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The purpose of this paper is to investigate the effect of foreign currency derivative (FCD) usage on firm value. In specific, the authors study the significance of the relationship between FCD usage and firm value for exporters and non-exporters, respectively, with consideration of conditions of exchange rate movements.

As the main empirical test, this paper utilizes the multivariate Tobin's Q model for a panel dataset of 125 non-financial firms, which have been continuously listed on the Dhaka Stock Exchange from 2010–2018. The authors divide the sample firms into two groups: exporters and non-exporters based on theoretical background and estimate the relationship between FCD usage and the firm value measured by Tobin's Q for each firm group. Also, as a complementary test, the Fama–French three-factor model is used to estimate the effect of FCD usage on the monthly portfolio returns of the firms when exchange rate levels and volatility are considered.

First, the effect of FCD usage on firm value significantly exists in the Bangladeshi non-financial firms from 2010–2018. Specifically, the FCD effect on firm value is negative (hedging discount) for exporters, whereas the FCD effect is positive (hedging premium) for non-exporters. Second, the multivariate analyses suggest the hedging discount (premium) for exporters (non-exporters) is consistent only when the domestic currency appreciates (depreciates). Third, the FCD effect on firm value is consistently positive for non-exporters when exchange rate volatility is higher.

Further studies could be conducted with the detailed data of the firms' hedging performance, if they are available. Particularly, the cost and revenue data associated with hedging would help identify evident reasons for exporters' hedging discounts in Bangladesh. Moreover, the best hedging option for maximizing the Bangladeshi firm value could be analyzed with the detailed FCD type data, such as futures, options and swaps. Further refinement of these data would improve institutional capability for substantive growth in frontier markers.

This paper provides practical implications for corporate managers in charge of managing foreign exchange risk in Bangladesh. First, closer accounting observation is much necessary for the firms to accurately evaluate whether the FCD usage is beneficial in their cash flows because the exporters come to have two large costs: entering foreign markets and carrying FCD program. Second, for better value from using FCDs, the exporters should learn how to utilize appropriate financial derivatives. FCD usage is beneficial when the exporters are fully aware of what their real risks are and the role of appropriate derivatives within its portfolio strategy.

A policy reducing the costs of either foreign market entry or FCD usage would be helpful for lessening the FCD discount effect. Also, a long-term policy that enables the born-to-exporters to establish substantive positions in the home market would be helpful for enhancing the cash inflow capability, thereby causing the firm value structure to be strengthened.

The paper has originality because it bridges the gap in the literature. First, the authors find a new empirical result regarding the significant FCD effect on a frontier market, although the FCD effect deals with the small and secondary risk in the previous literatures. Second, finding the contrasting FCD effect between the exporters and non-exporters sheds lights on the importance of firm-specific characteristics for precisely evaluating the FCD effect on firm value. Third, we find that the significant FCD effect is prominent by condition of exchange rate movements, which has been overlooked in prior literature.

After the fall of Burma on 10 March 1942 the British government extensively implemented scorched-earth policies in Bengal like denial of rice and boats. The British government had inadequate defense equipment to resist Japanese attack in Bengal. After the Japanese invasion supply of Burmese rice suddenly stopped. Faridpur district used to import rice from Burma. The Burmese conquest created an immediate and serious crisis for several rice imported districts and coastal districts of Bengal. Hence, none of the districts of East Bengal could escape its brutal clutches and severity recorded in Chittagong, Dhaka, Faridpur, Tripura, Noakhali, Bakargonj and so on.

Among the affected districts of Bengal, Faridpur has been chosen as study area due to severity of famine. This study addresses the famine scenario of Faridpur. Data has been collected from primary and secondary sources. Content Analysis Research method is used to test reliability and validity of the data. Historical Analysis Research method has been followed in this study.

Finding of the study shows that the government relief issues, ignorance of warnings, political nepotism and denial policy of British government intensified the famine of Faridpur district. The wartime tactics adopted by the colonial government aggravated the famine situation. This article has shed light on the government war time policy, activity and some impacts of British decline in Burma that fueled the famine in Faridpur district.

