This paper develops a behavioral–institutional framework to explain why puttable bonds have disappeared from modern markets despite their theoretical appeal. Standard valuation models treat callable and puttable bonds as symmetric combinations of a straight bond and an embedded option, implying that both features should be issued with comparable frequency. Yet the empirical record shows a stark asymmetry: callable bonds are pervasive, while puttable bonds have nearly vanished. I argue that this divergence is not an anomaly but a predictable outcome once two overlooked frictions—Complexity Aversion and Power Asymmetry—are incorporated into valuation.

Complexity Aversion captures investors’ reluctance or inability to act on contractual protections that require monitoring, interpretation, and timely execution. Power Asymmetry reflects the issuer’s superior control over information, enforcement, and renegotiation. When these forces interact, the investor’s ability to recognize and exercise the put option is sharply reduced, while the issuer’s effective cost of offering the protection remains anchored to its full actuarial value. The model yields a closed-form issuance threshold showing that puttable bonds become infeasible whenever investor recognition, scaled by a factor ?, falls below a critical level ?min. Numerical illustrations demonstrate that even modest levels of complexity and weak enforceability are sufficient to eliminate put issuance under realistic parameter values.

The framework generates testable predictions regarding investor recognition, enforcement frictions, and contract adoption, and it situates behavioral responses at the center of financial contract design. The disappearance of puttable bonds is thus not a failure of theory, but a reflection of how cognition and institutional power jointly determine which contractual rights survive in equilibrium.

Keywords: Puttable Bonds, Callable Bonds, Behavioral Finance, Contract Design, Complexity Aversion, Power Asymmetry, Agency Costs, Fixed-Income Securities.

This study explores the potential impact of quantum computing on marketing analytics. In the rapidly evolving field of digital marketing, the demand for more efficient and accurate analytical tools has never been greater. Marketing analytics, crucial for evaluating campaign effectiveness, is undergoing transformation due to increasing data volumes, complex consumer interactions, and the need for real-time insights. Quantum computing, leveraging the principles of quantum mechanics, stands at the forefront of this transformation. Unlike classical computing, it uses quantum bits (qubits) that can exist in multiple states simultaneously, enabling rapid data processing and complex problem-solving. This research examines the theoretical applications of quantum computing in marketing analytics, focusing on data processing, predictive modeling, and personalized marketing. It highlights the potential to process vast datasets more efficiently, improve predictive accuracy, enable real-time analysis, and revolutionize marketing strategies. While promising, it acknowledges challenges such as the early stage of quantum technology development and integration complexities. Despite being a theoretical exploration, this study underscores the transformative potential of quantum computing in marketing analytics, encouraging further research and experimentation.

Keywords: Quantum Marketing, future perspective, computer application, market prediction, market strategy, consumer targeting.

The present paper seeks to explore the movement of inequality of the deprivation of reproductive health status of 15 major states in India from 1992-93 to 2019-21. It is found that inequality in overall reproductive health status is rising over time, but parameter specific inequality study gives us mixed results. High as well as rising trend of regional inequality in respect of reproductive health is expected to have long-term social and economic consequences. Panel data regression confirms that female literacy rate and female labor force participation are the two demand side variables affecting deprivation of reproductive health status whereas two supply side factors like health infrastructural gap and social sector spending appear as significant predictors of deprivation of reproductive health. Our central authority should take a serious note on this issue to reduce regional imbalance towards ensuring social justice and equity; otherwise future development path of India may be jeopardized due to poor reproductive health at sub-national level.

Keywords: Reproductive and Child Health, Deprivation Index, Health Infrastructure
JEL Classification: C43, D63, I.

Market microstructure plays a crucial role in shaping the dynamics of financial markets, influencing trading mechanisms, price formation, and market efficiency. This paper presents an empirical examination of market microstructure in the Nigerian Capital market, providing fresh evidence and new perspectives, through the analysis of five key market microstructure variables, market size, idiosyncratic risk, trading volume, transaction costs, and trading behaviour, which reflects market abuse, including insider trading, market manipulation, as well as broker-client conflicts, and their impacts on stock returns. Firstly, the study conducts a decomposition/disruptions analysis to examine the impact of market microstructure variables on stock returns variances. Next, a market microstructure asset returns model is estimated using the Generalized Method of Moment (GMM), which corrects for omitted variable bias, endoegeneity of regressors and simultaneity. The findings reveal that returns persistence, size, idiosyncratic risk, turnover and trading behaviour significantly influence stock returns. In the light of these findings, strengthening regulatory and institutional frameworks as well as deployment of innovative technology in trading processes are encouraged to promote capital market efficiency in Nigeria

Keywords: Market microstructure, Idiosyncratic risk, Transaction cost, Capital market, efficiency.
JEL Classification: G10, G14, G15, 016.

This study assessed effect of income inequality on health outcomes in 29 Sub-Saharan African (SSA) countries, and exploring analysis further to determine if being endowed with abundance natural resources matters in either enhancing or mitigating effect of income inequality on health outcomes using data for the period 1996 – 2019. The study employed the system GMM estimation technique, “GINI” coefficient and life expectancy are utilised as measures of inequality, and health respectively, while controlling for health system investment, level of educational awareness, health shock, CO2 emissions as a measure of condition of place, and global factors proxied by influenza. Country dummy variable was used to categorise countries as either ‘resource-rich’, or ‘non-resource-rich’. Results show that rather than income inequality, environmental quality, education awareness, and health system development serve as pathways for transmitting effect of income inequality to determine health outcomes significantly. Secondly, being richly endowed with natural resource does not consolidate nor mitigate the effect of income inequality on health, therefore is not of utmost important so does not matter in inequality-health outcomes model.

Keywords: Income inequality; Life expectancy; System GMM estimator; Sub-Saharan Africa.
JEL Codes: C23, C51, I14.

Financial inclusion drives by the RBI and the government aim to include the weaker and vulnerable sections of the population in the services provided by the financial sector with access and at affordable costs. Still, a majority lack access to the financial sector services, especially banking services, and the thieving business of the informal credit sources testifies to the weaknesses of the formal financial sector in India. The formal banking institutions, even with nil or low rates of interest, are constrained by quantity rationing due to the high transaction cost of smaller-size credit demand and the inability of the poor to provide collateral security and surety. The legal and documentation procedures of the banks and the easy accessibility of the informal sources for the borrower, mainly the local moneylenders, dictate the household's decision to borrow from informal sources even at higher interest rates. The extent of such formal credit quantity rationing is analysed in this paper using the IHDS-I and II (2004-05 and 2011-12) data and applying the panel conditional fixed effects logistic regression model. The panel estimates of this study show that, even with low interest rates, there exists quantity rationing in credit by the formal bank lending in India. Further, households borrow from informal sources at much higher interest rates, due to proximity with local moneylenders. Though present, the extent of credit rationing in the formal sector in India is minimal.

Keywords: Financial inclusion, credit access, institutional and informal credit, quantity rationing, panel conditional fixed effects logistic regression.