The exchange between the Borg and Captain Jean‐Luc Picard illustrates what's truly horrifying about the Borg. In philosophical terms, the Borg strips the assimilated of their autonomy. Choice is essential to autonomy, but autonomy means more than the freedom to act on whims. Autonomous can be applied to two different sorts of things: there are autonomous beings and autonomous actions. Beings that can rationally deliberate in the face of amoral choice are called autonomous, and many of their actions display autonomy. (...) Autonomous actions are done intentionally, with understanding, and without controlling influences that determine. As crucial as the idea of autonomy seems to be to the moral life, it is also been criticized for relying on a highly individualistic and overly rationalistic notion of humanity. Autonomy is a good thing that we can encourage in others by helping them develop deliberative skills and by interacting with them during decision making. (shrink)

Epistemic injustice occurs when people are harmed as knowers, especially when we lack the conceptual and interpretive resources to recognize people as knowers of their own experience. This essay addresses the ways in which concerns about epistemic injustice create a positive obligation to include diverse knowers of ethics within the academy and models a community-based alternative. This is ethical enfranchisement, by which we mean expanding the range of people included within ways of knowing ethical concepts, reflecting on the way people’s (...) experiences are represented in ethical discourse, and allowing priority ethical conversations to be identified by community research. The goal of teaching ethics through enfranchisement is the creation of social infrastructure and exchange between community and classroom. We describe our Re-envisioning Ethics Access and Community Humanities (REACH) Initiative at Salisbury University as an example; a community-based research partnership between public philosophy and community psychology in descriptive ethics. We also explore the obligation held by ethics professionals and academics to enfranchise community members in their conceptualization of ethical concepts, priorities, and knowledge. (shrink)

We revisit the flight-to-quality and flight-from-quality occurrences vis-à-vis the stock-bond nexus across differing investment time scales in the COVID-19 era, using a novel technique hinged on a denoised frequency-domain transfer entropy. Our findings divulge that flights, both FTQ and FFQ, could be attained during stress periods. Generally, in the intermediate term of the COVID-19 pandemic, both Islamic and conventional bonds could act as safe havens, diversifiers, and hedges for international equities, and the same could be observed for international equities. (...) We reiterate empirically that flights may improve the financial system’s stability and robustness by allowing diversity to be effective when it is most required. The findings have financial and portfolio implications for investors considering how to deploy their investments in the COVID-19 era. Our findings may impact policymakers’ responses to changes in various asset classes, allowing them to better monitor financial markets and adjust macroeconomic policies. (shrink)

Resumo: Este estudo objetiva analisar as perspectivas de futuros professores em relação às práticas pedagógicas necessárias para a inclusão de alunos com deficiência, assim como a possibilidade de construí-las no cotidiano escolar. Para participar da pesquisa, foram selecionadas dezesseis futuras professoras que estão cursando os últimos semestres do curso de Pedagogia e já atuam como estagiárias na Educação Básica. A pesquisa se fundamenta na abordagem qualitativa e utilizou as narrativas como instrumento da coleta de dados. A partir do processo de (...) análise textual discursiva, identificaram-se três dimensões, com base nas temáticas utilizadas nesse estudo: Educação Inclusiva; Práticas Pedagógicas Inclusivas; Experiência. Os resultados do estudo indicam as experiências das professoras como novas e significativas e que o elemento principal para a transformação da educação inclusiva passa pela necessidade de formação, estudos e trocas de experiências e de constante construção teórico-prática, que se faz mister no processo inclusivo. Palavras-chave: Educação Superior; Educação Inclusiva; Formação de Professores; Práticas Pedagógicas. The perspectives of Inclusive Education in the Education course: narratives of beginning teachers Abstract: This study aims to analyze the perspectives of future teachers in relation to the pedagogical practices necessary for the inclusion of students with disabilities, as well as the possibility of building them in the school routine. In order to participate in the research, sixteen future teachers who are attending the last semesters of the Education course and already work as interns in Basic Education were selected. The research is based on a qualitative approach and it uses narratives as an instrument for data collection. From the discursive textual analysis process, three dimensions were identified, based on the themes used in this study: Inclusive Education; Inclusive Pedagogical Practices; Experience. The results of the study indicate the experiences of the teachers as new and significant, and that the main element for the transformation of inclusive education involves the need for training, studies and exchanges of experiences as well as constant theoretical-practical construction, which is essential in the inclusive process. Keywords: Higher Education; Inclusive Education; Teacher Training; Pedagogical Practices. Las perspectivas de la Educación Inclusiva en el curso de Pedagogía: narrativas de profesores principiantes Resumen: Este estudio tiene por objetivo analizar las perspectivas de futuros profesores con relación a las prácticas pedagógicas necesarias para la inclusión de alumnos con discapacidad, así como la posibilidad de construirlas en el cotidiano escolar. Para participar de la pesquisa, fueron seleccionadas dieciséis futuras profesoras que están cursando los últimos semestres del curso de Pedagogía y ya actúan como pasantes en la Educación Básica. La investigación se fundamenta en un enfoque cualitativo y utilizó las narrativas como instrumento de recogida de dados. A partir del proceso de análisis textual discursivo, fueron identificados tres dimensiones, con base en las temáticas utilizadas en este estudio: Educación Inclusiva; Prácticas Pedagógicas Inclusivas; Experiencia. Los resultados del estudio indican las experiencias de las profesoras como nuevas y significativas y que el elemento principal para la transformación de la educación inclusiva pasa por la necesidad de formación, estudios y cambios de experiencias además de constante construcción teórico-práctica, que es esencial en el proceso inclusivo. Palabras clave: Educación Universitaria; Educación Inclusiva; Formación de Profesores; Prácticas Pedagógicas. Data de registro: 14/04/2021 Data de aceite: 19/01/2022. (shrink)

