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Working Papers | 1999

An Enquiry into the Various Facets of Womens Careers

Pestonjee D M, Bhardwaj Gopa, and Kapoor Jaya

Women's careers are subject to personal, interpersonal and societal influences of various kinds. From an empiricist point of view, the study was done to get an insight into the various facets of women's careers. The sample of the study consisted of 30 women executives and 30 women non-executives from a private sector organisation. The data were collected through qualitative research techniques. Results indicated that except for women executives of the private sector organisation, the other three gruoups derived primary satisfaction from family relationships with, career integrated with rest of their lives in a secondary way. Women executives of the private sector organisation derived primary satisfaction from their career or occupation. As regards to their levels of ambition, women employees aspired to hold a high position. The results showed that women employees resembled one another closely on 'intrinsic' value of having a reputation for extreme competence in their chosen fields. Women employees felt that their social circles tended to favour that women ought to be able to work a bit, but not so as to allow it to interfere with home and family obligations. Family was perceived as a barrier to a married woman's career commitment. Particularly most of the women employees agreed that husband's career plans interfere with a married woman's career commitment.

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Working Papers | 1999

A Theorem in Utility Theory Revisited

Lahiri Somdeb

We provide in this paper a simple proof of the proposition that comparability of first differences of utility implies cardinality when the range of the utility function is a connected subset of the reals.

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Working Papers | 1999

Value at Risk Models in the Indian Stock Market

Jayanth R. Varma

This paper provides empirical tests of different risk management models in the Value at Risk (VaR) framework in the Indian stock market. It is found that the GARCH-GED (Generalised Auto-Regressive Conditional Heteroscedasticity with Generalised Error Distribution residuals) performs exceedingly well at all common risk levels (ranging from 0.25% to 10%). The EWMA (Exponentially Weighted Moving Average) model used in J. P. Morgan's RiskMetrics® methodology does well at the 10% and 5% risk levels but breaks down at the 1% and lower risk levels. The paper then suggests a way of salvaging the EWMA model by using a larger number of standard deviations to set the VaR limit. For example, the paper suggests using 3 standard deviations for a 1% VaR while the normal distribution indicates 2.58 standard deviations and the GED indicates 2.85 standard deviations. With this modification the EWMA model is shown to work quite well. Given its greater simplicity and ease of interpretation, it may be more convenient in practice to use this model than the more accurate GARCH-GED specification. The paper also provides evidence suggesting that it may be possible to improve the performance of the VaR models by taking into account the price movements in foreign stock markets.

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Working Papers | 1999

Zorns Lemma in Rational Choice Theory: A Note

Lahiri Somdeb

The first significant use of Zorn's Lemma in rational choice theory is in the paper by Szpilrajin(1930), where it is established that every strict partial order can be embedded within a strict linear order. Subsequently, Dushnik and Miller [1941] showed that every strict partial order is the intersection of all the strict linear orders in which it can be embedded. Richter ([1966], [1971]), Hansson [1968], Suzumura ([1976], [1983]), Deb [1983] and Lahiri [1991a], all use Szpilrajn's theorem, to establish conditions for various shades of rationalizability of choice functions. In recent times Donaldson and Weymark [1981], Duggan [1991] and Lahiri [1999b] use Szpilrajn's theorem to establish results similar to those available in Dushnik and Miller [1941]. In Lahiri [1999b] an independent proof of the theorem due to Dushnik and Miller is given which uses Zorn's Lemma explicitly. Szpilran's theorem is a deep theorem in its own right and the fact that it uses Zorn's Lemma, often makes it inaccessible to someone who has had no formal training in advanced set theory. This is because, Zorn's Lemma is proved using the axiom of choice and an intermediate theorem is the well-ordering theorem. Much of this is beyond the scope of an individual who has not studied advanced set theory. It would be considerably easier to grasp those aspects of rational choice theory where Zorn;s Lemma is applied, if there was simpler way to obtain the celebrated lemma. This is what we don in this note by replacing the axiom of choice by what we call 'chain axiom'. The proof of Zorn's lemma which now does not require the axiom of choice or the well-ordering theorem, can be established quite easily using elementary set theory. Rational choice theory comprises a body of results which are sufficiently challenging in their own right. Szpilrajn's theorem is a major building block of rational choice theory. It does the subject or its students no good by making it unnecessarily inaccessible. By making the journey to a crucial result more arduous than it need be, we shift the focus of rational choice theory from the analysis of decision making to an important result in set theory. Our chain axiom may require a giant leap of faith for a set theorist. For us, however, it is a major step towards simplification.

