Miracle-dz/UniFAR-FTUs huggingface dataset:
A multivariate GARCH analysis of equity returns and volatility in Asian equity markets: Discussion Paper No 89

This paper examines the transmission of equity returns and volatility among Asian equity markets and investigates the differences that exist in this regard between the developed and emerging markets. Three developed markets (Hong Kong, Japan and Singapore) and six emerging markets (Indonesia, Korea, Malaysia, the Philippines, Taiwan and Thailand) are included in the analysis. A multivariate generalised autoregressive conditional heteroskedasticity (MGARCH) model is used to identify the source and magnitude of spillovers. The results generally indicate the presence of large and predominantly positive mean and volatility spillovers. Nevertheless, mean spillovers from the developed to the emerging markets are not homogenous across the emerging markets, and own-volatility spillovers are generally higher than cross-volatility spillovers for all markets, but especially for the emerging markets.
The High Court of the People: Popular Constitutionalism in Hong Kong Under Chinese Sovereignty

Popular constitutionalism rarely arises in authoritarian polities. In the absence of genuine elections and referenda, aggrieved and disenfranchised citizens are more likely to resort to extraconstitutional action to defend themselves, to which the regime may respond with decisive suppression. Systemic popular constitutionalism did emerge in Hong Kong, currently under Chinese sovereignty, however. Through coordinated mass resistance based on shared constitutional understandings, large numbers of residents have succeeded in restraining the appointed Hong Kong chief executive from deploying his full range of powers, obliged China to make concessions on electoral reform it would not have made otherwise, and enabled the Basic Law, an imposed constitution, to remain relevant. This article specifies three preconditions under which the residents of Hong Kong have, in the teeth of authoritarianism, managed to adjudge the constitutionality of the acts of the ruling elite with their feet. These preconditions, nevertheless, are idiosyncratic, and may not endure the recent mounting tensions between Hong Kong and China.
JAPANESE AND AMERICAN DIRECT INVESTMENT IN ASIA = A COMPARATIVE ANALYSIS

In order to empirically investigate the differences between "Japanese-type" direct foreign mvestment (DFI) and "U S -type" DFll (Section II) I have engaged in cases studies of DFI in Asian developing countries over the last few years. I have focused on the four Asian Newly IndustLialising Countries (NlCs) (Korea, Hong Kong, Singapore, and Taiwan) and the four larger ASEAN (Association of Southeast Asian Nations) countries (Indonesia, the Philippines. Malaysia, and Thailand). While the studies have been hampered by the lack of data, notably the lack of consistent, internationally comparable direct investment data, some interesting results have emerged and this paper briefly summarises the more important findings of these studies. In section 111 it is shown that American DFI exhibits a remarkably uniform pattern across countries and across time while the pattern of Japanese DFI differs significantly between countries and over time. This is hypothesised to result from the dominant influence of multinational corporations (MNCs) on American DFI (Hence it is characterised as "MNCtype" DFI.) and the Japanese concern with promoting DFI which is consistent with the evolution of comparative advantage patterns between the host countries and Japan. In section IV the differences between American and Japanese investment presence are further explored using a three country (two investing countries, one host country) model of comparative investment advantage. Major emphasis is on the Taiwanese case here as data availability is greatest in this case. Here again we observe phenomena which reinforce the characterisations of Japanese and American DFI in section 111. Section V investigates the impact of DFI on the balance of trade and the level of GNP in several host countries as well as notes the difficulties inherent in evaluating the trade orientation of DFI statistically. Statistical analysis relies on survey information and some econometric analysis. Here it is seen that Japanese DFI's contribution to GNP was generally greater than that of American DFI and that its effects on trade are generally more pronounced. Furthermore, both American and Japanese DFI generally resulted in improvements or no change in the trade balance, contrary to the often heard criticism that DFI results in an increase in the trade deficit. (This is a particularly common criticism of Japanese DFI.) We conclude by observing that, while both American and Japanese DFI have contributed to host countries in these respects, in most cases Japanese DFI appears to have contributed to the development of the host economies more efficiently. * These differences were first noted by Kojima (1973) and then detailed in Kojima (1978). The theoretical framework has since been further developed by Kojima (1982) and Kojima and Ozawa (1984).
Al-Jazeera, Phoenix Satellite Television and the Return of the State:Case studies in market liberalization, public sphere and media imperialism

