Cross-border insolvency law and multinational enterprise groups: judicial Innovation as an international solution

The Article argues that courts confronting the effects of multinational enterprise insolvency must undertake a pragmatic incursion into the separate entity doctrine. This argument is premised on gaps in the current Model Law which confers significant discretion on the courts. Our research shows that courts have fashioned innovative solutions to fill the gaps and thatgreater recognition of the legitimacy of these judicial incursions into the separate entity doctrine would facilitate the reduction of transaction costs in the case of multinational group insolvencies. We identify criteriawhereby a court would be able to determine that the inherentseparateness of the corporate structure should be disregarded andthe group regarded as one.

The ecommerce strategy of New Zealand : policy implication for small business

This paper attempts to link findings of recent eCommerce research in small business in New Zealand with the Government’s eCommerce strategy. The research stresses the need for the Government to bridge the existing gap between small business and eCommerce. The strategy emphasises the Government’s role in providing leadership, in building the capability of New Zealanders, and in providing an enabling regulatory environment. The strategy is set out to be a complete partnership between Government, business, and the broader community to achieve these objectives. Recent progress on this strategy is reviewed and its significance to small business is discussed. The Government has actively embarked on setting up a comprehensive policy framework to guide the wide success of eCommerce in businesses in New Zealand. The Government’s progress in this regard is admirable. However, this research points to the importance of prioritising the implementation of certain strategies and of addressing impending eCommerce issues relevant to the small business sector in New Zealand.

Communication network analysis of the enterprise grid systems

This paper addresses the problem of performance analysis based on communication modelling of largescale heterogeneous distributed systems with emphases on enterprise grid computing systems. The study of communication layers is important because the overall performance of a distributed system is often critically hinged on the effectiveness of this part. This model considers processor as well as network heterogeneity of target system. The model is validated through comprehensive simulation, which demonstrates that the proposed model exhibits a good degree of accuracy for various system sizes and under different working conditions. The proposed model is then used to investigate the performance analysis of typical systems.

Dietary assimilation and the digestive strategy of the omnivorous anomuran land crab Birgus latro (Coenobitidae).

On Christmas Island, Indian Ocean, the diet of robber crabs, Birgus latro (Linnaeus) was generally high in fat, storage polysaccharides or protein and largely comprised fruits, seeds, nuts and animal material. The plant items also contained significant amounts of hemicellulose and cellulose. In laboratory feeding trials, crabs had similar intakes of dry matter when fed artificial diets high in either fat or storage polysaccharide, but intake was lower on a high protein diet. Assimilation coefficients of dry matter (69–74%), carbon (72–81%), nitrogen (76–100%), lipid (71–96%) and storage polysaccharide (89–99%) were high on all three diets. B. latro also assimilated significant amounts of the chitin ingested in the high protein diet ( 93%) and hemicellulose (49.6–65%) and cellulose (16–53%) from the high carbohydrate and high fat diets. This is consistent with the presence of chitinase, hemicellulase and cellulase enzymes in the digestive tract of B. latro. The mean retention time (27.2 h) for a dietary particle marker (⁵⁷Co-labelled microspheres) was longer than measured in leaf-eating land crabs. The feeding strategy of B. latro involves the selection of highly digestible and nutrient-rich plant and animal material and retention of the digesta for a period long enough to allow extensive exploitation of storage carbohydrates, lipids, protein and significant amounts of structural carbohydrates (hemicellulose, cellulose and chitin).

Analytical performance modeling of the enterprise grid computing

This paper addresses the problem of performance modeling of large-scale heterogeneous distributed systems with emphases on enterprise grid computing systems. To this end, we present an analytical model that can be employed to explore the effectiveness of different design approaches so that one can have an intelligent choice during design and evaluation a cost-effective large-scale heterogeneous distributed computing system. The model is validated through comprehensive simulation.

Interjurisdictional allocation of multinational banking income : aligning taxation principles with economic activity

This thesis argues that one type of multinational entity – the multinational bank – poses particularly significant challenges to the international tax regime in terms of its current profit allocation rules. Multinational banks are a unique subset of multinational entities, and as a consequence of their unique traits, the traditional international tax regime foes not yield an optimal interjurisdictional allocation of taxing rights. The opportunity for tax minimisation, achievable because of the unique traits, and realised through exploitation of the traditional source and transfer pricing regime, results in a jurisdictional distribution of taxing rights which does not reflect economic reality. There are two distinct ways in which the traditional international tax regime fails to reflect economic activity. The first way that economic activity may not be reflected in the distribution of the taxing rights to income from multinational banking is through the application of traditional source rules. The traditional sources rules allocate income where transactions are completed rather than where the intermediation services are arranged. As a result of their unique commercial role as financial intermediaries, by separating intermediary economic activity from legal transactions with third parties, multinational banks may distort the true location of the activity giving rise to income. The second way in which the traditional tax regime may fail to reflect economic activity is through the traditional transfer pricing regime requiring related or internal transaction to be undertaken at an arm’s length price. The arm’s length pricing requirement is theoretically deficient in its failure to recognise the highly integrated nature of multinational banking. In practice, the arm’s length pricing requirement is also difficult, if not impossible, to apply to multinational banks because of the requirement of comparability. The difficulties associated with the current model have resulted in a subtle move by multinational banks towards global formulary apportionment. This thesis concludes that, for the international taxation of multinational banks, the current source regime should be replaced with a system that allocates profits for tax purposes on the basis of income source, with source determined using a unitary taxation or global formulary apportionment system. It is argued that global formulary apportionment is a theoretically superior model that provides both jurisdiction to tax and allocated profits on the basis of the economic activity that generates the income.

