The Unanticipated Effects of Insider Trading Regulation

Using a sample of 2,827 firms from 21 countries we examine whether insider trading laws achieve the primary objective for which they are introduced – protecting uninformed investors from private information-based trading. We find that when control is concentrated in the hands of a large shareholder, insider trading regulation is less effective in reducing private information-based trading if investor protection is poor. We suggest that controlling shareholders who are banned from trading may resort to covert expropriation of firm resources, creating more information asymmetry and thereby encouraging private information trading by informed outsiders. Consistent with this, we find evidence that when the rights of controlling shareholders are high, insider trading restrictions are associated with greater earnings opacity.http://deepblue.lib.umich.edu/bitstream/2027.42/40081/3/wp695.pd

The Unanticipated Effects of Insider Trading Regulation

Using a sample of 2,827 firms from 21 countries we examine whether insider trading laws achieve the primary objective for which they are introduced – protecting uninformed investors from private information-based trading. We find that when control is concentrated in the hands of a large shareholder, insider trading regulation is less effective in reducing private information-based trading if investor protection is poor. We suggest that controlling shareholders who are banned from trading may resort to covert expropriation of firm resources, creating more information asymmetry and thereby encouraging private information trading by informed outsiders. Consistent with this, we find evidence that when the rights of controlling shareholders are high, insider trading restrictions are associated with greater earnings opacity.Insider Trading Regulation, Ownership, Private Information Trading, Earnings Opacity

Outage Analysis for SWIPT-Enabled Two-Way Cognitive Cooperative Communications

In this paper, we study a cooperative cognitive radio network (CCRN) where the secondary user-transmitter (SU-Tx) assists bi-directional communication between a pair of primary users (PUs) following the principle of two-way relaying. In return, it gets access to the spectrum of the PUs to enable its own transmission to SU-receiver (SU-Rx). Further, in order to support sustainable operation of the network, SU-Tx is assumed to harvest energy from the RF signals received from the PUs, using the technique of simultaneous wireless information and power transfer (SWIPT). Assuming a decode-and-forward behaviour and power-splitting based relaying protocol at SU-Tx, closed form expressions for outage probability of PU and SU are obtained. Simulation results validate our analytical results and illustrate spectrum-efficiency and energy-efficiency advantages of the proposed system over one-way relaying.Comment: 15 pages, 5 figures, Submitted to IEEE Transactions on Vehicular Technolog

Glimpses of women’s lives in rural Bihar: impact of male migration

Bihar has a rich history of out-migration from the state which goes back to as early as the 19th Century. However, in the last few decades, migration for work has increased manifold. The sheer scale of out-migration in contemporary Bihar is astounding. At any given point of time, as many almost one-half of the total working men are absent from the state, working elsewhere in urban and rural centres in the country and abroad. Migration from the state is essentially male and is embedded in the lives and life choices of the people. It is not just a livelihood strategy, but a way of life in rural Bihar. While there is considerable research that studies the nature and pattern of migration from Bihar, profile of migrant workers, migration destination and other such correlates of a migrant’s life outside the village, there is sparse literature on the impact of this migration on people, especially women who are left behind in the village. Many research questions remain unanswered. How are institutions such as caste and patriarchy in the village affected by male migration? How does male migration influence women’s well being and agency? Does migration have an effect on women’s mobility? Does it empower or disempower women left behind? What role does technology such as mobile phones play in communicating and staying in touch with migrant family members? What impact does this have on the women left behind in villages? This paper engages with the questions raised above and it aims to study and analyse the impact of male migration on women who are left behind in rural Bihar. It explores the various contours of continuity and change in women’s lives as a ramification of male migration. It specifically looks at the impact of migration on women’s work, both paid and unpaid; on their decision making in the household; on their mobility; on their involvement in managing money and access to credit. This empirical work is based on a survey of groups of women in 12 selected villages across 6 districts of north and south Bihar. A total of 88 groups of women across various castes (Upper castes, Other Backward Castes I & II, Scheduled Castes and Scheduled Tribes) and socio-religious (Hindu, Upper Muslim, Lower Muslim) groups were surveyed. The paper is a part of a larger study, ‘Status of Women in Bihar: Exploring Transformation in Work and Gender Relations’ undertaken by the Institute for Human Development (IHD) and supported by the International Labour Organization to ascertain broad insights into the status of women in rural Bihar with a view to examine any signs of transformation in work and gender relations

Democratic citizenship or market based entitlements? : a gender perspective on social protection in South Asia

As livelihood insecurity rises and existing systems of social security are being eroded in South Asia, a number of social protection interventions have been proposed. Despite different frameworks, there appears to be convergence on the ground between contending pathways of social protection. Contemporary policies dealing with socio-economic/human insecurity and informalization of the labour market that propose trade-offs between citizenship-based and employment-based entitlements, either explicitly or implicitly, need to be critically examined and unpacked. citizenship-based, employment-based, community-based and market-based, linking to the broader discussion on commoditization/privatization of the social versus de-commoditization and a broader framework of democratic citizenship. Drawing on evidence from research, the paper explores, not only, the ways in which the design of interventions assume, incorporate or ignore gendered structures and gender ideologies, which impinge on the outcomes of these interventions, but also the ways in which women have articulated, fought for and gained better entitlements. It argues that both employment based and citizenship based entitlements are essential and these require the universalization of social protection and measures that ensure redistribution and recognition. The last section discusses some proposals along with suggestions for South Asian level regional interventions

The Social Changes That Wartime Stories Convey

In each era, literary creations or works reflect the lives of people. In that aspect, the early literary grammars reflect that love and heroism are two eyes of Tamilians. Sangam literature dating back more than two thousand years, such as Purananuru and Patiruppattu, are historical repositories of wars fought between several kings. These works include the great warriors who defeated many kings and brought many empires under their reign and the charitable leaders who gave charities to those who sought them as the pivotal focus. The sense of valour prevails when reading these creations. The record of heroic deeds that go to war and win rather than love is set to evoke a sense of heroism. Such a record changes the focus over time to convey the potential casualties, material damage, and grief of the division. That is to say that the feeling of pride that was felt at one point turned into the sadness of crying later on. The focus of this article is to analyse the change and the social benefits of such a change

An analogue of Raynaud’s theorem :weak formal schemes and dagger spaces

We study the relationship between the categories of weak formal schemes and dagger spaces. We introduce the notion of weak formal blowups of weak formal schemes and show that they correspond to rational subdomains of the associated dagger spaces via the generic fiber functor. In analogy with Raynaud’s theorem in formal and rigid geometry, we establish an equivalence of categories between the localized category of quasiparacompact admissible weak formal schemes by weak formal blowups, and the category of quasi-paracompact quasi-separated dagger spaces