International financial integration through equity markets : which firms from which countries go global ?

The authors study international financial integration analyzing firms from various countries raising capital, trading equity, and cross-listing in major world stock markets. Using a large sample of 39,517 firms from 111 countries covering the period 1989-2000, they find that, although international financial integration increases substantially over this period, only relatively few countries and firms actively participate in international markets. Firms more likely to internationalize are from larger and more open economies, with higher income, better macroeconomic policies, and worse institutional environments. These firms tend to be larger, grow faster, and have higher returns and more foreign sales. While changes occur with internationalization, these firm attributes are present before internationalization takes place. The results suggest that international financial integration will likely remain constrained by country and firm characteristics.Microfinance,Small Scale Enterprise,Economic Theory&Research,Markets and Market Access,Investment and Investment Climate

Landsliding and its multiscale influence on mountainscapes

Landsliding is a complex process that modifies mountainscapes worldwide. Its severe and sometimes long-lasting negative effects contrast with the less-documented positive effects on ecosystems, raising numerous questions about the dual role of landsliding, the feedbacks between biotic and geomorphic processes, and, ultimately, the ecological and evolutionary responses of organisms. We present a conceptual model in which feedbacks between biotic and geomorphic processes, landslides, and ecosystem attributes are hypothesized to drive the dynamics of mountain ecosystems at multiple scales. This model is used to integrate and synthesize a rich, but fragmented, body of literature generated in different disciplines, and to highlight the need for profitable collaborations between biologists and geoscientists. Such efforts should help identify attributes that contribute to the resilience of mountain ecosystems, and also should help in conservation, restoration, and hazard assessment. Given the sensitivity of mountains to land-use and global climate change, these endeavors are both relevant and timel

The Future of Stock Exchanges in Emerging Economies: Evolution and Prosepcts

We study the determinants of stock market development and the growing migration of capital raising, listing, and trading activity to international exchanges. Economies with better fundamentals have larger and more liquid markets. As fundamentals improve, however, the degree of migration to international exchanges also increases. This leads to gains for corporations in the form of lower costs and more liquidly-traded shares. Fully-fledged local stock exchanges are thus becoming less necessary for many economies. Furthermore, migration can leave too little domestic activity to sustain a local exchange. Therefore, the functions and forms of stock exchanges in many economies need rethinking.stock exchange development; internationalization of financial markets; trading migration; emerging economies; cross-listing; ADRs; GDRs

Reasons for Failure of Prevention of Mother-To-Child HIV Transmission in a Rural South African District Hospital

Further reduction of mother-to-child transmission (MTCT) of HIV requires improved understanding of the reasons for MTCT. We reviewed maternal and infant case notes for HIV positive infants diagnosed by polymerase chain reaction at Bethesda Hospital. Nineteen cases were analysed. Median gestation at first antenatal consultation (ANC) was 22.5 (interquartile range [IQR] 19.25–24). Eleven (57.9%) mothers were HIV positive at first ANC, whilst eight tested negative and later positive (2 antepartum, 6 postpartum). Median maternal CD4 was 408 cells/μL (IQR 318–531). Six (31.6%) received no antenatal antiretroviral therapy (ART) because they were diagnosed as HIV positive postpartum; 9 (47.3%) received antenatal ART and 3 (15.8%) were never initiated on ART. At 6 weeks postpartum, 5 infants (26.3%) were not on prophylactic nevirapine (NVP) because their mothers had not yet been diagnosed. Maternal seroconversion in pregnancy and breastfeeding, and possibly false-negative HIV tests, were important reasons for prevention of mother-to-child transmission (PMTCT) failure