Essays on the selection of securities: Decision on acquisition and issuance perspectives and decision rules

This dissertation is a discourse on the capital market and its interactive framework of acquisition and issuance of financial assets that drive the economy from both sides—investors/lenders and issuers/users of capital assets. My work consists of four essays in financial economics that offer a spectrum of revisions to this significant area of study. The first essay is a delineation of the capital market over the past half a century and major developments on capital markets on issues that pertain to the investor's opportunity set and the corporation's capital-raising availability set. This chapter should have merits on two counts: (i) a comprehensive account of capital markets and return-generating assets and (ii) a backdrop against which I present my findings in Chapters 2 through 4. ^ In Chapter 2, I rework on the Markowitz-Roy-Tobin structure of the efficient frontier and of the Separation Theorem. Starting off with a 2-asset portfolio and extending the paradigm to an n-asset portfolio, I bring out the optimal choice of assets for an investor under constrained utility maximization. In this chapter, I analyze the selection and revision-theoretic construct and bring out optimum choices. The effect of a change in perceived risk or return in the mind of an investor is ascertained on the portfolio composition. ^ Chapter 3 takes a look into corporations that issue market securities. The question of how a corporation decides what kinds of securities it should issue in the marketplace to raise funds brings out the classic value invariance proposition of Modigliani and Miller and fills the gap that existed in the literature for almost half a century. I question the general validity in the classic results of Modigliani and Miller and modify the existing literature on the celebrated value invariance proposition. ^ Chapter 4 takes the Modigliani-Miller regime to its correct prescription in the presence of corporate and personal taxes. I show that Modigliani-Miller's age-old proposition needs corrections and extensions, which I derive. ^ My dissertation overall brings all of these corrections and extensions to the existing literature as my findings, showing that capital markets are in an ever-changing state of necessary revision. ^

Hindutva meets globalization: The impact on Hindu urban media women

This study examines the impact of globalization and religious nationalism on the personal and professional lives of urban Hindu middle class media women. The research demonstrates how newly strengthened forces of globalization and Hindutva shape Indian womanhood. The research rests on various data that reveal how Indian women interpret and negotiate constructed identities. The study seeks to give voice to the objectified by scrutinizing and challenging the stereotypical modern faces of Indian womanhood seen in the narratives of globalization and Hindutva. Feminist open-ended interviewing was conducted in English and Hindi in New Delhi, the capital of India, with 23 Hindu women, employed by electronic and print media corporations. Accumulated data were analyzed and interpreted using feminist critical discourse analysis. Findings from the study indicate that while the Indian middle class women have embraced professional opportunities presented by globalization, they remain circumscribed by mutating gender politics. The research also finds that as academic and professional progress empower the women within their homes, their public lives have become fraught with increasing gender violence and decreasing recourse to justice. Therefore, women accept the power stratification of their lives as being dependent on spatial and temporal distinctions, and have learnt to engage and strategize with the public environment for physical safety and personal-professional progress. While the media women see systemic masculine domination as being symbiotic with tenets of religious nationalism, they exhibit an unquestioned embracing of capitalism/globalization as the means of empowerment. My research also strongly indicates the importance of the media’s role in shaping gender dynamics in a global context. In conclusion, my research shows the mediawomen’s immense agency in pursuing academic and professional careers while being aware of deeply ingrained gender roles through their strong commitment towards their families. The findings of this study contribute to the literature on Third World nationalism, urban globalization and understandings of reworked-renewed masculine domination. Finally, the study also engages with recent scholarship on the Indian middle class (See Nanda 2010; Shenoy 2009; Lukose 2005; and Radhakrishnan 2006) while simultaneously addressing the notions of privilege and disengagement levied at the middle class woman, a symbiosis of idealization and imprisonment.

