop price shopping right there. Another perceived consumer risk is how they will be viewed by the society when they buy a certain product. The way to mitigate this risk is to promote certain products as status symbols and the demographics of the people who purchase those products. That will have a positive effect on the customer psyche. Question 4 The phenomenon of price sensitivity is a function of demand and supply. When prices are lower, people buy more and vice versa. However there are times when demand peaks and during these times there is lower price sensitivity. Business organizations can take advantage of these times to raise the prices of their products and services in order to maximize their revenue. For example many people like to go skiing during school vacations. As a result, skiing resorts raise their prices when school is in half term because that is the time when demand for skiing is very high. All the parents like to take their kids skiing during that time and they are willing to pay a higher price at the time. So peaks and troughs in demand are the top influencers of price sensitivity. In other words, the management of the business organization has a powerful tool in the form of price sensitivity by taking demand seasonality into consideration. However price sensitivity also depends type of goods. If the goods in question are necessity goods, then price sensitivity will significantly affect buying behavior. If the goods are status symbols however, then raising prices will not affect demand. Question 5 A business organization must promote its products and services in order to attract demand. The management has four methods with which to conduct the promoting. It might want to go for advertising. Usually the media used for this form of communication is radio, television or the internet. It is a non- personal form of communication. The advantage with this form of communication is that it has a wide reach. If the advertising is broadcast by means of the television for example, then millions of people will be exposed to the message. It also has a high emotional value. The second form of communication is personal selling. As the name implies, this has a personal touch because usually the company sends out its sales representatives door to door promoting its products and services. The advantage with this form of communication is that consumers can ask questions and find out whatever they need to find out about the products immediately. Another form of communication is sales promotion whereby consumers get something else into the bargain when they purchase a product. The advantage with this form of communication is that it motivates the consumers to consider buying something that they had not bought before. Last but not the least in the list of communication techniques is public relations. This promotional technique is most useful when the management is trying to build a good corporate image. BIBILIOGRAPHY Kotler, Philip., and Gary Armstrong. Principles of Marketing. Prentice Hall. 2005. Cateora, Philip, and John Graham. International Marketing. Prentice Hall. 2005. Kerin, Roger A., et al. Marketing. McGraw Hill/Irwin. 2005. Nagle, Thomas T., and John Hogan. The Strategy Tactics of Pricing: A Guide to Growing More Profitably . South western college pub. 2007. Â   How to cite Microsoft, Essay examples

Civilian Devastation Essay Example For Students

Civilian Devastation Essay Civilian Devastation: Abuses by All Parties in the War in Southern SudanIntroduction and SummaryThe story of the trouble in the Sudan began with the story of the trouble in Africa itself, which started over 600 years ago from about 1400 A.D. when Africa began paying the price for the misfortunes of the New World, the Old World, and especially Western Europe. In the last fifty years, the continent has had its independence from their colonizers. However, we know that domestic colonialism exists, imposed upon the continent by Africans themselves. The Sudan, located in eastern Africa, has a population of approximately twenty-five million people within one million square miles. This makes the Sudan the largest land area in the continent of Africa. The southern third of Sudan, which occupies a larger land area than many neighboring countries, now has a population of about four and a half million people. One would think that as one of the largest and most populous regions, it should be a positive role model for the entire continent. Well, it is not. It is just a gross example of how bad things are in Africa. Sudan is internationally recognized as an economic basket case. It owes over $1.62 billion to the International Monetary Fund (IMF). In the underdeveloped south, war, flood, drought, disease, and mismanagement have rendered useless ordinary survival strategies and made millions wholly or partially dependant on emergency food assistance provided by the U.N. and foreign agencies-that is, when the government or rebels do not prevent the civilian population from receiving this relief. Keeping food from the civilians does not even begin to describe the depth of government abuses in southern Sudan. Civil war has raged in southern Sudan since 1983, claiming the lives of some 1.3 million people, all southern civilians. The civilians have been targeted specifically, fallen in indiscriminate fire, or they have been stripped of their assets and displaced, such that they died of starvation and disease. The U.N. estimates that the population of southern Sudan declined by 1.9 percent in the year of 1993, and that the excess morality in that year was 220,000. This rate will continue to increase, and millions more people will die if things continue the way they have been. All parties to the conflict are responsible for the deaths of innocent people. The government and the rebels of the Sudan Peoples Liberation Movement/Army (SPLA) are in the forefront of the troubles. In 1991, the SPLA split into two factions, the SPLA-Torit and the breakaway SPLA-Nasir. The two have waged wa r in total disregard of the welfare of the civilian population and in violation of almost every rule of war applicable in an internal armed conflict. A few of the other offenses by the government and rebel parties include:Indiscriminate aerial bombardment of southern population centers;Scorched earth tactics around villages that ultimately displace or kill the civilians. Use of torture and forcible conversion to another religion. Restriction of movement in garrison towns even in times of food scarcity. Killing civilians, lack of due process, inhumane treatment, abductions, etc (2). BackgroundBefore independence in 1956, the British under the Anglo-Egyptian condominium government administered southern Sudan separately from the north. Armed conflict between the northern and southern parts of Sudan began in 1955, before independence. The conflict was punctuated by an autonomy agreement in 1972 that ended the first civil war between southern separatist forces and the central government, then headed by Jaafar Nimieri, a military dictator. In 1983, the second civil war began, and the autonomy has been broken numerous times by the government (19). .u8141fa5883ea9a783133f7f62c14c8e4 , .u8141fa5883ea9a783133f7f62c14c8e4 .postImageUrl , .u8141fa5883ea9a783133f7f62c14c8e4 .centered-text-area { min-height: 80px; position: relative; } .u8141fa5883ea9a783133f7f62c14c8e4 , .u8141fa5883ea9a783133f7f62c14c8e4:hover , .u8141fa5883ea9a783133f7f62c14c8e4:visited , .u8141fa5883ea9a783133f7f62c14c8e4:active { border:0!important; } .u8141fa5883ea9a783133f7f62c14c8e4 .clearfix:after { content: ""; display: table; clear: both; } .u8141fa5883ea9a783133f7f62c14c8e4 { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .u8141fa5883ea9a783133f7f62c14c8e4:active , .u8141fa5883ea9a783133f7f62c14c8e4:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .u8141fa5883ea9a783133f7f62c14c8e4 .centered-text-area { width: 100%; position: relative ; } .u8141fa5883ea9a783133f7f62c14c8e4 .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .u8141fa5883ea9a783133f7f62c14c8e4 .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .u8141fa5883ea9a783133f7f62c14c8e4 .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .u8141fa5883ea9a783133f7f62c14c8e4:hover .ctaButton { background-color: #34495E!important; } .u8141fa5883ea9a783133f7f62c14c8e4 .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .u8141fa5883ea9a783133f7f62c14c8e4 .u8141fa5883ea9a783133f7f62c14c8e4-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .u8141fa5883ea9a783133f7f62c14c8e4:after { content: ""; display: block; clear: both; } READ: The Detrimental Effects in Changing the Rent Contr EssayThe second civil war was built on the shoulders of the first with the SPLA forming in 1983 in Ethiopia from Anya-Nya II groups and Sudan army mutineers, who were from the 105 Battalion stationed in Bor, Upper Nile. The SPLA experienced political divisions from the outset. John Garang is a former guerrilla who became a Sudan army officer and who emerged as a leader. He advocated a united secular Sudan. Many Anya-Nya II leaders sought the Anya-Nya I objective of secession or self-determination; Garangs supporters and his Ethiopian government army allies attacked them in Ethiopia. The Sudan governments and political part ies aligned with the governments tried

