The book deals with the financial instability hypothesis of Hyman P. Minsky and its application to the current financial crisis. The first part of the work summarizes the hypothesis and mentions works elaborating the hypothesis. The second part applies the hypothesis to the current financial crisis. The whole book refers to the general discussion about relations of the Minsky’s hypothesis to the current financial crisis and to the fall of the insurance company AIG Corporation. The second part concludes that many relevant parts of Minsky’s hypothesis can be applied to the recent financial crisis but important differences of the current financial system to the system in Minsky’s times should be aware of. There are two most important differences: changes in risk management and new financial instruments. At the end, the book discusses the implications of these differences for applicability of the hypothesis on the current financial crisis. It regards the fact that the recent financial crisis is caused by rational behaviour of economic agents and not by exogenous forces as the most important lesson to learn from the financial instability hypothesis of Hyman P. Minsky.
Every culture rests on a bedrock of folk wisdom handed down through generations. The pronouncements of philosophers are homespun by our grandmothers, and find their way into our common sense: what doesn't kill you makes you stronger. Do unto others as you would have done unto you. Happiness comes from within. But are these "truths" really true? Today we all seem to prefer to cling to the notion that a little bit more money, love or success will make us truly happy. Are we wrong? In "The Happiness Hypothesis", psychologist Jonathan Haidt exposes traditional wisdom to the scrutiny of modern science, delivering startling insights. We learn that virtue is often not its own reward, why extroverts really are happier than introverts, and why conscious thought is not as important as we might like to think...Drawing on the rich inspiration of both philosophy and science, "The Happiness Hypothesis" is a remarkable, original and provocative book - ancient wisdom in our time.
The periodic incorporation of advances in the biomedical, bioengineering, and computer sciences allow the creation of increasingly more comprehensive revisions of the functional matrix hypothesis.Craniofacial skeletal growth is very important in Orthodontics, since variations in craniofacial morphology are the source of most serious malocclusions. To understand growth one must know the Functional Matrix Hypothesis (FMH). The aim of this book is to cover all the basics, concepts and modifications of Functional Matrix Hypothesis.
This is a research on the world credit crunch in 2008-2010. The rescission is not a new experience to the world. But the causes and phenomenon is different in different time. The study has tried to explain the reasons of differences justifying the Hyman P. Minsky Hypothesis on this issue. The study tried to find out the actors and the prime cause behind the rescission. Though lot of orthodox criticized the policymaker, Minsky argued the rescission as a obvious consequences in a capital society in a cyclical life.
“Decoupling” refers to the divergence of business cycles among different countries, and “Re-coupling” corresponds to convergence. “Decoupling” is just a fancy word for “separation”. The aim of this study is to discover whether there has been decoupling or convergence of business cycles through the trade channel. As trade integration increased among Asian countries, business cycle synchronization among these countries was expected to increase through trade transmission. Theoretically, however, increased trade can lead to business cycles synchronization either rising or falling. Inter-industry trade resulting in higher specialization will induce less synchronized business cycles, while intra-industry trade could lead to increased business cycle synchronization. Thus, it is important to distinguish between intra- and inter-industry trade flows. A major part of the dissertation involved the calculation of inter-industry trade indices and intra-industry trade indices at the aggregate and industry levels based on the original data from IMF and WB.
After the Spooks' difficult mission in Cuba, Morton Chapel has accepted Kathryn Lennox's help in attempting to treat his daughter, Megan. The girl has been catatonic since she witnessed her father shoot her demented mother Madeleine. But Chapel speaks of possession rather than insanity; an hypothesis the rational Kathryn finds it difficult to accept. And Madeleine's father, a mining industry mogul, intends to exact his revenge from the Spooks leader.
The book is dedicated to the solution of the Bayesian problem of many hypotheses testing with respect to the parameters of multivariate normal distribution and derivation of working formulas for simple testing of many hypotheses in a limited period of time, and calculation of the suitable value of the risk function, which is the objective criterion of the quality of the decision made. Also a new sequential method of testing many hypotheses based on special properties of regions of acceptance of hypotheses in the conditional Bayesian task of testing many hypotheses is formalized.The results of sensitivity analysis of the considered Bayesian problem are given; the results of experimental research of the developed optimal, quasi-optimal and sequential Bayesian methods are presented.
