Securities: Its Conception and Protection of Interests of its Holders

Theoretical studies of the problems of the securities markets in the Russian Federation incline to one or other of the two traditional approaches. The first consists of comparing the definition of "valuable paper" set forth in the current legislation of the Russian Federation, with the theoretical model of "Wertpapiere" elaborated by German scholars more than 90 years ago. The problem with this approach is, in Mr. Pentsov's opinion, that any new features of the definition of "security" that do not coincide with the theoretical model of "Wertpapiere" (such as valuable papers existing in non-material, electronic form) are claimed to be incorrect and removed from the current legislation of the Russian Federation. The second approach works on the basis of the differentiation between the Common Law concept of "security" and the Civil Law concept of "valuable paper". Mr. Pentsov's research, presented in an article written in English, uses both methodological tools and involves, firstly, a historical study of the origin and development of certain legal phenomena (securities) as they evolved in different countries, and secondly, a comparative, synchronic study of equivalent legal phenomena as they exist in different countries today. Employing the first method, Mr. Pentsov divided the historical development of the conception of "valuable paper" in Russia into five major stages. He found that, despite the existence of a relatively wide circulation of valuable papers, especially in the second half of the 19th century, Russian legislation before 1917 (the first stage) did not have a unified definition of valuable paper. The term was used, in both theoretical studies and legislation, but it covered a broad range of financial instruments such as stocks, bonds, government bonds, promissory notes, bills of exchange, etc. During the second stage, also, the legislation of the USSR did not have a unified definition of "valuable paper". After the end of the "new economic policy" (1922 - 1930) the stock exchanges and the securities markets in the USSR, with a very few exceptions, were abolished. And thus during the third stage (up to 1985), the use of valuable papers in practice was reduced to foreign economic relations (bills of exchange, stocks in enterprises outside the USSR) and to state bonds. Not surprisingly, there was still no unified definition of "valuable paper". After the beginning of Gorbachev's perestroika, a securities market began to re-appear in the USSR. However, the successful development of securities markets in the USSR was retarded by the absence of an appropriate regulatory framework. The first effort to improve the situation was the adoption of the Regulations on Valuable Papers, approved by resolution No. 590 of the Council of Ministers of the USSR, dated June 19, 1990. Section 1 of the Regulation contained the first statutory definition of "valuable paper" in the history of Russia. At the very beginning of the period of transition to a market economy, a number of acts contained different definitions of "valuable paper". This diversity clearly undermined the stability of the Russian securities market and did not achieve the goal of protecting the investor. The lack of unified criteria for the consideration of such non-standard financial instruments as "valuable papers" significantly contributed to the appearance of numerous fraudulent "pyramid" schemes that were outside of the regulatory scheme of Russia legislation. The situation was substantially improved by the adoption of the new Civil Code of the Russian Federation. According to Section 1 of Article 142 of the Civil Code, a valuable paper is a document that confirms, in compliance with an established form and mandatory requisites, certain material rights whose realisation or transfer are possible only in the process of its presentation. Finally, the recent Federal law No. 39 - FZ "On the Valuable Papers Market", dated April 22 1996, has also introduced the term "emission valuable papers". According to Article 2 of this Law, an "emission valuable paper" is any valuable paper, including non-documentary, that simultaneously has the following features: it fixes the composition of material and non-material rights that are subject to confirmation, cession and unconditional realisation in compliance with the form and procedure established by this federal law; it is placed by issues; and it has equal amount and time of realisation of rights within the same issue regardless of when the valuable paper was purchased. Thus the introduction of the conception of "emission valuable paper" became the starting point in the Russian federation's legislation for the differentiation between the legal regimes of "commercial papers" and "investment papers" similar to the Common Law approach. Moving now to the synchronic, comparative method of research, Mr. Pentsov notes that there are currently three major conceptions of "security" and, correspondingly, three approaches to its legal definition: the Common Law concept, the continental law concept, and the concept employed by Japanese Law. Mr. Pentsov proceeds to analyse the differences and similarities of all three, concluding that though the concept of "security" in the Common Law system substantially differs from that of "valuable paper" in the Continental Law system, nevertheless the two concepts are developing in similar directions. He predicts that in the foreseeable future the existing differences between these two concepts will become less and less significant. On the basis of his research, Mr. Pentsov arrived at the conclusion that the concept of "security" (and its equivalents) is not a static one. On the contrary, it is in the process of permanent evolution that reflects the introduction of new financial instruments onto the capital markets. He believes that the scope of the statutory definition of "security" plays an extremely important role in the protection of investors. While passing the Securities Act of 1933, the United States Congress determined that the best way to achieve the goal of protecting investors was to define the term "security" in sufficiently broad and general terms so as to include within the definition the many types of instruments that in the commercial world fall within the ordinary concept of "security' and to cover the countless and various devices used by those who seek to use the money of others on the promise of profits. On the other hand, the very limited scope of the current definition of "emission valuable paper" in the Federal Law of the Russian Federation entitled "On the Valuable Papers Market" does not allow the anti-fraud provisions of this law to be implemented in an efficient way. Consequently, there is no basis for the protection of investors. Mr. Pentsov proposes amendments which he believes would enable the Russian markets to become more efficient and attractive for both foreign and domestic investors.