Different aspects of competition in stock exchanges have been discussed from either a positive or normative perspective, but this article seeks to come up with an approach encompassing both positive and normative dimensions of competition in various aspects of stock exchanges' activities. As far as the positive nature of the securities market and industry is concerned, conflicting trends are emerging. The liberalization of securities markets and the disappearance of technical barriers have dismantled the monopoly of national (...) stock exchanges but led to more consolidation. However, we are also witnessing a destabilizing and fragmenting effect of competition on these markets. Following an analysis of the normative/positive dichotomy in approaching competition in financial services, we discuss the centrality of information disclosure in creating a competitive and stable financial market. Disclosure of information, therefore, reinforces both competitive and prudential objectives alike. In a further attempt, we discuss the tension between the principles of competition and prudence alongside the conflict between competition objectives and economies of scope and scale. While arguments in weighing competition against economies of scope and scale are evenly balanced, the unique characteristics of such markets do not allow the absolute application of competition principles when it comes to prudential concerns. (shrink)

Some time before deconstruction theoretically destabilized the founding oppositions of Western metaphysics, Pierre‐Joseph Proudhon noted their everyday, practical unravelling in the Bourse Stock Exchange in nineteenth‐century Paris. In his Broker's Handbook, Proudhon considered the profound implications of the speculative model of value introduced by the stock market and recommended that modern reformers and revolutionaries seek their instruction there. The mobilization of value exemplified in the operations of the Bourse propelled capitalism through the twentieth century towards its present global (...) dominance, bringing in its train all the features of supermodernity that currently confound the thinking of cultural values today. For it is not just economic questions that are posed from within the logic of the financial security of the mobile values of share prices, but also questions of ethics, aesthetics, semantics and metaphysics. This essay historicizes and interrogates the new paradigm of value emanating from ‘the temple of speculation’ and attempts to think through its global, cultural and economic effects beyond the mystifications that it engenders. (shrink)

Critical phenomena in stock exchange are regularly occurring and difficult to predict events, often leading to disastrous consequences. The presented paper is devoted to the search and research of early warning signals of critical transitions in stock exchange based on the results of a multifractal analysis of a series of transactions in shares of public companies. We have proposed and justified the use of certain features of behavior of multifractal spectrum shape parameters such as signals. As model time (...) series, on which methods of multifractal analysis were tested, we used a series of the number of unstable sites of the sandpile automaton on the random Erdős–Rényi graph, self-organizing into critical and bistable states. It was found that the early warning signals for both cellular automata and stock exchanges are an increase in the magnitude of the maximum position, a decrease in the width, and a decrease, followed by a sharp increase, in the value of the spectrum asymmetry parameter. (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 research examines whether having a readily available code of ethics on a corporation's website associates with either their auditor or stock exchange listing. As such, it is the first research that studies the association among readily available codes of ethics, client auditor and stock exchange listing on a longitudinal basis. In our data gathering, we went to the website of each corporation and searched for a readily available disclosure of its code of ethics at the beginning of (...) April 2006 through April 2009 – third-through-sixth anniversaries of the Sarbanes–Oxley Act. Our data indicate that the average readily available rate of codes of ethics for Ernst and Young 's clients was significantly lower than the average readily available rate for the clients of Deloitte and Touche in 2006 and 2007 and PricewaterhouseCoopers in 2007. However, our data indicate no differences among the Big Four firms in 2008 and 2009. Our data indicate that the average readily available rates for the clients listed on the New York Stock Exchange were significantly higher than for clients that were not listed on the NYSE for all four observation points. (shrink)

This research examines whether having a readily available code of ethics on a corporation's website associates with either their auditor or stock exchange listing. As such, it is the first research that studies the association among readily available codes of ethics, client auditor and stock exchange listing on a longitudinal basis. In our data gathering, we went to the website of each corporation and searched for a readily available disclosure of its code of ethics at the beginning of (...) April 2006 through April 2009 – third‐through‐sixth anniversaries of the Sarbanes–Oxley Act. Our data indicate that the average readily available rate of codes of ethics for Ernst and Young's clients was significantly lower than the average readily available rate for the clients of Deloitte and Touche in 2006 and 2007 and PricewaterhouseCoopers in 2007. However, our data indicate no differences among the Big Four firms in 2008 and 2009. Our data indicate that the average readily available rates for the clients listed on the New York Stock Exchange (NYSE) were significantly higher than for clients that were not listed on the NYSE for all four observation points (2006–2009). (shrink)

