The Battle of Taiyuan

The Battle of Taiyuan Tom Su The battle of Taiyuan includes: Battle of Pingxingguan battle, Tianzhen, Xinkou battle, battle of Taiyuan, battle of niangziguan. From October 1937 to November, during the Anti Japanese War, Chinese second troops with the Japanese army in North China in the north of Shanxi Province, the eastern and central regions of the large-scale strategic defense battle.[1] In the late summer of 1937; the Japanese Kwantung Army chief of staff under the command of Tojo E, the army set up headquarters in Toronto, with four brigade troops along the flat Suilu from mongolia. Pinghan way Japanese army Fifth Division at the head of the division under the command of Itagaki Shiro, from Huailai through Weixian County, Laiyuan to Baoding to coordinate operations. China, the national government in the second fight in each department in Weixian County, and Tian Zhen, Yanggao Pingxingguan, Datong in the near to the main assembly, in preparation for julebu and Japanese aggression army battle. Since September 5th the Japanese attack West , only twenty days, they occupied the city, the town of Datong, Jining, Yanggao and large area. Tianzhen Battle: battle from September 3rd started, more than 1 thousand and 500 Japanese troops began to attack the Kuomintang positions,In September 5th, 6, the Japanese aircraft, tanks, artillery, armored vehicles and step more than 3 thousand horsemen began to attack the town main position. In the attack, the Japanese army also used a gas bomb, in addition to the aircraft. The 400 regiment stationed in Panshan to resist, the end result was hopelessly outnumbered more than and 800 casualties, run out of ammunition and food supplies, and after  the Japanese breakthrough position.In September 9th, the fall of yanggao. The Japanese siege complex back to TianZhen. The posterior was amputated, commander Li Fuying ordered to leave,at12,Tianzhen fall, North Shanxi lost barrier. Pingxingguan Battle: in September 21st, the Japanese army Fifth Division twenty-first regiment in two infantry brigade from Hunyuan south to climb mountains, the seventeenth army attacked the defenders of positive, 23 day occupation group and then to twenty-first brigade Chengkou; from Lingqiu to the south, Pingxingguan from frontal attack, the KMT army was fighting thirty-third army seventy-third Division, 24 troops stormed again. Thirty-fifth army commander Fu Zuoyi rate reserve army 2 division reinforcements, the Japanese attack frustrated. The Eight Route Army in the 115th division division commander Lin Biao, deputy commander Nie Rongzhen led to a hit Lingqiu, Laiyuan in 685th, the main enemy lines, 686th, 687th regiment three regiment ambushed the Japanese army in Lingqiu County, favorable terrain of East Henan town Pingxingguan northeast highway on both sides of the mountain. In September 25th, the Fifth Division forty-second regiment of the twenty-first brigade and a large nu mber of baggage vehicles from Lingqiu to advance in the pre V area Pingxingguan, killed thousands of people, hundreds of vehicles were destroyed. The Japanese Army Second brigade, Fifteenth east post, 27 days on the second day of Ru Ru exports, exports fell. Japanese troops occupied Fanshi, the threat of Pingxingguan paranotum. 30 day and night, Pingxingguan garrison was ordered to withdraw to Mount Wutai. The Japanese army was in Pingxingguan westward to Daixian. Xinkou Battle: The Communist army and the Kuomintang army retreated to Xinkou, both sides of WuTaishan and the Yunzhonshan mountains, and the defense was favorable. In October 2nd, the Japanese army attacked Gouxian, and then pressed against Yuanping, defeating Jiang Yuzhens 196th brigade in thirty-fourth, December 1st, 50000 Japanese troops began in Xinkou assault, used more than thirty aircraft, forty artillery, and more than fifty tanks. 16, China to fight back, the Japanese slowdown. 19, China army successfully attacked Yangmingbao airport and destroyed 24 Japanese planes on the ground, because of air support, in 26 Japanese assault battalion China garrison line push back to Shijiazhuang through the Taiyuan railway. January 11th, the Chinese army to give up Xinkou, returned to Taiyuan. Niangziguan defense battle: The Kuomintang troops into East Shanxi Niangziguan area defense organization, positive for the seventeenth, thirtieth division, fourteenth army left, right by the third army, deputy commander of the second district chief Huang Shaohong command. In October 11th, the Japanese twentieth division of the occupation of Jingxing, a school of Niangziguan front, the main bypass in 13, captured the old customs. Yan Xishan is anxious to reinforce the north of Shanxi Province, sun Lianzhong rate of the twenty-sixth Route Army feedback Niangziguan, organized a counterattack, the Japanese fighters, but did not regain the old customs. 