Characteristics and experiences of past participants in the Texas Peer Assistance Program for Nurses

There are nearly 200,000 licensed practicing nurses in the state of Texas, representing one-tenth of the nations' workforce. The prevalence of substance abuse among nurses is estimated to range between six and 20 percent in this professional group.^ Since March 1987, the Texas Peer Assistance Program for Nurses (TPAPN) has offered intervention, education, support and monitoring to nurses in Texas whose practice has become impaired due to substance abuse and/or mental illness. Since then approximately 44 percent of nurses who voluntarily signed participation agreements successfully completed the program; fifty-six percent have not. One determinant of completion for those nurses identified as chemically dependent is abstinence from mood altering substances. Other helping professions report higher rates of abstinence two years following treatment.^ The purpose of this study was to investigate the relationship between relapse, demographics, treatment variables, work setting, "stress" indicators and support factors for nurses who participated in TPAPN. A questionnaire was mailed to 1000 randomly selected nurses who had signed agreements since 1987 and were no longer active in the program. More than 41% of the questionnaires were returned undeliverable.^ Recipients of the questionnaire were known only to TPAPN, never to the investigator. All information was received anonymously except when the participant chose to sign the questionnaire. A cover letter explaining the study and inviting participation was enclosed. Completion and return of the questionnaire was considered consent to participate.^ Findings demonstrated a significant relationship between relapse and opiates as the drug of choice for past participants in the Texas Peer Assistance Program for Nurses. Significant associations were found among factors such as control at work, support, physical complaints, job security, self-esteem and employment in this sample. Respondents shared copious written comments about their experiences in TPAPN. These data were analyzed using qualitative methods and compared with similar studies of recovering nurses. Further research with nurses whose practice has been affected by abuse of chemical and mental illness is warranted. ^

Development of self-esteem and relationship satisfaction in couples: Two longitudinal studies

We examined the effects of self-esteem development on the development of relationship satisfaction in 2 samples of couples. Study 1 used data from both partners of 885 couples assessed 5 times over 12 years, and Study 2 used data from both partners of 6,116 couples assessed 3 times over 15 years. The pattern of results was similar across the 2 studies. First, development of relationship satisfaction could be modeled as a couple-level process. Second, initial level of self-esteem of each partner predicted the initial level of the partners’ common relationship satisfaction, and change in self-esteem of each partner predicted change in the partners’ common relationship satisfaction. Third, these effects did not differ by gender and held when controlling for participants’ age, length of relationship, health, and employment status. Fourth, self-esteem similarity among partners did not influence the development of their relationship satisfaction. The findings suggest that the development of self-esteem in both partners of a couple contributes in a meaningful way to the development of the partners’ common satisfaction with their relationship.

Avalanche related damage potential - changes of persons and mobile values since the mid-twentieth century, case study Galtür

When determining risk related to natural hazard processes, many studies neglect the investigations of the damage potential or are limited to the assessment of immobile values like buildings. However, persons as well as mobile values form an essential part of the damage potential. Knowledge of the maximum number of exposed persons in an endangered area is of great importance for elaborating evacuation plans and immediate measures in case of catastrophes. In addition, motor vehicles can also be highly damaged, as was shown by the analysis of avalanche events. With the removal of mobile values in time as a preventive measure this kind of damage can be minimised. This study presents a method for recording the maximum number of exposed persons and monetarily assessing motor vehicles in the municipality of Galt¨ur (Tyrol, Austria). Moreover, general developments of the damage potential due to significant socio-economic changes since the mid-twentieth century are pointed out in the study area. The present situation of the maximum number of persons and mobile values in the official avalanche hazard zones of the municipality is described in detail. Information on the number of persons is derived of census data, tourism and employment statistics. During the winter months, a significant increase overlaid by strong short-term fluctuation in the number of persons can be noted. These changes result from a higher demand of tourism related manpower as well as from varying occupancy rates. The number of motor vehicles in endangered areas is closely associated to the number of exposed persons. The potential number of motor vehicles is investigated by means of mapping, statistics on the stock of motor vehicles and the density distribution. Diurnal and seasonal fluctuations of the investigated damage potential are pointed out. The recording of the number of persons and mobile values in endangered areas is vital for any disaster management.

