International Journal of Social Science & Economic Research
Submit Paper

Title:
LEGALITY AND LEGITIMACY IN CONTENTIOUS POLITICS - ANALYZING THE USE OF DEMOCRATIC STATE MACHINERY TO CURB DISSENT IN MODERN DEMOCRACIES

Authors:
Sana Shayin

|| ||

Sana Shayin
The Sanskriti School, New Delhi

MLA 8
Shayin, Sana. "LEGALITY AND LEGITIMACY IN CONTENTIOUS POLITICS - ANALYZING THE USE OF DEMOCRATIC STATE MACHINERY TO CURB DISSENT IN MODERN DEMOCRACIES." Int. j. of Social Science and Economic Research, vol. 5, no. 5, May 2020, pp. 1346-1353, ijsser.org/more2020.php?id=93. Accessed May 2020.
APA(6)
Shayin, S. (2020, May). LEGALITY AND LEGITIMACY IN CONTENTIOUS POLITICS - ANALYZING THE USE OF DEMOCRATIC STATE MACHINERY TO CURB DISSENT IN MODERN DEMOCRACIES. Int. j. of Social Science and Economic Research, 5(5), 1346-1353. Retrieved from ijsser.org/more2020.php?id=93
Chicago
Shayin, Sana. "LEGALITY AND LEGITIMACY IN CONTENTIOUS POLITICS - ANALYZING THE USE OF DEMOCRATIC STATE MACHINERY TO CURB DISSENT IN MODERN DEMOCRACIES." Int. j. of Social Science and Economic Research 5, no. 5 (May 2020), 1346-1353. Accessed May, 2020. ijsser.org/more2020.php?id=93.

