Property development firms IPOs in Brazil： Was there overpricing or not？

Between September 2005 and October 2007, representative companies of the Brazilian residential real estate market adopted a strategy intended to increase their investment capacity by Initial Public Offer （IPO）. The setting at that time was favorable for constructing residential real estate designed for the middle class, in view of two main factors： First, in 2005, a restructuring of the Brazilian finance system had relaxed requirements needed to receive financing for the purchase of residential property; Second, there was substantial demand in the middle class market because most developers had been focusing on the upper class market in order to guarantee the sale resources in the production phase. Thus, it was necessary to enhance the investment capacity of the real estate companies to attend the middle-class demand. These two factors, associated with a favorable outlook for the Brazilian, as well as the global economy, encouraged those representative companies to rapidly increase their investment capacity by IPO in a short time. The focus of this article is to analyze the quality of the investments in the stock of these real estate companies （21 offers were taken into account in the analysis）. In order to identify what these companies＇ expectations were and how they supported their decisions to enter BOVESPA with their designated prices and amounts, correlating offers against the BOVESPA Index （market index） were also analyzed. The results allow concluding that these offers were not supported by validated procedures of pricing, but rather were just speculative offers, even though we do take into account the investment grade granted to the Brazilian economy within the period concerned in our analysis.     

Time frequency effects on market indices： World comovements

The international comovement of stock market indices is reviewed in this paper. The most powerful argument for cross-border investing is the risk reduction due to low correlation of world＇s stock markets. Diversifying risk has become even more important as financial markets globalize, helped by advanced information technology which lowers the transaction costs. Systematic risk is lowered through international diversification in markets with low correlation in domestic markets. Investors must be willing to take advantage of these correlations to reduce volatility in their portfolios. As such, the authors show the usefulness of wavelet analysis for financial relations. The current work tries to analyze the relationship among eleven stock indices using wavelet theory, applying the MODWT, Cross-Wavelets techniques, and regression analysis for different time scales. The findings suggest that there is strength to moderate cointegration among many stock markets, and therefore evidence of intra-continental relationships. Thus, it is able to disentangle different short, medium and long-run relations. The importance of historical transmissions is low for the period under analysis.     

The impact of foreign direct investment and trade on economic growth Taking China, Korea, Malaysia, Philippines ＆ Thailand for example

In this study the authors make efforts to survey the impact of foreign direct investment and trade on the economic growth of five East Asian countries, China, Korea, Malaysia, Philippines and Thailand. Using an augmented production function （APF） growth model, the authors apply panel data Method and data span is from1980 to 2006. The required data are extracted from World Development Indicator 2008. The result shows that a co-integration relationship between growth and its determinants in the APF model is supported. Firstly, the study shows that with the increasing the inflow of foreign direct investment, positive impact on growth in Thailand, Korea and China is proved. However, this impact is negative in Philippine and Malaysia. Also the impact of trade on economic growth has the same result with FDI impact in sign. Further, the impact of labor force on growth is not significant in these countries and the effect of gross fixed capital on growth is positive and has a very high impact on selected countries.     

The impact of corporate governance to the economic value added listed company in BEI 2003-2004

The purpose of this research is to investigate the effect of Corporate Governance （CG） to the performance of the firm measured by Economic Value Added （EVA）. This research uses 64 samples for the year 2003-2004. The CG index is taken from the research of Siagian, Siregar and Rahadian （2006） and the EVA taken from ＂A hundred value creators companies＂ published by SWA Magazines in 2004-2005.
By grouping samples based on its mean, this research finds that samples in high CG index group have higher EVA than samples in low CG index group. The mean equality test shows the significant relation for this evidence.
Using simple and multiple regression method, CG index has positive and significant effect on EVA. This research uses sales growth, leverage, size, and age of the firm as control variables in multiple regression method. Consistent with research hypothesis, all control variables have positive and significant effect on EVA.
This research also investigate the effect of each component of CG index to EVA. ＂Equitable treatment of shareholders＂ and ＂disclosure and transparency＂ have positive and significant effect on EVA, but ＂right of shareholders＂, ＂role of stakeholders＂, and ＂responsibility of the board＂ do not have significant effect to EVA.
The sensitivity analysis is also done to investigate the effect of CG index to the performance of the firm if ROA and ROE were used as proxy of performance. The result shows that CG index has positive and significant effect to those various performance mesurement. Based on its coefficient, CG index is superior in affecting ROE more than EVA and ROA.     

