The shoe sellers of Karoussades

A short travel memoir about the village of Karoussades, Corfu. Early on my first day in the village, a message came that two respectable ladies of Karoussades, its shoe sellers, needed a section of wall lime-washed. They were willing to use the black market labour organized from the Pirate’s taverna, where I waited for my first job—but they did ask that he send someone polite...

Volatility transmission in global financial markets

As financial markets have become increasingly integrated internationally, the topic of volatility transmission across these markets has become more important. This thesis investigates how the volatility patterns of the world's main financial centres differ across foreign exchange, equity, and bond markets.

Volatility transmission in global financial markets

This paper considers the transmission of volatility in global foreign exchange, equity and bond markets. Using a multivariate GARCH framework which includes measures of realised volatility as explanatory variables, significant volatility and news spillovers are found to occur on the same trading day between Japan, Europe, and the United States. All markets exhibit significant degrees of asymmetry in terms of the transmission of volatility associated with good and bad news. There are also strong links between diffusive volatilities in all three markets, whereas jumpactivity is only importantwithin the equitymarkets. The results of this paper deepen our understanding of how news and volatility are propagated through global financial markets.

Breath Testing by Fourier Transform Infrared Spectroscopy for Solvent Intoxication Diagnostics

Technical or contaminated ethanol products are sometimes ingested either accidentally or on purpose. Typical misused products are black-market liquor and automotive products, e.g., windshield washer fluids. In addition to less toxic solvents, these liquids may contain the deadly methanol. Symptoms of even lethal solvent poisoning are often non-specific at the early stage. The present series of studies was carried out to develop a method for solvent intoxication breath diagnostics to speed up the diagnosis procedure conventionally based on blood tests. Especially in the case of methanol ingestion, the analysis method should be sufficiently sensitive and accurate to determine the presence of even small amounts of methanol from the mixture of ethanol and other less-toxic components. In addition to the studies on the FT-IR method, the Dräger 7110 evidential breath analyzer was examined to determine its ability to reveal a coexisting toxic solvent. An industrial Fourier transform infrared analyzer was modified for breath testing. The sample cell fittings were widened and the cell size reduced in order to get an alveolar sample directly from a single exhalation. The performance and the feasibility of the Gasmet FT-IR analyzer were tested in clinical settings and in the laboratory. Actual human breath screening studies were carried out with healthy volunteers, inebriated homeless men, emergency room patients and methanol-intoxicated patients. A number of the breath analysis results were compared to blood test results in order to approximate the blood-breath relationship. In the laboratory experiments, the analytical performance of the Gasmet FT-IR analyzer and Dräger 7110 evidential breath analyzer was evaluated by means of artificial samples resembling exhaled breath. The investigations demonstrated that a successful breath ethanol analysis by Dräger 7110 evidential breath analyzer could exclude any significant methanol intoxication. In contrast, the device did not detect very high levels of acetone, 1-propanol and 2-propanol in simulated breath. The Dräger 7110 evidential breath ethanol analyzer was not equipped to recognize the interfering component. According to the studies the Gasmet FT-IR analyzer was adequately sensitive, selective and accurate for solvent intoxication diagnostics. In addition to diagnostics, the fast breath solvent analysis proved feasible for controlling the ethanol and methanol concentration during haemodialysis treatment. Because of the simplicity of the sampling and analysis procedure, non-laboratory personnel, such as police officers or social workers, could also operate the analyzer for screening purposes.

How Do Different Types of Investors React to New Financial Statement Information?

The study contributes to our understanding of the forces that drive the stock market by investigating how different types of investors react to new financial statement information. Using the extremely comprehensive official register of share holdings in Finland, we find that the majority of investors are more probable to sell (buy) stocks in a company after a positive (negative) earnings surprise, and show a bias towards buying after the disclosure of new financial statement information. Large investors, on the other hand, show behavior opposite to that of the majority of investors in the market. Further, foreign investors show behavior similar to that of domestic investors. We suggest investor overconfidence and asymmetric information as possible explanations for the documented behavior.

