An empirical investigation of the effect of rights issue announcements on share returns and the determinants of abnormal returns on the Kuala Lumpur Stock Exchange

This thesis examines the effect of rights issue announcements on stock prices by companies listed on the Kuala Lumpur Stock Exchange (KLSE) between 1987 to 1996. The emphasis is to report whether the KLSE is semi strongly efficient with respect to the announcement of rights issues and to check whether the implications of corporate finance theories on the effect of an event can be supported in the context of an emerging market. Once the effect is established, potential determinants of abnormal returns identified by previous empirical work and corporate financial theory are analysed. By examining 70 companies making clean rights issue announcements, this thesis will hopefully shed light on some important issues in long term corporate financing. Event study analysis is used to check on the efficiency of the Malaysian stock market; while cross-sectional regression analysis is executed to identify possible explanators of the rights issue announcements' effect. To ensure the results presented are not contaminated, econometric and statistical issues raised in both analyses have been taken into account. Given the small amount of empirical research conducted in this part of the world, the results of this study will hopefully be of use to investors, security analysts, corporate financial managements, regulators and policy makers as well as those who are interested in capital market based research of an emerging market. It is found that the Malaysian stock market is not semi strongly efficient since there exists a persistent non-zero abnormal return. This finding is not consistent with the hypothesis that security returns adjust rapidly to reflect new information. It may be possible that the result is influenced by the sample, consisting mainly of below average size companies which tend to be thinly traded. Nevertheless, these issues have been addressed. Another important issue which has emerged from the study is that there is some evidence to suggest that insider trading activity existed in this market. In addition to these findings, when the rights issue announcements' effect is compared to the implications of corporate finance theories in predicting the sign of abnormal returns, the signalling model, asymmetric information model, perfect substitution hypothesis and Scholes' information hypothesis cannot be supported.

Communication and choice in yeast mating

Dissertação apresentada para obtenção do grau de doutor em Biologia de Sistemas pelo Instituto de Tecnologia Química e Biológica da Universidade Nova de Lisboa.

Reflexões sobre a interação entre estado e sociedade civil na política de criança e adolescente no município de São Paulo

A Constituição de 1988 trouxe em seu espírito e texto a participação social na elaboração e implementação de políticas públicas. Entretanto, a realização desse espírito não acontece sem que emerjam diferentes conflitos entre Estado e sociedade civil nos processos de tomada de decisão. Os conselhos de direitos, como o Conselho Municipal dos Direitos de Crianças e Adolescentes de São Paulo, e os conselhos de políticas sociais são o locus privilegiado da interação da sociedade civil e do Poder Público na definição e no controle das políticas públicas. Ainda, as parcerias entre Estado e organizações da sociedade civil perdem oportunidade e potência por responderem também a essa lógica deficiente da participação social. Isso é o que nos mostra a experiência do Fundo Municipal dos Direitos da Criança e do Adolescente de São Paulo.

Protestant Churches and the making of the Universal Declaration of Human Rights

Kirjallisuusarvostelu

Towards a just community: an examination of the development of cultural citizenship rights in Canada from a communitarian perspective

The notion of citizenship, while a basic human right, has come under scrutiny. It was once assumed a liberal inspired regime of citizenship rights would reign as the primary ideological perspective in the Western world, however this has not been the case. Numerous competing paradigms have questioned the premise upon which liberal guarantees of citizenship rights are based. In particular, communitarianism has subjected liberal rights discourse to a closer examination. Communitarian theory holds that universalist principles negate any articulation of community and its internal diversity, such as cultural citizenship. It is this understanding of citizenship that has taken hold in Canada. The Canadian political experience illustrates a number of attributes associated with communitarian thought. It is a collectivist society that articulates a notion of the common good, acknowledges the internal diversity of its citizens and possesses a highly developed deliberative democratic process. To this end, Canada can be described as being more communitarian than liberal in nature in the process it has adopted to address citizenship rights. However, the type of commuIiitarianism displayed in Canada differs from the political models examined by such scholars as Michael Sandel, Iris Marion Young or Will Kymlicka. Cultural citizenship rights are fluid and malleable in Canada. While no clear guarantees of citizenship rights exist, there is a common commitment by Canadians to engage in a fair, open and inclusive deliberative process. This model is unique to Canada; it cannot be exported in that it is a product of Canadian political culture. As a result, the contemporary demands of cultural citizenship are dealt with effectively and democratically in Canada in that the proper mechanisms for public deliberation exist.

