title: Stock overreaction and financial bubbles: Evidence from Malaysia

authors: Ali, Norli

subjects: stock overreaction

abstract: This paper attempts to seek linkage between stock overreaction behaviour and financial bubbles in the Malaysian stock market. Monthly data over a period between January 1987 and December 2006 shows no clear evidence of stock overreaction behavior in the market. However, when the study split the analysis into two sub-periods, evidence of stock overreaction behaviour becomes significant in the pre-crisis sub-period, but there is no significant evidence of financial bubbles in the same sub-period. During the post crisis, evidence of stock overreaction seems to diminish, and evidence of financial bubbles however, is observed in the period. This study believes that evidence of bubbles observed in the Malaysian stock market in the post crisis period is due to stock overreaction that took place in the market prior to the crisis.

text: Stock overreaction and financial bubbles: Evidence from Malaysia This paper attempts to seek linkage between stock overreaction behaviour and financial bubbles in the Malaysian stock market. Monthly data over a period between January 1987 and December 2006 shows no clear evidence of stock overreaction behavior in the market. However, when the study split the analysis into two sub-periods, evidence of stock overreaction behaviour becomes significant in the pre-crisis sub-period, but there is no significant evidence of financial bubbles in the same sub-period. During the post crisis, evidence of stock overreaction seems to diminish, and evidence of financial bubbles however, is observed in the period. This study believes that evidence of bubbles observed in the Malaysian stock market in the post crisis period is due to stock overreaction that took place in the market prior to the crisis.

year: 2009-09

title: Financial struggles and (rare) successes of miners in general and at Te Aroha in particular

authors: Hart, Philip

abstract: The price for gold mined at Waiorongomai was comparatively good during the 1880s and 1890s. But miners hoping for a windfall from their efforts found that the reality of their lives was a constant struggle to make a reasonable living. Although the cost of living in the Te Aroha district was somewhat lower than in some other mining centres, they faced considerable costs in obtaining mining requisites, treating ore, and paying for tramway cartage.
As wages were low, usually not significantly above those of unskilled labourers, it was common to supplement wages with other work plus working small allotments. In general, miners preferred to be independent workers rather than ‘wage slaves’, in the expectation of higher rewards, but in practice such miners had to combine mining with other work. At least wages men (when in work) received a steady income compared with independent miners. Holidays were unpaid. Increasingly, contractors were preferred by mine owners, with competition for these sometimes driving down tenders to unprofitable levels. Wages were paid monthly, if then, forcing miners to sue for unpaid wages and to live on credit, which caused problems for storekeepers and miners alike, the latter being encouraged by this system to live beyond their means. Many were forced to borrow money, and many were sued for small debts. Bankruptcy was common, and some were fraudulent. Sometimes debts of both individuals and companies had to be waived, and sometimes debtors evaded paying, for instance by moving elsewhere.
Work was not always available, nor was it constant; shortage of water-power, for instance, meant batteries could not operate and mining had to cease, forcing miners to seek other work. Irregular employment usually meant poverty, and local and national government was asked to provide work in periods of high unemployment. Financially desperate miners (like others) sought work elsewhere, with varying success. Unemployment could lead to suicide, and in one case financial loss provoked an attempted murder. In general, the standard of living was low, and few miners were able to save much money. Indeed some did not try to save, wastefully spending any sudden (and rare) wealth, notably on alcohol. 
Examples are provided of poverty and its consequences for both miners and non-miners. Before old-age pensions were provided, children were required by law to assist their aged parents. Charity, both institutional and personal, assisted many poor, elderly, sick, or (in the case of wives and families) abandoned.
Although some examples of prosperity are given, these were unusual. It has been argued that nineteenth century miners should be seen as ‘free independent capitalists’, but their freedom rarely brought significant financial rewards.

