An analysis of price responses to public information: a case study of the USDA corn crop forecasts

Crop forecast errors were defined as the differences between the five-year revised final estimates of corn production and the monthly USDA corn crop forecasts. It was found that the monthly forecast errors were normally distributed according to the Shapiro-Wilk W Statistics and Probability; An F test, based on Hotelling\u27s T(\u272) statistics showed that the means of the monthly USDA corn crop forecasts were not statistically different from the five-year revised final estimates at the 5% significance level. When a nonparametric L test was employed, the accuracy of the monthly USDA corn crop forecasts was noted to improve over the reporting months, from July to December. Regression analysis revealed that the best estimate of the final crop size was the most recent month\u27s USDA corn crop forecast;The impact of the USDA corn crop forecasts on daily cash and futures corn prices were analyzed within the framework of the supply-of-storage theory. When the inter-temporal price spreads were assumed to be a function of the number of grain-consuming animal units and the difference of the two adjacent months\u27 USDA corn crop forecasts, the August USDA corn crop forecast was found to be the only crop forecast to influence the cash and futures prices observed on the day immediately following the day of the crop announcement. Anticipated effect of the October forecast on cash prices was present during the three days prior to the announcement while that of the November forecast on cash prices was felt during the two days prior to the announcement. Anticipated effect of these forecasts, however, was not present in futures prices;When the past price movements were introduced into the model, the results found were not significantly different from those obtained under the earlier assumption, in that only the August forecast had an impact on the cash prices and on the September and December futures prices observed in August at the 1% significance level

New Public Management or Mismanagement? The Case of Public Service Agency of Indonesia

In line with the new public management (NPM), a public service agency (PSA) isconsidered as an alternative to replace the government-led public service delivery in a more efficient and effective way. At the same time, a PSA mechanism can deliver public service with better quality. To meet these ends, a PSA is granted with operational flexibility and autonomy particularly in managing finance and personnel. However, the PSA system has not yielded the expected benefits in Indonesia. On the contrary, PSAs have been regarded to cause financial burdens to the Government of Indonesia. This paper explores the current conditions of three key institutional bases of PSAs in Indonesia including PSA governance, financial management and performance management. The notable challenges related to the three dimensions in the Indonesia’s PSAs include the weak PSA governance structure, and an inappropriate balance between flexibility and autonomy on the one hand and accountability and performance on the other in managing a PSA. Focusing on these challenges, this paper draws the following policy suggestions for Indonesia to improve the efficient operation of the PSA system: rebuild the PSA governance on a firm and clear legal base, absorb diverse stakeholders and outside experts in the PSA governance decision-making; monitor and evaluate the PSA’s financial flexibility and autonomy through vigilant internal and external monitoring mechanisms; redesign performance appraisal to set up right appraisal structure, process, and performance criteria; and link the results of performance appraisal to relevant rewards and punishment.Keywords: New Public Management, public service agency, autonomy, flexibilit

Private transfers and emerging welfare states in East Asia: Comparative perspectives

Empirical studies on income distribution and poverty have indicated that the public transfer system has been successful in terms of poverty and inequality reduction in welfare states. However, very little attention has been paid to private transfers in this analysis. Recently, while there has been an increasing interest in the unique features of East Asian welfare states/regimes, many scholars have begun to have an interest in the role of the family in their welfare mix. This article aims to widen the scope of comparative income studies, firstly by analyzing 12 Western welfare states and two newly emerging East Asian welfare states, i.e. South Korea and Taiwan, and secondly, by comparing the poverty and inequality reduction effects of private transfers with those of public transfers. The Luxemburg Income Study dataset is used for the analysis. The empirical results indicate that private transfers are much more effective than public transfers in terms of income inequality and poverty reduction effects in both South Korea and Taiwan, in contrast to western counterparts including three Southern European countries. Finally, based on the results, we propose further research questions

Feminisation of poverty in 12 welfare states: Strengthening cross-regime variations?

