Chinese Communists and Guomindang Forces Relationship

Chinese Communists and Guomindang Forces Relationship This paper seeks to analyze the political situation in the formative years of the Chinese republic in order to understand reasons for a breakdown of the relationship between the Chinese communists and the Guomintang forces. This paper will examine from the collapse of Qing dynasty, the early days of the major political parties, the role played by Russia and the eventual breakout of war to conclude three reasons behind the failed relationship between the Chinese Communists and Guomindang forces , which are difference in ideology, the power hungry nature of the leaders and the suspicion and mistrust between the leadership. The last dynasty of chinas ruling monarchy collapsed in the year 1912, this dynasty was referred to as the Qing dynasty. The main reason for the collapse was lack of popular support from the people and pressure from the public who wanted change .This resulted in rebellion that was later joined by political leaders and the army. The ruler at the time, known as Pu Yi, finally stepped down; an action that signified the end of the monarchy. After the end of the Qing dynasty, China was left with a chaotic situation where separate regions were controlled by army generals who were particularly strong in the Northern region. These generals were referred to as warlords. What made Chinas situation critical at that point was that there but no national leader who could unify the country. None of these army generals was strong enough to control the entire country and thus their sphere of influence was limited to the geographical regions where they were located.  [1]   During the chaotic years of warlord rule many young Chinese joined the different movements such as the Northern campaign, the Fourth of May movement and Communism. The leaders of these movements wanted to bring changes to China at whatever cost and some of the options they had at the time, included adopting foreign ideas. One of the main ideas that gained popularity was communism as the idea of a classless society at the time seemed very appealing to most Chinese revolutionaries and political leaders. Mao Zedong then a librarian at the University of Beijing formed a society through which interested parties could study and discuss Marxist ideals, this society became hugely popular and the members later formed the Chinese communist party  [2]  . At about the same time, Sun Yat-sen a politician and Chinas foremost nationalist leader at the time was organizing his party known as Guomindang or the Peoples National Party. Suns ideals for the new Chinese republic were of a democratic government for the people, National freedom and livelihood for the nations poor. In order to defeat and overthrow the warlords who held most of the country, Sun Yat-sen, using his political party Kuomintang, sought for assistance from major foreign powers of the time, his efforts were however ignored by western countries. Thus in 1921 he turned to Russia where a communist government had taken over power. 2 Russia responded by offering support to both Guomindang and the communist party an act which was the essence of the struggle for political power between the two parties. As a way of boosting both parties Russia sent representatives to help re organize Guomindang and the communist party of china along the lines of the Russian communist party.1 These efforts culminated in the declaration of 1923 where Russia pledged her support for the unification of China and the two political parties declared their cooperation. The coming together of Guomindang and the communist party of China gave birth to what was referred to as the First United Front. 8 With Russias help Sun Yat-sen reorganized his party along the lines of Russian communist party. The party Guomindang grew into a mass party, where all decisions made by the party leaders were final. It was also run along very strict disciplinary lines. 3 Sun invited members of the communist party then still a small party to join Guomindang in their individual capacity, as both parties had a common goal. During this time Russia also offered military support to Guomindang. They brought in officers to train party members and those of the communist party who had joined suns Guomindang.3 Russia also offered weapons and ammunitions. Later a military academy was also developed to train and impart military skills to officers. 1 This Military academy was headed by Chiang Kai-shek who had risen to prominence in the party and was Sun Yat -Sens likely successor. The purpose of the Military support offered by Russia, was to help their two allies the communist party and Guomindang, to defeat the warlords who were mainly located in the North of the country and in the process to unify China into one Republic. But before an attack on the warlords could be launched Sun Yat-sen died of heart attack in 1925.  [3]   A few months after the Death of Sun, Chiang Kai-shek who was the commander of the revolutionary army launched the Northern campaign. However at the same time the Guomindang party was facing tumultuous times, the party had split into two factions, one left wing and the other right wing. The influence of the communist party was also growing within the Guomindang. In response to this and other happenings, Chiang Kai-shek curtailed the participation of communist party members in the leadership of Kuomintang. He also imposed himself as the leader of the revolutionary army. 6 The campaign against the Northern warlords was quite successful; within a few months the revolutionary army had captured most of the northern territory and imposed governments there. Most of the poor peasants in the country side welcomed the revolutionaries as the believed they represented the chance of better days ahead. But as the power of the Guomindang grew the more discontent the communist party became.  [4]   By the time the revolutionaries had conquered most of China the alliance that existed between them disintegrated. Several incidents resulted in a worsening situation. As the Guomindang were about to enter Shanghai city, there was a rebellion from communist members within the city, the response of the Guomindang soldiers when they finally entered Shanghai, was to arrest and round up the members of the communist party and then proceed to massacre them. Later in another incident, the Guomindang party revolutionary soldiers carried out another massacre of communist party members in Guangzhou, killing several hundred in the process. In response the communists who were being purged from the Kuomintang, retreated to the rural countryside and launched an uprising which was led by Mao Zedong. This uprising was easily suppressed by Chiang Kai-sheks forces  [5]  . In 1928 the Guomindang formed a government that was given international recognition in Nanjing as the government of the Republic of China. Chiang Kai-shek also formally became the chairman of the party. Using his influence among the elite and the military power that he had Chiang Kai-shek was able to maintain a dictatorial grip on the party and to defeat those within and without the party who opposed him. He tried to form a modern state but most accused him of abandoning the ideals on which his party was formed.  [6]   On the other hand the Chinese communist party which had almost been crushed by the Guomindang began to rebuild, they recruited peasants from the countryside to join their ranks with an aim of forming an army for the people which was to win the revolution against the Guomindang.  [7]   In 1931 Japan seized Manchuria and installed a puppet regime led by Pu Yi, the last ruler of the Qing dynasty. This resulted in strong anti Japan sentiment within China. Chiang Kai-shek who held the dominant military power within china opened a second front to engage the Japanese, but still gave most of his attention to crushing the Chinese communist party .To this effort the Guomindang launched a series of encirclement campaigns meant to wipe out the communist partys resistance. Of the five campaigns the first three were failures while the fourth and fifth were quite successful resulting in huge loses to life on both sides. But the Chinese communist party, cornered in the city Jiangxi of was severely depleted and its leadership opted for a retreat to shangxi an event which is referred to as the long march.  [8]   The march was brutal to the Chinese communist partys ranks; many tens of thousand were lost along the way due to desertion, attack by enemy soldiers, disease and hunger. But the positive aspect of the long march to the party was that, it brought together members who would later come to form the top leadership and decision making body of the Chinese communist party. This included names such as Mao Zedong, Zhu De, Liu Shoqi, Lin Biao, Deng Xiaoping and Zhou Enlai. Another important aspect is that during the long march a meeting of the top leaders established Mao Zedong as the top most leader of the party and with the responsibility to lead on all issues regarding overall strategy for the movement.  [9]   Conclusion After careful analysis it can be established that, the main reasons behind the failed relationship between the Chinese Communists and Guomindang forces can be attributed to a number of factors; first was the difference in ideology between the two parties. The Chinese communist party was of the belief that the fledging Chinese republic would be better off if ruled under a communist ideology almost similar to what existed in the united soviet socialist republic. On the contrary the Guomindangs vision was formed by Sun Yat-sen who was a well traveled man who had studied in Hawaii in the United States. Sun had a vision of the new China as a democratic country where the citizens were free of foreign influence and where they were free and able to earn a living, a form of capitalist society so to speak. This view had been acquired through his travels as a result of the economic progress and developments that he had seen in the western world. Mao Zedong on the other hand came from a peasant family; his view of china was that it was society where the upper class ruled and lorded over the poor masses, he felt that a classless society would be the best way to move China from the inequality and poverty that was endemic of the poor class. This was the basis through which the two leaders adopted and embraced divergent ideologies that eventually resulted in the failed relationship between their parties. Another reason for the failure of the relationship between Guomindang and the Chinese communist party was the power hungry nature of the leaders of these parties. Through out the period when there was a relationship and close interaction between the two parties, one can easily spot incidences where the leaders a good example being Chiang Kai-shek, were primarily interested in being the supreme rulers of a unified China. This was a goal that the two sides were ready to follow at all costs even if it meant massive loss of lives. This in fact was the main reason for such a bitter fall out between two groups that were once collaborators. No one, among the leaders of the two sides was ready to put this ambition aside, instead they carried on with a brutal war with a body count running into the millions just so that they could end up the un opposed rulers of the new republic. Even when the Japanese invaded Manchuria and installed a puppet regime, wish should have been sure because for a tr ue patriot to put any internal differences aside, the war between the two protagonists did not come to an end. Not until one of the sides (Guomindang) was vanquished in war did bloodshed and violence cease in China. Another crucial aspect that contributed to failure in the relationship between the two parties was the Russia factor. From the start when Sun Yat-sen approached the Russians for help after being ignored by western countries, they opted to adopt a dual policy in which they supported both the communist party of China and the Kuomintang, This decision was cunning as it was selfish as Russia itself a fledging republic at the time, wanted to peddle its influence with the two major political players in China at the time, Such a decision was likely to result in conflict at one point or the other, this for a fact was inevitable. It cannot be overlooked that Russia initially gave more support in the form of political strategists, weapons and military aid to the Guomindang. This was so because the party under Sun Yat-sen at that time was larger, stronger and had a wider national appeal as compared to the communist party of China. But once the tide began to change during the war and the communi sts gained an upper hand on the battlefield, Russia switched its support from Guomindang to the Chinese communist party. In a sense it can be concluded that Russia was more interested in spreading its sphere of influence through the adoption of its national ideology in China, to achieve this, it was ready to influence both sides acting as a catalyst to the failure of the relationship that existed between them as long as it achieved its ends.  [10]   Lastly point to note that led to the failure of the relationship between Guomindang and the communist party was the high level of suspicion and mistrust between the leadership of the two parties. In the early part of the alliance between the two parties, Guomindang was much stronger and had a far larger number of members as compared to the Chinese communist party which was a small growing movement at the time, Instead of a situation where the two parties would work together for the greater good of China, Guomindang part leadership would not trust the communists and the communists in return did not have trust in their fellow nationalists, instead Guomindang adopted a policy where communists could only join their party or train in their military academy as individuals and not as members of their own party, they also continuously undermined the communist party leadership due to its weak position and due to the high level of mistrust between the two sides. These according to my analysis are the main reasons why there was a failure in relationship between the Chinese communists and the Guomindang party.

