Friday, June 5, 2020

Finance In Investment Example For Free - Free Essay Example

1. You have been offered the following two choicesChoice A:  £10,000 for certain; Choice B:  £20,000 with a 50% chance of occurring,  £0 with a 50% chance of occurring. Using behavioural finance, discuss and justify the choice that the majority of people would choose (i.e. choice A) 2. Outline the literature on Behavioural Finance to CRITICALLY EVALUATE whether such an assumption of rationality can be made. 3.Various theories exist to explain why long periods of growth in the price of shares are followed by sudden falls or market crashes. Evaluate the relevance of behavioural finance theory to the build up to the bubble in 2000 and the subsequent market crash. In this essay I will be talking about behavioural finance and its increased popularity in recent academic literature. First I will give a brief description of what behavioural finance is. Basically behavioural finance is the study and theory that looks i nto why investors sometimes choose to ignore more traditional investment theory, such as the Efficient Market Hypothesis (EMH), and invest into projects that do not look economically sound or do not offer the most attractive returns. Behavioural finance attempts to incorporate elements of psychology into finance to better understand investor behaviour. Essentially, behavioural finance operates under the assumption that all investors are not rational. A good quote to sum up behavioural finance is provided by Shleifer (2000) who observes that, à ¢Ã¢â€š ¬Ã‹Å"at the most general level, behavioural finance is the study of human fallibility in competitive markets.à ¢Ã¢â€š ¬Ã¢â€ž ¢ In this section I will attempt to explain why most investors would choose option A, as set out in the above question. I will also attempt to explain why some investors would not follow others and opt for option B. The main reason why many people will undertake option A is simply because it is the most ra tional choice to make. Taking this choice will guarantee the investor a return of  £10000. This is consistent with much of the traditional market theory. The assumption of investor rationality is essential to all the main market investment theories such as the Efficient Market Hypothesis (EMH) and the Arbitrage Pricing Theory (APT). Without this assumption the models would collapse. Another reason why most investors will take option A is the absence of risk. It is 100% certain that the investor will get a  £10000 return. Again, this is consistent with traditional market theory that states that investors will favour projects with the least amount of risk if the projects being considered all return the same amount of money. Another reason why most investors will choose option A is that concerning herd mentality. Many authors have observed that some investors will simply invest in a project because that is what everyone else is doing. This leads to the assumption th at these investors are not rational as none of the market data or theory is being considered in their investment decision. This leads into the area of behavioural finance to try to explain the actions of these investors. I will now discuss why some investors choose option B. If all investors were rational then every investor would choose option A and they would choose it for the correct reasons. However, as I have already mentioned, not all investors are rational. This is the main reason for some investors choosing option B. It is also the main assumption behind the notion of behavioural finance. There are many reasons why an investor might not behave rationally and all these reasons are the basis of behavioural finance. One reason for the irrational behaviour of some investors could be due to their own personal risk attitude. Some investors could have a risk-loving attitude to risk meaning that they go for risky options regardless of the danger. This goes against traditional theory, which states that investors are risk averse. The investors go for the more risky option because of the possibility of more money. This leads to another reason for irrationality; greed. Another reason for the irrational behaviour is that of the notion of à ¢Ã¢â€š ¬Ã‹Å"herd mentalityà ¢Ã¢â€š ¬Ã¢â€ž ¢. Many investors will invest purely because they think that others are investing there so it must be a good idea. Other reasons for the irrational behaviour of the investor are that of over confidence, regret, misinformed, etc. All these reasons will alter the mental state of the investor causing him or her to make investment decisions that are not inline with traditional theory and that could prove to be the incorrect decision. As observed by Shleifer (2000) à ¢Ã¢â€š ¬Ã‹Å"At the most general level, behavioural finance is the study of human fallibility in competitive markets.à ¢Ã¢â€š ¬Ã¢â€ž ¢ Behavioural finance incorporates elements of cognitive psychology into financ e in an effort to better understand how individuals and entire markets respond to different circumstances. Behavioural finance is based on the principle that all investors are not rational. Some investors can be over-confident, while other less knowledgeable investors might be prone to herding effects. Shefrin (1999) was one such author to talk about behavioural finance. He is one author who argues that à ¢Ã¢â€š ¬Ã‹Å"a few psychological phenomena pervade the entire landscape of finance.à ¢Ã¢â€š ¬Ã¢â€ž ¢ Harrington (2003) agrees with the notion that overconfidence can lead to irrational behaviour. She states that à ¢Ã¢â€š ¬Ã‹Å"investors can become irrational and their irrational behaviour affects their ability to profit from owning stocks and bonds.à ¢Ã¢â€š ¬Ã¢â€ž ¢ Of course, behavioural finance does have its drawbacks. One of which is the fact that using instincts alone can result in a loss. This is due to human error. The person that is using their instincts in determining where to invest might not have the greatest financial knowledge in the first place. Also, this person might be having a bad day or be under a great deal of stress or be distracted in some other way. This could result in the wrong decision being made. Therefore, it is a good idea to use behavioural finance on top of the more traditional theories already in use today. This view is supported by an article by Malkiel (1989) who agrees with the notion that behavioural aspects have a great importance in stock market valuation. He argues that behavioural factors play an important role in stock valuation alongside traditional valuation theories. This is summed up by the following quote, à ¢Ã¢â€š ¬Ã‹Å"market valuations rest on both logical and psychological factors. The theory of valuation depends on the projection of a long-term stream of dividends whose growth rate is extraordinarily difficult to estimate. Moreover, the appropriate risk premiums for common equities are changeable and far from obvious either to investors or economists. Thus, there is room for the hopes, fears, and favourite fashions of market participants to play a role in the valuation process.