Source: Author: Mohsen Mehrara, Yazdan Gudarzi Farahani, Farzan Faninam, Abbas Rezazadeh Karsalari This paper examines the relationship between stock market index and macroeconomic policies on Iran's economy using quarterly data in the period 1999-2013. This study employed cointegration test and vector autoregressive models to examine relationships between the stock market index and the macroeconomic variables. The empirical results reveal that a positive money shock can increase stocks return. According to impulse responses, the government expenditure had a slight impact (...) on stocks return in the short term. But the government expenditure has a positive effect on exchange index in long run. Also the effect of taxes on the stock's price index is negative, so that it reaches its maximum level after the third lag and then alleviates. The GDP shock has positive effect on the stock's price index. Increase in production level leads to increase in earnings and profitability, leading to a positive response from stocks index. Therefore the results showed that the macroeconomic variables such as inflation, exchange rate and GDP have significant effects on Tehran exchange price index. So the hypothesis that the improving economic factors can have a useful role in the booming capital market is confirmed. Also the effect of fiscal policy factors such as tax revenues and government expenditures is more than monetary policy factors on stock returns. ]]>. (shrink)

Good corporate governance requires that managers promote shareholder interests but it cannot be assumed they will act in this manner. Though this is an observation most managers would acknowledge, many argue they should be free of external regulatory intervention because regulations designed to protect shareholders are necessarily a form of paternalism that take from shareholders decisions that are rightly theirs to make. We question this perspective by showing that regulations founded on paternalist principles are compatible with a liberal economy and (...) social relations. We identify when a paternal approach to decision making is justified and add substance to our argument by responding to claims that the Principles of Good Governance1 promulgated by the Australian Stock Exchange (ASX) are an unacceptable infringement on managers’ right to govern their enterprises because they are supposedly paternalist. We reject this argument and suggest that while the current ASX principles are not paternalistic there is a case for ensuring shareholder protection is informed by paternalist principles. (shrink)

This research aims to examine the specific risk of companies and their effectiveness in various stages of the company life cycle on state and nonstate ownership. For this purpose, the specific risk was estimated using Fama and French three-factor models, and the research objective was examined by considering the data panel model during the period 2015 to 2020 in a statistical sample consisting of 136 companies active in the Tehran Stock Exchange. For this purpose, the main contribution of research (...) is evaluation of the effect of specific risk in different stages of the life cycle of companies admitted to the Tehran Stock Exchange. Therefore, the main valuable advantage to helping stock managers is assessing the impact of government ownership and nongovernment ownership on the specific risk of companies at different stages of the life cycle. Also, presenting a model to show the effects of dependent and independent variables in order to evaluate the impact of government and nongovernment ownership. The research results confirmed that the specific risk of the company in the stages of introduction, growth, and decline is higher compared to the stages of maturity and stagnation of the life cycle of companies listed on the Tehran Stock Exchange. Because the coefficients of virtual variables related to the life cycle stages of the company are estimated to be significant. Also, the finding confirmed that government ownership significantly affects the relationship between firm risk and life cycle stages in companies listed on the Tehran Stock Exchange. Because, the coefficient of variable state ownership is negative and significant, indicating a lower specific risk in state-owned companies than in nonstate-owned companies. (shrink)

This study analyzed the sensitivity between fund flow and fund performance with Korean funds, whether there would be a difference in the sensitivity between environmental, social and governance funds and non-ESG funds, and whether there was a difference in sensitivity according to the type of past fund performance. The main results of the analysis are as follows. First, the analysis of the fund flow–performance correlation of Korean funds revealed that they had a negative correlation and the ESG did not affect (...) fund flow. Analysis of the difference in sensitivity between fund flow and performance volatility revealed that there was a negative correlation regardless of the performance measuring method and ESG. Finally, the comparison of fund flow and performance sensitivity according to the type of past fund performance revealed that despite consistent asymmetry, there was little difference in sensitivity asymmetry between ESG funds and non-ESG funds. The results reveal that, unlike the expectation that investors in Korean ESG funds would focus more on non-financial properties like the purpose of investment than on profit, they attach the same importance to fund performance. (shrink)

The UK Alternative Investment Market (AIM) was launched in 1995 and has been a great success with over 1200 companies now listed. In this article, we examine the development of AIM as it reaches its 15th year and discuss the potential pitfalls of the light touch regulation that is one of the attractions of AIM and identify potential corporate governance and ethical issues that may arise as a result of light touch regulation. We examine the central role of the nominated (...) advisor (NOMAD) and draw on the findings of in depth interviews with 25 AIM participants including AIM company directors, institutional investors, nominated advisors and brokers. We highlight the influence of the NOMAD on these participants and potential governance and ethical implications. We also discuss some of the concerns that AIM participants have about the market. We examine some of the recent scandals on AIM to determine why these scandals occurred — were they, for example, attributable to corporate governance weaknesses? Finally, we offer some concluding comments to discuss the future of AIM. The findings of the article have important implications for investors and policymakers alike. (shrink)

Introducing the concept of Crisis Solution Marketing, this research explores how metaphor pre-packages information, proposing “solutions” to “problems” they discursively construct in the media. These conceptual frameworks are capable of influencing how readers perceive and interpret news events, ultimately influencing their behavior as consumers and the financial decisions they make. This article explores the relationship between editorial positioning and ideology in financial news and the types or ontologies of metaphors used to describe the nature of the stock market via (...) reporting on the stock market crash of 2008 in online news media. Results indicate a statistically significant preference for The New York Times and The Wall Street Journal, liberally positioned newspapers, for animate-biological metaphors which promote understanding of the stock market in terms of a living being that must be ‘nurtured’ through intervention as opposed to being ‘left alone’, which is more consistent with laissez-faire approaches to economic crisis scenarios. (shrink)