Marriage and family class Essay

There are many different factors of communication in relationships. One of the most often asked questions about communication is how one achieves mutual communication in any type of a relationship. People sometimes feel that communication makes a better marriage. Many people often wonder how to reconnect with their partner after communication has stopped. Body language or non verbal communication plays a major role in communication. These are some the topics that will be discussed in this research paper. Mutual communication is achieved when both partners in a relationship can effectively listen and communicate their feelings with one another. Some say that this is the basis for a healthy long lasting relationship. There are many skills a good listener has to have. Some of which are easier to express than others are. The most important of which is expressing empathy (De Jong). In mutual communication both partners should make eye contact with one another. Usually when one makes eye contact it shows that they are paying attention to what the other person is saying to them at the time. When mutually communicating neither partner should send destructive messages. Destructive messages include but are not limited to ordering, threatening, lecturing, and ridiculing (Lauer). Destructive messages lead to conflict and not resolution. When one person sends a destructive message to the listener the listener more than likely will get discouraged and that will make the situation worse. Ordering and threatening lead to more of a power struggle rather than to effective communication. There are many  different styles of a poor listener. There are people who fake the fact that they are listening when their mind is in another place. For example John is making it seem like he is listening to his wife Julie when in fact he is thinking about his golf game the next day. There are people who interrupt. Interrupting decreases mutual communication. There are also people who can intellectually listen and carry on a conversation. An example of an intellectual listener is Jessica. Jessica has just told her friend Jake about her new teacher at her college. She tells Jake what he taught and the manner in which he taught it. Jessica is clearly giving Jake non verbal cues that should lead him to believe that she has a romantic interest in the new teacher. Jake does not pick up on the cues but criticizes the style that the teacher uses to teach his classes. Some people say that communication makes a better marriage. Everyday conversations increase satisfaction by offering a broad range of topics to be discussed. Usually in a marriage, when everyday conversation increases happiness, and the partners often laugh more together. Everyday conversation also allows the couple to talk about their interests and the happenings of their day in a relaxed and calm setting. When you have good communication in a marriage, conflicts are often calmly discussed. People in a marriage are self disclosed. Self disclosure is defined as the honest revealing of ones self to another. Self disclosure increases intimacy and marital satisfaction (Lahey). Partners who are in a married situation often feel the need to communicate their feelings and ideas to keep their marriage open, happy, and healthy. The main reason for breakup of marriages is a lack of communication (Stark). The cause for the lack of communication most often is that people do not know how to properly communicate with one another especially in a conflict situation where they do not agree on a point. Sometimes it takes someone from a neutral point of view to point this fact out to couples, who are having problems in the relationship. Most often the couple will not realize that they have a problem unless an outside source points it out to them. This could help them or create more conflict with in the relationship. If there is a problem, and there is no communication between the two partners in the relationship the problem will  grow. However, if there is good communication the problem has potential to be resolved and to possibly never reoccur (De Jong). It is also important, to effectively communicate, to maintain the boundaries. Maintaining boundaries is the separation of home life from work life. If you bring your work life into your home life discussions, it is more than likely that you will get distracted from the topic at hand (Stark). Some people bring their work life home it creates jealousy. Jealousy is also a leading cause of breakups in a relationship (Laurer). When people effectively communicate in a married relationship, exchange and role equity are heightened. Exchange equity, for example is the female being the primary bread winner and the male staying home. Role equity, is sharing the chores of the house as well as the duties of the head of the house. Partners in a married relationship may have different opinions about role and exchange equity. Some people feel that the female should stay home and be a traditional house wife. For example the woman would do the dishes, laundry, and take care of the children. Some people feel that both the male and female should be able to go to work and have a career. Effective communication in a marriage about these kinds of feelings can solve many future problems in a rational and timely manner (Lauer). Therefore, if there is ample problem solving and good communication, in a marriage it will generally be a healthier, happier, more satisfying marriage. Body language or non-verbal communication is said to be used between 50-80 percent in a relationship. Women use non-verbal cues or body language more often than males do. Non verbal cues froe example are the position in which a person is sitting, the expression on ones face, or the amount of eye contact that they are making. If you have an open posture, and are leaning in towards the speaker, you are giving off good body language. If you are sitting with your arms crossed, and a closed posture then you are giving off bad body language. Women also tend to read into body language and the meanings behind it more than men (Lauer). Women tend to read body language