à ¢Ã¢â€š ¬Ã¢â€ž ¢ Another article from the Banker (2004) also supports the view that behavioural finance has a role to play alongside the traditional views. Other authors talk about some of the factors that cause investors to become irrational. On such author are Johnsson, Lindblom and Platan (2002). In their masters dissertation they talk about the various factors of irrationality. One of these is the observation that investors will hang on to losing shares longer than market theory dictates. They say that this is because they are waiting for the performance of the share to change for the better. This is referred to as loss aversion. This is an example of a psychological factor that is effecting the investment decision. Another psychological factor that affects investors, causing irrational behaviour i s that of the feeling of regret. Authors argue that past bad decisions cause investors to feel regret and this alters their behaviour in such a way as to become irrational. Another factor that causes irrational behaviour is that of when the investor uses mental shortcuts in investment decisions. These shortcuts usually make investors choose the right decision but occasionally cause the investor to make the wrong decision. Optical illusions are a good example of how shortcuts can cause mistakes. A paper on is one such paper that covers this point. The literature I have outlined in this section can lead me to say that the assumption of rationality or lack of rationality does occur. This leads to the theories on behavioural finance having a good solid basis. I can say this because there have been many authors who have observed that certain psychological factors do influence the investment decision. These factors include over confidence and the fear of regret. These arguments seem to empirically explain the anomalies that seem to occur in the investment world. In this section I will be looking at the anomaly of bubble in 2000. I will attempt to see if behavioural finance can explain the fall and rise of this bubble. First I will briefly explain what the bubble was. The industry was comprised of companies that have started up to sell goods and services over the Internet. They were given the name due to the fact that many website addresses ended with a à ¢Ã¢â€š ¬Ã‹Å"dotà ¢Ã¢â€š ¬Ã¢â€ž ¢ and the word com. At first, these companies were very successful and when floated on the stock market did very well financially. However, in 2000 this industry suffered a massive collapse. Many of these companies subsequently did not survive. I will now attempt to see if behavioural finance can explain this bubble. Many authors have argued that the new communication technology of the 1990à ¢Ã¢â€š ¬Ã¢â€ž ¢s was exaggerated. By this I mean that the new innovation is by some corners, i.e. the media and governments, over triumphed. This can lead to irrational behaviour of investors. This can lead to investors becoming over confident in the technology or industry. Another factor of this over enthusiasm is that it could attract herding behaviour. The irrational investor will be more likely to invest in something that is being hyped up as they feel that others are doing the same thing. They will feel that if others are doing it then it must be a good idea for them to do it as well. A factor that will have led to the bubble is that of speculation. One such author that observed the speculation effect on the boom was Giombetti (2000). Many informed investors will have probably over invested in the technology industry going against market theory. They will have done this on the hope that their investment will pay off. Even if their investment was initially at a loss they would have stayed with it. Authors of behavioural finance outline this behaviour. This behaviour of these investors would have distorted the market conditions for other investors. Also, the herding effect would have been greater due to this. These factors would have led to the stock prices of the dot.coms being vastly over priced. This meant that when the bubble burst stock prices would have fell rapidly, causing investors to lose vast sums of money. This would cause them to pull out of the industry, which, in turn, cause the companies themselves to collapse. If it were not for irrational investment then investors might have pulled out earlier, before the collapse. This might have even meant that the collapse would not have happened. In conclusion, behavioural finance attempts to prove the assumption that investors do not always act rationally. It combines elements of psychology and financial to attempt to understand investment decisions. This helps explain why not all investors wo uld choose the less risky option A with a guaranteed return. Factors that precipitate the irrational behaviour are over confidence, fear of regret and loss aversion. These factors cause investors not to take the correct investment decisions. This can go some way to explaining the bubble and its eventual collapse. (1999) Introduction to Behavioral Finance Giombetti R. (2000) The Bubble. Vol 4, Issue 23 Harrington C. (2003) Head games: Helping quell investors irrational antics. Accounting Today, v17 i11 p5(2) Johnsson M., Lindblom H. Platan P. (2002) Behavioral Finance And the Change of Investor Behavior during and After the Speculative Bubble At the End of the 1990s Malkiel B. G. (1989) Is the stock market efficient? Science, v243 n4896 p1313(6) Shefrin H. Beyond Greed and Fear. (1999) Understanding Behavioral Finance and the Psycholo gy of Investing. Harvard Business School Press Shleifer A. (2000) Inefficient Markets. An introduction to behavioural finance. Oxford university Press The Banker (2004) Cover feature: how much risk can you manage? Banks have a huge range of resources available to aid risk managers, but human nature can still result in a bad decision. Behavioural finance and prospect theory lifts the veil on poor investment judgement

