The Falsification of Four Popular Hypotheses about International Financial Behavior during the Asian Crisis

Various claims have been made about the causes of the Asian crisis and its spread. Here, we use data on the behavior of capital flows during the crisis to test the strong forms of four such hypotheses, including the dominant role of portfolio investors and hedge funds in initiating and spreading the crisis; moral hazard; and, finally, the role of Japanese banks in spreading the trouble to countries in which they were the largest source of funds. All are falsified as monocausal explanations. For example, portfolio investments that could not have been subject to substantial moral hazard continued to flow into Asia until very shortly before the crisis. Likewise, contrary to common expectations banks were a much larger source of capital outflows during the crisis than were portfolio investors. While falsified in their strongest forms, several of these hypotheses in less strong form should play a role in a more nuanced analysis. It is time to move past simple single-factor approaches in order to produce a more complete, synthetic explanation of this episode.

The Falsification of Four Popular Hypotheses about International Financial Behavior during the Asian Crisis

Various claims have been made about the causes of the Asian crisis and its spread. Here, we use data on the behavior of capital flows during the crisis to test the strong forms of four such hypotheses, including the dominant role of portfolio investors and hedge funds in initiating and spreading the crisis; moral hazard; and, finally, the role of Japanese banks in spreading the trouble to countries in which they were the largest source of funds. All are falsified as monocausal explanations. For example, portfolio investments that could not have been subject to substantial moral hazard continued to flow into Asia until very shortly before the crisis. Likewise, contrary to common expectations banks were a much larger source of capital outflows during the crisis than were portfolio investors. While falsified in their strongest forms, several of these hypotheses in less strong form should play a role in a more nuanced analysis. It is time to move past simple single-factor approaches in order to produce a more complete, synthetic explanation of this episode

Friction factor and heat transfer correlation for irradiated organic coolants

"September 1965."Series statement handwritten on cover"MIT-334-23 Chemistry."Also written as an M.S. theses written by the first author and advised by the second author, Massachusetts Institute of Technology, Dept. of Mechanical Engineering, 1966Includes bibliographical references (pages 163-165)M.I.T. DSR Project no. 9819Work performed for the Savannah River Operations Office, U.S. Atomic Energy Commission under contract no. AT(38-1)-33

Susceptibility of Eggs and Adult Fecundity of the Lesser Grain Borer, Rhyzopertha dominca, Exposed to Methoprene

A series of tests were conducted to determine the susceptibility of eggs and neonates of the lesser grain borer Rhyzopertha dominica (F.) (Coleoptera: Bostrichidae = Bostrychidae), exposed to the insect growth regulator, methoprene, on filter paper and on rough rice. In the first test, the hatch rate of eggs exposed on filter paper treated with methoprene at the label rate of 0.003 mg [AI]/cm2 when used as a surface treatment in structures was 52.0 ± 7.3% compared to 93.0 ± 3.3% on untreated controls. In the second test, eggs were exposed to a dose-response series of 0.00003 to 0.03 mg[AI]/cm2. Egg hatch was directly proportional to concentration and ranged from 85.0 ± 2.0% on untreated controls to 26.7 ± 8.3% at the highest concentration tested. In the third test, 1 ppm of methoprene was sprayed on long grain rough rice (paddy) (Cocodrie variety), and then individual kernels were cracked and an egg of R. dominica was placed directly on the kernel. On untreated rice kernels, 67.5 ± 11.6% of the eggs hatched and were able to bore inside, and all of these larvae emerged as adults. In contrast, 40.0 ± 5.3% of the eggs placed on treated cracked kernels were able to develop to where the larvae were visible through X-ray detection, but none emerged as adults. In the final test, newly-emerged adults were exposed on rough rice treated with 1 ppm methoprene. The number of eggs from adults on untreated rice was 52.1 ± 4.3 eggs per female, and on treated rice the average egg production was 12.5 ± 1.1 eggs per female. Methoprene applied on a surface or on rough rice affected development of egg hatch also reduced fecundity of parent adults exposed on the treated rough rice

In-pile loop irradiation studies of organic coolant materials : progress report, October 1, 1963 - December 31, 1964,

