Foreign and Domestic Bank Performances: An Ideal Decomposition of Industry Dynamics

The aggregate performance of the banking industry depends on the underlying microlevel dynamics within that industry. adjustments within banks, reallocations between banks, entries of new banks, and exits of existing banks. This paper develops a generalized ideal dynamic decomposition and applies it to the return on equity of foreign and domestic commercial banks in Korea from 1994 to 2000. The sample corresponds to the Asian financial crisis and the final stages of a long process of deregulation and privatization in the Korean banking industry. The comparison of our findings reveals that the overall performance of Korean banks largely reflects individual bank efficiencies, except immediately after the Asian financial crisis where restructuring played a more important role on average bank performance. Moreover, Korean regional banks started the restructuring process about one year before the Korean nationwide banks. Foreign bank performance, however, largely reflected individual bank efficiencies, even immediately after the Asian financial crisis.

Holocene precipitation change in different monsoon sub-regions (time-slices and transient data) simulated by different global climate models, with links to model results

The recently proposed global monsoon hypothesis interprets monsoon systems as part of one global-scale atmospheric overturning circulation, implying a connection between the regional monsoon systems and an in-phase behaviour of all northern hemispheric monsoons on annual timescales (Trenberth et al., 2000). Whether this concept can be applied to past climates and variability on longer timescales is still under debate, because the monsoon systems exhibit different regional characteristics such as different seasonality (i.e. onset, peak, and withdrawal). To investigate the interconnection of different monsoon systems during the pre-industrial Holocene, five transient global climate model simulations have been analysed with respect to the rainfall trend and variability in different sub-domains of the Afro-Asian monsoon region. Our analysis suggests that on millennial timescales with varying orbital forcing, the monsoons do not behave as a tightly connected global system. According to the models, the Indian and North African monsoons are coupled, showing similar rainfall trend and moderate correlation in rainfall variability in all models. The East Asian monsoon changes independently during the Holocene. The dissimilarities in the seasonality of the monsoon sub-systems lead to a stronger response of the North African and Indian monsoon systems to the Holocene insolation forcing than of the East Asian monsoon and affect the seasonal distribution of Holocene rainfall variations. Within the Indian and North African monsoon domain, precipitation solely changes during the summer months, showing a decreasing Holocene precipitation trend. In the East Asian monsoon region, the precipitation signal is determined by an increasing precipitation trend during spring and a decreasing precipitation change during summer, partly balancing each other. A synthesis of reconstructions and the model results do not reveal an impact of the different seasonality on the timing of the Holocene rainfall optimum in the different sub-monsoon systems. They rather indicate locally inhomogeneous rainfall changes and show, that single palaeo-records should not be used to characterise the rainfall change and monsoon evolution for entire monsoon sub-systems.

