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Domestic
Terms modified by Domestic Selected AbstractsCONFRONTING ENEMIES FOREIGN AND DOMESTIC: AN AMERICAN DILEMMA?CRIMINOLOGY AND PUBLIC POLICY, Issue 3 2002AUSTIN T. TURK First page of article [source] Tax-induced Dissimilarities Between Domestic and Foreign Mutual Funds in ItalyECONOMIC NOTES, Issue 2 2006Roberto Savona Using data from Italy over the period 1998,2002, this study investigates whether tax effects can account for differences in return patterns between domestic and foreign mutual funds, and if this dissimilarity translates into performance. The paper presents evidence that much of the difference between domestic and foreign funds is explained by the different tax systems. The asymmetry between the two groups, due to the fact that domestic funds are obliged to pay taxes on a daily basis while foreign funds are taxed when capital gains are collected, also affects performance. We prove that comparing pre-tax returns, Italian funds are virtually indistinguishable from their foreign counterparts in terms of risk-adjusted returns, while when comparing after-tax returns, foreign funds outperform. [source] Ben Jonson's Poems of Place and the Culture of Land: From the Military to the DomesticENGLISH LITERARY RENAISSANCE, Issue 3 2001MARTIN ELSKY First page of article [source] Shareholder Wealth Effects of European Domestic and Cross-border Takeover BidsEUROPEAN FINANCIAL MANAGEMENT, Issue 1 2004Marc Goergen G32; G34 Abstract This paper analyses the short-term wealth effects of large intra-European takeover bids. We find announcement effects of 9% for the target firms compared to a statistically significant announcement effect of only 0.7% for the bidders. The type of takeover bid has a large impact on the short-term wealth effects with hostile takeovers triggering substantially larger price reactions than friendly operations. When a UK firm is involved, the abnormal returns are higher than those of bids involving both a Continental European target and bidder. There is strong evidence that the means of payment in an offer has an impact on the share price. A high market-to-book ratio of the target leads to a higher bid premium, but triggers a negative price reaction for the bidding firm. We also investigate whether the predominant reason for takeovers is synergies, agency problems or managerial hubris. Our results suggest that synergies are the prime motivation for bids and that targets and bidders share the wealth gains. [source] Factors Determining Net Interest Margins in Australia: Domestic and Foreign BanksFINANCIAL MARKETS, INSTITUTIONS & INSTRUMENTS, Issue 3 2007Barry Williams This study tests the application of the Ho and Saunders (1981) model of bank net interest margins (NIMs), and its subsequent developments, using Australian data. The core elements of this model apply in Australia. Bank market power is found to increase NIMs, consistent with McShane and Sharpe (1985), with evidence of bank buying market share and mispricing for risk. Operating costs also have an important role in determining NIMs, together with implied payments and management quality. Bank NIMs are found to have fallen over the study period. [source] Evaluating the physiological and physical consequences of capture on post-release survivorship in large pelagic fishesFISHERIES MANAGEMENT & ECOLOGY, Issue 2 2007G. B. SKOMAL Abstract, Sharks, tunas and billfishes are fished extensively throughout the world. Domestic and international management measures (quotas, minimum sizes, bag limits) mandate release of a large, yet poorly quantified, number of these fishes annually. Post-release survivorship is difficult to evaluate, because standard methods are not applicable to large oceanic fishes. This paper presents information on the current approaches to characterising capture stress and survivorship in sharks, tunas and marlins. To assess mortality associated with capture stress, researchers must examine the cumulative impacts of physical trauma and physiological stress. Physical trauma, manifested as external and internal tissue and organ damage, is caused by fishing gear and handling. Gross examination and histopathological sampling have been used to assess physical trauma and to infer post-release survivorship. Exhaustive anaerobic muscular activity and time out of water cause physiological stress, which has been quantified in these fishes through the analyses of blood chemistry. Conventional, acoustic and archival tagging have been used to assess post-release survivorship in these species. Future studies relating capture stress and post-release survivorship could yield information that helps fishermen increase survivorship when practicing catch and release. [source] Predicting a State's Foreign Policy: State Preferences between Domestic and International ConstraintsFOREIGN POLICY ANALYSIS, Issue 3 2007Gerry C. Alons In order to understand a state's foreign policy preferences, we need to take both its domestic and international considerations into account. This article aims to contribute to the analysis of foreign policy by exploring the conditions under which states will