REGULATION S - RULES GOVERNING OFFERS AND SALES MADE OUTSIDE THE UNITED STATES WITHOUT REGISTRATION UNDER THE SECURITIES ACT OF 1933

Underpinning a regulatory regime is a dichotomy between achieving certainty of outcome and achieving perceived fairness. While such a discussion may seem out of place in the context of a regulatory regime dealing with offshore offerings, it nonetheless serves to emphasize some of the considerations encountered in the following examination of Regulation S. Part Two of this thesis outlines the development of the disclosure regime that is evidenced in the United States Federal Securities Regulations and then goes on to examine how this regime, first established in the 1930s, dealt with the advent of globalization. Part Three then looks at Regulation S. introduced in 1990. An overview of the Regulation is provided, followed by a detailed examination of the various provisions of the Regulation. The thesis then moves on to Part Four which sets out some of the more common abuses that began to occur shortly after the introduction of Regulation S. and also notes some of the marketplace concerns regarding the operation of the Regulation. Part Five details the events, criticisms and SEC releases that led up to the amendment of Regulation S in 1998, before Part Six deals with the actual amendments themselves in some detail. As it has only been a relatively short time since the adoption of the amendments, Part Seven assesses the probable impacts which the amendments may have on both the abuses and the marketplace concerns. Following on from this, Part Eight provides recommendations should the abuses and concerns continue after the amendments. Part Nine calls into question the desirability of applying American securities laws extraterritorially and discusses various approaches to the international regulation of securities before the brief conclusion in Part Ten

Emerging versus developed economy consumer willingness to pay for environmentally sustainable food production: A choice experiment approach comparing Indian, Chinese and United Kingdom lamb consumers

In China and India, income growth is driving a structural change in dietary patterns away from staples towards more livestock foodstuffs such as meat products, exacerbating already significant environmental pressures from food production. This study uses the choice experiment (CE) method in surveys of Chinese, Indian and United Kingdom lamb consumers to explore potential for environmental labelling of lamb meat in emerging economies to form part of agri-environmental response to these pressures. Choice experiments are a stated-preference nonmarket approach to valuing consumer willingness to pay. Lamb consumers are presented with differing hypothetical products described by attributes describing environmental certification standards, with observed choices and product attributes analysed in a probabilistic Random Utility Model econometric framework. While preference disparities are found between emerging and developed economy consumers, results demonstrate that emerging economy consumers' choice of lamb products can be influenced by production processes that incorporate environmental sustainability. Indian consumers are found to be willing to pay relatively more for environmentally certified production practices than Chinese or UK counterparts. Of the environmental practices considered in this study, Greenhouse Gas minimisation is valued the most, in all three countries

Valuing conservation benefits of disease control in wildlife: A choice experiment approach to bovine tuberculosis management in New Zealand's native forests

We assess the non-monetary environmental benefits that accrue incidentally in New Zealand (NZ) from pest management conducted primarily to control an animal disease, bovine tuberculosis (TB). TB is an infectious disease that is one of the world's most serious animal health problems and, in many parts of the developing world, still a major mortality risk for humans. The incidence of TB in New Zealand (NZ) farmed livestock has been reduced progressively over the last 20 years, largely due to extensive and sustained population control of the main wildlife reservoir of disease, the introduced brushtail possum. Possums are also major pests that threaten indigenous forest biodiversity, and so extensive possum control for TB mitigation also incidental benefits conservation, but the extent and public value of this benefit has yet to be quantified. We conducted a choice experiment survey of the NZ public in an effort to value the native forest biodiversity benefits of TB-related possum control. We find strong public support for conservation outcomes consequent to TB-possum control in public native forests. The public place substantial value on the most observable biodiversity benefits of TB possum control, such as improved forest canopies and presence of native birds. The benefits, costs and values of TB-possum control are discussed in relation to the future directives of NZ's TB control programme, which is headed toward first regional and then national level disease eradication

Consumer Preferences for Attributes in Food and Beverages in Developed and Emerging Export Markets and their Impact on the European Union and New Zealand