Viral RNA silencing suppressors (RSS) : novel strategy of viruses to ablate the host RNA interference (RNAi) defense system

Pathogenic viruses have developed a molecular defense arsenal for their survival by counteracting the host anti-viral system known as RNA interference (RNAi). Cellular RNAi, in addition to regulating gene expression through microRNAs, also serves as a barrier against invasive foreign nucleic acids. RNAi is conserved across the biological species, including plants, animals and invertebrates. Viruses in turn, have evolved mechanisms that can counteract this anti-viral defense of the host. Recent studies of mammalian viruses exhibiting RNA silencing suppressor (RSS) activity have further advanced our understanding of RNAi in terms of host–virus interactions. Viral proteins and non-coding viral RNAs can inhibit the RNAi (miRNA/siRNA) pathway through different mechanisms. Mammalian viruses having dsRNA-binding regions and GW/WG motifs appear to have a high chance of conferring RSS activity. Although, RSSs of plant and invertebrate viruses have been well characterized, mammalian viral RSSs still need in-depth investigations to present the concrete evidences supporting their RNAi ablation characteristics. The information presented in this review together with any perspective research should help to predict and identify the RSS activity-endowed new viral proteins that could be the potential targets for designing novel anti-viral therapeutics.

International operations strategy of public sector organisations

Public sector organisations in many countries are internationalising their operations into other countries. This internationalisation frequently follows channels such as aid schemes offered by the country's government. An investigation was conducted to determine whether the four categories of stJ'ategy approach in Miles and Snow's typology could be used to categorise the internationalisation operation strategy approach of Australian public sector organisations. Qualitative data collected from eight Australian public sector organisations determined that a set of nine operations strategy dimensions identified from the literature applied to the internationalisation behaviours of Australian public sector organisations. The data also indicated that Miles and Snow's four categories of strategy could be used to describe the combined international operation strategy behaviours of Australian public sector organisations. In addition, it was found that the international operation strategy behaviours of Australian public sector organisations aligned with at least two (and in one case four) of Miles and Snow's strategy categories. Alignment with two of Miles and Snow's strategy categories was quite commonly identified in other empirical studies of this typology.

Exploring training issues of multinational companies in Asia

Effective employee training is important to organisations as it improves quality of human resources, which in turn help achieve better organisational outcomes. The literature on education, training and other aspects of human resource development (HRD) among multinational companies (MNCs) in Asia is quite limited. This paper intends to explore training expenditure, training programs offered and training concerns indicated by companies, using a survey of 529 MNCs operating in six Asian countries (namely Indonesia, Malaysia, Philippines, Singapore, Thailand and Taiwan). The findings show that the majority of MNCs surveyed recognised the benefits of employee training and invested heavily on training different types of employees in local subsidiaries. Organisational variables such as size, industry, parent source and proportion of international activity also affected training practices of MNCs. The paper identified some quality and relevance issue related to formal and externally-conducted training programs.

Training practices of multinational companies in Asia

Purpose – The purpose of this study is to explore a range of training practices adopted by multinational companies (MNCs) operating in Asia. It investigated the level of training expenditure, the nature of training programs offered and the concerns about training in MNCs.

Design/methodology/approach – Data were obtained through a survey of 529 MNCs operating in six Asian countries to examine the average cost spent on training and the type of training programs offered to different groups of employees. The respondents were also asked to indicate their perceptions on the training provided and how effective the training has on firm performance.

Findings – It appears that MNCs invested significantly in training. Training was found to be more widespread in service organisations than manufacturing organisations operating in Asia. The majority of training emphasised managerial and professional staff development; and was generally conducted externally. Respondents were concerned mainly with the quality and relevance of training programs offered externally.

Originality/value – The results provide MNCs, especially those headquartered in European and other Western countries with insights into designing and offering more relevant and better quality training programs to their employees located in Asian subsidiaries.

Dynamically opted protection envelope (DOPE) - A cost-effective strategy of insuring an investment portfolio

Popular ways of hedging downside risk of a stock portfolio is by means of a constant proportion portfolio insurance (CPPI) strategy or by means of an options-based portfolio insurance strategy (OBPI). However both have drawbacks in terms of practical applicability given transaction costs. Moreover they are not useful in times of very low liquidity e.g. in a market crash. Here we shall first review the common portfolio insurance techniques and then posit an alternative approach using a zero-coupon bond to extract downside coverage to the extent desired by an investor. While the posited strategy will not guarantee full downside protection for the entire investment horizon, it is unaffected by transaction costs resulting from need to periodically reallocate funds and is a lot easier to implement practically compared to options-based strategies. Unlike CPPI and OBPI, it will work in a crash situation too.