Stock Prices and Exchange Rates: Are they Related? Evidence from South Asian Countries

The issue of whether stock prices and exchange rates are related or not has received considerable attention after the East Asian crisis. During the crisis the countries affected saw turmoil in both currency and stock markets. If stock prices and exchange rates are related and the causation runs from exchange rates to stock prices, then the crisis in the stock markets can be prevented by controlling the exchange rates. Moreover, developing countries can exploit such a link to attract/stimulate foreign portfolio investment in their own countries. Similarly, if the causation runs from stock prices to exchange rates then authorities can focus on domestic economic policies to stabilise the stock market. If the two markets/prices are related then investors can use this information to predict the behaviour of one market using the information on other market.1 Most of the empirical literature that has examined the stock prices-exchange rate relationship has focused on examining this relationship for the developed countries with very little attention on the developing countries. The results of these studies are, however, inconclusive. Some studies have found a significant positive relationship between stock prices and exchange rates [for instance Smith (1992); Solnik (1987) and Aggarwal (1981)] while others have reported a significant negative relationship between the two [e.g., Soenen and Hennigar (1998)]. On the other hand, there are some studies that have found very weak or no association between stock prices and exchange rates [for instance, Franck and Young (1972); Bartov and Bodnor (1994)]. On the issue of causation, the evidence is also mixed. Some studies [for instance, Abdalla and Murinde (1997)] have found causation runs from exchange rates to stock prices while other reported a reverse causation [e.g., Ajayi and

Participatory Development and its Impact on Poverty, Vulnerability and Social Exclusion in Baluchistan

This paper evaluates the impacts of Baluchistan Area development program in terms of reduction of rural poverty, vulnerability and social exclusion in the selected regions of Baluchistan (Pakistan). Using the participatory approach, both quantitative and qualitative data were collected by impact surveys. Then they were categorized and analyzed by applying descriptive ordinal scale technique in such a way as to reach the distributional impact. The key ï¬ndings conï¬rm durability and relevancy of some interventions for effective reducing of poverty; vulnerability and social exclusion but some were found less effective in the context of study. Basic physical infrastructure in social sector such as water supplies, dames, water channels were found more productive putting the positive effect on the well-being of beneï¬ciaries. Positive linkage in thereduction of poverty, vulnerability and social exclusion was found with different degrees of impact on different segments of population. Finally, the study concludes program's overall temporary positive impact on above three correlated concepts of poverty. But has found it insigniï¬cant for durable development as such suggests measures to strengthen the impact of certain interventions by getting them more innovative through strong and viable community organizations

Participatory Agricultural Development in Baluchistan: A Critical Assessment

This study evaluates the performance of participatory agriculture sectorcomprising both crop and livestock sub-sectors. Using two different sample survey data, the paper tries to answer the important research questions how it is more efficient and why the intended benefits of projects reach in a greater amount, to the large farmers in the context of province, The study, under the objectives of efficiency and equity, found Positive diversification towards high value crops indicating the rapid adoption of new technology. Livestock including diary farming produced more positive financial benefits. The benefits achieved, however, were found more skewed towards large farmers and feudal class. The paper therefore, suggests more pro-poor and sustainable efforts to enhance the performance of farmers based agriculture development especially by balancing efficiency and equity. The lessons drawn from the experiences are importantand valid for designing and evaluating the future participatory program especially in the field of farming and livestock sub-sectors

Participatory Development and its Impact on Poverty, Vulnerability and Social Exclusion in Baluchistan

This paper evaluates the impacts of Baluchistan Area development program in terms of reduction of rural poverty, vulnerability and social exclusion in the selected regions of Baluchistan (Pakistan). Using the participatory approach, both quantitative and qualitative data were collected by impact surveys. Then they were categorized and analyzed by applying descriptive ordinal scale technique in such a way as to reach the distributional impact. The key findings confirm durability and relevancy of some interventions for effective reducing of poverty; vulnerability and social exclusion but some were found less effective in the context of study. Basic physical infrastructure in social sector such as water supplies, dames, water channels were found more productive putting the positive effect on the well-being of beneficiaries. Positive linkage in thereduction of poverty, vulnerability and social exclusion was found with different degrees of impact on different segments of population. Finally, the study concludes program's overall temporary positive impact on above three correlated concepts of poverty. But has found it insignificant for durable development as such suggests measures to strengthen the impact of certain interventions by getting them more innovative through strong and viable community organizations

Electromagnetic source localization with finite set of frequency measurements

A phase conjugation algorithm for localizing an extended radiating electromagnetic source from boundary measurements of the electric field is presented. Measurements are taken over a finite number of frequencies. The artifacts related to the finite frequency data are tackled with $l_1-$regularization blended with the fast iterative shrinkage-thresholding algorithm with backtracking of Beck & Teboulle.Comment: 10 page