心理旋转中的整体优先效应及其机制

In the history of psychology research, more attention had been focused on the relation between local processing and global processing. For the global information and the local information, which is processed earlier? And which is processed faster? Precedence of the global over the local level in visual perception has been well established by Navon with compound stimuli, and Navon’s original study gave rise to many publications, including replications, generalization to other kinds of stimuli (nonverbal material, digits), populations (infants, children, brain-damaged subjects), and tasks (lateral visual hemifield presentation, copy drawing, memory recognition, and recall), and triggered some debate about the conditions in which global precedence is and is not observed (number, size, sparsity, and goodness of the stimuli, exposure duration, etc.). However, whether there is a global advantage or precedence in other cognitive processes was less tested. Most researches had suggested that there was a functional equivalency between visual perception and visual image processing. However, it’s still unknown whether there will be a global advantage on mental rotation. In the present study, we combined the mental rotation task with the compound stimuli to explore whether the global or local advantage also existed at the mental imagery transformation stages. In two pilot studies, the perceptual global precedence was found to be present in a normal/mirror-image judgment task when the stimuli exposure time was short; while the stimuli exposure time was prolonged (stimuli kept available till subjects’ response) the perceptual global precedence was showed to be eliminated. In all of the subsequent experiments, stimili would be presented till subjects’ response. Then mental rotation was added in normal/mirror-image judgment (some of the stimuli were rotated to certain angles from upright) in normal experiments, experiment 1 and 2 observed a global advantage on mental rotation both with a focused-attention design (Experiment 1) and divided-attention design (Experiment 2). Subjects’ reaction times were increased with rotation angles, and the accuracy was decreased with rotation angles, suggesting that subject need a mental rotation to make a normal/mirror judgment. The most important results were that subjects’ response to global rotation was faster than that to local rotation. The analysis of slope of rotation further indicated that, to some extend, the speed of global rotation was faster than that of local rotation. These results suggest a global advantage on mental rotation. Experiment 3 took advantage of the high temporal resolution of event-related potentials to explore the temporal pattern of global advantage on mental rotation. Event-related potential results indicated the parietal P300 amplitude was inversely related to the character orientation, and the local rotation task delayed the onset of the mental-rotation-related negativity at parietal electrodes. None clear effect was found for occipital N150. All these results suggested that the global rotation was not only processed faster than local rotation, but also occurred earlier than local rotation. Experiments 4 and 5 took the effect size of global advantage as the main dependent variable, and visual angle and exposure duration of the stimuli as independent variables, to examine the relationship between perceptual global precedence and global advantage on mental rotation. Results indicated that visual angle and exposure duration did not influence the effect size of global advantage on mental rotation. The global advantage on mental rotation and the perceptual global advantage seemed to be independent but their effects could be accumulated at some condition. These findings not only contribute to revealing a new processing property of mental rotation, but also deepen our understanding of the problem of global/local processing and shed light on the debate on locus of global precedence.

Sexual size dimorphism and reproductive investment by female spiders: A comparative analysis

We investigate the association between female reproductive investment, absolute size, and sexual size dimorphism in spiders to test the predictions of the fecundity-advantage hypothesis. The relationships between absolute size and sexual size dimorphism and aspects of female reproductive output are examined in comparative analyses using phylogenetically independent contrasts. We provide support for the idea that allometry for sexual dimorphism is the result of variation in female size more so than male size. Regression analyses suggest selection for increased fecundity in females. We argue that fecundity selection provides the only general explanation for the evolution of sexual size dimorphism in spiders.

On the Critical Points of Kyurkchiev’s Method for Solving Algebraic Equations

This paper is dedicated to Prof. Nikolay Kyurkchiev on the occasion of his 70th anniversary This paper gives sufficient conditions for kth approximations of the zeros of polynomial f (x) under which Kyurkchiev’s method fails on the next step. The research is linked with an attack on the global convergence hypothesis of this commonly used in practice method (as correlate hypothesis for Weierstrass–Dochev’s method). Graphical examples are presented.

Establishing continental sovereignty in Africa: risk and opportunity in financial integration - lessons for Africa from a legal perspective