either give precedence to domestic or international incentives. Two central variables are used to generate predictions on the expected primacy of either level. The first variable is "internal polarity", that is, the degree of concentration of power in the hands of the government relative to society. The second variable is "external polarity", referring to the degree of centralization of power in the international system. It will be argued that various combinations of scores on these variables affect the formation of foreign policy preferences differently. When internal polarity is low and external polarity is high, domestic considerations will be decisive. On the contrary, when internal polarity is high and external polarity is low, international considerations will be decisive. With respect to the other two combinations, process variables such as the degree of domestic mobilization and the sensitivity of the government are expected to gain particular importance in tilting the balance towards either domestic or international considerations. A preliminary test of the theoretical framework is provided by applying it to French and German preference formation on the 1988 CAP-reform and the agricultural aspects of the Uruguay Round of GATT-negotiations between 1990 and 1993. [source] Victims of Domestic Violence: A Proposal for a Community Diagnosis Based on One of Two Domains of NANDA Taxonomy IIINTERNATIONAL JOURNAL OF NURSING TERMINOLOGIES AND CLASSIFICATION, Issue 2003Patricia Serpa de Souza Batista PURPOSE To explore and identify diagnostic components to amplify NANDA nursing diagnoses by modifying the root violence. Whereas violence is nondebatable as a diagnostic concept in nursing, other alternatives have not been identified in the two existing diagnoses. METHODS Using the case study method, this qualitative study sought to identify commonalties in a population of women who were "donnas da casa" (homemakers) in a small rural community of approximately 100 families, typical of the Brazilian northeast. The sample of 7 women was identified through a larger study that had been based on health needs of the community. Data were obtained through observation during a home visit and a semistructured interview based on NANDA Taxonomy II. Observations were focused on hygiene, manner of dress, home environment, and physical and emotional state. Data were analyzed by content and clustered into major categories. From these a profile of the women and another of the partners emerged. FINDINGS Subjects ranged in age from 33 to 43 years, and number of children between 3 and 7. One of the 7 women was literate; 5 were underweight; all were slovenly attired. They appeared sad and older than their age. The majority seemed relieved to unburden themselves to the interviewers as they went through a gamut of emotions such as sadness, anguish, and irritability expressed through crying, restlessness, changes in body language, and tone of voice. The shortage of beds was supplemented by hammocks and mats or cardboard. The women spoke of being confined to their home and of male partners who drank on weekends, thus leaving them with little money for necessities of life. There were accounts of beatings when the partner returned home after drinking, overt nonacceptance of children from previous marriages, and general destruction of the family environment. New children were regarded as just another mouth to feed. DISCUSSION The profiles pointed to the necessity of identifying a new nursing diagnosis that would be linked, only tangentially, by the root violence to the two diagnoses in NANDA Taxonomies I and II. This insight led us to consider that a new method of listing NANDA diagnoses, by root only, is imperative in the evolution of Taxonomy II. Proposed descriptors, Victims of (Axis 3) and Domestic (Axis 6) would be identified by Axes, thereby facilitating the process of classifying in the Domains and Classes. The two existing NANDA diagnoses, risk for other-directed violence and risk for self-directed violence, are proposed for classification in Class 3, Violence, in Domain 11 of Taxonomy II. Safety/Protection could, by virtue of their modification power, find anchor in another domain such as Domain 6, Self-Perception. CONCLUSIONS Although Safety/Protection seems the most logical domain for classification by root, the axes, dimensions of human responses, could pull the diagnosis in another direction, thereby dictating other nursing interventions and nursing outcomes [source] Mapping Internationalization: Domestic and Regional ImpactsINTERNATIONAL STUDIES QUARTERLY, Issue 4 2001Etel Solingen This article introduces a conceptual design for mapping the domestic impact of internationalization. It proposes that internationalization leads to a trimodal domestic coalitional profile and advances a set of expectations about the regional effects of each profile. Aggregate data from ninety-eight coalitions in nineteen states over five regions suggests that between 1948 and 1993 the three coalitional types differed in their international behavior. Internationalizing coalitions deepened trade openness, expanded exports, attracted foreign