on a more emotional level than men do. For example women tend to see when someone has a romantic interest in another where as men do not see that. Partners, generally speaking, in a good relationship should be able to read  the other partners body language and know what they want to say without them always having to verbalize their thoughts. Body language can tell your partner what you are thinking without actually having to say it. I decided on this particular topic for a few reasons. The first of which is that I have seen a lot of friends and family who have been in relationships that did not last and wanted to figure out why that was. The second reason was because I thought it could help me in my future relationship(s), and to help me from making the same mistakes that I have in the past or that others have made. Another reason that I chose this topic is because I am also interested in being a counselor and counselors need to be able to have good communication with their clients. Another reason is because counselors need to be able to understand, in some sense, where their clients are coming from and to be able to help in any way possible. One good analogy that I found one day while surfing the internet was this: â€Å"If you were to be in thorough and complete communication with a car and a road, you would certainly have no difficulty driving that car. But if you are in only partial communication with the car and in no communication with the road, it is fairly certain that an accident will occur.† This was said by Ronald Hubbard who is an expert in the field of scientology. He deals mainly with the realm of communication. That quote really inspired me to look into the realm of communication further. I wanted to know what effects that it had on a relationship and / or a marriage. Just an ending piece of advice: The best problem solving agent is honest open and effective problem solving. Works Cited DeJong, Peter. Interviewing for Solutions, 2nd Edition. California: Wadsworth Group, 2002. Hubbard, Ronald. www.standardtraining.com Church of Scientology International: 2000-2002. Lahey, Benjamin B., Psychology: an introduction, 7th Edition. New York: McGraw Hill, 2001. Laurer, Robert H. and Lauer, Jeanette C., Marriage and Family, 4th Edition. Chicago: Brown & Benchmark, 2000. Stark, Rodney. Sociology, 8th Edition. Wadsworth Group, 2001.

Moive Review – 8 Mile

I’m a big fan of rap and hip-hop music, so one of my favorite movies is ‘8 Mile’. It is a semi-autobiographic film about Eminem’s life. Starring well-known artists in the movie industry, such as Brittany Murphy, Mekhi Phifer, Omar Benson, Kim Basinger, and Eminem himself, ‘8 Mile’ became one of the most successful movies about musicians ever made. Set in Detroit, 1995, the story revolves around a white boy named Jimmy ‘B-Rabbit’ Smith, an inspiring rapper, trying to succeed in a music style most known for black artists.Jimmy lives in a trailer park with his mother and his younger sister on 8 Mile Road, the imaginary line that separates Detroit in two halves – the have-gots and have-nots. The very first scene of the movie presents ‘The Shelter’- the building where all the rap battles take place. It is Friday night and it’s time for Jimmy to go on stage and battle lyrically with another inspiring rapper. Bu t when he gets the microphone, he ‘chokes’ and gets booed off stage.That really takes him down and he is almost ready to give up on his dream. After some dramatic twists and turns, Mr. Smith mans up, gets over his pains and plunges in the courage to go back on stage and show everybody what his level of skills is like. In some kind it reminds me of the movie ‘The White People Can’t Jump’. The movie has won many prestigious awards, including an Academic Award for Best Original Song, which makes Eminem the only music artist with an Oscar.Not only with brilliant acting, but also with very good soundtrack and deep and moving lyrics, the film will definitely touch your heart and many people will find themselves in a situation similar to Jimmy’s. To sum up, I’ll say that ‘8 Mile’ is worth watching and I’ll recommend it to not only music lovers, but also everyone interested in realistic movies that will make them think about life opportunities and one-time chances. Moive Review – 8 Mile I’m a big fan of rap and hip-hop music, so one of my favorite movies is ‘8 Mile’. It is a semi-autobiographic film about Eminem’s life. Starring well-known artists in the movie industry, such as Brittany Murphy, Mekhi Phifer, Omar Benson, Kim Basinger, and Eminem himself, ‘8 Mile’ became one of the most successful movies about musicians ever made. Set in Detroit, 1995, the story revolves around a white boy named Jimmy ‘B-Rabbit’ Smith, an inspiring rapper, trying to succeed in a music style most known for black artists.Jimmy lives in a trailer park with his mother and his younger sister on 8 Mile Road, the imaginary line that separates Detroit in two halves – the have-gots and have-nots. The very first scene of the movie presents ‘The Shelter’- the building where all the rap battles take place. It is Friday night and it’s time for Jimmy to go on stage and battle lyrically with another inspiring rapper. Bu t when he gets the microphone, he ‘chokes’ and gets booed off stage.That really takes him down and he is almost ready to give up on his dream. After some dramatic twists and turns, Mr. Smith mans up, gets over his pains and plunges in the courage to go back on stage and show everybody what his level of skills is like. In some kind it reminds me of the movie ‘The White People Can’t Jump’. The movie has won many prestigious awards, including an Academic Award for Best Original Song, which makes Eminem the only music artist with an Oscar.Not only with brilliant acting, but also with very good soundtrack and deep and moving lyrics, the film will definitely touch your heart and many people will find themselves in a situation similar to Jimmy’s. To sum up, I’ll say that ‘8 Mile’ is worth watching and I’ll recommend it to not only music lovers, but also everyone interested in realistic movies that will make them think about life opportunities and one-time chances.

