Portfolio diversification and share price behavior : some evidence from the Taiwan Stock Exchange

This dissertation consists of four separate but closely related studies which investigate different aspects of share price behavior on the Taiwan Stock Exchange over the period 1980-89: 1.The benefits of diversification available to investors using the Markowitz model and the Single Model Index. 2. The applicability of the CAPM to the TSE over the decade. 3. Regularities in proce sequences. 4. Market reaction to the announcements of stock dividends, right issues and combinations of both.

A principal components analysis of New Zealand Board compostion : factors that influence an export strategy

Principal Topic Internationalisation strategies are important for company expansion because New Zealand, with its four million people, has such a small market. There may or may not exist ”agency costs” in the use of Outside Directors. Ownership patterns may also influence Internationalisation.

Methodology/Key Propositions This study uses Principal Component Analysis both in a grounded theory approach and in a confirmatory approach.

Results and Implications We find evidence that in New Zealand, contrary to some previous research elsewhere, outside Directors actually have less influence on Internationalisation than Inside Directors. Private ownership also seems to have a greater association with Internationalisation than other ownership types. A highly reliable sample of 1989 New Zealand company directors showed that such factors as gender, age and location and even industry sector were irrelevant. Two factors were important in explaining whether a company goes off-shore. These are the size and magnitude of the company as well as the ownership type and role of the CEO. In essence, this study validates New Zealand’s present strategy of ”picking winners”, that is, selecting firms based upon factor components. This study adds strength to that strategy because it identifies the concrete components that should be taken into account when picking companies for special treatment, e.g. export promotion.

New insights into protein export in malaria parasites

In order to survive and promote its virulence the malaria parasite must export hundreds of its proteins beyond an encasing vacuole and membrane into the host red blood cell. In the last few years, several major advances have been made that have significantly contributed to our understanding of this export process. These include: (i) the identification of sequences that direct protein export (a signal sequence and a motif termed PEXEL), which have allowed predictions of the exportomes of Plasmodium species that are the cause of malaria, (ii) the recognition that the fate of proteins destined for export is already decided within the parasite's endoplasmic reticulum and involves the PEXEL motif being recognized and cleaved by the aspartic protease plasmepsin V and (iii) the discovery of the Plasmodium translocon of exported proteins (PTEX) that is responsible for the passage of proteins across the vacuolar membrane. We review protein export in Plasmodium and these latest developments in the field that have now provided a new platform from which trafficking of malaria proteins can be dissected.

Protein export in Plasmodium parasites : from the endoplasmic reticulum to the vacuolar export machine

It is somewhat paradoxical that the malaria parasite’s survival strategy involves spending almost all of its blood-stage existence residing behind a two-membrane barrier in a host red blood cell, yet giving considerable attention to exporting parasite-encoded proteins back across these membranes. These exported proteins are thought to play diverse roles and are crucial in pathogenic processes, such as re-modelling of the erythrocyte cytoskeleton and mediating the export of a major virulence protein known as Plasmodium falciparum erythrocyte membrane protein 1 (PfEMP1), and in metabolic processes such as nutrient uptake and solute exchange. Despite these varied roles most exported proteins have at least one common link; they share a trafficking pathway that begins with entry into the endoplasmic reticulum and concludes with passage across the vacuole membrane via a proteinaceous translocon known as the Plasmodium translocon of exported proteins (PTEX). In this commentary we review recent advances in our understanding of this export pathway and suggest several models by which different aspects of the process may be interconnected.

Estimating import and export demand elasticities for Mauritius and South Africa

In this paper, we re-estimate the import and the export demand functions for Mauritius and South Africa using time series data. We use the bounds tests for cointegration and find evidence of a long-run relationship between import demand, income and prices for both countries. Our long run elasticities reveal that domestic income and relative prices have significant effects on the import demand for both countries, with income being the most important determinant. Furthermore, we find that while South Africa’s export demand is not responsive to relative prices or income; for Mauritius income is statistically significant.

Design management methodology to strengthen firm and industry competitiveness in the construction design services export sector

The aim of this research was to investigate strategies deployed by successful construction design-related firms towards achieving high levels of firm competitiveness in international markets. A reflexive capability model, developed through a critical analysis of related internationalisation literature, is composed of three key areas; internationalisation process, market knowledge and design management. Firm reflexive capability is explored through the management of social, cultural and intellectual capital. The concept of reflexivity is borrowed from sociology. Reflexivity is reinterpreted as the ‘firm’s’ ability to be aware, responsive and adaptable to self, market and project needs assessment. A cross case analysis explored the barriers and success factors through three constructs; internationalisation process, design management and market knowledge of three firms. This paper demonstrates that international firm competitiveness is dependent upon the strategic inter-relational management of social, cultural and intellectual capital for maximum advantage of the utilisation and leverage of one form of capital to gain another. This leads to the development of increasing reflexive capability to support internationalisation. An outcome of this research is the identification of the central relation between a level of reflexive capability within the firm and the firm’s level of success in international markets. This research is part of an ongoing program of research on international collaborative practice. A Reflexive Capability Matrix was developed from the findings of one research project and then validated through a second research project (only the capability matrix is presented in this paper though). The reflexive capability approach is appropriate to all firms but what is speculated upon is that the reflexive capability is particularly intrinsic to small to medium sized construction design firms who work globally. A reflexive capability is a characteristic of successful and innovative firms internationalising and working within global models of practice.

