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Working Papers | 1994

A Critique of the History of Higher Education in India

Srivastava Mukesh

The main argument of this paper rests upon the assumption that while the post-colonial education policy has emphasised the need for a truly national goal of education, arguing for a departure from the British racist system of education, its critique of the British system, however, does not reflect an awareness even of the methodological concerns, let alone far deeper epistemological break which resulted in the formation of the colonialist system of knowledge. Ironically the nationalist education policy seeks to derive legitimacy from those very hegemonic processes aiming at a manufactured consensus in public life which were set in motion during the period of Orientalist education, and were further sustained by the Anglicist policy makers. Most histories of Indian higher education thus typically fall into a fairly predictable pattern, written as history of acts and resolutions whose interest lies in their presumed effect on the existing social and cultural system. From these histories it is apparent that educational historians have concerned themselves far less with what processes are involved into the making of an education policy – the discourses and institutions that led to its formulation and the experience context in which the event occurred – than with the outcome such an education policy aimed at with regard to the targeted population. In order to develop a comprehensive critique of the history of higher education, it would be imperative to re-work a genealogy of structures of significations and their affiliations with the civil and administrative machinery that have constituted the field of education in India since late eighteenth century. The 'field' thus constituted can be discussed as three discrete moments along a continuum of policies. These 'moments', which draw upon the archival material of specific periods, can also be interpreted as indicators of the quality of philosophical as well as administrative investments that went into the making of contemporary higher education in India.

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Working Papers | 1994

Functional Distribution of National Income in Indian Economy

Dholakia Bakul H

An attempt has been made in this study to estimate the functional distribution of national income in Indian economy during the period 1960-61 to 1990-91. The study presents the estimates of the factor shares of labour, land and capital (including enterprise) not only for the economy as a whole but also for the public sector as well as the private sector within each of the broad sectoral categories of primary, secondary and tertiary sectors. The main conclusion emerging from the analysis of functional distribution of India's national income is that the Indian experience does not corroborate the hypothesis of historical constancy of factor shares. The aggregate factor shares as well as the sector-specific factor shares have shown significant changes during the last three decades. The process of structural change in Indian economy has also contributed significantly to the observed changes in factor shares. On the whole, the share of labour has increased, while the share of land has decreased significantly and the share of capital has declined marginally during the period 1960-61 to 1990-91.

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Working Papers | 1994

Review of Thai Telecom Sector

Rekha Jain

The Thai economy has been registering high economic growth rates since late eighties. The average growth rate has been around 10 percent per annum. Consequently, the business opportunities have increased, creating a demand for greater telecom services. However, the investments in telecom sector and level of telecom service has not been able to keep up with the demand. Thailand has a telephone density of only 3 percent compared with an average of 9 in other ASEAN countries. In this scenario, the Thai government brought about telecom reforms to respond to the growing needs of the economy. This paper documents the status of Thai telecom sector and discusses the policy reforms and their impact on telecom sector. This paper also compares the Thai initiative with reform programs in some other Asian countries.

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Working Papers | 1994

Philippines Telecommunications Sector: An Assessment of Policy Changes

Rekha Jain

The Philippines government has undertaken a major reform programme since the early nineties to accelerate the growth in the economy. It is also attempting to upgrade the telecom services and infrastructure. The government views the private sector as a major source of investment. In Philippines, unlike many other countries, the private sector was the dominant provider of telecom services until the early nineties. The service levels, however, continue to be poor largely because of the monopoly of a singly provider and weak regulation. Subsequently, the government introduced a number of reform measures such as greater involvement of the private sector in all segments of telecom service including rural telecommunications and mandatory interconnections amongst service providers. It has also attempted to strengthen the regulatory framework. This paper review the status of the Philippine telecom sector and the reform programs introduced by the government. It highlights the issues in the management of the reform program and compares it with initiatives in other developing countries.

