rafmacalaba/datause-encoder-data huggingface dataset:
baseline developed higher levels of social cohesion values.<sup>20</sup> This research question examines whether employment can lead to social cohesion and the implications that this would have on designing programs that aim at improving social cohesion. We find no evidence that selected youth employed at baseline were more likely to experience improvements in their social cohesion values when compared to selected youth not employed at baseline.<sup>21</sup>

# SECTION 5: IMPACTS ON OTHER OUTCOMES: ATTITUDES TOWARDS VOLUNTEERING

Both groups of volunteers were active members in their communities, even before their assignment to the NVSP. At baseline, 65 percent of non-selected youth and 61 percent of selected youth had volunteering experience. Additionally, 81 percent of non-selected youth and 83 percent of selected youth had volunteering training. At baseline, both groups exhibited strong attitudes towards volunteering ( **figure 4** ). Yet, it is still pertinent to assess whether assignment to the NVSP played a role in further strengthening those attitudes and perceptions towards volunteering among selected youth.

**Table 6** presents results on the 10 measures of attitudes and perceptions towards volunteering, which were ranked on a seven-point scale (seven being ‘totally agree’ and one being ‘totally disagree’). Each measure is internally standardized with a mean of 0 and S.D. of 1 for non-selected youth at baseline.  Results indicate that for both selected and non-selected youth, perceptions on volunteering got paradoxically worse over time on some of the measures that were ranked very favorably at baseline, namely “volunteering allows those who volunteer to participate in helpful activities”, “volunteering enables those who volunteer to learn how to use their time more effectively”, “volunteering allows those who volunteer to develop skills such as teamwork and leadership”, and “volunteering contributes to improving the self-satisfaction of those who volunteer” (see the β� δ estimate and the β estimate for columns 3, 4, 5 & 10). Those perceptions

> 20 This research question was posed by the _World Development Report 2013: On Jobs._

> 21 To examine this question, we estimated the following equation for selected youth only: Y�� �α+ μ� � βT�+γE�+δ�T∗E���+ε��. The coefficient of interest, δ, can be interpreted as: (E(Y��|E� �1� - E(Y��|E� �1�) – (E(Y��|E� �0� - E(Y��|E� �0��, where Y�� is the outcome of interest at follow-up, Y�� is the outcome of interest at baseline, and E� is a dummy variable that takes on the value 1 if employed at baseline and 0 if not employed at baseline. In other words, it can be understood as the difference between selected youth employed at baseline and selected youth non-employed at baseline in their differences in outcomes post-pre-assignment for NVSP. The estimated coefficient in specification 4 was -0.11 (0.14) with a P-value of 0.568.

19
# **Differential Adaptation Strategies by Agro-Ecological Zones in African Livestock**

**Management**<sup>1</sup>

S. Niggol Seo<sup>2</sup> , Robert Mendelsohn<sup>3</sup> , Ariel Dinar<sup>4</sup> , and Pradeep Kurukulasuriya<sup>5</sup> .

> 1 This paper is one of the product of a study “Measuring the Impact of and Adaptation to Climate Change Using Agroecological Zones in Africa” funded by the KCP Trust Fund and conducted in DECRG at the World Bank..  We benefited from comments by Christopher Delgado on an earlier draft. The views expressed in this paper are the authors’ alone.

> 2 School of Forestry and Environmental Studies, Yale University; 230 Prospect St., New Haven, CT 06511, USA; and a Consultant to the World Bank, email- <u>Niggol.seo@yale.edu</u>

> 3 School of Forestry and Environmental Studies, Yale University; 230 Prospect St., New haven, CT 06511, USA, and a Consultant to the World Bank, email- <u>Robert.mendelsohn@yale.edu</u>

4 Development Research Group, World Bank, 1818 H St. NW, Washington DC 20433; phone 202-4730434; email <u>adinar@worldbank.org</u> .

