Stock market efficiency before and after a financial liberalisation reform:do breaks in volatility dynamics matter?

This article focuses on the deviations from normality of stock returns before and after a financial liberalisation reform, and shows the extent to which inference based on statistical measures of stock market efficiency can be affected by not controlling for breaks. Drawing from recent advances in the econometrics of structural change, it compares the distribution of the returns of five East Asian emerging markets when breaks in the mean and variance are either (i) imposed using certain official liberalisation dates or (ii) detected non-parametrically using a data-driven procedure. The results suggest that measuring deviations from normality of stock returns with no provision for potentially existing breaks incorporates substantial bias. This is likely to severely affect any inference based on the corresponding descriptive or test statistics.

Capabilities and competitiveness of Chinese state owned manufacturing enterprises:what has been learned over 20 years and what remains to be learned

Technological capabilities in Chinese manufacturing have been transformed in the last three decades. However, the extent to which and how domestic market oriented state owned enterprises (SOEs) have developed their capabilities remain important questions. The East Asian latecomer model has been adapted to study six Chinese SOEs in the automotive, steel and machine tools sectors to assess capability levels attained and the role of external sources and internal efforts in developing them. All six enterprises demonstrate high competence in operating established technology, managing investment and making product and process improvements but differ in innovative capability. While the East Asian latecomer model in which linking, leveraging and learning explain technological capability development is relevant for the companies studied, it needs to be adapted for Chinese SOEs to take account of types of external links and leverage of enterprises, the role of government, enterprise level management motives and means of financing development.

International technology transfer and development of capabilities in Chinese state-owned manufacturing enterprises:lessons from 20 years of case research

Technological capabilities in Chinese manufacturing have been transformed in the last three decades. However, the extent to which domestic market oriented state owned enterprises (SOEs) have developed their capabilities is not clear. Six SOEs in the automotive, steel and machine tools sectors in Beijing and Tianjin have been studied since the mid-1990s to assess the capability levels attained and the role of external sources and internal efforts in developing them. Aided by government policies, acquisition of technology and their own efforts, the case study companies appear to be broadly following the East Asian late industrialisation model. All six enterprises demonstrate competences in operating established technology, managing investment and making product and process improvements. The evidence suggests that companies without foreign joint venture (JV) collaborations have made more progress in this respect.

Efficiency and total factor productivity changes of Malaysian commercial banks

This paper analyses the efficiency of Malaysian commercial banks between 1996 and 2002 and finds that while the East Asian financial crisis caused a short-term increase in efficiency in 1998 primarily due to cost-cutting, increases in non-performing loans after the crisis caused a more sustained decline in bank efficiency. It is also found that mergers, fully Islamic banks, and conventional banks operating Islamic banking windows are all associated with lower efficiency. The paper estimates suggest mild decreasing returns to scale, and an average productivity change of 2.37% that is primarily attributable to technical change, which has nonetheless declined over time. Finally, while Islamic banks have been moderately successful in developing new products and technologies, the results suggest that the potential for Islamic banks to overcome their relative inefficiency is limited.

The impact of Islamic banking on the cost efficiency and productivity change of Malaysian commercial banks

This study employs Stochastic Frontier Analysis (SFA) to analyse Malaysian commercial banks during 1996–2002, and particularly focuses on determining the impact of Islamic banking on performance. We derive both net and gross efficiency estimates, thereby demonstrating that differences in operating characteristics explain much of the difference in costs between Malaysian banks. We also decompose productivity change into efficiency, technical, and scale change using a generalized Malmquist productivity index. On average, Malaysian banks experience moderate scale economies and annual productivity change of 2.68%, with the latter driven primarily by Technical Change (TC), which has declined over time. Our gross efficiency estimates suggest that Islamic banking is associated with higher input requirements. However, our productivity estimates indicate that full-fledged Islamic banks have overcome some of these cost disadvantages with rapid TC, although this is not the case for conventional banks operating Islamic windows. Merged banks are found to have higher input usage and lower productivity change, suggesting that bank mergers have not contributed positively to bank performance. Finally, our results suggest that while the East Asian financial crisis had a short-term costreducing effect in 1998, the crisis triggered a long-lasting negative impact by increasing the volume of nonperforming loans.

