Defense Expenditure: Central America and The Dominican Republic

It is often speculated that the high allocation of funds to retirement pension systems has influenced the capacity of Central American and Dominican Republic military to modernize. Yet, the comparative study of the allocation of pension and social funds in these particular countries suggest that there is not direct linkage between the poor funding of military modernization plans and the allocation of funds to military pension systems. The research conducted on this subject shows the following results: 1. The Dominican Republic is the only country that has embarked on a considerable procurement of modern equipment and still reports the largest proportion of social expenditures. 2. El Salvador’s defense budget allocates minimal funding to Social Welfare Institute, which as alternative sources of funding. In 2009, El Salvador increased 15 percent funding to the military to respond to increased role in domestic security issues. 3. The Guatemalan defense expenditure on social programs is fairly low, but it has grown during the past six years due to processes of demobilization. However, the Military Social Welfare Institute is administered by a decentralized institution funded directly by the Ministry of Finance. If it were to be considered as a part of the defense budget, its social expenses would account for almost 16% of it. 4. The Honduran Defense Budget has faced a considerable enlargement during the past four years, with social spending expenses taken precedence over modernization efforts. 2 5. The Nicaraguan system of military pensions is administered by a decentralized entity (IPSM) through a system of salary deductions. Information on the funding of this entity is inconclusive. The Nicaraguan Defense spending on social services has reported a drastic 90% drop since the year 2007.

Defense Expenditure: Andean and Amazon Regions

The Andean and the amazon, comprised of Venezuela, Colombia, Bolivia, Peru and Ecuador, have recently undertaken significant modernization efforts ranging from equipment, logistics, doctrine, training, deployment and the re-definition of the roles and missions of their forces. In most cases, motivations to modernize have been internal, such as continuing operations against armed groups as in the case of Colombia and Peru, enhance border control and sovereignty enforcement, as in the case of Ecuador and Brazil or regime control in Venezuela. However, they are complemented by perceptions of external threats, including traditional intra-state conventional wars. The increased tensions between Colombia and Venezuela and Ecuador as well as the historic Peru-Chile tensions are the most salient examples. Although diplomacy –especially defence diplomacy- has worked to a good degree in creating and strengthening confidence building measures, the potential for inter-state conflict is higher in this region of the Americas. This region has seen the recent emergence of long-term modernization plans, initially in Colombia followed by Venezuela and Ecuador and probably best embodied in scope and scale by the Brazilian National Defence Plan (for its long term vision). Although it has been speculated that high allocation of funds to retirement pension systems has had an impact on delaying modernization plans, this comparative study on the allocation of pension and social funds in these particular countries concludes that there is no direct linkage between the poor funding of military modernization plans and the diversion of funds to military pension systems.

Interrole Conflicts in the Hospitality Industry: The Role of Positive Affectivity as an Antidote

This study investigates the role of positive affectivity as a buffer against the detrimental effects of interrole conflicts on frontline hotel employees’ job performance and turnover intentions. Data collected from a sample of frontline hotel employees in Turkey serve as the study setting. Results and their implications are discussed, and directions for future research are offered.

Three essays on the microstructure of exchange traded funds

Exchange traded funds (ETFs) have increased significantly in popularity since they were first introduced in 1993. However, there is still much that is unknown about ETFs in the extant literature. This dissertation attempts to fill gaps in the ETF literature by using three related essays. In these three essays, we compare ETFs to closed ended mutual funds (CEFs) by decomposing the bid-ask spread into its three components; we look at the intraday shape of ETFs and compare it to the intraday shape of equities as well as examine the co-integration factor between ETFs on the London Stock Exchange and the New York Stock Exchange; we also examine the differences between leveraged ETFs and unleveraged ETFs by analyzing the impact of liquidity and volatility. These three essays are presented in Chapters 1, 2, and 3, respectively. ^ Chapter one uses the Huang and Stoll (1997) model to decompose the bid-ask spread in CEFs and ETFs for two distinct periods—a normal and a volatile period. We show a higher adverse selection component for CEFs than for ETFs without regard to volatility. However, both ETFs and CEFs increased in magnitude of the adverse selection component in the period of high volatility. Chapter two uses a mix of the Werner and Kleidon (1993) and the Hupperets and Menkveld (2002) methods to get the intraday shape of ETFs and analyze co-integration between London and New York trading. We find two different shapes for New York and London ETFs. There also appears to be evidence of co-integration in the overlapping two-hour trading period but not over the entire trading day for the two locations. The third chapter discusses the new class of ETFs called leveraged ETFs. We examine the liquidity and depth differences between unleveraged and leveraged ETFs at the aggregate level and when the leveraged ETFs are classified by the leveraged multiples of -3, -2, -1, 2, and 3, both for a normal and a volatile period. We find distinct differences between leveraged and unleveraged ETFs at the aggregate level, with leveraged ETFs having larger spreads than unleveraged ETFs. Furthermore, while both leveraged and unleveraged ETFs have larger spreads in high volatility, for the leveraged ETFs the change in magnitude is significantly larger than for the unleveraged ETFs. Among the multiples, the -2 leveraged ETF is the most pronounced in its liquidity characteristics, more so in volatile times. ^

