Seasonality in Southeast Asian stock markets: some new evidence on day-of-the-week effects

This paper examines the evidence for a day-of-the-week effect in five Southeast Asian stock markets: South Korea, Malaysia, the Philippines, Taiwan and Thailand. Findings indicate significant seasonality for three of the five markets. Market risk, proxied by the return on the FTA World Price Index, is not sufficient to explain this calendar anomaly. Although an extension of the risk-return equation to incorporate interactive seasonal dummy variables can explain some significant day-of-the-week effects, market risk alone appears insufficient to characterize this phenomenon.

'Agricultural poverty' and the expansion of artisanal mining in sub-Saharan Africa: Experiences from southwest Mali and southeast Ghana

Why do people engage in artisanal and small-scale mining (ASM) – labour-intensive mineral extraction and processing activity – across sub-Saharan Africa? This paper argues that ‘agricultural poverty’, or hardship induced by an over-dependency on farming for survival, has fuelled the recent rapid expansion of ASM operations throughout the region. The diminished viability of smallholder farming in an era of globalization and overreliance on rain-fed crop production restricted by seasonality has led hundreds of thousands of rural African families to ‘branch out’ into ASM, a move made to secure supplementary incomes. Experiences from Komana West in Southwest Mali and East Akim District in Southeast Ghana are drawn upon to illustrate how a movement into the ASM economy has impacted farm families, economically, in many rural stretches of sub-Saharan Africa.

Climate change and the South Asian summer monsoon

The vagaries of South Asian summer monsoon rainfall on short and long timescales impact the lives of more than one billion people. Understanding how the monsoon will change in the face of global warming is a challenge for climate science, not least because our state-of-the-art general circulation models still have difficulty simulating the regional distribution of monsoon rainfall. However, we are beginning to understand more about processes driving the monsoon, its seasonal cycle and modes of variability. This gives us the hope that we can build better models and ultimately reduce the uncertainty in our projections of future monsoon rainfall.