Sunday, May 17, 2020

The Human Desire For Wealth And Inclusion - 1394 Words

COME AS YOU ARE: An Appeal to the Basic Human Desire for Wealth and Inclusion Every day, Americans are surrounded by countless advertisements. On the way to work, billboards and radio ads bombard the senses. Most ads are quickly forgotten while others stick with the audience. What makes some ads memorable and others forgettable? The product may be visually appealing, from a desirable brand, or presented as a solution to the viewer’s problem such as anti-aging cream for wrinkles. Such is the case for an ad for The Venetian resort and casino in Vanity Fair, a high-end magazine. Featured in the ad is an older woman sitting invitingly on a luxurious white bed with bountiful pillows. This ad may appeal to a high socio-economic class of viewers with a desire to belong in a high-class society in accordance with a term called snob appeal (134), coined by Stuart Hirschberg, the Associate Professor at Rutgers University. The argument suggests advancing age will not interfere with having fun by targeting a specific audience, using unconventional visual appeals, a logical text structure, The Venetian’s status to establish credibility, and opportune timing. A trip to Las Vegas entails spending several hundred dollars on a hotel alone. Combining this with gambling, shows, sightseeing, flights, and food, the trip can amount to over five thousand dollars. This ad is only attempting to reach individuals who can afford a stay at The Venetian. The majority of Vanity Fair magazine’sShow MoreRelatedHSC English Essay - Belonging1392 Words   |  6 Pagesï » ¿How have your set text and two chosen texts represented different perceptions of belonging or not belonging? Obtaining a sense of belonging is an intrinsic desire inextricably linked to our human nature. 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A factor that slightly muddies the waters is the potential injustice that may exist somewhere within the chain of transfers. Perhaps the inclusion of slavery or theft for means of acquiring a holding. I will address this concern in more detail in the final paragraph of this essay, but for now I will note that this principle, the principle of rectification of injustice as Nozick deems it, willRead MoreDiversity, Diversity And Inclusion Are Key Components For Or ganizational Success977 Words   |  4 PagesIn today’s workforce, diversity and inclusion are key components for organizational success. Companies who realize that their human assets are one of the most, if not the most, important resource available to them aim to create an environment that embraces the similarities and differences present in its employees. Additionally, these organizations create a culture in which inclusion is a core component, advocated and demonstrated at all levels. One diversity characteristic is that of age. Due toRead MoreHow Loneliness Affects Characters in of Mice and Men886 Words   |  4 Pagesthrough Crooks, Candy, and Curley s wife. Ranch hands are ideal types of people to portray as being lonely, because their constant travel leaves them without someone to talk to or share things with. Steinbeck also shows how important it is for every human being to have a companion. Companionship is necessary in order for someone to live an enjoyable life. Although loneliness affects each one of the characters in Of Mice and Men differently, they all experience negative feelings from their lack of companionshipRead MoreThe Meaning Of Revolution By Hannah Arendt Summary1046 Words   |  5 Pagestyrannical power such as a king or a Machiavellian prince who refuses to distribute wealth amongst his people. Thus, she finds that people in pre-modern times revolted against authority because of their lack of wealth. 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Wednesday, May 6, 2020