The authors analyze two non-U.S. television systems, Al-Jazeera (based in Qatar) and Phoenix Satellite Television (based in Hong Kong, China), with reference to issues of market liberalization, public sphere, and media imperialism. Analysis of its origin and development, ownership, business models and programs suggests that Phoenix TV is a highly successful, China-oriented commercial venture. Inspired in part by the world’s most notorious media mogul, yet mostly compliant with a restrictive political environment, the station has transitioned from commercial, corporate ownership to an entity in which state-controlled entities have a significant but not controlling ownership presence. Al-Jazeera started as a hybrid private-state entity, primarily oriented to the Arab and Islamic worlds and secondarily to a larger international audience interested in Arab and Islamic affairs. Its relatively aggressive editorial independence has occasionally alarmed — in diverse ways — domestic, regional and international elites. Its increasing commercial clout has been accompanied by notable adoption of British-style (BBC) formatting amid indications of greater state influence or control, at local and international levels, which may undermine its otherwise promising claim to a genuine public sphere function. By 2007, these two stations were both trending toward a model of Western-style formatting and greater commercial orientation, albeit within distinctive cultural frames. Additional content analysis will help assess whether the process of convergence with Western style entails enhanced “mainstreaming” in terms of content.
Capital Flows, Vertical Multinationals, Wage Inequality, and Welfare

Wage inequality between skilled and unskilled labor in the US and its trading partners, Mexico and Chile, has increased since 1980, while Taiwan's wage inequality has decreased since the mid-1980s. The authors provide a new explanation for the latter, involving a rise in capital flows from Taiwan to less-developed countries (LDCs) in the form of vertical multinationals (MNEs), and a corresponding rise in intermediate-good exports from the MNEs to subsidiaries in LDCs. Moreover, national income in both countries definitely improves. Copyright Blackwell Publishing Ltd 2003.
Hospitality Industry Responses to Climate Change: A Benchmark Study of Taiwanese Tourist Hotels

Hotels are one of the tourism businesses most vulnerable to climate change because of their fixed assets. Results are presented of a baseline study that explores the awareness, attitudes, and behaviours of Taiwanese tourist hotels with respect to climate change and its potential impacts as well as their overall environmental practices. Tourist hotels are defined by the Taiwanese government as hotel establishments of over 80 rooms in rural areas and 50 rooms in city areas. Although the 104 tourist hotels represent only 3.7% of the total number of hotels in Taiwan, they account for over half of international guest nights and had a combined revenue of over TWD$43 billion in 2010. Questionnaires were distributed via email to all tourist hotels in Taiwan and 45 valid returns were received, representing an effective response rate of 43.3%. The results of research illustrate the level of understanding of climate change within Taiwanese tourist hotels and identify the specific climate change adaptation and mitigation strategies that tourist hotels have initiated. Access to such baseline data provides a potentially significant contribution to evaluating the response of the Taiwanese accommodation sector to environment change as well as providing a basis for further comparative studies and benchmarking.
The Modern-Day White (Wo)Man’s Burden: Trends in Anti-Trafficking and Anti-Slavery Campaigns

In the early 1990s, the debate on human trafficking was restricted to a handful of feminists and revolved around establishing “the trafficking of women” as a case of labor migration or one of “female sexual slavery. ” Two decades later, the debate is more complicated and widespread, yet within the proliferation of attention, a convergence among some of the most vocal and visible campaigns is discernible. This article takes up three prominent campaigns that dominate contemporary debates internationally—modern anti-slavery, abolitionist feminism, and celebrity humanitarianism—and considers the politics that emerge at the points of their convergence. It is argued that rather than getting to “the bottom of things,” as Emma Goldman urged over a century ago in relation to the “traffic of women,” a 21st-century version of the “white man’s burden” is apparent, supported by contemporary western, neoliberal interests that maintain boundaries between the haves and the have-nots, while bolstering an image of a compassionate, benevolent West. The article points toward an alternate framework, one that is lodged in a commitment to social and economic justice, decolonization, a redistribution of wealth, and respect for subaltern experience and knowledge.
Stochastic dominance approach of analysis for stock market valuation of financial consolidation in Taiwan

To examine whether stock market values financial consolidation in Taiwan since 2002, this paper compares the stock market performance of financial-holding-company banks (FHC-bank) with independent banks using Taiwan’s daily data from 2003 to 2009. While the ultimate goal of a typical public-traded bank is to maximize its stockholder’s wealth, based on stock returns distribution, we employ stochastic dominance (SD) approach to examine relative performance between FHC-banks versus independent banks. The advantage of SD approach is that it lightens the problem that can arise if the asset returns are not normally distributed because it utilizes the whole distribution of returns. Since SD is nonparametric, SD tests do not require any specific assumptions on investors’ utility function or the returns distribution of asset and thus avoid the joint test problem inherent in the standard approach. Most of our evidence shows that there is little dominance in stock returns of FHCbanks relative to independent banks. Thus, Taiwan’s stock market does not value financial consolidation during our sample period.
Integration between the Asian REIT markets and macroeconomic variables

