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

Rip Van Winkle and its Impact on Society :: Rip Van Winkle Essays

Rip Van Winkle and its Impact on Society Events, no matter how small can change a society, a culture, and an outlook in the blink of an eye. Whether it is in a war, a speech, a gesture, or even a novel. Washington Irving made an incredible impact from his short story "Rip Van Winkle", drawing the events surrounding him to form a simple story with deep meaning. To bring to a pinpoint, the story shaped the American culture as the American culture shaped the story. Washington should not be able to take full credit for his story. Rip Van Winkle originated from the Dutch folklores. The story was found in the house of Diedrich Knickerbocker. Although there was some speculation on the accuracy of the tale, historians agree that the story is "now admitted into all Historical collections as a book of unquestionable authority" (Irving, 1353). Knickerbocker claims that he actually talked to Winkle himself and concluded that Rip was in sound mind and that "the story therefore, is beyond the possibility of doubt" (1353). The Catskills are a parallel to the story. Filled with Indian folklores, the Catskills are believed to posses a Manitou or spirit that will take the form of the flesh of human or animal form that would strive to rid the area of bad or mischievous elements or people. Combing the Dutch folklore, the Indian tales, and the idea of using short simple stories to make a point, Washington created a whole new dimension of literature. The British culture concluded that his story had become the new "American" literature. Washington analysis of the relationship between the British and the colonists caused a minor stir among people. First, it was unconventional to even mention the revolution since it was such a touchy subject. Secondly, Washington made quite a statement with his notion that the British rule acted selfishly and oppressive, in turn, portrayed America as the hero. From this folklore, others have grown from it. Some believe that Rip in fact did not fall asleep, but took adventurous journeys in foreign lands with strange people. Art and child-like fantasies have been the median to which the stories have been communicated.

Barriers, challenges, and strategies Essay

Most clinical health care workers are aware that achieving the paradigm of evidence-based practice (EBP) is the gold star standard that one strives for in his/her clinical practice. EBP is expected of healthcare clinicians and has become a synonym for quality care both by the institution of healthcare and its consumers (Brim & Schoonover, 2009). This essay will define EBP for nurses. The barriers, challenges and strategies to implementing evidence-based nursing practice (EBNP) will be discussed with reference to relevant and authoritative literature. As well, the relevance and the links that EBNP has with the clinical area of Intensive Care will be discussed. EBP is the integration, by clinicians, of clinical expertise which is meticulous, explicit and uses current clinically appraised professional knowledge (Eizenberg, 2011; Kenny, Richard, Ceniceros, & Blaize, 2010). EBP accommodates patient preferences, views and values; while also guiding, supporting, validating and answering health care workers clinical judgements, practices, and questions (Eizenberg, 2011; Kenny et al., 2010; Matula, 2005; Wolf, 2005). EBP is a process of asking a clinical question; searching for clinical evidence; critically appraising this evidence and then expertly integrating this evidence with patient’s values, views and preferences; evaluation of how the changes to practice have had on outcomes; and finally disseminating the results that the EBP or change had on patient outcomes (Melnyk, Fineout-Overholt, Stillwell, & Williamson, 2010). The definition of EBP and EBNP and the implementation of EBNP appear to be straightforward and easily accomplished; however, EBNP implementation is far removed from being easy (Brim & Schoonover, 2009; Cullen, Titler, & Rempel, 2011; Eizenberg, 2011; Kenny et al., 2010; Tolson, Booth, & Lowndes, 2008). Nursing research has uncover ed numerous challenges and barriers which the implementation of EBNP faces. These challenges and barriers can be classified as a research, a clinician, an organisational, a nursing professional barrier, and not least patient barriers (Fernandez, Davidson, & Griffiths, 2008; Gerrish et al., 2011; Hutchinson &Johnston, 2006; Ross, 2010). Eizenberg (2011), Gerrish et al. (2011), and Ross (2010) found that nurses face research and clinician barriers that include not having the time, skills and knowledge to critically critique and/or synthesise research literature, unable to effectively use and search databases electronically, hold negative views toward research and feel research is too complex, as  well research at times is not clear on how to implement the findings and findings can be contradictory. Due to these barriers, nurses tend to rely on synthesised evidence such as evidence-based protocols, policies and procedures (Gerrish et al., 2011). Eizenberg (2011) and Gerrish et al. (2011) also found that nurses prefer to acquire information through third parties such as their colleagues, the workplace, through patient care experience, and the knowledge they received from their nursing