Foreign direct investment in high-risk environments: an historical perspective

Since the banking crisis of 2008 the global economy is perceived as riskier than before. Firms that cannot manage risks have withdrawn from countries in which they previously invested. These problems are not new. For centuries firms have invested in risky foreign environments, and many of them have succeeded. This paper reviews the risk management strategies of foreign investors. Using archival evidence and secondary sources it distinguishes the different types of risks that investors face and the different strategies by which risks can be managed. It investigates which strategies are used to manage which types of risk.

Uniqueness results for direct and inverse scattering by infinite surfaces in a lossy medium

We consider the Dirichlet boundary-value problem for the Helmholtz equation, Au + x2u = 0, with Imx > 0. in an hrbitrary bounded or unbounded open set C c W. Assuming continuity of the solution up to the boundary and a bound on growth a infinity, that lu(x)l < Cexp (Slxl), for some C > 0 and S~< Imx, we prove that the homogeneous problem has only the trivial salution. With this resnlt we prove uniqueness results for direct and inverse problems of scattering by a bounded or infinite obstacle.

Application of the direct Liapunov method to the problem of symmetric stability in the atmosphere

The problem of symmetric stability is examined within the context of the direct Liapunov method. The sufficient conditions for stability derived by Fjørtoft are shown to imply finite-amplitude, normed stability. This finite-amplitude stability theorem is then used to obtain rigorous upper bounds on the saturation amplitude of disturbances to symmetrically unstable flows.By employing a virial functional, the necessary conditions for instability implied by the stability theorem are shown to be in fact sufficient for instability. The results of Ooyama are improved upon insofar as a tight two-sided (upper and lower) estimate is obtained of the growth rate of (modal or nonmodal) symmetric instabilities.The case of moist adiabatic systems is also considered.

Direct evidence for attention-dependent influences of the frontal eye-fields on feature-responsive visual cortex

Voluntary selective attention can prioritize different features in a visual scene. The frontal eye-fields (FEF) are one potential source of such feature-specific top-down signals, but causal evidence for influences on visual cortex (as was shown for "spatial" attention) has remained elusive. Here, we show that transcranial magnetic stimulation (TMS) applied to right FEF increased the blood oxygen level-dependent (BOLD) signals in visual areas processing "target feature" but not in "distracter feature"-processing regions. TMS-induced BOLD signals increase in motion-responsive visual cortex (MT+) when motion was attended in a display with moving dots superimposed on face stimuli, but in face-responsive fusiform area (FFA) when faces were attended to. These TMS effects on BOLD signal in both regions were negatively related to performance (on the motion task), supporting the behavioral relevance of this pathway. Our findings provide new causal evidence for the human FEF in the control of nonspatial "feature"-based attention, mediated by dynamic influences on feature-specific visual cortex that vary with the currently attended property.