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.     

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 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...     

The Autonomy Rationale for Religious Freedom

Courts and scholars across jurisdictions increasingly identify personal autonomy as the primary rationale for the right to religious freedom. But there are tensions between autonomy on one hand, and religious belief, practice and proselytism on the other. This paper will focus on two tensions which have unappreciated implications for religious freedom jurisprudence, particularly that of the ECHR. The first tension stems from the resistance of some religious beliefs to revision. The second stems from the manipulative nature of some modes of religious proselytism. This paper argues that, given these tensions, the protection currently offered to religious beliefs, practices and proselytism by the right to religious freedom cannot be justified by reference to the value of autonomy. This finding has significant implications for the justification of the right to religious freedom.     

Prevalence of Spousal Violence and Associated Risk Factors: Facts from Pakistan Demographics and Health Survey 2012–13

The current study aims to investigate the risk factors associated with the prevalence of spousal violence among the women from 15 to 49 years of age in Pakistan in their marital relationship. Secondary data collected in Pakistan Demographic and Health Survey (PDHS) 2012–2013 is used. In the survey, respondents were selected using probability sampling technique from all the four provinces of Pakistan. Modified and shortened version of Conflict Tactics Scale is used to measure physical and psychological spousal violence among the women perpetuated by their ever husbands. Prevalence of physical, psychological, any type of spousal violence and associated risk factors were analyzed by unadjusted odd ratios (OR) and adjusted odd ratios (aOR). Education, profession, ethnicity and wealth index are found significant risk factors associated with spousal violence. Odds of experiencing spousal violence were higher among the poorer (aOR 1.700 CI 1.272–2.271) as compared to their richer counterparts. Moreover, the prevalence of spousal violence was found the highest (aOR 2.730 CI 2.162–3.447) in Pushton ethnic group. The study recommends improving the literacy rate and economic well-being of the poorer to address the problem of spousal violence in Pakistan.     

Tripartite decomposition of labor productivity growth,FDI and human development: evidence from transition economies

This study investigates the relative contribution of technological change, technological catch-up and capital deepening as drivers of labor productivity growth in 14 transition economies during the period 2000–2012. In addition, the study extends the usual decomposition of labor productivity growth by encompassing the impact of foreign direct investment (FDI) on labor productivity growth in transition economies. To illustrate the relative contribution of FDI as a driver of labor productivity growth, we present a simple theoretical model that augments Kohli [Labour productivity vs. total factor productivity. IFC Bulletin 20 (April), Irving Fisher Committee on Central Bank Statistics, International Statistical Institute, 2005] and Grosskopf et al. (Aggregation, efficiency, and measurement, Springer, New York, pp 97–116, 2007) decomposition of the labor productivity. The insights derived in this model provide an underpinning to the empirical analysis in this study. Using Blundell–Bond dynamic panel General Method of Moments estimators, the main finding of dynamic panel data regressions shows that technological catch-up, technological change, and human development level, trade and demographic of population ageing are the main factors that affect labor productivity growth in transition countries. Furthermore, the findings of dynamic panel data regressions show insignificant positive impact of FDI on productivity growth in transition economies. One explanation is that the 14 transition economies that are included in this study do not reach a minimum human development threshold level.