21, the Japanese twentieth division division commander Kawagishi Fuburo 109th division of reinforcements, to continue in the aviation support under the frontal attack of Niangziguan, covering twentieth division two commando moved southward. measuring the town of fish on the south side of Third Army breakthrough defense, and turn around to N iangziguan. Niangziguan garrison in full retreat, the Japanese teenage  boy along the west of the railway chase, blocking and repel Joseph forty-first army, the occupation of Shouyang in November 2nd. Japanese quickly approaching Yuci, The twentieth division troops baggage by Qigencun, has two times by the Eight Route Army 129th division. 26, the Japanese left about 4 Commando Brigade by endangering Taiyuan. In October 4th and 7, the Japanese army in a mountain by Guangyang 115th, 129th division of the Eight Route Army ambush. The battle of Taiyuan: In November 4th, Yan Xishan Fu Zuoyi was appointed commander of the Yugoslav capital Taiyuan, Wei commander in chief in the second front, determined to occupy Taiyuan Beijiao positions in Xinkou retreating troops, to withdraw the troops defending the Niangziguan eastern suburbs of Taiyuan, Yuci to promote the Japanese reinforcements to standby attack just thirteenth army, 7 army brigade in thirty-fifth is responsible for the damage. However, the two line is still based on the withdrawal of troops is not stable, the Japanese that followed, the order of chaos. 5, the Japanese accounted for 6 of Yuci Road, North Road, the Japanese at Taiyuan city wall, 7 sides of the Japanese siege to. Fight to the night, only more than 2000 defenders soldiers. The battle of Taiyuan is the Second World War Chinese army and Japanese army first front battle, but also Chinese Communist Party and the Kuomintang cooperation for the first time fighting, the Japanese army occupied Chines e slow speed, it consumes the Japanese Army forces broke the Japanese army strong. Bibliography Chen,C.Peter Battle of Shan Xi World war 2 Database 2004-2007.Accessed Fed 23.2017.www2db.com/ Akira Kakizawa Early Japanese Campaign in the 2nd Sino-Japanese war.Axis History forum Aug 2006.Accessed March 9 2017.www.forum.axishistory.com/ Long,F Battle of taiyuan.Nov 2015.Accessed March 9 2017.www.baike.baidu.com/ Xi,N Background and process of Taiyuan.March 2016.Accessed March 22.www.shanxi.sina.com.cn/ [1] Peter C. Chen. Battle of Shan Xi World War 2 Database. 2004-2007. Accessed February 23, 2017. www2db.com/ [2]

Hamlet vs. Laertes

Jeffrey Kotch Mrs. Ingram Literary Analysis English 12 The main theme in Hamlet is revenge. Although Hamlet and Laertes are both seeking revenge, they go about it differently. Because they are in the same situation, they can be compared to one another. Shakespeare probably created the retaliatory Laertes in order to make the reader or audience side with Hamlet, the protagonist. By comparing him to the rash Laertes, the author forces the reader to appreciate the careful thought that goes into Hamlet's every move (until towards the end when he too becomes rash).They are both high-class males placed in strenuous positions. Without Laertes, the audience would have no one else to compare Hamlet to, other than Fortinbras, who rarely appears. Laertes is almost the standard to which Shakespeare wants his audience to compare the Prince to. Comparing the two almost intensifies their different characteristics. The differences between Laertes and Hamlet affect a main theme of the play revenge. B oth men have fathers killed, and both are seeking revenge. Hamlet, though he knows who murdered his father, hesitates to take direct action against the villain.In stark contrast is Laertes, who doesn’t know who killed his father but will kill anyone on a whim. Laertes’ rashness throughout provides the play with an unlikely stereotypical hero– brave, unwavering, ready to kill– and is rather ironic because Laertes is not the play’s â€Å"hero† role. The hero instead is Hamlet, and Hamlet is not a typical hero, in that he shies away from violence, and is portrayed as insane for half of the play (though that is by his own doing). Hamlet is not even able to kill his uncle until Act 5, by which time he can be argued to be mentally and emotionally instable, if not insane.In order to avenge his father’s death, Hamlet must lose himself in insanity; he must become, essentially, an entirely different character. Another considerable difference be tween Hamlet and Laertes are their relationships with Ophelia. Hamlet is obviously taken by Ophelia in the first two acts of the play, as he writes her letters and even tries to grab her in his lustful advances. This is clearly not the case with Laertes, as he is Ophelia’s brother; although Shakespeare is not beyond writing about incest, it is not being portrayed here.Instead, Laertes