> 5 Energy and Environment Group, Bureau of Development Policy, United Nations Development Programme, New York; phone 212-217 2512; email: <u>pradeep.kurukulasuriya@undp.org</u>
WPS4184

# **Stock Market Development under Globalization: Whither the Gains from Reforms?**

Augusto de la Torre Juan Carlos Gozzi and Sergio L. Schmukler*

## **Abstract**

Over the last decades, many countries have implemented significant reforms to foster domestic capital market development. These reforms included stock market liberalization, privatization programs, and the establishment of regulatory and supervisory frameworks. Despite the intense reform efforts, the performance of capital markets in several countries has been disappointing. To study whether reforms have had the intended effects on capital markets, we analyze the impact of six capital market reforms on domestic stock market development and internationalization, using event studies. We find that reforms tend to be followed by significant increases in domestic market capitalization, trading, and capital raising. Reforms are also followed by an increase in the share of activity in international equity markets, with potential negative spillover effects on domestic markets.

## **JEL classification codes:** G15, G18, G20

**Keywords:** capital market development; capital market reforms; internationalization of financial markets; cross-listing; ADRs

World Bank Policy Research Working Paper 4184, April 2007 _The Policy Research Working Paper Series disseminates the findings of work in progress to encourage the exchange of ideas about development issues. An objective of the series is to get the findings out quickly, even if the presentations are less than fully polished. The papers carry the names of the authors and should be cited accordingly. The findings, interpretations, and conclusions expressed in this paper are entirely those of the authors. They do not necessarily represent the view of the World Bank, its Executive Directors, or the countries they represent. Policy Research Working Papers are available online at http://econ.worldbank.org._

* Authors are with the World Bank. Gozzi is also with Brown University. The paper was written while Schmukler was visiting the IMF Research Department. For helpful comments, we are grateful to Eduardo Fernandez Arias, Fari Moshirian, Luis Servén, and participants at the _Journal of Banking and Finance-_ World Bank conference “Globalization and Financial Services in Emerging Economies.” We are grateful to José Azar and Marina Halac for excellent research assistance. This paper is part of a broader study on capital markets, conducted at the Chief Economist Office, Latin America and the Caribbean Region, World Bank, available at: http://www.worldbank.org/laccapitalmarkets.

Email addresses: adelatorre@worldbank.org, juan_carlos_gozzi_valdez@brown.edu, and sschmukler@worldbank.org.
2002, Tohoku University, 2004.

Rosenberg N., R. R. Nelson, "American universities and technical advance in industry" in Research Policy 23, 1994: 323-348.

Rosenberg, N., R. R. Nelson, "The role of universities in the advance of industrial technology" in R. S. Rosenbloom, W. J. Spencer eds., Engines of Innovations, Boston : Harvard Business School Press, 1996.

Rosenberg, N., "Knowledge and innovation for economic development: should universities be economic institutions?" in P. Conceicao et al., Knowledge for Inclusive Development, Westport, Conn. : Quorum Books, 2002.

Sato, M., Industrial Location Policies of Japan, Tokyo : Kobundo, 1963.

Sawayanagi M., Nation and Education (a complete collection of Masataro Sawayanagi/ Masataro Sawayanagi Corpus Press of Seijo Gakuen ed. No.3), Tokyo : Kokudo-sha, 1978.

Sazanami H., "Structural Transformation in Japan: Issues and Prospects of Regional Development in the Coming Years" in L. Rodwin & H. Sazanami eds., Industrial Change and Regional Economic Transformation: the Eexperience of Western Europe, London : Harper Collins Academic, 1991. Tabata, H., "The incorporation and economic structural reform of Japan's national universities" in Social Science Japan Journal, vol. 8, No. 1, 2005: 91-102.

Science and Technology Policy Bureau of MEXT, Interim Report on the Intellectual Cluster Projects- FY 2004, March 2005.

SCO (Sendai City Office) ed., History of Sendai, 1908.