The effectiveness of flyer advertising employing TMS： Key to scientific automobile sales innovation at Toyota

In this paper, the author shows the effectiveness of flyer advertising utilizing as a core technology Toyota Marketing System （TMS）. TMS is part of new JIT, which contributes to constructing a Toyota Sales Marketing System （TSMS）. This new TSMS is key to scientific automobile sales innovation at Toyota group dealers in Japan. This study describes the ＂flyer advertising effect＂, the ＂day of the week effect＂, and the ＂new car effect＂. Employing the Science SQC approach, these effects are acknowledged among those on the front lines of automobile sales as having a high level of investment efficiency and resultant customer traffic.     

Challenges of accessing and utilizing funds by small and medium enterprises in tourism and hospitality industry in Nigeria

The role of small and medium enterprises in economic development cannot be overemphasized. The positive economic impacts of tourism are derivable in a destination economy when small and medium enterprises are actively involved in the provision of tourism services and facilities. This paper seeks to investigate through desk research the challenges of accessing funds by small and medium tourism and hospitality enterprises in Nigeria, the various attempts by the government to put in place viable institutions that would make funds accessible to SMEs in the industry and why the various attempts failed. The paper, in realization of the critical role of capital in enterprise development, proffers solution, which among other things is the immediate implementation of the Tourism Development Fund （TDF）.     

中国癌症防控策略细则研究献策

种种科学数据显示,癌症已成中国大众首要死因,而且有加重趋势,要想把中国癌症导致大众健康严重损害现象得到控制,必须有一套中国癌症防控策略细则,我们你都知道,80％的肿瘤与环境因素有关,面对中国目前环境污染严重。食品质量安全事件不断发生,病毒性肝炎发病率居高不下,中国是吸烟和饮酒大国。……,等等都与癌症发生有密切关系,笔者作为医务工作者,面对中国癌症的恶劣现象和事态,禁不住研究提出一套中国癌症防控策略细则,早日降低中国癌症的恶劣现象和事态,使中国癌症尽早得以控制,为大众健康和国家可持续发展贡献力量。本文提出环境污染防控策略细则;病毒性肝炎及其它慢性感染防控策略细则;吸烟的防控策略细则;饮酒的防控策略细则;食品质量安全防控策略细则;饮食结构不合理的防控策略细则及论‘癌症发病率上升的主因是人口老龄化’观点的错误性,很明显,上述癌症防控系列策略细则,若切实被国家实施,定能防空相关致癌和致病的风险。国家和地方,特别是食品卫生部门,应立即联合同时发布命令。保障上述癌症防控系列策略细则切实被实施,如果是这样,中国癌症的防控就很容易成功,当然。中国癌症的防控成功的经验和上述防控系列策略细则,对其他疾病的防控也有利。定能被国际社会和其他国家参考利用,共享癌症防控成功的健康地球。     

Economic sanctions and trade diversions in Sudan

The latest episode of the armed conflict between Northern and Southern Sudan erupted in 1983 and ended with the signing of the ＂Comprehensive Peace Agreement （CPA）＂ in 2005. The CPA allows for a referendum on independence for South Sudan in 2011. A similar scenario is possible for Darfur, where an armed conflict broke out in 2003 over demands for greater decentralization and development in the region. The peace agreement between the central government and the Eastern Sudan region continues to be fragile, and the risk of escalation of across the border spillovers of conflicts with Uganda and Chad persists. The U.S., EU, among other global players, is putting pressure on the Khartoum government to change its policies. Economic sanctions are among the tools used by the U.S. government while encouraging others follow suit. This paper investigates the response of the Sudanese economy to eliminating trade flows with the EU in the first phase and with East-Asian countries in the second. It discusses the changes in the macro-indicators, trade variables and welfare measures that would result. Moreover, it assesses the potential trade diversion and resource reallocation due to sanctions in each phase. To simulate these scenarios, detailed economic databases for Sudan, EU, East-Asian region, MENA, COMESA and the rest of the world are needed. For this purpose, GTAP Africa database and the standard GTAP model are employed. The 57 sectors of Africa database are aggregated to ten sectors including： grains and crops, livestock and meat products, mining and extraction, processed food, textiles and clothing, light manufacturing, heavy manufacturing, utilities and construction, transport and communication and other services. Moreover, the database regions are aggregated to six including Sudan, the EU, East Asia, MENA, COMESA and the Rest of the world. Results show that Sudanese trade reallocates to Asia in the first phase and to COMESA and MENA regions in the second. Sanctions exact a devastating toll on the Sudanese economy： GDP declines, trade shrinks and welfare deteriorates. The deterioration in the country＇s trade is mainly in the imports side, which justifies an improvement of the country＇s balance of trade, while welfare losses are derived by a deteriorated terms of trade and allocative efficiency.     