Neuroimmune Interactions: a Bidirectional Flow that Leads to Health and Disease

The Vedic philosophy deals with harmony and balance between the mind and the body as well as interactions with nature. This ancient approach to health and well-being is being more and more appreciated in part as we understand the intimate relationship between the immune system, our major defense mechanism and the nervous system. Like other organ systems, the immune system is dependent on the central nervous system (CNS) and the endocrine system in its role for effective defense against foreign and domestic invaders.

Place of Work and Place of Residence: Informal Hiring Networks and Labor Market Outcomes

We use a novel dataset and research design to empirically detect the effect of social interactions among neighbors on labor market outcomes. Specifically, using Census data that characterize residential and employment locations down to the city block, we examine whether individuals residing in the same block are more likely to work together than individuals in nearby but not identical blocks. We find significant evidence of social interactions operating at the block level: residing on the same versus nearby blocks increases the probability of working together by over 33 percent. The results also indicate that this referral effect is stronger when individuals are similar in sociodemographic characteristics (e.g., both have children of similar ages) and when at least one individual is well attached to the labor market. These findings are robust across various specifications intended to address concerns related to sorting and reverse causation. Further, having determined the characteristics of a pair of individuals that lead to an especially strong referral effect, we provide evidence that the increased availability of neighborhood referrals has a significant impact on a wide range of labor market outcomes including employment and wages.

Leukemia and occupational exposure to electromagnetic fields: An incident case-control study

The existence of an association between leukemia and electromagnetic fields (EMF) is still controversial. The results of epidemiologic studies of leukemia in occupational groups with exposure to EMF are inconsistent. Weak associations have been seen in a few studies. EMF assessment is lacking in precision. Reported dose-response relationships have been based on qualitative levels of exposure to EMF without regard to duration of employment or EMF intensity on the jobs. Furthermore, potential confounding factors in the associations were not often well controlled. The current study is an analysis of the data collected from an incident case-control study. The primary objective was to test the hypothesis that occupational exposure to EMF is associated with leukemia, including total leukemia (TL), myelogenous leukemia (MYELOG) and acute non-lymphoid leukemia (ANLL). Potential confounding factors: occupational exposure to benzene, age, smoking, alcohol consumption, and previous medical radiation exposures were controlled in multivariate logistic regression models. Dose-response relationships were estimated by cumulative occupational exposure to EMF, taking into account duration of employment and EMF intensity on the jobs. In order to overcome weaknesses of most previous studies, special efforts were made to improve the precision of EMF assessment. Two definitions of EMF were used and result discrepancies using the two definitions were observed. These difference raised a question as to whether the workers at jobs with low EMF exposure should be considered as non-exposed in future studies. In addition, the current study suggested use of lifetime cumulative EMF exposure estimates to determine dose-response relationship. The analyses of the current study suggest an association between ANLL and employment at selected jobs with high EMF exposure. The existence of an association between three types of leukemia and broader categories of occupational EMF exposure, is still undetermined. If an association does exist between occupational EMF exposure and leukemia, the results of the current study suggest that EMF might only be a potential factor in the promotion of leukemia, but not its initiation. ^

Social integration, health behaviors and health status among Mexican-American women in the *southwestern United States

Using the Hispanic Health and Nutrition Examination Survey (HHANES), this research examined several health behaviors and the health status of Mexican American women. This study focused on determining the relative impact of social contextual factors: age, socioeconomic status, quality of life indicators, and urban/rural residence on (a) health behaviors (smoking, obesity and alcohol use) and (b) health status (physician's assessment of health status, subject's assessment of health status and blood pressure levels). In addition, social integration was analyzed. The social integration indicators relate to an individual's degree of integration within his/her social group: marital status, level of acculturation (a continuum of traditional Mexican ways to dominant U.S. cultural ways), status congruency, and employment status. Lastly, the social contextual factors and social integration indicators were examined to identify those factors that contribute most to understanding health behaviors and health status among Mexican American women.^ The study found that the social contextual factors and social integration indicators proved to be important concepts in understanding the health behaviors. Social integration, however, did not predict health status except in the case of the subject's assessment of health status. Age and obesity were the strongest predictors of blood pressure. The social contextual factors and obesity were significant predictors of the physician's assessment of health status while acculturation, education, alcohol use and obesity were significant predictors of the subject's assessment of health status. ^