investments, restrained military-industrial complexes, initiated fewer international crises, eschewed weapons of mass destruction, deferred to international economic and security regimes, and strove for regional cooperative orders that reinforced those objectives. Backlash coalitions restricted or reduced trade openness and reliance on exports, curbed foreign investment, built expansive military complexes, developed weapons of mass destruction, challenged international regimes, exacerbated civic-nationalist, religious, or ethnic differentiation within their region, and were prone to initiate international crises. Hybrids straddled the grand strategies of their purer types, intermittently striving for economic openness, contracting the military complex, initiating international crises, and cooperating regionally and internationally, but neither forcefully nor coherently. These findings have significant implications for international relations theory and our incipient understanding of internationalization. Further extensions of the conceptual framework can help capture international effects that are yet to be fully integrated into the study of the domestic politics of coalition formation. [source] Domestic and Transnational Perspectives on DemocratizationINTERNATIONAL STUDIES REVIEW, Issue 3 2004Hans Peter Schmitz The disciplinary separation between comparative politics and international relations is regularly challenged but persists as a result of institutional inertia and hiring practices. This essay uses the issue of democratization in an attempt to go beyond rhetoric and to develop a framework that integrates the role of transnational activism into the analysis of domestic regime change. Comparative research on democratization confirms that underlying socioeconomic conditions affect the long-term sustainability of democratic reforms. The initiation of such reforms, as well as the process they take, can best be understood using an agency-based framework that links domestic and transnational forces. Outside interventions are a potent factor in challenging authoritarian practices, but they do not simply displace existing domestic practices and conditions. Although transnational activists and scholars often celebrate the empowering role of networking and mobilization, the long-term effects of such interventions are still poorly understood. Transnational ties may distract domestic activists from building effective coalitions at home or undermine their legitimacy overall. Transnational scholars and activists can learn from comparative research how different domestic groups use outside interventions to promote their interests at home. [source] Domestic and Foreign Earnings, Stock Return Variability, and the Impact of Investor SophisticationJOURNAL OF ACCOUNTING RESEARCH, Issue 3 2005JEFFREY L. CALLEN ABSTRACT We examine the importance of foreign earnings relative to domestic earnings for a sample of U.S. multinationals using variance decomposition. Our methodology represents an alternative and complementary approach over the prior literature, which is based on traditional regressions and earnings response coefficients. We document that domestic earnings are more important in explaining the variance of unexpected returns than are foreign earnings and that the relative importance of domestic earnings is a decreasing function of investor sophistication. Last, we classify institutional investors as either short- or long-term oriented following Bushee [1998]. We find that the variance contribution of foreign earnings increases with the level of investment by long-term investors. In contrast, there is no significant relation between the degree of ownership by short-term (or transient) investors and the variance contribution of domestic and foreign earnings. Overall, our results are consistent with Thomas's [1999] finding that investors on average underestimate the persistence of foreign earnings. [source] ,Condemn a Little More, Understand a Little Less': The Political Context and Rights' Implications of the Domestic and European Rulings in the Venables-Thompson CaseJOURNAL OF LAW AND SOCIETY, Issue 3 2000Deena Haydon In 1993 Jon Venables and Robert Thompson were found guilty of the abduction and murder of two-year-old James Bulger. Aged ten at the time of the offence, the children were tried in an adult court before a judge and jury amidst a blaze of publicity. They were named by the trial judge and sentenced to detention at Her Majesty's Pleasure [HMp]. The Home Secretary set a minimum tariff of fifteen years imprisonment. In December 1999 the European Court of Human Rights held that, in the conduct of the trial and the fixing of the tariff, the United Kingdom government was responsible for violating the European Convention on Human Rights. This article maps how the case became a watershed in youth justice procedure and practice influencing Labour's proposals for reform and the 1998 Crime and Disorder Act. Examining the progression of appeals through the domestic and European courts, it explores the dichotomous philosophies separating the United Kingdom and European approaches to the age of criminal responsibility, the prosecution