ADR and GDR

A growing number of companies from emerging economies are crosslisting their shares on international exchanges in their effort to access the developed stock markets. This paper tries to look into the inter-sectoral and inter-temporal characteristics in prices of such stocks of Indian origin that are being dually traded on the American and Indian stock exchanges. The trend up to August 2006 shows the existence of positive premia levels of the American Depository Receipts (ADRs) over the underlying domestic securities. In an effort to realign ADR prices and bring down premia levels, the Reserve Bank of India introduced two-way fungibility in February 2002. However, ADR premia levels continued to increase during the period 2002 to 2004, with a decline only from 2005 - this downward trend seems to be unrelated to the fungibility criterion since the two-way conversion did not open up arbitrage opportunities. We find that legislative changes in India had an impact on decisions of Indian c...

SSRN Electronic Journal, 2000

SSRN Electronic Journal, 2000

There have been unprecedented developments in the finaneial markets around the world. The boundaries between the national and the overseas markets are disappearing leading to the e?nergence of a global unified financial market' foia) bothihe potential borrowers and potential investors have a wide range of *orirt, to chobse from. The.pace of fi.nancial innovation has also accelerated, thereby providing varied options to borrowers accessing international capital-The growing demand of investment in infrastructure and industrial development in developing economies has put challenges before the financial institution like Power Finance Corporation Ltd" (PFC) and before planners, to think of and evolve new instruments and explore new Sources of finance in the domestic as well as international capltal marke*.

BRICS are being considered as “biggest richest innovative countries association”. Their role and contribution are of paramount significance in the present globalize world. Emergence of BRICS as an economic bloc is also seen as an alternative to EU. Keeping the increasing significance of the bloc; the aim of this work is to identify strategies that enable emerging economies of the BRICS group play a bigger role globally, these structural changes have been made in their political and economic reforms, which together with the business sector has been progress scorch significant breakthrough towards international market, since society and organizations are functional, and institutional organizations for the development of a society and the economy. The role of BRICS bank may go a long way in the promotion of development in BRICS in particular and world in general.

—We examine random variables in the power law/slowly varying class with stochastic tail exponent, the exponent α having its own distribution. We show the effect of stochasticity of α on the expectation and higher moments of the random variable. For instance, the moments of a right-tailed or right-asymmetric variable, when finite, increase with the variance of α; those of a left-asymmetric one decreases. The same applies to conditional shortfall (CVar), or mean-excess functions. We prove the general case and examine the specific situation of lognormally distributed α ∈ [b, ∞), b > 1. The stochasticity of the exponent induces a significant bias in the estimation of the mean and higher moments in the presence of data uncertainty. This has consequences on sampling error as uncertainty about α translates into a higher expected mean. The bias is conserved under summation, even upon large enough a number of summands to warrant convergence to the stable distribution. We establish inequalities related to the asymmetry. We also consider the situation of capped power laws (i.e. with compact support), and apply it to the study of violence by Cirillo and Taleb (2016). We show that uncertainty concerning the historical data increases the true mean.

Zenodo (CERN European Organization for Nuclear Research), 2019

being in an intentional state, such as having a belief or an intention, includes having a kind of normative status. For it involves committing oneself as to how things are or are to be. In believing or intending one essentially makes oneself liable to normative assessments of the correctness of the belief or the success of the intention. And Wittgenstein is interested in a certain kind of puzzlement we might have about the nature of that normative significance. Someone says to me: "Show the children a game." I teach them gambling with dice, and the other says "I didn't mean that sort of game." Must the exclusion of the game with dice have come before his mind when he gave me the order? (Wittgenstein 1953, §70)

Theory & Society, 2017

Despite recent interest in political ethnography, most of the reflection has been on the ethnographic aspect of the enterprise with much less emphasis on the question implicit in the first word of the couplet: What is actually political about political ethnography and how much should ethnographers pre-define it? The question is complicated because a central component of the definition of what is political is the struggle to actually define its jurisdiction and how it gets distinguished from what is not. In this paper we aim to show how ethnography can actually lead us out of this conundrum in which the political is paradoxically both predefined and, at the same time, the open question that leads the process of inquiry. We do so by advancing a formal and relational approach that provides us with procedural tools to define the nature and specificity of the political bond not ex ante, but rather during the process of research itself. In the first part of the paper we historicize the development of political ethnography as a distinct avenue for inquiry and show what have been the challenges to its normalization. This is followed by the main section of the paper, which focuses on the three ways in which what is political has been conceptualized in contemporary socio-ethnographical literature. In the concluding part of the paper, we advance a lowest common denominator definition proposal, with examples from other scholars as well as from our own research to illustrate how this approach would work.

Recursos Humanos: Conjunto de habilidades, capacidades, conocimientos y experiencias que posee el personal de una organización.