References
[1]. Adel, B., & Mariem, T. (2013). The Impact of Overconfidence on Investors ' Decisions. Business and Economic Research, 3(2), 53-75.
[2]. Aduda, J., Oduor, O. E., & Onwonga, M. (2012). The Behaviour and Financial Performance of Individual Investors in the Trading Shares of Companies Listed At the Nairobi Stock Exchange, Kenya. Journal of Finance and Investment Analysis, 1(3), 33-60.
[3]. Arthur, A. (2014). Effect of Behavioural Biases on Investment Decisions of Individual Investors in Kenya. Unpublished MBA Project, University of Nairobi, (November), 97.
[4]. Barber, B. M., & Odean, T. (2013). The Behavior of Individual Investors. In Handbook of the Economics of Finance.
[5]. Barberis, N., & Thaler, R. (2002). A Survey of Behavioral Finance. National Bereau of Economic Research, Working Pa(September).
[6]. Bashir, T., AaqibaJaved, Butt, A. A., Azam, N., Tanveer, A., & Ansar, I. (2013). Factors Influencing the Individual Investor Decision Making Behavior. Journal of Business and Management, 9(5), 37-44.
[7]. Bondt, D. F. ., & Thaler, R. (1985). Does the Stock Market Overreact? The Journal of Finance, 40(3), 793-805.
[8]. Chaffai, M., & Medhioub, I. (2014). Behavioral finance?: An empirical study of the Tunisian stock market. International Journal of Economics and Financial Issues, 4(3), 527-538.
[9]. Chandra, A. (2009). Individual Investors' Trading Behavior and the Competence Effect. Journal of Behavioral Finance, 6(1), 56-70.
[10]. Chen, G., Kim, K. A., Nofsinger, J. R., & Rui, O. M. (2007). Trading performance, disposition effect, overconfidence, representativeness bias, and experience of emerging market investors. Journal of Behavioral Decision Making, 20, 425-451.
[11]. CMA. (2019). Quarterly Statistical Bulletin ( QSB ). In Capital Markets Authority.
[12]. Coval, J. D., & Shumway, T. (2005). Do Behavioral Biases Affect Prices? The Journal of Finance, 60(1), 1-34.
[13]. Diecidue, E., & Somasundaram, J. (2017). Regret theory: A new foundation. Journal of Economic Theory, 172(2017), 88-119.
[14]. Fama, E. F. (1970). Efficient Capital Markets: A Review Of Theory And Empirical Work. The Journal of Finance, 25(2), 383-417.
[15]. Hayat, A., & Anwar, M. (2016). Impact of Behavioral Biases on Investment Decision?; Moderating Role of Financial Literacy. In Working Paper.
[16]. Henderson, V. (2012). Prospect Theory and the Disposition Effect. Management Science, 58(2), 445-460.
[17]. Kafayat, A. (2014). Interrelationship of biases?: effect investment decisions ultimately. Theoritical and Applied Economics, 21(6), 85-110.
[18]. Kahneman, D., & Tversky, A. (1979). Prospect Theory: An Analysis of Decision under Risk. Econometrica, 47(2), 263-292.
[19]. Khresna Brahmana, R., Hooy, C., & Ahmad, Z. (2012). Psychological factors on irrational financial decision making:Case of day of the week anomaly. Humanomics, 28(4), 236- 257.
[20]. Kimeu, C. N., Anyango, W., & Rotich, G. (2016). Behavioural Factors Influencing Investment Decisions Among Individual Investors in Nairobi Securities Exchange. The Strategic Journal of Business & Change Management, 3(4), 1243-1258.
[21]. Lichtenstein, S., & Slovic, P. (1970). Reversals of Preference Between Bids and Choices in Gambling Decisions. Research Bulletin, 10(7), 1-30.
[22]. Loomes, G., & Sugden, R. (1982). Regret Theory: An Alternative Theory of Rational Choice Under Uncertainty. The Economic Journal, 92(368), 805-824.
[23]. Lux, T. (1995). Herd Behaviour, Bubbles and Crashes. The Economic Journal, 105(431), 881.
[24]. Mahina, J. N., Muturi, W., & Florence, M. (2017). Effect of Behavioural Biases on Investments at the Rwanda Stock Exchange. International Journal of Accounting, Finance and Risk Management, 2(4), 131-137.
[25]. Markowitz, H. (1952). Portfolio selection. The Journal of Finance, 7(1), 77-91.
[26]. Mongin, P. (1997). Expected utility theory. In Handbook of Economic Methodology.
[27]. Neumann?, ?John von, & Morgenstern, ?Oskar. (1947). Theory of Games and Economic Behavior. In Princeton University Press.
[28]. Nyamute, W. I. (2016). Investor Behaviour , Investor Demographic Characteristics , Ivestment Style and Individual Investor Portfolio Perfomance at the Nairobi Securities Exchange. Unpublished Thesis, Jomo Kenyatta University of Agriculture and Technology.
[29]. Odean, T. (1998). Volume , Volatility , Price , and Profit When All Traders Are Above Average. The Journal of Finance, 53(6), 1887-1934.
[30]. Onsomu, Z. N., Kaijage, P. E., Aduda, J., & Iraya, C. (2017a). Risk Tolerance , Demographics and Portfolio Performance. Journal of Business and Economic Policy, 4(3), 69-74.
[31]. Onsomu, Z. N., Kaijage, P. E., Aduda, P. J., & Iraya, C. (2017b). Demographics and Investor Biases At the Nairobi Securities Exchange , Kenya. Interntional Journal of Arts and Commerce, 6(5), 51-60.
[32]. Sanglier, M., Romain, M., & Flament, F. (1994). A behavioral approach of the dynamics of financial markets. Decision Support Systems, 12(1994), 405-413.
[33]. Schmeidler, D. (1984). Subjective Probability and Expected Utility without Additivity. In IMA Preprint Series (Vol. 84).
[34]. Shefrin, H., & Statman, M. (1985). The Disposition to Sell Winners Too Early and Ride Losers Too Long: Theory and Evidence. The Journal of Finance, 40(3), 777-790.
[35]. Shefrin, H., & Statman, M. (2000). Behavioural Portfolio Theory. Journal of Financial and Quantitative Analysis, 35(2), 127-151.
[36]. Shiller, R. J. (2003). From Efficient Markets Theory to Behavioral Finance. Journal of Economic Perspectives, 17(1), 83-104.
[37]. Shunmugathangam, P. (2017). Investment Decision Making for Small Individual Investors - a Study With Special Reference To Tirunelveli District. International Research Journal of Engineering and Technology, 4(11), 1257-1261.
[38]. Toma, F.-M. (2015). Behavioral Biases of the Investment Decisions of Romanian Investorson the Bucharest Stock Exchange. Procedia Economics and Finance, 32(2015), 200-207.
[39]. Tversky, A., & Kahneman, D. (1974). Judgment under Uncertainty?: Heuristics and Biases. Science, 185(4157), 1124-1131.
[40]. Virigineni, M., & Rao, M. B. (2017). Contemporary Developments in Behavioral Finance. International Journal of Economics and Financial Issues, 7(1), 448-459.
[41]. Virlics, A. (2013). Investment Decision Making and Risk. Procedia Economics and Finance, 6(2013), 169-177.
[42]. Waweru, N. M., Munyoki, E., & Uliana, E. (2008). The Effects of Behavioural Factors in Investment Decision-making?: A Survey of Institutional Investors Operating at the Nairobi Stock Exchange. International Journal of Business and Emerging Markets, 1(1), 24-41

Abstract:
The past few decades have witnessed an increase in political participation across the world, as people have strived to achieve principles of liberty and equality through democracy. These movements are often met with firm opposition from authoritative regimes and democratically elected governments that turn authoritarian through their actions and policies. This leads to the disillusionment of communities from mainstream political structures and narratives and prompts them to use disruptive techniques through contentious politics in an attempt to achieve changes in public policy or institutions. This paper has examined the development of contentious politics and concluded that it is a result of state failure and that radical means of protest arise because the means to achieve structural change are unavailable to marginalized groups. Government responses to contentious politics have also been examined, with a focus on the unfair use of state machinery by authoritative actors to quash dissent, in actions that are tantamount to the abuse of human rights, and is often accompanied by the failure of systems of checks and balances, if they exist. Antagonization of contentious movements by the government pushes them to adopt more extreme and radical means, including violence. However, it has been found that productive engagement between contentious movements and the government brings the movement to the mainstream and allows it to occupy spaces in political discourse and influence social change, which is often directed towards achieving aspirations of equality and social justice.

IJSSER is Member of