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.     

The decision to leave an abusive relationship: The testing of an alternative methodological approach

Most studies that consider the factors influencing the decision to leave an abusive relationship rely on retrospective, self-report data. In addition to the biased samples that are frequently obtained in such investigations, the methodological shortcomings of survey research limit its explanatory power, particularly when applied to such sensitive topics as family violence. This report introduces an alternative method for studying the decision to leave an abusive relationship. Forty-five men and 68 women were studied using an experimental computer game of an abuse-like relationship. The tendency to leave this relationship was measured under four differing conditions of severity and frequency of abuse. A logit analysis revealed that the frequency of abuse was more consequential to women's decisions to leave, while severity of abuse was more salient for men. In addition, the hypothesized model, including frequency of abuse, severity of abuse, and locus of control, fits well for women but not for men. The implications of these findings, as well as the validity and future application of experimental games, are discussed.     

Industry/University interaction for simulation-based process improvement

This paper describes an effort by industry and university partners to centralize manufacturing decision making through the development of generic simulation tools. This ongoing, cooperative process improvement initiative between the Industrial and Systems Engineering faculty at the University of Alabama in Huntsville (UAH) and Chrysler’s Huntsville Electronics Division (HED) permits the involved faculty to broaden their experience and technical expertise in electronics fabrication, while the industry partner benefits from the transfer of technical knowledge and advanced analysis methodologies from the university. The focus of the project is the definition of generic electronic manufacturing models that can be easily defined and implemented through common user-oriented interfaces, allowing users who are not familiar with simulation and simulation languages to address the needs of their particular functional areas.     

Where and When to Spank: A Comparison Between U.S. and Japanese College Students

Although physical punishment has been studied for decades, there are gaps in the literature regarding frequently used form, context, and cross cultural differences. A comparison was made using 227 college students in the United States and Japan, who were presented with four scenarios and surveyed regarding attitudes toward physical punishment, perceptions of appropriate discipline methods, and past experience with physical punishment. Japanese and U.S. respondents reported similar personal experience with physical punishment (Japanese 86%, U.S. 91%). However, U.S. respondents reported a higher likelihood of being hit with an object than did Japanese respondents. For U.S. respondents, the bottom and the hand were the top two sites on the body used for physical punishment, whereas the head and the face were the top two places for the Japanese sample. Unlike U.S. respondents, type of child misbehavior was found to have an impact on Japanese respondents’ views on the appropriate discipline method.     

ECJ allows service marks for retail trade and tells Nestle it can 'HAVE A BREAK' without having a Kit Kat

In response to a reference from the UK Court of Appeal, undertrade mark Directive 89/104/EEC of 21 December 1988, the ECJdetermined that distinctive character may be acquired throughuse as part of an already registered trade mark.     

Tension, compression, and shear: directions, stresses, and outcomes of health care cost control

"Control" of health care costs is often portrayed as a struggle between external, "natural" forces pushing costs up and individuals, groups, and societies trying to resist the inevitable. This picture is false. Control includes strenuous efforts by some to raise costs, and by others to resist those increases, and/or to transfer costs to someone else. But all such forces originate in the purposes and interests of individuals and groups. Health care cost control is a struggle among conflicting interests over the priorities of a society, and claims of "inevitability" are simply part of the political rhetoric of that struggle. International experience supports certain conclusions. First, there is no basis for the claim that limits on expenditure growth must threaten the health of (some members of) a society. Second, there is a substantial variety of experience with cost control. Failure in the United States is often presented as evidence of the impossibility of control, but most other countries have succeeded. Finally, control requires the direct confrontation of interests, with substantial build-up of stress. Advocates of expansion are more successful if they can transform compressive forces into efforts to shift the burden onto someone else. Pressures from providers in every country for "privatization" and/or payment by users reflect this recognition of economic interest.     

Explaining “Pain and Suffering” Awards: The Role of Injury Characteristics and Fault Attributions

The present research explored factors thought to affect compensatory awards for non-economic ham (pain and suffering) in personal injury cases. Experiment 1 showed that the nature and severity of the plaintiffs injury had a strong effect on perceptions of the extent of harm suffered and on award amounts. The parties' relatively active or passive roles in causing the injury affected assessments of their degree of fault, but perceived fault had little influence on awards. Experiment 2 replicated with more varied cases the strong impact of injury severity on harm perception and on awards for pain and suffering. In both studies, the disability and the mental suffering associated with injuries were stronger predictors of awards than were pain and disfigurement.     

Health care in Canada: patterns of funding and regulation

During the 1970s the share of health care expenditure in Canadian GNP remained roughly stable, in the range of 7-71/2 percent of GNP, in marked contrast to its escalation in most other countries (the U.S. in particular) and to previous Canadian experience. The shift to a stable pattern coincided with the completion of the Canadian system of universal comprehensive public hospital and medical care insurance. This paper explores how and why the public insurance system served to contain cost escalation. It then discusses the inadequacy of expenditure experience per se as a basis for health system evaluation--the same data will support claims of both "underfunding" and "spiralling costs." More serious questions involve the influence of alternative patterns of health care funding and delivery on the effectiveness and efficiency of care provision, and the resulting distributional patterns of care and income. A brief sketch is given of the present situation and future possibilities of Canadian health care under these heads.