Consumption habit and international stock returns

We use the consumption-based asset pricing model with habit formation to study the predictability and cross-section of returns from the international equity markets. We find that the predictability of returns from many developed countries' equity markets is explained in part by changing prices of risks associated with consumption relative to habit at the world as well as local levels. We also provide an exploratory investigation of the cross-sectional implications of the model under the complete world market integration hypothesis and find that the model performs mildly better than the traditional consumption-based model. the unconditional and conditional world CAPMs and a three-factor international asset pricing model. (C) 2004 Elsevier B.V. All rights reserved.

Global standard for the composition of infant formula: Recommendations of an ESPGHAN coordinated international expert group

The Codex Alimentarius Commission of the Food and Agriculture Organization of the United Nations (FAO) and the World Health Organization (WHO) develops food standards, guidelines and related texts for protecting consumer health and ensuring fair trade practices globally. The major part of the world's population lives in more than 160 countries that are members of the Codex Alimentarius. The Codex Standard on Infant Formula was adopted in 1981 based on scientific knowledge available in the 1970s and is currently being revised. As part of this process, the Codex Committee on Nutrition and Foods for Special Dietary Uses asked the ESPGHAN Committee on Nutrition to initiate a consultation process with the international scientific community to provide a proposal on nutrient levels in infant formulae, based on scientific analysis and taking into account existing scientific reports on the subject. ESPGHAN accepted the request and, in collaboration with its sister societies in the Federation of International Societies on Pediatric Gastroenterology, Hepatology and Nutrition, invited highly qualified experts in the area of infant nutrition to form an International Expert Group (IEG) to review the issues raised. The group arrived at recommendations on the compositional requirements for a global infant formula standard which are reported here.

Postcolonialism and the politics of qualitative research in international business

This paper offers a re-configuration of international business research by subjecting it to a postcolonial critique. This critique sees international business research as exhibiting continuities with the colonial project in the way it appropriates the Other. Qualitative research in international business often reproduces a neopositivist separation of theory and method, which can marginalize discussion of the important ontological, epistemological and political issues inherent in any research process

Coconut revival: new possibilities for the 'tree of life'

Proceedings of the International Coconut Forum held in Cairns, Australia, 22-24 November 2005. Coconut is one of the most important crops grown in the humid tropics, with more than 11 million farmers, mostly smallholders with low income, growing the palm in 90 countries. These proceedings document the vast range of topics covered in the forum, including R&D, business and government, and regional and international agency interests.

The trading mechanism, cross listed stocks:A comparison of the Paris Bourse and SEAQ-International

This paper studies the behaviour of returns for a sample of cross-listed stocks, listed on both the Paris Bourse and SEAQ-International in London. The aim of the paper is to discover which market adjusts to fundamental news more quickly, the home market of Paris or SEAQ-International. We find that prices in London adjust to changes in their fundamental value more slowly than Paris prices, despite the ability to quickly arbitrage between the two markets. We suggest that this finding may reflect the type of trading, which takes place in the two markets and differences associated with the reporting of large trades. We also estimate the amount of noise present in the two markets and show that the Paris market is more noisy than London. © 2003 Published by Elsevier B.V.

The behavioural homogeneity evaluation framework:Multi-level evaluations of consumer involvement in international segmentation

This paper presents a generic strategic framework of alternative international marketing strategies and market segmentation based on intra- and inter-cultural behavioural homogeneity. Consumer involvement (CI) is proposed as a pivotal construct to capture behavioural homogeneity, for the identification of market segments. Results from a five-country study demonstrate how the strategic framework can be valuable in managerial decision-making. First, there is evidence for the cultural invariance of the measurement of CI, allowing a true comparison of inter- and intra-cultural behavioural homogeneity. Second, CI influences purchase behaviour, and its evaluation provides a rich source of information for responsive market segmentation. Finally, a decomposition of behavioural variance suggests that national-cultural environment and nationally transcendent variables explain differences in behaviour. The Behavioural Homogeneity Evaluation Framework therefore suggests appropriate international marketing strategies, providing practical guidance for implementing involvement-contingent strategies. © 2007 Academy of International Business. All rights reserved.

International retail restructuring and divestment: the experience of Tesco

A key purpose of this study is to explore the lessons learned from international retail divestment and market withdrawal experiences. Drawing on 33 in-depth interviews with leading investment banks and key retail executives at Tesco, the study investigates the company's international restructuring and divestment activities in Ireland and France during the mid -1980s and 1990s. It has been demonstrated that, despite the progressive merger and acquisition wave sweeping through the corporate retail landscape recently, international retail divestment is quite widespread. The main conclusion from this study is that Tesco originally did not envisage divestment or de-internationalisation as part of the original internationalisation strategy process in either the acquisition of Three Guys in Ireland or Catteau in France. There was no appreciation from Tesco during their early period of expansion of the fact that exit pressures might arise during the course of market entry. In this regard, the case study provides insights into the relationship between investment and divestment within the context of international retail restructuring. The case evidence also demonstrates the positive impact of the Three Guys and Catteau divestments which helped management to refocus and rejuvenate the company's internationalisation process.

The use of flash and pattern evoked fields in the diagnosis of Alzheimer's disease

Subjects with Alzheimer's disease (AD) exhibit normal visually evoked potentials (VEP) to pattern reversal stimuli but a delayed P2 flash response. The pattern response may originate in the primary visual cortex via the geniculo-calcarine pathway while the flash P2 may originate in the association areas via the cholinergic-tectal pathway. We now show: a) that the pathology of AD is more prominent in the visual association areas B18/19 than in B17 and b) that the magnetic signal to flash and pattern may originate from B18/19 and B17 respectively.

International business research and risky investments, an analysis of FDI in conflict zones

The purpose of this paper is to examine the determinants of a firm's strategy to invest in a conflict location. To the best of our knowledge, this has not been done before. We examine this using a standard model of international business, overlaid with the fundamental approach to corporate social responsibility. We start with the population of multinationals who have chosen to invest in low income countries with weak institutions. We then split this sample in order to distinguish between firms that have invested in conflict regions compared to those that have not. Our analysis then proceeds to explain the decision of those firms to invest in conflict locations using a simple Probit model. We find that countries with weaker institutions and less concern about corporate social responsibility (CSR) are more likely to invest in conflict regions. Finally, firms with more concentrated ownership are more likely to invest in such locations. © 2012 Elsevier Ltd.

Market risk reporting by the world's top banks:evidence on the diversity of reporting practice and the implications for international accounting harmonisation

The increasing adoption of international accounting standards and global convergence of accounting regulations is frequently heralded as serving to reduce diversity in financial reporting practice. In a process said to be driven in large part by the interests of international business and global financial markets, one might expect the greatest degree of convergence to be found amongst the world’s largest multinational financial corporations. This paper challenges such claims and presumptions. Its content analysis of longitudinal data for the period 2000-2006 reveals substantial, on going diversity in the market risk disclosure practices, both numerical and narrative, of the world’s top-25 banks. The significance of such findings is reinforced by the sheer scale of the banking sector’s risk exposures that have been subsequently revealed in the current global financial crisis. The variations in disclosure practices documented in the paper apply both across and within national boundaries, leading to a firm conclusion that, at least in terms of market risk reporting, progress towards international harmonisation remains rather more apparent than real.