education. Eizenberg (2011) found that the organisation is the greatest factor in successful EBNP implementation. The organisation controls access and the budget to and for evidence resources such as computers with internet access, a well-equipped library, and access to educational opportunities in EBNP procedures and theory (Eizenberg, 2011). The barrier of not having the authority to change a nursing practice also lies with the organisation – a nurse may have the necessary research knowledge and experience to effectively change practice but cannot implement practice change due to the organisation not giving him/her the authority to instill change (Eizenberg, 2011). Few nursing staff members are given the opportunity to participate in the development of evidence-based policies and procedures; therefore, most nurses are not engaged to support EBP. Ross (2010) further found organisational barriers such as the organisation giving priority to other goals (for example excess sick leave) over EBNP, the organisation may perceive that the staff are not ready or willing to implement EBNP, and that the organisation believes EBNP is unachievable. These organisational barriers prevent EBNP being accomplished and to the greater extent of not being implemented. A barrier of nursing profession relates to the medical dominance of healthcare; as such, nurses are not afforded the power, authority, autonomy and respect from colleagues for nursing practice that the status of being a profession decrees (Brim & Schoonover, 2009; Eizenberg, 2011; Gerrish et al., 2011). A further nursing profession barrier is it can be difficult to instill enthusiasm or information about an EBNP if turnover is high; there is a shortage of experienced nurses; and support from colleagues is lacking (Gerrish et al., 2011; Mark, Latimer, & Hardy, 2010). Due to high turnover and staff shortages, nurses are unable to leave the bedside and have limited time to participate in EBNP projects such as journal clubs, or to attend training in EBP, PICO  (Population/Intervention/Comparison/Outcome), and database searches (Brim & Schoonover, 2009; Brown, Johnson, & Appling, 2011). Nurses, as Kenny et al. (2010) found were hesitant to change their practice if the change would perceivably increase an already heavy workload. Brim & Schoonover (2009) found that some nurses believed EBNP to be an optional course of action as they were never shown a clear direction of what EBNP is essential to nursing and his/her practice. One of the main premises of EBNP is that the evidence and the v alues and beliefs of the patient/s are synthesised together to form an EBNP which is foremost favourable for a positive outcome for the patient/s (Fernandez et al., 2008). Such factors as treatment, travel, and prescription costs; denial of diagnosis; inadequate knowledge level of disease and strategies to decrease risk factors; lack of social support; and cultural issues can all potentially become barriers to implementing an EBNP for a patient or patients (Fernandez et al., 2008). The high acuity of an intensive care unit (ICU) patient significantly affects a nurse’s ability to search a database for answers (Brim & Schoonover, 2009; Kenny et al., 2010). An answer to a question is usually needed immediately or momentarily; therefore, ICU nurses rely on experience, colleagues, and knowledge of evidence-based policies, procedures and guidelines (Eizenberg, 2011; Gerrish et al., 2011). I know I rely heavily upon in-services, experience, and speaking with the ICU Clinical Nurse Educators and Nurse Educators who will do a literature search to acquire information or answers to a question I have posed – but once again this evidence/information h as been synthesised by others and is third hand and I have not fully practiced EBN (Eizenberg, 2011; Gerrish et al., 2011). To try and challenge this barrier I do try and read the clinical information the educator obtained at a later date – usually at home or on a break. Strategies to overcome these challenges and barriers abound from EBP and EBNP journal articles and books. Some of the leading strategies are for the organisation to fully support EBNP through infrastructure, strong leadership from nurse managers and/or advanced practice nurses, and by ensuring a context in which EBNP can flourish (Gerrish et al., 2011; Tolson et al., 2008). The infrastructure needs to provide access to a computer which can access online databases. Infrastructure needed to be in place includes a staffed evidence based nursing library with a librarian able to educate nurses on the process of  EBNP (Pochciol & Warren, 2009). The added challenge is to have EBNP info accessible to the nurse at the patient’s bedside (Pochciol & Warren, 2009). Nursing leaders need a Master’s degree or above, as studies show that leaders with these credentials read and implement more research literature; are more confident; and they consider themselves more competent in supporting others through the EBNP process (Eizenberg, 2011; Gerrish et al., 2011). Leaders, as suggested by Cullen et al. (2011), hold the responsibility to provide support; to build, to create, and maintain an organisational culture that has the capacity to support EBP at both a clinical and administration level. Leaders must be given the power, authority, and support to introduce change – without this authority change cannot