Reflection Of The Returned - 983 Words

The novel The Returned, by Jason Mott, takes place around 2005, in a small town of 150 people, called Acadia. Acadia is a very religious town, so when people begin to return from the dead, everyone has a different position. The mood from the story conveys many different emotions, when Jacob returns to his mother and father after 50 years in a grave, showing no signs of decomposition, the reader feels a sense of joy for the family, regaining their son. Once it is revealed that events like this are happening all over the world, curiosity and wonder fill the air. The main characters of this novel is the Hargrave family. The father, Harold Hargrave, is about a 70 year old man, with very thin, gray, hair. He has grown shorter than his wife†¦show more content†¦Here, the reader sees that most people in the town wish to have The Returned killed. Shortly after the meeting, the President orders all Returned to stay in their homes. All throughout the world, The Returned are being kill ed and imprisoned. Harold and Jacob are taken prisoner in the Acadia schoolhouse. Lucille attempt to gather The Returned not yet imprisoned and save them. However, Agent Bellamy gets to them first and in an unexpected turn of events: rescues them.When a fight between the soldier and the army of The Returned breaks out, Lucille sacrifices herself to save Jacob, she dies in the arms of her beloved husband and son. After she dies, Harold finds a note Lucille wrote to him. In this notes, she confesses she never truly believed the Returned Jacob to be her real son, but Harold had always believed it. The conflict in this novel is man vs. society, or men vs. society. The Hargraves and The Returned are constantly fighting against the government’s orders on The Returned. When the community of Acadia gathers in the church, the townspeople reveal they do not want The Returned in their town. â€Å"Then the words were on the bottom of the television screen...President Orders Returned Con fided to Their Homes†(89). Once this order is issued, people across the world break out in a mass hysteria, killing The Returned and their families. â€Å"But the government was still not sure what they wanted to do with the people, so they held themShow MoreRelatedAnalysis Of Ovid s The Apollo Essay1556 Words   |  7 Pagesthat is one of the most evil and destructive. Self-importance has the ability to take over the soul, for those who behold it care for only themselves. Though, if one loves themselves then they are loving something that is impossible to be found and returned. Narcissus rejects Echo’s love with no sense of remorse, hurting what her life revolved around. Her love for Narcissus was her life, so when she was rejected she fled. 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Tuesday, May 5, 2020

Mr. Ayala Essay Example For Students

Mr. Ayala Essay This year the teacher that made a difference and had a positive impact in myself is Mr. Ayala (you), and no I am not just saying it so I can pull off an A for this class. This year has been the weirdest of weird years in my life. I have always wanted to do well in school and go to college, but I never saw myself really striving for it. This year I really tried to strive for these goals and though I did okay I know next year I will do better because of you. Before in the beginning of your class U. S. History I did not like the way you taught or even you, I remember always complaining to my sister and her husband about you and your belief of treating us like adults and no second chances. I told my sister that I would prove to you that your class was not hard for me and that I would not be one of those kids who complain about your class being to hard and drop out. And I hope that I have proved to you that I am not one of those kids. This year I have not only improved academically but I also learned and took with me good advice. In every lecture of advice you gave the class, I took with me new morals, values, and wisdom that have helped me become a better person. I learned this year to turn in my work on time, do my best in class projects, study hard for test, and to accept things weather or not they are to my liking. One thing I will never forget from this class and from you is the saying you always ask us after every lecture you give us and that saying is â€Å"are you part of the problem or the solution? I hope that I’ll always try to be the solution. The lecture you gave just this past Friday June 6, 2004, Joseph ask you that when you came here did you hope to make a difference in someone’s life. And you did. I thank you for many things for the knowledge you gave me of U. S. History, the guidance you gave me, new morality you set for me, giving me strength of mind, persistence to finish work even when I didn’t comprehend things, and to appreciate the things I have and to value them and make superior use of them. The only thing I regret is not getting to know you. But I am thankful that I had got you as a teacher this year and you are one of my most desired teachers I have had the chance to have. I am truly grateful and I wish the best for you in life and when you’re teaching at carter high school that you receive the best from students over there. Thank you for everything.