The efficiency and productivity of Malaysian banks:an output distance function approach

This study employs stochastic frontier analysis to analyze Malaysian commercial banks during 1996-2002, and particularly focuses on determining the impact of Islamic banking on performance. We derive both net and gross efficiency estimates, thereby demonstrating that differences in operating characteristics explain much of the difference in outputs between Malaysian banks. We also decompose productivity change into efficiency, technical, and scale change using a generalised Malmquist productivity index. On average, Malaysian banks experience mild decreasing return to scale and annual productivity change of 2.37 percent, with the latter driven primarily by technical change, which has declined over time. Our gross efficiency estimates suggest that Islamic banking is associated with higher input requirements. In addition, our productivity estimates indicate that the potential for full-fledged Islamic banks and conventional banks with Islamic banking operations to overcome the output disadvantages associated with Islamic banking are relatively limited. Merged banks are found to have higher input usage and lower productivity change, suggesting that bank mergers have not contributed positively to bank performance. Finally, our results suggest that while the East Asian financial crisis had an interim output-increasing effect in 1998, the crisis prompted a continuing negative impact on the output performance by increasing the volume of non-performing loans.

Technology transfer and sustainable industrial development for developing countries

This paper reports on a part of work for the UNIDO initiative on technology transfer for sustainable industrial development. The proposed technology transfer framework, adapted from the East Asian late industrialisers model, identifies two categories of countries requiring support for enhancing their technological capabilities: (a) very late industrialisers (“low income” developing countries), and (b) slow industrialisers (countries with sizeable manufacturing sectors but limited success in gaining international competitiveness) and three technology transfer routes: (a) through trade and aid to strengthen indigenous production for domestic markets (Route 1); (b) through FDI and contracting to develop export oriented firms (Route 2), and (c) through the supply chain of capital equipment and materials to develop local subcontracting capacity (Route 3). Very late industrialisers need support to start with Route 1 in selected sectors and upgrade through imported mature technologies. Appropriate product innovations are also possible. The slow industrialisers have more scope for increased technology transfer through Routes 2 and 3.

A cross-culture, cross-gender comparison of perspective taking mechanisms

Being able to judge another person's visuo-spatial perspective is an essential social skill, hence we investigated the generalizability of the involved mechanisms across cultures and genders. Developmental, cross-species, and our own previous research suggest that two different forms of perspective taking can be distinguished, which are subserved by two distinct mechanisms. The simpler form relies on inferring another's line-of-sight, whereas the more complex form depends on embodied transformation into the other's orientation in form of a simulated body rotation. Our current results suggest that, in principle, the same basic mechanisms are employed by males and females in both, East-Asian (EA; Chinese) and Western culture. However, we also confirmed the hypothesis that Westerners show an egocentric bias, whereas EAs reveal an other-oriented bias. Furthermore, Westerners were slower overall than EAs and showed stronger gender differences in speed and depth of embodied processing. Our findings substantiate differences and communalities in social cognition mechanisms across genders and two cultures and suggest that cultural evolution or transmission should take gender as a modulating variable into account.

Managing human resources in Asia-Pacific

Given the enormous economic and developmental changes being experienced by nations in the Asia-Pacific region, and the related movement of people between and across countries, it is critical that we better understand the HRM policies and practices of these nations. The latest instalment in the Global HRM series, Managing Human Resources in Asia-Pacific (2E) presents the HRM situations in a number of South-East Asian and Pacific Rim countries, highlighting the growth of the personnel and HR function, the dominant HRM system(s) in the area, the influence of different factors on HRM, and the challenges faced by HR functions in these nations. This edition extends its coverage to Cambodia, Fiji, Indonesia, and the Philippines; a new chapter discusses HR research challenges in the region, such as the transferability of western constructs, problems with data collection, and the emergence of MNEs from Asia Pacific. © 2014 Taylor & Francis.

