Daily returns of stock markets in 27 emerging markets in Asia, Africa, South America, and Eastern Europe from the early 1990s through 2006 are analyzed for the possible presence of nonlinear speculative bubbles. The absence of these is tested for by studying residuals of VAR-based fundamentals, using the Hamilton regime-switching model and the rescaled range analysis of Hurst. For the first test absence of bubbles is rejected for 24 countries (except Mexico, Sri Lanka, and Taiwan), and for the second it (...) is rejected for 26 (except Malaysia). BDS testing on residuals after ARCH effects are removed fails to reject further nonlinearity in the residual series for all countries. (shrink)

Speculative bubbles present a problem for the development of sophisticated financial markets in developing economies. This paper discusses the evolution of regulatory institutions in Pakistan pertaining to the Karachi stock exchange and empirically tests for the presence of stock market bubbles in that stock market in recent years. A fundamental is estimated using a VAR approach, and residuals of this fundamental are tested for trends using Hamilton regime switching and Hurst rescaled range methods. Nonlinearities beyond ARCH are also tested for (...) using the BDS test. We are unable to reject the hypothesis of no bubbles or non nonlinearities during the period studied, indicating that Pakistan faces this difficult problem in developing appropriate regulations and institutions for the oversight of its financial markets. (shrink)

This article examines the risk and return profiles of stock indices composed of companies meeting environmental, social and governance screening criteria [such as the Dow Jones Sustainability Indices ] and conventional composite indices of eight Asian countries from 2002 to 2014. The results indicate that there are no significant differences in the returns or risk-adjusted returns between the ESG indices and the composite indices within countries. The results do reveal that the market volatility of the ESG indices is higher than (...) the market volatility of the conventional indices. Market betas of DJSI and ESG equity indices are significantly lower than betas of the composite equity indices. The overall results indicate that the performance of ESG equity indices of many Asian countries is similar to the performance of conventional indices, suggesting that investors can pursue socially responsible investing objectives without a material difference in portfolio performance from conventional investing. (shrink)

The precocious induction in vivo and in culture of insect and amphibian metamorphosis by exogenous ecdysteroids and thyroid hormones, and its retardation or inhibition by juvenile hormone and prolactin, respectively, has allowed the analysis of such diverse processes of post‐embryonic development as morphogenesis, tissue remodelling, functional reorganization, and programmed cell death. Metamorphosis in vertebrates also shares many similarities with mammalian development in the late foetal and perinatal period. This review describes the regulation of expression of some of the ‘adult’ gene (...) products during metamorphosis in invertebrates and vertebrates. Recent studies on metamorphosis have revealed the important role played by auto‐induction of hormone receptor genes, based on which a model will be presented to explain the activation of ‘downstream’ genes which give rise to the adult phenotype. It will also be argued that metamorphosis is an ideal model for analyzing some of the major mechanisms governing post‐embryonic development. (shrink)

The developing vertebrate oocyte autonomously makes most of the components of the machinery for DNA and protein synthesis, as well as ‘maternal’ mRNAs, needed immediately after fertilization. However, specialized egg constituents such as yolk proteins, egg white, cholesterol, lipoproteins and egg coat substances, are formed in the liver, oviduct and perhaps in follicle cells. The assembly of the developing egg is therefore a fascinating example of division of labor among oocytes and extra‐oocyte tissues, the coordination of activities of the latter (...) being achieved by hormones. (shrink)

On alienation in 20th century Indic poetry in English.

We propose three extensions of the theory developed by Juslin & Vll (J&V). First, motion should be considered as an additional mechanism. Second, synchronization plays a role in eliciting emotion. And, third, the spectrum of musical affect or feelings is denser and broader than the spectrum of emotions, suggesting an expansion of the scope of the theory beyond emotions.