takes on a protective role of â€Å"big brother† (although we do not know which sibling is the elder), warning Ophelia of Hamlet’s advances as being juvenile and false. Hamlet later begins to treat Ophelia badly, scorning her affections and seemingly driving her insane and to her inevitable death. Laertes seems to dislike Hamlet from the beginning of the play, and emotions collide in Act V: the two men scuffle in the open grave of Ophelia, each believing that they loved her the most, and jealous of the other’s affections for her.Hamlet’s clashes with Claudius also bui ld the plot of the play; knowing that his uncle killed his father in cold blood, Hamlet’s scorn of the new king grows throughout the play. Hamlet continually struggles with his emotions as he fights the desire to avenge his father’s death by killing the king. He uses circuitous means to take metaphorical stabs at his uncle: a play about a man killing his uncle by pouring poison in his ear (the same method of murder used to kill Hamlet’s father). Claudius eventually gets the feeling that Hamlet knows more than he is letting on, and begins to feel threatened.Claudius begins looking for ways to get rid of Hamlet, and eventually decides to send him off to England, where he has sent orders to have his nephew killed. His plan, however, is thwarted when Hamlet discovers the orders for his death. Claudius now needs Laertes, a rash and violent person, to kill Hamlet for him. He tells Laertes that Hamlet killed Polonius, and Laertes allies with Claudius against Hamlet. Th us, another dissimilarity is disclosed, as Hamlet would never consider allying with Claudius for anything, and Laertes, hungry for blood, is willing to ally with anybody who will give him an easy kill.How the characters feel about their fathers is also very dissimilar. Hamlet loves his father and is devastated when King Hamlet is killed; Hamlet is suicidal at the beginning of the play due to his father’s death. Hamlet feels that, for the love of his father, he must take revenge, yet is unable to do so for lack of courage and ambition. Laertes (while the level of his relationship with his father is unclear in the play) shows very little emotion over the actual death of his father, but is over-eager to avenge it.It is therefore apparent that while Hamlet truly loves his father, Laertes is more concerned with the saving the pride of the family by avenging his father’s death than with realizing that his father is dead. Therefore, Hamlet seems to be more exocentric, while L aertes, continuing his father’s quest for personal gain, appears to be more egocentric. Hamlet seems to fancy himself an actor; several times during the play, he either gives â€Å"pointers† to other players or excessively dramatizes a scene.The famous line, â€Å"Alas, poor Yorick! (V. i. 179-188)† finds Hamlet dramatically talking to a skull. In order to enhance emotion and to add a mood to a monologue, Elizabethan actors often talked to inanimate objects. In this scene Hamlet is utilizing the skull and the overall dark aura of the graveyard to speak of Ophelia’s death. In addition to these instances, Hamlet is acting insane for the majority of the play, in order to put his devious schemes into action without being suspected by his uncle.He uses his surroundings to enhance his words, thus acting out a philosophical monologue in a regular conversation. Laertes seems to be more rough and unrefined than Hamlet– like his actions, his words are bold a nd to the point. Unlike Hamlet, Laertes’ lines at the end of the play tend to be short and to the point– he speaks no more than eight lines at a time in all but one occasion beginning in Act 4, Scene 5. Hamlet frequently goes into long monologues that can exceed fifty lines.The distinctions between Hamlet and Laertes are significant because they provide some insight into the personalities of both characters, particularly Hamlet. By introducing Laertes into the play as a fiery, compulsive person; any resemblance of ambition or courage displayed by Hamlet pales in comparison to Laertes’. This enhances the emotion in Hamlet’s monologue at the end of Act II, when Hamlet examines himself and finds him lacking in courage. The inner turmoil in Hamlet is strong, as he calls himself a â€Å"coward† and thinks himself as weak as a woman.He wants to avenge his father’s death at Claudius’ hands, yet, like his uncle, he does not approach conflict directly– he takes covert action. Conversely, Hamlet’s lack of action allows him to think through his plans before he puts them into effect, allowing for much deviousness in planning on his part; Laertes does not tend to think before he puts his throat to a person’s throat. Laertes provides a counterpart to Hamlet– they are in relatively the same situation, but they deal with their problems in entirely different ways.

