Market Efficiency and Long-range Dependence: Evidence from the Tehran Stock Market | Asian Journal of Economics, Finance and Management

In an efficient market, the price process must follow a random walk, and price changes must be random. The presence of short and long-range dependence in the stock price process rejects the random walk and resulting in market inefficiency. The main objective of this paper is to examine the Tehran exchange market inefficiency attributableto the presence of long-range dependence in the market.To do so, we study the time-varying long-range dependence in the Tehran Stock Exchange log-return process using financial econometrics models. We provide clear statistical evidence that the mean log-return price process of the Tehran exchange market is a non-stationary process with short rang memory. Our finding indicates that shocks in the volatility of the Tehran stock market decay more slowly than an exponential decay. The results provide strong evidence in rejecting the random walk and the market efficiency hypotheses in the Tehran stock exchange market.

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Credit Ratings of Power Distribution Utilities in Northern Region of India | Asian Journal of Economics, Finance and Management

In this study, a discussion has been made on the credit ratings of power distribution utilities of the northern region of India. In July 2012 for evaluating the performance of State Power Distribution utilities on a range of parameters covering operational, financial, regulatory and reform parameters the Ministry of Power, India had designed an Integrated Rating Methodology. The credit quality assessed by the Investment Information and Credit Rating Agency of India Limited (ICRA) and Credit Analysis and Research Limited, India (CARE) summed up that a distribution utility is dependent upon several factors, including the availability of regulatory framework allowing ‘cost-plus’ based tariff, timeliness and adequacy of subsidy support from the state government, and the ability to improve the operating efficiency levels and maintaining the cost structure in line with regulatory targets.

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Simulation Modelling of the Addition of Servers in Queueing Systems | Asian Journal of Pure and Applied Mathematics

The objective of the study was to analyse the improvement in operating characteristics of an M./M/1 queueing system with the addition of a server, as a function of the utilisation rate λ/µ. The study has applied a simulation model for M/M/1 and M/M/2 systems using the same generated set of random inputs to examine the impact of the addition of servers in queueing systems. The improvement in system length ΔL was analysed using four proposed models: ln(ΔL) as linear and quadratic functions of λ/µ, and as linear and quadratic functions of ln(λ/µ). The Chow test was used to examine structural breaks at λ/µ = 1 and λ/µ = 2.

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Testing the Day-of-the-Week Effect in the Indian Stock Market Using the AR-GARCH Model | Asian Journal of Economics, Finance and Management

This study combines three distinct empirical models of stock returns into a single model: the autoregressive model, which suggests that stock returns are determined by their own past values, the (generalised) autoregressive conditional heteroscedasticity model, which suggests that stock returns conditional volatility is determined by its past values and by returns shocks, and the day-of-the-week effect, which suggests that stock returns are higher on particular days of the week (usually Fridays). All three models represent departures from the Efficient Market Hypothesis (EMH), in the sense of proposing a certain degree of predictability in stock returns.

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On Review of the Convergence Analyses of the Runge Kutta Fixed Point Iterative Methods | Asian Journal of Pure and Applied Mathematics

Runge Kutta alongside K. Heun and E. J. Nystrom early in the nineteenth century extensively developed and consequently expanded the so called numerical methods of solution for the Ordinary Differential equations of various orders. Since then, work on the method has never ceased. However in this paper, we review and make stronger the fact that these methods are not only just a numeric method of solution but a very efficient iterative method. We outline in section one all the various Runge Kutta iterative methods and in section two their convergence while in section 3, the convergence analysis was illustrated with numeric examples which confirmed that only consistent and stable iterative Runge Kutta methods are convergent. Hence the objective of this research work is to establish that every Runge Kutta method which is not consistent and stable cannot be said to be convergent.

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Empirical Validation on Excess Volatility Puzzle | Asian Journal of Economics, Finance and Management

We study the excess volatility puzzle observed in the market by comparing the volatility of S&P 500 and 10-year Treasury yield over the sample period of 2013 to 2019. To estimate the volatility of stock and bond returns, we apply three different methods to check the puzzle: (1) historical volatility; (2) volatility indices and (3) econometrics models. Under normal and independent assumptions for returns of stocks and bonds, we derive a variation measure to check the puzzle. The results of the three models show the variance of the excess return of stock and bond is time changing. The time-varying of the variance of excess return demonstrates the inefficiency of markets due to predictably of excess return over time.

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THE WEIGHT PATTERNS IN KIDS | BIONATURE

The aim of this study was to determine the weight evolution in goat’s kids raised in Tiaret, Algeria. Our study was conducted between 2016 and 2017. For this study, goat’s kids were weighted from birth until one-year-old. In this work, birth mean weight for males was about 3,16±0,58 Kg significantly (p< 0,05) higher than 2,88 ±0,50 for females, the mean weights at birth for all kids was 3,06±0,57 Kg. in this work, the kid’s sex influenced significantly the weight at birth in kids.

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On the Analytical Review of Set Theory with Applications to Classical Probability and Algebra of Boolean Logic | Asian Journal of Pure and Applied Mathematics

The Set theory has extensively been under study for centuries but it’s analysis has not systematically been presented in specific applications such as the classical probability and algebra of Boolean logics as organized and detailed as in this paper which reviews the relevant theoretical meanings and operations of sets in diverse approaches and as well vastly touches various anxious and algebra of set with examples in scientific areas. Through these examples corresponding solution were generated indicating that complicated and digital circuit problems can be easily reduced too much simplified circuit results.

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