The impacts of trade policy reforms on the Sri Lankan economy

This dissertation presents an analysis of the impacts of trade policy reforms in Sri Lanka. A Computable General Equilibrium (CGE) model is constructed with detailed description of the domestic production structure and foreign trade. The model is then used to investigate the effects of trade policy reforms on resource allocation and welfare.^ Prior to 1977, Sri Lanka maintained stringent control over its imports through rigid quantitative restrictions. A new economic policy reform package was introduced in 1977, and it shifted Sri Lanka's development strategy toward an export oriented policy regime. The shift of policy focus from a restrictive trade regime toward a more open trade regime is expected to have a significant impact on the volume of external trade, domestic production structure, allocation of resources, and social welfare.^ Simulations are carried out to assess the effects of three major policy reforms: (1) a devaluation of the Sri Lanka rupee, (2) a partial or a complete elimination of export duties, and (3) a devaluation-cum-removal of export duties.^ Simulation results indicate that the macroeconomic impact of a devaluation-cum-removal of export duties can be substantial. They also suggest that the resource-pull effects of a devaluation and a devaluation-cum-export duty removal policy are significant. However, the model shows that a devaluation combined with an export duty reduction is likely to be a superior strategy. ^

A comparative study of block scheduling and traditional scheduling on academic achievement

The purpose of this study was to evaluate the effectiveness of an alternate day block schedule design (n = 419) versus a traditional six-period schedule design (n = 623) on the academic achievement of the graduating classes in two schools in which the design was used respectively. Academic achievement was measured by (a) two standardized tests: the Florida Comprehensive Assessment Test Sunshine State Standards (FCAT-SSS) in mathematics and reading for 9th and 10th grade and the Scholastic Reading Inventory Test (SRI) for 9 th, 10th, and 11th grade; (b) three school grades: the mathematics final course grades for 9th, 10th, and 11th grade, the English final course grades for 9th, 10th, 11th, and 12th grade and the graduating GPA. A total of five repeated measure analyses of variance (ANOVAs) were conducted to analyze the difference between the two schools (representing the two designs) with respect to five achievement indicators (FCAT-SSS mathematics scores, FCAT-SSS reading scores, SRI scores, mathematics final course grades, and English final course grades). The between-subject factor for the five ANOVAs was the schedule design and the within-subject factor was the time the tests were taken or the time the course grades were issued. T-tests were performed on all eighth grade achievement indicators to ensure there were no significant differences in achievement between the two cohorts prior to entering high school. An independent samples t-test was conducted to analyze the difference between the two schedule designs with respect to graduating GPA. Achievement in the alternate day block schedule design was significantly higher than in the traditional six-period schedule design for some of the locally assigned school grades. The difference between the two types of schedule designs was not significant for the standardized measures (the FCAT-SSS in reading and mathematics and the SRI). This study concludes that the use of an alternate day block schedule design can be considered an educational tool that can help improve the academic achievement of students as measured by local indicators of achievement; but, apparently the design is not an important factor in achievement as measured by state examinations such as the FCAT-SSS or the SRI.

The effect of the business cycle on the performance of socially responsible equity mutual funds

The current study applies a two-state switching regression model to examine the behavior of a hypothetical portfolio of ten socially responsible (SRI) equity mutual funds during the expansion and contraction phases of US business cycles between April 1991 and June 2009, based on the Carhart four-factor model, using monthly data. The model identified a business cycle effect on the performance of SRI equity mutual funds. Fund returns were less volatile during expansion/peaks than during contraction/troughs, as indicated by the standard deviation of returns. During contraction/troughs, fund excess returns were explained by the differential in returns between small and large companies, the difference between the returns on stocks trading at high and low Book-to-Market Value, the market excess return over the risk-free rate, and fund objective. During contraction/troughs, smaller companies offered higher returns than larger companies (ci = 0.26, p = 0.01), undervalued stocks out-performed high growth stocks (h i = 0.39, p <0.0001), and funds with growth objectives out-performed funds with other objectives (oi = 0.01, p = 0.02). The hypothetical SRI portfolio was less risky than the market (bi = 0.74, p <0.0001). During expansion/peaks, fund excess returns were explained by the market excess return over the risk-free rate, and fund objective. Funds with other objectives, such as balanced funds and income funds out-performed funds with growth objectives (oi = −0.01, p = 0.03). The hypothetical SRI portfolio exhibited similar risk as the market (bi = 0.93, p <0.0001). The SRI investor adds a third criterion to the risk and return trade-off of traditional portfolio theory. This constraint is social performance. The research suggests that managers of SRI equity mutual funds may diminish value by using social and ethical criteria to select stocks, but add value by superior stock selection. The result is that the performance of SRI mutual funds is very similar to that of the market. There was no difference in the value added among secular SRI, religious SRI, and vice screens.