Developing Countries as Plaintiffs and Defendants in GATT/WTO Trade Disputes

Developing countries have been increasing their participation in the formal institutions and proceedings of the multilateral trading system. A prominent example is their more frequent involvement as defendants and plaintiffs in GATT/WTO trade disputes. This paper provides an initial economic appraisal of developing country performance in the GATT/WTO dispute settlement system. We measure the economic resolution of these disputes through trade liberalisation gains, and our results suggest that developing country plaintiffs have had more success under WTO disputes than was the case under the GATT. We also document evidence on potential determinants of this success: the capacity for plaintiffs to make credible retaliatory threats and the guilty determinations by GATT/WTO panels. Finally, there is also some evidence that developing countries have recognised the importance of retaliatory threats and have responded by changing their pattern of dispute initiation under the WTO to better take advantage of the instances in which they have sufficient leverage to threaten retaliation and induce compliance with GATT/WTO obligations.     

The beneficial effects of storage on the quality of wastewater for irrigation: a case study in Sicily.

Although the main function of reservoirs in agriculture is to allow the storage and temporal shifting of large volumes of waters, further benefits emerge from their application in wastewater reuse systems. In fact, as observed in several other studies carried out on such complex natural systems, the storage period, under proper conditions, can lead to a significant improvement of the water quality for irrigation thanks to concurrent physical, chemical and biological processes. In order to investigate the reservoir dynamics, an experimental research was carried out in a farm reservoir (volume of 11,000 m3, maximum depth of 6.3 m and mean depth of about 5 m), receiving treated wastewater and subject to scheduled highly variable input to volume ratios, in order to observe the broadest range of behaviour responses. Specifically, over a monitoring period lasted 4 months, the reservoir was operated as a standard batch reactor in the first and third phases and as a continuous flow reactor in the second one. Based on correlation analysis between the chemical, physical and biological water parameters and operational ones, a new operative index is proposed which integrates the morphological characteristics of the tank and the management ones, and shows a significant correlation with the qualitative characteristics of the stored water.     

Polynomial approximations in cross-sectional models

The time-series distributed lag techniques of econometrics can be usefully applied to cross-sectional, spatial and cross-section time-series situations. The application is perfectly natural in cross-section, time-series models when regression coefficients evolve systematically as the cross-section grouping variable changes. The evolution of such coefficients lends itself to polynomial approximation or more general smoothing restrictions. These ideas are not new, Gersovitz and McKinnon (1978) and Trivedi and Lee (1981) providing two of the earliest applications of cross-equation smoothing techniques. However, their applications were in the context of coefficient variation due to seasonal changes and this may account for the non-diffusion of these techniques. The approach here is illustrated in the context of age-specific household formation equations based on census data, using Almon polynomials when the regression coefficients vary systematically by age group. A second application is provided, using spatial data, explaining the incidence of crime, by region; using polynomial and geometric smoothing to model distance declining regional effects.     

Cognitive processing models in performance appraisal: evidence from the Malaysian education system

The effectiveness of the decision‐making process in appraisal has been of long‐standing interest. This paper reports the results of research exploring the extent to which those undertaking appraisals apply systematic processes to their decision‐making, represented in terms of the cognitive processing models applied by appraisers. Results of 22 cognitive mapping interviews exploring appraisal practice, undertaken with appraisers in the Malaysian education system, are described. The resultant cognitive maps have been explored for what they tell us about the cognitive processing models underlying appraisers' decision‐making. Results suggest that the practice of appraisal evidenced in interviews demonstrates the presence of cognitive processing that reflects theoretical cognitive processing models, although some differences are observed between less experienced and experienced appraisers' models. Implications from the interview findings for the practice of appraisal are identified.     

Exact Ruin Probabilities and the Evaluation of Program Trading On Financial Markets

For a compound Poisson process with negative drift and jump distribution consisting of a mixture of exponentials on [0) and on (-, 0), an exact expression is derived for the probability of hitting the level c, c > 0. the problem is motivated by modeling the returns from trading on financial markets.     

THE EFFECTS OF THE INSIDER TRADING SANCTIONS ACT OF 1984: THE CASE OF SEASONED EQUITY OFFERINGS

Previous empirical research indicates that corporate insiders tend to increase (decrease) their shareholdings before events that increase (decrease) firm value. More recent evidence suggests, however, that passage of the Insider Trading Sanctions Act of 1984 (ITSA) may have deterred this behavior. Our results indicate that before passage of the ITSA, insiders exploited their access to nonpublic information by selling shares before the announcement of equity issues. However, after passage of the ITSA insiders no longer displayed this behavior. We conclude the ITSA has a deterrent effect, which is more heavily concentrated on insiders at the highest level of the firm who are most visible to regulators and other market participants.     

Setting-up a cost recovery system for the largest wastewater treatment plant in South-East Asia.

A tariff system has been set up for the largest wastewater treatment plant in South-East Asia, the Samut Prakarn Wastewater Treatment Plant south of Bangkok, which is currently under completion. Fully functional the plant will have a design capacity for 500,000 m3 per day and will service a combined residential and industrial area with approximately 600,000 residents and 2,300 factories. The tariff system, which includes a tariff model, is based on water consumption and BOD load. As background for setting the tariffs a comprehensive monitoring system including an industrial permitting system has been developed. The paper presents the background and rationale for setting up the system as well as the objective, scope and content of the tariff system and the industrial permit system. Further, the feasibility of introducing cost recovery systems, which is widely accepted in developing economies on the conceptual level and to some extent implemented at the legal and regulatory level, but has yet to be implemented at large, is discussed.