Return on assets in the Tobacco Industry analysis of the four main Tobacco Manufacturers

This paper studies operating profitability drivers in the Four Main Tobacco Manufacturers for the period 2004-2014. The operating profitability is analyzed as return on assets (ROA) based on the DuPont Extended Model breakdown in degree of operational risk, gross sales margin and assets turnover. The sources of ROA are market share and price strategies appraised through the drivers: firm-size, global value and strategic choices. Using consolidated data, results suggest that firm-size and global value holds a positive relationship with ROA. Also innovation through less harmful tobacco products can lead to better ROA despite no correlation between R&D and ROA.

Water transports through the four main straits around the South China Sea

A quasi-global high-resolution HYbrid Coordinate Ocean Model (HYCOM) is used to investigate seasonal variations of water transports through the four main straits in the South China Sea. The results show that the annual transports through the four straits Luzon Strait, Taiwan Strait, Sunda Shelf and Mindoro Strait are -4.5, 2.3, 0.5 and 1.7 Sv (1 Sv=10(6) m(3)s(-1)), respectively. The Mindoro Strait has an important outflow that accounts for over one third of the total inflow through the Luzon Strait. Furthermore, it indicates that there are strong seasonal variations of water transport in the four straits. The water transport through the Luzon Strait (Taiwan Strait, Sunda Shelf, Mindoro Strait) has a maximum value of -7.6 Sv in December (3.1 Sv in July, 2.1S v in January, 4.5Sv in November), a minimum value of -2.1 Sv in June (1.5 Sv in October, -1.0 Sv in June, -0.2 Sv in May), respectively.