An Empirical Analysis of Sovereign Credit Risk Co-movement between Japan and ASEAN Countries

Japan is the most developed economy in Asia. However, it has been on record for being the most heavily indebted country among OECD countries. In many circumstances, the high sovereign debt level indicates a high possibility of sovereign credit risks associated with investment in government bond. The high sovereign credit risk may also generate a number of negative externalities for private businesses operating in the host country. This paper investigates whether sovereign credit risk of Japan as measured by its sovereign credit default swap (SCDS) can better predict and commove with sovereign credit risk of selected ASEAN countries. The bivariate VAR model was used to test for Granger Causalities among these countries SCDS premiums and correlation analysis to investigate co-movements between SCDS of these countries. The results indicate that Japan’s sovereign credit risks do not co-move with those of ASEAN countries, Furthermore, Sovereign credit risks of ASEAN countries tend to lead those of Japan as evidenced by unidirectional causalities from these countries to Japan. The overall suggestion is that sovereign credit risk of Japan is not likely to influence those of ASEAN. The paper concludes with some implications for businesses

The Implications of Central Bank Transparency for Uncertainty and Disagreement

Using survey data from 25 economies we provide evidence that greater transparency surrounding monetary policy reduces uncertainty of interest rates and inflation, primarily by reducing uncertainty that is common to agents rather than disagreement between agents. This suggests that studies that focus on disagreement as a proxy for uncertainty understate the benefits of monetary policy transparency. The adoption of inflation targets and forward guidance are both associated with lower uncertainty, although inflation targets have a stronger impact on reducing uncertainty than forward guidance. Moreover, there are diminishing benefits from ever higher levels of transparency. Taken as a whole, our results support the contention that clarity of communication is as important as the magnitude of transparency

Characteristics of Gridded Rainfall Data for Thailand from 1981–2017

We used a spatially interpolated gridded dataset produced by the Thai Meteorological Department (TMD) to explore long-term rainfall trends. We placed data from 1981–2017 into a 0.5° grid using the Kriging method. Long-term trends in maximum daily and monthly rainfall, and total annual rainfall, were analyzed using the nonparametric Mann–Kendall trend test. Chumphon, Lamphun, Nakhon, Sawan, and Buriram provinces exhibited significant positive trends in the annual maximum daily rainfall (p<0.05, p<0.01). The coastal area of Chachoengsao Province exhibited a significant negative trend (p<0.05). January rainfall showed a negative trend throughout Thailand. Annual rainfall showed a positive trend in many regions, especially in northern, northeastern, and southern areas. The eastern region exhibited a negative trend but statistical significance was not attained. The 10-, 30-, 50-, and 100-year daily rainfall probabilities were estimated using the Generalized Extreme Value method. The eastern side of the southern region exhibited remarkably high rainfall

Earnings Attributes and Investor Protection: International Evidence

This study explores the effects of investor protection on reported earnings quality assessed on the basis of four accounting-based earnings attributes (accruals quality, earnings persistence, earnings predictability, and earnings smoothness). The study hypothesizes that the least favorable values of each earnings attribute (considered individually) generally occur in countries whose institutional characteristics provide weaker investor protection than in countries with stronger investor protection. The results based on K-means cluster and correlation analyses between institutional characteristics and earnings attributes are mixed. If the study defines earnings quality based on earnings smoothness, the results are consistent with the study's hypothesis implying that less earnings smoothness appears to be found in countries whose institutional characteristics are strong. Conversely, if the study defines earnings quality based on accruals quality and earnings predictability, the results contradict the study's hypothesis, indicating that high accruals quality and high predictive ability of earnings appear to be found in countries whose institutional characteristics are weak. In addition, if the study defines earnings quality based on earnings persistence, the results show no effect of differential institutional characteristics on earnings persistence, except that countries with low ownership concentration appear to have high earnings persistence. The results based on regression analysis are consistent with those based on cluster and correlation analyses. Thus, this study concludes that the results based on the association between institutional characteristics and earnings attributes are mixed and it would appear that conclusions about earnings quality depend on how it is defined.School of Accountin