and punishment of children, and the influence of political policy on judicial decisions. Finally, the ,backlash' against ,threatening children', the affirmation of adult power and knowledge, and the implications of the European judgments in the context of a rights-based agenda are analysed. [source] A Global Perspective on Domestic and International Tensions in Knowledge DevelopmentJOURNAL OF NURSING SCHOLARSHIP, Issue 4 2000Kim Lutzen [source] The Foreign v. the Domestic after September 11th: The Methodology of Political Analysis RevisitedPOLITICS, Issue 2 2006Dirk Haubrich The implications of the terrorist attacks on 11 September 2001 are far-reaching and have been discussed and analysed at great length. In this article, it is contended that the methodology of analysing the political, too, has been affected. The policies that liberal democracies have adopted over the past three years to contain the new threat of transnational terrorism call into question the methodological approaches that political researchers conventionally employ to analyse their subject matter. Rather than examining political processes at home separately from those occurring abroad, developments since September 11th demand that we dispense with those boundaries and develop an integrated approach. [source] The Role of Portfolio Shocks in a Structural Vector Autoregressive Model of the Australian Economy,THE ECONOMIC RECORD, Issue 264 2008RENÉE FRY Domestic and foreign equity shocks on the Australian economy are analysed within a five-variate structural vector autoregressive model, with identification achieved through long-run restrictions based on the natural rate hypothesis, monetary neutrality, long-run portfolio balance and purchasing power parity. The results show that real equity values were undervalued by 19 per cent by June 2005, with the gap narrowing thereafter. Foreign crises are important factors explaining this deterioration. The real wealth effects of equity market shocks impact significantly upon financial and goods market prices, whereas output tends to be immune. The model is also able to address puzzles that exist in the vector autoregression literature. [source] Forced Marriage as a Harm in Domestic and International LawTHE MODERN LAW REVIEW, Issue 1 2010Catherine Dauvergne This article reports on our analysis of 120 refugee cases from Australia, Canada, and Britain where an actual or threatened forced marriage was part of the claim for protection. We found that forced marriage was rarely considered by refugee decision makers to be a harm in and of itself. This finding contributes to understanding how gender and sexuality are analysed within refugee law, because the harm of forced marriage is experienced differently by lesbians, gay men and heterosexual women. We contrast our findings in the refugee case law with domestic initiatives in Europe aimed at protecting nationals from forced marriages both within Europe and elsewhere. We pay particular attention to British initiatives because they are in many ways the most far-reaching and innovative, and thus the contrast with the response of British refugee law is all the more stark. [source] Hatching asynchrony and growth trade-offs within domesticated and wild zebra finch, Taeniopygia guttata, broodsBIOLOGICAL JOURNAL OF THE LINNEAN SOCIETY, Issue 4 2010MARK C. MAINWARING The Australian zebra finch, Taeniopygia guttata, is a widely used model organism, yet few studies have compared domesticated and wild birds with the aim of examining its relevance as an evolutionary model species. Domestic and wild broods hatch over approximately 4 and 2 days, respectively, which is important given that nestlings can fledge after as little as 12 days, although 16,18 days is common. We aimed to evaluate the extent to which the greater hatching asynchrony in domestic stock may effect reproductive success through greater variance in size hierarchies, variance in within-brood growth rates, and partial brood mortality. Therefore, by simultaneously controlling brood sizes and experimentally manipulating hatching intervals in both domesticated and wild birds, we investigated the consequences of hatching intervals for fledging success and nestling growth patterns, as well as trade-offs. Fledging success was similarly high in domestic and wild broods of either hatching pattern. Nonetheless, between-brood analyses revealed that domestic nestlings had significantly higher masses, larger skeletal characters, and longer wings than their wild counterparts, although wild nestlings had comparable wing lengths at the pre-fledging stage. Moreover, within-brood analyses revealed only negligible differences between domestic and wild nestlings, and larger effects of hatching order and hatching pattern. Therefore, despite significant differences in the hatching intervals, and the ultimate size achieved by nestlings, the domestication process does not appear to have significantly altered nestling growth trade-offs. The present study provides reassuring evidence that studies involving domesticated zebra finches, or other domesticated model organisms, may provide reasonable adaptive explanations in behavioural