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.     

An Analysis of the Joint Board or County Model as the Structural Basis for Effective Australian Local Governance

Australian policy‐makers continue to rely on municipal amalgamation as the main engine of structural reform in local government, despite strong evidence that it diminishes participation and representation without improving service efficiency. Several promising, but neglected alternative models of structural reform have been developed, including ad hoc resource sharing models, Regional Organisations of Councils, virtual local government, and agency models. In an encouraging response to the recent policy of enforced council amalgamations in NSW, the Shires Association of NSW (2004) has recently proposed a ‘Joint Board model’ of local governance and invited comment on this model. This article takes up this challenge and seeks to place the Joint Board model in conceptual context and evaluate its characteristics and simulated cost savings.     

Relationships between psychosocial development and personality disorder symptomatology in late adolescents

The present study investigated the extent to which psychosocial development through the first five stages of Erik Erikson's theory of personality development is associated with Diagnostic and Statistical Manual (third edition, revised; DSM-III-R) Axis II personality disorder symptomatology in a late adolescent sample of undergraduate students. The Inventory of Psychosocial Development (IPD) and the Personality Diagnostic Questionnaire—Revised (PDQ-R) were administered to a mixed-sex sample of 106 undergraduate students. The results of this research were that IPD scores assessing negative resolutions of the first five Eriksonian developmental stages consistently predicted scores on the PDQ-R composite scale and the PDQ-R impairment/distress index—both measures of overall personality disorder symptomatology. The IPD subscales varied substantially in the extent to which they predicted scores on the 13 PDQ-R subscales that assess symptoms of specific DSM-III-R personality disorders—ranging from the trust vs. mistrust subscale, which predicted scores on 12 of the 13 PDQ-R subscales, to the initiative vs. guilt subscale, which predicted scores on only 6 of the 13 PDQ-R subscales. Implications of these findings for our understanding of the relationship between psychosocial development and psychopathology are discussed in the context of previous research in this area, and suggestions for future research are offered.Received Ph.D. from Temple University. Research interests include personality disorders, depression, and life events.     

Is it a fair deal to tell tales on the tabloids?

Legal context. A recent High Court judgment, Fraser-WoodwardLimited v BBC and Brighter Pictures Limited, is of key interestto those that use or advise upon the use of copyright materialfor the purposes of criticism or review. Key points. This case involved the use of newspaper photographsof David and Victoria Beckham in a television documentary aboutthe relationship between celebrities and the press. The programmeillustrated its theme using screenshots of tabloid newspaperpages, which inevitably included a number of photographs. Theclaimant was the copyright holder in respect of a number ofthe photographs, and alleged that their reproduction in theTV programme was an infringement of copyright. The defendantssuccessfully relied upon the fair dealing and incidental inclusiondefences to copyright infringement. Practical significance. Although each fair dealing case willultimately turn on its own facts, Mann J gave a very usefulreview of the state of copyright law in this difficult area.     

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.     

Differentiating among racial/ethnic groups and its implications for understanding juvenile justice decision making

Both theory and research have been refined to gain a better understanding of when race and ethnicity matter in justice proceedings. In the present research, this line of inquiry was continued by differentiating among minority youth to assess the extent being African American, Native American, and Asian American influenced juvenile justice decision making and how these effects compared to one another and Whites. Utilizing an interpretation of the symbolic threat thesis that emphasizes stereotyping, the authors anticipated Native Americans to be responded to more severely than African Americans, followed by Asian Americans who were anticipated to be responded to more like Whites. The results indicated partial support for these expectations.     

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.