In the wake of the deregulation of the financial sector in Nigeria, following the enthronement of democratic governance, several policies were put in place to stimulate capital market activities. The series of policies, especially the twenty-five Billion Naira capitalization of Banks, led to unprecedented increase in trading on the floor the Nigerian Stock exchange. The perceived rapid returns to investors were suggestive of a speculative market and thus made the market very attractive. Although the studies conducted before this period indicated that the Nigerian Capital Market was efficient in the weak form, there was need for a robust replication of earlier studies to determine the extent to which such claims still held sway against the backdrop of persistent bullish runs; this is what this study sought to achieve. Results of this study showed that the Nigerian capital market is efficient in the weak form; thus showing consistency with most previous studies. It is thus reasonable to conclude that investors in the Nigerian Stock Exchange are assured of fair returns to their investment.
The Purchasing Power Parity [PPP] theory says the price of internationally traded goods should roughly be the same anywhere in the world once the price is expressed in a common price. The question however is that does this theory hold in an economy that has experienced long period of high inflation. In this study, monthly data from January 2000 to December 2008 was used. Unit root tests were applied to the Zimbabwean exchange rates. Parallel exchange rate was used rather than the fixed official exchange rate as it reflected the market value of the Zimbabwean dollar against other currencies. In carrying out the unit root tests we used a sequential testing technique that assisted to distinguish series that were trend stationary from those that were difference stationary. Results showed that the Zimbabwean exchange rate do not follow a random walk. This implies that the Zimbabwean exchange rate maintained the long run average hence it obeyed the PPP rule. The prices of commodities in Zimbabwe followed the one real price rule despite the high inflation levels that were obtaining during the period under review.
This study, using end of the month stock market index investigated the efficiency of the Nigerian stock market employing unit root test, and standard GARCH (1,1) model as major alternate form methods. The simple descriptive statistics was necessarily used for snapshot decisions.The unit root test and the GARCH model proved that the Nigerian stock market follows a random walk process while a wider informational determining test–the Granger causality showed that the market as far as information is concerned is not semi-strong efficient. The descriptive statistics and the GARCH model showed that the Nigeria stock market is volatile implying that there exists a high level of risk in stock trading in Nigeria. However, the result suggested a low persistence of volatility clustering for the market indicating that increase in volatility is not likely to remain high over several periods.The researcher therefore made some recommendations such as restricting the debt/equity ratio, palliating further the listing requirements, establishing a functional derivatives market to boost the market size,assuring effective information dissemination and awareness to forestall sluggish market behavior.
Almost 4 decades ago Janzen(1970) and Connell(1971) proposed that one of the key factors in maintaining high tropical tree species diversity was played by the various host-specific seed and seedling predators, herbivores and pathogens. They predicted inexplicably high mortality of seed and seedlings close to the parent tree because of these natural enemies. In the present paper, the primary motive was to identify the spatial patterns of the dispersed seedlings, about four years old and subsequent infection by fungal pathogens, which determine their recruitment, relative to the distance from the parent tree. The field experiment was carried out in the dry deciduous part (50 Hectare plot) of the Mudumalai Tiger Reserve, Tamil Nadu, which confirmed that there is both a decrease in the seedling density and in the proportion of infected seedlings, as a function of distance from the parent tree, among the seedlings of Syzygium cumini, a bird-dispersed tree species. This supported Janzen’s hypothesis that pathogen activity and seedling vulnerability to disease is maximum, when established near parent tree where seedling density is highest.
The literature indicates a positive role of human capital on earnings. This hypothesis is tested along with the role of some other important variables. The methodology adopted in this book is based on the Mincerian model. It also uses spline function to see the impact of the human capital variables on the earnings of regular wage employees. Beside education and experience, literacy index, technical training, and school quality are included in the earning functions estimated for individuals. The book tests the two popular hypothesis about the role of education i.e. productivity hypothesis which states that education provides the skills which increase the workers productivity and the credintialist’s hypothesis that education does not improve productivity rather it provides positive signals about productivity of the worker to the potential employer.
A comprehensive book for the post graduates and researchers in theoretical astrophysics who want to study the space-time singularities arising in the gravitational collapse from a mathematician’s point of view. The study has become significant from the perspective of cosmic censorship hypothesis. Four and higher-dimensional space-times are investigated for the possibility of cosmic censorship violation. Analysis of space-time singularities formed in the gravitational collapse of a star is one of the most important areas of mathematical research today. The book provides methods to determine the stability and strength of the singularities arising in various space-times.