Comparative study of the inducement of US subprime mortgage crisis and symptom of real estate in China

Since the essence of US subprime mortgage crisis just lies in the bank credit crisis caused by bubbles bursting of real estate market, some questions are really worthy of our deep reflection, such as whether there are bubbles existing in Chinese real estate market, whether there is crisis implied in Chinese real estate industry and financial crisis, as well as the difficulties that Chinese real estate is facing and the extent to which its difficulties might overshadow it. Therefore, based on the comparative study of the inducement of US subprime mortgage crisis and symptom of real estate in China, this paper illustrates the inducement of US subprime mortgage crisis and relevant symptom that Chinese real estate industry is facing, and further dialyzes a series of warnings brought to Chinese real estate.     

Neuroeconomics and business psychology

To determine parameters of the frontal power of executive integration for application in business, this paper reviewed neuroeconomic neuroimaging research and discussion in relation to business psychology. The results are that limbic system （L） is a centre of primary consciousness based on a mesolimbic dopamine system serving the client in the brain stem with adaptive feedback as well as generating cognition and emotions towards Neocortex in a reciprocal autonomic balance. The power of concentration （C） is a tripartite executive integrating emotions and cognition： Prefrontal analysis by semantic recollection from temporal （R） lobe is based on episodic memories. Volition in the medial prefrontal cortex （c） controls both cognitive prediction （R＇c） and emotions （L/c） for a balanced integration as a neural root of economic reasoning. An intuitive visuospatial Parietal sketchpad （I） integrates hippocampal episodic memory mismatches complementary to the cognitive prediction function. Chronic stress limiting the capacity of C is indicated by baseline serum cortisol. The conclusion is that the neuroeconomic model enables （1） operation of the theorem of economic man as an economic-bio-educational complex. Other business applications comprise, （2） a neural foundation of transactional analysis （TA） to improve corporate collaboration and management, （3） a combined health promotion/human resource development program based on simple training techniques as physical exercise, medical meditation and neurolinguistic programming （NLP）, i.e., for weight regulation.     

Relationship marketing in health organizations and its effect on customer loyalty

This study was carried out to determine the role of relationship marketing in health organizations with regard to providing customer loyalty and to evaluate the views of patients related to relationship marketing activities. In this study, a questionnaire was applied to 371 patients in Kadlk0y Universal Hospital, which is a private hospital in Istanbul. As a result of the correlation analysis between the satisfaction level from hospital and customer loyalty, it was seen that there is a medium level positive relation between customer satisfaction and customer loyalty. The important implications of this study can be stated as follows： Keeping existing patient is significant as much as gaining new patient, the variables being effective for providing customer loyalty can show difference from one patient to another, the image of health organization is significant for providing customer loyalty, and customer loyalty can be acquired by making continuous communication with patients.     

Revisiting output-price relations in East Asia

Why slower growth and high inflation can occur concurrently, while in other cases growth can be non-inflationary？ Why did aggregate demand policy sometime fail to work, given an orthogonal shock？ This study ponders on these queries by estimating the aggregate supply and aggregate demand curves in four East Asian countries. Applying the Structural Vector Auto-Regression （SVAR） with the restrictions a-la Blanchard and Quah, it is revealed that while the AD and AS curves in most cases follow the textbook definitions, in some countries the AS curve is so fiat that demand expansion would have been effective to stimulate growth, and supply-based policies would be more desirable to control prices. We also found that during the crisis the supply shock played a more significant role in the price fluctuations, suggesting that focusing on AD management alone was not the best approach to take.     

Creative Destruction as Economic Pattern of Europe＇s Small-Scale Audiovisual Media Markets and Minority-Language Film Industries

The small cinematography model as well as its incorporation into creation of the European digital space emerges as a paradigm of the creative destruction phenomenon in the way that Sombart spoke about and, afterwards, Schumpeter disseminated it seven decades ago. Working from this perspective, the University of Santiago de Compostela （USC）＇ audiovisual research group has been looking for the barriers the small cinema in original version must overcome and has even tested some of its findings in different geopolitical areas such as Lusophony,     

