Does Stock Market Liberalisation Benefit The Economy? Evidence From Industry-Level Data

The paper examines the impact of stock market liberalisation on four industry-level economic variables, i) growth in real value added, ii) growth in real wages per worker, iii) growth in the number of employees and iv) growth in the number of firms using data on 18 developing countries for the period between 1981 - 2000. Genetic programming methodology is used to determine the liberalisation dates. Results from difference-in-differences regression indicate that stock market liberalisation has minimal impact on the growth of real value added. On the other hand, growth rates of real wages per worker, number of employees and number of firms are significantly higher for most countries after stock market liberalisation.stock market liberalisation, genetic programming, difference- indifferences regression

Information logistics: A production-line approach to information services

Logistics can be defined as the process of strategically managing the acquisition, movement, and storage of materials, parts, and finished inventory (and the related information flow) through the organization and its marketing channels in a cost effective manner. It is concerned with delivering the right product to the right customer in the right place at the right time. The logistics function is composed of inventory management, facilities management, communications unitization, transportation, materials management, and production scheduling. The relationship between logistics and information systems is clear. Systems such as Electronic Data Interchange (EDI), Point of Sale (POS) systems, and Just in Time (JIT) inventory management systems are important elements in the management of product development and delivery. With improved access to market demand figures, logisticians can decrease inventory sizes and better service customer demand. However, without accurate, timely information, little, if any, of this would be feasible in today's global markets. Information systems specialists can learn from logisticians. In a manner similar to logistics management, information logistics is concerned with the delivery of the right data, to the ring customer, at the right time. As such, information systems are integral components of the information logistics system charged with providing customers with accurate, timely, cost-effective, and useful information. Information logistics is a management style and is composed of elements similar to those associated with the traditional logistics activity: inventory management (data resource management), facilities management (distributed, centralized and decentralized information systems), communications (participative design and joint application development methodologies), unitization (input/output system design, i.e., packaging or formatting of the information), transportations (voice, data, image, and video communication systems), materials management (data acquisition, e.g., EDI, POS, external data bases, data entry) and production scheduling (job, staff, and project scheduling)

Non-Canonical Statistics of a Spin-Boson Model: Theory and Exact Monte-Carlo Simulations

Equilibrium canonical distribution in statistical mechanics assumes weak system-bath coupling (SBC). In real physical situations this assumption can be invalid and equilibrium quantum statistics of the system may be non-canonical. By exploiting both polaron transformation and perturbation theory in a spin-boson model, an analytical treatment is advocated to study non-canonical statistics of a two-level system at arbitrary temperature and for arbitrary SBC strength, yielding theoretical results in agreement with exact Monte-Carlo simulations. In particular, the eigen-representation of system's reduced density matrix is used to quantify non-canonical statistics as well as the quantumness of the open system. For example, it is found that irrespective of SBC strength, non-canonical statistics enhances as temperature decreases but vanishes at high temperature.Comment: 8 pages, 6 figures, to appear in Phys. Rev.

Coherent quantum transport in disordered systems: A unified polaron treatment of hopping and band-like transport

Quantum transport in disordered systems is studied using a polaron-based master equation. The polaron approach is capable of bridging the results from the coherent band-like transport regime governed by the Redfield equation to incoherent hopping transport in the classical regime. A non-monotonic dependence of the diffusion coefficient is observed both as a function of temperature and system-phonon coupling strength. In the band-like transport regime, the diffusion coefficient is shown to be linearly proportional to the system-phonon coupling strength, and vanishes at zero coupling due to Anderson localization. In the opposite classical hopping regime, we correctly recover that the dynamics are described by the Fermi's Golden Rule (FGR) and establish that the scaling of the diffusion coefficient depends on the phonon bath relaxation time. In both the hopping and band-like transport regimes, it is demonstrated that at low temperature the zero-point fluctuations of the bath lead to non-zero transport rates, and hence a finite diffusion constant. Application to rubrene and other organic semiconductor materials shows a good agreement with experimental mobility data.Comment: 19 pages, 4 figure

Beyond the Crisis: Financial Regulatory Reform in Emerging Asia

The main objective of this paper is to suggest reform measures to address the gaps and weaknesses in emerging Asia's financial regulatory and supervisory systems, on the basis of lessons drawn from the global crisis. For emerging Asia, the direct impact of the global financial crisis has been limited, thus generating substantially less pressure for financial restructuring and regulatory reform than is the case in developed economies. However, the underlying causes of the current turmoil—such as the dynamics of financial innovation and globalization—remain relevant for the region. As the world embraces wide-ranging financial reforms, emerging Asia will face dramatic changes in the global financial landscape. The region's authorities need to be prepared for the changing regulatory environment and proactive in strengthening their national regulatory and supervisory frameworks, in line with higher regulatory standards emanating from global reforms. Financial regulators will also need to design an effective and coherent framework for cross-border crisis management, and work towards a potential international regulatory and surveillance system.Financial regulation; regulatory reform; asia; global financial crisis

The effects of worked examples presentation on sub-cognitive loads

One promising technique for helping students in fulfilling complex problem solving tasks is through learning with worked example. Although worked example approach is the most prominent technique discussed in the literature of cognitive load theory, there is still very little scientific understanding of managing the students’ sub-cognitive load, namely intrinsic, extraneous and germane load on different complexity of worked example approach especially in engineering domain. Thus, this study was conducted to investigate the effects worked examples presentation on sub-cognitive loads among electrical engineering students. In this research, the worked examples were presented in three different sequences: (i) all examples were of same level of difficulty (ii) from difficult to easy example; (iii) from easy to difficult example. Data were collected from 82 students (Condition (i) =27; Condition (ii) = 34; condition (iii) = 21) of Diploma in Electrical Engineering Program at three selected polytechnics. The inventory tool of sub cognitive load were given to students after each teaching and learning session ends. The findings suggested that worked examples presented in easy to difficult format could be one of the approaches that is more efficient to manage students’ cognitive load and effective to be applied in engineering lesson