International and Regional Cooperation: Asia's Role and Responsibilities

Asia has emerged from the global financial crisis as an important stabilizing force and an engine of global economic growth. The establishment of the G-20 gives Asian economies the global forum that they need to both represent their interests in global governance and deliver on responsibilities concomitant with their growing weight in the global economy. The region has a host of cooperation arrangements in APEC, ASEAN+3, and EAS (East Asian Summit), all with ASEAN as the fulcrum. They are huge assets, but they need to be repositioned to relate effectively to the G-20 process and other global arrangements. They also need to comprehend the politics of the changing structure of regional power. This paper discusses the challenges that Asia faces in aligning regional and global objectives in financial, trade, and other areas of cooperation, such as climate change and foreign investment. It argues that Asia is now a critical player in the global system and has a central contribution to make in strengthening global governance and international policy outcomes. The paper sets out ways to fill gaps in regional cooperation and link the agenda for regional cooperation more effectively to Asia's new role globally. This is essential to sustain Asia's superior growth performance, correct imbalances, and support the global economic system.     

The Efficacy of Shareholder Voting: Evidence from Equity Compensation Plans

This study examines the effects of shareholder support for equity compensation plans on subsequent CEO compensation. Using cross‐sectional regression, instrumental variable, and regression discontinuity research designs, we find little evidence that either lower shareholder voting support for, or outright rejection of, proposed equity compensation plans leads to decreases in the level or composition of future CEO incentive compensation. We also find that, in cases where the equity compensation plan is rejected by shareholders, firms are more likely to propose, and shareholders are more likely to approve, a plan the following year. Our results suggest that shareholder votes for equity pay plans have little substantive impact on firms’ incentive compensation policies. Thus, recent regulatory efforts aimed at strengthening shareholder voting rights, particularly in the context of executive compensation, may have limited effect on firms’ compensation policies.     

Supervisión y rendición de cuentas en el sector de la auditoría social. El papel de las iniciativas de cumplimiento social

El colapso del Rana Plaza en 2013 concienció acerca de las condiciones de trabajo abusivas en la industria del vestido. Se ha prestado mucha atención a la responsabilidad de las empresas minoristas, pero no tanta a la de las empresas de auditoría social. Las autoras investigan los sistemas existentes para detectar y corregir las auditorías deficientes e ineficaces y concluyen que, en la práctica, la supervisión y las sanciones en este ámbito son limitadas. Se explora pues cómo las iniciativas de cumplimiento social pueden mejorar la verificación de la calidad de las auditorías y la rendición de cuentas.     

Dynamical analysis of the R&D-based growth model with a regime switch

Several empirical studies suggest that advanced economies experience a growth regime switch from factor accumulation to knowledge accumulation. To investigate the mechanism of such a regime switch, this study develops a concise and flexible dynamic model based on Romer (J Polit Econ 98:S71–S102, 1990) by introducing two types of endogenously supplied R&D input capital. The model replicates the growth patterns of developed and underdeveloped nations, clarifies the important role that capital plays in the difference between them, and presents several implications for interest-rate subsidies and official development assistance. Further, it shows that if a country enjoying long-run growth has little initial capital, its initial economic development will be based on capital accumulation. When the capital stock becomes sufficient for supporting R&D, the economy will achieve long-run growth through R&D.     

ICI Suppression Methods Based on Maximum Likelihood Sequence Estimation for MSDD OFDM Systems

To suppress the intercarrier interference(ICI) in multiple symbol dif ferential detection(MSDD) orthogonal frequency division multiplexing(OFDM) sys tems, statistical effects of ICI are analysed and then considered in the maximum likelihood sequence estimation(MLSE) process. Afterwards, a method, which can estimate and suppress the ICI by utilizing the knowledge of all the subcarriers in the MLSE process, is proposed. To reduce the computational complexity, severa l suboptimal ICI suppression methods, which utilize the knowledge of part of the subcarriers, are further proposed. Simulation results show that the proposed su boptimal methods can significantly enhance the bit error rate(BER) performances in both flat and frequency selective Rayleigh fading channels.