Is It Worth It - 642 Words

With gas prices on a slow rise it is no surprise that the United States has a huge dependency on oil. In a recent statistic from the US Energy Information Administration stated that in 2012 alone roughly 10.6 million barrels of petroleum were imported into the US daily. Most recently BP was accused of spilling approximately 470 to 1228 gallons of oil. And in recent past the major oil spill with in the Gulf of Mexico which occurred in 2010 that is by many is considered to be the worst oil spill in US history. An estimated 4.9 million barrels of oil was leaked into the Gulf coast. Being detrimental to not only wildlife but also has a huge impact on the planets general population as well. Most if not all forms of transportation with a large portion being cars run on oil and little alternatives to what can be used as a substitute. With such a high dependency on oil as well as being a high risk factor why hasn’t the US looked to other forms of energy that are both clean and efficie nt? Many countries have found alternative ways to supply energy. Most notably Sweden, in which in later years has been noted to actually import waste to use for their energy. If a viable energy alternative is not implemented then dependency on oil may inevitably deteriorate the infrastructure in which this country is operated upon as well as consequently negatively affect natural resources and wildlife to a point in which it will be near impossible to rehabilitate. The United States defense budgetShow MoreRelatedIs It Worth It?1394 Words   |  6 Pages Is it worth it? Since the day we were born, we were taught that going to college was something we were expected to achieve. Having a degree is considered, to be a vital success in our culture. But decades later the rising of tuition for higher education has been growing at almost twice the rate, and also for the high unemployment for the recent graduates; so is college a necessity or a luxury? 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A Comparison Of Gilbert And Stouts Theory - 1784 Words

In Martha Stout’s essay â€Å"When I Woke Up Tuesday Morning, It Was Friday†, she discusses how a person who has suffered a traumatic experience is most likely to dissociate their individual self from that situation and block it from their mind completely. This form of a solution allows the person to forget the experience and not feel the pain. In â€Å"Immune to Reality† Daniel Gilbert describes how every human being contains a psychological immune system, which works to shield us from horrible experiences that threaten our happiness. When experiencing a traumatic event, the psychological immune system responds by â€Å"cooking up the facts†, meaning taking the facts of the situation and turning the negative aspects of it into positive views. At first†¦show more content†¦Elephants have been victims of not just the incessant poaching but also of the civil wars; ultimately making them to fight back. The killing case have gone over the roof, as the â€Å"singular perversity† (Siebert 353) of the attacks. In India, â€Å"nearly one thousand people have been killed by elephants between 2000 and 2004† (Siebert 353). Several frequent attacks were recorded in Africa and other villages where the denizens were forced to evacuate their houses. ‘nearly one thousand’ which accentuates the gravity of the situation in 4 years had gained a lot of attention from the elephants researchers. Seibert’s prime third perspective, Gay Bradshaw, Oregon State psychologist, claims that that â€Å"everybody pretty much agrees that the relationship between elephants and people has dramatically changed† (Siebert 353). The choice of diction ‘dramatically’ indicates that elephants are not being violent towards human beings but they are also doing it intentionally. Dramatic behavior changes over the years are now being explained in the elephants. â€Å"Bradshaw and several colleagues argued that t oday’s elephant populations are suffering from a form of chronic stress, a kind of species-wide trauma† (Siebert 354), due to â€Å"decades of poaching and habitat loss† (Siebert 354). Elephants are becoming more destructive and Bradshaw looked into combining â€Å"traditional research into elephant behavior with insights about trauma drawn from

Apples and Oranges a Comparative Essay Free Essays

Apples and Oranges: A Comparative Essay Is the old adage â€Å"you can’t compare apples and oranges† correct? Besides being food, both of these produce items have much in common. They both are located under the Fruits and Vegetable category of the Canadian Food Guide; they are both spherical in shape, making them fit in the palm of your hand; and they both have a considerable amount of moisture under their skin. However, in both nutritional value and aesthetic appearance the orange far out weighs the lowly apple. We will write a custom essay sample on Apples and Oranges: a Comparative Essay or any similar topic only for you Order Now Although, according to the Canadian Food Guide, a serving of apples and a serving of oranges are both considered one equal serving within the Fruits and Vegetables category, the nutritional value of oranges is far superior to that of apples. First, oranges have a higher concentration of vitamin C. This vitamin is essential in strengthening and maintaining a healthy immune system. Thus, the greater the vitamin