Sectoral analysis on capital structure determinants among the Malaysian listed firms

This study highlights the sensitivity of capital structure determinants in each sector within the ensembles of Malaysia Listed Companies. Based on pooled OLS, fixed effect and Generalized Method of Moments analysis, the findings revealed that capital structure determinants vary across sectors due to its nature or characteristics.

Sectoral analysis on capital structure determinants among the Malaysia listed firms

This study highlights the sensitivity of capital structure determinants in each sector within the ensembles of Malaysia Listed Companies. Based on pooled OLS, fixed effect and Generalized Method of Moments analysis, the findings revealed that capital structure determinants vary across sectors due to its nature or characteristics.

Modernising charity : steps to an alternative architecture for common law charity jurisprudence

This chapter addresses the question, how can the common law concept of charity law be modernised? There are difficulties with the present jurisprudential conception. The focus of the chapter is not on those difficulties, however, but rather on the development of an alternative architecture for common law jurisprudence. The conclusion to which the chapter comes is that charity law can be modernised by a series of steps to include all civil society organisations. It is possible if the ‘technical’ definition of charitable purpose is abandoned in favour of a contemporary, not technical concept of charitiable purpose. This conclusion is reached by proposing a framework, developed from the common law concept of charities, that reconciles into a cohesive jurisprudential architecture all of the laws applying to civil society organisations, not just charities. In this section, first the argument is contextualised in an idea of society and located in a gap in legal theory. An analogy is then offered to introduce the problems in the legal theory applying, not just to charities, but more broadly to civil society organisations. The substantive challenge of mapping an alternative jurisprudence is then taken in steps. The final substantive section conceptualises the changes inherent in a move beyond charities to a jurisprudence centred on civil society organisations and how this would bring legal theory into line with sectoral analysis in other disciplines.

Assessment of the damage caused by flood rains and landslides in association with hurricane Michelle, october 2001: implications for economic, social and environmental development

Preface This study was prepared for the Government of Jamaica following the significant physical damage and economic losses that the country sustained as a result of flood rains associated with the development of Hurricane Michelle. The Planning Institute of Jamaica (PIOJ) submitted a request for assistance in undertaking a social, environmental and economic impact assessment to the Economic Commission for Latin America and the Caribbean (ECLAC) on 14 November 2001. ECLAC responded with haste and modified its work plan to accommodate the request. A request for training in the use of the ECLAC Methodology to be delivered to personnel in Jamaica was deferred until the first quarter of 2002, as it was impossible to mount such an initiative at such short notice. This appraisal considers the consequences of the three instances of heavy rainfall that brought on the severe flooding and loss of property and livelihoods. The study was prepared by three members of the ECLAC Natural Disaster Damage Assessment Team over a period of one week in order to comply with the request that it be presented to the Prime Minister on 3 December 2001. The team has endeavoured to complete a workload that would take two weeks with a team of 15 members working assiduously with data already prepared in preliminary form by the national emergency stakeholders. There is need for training in disaster assessment as evidenced by the data collected by the Jamaican officials engaged in the exercise. Their efforts in the future will be more focused and productive after they have received training in the use of the ECLAC Methodology. This study undertakes a sectoral analysis leading to an overall assessment of the damage. It appraises the macroeconomic and social effects and proposes some guidelines for action including mitigating actions subsequent to the devastation caused by the weather system. The team is grateful for the efforts of the Office of Disaster Preparedness and Emergency Management (ODPEM), the associated government ministries and agencies, the Statistical Institute of Jamaica (STATIN), the Planning Institute of Jamaica and the Inter American Development Bank (IDB) for assistance rendered to the team. Indeed, it is the recommendation of the team that STATIN is poised to play a pivotal role in any disaster damage assessment and should be taken on board in that regard. The direct and indirect damages have been assessed in accordance with the methodology developed by ECLAC (1). The results presented are based on the mission's estimates. The study incorporates the information made available to the team and evidence collected in interviews and visits to affected locations. It is estimated that the magnitude of the losses exceeds the country's capacity to address reparations and mitigation without serious dislocation of its development trajectory. The government may wish to approach the international community for assistance in this regard. This appraisal is therefore designed to provide the government and the international community with guidelines for setting national and regional priorities in rehabilitation and reconstruction or resettlement programmes. A purely economic conception of the problem would be limited. A more integrated approach would have a human face and consider the alleviation of human suffering in the affected areas while attending to the economic and fiscal fallout of the disaster. Questions of improved physical planning, watershed management, early warning, emergency response and structural preparedness for evacuation and sheltering the vulnerable population are seen as important considerations for the post disaster phase. Special attention and priority should be placed on including sustainability and increased governance criteria in making social and productive investments, and on allocating resources to the reinforcing and retrofitting of vulnerable infrastructure, basic lifelines and services as part of the reconstruction and rehabilitation strategy. The Jamaican society and government face the opportunity of undertaking action with the benefit of revised paradigms, embarking on institutional, legal and structural reforms to reduce economic, social and environmental vulnerability. The history of flood devastation in the very areas of Portland and St. Mary shows a recurrence of flooding. Accounts of flooding from the earliest recorded accounts pertaining to 1837 are available. Recurrences in 1937, 1940, 1943 and 2001 indicate an ever-present probability of recurrence of similar events. The Government may wish to consider the probable consequences of a part of its population living in flood plains and address its position vis-à­¶is land use and the probability of yet another recurrence of flood rains. (1) ECLAC/IDNDR, Manual for estimating the Socio-Economic Effects of Natural Disasters, May,1999.

