Mandatory and voluntary information disclosure and the effects on financial analysts: evidence from China

Purpose – This paper aims to make a comparison, different from existing literature solely focusing on voluntary earnings forecasts and ex post earnings surprise, between the effects of mandatory earnings surprise warnings and voluntary information disclosure issued by management teams on financial analysts in terms of the number of followings and the accuracy of earnings forecasts. Design/methodology/approach – This paper uses panel data analysis with fixed effects on data collected from Chinese public firms between 2006 and 2010. It uses an exogenous regulation enforcement to minimise the endogeneity problem. Findings – This paper finds that financial analysts are less likely to follow firms which mandatorily issue earnings surprise warnings ex ante than those voluntarily issue earnings forecasts. Moreover, ex post, they issue less accurate and more dispersed forecasts on former firms. The results support Brown et al.’s (2009) finding in the USA and suggest that the earnings surprise warnings affect information asymmetries. Practical implications – This paper justifies the mandatory earnings surprise warnings policy issued by Chinese Securities Regulatory Commission in 2006. Originality/value – Mandatory earnings surprise is a unique practical regulation for publicly listed firms in China. This paper, for the first time, provides empirical evaluation on the effectiveness of a mandatory information disclosure policy in China. Consistent with existing literature on information disclosure by public firms in other countries, this paper finds that, in China, voluntary information disclosure captures more private information than mandatory information disclosure on corporate earnings ability.

IHRM and expatriation in Japanese MNCs: HRM practices and their impact on adjustment and job performance

Studies of international human resource management (IHRM) have pointed out that Japanese multinational companies (MNCs) tend to use more parent-country nationals (PCNs) than do western MNCs. The ethnocentric staffing policies imply that the management of expatriation has a greater influence on the success of Japanese MNCs. We use survey data from 149 Japanese repatriates to examine the relationship between IHRM practices – selection, preparation and corporate support – and expatriate adjustment and job performance, as well as identify differences by the location of assignment. We find that selection criteria, language ability and familiarity with local cultures are positively related to work adjustment, and that leadership and relational abilities are slightly associated with job performance though there were no significant relationships between considerations for family situations and adjustment or job performance. The results also reveal that HRM practices while abroad, in particular the interactive exchange of information between expatriates and the headquarters, have a significant influence. Pre-departure preparation programs are not related to the dependent variables. The data also suggests that living and working in China is a particular problem for Japanese expatriates.

Life history, morphological variability and growth rates of the life phases of Gracilaria tenuistipitata (Rhodophyta: Gracilariales) in vitro

Gracilaria tenuistipitata, a species of commercial interest, is becoming a model organism for studies on red algal physiology and molecular biology as it can be grown easily in vitro under a broad range of conditions. Most of the experiments carried out around the world have been based on a tetrasporophytic clone isolated in our laboratory from a specimen collected in China. Here we describe the life history of this species, give anatomic details of the reproductive structures, illustrate the morphological variability of tetraspore progeny and compare the growth rate of gametophytic and sporophytic thalli. Tetrasporophytic branches showed higher growth rates than gametophytic branches.

A Study on China's Income Inequality and the Relationship with Economic Growth

The purpose of this paper is to study China’s income inequality under rapid economic growth.Does the relationship between economic growth and income inequality in China follow theKuznets hypothesis? What is the main cause and trend of China’s income inequality? We usedata which covers the period 1980-2005 to analyze the overall inequality, and data coveringthe period 1980-2002 to analyze the inequality inside rural and urban areas. The derivedresults doubt the validity of Kuznets hypothesis on explaining the relationship betweeneconomic growth and income inequality in China. Also we derive the trend of China’sincreased income inequality and find that the urban-rural income disparity is the main causeof China’s income inequality.

The Choice of STIGA Table Tennis Blades : Evidence from China

The purpose of this paper is to investigate how individuals with different characteristics make their choice-decisions when consuming STIGA table tennis blades, which are combinations of various attributes, such as price, control, attack, etc. It is expected that the general trend of choice behavior on this special commodity can be, at least to some extent, revealed. Data were collected using questionnaires sent to registered members of a table tennis club in China. The questionnaires included information and questions about individuals’ monthly income levels, ages, technique styles, etc. A multinomial logit model was then applied to analyze factors determining Chinese consumers’ choice behavior on STIGA table tennis blades. The results indicated that the main element influencing Chinese consumers’ choice of STIGA ping-pong blades was the technique style and other variables did not seem to influence the choice of table tennis blades. These results might be explained by the limited sample size as well as unmeasured and immeasurable factors. Thus, a more extensive research is needed to be conducted in the future.