Yusef Komunyakaa Poems And Their Themes Essay free essay sample

, Research Paper The common subject in Yusef Komunyakaa? s verse form is the Vietnam War. He focuses more on the experience of it, instead than the grounds for the war itself. In some of the verse forms, the issue of race was more apparent than others. The race of all work forces was embraced in? Camouflaging the Chimera? . The first word of the verse form foreshadows the insignificance of colour and the value of brotherhood. ? Camouflaging the Chimera? shows the double, frequently diametrically opposed images. Acknowledging that the horrific, absurd, and helter-skelter frequently lurk behind delusory frontages, the writer vividly describes the soldier? s attempts to intermix in with the natural environment, ? We tied subdivisions to our helmets/ We painted our faces A ; rifles/ with clay from a riverside? All of the military personnels were the same colour so. The soldiers used the same thing to camouflage their tegument that would be used to cover their caskets and finally be their concluding fini sh. We will write a custom essay sample on Yusef Komunyakaa Poems And Their Themes Essay or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page This is one destiny they all have in common regardless of the race. The verse form entitled? Hanoi Hannah? embraces the race of inkinesss. It is a free-spirited, inspirational verse form with some purpose to be a reminder of some of the good things back place, ? Hello, Soul Brothers. Yeah/ Georgia? s besides on my mind. ? Even for those African americans who did non populate in Georgia idea of the province as a? black adult male? s topographic point to populate? . There was ever excitement in Georgia. Komunyakaa besides acknowledges the torment of female parents, married womans, and lovers left buttocks. He doesn? t discriminate with colour. He brings to life images of? adult females left in doorways/ making in from America. ? In the verse form? Confronting It? , all Vietnam veterans are embraced. The gap line rapidly dismantles any? colour? association with the beloved Vietnam Veteran Memorial. ? My black face slices, / concealing inside the black granite. ? Color is no longer of i mport when you have all fought the same battle, shed the same blood, and been shot with the same slug. All of those who are subsisters of the war are? confronting? the memories of it all ; ? I see the dumbbell trap? s white flash. ? Many soldiers were killed by dumbbell traps instead than combat heavy weapon. In? Confronting It? there is a conflict between world and do believe, ? Names shimmer on a adult female? s blouse/ but when she walks away/ the names stay on the wall. ? It is a beautiful commemoration for the vets, but a really dejecting one besides. The names can non be removed by anything, including the head. Those who gave their lives for the state ( black and white ) all portion the same end–the black wall and the black grave. The embrace of race is noted in? Hanoi Hannah? , but so is the transcending of race. The verse form is about the confusing head of a black adult male in the Vietnam War, ? Soul, Brothers, what you deceasing for? ? And at this clip, oppugning the ground for being loyal to a state that hates you was on most African- Americans? head. What were they contending for? As soldiers of African decent made their manner back into the community after functioning dependably and uprightly in the military, many were denied employment, lodging, preparation, and veterans benefits. It was besides obvious that many Americans thought that the whole thing with Vietnam was pathetic. Peoples viewed the Whites as stalwart, but the inkinesss were considered brainsick. The rubric of Komunyakaa? s 2nd aggregation on the Vietnam War, Dien Cai Dau, which means? loony? in Vietnamese, displays the resistance for a black adult male in the war. All of America was roasting them for their attempts while praising the re mainder, ? You? re icky shootings, GIs. ? Regardless of a adult male? s cultural background, if he fights for his state, his state owes him service, glorification, and above all else # 8211 ; gratitude. Bibliography Komunyakka, Yusef # 8220 ; Hanoi Hannah # 8221 ; Fitzgerald Publishing 1985.

The Turn Of The Screw Paper Essay Example

The Turn Of The Screw Paper Essay Example The Turn Of The Screw Paper Paper The Turn Of The Screw Paper Paper When the Governess finds Miles out in the yard, she talks with him. After the conversation, it seems that the children have found one of the Governess weaknesses. She is afraid that her suspicions of the ghosts are right. Through this event, the children are portray yet as evil. Heeler makes the argument the that the ghosts are real seem true. He does the is by making events in the novel sound unreal and make the reader think that it m just be of some supernatural power. When she says she wants Miles to help her save h m, she experiences a supernatural blast and chill that shake the room and put out he r candle. The Turn of the Screw. Novels for Students. De. David M. Galena. Volvo. 16. Dee root: Gale, 2002. 246271. Gale Virtual Reference Library. Web. 31 Mar. 2013. The critical essay, written by David Galena, addresses both sides Of the debate in The Turn of the Screw , which are that the ghosts are real and that the ghosts are actually hallucinations seen only by the Governess. Th e Article begins to discuss the appearances of the ghosts. Galena mentions how the ghosts appear to be poor rayed as human rather than being ethereal like traditional ghost stories. He uses this a s evidence to makes the ghosts appear real. after Miles shrieks and falls into the govern Asss arms, she realizes that, though she believes she has banished the ghost, Miles has d died in the process. Galena uses Miles shriek as evidence that the Miles has been saved, and that the Governess is a hero. Fiction: 1891-1900. Henry James A Study of the Short Fiction . Richard A. Hocks. Boston: Twenty Publishers, 1990. 104125. Twines Studies in Short Fiction 1 7. Taiwanese Authors on GAVE . Web. 31 Mar. 013. The Article discusses some of Henry James works, including Hocks tries to logically counter the belief that ghosts in The Turn of the Screw are real. Such as, countering the description that the Governess gave of Peter Quinn. H socks says that when the Governess stopped in the village on the way to Fly she learned of Peter Quinn. A puzzling detail is that the governess has never seen Quinn, nor heard details of his appearance, seemingly; yet when she describes the app arition, Mrs.. Gross recognizes it as Quinn. The suggestion that in some way-?perhaps in the village e-?the governess had learned about Quinn is plausible. Hocks also discusses the point that the story was told to as a realistic story, therefore the reader would have to dry away a more logical conclusion: that the Governess is hallucinating and the ghosts are not r Turn of the Screw, The. Unicycledid Britannica Unicycledid Britannica Online School Edition Unicycledid Britannica, Inc. , 2013. Web. 31 Mar. 2013. This article is a description of . It mentions how Henry James purposely made The turn of the Screw ambiguous. The Novels and Tales of Henry James , called the tale a fable and said that he did not specify details of the ghosts evil deeds because he wanted readers to supply their own vision of terror. Henry does this because the reader is enticed to read the novella because of their w ant for an ending. Cares, Wendy. Wondrous Material to Play On: Children as Sites of Gothic Lie militantly in the Turn of the Screw, the Innocents, and the Others. Studies in the Humanities 32 (2005): 1. Quietist . Freeholders, Nicole. 20 Mar. 2013 Wendy Cares discusses the controversy over The Turn of the Screw. Cares uses the author of The Turn of the Screw, Henry James, to suggest that the ghosts are real. James claims that the children in it are to be bad, full of evil, to a sinister deg ere. She mentions that understanding requires the reader to understand the multiple layers within it. Which are, the ghosts possible possession of the chi lilied and Fly.