The book aims to analysis the performance of SGSY in terms of socio-economic condition of the beneficiaries and to examine the influences of SGSY in Bihar through SHG in the development of women interim of literacy, income, employment, saving and social status. Based on the issue the following hypothesis has been checked. This study relates to the operation of the SGSY in the state of Bihar in the period between 1999 when the scheme was initiated and the end of 2009 when the fieldwork took place. We hope the book will prove its worth by fulfilling the needs of those for whom it has been specifically designed.
Despite the development of several new anticonvulsants, over 30% of people with epilepsy do not have seizure control and others do so only at the expense of significant dose-related toxicity and unusual adverse effects. The semicarbazones based pharmacophoric model for anticonvulsant activity comprises of following four essential binding sites: (i) An aryl hydrophobic binding site; (ii) A hydrogen bonding domain; (iii)An electron donor group and (iv) Another hydrophobic-hydrophilic site regulating the pharmacokinetic properties of the anticonvulsant. In pursuit for better antiepileptic drug and the importance of semicarbazones as anticonvulsant pharmacophore, a series of novel semicarbazone were designed, synthesized and evaluated for their anticonvulsant activity. The results of the present studying confirmed that the pharmacophoric model with four binding sites is vital for anticonvulsant activity.
This book gathers together recent advances in geometric function theory, which made possible the proof of the Riemann Hypothesis. These advances have at their core the concept of fundamental domains, which originated in the theory of automorphic functions. Lars V. Ahlfors gave a broader meaning to this concept and emphasized its importance in the study of Riemann surfaces. The results of applying it to Blaschke products are remarkable and point to a natural extension of the concept of automorphic function. New and interesting facts are proved about arbitrary rational functions and in particular polynomials, as well as arbitrary transcendental functions, one of which is the Riemann Zeta function.
The book presents, in some detail, the application of the log linear and the ordered logit models. The results from the models are thorughly discussed to make them interesting to the experts and very useful for people learning the application of such models. In addition, a thorough discussion of relevant consumption theories is undertaken, carefully linking the discussion to poverty. All these set up a foundation for the test of the postulation that consumption expendutures are less tied to fluctuations in income, the latter being a common phenomenon in most developing countries. The hypothesis is rejected on the basis of the findings.
The essence of the pluralist hypothesis of John Hick is that just as there are many paths leading to the same mountain top, all the major world religions lead to the same Ultimate Reality. The Christian pluralist position views the other world religions as independent means of salvation, more or less equal to Christianity. This view has come under serious criticism from a variety of sources. The purpose of this thesis is twofold: first, it assesses the soundness of various criticisms of the pluralist view; and secondly, it creatively develops the pluralist hypothesis in response to some of these criticisms.The assessment of the charges brought up against Hick’s view show that while some of them are based on misunderstandings and possibly even misrepresentations of Hick’s thought, others point out certain weaknesses of the pluralist hypothesis. The steps I suggest in developing further the pluralist hypothesis are based on those criticisms that are valid and reveal genuine deficiencies in Hick’s thought. What emerges is a more ‘believer-friendly’ version of the pluralist hypothesis, which in its present form is perceived by many as incompatible with genuine faith.
The bootstrap is a resampling method for statistical inference, which helps us in most cases, to increase the degree of trust that can be placed in a result based on limited sample of data. When the sample size is small and their EDF is unknown, the bootstrap method is used to make asymptotically normal or near normal. Bootstrap confidence interval thus has double potential advantages over most statistical technique-due to the fact that, it is confidence interval and due to the fact that it is based on bootstrap method. There are several methods of bootstrap confidence interval: the standard method, bootstrap-t, the percentile, the Bias Corrected and Accelerated (BCa) and the approximate bootstrap confidence interval. Among the methods, the BCa method gives us better result with respect to the properties- length, shape and symmetry. ABC method also gives good result in some cases. The bootstrap-t and percentile methods have the identical and close result. The shape of percentile method, in most cases, is good but its forced symmetry makes it poor.In hypothesis testing, bootstrap approach performs better than the classical approach in terms of power.