Jamaica: Report of the macro socio-economic effects of the events in western Kingston area 22 May- 7 June 2010

.--I. Background.--II. The affected population.--III. Sectoral analysis of damage and loss.--IV. The macro socio economic effect of the event.--V. Conclusions and recommendations

The Level of Development and the Determinants of Productivity Growth

We examine the effects of technology on productivity growth by disaggregating total output into sectoral components, exploring the roles of investment and technology on productivity growth for countries in different income groups. We find that for low-income countries, investment is the most important determinant of productivity growth. While investment plays an important role in determining productivity growth in middle-income countries, additional effects resulting from technological change also emerge. Investment ceases to have a significant effect on productivity growth in high-income countries.

Evolución del mercado de trabajo y de la estructura del empleo en la Provincia de Buenos Aires desde la convertibilidad (1991-2009)

El artículo aborda la evolución del mercado de trabajo y de la estructura del empleo en la provincia de Buenos Aires durante el período 1991-2009. El análisis recurre a la articulación de una multiplicidad de fuentes de información para dar cuenta de los diferentes aspectos de los fenómenos laborales. A partir de la Encuesta Permanente de Hogares, se analizan los indicadores básicos de los mercados de trabajo urbanos en los principales aglomerados de la provincia y se lleva a cabo una caracterización de sus respectivas estructuras de empleo, considerando dimensiones tales como la categoría ocupacional, la composición público-privado, la condición de registro del empleo (registrado y no registrado) y el sector de actividad. Por otra parte, a nivel del total provincial, se analiza la evolución el empleo privado registrado y su composición sectorial. Para este tipo de análisis se utilizan datos procedentes de los registros administrativos que surgen de las declaraciones juradas de personal en relación de dependencia que realizan mensualmente los contribuyentes ante la AFIP. Estos datos permiten tratamientos muy desagregados de la información, de suma importancia para el análisis sectorial detallado. También a nivel del total provincial, se caracteriza al empleo público en sus distintos niveles de gobierno (nacional, provincial y municipal) a partir de fuentes presupuestarias y de otras, menos difundidas, elaboradas por distintos organismos públicos. El artículo ofrece análisis descriptivos de las variables mencionadas y un pormenorizado detalle metodológico respecto de las fuentes y el tratamiento de la información.