Effect Of Demographics On The Choice Of Investments - Free Essay Example

Sample details Pages: 12 Words: 3451 Downloads: 1 Date added: 2017/06/26 Category Demography Essay Type Research paper Did you like this example? It has been observed that over the last decade the Income of the third world countries such as India, China and Indonesia has grown at a high pace. As the wealth of the people increases they will have confidence in the markets and start investing in financial products. This research paper deals with the investment decisions of all individuals across different income groups, age, gender etc. Don’t waste time! Our writers will create an original "Effect Of Demographics On The Choice Of Investments" essay for you Create order and tries to identify the affect of demographic factors on the decision making investors The study aims to find out if the demographic factors of an individual namely his age, income, gender, savings, source of income and investment experience have any effect on the patterns of investment and hence affect his risk taking ability. Advanced quantitative techniques have been used to investigate the data and judgment has been given on the basis of statistical output. The results would help the managers in the Wealth Management process in advising their clients better regarding investments that are most suitable according to their demographics and personality type. The study provides evidence that the investment choice depends on and is affected by the demographic variables. Introduction India, China and Brazil showed the highest growth in the number of HNIà ¢Ã¢â€š ¬Ã¢â€ž ¢s in the year 2007 (The world wealth report 2008). The growth in the exposure that these markets have still remains untapped as they have only 3 percent exposure to equities. As the wealth of the people increases they will have confidence in the markets and start investing in financial products. In the 1970s and early 1980s, researchers found enough evidences that the markets are efficient and investment decisions are taken rationally. However, over a period of time there have been major challenges to the rationality assumption. Such challenges, coming from behavioral finance, continue to advance the argument that the traditional finance theoryà ¢Ã¢â€š ¬Ã¢â€ž ¢s predictive power is no match to what investors observe and experience in the markets, in reality. Behavioral finance is a new emerging science that exploits the irrational behavior of the investors. According to the behavioral econom ists, individuals do not function perfectly as the classical school opines. Weber (1999) makes the observation, à ¢Ã¢â€š ¬Ã…“Behavioral finance closely combines individual behavior and market phenomena and uses the knowledge taken from both psychological field and financial theoryà ¢Ã¢â€š ¬?. The key result of a behavioral finance-enhanced relationship will be a portfolio to which the advisor can comfortably adhere while fulfilling the clientsà ¢Ã¢â€š ¬Ã¢â€ž ¢ long-term goals. This result has obvious advantages which suggests that behavioral finance will continue to play an increasing role in Wealth Management The study aims to find out if the demographic factors of an individual namely his age, income, gender, savings, source of income and investment experience have any effect on the patterns of investment and hence affect his risk taking ability. Quantitative techniques shall be used to investigate the data and the decision will be given on the basis of the analysis. Th e results would help the people involved in the Wealth Management process in advising their clients better regarding investments that are most suitable according to their demographics and personality type. Objective The objective of this paper is to investigate how the investment choice is affected by the demographics of the investors, once we study the choice effecting variables, we will use past data and monitor what have been the returns achieved from such proportion of investments and we shall determine the ideal portfolio and mix in the portfolio. Such knowledge will be highly useful for financial advisors as it will help them to advise their clients regarding investments that are appropriate with respect to their demographic profiles. Literature review A number of studies have been conducted to study how risk tolerance varies with the individual demographics, such as, gender, age, education, income, etc. Most of these studies have, however, concentrated on exploring the gender differences in investment choice. Harlow and Keith (1990) found that women prefer low risk bets when asked to make choices in an experimental market environment, involving auctions and lotteries (Olsen and Cox, 2001). Experimental evidence suggests that women may be more risk averse towards gamble (Hershey and Schoemaker, 1980). Large-scale one-on-one attitude surveys by the Investment Company Institute and SRI International in the year 1996 and 1997 respectively, also revealed that women tend to prefer lower risk assets than men. (Olsen and Cox, 2001). Women hold less risky assets than men (Jianakoplos and Bernasek, 1998) and they also choose less risky alternatives (Powll and Ansic, 1997). Women exhibited less risk-taking behavior than men in their mos t recent, largest and riskiest mutual fund investment decisions (Dwyer et al., 2002). Women are more risk averse than men in gambles, investment frames with possibility of loss and gamble frame with no losses (Eckel and Grossman, 2003). Brynes and Miller (1999) have studied and investigated the relationship between risk and gender and concluded that women tend to take less risk than men (Olsen and Cox, 2001). Women are less likely to invest in riskier but high return assets than men (Mc Donald, 1997). However, the empirical investigation of gender difference in risk taking is inconclusive (Charness and Gneezy, 2004). While most research conducted prior to 1980 concluded that gender difference clearly exists, more recent research studies yield mixed results (Changanti and Parasuraman, 1996; and Powell and Ansic, 1997). Males and females are equally successful in taking decisions under conditions of risk (Hudgen and Fatkin, 1985). They are equally effective in the leadership rol e (Eagly et al., 1995) and are equally capable of processing and reacting to information (Stinerock et al., 1991). As businessmen/women, many studies have found similar level of performance for women-owned business as those which are owned by men (Kalleberg and Leicht, 1991; and Fischer et al., 1993). In an abstract lottery choice, Schubert et al. (2000) framed choices as either potential gain, or potential loss. They found that women are more risk averse than men in domain of gain, while men are more risk averse than women in the frame of loss domain. Women fund mangersà ¢Ã¢â€š ¬Ã¢â‚¬ both domestic and internationalà ¢Ã¢â€š ¬Ã¢â‚¬ hold portfolios which are marginally riskier than those of men, and their returns also outperform those of men (Bliss and Potter, 2001). Women were found to be less risk averse than men when the gambles were framed as insurance (Duda et al., 2004). Although, the impact of gender on risk taking is significantly weakened when investor knowledge of fi nancial markets and investments is controlled in the regression equation, the greater level of risk aversion among women, which is frequently documented in the literature, cannot be completely, explained by knowledge disparities (Dwyer et al., 2002). In the Indian context, Gupta (www.info.gov.hk/gia/general/bandhk/1118105.html) has indicated that from the angle of investor protection, the regulation of the new issue market is important for several reasons. The number of small investors in new issue market is massive. Most of new investors make their first entry into equity investments via the new issue market. So retaining common investor confidence in primary markets is important. Madhusoodan (www.nyse.com/press/NT00545421.html) has indicated that in the Indian stock market, higher risk is not priced, hence investment in higher risk instruments is of no use. Kakati (www.investorclaims.com/html/bokermisconduct.html) has indicated that Indian IPOs are under priced in the short run and overpriced in the long run. Selling after allotment, around the listing month, is the cause of major return differences between IPOs performance in the short run and long run. Gokaran has studied the financing patterns of the corporate growth in the country. The study indicated that equity markets suffer serious inadequacies as a mechanism for raising capital. Murali (www.ssrn.com) has indicated that new issues market (NIM) focuses on decreasing information asymmetry, easy accessibility of capital by large sections of medium and small enterprises, national level participation in promoting efficient investments, and increasing a culture of investments in productive sector. In order that these goals are achieved, a substantial level of improvement in the regulatory standards in India at the voluntary and enforcement levels is warranted. The most crucial steps to achieve these goals would be to develop measures to strengthen the new issues market. To effectively and efficiently serve clients in todays competitive industry, financial planners increasingly rely on information technology. The larger the financial planning firm, the more critical the use of information technology becomes as its applications extend to areas outside financial planning such as payroll, accounting, marketing, and operations. This article proposes the establishment of a new research discipline, financial planning informatics, which focuses on the development of technology tools to support the unique needs of financial planners. We live in the information age. Information is the result of processing, manipulating, and organizing data in a way that creates new knowledge (Rahman 2006). A number of studies have been conducted to study how risk tolerance varies with the individual demographics, such as, gender, age, education, income, etc (Schooley Worden, 1996; Shaw, 1996; Xiao Noring, 1994; Watson and Naughton, 2007). Most of these studies have, however, concentrated on explorin g the gender differences in investment choice. The impact of other demographic factors, such as, age, education, income, occupation and dependents on investment choice has not been investigated by many researchers. But whatever studies have been done suggest that they (other demographic factors) affect individualà ¢Ã¢â€š ¬Ã¢â€ž ¢s investment decisions. Risk tolerance, a personà ¢Ã¢â€š ¬Ã¢â€ž ¢s attitude towards accepting risk, is an important concept which has implications for both financial service providers and consumers. For the latter, risk tolerance is one factor which may determine the appropriate composition of assets in a portfolio which is optimal in terms of risk and return relative to the needs of the individual (Droms, 1987). In fact, the well-documented home country bias of investors may be a manifestation of risk aversion on the part of investors (see Cooper, and Kaplanis, 1994 and Simons, 1999). For fund managers, Jacobs and Levy (1996) argue that the inabilit y to effectively determine investor risk tolerance may lead to homogeneity among investment funds. Further, Schirripa and Tecotzky (2000) argue that the standard Markowitz portfolio optimization process can be optimised by pooling groups of investors together with different attitudes to risk into a single