Potential causes of ethnic group disparities in infertility:a hospital database study

Introduction - Lower success rates of in vitro fertilisation (IVF) in South East Asian countries compared to Western countries in informal studies and surveys was considered a reflection of variations in methodology and expertise. However, recent studies on the effects of ethnicity on success rates of infertility procedures in western countries have suggested other inherent contributing factors to the ethnic disparity but the evidence evaluating these is lacking. In our study we aim to investigate some of the comorbidities that might cause ethnic disparity to infertility and related procedures from hospital admissions data. Methods - Anonymous hospital admissions data on patients of various ethnic groups with infertility, comorbidities and infertility procedures from multiple hospitals in Birmingham andManchester, UK between 2000 and 2013 were obtained from the local health authority computerised hospital activity analysis register using ICD-10 and OPCS coding systems. Statistical analysis was performed using SPSS version 20.Results Of 522 223 female patients aged 18 and over, there were44 758 (8.4%) patients from South Asian (SA) community. 1156(13.4%) of the 8653 patients coded for infertility were SA, whichis a considerably higher proportion of the background SA population. For IVF procedures, the percentage of SA increased to15.4% (233 of the total 1479 patients). The mean age of SA codedfor infertility (30.6 ± 4.7 SD years versus 32.8 ± 4.9 SD years)and IVF (30.4 ± 4.3 SD years versus 32.7 ± 4.4 SD years) was significantly lower than caucasian patien ts (P < 0.001). A multivariate logistic regression model looking at patients with infertility, accounting for variations in age, showed that SA have significantly higher prevalence of hypothyroidism, obesity andiron-deficiency anaemia compared to caucasians but lower prevalence of endometriosis. Interestingly, psychiatric and psychological conditions diagnoses were seldom registered in infertility patients. Conclusion - Other studies suggest that various cultural, lifestyles, psychosocial and socio-economic factors may explain the disparities in IVF success rates between South Asians and caucasians. The fact that SA infertility and IVF patients, in ou rstudy, were significantly younger than caucasians and that their proportion is considerably higher than the background South Asian population suggests the influence of these factors. A significant psychiatric disease burden in other conditions and low numbers in our data suggest under diagnosis in this group.Despite the limitations of the coding data, from our study, we propose that hypothyroidism, obesity and/or iron-deficiency anaemia should be considered for the ethnic disparity. Further research in this topic is essential to fully investigate the reasons for such ethnic disparities.

The peopling of the Bahamas: A phylogeographical perspective

During the past 500 years, the Bahamas has been influenced by a wide array of settlers, including but not limited to, the Arawak Indians, Eleutherian Adventurers, British Loyalists, Creole slaves, liberated Africans as well as Chinese, Greek, Jewish, Lebanese, Jamaican and Haitian migrants. To date, however, only a few reports analyzing the genetic makeup and population dynamics of the Bahamas have been published, making this work pivotal in the endeavor to ascertain the genetic ancestry of these groups. As such, the current investigation was undertaken to genetically characterize six of the more densely populated islands throughout the Northwest (Grand Bahama and Abaco) and Central (Eleuthera, Exuma, Long Island and New Providence) Bahamas using different forensic marker systems. When autosomal STR markers are employed, the Bahamian collections were all found to receive differential contributions from the African, European, East Asian and Native American collections utilized in the analyses. Similar findings were also observed for two other Afro-Caribbean populations, Haiti and Jamaica, although the latter populace was found to share a greater proportion of its autosomal component with non-African sources than the former. On the contrary, analysis of the six Bahamian collections using high-resolution Y-chromosome markers identifies genetic signals emanating exclusively from Africans and Europeans, but this is likely the result of smaller sample sizes collected from each island and/or sex-biased gene flow from East Asian and Native American groups.

