On the relationship between stock prices and exchange rates for India

In this paper, we apply several variants of the EGARCH model to examine the role of depreciation of the Indian rupee on India's stock market returns using daily data. Our findings suggest that volatility persistence has been high; depreciation of the rupee has increased volatility; and asymmetric volatility confirms that negative shocks generate more volatility than positive shocks. We also find that an appreciation of the Indian rupee over the 2002 to 2006 has generated more returns and less volatility.

Towards a model of corporate social responsibility (CSR) in the ready made garments (RMG) industry in Bangladesh

As the primary earner of foreign exchange in Bangladesh, the readymade garments (RMG) industry has been under constant criticism for the absence of corporate social responsibility (CSR) practices in the industry. Based on previous research, and drawing on the model of CSR in food industry developed by Maloni and Brown (2006), this paper aims to develop a model of CSR for the RMG industry in Bangladesh and discusses its various aspects to assist our understanding of the CSR issues in this industry. As the absence of a functional practice of CSR in the industry is considered as a threat to its sustainability, this paper provides important implications for the sustainability of RMG industry in Bangladesh.

The relationship between the real exchange rate and balance of payments: empirical evidence for China from cointegration and causality testing

This article examines the relationship between the renminbi real exchange rate and China's foreign exchange reserves using cointegration and Granger causality testing. The main findings are that in the long run foreign exchange reserves Granger cause the real exchange rate. Meanwhile, in the short run there is unidirectional Granger causality running from foreign exchange reserves to the real exchange rate.

The dynamic relationship between real exchange rates, real interest rates and foreign exchange reserves : empirical evidence from China

This article examines the long-run and short-run relationship between China's real exchange rate, foreign exchange reserves and the real interest rate differential between China and the United States using monthly data from 1980 to 2002. Extensive testing for unit roots allowing for up to two structural breaks in the trend indicates that the variables are not integrated of the same order. Thus, the bounds testing approach to cointegration is used, which finds that there is a single long-run relationship between the three variables. In the long run the real exchange rate has a statistically significant positive effect on foreign exchange reserves. The coefficient on the real interest rate differential is also positive, but is statistically insignificant. In the short-run it is found that the relationship between the real exchange rate, real interest rate differential and foreign exchange reserves is non-monotonic.

Bringing Bourdieu to policy sociology : codification, misrecognition and exchange value in the UK context

The task of social scientists is to find ways of investigating and understanding the social, political and economic world, in order to offer insights into everyday and public life in the past, present and future. Bourdieu’s tool kit offers a particular way of theorizing the rules, narratives and self-held truths of social phenomena and of educational policy as a specific object of analysis. In this article I develop a series of propositions about the ways in which field theory might be applied to explain the abrupt public policy shift effected by the Thatcher government and the adjustments made to it by the Blair government. I suggest that a Bourdieuian approach shows policy working as a means of codification, as a doxa of misrecognition and as currency exchange within and across fields. I conclude with some thoughts about the difficulties of explicating interactions between fields.

Portfolio diversification and share price behavior : some evidence from the Taiwan Stock Exchange

This dissertation consists of four separate but closely related studies which investigate different aspects of share price behavior on the Taiwan Stock Exchange over the period 1980-89: 1.The benefits of diversification available to investors using the Markowitz model and the Single Model Index. 2. The applicability of the CAPM to the TSE over the decade. 3. Regularities in proce sequences. 4. Market reaction to the announcements of stock dividends, right issues and combinations of both.