As the world’s population grows and urbanization continues, the global waste crisis is becoming more severe, especially in developing countries. Without proper waste management, they may encounter various environmental and health risks. Biological technologies are regarded as promising waste management and recycling approaches in developing countries due to their cost-effectiveness and capability to handle diverse waste categories. One prominent technology in this aspect is the vermicomposting of organic waste utilizing the black soldier fly larvae. Nevertheless, significant financial resources are still (...) necessary to advance and expand biological waste treatment, which requires the participation of businesses. By examining waste management companies listed on the Vietnamese stock market, we highlight two challenges that hinder the adoption and scaling of the waste treatment system using black soldier flies and potentially other biological technologies in Vietnam. Specifically, the business regards the environmental services they offer primarily as a means to generate profit rather than as a genuine commitment to environmental preservation, and the values of companies operating in the environmental sector, particularly in waste management, have been significantly undervalued by the Vietnamese investing public. Therefore, we advocate for societal shifts toward the eco-surplus culture and apply the semiconducting principle of monetary and environmental values exchange to address the problem. (shrink)

In the midst of the ultra modernity of stock exchanges and financial markets, certain practitioners are increasingly using forecasting models of changes in rates whose scientific rationality is particularly contested. We refer to ‘technical analysis’, or, in the jargon of finance, of ‘chartism’. The adherents of this practice affirm that their models offer the possibility of detecting and of reading, by means of stereotyped graphical configurations, rising or falling market trends. Now, for a large number of people who (...) hold scientific economic and financial theories to describe the ‘nature’ of changes in rates as so many random and unpredictable phenomena, these models arise above all from the sphere of ‘superstition’ and ‘beliefs’, in the worst sense of the term. To listen to them, one would think there was hardly any difference between sorcery, prophecy, and chartism, since in short: “it works because people believe in it”. These are remarks that can only arouse the curiosity of the anthropologist, because they actually serve merely to recall epistemologica! controversies that depend on the rationality and the irrationality of observed practices and debates in various cultures. At the heart of these contradictory debates, it is precisely prophecy as a cultural mode of managing unforeseen events that has been the subject of multiple anthropological, historical, and epistemological studies which can, in a comparative perspective, clarify the structure and functioning of forecasting tools employed by the chartists in the context of financial speculation. (shrink)

BackgroundNational Ethics Committees (NECs) offer important oversight and guidance functions and facilitate public debate on bioethical issues. In an increasingly globalized world where technological advances, multi-national research collaborations, and pandemics are creating ethical dilemmas that transcend national borders, coordination and the joining of efforts among NECs are key. The purpose of this study is to take stock of the current NEC landscape, their varying roles and missions, and the range of bioethical topics on which they deliberated since their inception.MethodsData (...) on the availability, functions, and ethical deliberations (publications) of NECs globally were gathered through a systematic search of NEC websites and through contacts known to the authors. The search was conducted in English, French, and Spanish. The data abstraction was done in Excel and included the NEC’s country, region, functions, and deliberations on bioethical issues. Deliberation topics were classified into thematic categories through an iterative process of regrouping to arrive at the main set of themes.Results124 NECs in 100 countries were identified. 44% of the NECs are in Europe and 47% are in high-income countries. Out of the 1108 retrieved publications, 40% were on bioethics in the context of research, followed by the clinic (28%) and public health issues (22%). The top five topics of these publications were: research ethics (124; 9%), genetics and genomics (62; 6%), organ transplantation (58; 5%), assisted reproductive technology (49; 4%), and end of life (36; 3%).ConclusionOur study makes an important contribution to understanding the current interests and functions of NECs and the range of their bioethics deliberations. By making the data publicly available through this publication, it allows users to conduct tailored analyses and queries based on their interests, and to seek and strengthen collaboration and exchange. It also makes the case for the fruitfulness of developing and maintaining a global repository of current and new deliberations to more effectively advance this field for the greater good of humanity, research, and public health. (shrink)

Slight absolute changes in the Shanghai Stock Exchange Index (SHSE) corresponded to the city’s immediate increases in coronary heart disease deaths and stroke deaths. Significant fluctuations in the Shenzhen Stock Exchange Index (SZSE) corresponded to the country’s minor, delayed death rates. Investors deal with money, greed, stock volatility, and risky decision-making. Happy people live longer and better. We ask the following question: Who are the investors with the highest and most sustainable stock happiness, and why? Monetary (...) wisdom asserts: Investors apply their deep-rooted values (avaricious love-of-money aspiration and locus of control, Level 2) as a lens to frame critical concerns in the proximal-immediate (Shanghai Stock Exchange Index changes, Level 1) and the omnibus-distal contexts (domicile: city vs. country, Level 2) to maximize expected utility (portfolio changes, Level 1) and ultimate serenity (stock happiness, Level 1). We collected multilevel data—the longitudinal SHSE and 227 private investors’ daily stock happiness and portfolio changes for 36 consecutive trading days in four regions of China. Investors had an average liquid asset of $76,747.41 and $54,660.85 in stocks. This study is not a “one-shot” game with “nothing at stake.” We classified Shanghai and Beijing as the city and Shenzhen and Chongqing as the country. Our cross-level 3-D visualization reveals that regardless of SHSE volatility, investors with low aspiration, external control, and country domicile enjoy the highest and most sustainable stock happiness with minimum fluctuations. Independently, investors with low aspiration, external control, and country domicile tend to make fewer portfolio changes than their counterparts. Behaviorally, less is more, debunking the myth—risky decisions excite stock happiness. Our longitudinal study expands prospect theory, incorporates attitude toward money, and makes robust contributions to behavioral economics and business ethics. We help investors and ordinary citizens make happy, healthy, and wealthy decisions. Most importantly, the life you save may be your own. (shrink)