Sunday, April 19, 2020

Touchstone and East End Athletic Club

Touchstone should emphasize the following leadership Qualities for improvement of operations within East End Athletic Club Emphasis should be placed on qualities such as ability to communicate effectively, ability to relate freely with members and other employees and also training qualities. Touchstone should act as role model in providing dedicated service to customers of East End Athletic club.Advertising We will write a custom coursework sample on Touchstone and East End Athletic Club specifically for you for only $16.05 $11/page Learn More She should ensure that her staff offers unrivaled attention to members so as to create sense of belonging amongst members of the club. Secondly, she has to clearly define various roles within specified sections so as to give employees easy time in associating themselves with areas where their talent and technical skills fit best. This will help in improving work efficiency within the club (Dubrin, 2010). Thirdly, s he should provide charismatic inspiration to all employees; this will ensure members appreciation on the kind of operation roles played by each employee. Then the provision of motivational incentives should be initiated to the employees, this helps in creating good work environment since each employee feel that their contribution and efforts are actually appreciated by the club. Lastly, Touchstone should be result oriented. She should emphasize and direct every action towards activities where results most accrue (Fiedler, 1967). Leadership roles that Touchstone should emphasize in bringing about improvements in operation of East End Club Touchstone should ensure that there is progress in every section of the organization. She should emphasize the importance of teamwork and give proper attention to team members by providing appropriate advices on ways of improving the overall performance of the club. She should ensure that all the programs used are appropriate and up to the tasks. He r leadership role should be reinforced through delegation of some duties to individuals; this ensures that all employees and members are actively involved in the running of the club. She should lead by engaging the staff in open conversations and record every crucial matter that arises from the conversations. She should also be involved in teaching and guiding the team through various processes and showing them various ways of solving specific problems (Dubrin, 2010).Advertising Looking for coursework on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Touchstone should prioritize on both short term and long term needs for the club. In this way she will be providing leadership in terms of utilizing available resources on areas which require immediate attention in the quest for providing quality services to its members. She should be capable of selecting competent leaders capable of working towards achievement of the clubâ €™s long term objectives. Leaders chosen in every department acts as her link points between the club and its members, this is done through playing supervisory on employees ensuring provision of quality services. Lastly, Touchstone should be capable of understanding the needs of both employees and members and act appropriately for the benefit of the club (Cogner, 1992). Recommendations on touch stone leadership responsibility in improving operations at the club She should focus on improving system level performance based on the mission of the club. Touch stone has to establish measures of system-level performance by keeping track of statistics concerning members visiting the club on daily, weekly and monthly basis. This will act as means of measuring improvements results of which should be communicated to employees as a way of making them work hard towards achieving good results (James et al., 2005). She should offer motivational incentives towards every slight improvement in pe rformance. Touchstone should be specific and encourage rewards for good performance on the side of employees. This will prompt workers to work towards improving their services at the club, hence helping in building the club’s image. Members will be left satisfied with services offered whereas workers will feel that their exemplary work is valued (James et al., 2005). Touchstone should consider checking on whether all the required elements are aligned with stakeholder expectations. She should ensure that all actions leading towards risks are overturned appropriately; checking on program costs and implementing the right changes required should also be given consideration.Advertising We will write a custom coursework sample on Touchstone and East End Athletic Club specifically for you for only $16.05 $11/page Learn More References Conger, J. (1992). Learning to Lead: The Art of Transforming Managers into  Leaders. San Francisco: Jossey-Bass. Dubri n, A. J. (2010). Leadership: Research Findings, Practice, Skills. (6th Ed.). NY: Rochester Institute of Technology Fiedler, F. E. (1967). A theory of Leadership Effectiveness. New York: McGraw-Hill. James, L.R., Michael, D. P., Maureen, B. (2005). Seven Leadership Leverage  Points for Organization Level Improvement in Health Care. London: Cambridge. This coursework on Touchstone and East End Athletic Club was written and submitted by user Stephanie Vargas to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.

