Estimation of global systematic risk for securities listed in multiple markets

The market model is the most frequently estimated model in financial economics and has proven extremely useful in the estimation of systematic risk. In this era of rapid globalization of financial markets there has been a substantial increase in cross listings of stocks in foreign and regional capital markets. As many as a third to a half of the stocks in some major exchanges are foreign listed. The multiple listings of stocks has major implications for the estimation of systematic risk. The traditiona1 method of estimating the market model by using data from only one market will lead to misleading estimates of beta. This study demonstrates that the estimator for systematic risk and the methodology itself changes when stocks are listed in multiple markets. General expressions are developed to obtain the estimator of global beta under a variety of assumptions about the error terms of the market models for different capital markets. The assumptions pertain both to the volatilities of the abnormal returns in each market, and to the relationship between the markets. ^ Explicit expressions are derived for the estimation of global systematic risk beta when the returns are homoscedastic and also under different heteroscedastic conditions both within and/or between markets. These results for the estimation of global beta are further extended when return generating process follows an autoregressive scheme.^

Teachers' knowledge, awareness, and pedagogy of global education in secondary schools

In 1979, the Florida State Board of Education approved the teaching of global education in the state of Florida. The purpose of this study was to examine the factors that contributed to teachers' global knowledge, global mindedness, and pedagogy in global education. The Hanvey model of teaching from a global perspective was the theoretical framework for the study. ^ A total of 90 secondary teachers from Miami-Dade County Public Schools were randomly selected and placed in three groups: Globally Oriented Social Studies Program (GOSSE), Non-Globally Oriented Social Studies Program (non-GOSSE), and Teachers Who Teach Other Subjects (TWTOS). Seven teachers, two of whom team-taught a class, were selected for classroom observations and interviews. A mixed methods design that combined quantitative and qualitative data was used. ANOVA and Chi square techniques were used to determine whether the factors that contributed to teachers' global knowledge and global mindedness differ among groups. Classroom observations and interviews were conducted to determine whether the instructional strategies differ among the seven selected teachers. ^ The findings of the study show that teachers who were trained in teaching from a global perspective differed in their global knowledge and used more appropriate instructional strategies than teachers who were not trained in teaching global perspectives. There was no significant difference in the combined global knowledge of the non-GOSSE and TWTOS groups when compared with the GOSSE group. There was no significant difference in the combined global knowledge of the GOSSE and non-GOSSE groups when compared with the TWTOS group. There was no significant difference among the teachers in their global mindedness. Observation and interview data indicate that current events, role-playing, simulations, open-ended discussion, debates, and projects were the predominant instructional strategies used by globally trained teachers. Cable networks, Internet, magazines, and newspapers were found to be the dominant tools for teaching global education. ^ This study concluded that teachers who were trained in globally oriented programs had more global knowledge than teachers who were not. It is recommended that teacher education programs should incorporate a global perspective in the preparation of social studies teachers, with particular attention to developing their global attitudes. ^

Estimation of global beta and tests of capital asset pricing models

With the rapid globalization and integration of world capital markets, more and more stocks are listed in multiple markets. With multi-listed stocks, the traditional measurement of systematic risk, the domestic beta, is not appropriate since it only contain information from one market. ^ Prakash et al. (1993) developed a technique, the global beta, to capture information from multiple markets wherein the stocks are listed. In this study, the global betas are obtained as well as domestic betas for 704 multi-listed stocks from 59 world equity markets. Welch tests show that domestic betas are not equal across markets, therefore, global beta is more appropriate in a global investment setting. ^ The traditional Capital Asset Pricing Models (CAPM) is also tested with regards to both domestic beta and global beta. The results generally support the positive relationship between stocks returns and global beta while tend to reject this relationship between stocks returns and domestic beta. Further tests of International CAPM with domestic beta and global beta strengthen the conclusion.^

It's not queer to be gay: Miami and the emergence of the gay rights movement, 1945–1995

