On performance persistence in emerging markets: Empirical evidence from Asia-Pacific

The purpose of this study is to investigate the performance persistence of international mutual funds, employing a data sample which includes 2,168 European mutual funds investing in Asia-Pacific region; Japan excluded. Also, a number of performance measures is tested and compared, and especially, this study tries to find out whether iterative Bayesian procedure can be used to provide more accurate predictions on future performance. Finally, this study examines whether the cross-section of mutual fund returns can be explained with simple accounting variables and market risk. To exclude the effect of the Asian currency crisis in 1997, the studied time period includes years from 1999 to 2007. The overall results showed significant performance persistence for repeating winners when performance was tested with contingency tables. Also the annualized alpha spreads between the top and bottom portfolios were more than ten percent at their highest. Nevertheless, the results do not confirm the improved prediction accuracy of the Bayesian alphas.

Detection of beetle damage in forests by X-ray CT image processing

Some beetle species can have devastating economic impacts on forest and nursery industries. A recent example is Anophophora glabripennis, a species of beetle known in the United States as the ''Asian Longhorrned beetle'', which has damaged many American forests, and is a threat which can unintentionally reach south American countries, including Brazil. This work presents a new method based on X-ray computerized tomography (CT) and image processing for beetle injury detection in forests. Its results show a set of images with correct identification of the location of beetles in living trees as well as damage evaluation with time.

Susceptibility of five forest species to Coptotermes gestroi

Termites are well known for their ability to damage wood and various types of wood-derived products. This study was performed in the municipality of Seropédica, Rio de Janeiro state, Brazil, with the objective of evaluating the susceptibility of the wood of five different forest species to the activity of the Asian subterranean termite, Coptotermes gestroi. Wood stakes from the following forest species were used as specimens: pine (Pinus sp., Pinaceae), Brazil nut (Bertholletia excelsa, Lecythidaceae), cabbage angelin (Andira inermis, Leguminosae-Papilionoideae), maçaranduba (Manilkara huberi, Sapotaceae) and pink ipê (Tabebuia avellanedae, Bignoniaceae). The stakes, with dimensions of 2 cm x 2 cm x 16 cm, were subjected to the activity of C. gestroi from September 2, 2006 to June 2, 2007. The experimental design consisted of randomized blocks with four replications in an 11 x 5 x 3 factorial arrangement. Twelve stakes of each of the five forest species were installed at each of eleven sites, totaling 660 stakes. Three evaluations were performed, at 90, 180 and 270 days after stake installation. The results indicated that the pine, Brazil nut and cabbage angelin stakes were more susceptible to C. gestroi attack, while the pink ipê and maçaranduba stakes suffered no significant damage from this termite. There was a significant negative correlation between the wood consumption rate and the wood density of the species studied. The woods most susceptible to C. gestroi attack presented moderate to low densities and therefore less resistance, as in the case of pine and cabbage angelin.

A China como um duplo pólo na economia mundial e a recentralização da economia asiática

China as a double pole in the world economy and the recentralization of the Asian economy. The extraordinary growth of Chinese trade that occurred in the last years changed China’s role on world and regional economy. As a major producer of industrial consumer goods to OCDE countries, China has negatively affected many Asian competitors but as an expansive market China became the main source of growth to Asian countries. This new dimension was achieved after the Asian crisis of 1997 by an economic expansion led by public investment. After considering the Chinese balance of payment position and its industrial strategy this paper investigates this double dimension of China on trade and its influence on Asian countries.

Estado e economia na Coreia do Sul - do Estado desenvolvimentista à crise asiática e à recuperação posterior

The State and the economy in South Korea: from the developmentist state to the Asian crisis and later recovery. The article focuses on the institutions of South Korean capitalism and on the interactions between the state and the economy. The economic model in South Korea was characterized by a very interventionist state, which played a very active role in the process of industrialization. However, South Korea suffered a severe crisis in 1997, attributed by many authors to the distortions inherent to strong state intervention. The article shows that the crisis was a result of the combination between internal economic fragilities and a rapid process of financial deregulation, which undermined the state's capacity of control. The crisis, nevertheless, does not disqualify the role of the national institutions in the very successful process of industrialization. Despite the reforms, the Korean capitalism conserves much of the previous model of business organization and industrial relations. The state continues strong and played active role in the process of economic reforms. There are, nevertheless, doubts about the impacts of the reforms and the new configuration of Korean capitalism. They will depend on the current transformations in world economy and in the East Asian countries.

