Conflicts of interest and china's A-Share underpricing

The extremely high A- share underpricing in China's primary market provides us with a very interesting area of empirical research. Previous studies on China's IPO underpricing have been suggestive, but in-conclusive. We investigate the A- share underpricing by employing the most recent data available. A significant decline in A- share underpricing is found in 2003 relative to previous years (and much less than that recorded in the literature to date). We examine the validity of previous A- share underpricing models, reported in the literature, and find a statistically significant structural break in the data during 2003 when these models are specified. We further explore conflicts of interest in the Chinese IPO market and specify an alternative class of models to further examine this change in observed market behaviour. Our results suggest that a contract with high underwriter's fee leads to less A- share underpricing. Our results also suggest that the asymmetric information hypothesis does not apply in the Chinese !PO market in 2003. Overpricing by the secondary market and the trading activity on the first trading day are the main functions of the A- share underpricing. This study has important implications such as guiding the Chinese government policy regarding the regulations of Initial Public Offering.

Exploring The Spatial Relationships Between Human-Tiger Conflicts In Peninsular Malaysia and Sumatra

Large-carnivores and humans are increasingly in conflict as humans encroach on their natural territory. As a result, many large-carnivore species have become endangered due to habitat destruction, prey reduction and retaliatory killings from conflicts. No global internet database, however, exists to document, monitor and evaluate these conflicts, particularly to take advantage of the growing spatial resources available. Using human-tiger conflicts in Malaysia and Sumatra as a case study, this project explores how such a database could be created. GIS was used to conduct multiple analyses on the data obtained about these conflicts. We conclude that a database would require data to be compiled according to a protocol based on these spatial scales: Point, Sub-State Polygon and Provincial.

Conflicts of interest and China's A-share underpricing

The extremely high A-share underpricing in China's primary market provides us with a very interesting area of empirical research. Previous studies on China's IPO underpricing have been suggestive, but inconclusive. A significant decline in A-share underpricing is found in 2003 relative to previous years (and much less than that recorded in the literature to date). We examine the validity of previous A-share underpricing models, reported in the literature, and find a statistically significant structural break in the data during 2003 when these models are specified. We further explore conflicts of interest in the Chinese IPO market and specify an alternative model to further examine this change in observed market behavior. Our results suggest that a contract with high underwriter's fee leads to less A-share underpricing. Our results also suggest that the asymmetric information hypothesis does not apply in the Chinese IPO market in 2003. Overpricing by the secondary market and the trading activity on the first trading day are the main functions of the A-share underpricing. This study has important implications such as guiding the Chinese government policy regarding the regulations of initial public offering.

The inadequacy of Western media theory in third world internal conflicts : the case of military censorship in Sri Lanka

The literature of communication and conflict is long and deep. However, it has focused primarily on cross-border conflict in the northern hemisphere. Not much academic research has been done on intra-state conflicts in general or on Asian conflicts in particular. This research on the Sri Lankan separatist conflict contributes towards filling this void.Newspaper reports in three languages on Operation Jayasikurui (1997) as well as on the capture of Elephant Pass (2000) were analyzed by trained coders with high reliability. In-depth interviews were conducted with Sri Lankan journalists and military personnel who participated in these incidents. Triangulation sources include Sri Lanka Army materials and the Sri Lanka Government Gazette.

Results clearly show that despite stringent governmental regulations, censorship had no effect on these Sri Lankan newspapers, which employed unique cultural techniques to circumvent these restrictions. Despite their apparent divergent ethnic backgrounds, all newspaper samples are consensual in their depiction of the conflict all the time while managing to set different agendas for their individual readerships. Media regulations could not impose censorship as proposed by Western theoretical constructs. Results show no correspondence between media samples and imposition of government or military policy. The press enjoyed freedom to convey war information to the public and exhibited a distinct streak of social responsibility in their watchdog instincts.Dominant Western propaganda models and theoretical perspectives do not apply to the Sri Lankan context. Understanding the cultural dimensions is essential before theorizing on media behaviour. No particular theoretical framework from the literature could be used to make inferences. One further interesting finding suggested from this research: Internal conflict within the Asian region may have its own unique theoretical perspective. The study concludes by proposing an alternative model.

