Efficient Markets Hypothesis and the Emerging Capital Market in Sri Lanka: Evidence from the Colombo Stock Exchange – A Note

The behaviour of stock prices on the Colombo Stock Exchange (CSE) is examined with a view to determine its consistency with the weak form of the Efficient Markets Hypothesis (EMH). Runs, Autocorrelation and Cointegration tests are applied to daily, weekly and monthly CSE index data for the period of January 1991–November 1996. Results of Runs, Correlation and Cointegration tests overwhelmingly reject the serial independence hypothesis, leading to the conclusion that the behaviour of stock prices in the Colombo Stock Exchange is not consistent with the weak form of the Efficient Markets Hypothesis. Tests of the-day-of-the-week-effect, however, show that there is no evidence of such a phenomenon on the Colombo Stock Exchange stock prices. Results of the tests of the-month-of-the-year-effect lead to the conclusion that CSE prices do not display any month-specific behaviour.     

Economic analysis of the impact of adopting herd health control programs on smallholder dairy farms in Central Thailand

The economic impact of adopting herd health programs for mastitis and reproduction by small-scale dairy producers of Central Thailand was assessed using a policy analysis matrix (PAM). Following a reduction in the incidence of bovine disease on adopter farms, an increase in private net profits is observed. More importantly the social costs of supporting dairy farmers is reduced; the PAM effective protection coefficient was reduced by 35% for mastitis program adopters and by 44% for reproductive program adopters, indicating improved social efficiency of dairy policy. Other indicators of efficiency and policy implications are discussed.     

Asymptotically optimal estimation of smooth functionals for interval censoring, part 1

Estimation in the interval censoring model is considered. A class of smooth functionals is introduced, of which the mean is an example. The asymptotic information lower bound for such functionals can be represented as an inner product of two functions. In case 1, i.e. one observation time per unobservable event time, both functions can be given explicitly. We mainly consider case 2, with two observation times for each unobservable event time, in the situation that the observation times can not become arbitrarily close to each other. For case 2, one of the functions in the inner product can only be given implicitly as solution to a Fredholm integral equation. We study properties of this solution and, in a sequel to this paper, prove that the nonparametric maximum likelihood estimator of the functional asymptotically reaches the information lower bound.     

西气东输工程用感应加热弯管技术条件探讨

在对国外X70管线弯管技术条件进行调查分析与研究的基础上，对其中的几个关键技术问题包括母管成分，弯管的制造工艺和技术路线，强度与韧性要求，屈强比，Cu污染问题等进行了讨论。一些观点在西气东输感应加弯管技术条件中得到应用。     

Are Housing Price Cycles Driven by Irrational Expectations?

This paper investigates the extent to which condominium apartment prices are set in an efficient asset market. Unlike previous work that focuses on the time-series properties of measures of excess returns, the analysis is framed in terms of the changes in observable house prices over time. More precisely, the paper develops and applies a test of the joint null hypothesis of rational expectations, perfect markets, and no risk premium in the Vancouver condominium apartment market. The empirical results provide significant evidence against the joint null hypothesis. On average, ex post house price changes move in a direction opposite to their rational expectation. This approach offers a methodological advantage over the standard efficiency literature and is shown to provide a more powerful test of market efficiency than conventional return regressions. Another contribution of the paper is to characterize the time-series properties of deviations of condominium prices from those predicted by the risk-neutral rational expectations model, using cointegration and random coefficients techniques. Deviations in house price changes from their (risk-neutral) rational expectations are time varying, stationary, and related to the stage of the real estate price cycle.     

From T-Bills to Stocks: Seasonal Anomalies Revisited

This paper employed eleven data series which consist of stocks, bonds, bills, equity premiums, term premiums, and various default premiums to investigate whether January seasonality reported in existing literature is robust across different states of the economy as this has important trading implications. For the periods 1926–1990, small stocks, small stock premiums, low grade bonds, and default premiums (spread between high grade, low grade and government bonds) reveal January seasonality and that the seasonality is robust across different states of the economy except for low grade bond returns and default premiums. January seasonality for low grade bond returns and low grade bond default premiums are primarily driven by results found during periods of economic expansion. Overall, January seasonality is more evident during the economic expansion periods although the magnitude of default premiums is larger during periods of economic contraction. Furthermore, prior findings of strong summer equity returns are primarily driven by the results found during the periods of economic contraction. It is also found that equity returns are generally higher during periods of economic expansion.     

导游专业计算机教学中任务性学习的研究与实践

素质教育的一个重要部分就是学生综合应用能力及探究能力的培养。笔者针对导游专业的特点,在计算机基础教学中引入任务性学习方式,改善了教学效果,提高了该专业学生的计算机综合应用能力及自主探究能力。     

宋代妇女奁产权的探讨

奁产,作为女子出嫁时娘家陪嫁的财产,在普遍受到妇女自身重视的同时,国家也制定了相应的法律条文来保障妇女对自己奁产的所有权。宋代是中国古代经济的一个重要发展阶段,经济的繁荣成为社会文明的基础,妇女也具备一定的权利主体资格,享有一定的法律地位。该文主要从宋代的法律文献入手,着重分析宋代妇女的奁产权及其不完整性,以探讨宋代妇女的经济权利及地位。     

全低变工艺开发应用中的问题与对策

讨论了全低变工艺开发过程中遇到的一些问题和对策,对中、小氮肥企业进行技术改造具有一定的参考意义。     

对新疆财政工作的现实思考

在市场经济条件下,财政具有优化资源配置、调节收入分配和协调经济发展等重要功能。因此,做好财政工作对经济快速发展和社会全面进步具有重要的推动作用。本文主要对新疆财政收支的基本状况、财政工作中存在的问题及新疆财政工作的特殊性进行了分析,在此基础上提出了今后新疆财政工作的基本思路。