Compare and contrast the 7S and Mintzberg's configuration models of Assignment

Compare and contrast the 7S and Mintzberg's configuration models of organisations - Assignment Example In this paper, emphasis is given on two, quite popular, theoretical frameworks: the McKinsey 7s Framework and the configuration model of Mintzberg. The elements and the role of the particular models are critically evaluated and analyzed referring to relevant literature. Between the two models, McKinsey’s 7s Framework is simpler and more flexible, a fact that makes it easier to be used when the time available for the evaluation of business performance is limited. On the other hand, when details need to be retrieved in regard to the potential transformations of an organization so that its effectiveness is increased, then the Mintzberg configuration model, that offers a clearer view on organizational processes, would be preferred. In regard to the above, current paper would be based on the following thesis statement: McKinsey’s 7s Framework and the Mintzberg configuration model are valuable models for measuring business performance. The former refers directly to the seven factors influencing business performance while the latter uses organizational structure as an indicator of business effectiveness. 2. McKinsey 7s Framework vs Mintzberg’s configuration model 2.1 Key characteristics of the above models In order to understand the differences and similarities of the two models, it is necessary to refer primarily to their characteristics and their role within modern organizations. In addition, the elements of each of the models need to be analyzed at the level that these elements can influence the models’ performance when used within a particular market. 2.1.1 McKinsey 7s Framework The McKinsey 7s Framework is commonly used for the evaluation of business performance. The Framework was first introduced in 1980s (Witcher and Chau 2010). It was only after two years, in 1982, that ‘Peters and Waterman included this model in their book ‘In search for Excellence’’ (Witcher and Chau 2010, p.248); it was through that book that McKinsey 7s Framework become popular worldwide. The McKinsey 7s Framework is based on the following view: the performance of each organization is influenced by seven factors/ variables (Witcher and Chau 2010). When having to evaluate organizational performance these variables need to be reviewed (Witcher and Chau 2010). The variables highlighted in the particular Framework are presented in Figure 1 below. A key characteristic of McKinsey’s 7s Framework is the following: the variables on which the framework is based tend to interact on a continuous basis (Witcher and Chau 2010). This means that the performance of each of these variables influences, necessarily, the performance of other variables (Witcher and Chau 2010). In addition, changes on one or more variables will also affect other variables (Witcher and Chau 2010). The relationship between these variables is made clear in Figure 1. On the other hand, the level at which each variable influences the other variables of the framework is not standardized, depending on the conditions in the organizational environment, the availability of time for analyzing organizational behaviour and so on. Figure 1 - McKinsey 7s Framework (Source: http://gs.utcc.ac.th/ceomba/mk/0%20Mar55/add/The%20McKinsey%207S%20English.pdf) In order to

What are the problems of Porters Diamond when applied to an Essay

What are the problems of Porters Diamond when applied to an International Business - Essay Example Several problems arise while applying this theory to international businesses. But, before analyzing the problems that are being faced in case of applying Porter Diamond theory, it is necessary provide a brief but clear about this theory. Porter proposed the well-known Diamond Model to assess the level of competitiveness of a nation in the sphere of international business. The thing worth noting in this model is that, the diamond model actually represented quite a different paradigm than what were found in the earlier theories. Smith’s theory of â€Å"Absolute advantage† (Smith, 1776, p. 11) or the â€Å"comparative advantage† theory of Ricardo (Ricardo, 1817, p. 75) put their focus on factors of production of each of the nations – land, labor, capital and natural resources. According to Smith, it’s the total output that determines a nation’s total wealth. Ricardo, on the other hand, argued that instead of productivity of the factors of production, the opportunity cost of the factors determines the advantage that a country enjoys over the other in international business. In 1990, Porter pointed towards a problem regarding the applicability of these two theories in later twent ieth century. When the theories of Adam Smith and Ricardo were proposed in eighteenth and nineteenth century, respectively, only low level of skills were necessary to stand in international competition. During those periods, the principal sources of competitive advantage were natural resources and factors of production. The problem with these theories, as detected by Porter, was that the application of these theories in the modern technologically advanced age of late twentieth century seems to give rise to a number of complicacies. Over the years, technological innovations have taken place in an increasing amount and along with it globalization has also taken place in the markets. As a result, the

Poetry Essay Example | Topics and Well Written Essays - 500 words - 13

Poetry - Essay Example I feel that the poet has tried to connect the moves of gymnastics with love and life. People rise and fall in life just like gymnasts rise and fall on their tracks. The poet talks about gymnasts, who may be walking straight on the balanced beams, yet they are not so efficient to walk straight on the path of love. They may be well prepared with powdered palms, yet the path of love and life is so slippery that they find themselves incapable of dealing very proficiently with the ups and downs of life. I can very well imagine that all they have are ropes of no hope, to which they are clinging. They think that these ropes will save them from falling or that these ropes are strong support for their feet; but, what they do not understand is that there is no hope attached to these ropes. These ropes are unfaithful, or in other words, this support is weak. And I feel sorry to think that, when they grow old, broken and bruised, they look into their lives as if they were nightmares. In the poem, ‘Apportioned’, written by Erin Badough, I feel that the poet has talked about how he fears the quick passing of time, and future. The tick-tick-tick of the clock reminds him of his miserable present and dreadful future. It is a harsh reality of life, as I see, that man fears the passing of the time because he fears his mortality. He fears what lies ahead of him. Therefore, he feels chained to time. The narrator dreads a future filled with hammers and nails and saw-toothed blades, which are only metaphors that are talking about hardships that life offers. He wishes to put his thoughts into the reader’s mind so that the latter may well know what he thinks and feels. I feel that this poem is a superb example of how man goes from one phase of life into another, and what wishes and fears he has in his mind while he looks at the clock, doing tick-tick-tick. Anyone can relate to this poem, because it is the story of

Application to Modern Investment Theory to EMH

Application to Modern Investment Theory to EMH The modern investment theory and its application on the efficient markets hypothesis 1. Introduction The Modern investment theory and its application is predicated on the Efficient Markets Hypothesis (EMH), assumption that markets fully and instantaneously integrate all available information into market prices. Underlying this comprehensive idea is the assumption that market participants are perfectly rational, and always act in self-interest, making optimal decisions. These assumptions have been challenged. It is difficult to tip over the neo classical convention that has yielded such insights as portfolio optimization, Capital Asset Pricing Model, Arbitrage Pricing Theory and Cox Ingersoll-Ross theory of the term structure of interest rates, all of which are predicated on the EMH[2] rather than downside risks[3]. The theory of behavioral finance is opposite to the traditional theory of Finance and deals with human emotions, sentiments, conditions, biases on collective as well as individual basis. Behavior finance theory is helpful in explaining past practices of investors and dete rmining the false performance of the investors. Behavioral finance is a concept of finance which deals with finances incorporating findings from psychology and sociology. It is reviewed that behavioral finance is generally based on individual behavior and financial market outcomes. There are many models explaining behavioral finance that explains investors behavior or market irregularities where rational models fail to provide adequate information. Investors do not expect such research to provide a method to make lots of money from inefficient financial markets quickly. According to Shiller (2001) Behavioral finance has basically emerged from the theories of psychology, sociology and anthropology where implications of these theories appear to be significant for efficient market hypothesis, that is based on the positive notion that people behave rationally, maximize their utility. It is found that in efficient market the principle of rational behavior is not always correct. Thus, the idea of analyzing other model of human behavior has come up. Gervais (2001) further explains the concept where he says that people like to relate to the stock market as a person having different moods, this person can be bad-tempered or high-spirited and can overreact one day or make amends the next. This person indicates human behavior which is unpredictable and behaves differently in different situations. Lately many researchers have suggested the idea that psychological analysis of investors may be very helpful in understanding financial markets better. To do so it is important to understand behavioral finance presenting the concept of traditional theory overestimating rationality of investors, their biases in decisions casting a cumulative impact on asset prices. To many researchers the study of behavior in finance appeared to be a revolution. As it transforms peoples mentality and perception about markets and factors that influence the markets. The paradigm is shifting. People are continuing to walk across the border from the traditional to the behavioral camp. Gervais (2001, pp.2). On the contrary some people believe that may be its too early to call it a revolution. Gervais (2001) states that Fama in (1970) argued that behavioral finance has not really shown an impact on world prices, and that model contradict each other on different point of times. Giving very less account to behaviorist explanations of trends and the irregularities anomaly ( is any occurrence or object that is strange, unusual, or unique) also argued that in order to locate patterns the data mining techniques are much helpful. Other researchers have also criticized the idea that behavioral finance models tend to replace the traditional models of market functions. Some weaknesses in this area, explained by Gervais (2001)are that generally overreaction and under reaction are major causes of market behavior. In these cases People take the behavior that seems to be easy for a particular study regardless of the fact that whether these biases are either primary factor of economic forces or not. Secondly, lack of trained and expert people. The field does not have enough trained professionals both in psychology or finance fields and therefore as a result the models presented by researchers are improvised. Gervais (2001) also focused on individual behavior impacting asset prices and explained that this field of behavioral finance is currently in its developmental stage, in its way of development it is facing a lot of disagreement which itself is a productive one. He points out that if we apply the conceptual models of behavioral finance to the corporate finance, it can majorly pay off. If money managers are incorrectly rational, means they are probably not evaluating their investment strategies correctly. They might take wrong decisions in their capital structure decisions. It has been found that quite a few people foresee behavioral finance displacing the age old Efficient Markets theory. On the contrary underlying assumption that investors and managers are completely rational makes insightful sense to many people. 