Shinohara., M., Quantitative Analysis of Regional Economic Structure, Tokyo : Iwanami Shoten, 1965. Slaughter S., L. L. Leslie, Academic Capitalism : politics, policies, and the entrepreneurial university, Baltimore : Johns Hopkins University Press, 1997.

Sogo Seisaku Kenkyukai ed., Regional Development of Japan, Tokyo : Diamond, 1963.

Study Group for Transfer of Research Results to Society, The Report, MEXT, 2001.

Takeda, H., "Heavy and Chemical Industrialization and Economic Policy" Banno, J. ed., Transformation to Modern Society, 1993: 110-144.

TEF (Tohoku Economic Federation), "Survey Results of University-Industry Linkage in the Tohoku Region" September 1984.

Teranishi, J., Japan's Economic System, Tokyo : Iwanami Shoten, 2003.

Tohoku Bureau of Economy, Creation of Competitive and Self-sustainable Region, 2001.

Tohoku University, Research Institute of Electrical Communication, Record of Electrical and Communication Engineering Conversazione: Special Edition for the 50-Year Anniversary of the University: Research on Electrical and Communication Engineering, 1985.

Tohoku University, The 50 Years History of Tohoku University, 1960.

Tohoku University, The 50 Years History of Institute for Materials Research, 1966.

59
**Table 12: Number of foreign resident with "long term resident" visa (as of the end of the year)**

|||||||**2004**|**Percentage**<br>**chane from the**|
|---|---|---|---|---|---|---|---|
|**Nationality (place of birth)**|**2000**|**2001**|**2002**|**2003**||**Composition**<br>**ratio (%)**|**g**<br>**end of the**<br>**previous year**<br>**(%)**|
|**Total**|237,607|244,460|243,451|245,147|250,734|100.0|2.3|
|**Brazil**|137,649|142,082|139,826|140,552|144,407|57.6|2.7|
|**China**|37,337|36,580|35,020|33,292|32,130|12.8|-3.5|
|**Philippines**|13,285|15,530|18,246|21,117|23,756|9.5|12.5|
|**Peru**|21,369|22,047|21,538|21,045|20,779|8.3|-1.3|
|**South Korea / Korea**|9,509|9,243|9,091|8,941|8,751|3.5|-2.1|
|**Others**|18,458|18,978|19,730|20,200|20,911|8.3|3.5|

Source: Japanese Ministry of Justice.

34
Jacoby, Henry D., Ronald G. Prinn, and Richard Schmalensee. 1998. Kyoto’s unfinished business. Foreign Affairs 77 (July-August), 54-66.

- Kaufmann, Daniel, Aart Kraay, and Massimo Mastruzzi. 2005. Governance Matters IV: Governance Indicators for 1996-2004. World Bank Policy Research Working Paper Series No. 3630. World Bank, Washington.

- King, Gary and Langche Zeng. 2001. Logistic regression in rare events data. Political Analysis 9 (Spring), 137-163.

- Kogut Bruce and Harbir Singh. 1988.The effect of national culture on the choice of entry mode. Journal of International Business Studies 19(3), 411-432.

Larson, Donald.F. and Paul Parks. 1999. Risks, lessons learned and secondary markets for greenhouse gas reductions. Policy Research Working Paper 2090. World Bank, Washington.

- Lile, Ronald, Mark Powell and Michael Toman. 1998. Implementing the Clean Development Mechanism: lessons from U.S. private-sector participation in Activities Implemented Jointly. Discussion Paper No. 99-08. Resources for the Future, Washington.

- McKibbin, Warwick J. and Peter J. Wilcoxen. 2002. The role of economics in climate change policy. Journal of Economic Perspectives 16 (Spring), 107-129.

- Michaelowa, Axel, Katie Begg, Stuart Parkinson and Robert K. Dixon. 1999. Interpretation and application of FCCC AIJ Pilot Project development criteria. In Dixon, Robert K. (Ed.), The U.N. Framework Convention on Climate Change Activities Implemented Jointly (AIJ) Pilot: Experiences and Lessons Learned. Kluwer Academic Publishers, Dordrecht.

