Financial globalization, governance, and the evolution of the home bias

Standard portfolio theories of the home bias are disconnected from corporate finance theories of insider ownership. We merge the two into what we call the optimal ownership theory of the home bias. The theory has the following components. In countries with poor governance, it is optimal for insiders to own large stakes in corporations and for large shareholders to monitor insiders. Foreign portfolio investors will exhibit a large home bias against such countries because their investment is limited by the shares held by insiders (the "direct effect" of poor governance) and domestic monitoring shareholders ("the indirect effect").> ; Foreigners can also enter as foreign direct investors; if they are from countries with good governance, they have a comparative advantage as insider monitors in countries with poor governance, so that the relative importance of foreign direct investment in total foreign equity investment is negatively related to the quality of governance. Using two datasets, we find strong evidence that the theory can help explain the evolution of the home bias. Using country-level U.S. data, we find that on average the home bias of U.S. investors towards the 46 countries with the largest equity markets did not fall over the past decade, but it decreased the most towards countries in which the ownership by corporate insiders decreased, and the importance of foreign direct investment fell in countries in which ownership by corporate insiders fell. Using firm-level data for Korea, we find evidence of the additional indirect effect of poor governance on portfolio equity investment by foreign investors.Investments, Foreign ; Globalization

Fluvial organic carbon fluxes from oil palm plantations on tropical peatland

Intact tropical peatlands are dense long-term stores of carbon. However, the future security of these ecosystems is at risk from land conversion and extensive peatland drainage. This can enhance peat oxidation and convert long-term carbon sinks into significant carbon sources. In Southeast Asia, the largest land use on peatland is for oil palm plantation agriculture. Here, we present the first annual estimate of exported fluvial organic carbon in the drainage waters of four peatland oil palm plantation areas in Sarawak, Malaysia. Total organic carbon (TOC) fluxes from the plantation second- and third-order drains were dominated (91 %) by dissolved organic carbon (DOC) and ranged from 34.4 ± 9.7 C m−2 yr−1 to 57.7 %, 16.3 g C m−2 yr−1 (± 95 % confidence interval). These fluxes represent a single-year survey which was strongly influenced by an El Ninõ event and therefore lower discharge than usual was observed. The magnitude of the flux was found to be influenced by water table depth, with higher TOC fluxes observed from more deeply drained sites. Radiocarbon dating on the DOC component indicated the presence of old (pre-1950s) carbon in all samples collected, with DOC at the most deeply drained site having a mean age of 735 years. Overall, our estimates suggest fluvial TOC contributes ∼ 5 % of total carbon losses from oil palm plantations on peat. Maintenance of high and stable water tables in oil palm plantations appears to be key to minimising TOC losses. This reinforces the importance of considering all carbon loss pathways, rather than just CO2 emissions from the peat surface, in studies of tropical peatland land conversion

A unified approach for the solution of the Fokker-Planck equation

This paper explores the use of a discrete singular convolution algorithm as a unified approach for numerical integration of the Fokker-Planck equation. The unified features of the discrete singular convolution algorithm are discussed. It is demonstrated that different implementations of the present algorithm, such as global, local, Galerkin, collocation, and finite difference, can be deduced from a single starting point. Three benchmark stochastic systems, the repulsive Wong process, the Black-Scholes equation and a genuine nonlinear model, are employed to illustrate the robustness and to test accuracy of the present approach for the solution of the Fokker-Planck equation via a time-dependent method. An additional example, the incompressible Euler equation, is used to further validate the present approach for more difficult problems. Numerical results indicate that the present unified approach is robust and accurate for solving the Fokker-Planck equation.Comment: 19 page

A systematic review of compositional data analysis studies examining associations between sleep, sedentary behaviour, and physical activity with health outcomes in adults

This systematic review determined if the composition of time spent in movement behaviours (i.e., sleep, sedentary behaviour (SED), light physical activity, and moderate-to-vigorous physical activity (MVPA)) is associated with health in adults. Five electronic databases were searched in August 2019. Studies were eligible for inclusion if they were peer-reviewed, examined community-dwelling adults, and used compositional data analysis to examine the associations between the composition of time spent in movement behaviours and health outcomes. Eight studies (7 cross-sectional, 1 prospective cohort) of >12 000 unique participants were included. Findings indicated that the 24-h movement behaviour composition was associated with all-cause mortality (1 of 1 analyses), adiposity (4 of 4 analyses), and cardiometabolic biomarkers (8 of 15 analyses). Reallocating time into MVPA from other movement behaviours was associated with favourable changes to most health outcomes and taking time out of SED and reallocating it into other movement behaviours was associated with favourable changes to all-cause mortality. The quality of evidence was very low for all health outcomes. In conclusion, these findings support the notion that the composition of movement across the entire 24-h day matters, and that recommendations for sleep, SED, and physical activity should be combined into a single public health guideline. (PROSPERO registration no.: CRD42019121641.) Novelty The 24-h movement behaviour composition is associated with a variety of health outcomes. Reallocating time into MVPA is favourably associated with health. Reallocating time out of SED is associated with favourable changes to mortality risk

Yield gaps, nutrient use efficiencies and response to fertilisers by maize across heterogeneous smallholder farms of western Kenya

