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.     

Plasma versus bone marrow desipramine: a comparative study

Correlation between plasma and bone marrow tricyclic antidepressants has not been studied before. Two groups of rabbits were given 10 and 20 mg of desipramine/kg body weight, respectively. Desipramine was administered to the animals once daily by mouth for 5 days. On the fifth day the animals were sacrificed and blood and bone marrow samples were collected and analyzed using a high performance liquid chromatographic (HPLC) method. Data showed that a correlation exists between bone marrow and blood desipramine. The bone marrow desipramine concentration increased as its blood levels increased. The average ratio of bone marrow to blood desipramine +/- S.D. (standard deviation) in both dosage groups was 37.2 +/- 4.46 with a range of 30.99-44.82. This investigation is promising and shows that bone marrow could be used as an alternative tissue in the absence of a suitable blood sample.     

Prison mental health services: results of a national survey of standards, resources, administrative structure, and litigation

The formation of adequate mental health systems within prisons has accelerated as a result of successful class action lawsuits. Our recent national survey questioned all state correctional departments about the existence of standards in each system, compliance with such standards, prevalence of class action lawsuits involving the issue of providing adequate mental health services for inmates, issues related to consent decrees, available mental health resources within the correctional system, and the administrative structure of the mental health system. Our purpose was to identify those factors correlated with certified class action lawsuits involving issues related to mental health services. Twenty-one states were involved in such litigation. Only the presence of psychiatric hospitals operated by the department of corrections correlated with the presence of certified class action lawsuits involving mental health services. Prison systems larger than 15,000 inmates were at higher risk for such litigation. Smaller systems having psychiatric hospitals run by the state mental health agency appeared to be at less risk for such litigation.     

Bureaucratic capacity and state-society relations in China

In view of the efforts of post-Mao state-rebuilding, how does bureaucratic capacity affect the pattern of state-society interaction in China, where a robust civil society is still missing? Using the case of China’s population control, we analyze the linkage between bureaucratic capacity and state-society relations. The study demonstrates remarkable resilience of the party-state and its transformative thrust in reformist China. Through a mix of mass mobilization and institutional building, the Chinese state remains puissant in extending social control over its people. Equally important, bureaucratic capacity is a major predictor of state coerciveness. Other things being equal, localities with stronger bureaucratic capacity tend to develop a less antagonist and more cooperative state-society relationship. Bureaucratic capacity can serve as remedy to despotic or authoritarian rule despite the lack of an autonomous civil society. This finding has important implications for the potential of democratization in China.     

准确·凝炼·具体——周总理给雷锋题词的往事

１９６３年２月下旬，毛主席题词“向雷锋同志学习”。３月５日，《人民日报》、《解放军报》、《中国青年报》等报刊发表以后，全国青年乃至全国军民热烈响应，迅速掀起了学雷锋活动的高潮。在毛主席题词之后，总政首长亲自向中共中央其他常委写报告，请求题词，在《解放军报》上刊登。刘少奇、周恩来、朱德、邓小平等同志陆续题了词。《解放军报》于３月６日首先刊载题词手迹后，进一步推动了全国学雷锋活动热潮。在中央常委题词过程中，周总理的一件事给我很大教育，至今印象很深。那段时间，我在解放军报社工作，正值上夜班。在周总理的…