The inadequacy of Western media theory in third world internal conflicts : the case of military censorship in Sri Lanka

Research on media production and on media effects under military censorship has centred primarily on cross-border conflicts being waged by Western regimes. There is a noticeable void in understanding internal conflicts, particularly so within the Asian region. To help address this lacuna, we content-analyse Sri Lankan newspaper samples of two critical military campaigns within the Sri Lankan separatist conflict to gain insight into an Asian internal conflict within the context of military censorship and culture. We discover that supposedly stringent censorship regulations and the rules of the official communication systems have almost no effect on Sri Lankan newspapers, which demonstrate a unique talent to circumvent these strictures. During these bloody internal conflicts, the Sri Lankan press enjoyed freedom of expression, flaunted social responsibility and their watchdog instincts, and, most interestingly for us, demonstrated the failure of the Western propaganda model and other theoretical perspectives. The importance of understanding cultural dimensions before theorizing media behaviour in order to obtain a more rational understanding of the sociology of media is posited by this study. We conclude with discussion of a new model of media censorship which has more relevance in Asian internal conflicts.

Western propaganda models reconsidered : the "Catherine Whell" of censorship circumvention in developing world internal conflicts

This study is a deep-text analysis of military censorship applied to the national press in the Sri Lankan conflict. We examine press coverage of two Sri Lankan military operations, namely Operation Jayasikurui (1997) and the Capture of Elephant Pass (2000), to identify patterns of signification that help us construct a novel theory of conflict reporting under censorship within the context of ethnic, intrastate conflict. Our study shows that Sri Lankan newspapers, while abiding by censorship regulations, contradictorily also manoeuvred around these regulations as if censorship did not exist. Noteworthy were the censorship circumvention techniques that were used. For example, journalists taught readers how to ‘read’ blank space. They used commentary to educate readers how to read the straight news. They used conflict frames to overcome bias towards official viewpoints. They used multi-source confirmation to avoid pre-dominance of official views. They used respectful words rather than demonised opponents. Great attention
was paid to victims of the conflict, destruction of life and property, and civil society. Our findings do not accord well with previous theoretical models of the media role in society and of press censorship under conflict. The Sri Lankan press is highly intertwined within its cultural context and follows its own value system. We propose the ‘Catherine Wheel Model of Censorship Circumvention’ about press behaviour in times of internal conflict. Our model attempts to explain internal conflict within the developing world context in which the press system is based deeply in culture and is more accustomed to circumventing censorship than obeying it.

Resolving conflicts in fire management using decision theory: asset-protection versus biodiversity conservation

Agencies charged with nature conservation and protecting built-assets from fire face a policy dilemma because management that protects assets can have adverse impacts on biodiversity. Although conservation is often a policy goal, protecting built-assets usually takes precedence in fire management implementation. To make decisions that can better achieve both objectives, existing trade-offs must first be recognized, and then policies implemented to manage multiple objectives explicitly. We briefly review fire management actions that can conflict with biodiversity conservation. Through this review, we find that common management practices might not appreciably reduce the threat to built-assets but could have a large negative impact on biodiversity. We develop a framework based on decision theory that could be applied to minimize these conflicts. Critical to this approach is (1) the identification of the full range of management options and (2) obtaining data for evaluating the effectiveness of those options for achieving asset protection and conservation goals. This information can be used to compare explicitly the effectiveness of different management choices for conserving species and for protecting assets, given budget constraints. The challenge now is to gather data to quantify these trade-offs so that fire policy and practices can be better aligned with multiple objectives

Model of the conflicts of student work and study

Excessive work demands cause students to have less time available for study, which results in them missing lectures and tutorials. This study seeks a more accurate understanding of why students undertake part-time work to the level that they do. This paper examines the extent of employment of undergraduate students enrolled in property and construction at RMIT University. Students responded to a questionnaire on the duration and nature of their part-time work.

The results of the paper suggest that one of the major issues facing educators is that students themselves believe that part-time employment benefits their long term career. Hence they are reluctant to reduce their work commitment. Past research suggests that there is sufficient evidence that this will create work-study conflicts. The paper concludes by suggesting that some form of work-integrated learning process may benefit both the student’s leaning and their need to obtain work skills.