text: Financial struggles and (rare) successes of miners in general and at Te Aroha in particular The price for gold mined at Waiorongomai was comparatively good during the 1880s and 1890s. But miners hoping for a windfall from their efforts found that the reality of their lives was a constant struggle to make a reasonable living. Although the cost of living in the Te Aroha district was somewhat lower than in some other mining centres, they faced considerable costs in obtaining mining requisites, treating ore, and paying for tramway cartage.
As wages were low, usually not significantly above those of unskilled labourers, it was common to supplement wages with other work plus working small allotments. In general, miners preferred to be independent workers rather than ‘wage slaves’, in the expectation of higher rewards, but in practice such miners had to combine mining with other work. At least wages men (when in work) received a steady income compared with independent miners. Holidays were unpaid. Increasingly, contractors were preferred by mine owners, with competition for these sometimes driving down tenders to unprofitable levels. Wages were paid monthly, if then, forcing miners to sue for unpaid wages and to live on credit, which caused problems for storekeepers and miners alike, the latter being encouraged by this system to live beyond their means. Many were forced to borrow money, and many were sued for small debts. Bankruptcy was common, and some were fraudulent. Sometimes debts of both individuals and companies had to be waived, and sometimes debtors evaded paying, for instance by moving elsewhere.
Work was not always available, nor was it constant; shortage of water-power, for instance, meant batteries could not operate and mining had to cease, forcing miners to seek other work. Irregular employment usually meant poverty, and local and national government was asked to provide work in periods of high unemployment. Financially desperate miners (like others) sought work elsewhere, with varying success. Unemployment could lead to suicide, and in one case financial loss provoked an attempted murder. In general, the standard of living was low, and few miners were able to save much money. Indeed some did not try to save, wastefully spending any sudden (and rare) wealth, notably on alcohol. 
Examples are provided of poverty and its consequences for both miners and non-miners. Before old-age pensions were provided, children were required by law to assist their aged parents. Charity, both institutional and personal, assisted many poor, elderly, sick, or (in the case of wives and families) abandoned.
Although some examples of prosperity are given, these were unusual. It has been argued that nineteenth century miners should be seen as ‘free independent capitalists’, but their freedom rarely brought significant financial rewards.

year: 2016

title: The "false generosity" of treaty settlements: innovation and contortion

authors: Te Aho, Linda

abstract: In Aotearoa New Zealand the ways in which indigenous claims to lands and waters are addressed are often looked to as good, or even best, practice by indigenous peoples around the world. While things are far from perfect, in recent decades Maori have succeeded in changing perceptions about the Treaty of Waitangi as the foundation of the nation, and work steadily continues on settling outstanding Treaty claims. The resulting Treaty of Waitangi settlements are negotiated arrangements which aim to remove a sense of historical grievance and achieve significant rebuilding of the Maori economy. They are seen by some as dynamic and powerful steps towards economic independence, as a means of recognising special relationships to lands and waters, and a necessary prerequisite to improved relationships between the state and the indigenous Maori in the future. ¹ Critics see the settlements and the processes followed to reach them as too heavily weighted in the government's favour. ² They argue that the settlements do not sufficiently compensate for actual losses. They are said to pit Maori against Maori. Diverse claimant groups are effectively forced to negotiate within standardised and fixed parameters. For these and other reasons, the settlement agreements, policies and processes have been labelled as divisive and compromising self-determination. ³

text: The "false generosity" of treaty settlements: innovation and contortion In Aotearoa New Zealand the ways in which indigenous claims to lands and waters are addressed are often looked to as good, or even best, practice by indigenous peoples around the world. While things are far from perfect, in recent decades Maori have succeeded in changing perceptions about the Treaty of Waitangi as the foundation of the nation, and work steadily continues on settling outstanding Treaty claims. The resulting Treaty of Waitangi settlements are negotiated arrangements which aim to remove a sense of historical grievance and achieve significant rebuilding of the Maori economy. They are seen by some as dynamic and powerful steps towards economic independence, as a means of recognising special relationships to lands and waters, and a necessary prerequisite to improved relationships between the state and the indigenous Maori in the future. ¹ Critics see the settlements and the processes followed to reach them as too heavily weighted in the government's favour. ² They argue that the settlements do not sufficiently compensate for actual losses. They are said to pit Maori against Maori. Diverse claimant groups are effectively forced to negotiate within standardised and fixed parameters. For these and other reasons, the settlement agreements, policies and processes have been labelled as divisive and compromising self-determination. ³

year: 2017