Shareholder wealth effects of legislative events: The case of airline deregulation

This paper presents empirical evidence about the impact on shareholder wealth of legislative events leading to the enactment of the Airline Deregulation Act of 1978. In contrast to prior regulatory event studies, this paper examines not only the final legislative enactment but also the Congressional hearings that preceded it. No significant effect on shareholder wealth is indicated when averaged across all airline firms and all legislative events. Impact of deregulation, however, was expected to be different for trunk airlines than for local airlines. Moreover, market expectations likely changed with the change in the political climate during the course of deregulation deliberations, from an industry financial health emphasis under a Republican (Ford) administration to a consumer welfare emphasis under a Democratic (Carter) administration. We find that trunk airlines experienced significant positive abnormal returns during the Ford administration, but negative abnormal returns during the Carter administration. In contrast, local airlines exhibited significant negative abnormal returns during both the Ford and Carter eras. Systematic risk of both trunk and local airlines also increased with the change in the political climate.     

The Idea of a Stake

This paper focuses on illuminating the idea of a stake within stakeholding discourse. To do this involves forming a prior conception of what stakeholding constitutes. Focusing on the individual strand in stakeholding, it will argue that this is best seen as left popular capitalism. Core to this is a developmental view of the self, which occurs through the possession of stakes. This philosophical anthropology conditions the form and content of what stakes are offered.     

India's “Look East” Policy

A combination of economic, strategic, and domestic considerations has led India to pay greater attention to its eastern neighbours since the 1990s. India's steadily growing ties with East and Southeast Asian countries have become an increasingly important element of India's foreign policy. India is working with these countries bilaterally as well as through regional frameworks like the EAS, ASEM, and ASEAN, and sub-regional organizations like BIMSTEC and Mekong-Ganga Cooperation. The main driver remains economic, and India has many ongoing and planned FTAs with the countries of this region. Of late, defence and security ties too have grown. However, India's relations with China remain tense and troubled, with persisting differences over the border, Tibet, and China's patronage of India's South Asian neighbours, particularly Pakistan. Asia's major players will have to overcome internal rivalries and consciously evolve a cooperative paradigm for Asian security and cooperation to enable Asia to play a leading global role.     

Role of business in India’s foreign policy

The paper examines if the business sector in India has had a tangible influence on India’s foreign policy. It suggests several factors for which private business failed to have any influence on India’s foreign policy during the first three decades after Independence. It suggests a conceptual typology of the principal drivers of India’s foreign policy, which, according to the author, provides an effective framework for understanding the role of the private sector since it began to wield some influence in the mid-1980s. The paper uses this threefold classification to argue that, in the period from the 1980s to today, contrary to the general perception, the role of the Indian business sector (and especially of industry associations) on India’s foreign policy has been marginal and restricted to some specific sectors.     

Fatal Folic Acid Toxicity in Humans

Folic acid is B‐9 vitamin. Folic acid is prescribed commonly for pregnant women to prevent neural tube defects in the fetus, patients under chemotherapy, pernicious anemia and to reduce the risk of stroke and cardiovascular disease. Acute or chronic ingestion of a large dose of folic acid generally manifests as neurological complications, which are reversible. In this present case, a 23‐year‐old pregnant woman committed suicide by consuming folic acid tablets and succumbed to death within 36 h. Postmortem toxicological analysis detected folic acid in viscera. Death following acute consumption of folic acid is rare and has been not reported in the literature, to the best of our knowledge.     

Prolegomenon to a Southern Jurisprudence

It is good to take stock from time to time and to see how things stand in jurisprudence. So, what is the relationship of doctrine and theory with jurisprudence? Is private law theory apolitical while public law contains politics for the very many constitutional ends in the Global South? In India, legal theorist Chhatrapati Singh very originally asked if legal systems and normative systems were the same? Chhatrapati’s enquiry was however a species of the classical approach to the law that promotes the law’s purity. On the contrary, the postcolonial approaches account for the historical life as well as the political proclivities of the law. The private law theory often seen as impersonal and non-imperial comes under scrutiny in the postcolonial approaches. Duncan Kennedy and Roberto Unger notably problematized contract theory, while Upendra Baxi argued for mass tort as public law—contract and tort are both private law—to offer, if you will, a jurisprudence of the South. A southern jurisprudence essentially rejects an impersonal reading of the private law.

     

More Norms,Less Justice: Refugees,the Republic,and everyone in between

The paper argues for conflating refugees and internally displaced persons (IDPs) as two sides of a work-in-progress postcolonial state. To be sure, aliens, refugees, IDPs, and stateless persons are separate legal entities. Nevertheless, this fragmented normative regime stands testimony to more laws and less justice. Many Asian states have no domestic refugee law. India, a common law system, takes a case by case approach as refugees are given “temporary shelter on humanitarian considerations”. Ironically, a work-in-progress postcolonial state sustains even de jure citizens as de facto stateless persons; the erstwhile Indo-Bangla enclaves for more than half a century were an apt example. Surely, the raison d’être of international law on refugees is to end human suffering, if needed, by transcending the absence of positive laws. A constitutional and political desire to minimise human suffering alone could cut the rigour of such positivist legal narratives. The Delhi High Court seemingly walked that path in Koul v Estate Officer noting “refugees and IDPs appear to be similarly situated”. Rising terrorism has made states increasingly believe in a security narrative all the same. A simultaneous emergence of a demographic anxiety particularly in India’s North-eastern states increasingly pits aliens and refugees against the domiciled indigenous and tribal people.     

Commercialisation or Citizenship?

In a recent pamphlet for the Fabian Society, Colin Crouch criticises the use of commercial techniques such as choice within public services. He does this because he says that commercialisation undermines citizenship. In this article, I question Crouch's claim by arguing that careful use of some commercial methods, in particular choice, might actually promote the sort of participative citizenship that he endorses. This discussion has a bearing on an important set of contemporary policy debates.