This work chronicles how queer individuals politicized their same-sex desires from the post-World War II era to the mid-1990s. Using Miami as a site of exploration, this work demonstrates the shift from understanding homosexuality as a same-sex "desire" to a distinct form of "civil rights." It argues that by no means was it inevitable that queer issues entered the American political mainstream. This project pays particular attention to Miami's Cuban exile community, as it managed to garner great socio-political power in the city. Like others in the city's power structure, Miami's Cuban exiles were also fundamentally traditionalists. Together, these phenomena crystallized into a matrix of obstacles that stunted the growth of the gay rights movement. This work demonstrates the historical dynamics of sexuality and politics by contextualizing immigration, ethnicity, race, consumerism, and Cold War domestic and foreign policy.

Mangrove production and carbon sinks: A revision of global budget estimates

Mangrove forests are highly productive but globally threatened coastal ecosystems, whose role in the carbon budget of the coastal zone has long been debated. Here we provide a comprehensive synthesis of the available data on carbon fluxes in mangrove ecosystems. A reassessment of global mangrove primary production from the literature results in a conservative estimate of ∼218 ± 72 Tg C a−1. When using the best available estimates of various carbon sinks (organic carbon export, sediment burial, and mineralization), it appears that >50% of the carbon fixed by mangrove vegetation is unaccounted for. This unaccounted carbon sink is conservatively estimated at ∼112 ± 85 Tg C a−1, equivalent in magnitude to ∼30–40% of the global riverine organic carbon input to the coastal zone. Our analysis suggests that mineralization is severely underestimated, and that the majority of carbon export from mangroves to adjacent waters occurs as dissolved inorganic carbon (DIC). CO2 efflux from sediments and creek waters and tidal export of DIC appear to be the major sinks. These processes are quantitatively comparable in magnitude to the unaccounted carbon sink in current budgets, but are not yet adequately constrained with the limited published data available so far.

The role of contingency and gaze direction in the emergence of social referencing

The current study assessed the importance of infant detection of contingency and head and eye gaze direction in the emergence of social referencing. Five- to six-month-old infants' detection of affect-object relations and subsequent manual preferences for objects paired with positive expressions were assessed. In particular, the role of contingency between toys' movements and an actress's emotional expressions as well as the role of gaze direction toward the toys' location were examined. Infants were habituated to alternating films of two toys each paired with an actress's affective expression (happy and fearful) under contingent or noncontingent and gaze congruent or gaze incongruent conditions. Results indicated that gaze congruence and contingency between toys' movements and a person's affective expressions were important for infant perception of affect-object relations. Furthermore, infant perception of the relation between affective expressions and toys translated to their manual preferences for the 3-dimensional toys. Infants who received contingent affective responses to the movements of the toys spent more time touching the toy that was previously paired with the positive expression. These findings demonstrate the role of contingency and gaze direction in the emergence of social referencing in the first half year of life.^

Teachers’ Knowledge, Awareness and Pedagogy of Global Education in Secondary Schools

For the last fifty years, social studies teachers have been prepared to teach from a global perspective, but since September 11, 2001 have faced a difficult challenge teaching from a global perspective. This study examines ninety secondary school teachers’ global knowledge and their disposition toward teaching from a global perspective.

The Re-Emergence of Suriname’s Désiré (Desi) Bouterse: Political Acumen and Geopolitical Anxiety