Hacia una transformación económica de la Patagonia Austral : La actividad turística en la nueva dinámica productiva y su impacto en el empleo

El presente trabajo deriva de estudios realizados anteriormente sobre la caracterización económica de la Provincia de Santa Cruz. En dicho contexto se releva a la actividad turística como emergente de una nueva dinámica productiva. La estructura económica provincial se ha basado históricamente en el sector primario, con preponderancia del agregado 'minas y canteras' -en especial la rama petrolera-. Destacan en dicha actividad sus características de enclave y de recurso agotable. En la actualidad se observa un importante flujo de inversiones públicas -y en menor medida privadas-, las que impactarán a futuro en el desarrollo económico provincial. Las obras de infraestructura en ejecución propenden a dotar a la provincia de mejores condiciones de competitividad, favoreciendo la diversificación de sus actividades. En ese contexto emerge la actividad turística con gran dinamismo y evidenciando un enorme potencial, especialmente a partir de las nuevas condiciones macroeconómicas derivadas de la crisis devaluatoria del año 2001. El principal atractivo se centra en el producto 'glaciares'. Sin embargo, la región cuenta también con muchos otros vinculados a la naturaleza, que favorecen el desarrollo de nuevas dimensiones de la actividad turística, tales como el turismo de intereses especiales, científico, cultural, de aventura. La ciudad de El Calafate, localizada en el Departamento de Lago Argentino, se constituye en el epicentro de la región. El flujo de inversiones recibido, ha generado en los últimos años un significativo incremento de la actividad, repercutiendo en el empleo vinculado al sector; el cual posee características de extrema particularidad. Surge como objetivo del presente trabajo el análisis del sector turístico provincial y su vinculación con el empleo, así como también de los aspectos a tener en cuenta para su desarrollo sustentable en el tiempo. Resulta necesario analizar tanto las ventajas comparativas existentes como los problemas estructurales que enfrenta el sector para lograr condiciones de competitividad en el mercado turístico mundial. Por otra parte, el análisis de la morfología de la estructura empresarial permite comprender más acabadamente las formas de contratación existentes y su proyección en el tiempo

Hacia una transformación económica de la Patagonia Austral : La actividad turística en la nueva dinámica productiva y su impacto en el empleo

El presente trabajo deriva de estudios realizados anteriormente sobre la caracterización económica de la Provincia de Santa Cruz. En dicho contexto se releva a la actividad turística como emergente de una nueva dinámica productiva. La estructura económica provincial se ha basado históricamente en el sector primario, con preponderancia del agregado 'minas y canteras' -en especial la rama petrolera-. Destacan en dicha actividad sus características de enclave y de recurso agotable. En la actualidad se observa un importante flujo de inversiones públicas -y en menor medida privadas-, las que impactarán a futuro en el desarrollo económico provincial. Las obras de infraestructura en ejecución propenden a dotar a la provincia de mejores condiciones de competitividad, favoreciendo la diversificación de sus actividades. En ese contexto emerge la actividad turística con gran dinamismo y evidenciando un enorme potencial, especialmente a partir de las nuevas condiciones macroeconómicas derivadas de la crisis devaluatoria del año 2001. El principal atractivo se centra en el producto 'glaciares'. Sin embargo, la región cuenta también con muchos otros vinculados a la naturaleza, que favorecen el desarrollo de nuevas dimensiones de la actividad turística, tales como el turismo de intereses especiales, científico, cultural, de aventura. La ciudad de El Calafate, localizada en el Departamento de Lago Argentino, se constituye en el epicentro de la región. El flujo de inversiones recibido, ha generado en los últimos años un significativo incremento de la actividad, repercutiendo en el empleo vinculado al sector; el cual posee características de extrema particularidad. Surge como objetivo del presente trabajo el análisis del sector turístico provincial y su vinculación con el empleo, así como también de los aspectos a tener en cuenta para su desarrollo sustentable en el tiempo. Resulta necesario analizar tanto las ventajas comparativas existentes como los problemas estructurales que enfrenta el sector para lograr condiciones de competitividad en el mercado turístico mundial. Por otra parte, el análisis de la morfología de la estructura empresarial permite comprender más acabadamente las formas de contratación existentes y su proyección en el tiempo

