AN EMPIRICAL STUDY OF RETURN-VOLUME RELATIONSHIP FOR INDIAN MARKET

Generally there is a common belief that returns and trading activities have a strong positive relationship. This paper analyzes return-volume relationship in Indian context, both in contemporaneous as well as lead- lag. Initial screening of returns and trading activity data shows some idiosyncratic aspect of Indian market although a positive return- activity relationship is acknowledged. This study also documents the dissimilarity in relationship for positive and negative changes in prices. As regards lead-lag relationship, this paper finds strong evidence of volume causing returns than vice-versa.Trading volume, Price change, contemporaneous relationship, lead-lag relationship, systematic irregularities, ARIMA filtering, Haugh test, Granger Sims Causality

FORECASTING EXCHANGE RATE :A Uni-variate out of sample Approach

In this paper we tried to build univariate model to forecast exchange rate of Indian Rupee in terms of different currencies like SDR, USD, GBP, Euro and JPY. Paper uses Box-Jenkins Methodology of building ARIMA model. Sample data for the paper was taken from March 1992 to June 2004, out of which data till December 2002 were used to build the model while remaining data points were used to do out of sample forecasting and check the forecasting ability of the model. All the data were collected from Indiastat database. Result of the paper shows that ARIMA models provides a better forecasting of exchange rates than simple auto- regressive models or moving average models. We were able to build model for all the currencies, except USD, which shows the relative efficiency of the USD currency market.Exchange rate forecasting, univariate analysis, ARIMA, Box- Jenkins methodology, out of sample approach

IMPACT OF MERGERS AND AMALGAMATION ON THE PERFORMANCE OF INDIAN COMPANIES

This paper is an attempt to evaluate the impact of Mergers on the performance of the companies. Theoretically it is assumed that Mergers improves the performance of the company due to increased market power, Synergy impact and various other qualitative and quantitative factors. Although the various studies done in the past showed totally opposite results. These studies were done mostly in the US and other European countries. I evaluate the impact of Mergers on Indian companies through a database of 40 Companies selected from CMIE’s PROWESS, using paired t- test for mean difference for four parameters; Total performance improvement, Economies of scale, Operating Synergy and Financial Synergy. My study shows that Indian companies are no different than the companies in other part of the world and mergers were failed to contribute positively in the performance improvement.Mergers, Amalgamation, Acquisition, Horizontal Mergers, Vertical Mergers, Backward Integration, Foreword Integration, Circular Mergers, Conglomerate Mergers, Congeneric Mergers,

INDIAN TAKEOVER CODE IN SEARCH OF EXCELLENCE (A CASE STUDY APPROACH)

M&A and Takeovers are the powerful ways to achieve corporate growth, but because of their complex nature, to protect the interest of all the parties, curb the malpractices and to facilitate orderly development these activities are regulated by a takeover code in most part of the world. In India after liberalization Govt. started to regulate these activities by introducing a takeover code. This code has gone through various major and minor changes since then to respond the challenges it faced during implementation and also to overcome its shortcomings. My study is an attempt to discover what challenges it faced and what changes were incorporated in the code over the period of time. Whether these successive changes are leading Indian takeover code in a proper direction, also what are the major shortcomings of the code at present. What are the critical issues, which need immediate attention to make it more effective. In the paper I tried to explain these challenges by quoting major controversial takeover battles after 1990s.Indian Takeover Code, Threshold limit, Conditional Offer, Cripping facility, Trigger point, Negotiated offer, Bail-out takeover

A test of Integration between Emerging and Developed Nation’s Stock Markets

This paper makes an attempt to examine the financial integration between emerging countries and developed countries. Stock market data for six countries USA, CANADA, UK, India, Malaysia and Singapore have been used for the purpose of the study. Cointegration was tested on the basis of various alternative techniques. Results contradict existing literatures and suggest that although developments at international level significantly influence national stock markets, but they are driven mainly by the developments at domestic level. Study also indicates that world equity market is segmented; where developed nations and emerging markets have made separate grouping. In case of India we find that it is positively correlated with all the markets, but this relationship is not highly positive.Financial markets Integration, Johansen test, VAR-ECM, Engle- Granger Two stage method, Developed nations, Developing Nations.

Strategic Plan of the African Union Commission on Rural Economy and Agriculture

African agriculture and the rural economy suffer from low productivity, limited diversification and continuous degradation. Sustainable development of agriculture and the rural economy is critical for ensuring food security and poverty reduction in Africa. The African Union Commission considers the development of agriculture and the rural economy as a necessary condition for promoting accelerated economic, social and political development, and for attaining its shared vision of building an integrated, prosperous and peaceful Africa, an Africa driven and managed by its own citizens and representing a dynamic force in the international arena. The Directorate of Rural Economy and Agriculture (REA) is one of eight portfolio Directorates of the Commission given the mandate to initiate, promote and facilitate the implementation of policies, strategies and programs that can contribute to the transformation of the rural economy by increasing agricultural productivity, conserving and protecting natural resources as well as enhancing environmental sustainability. To more efficiently and effectively contribute to the AU Commissions vision, the REA Directorate has an elaborate strategic plan that will guide its actions over the next four years (2004-2007). The plan identifies the strategic objectives and outputs to be achieved and defines the activities and strategies for accomplishing the outputs. It envisages actions that address four strategic objectives through six program areas. Successful implementation of the plan, it is believed, will help create enabling conditions and facilitate actions to improve agricultural productivity, reduce food insecurity and rural poverty as well as to ensure sustainable management of natural resources and the environment.Community/Rural/Urban Development,