In the past two decades, especially after the financial crisis of 2007–09, the literature for examining the availability of integration between the stock exchanges in developed and developing markets has grown. The importance of this topic stems from the significant implications of the linkage between exchange markets on various decisions taken by interested parties, such as policymakers and investors, in the decisions for portfolio diversification. This study examines the relationship between a developing stock exchange index, Amman (...) class='Hi'>Stock Exchange Index, and the number of international indices, including S&P 500, NASDAQ, Nikkei, DAX, CAC, and HSI for 2008-2019. To validate the availability of the linkage between the indices, the author includes various tests of a correlation coefficient, stepwise regression analysis, and artificial neural network. Despite the results indicating that the ANN is more efficient than linear regression in investigating the availability of the relationship between ASEI and international indices, stepwise regression and neural network support this relationship. Furthermore, ANN results revealed that the S&P 500 index and year have the most substantial relationship with ASEI. Our research is theoretically and practically important; policymakers and investors can benefit from our findings. Future studies may explore the effect of different international stock market indices on ASEI or other developing markets. Further studies can use macroeconomic factors to build prediction models for stock market indices. (shrink)

This study investigates performance of portfolios composed of British socially responsible investments (SRI) stocks. Using the ‘Global-100 Most Sustainable Corporations in the World’ list (known also as ‘Global-100’) to select the SRI companies, we found that, in the period 2000–2010, the returns of the SRI portfolios were on average higher compared with the corresponding returns of the market indexes. The annual average difference in returns of the SRI portfolios (with dividends) was 5.26 % and 5.69 % relative to the FTSE100 (...) and FTSE4GOOD indexes (the total return versions), respectively, but the differences in returns in the whole period, in individual years and in other sub-periods were in most cases not statistically significant. Positive performance of SRI stocks in the whole sample is, however, evidenced by risk-adjusted measures such as the modified Sharpe ratio (MSR) and certainty equivalent (CEQ) returns, as well as by incorporating various levels of transaction costs. Furthermore, a simple trading strategy relying on selection of SRI stocks from the Global-100 list would beat the market indexes in the whole period 2000–2010, even after inclusion of various levels of transaction costs. We also estimated the Fama–French and Carhart multi-factor models and found that the returns of the SRI portfolios cannot be consistently explained by conventional factors other than the market factor. (shrink)

This study examines the impact of corporate governance on the financial performance of Asia Pacific stocks in three Asian countries: Malaysia, Thailand and Singapore. By including a sample of 159 firms listed on three Asian stock markets from 2013 to 2017, this study found that the effects of corporate governance mechanisms vary significantly among the three Asian markets. Specifically, this study shows that board size has positively influenced listed firms' financial performance in the Singapore Exchange. However, our findings show (...) that board size has negatively affected listed firms' financial performance in Thailand's Stock Exchange. In addition, our results reveal that board independence has negatively influenced listed firms' financial performance in Bursa Malaysia. Finally, this study provides implications for regulatory authorities in the Asian stock markets to separate between chairman and CEO roles since most Asian firms are owned and directed by business families. (shrink)

Publication date: 28 April 2021 Source: International Letters of Social and Humanistic Sciences Vol. 90 Author: Sarah Kinya Mburugu Listing of a company in the securities exchange has been observed to be followed by underpricing in the first day and long term period of underperformance in terms of pricing in the subsequent days. Consequently, there has been a considerable curiosity from stakeholders, investors and academics to comprehend the assessments of why companies go public and the issues surrounding the short and (...) long-run performance of newly issued equities. Underpricing is necessary to induce uninformed investors to participate in IPO offering when faced with adverse selection from informed investors. This often leads to first day price not reflecting a fair value of the IPO. The objective of the study was to determine the long-run performance IPOs and effects in the Kenyan stock market for the period 2007-2014. A descriptive survey research design was employed in the study. The population of the study encompassed all the 64 listed companies at the NSE as at 2016. The study employed a non-probability purposive sampling technique. Data collected for this study was secondary data obtained from NSE website, NSE price lists and the Central Bank of Kenya website for the period 2007 to 2014. The data obtained was analyzed using Statistical Package for Social Science. Mean Average Buy and Hold Returns, Abnormal Returns and Cumulative Abnormal Returns were used to calculate the performance of the stocks. T-statistic for CAR was computed to the test for its significance. T-test was conducted at 95% confidence level to find if MABHR and CAR were statistically significant after IPOs announcement. (shrink)

As part of the Securities and Exchange Commission’s revision of Regulation S–K, which lays out reporting requirements for publicly-listed companies, many investors proposed the mandatory disclosure of sustainability information in the form of environmental, social and governance data. However, progress is contingent on collecting evidence regarding which sustainability disclosures are financially material. To inform this issue, we examine materiality standards developed by the Sustainability Accounting Standards Board. Firms voluntarily disclosing more SASB-identified sustainability information exhibit greater price informativeness, while the disclosure (...) of non-SASB information does not relate to informativeness. The results are robust to a changes analysis and a difference-in-differences analysis that exploits the staggered release of SASB standards across different industries over time. We also document stronger results for firms with higher exposure to sustainability issues, poorer sustainability ratings, greater institutional and socially responsible investment fund ownership, and coverage from analysts with lower portfolio complexity. (shrink)

