The Random Walk Hypothesis in the Emerging Indian Stock Market

This paper examines the random walk hypothesis in the emerging Indian stock market using daily data on individual stocks. The statistical evidence in this paper rejects the random walk hypothesis. The results suggest that daily returns earned by individual stocks and by an equally weighted portfolio show significant non–linear dependence and persistent volatility effects. The non–linear dependence takes the form of ARCH–type conditional heteroskedasticity and does not appear to be caused by nonstationarity of underlying economic variables. Though conditional volatility is time varying, it does not explain expected returns.     

印度人对中国的认识及攀比心理

国际社会长期将中印两国看作一对（counterparts）或孪生兄弟（twins）,并将中印关系描述为竞争或竞赛的关系。印度人也大都喜欢处处与中国攀比或对比,不少人将中国看作超越的对象,也有印度人将中国看作对手并心存嫉妒;不过,在印度也有不少有识之士对中国评价相当积极并主张对华友好。印度人对中国的态度是复杂的,甚至是矛盾的,有点爱恨交织。这是一种“中国情结”或“心结”。印度人尽管非常关注中国,但对中国的了解也相当有限。随着两国相互交往的加深,这种局面将会有所改变。两国长期友好将是大势所趋。     

Analysis of intermodal freight from China to Indian Ocean: A goal programming approach

This paper presents an intermodal network optimization model to examine the competitiveness of 36 alternative routings for freight moving from China to and beyond Indian Ocean. The proposed model, which is built upon the principles of goal programming, is able to handle multiple and conflicting objective functions such as minimizing transportation cost, transit time and transit time variability while ensuring flow continuity and transit nodes compatibility among the rail, road, ocean vessel, airplane and inland waterway transports. Transportation time and cost obtained from comprehensive industry sources are then fed into the intermodal transport network connecting two important Chinese origins and four Indian destinations, from which the most attractive routes are identified. In addition, the paper investigates several non-dominated transportation cases through sensitivity analysis tests, and analyzes the potential competitiveness and possible influences of future route developments to current transportation patterns in Asia.     

The size and development of the shadow economy: An empirical investigation from states of India

Using the state level data from India, this paper investigates the size of the hidden economy in Indian states over the period 1974/75 to 1995/96. Our analysis has shown that after liberalization of the Indian economy in 1991/92, the growth in the size of the hidden economy has decreased on an average. Our results show that the growth in the size of the hidden economy is approximately 4% less in scheduled election years than in all other years. We also demonstrate that the growth is significantly lower in those states where the coalition government is in power. An increased growth of newspapers and the literacy rates translate to cleaner governance, e.g. to fewer amounts of shadow economy activities in the economy.