Macro-economic analysis of forestry options on carbon sequestration in India

The forestry sector provides a number of climate change mitigation options. Apart from this ecological benefit, it has significant social and economic relevance. Implementation of forestry options requires large investments and sustained long-term planning. Thus there is a need for a detailed analysis of forestry options to understand their implications on stock and flow of carbon, required investments, value of forest wealth, contribution to GNP and livelihood, demand management, employment and foreign trade. There is a need to evaluate the additional spending on forestry by analysing the environmental (particularly carbon abatement), social and economic benefits. The biomass needs for India are expected to increase by two to three times by 2020. Depending upon the forest types, ownership patterns and land use patterns, feasible forestry options are identified. It is found among many supply options to be feasible to meet the 'demand based needs' with a mix of management options, species choices and organisational set up. A comparative static framework is used to analyze the macro-economic impacts. Forestry accounts for 1.84% of GNP in India. It is characterized by significant forward industrial linkages and least backward linkage. Forestry generates about 36 million person years of employment annually. India imports Rs. 15 billion worth of forest based materials annually. Implementation of the demand based forestry options can lead to a number of ecological, economic and institutional changes. The notable ones are: enhancement of C stock from 9578 to 17 094 Mt and a net annual C-sequestration from 73 to 149 Mt after accounting for all emissions; a trebling of the output of forestry sector from Rs. 49 billion to Rs. 146 billion annually; an increase in GDP contribution of forestry from Rs. 32 billion to Rs. 105 billion over a period of 35 years; an increase in annual employment level by 23 million person years, emergence of forestry as a net contributor of foreign exchange through trading of forestry products; and an increase in economic value of forest capital stock by Rs. 7260 billion with a cost benefit analysis showing forestry as a profitable option. Implementation of forestry options calls for an understanding of current forest policies and barriers which are analyzed and a number of policy options are suggested. (C) 1997 Elsevier Science B.V.

Assessment of genetic diversity and identification of core collection in sandalwood germplasm using RAPDS

Sandalwood is an economically important aromatic tree belonging to the family Santalaceae. The trees are used mainly for their fragrant heartwood and oil that have immense potential for foreign exchange. Very little information is available on the genetic diversity in this species. Hence studies were initiated and genetic diversity estimated using RAPD markers in 51 genotypes of Santalum album procured from different geographcial regions of India and three exotic lines of S. spicatum from Australia. Eleven selected Operon primers (10mer) generated a total of 156 consistent and unambiguous amplification products ranging from 200bp to 4kb. Rare and genotype specific bands were identified which could be effectively used to distinguish the genotypes. Genetic relationships within the genotypes were evaluated by generating a dissimilarity matrix based on Ward's method (Squared Euclidean distance). The phenetic dendrogram and the Principal Component Analysis generated, separated the 51 Indian genotypes from the three Australian lines. The cluster analysis indicated that sandalwood germplasm within India constitutes a broad genetic base with values of genetic dissimilarity ranging from 15 to 91 %. A core collection of 21 selected individuals revealed the same diversity of the entire population. The results show that RAPD analysis is an efficient marker technology for estimating genetic diversity and relatedness, thereby enabling the formulation of appropriate strategies for conservation, germplasm management, and selection of diverse parents for sandalwood improvement programmes.

Increasing the contribution of small-scale fisheries to poverty alleviation and food security

The objectives of these Technical Guidelines are to provide a focus on small-scale fisheries and their current and potential role in contributing to poverty alleviation and food security by expanding on the guidance on small-scale fisheries offered by the Code. The Guidelines are complementary to existing Technical Guidelines for Responsible Fisheries. Most small-scale fishers are in developing countries and many live in communities characterized by poverty and food insecurity. Small-scale fishing communities are faced with an array of serious problems, including overexploitation and depletion of resources, lack of alternative sources of employment, rapid population growth, migration of populations, displacement in coastal areas due to industrial development and tourism, pollution and environmental degradation and conflicts with large commercial fishing operations. However, small-scale fisheries are critical for food security and poverty alleviation in many countries. The first part of the Guidelines discusses the current contribution, role and importance of small-scale fisheries in poverty alleviation and food security. It examines the importance of small-scale fisheries for poverty alleviation at a national, local and household level. It also notes the nutritional qualities of fish and thus the particular role of fish in nutritional aspects of food security. The fact that about half of all fish caught for human consumption comes from small-scale fisheries underlines the importance of this subsector for the world fish supply. In many countries small-scale fisheries contribute to national food security both directly – where fish is a crucial part of the daily diet, and indirectly – by generating foreign exchange earnings that enable the purchase through trade of a range of food products. The second part of the Guidelines explores ways through which the contribution of small-scale fisheries to poverty alleviation and food security could be enhanced. A vision for the future of small-scale fisheries is presented as a goal towards which the subsector should develop. Ensuring greater participation by small-scale fishers and their communities in the formulation of policies, the development of related legislation and regulations, and in management decision-making and implementation processes, is vital to the realization of this vision. The central role of effective fisheries management, the importance of considering cross sectoral uses of fisheries and related resources, the special role of women in fish marketing, processing and value addition, the significant scope for trade, the critical role that adequate financing may have in enabling transitions for effective fisheries management and the role of knowledge in making informed decisions are all discussed in these Guidelines. (PDF contains 97 pages)

Economic analysis of fish import demand in Nigeria

The significance of the fishery industry in the Nigerian economy is examined, considering source of domestic fish production and government fish production programmes and also analysis Nigeria's fish imports during the period 1971-80. Suggestions are made regarding the regulation of fish imports to conserve foreign exchange and the removal of constraints in domestic fish production expansion