The main aim of this study was to empirically analyze whether Institutional Quality moderates the relationship between corporate governance and stock liquidity through the light of agency and information asymmetry theory. To the best of our knowledge, this is the first finance study. The sample consists of 230 non-financial firms listed on the Pakistan stock exchange during the period of 2009–2019. We used an instrumental variable approach and our new Institutional Quality index composed of world governance indicators and (...) a corporate governance index, developed via principal component analysis, to demonstrate a relationship between corporate governance and stock liquidity and check the moderating role of Institutional Quality by following the resources complementary phenomenon. Our results show a significant, positive relationship between the corporate governance index and stock liquidity, suggesting that well-governed firms have high liquidity. The results show that the Institutional Quality index has a positive moderating impact on the relationship between corporate governance and stock liquidity, suggesting that corporate governance in Pakistan is weak. Our results are robust to a series of endogeneity checks using alternative proxies of stock liquidity. (shrink)

In this paper, we investigate the impact of economic policy uncertainty on the conditional dependence between China and U.S. stock markets by employing the Copula-mixed-data sampling framework. In the case of EPU, we consider the global EPU, the American EPU, and the China EPU. The empirical analysis based on the Shanghai Stock Exchange Composite index in China and the S&P 500 index in the U.S. shows that the tail dependence between China and U.S. stock markets is symmetrical, (...) and the t Copula outperforms alternative Copulas in terms of in-sample goodness of fit. In particular, we find that the t Copula-MIDAS model with EPU dominates the traditional time-varying t Copula in terms of in-sample fitting. Moreover, we observe that both the GEPU and AEPU have a significantly positive impact on the conditional dependence between China and U.S. stock markets, whereas CEPU has no significant impact. The tail dependence between China and U.S. stock markets exhibits an increasing trend, particularly in the recent years. (shrink)

Very few studies have investigated the movement in stock returns that result due to changes in oil prices. In recent years due to cooling down of China, unveiled oil reserves of Iran, decreasing demand worldwide and discovery of shale gases the world has experienced a large fall in the oil prices. These changes are also affecting performance of manufacturing and other associated companies in countries all over the world. Pakistan has also been affected by these changes in many ways. (...) Especially, the returns on stock markets have been affected a lot by the variations in the oil prices. This paper using monthly data set from years 2014 to 2016 of the non-financial firms operated in Pakistan Stock Exchange, investigates the effect of variation in oil prices on returns on stock. Results from the panel data analysis indicate a negative relationship between the variables. Since, Pakistan is an oil importing, movement in the prices contribute towards affecting the production cost in a positive manner which in turn affects the execution of the enterprises as well as returns of the stocks negatively. (shrink)

This article is divided into two parts: in the first we explore the academic debate conducted at an international level about insider trading (IT). In particular, we exame IT on three grounds: economic, ethical and legal. In each section we present the arguments in favour of and against IT and then we give our personal opinion. In the second part we present the situation in the Athens Stock Exchange. We examine its past record on the issue of IT and (...) recent developments, and comment on the implications for the future. (shrink)

The foremost aim of this research was to forecast the performance of three stock market indices using the multilayer perceptron, recurrent neural network, and autoregressive integrated moving average on historical data. Moreover, we compared the extrapolative abilities of a hybrid of ARIMA with MLP and RNN models, which are called ARIMA-MLP and ARIMA-RNN. Because of the complicated and noisy nature of financial data, we combine novel machine-learning techniques such as MLP and RNN with ARIMA model to predict the three (...) stock market data. The data used in this study are taken from the Pakistan Stock Exchange, National Stock Exchange India, and Sri Lanka Stock Exchange. In the case of Pakistan, the findings show that the ARIMA-MLP and ARIMA-RNN beat the individual ARIMA, MLP, and RNN models in terms of accuracy. Similarly, in the case of Sri Lanka and India, the hybrid models show more robustness in terms of forecasting than individual ARIMA, MLP, and RNN models based on root-mean-square error and mean absolute error. Apart from this, ARIMA-MLP outperformed the ARIMA-RNN in the case of Pakistan and India, while in the context of Sri Lanka, ARIMA-RNN beat the ARIMA-MLP in forecasting. Our findings reveal that the hybrid models can be regarded as a suitable option for financial time-series forecasting. (shrink)

With a focus in the financial market, stock market dynamics forecasting has received much attention. Predicting stock market fluctuations is usually challenging due to the nonlinear and nonstationary time series of stock prices. The Elman recurrent network is renowned for its capability of dealing with dynamic information, which has made it a successful application to predicting. We developed a hybrid approach which combined Elman recurrent network with factorization machine technique, i.e., the FM-Elman neural network, to predict (...) class='Hi'>stock market volatility. In this paper, the Standard & Poor’s 500 Composite Stock Price index, the Dow Jones industrial average index, the Shanghai Stock Exchange Composite index, and the Shenzhen Securities Component Index were used to demonstrate the validity of our proposed FM-Elman model in time-series prediction. The results were compared with predictions obtained from the other two models which are basic BP neural network and the Elman neural network. Some experiments showed that the FM-Elman model outperforms others through different accuracy measures. Furthermore, the effects of volatility degree on prediction performance from different stock indexes were investigated. An interesting phenomenon had been found through some numerical experiments on the effects of different user-specified dimensions on the proposed FM-Elman neural network. (shrink)

