German rail vehicle construction in the context of market globalisation

Conclusion In the guise of ABB Daimler-Benz Transportation and Siemens, Germany has two powerful systems suppliers in a good position to keep pace with other systems suppliers on global markets. As in the air-travel industry it is conceivable that developments are moving towards a uniform rail technology. Although the buy national principle still dominates procurement practices, and national egos still dominate the development of rail systems (ICE, TGV), growing competition from Japan could force Europe to develop a European system. This would significantly increase the chances of European industry in bidding for international contracts. For this reason the EU should not relent in its efforts to standardise European rail systems.     

Business Rescue in Insolvency Law in Europe: Introducing the ELI Business Rescue Report

In a European study, written under the auspices of the European Law Institute, the authors have designed elements of a legal framework that will enable the further development of coherent and functional rules for business rescue in Europe. Based on the recommendations of international organisations, such as UNCITRAL and the World Bank, as well as the insolvency laws of EU Member States, comparative research has led to a lengthy report of 10 chapters and more than 100 recommendations which are described in this article. They range from the need for professional and honest parties involved in the process (insolvency practitioners, turnaround managers, courts and company directors) to the evaluation of specific tools (such as a stay on enforcement actions of creditors and forms of available finance) and procedural safeguards to enable serious rescue efforts of viable businesses, while protecting justified interests. Copyright © 2018 INSOL International and John Wiley & Sons, Ltd.     

Improving the efficiency of monitoring adherence to antiretroviral therapy at primary health care level: a case study of the introduction of electronic technologies in Guguletu,South Africa

This paper presents a case study of the efficiency gains resulting from the introduction of electronic technologies to monitor and support adherence to highly active antiretroviral therapy (HAART) in Guguletu, South Africa. It suggests that the rollout of HAART to such resource-poor communities can be assisted significantly by the introduction of modified cellphones (to provide home based support to people on HAART and improve the management of adherence data) and simple bar-coding and scanning equipment (to manage drug supplies). The cellphones have improved the management of information, and simplified the working lives of therapeutic counsellors, thereby enabling them to spend less time on administration and to devote a constant amount of time per patient even though their case loads have risen threefold. It has helped integrate the local-level primary health service provision of HAART with the kind of centralised data capture and analysis that could potentially support a national HAART rollout.     

CURRENCY BOARD ARRANGEMENTS AS A SUPER‐FIXED ALTERNATIVE IN THE CHOICE OF EXCHANGE RATE REGIME1

Currency board arrangements (CBAs) are currently widely proposed as a super‐fixed exchange rate solution to exchange rate volatility. This paper researches the nature, operation, benefits and disadvantages of CBAs. Benefits comprise improved policy credibility, lower inflation and interest rate levels, increased economic growth, increased foreign capital flows, and sharply reduced currency speculation. These are compared with the shortcomings of CBAs, such as the absence of a lender of last resort, real exchange rate misalignments and their consequences for the economy. The paper identifies the type of country that would be the most likely candidate to benefit from a CBA.     

The Role of Beta and Size in the Cross-Section of European Stock Returns

This paper examines the ability of beta and size to explain cross-sectional variation in average returns in 12 European countries. We find that average stock returns are positively related to beta and negatively related to firm size. The beta premium is in part due to the fact that high beta countries outperform low beta countries. Within countries high beta stocks outperform low beta stocks only in January, not in other months. We reject the hypothesis that differences in average returns on size- and beta-sorted portfolios can be explained by market risk and exposure to the excess return of small over large stocks (SMB). Consistent with recent US evidence, we find that after controlling for size, there is no association between average returns and exposure to SMB.     

STOCK MARKET SEASONALITY AND TAXES: AN EXAMINATION OF THE TAX-LOSS SELLING HYPOTHESIS

Recent empirical studies have found evidence that supports the tax loss selling explanation of seasonal effects in stock returns. Using other test procedures, the present authors conclude that the support found in other studies is likely to be the result of spurious correlation between returns of stocks selected as tax-loss selling candidates and the January returns of these stocks.