Expertise Development in Commercial Property Valuation Practice

Ever since the issue of inaccuracy and variance in commercial property valuation was first documented in the mid-80s by Brown (1985) and Hager and Lord (1985), many researchers have investigated the complex factors involved in effective problem solving in the valuation domain, focusing on the valuer and the valuation process. Several behavioural issues, including heuristics, have been noted to affect valuation outcomes. There is a growing literature on understanding the concept of expertise, especially using the field of cognitive psychology, and the present research explores valuer’s cognitions in a commercial valuation context. The study aimed to determine how the role of valuers’ cognitions and cognitive structures are crucial in furthering our understanding of effective valuation problem solving, as well as improving valuer training efforts. The research was undertaken from a ‘Critical Realist’ perspective, and used a knowledge elicitation method called ‘Cognitive Task Analysis’. Data were collected through a ‘Verbal Protocol Analysis’ (VPA) of a simulated commercial valuation exercise based on a real building, using semi-structured interviews. Six subjects (comprising two expert valuers, two intermediate valuers and two novice valuers) participated in the simulated valuation and in the follow-up interviews. Two further experts were interviewed to validate the findings. Content and event-sequence analysis were performed on the data collected from the simulated valuation to yield the knowledge states, problem-solving techniques (‘operators’) and strategies used by valuers. Mapping of thought processes revealed that expert and intermediate valuers had better and well-structured patterns of thought which demonstrate greater degrees of cohesiveness and interrelatedness between problem-solving operators. Centred on data interpretation and meta-reasoning activities, expert and intermediate valuers used the problem-solving operators initially to schedule valuation analysis or establish valuation strategies, and to re-interpret and diagnose previously acquired information to update the outcome of their past valuations. Novice valuers’ structured processes of solving the valuation problem show fewer linkages between problem-solving operators, which may suggest underdeveloped cognitive structure or quick disengagement from task. The results also show that where available data is inadequate, valuers solve an overall valuation problem by dividing the problem into a number of sub-problems that are solved by engaging in two main types of thinking: analytical and creative. These two levels of thinking enable the valuer to integrate available data with his/her existing knowledge through forward and retrospective (‘backwards’) reasoning. However, there were effects associated with level of expertise in the way these cognitive processes are used, with the expert and intermediate valuers being more fluid, thorough and comprehensive than the novice valuers. This enabled the expert and intermediate valuers to develop a greater number of more-sophisticated solutions to challenging valuation problems, and these were more likely to be immediately followed by meta-reasoning related activities or further exploration of data to justify the solutions generated. Novice valuers could not generate such well-developed solutions indicating that they were much more superficial in their valuation problem solving. These processes are discussed and synthesised into a descriptive model of expert-valuer cognitive structure for undertaking valuation of a commercial property, in order to show an understanding of how valuers integrate the various cognitive processes to determine the value of a property based on available information. The research concludes with an assessment of the implications for valuation training and education

The Origin of Egungun: A Critical Literary Appraisal

With evidence presented by Samuel Johnson, S. F. Nadel and Oludare Olajubu on the origin of Egungun, the African cultic masquerade in Nigeria, it can be concluded that Egungun originated from the Nupe culture, contrary to the popular belief that it took root from Yoruba religion. Nupe people actually seem to have used Egungun bamboozle and harass other ethnic groups around them. The author advocates, that in place of the present over-romanticization of the Egungun tradition, the cult needs scrutiny from oppressive and exploitative perspectives. African artists should explore African history and culture only from progressive and functional paradigms

Comparison of Open versus Closed Reduction and Intramedullary Nailing in cases of Closed Tibial Shaft Fractures

Objective: To compare the frequency of various post-operative complications in open versus closed reduction and intramedullary nailing in cases of closed tibial shaft fractures.Study Design: Comparative prospective study.Settings: Orthopedic Surgery Department, Khairpur Medical College, Khairpur Mirs.Study Duration: 1st February 2019 till 30 June 2020.Materials and Methods: Hundred and seventy patients selected for this study were divided into Group C (Closed percutaneous) and group O (Open). A closed percutaneous procedure was performed through a small stab incision. Reduction and stabilization of fracture were accomplished with large forceps and manual traction. Open reduction was achieved through an adequate incision for exposure and then directly reducing the fracture. The reduction was maintained with the help of clamps. Follow-ups were carried out to look for surgical site infection, deep infection, mal-union, delayed union and nonunion, iatrogenic nerve injury.Results: Surgical site infection was seen in 5 (5.88%) patients in group C and 9 (10.58%) in group O (p-value=0.404). Deep infection was seen in 3 (3.53%) patients in group C and 7 (8.34%) in group O (p-value=0.329). Mal-union was seen in 4 (4.71%) and 2 (2.35%) patients in group C and O respectively (p-value=0.682). Delayed union was seen in 4 (4.71%) and 3 (3.53%) patients in group C and O respectively (p-value=1.0). Non-union was seen in 2 (2.35%) and 1 (1.18%) patients in group C and O respectively (p-value=1.0). Iatrogenic nerve injury was not seen in either group.Conclusion: It is concluded in our study that there is no significant difference in the rate of post-operative complications in open versus closed reduction and intramedullary nailing in cases of closed tibial shaft fractures