The interaction between foreigners' trading and emerging stock returns: Evidence from Turkey

Using monthly foreign flows data on Istanbul Stock Exchange (ISE) and employing a structural VAR model, we analyze the interaction between foreigners' trading and emerging stock returns. In contrast to most of the available theory and repeated previous findings on other markets, foreign investors negative-feedback-trade with respect to past local returns in ISE, however only in rising markets and especially under macroeconomic instability. Net foreign flows forecast future market returns, but not individual stock returns. Price impacts are permanent, suggesting that foreigners' trading incorporates information. Overall, results reject previous conclusions that foreigners are uninformed positive feedback traders: rather, they are a heterogeneous group dominated by sophisticated investors able to rationally adjust their trading style in line with the market's prevailing characteristics.     

Incentive to manipulate earnings and its connection to analysts’ forecasts, trading, and corporate governance

We develop a model where insiders?? decision to manipulate earnings is linked both to their stake and to corporate governance. We show how earnings manipulation affects analysts?? forecasts and institutional trading. More precisely, whenever there is ??excessive?? earnings manipulation, we observe less optimistic analysts. Furthermore, institutions exhibit positive feedback trading behavior and appear to ??front-run?? analysts?? errors. Finally, companies with strong corporate governance are less prone to these phenomena, being able to avoid the detrimental effects of insiders?? incentives. We then provide strong empirical evidence to support our model.     

A novel method as a diagnostic tool for the detection of influential observations in the Cox proportional hazards model

It is important that the process of studying and modelling the prognosis of disability should be conducted using time-to-event data, as the dynamic nature of disability could cause intervention on the modifiable (prognostic) factors, thus changing the course to a more favourable outcome. In disability research, the Cox PH model is frequently used to identify prognostic factors for the life expectancy of people with disabilities and to evaluate the treatment effects on the time to event. Accurate detection of influential observations is an important factor when fitting the Cox PH model, as influential observations in the Cox PH model can cause model misspecification, inaccurately determined factors, missed valuable biological information and/or violation of the proportional hazard assumption. In this paper, a novel multiple case detection method for influential observations is recommended in the Cox model. The aim of the paper is to inform clinicians and researchers who use the Cox PH model for describing the survival time as a function of multiple prognostic factors, regarding the importance of the detection of influential observations that can lead to misleading conclusions if they are present in the data set. The efficiency of the proposed method is presented through the real dataset. Additionally, in the specific case of North Cyprus, the aim is emphasize the importance of survival modelling studies that determine the prognostic factors affecting the lives of people with disabilities, to improve life quality and to develop a plan for healthier and higher quality life styles programmes for people with disabilities. As a first step, it is recommended that a system of database records of disabilities should be established and maintained by the government to raise public awareness.

     

Heuristics for operational fixed job scheduling problems with working and spread time constraints

Operational fixed job scheduling problems select a set of jobs having fixed ready and processing times and schedule the selected jobs on parallel machines so as to maximize the total weight. In this study, we consider working time and spread time constrained versions of the operational fixed job scheduling problems. The working time constraints limit the total processing load on each machine. The spread time constraints limit the time between the start of the first job and the finish of the last job on each machine. For the working time constrained problem, we present a filtered beam search algorithm that evaluates the promising nodes of the branch and bound tree. For the spread time constrained problem we propose a two phase algorithm that defines the promising sets for the first jobs and finds a solution for each promising set. The results of our computational tests reveal that our heuristic algorithms perform very well in terms of both solution quality and time.     

Banking system control,capital allocation,and economy performance

We observe less efficient capital allocation in countries whose banking systems are more thoroughly controlled by tycoons or families. The magnitude of this effect is similar to that of state control over banking. Unlike state control, tycoon or family control also correlates with slower economic and productivity growth, greater financial instability, and worse income inequality. These findings are consistent with theories that elite-capture of a country’s financial system can embed “crony capitalism.”     

The Cry for Land: Agrarian Reform, Gender and Land Rights in Uzbekistan

Agrarian reform in Uzbekistan has been informed by contradictory objectives and priorities. Legislation has oscillated between measures to increase private access to land, in line with populist pressures and the structural reform agenda of international agencies, and counter–measures to tighten and restrict such access in response to the Government imperative of retaining control over the production and export earnings of cotton. Drawing on fieldwork carried out in the provinces of Andijan and Khorezm in 2000–1, this article analyses the role of gendered divisions of labour in the maintenance of a commercial cotton sector alongside a smallholder economy that has become the mainstay of rural livelihoods since the post–Soviet collapse of public sector employment and wages. It also discusses the outcomes of different types of farm restructuring and highlights the gender differentiated outcomes of a reform process that forces a growing number of women out of the recorded labour force into casual, unremunerated and informal work.     

Understanding the Components of Bank Failure Resolution Costs

In this paper, we demonstrate how the resolution costs associated with over 1,000 bank failures from 1986 to 2007 are distributed across the method of resolution, bank size, regulatory periods, and the existence of fraud. In addition, we document the time spent in the resolution by the resolution method and legislative period. Finally, we show how various classes of claimants against the failed banks bear the costs of the failure.     

Search less for a better price

In many markets, sellers must spend resources to learn the costs of providing goods/services. This paper considers consumer searches in such markets. The findings show that: (i) even with ex ante identical consumers and sellers, there is price dispersion in the equilibrium, (ii) despite price dispersion and minimal search costs, it could be optimal to search just two sellers and (iii) the optimal number of searches can increase with sellers' information costs.     

Extending the diversity conversation: Fashion consumption experiences of underrepresented and underserved women

This research brings in the voice of underserved and underrepresented women of various racial or ethnic origins and social classes, who have differing buying powers, sexual orientations, body shapes, and physical appearances, into the conversation of fashion diversity. Through a qualitative inquiry with 38 semi-structured in-depth interviews, the researchers analyzed the consumption experiences of diverse women to expose what the fashion scene is lacking. The study's main contribution is the depiction of overlooked diversity categories in fashion, such as the non-White and non-Black women of color, women of average sizes, and women with characteristics that the fashion industry has long seen as flaws. For women's physical and psychological well-being, the authors of this study hope to lead fashion producers and researchers into a new era of diversity and minimize certain consumer groups' exclusion through discrimination, isolation, and segregation.