This study examines some concerns that derive from Suriname‘s May-July 2010 elections, which resulted in the re-emergence of erstwhile military ruler and convicted drug trafficker, Désiré (Desi) Bouterse, as President of the Republic. The victory reflects Bouterse‘s political acumen in aggregating disparate political interests and in establishing a viable coalition government. But because of his history and profile, this triumph has generated anxiety in some places internationally. In this respect, the study examines anxieties related to three matters: (a) relations with Guyana, where there is an existing territorial dispute and a recently resolved maritime dispute, (b) illegal drug trafficking operations, and (c) foreign policy engagement with Venezuela. There has been a flurry of bilateral activities—including several presidential summits—with Guyana since President Bouterse‘s inauguration, albeit seemingly more about symbolism than substance. Although the maritime dispute was settled by a Tribunal of the United Nations Convention of the Law of the Sea in 2007, the 15,000 km2 New River Triangle is still unresolved. Indeed, in June 2011 President Bouterse reasserted Suriname‘s claim to the Triangle. Suriname has upped the ante in that dispute by portraying internationally the map of Suriname as inclusive of the disputed area. In all likelihood that self-redefinition slowly will become the country‘s cartographic definition in the eyes of the world if Guyana does not successfully rebuff that move or pursue the definitive settlement of the dispute. A geonarcotics assessment shows Suriname to be still heavily implicated in trafficking, because of geography, law enforcement limitations, corruption, and other factors. But despite Bouterse‘s drug-related history and that of former senior military officers, several reasons suggest the inexpediency of a narco-state being created by Bouterse. As well, as part of Suriname‘s pursuit of increased Caribbean and South American engagement, it has boosted relations with Venezuela, which has included it in PetroCaribe and provided housing and agricultural aid. However, the engagement appears to be driven more by pragmatism and less by any ideological affinity with Hugo Chavez.

Transnational Capital and the Politics of Global Supply Chains

In the latest phase of globalization, transnational corporations based in the U.S. have worked closely with U.S. foreign policymakers to secure favorable foreign direct investment provisions within U.S. domestic legislation and within U.S. trade agreements. These interactions between transnational firms and the U.S. state have provided many of the preconditions for an expansion of foreign direct investment connected to capital liberalization and the growth of global supply chains from the 1980s to the present. This relationship is best conceptualized as representing a “transnational interest bloc,” whose policy objectives are incorporated within investment provisions in US-backed trade and investment agreements.

Content Analysis of Outcome Assessment of Global Learning Foundations Courses: A Case Study

This study used content analysis to interpret and evaluate outcome evaluation matrices of undergraduate Global Learning foundations courses. The findings revealed a lack of uniformity in the faculty members’ interpretation and implementation of global learning components in the coursework. Successful teaching practices and challenges were identified and classified.

The effects of participation in an Internet -based project on the development of global knowledge, global mindedness, and global pedagogy among preservice social studies teachers

In order to prepare younger generations to live in a world characterized by interconnectedness, developing global and international perspectives for future teachers has been recommended by the National Council for the Social Studies and the National Council for the Accreditation of Teacher Education. The purpose of this study was to investigate the effects that participation in the International Communication and Negotiation Simulation (ICONS), an Internet-based communication project has on preservice social studies teachers' global knowledge, global mindedness, and global teaching strategies. ^ The study was conducted at a public university in South Florida. A combination of quantitative and qualitative approaches was employed. Two groups of preservice social studies teachers were chosen as participants: a control group composed of 14 preservice teachers who enrolled in a global education class in the summer semester of 1998 and an experimental group that included nine preservice teachers who took the same class in the fall semester of 1998. The summer class was conducted in a traditional format, which included lectures, classroom discussions, and student presentations. The fall class incorporated a five-week Internet-based communication project. The Global Mindedness Scale (Hett, 1993) and an adapted Test of Global Knowledge (ETS, 1981) were administered upon the completion of the class. ^ Contrasting case studies were utilized to investigate the impact of participation in the ICONS on the development of preservice teachers' global pedagogy. Four preservice teachers, two selected from each group were observed and interviewed to explore how they were infusing global perspectives into social studies curriculum and instruction during a 10-week student teaching internship in the spring semester of 1999. ^ This study had three major findings. First, preservice social studies teachers from the experimental group on average scored significantly higher than those from the control group on the global knowledge test. Second, no significant difference was found between the two groups in their mean scores on the Global Mindedness Scale. Third, all four selected preservice social studies teachers were infusing global perspectives into United States and world history curriculum and instruction during their student teaching internship. Using multiple resources was the common pedagogy. The two who participated in the ICONS were more aware of using the communication feature of the Internet and the web sites that reflect more international perspectives to facilitate teaching about the world. ^ Recommendations were made for further research and for preservice studies teacher education program development. ^