This study examined consumer attitudes towards attributes in food and beverages in China, India, Indonesia, Japan and the UK. The attributes included basic attributes such as price and quality, but also extended to food safety and health benefits, as well as environmental and social attributes. The importance of factors affecting key attributes were examined in more detail. The study used a web-based survey with 1,000 middle and upper income consumers in each country. In addition, the potential economic impact of agricultural returns of different levels of premiums for food attributes in the EU and New Zealand were examined using the partial equilibrium Lincoln Trade and Environment Model (LTEM). This study found that consumers from developing countries valued food attributes more than the developed countries. Trade model projections showed an important impact on the agricultural sectors in the EU and New Zealand from the different levels of premiums for food attributes in selected overseas markets

The Land and the brand

The Agribusiness and Economics Research Unit at Lincoln University was commissioned to prepare this report assessing the contributions that the agri‐food sector has made to the wellbeing of New Zealanders over the decades and in the present day. The purpose of this research is to indicate how industry‐led initiatives and private‐public partnerships might build on the sector’s historical successes for ongoing economic prosperity into the future. The agri‐food sector continues to dominate the country’s merchandise exports. The dairy sector in 2013/14 generated export revenue of just over $18 billion, followed by meat and wool (more than$8 billion), forestry (more than $5.1 billion), horticulture (nearly$3.8 billion) and seafood (more than $1.7 billion)

Role of Foreign-Born Status on Suicide Mortality in Spain Between 2000 and 2019: An Age-Period-Cohort Analysis

Objectives: To examine recent age-period-cohort effects on suicide among foreign-born individuals, a particularly vulnerable sociodemographic group in Spain. Methods: Using 2000-2019 mortality data from Spain's National Institute of Statistics, we estimated age-period-cohort effects on suicide mortality, stratified by foreign-born status (native- vs. foreign-born) and, among the foreign-born, by Spanish citizenship status, a proxy for greater socioeconomic stability. Results: Annual suicide mortality rates were lower among foreign- than native-born individuals. There was heterogeneity in age-period-cohort effects between study groups. After 2010, suicide mortality increased markedly among the foreign-born-especially for female cohorts born around 1950, and slightly among native-born women-especially among female cohorts born after the 1960s. Among native-born men, suicide increased linearly with age and remained stable over time. Increases in suicide among the foreign-born were driven by increases among individuals without Spanish citizenship-especially among cohorts born after 1975. Conclusion: After 2010, suicide in Spain increased markedly among foreign-born individuals and slightly among native-born women, suggesting an association between the downstream effects of the 2008 economic recession and increases in suicide mortality among socioeconomically vulnerable populations.This work was supported by the National Institute of Mental Health (Grant number R01-MH121410) and the Instituto de Salud Carlos III (Grant number FIS PI19CIII/00037). The funders had no role in the conception, design, or execution of the study.S

Shanghai and Beijing milk consumer consumption behaviour and product preferences: A Latent Class Analysis of New Zealand UHT milk

This study is part of a research programme entitled Unlocking Export Prosperity from the Agri-food Values of Aotearoa New Zealand. It is funded by the Ministry of Business, Innovation and Employment (MBIE) Endeavour Fund for science research programmes. Information on this research programme including reports of other surveys are available from the AERU website https://www.aeru.co.nz/projects/uep. The research aims to provide new knowledge on how local enterprises can achieve higher returns by ensuring global consumers understand the distinctive qualities of the physical, credence and cultural attributes of agri-food products that are “Made in New Zealand”. Agricultural exports are an important contributor to the New Zealand (NZ) economy. While NZ historically relied on key markets such as the United Kingdom for export trade, NZ has more recently significantly expanded its export markets and China has become established as an important dairy product destination. It is critically important for NZ exporters to understand export markets and the different cultures and preferences of those consumers to safeguard market access, and for realising potential premiums. This report describes the application of a survey of Beijing and Shanghai UHT milk consumers that is designed to examine consumption behaviour and consumer Willingness-to-Pay (WTP) for credence attributes. While search attributes such as price or colour can be observed directly, and experience attributes such as flavour can be assessed when consumed, credence attributes such as environmental sustainability cannot be immediately seen or experienced at the point of sale. For products promoting credence attributes, the role of verification including labelling design is of significant importance. Our approach is to apply a Discrete Choice Experiment economic valuation method, analysed using a statistical approach called Latent Class Modelling that describes profiles for different consumer segments identified in the data and provides estimates of attribute WTP across these segments