This thesis identifies and defines the new African sovereignty. It establishes a modern sovereignty in Africa hatched from the changing nature of sovereignty in which countries come together at various levels or grades of partial surrender of national sovereignty in order to work closer together for their mutual advantage and benefit. To this end, the narrative zooms in on the central issues within the realms of money matters whereby a new model of monetary sovereignty and monetary solutions is designed in an attempt to ease the recurring tensions and challenges of modern national sovereignty in the continent of Africa. As such, this discussion will offer a historical journey through the constitution of sovereignty, to the birth of the nation state and international public law. It develops the theory of the changing nature of sovereignty within the modern state and opens new lines of inquiry for Africa. In this regard, it draws from juxtaposing and mixing elements of regional and global financial integration as well as retaining national financial sovereignty features to form this new design which I dub continental sovereignty. At its core, the thesis will deal with the legal aspects that stem from the co-mingling of legal systems of nation states and communities at the regional and global levels within the context of financial integration. The argument is that the rule of law remains sacrosanct in monetary management. Effective financial integration is the result of properly structured and managed legal frameworks with robust laws and institutions whether at a national, regional or global level. However, the thesis reveals that in order to avoid undermining the progress of Africa’s financial integration project, any solution for Africa must be immersed within a broader global solution where development issues are addressed and resolved and Africa can form a more central part in all relevant international discussion fora. The work will expound these issues by applying them within a regional and global context, with the state of affairs in Africa forming the nucleus. This application consequently presents the six key themes of the thesis which will be considered therein. They are: a.) regional advantage: which exploits the possibilities of deeper and further financial integration between smaller communal arrangements; b.) regional risk and exposure: the extent to which this deeper form of financial integration can spiral out of control if effected too quickly and too ambitiously; c.) global advantage: which considers the merits of global financial integration and the influence exerted by financial laws on the global financial architecture; d.) global risk and exposure: which considers the challenges of global financial integration especially within the background of the Global Financial Crisis 2007-2008; e.) African challenge: which considers the extent to which this analysis impacts the African economic and financial integration agenda; and f.) development challenge: which examines the extent to which global development issues impact the African solution (continental sovereignty) and the need for any solution for the continent to be roped into a broader global solution within which Africa can form an important part. Even though the thesis requests an optimistic undertone on the progress made so far, it unearths the African problem of multiple national sovereignty and multiple overlapping regional sovereignty constituted as the ‘spaghetti bowl’ dilemma. As such, the unique contribution to knowledge on financial integration in Africa can be echoed in these words: Africa‘s financial integration agenda has had little success in authenticating a systematic and dependable legal framework for monetary management. Efforts made have been incomplete, substandard, and not carefully followed through particularly reflected in the impuissant nature of the judicial enforcement mechanisms. Thus, the thesis argues that, any meaningful answer to the problems dogging the continent is inter alia deeply entrenched within a new form of cooperative monetary sovereignty. In other words, the thesis does not prescribe the creation of new laws; rather it advocates the effective enforcement of existing laws.

Fire history and the Global Charcoal Database: a new tool for hypothesis testing and data exploration

Version 1 of the Global Charcoal Database is now available for regional fire history reconstructions, data exploration, hypothesis testing, and evaluation of coupled climate–vegetation–fire model simulations. The charcoal database contains over 400 radiocarbon-dated records that document changes in charcoal abundance during the Late Quaternary. The aim of this public database is to stimulate cross-disciplinary research in fire sciences targeted at an increased understanding of the controls and impacts of natural and anthropogenic fire regimes on centennial-to-orbital timescales. We describe here the data standardization techniques for comparing multiple types of sedimentary charcoal records. Version 1 of the Global Charcoal Database has been used to characterize global and regional patterns in fire activity since the last glacial maximum. Recent studies using the charcoal database have explored the relation between climate and fire during periods of rapid climate change, including evidence of fire activity during the Younger Dryas Chronozone, and during the past two millennia.

Innovation and learning for sustainable competitive advantage : preliminary findings

Achieving and sustaining competitive advantage is a major challenge for firms in today’s dynamic global marketplace. The notion of sustained competitive advantage has been investigated through a number of paradigms, from the resource based view of the firm to dynamic capabilities. This paper reports preliminary findings from research which investigates the characteristics of innovative firms that have demonstrated competitive advantage over time, targeting factors that contribute to the firm’s performance. Key factors to sustaining competitive advantage include working with demanding customers, team based organizational cultures, engaging in challenging projects to make new to the world products, and using projects to generate the necessity for learning by doing, learning by using and learning by interacting in new product and process development.