and evolutionary ecology. © 2010 The Linnean Society of London, Biological Journal of the Linnean Society, 2010, 100, 763,773. [source] Domestic and Foreign Sales When Prices in Both Markets are UncertainBULLETIN OF ECONOMIC RESEARCH, Issue 2 2003Ardeshir J. Dalal This paper obtains comparative static results for a firm that sells a single output domestically and abroad when prices in both markets are uncertain. Results are obtained for both constant absolute risk aversion and for Ross decreasing absolute risk aversion, using a diagrammatic analysis which exploits the properties of expected marginal utility contours. The results depend crucially on whether foreign and domestic sales are net substitutes or complements. The model is more complex and yields fewer unambiguous results , particularly in the case of substitutes , than when there is price uncertainty in only one market. [source] Demand for Domestic and Imported Table Wine in British Columbia: A Source-differentiated Almost Ideal Demand System ApproachCANADIAN JOURNAL OF AGRICULTURAL ECONOMICS, Issue 2 2004R. Carew The premium quality wine market in British Columbia has grown substantively over the past decade. However, few empirical studies exist to quantify how consumers have responded to these wines. This paper employs a source-differentiated almost ideal demand system (AIDS) model with time-varying parameters to estimate the demand for premium quality wines using scanner sales data from the British Columbia wine market. The empirical findings reveal that consumers' response to foreign-produced wines differs from that for wine produced locally. It is evident that the expenditure elasticities for British Columbia, European and Rest-of-the-World white wines are larger than those for red wines. The high expenditure elasticities associated with British Columbia white wines may suggest that these wines are associated with higher quality. We reject the hypotheses of block separability and product aggregation. There is no evidence of structural change from the tests employed in this paper. Le marché du vin de qualité supérieure a considérablement pris de l'expansion en Colombie-Britannique ces dix dernières années. Les auteurs utilisent un modèle à demande quasi idéale avec différenciation de la source et paramètres variant dans le temps pour estimer la demande de vin de qualité supérieure à partir des chiffres de vente sur le marché provincial. Les résultats empiriques indiquent que les consommateurs ne réagissent pas aux vins étrangers de la même façon qu'aux vins du cru. Les élasticités des dépenses sont manifestement plus nombreuses pour les vins blancs de la Colombie-Britannique, d'Europe et d'autres régions que pour les vins rouges. Les fortes élasticités liées aux vins blancs du cru laissent croire que ces derniers sont d'une grande qualité. Les auteurs rejettent l'hypothèse d'une séparabilité par bloc et de l'agrégation des produits. Les tests employés dans le cadre de cette recherche ne révèlent aucun changement structural. [source] Preserving Domesticity: Reading Tupperware in Women's Changing Domestic, Social and Economic Roles,CANADIAN REVIEW OF SOCIOLOGY/REVUE CANADIENNE DE SOCIOLOGIE, Issue 2 2003SUSAN VINCENT L'image représentée par Tupperware est essentiellement féminine. Cet article analyse la littérature entourant Tupperware pour y retrouver cette image de la fémininité de classe moyenne, euronord-américaine et domestique. L'analyse de cette littérature se fait en tenant compte des changements et continuités, au cours des 50 dernières années, des rôles domestiques, économiques et sociaux des femmes nord-américaines. Ces rôles domestiques et économiques se sont entrelacés, ce qui a permis à L'entreprise de mieux les exploiter. La réussite de Tupperware en s'associant à cette image très précise peut servir comme baromètre pour révéler comment les femmes négocient les pressions combinées de la maison et du travail. Tupperware projects a quintessentially gendered image. This article explores writings by and about Tupperware to discover its representation of middle-class white domestic femininity. This image is read against changes and continuities in North American women's domestic, economic and social roles over the past fifty years. There has been an ongoing intertwining of women's domestic and paid work roles that Tupperware has been able to exploit. The enduring success of Tupperware as a company associated with a specific image is thus a useful barometer indicating how women are contending with the combined pressures of home and work. [source] Corporate Governance in the Russian Federation: the relevance of the OECD Principles on shareholder rights and equitable treatmentCORPORATE GOVERNANCE, Issue 2 2001Fianna Jesover Despite progress in developing extensive legislation and regulations, there is still a long way to go before the standards of corporate governance in Russia will instil widespread confidence in investors. The emphasis is now on their implementation and enforcement by the state and private sector institutions. Transparent, equitable rules and predictable enforcement mechanisms are necessary to make the Russian economy