- Michaelowa, Axel, Robert K. Dixon and Lilia Abron. 1999. The AIJ project development community. In Dixon, Robert K. (Ed.), The U.N. Framework Convention on Climate Change Activities Implemented Jointly (AIJ) Pilot: Experiences and Lessons Learned. Kluwer Academic Publishers, Dordrecht.

- Muller, R.Andrew and Stuart Mestelman. 1998. What have we learned from emissions trading experiments? Managerial and Decision Economics 19 (June-August), 225-238.

- Nordhaus, William D. and Joseph G. Boyer. 2000. Warming the World: Economic Models of Global Warming. MIT Press, Cambridge, MA.

- North, Douglass C. 1987. Institutions, transaction costs and economic growth. Economic Inquiry 25 (3), 419 -28.

OECD, 2002. The International Development Statistics (electronic). OECD, Paris.

Painuly, Jyoti P. 2002. The Kyoto Protocol, emissions trading and the CDM: an analysis from developing countries perspective. Energy Journal 22 (3), 147-169.

- Parikh, Jyoti. 1995. North-South cooperation in climate change through joint implementation. International Environmental Affairs 7 (Winter), 22-43.

- Petras, James and Henry Veltmeyer. 2002. Reverse aid: neo-liberalism as catalyst of regression. Development and Change 33 (April), 281-293.

Pronk, Jan P. 2001. Aid as a catalyst. Development and Change 32 (September), 611-629.

24
# **Table A.4.2. Exploratory factor analysis of skills for the occupational skills profile, Cambodia, Thailand, and Vietnam (replications of Table 8)**

_Exploratory factor analysis based on skills counts of skills categories_

# _A. Occupational skills profile_

|||||**Fac**|**tors**|||
|---|---|---|---|---|---|---|---|
||**Skills category**|**Skillsubset**|**1**|**2**|**3**|**4**|**Uniqueness**|
|1|Digital|Advanced|0.03|-0.03|0.94|0.10|0.11|
|2|Digital|Intermediate|-0.08|0.20|0.48|0.78|0.11|
|3|Digital|Basic|0.09|0.90|0.04|0.11|0.16|
|4|Cognitive|Thinking|0.50|0.39|0.68|0.02|0.13|
|5|Cognitive|Communication|0.79|0.33|0.24|-0.03|0.21|
|6|Cognitive|Organization|0.68|0.41|0.12|0.29|0.27|
|7|Socioemotional|Relationships|0.18|0.83|0.10|0.17|0.24|
|8|Socioemotional|Emotions|0.91|-0.07|-0.02|0.05|0.17|
|9|Socioemotional|Personalgrowth|0.14|0.09|-0.07|0.95|0.07|

# _B. Cambodia_

|||||**Factors**<br>|||
|---|---|---|---|---|---|---|
||**Skills category**|**Skill subset**|**1**|**2**|**3**|**Uniqueness**|
|1|Digital|Advanced|0.24|0.18|0.79|0.29|
|2|Digital|Intermediate|0.09|0.83|0.28|0.23|
|3|Digital|Basic|0.78|0.35|-0.06|0.27|
|4|Cognitive|Thinking|0.85|0.24|0.14|0.20|
|5|Cognitive|Communication|0.87|-0.03|-0.05|0.25|
|6|Cognitive|Organization|0.49|0.52|0.04|0.48|
|7|Socioemotional|Relationships|0.28|0.68|-0.36|0.32|
|8|Socioemotional|Emotions|0.51|0.16|-0.62|0.33|
|9|Socioemotional|Personal growth|-0.54|0.45|-0.12|0.49|