The contemporary development of the concept of the twin cities: the case of cross-border cooperation between Narva and Ivangorad

The post-World War Two period witnessed an intensive development of such a form of international cooperation as twin cities. Stronger and more intensive cooperation between borderland municipalities of neighboring states was possible due to the realization of the fact that thanks to this integration instrument it was possible to jointly overcome crisis laden situations and phenomena. The common cultural and historical heritage maintained through this instrument contributes to normalization and thriving of border areas of states. This process is of special importance for those borders which are located between Russia and European Union and/or NATO member states. This Master’s thesis considers the role of local governments in creating the points of contact between the twin cities which stimulate in their turn larger networks of contacts at different levels. It also shows how the theory of securitization (without which it is impossible to imagine a Conception of twin cities) makes an impact on relations between border municipalities. I have considered the case of Narva and Ivangorod as twin cities, which currently have achieved impressive results in developing a long term and sustainable model of cooperation. In order to support the evidential base of my paper, I consider two other pairs of twin cities, which are located in situation similar to that of Narva and Ivangorod, specifically Imatra-Svetogorsk and Kirkeness- Nikel. The process of securitization which permeates the level of both bilateral relations (Estonia – Russia), NATO – Russia and EU-Russia levels, when reaching the inter-municipal level, bеcomes weaker and damped as if there is a “safety bag”. At the lowest level (considering the Narva-Ivangorod case), we see the detailed, preplanned cooperation, several bilateral agreements signed, visits of officials, preconditioned by the joint municipal agenda, spontaneous meetings, which are the catalysts of forming a bilateral inter-municipal cooperation. The thesis tries to prove conclusively that NATO, the EU and Estonia (on the one hand) and Russia (on the other hand) are quite interested in securing their state border safe and peaceful. Thus, in contrast to the “top power” level, at a lower (inter-municipal) level, the relations between Narva and Ivangorod have been in the desecuritized status despite the attempts made by the central governments of the states of concern and international organizations involved as well as other actors to “heat up” the situation at the both sides of the Narva river. The non-traditional actors such as the city twins (border adjacent municipalities) represent an actors in the international relations, together with the states, transnational corporations, international governmental and nongovernmental organizations. The mutual relations between Narva and Ivangorod are in contrast to the relations between NATO and Russia, the EU and Russia, Estonia and Russia.http://www.ester.ee/record=b4641532*es

The Implications of Family Size on Students Educational Attainment in Cameroon

The purpose of this study is to find out the implications of family size on students educational attainment in Cameroon. To this effects educational attainment was capture through various levels of child education. The ordered probit model was use to estimate our result while data was Demographic Health Survey. The result shows that family size negatively and significantly affects child educational attainment while a child is more likely to attain primary education but less likely to attain both secondary and higher education relative a child from small family size. We recommend that the ministry of planning and urban development should passed a law limiting the number of children one should have so that more resources will be allocated per child which will go a long way to increase child quality

Tahap Profesionalisme Pegawai Perkhidmatan Tadbir dan Diplomatik

Tujuan kajian adalah untuk mengetahui tahap profesi onalisme pegawai PTD yang berkhidmat di dalam bidang Pengurusan Sumber Tenaga Manusia berdasarkan lapan kriteria profesionalisme terpilih.Sampel kajian terdiri daripada 120 pegawai PTD dari tujuh agensi perkhid· matan awam yang mengkhusus dalam bidang Pengurusan Sumber Tenaga Manu· sia. Pengumpulan data dibuat melalui soal selidik, temutanya dan kajian ke atas bahan-bahan bertulis. Statistik yang digunakan bagi menganalisis data termasuklah kekerapan, min, mod, sisihan lazim, korelasi Pearson (Pearson r), analisis varians sehala, ujian Scheffe dan ujian Tukey. Hasil kajian menunjukkan bahawa tahap profesionalisme responden secara keseluruhan adalah sederhana. Kajian ini juga menunjukkan bahawa tahap profe· sionalisme responden adalah sederhana berdasarkan kritria (1) penguasaan pengetahuan dan kemahiran; (2) kepentingan latihan dalam profesion PTD; (3) kepentingan pertubuhan profesional dan penglibatan responden di dalam PPTD; (4) kepentingan pengkhususan bidang tugas; (5) identifikasi kumpulan; dan (6) amalan etika kerja

Decoding the Confrontational Streak in U.S.-China Relations

The recently released Missile Defence Review report by the Pentagon is aimed at addressing the challenges posed by the development of the advanced cruise and hypersonic missiles by China. The development of the missile capability and technology as part of Chinese Military modernization is considered not only as offensive in nature but also as a means of denting U.S. primacy in the Indo-Pacific region. A few days back, Chinese President Xi Jinping urged the Chinese armed forces to be ready for a battle, which was viewed as a response to the U.S. President Donald Trump signing the Asia Reassurance Initiative Act. In addition to this, due to China\u27s assertive nature especially in the Western Pacific, U.S. has announced to conduct its first missile drill in Okinawa, which forms a part of the first island chain of China. The shape of things in US-China dynamics portends a relationship which, despite economic interdependence, will be defined by increasing competition and confrontation