Evolving Market Efficiency with an Application to Some Bulgarian Shares

With new technically advanced methods and computers at our disposal, the efficient market hypothesis is once again being debated. At the same time, we are witnessing an unprecedented growth in both existing and new financial markets. These new markets are often in economies which have just recently embraced free market economics; we term these stock markets infant markets. Such stock markets are obviously not efficient in allocating the supply of savings to productive capital. We do not test whether or not these infant markets are informationally efficient, but instead examine whether and how they are becoming more efficient. We propose modelling the excess returns of individual securities using a multi-factor model with time-varying coefficients and generalised auto-regressive conditional heteroskedastic (GARCH) errors. If the markets are becoming more informationally efficient or the agents are learning, we would expect this to manifest itself as the time-varying coefficients becoming more stable as time increases. We test our model using data on four Bulgarian shares. First, we estimate an AR(2) model and a GARCH-M(1,1) model for the shares. Then, we estimated our AR(2) model with time varying coefficients and GARCH type errors. We find varying levels of efficiency and varying speeds of movement towards efficiency within our sample of four shares.     

Effectiveness of Programs to Prevent School Bullying

Sixteen major evaluations of programs to prevent school bullying, conducted in 11 different countries, are reviewed in detail. Of these 16 evaluations, 8 produced desirable results, 2 produced mixed results, 4 produced small or negligible effects, and 2 produced undesirable results. These varying findings may reflect variations in programs, in implementation, in assessment methods, or in evaluation designs. It is concluded that high-quality evaluations are needed in the future, with randomized designs, theoretically grounded interventions, multiple measures of bullying, and attempts to disentangle the effectiveness of different program components.     

Natural Law and the Bhagavad-Gita: The Vedic Concept of Natural Law

Abstract. Western natural law theory emphasises the derivation of principles of right action said to be universal and objective from the application of practical reasonableness to the pursuit of basic human goods that are self‐evident or based on human nature. Critics say its methodology is inherently subjective. In contrast, the Vedic approach to natural law of the Bhagavad‐Gita emphasises the full development of a universal aspect of human nature—consciousness—to promote right action. A healthy person with a developed intellect, clear mind, balanced emotions and full perception is best placed to fulfil his or her society's highest ideals of ethical and lawful conduct. The Vedic approach advocates a supportive social environment and the use of meditation techniques to promote such development. Research has found that the Transcendental Meditation (TM) program promotes improvement in mind, body and behaviour. For example, offenders in Australia, the United States and Senegal practising the technique experienced decreased substance abuse and recidivism and improved wellbeing. From a scientific perspective, TM promotes these improvements by producing a unique psychophysiological state of restful alertness that dissolves stress that blocks the unfoldment of full potential in life.     

Last rights. In sickness and in health, more people are taking life's biggest decision away from doctors and into their own hands

When dying is all that awaits them, more and more people are choosing certain death now rather than uncertain life on medical support systems. But the decision seldom comes easy, as a Newsweek reporter discovers during three weeks with the doctors, nurses, patients and families in an intensive-care ward. A best-selling guide to suicide fires debate over when it is right to let life go--and who should make that choice when the patient no longer can.