Investment prospects in inshore trawling in Nigeria

Commercial trawling for finfish in Nigeria's inshore water is a recent activity. Intensive industrial trawling started when the Federal Government distributed trawlers to viable fishermen cooperatives during the Third National Development Plan Period (1975-80). Hitherto, industrial fisheries development in the country focused on the assessment of the potential fish stock on Nigeria's continental shelf and measures to increase artisanal production. As a result of increasing demand for fish and shortage of foreign exchange to import fish, measures to increase fish supply leaned towards industrial exploitation of the fisheries potentials of Nigeria's continental shelf. Based on this background, this paper examines the investment prospects of trawling for fish in inshore waters. The fisheries potentials of the inshore zone of Nigeria are identified. Catch efficiency and profitability of inshore trawling are estimated. Measures that can safeguard the longterm interest of the trawling industry are recommended

Present status and potentials of inshore and offshore pelagic fisheries in the capture and processing industries of Nigeria

Apart from activities of some foreign-based vessels, commercial exploitation of pelagic fishery resources in Nigeria has been limited to inland and inshore waters. Estimated potential for the inshore pelagic fishery is 70,000-90,000 tonnes while the small pelagic resources in the near offshore as well as tuna and tuna-like fishes further offshore have potentials of about 10,000 metric tonnes each. Despite the abundance of tuna within and adjoining the Nigerian EEZ, and its importance in the international market, only foreign-flagged vessels take advantage. In addition, the inshore pelagic fisheries in Nigeria have for long remained underexploited. The most common processing method has remained the age-old traditional smoke-drying, which is inadequate resulting in colossal waste through denaturation and incessant infestations by insects and moulds among other causes. The use of modern smoking techniques coupled with effective distribution systems can undoubtedly reduce waste. However, these are often not within the reach of most artisanal processors. It is proposed that the organised private sector should invest on simple but proven processing equipment such as smoking kilns. The inshore pelagic fish species and other small fishes can sustain cottage canning industries sited in fishing villages/settlements while larger canning factories should be based on offshore resources. Modalities for successful investments are highlighted, while a major consideration is given to joint ventures

Commercial cage fish culture

With increasing emphasis in Nigeria on aquaculture as an alternative to dwindling artisanal fishing and scarce foreign exchange for fish import, cage fish culture, is a more profitable aquaculture practice than pond culture. It appears to be one of the most viable business ventures with minimum risks. It is a highly recommendable project

A strategy for poverty alleviation in Nigeria through fisheries development: a review

This paper reviews fisheries as an important economic sector in terms of employment, food security, enterprise development, and foreign exchange earning. The fisheries sub sector of agriculture if developed will enhance employment opportunities for rural fisher folks vis a vis the harnessing of less culturable surface area for aquaculture purpose, also homestead pond if fully encouraged and utilized has potential for increasing the fish yield of the nation. The role of women in the artisanal fisheries sub sector was x-rayed as an area to be encouraged, as it has the potential of eradicating poverty from the grass root. The importance of fisheries development in sustainable livelihood and poverty alleviation is highlighted in this paper

Evaluation of transferred fisheries technology in Kainji Lake basin

Fisheries is important to Nigeria agricultural economy because it provides employment for fisherfolks (men and women fishers, fishmongers (fish traders), fish processors and fish farmers. It also supplies protein to the diet of Nigerians and it is equally a viable source of foreign exchange earning to the government.The estimated Nigeria population of 120 million consumes about 1.2million metric tones of fish and fish products annual. This justified the important role fisheries could play in nigerian diet considering that Nigeria has vast inland waters that cover an estimated total surface area of 199,580km super(2) and equally vast sea area of 25,000km super(2). In these waters the author claimed that there are diverse fish resources that are of economic importance in both inland and seawaters. FDF (2000) also estimated that the current annual yield of both inland and seawater put together is about 418,069,3 metric tones from artisanal fisheries and 23,720 metric tones from aquaculture. The shortage between the annual consumption level of 1.2million metric tones and annual yield of 418,069,3 metric tones is made available through importation. It is therefore of concern that given the level of current fish yield from the various fisheries resources the demand still exceeds supply. One wonders whether the production inadequacy is due to poor management of available fisheries resources or that improved fisheries technology that could aid increased production was not efficiently transferred to fish farmers. To answer these questions one need to examine the past and present extension policy in Nigeria as they affect dissemination of fisheries technologies

Export potential of ornamental live fishes in Nigeria

Nigeria is blessed with an abundant variety of fish species, some of which have been exported over the years. These fish species are taken either from the wild or cultured. Large quantities of fishes and fishery products are exported from Nigeria in different forms and which have been sources of foreign exchange earnings for the Country. An estimate value of exports in the fishery sub-sector stood at approximately U.S. $48.212,070 for shrimps/sole fish/cuttlefish/crabs and over U.S.$500,000 for ornamental live fishes