C—within reason—the greater the functioning and resilience of our immune system. Furthermore, peeling an orange often requires extreme dexterity and excellent hand-eye coordination. Thus, when eating an orange one is not only receiving an excellent dose of vitamin C, one is also practicing hand-eye coordination and honing his/her dexterity. On the other hand, apples, although a good source of vitamin C lack the concentration that is obviously present in oranges. Thus, when eating an apple it seems that the apple’s nutritional value is simply calorie intake—fuel for the body. While this function is necessary, oranges ‘play double duty’. They provide us with calories at the same time as helping us to fight viruses and disease. Furthermore, eating an apple only requires a strong jaw and teeth. It does not help us to practice transferable skills such as dexterity. While the nutritional value of the fruits we consume is important, their aesthetic appearance is of greater concern. The appearance of an apple is pleasing; its symmetry, shine, and contours emulate marble sculptures. However, there is one essential flaw in the aesthetic of the apple. It lacks a strong and invigorating aroma. When an apple is bitten, it emits a deep musky smell, one that is unique but in no way mood-changing. Oranges, when peeled emit a heavy citrus scent which, studies have shown, help us to become re-energized. Perfumers have even attempted to capture this scent in their colognes, body washes, and au de toilets. But no synthetic concoction can truly mimetic the revitalizing effects of citrus. The very prestigious study of aromatherapy has verified the mood-changing effects of the citrus scent; â€Å"citrus is often used by psychologist to treat patients with depression with some promising results† (Fakes 2). Thus the orange combats both diseases of the body and diseases of the mind. Although there are many superficial similarities between apples and oranges, oranges are of greater nutritional and aesthetic value. Apples are valuable in their caloric value and their appearance, but they lack both the concentration of vitamin C as well as the revitalizing citrus effects. Therefore, perhaps the old adage is correct: â€Å"You can’t compare apples and oranges†. How to cite Apples and Oranges: a Comparative Essay, Essay examples

Efficient Market Hypothesis - Financial Concepts Free Sample

Question: Explain how behavioural finance challenges the efficient market hypothesis. Within your explanation discuss the implications of behavioural finance for investment managers? Answer: Introduction The superiority of the Efficient Market Hypothesis was challenged due to the emergence of the Behavioral Finance. From that point forward, the conventional standard methodology has been in a consistent clash against this new and progressively acknowledged standard of the investing behavior. The shortcomings of the hypothesis have turned into the investing weapon of the new exploratory methodology (Kartaova, Remeikiene, Gaspareniene and Venclauskien, 2014). Efficient market process and the investing rationality have contradicted the psychology of investors, market bubbles and biasness of the investors. Efficiency of information and the integration approach of the arbitrage have been found to be conflicting with the inefficient access to the market information as well anomalies in the market in case of long term (Gupta, Preetibedi and mlakra, 2014). This paper will a provide deep and insight analysis regarding the concept of efficient market hypothesis and behavioral finance. Efficient Market Hypothesis Efficient market hypothesis is one of the most important investment theories and it is also considered as the spine of the present financial theories. Since early 1960s to the middle of 1990s the efficient market hypothesis was considered to be the principal investing theory and the most popular approach accepted by the financial analysts. According to Malkiel (2003), the efficient markets do not permit the investors to obtain returns which are higher than the average. It can be implied that that the efficient market hypothesis emphasizes on the efficient of the market in terms of the highly efficient level of news, information along with perfect communication (Borges, 2009). The efficient market hypothesis has described efficient market where huge number of investors who are rational and focuses on profit maximization through actively participating in the competition. In the efficient market, the investors focus on anticipating the future of the financial market for estimating the values of securities. Additionally, one of the most important features of the efficient market is all the relevant and information can be easily accessed by all the investors participating in the market. Hence, the individual stock as well as the aggregate stock market is characterized as efficient as the investors can access the entire available information foe integrating it into the present prices of the stocks. The efficient market hypothesis assumes that when any information or news arise, it gets easily spread within the market and instantly gets incorporated in the stock prices. Efficient market hypothesis has significantly focused on the integration, efficiency, market information and reflection. Eugene Fama has acknowledged the model and stated that in an actie market which