Finance and growth: Evidence from South Asia

The article examines the empirical relationship between financial development and economic growth for five South Asian countries over the time period 1990–2015, using both panel model approach and time series analysis. We employ multiple proxies for financial development, namely, foreign direct investment, total debt service, gross domestic savings, domestic credit to private sector by banks, and domestic credit provided by financial sector to test the relationship. The panel model approach results indicate that there is an overall positive association between finance and growth for South Asia through the FDI and savings channels. The country-specific analyses suggest that the growth effects of financial channels are most pronounced in Sri Lanka, whereas, on the other hand, financial development plays no role in the Indian growth process in the short run. Bangladesh, Nepal, and Pakistan lie somewhere in between this spectrum with every country exhibiting unique growth paths which highlights the heterogeneity of the region.N/

Essays in bank dividend signaling, smoothing and risk shifting under information asymmetry and agency conflict

The current thesis is a collection of essays on costly signaling, smoothing (partial adjustment), and risk shifting through various pay outs by bank holding firms. The thesis is based on three chapters, or sections, which are through econometric investigations on the above mentioned topics. The major findings of the investigations are, one, a detailed firm level information content analysis of costly signaling by banks via different pay out methods, two, that partial adjustment or smoothing via pay outs can also be perceived as costly signals which is based on the information content of allied measures like bank specific speed of adjustments, and half-life periods, three, that rather than dividend pay outs share repurchases play relatively significant role in risk shifting exhibited by banking firms. Chapter 1 is devoted to the analysis of different types of dividend and other pay out signaling under information asymmetry (between the outsider shareholders of banks and the insider managers), and impact of various bank specific variables on the levels of pay outs/ signaling, thus revealing the information content of such signaling. Both panel data analysis and vector auto regression analysis have been conducted to achieve these findings. Another finding in this section is a comparative analysis between share repurchases and dividend pay outs by bank holding firms. Chapter2 is devoted to the investigation of bank specific partial adjustments of dividends, a modified partial adjustment model is used which is capable of investigating bank specific speeds of adjustments and half-life periods which may vary over periods. Such a model is an improvement over basic smoothing models in the standard literature which have mainly investigated the industry average speed of adjustment, and hence less efficient in investigating the bank specific information content of such measures. Chapter 3 provides analysis based on a system of equations model on, one, whether risk shifting has been exhibited by the bank holding firms for a comprehensive period between 1990-2015, and two, which are the specific pay out channels through which such risk shifting or wealth transfers have taken place

Copper mediated decarboxylative direct C-H arylation of heteroarenes with benzoic acids

Decarboxylative coupling reactions to date require a stoichiometric oxidant (such as copper and silver salts) for decarboxylation purposes along with a metal catalyst (e.g. palladium) for cross-coupling. In this communication, an economic and sustainable approach by using a simple copper salt was developed in the presence of molecular oxygen as the sole oxidant. A wide range of 5-membered heteroarenes undergo aryl–heteroaryl cross-coupling with electron deficient aryl carboxylic acids

Host-guest interaction of cucurbit[7]uril with para-nitrophenol: A weakly binding inclusion complex

Host-guest interaction between water soluble rigid molecular container cucurbit[7]uril (CB[7]) and a water soluble organic guest para-nitrophenol (PNP) has been investigated using 1H NMR spectroscopy and isothermal titration calorimetry. The stoichiometry, binding constant and other thermodynamic parameters of complexation have been obtained which show the formation of weakly binding 1:1 inclusion complex resulting from enthalpy-entropy compensation. Cyclic voltammetry study of PNP-CB[7] complex in acidic pH reveals a large cathodic shift in the reduction potentials of PNP, indicating either stabilization of PNP or destabilization of the electro-reduced product inside CB[7] cavity

A Quantum framework for economic science: new directions

The current paper explores the cutting-edge applications of quantum field theory and quantum information theory modelling in different areas of economic science, namely, in the behavioural modelling of agents under market uncertainty, and mathematical modelling of asset or option prices and firm theory. The paper then provides a brief discussion into a possible extension of the extant literature of quantum-like modelling based on scattering theory and statistical field theory. A statistical theory of firm based on Feynman path integral technique is also proposed very recently. The collage of new initiatives as described in the current paper will hopefully ignite still newer ideas

A Testable Theory for the Emergence of the Classical World.

The transition from the quantum to the classical world is not yet understood. Here, we take a new approach. Central to this is the understanding that measurement and actualization cannot occur except on some specific basis. However, we have no established theory for the emergence of a specific basis. Our framework entails the following: (i) Sets of N entangled quantum variables can mutually actualize one another. (ii) Such actualization must occur in only one of the

Human Cognition Surpasses the Nonlocality Tsirelson Bound: Is Mind Outside of Spacetime?

Recent experimental studies on human cognition, particularly where non-separable or entangled cognitive states have been found, show that in many such cases Bell or CHSH inequalities have been violated. The implications are that greater non-local correlations than allowed in quantum mechanics (often known as the Tsirelson bound), are found in human cognition. However, it is also evident that surpassing of Tsirelson limit within relativistic physical Spacetime seems impossible. Tsirelson limit is not guaranteed by no-signaling condition, but some deeper feature like indistinguishability of identical quantum particles might be related to such an upper bound in quantum physics, within relativistic Spacetime. We propose in the current paper that a non-local theory of mind is needed in order to account for the empirical findings. This requires a foundationally different approach than the extant ‘quantum-like’ approach to human mind. To account for the surpassing of the Tsirelson bound we propose abandoning the constraint of no-signaling that depends upon spacetime. Thus, we ask; ‘Is mind outside spacetime?’ We discuss a candidate theory of quantum gravity based on nonlocality as fundamental that may accord with our proposal. We are led to suggest a new 6 - part ontological framework linking Mind, Matter, and Cosmos

COSMOS MIND AND LIFE: Is Mind in Spacetime?

We attempt in this article to formulate a conceptual and testable framework weaving Cosmos, Mind and Life into a whole. We build on three recent discoveries, each requiring more evidence: i. The particles of the Standard Model, SU(3) x SU(2) x U(1), are formally capable of collective autocatalysis. This leads us to ask what roles such autocatalysis may have played in Cosmogenesis, and in trying to answer, Why our Laws? Why our Constants? A capacity of the particles of SU(3) x SU(2) x U(1) for collective autocatalysis may be open to experimental test, stunning if confirmed. ii. Reasonable evidence now suggests that matter can expand spacetime. The first issue is to establish the claim that matter expands spacetime at or beyond 5 sigma if that can be done. If true, this process may elucidate Dark Matter, Dark Energy and Inflation and require alteration of Einstein's Field Equations. Cosmology would be transformed. iii. Evidence at 6.49 Sigma suggests that mind can alter the outcome of the two-slit experiment. If widely and independently verified, the foundations of quantum mechanics must be altered. Mind plays a role in the universe. That role may include Cosmic Mind. Our considerations concern: 1. Ontologically Real Potentia and the Unmanifest; 2. Nonlocality as Fundamental; 3. Res potentia, Res extensa, and Actualization; 4. Mind and Qualia, Mind is not in Spacetime; 5. Quantum Vacuum = Potentia not in Spacetime = Mind not in Spacetime; 6. Mind can Actualize Potentia; 7. The emergence of the classical world; 8. Co-evolution of life and ever -more complex matter; 9. Why "My Mind"?; 10. Each embodied mind is coupled bilaterally to the Quantum Vacuum that is Cosmic Mind; 11. Responsible Free Will. We hope we have made progress