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Information is power and power is information. Without information there can be no growth. Now information is penetrating into rural India as well, because without its presence there, we cannot think about development of the entire country. India is in the midst of a knowledge revolution, complemented by the opening up of entirely new-vistas in information and communication technology. Information and Communication Technology (ICT) has emerged as an effective facilitator in the development of any society and is a prime driving force in the growth of rural economies. The Rural Market of India is showing an impressive growth largely due to changing lifestyle patterns, better communication network and rapidly changing demand structure of consumers of rural area. With the changing patterns of Rural Market, the role of ICT has increased from providing only the Networks to set-up the basis of updated technological programs in the rural area. It is widely believed that Information and Communications Technologies (ICTs) are effective tools in the development of rural India. Rural people are less knowledgeable rather than their city counterparts. Thus, technological advancement is necessary for every nook and corner of India.

We jointly re-specify the relative purchasing power parity (RPPP) and uncovered interest rate parity (UIP) conditions as the (log) ratio of stochastic discount factors by inverting the market price of risk formula. Our empirical model provides new insights, which show that violations to UIP and RPPP both stem from the existence of a risk premium in exchange rates and from observed market return differentials being a noisy statistic of the markets' expected return differentials in our re-specified model. Using an integrated macro-microstructure framework for expected market return differentials improves our model fit and the validity of UIP and RPPP.

Background: Chronic pain, though a most common cause of disability worldwide, is one of the most underestimated health problems throughout the world. With the ageing population and its increasing prevalence, understanding related care seeking practices is key to plan effective interventions. Objectives: To find out the characteristics of chronic pain and to study related and care-seeking practices and the influence of socio-demographic factors among adult chronic pain sufferers in a rural setting. Methods: Data were collected from 697 adults (>18 years) chronic pain (>12 weeks duration) sufferers chosen randomly from all 81 villages of Amdanga block, West Bengal, through a household-based survey in a cross-sectional design. A pre-designed, pre-tested structured questionnaire containing socio-demographic information, Brief Pain Inventory (BPI) and Patient Health Questionnaire-9 (PHQ-9) was used. During analysis, dimension reduction by Principal Component Analysis was done to derive pain intensity and interference scores. Results: Low back pain and knee pain were first and second most frequent. Major Depressive Syndrome (MDS) was found in 9.04 % [95% CI: 7.95% - 10.13%]. The severity of pain increased with age and decreased with advancing level of education & income. Care-seeking was significantly predicted by MDS (AOR= 0.185), pain intensity (AOR=1.06) & interference (AOR=1.06).Conclusion: Patients tend to seek care more at an advanced severity and more from a private facility. About 1 in 10 persons with chronic pain was seen to suffer from major depression, with which, persons were seen about five times less likely to seek care.

We jointly re-specify the relative purchasing power parity (RPPP) and uncovered interest rate parity (UIP) conditions as the (log) ratio of stochastic discount factors by inverting the market price of risk formula. Our empirical model provides new insights, which show that violations to UIP and RPPP both stem from the existence of a risk premium in exchange rates and from observed market return differentials being a noisy statistic of the markets' expected return differentials in our re-specified model. Using an integrated macro-microstructure framework for expected market return differentials improves our model fit and the validity of UIP and RPPP.

Objective—To determine direct and indirect costs associated with raccoon rabies incidents involving cattle herds in Hampshire County, WV, in 2008 and Guernsey County, Ohio, in 2010. Design—Ex post cost analysis. Animals—1 cattle herd in Hampshire County, WV, in 2008 and 1 cattle herd in Guernsey County, Ohio, in 2010. Procedures—Data were collected for each incident through telephone and email interviews with 16 federal, state, and county agency personnel involved in the case investigations and coordinated responses for rabies in the cattle herds. To characterize the economic impact associated with rabies in the 2 cattle herds, cost analysis was conducted with 7 cost variables (salary and benefits for personnel involved in the response, human postexposure prophylaxis, indirect patient costs, rabies diagnostic testing, cattle carcass disposal, market value of euthanized cattle, and enhanced rabies surveillance). Estimates of direct costs were determined on the basis of agency records and other relevant data obtained from notes and reports made by agency staff at the time of the incident and from a review of the literature. Results—Primary costs included the market value of euthanized cattle ($51,461 in West Virginia; $12,561 in Ohio), human postexposure prophylaxis ($17,959 in West Virginia; $11,297 in Ohio), and salary and benefits for personnel involved in the response ($19,792 in West Virginia; $14,496 in Ohio). Conclusions and Clinical Relevance—These results should provide a basis for better characterization of the economic impact of wildlife rabies in cattle in the United States.