is consisted of various rational as well as investors, stocks will be price appropriately and all the available market information will be reflected on the price of the stocks. The economists and scholars have distinguished efficiency in the market in three major forms. In case of the strong form, the public as well as the private information significantly contributes in pricing of stocks. Consequently, it does not allow the investors for achieving the competitive advantages. In the semi strong form, the stock prices significantly reflect the public financial information such as financial position of the company, announcement of the companies (Westerlund and Narayan, 2013). On the other, in case of the weak efficiency form, all the historical prices of the securities are integrated into the present price. Hence, these factors cannot be used for anticipating the future situation. In efficient markets, the investors have no scope to outperform and hence, investors cannot achieve higher returns from their investment. As all the information is available, no investor can be differentiated as market specialist or investment expert. Additionally, it has been found that any kind of new news or information in the market do not have the potential for bringing out unusual profit as those information will be easily available to the investors and will be reflected on the prices of stocks. It must be noted that the information which is instantly integrated in the market prices of which is public as well as can be accessed easily (Kartaova, Remeikiene, Gaspareniene and Venclauskien, 2014). The active managers will be unable to achieve higher level of performance though exploitation of the available private information. The market forecasts the future condition in an unbiased way and the information is reflected in a more objective manner in comparison to the insiders. Addi tionally, the return maximization from the uninterrupted trading is stopped as all the relevant information is integrated in the price of the stocks (McCauley, Bassler and Gunaratne, 2008). It is evident that the fundamental analysis of the stocks of a company is conductive for assessing the stock instead of the anticipation of the future price movements. On the other hand, technical analysis cannot be utilized for experiencing the further changes over the time. In case of efficient markets, the graphical representation and other technical studies do not offer significant benefits to the investors as the historical prices are integrated in the present prices. The efficient market hypothesis has found that loge term markets are more efficient (Westerlund and Narayan, 2013). Concept of Behavioral Finance The significance of efficient market hypothesis started losing due to the emergence of behavioral finance in the 1990s. This concept focused on consideration of the human behavior on the investment decision. Basically, this concept provides an insight to the influence of human psychology in financial and investment decision making. Behavioral finance has been attempting to describe how human behavior affects the decision making related to investment as well as its impact on the market (Wojcik, Kreston and McGill, 2012). It is evident that there are some financial effects which will be dependent on the psychological variables and biases of an individual. According to Alexakis and Xanthakis (2008), financial investors are not optimal decision makers and the psychological procedures significantly affects financial decision making. Heuristics is a major basis of the behavioral finance which is perceived as the pattern of human behavior. This concept majorly focuses on the obtaining knowledge or achieving a desirable outcome through employment of a smart guesswork instead of application of particular formula. Heuristics is involved with simple techniques which are based on experience and used for solving problem. It is known as shortcuts or rule of thumbs and responsible for explaining the decision making procedure of the investors (Mehra, 2008). This technique is more applicable when the investing decisions are made with poor information. Alternatively, the investment decision making procedure in case of market volatility and complicated investing atmosphere, where the decision making becomes extensively difficult, can be analyzed with the help of this concept. The cognitive heuristics significantly help in explaining the implications of the rules. Additionally, it provides evidence of the irrational decision making of the investors. Representativeness is one of the common heuristics that states that the investor tends to attempt for fitting into a new as well as unknown event into an existing event. Therefore, they focus on identification of the mutual components in the entirely distinct events. Additionally, it has been argued that that investors judge the probabilities by the degree of one element in comparison to other element. Anchoring is considered to be one of the important cognitive heuristic. It has been found that anchoring is significantly associated with the decision making procedure of an investor which is based on the initial anchor. It means the investors focus on estimating through starting from the initial value which will be adjusted to the yield. These adjustments are often found to be erroneous which leads to irrational decision making. Another