Foreign institutional investors and security returns: evidence from Indian stock exchanges

India liberalized its financial markets by opening its doors to foreign institutional investors in September, 1992. We study this landmark event, by examining the impact of trading of Foreign Institutional Investors on the major stock indices of India. First, we find that unexpected flows have a greater impact than expected flows on stock indices. Second, we find strong evidence consistent with the base-broadening hypothesis. Third, we do not find any evidence that foreign institutional investors employ either momentum or contrarian strategies. Fourth, our findings support the price pressure hypothesis. Finally, the claim that foreigners’ destabilize the market is not substantiated. Keywords

Boson-fermion duality in SU(m|n) supersymmetric Haldane-Shastry spin chain

By using the Y(gl(m|n)) super Yangian symmetry of the SU(m|n) supersymmetric Haldane-Shastry spin chain, we show that the partition function of this model satisfies a duality relation under the exchange of bosonic and fermionic spin degrees of freedom. As a byproduct of this study of the duality relation, we find a novel combinatorial formula for the super Schur polynomials associated with some irreducible representations of the Y(gl(m|n)) Yangian algebra. Finally, we reveal an intimate connection between the global SU(m|n) symmetry of a spin chain and the boson-fermion duality relation.Comment: 26 pages, no figures; corrected some typo

Cognitive Evaluation of Examinees by Dynamic Question Set Generation based on Bloom’s Taxonomy

Educational data mining (EDM) is an emerging topic in recent years steered by data mining and machine learning techniques to enhance students’ overall learning experience and academic progress. In recent years EDM techniques are frequently used to improve assessment systems but the evaluation procedure is majorly marks driven. Developing an evaluation system to distinguish candidates, based on their ability to answer cognitively difficult questions is a challenging task. In this study, a unique methodology is proposed to dynamically rank the candidates to develop an outcome-based online examination system that will properly evaluate a candidate’s cognitive competencies. The questions are segmented into different cognitive groups based on classical Bloom’s educational taxonomy. The Jenks Natural Breaks Optimization technique is used here to segment the questions and as a result, distinct question clusters based on different cognitive levels are obtained. Students are evaluated with different questions from these cognitive groups and ranking is done for individual candidates considering both the marks of the questions and his/her ability to solve questions from different difficulty levels

Low energy properties of the SU(m|n) supersymmetric Haldane-Shastry spin chain

The ground state and low energy excitations of the SU(m|n) supersymmetric Haldane-Shastry spin chain are analyzed. In the thermodynamic limit, it is found that the ground state degeneracy is finite only for the SU(m|0) and SU(m|1) spin chains, while the dispersion relation for the low energy and low momentum excitations is linear for all values of m and n. We show that the low energy excitations of the SU(m|1) spin chain are described by a conformal field theory of m non-interacting Dirac fermions which have only positive energies; the central charge of this theory is m/2. Finally, for n \ge 1, the partition functions of the SU(m|n) Haldane-Shastry spin chain and the SU(m|n) Polychronakos spin chain are shown to be related in a simple way in the thermodynamic limit at low temperatures.Comment: 40 pages including 2 figures; added some references; this version will appear in Nuclear Physics

Bianchi Attractors: A Classification of Extremal Black Brane Geometries

Extremal black branes are of interest because they correspond to the ground states of field theories at finite charge density in gauge/gravity duality. The geometry of such a brane need not be translationally invariant in the spatial directions along which it extends. A less restrictive requirement is that of homogeneity, which still allows points along the spatial directions to be related to each other by symmetries. In this paper, we find large new classes of homogeneous but anisotropic extremal black brane horizons, which could naturally arise in gauge/gravity dual pairs. In 4+1 dimensional spacetime, we show that such homogeneous black brane solutions are classified by the Bianchi classification, which is well known in the study of cosmology, and fall into nine classes. In a system of Einstein gravity with negative cosmological term coupled to one or two massive Abelian gauge fields, we find solutions with an additional scaling symmetry, which could correspond to the near-horizon geometries of such extremal black branes. These solutions realize many of the Bianchi classes. In one case, we construct the complete extremal solution which asymptotes to AdS space.Comment: Minor changes and a reference added. 43 Pages, 6 Figure

Investor protection effects on corporate liquidity and the cost of capital

Studies by LaPorta et al. (2000, 2002) show that the strong protection of investor rights encourage the development of capital markets and are associated with higher levels of firm valuation as measured by Tobin's Q. Related research finds that well-developed capital markets produce higher rates of economic growth and allocate capital more efficiently. These studies fail, however, to explain how the investor protection environment produces higher firm values or facilitates the more efficient allocation of investment capital. Using a sample of 158 ADRs representing 26 different countries, this study provides such a linkage by examining the effect of investor protection levels on share liquidity and the firm's cost of capital. We find that lower levels of investor protection reduce share liquidity while simultaneously resulting in a higher cost of equity capital. The combination of less liquidity with a higher cost of capital suggests an explanation for the lower values observed for firms incorporated in countries with fewer investor protections.

Implications of CEO Structural And Ownership Powers, Board Ownership And Composition On The Markets Reaction To Antitakeover Charter Amendments

This study analyzes how the CEOs structural and ownership powers, along with the board of directors ownership and composition influence the markets reaction to antitakeover charter amendments. We find conditional support for both the agency and stewardship theories, each being relevant depending on governance mechanisms. The market evaluates the potential effect of the amendments on the balance of power between the CEO and the board of directors, and whether there are any countervailing forces to assure shareholders rights are being protected