Asymmetric Information and Global Sourcing

This paper aims to study the choice of offshoring modes made by multinationals in the presence of asymmetric information. We focus on two types of asymmetric information, namely hidden characteristics and hidden action. The former creates adverse selection problem, and the later leads to moral hazard problem, both of which incur non-trivial costs to multinationals. We show that different offshoring modes, including greenfield foreign direct investment, joint venture, and outsourcing, can serve as a means to overcome or mitigate the problem of information asymmetry. We study the conditions under which one particular type of offshore modes dominates the others. The model generates implications consistent with the patterns of the prevalence of various offshoring models over time, and across industries and countries.Asymmetric Information, Global Sourcing, Foreign Direct Investment, Joint Venture, Outsourcing

Asymmetric Information and Global Sourcing

This paper aims to study the choice of offshoring modes made by multinationals in the presence of asymmetric information. We focus on two types of asymmetric information, namely hidden characteristics and hidden action. The former creates adverse selection problem, and the later leads to moral hazard problem, both of which incur non-trivial costs to multinationals. We show that different offshoring modes, including greenfield foreign direct investment, joint venture, and outsourcing, can serve as a means to overcome or mitigate the problem of information asymmetry. We study the conditions under which one particular type of offshore modes dominates the others. The model generates implications consistent with the patterns of the prevalence of various offshoring models over time, and across industries and countries.Asymmetric Information, Global Sourcing, Foreign Direct Investment, Joint Venture, Outsourcing

Role of GABAergic signaling and the GABAA receptor subunit gene cluster at 15q11-q13 in autism spectrum disorders, schizophrenia, and heroin addiction

AbstractAutism spectrum disorders, schizophrenia, and heroin addiction are all complex disorders with both genetic and environmental components to their etiology. The most common chromosomal abnormality in autism is a maternally derived duplication at 15q11-q13, which is where a cluster of gamma-aminobutyric acid (GABAA) receptor subunit genes lies. In addition, copy number variations in this area have been implicated in the pathogenesis of schizophrenia. These findings suggest that GABAergic signaling might play a crucial role in contributing to susceptibility to the development of autism and schizophrenia. Furthermore, there is considerable evidence supporting a role for GABA neurotransmission in mediating the addictive properties of heroin. Hence, this review explores recent findings related to the involvement of GABAergic system in autism, schizophrenia, and heroin addiction. We also outline the implications that the presence of genetic variants in the GABAA receptor subunit cluster at 15q11-q13 may have on the risk of developing these psychiatric disorders. Finally, we make recommendations for future work that might help define the mechanisms underpinning the neuropathology that contributes to these psychiatric disorders

Modelling the Asymmetric Volatility in Hog Prices in Taiwan: The Impact of Joining the WTO

The hog industry, where prices are determined according to an auction system, is of vital importance to the agricultural industry in Taiwan by providing significant production and employment. In particular, there were significant impacts on daily hog prices in the periods before, during and after joining the WTO, which we will refer to as periods of anticipation, adjustment and settlement. The purpose of the paper is to model the growth rates and volatility in daily hog prices in Taiwan from 23 March 1999 to 30 June 2007, which enables an analysis of the effects of joining the WTO. The paper provides a novel application of financial volatility models to agricultural finance. The empirical results have significant implications for risk management and policy considerations in the agricultural industry in Taiwan, especially when significant structural changes, such as joining the WTO, are concerned. The three sub-samples relating to the period before, during and after joining the WTO display significantly different volatility persistence, namely symmetry, asymmetry but not leverage, and leverage, respectively, whereby negative shocks increase volatility but positive shocks of a similar magnitude decrease volatility.Hog prices, joining the WTO, conditional volatility models, asymmetry, leverage, moment conditions.

Modelling the Asymmetric Volatility in Hog Prices in Taiwan: The Impact of Joining the WTO

Prices in the hog industry in Taiwan are determined according to an auction system. There are significant differences in hog prices before, during and after joining the World Trade Organization (WTO). The paper models growth rates and volatility in daily hog prices in Taiwan from 23 March 1999 to 30 June 2007, which enables an analysis of the effects of joining the WTO. The empirical results have significant implications for risk management and policy in the agricultural industry. The three sub-samples for the periods before, during and after joining the WTO display significantly different volatility persistence of symmetry, asymmetry and leverage, respectively.Hog prices; joining the WTO; conditional volatility models; asymmetry; leverage; moment conditions

"Modelling the Asymmetric Volatility in Hog Prices in Taiwan: The Impact of Joining the WTO"

The hog industry, where prices are determined according to an auction system, is of vital importance to the agricultural industry in Taiwan by providing significant production and employment. In particular, there were significant impacts on daily hog prices in the periods before, during and after joining the WTO, which we will refer to as periods of anticipation, adjustment and settlement. The purpose of the paper is to model the growth rates and volatility in daily hog prices in Taiwan from 23 March 1999 to 30 June 2007, which enables an analysis of the effects of joining the WTO. The paper provides a novel application of financial volatility models to agricultural finance. The empirical results have significant implications for risk management and policy considerations in the agricultural industry in Taiwan, especially when significant structural changes, such as joining the WTO, are concerned. The three sub-samples relating to the period before, during and after joining the WTO display significantly different volatility persistence, namely symmetry, asymmetry but not leverage, and leverage, respectively, whereby negative shocks increase volatility but positive shocks of a similar magnitude decrease volatility.

Perioperative Stroke Following General Surgery

AbstractPerioperative stroke is rare; however, patients undergoing cardiovascular surgery are considered to be at high risk for perioperative stroke. Here, we outline a case where perioperative stroke occurred following total hip replacement surgery. The risk factors and possible causes of the stroke in this patient are discussed. In addition, we reiterate the appropriate management approaches needed to prevent perioperative stroke. Briefly, the importance of precise preoperative evaluation and of proper intraoperative and postoperative management should not be overlooked. Finally, it is important to realize that decreasing perioperative strokes and the disabilities associated with them will lower the financial burden on families and the community