Marketing VM services to achieve competitive advantage in the Malaysian Construction Sector

Value Management (VM) has been proven to provide a structured framework, together with supporting tools and techniques that facilitate effective decision-making in many types of projects, thus achieving ‘best value’ for clients. It is identified at International level as a natural career progression for the construction service provider and as an opportunity in developing leading-edge skills. The services offered by contractors and consultants in the construction sector have been expanding. In an increasingly competitive and global marketplace, firms are seeking ways to differentiate their services to ever more knowledgeable and demanding clients. The traditional demarcations have given way, and the old definition of what contractors, designers, engineers and quantity surveyors can, and cannot do in terms of their market offering has changed. Project management, design and cost and safety consultancy services, are being delivered by a diverse range of suppliers. Value management services have been developing in various sectors in industry; from manufacturing to the military and now construction. Given the growing evidence that VM has been successful in delivering value-for-money to the client, VM would appear to be gaining some momentum as an essential management tool in the Malaysian construction sector. The recently issued VM Circular 3/2009 by the Economic Planning Unit Malaysia (EPU) possibly marks a new beginning in public sector client acceptance on the strength of VM in construction. This paper therefore attempts to study the prospects of marketing the benefits of VM by construction service providers, and how it may provide an edge in an increasingly competitive Malaysian construction industry.

Providing a better work environment for competitive advantage – conceptual considerations linking commitment and firm-specific human resources

Managing for uncertain futures is a major concern in the area of strategic management with environmental stability fading and increasing global impacts on local decisions. One critical resource that has attained special interest lies in talented and qualified employees. It is a challenge to motivate such employees to invest in firm-specific assets that may form a valuable basis for competitive advantage. Short term contracts and a lack of care for employees make it hard to establish a committed workforce. The aim of the paper is the elaboration of a conceptual framework showing the links and contributing to a better understanding of how the alignment of interests of employees and firms maybe a valuable contribution to the understanding of competitive advantage.

The adoption of advanced quality practices and its impact on manufacturers

Presently, the manufacturing sector faces unprecedented levels of competition in both the domestic and international markets. This competition is mainly as a result of rapidly expanding international trade, gradual removal of protection, substantial reforms in labour markets and industrial relations, rapid technological changes and discerning customers. Intense global competition requires manufacturers to deliver products with higher quality in a shorter time. Simultaneously, owing to new technological innovations, the complexity of the products is increasing. In Australia, the impact of this intense competition and structural changes appear to be having negative effects on the manufacturing sector. This paper discusses the quality and reliability (Q & R) practices and associated drawbacks of Australian manufacturers and presents the findings of an investigation of the challenges Australian manufacturers are currently facing. The results reported in the paper are based on the data collected from a survey using the standard questionnaire. The study was driven by a conceptual model, which relates advanced quality practices to manufacturing performance and manufacturing difficulties.Evidence indicates that Q & R is the main competitive factor for Australian manufacturers. Design capability and on time delivery (OTD) came second. Results show that Australian manufacturers in general are facing some manufacturing difficulties. The relationship between advanced quality practices and company performance and manufacturing difficulties are explored. It is found that the companies who have more emphasis on advanced quality practices have fewer problems in manufacturing practices. Moreover, companies who have actively implemented the advanced quality practices have managed to improve the quality of the product continuously. The results validate the proposed hypothesis and lend credence to current thinking that improvement in Q & R is a vital tool for competitive advantage.

Optimising meritocratic advantage with the International Baccalaureate Diploma in Australian schools

This paper explores two of the tensions Tarc (2009) identifies in the history of the International Baccalaureate (IB) Diploma: firstly between its design for meritocratic competition and its internationalist vision; and secondly between the IB as a global commodity and its localised interpretations. Using data from three case studies of Australian schools offering both the IB Diploma and the local government curriculum, and student responses to an online survey across 26 such schools, the analysis shows how choices behind the IB’s growing popularity foreground strategies for optimising meritocratic competition. Framed through Bourdieu’s concepts of field and ‘rules of the game’, the analysis shows how students act on their own comparative analyses of each curriculum to optimise their chances to access desirable university pathways within the local rules of the game for university placement. Schools are shown to offer the IB Diploma to recruit and retain academically ambitious students by pooling their relative advantage in different local ecologies. Students are shown to carefully evaluate the benefits and costs of the IB choice. The conclusion reflects on how the choice of the IB Diploma for meritocratic advantage by some might change conditions for others not choosing it.