The existing research aims to seek the herding effects on stock returns at the industry level in Pakistan Stock Exchange. Moreover, the relationship between stock returns and herding has been studied by taking some macroeconomic and fundamental control variables. Herding is actually imitating other’s behaviour. This phenomenon indicates a situation where the investors follow the crowed and ignores their personal information, despite knowing the correctness of their information. Herd behaviour may drive from fundamental factors leading to efficient (...) markets. However, it may not be associated with fundamental information causing unstable prices. The stock price data of PSX listed companies from 1999 to 2017 have been the point of focus. The underlying herding measure was the cross-sectional absolute deviation, proposed by Chang et al.. The significant analysis technique facilitating the current research is pooled mean group /panel autoregressive distributed lag approach. Findings revealed that some sectors are evident for positive effect of herding on stock returns, whereas some others are witnessed for its negative effects on stock returns, in both long run and short run. As far as the control variables are concerned, they demonstrated both significant and insignificant effects on stock returns in different sectors of PSX. The study has important implications for policymakers. (shrink)

The aim of this paper is to analyze the occurrence of the so called day of the week effects in market return time series from the period of January 2003 to September 2013. The study focuses on four indices of the Warsaw Stock Exchange and additionally five indices of major world stock exchanges. The main data sample was divided into three subperiods in order to determine whether or not the intensity of day of the week anomalies is (...) constant in time. The study revealed a substantial number of the day of the week anomalies in earliest subperiods and very limited evidence of those effects in later ones, giving rise to the conclusion that the intensity of the day of the week anomalies is diminishing with time. The most common effect identified on the WSE was a positive Friday effect. The Monday effect often described in early literature on the subject matter seems to currently occur very rarely. The study also indicates that the day of the week effects were more persistent among stocks with smaller market capitalization on the WSE. (shrink)

In this article, we studied the Corporate Sustainability Index (ISE) of the Brazilian Mercantile, Futures and Stock Exchange (BM&FBOVESPA), with the main objective of analyzing the performance of sustainable investments in the Brazilian stock market, during the period from December 2005 to December 2010. To achieve this aim, we characterized ISE portfolios and we compared its performance with the IBOVESPA (representing the market portfolio) and other BM&FBOVESPA sectoral indices. In the performance comparison, we used level of liquidity, return (...) and risk indicators, as well as the following measures: Sharpe, Treynor, Sortino, and Omega. Our results show that although sustainable investments have presented some interesting characteristics, such as increasing liquidity and low diversifiable risk, they did not achieve satisfactory financial performance in the analysis period. This indicates that the constraints imposed by this type of investment in capital allocation in Brazil may be harming their return and risk attractiveness. (shrink)

O leitor tem em mãos a tradução de um texto escrito por Thomas H. Huxley, publicado anonimamente no Jornal Times de 26 de novembro de 1859 – apenas dois dias após o lançamento oficial do livro Origem das espécies, a que ocupou 3 colunas e ½ de letrinhas miúdas daquela edição, e que, posteriormente fora lido por Schopenhauer, tal como ele mesmo menciona para o discípulo Adam von Doß, em uma carta de 01 de março de 1860, também o ano (...) de morte do filósofo. É após a leitura deste texto que Schopenhauer (equivocadamente, a meu ver) acusa categoricamente para Doß, que a teoria de Darwin é um mero “empirismo raso”, uma “variação da teoria de Lamarck” (GBr, 2008, p. 1587). Embora tenha sido publicado anonimamente – um costume comum na época, especialmente quando autores queriam promover positivamente com resenhas a sua própria obra perante ao público –, sabemos que a autoria é de Huxley, pois ele próprio confessara isso para seu grande amigo Charles Darwin. Primeiro Darwin lhe questionou, apenas dois dias depois da publicação do Times (28 de dezembro de 1859): “Quem poderá ser? Sem dúvida, eu diria que só existe um homem na Inglaterra que poderia ter redigido esse Ensaio, e que era você esse homem. Mas presumo que eu esteja errado e que exista algum gênio oculto de grande quilate. Pois de que modo você poderia influenciar o Jupiter Olympus [como comumente era chamado o Jornal Times] e fazê-lo conceder 3 ½ colunas à ciência pura?” (DARWIN, Correspondência de 28/12/1859, 2009, p. 279). Fora preservada uma segunda carta de Darwin para Huxley, datada de 01/01/1960 em que ele diz: “Várias pessoas me perguntaram quem escreveu aquele ‘artigo mais notável’ no Times [...] Escrevo apenas para dizer que guardarei o seu segredo” (Darwin Correspondence Project, carta 2633). A biógrafa Janet Browne (2011, p. 142) explica minuciosamente toda a história da produção do texto do Times dizendo que Hooker (outro famoso cientista amigo de Darwin) fizera um acordo com Samuel Lucas “resenhista regular do Times [...] combinando que Huxley escreveria a resenha”. Explicado todos esses detalhes históricos, acrescento apenas que todas as notas de rodapé, com exceção da que está anexada ao título (*), são da minha autoria. (shrink)