attractive to both domestic and foreign investors, and enhance public confidence in the overall reform process. This paper uses the first two chapters of the OECD Principles of Corporate Governance on shareholder rights and their equitable treatment and looks through their prism at the Russian corporate governance condition. [source] The voice of detainees in a high security setting on services for people with personality disorderCRIMINAL BEHAVIOUR AND MENTAL HEALTH, Issue 4 2002Sue Ryan Background British government Home and Health Departments have been consulting widely about service development for people with ,dangerous severe personality disorder' (DSPD). There has, however, been no consultation with service users, nor is there any user view literature in this area. Methods All people detained in one high security hospital under the legal classification of psychopathic disorder were eligible but those on the admission or intensive care wards were not approached. Views of service were elicited using a purpose designed semi-structured interview. The principal researcher was independent of all clinical teams. Confidentiality about patients' views was assured. Aims To establish views on services from one subgroup of people nominated by the government department as having ,DSPD'. Results Sixty-one of 89 agreed to interview. With security a given, about half expressed a preference for a high security hospital setting, 20% prison and 25% elsewhere, generally medium secure hospitals. Participants most valued caring, understanding and ,experience' among staff. An ideal service was considered to be one within small, domestic living units, providing group and individual therapies. Some found living with people with mental illness difficult, but some specified not wanting segregated units. Views were affected by gender and comorbidity. Conclusions As the sample were all in hospital, the emphasis on treatment may reflect a placement bias. All but five participants, however, had had experience of both health and criminal justice services, so were well placed to talk with authority about preferences. Copyright © 2002 Whurr Publishers Ltd. [source] Offshore Remanufacturing with Variable Used Product ConditionDECISION SCIENCES, Issue 1 2010Michael R. Galbreth ABSTRACT We consider the acquisition and production decisions of a remanufacturer who acquires used products of variable condition and allocates remanufacturing activity to domestic and offshore facilities. The problem is formulated as a multicommodity network flow model with economies of scale and product obsolescence. We show that the remanufacturer's optimal strategy can be chosen from a finite set of simple policies in which each product is routed to a facility based on its condition. We then numerically investigate the impact of key parameters on optimal decisions regarding offshore remanufacturing. [source] World Bank Influence and Institutional Reform in ArgentinaDEVELOPMENT AND CHANGE, Issue 3 2009Maria F. Tuozzo ABSTRACT During the 1990s, reforms concerned with ,good governance' became popular with multilateral and bilateral lenders. This trend was led by the World Bank, which claimed that in order to achieve economic development, institutions mattered. This article looks at governance reforms in Argentina, specifically in the judicial sector, and contends that World Bank involvement affected the nature, reach and depth of these initiatives. The influence of the Bank can be traced through three dimensions that have characterized its approach to institutional reform: donor-driven designs for project reform; reliance on technical approaches; and restricted forms of decision making in project initiatives. Such an approach to institutional change conditioned domestic reform in Argentina and contributed to piecemeal and inadequate initiatives. The author also argues that the Bank's approach in Argentina can be traced to wider strategies that derive from embedded institutional practices and ideological foundations within the institution that throw into question the Bank's capacities to promote such reforms. [source] Lithium treatment in Aarhus: contributions and controversies through half a centuryACTA PSYCHIATRICA SCANDINAVICA, Issue 2004Per Vestergaard In 1954 the first of several hundred publications on the use of lithium for treatment of affective disorders, lithium's unwanted effects, and its pharmacology was authored at the Aarhus University Psychiatric Hospital, the majority with Professor, now emeritus, Mogens Schou playing the principal part. The early part of this long series of papers highlights the pharmacology of lithium with its renal excretion, low therapeutic index, and ensuing risk of intoxication, the prophylactic effect not only against manic episodes but also the depressive ones and finally the long-term renal structural and functional impairment. Later papers present the problems related to lithium's lower effectiveness in routine clinical use, the problems of non-adherence, the dose effect relationships, and the problems inherent to establishing effective treatment service delivery. The present priority of the Aarhus lithium group is