# _C. Malaysia_

|||||**Factors**<br>|||
|---|---|---|---|---|---|---|
||**Skills category**|**Skill subset**|**1**|**2**|**3**|**Uniqueness**|
|1|Digital|Advanced|0.15|0.74|-0.07|0.43|
|2|Digital|Intermediate|0.20|0.87|0.07|0.20|
|3|Digital|Basic|0.76|0.09|-0.26|0.34|
|4|Cognitive|Thinking|0.80|0.36|0.07|0.22|
|5|Cognitive|Communication|0.82|-0.02|0.32|0.23|
|6|Cognitive|Organization|0.80|0.14|0.23|0.29|
|7|Socioemotional|Relationships|0.74|0.16|-0.06|0.42|
|8|Socioemotional|Emotions|0.34|-0.25|0.78|0.22|
|9|Socioemotional|Personal growth|-0.12|0.43|0.75|0.24|

52
APRA does not publish its PAIRS/SOARS ratings of individual funds and does not permit the funds to do so because of a concern that public reaction to negative ratings could hinder remediation actions and a desire to avoid supervisory ratings being used as a competitive device.

# **3.5 Guidance for analysts**

As previously described, the information to assess a fund is assembled predominantly from statistical and other statutory returns filed by all funds, from audit and actuarial reports and from intelligence gathered by APRA staff during periodic on-site reviews of funds. Other sources include media reports, member complaints and information supplied under memoranda of understanding with other regulatory agencies.

APRA staff use this material to make risk assessments, the major input to PAIRS/SOARS ratings, with the assistance of guidance manuals. These deal with various key aspects of an institution’s risk profile – competence of the board, strength of management, financial position etc. For superannuation funds there are presently eight such manuals or modules.

These cover the following topics that are relevant to a PAIRS rating:

- the trustees of the fund

- the managers and staff of the fund

- a fund’s strategy

- a fund’s structure and relationships with other entities

- capital (relevant for defined benefit funds and trustees of public offer funds)

- a fund’s risk management policies and capacity

- a fund’s operational risk, including outsourcing

- balance sheet and investment risk.

Each module summarizes the various criteria relevant to supervisory assessment of an area, and all significant statutory and regulatory provisions for which compliance must be checked. It advises on ‘what to look for’, lists documentation that the analyst should request from the fund, describes good practice and provides examples of common problems or poor practice. It also provides a template for the supervisor’s written findings for the review and explains how these should feed into a new or revised PAIRS rating.

# **4.  Assessing a Fund’s Riskiness**

As described above, APRA staff produce a risk rating for a fund by assessing its structure, operations and balance sheet against a number of criteria. Each criterion is rated on a scale of 0 to 4, with six grades – for risk elements these range from ‘very low’ (0 to 0.5) to extreme (3.1 to 4.0); for mitigants or control elements they range from ‘very strong’ (0 to 0.5) to ‘extremely weak’ (3.1 to 4.0).

The various ratings are based on qualitative, rather than quantitative, measures. A manual guides staff in allocating ratings to funds, advising them on what 23
13 4). In China, PR, only 2 percent of those with a tertiary education have<sup>migratedto the</sup> United States.

However, for a handful of countries, Table 5 reveals that migration<sup>to the United</sup> States does cause brain drain. For the five Latin American countries<sup>(Dominican</sup> Republic, El Salvador, Guatemala, Jamaica and Mexico) located<sup>closest to the United</sup> States, migration takes a large share of the best educated. While<sup>16 percentof those with</sup> a tertiary education in Mexico migrate to the United States,<sup>over 360 percentof those</sup> with this level of education in Jamaica migrate. The very high<sup>migration rate of thebest</sup> educated from Jamaica means that the number of migrants<sup>with a tertiaryeducationfrom</sup> this country actually exceeds the number of local residents with<sup>this levelof education.</sup> In other words, the estimated figure for tertiary-educated migrants<sup>from Jamaica must</sup> somehow overstate the true size of the brain drain from that country.