Post-colonial states, ethnic minorities and separatist conflicts : case studies from Southeast and South Asia

Post-colonial states in the Asian region have frequently been subject to political tensions derived from their multi-ethnic make-up and, what some have argued to be, the failure of states to adequately represent the interests of their ethnic minorities. This article will look at examples of where states in Asia have failed to adequately represent or otherwise incorporate their ethnic minorities as full and equal citizens. It also considers the range of responses to such perceived or actual state failure in adequately incorporating all citizens, including inter-ethnic and racial violence and separatist conflict. The article will conclude by considering conceptual and actual models of state organization intended to resolve racial and ethnic tensions in the Asian region.

Rangelands, conflicts, and society in the Upper Mustang Region, Nepal

Rangelands are considered critical ecosystems in the Nepal Himalayas and provide multiple ecosystem services that support local livelihoods. However, these rangelands are under threat from various anthropogenic stresses. This study analyzes an example of conflict over the use of rangeland, involving two villages in the Mustang district of Nepal. This prolonged conflict over the use of rangeland rests on how use rights are defined by the parties, that is, whether they are based on traditional use or property ownership. Traditionally, such conflicts in remote areas were managed under the Mukhiya (village chief) system, but this became dysfunctional after the political change of 1990. The continuing conflict suggests that excessive demand for limited rangelands motivates local villagers to gain absolute control of the resources. In such contexts, external support should focus on enhancing the management and production of forage resources locally, which requires the establishment of local common property institutions to facilitate sustainable rangeland management.

From Darfur to Sinai to Kashmir: Ethno-religious conflicts and legalization

This paper attempts to examine agreements between two high conflict states - India and Pakistan - in comparison with those between parties characterized by high degrees of conflict along ethnic and religious lines, from a theoretical perspective with a view to determining if legalization has any correlation between the commitments embodied in agreements between such states and the degree of compliance. For purposes of comparison, I examine the historic agreement between Israel and Egypt, and the Darfur Peace Agreement (DPA) as exemplars of similar conflicts where legalization has salience. I adopt the lens of legalization articulated by Abbott, et al, and bring recent advances from the intersection of international relations theory and international law to the design and structuring of agreements between states beset by persistent hostilities. I analyse agreements between India and Pakistan, Israel and Egypt, and the Darfur Peace Agreement, to demonstrate that agreements that are high on the precision-obligation-delegation matrix enjoy higher degrees of success than those that are low on this matrix when concluded between high conflict states. I conclude by arguing that India and Pakistan should aim for hard legalization to solve the Kashmir dispute, and that they must learn from the painful experience of the Darfur Peace Agreement and include non-state actors as signatories to any agreement.

Resolving future fire management conflicts using multicriteria decision making

Management strategies to reduce the risks to human life and property from wildfire commonly involve burning native vegetation. However, planned burning can conflict with other societal objectives such as human health and biodiversity conservation. These conflicts are likely to intensify as fire regimes change under future climates and as growing human populations encroach farther into fire-prone ecosystems. Decisions about managing fire risks are therefore complex and warrant more sophisticated approaches than are typically used. We applied a multicriteria decision making approach (MCDA) with the potential to improve fire management outcomes to the case of a highly populated, biodiverse, and flammable wildland-urban interface. We considered the effects of 22 planned burning options on 8 objectives: house protection, maximizing water quality, minimizing carbon emissions and impacts on human health, and minimizing declines of 5 distinct species types. The MCDA identified a small number of management options (burning forest adjacent to houses) that performed well for most objectives, but not for one species type (arboreal mammal) or for water quality. Although MCDA made the conflict between objectives explicit, resolution of the problem depended on the weighting assigned to each objective. Additive weighting of criteria traded off the arboreal mammal and water quality objectives for other objectives. Multiplicative weighting identified scenarios that avoided poor outcomes for any objective, which is important for avoiding potentially irreversible biodiversity losses. To distinguish reliably among management options, future work should focus on reducing uncertainty in outcomes across a range of objectives. Considering management actions that have more predictable outcomes than landscape fuel management will be important. We found that, where data were adequate, an MCDA can support decision making in the complex and often conflicted area of fire management.