2. Traditional Finance and Empirical Evidence Fung, (2006) claimed that Post Keynesian theory has criticized mainstream economic theory for using statistical methods to model the world in which histori ­cal market data cannot provide, In recent years, two different lines of research experimental economics and behavioral finance have pro ­duced results that are at odds with the predictions of mainstream finan ­cial theory. This paper argues that it is beneficial to the development of good financial theory for Post Keynesian economists to engage in an exchange of ideas with the practitioners of these two lines of research. The difference of opinion originated when experimental economics and behavioral finance understood the difference between agents rationality in theory and in real world. Both had a same point of view regarding Post Keynesian economists where both of them refused to assume Post Keynesian economists assumption of economic actors being always rational by maximizing expected utility. Instead of assuming ration al economic ac ­tors who always act consistently, they often tap into insights provided by psychology to try to explain economic behavior. The use of psychol ­ogy can be traced back to Keynes, and, in fact, some of the papers in experimental economics and behavioral finance take a remark of Keynes on the psychology of economic actors as an inspiration for designing empirical tests of economic behavior. Indeed, some of these papers rec ­ognize that we live in an uncertain world, and they examine the heuris ­tics, or rules of thumb, that economic actors develop to guide their behavior in face of uncertainty. When Keynes made his remark in 1936 (the original publication date of the General Theory), there was not yet an efficient market hypothesis. But in 1970 Fama published his pioneering paper on efficient markets. In it, he defined an efficient market as a market in which prices always fully reflect available information. Traditional theory assumes that agents are rational an d the law of one price holds that is a perfect scenario. Where the law of One price[5]. And agents rationality explains the behavior of investor Professional and Individual which is generally inconsistent with rationality or future predictions. If a market achieves a perfect scenario where agents are rational and law of one price holds then the market is efficient. With the availability of large amount of information, form of market changes. It is unlikely that market prices contain all private information. The presence of noise traders (traders, trading randomly and not based on information). Researches show that stock returns are typically unpredictable based on past returns where as future returns are predictable to some extent. According to Glaser et al. (2003) Few examples from the past literature explains the problem of irrationality which occurs because of naive diversification, behavior influenced by framing, the tendency of investors of committing systematic errors while ev aluating public information. Lately it has been found that investors` attitude towards the riskiness of a stock in future and the individual interpretation may explain the higher level trading volume, which itself is a vast topic for insight. A problem of perception exist in the investors actions that stocks have a higher risk adjusted returns than bonds. Another issue with the investors is that these investors either care about a stock portfolio or just about the value of each single security in their portfolio and thus ignore correlations. The concept of ownership society[6] has been promoted in the recent years where people can take better care of their own lives and be better citizen too if they are both owner of financial assets and homeowners. As Shiller (2006) suggested that in order to improve lives of less advantaged people in our society is to teach them how to be capitalist, In order to put ownership society in its right perspective, behavioral finance is needed to be und erstood. The concept of ownership society seems very attractive when people appear to make profits from their investments. Behavioral finance is also very helpful in understanding and justifying government involvement in investing decisions of individuals. The failure of millions of people to save properly for their future is also a core focus of behavioral finance. According to Glaser et al. (2003) there are two approaches towards behavioral finance, where both tend to have same goals. The goals tend to explain observed prices, market trading volume and Last but not the least is the individual behavior better than traditional finance models. Belief Based Model: Psychology (Individual Behavior) Incorporates into Model Market prices and Transaction Volume. It includes findings such as Overconfidence, Biased Self- Attrition, and Conservatism and Representativeness. Preference Based Model: Rational Friction or from psychology Find explanations, Market detects irregularities and individual behavior. It incorporates Prospect Theory[7], House money effect and other forms of mental accounting. Behavioral Finance and Rational debate: the article by Heaton and Rosenberg (2004) highlights the debate between the rational and behavioral model over testability and predictive success. And it was found that neither of them actually offers either of these measures of success. The rational approach uses a particular type of rationalization methodology; which goes on to form the basis of behavior finance predictions. A closer look into the rational finance model goes on to show that it employs ex post rationalizations of observed price behaviors. This allows them greater flexibility when offering explanations for economic anomalies. On the other hand the behavior paradigm criticizes rationalizations as having no concrete role in predicting prices accurately, t hat utility functions, information sets and transaction costs cannot be `rationalized. Ironically they also reject the rational finances explanatory power which plays an essential role in the limits of arbitrage, which actually makes behavioral finance possible. Heaton Rosenberg (2004) presented Milton Friedmans theory that laid the basis of positive economics. His methodology focused on how to make a particular prediction; it is irrelevant whether a particular assumption is rational or irrational. According to this methodology, the rational finance model relies on a limited assumption space since all assumptions that are supposedly not rational have been eliminated. This is one of the major reasons behind the little success in rational finance predictions. Despite the minimal results, adherents of this model have criticized the behavioral model as lacking quantifiable predictions that are based on mathematical models. Rational finance has targeted a more important aspect in the structure of economy, i.e. Investor uncertainty, which further cause financial anomalies. In explaining these assertions, the behavioral approach emphasizes importance of taking limits in arbitrage. Further his methodological approach falls into the category `instru mentalism[8], which basically states that theories are tools for predictions and used to draw inferences. Whether an assumption is realistic or rational is of no value to an instrumentalist. By narrowing what may or may not be possible, one will inevitably eliminate certain strategies or behaviors which might in fact go on to maximize utility or profits based on their uniqueness. An assumption could be irrational even in the long run, but it is continuously revised and refined to make it into something useful. In opposition to this, many individuals have said that behaviouralists are not bound by any constraints thus making their explanations systematically irrational. Heaton Rosenberg (2004) further explains the concept of Rubinstein that how when everyone fails to explain a particular anomaly, suddenly a behavioral aspect to it will come up, because that can be based on completely abstract irrational assumptions. To support rationality, he came up with two arguments. Firstly he w ent on to say that an irrational strategy that is profitable, will only attract copy cat firms or traders into the market. This is supported when a closer look is given towards limits to arbitrage. Secondly through the process of evolution, irrational decisions will eventually be eliminated in the long run. The major achievements characterized of the rational finance paradigm consist of the following: the principle of no arbitrage; market efficiency, the net present value decision rule, and derivatives valuation techniques; Markowitzs (1952) mean-variance framework; event studies; multifactor models such as the APT, ICAPM, and the Consumption CAPM. Despite the number of top achievements that supporters of the rational model claim, the paradigm fails to answer some of the most basic financial economic questions such as `What is the cost of capital for this firm? or `What is its optimal capital structure?; simply because of their self imposed constraints. So far this makes it seem lik e rational finance and behavioral finance are mutually exclusive. Contrary to this, they are actually interdependent, and overlap in several areas. Take for instance the concept of mispricing when there is no arbitrage. Behavior finance on the other hand suggests that this may not be the case; irrational assumptions in the market will still lead to mispricing. Further even though certain arbitrageurs may be able to identify irrationality induced mispricing, because of the imperfect market information, they are unable to convince investors of its existence. Over here, the rational model is accepting the existence of anomalies which are affected both through the factors of risk and chance; therefore coinciding with the perspective of behavioral finance. Two instances are clear examples of how rationalization is an important limit of arbitrage: i) the build-up and blow-up of the internet bubble; and ii) the superiority of value equity strategies. If we focus on the latter, we are able to see behavioral finance literature that highlights the superiority of such strategies in the ability of analysts to extrapolate results for investors. This is possible when rationalization is taken as a limit to arbitrage. Similarly these strategies may also limit arbitrage against mispricing, through the great risk associated with stocks. In explaining most anomalies it is essential that analysts first conclude whether pricing is rational or not. To prove their hypothesis that irrationality induced mispricing exists; behaviouralists may find it easier if they accepted the role of rationalization in limits of arbitrage. Slow information