the simple large scale pragmatic effectiveness studies in which, together with domestic and foreign collaborators, we compare the long-term effectiveness of lithium with new promising drugs with mood stabilizing properties. The story of treatment with lithium in aarhus highlights important steps in the development of effective and comprehensive treatments for bipolar patients. [source] China and the world financial markets 1870,1939: Modern lessons from historical globalization1ECONOMIC HISTORY REVIEW, Issue 2 2007WILLIAM N. GOETZMANN In this article we review the development of Chinese capital markets over a crucial period in the history of markets worldwide, and place that development in context. Despite fundamental differences between China today and China 100 years ago, it is still important to consider the effects of an imbalance between domestic and international investor markets, and the mismatch between domestic and foreign expectations about investor protection. The lessons of the last century suggest that China today should consider opening Chinese investor access to foreign capital markets in order to equilibrate the level of diversification between foreign and domestic investors. In addition, our analysis suggests that protecting of domestic corporate investor rights is at least as important as protecting foreign investor rights. [source] COTTON IN A FREE TRADE WORLDECONOMIC INQUIRY, Issue 1 2007SUWEN PAN Trade liberalizing reform in the world cotton market would increase world cotton traded an average 2.69% over 5 yr and increase world cotton prices to an average 10.5%. A partial equilibrium model was used to estimate the effects of removing global domestic subsidies and border tariffs for cotton. Trade flows in international markets would be affected as U.S. market share of world cotton exports decline, net cotton-importing countries with minimum domestic and trade distortions import less because of higher cotton prices, and net cotton-importing countries that subsidize domestic production and/or impose border tariffs significantly increase their imports. (JEL F17, F42, F47, O2) [source] Tax-induced Dissimilarities Between Domestic and Foreign Mutual Funds in ItalyECONOMIC NOTES, Issue 2 2006Roberto Savona Using data from Italy over the period 1998,2002, this study investigates whether tax effects can account for differences in return patterns between domestic and foreign mutual funds, and if this dissimilarity translates into performance. The paper presents evidence that much of the difference between domestic and foreign funds is explained by the different tax systems. The asymmetry between the two groups, due to the fact that domestic funds are obliged to pay taxes on a daily basis while foreign funds are taxed when capital gains are collected, also affects performance. We prove that comparing pre-tax returns, Italian funds are virtually indistinguishable from their foreign counterparts in terms of risk-adjusted returns, while when comparing after-tax returns, foreign funds outperform. [source] Convergence within the EU: Evidence from Interest RatesECONOMIC NOTES, Issue 2 2000Teresa Corzo Santamaria The economic and political changes which are taking place in Europe affect interest rates. This paper develops a two-factor model for the term structure of interest rates specially designed to apply to EMU countries. In addition to the participant country's short-term interest rate, we include as a second factor a ,European' short-term interest rate. We assume that the ,European' rate follows a mean reverting process. The domestic interest rate also follows a mean reverting process, but its convergence is to a stochastic mean which is identified with the ,European' rate. Closed-form solutions for prices of zero coupon discount bonds and options on these bonds are provided. A special feature of the model is that both the domestic and the European interest rate risks are priced. We also discuss an empirical estimation focusing on the Spanish bond market. The ,European' rate is proxied by the ecu's interest rate. Through a comparison of the performance of our convergence model with a Vasicek model for the Spanish bond market, we show that our model provides a better fit both in-sample and out-of sample and that the difference in performance between the models is greater the longer the maturity of the bonds. (J.E.L.: E43, C510). [source] Foreign Investment, Vertical Integration and Local Equity RequirementsECONOMICA, Issue 284 2004Avik Chakrabarti The paper presents a spatial model in which a foreign firm and local government behave strategically in setting a local equity requirement (LER). Contrary to simple intuition, larger equity requirements may increase economic efficiency, but this conclusion is highly sensitive to the vertical structure of the foreign firm. When the foreign firm has monopoly power in both foreign (upstream) and domestic (downstream) markets, the optimal equity requirement is zero. Surprisingly, the introduction of domestic competition upstream causes the government to adopt a LER which lowers economic efficiency. [source] | ||||||||||||||||||||||||||||||||||||||||||||||||||||