efficient portfolio that maintains the groups average risk tolerance. Although a number of factors have been proposed and tested, a brief survey of the results reveals a distinct lack of consensus. First, it is generally thought that risk tolerance decreases with age (see Wallach and Kogan 1961; McInish 1982; Morin and Suarez 1983; and Palsson 1996) although this relationship may not necessarily be linear (see Riley and Chow 1992; Bajtelsmit and VanDerhai 1997). Intuitively this result can be explained by the fact that younger investors have a greater (expected) number of years to recover from the losses that may be incurred with risky investments. Interestingly, there is some s uggestion that biological changes in enzymes due to the aging process may be responsible (see Harlow and Brown, 1990). More recent research however, reveals evidence of a positive relationship or fails to detect any impact of age on risk tolerance (see Wang and Hanna 1997; Grable and Joo 1997; Grable and Lytton 1998, Hanna, Gutter and Fan, 1998; Grable 2000, Hariharan, Chapman and Domian, 2000; and Gollier and Zeckhauser, 2002). A second demographic which is frequently argued to determine risk tolerance is gender and Bajtelsmit and Bernasek (1996), Palsson (1996), Jianakoplos and Bernasek (1998), Bajtelsmit, Bernasek and Jianakoplos (1999), Powell and Ansic (1997), and Grable (2000) find support for the notion that females have a lower preference for risk than males. Grable and Joo (1999) and Hanna, Gutter and Fan (1998) however, find that gender is not significant in predicting financial risk tolerance. Education is a third factor which is thought to increase a personà ¢Ã¢â€ š ¬Ã¢â€ž ¢s capacity to evaluate risks inherent to the investment process and therefore endow them with a higher financial risk tolerance (see Baker and Haslem, 1974; Haliassos and Bertaut, 1995; Sung and Hanna, 1996). Shaw (1996) derives a model which suggests an element of circularity in this argument however, as the relative risk aversion of an individual is shown to determine the rate of human capital acquisition. Income and wealth are two related factors which are hypothesised to exert a positive relationship on the preferred level of risk (see Friedman 1974; Cohn, Lewellen, Lease and Schlarbaum 1975; Blume 1978; Riley and Chow 1992; Grable and Lytton 1999; Schooley and Worden 1996; Shaw 1996; and Bernheim et al, 2001). For the latter, however, the issue is not clear cut. On the one hand, wealthy individuals can more easily afford to incur the losses resulting from a risky investment and their accumulated wealth may even be a reflection of their preferred level of risk. Alte rnatively, wealthy people may be more conservative with their money while people with low levels of personal wealth may view risky investments as a form of lottery ticket and be more willing to bear the risk associated with such payoffs. This argument is analogous to Bowmanà ¢Ã¢â€š ¬Ã¢â€ž ¢s (1982) proposition that troubled firms prefer and seek risk. Investigation of the investment decisions made by married individuals presents a unique challenge to researchers as the investment portfolio of the couple may reflect the combined risk preferences of the couple (Bernasek and Shwiff, 2001). The available evidence suggests that single investors are more risk tolerant (Roszkowski, Snelbecker and Leimberg, 1993) although some research has failed to identify any significant relationship (McInish, 1982; Masters, 1989; and Haliassos and Bertaut, 1995). Methodology The study employs primary data collected by communicating with the respondents with the help of a structured questionnaire. Before undertaking the survey, a pilot test of the questionnaire was done with 40 respondents. Their views were incorporated in the final questionnaire and desired results were obtained. The study is based on responses obtained from the respondents belonging to a wide cross section. The total sample consisted of about 150 people, Males/Females from Salaried/ Self Employed, were split from different Age groups of Less than 35, 35-45, 45 and above. Investment Experience (Measured in the No of years) and the savings of Individuals post investment was also observed. The study employed non-probabilistic sampling method to select the respondents. The sampling method used can best be described as a mix of judgmental and convenient sampling. The questionnaire (Annexure) consists of a risk profiling exercise combined with the demographic characteristics requir ed about the investor. Later a combination of cluster analysis along with a couple of other tests like LOGIT, PROBIT Etc will be used. DATA ANALYSIS The risk taking ability of the respondents was found by looking at the patterns and similarities that could be found and understood in the data. Techniques of Regression and Logit tests are used. Then the demographic characteristics of the people to their risk taking ability and any similar patterns are also identified. From the final questionnaire we got to know the risk profile, demographic profile, choice of investments, other habits and observations etc. Later any patterns and similarities were looked at in the data. The analysis was done using Logit tests identifying probabilities, Multi logistic regression, Man- Whitney U test and chi square. The following hypotheses were formulated to study whether the choice of Investment depends upon variables, such as, gender, age, income, educational qualification and occupation. The hypotheses are stated as follows: Ho.1: There is no significant difference between the males and females in their choice of investment avenues. Ho.2: There is no significant difference among the investors belonging to different age groups in their choice of