Is what you say what you do? Analyzing and comparing the effect of buyer-supplier relationship in the Brazilian and Chinese supplier selection criteria

Choosing properly and efficiently a supplier has been challenging practitioners and academics since 1960’s. Since then, countless studies had been performed and relevant changes in the business scenario were considered such as global sourcing, quality-orientation, just-in-time practices. It is almost consensus that quality should be the selection driver, however, some polemical findings questioned this general agreement. Therefore, one of the objectives of the study was to identify the supplier selection criteria and bring this discussion back again. Moreover, Dickson (1966) suggested existing business relationship as selection criterion, then it was reviewed the importance of business relationship for the company and noted a set of potential negative effects that could rise from it. By considering these side effects of relationship, this research aimed to investigate how the relationship could influence the supplier selection and how its harmful effects could affect the selection process. The impact of this phenomenon was investigated cross-nationally. The research strategy adopted was a controlled experiment via vignette combined with discrete choice analysis. The data collections were performed in China and Brazil. By examining the results, it could be drawn five major findings. First, when purchasers were asked to declare their supplier selection priorities, quality was stated as the most important independently of country and relationship. This result was consistent with diverse studies since 60’s. However, when purchasers were exposed to a multi-criteria trade-off situation, their actual selection priorities deviate from what they had declared. In the actual decision-making without influence of buyer-supplier relationship, Brazilian purchasers focused on price and Chinese buyers prioritized delivery then price. This observation reinforced some controversial prior studies of Verma & Pullman (1998) and Hirakubo & Kublin (1998). Second, through the introduction of the buyer-supplier relationship (operationalized via relational capital) in the supplier selection process, this research extended the existing studies and found that Brazilian buyers still focused on price. The relationship became just another criterion for supplier selection such as quality and delivery. However, from the Chinese sample, the results suggested that quality was totally discarded and the decision was majorly made through price and relationship. The third finding suggested that relational capital could legitimate the quality and sustainability of the supplier and replaces these selection criteria and made the decisional task less complex. Additionally, with the relational capital, the decision-makings were associated to few biases such as availability cognition, commitment, confirmatory and perceived biases. By analyzing the purchasers’ behavior, relational capital inducted buyers of both countries to relax in their purchasing requirements (quality, delivery and sustainability) leading to potential negative effects. In the Brazilian sample, the phenomenon of willing to pay a higher price for a lower quality offer demonstrated to be a potential counterproductive and suboptimal decision. Finally, the last finding was associated to the cultural effect on the buyers’ decisions. From the outcome, it is possible to observe that if a purchaser’s cultural background is more relation-oriented, the more he will tend to use relational capital as a decision heuristic, thus, the purchaser will be more susceptible to the potential relationship’s side effects

The cyanobacterial genus Cyanoarbor Wang (Chroococcales, Entophysalidaceae) and its occurrence in Brazil

The new cyanobacterial species Cyanoarbor violascens was found and described from subaerophytic habitats (wet lateritic soils) in the northwest region of São Paulo State, Brazil. The phenotypic generic features of the population were confirmed and the genus Cyanoarbor Wang 1989 was revised with four species recognized. Cyanoarbor rupestris Wang was first described from subaerophytic habitats in China. Cyanoarbor violascens Branco sp. nov. is here described from subaerophytic habitats (wet lateritic soils) in the northwest region of São Paulo State, Brazil, differing from other species by violet-coloured sheaths, cell sizes and ecotopic preference. Additionally, material previously identified as Chlorogloea cf. microcystoides from Nepal was recognized as belonging to Cyanoarbor and is here described as C. himalayensis M. Watanabe et Komdrek sp. nov. Chlorogloea gessneri Schiller is transferred to the genus Cyanarbor, as C. gessneri (Schiller) nov. comb. All four species can be differentiated based on a combination of morphological characters and biotopic preferences. Descriptions and an identification key of the four species of this genus are provided.