Evolución del mercado de trabajo y de la estructura del empleo en la Provincia de Buenos Aires desde la convertibilidad (1991-2009)

El artículo aborda la evolución del mercado de trabajo y de la estructura del empleo en la provincia de Buenos Aires durante el período 1991-2009. El análisis recurre a la articulación de una multiplicidad de fuentes de información para dar cuenta de los diferentes aspectos de los fenómenos laborales. A partir de la Encuesta Permanente de Hogares, se analizan los indicadores básicos de los mercados de trabajo urbanos en los principales aglomerados de la provincia y se lleva a cabo una caracterización de sus respectivas estructuras de empleo, considerando dimensiones tales como la categoría ocupacional, la composición público-privado, la condición de registro del empleo (registrado y no registrado) y el sector de actividad. Por otra parte, a nivel del total provincial, se analiza la evolución el empleo privado registrado y su composición sectorial. Para este tipo de análisis se utilizan datos procedentes de los registros administrativos que surgen de las declaraciones juradas de personal en relación de dependencia que realizan mensualmente los contribuyentes ante la AFIP. Estos datos permiten tratamientos muy desagregados de la información, de suma importancia para el análisis sectorial detallado. También a nivel del total provincial, se caracteriza al empleo público en sus distintos niveles de gobierno (nacional, provincial y municipal) a partir de fuentes presupuestarias y de otras, menos difundidas, elaboradas por distintos organismos públicos. El artículo ofrece análisis descriptivos de las variables mencionadas y un pormenorizado detalle metodológico respecto de las fuentes y el tratamiento de la información.

Evolución del mercado de trabajo y de la estructura del empleo en la Provincia de Buenos Aires desde la convertibilidad (1991-2009)

El artículo aborda la evolución del mercado de trabajo y de la estructura del empleo en la provincia de Buenos Aires durante el período 1991-2009. El análisis recurre a la articulación de una multiplicidad de fuentes de información para dar cuenta de los diferentes aspectos de los fenómenos laborales. A partir de la Encuesta Permanente de Hogares, se analizan los indicadores básicos de los mercados de trabajo urbanos en los principales aglomerados de la provincia y se lleva a cabo una caracterización de sus respectivas estructuras de empleo, considerando dimensiones tales como la categoría ocupacional, la composición público-privado, la condición de registro del empleo (registrado y no registrado) y el sector de actividad. Por otra parte, a nivel del total provincial, se analiza la evolución el empleo privado registrado y su composición sectorial. Para este tipo de análisis se utilizan datos procedentes de los registros administrativos que surgen de las declaraciones juradas de personal en relación de dependencia que realizan mensualmente los contribuyentes ante la AFIP. Estos datos permiten tratamientos muy desagregados de la información, de suma importancia para el análisis sectorial detallado. También a nivel del total provincial, se caracteriza al empleo público en sus distintos niveles de gobierno (nacional, provincial y municipal) a partir de fuentes presupuestarias y de otras, menos difundidas, elaboradas por distintos organismos públicos. El artículo ofrece análisis descriptivos de las variables mencionadas y un pormenorizado detalle metodológico respecto de las fuentes y el tratamiento de la información.

The Composition and Drivers of Energy Prices and Costs in Energy-Intensive Industries: The Case of Ceramics, Glass and Chemicals. CEPS Special Report No. 85, 27 March 2014

