Intermarket spread opportunities between Canadian and American agricultural futures

This study extends Carter's (1989) study of the efficiency of Canadian canola and American soybean oil futures markets during 1981–1987 to a new period (1988–1993). It also uses a different spread strategy than Carter to see if the same conclusions hold for canola and soybean as well as Canadian feed wheat and American wheat futures. Our findings confirm that in the 1981–1987 period there were no opportunities for intermarket spread profit between canola and soybean oil futures and between feed wheat and wheat futures. Our findings for the period 1988–1993, however, suggest there were some opportunities for such profits. Thus, it was possible for floor traders (and possibly institutional investors), who paid low transaction costs, to experience some additional profits. We also find that these opportunities are neither due to changes in currency values over time, nor to the use of weekly or daily exchange rates. Nevertheless, nonparametric tests show that spread profits are statistically insignificant.     

Research and Development in Algeria

Since 1971, that is nine years after gaining its independence, Algeria has among some Third World countries formulated an ambitious Science and Technology (S&T) Policy. In the last few years, the relevant administrative structure has been completed by installing a centralised body at the highest level. Policy itself has changed very little, and remained in some aspects well behind developments in the structure. In this paper, the author intends to consider the evolution of both structure and policy of Algeria's research and development (R&D); and the extent of their coherence or harmony and their linkages with industry.
Even though structure and policy are the key factors affecting R&D effectiveness of a country, no significant success could be achieved without strengthening the relevant network allowing for the technical competence to be used effectively. Hence, the main theme of the paper concentrates on Algeria's need to review its R&D system to allow both structure and policy to be effective or cause relevant activities to be integrated within the production system, build better technological capabilities, and work for a more efficient industrial development.     

Evaluation of Target Area Concentration (TAC) Programme in Malaysia’s Integrated Cattle and Oil Palm Farming

Malaysia’s beef production falls under three types of production methods: traditional system, intensive system of cattle feedlots, and integrated farming system. The objective of this study is to investigate and evaluate the effectiveness of the target area concentration (TAC) programme conducted by the Department of Veterinary Services (DVS) that focuses on the integrated farming system between cattle and oil palm plantation. This study intends to identify the programme’s achievement through context, input, process, and product (CIPP) analysis. The analysis reveals that the real needs of the programme context are being met by TAC; the provision meets the needs of inputs but there are some constraints; the implementation of the TAC programme is running well and receives good cooperation from farmers, but there are some constraints; and there is a positive impact of the programme in terms of production, income, employment, changes in knowledge, skill, attitude, and practice. Overall, the TAC programme has thus far achieved its objectives, but it needs some improvements.     

Strategic Planning and Implementation Success in Public Service Organizations: Evidence from Canada

In this article, we examine the role that formal strategic planning plays in determining the success of strategy implementation in a set of more than 150 public service organizations from Canada. We also analyse the mediating effects of managerial involvement in strategic planning and the moderating effects of stakeholder uncertainty on the planning-implementation relationship. A structured online questionnaire was used to collect the data. Our findings suggest that formal strategic planning has a strong positive relationship with implementation, which, though mediated by managerial involvement, becomes even more salient in the face of stakeholder uncertainty. Several implications of these findings are discussed.     

Economic burden,work, and school productivity in individuals with tuberous sclerosis and their families

Aims: Tuberous sclerosis complex (TSC) is a multi-organ autosomal-dominant, genetic disorder with incomplete penetrance. The multiple manifestations of TSC and impacts to numerous organ systems represent significant disease, healthcare, and treatment burden. The economic and employment burden of the disease on individuals and their families is poorly understood. This study assessed the cost of illness and work and school productivity burden associated with TSC in a cross-sectional web-survey sample.

Materials and methods: Eligible TSC individuals and caregivers were invited through the Tuberous Sclerosis Alliance advocacy group to complete a web-based survey about illness characteristics, treatment, disease burden, direct and indirect healthcare costs, work and school impairment.

Results: Data from 609 TSC adults or caregiver respondents with no cognitive impairments were analyzed. TSC adults (>18 years of age) had significantly higher direct out-of-pocket costs for ER visits, expenses for medical tests and procedures, alternative treatments, medications and lifetime cost of surgeries compared to TSC pediatric individuals. Both TSC adults and TSC caregivers reported work and school absenteeism and presenteeism; however, adults reported significantly higher absenteeism and presenteeism and overall activity impairment due to TSC, as might be expected, compared to TSC caregivers. TSC adults had significantly higher absenteeism and presenteeism rates compared to adults with moderate-to-severe plaque psoriasis and muscular sclerosis.

Conclusions: TSC results in considerable direct out-of-pocket medical costs and impairment to work productivity, especially for adults. Future studies should include the comparator group and examine direct cost burden in the US using electronic medical records and insurance databases.     

The mediating role of alliances in the international market orientation-performance relationship of smes

Enhancing international performance is a critical issue for internationalizing SMEs. Researchers have suggested that firms need to enhance their international market orientation (IMO) in order to increase performance; but the way this association works is rather unexplored. This is important for both theory and practice since its exploration would lead to a better understanding on how SMEs can effectively enhance their international performance. In this paper, we examine whether alliances through which firms access knowledge and resources play a mediating role in the IMO and performance relationship. We investigate our hypothesis on a sample of 94 companies based in the United Arab Emirates. We discovered that alliances mediate the IMO-performance relationship and we extend the knowledge- and resource-based views of the firm.     

Effects of Mandatory Audit Firm Rotation Upon Quality of Audit： The Perception of Audit Firms Evidence From Bahrain

The objectives of this study are： （1） to explore current audit appointment practices by audit firms in Bahrain; （2） to look into the opinions of audit firms in Bahrain on potential effects provided by implementing mandatory audit firm rotation （audit quality）; and （3） to investigate audit firms＇ views in implementing mandatory audit firm rotation in Bahrain. To achieve these objectives, a questionnaire was developed and distributed to respondents that consist of all auditors working in audit firms in Bahrain. The findings indicated that there is a significant relationship between mandatory audit firm rotation and quality of audit. The study also indicated that longer partner tenure makes the auditor＇s performance lack the quality in the auditing process. The average mean for all questions of the hypothesis together is 2.73 with average standard deviation of 0.94 which is less than half of the mean. This means that there is no dispersion among respondents about the questions of the hypothesis. Also, the analysis shows that the t-value is 29.922, which is greater than the table critical value of t （1.66）, and the p-value obtained is 0.000 which is less than the value of significance at p 〈 0.05. These results confirm statistically that there is a significant relationship, so the null hypothesis is rejected and the alternative hypothesis is accepted.     

SMALL FIRM AND VALUE EFFECTS IN THE CANADIAN STOCK MARKET

We examine the relation among average returns, market beta, firm size, and book-to-market value for Canadian stocks during 1975–92. We document a negative relation between average return and the market capitalization of firms, but find no relation between average return and market beta. While the small firm effect is significant during a period of reduced capital gains tax, it is noticeably lower than during the period leading up to the change. We find that average returns are positively related to book-to-market value especially during the period of lower capital gains tax.