This study is my original research work and has not been published else where.

The purpose of this note is to provide general solutions for radiative magnetohydrodynamic natural convection flow.

To obtain exact solutions for such motions of Newtonian fluids, as seen in the existing literature, the Laplace transform technique is used.

General solutions are obtained for temperature, velocity and Nusselt number in the presence of heat source and shear stress on the boundary. They can generate exact solutions for any motion with technical relevance of this type. Fluid velocity is presented as the sum of mechanical and thermal components. Influence of physical parameters on temperature and velocity is graphically underlined for ramp-type heating plate that applies a constantly accelerating shear stress to the fluid. Thermal and mechanical effects are significant and must be taken into consideration.

For illustration, as well as for a check of results, three special cases with applications in engineering are considered and some known results are recovered.

Obtained solutions are presented in the simplest forms. In addition, the solutions corresponding to cosine oscillatory heating and oscillating shear are presented so that they can be immediately reduced to those corresponding to constant heating and uniform shear if the oscillations’ frequency becomes zero. Heat transfer characteristics with thermal radiation are graphically illustrated using one parameter only for such motions.

The aim of this paper is to analyze the role of the judiciary in ensuring legal accountability of government officials and its impact on governance in the context of Bangladesh. Although, the judicial system of Bangladesh comprises Supreme Court, subordinate courts and tribunals. However, this study focuses Supreme Court only to keep the study in a manageable extent.

The study is qualitative in nature and based on content analysis. Dhaka Law Report (DLR), which is a monthly published report on case laws[1] decided by the Supreme Court has been selected as content for this study. Some case laws selected from DLR (2004‐2008) were analyzed using purposive sampling method, with a view to evaluating the effectiveness of judiciary (as an external but formal mechanism of accountability) in accountability of government administration and management and its impact on overall governance.

The most important finding of this paper is that the judiciary is very effective for ensuring legal accountability of government officials, which ultimately contributes to human rights and good governance. However, a major problem found was that until and unless an affected person files a case against a government authority, maintaining the required procedures of judiciary, it (the judiciary) has no scope to settle any disputes. Though there is a provision of Suo Muto (by own initiative) rule of the Supreme Court, this practice is very rare in Bangladesh. Furthermore, the executive is responsible for implementing the verdict of the judiciary. Therefore, if the government has not enough respect for, or does not care to implement judiciary's verdict, justice and rule of law will not be ensured. This study also found some cases like this.

This work does not address detailed issues of governance and is not based on empirical data.

This is a mixed study of judiciary and public administration, which is very rare in Bangladesh. Therefore, it will be brought into line with current practice by the concerned researchers and policy makers in public administration and judiciary.

This paper will be of interest to legal practitioners, policy makers, academicians and those in the field of governance.

The purpose of this paper is to highlight the social responsibility of universities and other higher education institutes in meeting the challenges faced by biotechnology and human resource development.

The challenges faced by biotechnology are discussed under three broad heads – exponential growth in biotechnology knowledge, commercialization and industrialization of the biotechnologies, and knowledge integration by various stakeholders of biotechnology.

The emergence of the knowledge society warrants that universities ensure that overall work of the academy is more relevant to the nation's most pressing civic, social, economic and moral problems and that there is an urgent need to have a fresh look at the approaches followed in biotechnology education and training, particularly with reference to developing countries. It is necessary to see how the different players (industries, university, society, government) concerned with biotechnology can act in unison and in a mutually beneficial way. An integrated approach to the field of biotechnology combining different subject areas is necessary and the courses and approach should reflect this.

Career counselors and those engaged in educational guidance are flooded with inquiries about biotechnology courses and their scope. It is observed, on the one hand, that the biotechnology field is starved of talent and, on the other hand, that there are several universities/colleges, particularly in developing countries, producing large numbers of unemployable graduates. Some serious thinking needs to be done urgently to overcome this problem.