Poultry in Motion: A Study of International Trade Finance Practices

This paper analyzes the financing terms that support international trade and sheds light on how and why these arrangements affect trade. Using detailed transaction level data from a U.S. based exporter of frozen and refrigerated food products, primarily poultry, it begins by describing broad patterns about the use of alternative financing terms. These patterns help discipline a model in which the trade finance mode is shaped by the risk that an importer defaults on an exporter and by the possibility that an exporter does not deliver goods as specified in the contract. The empirical results indicate that transactions are more likely to occur on cash in advance or letter of credit terms when the importer is located in a country with weak contractual enforcement and in a country that is further from the exporter. Letters of credit, however, are rarely used by the exporter. As an importer develops a relationship with the exporter, transactions are less likely to occur on terms that require prepayment. During the recent crisis, the exporter was more likely to demand cash in advance terms when transacting with new customers, and customers that traded on cash in advance terms prior to the crisis disproportionately reduced their purchases. These results can be rationalized by the model whenever (i) misbehavior on the part of the exporter is of little concern to importers, and (ii) local banks in importing countries are typically more effective than the exporter in pursuing financial claims against importers.

Amorphous Phase in Palladium—Silicon Alloys

By rapid cooling from the melt, an amorphous phase has been obtained in palladium—silicon alloys containing 15 to 23 at.% Si. This phase is stable at room temperature and crystallization cannot be detected after one month at 250°C. With rates of heating greater than 20°C/min, rapid crystallization takes place at 400°C, with a heat release of approximately 1000 cal/mole. The electrical resistivity of an alloy containing 17 at.% Si at room temperature is 2.6 times that of the equilibrium alloy. The resistivity decreases linearly with decreasing temperature and is about 95% of the room-temperature value at 2°K. Various factors involved in the retention of amorphous phases in rapidly quenched liquid alloys are discussed

Metastable amorphous ferromagnetic phases in palladium-base alloys

The existence of an amorphous phase obtained by rapid quenching from the liquid state, has been recently reported in palladium alloys containing from 16 to 22 at % silicon.(1) Since the ferromagnetic elements iron, cobalt, and nickel, form complete series of solid solutions with palladium, it was anticipated that the amorphous structure could be retained if these elements were substituted for palladium up to a certain concentration

Prostitution in Early Modem Amsterdam

オランダ, ライデン, 1999年10月 27日-29

Grazing and management of saltland shrubs

areas of bare saltland on farms need not be unproductive etesores. Many Western Australian farmers are now successfully growing salt-tolerant or halophytic shrubs such as bluebush (Maireana brevifolia), saltbushes (Atriplex spp.) and samphires (Halosarcia spp.) on these areas. Department of agriculture trials and farmers\u27 experience indicate that if saltland is planted with recommended shrubs, it can provide two months\u27 valuable grazing for sheep during autumn and early winter, a time when paddock feed is scarce. Research by the Department has also identified a range of salt-tolerant shrubs suited to the various types of saltland. Grazing trials to determine the value of salt-tolerant shrub pasture for sheep started at Wickepin and Kondut in the 1970s and the early results were reported in this Journal in 1982 (Clarke, 1982). The Kondut trial has been continued and the results from six years\u27 grazing are discussed here. This article also contains additional information from the large grazed plots on farms and from farmers experienced in management and use osd saltland shrub pastures

Regional Trade Integration and Multinational Firm Strategies

This paper analyzes the effects of the formation of a regional trade agreement on the level and nature of multinational firm activity. We examine aggregate data that captures the response of U.S. multinational firms to the formation of the ASEAN free trade agreement. Observed patterns guide the development of a model in which heterogeneous firms from a source country decide how to serve two foreign markets. Following a reduction in tariffs on trade between the two foreign countries, the model predicts growth in the number of source-country firms engaging in foreign direct investment, growth in the size of affiliates that are active in reforming countries both before and after the tariff reduction, and an increase in the extent to which the sales of affiliates in reforming countries are directed towards other reforming countries. Analysis of firm-level responses to the creation of the ASEAN free trade agreement yields results that are consistent with these predictions.

Growth patterns and body composition in former extremely low birth weight (ELBW) neonates until adulthood: a systematic review

Preterm infants are obviously born lighter and shorter, with smaller head circumferences than normal birth weight term born neonates. They also have a different body composition. Compromised growth is associated with adverse health outcomes. Both growth retardation and accelerated growth are suggested to cause metabolic, cardiovascular, and renal complications. Reviews regarding growth and body composition in preterm infants often do not differentiate between birth weight and gestational age. The purpose of this systematic review is to assemble growth data, specific in extremely low birth weight children. Different databases were searched for studies regarding growth and body composition in former extremely low birth weight infants until adulthood. We compared height, weight, head circumference, body mass index, fat mass, lean mass, fat distribution, and body water to matched normal birth weight c