Cooperação monetária e financeira: o que é bom para a Ásia também é para a América Latina?

Monetary and financial cooperation: what is good to Asian is also good to Latin America?. This article compares the Asian and Latin American experiences with monetary cooperation. It is argued that in the latter such cooperation has hardly progressed, due to low degree of regional integration, the recurrent use of multilateral institutional resources to deal with external shocks and the lack of clear objectives: monetary cooperation is some times seen as a means to foster integration, but also as a means to provide long term funds and as a source of liquidity in foreign currencies. In Asia, differently, cooperation has apparently not been so instrumental to regional integration, but has proven to be quite important as a means to build a regional capital market as well as a mechanism to deal with external shocks.

Five models of capitalism

Besides analyzing capitalist societies historically and thinking of them in terms of phases or stages, we may compare different models or varieties of capitalism. In this paper I survey the literature on this subject, and distinguish the classification that has a production or business approach from those that use a mainly political criterion. I identify five forms of capitalism: among the rich countries, the liberal democratic or Anglo-Saxon model, the social or European model, and the endogenous social integration or Japanese model; among developing countries, I distinguish the Asian developmental model from the liberal-dependent model that characterizes most other developing countries, including Brazil.

L'universalité des droits humains dans le contexte du pluralisme axiologique inhérent aux relations internationales : le cas du confucianisme

Résumé La démonstration qui est ici à l’œuvre s’apparente, dans une certaine mesure, à celle qu’élabore Amartya Kumar Sen dans 'The Argumentative Indian'. Dans cet ouvrage, Sen discute de l’héritage intellectuel et politique de l’Inde et de la manière dont cette tradition est essentielle pour le succès de la démocratie et des politiques séculières de l’État indien. Pour notre part, nous ne nous intéressons point à l’Inde, mais à la Chine, notamment à l’héritage intellectuel, politique et moral des lettrés confucéens de l’Antiquité chinoise et à la pertinence de revisiter, aujourd’hui, la réflexion confucéenne classique pour mieux penser et fonder les droits humains en Chine. Plus précisément, notre réflexion s’inscrit au sein du débat contemporain, qui a lieu à l’échelle internationale, entourant les soi-disant valeurs asiatiques et les droits humains. Pour les partisans de la thèse des valeurs asiatiques, les valeurs asiatiques seraient associées au modèle de développement dit asiatique, lequel se distinguerait du modèle « occidental » en étant en outre réfractaire aux droits humains. Ces droits ayant une origine occidentale et étant, à maints égards, en rupture avec les valeurs asiatiques, ils ne seraient ni souhaitables en Asie (notamment en Chine) ni compatibles avec les valeurs asiatiques (spécialement avec les valeurs confucéennes). Dans notre thèse, nous réfutons ce point de vue. Par l’entremise d’une analyse de la 'Déclaration universelle des droits de l’homme' de 1948 et d’un examen des quatre textes fondateurs du confucianisme classique que sont : les 'Entretiens' (Lunyu), le 'Mencius' (Mengzi), la 'Grande Étude' (Daxue) et la 'Pratique du Milieu' (Zhongyong), nous démontrons que cette compréhension des choses s’avère injustifiée. Les droits humains ne sont pas incompatibles avec les valeurs confucéennes et leur adoption est souhaitable en Asie (notamment en Chine), tout comme elle l’est en Occident. De fait, la philosophie des droits humains et la pensée confucéenne classique ont de nombreuses affinités conceptuelles, axiologiques et normatives. Loin d’être en rupture, ces univers théoriques convergent, car ils ont tous deux à cœur l’être humain, ses besoins vitaux et son épanouissement au sein de la communauté. Notre démonstration s’appuie, pour une large part, sur l’analyse d’un concept phare de la pensée éthique et politique confucéenne, soit la notion d’humanité ou du sens de l’humain (ren) ainsi que d’une autre notion qui lui est étroitement liée, soit celle de l’homme de bien ou de la personne moralement noble (junzi).

