Finance - Research Publications
Permanent URI for this collection
Search Results
1 - 10 of 10
-
ItemLevel, Trend and Correlates of Mistimed and Unwanted Pregnancies among Currently Pregnant Ever Married Women in India.(Public Library of Science (PLoS), 2015)Unintended pregnancy accounts for more than 40% of the total pregnancies worldwide. An Unintended pregnancy can have serious implications on women and their families. With more than one-fourth of the children in India born out of unintended pregnancies such pregnancies are considered to be one of the major public health concerns today. The present study is aimed at determining major predictors of unintended pregnancy among currently pregnant ever-married women in India. The present study has used National Family Health Survey (NFHS) data, conducted by the International Institute for Population Sciences (IIPS), Mumbai, to show the trend, pattern and determinants of mistimed and unwanted pregnancies. Bivariate and multinomial logistic regression model have been used with the help of Stata 13 software. The results show that the likelihood of a mistimed pregnancy is more prevalent among young women whereas the prevalence of unwanted pregnancy is observed more among the women aged 35 years or more. The results also show that the risk of experiencing mistimed pregnancy decreases if the woman belongs to 'other' castes and has higher education. The likelihood of unwanted pregnancy decreases among married women aged 18 years and above, those women having higher education, some autonomy and access to any mode of mass communication. Knowledge of these predictors of mistimed and unwanted pregnancy will be helpful in identifying the most vulnerable group and prioritize the intervention strategies of the reproductive health programmes for the population in need.
-
ItemNo Preview AvailableModeling the Evolution of Beliefs Using an Attentional Focus Mechanism(PUBLIC LIBRARY SCIENCE, 2015-10)For making decisions in everyday life we often have first to infer the set of environmental features that are relevant for the current task. Here we investigated the computational mechanisms underlying the evolution of beliefs about the relevance of environmental features in a dynamical and noisy environment. For this purpose we designed a probabilistic Wisconsin card sorting task (WCST) with belief solicitation, in which subjects were presented with stimuli composed of multiple visual features. At each moment in time a particular feature was relevant for obtaining reward, and participants had to infer which feature was relevant and report their beliefs accordingly. To test the hypothesis that attentional focus modulates the belief update process, we derived and fitted several probabilistic and non-probabilistic behavioral models, which either incorporate a dynamical model of attentional focus, in the form of a hierarchical winner-take-all neuronal network, or a diffusive model, without attention-like features. We used Bayesian model selection to identify the most likely generative model of subjects' behavior and found that attention-like features in the behavioral model are essential for explaining subjects' responses. Furthermore, we demonstrate a method for integrating both connectionist and Bayesian models of decision making within a single framework that allowed us to infer hidden belief processes of human subjects.
-
ItemLongitudinal assessment of reflexive and volitional saccades in Niemann-Pick Type C disease during treatment with miglustat(BMC, 2015-12-21)BACKGROUND: Niemann-Pick Type C disease (NPC), is an autosomal recessive neurovisceral disorder of lipid metabolism. One characteristic feature of NPC is a vertical supranuclear gaze palsy particularly affecting saccades. However, horizontal saccades are also impaired and as a consequence a parameter related to horizontal peak saccadic velocity was used as an outcome measure in the clinical trial of miglustat, the first drug approved in several jurisdictions for the treatment of NPC. As NPC-related neuropathology is widespread in the brain we examined a wider range of horizontal saccade parameters and to determine whether these showed treatment-related improvement and, if so, if this was maintained over time. METHODS: Nine adult NPC patients participated in the study; 8 were treated with miglustat for periods between 33 and 61 months. Data were available for 2 patients before their treatment commenced and 1 patient was untreated. Tasks included reflexive saccades, antisaccades and self-paced saccades, with eye movements recorded by an infrared reflectance eye tracker. Parameters analysed were reflexive saccade gain and latency, asymptotic peak saccadic velocity, HSEM-α (the slope of the peak duration-amplitude regression line), antisaccade error percentage, self-paced saccade count and time between refixations on the self-paced task. Data were analysed by plotting the change from baseline as a proportion of the baseline value at each test time and, where multiple data values were available at each session, by linear mixed effects (LME) analysis. RESULTS: Examination of change plots suggested some modest sustained improvement in gain, no consistent changes in asymptotic peak velocity or HSEM-α, deterioration in the already poor antisaccade error rate and sustained improvement in self-paced saccade rate. LME analysis showed statistically significant improvement in gain and the interval between self-paced saccades, with differences over time between treated and untreated patients. CONCLUSIONS: Both qualitative examination of change scores and statistical evaluation with LME analysis support the idea that some saccadic parameters are robust indicators of efficacy, and that the variability observed across measures may indicate locally different effects of neurodegeneration and of drug actions.
-
ItemSingle-Trial Event-Related Potential Correlates of Belief Updating(SOC NEUROSCIENCE, 2015-09)Belief updating-the process by which an agent alters an internal model of its environment-is a core function of the CNS. Recent theory has proposed broad principles by which belief updating might operate, but more precise details of its implementation in the human brain remain unclear. In order to address this question, we studied how two components of the human event-related potential encoded different aspects of belief updating. Participants completed a novel perceptual learning task while electroencephalography was recorded. Participants learned the mapping between the contrast of a dynamic visual stimulus and a monetary reward and updated their beliefs about a target contrast on each trial. A Bayesian computational model was formulated to estimate belief states at each trial and was used to quantify the following two variables: belief update size and belief uncertainty. Robust single-trial regression was used to assess how these model-derived variables were related to the amplitudes of the P3 and the stimulus-preceding negativity (SPN), respectively. Results showed a positive relationship between belief update size and P3 amplitude at one fronto-central electrode, and a negative relationship between SPN amplitude and belief uncertainty at a left central and a right parietal electrode. These results provide evidence that belief update size and belief uncertainty have distinct neural signatures that can be tracked in single trials in specific ERP components. This, in turn, provides evidence that the cognitive mechanisms underlying belief updating in humans can be described well within a Bayesian framework.