Three experiments investigated the modularity of harmonic expectations that are based on cultural schemata despite the availability of more predictive veridical information. Participants were presented with prime–target chord pairs and made an intonation judgment about each target. Schematic expectation was manipulated by the combination of prime and target, with some transitions being schematically more probable than others. Veridical information in the form of prime–target previews, local transition probabilities, or valid versus invalid previews was also provided. Processing was facilitated when a (...) schematically probable target chord followed the prime. Furthermore, this effect was independent of all manipulations of veridical expectation. A solution to L. B. Meyer's (1967b) query "On Rehearing Music" is suggested, in which schematic knowledge contributes to harmonic expectation in a modular manner regardless of whether any veridical knowledge exists. (shrink)

This chapter reviews the field of music perception and cognition, which is the area of cognitive psychology devoted to determining the mental mechanisms underlying our appreciation of music. The chapter begins with the study of pitch, including the constructive nature of pitch perception and the cognitive structures reflecting its simultaneous and sequential organization in Western tonal‐harmonic music. This is followed by reviews of temporal organization in music, and of musical performance and ability. Next, literature concerning the cognitive neuroscience of music (...) is examined, including studies of neuropsychology, neuroimaging, and event‐related potentials. The chapter concludes with a discussion of developmental music cognition, cross‐cultural music cognition, and the evolutionary psychology of music. (shrink)

PurposeThis study aimed to apply “multi-criteria decision approach and attitude-change theory” to examine post-COVID-19 impact on entrepreneurial mindset by investigating the link between entrepreneurs social capital and entrepreneurial success. Specifically, this study analyzed entrepreneurs' dispositional factor as an underlying mechanism to bridge trust and entrepreneurial success. Furthermore, it also analyzed entrepreneurs' situational factor as boundary condition.Design/methodology/approachWe applied time-lagged data collection from 505 industrial entrepreneurs. Survey method was used for data collection. A 7-point Likert scale was used for the respondent response. (...) Hayes developed PROCESS models 4 and 7 were used to test the hypothesis.FindingsThe direct impact of trust on three elements of the ecosystem was found significantly positive on both startup behavior and entrepreneurial success. The direct impact of startup behavior on entrepreneurial success is also significantly positive. The impact of startup behavior on indirect mediation between trust and entrepreneurial success is visibly positive. The moderated and moderated mediation impact of entrepreneurial strategy found positively significant at low and medium values. However, this study found an insignificant moderated impact at high values of entrepreneurial strategy between trust on media and startup behavior. Furthermore, this study also found insignificant moderated mediation impact at high values of entrepreneurial strategy by interacting with two elements of ecosystem through startup behavior on entrepreneurial success.Originality/valueThe authors suggested that startup behavior is an underlying mechanism through which industrial entrepreneurs trust achieved desired entrepreneurial success. The authors also suggested that the influencing role of “low level of entrepreneurial strategy” in comparison with “high level entrepreneurial strategy” is more helpful to achieve entrepreneurial success.ImplicationsThis study contributed to the literature on entrepreneurial strategy for its conditional indirect moderated impact on startup behavior and moderated mediation impact on firm entrepreneurial success. It also contributed to owners of the manufacturing industry for their startup behavior as an underlying mechanism through which trust influences entrepreneurial success. (shrink)

In a communication network with a source node, a multicast tree is defined as a tree rooted at the source node and all its leaves being recipients of the multicast originating at the source. The tree or bandwidth cost is normally measured by its utilization of tree links along with the quality of service measures such as delay constraint and end-to-end delay. However, if nodes are allowed to join or leave the multicast group at any time during the lifetime of (...) the multicast connection, then the problem is known as dynamic multicast routing problem. In this article, we combine a greedy approach with static multicast routing using Tabu Search to find a low-cost dynamic multicast tree with desirable QoS parameters. The proposed algorithm is then compared with several static multicast routing algorithms. The simulation results show that, on a large number of events, i.e., where nodes are leaving or joining, the proposed algorithm is able to find multicast trees of lower cost and more desirable QoS properties. (shrink)