Water temperature reconstructions based on paired Uk'37 and Tex86 records, and paired surface and subsurface Mg/Ca records

This dataset contains the collection of available published paired Uk'37 and Tex86 records spanning multi-millennial to multi-million year time scales, as well as a collection of Mg/Ca-derived temperatures measured in parallel on surface and subsurface dwelling foraminifera, both used in the analyses of Ho and Laepple, Nature Geoscience 2016. As the signal-to-noise ratios of proxy-derived Holocene temperatures are relatively low, we selected records that contain at least the last deglaciation (oldest sample >18kyr BP).

(Table T1) N-alkane, n-alcohol and n-fatty acid concentrations in ODP Site 184-1147 and 184-1148 sediments

Lipid compositions of sediments recovered during Ocean Drilling Program Leg 184 in the South China Sea have been identified and quantified. The identified lipids can be ascribed to terrigenous and marine sources. Terrigenous lipids are mainly C27, C29, C31 n-alkanes, C26, C28, C30 n-fatty acids, and n-alcohols, which were derived from leaf waxes of higher land plants and transported to the sea by airborne dust or fresh water. Marine lipids, mainly C37 and C38 alkenones, C30 diol, and C30 and C32 keto-ols, were from microalgae, notably haptophytes and eustigmatophytes. Elevated concentrations and accumulation rates of both terrigenous and marine lipids in the interval 202-245 meters composite depth (mcd) and 0-166 mcd were postulated to be related to the development of the East Asian monsoon at 6-8 Ma and enhanced variations of the developed East Asian monsoon after 3.2 Ma, respectively. The pronounced late Oligocene input of terrigenous lipids reflects the paleoenvironment of a newly opened, narrow basin, with restricted ocean waters and the proximity of continental runoff.

Mapped distribution of intertidal habitats in Australia between 1999 and 2014, link to data in ArcGIS format (29 MB)

Shorebirds have declined severely across the East Asian-Australasian Flyway. Many species rely on intertidal habitats for foraging, yet the distribution and conservation status of these habitats across Australia remain poorly understood. Here, we utilised freely available satellite imagery to produce the first map of intertidal habitats across Australia. We estimated a minimum intertidal area of 9856 km**2, with Queensland and Western Australia supporting the largest areas. Thirty-nine percent of intertidal habitats were protected in Australia, with some primarily within marine protected areas (e.g. Queensland) and others within terrestrial protected areas (e.g. Victoria). In fact, three percent of all intertidal habitats were protected both by both marine and terrestrial protected areas. To achieve conservation targets, protected area boundaries must align more accurately with intertidal habitats. Shorebirds use intertidal areas to forage and supratidal areas to roost, so a coordinated management approach is required to account for movement of birds between terrestrial and marine habitats. Ultimately, shorebird declines are occurring despite high levels of habitat protection in Australia. There is a need for a concerted effort both nationally and internationally to map and understand how intertidal habitats are changing, and how habitat conservation can be implemented more effectively.

(Table 1) Age determination of sediment core KY07-04-PC1

Variations in Mg/Ca-based sea surface temperature and oxygen isotope ratio (d18O) of the surface water in the northern East China Sea (ECS) were reconstructed with high resolution during the last 18 kyr using planktic foraminifera. Millennial-scale variations between warmer, more saline surface water and cooler, less saline surface water were recognized during the early deglacial period and the Holocene, suggesting changes in the mixing ratio between the Kuroshio Water and the Changjiang Diluted Water. Stronger East Asian summer monsoon (EASM) precipitation events in south China are identified at 10.5, 8.8, 7.0, 5.3, 4.7, 2.9, 1.7, and 0.5 ka, based on sea surface salinity (SSS) records of the northern ECS. Weaker EASM precipitation events are also detected at 9.3, 8.3, 7.3, 6.0, 3.3, 2.3, 0.7, and 0.4 ka during the Holocene. These events agree with the maxima in d18O records of stalagmites from various parts of the Changjiang (Yangtze) River drainage. This agreement supports that our SSS record properly captures the millennial-scale dry (less EASM precipitation) events over the drainage basin of the Changjiang River during the Holocene. These dry events are also in good agreement with North Atlantic ice-rafted events, suggesting a teleconnection between North Atlantic climate and the EASM during the Holocene.