Purpose - – The purpose of this paper is to examine the long-run relationship and short-term linkage between the Asian REIT markets and their respective macroeconomic variables. Design/methodology/approach - – The data collected comprised total return REIT Index from Japan, Hong Kong, Singapore, Malaysia, Thailand, Taiwan and South Korea and their macroeconomic variables from the date of availability of the data until December 2014. The macroeconomic variables are either available in monthly or quarterly basis, they will be separately tested with REIT Index respectively to their frequency. All the variables are tested for its stationarity prior to the investigation of their long-run relationship and short-term linkage using Johansen cointegration test and Granger causality test. Findings - – The results showed that certain of the emerging REIT markets show a higher degree of integration with macroeconomic variables in the long run. This implies that the emerging REIT markets are more sensitive towards the change in macroeconomic environment in relative to the developed REIT markets. Practical implications - – The paper implied that the distinction of each market structure and their unique way of policy implementation. The findings can assists policy makers to understand about the significance of policy implementation on the Asian REIT markets prior to decision making and also for the portfolio management my asset managers. Originality/value - – The paper is one of the few attempts at assessing the long-term relationship and short term linkage between the Asian REIT markets and the macroeconomic variables.
The Impact of Anti-Dumping Policy on Import Volume of Steel Product in Indonesia : Case Study of Anti-Dumping Policy on Cold Rolled Coil/Sheet (CRC/S)

The present research study investigates the impact of anti-dumping policy on import volume of steel product in Indonesia specifically on Cold Rolled Coil/Sheet (CRC/S) using time series monthly data from January 2008 until March 2015. This study compare the impact of anti-dumping policy on two cluster countries namely ‘named countries’ as the country who become the subject of anti-dumping policy and ‘non-named countries’ who become non-subject of this policy. This research also employs two main research methods such as econometric method as well as descriptive analysis method. In addition, the variables namely duty, market share and dummy dumping period are the key variables to examine the trade restriction effect and trade diversion effect of anti-dumping policy. Several empirical studies have addressed the impact of anti-dumping policy in developing country. However, this research focuses to investigate specific product in steel industry namely CRC/S which is the newest dumping case in Indonesia. The empirical result shows that anti-dumping policy has negative significance to the import volume of Cold Rolled Coil/Sheet (CRC/S) from 5 (five) ‘named countries’ namely Japan, China, South Korea, Taiwan and Vietnam, while it has found positive significance to the increase in the import volume from ‘non-named countries’. The descriptive analysis method shows that both trade restriction effect as well as trade diversion effect proven from ‘named’ to ‘non-named countries’.
The antibodies cyclic citrullinated peptides (anti-CCP) positivity could be a promising marker in brucellosis patients presented with peripheric arthritis

IntroductionThe anti-cyclic citrullinated peptide (anti-CCP) enzyme-linked immunosorbent assay has a high sensitivity and specificity for rheumatoid arthritis (RA). It has been used in especially early diagnosis of RA, and used to discriminate from other forms of arthritis. Anti-CCP positivity is unknown in brucellosis presented with peripheric arthritis (BPA), like other rheumatic diseases. The objective of this study was to investigate the positivity of anti-CCP in patients with BPA in contrast to the patients with RA and healthy controls. Additionally, we have aimed to monitor changes of anti-CCP levels following the brucellosis treatment.MethodsThe study group consisted of 137 subjects. 62 brucellosis patients presented with peripheric arthritis. Additionally, 33 RA patients and 42 healthy subjects selected as control groups. The anti-CCP, rheumatoid factor and anti-nuclear antibody levels of the subjects were measured.ResultsConcerning the 62 BPA, 20 % (13 patients) of them had elevated anti-CCP levels. On the other side, of the 33 RA patients, 78.78 % (26 patients) of them had increased anti-CCP levels. Only one healthy subject’s anti-CCP level was positive. There was statistically significant difference among the groups. After brucellosis treatment, monitorisation of the 13 patients with BPA who have the positive anti-CCP levels, were challengingly interesting because none of the patients had positive anti-CCP levels.ConclusionsAnti-CCP may be positive marker in the diagnosis of BPA but clinicians need to be careful during the follow up period because it may turn into normal ranges. Additionally, patients presented with peripheric arthritis and anti-CCP positivity need to be evaluated also for the differential diagnosis of BPA.
The Continuing Flight from Marriage and Parenthood Among the Overseas Chinese in East and Southeast Asia: Dimensions and Implications