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Working Papers | 1994

Return, Risk and Optimum Portfolio of stocks in

Yong Liew Bee and Gupta G S

The paper computes the return and risk (systematic and unsystematic) from investments in stocks, determines the optimum portfolio of stocks, and develops a fundamental model for beta of stocks, using data of the Malaysian economy. The sample consists of 27 companies (three from each of the nine sectors) and 10 years annual data (1984 to1993). The findings suggest that skilled investors have a lot of scope to out perform the market. In particular, out of 27 companies studies, stocks of two companies, viz. Rothmans and Pernas International Hotel and Property, have yielded higher return with lower risk than the market index, and the optimum portfolio delineated gives a return of 32.2% with a beta of 0.62, which stand at more than twice and about two-thirds of those on the market index, respectively. The results of the fundamental model for beta are not so good but they indicate that the leverage and earnings' variability are the only two determinants of beta out of the six determinants hypothesized in the paper.

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Working Papers | 1994

Dividend Behavior in Malaysia

Sing L K and Gupta G S

The paper estimates the dividend behaviour model for Malaysia using the annual time series data for the period 1983 to 1992, and the cross-section data for the 23 selected firms representing various sectors of the economy. The results have good fits, and they indicate that the current earnings and previous year's dividend are the only two universal and significant explanatory variables for dividend, and thus they support the Lintner's model. Depreciation and the two period change in sales have assumed the correctly singed and significant coefficients only in a few cases. The average value of the earnings' multiplier is found to be 0.31 and that of the lagged dividend 0.38, the latter implying an adjustment coefficient of 0.62.

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Working Papers | 1994

Stock Price Behavior in Malaysia

Kok C H and Gupta G S

The paper examines the validity of the three theories of stock price behaviour in Malaysia: Efficient Market Hypothesis (EMH)/Random Walk Hypothesis (RWH), Technical Analysis and the Fundamental Theory. The sample consists of the Malaysian stock market indices, Singapore stock market price index, USA Dow Jones Industrial Average, Japan Nikkei index and stock prices of 30 Malaysia companies across various sectors, annual data of 1982 through 1993, and weekly data of period 1977 through April 1994. The correlation analysis, time series analysis and multiple regression techniques have been employed to analyse the data. The findings support the usefulness of the technical analysis and fundamental approach to stock pricing and reject the efficient market hypothesis for Malaysia.

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Working Papers | 1994

Review of the Indonesian Telecom Policy Changes

Rekha Jain

Indonesia experienced economic growth rates 5.5 to 7.0 per cent per year since the late eighties and early nineties, resulting in greater demand for telecom services. But, like many other developing countries, Indonesia had a low level of telecom infrastructure development. Consequently, the government introduced a number of policy reforms aimed at making the sector more responsive to the business needs. These policy changes have resulted in deregulation and the beginning of private participation. The paper sketches the state of the Indonesian telecom sector and outlines the policy changes that have taken place since 1989 and highlights issues in management of telecom policy reforms.

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Working Papers | 1994

Euro India Collaboration in Telecommunications Opportunities and Road Blocks

M. R. Dixit and Xardel Dominique

With the opening of the Indian telecom sector in the overall context of favourable policies for foreign direct investment, changing telecom technologies and aspirations to develop a telecom sector on par with the best in the world, new opportunities for collaboration have been created. There are opportunities for offering both new products and services. The foreign companies can even support research and development to gain advantage mutually. With their earlier association with Indian telecom sector the European companies can exploit this opportunity. The object of this paper is to discuss the scope for Euro India Collaboration in the telecommunication sector in India. We try to visualize the opportunities and road blocks for the European companies as they shape their strategies in the face of competition from the Japanese and American companies in bidding for a share of the telecom pie in India. It is argues that the earlier experience of European companies in India could be an entry facilitator but they need to be more competitive and customer oriented in their strategy than before. In some cases they need to rebuild their credibility.

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Working Papers | 1994

Mid-Point Domination and a Solution to Choice Problems on Non-Convex Domains

Lahiri Somdeb

In this paper we axiomatically characterize a solution to choice problems on non-convex domains, which satisfies mid-point domination and other intuitively reasonable properties.

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