occur (Eizenberg, 2011). Scholars agree that if EBNP is to succeed and be sustainable nurses need to be educated and mentored on the implementation process of EBNP (Brim & Schoonover, 2009; Brown et al., 2011; Eizenberg, 2011; Gerrish et al., 2011; Pochciol & Warren, 2009; Ross, 2010; Tolson et al., 2008). EBNP education of nurses needs to begin at orientation to the hospital and is essential that this education is continually built upon and supported with extra education given to nurse managers, educators and advanced practice nurses (Pochciol & Warren, 2009 & Tolson et al, 2008). Ross (2010) suggests nurses information literacy be improved to ensure nurses are able to practice EBN. Information literacy is the ability to competently recognise, locate, and evaluate the fundamental information required at a given point (Ross, 2010). The ICU, where I am employed, has undergone significant changes to the staff and managerial side of the unit. At one point the Clinical Nurse Specialists ratio decreased to less than 5% of nursing staff and there was not a permanent full time Clinical Nurse Consultant. Without the necessary support acquired from these roles the education of ICU nurses and the implementation of new practices, policies and procedures decreased significantly. These barriers significantly halted EBNP from occurring in the ICU as there were very few highly educated leaders available to support EBNP. As suggested by Eizenberg, (2011), Gerrish et al. (2011), and Cullen et al. (2011), educated leaders and managers are needed to keep and instill EBNP to an institution. To obtain Magnet Status hospitals must ensure that EBNP is in place, is supported, and is sustained by the organisation (Brown et al., 2011). To procure nurse  interest in EBNP, and maintain Magnet Status, some hospitals have linked participation in EBNP to clinical ladder advancement and a monetary reward in the form of a wage increase with advancement up the ladder (Whitmer, Aver, Beerman, & Weishaupt, 2011). To hold their position on the clinical advancement ladder the nurse must show, yearly, that he/she is supporting, or implementing, or participating in EBNP within the setting they are employed (Whitmer et al, 2011). The benefits of practicing EBN includes: patients ability to access effective evidence based treatment information; facilitates consistent improvement, through decision making, to healthcare systems; facilitates decisions based on up-to-date evidence and technologies; and reduces variances in nursing care from one nurse to another – standard and competencies are evidence based and consistent; through evidence based competencies the professional status of nursing is elevated to higher heights (Gerrish et al., 2011; Eizenberg, 2011). In conclusion, the challenges/barriers, barrier strategies, and benefits of EBNP has been discussed. Little discussion on EBNP within an ICU was attempted as the ICU nurses face the same situations, challenges/barriers, strategies and benefits as nurses in other areas of healthcare (Sciarra, 2011). Nurses must be given organisational support, education and knowledge needed to participate proficiently in EBNP. References Brim, C. B., & Schoonover, H. D. (2009). Lessons learned while conducting a clinical trial to facilitate evidence-based practice: the neophyte researcher experience. The Journal of Continuing Education in Nursing, 40(8), 380-384. DOI: 10.3928/00220124-20090723-06 Brown, C. R., Johnson, A. S., & Appling, S. E. (2011). A taste of nursing research: an interactive program, introducing evidence-based practice and research to clinical nurses. Journal for Nurses in Staff development, 27(6), E1-E5. DOI: 10.1097/NND.0b013e3182371190 Cullen, L., Titler, M. G., & Rempel, G. (2011). An advanced educational program promoting evidence-based practice. Western Journal of Nursing Research, 33(3), 345-364. DOI: 10.1177/0193945910379218 Eizenberg, M. M. (2011). Implementation of evidence-based nursing practice: nurses’ personal and professional factors? Journal of Advanced Nursing, 67(1), 33-42. DOI: 10.1111/j.1365-2648.2010.05488.x Fernandez, R. S., Davidson, P., & Griffiths, R. (2008). Cardiac rehabilitation coordinators’ perceptions of patient-related barriers to implementing cardiac evidence-based guidelines. Journal of Cardiovascular Nursing, 23(5), 449-457. Gerrish, K., Guillaume, L., Kirshbaum, M., McDonnell, A., Tod, A., & Nolan, M. (2011). Factors influencing the contribution of advanced practice nurses to promoting evidence- based practice among front-line nurses: findings from a cross-sectional survey. Journal of Advanced Nursing, 67(5), 1079-1090. DOI: 10.1111/j.1365-2648.2010.05560.x Hutchinson, A. M., & Johnston, L. (2006). Beyond the BARRIES Scale: commonly reported barriers to research use. Journal of Nursing Administration, 36(4), 189-199. Kenny, D. J., Richard, M. L., Ceniceros, X., & Blaize, K. (2010). Collaborating across services to advance evidence-based nursing practice. Nursing Research, 59(1S), S11-S21. Mark, D. D., Latimer, R. W., & Hardy, M. D. (2010). â€Å"Stars† aligne d for evidence-based practice. A TriService initiative in the Pacific. Nursing Research, 59(S1), S48-S57. Matula, P. (2005). Evidence-based practice at the bedside: Igniting the spirit of inquiry. The Pennsylvania Nurse, Dec, 22. Melnyk, B. M., Fineout-Overholt, E., Stillwell, S. B., & Williamson, K. M. (2010). The