Landscapes of Poverty and Environment in Lao PDR

A key challenge for land change science is linking land cover information to human-environment interactions over larger spatial areas. Crucial information on land use types and people involved is still lacking. In Lao PDR, a country facing rapid and multilevel land change processes, this lack of information hinders evidence-based policy- and decision-making. We present a new approach for the description of landscape mosaics on national level and relate it to village level Population Census information. Results showed that swidden agricultural landscapes, involving 17% of the population, dominate 28% of the country, while permanent agricultural landscapes involve 74% of the population in 29% of the country.

Long-run performance of initial public offerings: The evidence for Switzerland

We estimate the underpricing and long-run performance of Swiss initial public offerings (IPOs) from 1983 to 2000. The average market adjusted initial return is 34.97%. To examine the long-run performance of Swiss IPOs, we compute buy-and-hold abnormal returns, skewness-adjusted wealth ratios, and cumulative abnormal returns using 120 months of secondary market returns. In contrast to previous findings for the U.S. and Germany, we do not find strong evidence for a distinct IPO effect. We attribute long-run underperformance to the fact that IPO firms tend to be small firms. It virtually vanishes when we use a small capitalization index as a benchmark. In spite of distinct economic implications and statistical properties, our basic results are similar for all performance measures applied.