With the presence of online, digital content and new services for manipulating and searching it, printing and publishing firms may experience technological uncertainty and risk and diminishing profitability. Mergers and acquisitions are approaches for dealing with the current technology and market changes that are underway in the printing and publishing industry. Using an event study methodology and a sample of 60 U.S. printing and publishing firms, this study investigates the value creation of acquiring information technology (IT) services firms. The study's findings reveal that printing and publishing firms experience significant increases in their market values as a result of acquiring IT services firms. In fact, non-newspaper firms realize the largest increases in market value. The study's findings should help academicians and practitioners understand the kinds of strategic acquisitions from which printing and publishing firms are most likely to benefit. ACCESS TO FULL TEXT

This study examines the role of social and cultural acceptance of new ideas and the fear of failure in emerging economies within the context of entrepreneurship and growth (Romer Growth Model, 1986). Using data from the Global Entrepreneurship Monitor and the Panel Regression Analysis methodology for a sample of 22 emerging countries over the period 2008–2014, this study finds that perceived opportunities, knowledge of peers involved in startups, and media attention to startups, all indicators of the social acceptance of entrepreneurship, are statistically significant determinants of growth as measured by per capita Gross Domestic Product and reduction in unemployment. This influence is persistent even after controlling for time effects, despite the liquidity crunch and credit squeeze that occurred during the financial crisis starting in 2008. The fear of failure factor did not have a statistically significant influence on growth, confirming the notion that entrepreneurs in emerging economy environments, in particular, are prepared to pursue their goals doggedly, even in the face of less than 50:50 odds of succeeding.

We investigate the relation between volatility and volume in 22 developed markets and 27 emerging markets. Compared to developed markets, emerging markets show a greater response to large information shocks and exhibit greater sensitivity to unexpected volume. We find a negative relation between expected volume and volatility in several emerging markets, which can be attributed to the relative inefficiency in those markets. Previous research reports that the persistence in volatility is not eliminated when lagged or contemporaneous trading volume is considered. Our findings show that, when volume is decomposed into expected and unexpected components, volatility persistence decreases.

This study takes a broad approach to the relationship between political risk resolution through democracy and stock market development. Specifically, it examines the empirical relationship between the degree of democracy (ranging from non-democracies or autocracies to well-established “mature” democracies) and stock market size and liquidity. Using the random effects Generalized Least Squares methodology on a sample of 22 African countries and spanning the period 1985–2011, this study finds (i) the greater the degree of democracy, the greater the liquidity of the stock market but the impact on the size of the market is insignificant; (ii) the relationship between military leadership and stock market development is statistically insignificant; (iii) having constitutional limits on the number of years a chief executive is allowed to serve promotes stock market development; and (iv) a higher degree of political competitiveness has a significantly positive impact on both stock market size and liquidity.

Multi-criteria decision-making is an increasingly accepted tool for decision-making in management. In this work, we highlight the application of a novel multi-objective evolutionary algorithm, NSGA-II, to the risk-return trade-off for a bank-loan portfolio manager. The manager of a bank operating in a competitive environment faces the standard goal of maximizing shareholder wealth. Specifically, this attempts to maximize the net worth of the bank, which in turn involves maximizing the net interest margin of the bank (among other factors, such as non-interest income). At the same time, there are significant regulatory constraints placed on the bank, such as the maintenance of adequate capital, interest-rate risk exposure, etc. The genetic algorithm-based technique used here obtains an approximation to the set of Pareto-optimal solutions which increases the decision flexibility available to the bank manager, and provides a visualization tool for one of the trade-offs involved. The algorithm is also computationally efficient and is contrasted with a traditional multi-objective function - the epsilon-constraint method.

