Development and government policies of the shrimp farming industry in Thailand in relation to mangrove ecosystems

Intensive shrimp farming arrived in Thailand during the 1980s and developed virtually unregulated until 1987. Subsidised by the government, it quickly became an important export industry and Thailand has been the world's largest producer of tiger shrimp since 1991. However, the development of the shrimp farming industry in Thailand over the last 20 years in relation to its use of mangrove ecosystems is an example of sequential exploitation of natural resources witnessed through the shift in farm development from one region to another. This sequential exploitation has caused widespread degradation of mangrove ecosystems, and the benefits of the industry may be less than perceived as a result of subsidies and environmental and social impacts. This study follows the development of shrimp farming in Thailand from the 1940s to 1997 and studies national legislation and associated government policy as examples of driving forces behind this development. From our findings it appears that the development of legislation has not followed the same pace as the development of the industry, neither temporally, nor in content nor implementation, and contradictory policies have arisen.     

When science meets strategic realpolitik: The case of the Copenhagen UN climate change summit

This paper argues that the impasse over tackling climate change at the 2009 climate change summit is a result of the outcome of the prevailing power and politics at the summit. The paper discusses the sociological literature on power and notes that the failure of the summit illustrates the fragility of legitimacy and authority. The paper rehearses key parts of the chronology of the summit and argues that the politics of domination often prevail over the politics of legitimacy. Moreover, the way in which both science and politics have failed to legitimate the issue of climate change is explored. The paper closes with a discussion of what is required to fix the issue as legitimate and meriting serious action by major international agencies and economies.     

Are Investors Sensitive to the Quality and the Disclosure of Financial Statements?

This paper investigates the influence of Swiss firms'disclosure policy and of their financial analysts'coverage on stock price abnormal reactions to thepublication of the annual reports. It first showsthat, after controlling for the number of analysts,the absolute abnormal returns are significantly andpositively affected by the rating measure used as aproxy of the informational quality of annual reports.It furthermore emphasises asymmetry in therelationship between stock price abnormal reactionsand two informational variables, namely the quality ofthe firm's disclosure policy and its financialanalysts' coverage. It appears that while positiveabnormal returns are significantly and positivelyrelated to the rating variable, negative abnormalreturns are only affected by the number of financialanalysts. The inverse relationship between abnormalnegative returns and the financial analysts' coveragesupports the fact that competition among analystsreduces investors' adverse selection problem. Finally,the study evidences a non-linear relationship betweenrating and positive abnormal returns which ismeaningful for the ``good' and ``very good type' firmsand thus emphasises the signaling role played by afirm's financial disclosure policy.     

On the transient behaviour of the GI/G/1 waiting-times

Abstract

Consider a single-server queuing system, where the arrival intervals T_i and the service-times U_i of consecutive customers form two independent sequences of independent and equally distributed random variables. Assume that customers arriving when the server is busy line up and that they are then served in order of arrival. Let W_n be the waiting-time of the nth customer and suppose that the server is idle at the start, i.e. W₁ = 0. Put W = lim _n ∞ W_n when the limit exists. Furthermore, let F_n (?) be the c.d.f. of W_n and put EW_n =ω _n .     

A numerical comment on an upper bound for ruin probabilities

Abstract

In a paper by de Vylder (1977) an upper bound for the probability of ruin is constructed. A numerical example is given for a Poisson-process with claim d.f.=l-e?y , the operational time T=100, the premium loading λ=0.05 (c= 1.05) and the initial reserve u=50. In this case the limit is found to be ψ(u, T)?00.0025.     

How does economic integration influence employment and wages in border regions? The case of the EU enlargement 2004 and Germany’s eastern border

This paper considers the (short-run) employment and wage effects of the 2004 EU enlargement on firms located close to Germany’s eastern border. We use a 50% sample of Germans plants and apply difference-in-differences estimators combined with a matching approach. We evaluate changes in total employment, the employment shares of low-skilled and East European workers and the wages for low-skilled, skilled and high-skilled workers in various sectors. Our results suggest basically no short-run employment effects of the EU enlargement except for firms active in wholesale and retail trade, hotels and restaurants. We also find some evidence for a stronger employment of East European workers in almost all border firms, although the effects are quantitatively small. Negative wage effects are only found for skilled workers in consulting, research and related activities.     

Exporting against Risk? Theory and Evidence from Public Export Insurance Schemes in OECD Countries

This paper endeavours to find out in how far public export insurance schemes foster international trade. Thereto, a gravity equation is derived, which accounts for the risk of financial losses in case firms contract defaulting foreign buyers. Empirical results suggest that OECD countries issuing trade credits with generous state-guarantees did not, during the 1999 to 2005 period, witness more exports towards politically and commercially more unstable low-income countries. Rather, publicly indemnified trade finance has promoted exports, to a modest degree, towards high and middle-income countries, where financial intermediaries and markets provide viable alternatives to hedge against payment risks.