This research is an ambitious attempt to study the determinants of debt maturity in the Indian corporate sector using panel OLS regression methodology. The corporate debt portfolio analysis discloses that the dominance of traditional debt instruments, predominance of banks, declining trend in the issue of debentures, conservative financing strategies, and absence of innovative and diverse debt instruments for investment, speculation, and risk diversification are the major imperfections prevail in the corporate debt market. The corporate debt market imperfections and the dysfunctional corporate bond market have hampered the growth and development of business and industry. The Indian corporate sector has been characterized by a moderate level of long term debt maturity. This research finds that growth options, firm size, firm quality, asset maturity, corporate tax rate, term structure, and asset variance jointly determine the debt maturity. These research findings lead to the conclusion that agency cost hypothesis, signaling hypothesis, liquidity risk hypothesis, matching hypothesis, and tax hypothesis determine debt maturity in the Indian corporate sector.
The purpose of this research is to examine the relationship between market structure and performance in the banking sector using data from Pakistani commercial banks. Investigating the effect of changes in the market structure on profitability is based on the structure-conduct-performance (SCP) and efficient-structure (E-S) hypotheses. Researcher has taken a sample of 20 scheduled commercial banks incorporated in Pakistan to examine the above hypotheses, using the annual and panel data for a period of 9 years from year 1996-2004. Three measures of bank’s performance are utilized i.e. return on assets (ROA), return on capital (ROC) and return on equity (ROE). Concentration ratio (CR) has been used to measure structure-conduct-performance (SCP) hypothesis and market share to measure efficient-structure (E-S) hypothesis. Control variables were used to capture market specific characteristics such as bank size, market size, risk to owners, liquidity measure,market risk, and market growth as well.
The book is divided into seven chapters. The first chapter describes the statement of the problem, aims and objectives, significance, area and scope, hypothesis, research methodology and chapter plan of the research study. The second chapter highlights review of literature on current assets management. The third chapter briefly describes meaning, functions types, importance and incentives offered to Trading Houses. The fourth chapter describes theory of current assets and working capital along with components like inventory, receivables and cash. History and development of selected companies working as Trading Houses in India have been pointed out in the fifth chapter. In the sixth chapter current assets ratios are calculated and hypothesis have been tested with the help of two-way analysis of anova at 5% level of significance of sampled Trading Houses. The seventh and the last chapter shows finding, suggestions from present research study and conclusion for present study.
The objective of this research paper is to determine an urban planning and design process for the informal settlement of Karail, Dhaka. Some little regularization from macro to micro level in terms of infrastructural changes, enhancing informal economy and introducing new economical activities can change the present urban scenario. Also the interactive economic relation within a resilient neighbourhood can help to reduce social segregation. Regularizing the existing house form and initiating the provision for required infrastructure is can provide a new socio-economical network in this informal settings. The planning solution is somewhat a hypothesis yet, as it will have to be checked on site and surrounding conditions in detail. However, this hypothesis has possible potentials of standing very close to the actual solution. This can be a way to empower a vulnerable group with limited resources. Karail witnesses how physical planning is guided by numerous social phenomena and complex economic web. Being a small enclave of wider Dhaka, it can be a strong example while new urban projects will be taken in account.
The following research work in the context of a MBA Master Thesis analyzes supply chain management operations in five major industries in Taiwan. A social-scientific model was derived from literature review and its hypothesis states that six key dimensions have to be assumed as driving force to determine certain evolution stages in supply chain management. The six key dimensions are: Business Strategies, Customer and Partner Relationships, Information Technology, Information Sharing, Logistics & Procurement and Social Factors. A survey with 50 Taiwanese public trading companies was conducted in Taipei on four international trade fair exhibitions in the time period of June-October 2008. The statistical evaluation of the survey has revealed that a certain set of key elements among the six key dimensions do exert great impact in enhancing the performance level in supply chain management. Finally, the hypothesis was verified that those key elements, which were proven to help the company to achieve higher levels in supply chain management peformance, were also considered to be an appropriate tool in indentifying distinctive stages in supply chain management evolution!
Ethiopia is an agriculture-based economy that has experienced remarkable economic growth nearly for the last one decade. There are various approaches to achieve this target of which one strategy is to promote exports of the country. At this juncture, an important issue immediately comes to the minds of economists and researchers, that is, whether export promotion leads to higher economic growth or economic growth promotes exports. Some studies support the ELG hypothesis, others support the GDE hypothesis and still others support the bidirectional relationship between the two. In Ethiopia, very little academic literature exists that shows the nexus between export and economic growth. Therefore, in this study, we examine the dynamic relationship of two components of exports (agricultural exports and non-agricultural exports) with economic growth by using different time series Econometric Techniques like Johanson Cointegration test and VECM. The analysis should help as a reference to subsequent research works especially to professionals in economics fields, or anyone else who is interested to undertake further study on the issue.