diffusion and short-sales constraints are other factors which explain mispricing. However these factors alone cannot form the basis of a strong and concrete explanation that will clarify pricing across firms and also across time. Those supporting the rational paradigm attack behavioral finance adherents in that their predictions for the financial markets have been made on irrational assumptions; that are not supported by concrete mathematical or scientific models. In their view the lack of concrete discipline in the methodology adopted in behavior finance leads to the lack of testing in their forecasts. On the other hand the rational model is criticized for its lack of success in financial predictions. The behaviouralists claim that this limitation exists because the supporters of rational finance dismiss aspects of the economic market simply because it may not fall into explainable rational behavior. Both perspectives claim to align themselves with respect to the goals of `testability and `predictions, while at the same time continue to offer evidence against the other model. In reality however, rather than being exclusively mutual both paradigms assist one another in making their predictions. Ray (2006) examines a new genre of behavioral markets prediction markets and their remarkable a bility to aggregate inside and expert information from around the world in order to accurately predict all types of economic and financial variables. To date it is said that the prediction markets are the most accurately efficient markets as they prove to show all three forms of market efficiency (weak, semi-strong, and strong), in contrast to regulated markets. Prediction markets are also said to be decision markets. It initially evolved in 1988 with the first online betting market the Iowa Electronic Market. These online markets have proven their predictions accurately since the time they came into being. To be precise these prediction markets are behavioral markets with powerful statistical components that are able to predict the most likely values of future financial variables, variances around such values, and their correlations with other future financial variables. Ray (2006) says that being unregulated, prediction markets are highly effective at flushing out and thereafter a ggregating relevant information including inside and expert information regarding a particular event, globally extracting such information from savvy bettors who are eager to profit from their inside and expert information. These sorts of prediction markets have become so popular that now a days major companies use such behavioral markets to accurately forecast sales, earnings, product success, and many other financial and economic variables. The foremost tool for these markets is the wisdom of crowd. In order to accurately predict financial and economical variables he presented few conditions as a prerequisite, which included mainly having a variety of opinions, with no herd behavior, should be able to use their knowledge according to the information available with them and last but not the least is the fact that prediction markets expectations are not self fulfilling prophecies. Prediction markets are a new genre of behavioral markets that continually reveal the thinking of confid ent insiders by suggesting them to profit from their inside and expert information. The subjective evidence with a few statistical evidences corroborates the impressive ability of these markets to predict financial events of all types. The phenomenon exists from ages and effectively proves its performance especially in worlds financial markets. The demonstrated accuracy of predictions in these markets can be of significant utility to traders, financial analysts, behavioral analysts, and many others intending to forecast and analyze financial data. A persons tendency to make errors is known as cognitive bias. These errors are based on the cognitive factors that include statistical judgments, social attribution and memory being common to all the humans in the world. Cognitive bias is the tendency of intelligent, well-informed people to consistently do the wrong thing. Crowell (1994, pp. 1). The reason behind this cognitive bias is that the Human brain is made for interpersonal relationships and not for processing statistics. He discussed the frailty of forecasts. Generally it is said that the world is divided into two groups: People forecasting positively and people forecasting negatively. These forecasts exaggerate the reliability of their forecasts and trace it to the illusion of validity which exists even when the illusionary character is recognized. Fisher and Statman, (2000) discussed five cognitive bias, underlying the illusion of validity that are Overconfidence, Confirmation, Representativeness, Anchoring, and Hindsight. Shiller (2002) discusses, that irrational behavior may disappear with more learning and a much more structured situation. History proves it that many of cognitive biases in human judgment value uncertainly will change; they may be convinced if given proper instructions, on the part-experience of irrational behavior. The three most common themes of behavioral finance are as follows: Heuristics, Framing and Market Inefficiencies. People when decide on the basis of the rules of thumb regardless of rationalizing suffer from Heuristics. Some forms of Heuristics are: Prospect theory, Loss Aversion, Status quo Bias, Gamblers Fallacy[9], Self-serving bias and lastly Money illusion. Framing is basically a problem of decision making where the decision is based on the point where there is difference in how the case is presented to the decision maker. Cognitive framing, Mental accounting and Anchoring are the common forms of Framing 3. Market Inefficiencies As observed, that market outcomes are totally opposite to rational expectations and efficient market hypothesis where mispricing, irrational decision making and return anomalies are examples of it. Fung (2006) introduced three forms of market efficiency earlier presented by Fama in 1970. In the weak form, the information set con ­tains only historical prices. In the semi strong form, information set contains all publicly available information. In the strong form, the infor ­mation contains not only all publicly available information but also insider information not available to the public. This definition of efficient mar ­kets is too general to be testable empirically. To make the model testable, he proposed a process of price formation known as the expected re ­turn or fair game efficient markets model. In this model, when investors form expectations of security prices, they fully utilize all the information that is fully reflected in those prices. It is called a fair game model, because using only the information that is fully reflected in security prices, no trading system can have expected profits or returns in excess of equi ­librium expected profits or returns. These terms have been described as specific market anomaly from a behavioral point of view. Anomaly (economic behavior) Disposition effect Endowment effect Inequity aversion Intertemporal consumption Present-biased preferences Momentum investing Greed and fear Herd behavior Anomalies (market prices and returns) Efficiency wage hypothesis Limits to arbitrage Dividend puzzle Equity premium puzzle Behavioral Economic Models are restricted to a certain observed market anomaly and it adjusts the neo classical models by explaining the phenomenon of Heuristics and framing to the decision makers. It is usually said that economics get along with in the neo classical framework, with just one restriction of the assumption of rationality. Loix et. Al (2005) in their paper Orientation towards Finances explains the individual financial management behavior, people dealing with their financial means. They have analyzed the Non-specific financial behavior as already we see extensive research on the specific finance behavior such as saving, taxation, gambling and amassing debt, and gave a lot of importance to stock market, investors and households. The analysis of general public`s behavior was done, where an ordinary man is not sure and simply act according to the guesses over their money related issues. It was also found that people interested in economic and financial matters are much more active in collecting specific information than general public, stating that financial behavior of household is an important relevant topic that needs to be discussed in much more details. Household financial management is similar to the financial management. The construct of orientation towards finances was developed where the individual ORTO FIN focuses on competencies (interest and skills). Having stronger money attitude is an indication of stronger orientation towards finances and much more effective competencies. Therefore we expect some relevance and similarity between corporate and household management behavior as both require organizing, forecasting, planning and control. Loix et. al (2005) analyzed general publics behavior in basically dividing them into two groups, Financial Information and Personal financial planning. Also explaining some practical and theoretical gaps in the area of psychology of money usage, they concluded that ORTOFIN (Orientation towards finance) indicates the involvement of individuals in managing their finances. Proving out the point that active interest in financial information and an urge to plan expenses are two main factors. A stronger ORTFIN indicates: greater use of debit accounts, higher savings account, wide variety of investments, greater awareness of ones financial Intimate knowledge of the details of ones savings/deposit accounts obsessed by money, higher achievement and power in monetary terms, Further age is also inversely proportional. Shiller, (2006) in his article talked about the co-evolution of neo-classical and behavior finance that in 1937 when A. Samuelsson one of the great economists wrote about people m aximizing the present value of utility subject to a present value. Another judgment he realized was time being consistent human behavior where if at any time t, 0 4. Investing and Cognitive Bias Money Managers and Money management is a very popular phenomenon. The performance in a stock market is measured at daily basis and waiting for a highly subjective annual review of ones performance by ones superior. Market grades you on a daily basis. The smarter one is, more confident one becomes of ones ability to succeed; clients support them by trusting them that eventually helps their careers. But the truth is that few money managers put in sufficient amount of time and effort to figure out what works and develop a set of investment principles to guide their investment decisions Browne (2000). Further he discussed the importance of asset allocation and risk aversion, in order to understand why we do what we do regardless of whether it is rational or not. General public opts for money Managers to deal with their finances and these managers are categorized in three ways: Value Managers, Growth Managers and Market Neutral Managers. The vast majority of money managers are categorized as either value managers or growth managers although a third category, market neutral managers, is gaining popularity these days and may soon rival the so-called strategies of value and growth. Some investment management firms even are being cautious by offering all styles of investments. What too few money managers do is analyze the fundamental financial characteristics of portfolios that produce long-term market beating results, and develop a set of investment principles that are based on those findings. Difference of opinion on