In May 2013, the European Commission received a mandate from the European Council to “to present an analysis of the composition and drivers of energy prices and costs in Member States, with a particular focus on the impact on households, SMEs and energy intensive industries, and looking more widely at the EU's competitiveness vis-à-vis its global economic counterparts”. Following such mandate and in view of the preparation by the Commission of a Communication and a Staff Working Document, DG Enterprise and Industry commissioned CEPS to carry out a set of studies aimed at providing well-grounded evidence about the evolution and composition of energy prices and costs at plant level within individual industry sectors. A team of CEPS researchers conducted the research, led by Christian Egenhofer and Lorna Schrefler. Vasileios Rizos served as Project Coordinator. Other CEPS researchers contributing to the project included: Fabio Genoese, Andrea Renda, Andrei Marcu, Julian Wieczorkiewicz, Susanna Roth, Federico Infelise, Giacomo Luchetta, Lorenzo Colantoni, Wijnand Stoefs, Jacopo Timini and Felice Simonelli. In addition to an introductory report entitled “About the Study and Cross-Sectoral Analysis”, CEPS prepared five sectoral case studies: two on ceramics (wall and floor tiles and bricks and roof tiles), two on chemicals (ammonia and chlorine) and one on flat glass. Each of these six studies has been consolidated in this single volume for free downloading on the CEPS website. The specific objective was to complement information already available at macro level with a bottom-up perspective on the operating conditions that industry stakeholders need to deal with, in terms of energy prices and costs. The approach chosen was based on case studies for a selected set (sub-)sectors amongst energy-intensive industries. A standard questionnaire was circulated and respondents were sampled according to specified criteria. Data and information collected were finally presented in a structured format in order to guarantee comparability of results between the different (sub-)sectors analysed. The complete set of files can also be downloaded from the European Commission’s website: http://ec.europa.eu/enterprise/newsroom/cf/itemdetail.cfm?item_id=7238&lang=en&title=Study-on-composition-and-drivers-of-energy-prices-and-costs-in-energy-intnsive-industries The results of the studies were presented at a CEPS Conference held on February 26th along with additional evidence from other similar studies. The presentations can be downloaded at: http://www.ceps.eu/event/level-and-drivers-eu-energy-prices-energy-inten...

CEPAL Review no. 118

Special issue: 40 years of CEPAL Review

Regional variability in visual field sensitivity during hypercapnia

PURPOSE: Previous investigations have demonstrated a relative vascular autoregulatory inefficiency of the inferior compared to the superior retina in healthy subjects breathing increased CO2. The purpose of this study was to determine whether the superior and inferior visual field sensitivities of healthy eyes are similarly affected during mild hypercapnia. DESIGN: Experimental study. METHODS: Visual field analysis (Humphrey Field Analyser; SITA standard 24-2 program) was carried out on one randomly selected eye of 22 subjects (mean age, 27.7 ± 5 years) during normal room air breathing and isoxic hypercapnia. The Student paired t-tests were used to compare the visual field indices mean deviation (MD) and pattern standard deviation (PSD) for each breathing condition. A secondary, sectoral analysis of mean pointwise sensitivity was performed for each condition. In each case a P value of <.01 was considered statistically significant (Bonferroni corrected). RESULTS: Visual field MD was -0.23 ± 0.95dB during room air breathing and -0.49 ± 1.04dB during hypercapnia (P = .034). Sectoral pointwise mean sensitivity deteriorated by 0.46dB (P = .006) in the upper visual hemifield during hypercapnia, whereas no significant difference was observed for the lower hemifield (P = .331). CONCLUSIONS: The upper visual hemifield exhibited a significantly greater degree of deterioration in pointwise visual field mean sensitivity compared to the lower hemifield during hypercapnic conditions. This suggests that the upper visual hemifield and hence inferior retina is more susceptible to insult during hypercapnia than the superior retina in healthy individuals. A regional susceptibility of inferior retinal function to altered vascular or metabolic effects may account for the earlier and more frequent inferior nerve fibre damage associated with glaucomatous optic neuropathy. © 2003 by Elsevier Science Inc. All rights reserved.

Social economy, youth and employment

Organizations of the Social Economy in Spain accounted for 13% of employment and 12% of GDP in 2013, according to the Spanish Confederation fo Social Economy. Also, according to various institutions and studies, the role of Social Economy has become relevant due to they represent a model promoting the creation of collective business projects with greater sustainability and potential than models of individual self-employment. However, despite all this, there are few academic studies or sectoral reports analyzing employment in this sector, especially in the case of youth employment. This study aims to fill this gap in the literature analyzing the scared available data in order to show the numbers and characteristics of youth employment in this sector. Results show the weight of youth employment in the Social Economy is higher than the economy overall.

An analysis of sectoral equity and CDS spreads

In this paper, we find that CDS return shocks are important in explaining the forecast error variance of sectoral equity returns for the USA. The CDS return shocks have different effects on equity returns and return volatility in the pre-crisis and crisis periods. It is the post-Lehman crisis period in which the effects of CDS return shocks are the most dominant. Finally, we construct a spillover index and find that it is time-varying and explains a larger share of total forecast error variance of sectoral equity and CDS returns for some sectors than for others.