seven steps of evidence-based practice. Following this progressive, sequential approach will lead to improved health care and patient outcome. The American Journal of Nursing, 110(1), 51-53. Pochciol, J. M., & Warren, J. I. (2009). An information technology infrastructure to enable evidence-based nursing practice. Nursing Administration Quarterly, 33(4), 317-324. Ross, J. (2010). Information literacy for evidence-based practice in perianesthesia nurses: readiness for evidence-based practice. Journal of PeriAnesthesia Nursing, 25(2), 64-70. DOI: 10.1016/j.jopan.2010.01.007 Sciarra, E. (2011). Impacting practice through evidence-based education. Dimensions of Critical Care Nursing, 30(5), 269-275. DOI: 10.1097/DCC.0b.013e318227738c Tolson, D., Booth, J., & Lowndes, A. (2008). Achieving evidence-based nursing practice: impact of the Caledonian development model. Journal of Nursing Management, 16, 682-691. DOI: 10.1111/j.1365-2834.2008.00889.x Whitmer, K., Aver, C., Beerman, L., & Weishaupt, L. (2011). Launching evidence-based nursing practice. Journal for Nurses in Staff Development, 27(2), E5-E7. DOI: 10.1097/NND.0b013e31820eefd2 Wolf, Z. R. (2005). Clinical challenges and evidence based nursing practice. The Pennsylvania Nurse, Dec, 20.

Schools curricula in the late imperial period (1914-1945) and the development of negative racial attitudes The WritePass Journal

Schools curricula in the late imperial period (1914-1945) and the development of negative racial attitudes Abstract Schools curricula in the late imperial period (1914-1945) and the development of negative racial attitudes ). Racism is clearly illustrated to have the potential to alter education, work and lifestyles of the oppressed culture (McKinney 2013).   The education system was utilized by the ruling class as one of the major promoters of racism in European powers (Bonilla-Silva 2013). The suppression of one culture in favour of another has led to a perception of unequal opportunity for those of colour (McKinney 2013). The approach taken in school curricula is credited for much of the learned negative racial attitudes visible in the world (Fredrickson 2009). This paper analyses how the negative racism attitudes were promoted in the late imperial period through the approach to educational curriculum. 2 School Curriculum and Racism The late imperial period was marred by world wars that were majorly based on the fight for supremacy (Jackson Weidman 2004).   The development of nationalistic ideas and spread of propaganda of cultural superiority were hallmarks of the era. Educational school curriculum offered during the late imperial period was focussed on developing personnel to maximize the benefits of the colonial powers in order to ensure the relevance of a specific European power (Fredrickson 2009).   Others cite the educational system as teaching varied lessons to separate areas in an effort to guide their development (McKinney 2013). During this period, schools were developed in colonies or protectorates for motives including the peaceful integration of the populations that were taken by the nation during negotiation or discovery (Jackson Weidman 2004). Education was one of the fundamental social requirements for comfort of the settlers and was expected to be provided with quality. It is argued that the colonial powers were aware that an effective education would result complications making the unique applications of knowledge essential (Elman Woodside 1995).   It was common for the ruling power to offer substandard education to the locals in areas under their influence (Elman Woodside 1995). This resulted to two forms of education curricula administered at the same time in the same country. One was meant for the dominant culture, the Anglo or whites, and the other was meant for the locals or people of colour (McKinney 2013). This kind of education system was not limited to the territories, mandates, protect orates, colonies, and dominions of the European powers.   This same system was implemented as the expansion efforts of the period created huge numbers of immigrants in Europe (Fredrickson 2009). To maintain control, the ruling party influenced the educational avenues of the incoming populations, thereby cutting their available opportunities (McKinney 2013).   This perception of imbalance created negative attitudes that were exhibited by both the ‘whites’ and other ‘coloured’ races. The education system used during the late imperial period was based on the class system, providing the elites with a better quality education (Tamanji 2011). This form of segregation was used to maintain a strict infrastructure that allowed for the ruling culture to remain dominant (McKinney 2013). This system of education was centralised and focused on industrialised societies and the capacity to spread to other parts. Nations including Britain, France, Germany, USSR, and Italy were focused on building a community that believed in their unique cultural superiority (Jackson Weidman 2004).   During this period, the colonial powers had successfully managed to secure and develop influence across many parts of the world, making their choice of education influential on a global scale (Elman Woodside 1995). The colonial powers established school curriculum that was meant to spread their cultural practices (Bale 2011). Others cite the ease of population control and influence through the advent of education (McKinney 2013).   