Efficiency, cointegration and contagion in equity markets : evidence from China, Japan and South Korea

This paper empirically examines whether three East Asian stock markets, namely, those of China, Japan and South Korea, are individually and/or jointly efficient, and whether contagion exists between the cointegrated markets. While individual market efficiency is examined through testing for the random walk hypothesis, joint market efficiency is examined through testing for cointegration and contagion. The present study finds that the hypothesis of individual market efficiency is strongly rejected for the Chinese stock market, but not for the Japanese and the South Korean stock markets. However, when testing for cointegration, market efficiency is strongly rejected for all these markets. We take a simple case of contagion and find that although there is a long-term relationship among the three markets, the contagion hypothesis cannot be rejected only between Japanese and South Korean stock markets, indicating short-run portfolio diversification benefits from these two markets.

Foreign environmental impacts on export performance A study of agribusiness firms exporting to Japan

Although a large body of literature exists on export performance, little attention has been given to how foreign environments impact on the performance of firms exporting to a particular market. This study examines how the business environment in Japan impacts on a sample of New Zealand agribusiness firms exporting to this market. Using path analysis with LISREL, the findings suggest that the foreign environment in Japan has a small but significant adverse impact on export performance. The results also show that exporters are able to mediate the adverse effects of the Japanese business environment on their overall export performance by formulating effective product, pricing, promotion and distribution strategies.

Pakistan-China bilateral relations 2001-2011 : a deepening but cautious partnership

Last year (2011) marked the sixtieth anniversary of the establishment of diplomatic relations between Pakistan and China. The bilateral relationship has deepened significantly since 1951, with both countries benefiting from this relationship. However, Pakistan would like to deepen it even further, while China is more pragmatic and cautious. There are irritants, notably the killing of Chinese citizens, the presence of Uighur militants in Pakistan and their different interests in Afghanistan, which could put some stress on the relationship. While the relationship will continue to grow, China is not about to displace the US as Pakistan’s major economic and military aid provider.

Knowledge, desire and power in global politics : western representations of China's rise

How is the rise of China perceived in the West? Why is it often labelled as ‘threat’ and/or ‘opportunity’? What are the implications of these China imageries for global politics?

Taking up these important questions, this ground-breaking book argues that the dominant Western perceptions of China’s rise tell us less about China and more about Western self-imagination and its desire for certainty. Chengxin Pan expertly illustrates how this desire, masked as China ‘knowledge’, is bound up with the political economy of fears and fantasies, thereby both informing and complicating foreign policy practice in Sino-Western relations. Insofar as this vital relationship is shaped not only by China’s rise, but also by the way we conceptualise its rise, this book makes a compelling case for critical reflection on China watching.

Knowledge, Desire and Power in Global Politics is the first systematic and deconstructive analysis of contemporary Western representation of China’s rise. Setting itself apart from the mainstream empiricist literature, its critical interpretative approach and unconventional and innovative perspective will not only strongly appeal to academics, students and the broader reading public, but also likely spark debate in the field of Chinese international relations.

Distinguishing between mathematics classrooms in Australia, China, Japan, Korea and the USA through the lens of the distribution of responsibility for knowledge generation : public oral interactivity and mathematical orality

The research reported in this paper examined spoken mathematics in particular well-taught classrooms in Australia, China (both Shanghai and Hong Kong), Japan, Korea and the USA from the perspective of the distribution of responsibility for knowledge generation in order to identify similarities and differences in classroom practice and the implicit pedagogical principles that underlie those practices. The methodology of the Learner’s Perspective Study (LPS) documented the voicing of mathematical ideas in public discussion and in teacher-student conversations and the relative priority accorded by different teachers to student oral contributions to classroom activity. Significant differences were identified among the classrooms studied, challenging simplistic characterisations of ‘the Asian classroom’ as enacting a single pedagogy, and suggesting that, irrespective of cultural similarities, local pedagogies reflect very different assumptions about learning and instruction. We have employed spoken mathematical terms as a form of surrogate variable, possibly indicative of the location of the agency for knowledge generation in the various classrooms studied (but also of interest in itself). The analysis distinguished one classroom from another on the basis of “public oral interactivity” (the number of utterances in whole class and teacher-student interactions in each lesson) and “mathematical orality” (the frequency of occurrence of key mathematical terms in each lesson). Classrooms characterized by high public oral interactivity were not necessarily sites of high mathematical orality. In particular, the results suggest that one characteristic that might be identified with a national norm of practice could be the level of mathematical orality: relatively high mathematical orality characterising the mathematics classes in Shanghai with some consistency, while lessons in Seoul and Hong Kong consistently involved much less frequent spoken mathematical terms. The relative contributions of teacher and students to this spoken mathematics provided an indication of how the responsibility for knowledge generation was shared between teacher and student in those classrooms. Specific analysis of the patterns of interaction by which key mathematical terms were introduced or solicited revealed significant differences. It is suggested that the empirical investigation of mathematical orality and its likely connection to the distribution of the responsibility for knowledge generation are central to the development of any theory of mathematics instruction.

Iran and the Shanghai cooperation organization : ideology and realpolitik in Iranian foreign policy

The Islamic Republic of Iran has pursued full membership in the Shanghai Cooperation Organisation (SCO). In doing so, Iran has appeared to be unfazed by the prospect of allying with Russia and China, two countries which have systematically suppressed their Muslim minorities for decades. Similarly, the SCO's Central Asian member states are led by individual leaders who are generally believed to rule in spite of their populations. As a result, Iran's eagerness to join the SCO may appear to contradict its self-promoted image as the champion of Muslim interests, but in reality it sits nicely within its overarching enmity for the USA. Indeed, the SCO is seen as a geopolitical counterweight to the USA. For Iran, this geopolitical opportunity overrides ideological imperatives, with the gap between ideology and geopolitics most evident under the presidency of Mahmoud Ahmadinejad.