Sunday, March 15, 2020

Indian Ocean Raid in World War II

Indian Ocean Raid in World War II Indian Ocean Raid - Conflict Dates: The Indian Ocean Raid was conducted March 31 to April 10, 1942, during World War II (1939-1945). Forces Commanders Allies Vice Admiral Sir James Somerville3 carriers, 5 battleships, 7 cruisers, 15 destroyers Japanese Vice Admiral Chuichi Nagumo6 carriers, 4 battleships, 7 cruisers, 19 destroyers Indian Ocean Raid - Background: Following the Japanese attack on the American fleet at Pearl Harbor on December 7, 1941 and the start of World War II in the Pacific, the British position in the region quickly began to unravel. Beginning with the loss of Force Z off Malaysia on December 10, British forces surrendered Hong Kong on Christmas before losing the Battle of Singapore on February 15, 1942. Twelve days later, the Allied naval position in Dutch East Indies collapsed when the Japanese soundly defeated American-British-Dutch-Australian forces at the Battle of the Java Sea. In an effort reestablish a naval presence, the Royal Navy dispatched Vice Admiral Sir James Somerville to the Indian Ocean as Commander-in-Chief, Eastern Fleet in March 1942. To support the defense of Burma and India, Somerville received the carriers HMS Indomitable, HMS Formidable, and HMS Hermes as well as five battleships, two heavy cruisers, five light cruisers, and sixteen destroyers. Best known for his reluctant attack on the French at Mers el Kebir in 1940, Somerville arrived on Ceylon (Sri Lanka) and quickly found the Royal Navys principal base at Trincomalee to be poorly defended and vulnerable. Concerned, he directed that a new forward base be constructed on Addu Atoll six hundred miles to the southwest in the Maldives. Alerted to the British naval build up, the Japanese Combined Fleet directed Vice Admiral Chuichi Nagumo to enter the Indian Ocean with the carriers Akagi, Hiryu, Soryu, Shokaku, Zuikaku, and Ryujo and eliminate Somervilles forces while also supporting operations in Burma. Departing Celebes on March 26, Nagumos carriers were supported by a variety of surface vessels as well as submarines. Indian Ocean Raid - Nagumo Approaches: Warned of Nagumos intentions by American radio intercepts, Somerville elected to withdraw the Eastern Fleet to Addu. Entering the Indian Ocean, Nagumo detached Vice Admiral Jisaburo Ozawa with Ryujo and ordered him to strike British shipping in the Bay of Bengal. Attacking on March 31, Ozawas aircraft sank 23 ships. Japanese submarines claimed five more along the Indian coast. These actions led Somerville to believe that Ceylon would be struck on April 1 or 2. When no attack materialized, he decided to dispatch the older Hermes back to Trincomalee for repairs. The cruisers HMS Cornwall and HMS Dorsetshire as well as the destroyer HMAS Vampire sailed as escorts. On April 4, a British PBY Catalina succeeded in locating Nagumos fleet. Reporting its position, the Catalina, flown by Squadron Leader Leonard Birchall, was soon downed by six A6M Zeros from Hiryu. Indian Ocean Raid - Easter Sunday: The next morning, which was Easter Sunday, Nagumo launched a large raid against Ceylon. Making landfall at Galle, the Japanese planes moved up the coast to strike at Colombo. Despite the warning the previous day and sightings of the enemy aircraft, the British on the island were effectively taken by surprise. As a result, the Hawker Hurricanes based at Ratmalana were caught on the ground. Conversely, the Japanese, who were unaware of the new base at Addu, were equally taken aback to find that Somervilles ships were not present. Striking the available targets, they sank the auxiliary cruiser HMS Hector and the old destroyer HMS Tenedos as well as destroyed twenty-seven British aircraft. Later in the day, the Japanese located Cornwall and Dorsetshire which were en route back to Addu. Launching a second wave, the Japanese succeeded in sinking both cruisers and killing 424 British sailors. Putting out from Addu, Somerville sought to intercept Nagumo. Late on April 5, two Royal Navy Albacores spotted the Japanese carrier force. One aircraft was quickly downed while the other was damaged before it could radio an accurate spotting report. Frustrated, Somerville continued to search through the night in the hopes of a mounting an attack in the dark using his radar-equipped Albacores. These efforts ultimately proved fruitless. The next day, Japanese surface forces sank five Allied merchant vessels while aircraft destroyed the sloop HMIS Indus. On April 9, Nagumo again moved to strike Ceylon and mounted a large raid against Trincomalee. Having been alerted that an attack was imminent, Hermes departed with Vampire on the night of April 8/9. Indian Ocean Raid - Trincomalee Batticaloa: Hitting Trincomalee at 7:00 AM, the Japanese struck targets around the harbor and one aircraft conducted a suicide attack into a tank farm. The resulting fire lasted a week. Around 8:55 AM, Hermes and its escorts were spotted by scout plane flying from the battleship Haruna. Intercepting this report, Somerville directed the ships to return to port and attempts were made to provide fighter cover. Shortly thereafter, Japanese bombers appeared and commenced attacking the British ships. Effectively unarmed as its aircraft had been landed at Trincomalee, Hermes was hit around forty times before sinking. Its escorts also fell victim to the Japanese pilots. Moving north, Nagumos planes sank the corvette HMS Hollyhock and three merchant ships. The hospital ship Vita later arrived to pick up survivors. Indian Ocean Raid - Aftermath: In the wake of the attacks, Admiral Sir Geoffrey Layton, Commander-in-Chief, Ceylon feared that the island would be the target of invasion. This proved not to be the case as the Japanese lacked the resources for a major amphibious operation against Ceylon. Instead, the Indian Ocean Raid accomplished its goals of demonstrating Japanese naval superiority and forcing Somerville to withdraw west to East Africa. In the course of the campaign, the British lost an aircraft carrier, two heavy cruisers, two destroyers, a corvette, an auxiliary cruiser, a sloop, as well as over forty aircraft. Japanese losses were limited to around twenty aircraft. Returning to the Pacific, Nagumos carriers began preparing for the campaigns that would culminate with the Battles of the Coral Sea and Midway. Selected Sources World War II Database: Indian Ocean RaidCombined Fleet: Raids into the Indian Ocean Defense Media Network: Nagumos Indian Ocean Raid