Hacia una transformación económica de la Patagonia Austral : La actividad turística en la nueva dinámica productiva y su impacto en el empleo

El presente trabajo deriva de estudios realizados anteriormente sobre la caracterización económica de la Provincia de Santa Cruz. En dicho contexto se releva a la actividad turística como emergente de una nueva dinámica productiva. La estructura económica provincial se ha basado históricamente en el sector primario, con preponderancia del agregado 'minas y canteras' -en especial la rama petrolera-. Destacan en dicha actividad sus características de enclave y de recurso agotable. En la actualidad se observa un importante flujo de inversiones públicas -y en menor medida privadas-, las que impactarán a futuro en el desarrollo económico provincial. Las obras de infraestructura en ejecución propenden a dotar a la provincia de mejores condiciones de competitividad, favoreciendo la diversificación de sus actividades. En ese contexto emerge la actividad turística con gran dinamismo y evidenciando un enorme potencial, especialmente a partir de las nuevas condiciones macroeconómicas derivadas de la crisis devaluatoria del año 2001. El principal atractivo se centra en el producto 'glaciares'. Sin embargo, la región cuenta también con muchos otros vinculados a la naturaleza, que favorecen el desarrollo de nuevas dimensiones de la actividad turística, tales como el turismo de intereses especiales, científico, cultural, de aventura. La ciudad de El Calafate, localizada en el Departamento de Lago Argentino, se constituye en el epicentro de la región. El flujo de inversiones recibido, ha generado en los últimos años un significativo incremento de la actividad, repercutiendo en el empleo vinculado al sector; el cual posee características de extrema particularidad. Surge como objetivo del presente trabajo el análisis del sector turístico provincial y su vinculación con el empleo, así como también de los aspectos a tener en cuenta para su desarrollo sustentable en el tiempo. Resulta necesario analizar tanto las ventajas comparativas existentes como los problemas estructurales que enfrenta el sector para lograr condiciones de competitividad en el mercado turístico mundial. Por otra parte, el análisis de la morfología de la estructura empresarial permite comprender más acabadamente las formas de contratación existentes y su proyección en el tiempo

Skill sorting, inter-industry skill wage premium, and production chains: evidence from India 1999-2000

This paper proposes a mechanism that links industry’s technological characteristics (i.e. quality of non-labor inputs, which is proxied by the length of industry production chains), industry-specific skill wage premium, and skill sorting across industries. It is hypothesized that high-skilled workers are sorted into industries where they can receive a higher skill wage premium, by working with better quality non-labor input. The quality of non-labor inputs is assumed to be worse in industries with longer production chains due to the increased involvement of low-skilled labor and poor infrastructure over the sequential production. By examining Indian wage and employment data for 1999-2000, empirical evidence to support this mechanism can be obtained: First, the skill wage premium is lower [higher] in industries with longer [shorter] production chains. Second, the skill wage premium is lower [higher] in industries with a higher [lower] proportion of low-skilled workers producing inputs outside their own industry. Third, the proportion of high-skilled workers is larger in industries with shorter production chains and lower ratio of low-skilled labor involved, i.e., a skill sorting trend can be observed.

Low workforce participation of educated female and the role of work organizations in post-war Sri Lanka

Sri Lanka as a developing economy that achieved gender equity in education and a higher literacy rate (both adult and youth) in the South Asian region still records a low labor force participation and high unemployment rate of females when compared to their male counterparts. With the suggestion of existing literature on the non-conventional models of careers those adopted by young and female populations at the working age, this paper discusses the role of work organizations in absorbing more females (and even minority groups) into the workforce. It mainly focuses on the need of designing appropriate human resource strategies and reforming the existing organizational structures in order for contributing to the national development in the post-war Sri Lanka economy.

Assessment of FDI impact on Thailand's production sectors : implications for investment promotion activities

This paper examines the overall and sectoral economic impact of foreign direct investment (FDI) on the Thai economy using the economic data from 2005-2013. In assessing the overall economic impact, it is found that FDI has contributed positively to Thailand's economic growth. However, when analyzing the sectoral details, the empirical results indicate that FDI has a varying impact on the productive sectors in Thailand. Out of the 9 sub-sectors covered by this study, 5 sub-sectors (manufacturing, construction, financial, wholesale, retail trade, and agriculture) show strong statistically-significant positive effects of FDI on the relevant sector's value-added output. Based on these findings, it is suggested that policy-makers, including the Board of Investment, should aim to promote FDI with special consideration of the sectoral impact that would enable Thailand's FDI promotion policies to be more productive and beneficial for the Thai economy.