Community-based natural resource management (CBRNM) aims to realize sustainable management of resources and improvements in livelihood. A central focus is the empowerment of indigenous and local communities through customary or devolved rights to common pool resources. Less attention is given to...

The martingale hypothesis is tested for 15 European emerging stock markets located in Croatia, the Czech Republic, Estonia, Hungary, Iceland, Latvia, Lithuania, Malta, Poland, Romania, Russia, the Slovak Republic, Slovenia, Turkey and the Ukraine. For comparative purposes, the developed stock...

The weak form of the efficient markets hypothesis is tested for eight African stock markets using three finite-sample variance ratio tests. A rolling window captures short-horizon predictability, tracks changes in predictability and is used to rank markets by relative predictability. These stock...

A key aspect of the ‘big society’ discourse in England is an enhanced role for voluntary organizations in the delivery of public services. However , Conservative philosophy draws upon the contradictory positions of market liberals favouring the free market and a small state, and those...

This paper provides tests of the random walk hypothesis for the Korean stock market over the period from March 1988 to December 1998. During this time there are five regimes of daily price limits. We use a sample of 55 actively traded stocks selected to cover a wide range of industries and with...

This paper identifies four categories of formal stock market in Africa: South Africa, medium-sized markets, small new markets which have experienced rapid growth, and small new markets which have yet to take off. The hypothesis that a stock market price index follows a random walk is tested for...

This article investigates the impact on the spot market of trading in KOSPI 200 futures. Empirical results show that futures trading increases the speed at which information is impounded into spot market prices, reduces the persistence of information and increases spot market volatility. The...

In a recent paper Dollar and Kraay come to sweeping conclusions about economic growth and the poor. On the basis of empirical work they assert that standard World Bank and IMF policy packages are good for the poor. This paper demonstrates that (i) the empirical work is based on theoretically...