Emerging market multinationals : an analysis of performance and risk characteristics

Author's OriginalThis study explores the risk and performance characteristics of emerging market multinationals (EMNCs). We use a sample composed of 79 EMNCs from 15 countries located in Africa, Asia, Eastern Europe-Russia, and Latin America. Our risk and performance analyses are based on monthly share price returns collected over 1996-2003 period and annual accounting data. We find that EMNCs on average perform better than their respective country market indices, a widely used EM benchmark, S&P500 and, global market index (MSCI-World) during the period of analysis. Our sample firms on average earn 13.21% return on assets, 8.97% return on equity, and 11.96% return on invested capital. We also find that EMNC returns are highly volatile, and despite some level of diversification achieved by EMNCs, their returns remain highly sensitive to local market shocks. The cross-sectional analysis of the determinants of the performance of the EMNCs reveals that leverage and systematic risk are the most important factors, followed by size. Our analysis indicates that performance is not affected by the degree of internationalization and EMNC investments in developed markets have a positive impact on the value. Finally, our results indicate that EMNCs in less risky emerging markets enjoy higher firm value.Aybar, B. & Thirunavukkarasu, A. (2005). Emerging Market Multinationals: An Analysis of Performance and Risk Characteristics. Journal of Asia-Pacific Business, 6(2), 5-39. doi:10.1300/J098v06n02_0

Record statistics in random vectors and quantum chaos

The record statistics of complex random states are analytically calculated, and shown that the probability of a record intensity is a Bernoulli process. The correlation due to normalization leads to a probability distribution of the records that is non-universal but tends to the Gumbel distribution asymptotically. The quantum standard map is used to study these statistics for the effect of correlations apart from normalization. It is seen that in the mixed phase space regime the number of intensity records is a power law in the dimensionality of the state as opposed to the logarithmic growth for random states.Comment: figures redrawn, discussion adde

Quantum chaos in the spectrum of operators used in Shor's algorithm

We provide compelling evidence for the presence of quantum chaos in the unitary part of Shor's factoring algorithm. In particular we analyze the spectrum of this part after proper desymmetrization and show that the fluctuations of the eigenangles as well as the distribution of the eigenvector components follow the CUE ensemble of random matrices, of relevance to quantized chaotic systems that violate time-reversal symmetry. However, as the algorithm tracks the evolution of a single state, it is possible to employ other operators, in particular it is possible that the generic quantum chaos found above becomes of a nongeneric kind such as is found in the quantum cat maps, and in toy models of the quantum bakers map.Comment: Title and paper modified to include interesting additional possibilities. Principal results unaffected. Accepted for publication in Phys. Rev. E as Rapid Com

Shuffling cards, factoring numbers, and the quantum baker's map

It is pointed out that an exactly solvable permutation operator, viewed as the quantization of cyclic shifts, is useful in constructing a basis in which to study the quantum baker's map, a paradigm system of quantum chaos. In the basis of this operator the eigenfunctions of the quantum baker's map are compressed by factors of around five or more. We show explicitly its connection to an operator that is closely related to the usual quantum baker's map. This permutation operator has interesting connections to the art of shuffling cards as well as to the quantum factoring algorithm of Shor via the quantum order finding one. Hence we point out that this well-known quantum algorithm makes crucial use of a quantum chaotic operator, or at least one that is close to the quantization of the left-shift, a closeness that we also explore quantitatively.Comment: 12 pgs. Substantially elaborated version, including a new route to the quantum bakers map. To appear in J. Phys.

Inundation mapping – a study based on December 2004 Tsunami Hazard along Chennai coast, Southeast India

Tsunami impact study has been undertaken along Chennai coast starting from Pulicat to Kovalam. The study area Chennai coast is mainly devoted to prepare large scale action plan maps on tsunami inundation incorporating land use details derived from satellite data along with cadastral data using a GIS tool. Under tsunami inundation mapping along Chennai coast an integrated approach was adopted to prepare thematic maps on land use/land cover and coastal geomorphology using multispectral remote sensing data. The RTK dGPS instruments are used to collect elevation contour data at 0.5 m intervals for the Chennai coast. The GIS tool has been used to incorporate the elevation data, tsunami inundation markings obtained immediately after tsunami and thematic maps derived from remote sensing data. The outcome of this study provides an important clue on variations in tsunami inundation along Chennai coast, which is mainly controlled by local geomorphologic set-up, coastal zone elevation including coastal erosion protection measures and near shore bathymetry. This study highlights the information regarding most vulnerable areas of tsunami and also provides indication to demarcate suitable sites for rehabilitation

The isolation and culture of endothelial colony forming cells from human and rat lungs

Blood vessels are crucial for the normal development, lifelong repair and homeostasis of tissues. Recently, vascular progenitor cell–driven 'postnatal vasculogenesis' has been suggested as an important mechanism that contributes to new blood vessel formation and organ repair. Among several described progenitor cell types that contribute to blood vessel formation, endothelial colony-forming cells (ECFCs) have received widespread attention as lineage-specific 'true' vascular progenitors. Here we describe a protocol for the isolation of pulmonary microvascular ECFCs from human and rat lung tissue. Our technique takes advantage of an earlier protocol for the isolation of circulating ECFCs from the mononuclear cellular fraction of peripheral blood. We adapted the earlier protocol to isolate resident ECFCs from the distal lung tissue. After enzymatic dispersion of rat or human lung samples into a cellular suspension, CD31-expressing cells are positively selected using magnetic-activated cell sorting and plated in endothelial-specific growth conditions. The colonies arising after 1–2 weeks in culture are carefully separated and expanded to yield pure ECFC cultures after a further 2–3 weeks. The resulting cells demonstrate the defining characteristics of ECFCs such as (i) 'cobblestone' morphology of cultured cell monolayers; (ii) acetylated low-density lipoprotein uptake and Ulex europaeus lectin binding; (iii) tube-like network formation in Matrigel; (iv) expression of endothelial cell–specific surface markers and the absence of hematopoietic or myeloid surface antigens; (v) self-renewal potential displayed by the most proliferative cells; and (vi) contribution to de novo vessel formation in an in vivo mouse implant model. Assuming typical initial cell adhesion and proliferation rates, the entire procedure can be completed within 4 weeks. Isolation and culture of lung vascular ECFCs will allow assessment of the functional state of these cells in experimental and human lung diseases, providing newer insights into their pathophysiological mechanisms