Analysis of global compliance and implementation of the goals of international environmental treaties: A case study of the Convention on Biodiversity (CBD)

The Convention on Biodiversity (CBD) was created in 1992 to coordinate global governments to protect biological resources. The CBD has three goals: protection of biodiversity, achievement of sustainable use of biodiversity and facilitation of equitable sharing of the benefits of biological resources. The goal of protecting biological resources has remained both controversial and difficult to implement. This study focused more on the goal of biodiversity protection. The research was designed to examine how globally constructed environmental policies get adapted by national governments and then passed down to local levels where actual implementation takes place. Effectiveness of such policies depends on the extent of actual implementation at local levels. Therefore, compliance was divided and examined at three levels: global, national and local. The study then developed various criteria to measure compliance at these levels. Both qualitative and quantitative methods were used to analyze compliance and implementation. The study was guided by three questions broadly examining critical factors that most influence the implementation of biodiversity protection policies at the global, national and local levels. Findings show that despite an overall biodiversity deficit of 0.9 hectares per person, global compliance with the CBD goals is currently at 35%. Compliance is lowest at local levels at 14%, it is slightly better at national level at 50%, and much better at the international level 64%. Compliance appears higher at both national and international levels because compliance here is paper work based and policy formulation. If implementation at local levels continues to produce this low compliance, overall conservation outcomes can only get worse than what it is at present. There are numerous weaknesses and capacity challenges countries are yet to address in their plans. In order to increase local level compliance, the study recommends a set of robust policies that build local capacity, incentivize local resource owners, and implement biodiversity protection programs that are akin to local needs and aspirations.^

Undergraduate Students’ Perceptions of Study Abroad and Their Level of Achievement of Global Learning Outcomes

This study expanded on current research on study abroad and global learning, using the Global Perspective Inventory (GPI), and conducted at Florida International University (FIU) in Miami, FL. The GPI assesses the holistic development of a global perspective in higher education within three domains and their respective FIU-determined equivalents: cognitive (global awareness), intrapersonal (global perspective), and interpersonal (global engagement). The main purpose of this study was to assess FIU’s undergraduate students’ perceptions of study abroad on their level of achievement of global awareness, global perspective, and global engagement. The secondary purpose was to determine how the students described their study abroad experience and achievement of global learning. The research design for this study consisted of parallel mixed methods. The quantitative component was an ex post facto with hypothesis design, using a pretest/posttest nonequivalent group methodology. FIU undergraduates (N=147) who studied abroad for one semester or more completed the GPI pre- and post-tests. Descriptive statistics and paired t-tests were conducted to compare the means. The interviews included 10 students, and were analyzed through Structural coding, Saldaña’s In Vivo coding, and Value coding. Quantitative analyses indicated positive changes in the students’ global awareness and global perspective. These analyses also showed that the FIU students achieved higher post-test means on all the domains of the GPI compared to other studies. Qualitative analyses showed that the students’ experiences incorporated all three global learning outcomes, most notably global awareness and perspective.

The emergence of a mass community-based ecotourism theme park : the case of Ejido Chacchoben, Quintana Roo, Mexico

In 1998, a dispute between a federal government agency and the local community of Chacchoben resulted in the emergence of a community-based ecotourism (CBE) enterprise to be fully owned and operated by the community in conjunction with a complex arrangement of agreements and partnerships with external actors. CBE is usually framed as a lower-impact, often small-scale alternative to mass tourism and as a conservation and development strategy that can hypothetically protect biologically diverse landscapes while improving the lives of marginalized peasant and indigenous communities through their participation. This case study analyzes the roles of common property land tenure and social capital and how the unique dilemma of a mass community-based ecotourism theme park emerged in Chacchoben. Findings indicate that local decisions and processes of development, conservation, and land use are affected by the complex interaction between local and external institutions and fluctuating levels of social capital.