Ã‚  This resulted in a perception that specific races were being underrated creating a primary contributor to the negative racism attitudes (Tamanji 2011). Further, the dominant culture has used the education system to spread the propaganda of their superiority among their people, establishing their overall dominance (Frederickson 2009). The discriminatory education curriculum resulted in the oppressed classes being unable to match the competencies of the colonialists (Tamanji 2011). This created another form of cultural division as the best jobs were taken by the better educated (McKinney 2013).   The fact that the school curriculum of the 1914-1945 periods advocated for strategies aimed at maintaining the supremacy of the white race made it unwelcoming by and clearly illustrates the practice of discrimination (Jackson Weidman 2004). The fundamental concept credited with the spread of Racism rests in that the dominant culture believed that good education was meant for   Ã‚  them alone as they were responsible for civilizing the world (McKinney 2013). Other races were to be provided with limited education so as to enable them to perform their normal duties with minimal complications.   The dominant culture not only assumed the role of civilizing the world, but also took the best education can offer (Jackson W eidman, 2004). This made the next generation developing under that education system feel superior to other races as they were taught courses that were not similar to other races and at the same time advocated for their superiority (Tamanji 2011).   The curriculum impacted the perception of the students and allowed them to look down upon the other races, thereby developing negative racism attitudes. With a poor educational curriculum, other races were exposed to inferior educational system that limited their levels of achievement (Jackson Weidman 2004). In a very real sense this limitation directly impacted their capacity to get a job.   They could not rise up the ranks as the position held by people in the society was determined by the levels of education (McKinney 2013). Frustration and the perception of oppression made the oppressed populations develop hatred for the dominant culture as they perceived inequality to be behind their limited capabilities in life. This further contributed to the development of negative perception of the dominant culture due to the quality of life that they led (Elman Woodside 1995).   Children from other races grew up knowing that the whites were being favoured by the education system during the late imperial period (Elman Woodside 1995).   This provided the foundation for developing negative racist attitude among the other races (Jackso n Weidman 2004). During the late imperial period the education system applied high levels of segregation where the whites were segregated from the other races (Bale 2011).   Illustrating the stark division of culture, in the United States, there were schools for whites and schools for the blacks (Bale, 2011). In nearly every way the white school was far superior to the materials provided to the African American students (McKinney 2013).   Segregation was not only was in place, but was a subject of passion and controversy (Bale 2011). There was no way a black student would be found in the same school as a white student. This promoted isolation and indifferences that cultivated negative racist attitudes among the white and the other races during those times (Elman Woodside 1995). Another key feature of the school curricula of the late imperial period was the language of learning that was designed for both whites and the other races (Fredrickson 2009). The language of teaching was chosen to promote nationalistic attitudes towards western powers for the dominant culture while developing negative attitudes by the non-whites due to segregation (Fredrickson 2009). The fact that the education system increased levels of exposure and use of specific languages such as English and French promoted the development of pride among the students whose primary language of communication was the language used in learning (Bale 2011). This pride resulted increased the perception of superiority with the argument that their language was the most civilised (Sylvester 2005). This factor is a further link to the education system of that period to the increased development of negative racism attitudes. Education was an avenue that provided a platform for spreading the propaganda of racism (Jackson Weidman 2004). The school curriculum was designed to incorporate government policies that advocated racist policy.   This was evident during the Nazi years in Germany where education system was ideology based (McKinney 2013).   The Germans utilized essays that spread the propaganda of racism and superiority of their race and students during this period were focused on developing ideologies and propaganda that they were superior to the other races (Fredrickson 2009). The German education system put more emphasis on physical education and racial doctrines while ignoring the facet of intellectual pursuit (Fredrickson 2009). This provided a platform for racism as the students were limited to learning about how important they were through the lens of education. Reduced levels of acuity in the society resulted to high levels of acceptance of the propaganda that they were superior races hen ce developing a negative racial attitude against other races (Jackson Weidman 2004). Europe during this period was marred with several wars fighting for superiority (McKinney 2013).   