the definition of value is the problem. The reasons for this are two-fold, one being the practical reality of managing large sums of money, and other related to behavior. As the assets under management of an advisor grow, universe of potential stocks shrinks. Analyzing why individual and professional investors do not change their behavior even when they face empirical evidence, suggests that their decisions are less than optimal. An answer to this questio n is said to be that being a contrarian may simply be too risky for the average individual or professional. If a person is wrong on collective basis, where everyone else also had made a mistake, the consequences professionally and for ones own self-esteem are far less damaging than if a person is wrong alone. The herd instinct allows for comfort of safety in numbers. The other reason is that individuals try to behave same way and do not tend to change courses of action if they are happy. If the results are not too painful individuals can be happy with sub-optimal results. Moreover, individuals who tend to be unhappy make changes often and eventually end up being just as unhappy in their new circumstances. According to traditional view of investment management, fundamental forces drive markets, however many other investment firms are consider being active and basing their working on their experienced Judgment. It is also believed that Judgmental overrides value and fundamental forces of markets can be lethal as well as a cause of financial disappointment. Historically it has been found that people override at wrong times and in most cases would be better off sticking to their investment disciplines and the reason to this behavior is the cognitive bias. According to Crowell (1994) and many other researchers, stocks of small companies with low price/book ratios provide excess returns. Therefore, given a choice among small cheap stocks and large high priced stocks, prominent investors (financial analysts, senior company executives and company directors) will certainly prefer small cheap ones. But the fact is opposite to this situation where these prominent investors would opt for large high priced ones and so suffer from cognitive bias and further regret. The assumptions made by Crowell (1994, pp.2) were that Long term investment value should be negatively correlated with size since small stocks provide superior returns. Long term Investment value should have a negative correlation with Price/book since low Price/Book stocks provide superior returns. Whereas the results Crowell`s survey were contrary stating that Long Term Investment had a positive correlation with size and with Price/Book stocks. Crowell further stated that according to Shefrin and Statman, prominent investors overestimate the probability that a good company is a good stock, relying on the representative heuristics, concluding that superior companies make superior stocks. Discussing the concept of regrets, aversion to regret is different from aversion to risk; Regret is acute when an individual must take responsibility for the final outcome. Aversion to regret leads to a preference for stocks of good companies. The choice of the stocks of bad companies involves more personal responsibility and higher probability of regret. Therefore, two major Cognitive errors appear: We have a double cognitive error: good company always makes good stock (representativeness), and involves less responsibility(Less aversion to regret). (Crowell, 1994,pp.3) The Anti Cognitive bias actions would be admitting to your owned stocks, admitting earlier investment mistakes. Further, taking the responsibility for actions to improve their performance in future. The reasons for all the available discip Application to Modern Investment Theory to EMH Application to Modern Investment Theory to EMH The modern investment theory and its application on the efficient markets hypothesis 1. Introduction The Modern investment theory and its application is predicated on the Efficient Markets Hypothesis (EMH), assumption that markets fully and instantaneously integrate all available information into market prices. Underlying this comprehensive idea is the assumption that market participants are perfectly rational, and always act in self-interest, making optimal decisions. These assumptions have been challenged. It is difficult to tip over the neo classical convention that has yielded such insights as portfolio optimization, Capital Asset Pricing Model, Arbitrage Pricing Theory and Cox Ingersoll-Ross theory of the term structure of interest rates, all of which are predicated on the EMH[2] rather than downside risks[3]. The theory of behavioral finance is opposite to the traditional theory of Finance and deals with human emotions, sentiments, conditions, biases on collective as well as individual basis. Behavior finance theory is helpful in explaining past practices of investors and dete rmining the false performance of the investors. Behavioral finance is a concept of finance which deals with finances incorporating findings from psychology and sociology. It is reviewed that behavioral finance is generally based on individual behavior and financial market outcomes. There are many models explaining behavioral finance that explains investors behavior or market irregularities where rational models fail to provide adequate information. Investors do not expect such research to provide a method to make lots of money from inefficient financial markets quickly. According to Shiller (2001) Behavioral finance has basically emerged from the theories of psychology, sociology and anthropology where implications of these theories appear to be significant for efficient market hypothesis, that is based on the positive notion that people behave rationally, maximize their utility. It is found that in efficient market the principle of rational behavior is not always correct. Thus, the idea of analyzing other model of human behavior has come up. Gervais (2001) further explains the concept where he says that people like to relate to the stock market as a person having different moods, this person can be bad-tempered or high-spirited and can overreact one day or make amends the next. This person indicates human behavior which is unpredictable and behaves differently in different situations. Lately many researchers have suggested the idea that psychological analysis of investors may be very helpful in understanding financial markets better. To do so it is important to understand behavioral finance presenting the concept of traditional theory overestimating rationality of investors, their biases in decisions casting a cumulative impact on asset prices. To many researchers the study of behavior in finance appeared to be a revolution. As it transforms peoples mentality and perception about markets and factors that influence the markets. The paradigm is shifting. People are continuing to walk across the border from the traditional to the behavioral camp. Gervais (2001, pp.2). On the contrary some people believe that may be its too early to call it a revolution. Gervais (2001) states that Fama in (1970) argued that behavioral finance has not really shown an impact on world prices, and that model contradict each other on different point of times. Giving very less account to behaviorist explanations of trends and the irregularities anomaly ( is any occurrence or object that is strange, unusual, or unique) also argued that in order to locate patterns the data mining techniques are much helpful. Other researchers have also criticized the idea that behavioral finance models tend to replace the traditional models of market functions. Some weaknesses in this area, explained by Gervais (2001)are that generally overreaction and under reaction are major causes of market behavior. In these cases People take the behavior that seems to be easy for a particular study regardless of the fact that whether these biases are either primary factor of economic forces or not. Secondly, lack of trained and expert people. The field does not have enough trained professionals both in psychology or finance fields and therefore as a result the models presented by researchers are improvised. Gervais (2001) also focused on individual behavior impacting asset prices and explained that this field of behavioral finance is currently in its developmental stage, in its way of development it is facing a lot of disagreement which itself is a productive one. He points out that if we apply the conceptual models of behavioral finance to the corporate finance, it can majorly pay off. If money managers are incorrectly rational, means they are probably not evaluating their investment strategies correctly. They might take wrong decisions in their capital structure decisions. It has been found that quite a few people foresee behavioral finance displacing the age old Efficient Markets theory. On the contrary underlying assumption that investors and managers are completely rational makes insightful sense to many people. 2. Traditional Finance and Empirical Evidence Fung, (2006) claimed that Post Keynesian theory has criticized mainstream economic theory for using statistical methods to model the world in which histori ­cal market data cannot provide, In recent years, two different lines of research experimental economics and behavioral finance have pro ­duced results that are at odds with the predictions of mainstream finan ­cial theory. This paper argues that it is beneficial to the development of good financial theory for Post Keynesian economists to engage in an exchange of ideas with the practitioners of these two lines of research. The difference of opinion originated when experimental economics and behavioral finance understood the difference between agents rationality in theory and in real world. Both had a same point of view regarding Post Keynesian economists where both of them refused to assume Post Keynesian economists assumption of economic actors being always rational by maximizing expected utility. Instead of assuming ration al economic ac ­tors who always act consistently, they often tap into insights provided by psychology to try to explain economic behavior. The use of psychol ­ogy can be traced back to Keynes, and, in fact, some of the papers in experimental economics and behavioral finance take a remark of Keynes on the psychology of economic actors as an inspiration for designing empirical tests of economic behavior. Indeed, some of these papers rec ­ognize that we live in an uncertain world, and they examine the heuris ­tics, or rules of thumb, that economic actors develop to guide their behavior in face of uncertainty. When Keynes made his remark in 1936 (the original publication date of the General Theory), there was not yet an efficient market hypothesis. But in 1970 Fama published his pioneering paper on efficient markets. In it, he defined an efficient market as a market in which prices always fully reflect available information. Traditional theory assumes that agents are rational an d the law of one price holds that is a perfect scenario. Where the law of One price[5]. And agents rationality explains the behavior of investor Professional and Individual which is generally inconsistent with rationality or future predictions. If a market achieves a perfect scenario where agents are rational and law of one price holds then the market is efficient. With the availability of large amount of information, form of market changes. It is unlikely that market prices contain all private information. The presence of noise traders (traders, trading randomly and not based on information). Researches show that stock returns are typically unpredictable based on past returns where as future