California apple consumer consumption behaviours and product preferences: A Latent Class Analysis of New Zealand apples

This study is part of a research programme entitled Unlocking Export Prosperity from the Agri-food Values of Aotearoa New Zealand. It is funded by the Ministry of Business, Innovation and Employment (MBIE) Endeavour Fund for science research programmes. The research aims to provide new knowledge on how local enterprises can achieve higher returns by ensuring global consumers understand the distinctive qualities of the physical, credence and cultural attributes of agri-food products that are “Made in New Zealand”. Agricultural exports are an important contributor to the New Zealand (NZ) economy. It is critically important for NZ exporters to understand export markets and the different cultures and preferences of those consumers to safeguard market access, and for realising potential premiums. This report describes the application of a survey of Californian apple consumers that is designed to examine consumption behaviour and consumer Willingness-to-Pay (WTP) for credence attributes. While search attributes such as price or colour can be observed directly, and experience attributes such as flavour can be assessed when consumed, credence attributessuch as environmental sustainability cannot be immediately seen or experienced at the point of sale. For products promoting credence attributes, the role of verification, including labelling, is of significant importance. Our approach is to apply a Discrete Choice Experiment economic valuation method, analysed using a statistical approach called Latent Class Modelling that describes profiles for different consumer segments identified in the data and provides estimates of attribute WTP across these segments

United Kingdom lamb consumer consumption behaviours and product preferences: A Latent Class Analysis (2020)

This study is part of a research programme entitled Unlocking Export Prosperity from the Agri-food Values of Aotearoa New Zealand. It is funded by the Ministry of Business, Innovation and Employment (MBIE) Endeavour Fund for science research programmes. The research aims to provide new knowledge on how local enterprises can achieve higher returns by ensuring global consumers understand the distinctive qualities of the physical, credence and cultural attributes of agri-food products that are “Made in New Zealand”. Agricultural exports are an important contributor to the New Zealand (NZ) economy and the United Kingdom (UK) is established as an important lamb product destination. It is critically important for NZ exporters to understand export markets and the different cultures and preferences of those consumers to safeguard market access, and for realising potential premiums. This report describes the results of a survey of UK lamb leg consumers that was designed to assess consumption behaviour and consumer willingness-to-pay (WTP) for credence attributes. While search attributes such as price or colour can be observed directly, and experience attributes such as flavour or texture can be assessed when consumed, credence attributes such as environmental sustainability cannot be immediately seen or experienced at the point of sale. For products promoting credence attributes, the role of verification, including labelling is of significant importance. Our approach is to apply a Choice Experiment economic valuation method, analysed using a statistical approach called Latent Class Modelling that describes profiles for different consumer segments identified in the data and provides estimates of attribute WTP across these segments

Calcium binding to the photosystem II subunit CP29.

We have identified a Ca(2+)-binding site of the 29-kDa chlorophyll a/b-binding protein CP29, a light harvesting protein of photosystem II most likely involved in photoregulation. (45)Ca(2+) binding studies and dot blot analyses of CP29 demonstrate that CP29 is a Ca(2+)-binding protein. The primary sequence of CP29 does not exhibit an obvious Ca(2+)-binding site therefore we have used Yb(3+) replacement to analyze this site. Near-infrared Yb(3+) vibronic side band fluorescence spectroscopy (Roselli, C., Boussac, A., and Mattioli, T. A. (1994) Proc. Natl. Acad. Sci. U. S. A. 91, 12897-12901) of Yb(3+)-reconstituted CP29 indicated a single population of Yb(3+)-binding sites rich in carboxylic acids, characteristic of Ca(2+)-binding sites. A structural model of CP29 presents two purported extra-membranar loops which are relatively rich in carboxylic acids, one on the stromae side and one on the lumenal side. The loop on the lumenal side is adjacent to glutamic acid 166 in helix C of CP29, which is known to be the binding site for dicyclohexylcarbodiimide (Pesaresi, P., Sandonà, D., Giuffra, E. , and Bassi, R. (1997) FEBS Lett. 402, 151-156). Dicyclohexylcarbodiimide binding prevented Ca(2+) binding, therefore we propose that the Ca(2+) in CP29 is bound in the domain including the lumenal loop between helices B and C