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Working Papers | 1999

Strengthening Emergency Care through the Provision of Ambulance in Public Health Facilities: Economic Issues and Policy Implementation Guidelines

Bhat Ramesh

Provision of ambulance services in remote areas is an important policy intervention to strengthen the referral system and improve the quality of emergency care. The financial requirements resulting out of capital costs and operating expenses are huge. Given the financial constraints facing the State Governments in India, the departments of health need to explore alternative options. In this paper we discuss the options of leasing or hiring of vehicles. We also examine that if the facility has to self-sustain, what should be user-fees charges from the users of these facilities. However, we discuss policy implementation issues of protecting poor from high burdens and suggest an overall cap on total charges and exemption indigent patients. The role of local governments such as panchayats in creating contingency fund to meet the needs of the poor and developing appropriate exemption policy is considered inevitable to sustain these facilities.

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Working Papers | 1999

Liberalization in Gujarat Review of Recent Experience

Ravindra H. Dholakia

Gujarat's industrial sector has substantially gained form national policy of liberalization particularly after 1990-91. The state has also followed consistent policies and taken further measures to liberalize the state economy and simplify certain procedures to promote industrial activities. The Centre's efforts at liberalizing the industrial economy are, by and large, confined to the early nineties, whereas Gujarat has started its major efforts in this direction only after the mid-nineties. It is perhaps because of this reason that the impetus to the accelerated growth in the industrial sector in Gujarat continued significantly throughout the nineties.

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Working Papers | 1999

Issues in Measurement of Productivity in India

Ravindra H. Dholakia

A few conceptual issues having direct bearing on deriving the estimates of input productivities at the macro/aggregative level are discussed in the Indian context in the paper. The following issues are discussed in the paper: (a) quality index of labour, (b) time spent on travel by workers to and from workplace, (c) productivity of infrastructural inputs in the user industries, (d) productivity of factor inputs in infrastructural industries, (e) measurement bias of double deflation and single deflation methods for calculating real value added and in measuring the total factor productivity growth. It is argued in the paper that the simple assumption of equality between the wage rate and the marginal productivity of labour which is required for constructing several aggregates isnot likely to be fulfilled in the Indian case on various counts. Similarly, it is also argued in the paper that input productivity estimates may be more reliable at the macro/aggreagative level than at micro/unit level.

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Working Papers | 1999

Relationship Between Risk and Return: An Empirical Test of the Capital Asset Pricing Model for Malaysian

Shafie Ghani Abdul, Gupta G S, and Sanda Ahmadu U

This paper uses weekly return data for the period January 1990 through December 1996 for a sample of 224 stocks listed on the main board of Kuala Lumpur Stock Exchange to estimate the Capital Asset Pricing Model, CAPM. Both the Fama and MacBeth (1973) procedure and its refined version by Pettengill, Sundaram and Mathur (1995) are adopted, yielding results that suggest no significant relationship between return and beta.

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Working Papers | 1999

Motivation and Outcome of Malaysian Take-overs: An International Perspective

Gupta G S and Ali Ruhani

This paper examines the potential motives and effects of corporate takeovers that occurred in Malaysia for period 1980-1993. Mueller's (1980) methodology which has been adopted in Australia, U.S, U.K, and five European countries are employed in order to provide evidence on Malaysian takeovers on an international perspective. The findings indicate that the Malaysian takeovers were motivated by the size, growth and profit considerations, and were supported by the desire of having a balanced leverage, thus supporting the eclectic theory of takeovers. In terms of the outcomes, the paper finds that the acquiring firms have achieved larger size at the expense of reduced profits of the acquired firms.

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Working Papers | 1999

WIMC Versus Innovative Self-Help Modes of Restructuring and Revitalisation

Khandwalla P N

Restructuring activity has picked up in corporate India, and many of the largest Indian companies have been opting for the services of Western international management consultants (WIMC). The writings of some of these consultants indicate the sort of restructuring they tend to favour. Recent restructuring examples, of BILT and SBI, in which WIMC were hired, indicate the strengths and weaknesses of the WIMC mode. The WIMC mode of restructuring is contrasted with an innovative, self-help mode of restructuring pursued by several Indian and Western corporations. This mode relies on participative diagnosis of the strengths and weakness of the organization, mobilization of the stakeholders for change and for identifying needed changes, improvisation by the stakeholders of the way changes are to be brought about, and participative implementation of changes. There is only very limited reliance on external consultants, and top management plays more of a catalytic than a directive role. Two examples are discussed, the first of the restructuring of SAIL in the mid-eighties, and the other of the restructuring of Siemens Nixdorf, the German IT major, in the mid-nineties. Some implications are advanced for Indian corporates wishing to restructure.

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