Response of diatom assemblages to 130 years of environmental change in Florida Bay (USA)

Coastal ecosystems around the world are constantly changing in response to interacting shifts in climate and land and water use by expanding human populations. The development of agricultural and urban areas in South Florida significantly modified its hydrologic regime and influenced rates of environmental change in wetlands and adjacent estuaries. This study describes changes in diatom species composition through time from four sediment cores collected across Florida Bay, for the purposes of detecting periods of major shifts in assemblage structure and identifying major drivers of those changes. We examined the magnitude of diatom assemblage change in consecutive 2-cm samples of the 210Pb-dated cores, producing a record of the past ~130 years. Average assemblage dissimilarity among successive core samples was ~30%, while larger inter-sample and persistent differences suggest perturbations or directional shifts. The earliest significant compositional changes occurred in the late 1800s at Russell Bank, Bob Allen Bank and Ninemile Bank in the central and southwestern Bay, and in the early 1900s at Trout Cove in the northeast. These changes coincided with the initial westward redirection of water from Lake Okeechobee between 1881 and 1894, construction of several canals between 1910 and 1915, and building the Florida Overseas Railroad between 1906 and 1916. Later significant assemblage restructurings occurred in the northeastern and central Bay in the late 1950s, early 1960s and early 1970s, and in the southwestern Bay in the 1980s. These changes coincide with climate cycles driving increased hurricane frequency in the 1960s, followed by a prolonged dry period in the 1970s to late 1980s that exacerbated the effects of drainage operations in the Everglades interior. Changes in the diatom assemblage structure at Trout Cove and Ninemile Bank in the 1980s correspond to documented eutrophication and a large seagrass die-off. A gradual decrease in the abundance of freshwater to brackish water taxa in the cores over ~130 years implies that freshwater deliveries to Florida Bay were much greater prior to major developments on the mainland. Salinity, which was quantitatively reconstructed at these sites, had the greatest effect on diatom communities in Florida Bay, but other factors—often short-lived, natural and anthropogenic in nature—also played important roles in that process. Studying the changes in subfossil diatom communities over time revealed important environmental information that would have been undetected if reconstructing only one water quality variable.

Re -"interpreting" the conquest: European and Amerindian translators and go -betweens in the colonization of the Americas, 1492--1675

This dissertation aims to recover the lives and careers of those Amerindians and Europeans who voluntarily or involuntarily took on the role of intercultural interpreters in the contact, conquest, and early colonial period in the Americas between 1492 and 1675. It intends to prove that these so-called “marginal” figures assumed roles that went far beyond those of linguistic and cultural translators, and often had a decisive impact on early Indian-colonial relations. ^ In the course of my research, I consulted hundreds of published sixteenth- and seventeenth-century chronicles, narratives, and memoirs in my search for references to interpreters. I augmented these accounts with information derived from unpublished archival documents, drawn primarily from the Archivo General de Indias, in Seville, Spain. ^ I organized my findings in theme-driven chapters that begin with a consideration of the historiography of that subject. Each chapter is further subdivided into chronologically-arranged historical vignettes that focus on the interpreters who mediated between the Spanish, Portuguese, French, English and Dutch and the various Native American polities and cultures. ^ I found that colonial authorities and Amerindian communities alike recognized the absolute necessity of recruiting competent and loyal interpreters and go-betweens, and that both sides tried to secure their loyal service by means both fair and foul. Although pressured, pushed, and pulled in contrary directions, most interpreters recognized the pivotal position they held in cross-cultural negotiations and rarely remained passive pawns in the contests between the forces of domination and defense. ^ All across the Americas, interpreters used their linguistic and diplomatic skills, and their intimate knowledge of the “other” not simply to facilitate conquest or spearhead the opposition, but to transform themselves from “culture brokers” into “power brokers.” Many of the decisive events that shaped colonial-Indian relations turned on the actions of these culturally-ambiguous individuals, a fact bemoaned and begrudgingly acknowledged by most of the contemporary conquistadors, chroniclers, and colonial founders, and recognized by this author. ^

A Critique of the Representation of Violence in American Literature:

The purpose of this thesis was to draw new insights on Thomas Berger’s classic American novel, Little Big Man, and his representation of fictional violence that is a substantial aspect of any text on the Indian Wars and “Custer’s Last Stand”. History’s major world wars led to shifts in the political climate and a noted change in the way that violence was represented in the arts. Historical, fictional, and cinematic treatments of “Custer’s Last Stand” and violence were each considered in relation to the text. Berger's version of the famed story is a revision of history that shows the protagonist as a dual-member of two violent societies. The thesis concluded that Berger’s updated American legends and unique “white renegade” character led to a representation of violence that spoke to the current state of affairs in 1964 when the world was becoming much more hostile and chaotic place.