Export quality : representing Fijian bodies and the economy of war

Fijian bodies have become a valuable commodity in the economy of war. Remittances from workers overseas are Fiji’s largest income – exceeding that of tourism and sugar export. This essay examines historical and contemporary representations of the black male body that perpetuate the exploitation of Fijians by inscribing the Fijian male body as warrior, criminal and protector. Taking a multidisciplinary approach informed by sociology, cultural theory, Pacific studies, visual culture, feminist and post-colonial theory, my practice is the vehicle through which I address issues of neocolonial commodification of Fijian bodies. Through an analysis of my own staged photographs and vernacular images taken by Fijians working for private security military companies and British and US armies, I hope to challenge audiences to consider their own perceptions of Fijian agency and subjectivity. By theorising the politicisation of the black body and interrogating colonial representations of blackness, I argue that we can begin to create links between the historical and contemporary exploitation of Fijians and that at the essence of both is an underlying racial hierarchy and economic requirement for cheap and, arguably, expendable labour.

Is economic development in the Pacific island countries export led or import led?

This article examines the export-led growth and import-led growth hypotheses for a panel of Pacific island countries—namely, Fiji, Papua New Guinea, Solomon Islands, Tonga and Vanuatu—for the period 1982–2004. The modelling is performed using a panel unit root, panel co-integration and panel Granger causality approach. We find bi-directional Granger causality for the panel of Pacific island countries between exports and economic growth, imports and economic growth, and exports and imports. The results suggest that the poor growth performance of many Pacific island countries reflects their poor export performance; however, if the supply-side constraints on exports are removed, there could be a virtuous cycle between economic growth and exports.

A resource-based view of small export firms' social capital in a Southeast Asian country

This study empirically examines the social capital that facilitates the flow of export knowledge, thereby supporting the entrepreneurial stance of small export firms. By applying the VRIO (value, rarity, inimitability and organisation of firm resources) framework to the resource-based view (RBV) of the firm, this study suggests that superior performance is a function of resources that are valuable, rare, inimitable and sufficiently organised to develop and sustain the firm's competitive advantage. This study argues that small, resource-constrained export firms in a developing economy are able to adopt entrepreneurial tactics and reap positive rates of return by exploiting their relational capital to acquire export knowledge. A survey of 175 small export firms in the Philippines was conducted, and the data were analysed using structural equation modelling. The results suggest positive relationships between the firm's social capital and export knowledge. Export knowledge is associated with entrepreneurial orientation, which then correlates with export performance.

A research on the construction material export and energy consumptions using the gravity model

This paper applies a gravity model to estimate the relationships between energy consumptions and many kinds of construction material export over the period 1992-2009 in China. The empirical result shows that energy consumptions have a significant and positive influence on the construction material export of China.

Sequence requirements for the export of the Plasmodium falciparum Maurer's clefts protein REX2

A short motif termed Plasmodium export element (PEXEL) or vacuolar targeting signal (VTS) characterizes Plasmodium proteins exported into the host cell. These proteins mediate host cell modifications essential for parasite survival and virulence. However, several PEXEL-negative exported proteins indicate that the currently predicted malaria exportome is not complete and it is unknown whether and how these proteins relate to PEXEL-positive export. Here we show that the N-terminal 10 amino acids of the PEXEL-negative exported protein REX2 (ring-exported protein 2) are necessary for its targeting and that a single-point mutation in this region abolishes export. Furthermore we show that the REX2 transmembrane domain is also essential for export and that together with the N-terminal region it is sufficient to promote export of another protein. An N-terminal region and the transmembrane domain of the unrelated PEXEL-negative exported protein SBP1 (skeleton-binding protein 1) can functionally replace the corresponding regions in REX2, suggesting that these sequence features are also present in other PEXEL-negative exported proteins. Similar to PEXEL proteins we find that REX2 is processed, but in contrast, detect no evidence for N-terminal acetylation.

The diversification discount and takeovers : some Australian evidence

Purpose – The purpose of this paper is to examine the existence of a diversification discount in the Australian takeover market. A sample of 446 Australian publicly-listed firms involved in the market for corporate control was observed between 2000 and 2007. The authors examined two pre-announcement and four post-announcement periods, predominantly around the immediate event date, but also examined activity out to one year following the announcement.
Design/methodology/approach – An event study, in this case, is used to examine abnormal returns around the announcement of a merger or acquisition. The timeframe this study intends to focus on is the period from announcement date to a time one year down the track which, although some studies may deem it “long-term”, is still a relatively short-term measure of performance.While many variables in acquisitions have been looked at in depth over the years, such as outcome, nature, payment method and size of deal, one area which has had considerably less attention is the area of specialisation and diversification. That is, do focus increasing (or non-diversification) deals have different return patterns relative to focus decreasing (or diversification) deals?
Findings – The overall findings of this paper are fairly mixed, barring a few exceptions, and there does not appear to be a great deal of variation in return patterns based purely on whether the announced acquisition is non-diversifying or diversifying in nature.
Originality/value – The paper is of particular value in Australia. Most of the research of diversification to date has taken place in the USA. Australia is similar to the USA in that it has a well-developed economy based on common law principles and an active equity market, however, the existence of institutional and regulatory differences suggests that US results may not hold in Australia.