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.     

A report of an international collaborative experiment to demonstrate the uniformity obtainable using DNA profiling techniques.

This paper describes a collaborative exercise intended to demonstrate whether uniformity of DNA profile results could be achieved between different European laboratories. It was shown that this goal can be obtained provided that a common protocol is followed (specifically the use of a common electrophoretic buffer as being the most important parameter). Generally, lower molecular weight loci (with lower molecular weight fragments) such as YNH24 perform better than higher molecular weight loci such as MS43a. The results of the exercise are discussed in relation to the objectives of the European DNA profiling group (EDNAP).     

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.     

Der Begriff der „Landeskultur“ im deutschen Recht

Der Begriff der Landeskultur umfasst alle Maßnahmen zur Verbesserung der land- und forstwirtschaftlichen Nutzung des Bodens einschließlich der Erhaltung der Kulturlandschaft. Landeskultur ist somit alles Planen und Handeln mit dem Ziel, die Umwelt als gegebenes Naturraumpotential, insbesondere Wasser, Boden, Luft und die dazugehörigen Natur-, Kultur- und Sachgüter optimal zu erhalten, gestalten und rationell zu nutzen sowie dieses Potential mit bestmöglicher Qualität als natürliche und kulturelle Lebensgrundlage für die Allgemeinheit nachhaltig zu sichern. Landeskultur dient somit auch der Belebung und Werterhöhung der gebauten und gepflanzten Umwelt. Dies schließt auch und gerade die kulturelle Seite einschließlich Kulturlandschaften mit ein. Dabei ist es bis zur Überprüfung durch das BVerfG noch hinnehmbar, dass der Begriff „Landeskultur“ in Art. 89 Abs. 3 GG wegen der Mischkompetenz von Bund und Land vom BVerwG enger ausgelegt wird als in anderen Rechtsvorschriften.     

Who Do You Trust? Ethnicity and Trust in Bosnia and Herzegovina

This article examines the question of trust in Bosnia and Herzegovina with a special focus on the role of ethnicity. We find generalised trust to be low and declining in Bosnia and Herzegovina. Moreover, generalised trust is negatively affected by the degree of ethnic heterogeneity in the region. However, a further examination of trust reveals a more complex relationship between ethnicity and trust: people tend to show low levels of trust in all other people irrespective of their ethnic belongings. We argue that ethnic distribution might capture some other regional specific characteristics that also affect the level of trust.