Thursday, February 27, 2020

Research on Education in China Essay Example | Topics and Well Written Essays - 1000 words

Research on Education in China - Essay Example China’s view on education had its first beginnings with the teachings of Confucius who taught them that it is important to try something to be able to learn something (Hanyoe, R., 1984). Today, this was translated to the significance they put in reading books and scholarly materials to give them knowledge starting from a very early age (â€Å"China Education, Educational System, Teaching and Learning†, n.d.). Indeed, leaders in China serve as very significant influencers in standardizing educational goals for the whole country. As leaders, they are expected not only to do exert leadership but to serve as social ambassadors of change and success. Currently, China’s educational system is one of the largest and is one that is run by the state or the Ministry of Education. This is the institution that makes sure everyone abides in the nine-year education for all citizens. Basic education in China involves three levels: Pre-school education, primary education, and regular secondary education (â€Å"Primary, Secondary and Higher Education in China†, n.d.). Preschool starts accepting children ages three years old until six and usually lasts up to three years, where the academic year is divided into two semesters. Primary and Secondary education in China have been implemented as the 9-year compulsory education since the promulgation of the â€Å"Compulsory Education Law of the People’s Republic of China†. Secondary education is divided into either academic secondary education or specialized/vocational/technical secondary education. This would give their citizens more freedom and opportunity to enhance th eir skills and interests and use this to better Chinese society all in all (World Bank, W. B., 1997). What happens in academic secondary education is that one would have to go through academic lower and upper middle schools where graduates can have the