Just another case of treaty interpretation? Reconciling humanitarian law and human rights law in the ICJ

This chapter offers a fresh critique of the approach taken by the International Court of Justice to the relationship between humanitarian law and human rights law. In so doing, it seeks to move beyond the intractable debates that have dominated this area, offering an original account of the relationship that is firmly grounded in general international law concepts of treaty interpretation.

Exceptional or just well connected? Political entrepreneurs and brokers in policy making

Policy brokers and policy entrepreneurs are assumed to have a decisive impact on policy outcomes. Their access to social and political resources is contingent on their influence on other agents. In social network analysis (SNA), entrepreneurs are often closely associated with brokers, because both are agents presumed to benefit from bridging structural holes; for example, gaining advantage through occupying a strategic position in relational space. Our aim here is twofold. First, to conceptually and operationally differentiate policy brokers from policy entrepreneurs premised on assumptions in the policy-process literature; and second, via SNA, to use the output of core algorithms in a cross-sectional analysis of political brokerage and political entrepreneurship. We attempt to simplify the use of graph algebra in answering questions relevant to policy analysis by placing each algorithm within its theoretical context. In the methodology employed, we first identify actors and graph their relations of influence within a specific policy event; then we select the most central actors; and compare their rank in a series of statistics that capture different aspects of their network advantage. We examine betweenness centrality, positive and negative Bonacich power, Burt’s effective size and constraint and honest brokerage as paradigmatic. We employ two case studies to demonstrate the advantages and limitations of each algorithm for differentiating between brokers and entrepreneurs: one on Swiss climate policy and one on EU competition and transport policy.

Emotions, Not Just Decision-Making Processes, Are Critical to an Evolutionary Model of Human Behavior

An evolutionary model of human behavior should privilege emotions: essential, phylogenetically ancient behaviors that learning and decision making only subserve. Infants and non-mammals lack advanced cognitive powers but still survive. Decision making is only a means to emotional ends, which organize and prioritize behavior. The emotion of pride/shame, or dominance striving, bridges the social and biological sciences via internalization of cultural norms.

The EU-Central Asia Human Rights Dialogues: Making a Difference? EUCAM Policy Brief No. 16, April 2011

Structured human rights dialogues are held with each of the five Central Asian republics. They are designed to discuss questions of mutual interest and enhance cooperation on human rights as well as to raise the concerns of the EU on human rights in Central Asia. In addition, the dialogues seek to involve human rights activists, NGO members, and academia representatives from both Europe and Central Asia through civil society seminars. But is this working? Is improvement in human rights noticeable in the region? This policy brief reviews and evaluates the performance of the dialogues to date, paying specific attention to the shortcomings of the existing practices, and provides recommendations for what could be improved with regard to planning and procedures.

Did Egypt's Parliamentary Election just trump citizens’ rights? Arab Citizenship Review No. 12, 19 November 2015

Since the Muslim Brotherhood rule was toppled in July 2013, the regime of President Abd al-Fattah al-Sisi has strived to consolidate his one-man rule; he painted the political opposition and civil society as traitors and foreign agents and exploited the fight against terrorism to suppress freedom of expression, justify a crackdown on the press, eclipse justice in courtrooms, throw thousands in prison, and tighten his grip on police forces. The regime has postponed parliamentary elections for some time, while it marginalised and weakened the non-Islamist political parties that helped Sisi take power. He did so by promoting electoral lists with candidates who are loyal to the president, to ensure control over the new assembly and by obstructing any political alliance that could form an opposition. At the same time, the security apparatus has been given free rein to control the public sphere and engineer the electoral process. This may ultimately lead to a parliament that includes no advocates for rights and liberties, which is particularly significant since the incoming assembly will review the huge amount of legislation that President Sisi has issued in the absence of a parliament. In addition, shortly before elections, President Sisi raised questions about the constitution, calling for it to be amended to reduce the powers of the parliament and increase those of the president. It is thus clear that Sisi seeks not only to consolidate his regime, without political opposition, but to free his rule of any effective oversight from society or parliament.