Le panasiatisme en Asie : une construction de l’identité asiatique et japonaise, 1900-1924

La recherche sur le développement du panasiatisme en dehors du Japon a été longtemps négligée par les historiens. Ce mémoire est une tentative de décloisonnement du panasiatisme afin de mieux comprendre son émergence en Asie et son rôle dans la construction de l'identité asiatique entre 1900 et 1924 en examinant le discours de cinq acteurs de l’« idéologie ». Utilisant comme perspectivel'histoire globale, il démontre comment le panasiatisme en Asie s'inscrit dans un réseau de contacts et de circulation d'idées intra-asiatique au début du 20e siècle, réseau influencé principalement par deux concepts dans sa définition de l'Asie: la race jaune et la civilisation asiatique. Tentant de mieux comprendre la relation entre la pensée en Asie et au Japon, le mémoire explore aussi les similarités et différences entre eux, notamment la création d'une identité et de la perception du Japon comme modèle de modernisation et chef du continent qui se propagent en Asie à travers la rhétorique panasiatique.

Water Quality Variation, its Influence on Drinking Water Treatment and Remedial Measures - A Case Study of Peechi reservoir, Thrissur, Kerala

The Kerala Water Authority requested the School of Environmental Studies to carry out investigations on the mechanism of sporadic mobilization of iron and odour in the raw water drawn to the drinking water treatment plant. The currently used treatment process failed to remove iron completely. This led to problems in the filter and complaints of taste and colour due to iron in the finished water. The sporadic nature of the problem itself made the trouble shooting difficult. The problem was looked in from three points of view. 1. Influence of environmental (climatic) conditions on the dynamics of the relevant basin of the reservoir. 2. Influence of the physical dynamics on the physico — chemical quality of water. 3. Identification of cost-effective treatment processes to suit the existing plant. Since the problem emerged only during the post- monsoon to pre-monsoon months, a related problem was investigated, namely, influence of anions on the oxidation of Fe(II) in natural waters by air. This is presented in Part II of the dissertation.

Studies on meroplankton

Plankton community, drawn from a vary wide variety of animal phyla, formed the basic food supply of marine life and indicators of water mass. The term meroplankton generally referred to that portion of the zooplankton which is transient in nature, remaining rest of their lives in the nektonic or benthic environment. This group was selected for intensive studies, considering the role of meroplankton in the economy of the sea and the scarcity of literature on them from the Indian Ocean. The preser .udy besides providing information regarding the fixation and preservation !e _ iniques and biochemical aspects of tropical meroplankton, also consolidates information regarding their zoogeography in the Indian Ocean region, with a view to amplifying the limited information available from this area. The distribution studies are based on the collections made during the International Indian Ocean Expedition (1960-65), whereas the material for preservation and biochemical studies was collected from the coastal waters during 1968-1978. Salient features:- 2% of formaldehyde buffered with 2% borax, added to the plankton in the ratio of 9:1 was found the best fixative. On fixation the plankton underwent shrinkage due to loss of 15 to 87% water. Addition of antioxidants prevented colour fading. Narcotization by different specific reagents prior to fixation reduced distortions due to violent reaction and improved morphological conditions. One percent formaldehyde solution in sea water buffered with borax or neutralised with calcium carbonate perfectly preserved majority of meroplankton. Equally good was one percent propylene phenoxetol buffered with borax. Biochemical compostion of vaioous taxa showed variations according to their age class, size groups metamorphosing stage, feeding mechanism, type of organism fed and time of collection. General distribution studies of 4 meroplankton taxa - Anthozoan larvae, cirripedia larvae, sipunculoid larvae and gastropod larvae stowed abundance in the coastal areas especially during the SW monsoon period. Based on the larval distribution different zoo-geographical areas in the Indian Ocean are differentiated.