The World Heritage vs. Local Comnuty : identifying the sources of conflicts

The presented work is an essay rather than a scientific dissertation. The author wants to put an impact on the source of conflicts regarding the complex subject of heritage management and conservation in comparison with the local needs and the given context. The paper attempts to show the role of local communities and their cooperation with authorities as well as the effects of such cooperation. The area of research comprises the problems arising in the field of implementing external rules on the local field, challenges appearing regarding the needs of local communities and the efforts of official authorities trying to implement the principles of the conventions. The problems arise when local communities display the lack of understanding and do not share the common idea of heritage conservation. This is caused mainly by the decreasing possibilities of comfortable life. The author tries to identify the main and wrongful approaches as ‘Gone with the Wind’, ‘The Prince and The Pauper’, ‘Heart of Darkness’ or ‘Scarlet letter’. The focus will be put to explain what the areas are where a mutual misunderstanding arise and why all parts to the problem present different points of view. What creates a value? Is it a heritage object or maybe the other values need a stronger protection? When the general duty and the need to protect the heritage is regarded as a controversy and when it is considered as a value within a given community? The international public interest in heritage protection is often regarded as an attempt to diminish the sovereign power of the community and provokes severe controversies and tensions. The major problem envisaged today seems to be the massive and increasing urbanisation and the destruction of the vestiges still existing of traditional cultures, when we consider century urban post-industrial districts of Upper Silesia in Poland, the medieval cities in Western Europe, the traditional nomad Masaya villages in Kenya or the remains of vanished cultures in various regions of Asia. The preferred platform of cooperation between the parts of the conflict includes divergent needs, beliefs and practices of communities and the possible fields of reconciling the abovementioned. Chosen examples of the best practices considering mutual cooperation will be underlined.

Conflicts of EU courts on child abduction : the reality of Article 11(6)-(8) Brussels IIa proceedings across the EU

Peer reviewed

Breads Fortified with Freeze-Dried Vegetables : Quality and Nutritional Attributes. Part II: Breads Not Containing Oil as an Ingredient

Acknowledgments: Funds for the study were provided by the Scottish Government's Rural and Environment Science and Analytical Services Division and conducted as part of the Scottish Government Strategic Research programme (Diet and Health Theme of the Food Land & People Programme). The authors are grateful to Phillip Morrice, Vivian Buchan, and Donna Henderson for helping with the nutritional analysis of the breads. The authors declare no conflicts of interest.

Hope comes in many forms:out-group expressions of hope override low support and promote reconciliation in conflicts

In conflicts, political attitudes are based to some extent on the perception of the outgroup as sharing the goal of peace and supporting steps to achieve it. However, intractable conflicts are characterized by inconsistent and negative interactions, which prevent clear messages of outgroup support. This problem calls for alternative ways to convey support between groups in conflict. One such method is emotional expressions. The current research tested whether, in the absence of outgroup support for peace, observing expressions of outgroup hope induces conciliatory attitudes. Results from two experimental studies, conducted within the Israeli-Palestinian conflict, revealed support for this hypothesis. Expressions of Palestinian hope induced acceptance of a peace agreement through Israeli hope and positive perceptions of the proposal when outgroup support expressions were low. Findings demonstrate the importance of hope as a means of conveying information within processes of conflict resolution, overriding messages of low outgroup support for peace.

Exchange-Trade Funds Evaluation using Performance Measures Distribution

In this study we propose the use of the performance measure distribution rather than its punctual value to rank hedge funds. Generalized Sharpe Ratio and other similar measures that take into account the higher-order moments of portfolio return distributions are commonly used to evaluate hedge funds performance. The literature in this field has reported non-significant difference in ranking between performance measures that take, and those that do not take, into account higher moments of distribution. Our approach provides a much more powerful manner to differentiate between hedge funds performance. We use a non-semiparametric density based on Gram-Charlier expansions to forecast the conditional distribution of hedge fund returns and its corresponding performance measure distribution. Through a forecasting exercise we show the advantages of our technique in relation to using the more traditional punctual performance measures.

Money Market Funds in the EU and US, Regulations and Practice

This is the first comprehensive analysis of the regulation of money market funds in the EU and US at both the theoretical and practical levels.  Its unique mutli-disciplinary approach provides a rigorous framework for comparative analysis and expert opinions on complex regulations that will help practitioners with decisions on portfolio management and in solving regulatory compliance issues. The theoretical framework has unique cases and examples and includes checklists to assist with the practice of fund management and legal risk analysis.

Comparative analysis of the US and the EU Regulatory Models for Money Market Funds

This chapter sets out a comprehensive analysis of the regulation of money market funds in the EU and US. The theoretical framework has unique cases and examples and includes checklists to assist with the practice of fund management and legal risk analysis.

Money Market Funds Outside the EU and the US

This chapter sets out a comprehensive analysis of the regulation of money market funds outside of the EU and US. The theoretical framework includes unique cases and examples and recommendations for regulations and policy developments.