In nearly every case it was a cultural dispute centred on the need for a nation, and the inherent population, to be dominant in the region. The late imperial period was also characterised by changes in subject contents in most countries in Europe (Wood 2009). This was due to the fact that most nations were investing heavily in military due to fight for supremacy and did not have proper educational resources (Wood 2009).   There was only the need for a basic education that after the war left the individual unprepared.   Grammar was highly regarded with a focus on all students of a specific nation in Europe to speak one language that was considered superior (Fredrickson 2009). Further, three subjects were given more weight in school: biology, history, and language (McKinney 2013). Schools were focused on teaching students the historical importance of their race in the evolution of the world (Jackson Weidman, 2004). As an extension of this approach biology was credited with enhancing the heredity and race. The educational curriculum of the period was created to ensure that superior language became the preferred tool (Mina 2011). Others firmly believe this effort was made to force other cultures to conform and therefore gain social influence for the dominant culture (McKinney 2013). A combination of limited education that emphasised on physical education produced people that had limited opportunity to view humanity as equals.   The imperial period was focussed on ensuring that the superiority of the dominant culture is passed on to and utilized school curricula to accomplish this goal (Fredrickson 2009). This effort contributed to cultivation of the negative racism attitude among the population. 3 Conclusion Educational curriculum has had a profound impact on the state of racism during the late imperial period. Others cite the attitudes and perceptions that created the curriculum as having a larger impact. Two separate methods within the school curricula promoted negative racism attitudes: educational segregation and specialised education for the dominant culture.   Both of these concepts were promoted by the ruling regime, indicating a de facto acceptance of the racist philosophy. Further, education at this time was focused on communicating to the students how special they were as compared to other races, reinforcing their base perceptions. Conversely, the lesser classes were only given the education the establishment deemed appropriate. This approach of differential levels of education reduced the level of intellect in society, thereby allowing high levels racism being accepted. The school curriculum in this case promoted the negative racism attitudes by actively separating and culti vating the perception of varied class among school going students. The evidence presented illustrates that there were races that considered themselves superior and those that were considered inferior exhibited negative racist attitudes as a result of the approach adopted in the school curriculum that was focused on segregation and racial clustering.   Consequently, the heightened levels of racism in the world during this time were mainly as a result of it being cultivated in individuals at a very early age. This was possible as school going children were made to be clearly aware of their race and their place in the society based on what was being taught in school. This essay has illustrated that the educational curriculum was manipulated to cultivate negative racial attitudes among the young people of the early 20th century. The primary justification for this was in order to ensure the sustainability of the dominant culture. 4 References Bale, J., 2011a. Tongue-tied: Imperialism and Second Language Education in the United States, Critical Education, Vol. 2, No 8, 1920-4175. Bale, J., 2011b. The campaign for Spanish language education in the â€Å"Colossus of the North,† 1914–1945, Language Policy, Vol. 10, No. 2, pp 137-157. Bonilla-Silva, E. 2013.  Racism without Racists. Lanham: Rowman Littlefield Publishers. Elman, B. Woodside, A., 1995. Education and Society in Late Imperial China 1600-1900, The China Quarterly, 143, 902-904. Fredrickson, G. M., 2009. Racism: A Short History, Princeton, NJ: Princeton University Press. Jackson, J. P. Weidman, N. M., 2004. Race, Racism, and Science: Social Impact and Interaction, Santa Barbara, CA: ABC-CLIO Mckinney, K. D. 2013.  Being White. Hoboken: Taylor and Francis. Mina, H., 2011. National and colonial language discourses in Japan and its colonies, 1868-1945, Retrieved from http://hdl.handle.net/2429/38131 Sylvester, B.P., 2005.   Perceived negativity and the malleability of Blacks’ racial attitudes. Unpublished undergraduate honours thesis. Hanover, NH: Dartmouth College. Tamanji, A.C., 2011. Three Instances of Western Colonial Governments and Christian Missions in Cameroon Education: 1884-1961, Dissertations. Paper 106. Retrieved from http://ecommons.luc.edu/luc_diss/106 Wood, A. L., 2009.   Lynching and Spectacle: Witnessing Racial Violence in America, 1890-1940. North Carolina: The University of North Carolina Press.