The feminisation of poverty is said to have become a common feature in the majority of advanced welfare states, but it is equally true that there has been significant variation in the feminisation of poverty from one country to another. While the concept of the feminisation of poverty remains controversial, there have been very few attempts to reveal a detailed picture from a comparative perspective. Considering this background, this study aims to illustrate the feminisation of poverty in 12 welfare states (Liberal - Australia, Canada, UK, US; Conservative - Austria, France, Germany, Italy; Nordic - Denmark, Finland, Norway, Sweden) between the 1980s and the 2000s and to analyse whether or not there has been any convergence or divergence between these welfare states. This study will evaluate the scope and depth of the feminisation of poverty by conducting analyses not only in terms of different sex, but in terms of different population groups. Further, the changing role of welfare states will be assessed via an analysis of the antipoverty role of public transfers in each country. The Luxemburg Income Study dataset will be used for empirical analysis. This paper will argue that while the feminisation of poverty has been slowed down and even reversed in certain cases, cross-national differences have been increasingly visible. The results of this study also show that the welfare regime framework can prove to be a useful tool for understanding the similarities and the differences in the feminisation of poverty across different Western welfare state regimes

The 2007– 2010 U.S. financial crisis: Its origins, progressions, and solutions

Article history: Received 5 November 2013; Received in revised form 21 November 2013; Accepted 22 November 2013; Available online 30 December 201

Solid tumors of the pancreas can put on a mask through cystic change

<p>Abstract</p> <p>Background</p> <p>Solid pancreatic tumors such as pancreatic ductal adenocarcinoma (PDAC), solid pseudopapillary tumor (SPT), and pancreatic endocrine tumor (PET) may occasionally manifest as cystic lesions. In this study, we have put together our accumulated experience with cystic manifestations of various solid tumors of the pancreas.</p> <p>Methods</p> <p>From 2000 to 2006, 376 patients with pancreatic solid tumor resections were reviewed. Ten (2.66%) of these tumors appeared on radiological imaging studies as cystic lesions. We performed a retrospective review of medical records and pathologic findings of these 10 cases.</p> <p>Results</p> <p>Of the ten cases in which solid tumors of the pancreas manifested as cystic lesions, six were PDAC with cystic degeneration, two were SPT undergone complete cystic change, one was cystic PET, and one was a cystic schwannoma. The mean tumor size of the cystic portion in PDAC was 7.3 cm, and three patients were diagnosed as 'pseudocyst' with or without cancer. Two SPT were found incidentally in young women and were diagnosed as other cystic neoplasms. One cystic endocrine tumor was preoperatively suspected as intraductal papillary mucinous neoplasm or mucinous cystic neoplasm.</p> <p>Conclusions</p> <p>Cystic changes of pancreas solid tumors are extremely rare. However, the possibility of cystic manifestation of pancreas solid tumors should be kept in mind.</p

Labisia pumila extract protects skin cells from photoaging caused by UVB irradiation

Labisia pumila (Myrsinaceae), known as "Kacip Fatimah," has been used by many generations of Malay women to induce and facilitate child birth as well as a post partum medicine. However, its topical application on skin has not been reported yet. In this study, we have focused on the anti-photoaging effects of L. pumila. Extract of L. pumila was first analyzed for their antioxidant activities using DPPH (2,2-diphenyl-1-picrylhydrazyl) since UV irradiation is a primary cause of reactive oxygen species (ROS) generation in the skin. The 50% free radical scavenging activity (FSC(50)) of L. pumila extract was determined to be 0.006%, which was equal to that produced by 156 microM ascorbic acid. TNF-alpha and cyclooxygenase (COX-2) play a primary role in the inflammation process upon UV irradiation and are known to be stimulated by UVB. Treatment with L. pumila extract markedly inhibited the TNF-alpha production and the expression of COX-2. Decreased collagen synthesis of human fibroblasts by UVB was restored back to normal level after treatment with L. pumila extract. On the other hand, the enhanced MMP-1 expression upon UVB irradiation was down regulated by L. pumila extract in a dose-dependent manner. Furthermore, treatment of normal keratinocytes with L. pumila extract attenuated UVB-induced MMP-9 expression. These results collectively suggest L. pumila extract has tremendous potential as an anti-photoaging cosmetic ingredient