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.     

Institutions of Deliberative Democratic Processes and Interest Groups: Roles, Tensions and Incentives

There are inherent tensions between traditional, more pluralist forms of public participation and new deliberative democratic processes, such as citizens' juries. These innovative processes, known collectively as citizens' forums, challenge existing roles and power relationships between interest groups and the state. Instead of having key access to the policy stage, interest groups are required to be 'bystanders', 'information providers', and ultimately 'process legitimisers'. With such a radical shift in roles and power structure, there are few apparent reasons why interest groups would want to participate in such deliberative processes. In some cases, to the detriment of the process, they decide not to.     

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.