Corporate governance and incidences of listing suspension by the JSE Securities Exchange of South Africa: An empirical analysis

We examine the association between corporate governance structures and incidences of listing suspension from the JSE Securities Exchange of South Africa. Using a matched-pairs research design, we compare 81 firms suspended between 1999 and 2005 to an equal number of control firms matched in terms of time, size and industry. Employing a conditional logistic model, we find that the likelihood of suspension is higher in firms with a smaller proportion of non-executive directors, without an audit committee, and with greater block-share ownership and higher gearing (i.e. leverage). Further analysis splitting block-share ownership into institutional and non-institutional investors provides mixed results. While we find a positive association between suspension and non-institutional investors, we observe no association with institutional investors. No association is detected for board size, role duality, directors' share ownership, auditor quality and return on assets. Given the paucity of studies examining listing suspension from stock exchanges and corporate governance mechanisms, these findings contribute to the literature. Additionally, the dearth of research on corporate governance in developing countries suggests that our findings have important implications for policy makers in these countries as they endeavor to improve corporate governance.     

How do income and education affect health inequality: evidence from four developing countries

Using household survey data from four countries ? Albania, Nepal, Tajikistan and Tanzania ? this article calculates income-related inequality in health care utilization. We measure health disparity separately for generally and chronically ill individuals by constructing two models: one for the probability of a visit to a physician and another for the number of visits. Following model-based measurements, we decompose inequality into two major parts: one accounted for by identity-related factors and another by socioeconomic and other factors such as education, geography and distance to a clinic. We propose a new method to quantify the effect of changes in income and education on health disparity. One of our important findings suggests that health disparity is pro-rich in all our sample countries. The pro-rich disparity is prevalent among generally ill as well as chronically ill patients, in both visit probability and visit frequency models. Health inequality seems primarily driven by income differences followed by nonidentity factors. Further, the principle of equal treatment for equal need is not fulfilled in any of our countries. Among policy implications, increasing average income and education in a way that also reduces disparity in income and education, respectively, will substantially shrink inequality in health care utilization.     

Agricultural taxation in developing countries: a survey of issues and policy

This study surveys the experience of agricultural taxation in developing countries in the context of the ongoing policy debate about the tax structure and administration affecting agricultural producers. Using the examples of a number of countries, it analyzes the conceptual and practical problems associated with different tax regimes. Governments in most countries have reduced indirect (export) taxes on agricultural producers. However, the revenue from direct taxes on farmers has not increased. A major problem in most countries has been the measurement of (actual) agricultural income. Different measures for presumed income have been used with varying success. They seem to have the most potential for increased revenue in many countries, but their effective implementation is constrained by the political and administrative considerations.     

The Importance of the Exchange Rate Regime in Limiting Misalignment

This paper explores how the choice of a country’s exchange rate regime may affect exchange rate misalignment for developing and developed countries. A measure of misalignment is obtained by using a panel cointegration vector estimator. This paper finds that for developing countries, an intermediate exchange rate regime (a regime falling somewhere between a pure float and a hard peg) is most effective in preventing exchange rate misalignment. Additionally, the choice of an exchange rate regime as a means to limit misalignment matters for developing countries, but does not seem to matter for developed countries.     

Road safety impacts of the motorcycle in Brazil

Brazil has had high indices of traffic injuries and deaths since the 1950s, mostly related to the increasing and irresponsible use of the automobile. Upon approval of the Brazilian Transit Code (CTB) in 1997, traffic injuries and deaths began to diminish, despite an increase in vehicle fleet size, a phenomenon that had never occurred previously. Concurrently, starting in 1991 and with a great intensity after 1996, there has been a sizeable increase in motorcycle production and use, facilitated and encouraged by public officials. Between 1995 and 2000 annual sales figures for motorcycles doubled and reached 2 million units in 2008. Traffic deaths associated with motorcycles increased exponentially, rising from 725 in 2006 to 10,143 in 2010, eliminating the advances gained by the CTB in reducing auto-related injuries. This article analyses the process and its impacts on road safety. The first part summarises the main public policy decisions related to the theme. Part two analyses changes in traffic safety after the introduction of this new technology. Part three looks at the possible political, economic and social motives that lie behind this process. The final part suggests solutions to the great prejudice caused to society and the nation.     

Commentary. Stuck in low GEAR? Macroeconomic policy in South Africa, 1996-98

Despite its ideology while in opposition, once in power theANC government implemented an orthodox macroeconomic policywhich stressed deficit reduction and a tight monetary policy,combined with trade liberalisation. The stated purpose of thispackage (the Growth, Employment, and Redistribution programme,or GEAR) was to increase economic growth, with a 4.2% rate programmedfor 1996-2000. At mid-term of the programme, growth remainedfar below this target. The GEAR's lack of success cannot beexplained by unfavourable external factors; rather, the disappointingperformance seemed the result of fiscal contraction and excessivelyhigh interest rates.     

Implementation and imbalance: dealing with hangover from the Uruguay Round

The Uruguay Round agreements impose bound obligations to implement,but provide only unbound promises of assistance—is therea legal solution within the WTO legal system, i.e. can implementationassistance be made a legal obligation? The author concludesthat the Doha negotiations on trade facilitation and on aidfor trade demonstrate that such a legal arrangement cannot beconstructed. This is not, however, a problem; the internationalcommunity has provided extensive trade-related assistance throughbilateral and multilateral development agencies. Regarding theoverall Uruguay Round imbalance (developing countries gave morethan they got), failure of the international community to acknowledgethat the imbalance stems in major part from the WTO agreementon intellectual property (TRIPS) has retarded a general making-up.     

新时期我国发达地区城市停车现状问题及规划对策分析——以昆山市为例

停车设施作为城市综合交通中的重要环节越来越受到人们的重视,尤其在我国发达地区城市,随着城市机动化的迅猛发展,停车问题正越来越突显出来。本文以昆山市为例,从昆山停车调查分析入手,总结了我国发达地区城市目前停车问题普遍存在的主要问题以及产生这些问题深层次的症结,并针对性地提出规划的主要对策,用新的规划理念和方法来缓解城市停车难问题。     

发展中国家的竞争政策与产业竞争力培养

一般而言.竞争政策是一国产业竞争力的制度基础,但发展中国家产业发展的基础和国际竞争环境使发展中国家政府注重运用选择性干预作为产业竞争力培养的手段,这种选择性干预与竞争政策存在矛盾和冲突.导致了发展中国家竞争政策与竞争法价值与目标的多元化,造成了竞争机构效率低下及竞争法司法裁决的不确定性.发展中国家的竞争机构应当坚持将维护和促进竞争作为竞争政策的价值,将经济效率作为竞争政策的目标.同时通过设定特殊豁免为政府的选择性干预预留空间,并降低这种选择性干预的随意性,从而使竞争政策在产业竞争力培养过程中发挥应有的积极作用.