Washington State Job Exports: An Analysis of the Role Trade Plays in Manufacturing Job Loss

[Excerpt] America’s manufacturing crisis has hit Washington State hard. Since January 2001, Washington has experienced heavy job losses in manufacturing and information technology industries—sectors that typically provide higher wages and good benefits. As the discussion that follows shows, plant closures and layoffs associated with foreign imports and offshore outsourcing are a major cause of manufacturing’s decline in Washington State. Several factors account for manufacturing job loss in Washington and elsewhere, but there is little evidence about the role any single factor plays. Yet identifying causes and measuring their effects is important: Understanding the role of current policies in manufacturing job loss can help shape reasoned and reasonable changes that will maintain American competitiveness while creating and preserving good jobs in America

Competition Among Securities Markets: Can the Canadian Market Survive?

According to Coffee (2002), the number of securities exchanges in the world is likely to eventually shrink radically, under the effects of globalization and technology, thus leading to the question of the survival of relatively small exchanges. However, little information exists regarding the current competitive position of the Canadian market, and there exists but scant evidence to document its evolution over the last decade. Two visions of the development of Canadian securities markets are proposed. Some view this market as thriving, observing no evidence that domestic capital markets have been abandoned by Canadian firms. In contrast, other authors depict the TSX as the “Incredible Vanishing Exchange,” asserting that it symbolizes the hollowing out of corporate Canada. In fact, Canadian firms represent the largest group of foreign stocks listed in the U.S. market, even though their number has apparently been decreasing since 1998. Our study presents evidence relative to the evolution and current competitiveness of the Canadian securities market. We also attempt to predict the effect competition will likely have on this market. Our general conclusion is that survival will probably constitute a real challenge for the Canadian securities market. Selon Coffee (2002), le nombre de Bourses dans le monde devrait diminuer radicalement, sous l’effet de la mondialisation et de la technologie. On peut alors s’interroger sur la survie des Bourses de petite taille. Peu d’informations sont actuellement disponibles quant à la position compétitive du marché boursier canadien et son évolution au cours de la dernière décennie. Deux visions de son développement sont avancées. Certains pensent que ce marché est florissant. Ils ne constatent aucune trace d’un abandon par les entreprises canadiennes. À l’opposé, d’autres décrivent le TSX comme une Bourse en perte de vitesse, qui serait en train de disparaître. En fait, les entreprises canadiennes constituent le plus important groupe de titres étrangers listés aux États-Unis, même si leur nombre semble diminuer depuis 1998. Notre étude analyse l’évolution du marché boursier canadien et sa position compétitive actuelle. Nous tentons de prévoir l’effet qu’aura la concurrence sur ce marché. Notre conclusion générale est que son plus grand défi est certainement sa survie.securities exchange, competition, cross-listed securities, marché boursier, concurrence, titres interlistés

The Aftermarket Performance of Initial Public Offerings in Canada

In this paper, we empirically investigate Canadian initial public offerings (IPOs) to provide one case on the international evidence on the long-run performance of IPOs. Specifically, we examine whether the choice of a performance measurement methodology directly determines both the size and power of statistical test, as documented in previous studies (Mitchell and Stafford, 2000; Loughran and Ritter, 2000; and Brav, Geczy and Gompers, 2000). Our sample consists of 445 IPOs between January 1991 and December 1998. Using cumulative abnormal returns as an abnormal performance measure, we find that the Canadian IPOs underperform significantly the sample of seasoned firms with the same market capitalization. More specifically, the 3 year and the 5 year underperformances estimated on value weighted (VW) basis are statistically significant. Moreover, using the buy-and hold returns as an alternative measurement for long-run performance, we find that investors who buy immediately after listing and hold shares for five years will make a loss of 24,66%, on equally weighted (EW) basis (15,16% on VW basis) relative to an investment in the control firms. Using the calendar-time returns method, we find that the 5 years underperformance is 25,6% on EW basis (19,22% on VW basis). We have entertained a number of possible explanations for the poor subsequent performance of issuing firms. While, the fads or investor's overreactions and divergence of opinions hypotheses do not apply in explaining the aftermarket performance of Canadian IPOs, our evidence is consistent with the hot issue market story. La présente étude contribue à l'analyse internationale de la performance à long terme des émissions initiales, menée dans différents pays, en analysant les émissions canadiennes de la période 1992-1998. Nous examinons en particulier dans quelle mesure le choix des mesures de performance influence à la fois l'amplitude des résultats et la puissance des tests statistiques, comme l'affirment plusieurs auteurs tels Mitchell and Stafford (2000), Loughran and Ritter (2000) ainsi que Brav, Geczy et Gompers (2000). L'échantillon inclut 445 émissions initiales réalisées entre0101 1991 et1101 1991. Lorsque la méthode des résidus cumulés est utilisée pour mesurer la performance anormale, nous observons que les émissions initiales canadiennes ont une performance significativement inférieure à celle d'entreprises pairées, de taille semblable qui n'ont pas procédé à des émissions. Les résidus moyens pondérés calculés après 3 ou 5 ans sont négatifs lorsque ces rendements sont pondérés par les valeurs des produits bruts. L'effet n'est donc pas imputable uniquement aux petites émissions. Lorsque la méthode de la détention passive est utilisée, nous estimons la perte de richesses des acquéreur des émissions qui les détiennent pendant 5 ans à 24,66% de leur richesse initiale. L'examen des facteurs explicatifs de la performance à moyen et long terme semble confirmer l'hypothèse des fenêtres d'opportunité, alors que les hypothèses basées sur l'irrationalité ou la sur réaction ne semblent pas confirmées.Initial public offerings; long term performance; Canada, Émissions initiales, sous performance à long terme, Canada