common cognitive heuristics is herding which states that the investors seek to join a group and therefore eventually develops a collective behavior in case of decision making. In this situation, people prefer to follow others instead of using their cognitive ability and information. Overconfidence is another factor that states that investors may have a tendency of overestimating their cognitive and decision making skills (Shefrin, 2001). Theories and research studies have exhibited that fallacies significant dominate the investors and it prevents them from making right investment decision. Investors have a tendency to become risk averse for losses instead of profits (Zeelenberg and Pieters, 2004). It has been found that previous gains help in reducing risk and previous loss enhances it. Mental accounting is referred to a set of rational operations utilized by the human being for organizing evaluating and keeping track of the investment activities (Smith, 2008). It engaged the tendency of an individual for generating various mental accounts on the basis of special traits and registers the events which have been encountered. Regret aversion is associated with the desire of an investor for avoiding pain which is generated from the poor investment decision such as postponing the sale of stocks which leads to loss (Muradoglu and Harvey, 2012). Apart from the above stated considerations the investing decision is significantly affected by the cognitive bias, socio economic atmosphere and culture along with the personality. It has been found that these biases lead to different logical fallacies. Behavioral finance has exhibited significant concern for the investment time. Additionally, it has suggested that the stock market bubbles are not short term. Hence the loss bubble will not be easily reimbursed immediately (Goldberg and Nitzsch, 2001). Implication of behavioral finance for investment mangers Investment management may be defined as the financial process of managing the securities and tangible assets of an individual or an organization to meet specific goals (Muneer and Rehman, 2012). Investment decision making is a complex process involving various alternative scenarios. Some of the personal factors like age, education and income effect the investors decisions. To make effective investment decision the investor has to use various technical models like CAPM. Hence, the le of behavioral finance is extensive in case of understanding the investment decisions of an individual. (Alajbeg, Bubas and Sonje, 2012) has suggested that the selection of portfolios and stocks can be increased with the use of behavioral tools. However, at the time of relying on the portfolio managers for the investment decisions, the investors will have to accept the behavioral mistakes of the portfolio managers. In majority of cases, the portfolio mangers are seen to adopt a regret aversion strategy (Ba ker and Nofsinger, 2010). Barnes (2010) opined that the major psychological biases like over confidence, anchoring, cognitive dissonance, mental accounting and regret aversion and gambler fallacy. Due to the effect of these biases, the investors tend to take poor investment decisions. The relation between the biases and the investment decisions can be explained with the help of the following theories namely Heuristic decisions process Under this process of decision-making, the investor uses the common emotional norms and mixes them with the rational thoughts in order to arrive at suitable investment decisions. The following factors are responsible for the Heuristic decisions making process. Representativeness: In cases of making investment decisions high degree of stereotyping occurs. The investors make the decisions depending upon some past investment result. Hence, if the investor has a bad experience with a similar kind of bond investment then in the future the investor will reject any investment of the similar nature or of the similar bonds (Beck and Levine, 2002). Overconfidence: Confidence is the emotional factor within the individual investor that provokes the investor to take right decisions (Shefrin, 2000). Suppose if an investor suffers a high degree of loss in an investment then he gains encouragement in form of confidence to make effective investment decision in future. Anchoring: In this case, the investors decision is guided by irrational price levels as an important process of decision-making and therefore the investors misses investment opportunities and at times makes a wrong entry into the investment market (Marx and Mpofu, 2010). Gamblers fallacy: At times depending on positive past experience the investors tend to take high investment risks. Since the experiences have fetched the investor, good returns hence the tendency to opt for more returns pushes the investor to take risky investment decisions. This situation may either prove to be positive or negative for the investor suggesting that the investor knowingly takes chances of high losses. Prospect theory The prospect theory states that the individuals while making investment decisions chose between probabilistic alternatives that involve risk and the probabilities of outcomes are known. For instance, the investor will conceive the loss of $ 1 more painful compared to the gain of twice $ 1 (He and Shen, 2010). The theory is also termed as the loss aversion theory. The mental