Strategic groups in hotel industry： Empirical evidences

The Serra da Estrela Tourism Region （SETR）, gifted of unique landscape conditions, of singular natural resources, filled with culture and history, has become an attractive leisure and recreation region. Considering its tourism potential, we have seen a development of the tourism activities on that region, making necessary a study of the presence of derivative offering components, mainly on the tourism hotels level. Considering the crucial strategic role that this activity has on the region, and since there are only a few follow-up studies of the activity development, the present research aims to contribute for the knowledge of the relevant tourism hotels units reality in the SETR. In this sense, the authors intend to analyze the different strategies that are being taken in the region, by this sort of companies and, to identify the existence （or not） of company groups that carry on similar strategies--strategic groups. To reach such goals, an empirical study was developed, based upon the information obtained from the statistical analysis of questionnaires applied to the hotels unit＇s managers. The results allowed concluding that the hotels units enforce combined strategies, instead of a single specific strategy. It was also possible to identify the existence of different strategic groups that use similar competitive strategies. From this process, it also resulted that the companies that operate in this sector consider that strategy assumes a determinative role for the success of their activity.     

Establishment of Strategic Quality Management Performance Measurement Model ＂SQM-PMM＂： Key to successful implementation of Science TQM

The Strategic Quality Management--Performance Measurement Model （SQM-PMM） was established to enhance the key elements of successful Science TQM, a new quality management principle proposed by the author. The validity of SQM-PMM as a measurement methodology to ensure future management results through strategic quality management was verified.     

Estimates regarding demographic developments in Romania by quantitative and qualitative assessments

The enlargement of the European Union and the liberalization of the labour market will substantially influence the demographic indicators in New Member States. The paper aims to identify and synthetically present some factors of influence which triggered by the end of the 20th century and the beginning of the 21st century a series of characteristics defining the changes of the demographic model and structure of population on age brackets. Romania＇s population lost in the period 1992-2007 about 1250 thousands persons, which represents more than the population increase effort by restrictive policies （abortion prohibition） during the period 1977-1992. Also, this paper presents the most important factors that determine the demographic decline beginning in the last decade of the 20th century, both at national and regional levels. For Romania, another phenomenon is represented by the demographic dregs due to the emigration of the feminine population of fertile age. The increase of the share of female population in the emigration flows became more noticeable in the period 2002-2007. Supposing that from those women who migrate, less than 2/3 are going to give birth to children abroad, （1.3 represents the fertility rate at present）, we can estimate, for example, that during the period 2000-2007 Romania has lost more than 69,099 persons. The paper presents some theoretic considerations on the Markov-type model, and the results obtained by using it for studying the development of demographic indicators in Romania, and their forecasting as well.     

Creative Batik Motif Design Based on Local Cultural Art and Natural Environments

Local arts, culture, and natural environment of Indonesia had their own uniqueness. They might be explored to help and to develop batik industry in Indonesia, especially in motif aspect. It was necessary to help craftsmen to create new and innovative batik products. The study was conducted as an effort to motivate batik craftsmen in developing batik industry through production of creative and unique batik motives. First study question： What are artistic motives of local arts and culture of natural environment of Yogyakarta and Central Java able to give distinct and characteristically local styles？ Second was how to create creative batik inspired by local arts and natural environment.     

Volatifity spillovers on precious metals markets and the G-7： The effects of the Asian crisis

This paper investigates the nature of volatility spillovers between stock returns and precious metals returns for the G-7 countries over the 1995-2006 period. We divide our sample into a number of sub periods, prior to, during and after the Asian crisis, with the objective to provide a wide analysis of the behaviour of these two markets taking into account the effects of the Asian crisis; We use EGARCH modelling, which takes into account whether bad news has the same impact on volatility as good news. The results show that there is no evidence of volatility persistence from stock returns to precious metals returns, but overall the results are significant in the other way around. In terms of volatility spillovers effects, the main findings are that there is evidence of volatility spill over running in a bidirectional way in almost all the cases. And finally, the results from asymmetric spillovers effects show that negative news has a stronger impact in these financial markets than positive news.     

Customer behavior analysis using motion pictures： Research on attractive flier design method

In this report, the authors would like to propose CMP-FDM （Customer Motion Pictures-Flier Design Method） to increase the willingness of consumers to visit the automobile dealership. CMP-FDM is a method of creating attractive fliers while using customer behavior analysis with videos. According to the analysis of how customers see fliers, the authors classify their behavior into three types and create attractive designs so that each guarantees each customer＇s satisfaction. Finally, the authors integrate the three types of fliers into one attractive to all customers by organizing the design features （design elements）, and then validate the method.