Clearing the Hurdles: Steps to Improving Wages and Working Conditions in the Global Sportwear Industry

CCC_Clearing_the_Hurdles.pdf: 1032 downloads, before Oct. 1, 2020

Unchecked: How Wal-Mart Uses its Might to Block Port Security

[Excerpt] In spite of the vulnerability of our ports and of supply networks around the world, Wal-Mart and RILA have—time and again since the attacks of Sept. 11, 2001—opposed new maritime and port security rules. Their mantra is: “Security requirements should not become a barrier to trade.” The AFL-CIO’s unions represent millions of port, transportation and emergency workers including first responders, whose lives are on the line in the event of a catastrophic attack on America‘s ports. This report details the ways in which Wal-Mart’s lobbyists and allies have quietly and insistently made these workers and all Americans less safe

Social Media Accountability for Terrorist Propaganda

Terrorist organizations have found social media websites to be invaluable for disseminating ideology, recruiting terrorists, and planning operations. National and international leaders have repeatedly pointed out the dangers terrorists pose to ordinary people and state institutions. In the United States, the federal Communications Decency Act’s § 230 provides social networking websites with immunity against civil law suits. Litigants have therefore been unsuccessful in obtaining redress against internet companies who host or disseminate third-party terrorist content. This Article demonstrates that § 230 does not bar private parties from recovery if they can prove that a social media company had received complaints about specific webpages, videos, posts, articles, IP addresses, or accounts of foreign terrorist organizations; the company’s failure to remove the material; a terrorist’s subsequent viewing of or interacting with the material on the website; and that terrorist’s acting upon the propaganda to harm the plaintiff. This Article argues that irrespective of civil immunity, the First Amendment does not limit Congress’s authority to impose criminal liability on those content intermediaries who have been notified that their websites are hosting third-party foreign terrorist incitement, recruitment, or instruction. Neither the First Amendment nor the Communications Decency Act prevents this form of federal criminal prosecution. A social media company can be prosecuted for material support of terrorism if it is knowingly providing a platform to organizations or individuals who advocate the commission of terrorist acts. Mechanisms will also need to be created that can enable administrators to take emergency measures, while simultaneously preserving the due process rights of internet intermediaries to challenge orders to immediately block, temporarily remove, or permanently destroy data

Design and initial validation of the Raster method for telecom service availability risk assessment

Crisis organisations depend on telecommunication services; unavailability of these services reduces the effectiveness of crisis response. Crisis organisations should therefore be aware of availability risks, and need a suitable risk assessment method. Such a method needs to be aware of the exceptional circumstances in which crisis organisations operate, and of the commercial structure of modern telecom services. We found that existing risk assessment methods are unsuitable for this problem domain. Hence, crisis organisations do not perform any risk assessment, trust their supplier, or rely on service level agreements, which are not meaningful during crisis situations. We have therefore developed a new risk assessment method, which we call RASTER. We have tested RASTER using a case study at the crisis organisation of a government agency, and improved the method based on the analysis of case results. Our initial validation suggests that the method can yield practical results