The second theme in Table 5 is that low-skilled migration<sup>to the United Statesis</sup> not very important for most labor-exporting countries. There<sup>are only two countries(El-</sup> Salvador and Mexico) for which the migration rate for those<sup>witha primaryschool or less</sup> education is greater than 10 percent. The highest figure for<sup>primary school migrantsis</sup> that of El Salvador (12.4 percent), followed by Mexico (10.8 percent).<sup>While the</sup> migration data in Table 5 do not include the sizeable (and unknown)<sup>numberof illegal</sup> migrants in the United States, who probably have much lower<sup>levels of education,the</sup> results for legal migration seem clear. Legal migration to the<sup>UnitedStatesinvolves the</sup> movement of better educated people, people who are probably<sup>moreeducated than those</sup> who remain at home.
Per-minute fuelwood savings from the Mirt stove are identified using our CCTs. As discussed above, the 108 households chosen to participate in CCTs were randomly selected from our total sample of 360 households that received Mirt stoves under our 6 randomized treatments. There were no CCT refusals. CCT rounds were conducted in May/June 2013, October/November 2013 and May-July 2014. The strategy and protocols for identifying the per cooking-minute savings are discussed extensively in Gebreegziabher et al. (2015). Each of the three CCT rounds is conducted on both the Mirt stove and the household’s own traditional three-stone stove on the same day cooking the same amount of _injera_ . We identify the savings for a household on a particular day as simply the difference between the measured fuelwood used to cook the fixed amount of _injera_ batter on the traditional stove compared with the same quantity on the Mirt stove. We believe that with this approach virtually all possible unobservables are adjusted for and confounders eliminated, because the only factor changing is the cooking technology.

During the CCTs we also carefully measure cooking time and use this information to calculate fuel savings per minute. This metric gives us the differential “burn rate” to cook _injera_ on the Mirt stove vis-à-vis the three-stone technology. This is the metric from the CCTs that is combined with SUM information on cooking frequency and duration. The equation for computing total fuelwood savings per week is given in equation (1).

(1) Fuelwood Savings per week = Fuelwood savings/minute cooking * Minutes of cooking per week From CCT From SUM CCTs measure standardized cooking events that may or may not be fully representative of actual cooking. Though the Mirt stove mainly cooks _injera_ , so using the stove for other dishes is very unlikely, and we distributed 4 kilograms of _teff_ flour for each CCT based on focus groups, households may cook more or less than this amount during cooking events. We address this concern by combining the measured per cooking-minute savings information with cooking frequency and duration measurements. We define frequency as the measured number of Mirt stove cooking event hours per week, where cooking events are identified if the Mirt stove surface temperature measured by the SUM exceeds 40 degrees Celsius. Using 40 degrees Celsius as the lower-limit for a cooking event obviates the possibility that normal temperature variation is confused

**14 |** P a g e
There is no easy solution to changing priorities. Earmarking vehicles for particular activities has been tried and may help, though such vehicles seemed to be frequently off the road.

# Costing methodology

This analysis has shown that detailed costing of hospital operations is feasible in a country such as Malawi, despite the inclusion of rural facility and hospital expenditure in a single district budget and the poor availability of information on district salaries and wages. Indeed, the greatest problem lies not in the accounts but in obtaining accurate activity statistics. The analysis has also shown that such costing can lead to useful conclusions on district resource allocation patterns and hospital efficiency.

This type of analysis cannot be done in Malawi on a routine basis given the current accounting system, but marginal changes could .acilitate the more regular production of unit costs which would be of use in planning and management. For example, minor changes could be introduced in routine information systems which would permit health centre and hospital costs to be separated.

Analysing intra-hospital costs would remain a problem. A possible solution is not to attempt to produce departmental unit costs, other than the broad categories of inpatients and outpatients. The analysis here suggests that overall unit costs per outpatient, inpatient and per inpatient day give a reasonable indication of the relative costliness of different ard thus be used to monitor hospital efficiency, supplemented by such easily calculated unit costs as cost of food per inpatient day.

24