Evidence is provided from changes in deposit insurance premiums in the early 1990s on the validity of the premium absorption hypothesis and the premium shifting hypothesis. Analysis of abnormal market returns associated with deposit insurance events using a market-model event-study methodology suggests that reductions in deposit insurance premiums are associated with increases in the market value of banking organizations; conversely, increases in deposit insurance premiums are associated with decreases in market wealth. The largest banks in the sample and banks with low equity capital (and low risk-based capital ratios) appear to be most affected. These results are generally consistent with the premium absorption hypothesis but inconsistent with the premium shifting hypothesis.

This study investigates changes in the risk-taking behavior of state chartered savings banks resulting from three types of regulatory changes: the expansion of asset investment powers contained in the Depository Institutions Deregulation and Monetary Control Act of 1980 and the Garn–St Germain Depository Institutions Act (DIA) of 1982, the authority to change organizational structure from mutual to stock form contained in the Financial Institutions Regulatory and Interest Rate Control Act of 1978 and DIA, and the change in intensity of regulatory oversight contained in the Financial Institutions Reform, Recovery, and Enforcement Act of 1989. Using data for New York state chartered savings banks for the period 1986 to 1991, the analysis found mixed results for the asset deregulation hypothesis that institutions eventually placed on the problem bank list invested more in deregulated assets. Strong support was found for the organizational structure hypothesis that stock savings banks have greater incentives to pursue value-maximizing levels of risk by using more leverage, growing at faster rates, and increasing credit risk. This finding suggests that the regulatory changes that permitted mutual to stock conversions may have had a significant negative impact on the severity of the thrift crisis. The results also suggest that increased regulatory scrutiny limited the risk-taking of New York state chartered savings banks after 1988.

This study examines the behavior of the forward market for foreign exchange for the British pound and the Japanese yen during the turbulent Gulf War period of 1990. The bivariate Engle-Granger technique in conjunction with a time-related dummy variable is used. The study supports market efficiency for both exchange rates, only after five weeks around the invasion week are excluded. Finally, an endogeneously determined structural break is found around the invasion week of the War.

This study examines the impact of international acquisitions on the shareholder wealth of both acquiring and acquired firms, and compares it with that of domestic acquisitions. The results indicate significant differences—bidders in domestic acquisitions lose a statistically significant 0.39 percent, while bidders in international acquisitions do not lose, which supports the diversification motive for foreign expansion. Further, in terms of dollar values, unlike their domestic counterparts, international acquisitions are net wealth creating activities and the division of gains between bidders and targets are more equitable. A cross-sectional analysis of the abnormal returns suggests that the extent of controlling interest being acquired and previous presence in the target country both significantly affect the abnormal returns of the bidders and the method of payment significantly affects the abnormal returns for the targets.

This study applies cointegration tests with time-dependent dummies to assess the impact of the Gulf War on the relationship between the forward exchange rate and the spot exchange rate using the British pound and the Japanese yen in terms of the US dollar. Cointegration of the spot and forward rate series cannot be supported for each of the exchange rates for a sample period around the Gulf War unless a five-week dummy is introduced starting in the Invasion week. The evidence is consistent with the existing literature in that it indirectly supports the long-run relationship between the spot and forward rates and confirms that short-run disruptions could occur and are consistent with the long-run relationship.

In this paper we highlight the salient features of Covered Bonds in relation to MBS, and argue for their introduction to the US market accompanied with the appropriate legislative structure and oversight. The Covered Bond market has the potential of adding significant measure of stability to the banking system while becoming an important source of long-term funding for residential and commercial mortgage loans in the United States.