Statement of responsibility on title page reads: Report prepared by: E. A. Mason, Project Supervisor; Contributors: W.N. Bley, J.C. Kim, T.H. Timmins, J.F. Terrien, A.H. Swan"Issued: February 1, 1965.""AEC Research and Development Report"--Cover"MIT-334-12."Includes bibliographical references (leaves 21-22)Progress report; October 1, 1963 - December 31, 1964M.I.T. Project no. DSR 9819U.S. Atomic Energy Commission, Savannah River Operations Office contract no. AT(38-1)-33

Right sizes of nano- and microstructures for high-performance and rigid bulk thermoelectrics

In this paper, we systematically investigate three different routes of synthesizing 2% Na-doped PbTe after melting the elements: (i) quenching followed by hot-pressing (QH), (ii) annealing followed by hot-pressing, and (iii) quenching and annealing followed by hot-pressing. We found that the thermoelectric figure of merit, zT, strongly depends on the synthesis condition and that its value can be enhanced to similar to 2.0 at 773 K by optimizing the size distribution of the nanostructures in the material. Based on our theoretical analysis on both electron and thermal transport, this zT enhancement is attributed to the reduction of both the lattice and electronic thermal conductivities; the smallest sizes (2 similar to 6 nm) of nanostructures in the QH sample are responsible for effectively scattering the wide range of phonon wavelengths to minimize the lattice thermal conductivity to similar to 0.5 W/m K. The reduced electronic thermal conductivity associated with the suppressed electrical conductivity by nanostructures also helped reduce the total thermal conductivity. In addition to the high zT of the QH sample, the mechanical hardness is higher than the other samples by a factor of around 2 due to the smaller grain sizes. Overall, this paper suggests a guideline on how to achieve high zT and mechanical strength of a thermoelectric material by controlling nano-and microstructures of the material

The edges of understanding

A culture's icons are a window onto its soul. Few would disagree that, in the culture of molecular biology that dominated much of the life sciences for the last third of the 20th century, the dominant icon was the double helix. In the present, post-modern, 'systems biology' era, however, it is, arguably, the hairball

The Relationship Between HR Practices and Firm Performance: Examining Causal Order

Significant research attention has been devoted to examining the relationship between HR practices and firm performance, and the research support has assumed HR as the causal variable. Using data from 45 business units (with 62 data points), this study examines how measures of HR practices correlate with past, concurrent, and future operational performance measures. The results indicate that correlations with performance measures at all three times are both high and invariant, and that controlling for past or concurrent performance virtually eliminates the correlation of HR with future performance. Implications are discussed

Prevalence and Factors Associated with Interpersonal Violence among In-School Adolescents in Ghana: Analysis of the Global School-Based Health Survey Data

Interpersonal violence is a critical public health concern that is linked with many negative consequences, including mortality. It is the second most predominant cause of death among male adolescents aged 15–19. This study used a nationally representative data from the recent Ghana Global School-based Health Survey to examine the prevalence and factors associated with interpersonal violence among Ghanaian in-school adolescents. A total of 2214 in-school adolescents were included in the final analysis. Multivariable binomial logistic regression analysis was performed to determine the factors assciated with interpersonal violence. The results of the regression analysis were presented as adjusted odds ratios (aOR) with 95% confidence level (CI) in all the analyses. Statistical significance was set at p &lt; 0.05. The overall prevalence of interpersonal violence was 55.7%, of which the prevalences of physical fighting and attack were 38.2% and 41.5%, respectively. In-school adolescents who had an injury were more likely to experience interpersonal violence (aOR = 2.29, 95% CI = 1.71–3.06) compared with those who did not have an injury. The odds of interpersonal violence were higher among in-school adolescents who were bullied (aOR = 2.48, 95% CI = 1.84–3.34) compared with those who were not bullied. In addition, in-school adolescents who attempted suicide (aOR = 1.56, 95% CI = 1.22–2.47), consumed alcohol at the time of the survey (aOR = 1.88, 95% CI = 1.15–3.06), and were truant (aOR = 1.58, 95% CI = 1.29–1.99) had higher odds of experiencing interpersonal violence. These factors provide education directors and school heads/teachers with the relevant information to guide them in designing specific interventions to prevent interpersonal violence, particularly physical fights and attacks in the school settings. School authorities should organize parent–teacher meetings or programs to help parents improve their relationships with in-school adolescents to prevent or minimize their risky behaviors, including physical fights.</jats:p