Stock market comovements around the Global Financial Crisis: Evidence from the UK,BRICS and MIST markets

This paper analyses stock market co-movements around recent crises and explores the international portfolio diversification benefits available for UK investors holding a portfolio in the BRICS and MIST emerging markets. The application of conventional and regime-switch cointegration techniques suggests an absence of diversification benefits. Further evidence from application of a multivariate time-varying asymmetric model (i.e. AG-DCC) suggests that conditional correlation among the stock markets exhibits higher dependency when it is driven by negative shocks to the market. The asymmetric causality test provides supporting evidence of the decoupling hypothesis. The results indicate that the Chinese stock market is the most attractive option for the UK investor.     

内蒙古财经学院国际贸易专业全面实施双语教学分析

内蒙古财经学院国际贸易专业推行双语教学是顺应我区高等教育与国际接轨和改革发展和培养国际化高级人才的需要。本文从国际贸易专业的性质出发,分析了该专业实施双语教学的必要性。同时,对该专业实施双语教学中存在的问题进行探讨并有针对性地提出了发展双语教学的策略。     

Equity financing activities and European value-growth returns

This paper extends the U.S. evidence in Bali et al. (2010) to European stock markets. Like in the United States, European value-growth returns are strongly dependent on the valuation signals contained in the firm’s equity financing activities. The high returns of value firms are due to value purchasers, while the low returns of growth firms are due to growth issuers. Among value issuers and growth purchasers, there exists no value premium at all. The large return difference between value purchasers and growth issuers cannot be explained by common risk factors. However, employing Piotroski and So’s (2012) recently proposed market expectation errors approach shows that the observed value-growth returns can be attributed to mispricing.     

Transformations of the Romanian agricultural paradigm under domestic economic policy reforms: An analysis during 1960–2011

The main aim of this paper is to investigate the transformations of the Romanian agricultural paradigm under the domestic economic policy reforms. An econometric approach is adopted by analyzing the evolution of Romanian agriculture between 1960 and 2011 from the perspective of its implications on residential land economy. This methodological choice relies on its high degree of applicability and its ability to reveal the massive transformation of the Romanian agricultural paradigm during the period under focus. Two regression models have been developed in the attempt to analyze the evolution of total value added and labor productivity in agriculture. The results obtained during the research confirm that Romanian agriculture exhibits determinant and significant elements able to trigger a massive change of paradigm.     

Assessment of land use compatibility and noise pollution at Imam Khomeini International Airport

This study aimed to investigate land use planning around airports, by employing Remote Sensing (RS) and Geographic Information Systems (GIS), in conjunction with an optimization algorithm using an Integrated Noise Model (INM) software, to establish the potential effects of aircraft noise at Imam Khomeini International Airport (IKIA) in Tehran. We also checked for land use compatibility with the noise levels around IKIA and the residents' reaction to the noise. The research was carried out in three stages: a) the establishment of Strategic Noise Map (SNM) scenarios of the airport operation in the years 2011, 2020 and 2030 using the INM software; b) the assessment of the results with emphasis on the study area land uses and application of RS and GIS and the exposure of residents at different levels of environmental noise; and c) the assessment of the intensity of aircraft noise annoyance at various times of day and night. The results indicated that developing IKIA together with the residential development will increase airport noise. Hence proper management and control of noise at IKIA is essential.     

International educational tourism: Does it foster global learning? A survey of South African high school learners

International educational tourism has the potential to foster global learning; however, very little empirical research exists to support this claim. This study responds to the growing demand in the literature for rigorous empirical research to test the underpinning assumption of IET. A global learning survey instrument is developed and completed by 1152 Grade 11 learners in 16 South African exclusive high schools. In doing so, this paper demonstrates that some types of IET are more conducive to global learning than others. Furthermore, for significant global learning to occur, educational tourism needs to be facilitated and cultural difference needs to be experienced.Personality traits that include curiosity, altruism, and being open-minded to new experiences, are identified as predictors of global learning, but the effect of school-based academic achievement is small.Additionally, through the synthesis of educational tourism, international education, experiential learning and global learning theories, the concept of IET is developed.     

Mitigation of diffuse water pollution from agriculture in England and China,and the scope for policy transfer

This paper evaluates the existing policy frameworks for mitigation of diffuse water pollution from agriculture (DWPA) in England and China. With reference to a conceptual model of the process of policy transfer or international lesson drawing, and possible constraints to this, it assesses whether and how China can draw lessons to improve current policy from the supra-national and national provisions of the EU and a member state that by 2016 had comprehensively implemented EU agricultural and environmental policy. DWPA is first analysed as a public policy challenge to inform specification of a generic framework for its mitigation. The current policy frameworks for mitigation of DWPA in England and China are evaluated, and their potential for improvement is assessed. A number of barriers to lesson drawing for regulation, incentive payments schemes and advice provision are diagnosed. These barriers are potentially least in relation to advice provision and its use to promote voluntary action by farmers. Given its structure and capabilities the public agricultural extension system in China is also recognised as a key resource. A focus on three policy approaches to mitigate DWPA in China is recommended: i) targeted regulation to a ‘reference level’ of large intensive livestock, and ultimately other large commercial farms; ii) strategic use of incentive payment schemes to protect water resources from DWPA; and iii) re-orientation of the ethos and modalities of operation of the extension system, informed by international lesson drawing, with the aim of rebalancing farm productivity and environmental protection.     

An investigation of the cross-border supplier development process: Problems and implications in an emerging economy

This paper is concerned with supplier development in an emerging-market. The context of the study is the interaction between Pakistani suppliers and Japanese automotive manufacturers in equity joint ventures operating in Pakistan. Using a novel approach, drawing data from buyers ‘and’ suppliers, the paper presents a three-stage (evaluation, exploration and interactive) teleological process theory that highlights the key relational, knowledge transfer, and operational factors that signify each stage. Key conclusions are drawn as to the importance of relational ties, and the early importance of absorptive capacity. Notions of stasis implied by predominantly cross-sectional research into supplier development are challenged and the findings reveal many factors that demonstrate temporal dynamics. The paper also highlights CSR dilemmas for developed-country investors who are establishing supplier development programmes in developing economies.     

Knowing your boundaries: Integration opportunities in international professional service firms

This study presents three different business models (continuous, repetitious, and unique) identified in international professional service firms that pursue a transnational strategy. These business models have varying opportunities for global integration. We extend the integration–responsiveness framework by offering a framework for analyzing how to balance global integration with local responsiveness when pursuing a transnational strategy. By identifying the content, structure, and governance transactions of the three business models, we can determine when to pursue headquarters-initiated global integration and when to choose strategies that ensure local responsiveness and subsidiary competitiveness in local markets.     

Does the Decoupling Reform Affect Agricultural Employment in Sweden? Evidence from an Exogenous Change

This study uses aggregated municipality data, for the years 2001–2009, to explore whether direct payments to farmers affect agricultural employment in Swedish municipalities. The decoupling reform in 2005 included a new grassland support payment accompanied by management obligations that had unexpectedly high redistributive consequences as it greatly increased common agricultural policy payments to municipalities with large areas of grassland. In some municipalities, total payments more than doubled. Thus, since the reform seems exogenous to the behaviour of farmers and the regional economy, the reform can be used to identify a subsidy effect. We find that a permanent increase in agricultural employment can be attributed to the new grassland support. Our results indicate that the grassland support generates an additional job at a cost of SEK 250,000, relative to the average agricultural wage of SEK 333,000. However, the subsidy effect is largely keeping jobs in agriculture, i.e. the grassland support may be slowing down the process of structural change in grassland regions.