returns are predictable to some extent. According to Glaser et al. (2003) Few examples from the past literature explains the problem of irrationality which occurs because of naive diversification, behavior influenced by framing, the tendency of investors of committing systematic errors while ev aluating public information. Lately it has been found that investors` attitude towards the riskiness of a stock in future and the individual interpretation may explain the higher level trading volume, which itself is a vast topic for insight. A problem of perception exist in the investors actions that stocks have a higher risk adjusted returns than bonds. Another issue with the investors is that these investors either care about a stock portfolio or just about the value of each single security in their portfolio and thus ignore correlations. The concept of ownership society[6] has been promoted in the recent years where people can take better care of their own lives and be better citizen too if they are both owner of financial assets and homeowners. As Shiller (2006) suggested that in order to improve lives of less advantaged people in our society is to teach them how to be capitalist, In order to put ownership society in its right perspective, behavioral finance is needed to be und erstood. The concept of ownership society seems very attractive when people appear to make profits from their investments. Behavioral finance is also very helpful in understanding and justifying government involvement in investing decisions of individuals. The failure of millions of people to save properly for their future is also a core focus of behavioral finance. According to Glaser et al. (2003) there are two approaches towards behavioral finance, where both tend to have same goals. The goals tend to explain observed prices, market trading volume and Last but not the least is the individual behavior better than traditional finance models. Belief Based Model: Psychology (Individual Behavior) Incorporates into Model Market prices and Transaction Volume. It includes findings such as Overconfidence, Biased Self- Attrition, and Conservatism and Representativeness. Preference Based Model: Rational Friction or from psychology Find explanations, Market detects irregularities and individual behavior. It incorporates Prospect Theory[7], House money effect and other forms of mental accounting. Behavioral Finance and Rational debate: the article by Heaton and Rosenberg (2004) highlights the debate between the rational and behavioral model over testability and predictive success. And it was found that neither of them actually offers either of these measures of success. The rational approach uses a particular type of rationalization methodology; which goes on to form the basis of behavior finance predictions. A closer look into the rational finance model goes on to show that it employs ex post rationalizations of observed price behaviors. This allows them greater flexibility when offering explanations for economic anomalies. On the other hand the behavior paradigm criticizes rationalizations as having no concrete role in predicting prices accurately, t hat utility functions, information sets and transaction costs cannot be `rationalized. Ironically they also reject the rational finances explanatory power which plays an essential role in the limits of arbitrage, which actually makes behavioral finance possible. Heaton Rosenberg (2004) presented Milton Friedmans theory that laid the basis of positive economics. His methodology focused on how to make a particular prediction; it is irrelevant whether a particular assumption is rational or irrational. According to this methodology, the rational finance model relies on a limited assumption space since all assumptions that are supposedly not rational have been eliminated. This is one of the major reasons behind the little success in rational finance predictions. Despite the minimal results, adherents of this model have criticized the behavioral model as lacking quantifiable predictions that are based on mathematical models. Rational finance has targeted a more important aspect in the structure of economy, i.e. Investor uncertainty, which further cause financial anomalies. In explaining these assertions, the behavioral approach emphasizes importance of taking limits in arbitrage. Further his methodological approach falls into the category `instru mentalism[8], which basically states that theories are tools for predictions and used to draw inferences. Whether an assumption is realistic or rational is of no value to an instrumentalist. By narrowing what may or may not be possible, one will inevitably eliminate certain strategies or behaviors which might in fact go on to maximize utility or profits based on their uniqueness. An assumption could be irrational even in the long run, but it is continuously revised and refined to make it into something useful. In opposition to this, many individuals have said that behaviouralists are not bound by any constraints thus making their explanations systematically irrational. Heaton Rosenberg (2004) further explains the concept of Rubinstein that how when everyone fails to explain a particular anomaly, suddenly a behavioral aspect to it will come up, because that can be based on completely abstract irrational assumptions. To support rationality, he came up with two arguments. Firstly he w ent on to say that an irrational strategy that is profitable, will only attract copy cat firms or traders into the market. This is supported when a closer look is given towards limits to arbitrage. Secondly through the process of evolution, irrational decisions will eventually be eliminated in the long run. The major achievements characterized of the rational finance paradigm consist of the following: the principle of no arbitrage; market efficiency, the net present value decision rule, and derivatives valuation techniques; Markowitzs (1952) mean-variance framework; event studies; multifactor models such as the APT, ICAPM, and the Consumption CAPM. Despite the number of top achievements that supporters of the rational model claim, the paradigm fails to answer some of the most basic financial economic questions such as `What is the cost of capital for this firm? or `What is its optimal capital structure?; simply because of their self imposed constraints. So far this makes it seem lik e rational finance and behavioral finance are mutually exclusive. Contrary to this, they are actually interdependent, and overlap in several areas. Take for instance the concept of mispricing when there is no arbitrage. Behavior finance on the other hand suggests that this may not be the case; irrational assumptions in the market will still lead to mispricing. Further even though certain arbitrageurs may be able to identify irrationality induced mispricing, because of the imperfect market information, they are unable to convince investors of its existence. Over here, the rational model is accepting the existence of anomalies which are affected both through the factors of risk and chance; therefore coinciding with the perspective of behavioral finance. Two instances are clear examples of how rationalization is an important limit of arbitrage: i) the build-up and blow-up of the internet bubble; and ii) the superiority of value equity strategies. If we focus on the latter, we are able to see behavioral finance literature that highlights the superiority of such strategies in the ability of analysts to extrapolate results for investors. This is possible when rationalization is taken as a limit to arbitrage. Similarly these strategies may also limit arbitrage against mispricing, through the great risk associated with stocks. In explaining most anomalies it is essential that analysts first conclude whether pricing is rational or not. To prove their hypothesis that irrationality induced mispricing exists; behaviouralists may find it easier if they accepted the role of rationalization in limits of arbitrage. Slow information diffusion and short-sales constraints are other factors which explain mispricing. However these factors alone cannot form the basis of a strong and concrete explanation that will clarify pricing across firms and also across time. Those supporting the rational paradigm attack behavioral finance adherents in that their predictions for the financial markets have been made on irrational assumptions; that are not supported by concrete mathematical or scientific models. In their view the lack of concrete discipline in the methodology adopted in behavior finance leads to the lack of testing in their forecasts. On the other hand the rational model is criticized for its lack of success in financial predictions. The behaviouralists claim that this limitation exists because the supporters of rational finance dismiss aspects of the economic market simply because it may not fall into explainable rational behavior. Both perspectives claim to align themselves with respect to the goals of `testability and `predictions, while at the same time continue to offer evidence against the other model. In reality however, rather than being exclusively mutual both paradigms assist one another in making their predictions. Ray (2006) examines a new genre of behavioral markets prediction markets and their remarkable a bility to aggregate inside and expert information from around the world in order to accurately predict all types of economic and financial variables. To date it is said that the prediction markets are the most accurately efficient markets as they prove to show all three forms of market efficiency (weak, semi-strong, and strong), in contrast to regulated markets. Prediction markets are also said to be decision markets. It initially evolved in 1988 with the first online betting market the Iowa Electronic Market. These online markets have proven their predictions accurately since the time they came into being. To be precise these prediction markets are behavioral markets with powerful statistical components that are able to predict the most likely values of future financial variables, variances around such values, and their correlations with other future financial variables. Ray (2006) says that being unregulated, prediction markets are highly effective at flushing out and thereafter a ggregating relevant information including inside and expert information regarding a particular event, globally extracting such information from savvy bettors who are eager to profit from their inside and expert information. These sorts of prediction markets have become so popular that now a days major companies use such behavioral markets to accurately forecast sales, earnings, product success, and many other financial and economic variables. The foremost tool for these markets is the wisdom of crowd. In order to accurately predict financial and economical variables he presented few conditions as a prerequisite, which included mainly having a variety of opinions, with no herd behavior, should be able to use their knowledge according to the information available with them and last but not the least is the fact that prediction markets expectations are not self fulfilling prophecies. Prediction markets are a new genre of behavioral markets that continually reveal the thinking of confid ent insiders by suggesting them to profit from their inside and expert information. The subjective evidence with a few statistical evidences corroborates the impressive ability of these markets to predict financial events of all types. The phenomenon exists from ages and effectively proves its performance especially in worlds financial markets. The demonstrated accuracy of predictions in these markets can be of significant utility to traders, financial