Market feedback, investment constraints, and managerial behavior

This paper examines the joint role of market feedback and investment constraints on managerial behavior. Using a sample of UK fixed price initial public offerings, we show that underperformance of share returns at the IPO significantly affects managerial investment decisions in the period after the offering. Firms with better investment opportunities and proportionately lower fixed (higher intangible) assets are more sensitive to negative market feedback. Over the longer term, the more responsive firms perform significantly better than their non-responsive counterparts. The findings contribute to the debate on the informational advantage of managers over investors and present strong evidence that the market, on aggregate, can provide a superior assessment of a firm's opportunities. Managers who are able to respond to negative market feedback can significantly improve their firm's future prospects

Investigating changes in global tropical cyclone storm frequency and intensity

Understanding fluctuations in tropical cyclone activity along United States shores and abroad becomes increasingly important as coastal managers and planners seek to save lives, mitigate damage, and plan for resilience in the face of changing storminess and sea-level rise. Tropical cyclone activity has long been of concern to coastal areas as they bring strong winds, heavy rains, and high seas. Given projections of a warming climate, current estimates suggest that not only will tropical cyclones increase in frequency, but also in intensity (maximum sustained winds and minimum central pressures). An understanding of what has happened historically is an important step in identifying potential future changes in tropical cyclone frequency and intensity. The ability to detect such changes depends on a consistent and reliable global tropical cyclone dataset. Until recently no central repository for historical tropical cyclone data existed. To fill this need, the International Best Track Archive for Climate Stewardship (IBTrACS) dataset was developed to collect all known global historical tropical cyclone data into a single source for dissemination. With this dataset, a global examination of changes in tropical cyclone frequency and intensity can be performed. Caveats apply to any historical tropical cyclone analysis however, as the data contributed to the IBTrACS archive from various tropical cyclone warning centers is still replete with biases that may stem from operational changes, inhomogeneous monitoring programs, and time discontinuities. A detailed discussion of the difficulties in detecting trends using tropical cyclone data can be found in Landsea et al. 2006. The following sections use the IBTrACS dataset to show the global spatial variability of tropical cyclone frequency and intensity. Analyses will show where the strongest storms typically occur, the regions with the highest number of tropical cyclones per decade, and the locations of highest average maximum wind speeds. (PDF contains 3 pages

Financing sustainable energy for all: pay-as-you-go vs. traditional solar finance approaches in Kenya

This paper focuses on finance for Solar Home Systems (SHSs) in Kenya and asks to what extent emerging new finance approaches are likely to address the shortcomings of past approaches. Drawing on the STEPS Pathways Approach we adopt a framing that understands finance within a broader socio-technical context as a necessary but not sufficient component of achieving alternative pathways to sustainable energy access. The paper contributes in four ways. Firstly, it presents a comprehensive overview of past and new emerging approaches to financing SHSs in Kenya and their relative strengths and weaknesses. Secondly, it represents one of the first attempts in the literature to analyse the potential of new, real time monitoring technologies and pay as you go finance models to overcome the barriers faced by conventional consumer finance models for off-grid renewable energy technologies (RETs). Thirdly, by applying for the first time we are aware of a socio-technical approach, via the application of Strategic Niche Management (SNM) theory, to analyse the finance of RETs in developing countries, the analysis considers finance in the context of the social practices poor people seek to fulfil via access to the energy services that off-grid RETs provide, and the ways in which people previously paid for these services (e.g. via kerosene for lighting). This also situates the analysis within the understanding of SHSs as a niche that has to compete with the established regime of energy service provision and its attendant social and political institutional support. The paper therefore also contributes to the small but expanding body of literature that seeks to operationalise socio-technical transitions thinking and SNM within a developing country context

Race and Socioeconomic Factors Affect Opportunities for Better Health

Examines racial/ethnic disparities in mortality and diabetes rates and the links between income and health within and across groups. Explores how race/ethnicity affects income at a given education level or socioeconomic conditions at a given income level

The Effects of Maize Trade with Malawi on Price Levels in Mozambique: Implications for Trade and Development Policy

Resultados das investigações do Departamento de Análise de Políticas MAP-Direcção de Economíafood security, food policy, Mozambique, maize trade, International Relations/Trade, Q18,

What is coastal climate?

Historical definitions of what determines whether one lives in a coastal area or not have varied over time. According to Culliton (1998), a “coastal county” is defined as a county with at least 15% of its total land area located within a nation’s coastal watershed. This emphasizes the land areas within which water flows into the ocean or Great Lakes, but may be better suited for ecosystems or water quality research (Crowell et al. 2007). Some Federal Emergency Management Agency (FEMA) documents suggest that “coastal” includes shoreline-adjacent coastal counties, and perhaps even counties impacted by flooding from coastal storms. An accurate definition of “coastal” is critical in this regard since FEMA uses such definitions to revise and modernize their Flood Insurance Rate Maps (Crowell et al. 2007). A recent map published by the National Oceanic and Atmospheric Administration’s (NOAA) Coastal Services Center for the Coastal Change Analysis Program shows that the “coastal” boundary covers the entire state of New York and Michigan, while nearly all of South Carolina is considered “coastal.” The definition of “coastal” one chooses can have major implications, including a simple count of coastal population and the influence of local or state coastal policies. There is, however, one aspect of defining what is “coastal” that has often been overlooked; using atmospheric long-term climate variables to define the inland extent of the coastal zone. This definition, which incorporates temperature, precipitation, wind speed, and relative humidity, is furthermore scalable and globally applicable - even in the face of shifting shorelines. A robust definition using common climate variables should condense the large broad definition often associated with “coastal” such that completely landlocked locations would no longer be considered “coastal.” Moreover, the resulting definition, “coastal climate” or “climatology of the coast”, will help coastal resource managers make better-informed decisions on a wide range of climatologically-influenced issues. The following sections outline the methodology employed to derive some new maps of coastal boundaries in the United States. (PDF contains 3 pages

What are the essential components of HIV treatment and care services in low and middle-income countries: an overview by settings and levels of the health system?

OBJECTIVES: To review and summarize the essential components of HIV treatment and care services in low and middle-income countries (LMICs). METHODS: Literature review and reflection on programmatic experience. FINDINGS: There is increasing recognition that the essential 'package' of HIV care must include early identification of HIV-positive people in need of care, appropriate initial and continued counselling, assessment of HIV disease stage, treatment with HAART for those who need it, monitoring while on treatment for efficacy, adherence and side-effects, detection and management of other complications of HIV infection, provision of sexual and reproductive health services as well as careful record-keeping. The impressive scale-up of HIV treatment and care services has required decentralization of service provision linked to task-shifting. But the future holds even greater challenges, as the number of people in need of HIV care continues to rise at a time when many traditional donors and governments in the most-affected regions have reduced budgets. CONCLUSION: In the long-term, the increased demand for HIV-care services can only be satisfied through increased decentralisation to peripheral health units, with the role of each type of unit being appropriate to the human and material resources available to it.HIV-care services can also naturally integrate with the care of chronic noncommunicable diseases and with closely related services like mother and child health, and thus should promote a shift from vertical to integrated programming. Staff training and support around a set of evidence-based policies and guidelines and a reliable supply of essential medicines and supplies are further essential components for a successful programme