Global and Regional Sources of Risk in Equity Markets: Evidence from Factor Models with Time-Varying Conditional Skewness

We examine the influence of global and regional factors on the conditional distribution of stock returns from six Asian markets, using factor models in which unexpected returns comprise global, regional and local shocks. The models allow for conditional heteroskedasticity and time-varying conditional skewness, and permit mean, variance and skewness spillovers to be measured. We find that the pattern of spillovers changed in the late 1990s. When spillovers are allowed to vary with the type of news arriving in a market, we find that local news reduces mean spillovers but increases variance spillovers. News about regional countries increases skewness spilloversAsymmetries, Skewness, Volatility, Spillover, Stock returns, News.

Global and Regional Sources of Risk in Equity Markets: Evidence from Factor Models with Time-Varying Conditional Skewness

This study examines the influence of global and regional factors on the conditional distribution of stock returns from six Asian markets, using factor models in which unexpected returns comprise global, regional and local shocks. Besides conditional heteroskedasticity, the models allow shocks to have time-varying conditional skewness. The global factor appears less important for market volatility in models that permit time-varying conditional skewness. The influence of regional and global factors on risk is small in most of the markets, except in the late 1990s during which the regional factor accounted for a substantial portion of negative skewness in the markets' returns distribution.Asymmetries, Skewness, Volatility, Spillover, Stock returns

Shy/Silent Users of Contraceptives in Pakistan

Based on the data of three national surveys, 1984-85 Pakistan Contraceptive Prevalence Survey (PCPS), 1990-91 Pakistan Demographic and Health Survey (PDHS), and 1994-95 Pakistan Contraceptive Prevalence Survey (PCPS), the hypothesis of shy/silent users is tested. These surveys were undertaken with the collaboration of the Westing House, IRD/Macro International and Local Office in Islamabad of the Population Council, New York respectively. The concept of shy/silent users is defined as those respondents who, at the time of interview, did not divulge that they were users of contraceptive methods or traditional ways of preventing conception or birth due to cultural reasons. All three surveys show substantial numbers of shy/silent users. If these numbers are included, the Current Prevalence Rate (CPR) of each survey rises significantly. But the CPR inspite of including shy users, is still far lower than most developing and neighbouring countries

Homogeneous Gold Catalysis through Relativistic Effects: Addition of Water to Propyne

In the catalytic addition of water to propyne the Au(III) catalyst is not stable under non-relativistic conditions and dissociates into a Au(I) compound and Cl2. This implies that one link in the chain of events in the catalytic cycle is broken and relativity may well be seen as the reason why Au(III) compounds are effective catalysts.Comment: 12 pages, 3 figures, 1 tabl

Consanguinity among the risk factors for underweight in children under five: a study from rural Sindh

BACKGROUND: Malnutrition is a common problem, especially in developing countries. Of the 11 million children under 5 who die each year in the developing countries mainly from preventable causes, the death of about 54% are either directly or indirectly attributable to malnutrition. The objectives of this study were to assess the prevalence and associated factors for underweight in rural Sindh.METHODS: A cross-sectional survey was conducted in Jhangara Town, located in District Dadu, Sindh. Eight hundred children under 5 years of age were enrolled. A questionnaire was used to elicit required information and anthropometric measurements were made.RESULTS: The overall prevalence for underweight was 54.3% in the study population, which was higher than the prevalence reported by PDHS 1990-91. In multivariate analysis, various factors for underweight were consanguinity (OR = 1.5, 95% CI = 1.08-2.07), low birth weight (parents\u27 perspective) (OR = 1.6, 95% CI = 1.08-2.16) and lack of breast-feeding (OR = 2.7, 95% CI = 1.19-6.17).CONCLUSION: Effective strategies to discourage consanguineous marriages between first cousins are required. Promoting breast feeding is another factor that should be incorporated while designing control strategies to reduce morbidity and mortality due to malnutrition in children (\u3c 5 years)