Meigs’ Syndrome with Elevated Serum CA125: Case Report and Review of the Literature

An elevated serum CA125 level in association with a pelvic mass, pleural effusion, and massive ascites usually signifies a dismal prognosis in a postmenopausal woman. However, surgery and histopathological examination are required for the correct diagnosis and treatment, since an elevated CA125 level can be falsely positive for ovarian malignancy. We present a case of Meigs’ syndrome due to right ovarian fibroma with elevated CA125 level in a postmenopausal woman

Survey for Bat Lyssaviruses, Thailand

Surveillance for lyssaviruses was conducted among bat populations in 8 provinces in Thailand. In 2002 and 2003, a total of 932 bats of 11 species were captured and released after serum collection. Lyssavirus infection was determined by conducting virus neutralization assays on bat serum samples. Of collected samples, 538 were either hemolysed or insufficient in volume, which left 394 suitable for analysis. These samples included the following: Pteropus lylei (n = 335), Eonycteris spelaea (n = 45), Hipposideros armiger (n = 13), and Rousettus leschennaulti (n = 1). No serum samples had evidence of neutralizing antibodies when tested against rabies virus. However, 16 samples had detectable neutralizing antibodies against Aravan virus, Khujand virus, Irkut virus, or Australian bat lyssavirus; all were specifically associated with fruit bats P. lylei (n = 15) and E. spelaea (n = 1). These results are consistent with the presence of naturally occurring viruses related to new putative lyssavirus genotypes

Rabies molecular virology, diagnosis, prevention and treatment

Rabies is an avertable viral disease caused by the rabid animal to the warm blooded animals (zoonotic) especially human. Rabies occurs in more than 150 countries and territories. According to an estimation by WHO, almost 55,000 people die because of rabies every year. The Dogs are the major reason behind this, approximately 99% human deaths caused by dog's bites. Developing and under developing countries, both are the victims of rabies. With the post-exposure preventive regimes, 327,000 people can prevent this disease annually

Bat Nipah Virus, Thailand

Surveillance for Nipah virus (NV) was conducted in Thailand's bat population. Immunoglobulin G antibodies to NV were detected with enzyme immunoassay in 82 of 1,304 bats. NV RNA was found in bat saliva and urine. These data suggest the persistence of NV infection in Thai bats

Transmission dynamics of rabies virus in Thailand: Implications for disease control

BACKGROUND: In Thailand, rabies remains a neglected disease with authorities continuing to rely on human death statistics while ignoring the financial burden resulting from an enormous increase in post-exposure prophylaxis. Past attempts to conduct a mass dog vaccination and sterilization program have been limited to Bangkok city and have not been successful. We have used molecular epidemiology to define geographic localization of rabies virus phylogroups and their pattern of spread in Thailand. METHODS: We analyzed 239 nucleoprotein gene sequences from animal and human brain samples collected from all over Thailand between 1998 and 2002. We then reconstructed a phylogenetic tree correlating these data with geographical information. RESULTS: All sequences formed a monophyletic tree of 2 distinct phylogroups, TH1 and TH2. Three subgroups were identified in the TH1 subgroup and were distributed in the middle region of the country. Eight subgroups of TH2 viruses were identified widely distributed throughout the country overlapping the TH1 territory. There was a correlation between human-dependent transportation routes and the distribution of virus. CONCLUSION: Inter-regional migration paths of the viruses might be correlated with translocation of dogs associated with humans. Interconnecting factors between human socioeconomic and population density might determine the transmission dynamics of virus in a rural-to-urban polarity. The presence of 2 or more rabies virus groups in a location might be indicative of a gene flow, reflecting a translocation of dogs within such region and adjacent areas. Different approaches may be required for rabies control based on the homo- or heterogeneity of the virus. Areas containing homogeneous virus populations should be targeted first. Control of dog movement associated with humans is essential