condition of the investor forces the investor to take poor investment decisions so that risk can be avoided. The key concepts of this theory are as follows: Framing: This concept states that the method of presentation of facts influences the decisions of the investor. Hence, a negative representation will result in a loss on the part of the investment decision. Loss aversion: Since the human psychology is to avoid risks, hence when the price of a share decreases the investor refuses to sell the same and continues to retain the shares with an expectation of future price growth (Hunton, 2009). Regret aversion: This psychology induces the investor to omit any good investment opportunity so that the individual can avoid any regrets of a loss resulting from the investment. Mental accounting: Mental accounting tendency prompts the individual to categories the sources of income according to their respective expenses. Hence, the investment decision depends on the prioritizing of the income categories. Challenges faced by efficient market hypothesis due to Behavioral Finance According to Mockus and Raudys, (2010) the process of efficient market hypothesis helps the investors to be acquainted with efficient share market information. Since all investors have access to the available share information, hence it is not possible to exploit the investors. However, the rapid movement within the stock market makes it difficult for the individuals to access all information at all time of investments. Since the stock market, information is available though elaborative channels of communication hence it is difficult for the individual to combine and assimilate the same. Moreover, the emotional status of the investor also hampers the assessment of the information. Keryt (2012) opined that majority of the cases the information of stock market is available to a limited group of investors. With the help of fundamental analysis and technical analysis, the investors try to analyze the security market. If the information supplied by these analysis techniques are positive then the investor frames a positive image about the company thereby fostering a sense of confidence in respect of the investing decision. However, the technical analysis produces a forecast of the direction of the share prices hence the investors relying on the forecasts may suffer losses in future. Thus, they may form a stereotype decision on the investments and develop a sense of risk aversion in this matter. De Bondt (2009) further stated that the EMH highlights that the individuals engaged in a stock market investment decision are individuals with common characteristics namely lack of unique personality, sharing common investing traits, lack of social life and engaging in common discussions. Thus, the hypothesis creates a wrong impression on the investors and they tend to stay away from the stock markets. Rozeff (2011) commented that when the market remains efficient the investors act rationally and take efficient investing decisions. However, the occurrences of investment bubbles like the internet bubble and the real estate market bubble has shown the instances that the market is not always efficient. The addition of .com after internet based organizations. The major reason for the growth of the share prices of the internet companies was the investors speculation that the addition of .com after the internet based companies would make the companies more profitable. Hence, Simmons (2012) suggested that behavioral finance has huge affect on the market efficiencies. The financial anomalies arise majorly due to the effect of behavioral finance on the EMH. Although the investing techniques have been changed over the time however, the EMH strategies remain unmodified for the contemporary and old stock markets (Ross et al. 2004). The information supplied by the hypothesis still takes the investors to be irrational. However, with the changing time the investors have become rational and have tended to change their investment techniques. The use of modern tools like credit default swaps in the global stock markets suggests that the efficient market hypothesis has become invalid in the eyes of the investors. Moreover, Beck and Levine (2002) argued that the efficient market hypothesis suggests that the investing is a long-term decision and the stock markets should acquire efficiency in long run. However, the fact is contradicted by modern concepts of stock market that suggests that the stock investment is now a short-term decision. The profit seeking and the risk aversion psychology of the investors suggest that the investors are relying on the short-term gains so that high risk of loss can be avoided. Since the primary concept of behavioral finance is to frame the investment structure based on the behavior patterns of the investors, hence it is more effective in attractive gainful investments compared to the use of market hypothesis. Conclusion The essay shows that the major three components of a stock market are the behavioral finance, efficient market hypothesis and the investing decision. On ascertaining, the relation between the three it can be noted that behavioral finance has a huge impact on both investment decision and market hypothesis. Depending on the emotional biases, the individual designs the investment decisions. 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