Long term trends of seasonal and monthly rainfall in different intensity ranges over Indian subcontinent

In general Indian summer monsoon rainfall did not show any significant trend in all Indian summer monsoon rainfall series, however, it was reported that the ISMR is subjected to spatial trends. This paper made an attempt to bring out long term trends of different intensity classes of summer monsoon rainfall in different regions of Indian subcontinent. The long term trend of seasonal and monthly rainfall were also made using the India Meteorological Department gridded daily rainfall data with a spatial resolution of 1° × 1° latitude-longitude grid for the period from 1st January, 1901 to 31st December, 2003. The summer monsoon rainfall shows an increasing trend in southeast, northwest and northeast regions, whereas decreasing trend in the central and west coastal regions. In monthly scale, July rainfall shows decreasing trend over west coastal and central Indian regions and significant increasing trend over northeast region at 0.1% significant level. During the month August, decreasing trend is observed in the west coastal stations at 10% significant level. In most of the stations, mean daily rainfall shows an increasing trend for low and very high intense rainfall. For the moderate rainfall, the trend is different for different regions. In the central and southern regions the trend of moderate and moderately high classes show increasing trend. And for the high and very high intensity classes, the trend is decreasing significantly. In the northeastern regions, above 10 mm/day rainfall shows significantly increasing trend with 0.1% significant level.

Meteorological aspects of mud bank formation along south west coast of India

The study mainly intends to investigate the meteorological aspects associated with the formation of mud banks along southwest coast of India. During the formation of mud bank, the prominent monsoon organized convection is located in the equatorial region and relatively low clouding over Indian mainland. The wind core of the low level jet stream passes through the monsoon organized convection. When the monsoon organized convection is in the equatorial region, the low level wind over the southwest coast of India is parallel to the coastline and toward south. This wind along the coast gives rise to Ekman mass transport away from the coastline and subsequently formation of mud bank, if the high wind stress persists continuously for three or more days. As a result of the increased alongshore wind stress, the coastal upwelling increases. An increase in chlorophyll-a concentration and total chlorophyll can also be seen associated with mudbank formation

A Comparative Study of Convective Parameterization Schemes in WRF-NMM Model

Severe local storms, including tornadoes, damaging hail and wind gusts, frequently occur over the eastern and northeastern states of India during the pre-monsoon season (March-May). Forecasting thunderstorms is one of the most difficult tasks in weather prediction, due to their rather small spatial and temporal extension and the inherent non-linearity of their dynamics and physics. In this paper, sensitivity experiments are conducted with the WRF-NMM model to test the impact of convective parameterization schemes on simulating severe thunderstorms that occurred over Kolkata on 20 May 2006 and 21 May 2007 and validated the model results with observation. In addition, a simulation without convective parameterization scheme was performed for each case to determine if the model could simulate the convection explicitly. A statistical analysis based on mean absolute error, root mean square error and correlation coefficient is performed for comparisons between the simulated and observed data with different convective schemes. This study shows that the prediction of thunderstorm affected parameters is sensitive to convective schemes. The Grell-Devenyi cloud ensemble convective scheme is well simulated the thunderstorm activities in terms of time, intensity and the region of occurrence of the events as compared to other convective schemes and also explicit scheme

Water quality status and Primary productivity of Valanthakad Backwater in Kerala

The water quality and primary productivity of Valanthakad backwater (9° 55 10. 24 N latitude and 76° 20 01. 23 E longitude) was monitored from June to November 2007. Significant spatial and temporal variations in temperature, transparency, salinity, pH, dissolved oxygen, sulphides, carbon dioxide, alkalinity, biochemical oxygen demand, phosphatephosphorus, nitrate-nitrogen, nitrite-nitrogen as well as primary productivity could be observed from the study. Transparency was low (53.75 cm to 159 cm) during the active monsoon months when the intensity of solar radiation was minimum, which together with the run off from the land resulted in turbid waters in the study sites. The salinity in both the stations was low (0.10 ‰ to 4.69 ‰) except in August and November 2007. The presence of total sulphide (0.08 mg/ l to 1.84 mg/ l) and higher carbon dioxide (3 mg/ l to 17 mg/ l) could be due to hospital discharges and decaying slaughter house wastes in Station 1 and also from the mangrove vegetation in Station 2. Nitrate-nitrogen and phosphate-phosphorus depicted higher values and pronounced variations in the monsoon season. Maximum net primary production was seen in November (0.87 gC/ m3/ day) and was reported nil in September. The chlorophyll pigments showed higher values in July, August and November with a negative correlation with phosphate-phosphorus and nitrite-nitrogen. The study indicated that the water quality and productivity of Valanthakad backwater is impacted and is the first report from the region