investment avenues. Ho.3: There is no significant difference between the investors of different occupations in their choice of investment avenues. Ho.4: There is no significant difference between the investors having different investment experience in their choice of investment avenues. Ho.5: There is no significant difference between the investors having different savings post investment in their choice of investment avenues. Logit Regression Using the data, we have calculated if the respondent is a risk taking or a risk averse investor. His risk taking behavior is taken as a Dependent variable. The various independent variables include Age, Gender, No of dependents, Income; savings post investments, investment experience etc. The model studies the change in the dependent variable due to change in all these independent variables. We use ungrouped method of Logit regression as we observe that these variables are independent and are not very much correlated with each other; hence they show lesser chance of hetroscedasticity with each other. Wald statistic (test) was used to test the significance of individual logistic regression coefficients for each independent variables ( that is to test the null hypothesis in logistic regression that a particular logit coefficient is zero). It is the ratio of the unstandardised logit coefficient to its standard error. The Wald statistic and its corresponding p probability level i s part of the SPSS output. The independents may be dropped from the equations when their effect is not significant by the Wald statistic. We observe that the regression equation is significant at 10% with Wald value of 2.959. It was observed that among the independent variables the Age, gender and Investment experience are considered to be significant with a Wald value of 18.571, 3.47, 3.457 respectively they are also significant as they fall in significance level of 10%. However No of dependents, the Income and savings post investment are not significant enough and they are not at a significant level too with more than 10% significance level. It is observed that the number of dependents or siblings of a person does not define his risk taking ability and capacity, same is the reason for the person being salaried or being self employed for his living. There is no pattern observed for the level of savings that person has after his investment habits. Hence it can be said that the risk taking capacity can be mainly judged by his Age, Gender and Investment experience. The logit can be converted easily into an odds ratio simply by using an exponential function. The original odds are multiplied by e to the bth power, where b is the logistic regression coefficient, when the given independent increases by one unit. The ratio of odds ratio of the independent is the ratio of the relative importance of the independent variables on the dependent variables. The value of ratio for income 1.083 . Hence a unit change in income affects the change in risk taking ability by 1.083 Further in the regression equation the variable Age is highly significant with the score of 21.443 in the equation, so is gender and investment experience. The equation has a overall statistics of 28.953 with a appropriate significance level. R Square in logistic regression R2 à ¢Ã¢â€š ¬Ã¢â‚¬Å" measures attempts to measure strength of association. For small examples, for instance, an R2 à ¢Ã¢â€š ¬Ã¢â‚¬Å" like measure might be high when the goodness of fit was unacceptable by model chi- square or some other test. Cox and Snell R square is used to in the interpretation of multiple R square based on the likelihood, but the value lesser than1 is, the better. Here the value is 0.230. Nagelkerkes R2 divides Cox and Snells R2 by its maximum in order to achieve a measure that ranges from 0 to 1. Therefore Nagelkerkes R2 which is here 0.310 will normally be higher than the Cox and Snell measure but will tend to run lower than the corresponding OLS R2 which is 133.048. Nagelkerkes R2 is the most-reported of the R-squared estimates. Conclusion The insight of how an investment choice gets affected by the demographic variables helps the financial advisors to advise their clients better. The clients, on the other hand, on being advised regarding the investments that suit their profile, will not only rate such an advice higher but will also appreciate it. This study thus, will certainly improve the mutual trust between the advisor and his client. Similar studies with diverse samples will help in understanding the investment psychology better. From the research we observe that the risk taking ability can be mainly judged by his Age, Gender and Investment experience. That is if the person falls in a specific age category, the financial planner cab be readily prepared for the desires level of risky portfolio to be offered to the client. It has been noticed from the data that mostly people with high age are risk adverse on the contrary young people like to take very high risks and invest in aggressive stocks and speculative i nstruments. Men have been observed to be more risk taking and aggressive than most females. And people who have experience of trading in the financial markets also determine the level of risk they like to take. It is observed that the no of dependents or siblings that a person does not define his risk taking ability and capacity initially we thought that people who have more no of siblings would like to take less risk however same has not been observed in this case, same is the case for the person being salaried or being self employed for his living. Similarly no pattern has been observed for the level of savings that person has after his investment habits and the level of risk that he like to take.