The need to promote fertiliser use by African smallholder farmers to counteract the current decline in per capita food production is widely recognised. But soil heterogeneity results in variable responses of crops to fertilisers within single farms. We used existing databases on maize production under farmer (F-M) and researcher management (R-M) to analyse the effect of soil heterogeneity on the different components of nutrient use efficiency by maize growing on smallholder farms in western Kenya: nutrient availability, capture and conversion efficiencies and crop biomass partitioning. Subsequently, we used the simple model QUEFTS to calculate nutrient recovery efficiencies from the R-M plots and to calculate attainable yields with and without fertilisers based on measured soil properties across heterogeneous farms. The yield gap of maize between F-M and R-M varied from 0.5 to 3 t grain ha-1 season-1 across field types and localities. Poor fields under R-M yielded better than F-M, even without fertilisers. Such differences, of up to 1.1 t ha-1 greater yields under R-M conditions are attributable to improved agronomic management and germplasm. The relative response of maize to N-P-K fertilisers tended to decrease with increasing soil quality (soil C and extractable P), from a maximum of 4.4-fold to -0.5- fold relative to the control. Soil heterogeneity affected resource use efficiencies mainly through effects on the efficiency of resource capture. Apparent recovery efficiencies varied between 0 and 70% for N, 0 and 15% for P, and 0 to 52% for K. Resource conversion efficiencies were less variable across fields and localities, with average values of 97 kg DM kg-1 N, 558 kg DM kg-1 P and 111 kg DM kg-1 K taken up. Using measured soil chemical properties QUEFTS over-estimated observed yields under F-M, indicating that variable crop performance within and across farms cannot be ascribed solely to soil nutrient availability. For the R-M plots QUEFTS predicted positive crop responses to application of 30 kg P ha-1 and 30 kg P ha-1 + 90 kg N ha-1 for a wide range of soil qualities, indicating that there is room to improve current crop productivity through fertiliser use. To ensure their efficient use in sub-Saharan Africa mineral fertilisers should be: (1) targeted to specific niches of soil fertility within heterogeneous farms; and (2) go hand-in-hand with the implementation of agronomic measures to improve their capture and utilisation

Genetic variation in the HLA region is associated with susceptibility to herpes zoster.

Herpes zoster, commonly referred to as shingles, is caused by the varicella zoster virus (VZV). VZV initially manifests as chicken pox, most commonly in childhood, can remain asymptomatically latent in nerve tissues for many years and often re-emerges as shingles. Although reactivation may be related to immune suppression, aging and female sex, most inter-individual variability in re-emergence risk has not been explained to date. We performed a genome-wide association analyses in 22,981 participants (2280 shingles cases) from the electronic Medical Records and Genomics Network. Using Cox survival and logistic regression, we identified a genomic region in the combined and European ancestry groups that has an age of onset effect reaching genome-wide significance (P>1.0 × 10(-8)). This region tags the non-coding gene HCP5 (HLA Complex P5) in the major histocompatibility complex. This gene is an endogenous retrovirus and likely influences viral activity through regulatory functions. Variants in this genetic region are known to be associated with delay in development of AIDS in people infected by HIV. Our study provides further suggestion that this region may have a critical role in viral suppression and could potentially harbor a clinically actionable variant for the shingles vaccine

Riding the knowledge translation roundabout: lessons learned from the Canadian Institutes of Health Research Summer Institute in knowledge translation

<p>Abstract</p> <p>Background</p> <p>Funding the education and training of the next generation of health researchers is a key mandate of the Canadian Institutes of Health Research (CIHR) knowledge translation (KT) portfolio. The field of KT is growing daily; thus, the training and development of a new generation of KT researchers is essential.</p> <p>Methods</p> <p>Using curriculum documents, participant evaluations, and self-reflection, this paper describes a unique Summer Institute hosted by the CIHR in Cornwall, Ontario, Canada. We outline the key aspects of a successful training initiative that could inform organizations and agencies worldwide with an interest in or who have a mandate for KT.</p> <p>Results</p> <p>This work provides potential funders, faculty, and students with an inside look into the purpose, process, and outcomes of such training initiatives.</p> <p>Conclusion</p> <p>National and international KT organizations, research institutions, and funding agencies are encouraged to consider replicating the training model employed here, as investment into KT personnel will foster the advancement of the field within and beyond local borders.</p> <p>'To the individual who devotes his/her life to science, nothing can give more happiness than when the results immediately find practical application. There are not two sciences. There is science and the application of science, and these two are linked as the fruit is to the tree.' – Louis Pasteur, 1871 (from presentation by Ian Graham, 2008 CIHR Knowledge Translation Summer Institute)</p

Taking monocrystalline silicon to the ultimate lifetime limit

A central quantity to assess the high quality of monocrystalline silicon (on scales beyond mere purity) is the minority charge carrier lifetime. We demonstrate that the lifetime in high purity float zone material can be improved beyond existing observations, thanks to a deeper understanding of grown-in defects and how they can be permanently annihilated. In a first step we investigate the influence of several process sequences on the lifetime by applying a low temperature superacid passivation treatment. We find that a pre-treatment consisting of an oxidation at 1050 °C followed by a POCl3 diffusion at 900 °C can improve the lifetime by deactivating or eliminating grown-in defects. Then, pre-treated wafers of different float zone materials are passivated with three state-of-the-art layer stacks. Very high effective lifetime values are measured, thereby demonstrating the high quality of the surface passivation schemes and the pre-treated silicon wafers. The measured effective lifetimes exceed previous records, and we report an effective lifetime of 225 ms measured on a 200 µm thick 100 Ω cm n-type silicon wafer symmetrically passivated with a layer stack of a thin thermally grown oxide and a polycrystalline layer (the TOPCon layer stack)