Stock markets accurately reflect countries’ economic health, and stock returns are tightly related to economic indices. One popular area of financial research is the factors that influence stock returns. Several investigations have frequently cited macroeconomic factors, among numerous elements. Therefore, this study focuses on the empirical analysis of the relationship between macroeconomic factors and stock market returns. When a stock market becomes increasingly volatile, it becomes susceptible to economic uncertainty news, and information on social media (...) platforms. Thus, we incorporated a new dimension of economic uncertainty news sentiment for stock return predictions. We employed the daily data ofgold index, crude oil price, interest rate, exchange rate, and stock returns for a set of countries from January 2010 to December 2020. Subsequently, to compute coefficients, we conducted a regression analysis using one of the more sophisticated approaches: single-layer neural networks and ordinary least square regression. In addition, we only computed EUNS for the period of the fiscal budget announcement for the US, Turkey, and Hong Kong. The results indicate that the gold index, interest rate, and exchange rate are highly significant and negative macroeconomic factors for all analyzed countries. These findings also indicate that EUNS is important and detrimental for projecting stock returns. (shrink)

Using Least Square Residual Minimization techniques, this paper develops an optimal reserve model, known as the OPREM model, which is essential in optimizing the costs of reserve holding. The paper also sets-out to test and compare the relative predictions of economic trends of the OPREM model as well as the predictions of alternative models in literature. Establishing the predictive accuracy of economic trends of these models are crucial for the gradual and cost-effective accumulation of reserves. The research concludes that, the (...) decision to optimize the cost of reserves under a stable currency environment is reliant on the gold impact factor and not on inflation or interest rates. We also found on further analysis of the OPREM that the OPREM model is better positioned to eliminate the procyclicality and perverse rush in reserve build-ups experienced in developing and emerging countries by effectively setting the reserve stock against economic trends. The research fixes the optimal reserves around a benchmark of 0.7–1.2 of previous year's optimal value. However, in the absence of past optimal values, a benchmark between 2 and 6 times of average inflows for short-term analysis or analysis with small data observations. However, for long-term analysis or analysis with large data frequency, the reserve stock should be fixed on a benchmark of 2–9 times of the average inflows. (shrink)

In the book "Conceptual Spaces: the Geometry of Thought" [2000] Peter Gärdenfors proposes a new framework for cognitive science. Complementary to symbolic and subsymbolic [connectionist] descriptions, conceptual spaces are semantic structures — constructed from empirical data — representing the universe of mental states. We argue that Gärdenfors' modeling can be used in consciousness research to describe the phenomenal conscious world, its elements and their intrinsic relations. The conceptual space approach affords the construction of a universal state space of human consciousness, (...) where all possible kinds of human conscious states could be mapped. Starting from this approach, we discuss the inclusion of feelings and emotions in conceptual spaces, and their relation to perceptual and cognitive states. Current debate on integration of affect/emotion and perception/cognition allows three possible descriptive alternatives: emotion resulting from basic cognition; cognition resulting from basic emotion, and both as relatively independent functions integrated by brain mechanisms. Finding a solution for this issue is an important step in any attempt of successful modeling of natural or artificial consciousness. After making a brief review of proposals in this area, we summarize the essentials of a new model of consciousness based on neuro-astroglial interactions. (shrink)

A química e a física, em seu contexto histórico e cultural, se desenvolveram paralelamente no escopo da filosofia natural, e a química em especial, com elementos oriundos da medicina metalurgia e alquimia. O caráter tecnológico, pragmatismo e desinteresse metafísico dos químicos aliado a uma visão reducionista da química a física foram obstáculos relevantes para desenvolvimento tardio de uma filosofia da química. O uso de métodos analíticos de investigação química, como a espectroscopia, evidencia estreita relação histórica entre química e física na (...) prática química. bem como, os modelos de atômicos fundamentados na mecânica quântica. A química é uma disciplina autônoma e distinta da física, porém, do ponto de vista metafísico e ontológico suas entidades, teorias e leis podem ser distinguíveis? Metodologicamente a física pode ser usada para compreender a química? E do ponto de vista epistemológico as explicações em química são redutivas a física? O ponto central é saber se a química é redutível “em princípio” a física. Sobre essas questões, muito tem se escrito, porém, gostaríamos de refletir sobre este problema a partir da perspectiva da filosofia dos aspectos modais de Herman Dooyeweerd afim de verificar se sua visão filosófica-ontológica pode oferecer uma contribuição na discussão minimamente satisfatória ao problema do reducionismo da química à Física. (shrink)

Law - Introduction, History, Philosophy And Sociology of Law. Philosophy. Politics. Democracy. Unger, Roberto Mangabeira, 1947-.

Im Fokus dieser ersten Ausgabe des Jahrbuchs HealthCapital Berlin-Brandenburg stehen die Qualifikation sowie die Aus-, Fort- und Weiterbildung einschließlich der akademischen Studiengänge in der Gesundheit. Renommierte Fachleute aus Wirtschaft, Wissenschaft und Praxis berichten über die Entwicklungen, Trends, Praxiserfahrungen und Perspektiven von Qualifizierung sowie über neue Berufs- und Geschäftsfelder. Schwerpunktmäßig werden drei Themenkomplexe behandelt: I. Stand und Perspektive von Fachkräften in Berlin-Brandenburg II. Neue Berufsbilder und Ausbildungsgänge III. Entwicklung und Einführung neuer Gesundheitsstudiengänge Das Jahrbuch HealthCapital Berlin-Brandenburg stellt somit einen aktuellen Überblick (...) über wesentliche Fragen im Zusammenhang mit Qualifikationen, Berufsperspektiven und Arbeitsfeldern in der sich weiter entwickelnden Gesundheitswirtschaft in der Region Berlin-Brandenburg zur Verfügung. (shrink)