ACE research briefing paper 005: Global Entrepreneurship Monitor (GEM) - Australia 2011 National Report

This report maps the current state of entrepreneurship in Australia using data from the Global Entrepreneurship Monitor (GEM) for the year 2011. Entrepreneurship is regarded as a crucial driver for economic well-being. Entrepreneurial activity in new and established firms drives innovation and creates jobs. Entrepreneurs also fuel competition thereby contributing indirectly to market and productivity growth along with improving competitiveness of the national economy. Given the economic landscape that exists as a result of the global financial crisis (GFC), it is probably more important than ever for us to understand the effects and drivers of entrepreneurial activity and attitudes in Australia. The central finding of this report is that entrepreneurship is certainly alive and well in Australia. With 10.5 per cent of the adult population involved in setting up a new business or owning a newly founded business as measured by the total entrepreneurial activity rate (TEA) in 2011, Australia ranks second only to the United States among the innovation-driven (developed) economies. Compared with 2010 the TEA rate has increased by 2.7 percentage points. Furthermore, in regard to employee entrepreneurial activity (EEA) rate in established firms, Australia ranks above average. According to GEM data, 5 per cent of the adult population is engaged in developing or launching new products, a new business unit or subsidiary for their employer. Further analysis of the GEM data also clearly shows that Australia compares well with other major economies in terms of the ‘quality’ of entrepreneurial activities being pursued. Indeed, it is not only the quantity of entrepreneurs but also the level of their aspirations and business goals that are important drivers for economic growth. On average, for each business started in Australia driven by the lack of alternatives for the founder to generate income from any other source, there are five other businesses started where the founders specifically want to take advantage of a business opportunity that they believe will increase their personal income or independence. With respect to innovativeness, 31 per cent of Australian new businesses offer products or services which they consider to be new to customers or where very few, or in some cases no, other businesses offer the same product or service. Both these indicators are higher than the average for innovation-driven economies. Somewhat below average is the international orientation of Australian entrepreneurs whereby only 12 per cent aim at having a substantial share of customers from international markets. So what drives this high quantity and quality of entrepreneurship in Australia? The analysis of the data suggests it is a combination of both business opportunities and entrepreneurial skills. It seems that around 50 per cent of the Australian population identify opportunities for a start-up venture and believe that they have the necessary skills to start a business. Furthermore, a large majority of the Australian population report that high media attention for entrepreneurship provides successful role models for prospective entrepreneurs. As a result, 12 per cent of our respondents have expressed the intention to start a business within the next three years. These numbers are all well above average when compared to the other major economies. With regard to gender, the GEM survey shows a high proportion of female entrepreneurs. Approximately 8.4 per cent of adult females are actually involved in setting up a business or have recently done so. Although this female TEA rate is slightly down from 2010, Australia ranks second among the innovation-driven economies. This paints a healthy picture of access to entrepreneurial opportunities for Australian women.

A new framework of measuring national nutrients balance for international and global comparison

Nutrients balance such as nitrogen and phosphorus balance are increasingly used as an indicator of the environmental performance of agricultural sector in international and global context. However there still is a lack of harmony in the use of methods for estimating the nutrients balance among countries. This is because of the disagreement regarding the accuracy and uncertainty of different accounting methods. The lack of harmony in the methods used in different countries further increases the uncertainty in the context of the international comparisons. This paper provides a new framework for nutrients balance calculation using the farm-gate accounting method. The calculation under this new framework takes advantage of availability of data from FAO and other reliable national and international sources. Due to this, the proposed framework is highly adaptable in many countries, making the global comparison feasible. The paper also proposes three criteria including adaptability, accuracy and interpretability to assess the appropriateness of nutrients accounting method. Based on these criteria, the paper provides a comprehensive comparison of the farm-gate and soil-surface methods in accounting country-level nutrients balance of agricultural production. The paper identifies some shortcomings of the soil-surface balance and shows that the farm-gate method has a greater potential of providing a more accurate and meaningful estimation of national nutrients balance.