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The phenomenon of positive autocorrelation in daily stock index returns is often viewed as a consequence of stable behavioural patterns of certain investor groups (see, e.g., Sentana & Wadhwani, 1992; Koutmos, 1997). However, such patterns may change due to extreme events, that is, financial crises, and thus affect the autocorrelation in returns. Emerging markets and especially BRIC countries have experienced severe crises in the last 20 years and are therefore a suitable object for studying this effect.

The focus of this chapter is on identifying substantial changes in the autocorrelation of BRIC markets' index returns after experiencing upheavals of the financial system. For this purpose, we look for structural breaks in the parameters of an ARMA–GARCH model with the standard endogenous search procedure.

Our approach yields no statistically significant evidence of the autocorrelation changes due to the crises. Only in India the decline in autocorrelation in 1998 seems to be economically relevant, but is not significant statistically. Significant shifts that we could identify were rather related to microstructural changes, such as abolishment of price change limits by China and the removal of a leading player in India's market in 1992. All in all our results suggest that even though extreme negative events on financial markets may induce changes in feedback trading strategies, their influence on autocorrelation is not pronounced enough. The impact of other factors, in the first place of regulatory changes, seems to be of larger relevance.

Emerging financial markets have largely proven resilient to the consequences of the Global Financial Crisis. While this owes much to the bitter experience and economic strategies developed and implemented following the Asian Financial Crisis of 1997–1998, providence also played a hand in that relatively few of its financial institutions were exposed to the complex structured products that underpinned the demise of many financial intermediaries in the United States and Europe. The objective of this volume is to investigate and assess the impact and response to the crisis in emerging markets from a number of perspectives. These include asset pricing, contagion, financial intermediation, market structure and regulation. Our hope is that the assembled chapters offer clear insights into the complex financial arrangements that now link emerging and developed financial markets in the current economic environment. The volume spans four dimensions: first, a series of background studies offer explanations of the causes and impacts of the crisis on emerging markets more generally; then, implications are considered. The third and final sections provide insights from regional and country-specific perspectives.

The purpose of this paper is to deploy the concept of the “glass slipper” to unpack the construction of systematic patterns of inclusion and exclusion along the lines of gender, age and class in the emerging, female-dominated profession of psychological counselling in Russia.

The study draws on an analysis of 26 in-depth qualitative interviews with practising counsellors in Russia.

Drawing on the glass slipper concept, the article demonstrates how seemingly neutral discursive “rules” of professional conduct articulated by counsellors create an association between a collective professional identity and the social identities of typical practitioners, making this profession appear most suitable for middle-aged, middle-class women. The findings also show how certain embodied identities – in this case masculinity – may be able to “fit” into a slipper that was not made for them.

The paper extends the understanding of the dynamics of inequality patterns in a feminized profession in the Russian context by unveiling previously underexplored patterns of marginalization along the lines of class and age. It also strengthens the collective-associative view of occupational identity and extends the glass slipper concept by exposing the mechanisms of body-work association in this profession and demonstrating that certain identity characteristics may be more universally privileged in the construction of professional identities.