Dry and Humid Periods Reconstructed from Tree Rings in the Former Territory of Sogdiana (Central Asia) and Their Socio-economic Consequences over the Last Millennium

One of the richest societies along the Silk Road developed in Sogdiana, located in present-day Tajikistan, Uzbekistan, and Kyrgyzstan. This urban civilisation reached its greatest prosperity during the golden age of the Silk Road (sixth to ninth century ce). Rapid political and economic changes, accelerated by climatic variations, were observed during last millennium in this region. The newly developed tree-ring-based reconstruction of precipitation for the pastmillennium revealed a series of dry and wet stages. During the Medieval Climate Anomaly (MCA), two dry periods occurred (900–1000 and 1200–1250), interrupted by a phase of wetter conditions. Distinct dry periods occurred around 1510–1650, 1750–1850, and 1920–1970, respectively. The juniper tree-ring record of moisture changes revealed that major dry and pluvial episodes were consistent with those indicated by hydroclimatic proxy data from adjacent areas. These climate fluctuations have had longand short term consequences for human history in the territory of former Sogdiana

Commentaries on viewpoint : physiology and fast marathons

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Public Offerings of State-Owned and Privately-Owned Enterprises: An International Comparison.

The authors compare initial offer prices in privatizations to initial prices in public offerings of private companies. The evidence indicates that government officials in the United Kingdom underprice initial public offerenings (IPOs) significantly more than their private company counterparts. In Canada and Malaysia, however, the opposite is true. There does not appear to be a general tendency for privatizations to be underpriced to a greater degree than private company IPOs. The authors provide additional evidence on the determinants of privatization initial returns. Their findings indicate that initial returns are significantly higher in relatively primitive capital markets and for privatized companies in regulated industries. Copyright 1997 by American Finance Association.