New silk road : trade and investment. perspectives for eu and new partnerships

China has already given a fundamental contribution to the present globalization process and have also highly benefited from it by integrating becoming the final stage of the Global Chains Production networks in Asia. This process in China was the result of a survival economic strategy that saw in the attraction of Foreign Direct Investment in intensive low cost workmanship oriented to exports, a fundamental condition to overpass it´s millenary delay. This strategy accepted that the add value that remain in China, although very small was very important to give jobs to millions of Chinese and take them out of the absolute poverty line where they were in 1978 when Deng Xiao Ping launch the 4 Modernizations and the Open Door Policies. Other policies token during the first 30 years of the China Economic Reform, like the Grasp the Big Let Go the Small, the Socialist Market Economy, the Go West and the Go Global were equally important transforming Chinese economy in the second world biggest one. This first globalization stage had its big push in 2001 when China joined the WTO we can say that a new world economic order had begun in that date, placing China in the center of the world.

Aboriginal palliative care and mainstream services

The Aboriginal person's strong wish to die at home with family, surrounded by their 'country' and in their own community means effective palliative care services must be Aboriginal centred and focused.

Spain and Investment Arbitration: The Renewable Energy Explosion

In the past decade, Spain’s generous incentive system for renewable energy production attracted substantial foreign and national investment. However, when the global financial crisis hit, and the consequent reduction of electricity consumption, the incentives began to cause a tariff deficit in the electricity system, leading the Spanish government to cut back and then eliminate the incentives. In the wake of losses, international investors turned to investment arbitration, while national investors could only present their claims before Spanish courts. The result was a potential for differential treatment between national and foreign investors. This paper examines the incentive regime and the government’s changes to it in order to understand the investors’ claims and the reasoning that resulted in their rejections, both in national courts and in the only arbitration award issued up to now. The paper concludes with a discussion of the effect of the renewable energies situation on the investment arbitration debate within Spanish civil society.

Is philanthropy relevant? a study of professional advisers in Australia

CPNS’ new Working Paper examines the latest findings from a national survey of professional advisers on the topic of philanthropy assistance to high-net-worth individuals. Findings confirm a growing willingness within the Australian advisory sector to provide philanthropy advice to clients with means, although the rate of change has slowed since 2005. Advisers are now more likely to see benefits in providing this type of counselling, as well as benefits for their clients in engaging in philanthropy.

Seeing the Wood for the Trees: A Critical Evaluation of Methods to Estimate the Parameters of Stochastic Differential Equations

Maximum-likelihood estimates of the parameters of stochastic differential equations are consistent and asymptotically efficient, but unfortunately difficult to obtain if a closed-form expression for the transitional probability density function of the process is not available. As a result, a large number of competing estimation procedures have been proposed. This article provides a critical evaluation of the various estimation techniques. Special attention is given to the ease of implementation and comparative performance of the procedures when estimating the parameters of the Cox–Ingersoll–Ross and Ornstein–Uhlenbeck equations respectively.

Unbiased estimation of the half-life to price index convergence among U.S. cities

Estimates of the half-life to convergence of prices across a panel of cities are subject to bias from three potential sources: inappropriate cross-sectional aggregation of heterogeneous coefficients, presence of lagged dependent variables in a model with individual fixed effects, and time aggregation of commodity prices. This paper finds no evidence of heterogeneity bias in annual CPI data for 17 U.S. cities from 1918 to 2006, but correcting for the “Nickell bias” and time aggregation bias produces a half-life of 7.5 years, shorter than estimates from previous studies.

Comparing different explanations of the volatility trend

We analyze the puzzling behavior of the volatility of individual stock returns over the past few decades. The literature has provided many different explanations to the trend in volatility and this paper tests the viability of the different explanations. Virtually all current theoretical arguments that are provided for the trend in the average level of volatility over time lend themselves to explanations about the difference in volatility levels between firms in the cross-section. We therefore focus separately on the cross-sectional and time-series explanatory power of the different proxies. We fail to find a proxy that is able to explain both dimensions well. In particular, we find that Cao et al. [Cao, C., Simin, T.T., Zhao, J., 2008. Can growth options explain the trend in idiosyncratic risk? Review of Financial Studies 21, 2599–2633] market-to-book ratio tracks average volatility levels well, but has no cross-sectional explanatory power. On the other hand, the low-price proxy suggested by Brandt et al. [Brandt, M.W., Brav, A., Graham, J.R., Kumar, A., 2010. The idiosyncratic volatility puzzle: time trend or speculative episodes. Review of Financial Studies 23, 863–899] has much cross-sectional explanatory power, but has virtually no time-series explanatory power. We also find that the different proxies do not explain the trend in volatility in the period prior to 1995 (R-squared of virtually zero), but explain rather well the trend in volatility at the turn of the Millennium (1995–2005).

An analysis of the qualitative characteristics of management commentary reporting by New Zealand companies

The narrative section of annual reports has considerable value to its user groups, such as financial analysts and investors (Tiexiera, 2004; Barlett and Chandler, 1997, IASB, 2006). This narrative section including chairpersons’/presidents’ statement contains twice the quantity of information than the financial statements section (Smith and Taffler, 2000). However, the abundance of information does not necessarily enhance the quality of such information (IASB, 2006). This issue of qualitative characteristics has been long foregone by researchers. This issue has attracted the attention of IASB (2006). Following the dearth in research in regard to qualitative characteristics of reporting this paper explores whether investors’ required qualitative characteristics as outlined by the IASB (2006) have been satisfied in management commentary section of New Zealand companies’ annual reports. Our result suggests that the principal stakeholders’, that is, investors’ qualitative characteristics requirements have been partially met in this section of annual reports. The qualitative characteristic of ‘relevance’ and ‘supportability’ have been satisfied in more annual reports compared to that of ‘balance’ and ‘comparability.’