Crystal structure of a novel myotoxic Arg49 phospholipase A(2) homolog (zhaoermiatoxin) from Zhaoermia mangshanensis snake venom: Insights into Arg49 coordination and the role of Lys122 in the polarization of the C-terminus

The venom of Zhaoermia mangshanensis, encountered solely in Mt Mang in China's Hunan Province, exhibits coagulant, phosphodiesterase, L-amino acid oxidase, kallikrein, phospholipase A(2) and myotoxic activities. The catalytically inactive PLA(2) homolog referred to as zhaoermiatoxin is highly myotoxic and displays high myonecrotic and edema activities. Zhaoermiatoxin possesses a molecular weight of 13,972 Da, consists of 121 amino-acid residues crosslinked by seven disulfide bridges and shares high sequence homology with Lys49-PLA(2)s from the distantly related Asian pitvipers. However, zhaoermiatoxin possesses an arginine residue at position 49 instead of a lysine, thereby suggesting a secondary Lys49 -> Arg substitution which results in a catalytically inactive protein. We have determined the first crystal structure of zhaoermiatoxin, an Arg49-PLA(2), from Zhaoermia mangshanensis venom at 2.05 A resolution, which represents a novel member of phospholipase A(2) family. In this structure, unlike the Lys49 PLA(2)s, the C-terminus is well ordered and an unexpected non-polarized state of the putative calcium-binding loop due to the flip of Lys122 towards the bulk solvent is observed. The orientation of the Arg-49 side chain results in a similar binding mode to that observed in the Lys49 PLA(2)s; however, the guadinidium group is tri-coordinated by carbonyl oxygen atoms of the putative calcium-binding loop, whereas the N zeta atom of lysine is tetra-coordinated as a result of the different conformation adopted by the putative calcium-binding loop. (c) 2008 Elsevier Ltd. All rights reserved.

Genetic diversity in Colletotrichum gloeosporioides from Stylosanthes spp. at Centers of origin and utilization

Using molecular markers, this work compares the genetic diversity in Colletotrichum gloeosporioides infecting species of the tropical forage legume Stylosanthes at the center of origin in Brazil and Colombia with that of Australia, China, and India, where Srylosanthes spp. have been introduced for commercial use. There was extensive diversity in the pathogen population from Brazil, Colombia, China, and India. The Australian pathogen population was least diverse probably due to its geographical isolation and effective quarantine. The extensive diversity in China and India means that threats from exotic pathogen races to Stylosanthes pastures can potentially come from countries outside the South American center of origin. In Brazil and India, both with native Stylosanthes populations, a high level of genetic differentiation in the pathogen population was associated with sites where native or naturalized host population was widely distributed. There was limited genetic diversity at germplasm evaluation sites, with a large proportion of isolates having identical haplotypes. This contrasts recent pathogenicity results for 78 of the Brazilian isolates that show hot spots of complex races are more common around research stations where host germplasm are tested, but few are found at sites containing wild host populations. For a pathogen in which the same races arise convergently from different genetic backgrounds, this study highlights the importance of using both virulence and selectively neutral markers to understand pathogen population structure.

Latin America and the Caribbean in the World Economy 2005-2006

Includes bibliography

Latin America and the Caribbean in the World Economy 2011-2012: Continuing crisis in the centre and new opportunities for developing economies

Includes bibliography

Tropical influence in oriental gardens in Brazil

In the contemporary landscaping, among the gardening styles, the Japanese Garden plays very important rule and influence. The Japanese Garden has originated in China-the cradle of gardening culture; and Korea. Their vegetable elements, architectural features and fauna are characteristic, due to use of stones, water, bridges, stoned lamp, bonsai, carps and bamboo (Prunus serrulata, Camellia japonica, Ophiopogon japonicas) and many others. In Brazil, the Japanese Garden has massive influence, the presence of native elements typically tropical is very noticeable. This influence can be observed both in architecture, vegetation and fauna. Thus, this study aimed to identify and analyze the tropical elements in Japanese Gardens in cities such as São Paulo. Japanese Gardens in Brazil were chosen from the following cities: Sao Paulo State, Garça, Jaboticabal and Ribeirão Preto. It was observed, mostly in the presence of different palms species, plants of the Zingiberales order, Alpinia purpurata and styled architectural elements such as lakes. Some elements were able to apply the philosophy of the Japanese Garden, other not.

Mercado de carbono: um estudo comparado entre Brasil, China e Índia

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

Some Recent Features of Brazil-China Economic Relations

This paper shows that the Brazilian economic relations with China are intensifying at an unprecedented pace. This obviously brings about new challenges and opportunities. It is also shown that relations with specific provinces in China vary significantly, as illustrated by the available indicators for Shanghai, in comparison to other provinces. And last but not least, the paper has shown the rich recent experience of one Brazilian company that has benefited from the sharp increase of Chinese demand for raw material. This is a typical case of a new scenario for Brazilian firms, one where the firm has to learn how to flex its muscles as one of the major players in the international market, and in particular to learn in its dealing with its main client. The relationship between one of the major suppliers and the most active demander is of particular interest in itself.