An empirical testing of informational efficiency in Bangladesh capital market

We investigate how efficiently the stock market participants incorporate the information contained in money supply changes into stock prices in an emerging economy like Bangladesh. Of particular interest is to test how the changes in monetary aggregates directly affect the stock prices through asset changes and indirectly through their effects on real economic activity. We have considered the monthly series of the real stock returns (P) and examine the relationship between stock returns and monetary aggregates from 1980 to 2008. We also include the exchange rate of US dollar against Bangladeshi Taka and industrial production index. The presence of cointegration between stock prices and monetary aggregates indicate long-run predictability of the Bangladesh stock market. The short-run dynamics between monetary aggregates and real stock return, relied on theoretically motivated long-run restrictions, are analyzed using an empirical structural VAR model. The dynamic response of the real stock returns to changes in macroeconomic variables (such as broad money supply, exchange rates), particularly its lagged responses to real economic activity generates inefficiency in the Dhaka Stock Exchange. The findings of this article indicate that informational inefficiency exists in the stock market of Bangladesh due to the presence of unidirectional causality. To be efficient, the infrastructure of the SEC should be modernized, revaluation of the net asset value of the companies should be audited by the affiliated firms of the SEC, demutualization should be done as early as possible, private placement, issue of preference share and book building methods must be under rule based. Insider trading should be strictly prohibited.     

Productivity Improvement and Public Personnel Management： An Analysis of Presidents Reagan and Obama Administration

Considering the financial crises, all the recent presidents have emphasized the importance of productivity improvement in government, especially in public personnel management. Though there is a general agreement on the concept of productivity, the means to achieve productivity vary with president＇s ideology. President Reagan championed the cause of conservatism. On one hand, despite Obama＇s attempt to diffuse ideological question, his actions can be regarded as liberal. This study seeks to make a comparison between Presidents Reagan and Obama on their efforts in productivity improvement in public personnel management, based on their ideological preferences. President Reagan campaigned on an anti-Washington agenda. He promoted the idea that the government is the problem rather than the solution. He popularized the idea that the people are burdened with heavy taxation as a result of the big government. Therefore, the solution to heavy taxation was to cut big government, which can be accomplished by reducing unnecessary and expensive regulations. On the other hand, when President Obama came to office, the country was faced not only with a deep recession, but two difficult wars, the collapse of the banking and the auto industries, the housing crisis, and overall capacity crisis in the government. Obama resisted ideological level in his campaign speeches to diffuse the criticisms of the conservatives.     

Can Demographic Characteristics Influence Perception on Internal Control System？

The purpose of this study is to develop a reliable and valid construct for internal control system and to assess the association between respondents＇ demographic factors and their perception on internal control system. The fraud triangle theory underpins the development of the survey instrument. Survey questionnaires were administered to 553 respondents out of which 334 were usable responses in the Malaysian financial sector, using face to face data collection procedure. Cochran＇s method was adopted for sample size determination. The confirmatory factor analysis （chi square = 3.09; AGFI = 0.81; NFI = 0.89; TLI = 0.91; CFI = 0.92; RMSEA = 0.08）, normality （skewness 〈 1.50） and reliability （composite reliability = 0.95; average variance extracted = 0.46） results were convincing. It was found that respondents＇ age （p = 0.02） and working experience （p = 0.01） had significant bearings toward their perception on internal control system within the Malaysian financial sector.     

The politics of state capitalism in a post-liberal international order: the case of Turkey

Abstract

This article discusses the transformation of the liberal international order, with reference to the ways in which global shifts affect the developmental paradigms among the emerging middle powers. Although it is rarely contested that the liberal order is being severely tested, the dynamics and potential consequences of this transformation are a matter of intense controversy. Also, the debate mainly focuses on great power politics, without paying adequate attention to the ways in which middle powers are influenced by and inform the transition to a post-liberal international order. By focusing on the case of Turkey, this article addresses whether non-Western great powers (Russia and China in particular) are leading the emergence of alternative order(s), and if so, through what mechanisms. Based on the reciprocal interactions between ideas, material capabilities and institutions, I argue that the preferences of the Turkish ruling elite seem to be gradually shifting from a Western-oriented liberal model towards a variety of ‘state capitalism’ as an alternative developmental paradigm in a post-liberal international order.     

Role of blogging in perceived learning and satisfaction of students

The contemporary smart concepts of education signify a heavy role of blogging tools in digital learning environments that have a substantial effect on students' learning and satisfaction. This study aims to analyze the influence of students' four perceptions about blogging that is, perception of digital technology (PDT), perceptions of teaching and learning (PTL), perceptions of previous blogging experience (PBE), and perceived usefulness of blogging (PUB) on the frequency of blogging and then assesses the impact of the frequency of blogging on perceived satisfaction as well as perceived learning of students. For this purpose, the researchers conducted a quantitative study with a positivist approach in which the data were collected from 350 students in Anhui Province, China to conduct analysis of the proposed relationships. The results of the current study suggest that there is a positive impact of PDT, PTL, PBE and PUB on the frequency of blogging. It means that the positive perceptions of students towards digital technology, teaching and learning, previous bogging experience and usefulness of blogging result in higher frequency and use of blogging activity. It further indicates that the high frequency of blogging has ultimately a positive impact on perceived satisfaction and perceived learning. The discussion and findings of the current study have useful implications for theory and practice because they provide empirical evidence and theoretical guidelines about the role of blogging in perceived learning and satisfaction.     

The Global Political Economy of Right-wing Populism: Deconstructing the Paradox

ABSTRACT

The rise of right-wing populism should be studied as a truly global phenomenon. Domestic and regional contexts are obviously crucial, yet a narrow focus on the domestic realm fails to capture some of the key constituents and paradoxical features of the rise and resilience of right-wing populist projects around the world. Therefore, right-wing populism and the way its contradictions are ‘managed’ ought to be understood within the context of mutual interactions between: 1) an economy-identity nexus and 2) a domestic-foreign policy nexus. A critical review of six controversial aspects of right-wing populism in the global North and global South is used to substantiate this main argument.     

The Failure of the Arab Court of Human Rights and the Conflicting Logics of Legitimacy,Sovereignty, Orientalism and Cultural Relativism

Netherlands International Law Review - In 2014 the League of Arab States (LAS) adopted a statute to establish the Arab Court of Human Rights (ACtHR). However, the proposed court has been strongly...