analysts, behavioral analysts, and many others intending to forecast and analyze financial data. A persons tendency to make errors is known as cognitive bias. These errors are based on the cognitive factors that include statistical judgments, social attribution and memory being common to all the humans in the world. Cognitive bias is the tendency of intelligent, well-informed people to consistently do the wrong thing. Crowell (1994, pp. 1). The reason behind this cognitive bias is that the Human brain is made for interpersonal relationships and not for processing statistics. He discussed the frailty of forecasts. Generally it is said that the world is divided into two groups: People forecasting positively and people forecasting negatively. These forecasts exaggerate the reliability of their forecasts and trace it to the illusion of validity which exists even when the illusionary character is recognized. Fisher and Statman, (2000) discussed five cognitive bias, underlying the illusion of validity that are Overconfidence, Confirmation, Representativeness, Anchoring, and Hindsight. Shiller (2002) discusses, that irrational behavior may disappear with more learning and a much more structured situation. History proves it that many of cognitive biases in human judgment value uncertainly will change; they may be convinced if given proper instructions, on the part-experience of irrational behavior. The three most common themes of behavioral finance are as follows: Heuristics, Framing and Market Inefficiencies. People when decide on the basis of the rules of thumb regardless of rationalizing suffer from Heuristics. Some forms of Heuristics are: Prospect theory, Loss Aversion, Status quo Bias, Gamblers Fallacy[9], Self-serving bias and lastly Money illusion. Framing is basically a problem of decision making where the decision is based on the point where there is difference in how the case is presented to the decision maker. Cognitive framing, Mental accounting and Anchoring are the common forms of Framing 3. Market Inefficiencies As observed, that market outcomes are totally opposite to rational expectations and efficient market hypothesis where mispricing, irrational decision making and return anomalies are examples of it. Fung (2006) introduced three forms of market efficiency earlier presented by Fama in 1970. In the weak form, the information set con ­tains only historical prices. In the semi strong form, information set contains all publicly available information. In the strong form, the infor ­mation contains not only all publicly available information but also insider information not available to the public. This definition of efficient mar ­kets is too general to be testable empirically. To make the model testable, he proposed a process of price formation known as the expected re ­turn or fair game efficient markets model. In this model, when investors form expectations of security prices, they fully utilize all the information that is fully reflected in those prices. It is called a fair game model, because using only the information that is fully reflected in security prices, no trading system can have expected profits or returns in excess of equi ­librium expected profits or returns. These terms have been described as specific market anomaly from a behavioral point of view. Anomaly (economic behavior) Disposition effect Endowment effect Inequity aversion Intertemporal consumption Present-biased preferences Momentum investing Greed and fear Herd behavior Anomalies (market prices and returns) Efficiency wage hypothesis Limits to arbitrage Dividend puzzle Equity premium puzzle Behavioral Economic Models are restricted to a certain observed market anomaly and it adjusts the neo classical models by explaining the phenomenon of Heuristics and framing to the decision makers. It is usually said that economics get along with in the neo classical framework, with just one restriction of the assumption of rationality. Loix et. Al (2005) in their paper Orientation towards Finances explains the individual financial management behavior, people dealing with their financial means. They have analyzed the Non-specific financial behavior as already we see extensive research on the specific finance behavior such as saving, taxation, gambling and amassing debt, and gave a lot of importance to stock market, investors and households. The analysis of general public`s behavior was done, where an ordinary man is not sure and simply act according to the guesses over their money related issues. It was also found that people interested in economic and financial matters are much more active in collecting specific information than general public, stating that financial behavior of household is an important relevant topic that needs to be discussed in much more details. Household financial management is similar to the financial management. The construct of orientation towards finances was developed where the individual ORTO FIN focuses on competencies (interest and skills). Having stronger money attitude is an indication of stronger orientation towards finances and much more effective competencies. Therefore we expect some relevance and similarity between corporate and household management behavior as both require organizing, forecasting, planning and control. Loix et. al (2005) analyzed general publics behavior in basically dividing them into two groups, Financial Information and Personal financial planning. Also explaining some practical and theoretical gaps in the area of psychology of money usage, they concluded that ORTOFIN (Orientation towards finance) indicates the involvement of individuals in managing their finances. Proving out the point that active interest in financial information and an urge to plan expenses are two main factors. A stronger ORTFIN indicates: greater use of debit accounts, higher savings account, wide variety of investments, greater awareness of ones financial Intimate knowledge of the details of ones savings/deposit accounts obsessed by money, higher achievement and power in monetary terms, Further age is also inversely proportional. Shiller, (2006) in his article talked about the co-evolution of neo-classical and behavior finance that in 1937 when A. Samuelsson one of the great economists wrote about people m aximizing the present value of utility subject to a present value. Another judgment he realized was time being consistent human behavior where if at any time t, 0 4. Investing and Cognitive Bias Money Managers and Money management is a very popular phenomenon. The performance in a stock market is measured at daily basis and waiting for a highly subjective annual review of ones performance by ones superior. Market grades you on a daily basis. The smarter one is, more confident one becomes of ones ability to succeed; clients support them by trusting them that eventually helps their careers. But the truth is that few money managers put in sufficient amount of time and effort to figure out what works and develop a set of investment principles to guide their investment decisions Browne (2000). Further he discussed the importance of asset allocation and risk aversion, in order to understand why we do what we do regardless of whether it is rational or not. General public opts for money Managers to deal with their finances and these managers are categorized in three ways: Value Managers, Growth Managers and Market Neutral Managers. The vast majority of money managers are categorized as either value managers or growth managers although a third category, market neutral managers, is gaining popularity these days and may soon rival the so-called strategies of value and growth. Some investment management firms even are being cautious by offering all styles of investments. What too few money managers do is analyze the fundamental financial characteristics of portfolios that produce long-term market beating results, and develop a set of investment principles that are based on those findings. Difference of opinion on the definition of value is the problem. The reasons for this are two-fold, one being the practical reality of managing large sums of money, and other related to behavior. As the assets under management of an advisor grow, universe of potential stocks shrinks. Analyzing why individual and professional investors do not change their behavior even when they face empirical evidence, suggests that their decisions are less than optimal. An answer to this questio n is said to be that being a contrarian may simply be too risky for the average individual or professional. If a person is wrong on collective basis, where everyone else also had made a mistake, the consequences professionally and for ones own self-esteem are far less damaging than if a person is wrong alone. The herd instinct allows for comfort of safety in numbers. The other reason is that individuals try to behave same way and do not tend to change courses of action if they are happy. If the results are not too painful individuals can be happy with sub-optimal results. Moreover, individuals who tend to be unhappy make changes often and eventually end up being just as unhappy in their new circumstances. According to traditional view of investment management, fundamental forces drive markets, however many other investment firms are consider being active and basing their working on their experienced Judgment. It is also believed that Judgmental overrides value and fundamental forces of markets can be lethal as well as a cause of financial disappointment. Historically it has been found that people override at wrong times and in most cases would be better off sticking to their investment disciplines and the reason to this behavior is the cognitive bias. According to Crowell (1994) and many other researchers, stocks of small companies with low price/book ratios provide excess returns. Therefore, given a choice among small cheap stocks and large high priced stocks, prominent investors (financial analysts, senior company executives and company directors) will certainly prefer small cheap ones. But the fact is opposite to this situation where these prominent investors would opt for large high priced ones and so suffer from cognitive bias and further regret. The assumptions made by Crowell (1994, pp.2) were that Long term investment value should be negatively correlated with size since small stocks provide superior returns. Long term Investment value should have a negative correlation with Price/book since low Price/Book stocks provide superior returns. Whereas the results Crowell`s survey were contrary stating that Long Term Investment had a positive correlation with size and with Price/Book stocks. Crowell further stated that according to Shefrin and Statman, prominent investors overestimate the probability that a good company is a good stock, relying on the representative heuristics, concluding that superior companies make superior stocks. Discussing the concept of regrets, aversion to regret is different from aversion to risk; Regret is acute when an individual must take responsibility for the final outcome. Aversion to regret leads to a preference for stocks of good companies. The choice of the stocks of bad companies involves more personal responsibility and higher probability of regret. Therefore, two major Cognitive errors appear: We have a double cognitive error: good company always makes good stock (representativeness), and involves less responsibility(Less aversion to regret). (Crowell, 1994,pp.3) The Anti Cognitive bias actions would be admitting to your owned stocks, admitting earlier investment mistakes. Further, taking the responsibility for actions to improve their performance in future. The reasons for all the available discip