Motivated by the mixture of distribution hypothesis (MDH) and sequential arrival of information hypothesis (SAIH), we investigate the relationship between intraday returns and volumes using derivatives data from the emerging Indian market. Using robust statistical estimation, we document the evidence of both MDH and SAIH in one of the most traded financial markets in India (and the world). We document the presence of strong positive association between returns and volumes. We further report the evidence of strong causality from intraday returns to volumes than vice versa.

The role of higher education and of universities stands at a critical position in the twenty first century. There exists a need to identify a sustainable paradigm for higher education and the existential role of universities. Additionally, the concept of the 'third mission' is becoming an important indicator across Europe for measuring the success of universities. The need to identify the existential role of universities and the need for a sustainable model of higher education and incorporation of the third mission presents an ideal opportunity for the development of a holistic model of evolution. This article argues that higher education can and should be viewed from a holistic perspective by introducing a new model called 'Telos' that describes the evolution of individuals and societies concerning many features of development from an integral perspective. Societal integration is identified as being part of the existential role of universities, with Telos as a framework applied through the third mission which acts to integrate individuals, businesses and society.

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