Foot-and-mouth Disease and Trade Restrictions: Latin American Access to Pacific Rim Beef Markets

Owing to their eradication of foot-and-mouth disease Argentina and Uruguay have recently been granted access to the fresh beef markets of the United States and Canada. This raises the prospect of Latin American suppliers gaining access to other Pacific Rim markets, and of increasing the integration of the Pacific and non-Pacific beef markets. A two-commodity spatial equilibrium model is constructed for the base year 1995. Projections are then made for the year 2001 under various policy and other scenarios. In some instances, major changes in trade patterns may result.     

China's agriculture,smallholders and trade: driven by the livestock revolution?*

China's sustained rapid economic growth and development has contributed to the surge in consumption and production of livestock in that country  termed the livestock revolution. Consumption trends are first reviewed, and changes in food consumption patterns include a marked shift away from grains and towards meats and dairy products. A question is to what extent this rapid increase in demand for livestock products is reflected in China's agri‐food trade statistics? While her agri‐food imports have dramatically increased since China's accession to the WTO, livestock products have not made a noticeable contribution, although the import of certain animal feedstuffs has. This implies China's continuing self‐sufficiency in most livestock products. The paper next considers developments in China's livestock farming sector and policies that have been contributing to these supply‐side developments. The paper concludes with an examination of issues that may be important to the future development of China's, and the world's, livestock situation;  this includes future demand developments, and the question of whether future demand growth in China might be met with local production, imports of final product, and/or imports of feedstuffs.     

PROFIT MAXIMISATION AND IMPERFECT COMPETITION—AN APPLICATION OF QUADRATIC PROGRAMMING TO HORTICULTURE*

This paper discusses the determination of profit-maximising behaviour under conditions of imperfect competition in product and/or factor markets. After stating a quadratic programming model which restricts product demand and factor supply functions to a linear form, an empirical application to a New Zealand nursery firm is discussed. It is concluded that such quadratic programming models should have an important role to play in horticultural management     

Comparative assessment of tourist generating markets for New Zealand

Portfolio analysis has become a widely used strategic planning tool in many industries during the past decade. Strategic decisions in the tourism industry include issues such as which markets are most attractive (e.g. have greatest visitor expenditure potential); in which markets are a specific country's “products” most competitive; how promotional budgets should be allocated for greatest effectiveness; and what the promotional message should convey. Industry Attractiveness Analysis—a flexible variety of portfolio analysis—has been applied to the generating countries which supply tourists to New Zealand in an illustrative case study. Both national level and individual company applications are described and illustrated in 3 × 3 matrix form. These diagrams are, in themselves, a good communication mechanism which encourages rational, strategic thinking about managerial decisions and resources allocations. Past, present, and future situations can be portrayed in a graphically useful manner.     

Comovement and investment banking networks

We test the hypothesis that investment banking networks affect stock prices and trading behavior. Consistent with the notion that investment banks serve as information hubs for segmented groups of investors, the stock prices of firms that use the same lead underwriter during their equity offerings tend to move together. We also find that when firms switch underwriters between their initial public offering (IPO) and a seasoned equity offering (SEO), they comove less with the stocks associated with the old bank and more with the stocks associated with the new bank. This change in comovement is greater for stocks completing their first SEO and for those experiencing large changes in institutional ownership.     

Determinants of intra-firm trade: A search for a theoretical framework

This article establishes a theoretical framework to explain the underlying conditions for intra-firm trade phenomenon. Despite an increasing importance of intra-firm trade as a new mode of international exchange, its nature and implications have not yet been investigated seriously and appropriately. Traditional explanation of international trade offers little help in understanding this new phenomenon of international exchange. Using the transaction cost paradigm and its international application as well as the eclectic model of international production, this study identifies major determinants of the intra-firm trade. Also presented are some testable hypotheses within the theoretical framework thus developed.