BY THE MID-i1980s it had become apparent that several countries in East and Southeast Asia had not only completed the demographic transition at historically unprecedented speed, but also had entered a post-demographic transition phase largely unparalleled in the experiences of Western countries. Three distinctive features characterized this phase (Leete 1987). First, the postponement of death, whereby the "hard rock" of mortality crumbled as infant mortality fell to around 0.5 percent of annual births and life expectancy exceeded 80 years. Second, a conspicuous rise in the age at marriage, such that women were on average over age 25 at the time of their first marriage. Third, an avoidance of births, such that period fertility rates tumbled well below replacement, implying that successive generations of women would have too few daughters to replace themselves. Prominent in the East and Southeast Asian post-demographic transition were the overseas Chinese, particularly those in Hong Kong, Malaysia, Singapore, and Taiwan. Some three decades of sustained high economic growth rates have completely transformed the economic and social settings where these Chinese live-settings that differ from one another in political and ethnic character. The Asian overseas Chinese are predominantly urban, with roots in the southeastern provinces of the Mainland-particularly Fujian, Guangdong, and Guangxi. Although sharing the same traditional culture and similar customs, considerable subcultural differences exist between overseas Chinese populations, particularly with respect to the linguistic groups to which they belong (Purcell 1965). Yet despite these differences they have exhibited remarkable similarities in their patterns of de-
Antibodies to viral citrullinated peptide in rheumatoid arthritis.

OBJECTIVE To analyze the frequency of anti-viral citrullinated peptide (anti-VCP) antibodies in sera from patients with rheumatoid arthritis (RA) by an Epstein-Barr virus (EBV)-derived peptide in which arginine is replaced with citrulline. METHODS Anti-VCP antibodies were determined in 627 serum samples, 300 from patients with RA and 327 from controls, including connective tissue diseases, chronic arthritides, and healthy donors. Among patients with RA, a possible correlation with systemic involvement, disease severity, and disease activity was investigated; in 94 RA patients antibodies to cyclic citrullinated protein (anti-CCP) were also measured. RESULTS Anti-VCP antibodies were found in 45% of RA sera versus less than 5% of controls; anti-VCP levels correlated with anti-CCP levels (p < 0.0001), rheumatoid factor (p = 0.02), and erythrocyte sedimentation rate (p = 0.0058). No correlation was found with extraarticular manifestations of the disease or with disease severity. CONCLUSION Anti-VCP antibodies are helpful in discriminating RA from other chronic arthritides or connective tissue disorders. The level of positivity is positively correlated with the anti-CCP level, suggesting that VCP can be considered a novel substrate to detect anti-citrullinated peptide/protein antibodies (ACPA). The reactivity of RA-specific antibodies with a viral citrullinated antigen raises questions on the role of EBV in the induction of ACPA.
Rheumatoid factor, but not anti-cyclic citrullinated peptide antibodies, is modulated by infliximab treatment in rheumatoid arthritis

Objectives: To analyse the effect of infliximab on IgM rheumatoid factor (RF) and anti-cyclic citrullinated peptide (CCP) antibodies, and determine whether baseline autoantibody titres (IgM RF and anti-CCP antibodies) are associated with changes in acute phase reactants. Patients and methods: 62 patients with refractory RA were treated with infliximab combined with methotrexate. At baseline and week 30, serum samples were tested for IgM RF by two agglutination assays, and for anti-CCP antibodies by an ELISA. Percentage change in C reactive protein (CRP) and erythrocyte sedimentation rate (ESR) was calculated. Results: At baseline and week 30 RF titres were reduced significantly during infliximab treatment (p<0.001 and p = 0.038, respectively), whereas anti-CCP antibodies were unchanged (p = 0.240). Baseline IgM RF titres, but not anti-CCP antibodies, correlated inversely with changes in CRP and ESR during treatment. Patients with a marked decrease in acute phase reactants had lower IgM RF titres than those with a smaller decrease in CRP and ESR; no significant differences were found for anti-CCP antibodies. Conclusion: The differential effect of infliximab treatment on IgM RF and anti-CCP antibodies, and the different predictive value on changes in acute phase reactants during infliximab treatment support the existing evidence that RF and anti-CCP antibodies are independent autoantibody systems in RA.
The Determinants and Value Effects of Corporate Hedging: An Empirical Study of Hong Kong and Chinese Firms

This paper studies the determinants and the value effects of corporate hedging for 227 Hong Kong and Chinese companies listed on the Hong Kong stock exchange. Using data from disclosures in the annual reports, we find strong evidence linking the decision to hedge and the expected costs of financial distress for the overall sample. The results are stronger for the HK firms than the Chinese firms, perhaps due to the fact that as a major shareholder in most of the Chinese companies, the State is a guarantor of the debt. Our results show a negative relationship between hedging and State ownership. The other determinants of hedging identified in this paper are foreign currency exposure, reflected in levels of foreign sales and foreign debt, economies of scale in derivative hedging costs, and levels of liquidity. We also show that the debt tax benefits of hedging add about 0.88% to the value of HK firms and 0.56% to Chinese firms.