This study tests weak and semi-strong form efficiency of the foreign exchange market in Sri Lanka during the recent float using six bilateral exchange rates. Weak-form efficiency is examined using unit root tests while semi-strong form efficiency is tested using co-integration, Granger causality tests and variance decomposition analysis. Results indicate that the Sri Lankan foreign exchange mar...

This paper uses a simplified version of classical information theory to improve understanding of the dynamic potential of innovation systems in developing countries with a special focus on issues of agricultural poverty. Using examples drawn from emergent knowledge markets in industrialised countries, the paper suggests that such an analytical approach focuses attention directly on the types of...

The marketing concept states that firms who first determine and then satisfy customer needs should realize superior performance. Market orientation (MO) operationalizes the marketing concept and is the organization-wide generation of market intelligence, dissemination of the intelligence across departments, and organization-wide responsiveness to it (Kohli and Jaworski, 1990). Market oriented f...

A distinguishing feature of labor services is that they are immediately perishable. This paper explores the implications of immediate perishability for the market for homogenous labor services that are sold in a centralized exchange. The analysis sheds light on the nature of unemployment. The paper also explores implications for the role of labor cartels and firms in providing workers an altern...

The prevention of bovine mastitis is the most important component of a mastitis control program, and both preand postmilking teat antisepses are the most effective procedures for preventing new intramammary infections (IMI) in dairy cows. These procedures involve dipping teats of dairy cows before and after milking with an appropriate germicidal preparation to reduce teat skin colonization and ...

The electricity sectors in India have been undergoing signifi cant reforms since nineties. The initial status of the electricity sector when reform of the industry was initiated was very similar across all states in India. The state electricity boards prior to reform were vertically integrated public utilities, the distribution companies had signifi cant technical and commercial losses and the ...

This paper tests the random walk hypothesis and market efficiency for twelve emerging as well as for four developed securitized real estate markets from 1992 to 2009. Random walk properties of equity prices influence return dynamics, and market efficiency is often considered an essential criterion in the assessment of the functionality of markets and the asset pricing process, which is of signi...

Using four rounds of panel household data from the Kagera region of Tanzania, we show that transitory income shocks – measured by the value of crop lost by farming households – lead to significantly increased child labor. A one standard deviation increase in the shock is associated with a 10% increase in mean child working hours. Moreover, we find that households with collateralizable assets – ...

This paper reviews the BGM model for the parameterization of LIBOR forward interest rate curves, and presents a C++ implementation in PREMIA of the calibration algorithm of [7] using the market prices of caps and swaptions in this model.

We demonstrate that auctioning market licenses may result in higher market prices than assigning them via more random allocation mechanisms. When future market pro…t is uncertain, winning an auction is like winning a lottery ticket. If …rms di¤er in risk attitudes, auctions select the least risk averse …rm, which, in turn, set a higher price (or a higher quantity, in case quantity is the decisi...