-
ItemIncidental rewarding cues influence economic decisions in people with obesity(FRONTIERS MEDIA SA, 2015-10-15)Recent research suggests that obesity is linked to prominent alterations in learning and decision-making. This general difference may also underlie the preference for immediately consumable, highly palatable but unhealthy and high-calorie foods. Such poor food-related inter-temporal decision-making can explain weight gain; however, it is not yet clear whether this deficit can be generalized to other domains of inter-temporal decision-making, for example financial decisions. Further, little is known about the stability of decision-making behavior in obesity, especially in the presence of rewarding cues. To answer these questions, obese and lean participants (n = 52) completed two sessions of a novel priming paradigm including a computerized monetary delay discounting task. In the first session, general differences between groups in financial delay discounting were measured. In the second session, we tested the general stability of discount rates. Additionally, participants were primed by affective visual cues of different contextual categories before making financial decisions. We found that the obese group showed stronger discounting of future monetary rewards than the lean group, but groups did not differ in their general stability between sessions nor in their sensitivity toward changes in reward magnitude. In the obese group, a fast decrease of subjective value over time was directly related to a higher tendency for opportunistic eating. Obese in contrast to lean people were primed by the affective cues, showing a sex-specific pattern of priming direction. Our findings demonstrate that environments rich of cues, aiming at inducing unhealthy consumer decisions, can be highly detrimental for obese people. It also underscores that obesity is not merely a medical condition but has a strong cognitive component, meaning that current dietary and medical treatment strategies may fall too short.
-
ItemAssessing network energy consumption of mobile applications(Institute of Electrical and Electronics Engineers, 2015-11-15)Continuous growth in the energy consumption of mobile networks has become a major concern for mobile carriers. Since current mobile networks are dominated by mobile data traffic generated by over-the-top mobile applications, it is crucial for mobile carriers to understand how much network energy is used to deliver these applications. Here, we use real network and application measurements to comprehensively analyze the energy consumption of 12 common mobile applications by breaking down their total energy consumption into data and signaling energy components. The results provide insights into the different proportions of data and signaling energy (due to LTE signaling) for different mobile applications. They show that the energy consumption of a mobile application can vary at different base station cell sites due to different ratios of throughput to physical resource block utilization. We estimate the total monthly energy consumption of all 4G users of a major mobile carrier using conventional mobile services, such as voice and the short messaging service, and two over-the-top applications, i.e. a popular instant messaging application in China and an online video application. The results show that signaling energy consumption may become a major concern for mobile carriers, and that this issue will be exacerbated as the usage of over-the-top applications continues to grow. Energy assessment of mobile applications provides valuable information to enable mobile carriers to improve the energy efficiency of their networks. An energy assessment tool that enables real-time network and service energy monitoring will also assist in developing energy-efficient network policies for diverse applications with different energy consumption profiles. Furthermore, given our signaling energy consumption findings for over-the-top applications, there may be benefits for mobile operators to introduce a surcharge for signaling traffic to mitigate the high signaling energy consumption of some over-the-top mobile applications.
-
ItemDark trading and price discovery(ELSEVIER SCIENCE SA, 2015-10)
-
ItemNo Preview AvailableBoard interlocking network and financial decisions( 2015-02-10)Previous literature demonstrates that interlocking director networks are significant in various financial areas. However, the distinction between network selection and behavioral influence effects is not considered. Few studies in the finance discipline have sufficiently considered social networks in a statistically robust way. This inattention may cause bias similar to omitted variable bias, resulting in incorrect conclusions being reached from the reported results. We employ recent advances in statistical modeling to investigate the effect of the interlocking director network on executive compensation, capital structure and mergers and acquisitions. Results show selection and influence effects are strongly significant. Firms select directors from firms with a similar proportion of fixed executive compensation (such as salary) and a similar level of acquisitiveness. Firms are influenced via the interlocking director network to become more similar with respect to executive compensation practices and capital structure choice, and more dissimilar for the number of acquisitions undertaken. That firms become more dissimilar in level of acquisitiveness may be attributed to negative feedback on acquiring because prior research shows that acquisitions are generally value destructive for the acquirer. The results suggest that the interlocking director network is a potent mechanism for the spread of firm practices. Common dependent variables from prior literature are less significant in explaining observed outcomes when the network is taken into account. For executive compensation, the profitability of a firm is no longer significant for the model including the interlocking director network but is significant when the same data are used in a standard linear regression. A similar occurrence happens for asset tangibility in the capital structure models. Tobin’s q and free cash flow are significant for the same data in a Poisson regression model for count data, and not significant for interlocking director network mergers and acquisitions models.
-
ItemEssays in International Macro-Finance( 2015)I present three essays in international macro-finance. The first is a selective survey of crises and contagion that identifies the competing explanations for the transmission of shocks through and across economies. The second essay tests several fundamental and financial transmission links within a Global Vector Autoregression (GVAR) and finds strong evidence that financial links best explain the spread of shocks. Finally, I revisit the international intertemporal Capital Asset Pricing Model (CAPM), which puts restrictions on acceptable factors. I find the theoretical model's prescribed factors, based on exchange rate and inflation risks, outperform the Fama French Four Factor model on country return portfolios.
-
ItemNo Preview AvailableBoard interlocking network and the design of executive compensation packages(Elsevier, 2015-05)