Arab‐related Bilateral and Multilateral Sources of Development Finance: Issues,Trends, and the Way Forward

This paper analyses the organisational structure as well as the characteristics of development finance provided by Arab donor countries. This is done with a comparative view in relation to western donors and with the aim to develop recommendations as to how Arab development finance can be strengthened and rendered more effective for the new millennium. In the 1960s and 1970s Arab donors established a variety of national and multilateral agencies. These agencies share many characteristics of their western counterparts, but some also exhibit distinctive features. Both in terms of absolute volume as well as generosity measured by aid as a percentage of GDP, Arab countries have been important donors in the past, even though recent years have seen a significant fall in Arab aid. Reversing this downfall in aid, targeting its aid better towards the poor and very poor recipient countries and raising the grant share and the concessionality of loans for these countries together with a reallocation of aid towards the social sectors of human development would render Arab aid‐giving more effective in terms of poverty alleviation and more in line with western aid. A greater willingness to participate in the ongoing discussions amongst western donors about the proper objectives and design of development finance would help Arab donorsto achieve the recognition they truly deserve. Closer cooperation with western donors would be a logical consequence of taking such a step. However, this would also need to be matched by a greater willingness on the part of western donors to take their Arab counterparts seriously as partners of development finance.     

A Multivariate Evaluation of Ex ante Risks Associated with Fed Cattle Production

The purpose of this paper is to evaluate production risks faced by fed cattle producers. We do this by jointly modeling a group of cattle production yield risk factors using a multivariate dynamic regression model. The proposed econometric model estimates parameters that influence the mean and variance of production yield factors, as well as the covariance between variables, while accounting for a high degree of censoring through the use of a dynamic multivariate Tobit model. The model provides insights into the relationship between production yield factors in fed cattle production.     

Heterogeneous Consumer Preferences for Turfgrass Attributes in the United States and Canada

This study investigates U.S. and Canadian consumer preferences and willingness to pay for turfgrass attributes and potential consumer market segments. Most studies focus on consumers’ preferences for low‐input turfgrasses at a state or regional level, but none have examined consumer preferences at a national or international level. In addition, we explore possible consumer preference heterogeneity and market segments. We find that one of the most influential turfgrass attributes for both U.S. and Canadian consumers is the ability to withstand foot traffic. Consumers’ preferences are greatly affected by maintenance attributes. Low mowing frequency, followed by water usage and fertilizer requirements, are considered the most important attributes for consumers. Generally speaking, many consumers are willing to pay high premiums for turfgrasses with lower maintenance requirements. Three consumer segments are identified based on participants’ heterogeneity in their preferences for turfgrass attributes: Balanced Consumers, Low‐input Conscious Consumers, and Appearance Conscious Consumers. Our results imply that breeding and promotion of low‐input turfgrasses species, which could benefit consumers and the environment, should receive greater attention from the turfgrass seed industry. Cette étude se penche sur les préférences des consommateurs américains et canadiens et leur volonté de payer pour des attributs du gazon, et les potentiels segments de marché grand public. La majorité des études se penche sur les préférences des consommateurs pour des gazons à faibles intrants au niveau de l′état ou régional. Aucune n'a encore examiné les préférences du consommateur au niveau national ou international. De plus, nous explorons l'hétérogénéité des préférences des consommateurs ainsi que les segments de marché. L'on constate que l'attribut du gazon ayant la plus grande influence sur les consommateurs américains et canadiens était la capacité de résister à la circulation piétonnière. Les préférences des consommateurs sont énormément influencées par les attributs d'entretien. La faible fréquence de tonte et les besoins en eau et en engrais représentent pour les consommateurs les plus importants attributs. En général, de nombreux consommateurs sont prêts à débourser plus pour des gazons qui nécessitent peu d'entretien. Trois groupes de consommateurs sont identifiés en fonction de l'hétérogénéité de leurs préférences pour les attributs du gazon: les consommateurs équilibrés, les consommateurs préoccupés par les faibles intrants et les consommateurs préoccupés par l'apparence. Les résultats suggèrent que la production et la promotion d'espèces de gazons à faibles intrants, bénéfiques pour le consommateur et l'environnement, devraient se trouver dans la mire de l'industrie semencière.     

Rock-paper-scissors and cycle-based games

The present work characterizes the unique Nash equilibrium for games that are based on a cyclic preference relation. In the Nash equilibrium of these games, each player randomizes between three specific actions. In particular, an alternative way of deriving the unique Nash equilibrium of the rock-paper-scissors game is proposed.     

An empirical analysis of the dynamic relationship between mutual fund flow and market return volatility

We study the dynamic relation between aggregate mutual fund flow and market-wide volatility. Using daily flow data and a VAR approach, we find that market volatility is negatively related to concurrent and lagged flow. A structural VAR impulse response analysis suggests that shock in flow has a negative impact on market volatility: An inflow (outflow) shock predicts a decline (an increase) in volatility. From the perspective of volatility–flow relation, we find evidence of volatility timing for recent period of 1998–2003. Finally, we document a differential impact of daily inflow versus outflow on intraday volatility. The relation between intraday volatility and inflow (outflow) becomes weaker (stronger) from morning to afternoon.     

Information Transfers across Same–Sector Funds When Closed–End Funds Issue Equity

This study examines the reaction of non–issuing, same–sector funds when a closed–end fund announces a seasoned equity offering. The non–issuing, same–sector funds have a significant, negative announcement–day abnormal return. The abnormal returns for U.S. debt funds are less negative than U.S. equity and international debt funds. The abnormal returns for international debt funds are more negative than international equity funds. Announcement–day abnormal returns are directly related to the announcement–day abnormal return of the issuing fund and the premium/discount of the issuing fund. Announcement–day abnormal returns are inversely related to the premium/discount of the non–issuing, same–sector funds.     

ASEAN and CHINA will work together to develop new energy

In the 2008 Pan-Beibu Gulf Economic Cooperation forum, MrNicholas Darmman, Deputy Secretary-General of ASEAN Secretariat, is one of the guests who the Chinese and foreign reporters are most concerned about, participated in a total of two Pan-Beibu Gulf Economic Cooperation forums： and he was an observer to attend the 2008 Pan-Beibu Gulf Economic Cooperation forum last year.     

The Interaction Between Efficiency Wage Theories and Labour Turnover Costs

We develop a simple model to illustrate how the effects of turnover costs on wages can be reinforced by an efficiency wage effect. The insider–outsider theory explains why labour turnover costs allow the insiders to earn higher wages than outsiders. According to the efficiency wage theory, higher wages enhance the insiders' productivity. Therefore, the costs of replacing an insider by a low–paid, low–productivity outsider are increased, which allows the insiders to raise their wages further. Again, higher wages increase insiders' productivity, which allows them to earn still higher wages, and so on. Thus, the existence of a link between effort and wages can reinforce the effects of labour turnover costs on wages.