The assessment of the impact of oil palm and rubber plantations on the biotic and abiotic properties of tropical peat swamp soil in Indonesia

Current intensification of agricultural activities in Indonesia has led to increased use of tropical peat swamp forests for agriculture. Ideally, peat swamp ecosystems should not be disturbed as they provide essential services such as soil erosion control, ecosystem stabilization and moderation of climate and energy fluxes as well as reducing carbon emission and conserving biodiversity. In this study, agricultural land from Giam Siak Kecil–Bukit Batu Biosphere Reserve in Indonesia was evaluated to assess the impact of oil palm (burning and without burning) and rubber (5–10 and >40 years old) plantations on soil properties through comparisons with soils from a natural forest (NF). Substantial changes in the physico-chemical properties of soils from both plantations were observed including significant reductions in soil organic matter (4–18%) and water holding capacity (22–53%), but an increase in bulk density (ρb) (0.08–0.17?g?cm^?3). A significant increase in bacterial biomass was also observed following conversion of the NF to plantation (p<0.05). However, the oil palm plantation (OPP) (without burning) showed reduced microbial activities and the lowest Shannon diversity values (2.90) compared to other samples. Community-level physiological profiling showed impaired community function only in soils from the OPP but higher CO₂ exchange rates in most plantation soils. Soils from the rubber plantation (RP) were less impaired in terms of their natural function and therefore RPs appeared to be more suitable for sustainable agricultural use than OPP.     

Dynamic financial contracting with persistent private information

We study a dynamic agency model where the agent privately observes the firm's cash flows that are subject to persistent shocks. We characterize the policy dynamics and implement the optimal contract by financial securities. Because bad performance distorts investors' beliefs downward, the agent has less incentive to misrepresent information. The agent's compensation is less than what he can divert and is convex in performance. As private information becomes more persistent, (i) the agent is compensated more by stock options; (ii) firm credit limits vary more with history, dropping after bad performance; (iii) the firm is financially constrained for longer time.     

The evolution of telecommunications policy-making: Comparative analysis of China and India

This paper is a comparative analysis of the telecommunications policy-making process in China and India. Adopting an institutionalist perspective and multi-streams framework, the paper analyzes the formal structures, rule-making procedures and interest groups involved in telecommunications policy-making in the two countries, in terms of their evolution over the last two decades. Though the two systems began this period with a somewhat similar ministerial-bureaucratic decision-making model, and faced similar problems of assimilating new interest groups and responding to international pressures, the paper finds that the decision systems in the two countries evolved in significantly different directions. China's telecommunications decision-making is significantly affected by the macro level political rearrangement and is more likely to be non-incremental. On the other hand, confronted by an increasingly litigious environment and a more fractious interest group culture, India represents a somewhat classical textbook case of incremental policy making. Nevertheless, numerous challenges remain in both countries, including institutional capacity and excessive regulatory deference to political authority.     

Regulatory governance in African telecommunications: Testing the resource curse hypothesis

This paper examines regulatory governance in the context of African telecommunications. Though there is already a substantial literature devoted to the regulatory practices in developing countries, it generally conceptualizes the quality of regulation as an exogenous policy variable that affects the performance of the telecommunications sector or treats it as a normative recommendation to improve performance.     

Impact of cooperative membership on market performance of Nepali goat farmers

In developing countries, agricultural cooperatives are increasingly used by farmers as a mechanism to gain market power in input and output markets. To assess the impact of cooperative membership on market channel selection and pricing outcomes, we conducted a survey of 661 Nepali goat farmers in 2019–20 and applied an endogenous switching probit model to analyze the data. Our findings indicate that cooperative membership had a significant and positive influence on farmers choosing cooperatives as their market channel. Additionally, farmers who sold their goats through cooperatives received significantly higher prices than those who sold through local markets or to goat collectors. We also observed that farmers who had access to price information were able to obtain better prices for their goats. Overall, our study highlights the potential benefits of promoting cooperative membership and marketing through cooperatives, as these efforts can help farmers improve the returns on their agricultural investments.     

Mitigating the Influence of Analysts Who Issue Aggressive Stock Price Targets: The Role of Joint Versus Separate Evaluation*

Investors frequently rely on individual analysts' stock price targets. Aggressive price targets often reflect analysts' attempts to strategically influence investors. Therefore, investors' welfare may be compromised if they take aggressive price targets at face value. In this study, we examine conditions under which investors are more likely to infer that analysts who issue aggressive price targets are acting strategically. Investors can evaluate multiple analysts' price targets with or without other related information (e.g., earnings estimates). Investors can also evaluate the information provided by multiple analysts jointly or separately one analyst at a time. Two experiments find that as predicted, when investors evaluate multiple analysts' price targets without earnings estimates, there is no difference in investors' perceptions about whether the aggressive analyst is acting strategically across joint versus separate evaluation. However, also as predicted, when investors evaluate multiple analysts' price targets along with their earnings estimates, investors perceive the aggressive analyst as acting more strategically under joint evaluation than under separate evaluation. Our findings suggest that jointly evaluating multiple analysts' price targets with other related information, such as earnings estimates, can reduce the likelihood that investors would be overly influenced by aggressive analysts.     

Preference for rural living environment improvement initiatives in China

The Chinese government has launched the Rural Living Environment Improvement Initiative (RLEII) to solve the poor living conditions in rural areas. The initiative enhances rural greenery; provides sanitary toilets; and promotes proper disposal of animal manure, sewage, and household waste in rural areas. We collected data using in-person interviews with 938 rural residents in Xinjiang, China, to elicit their preference, preference intensity, and preference heterogeneity for RLEII. Results indicated that rural residents prefer to see shortcomings of the RLEII addressed. Rural greening construction is identified with the highest preference intensity. We also find significant heterogeneity in rural residents' preferences for each attribute of RLEII. The preference heterogeneity is rooted in the region's economic condition (poor vs. nonpoor region). It is essential to understand rural residents' choice for rural public goods supply and to respect their preference intensity, sequence, and heterogeneity for RLEII to enhance the implementation performance. We discuss the implications of these findings.