International Equity Transactions and U.S. Portfolio Choice

This paper studies the cross-border transactions in equity by investors in Canada, Germany,Japan, the U.K. and the U.S. We find that investors from different countries make very different decisions about the allocation of their portfolio across markets. In contradiction to the notion that high variable transactions costs hinder international diversification, we find that the volume of gross equity flows vastly exceeds net equity flows and the turnover rate on foreign equity investments by some investors even exceeds domestic turnover rates. We also reject the hypothesis that U.S. investors follow the standard CAPM in allocating their global equity portfolio.

Instability driven flow and runoff formation in a small catchment

Two anomalous phenomena were observed in a small catchment: 1) In some situations, the water supplied by rain caused a pronounced decrease in the soil water content. 2) In these periods, the soil water movement could be explained only by assuming an irregularly oscillating outflow of soil water into lower horizons. In these situations a large volume of water flows through the soil; therefore on the hydrological scale, this phenomenon forms a great part of the outflow from a watershed. These phenomena are described in the frame of the instability driven flow theory and explained as consequences of the porous soil body's capacity to become conductive as a result of a very little change of its moisture. Therefore the soil profile can attenuate or amplify the rainfall pulses during their transformation to the outflow below the soil profile. If the soil water content is lower than the threshold value, the rainfall pulses can be suppressed down to zero. If the soil profile contains more water, the soil does not attenuate the rainfall pulses, it can even amplify them by adding the released soil water. This is the mechanism of rapid growth of rising hydrograph limb during a storm event. The rapid transport of the soil water can occur in any part of the porous soil body regardless of the pore size and can be caused by any rainfall event with any intensity, duration or total volume

TINJAUAN HUKUM ISLAM TERHADAP TINDAK PIDANA SUAP DI INDONESIA

Tinjauan Hukum Islam Terhadap Tindak Pidana Suap Di Inonesia. Latar belakang masalah dalam skripsi ini adalah membicarakan masyarakat suatu keharusan yang melekat pada perbincangan mengenai hukum. Hukum dan masyarakat merupakan dua sisi dari satu mata uang. Begitupun dalam pelayanan publik, hukum dan masyarakat berperan penting. Dan salah satu yang sering terjadi dalam pemerintahan adalah korupsi. Perbuatan-perbuatan yang disebut sebagai perbuatan korupsi sebenarnya merupakan suatu gejala sosial yang telah ada di Indonesia, salah satu contohnya adalah suap korupsi yang dilkukan oleh mantan Gubernur Banten, Ratu Atut Chosiyah yang ditetapkan ditetapkan sebagai tersangka oleh KPK dalam pengadaan alat kesehatan di Banten. Dari latar belakang masalah di atas, maka yang menjadi rumusan masalahnya adalah apa faktor yang melatarbelakangi terjadinya tindak pidana suap di Indonesia dan bagaimana tinjauan hukum Islam terhadap tindak pidana suap di Indonesia. Adapun tujuan dari penelitian adalah untuk mengetahui latar belakang terjadinya tindak pidana suap dan untuk mengetahui tinjauan hukum Islam terhadap tindak pidana sua di Indonesia. Metode dalam penelitian ini adalah menggunakan jenis penelitian pustaka (library research), jenis data yang digunakan adalah data kualitatif serta sumber data berupa bahan hukum primer yang berkaitan dengan permasalahan yang dibahas, yaitu al-Qur’an, hadits,fiqh jinayah, Undang-undang Dasar 1945 dan Kitab Undang-undang Hukum Pidana (KUHP), Undang-undang yang berkaitan dengan materi pembahasan tugas akhir penulis, yaitu Undang-undang TIPIKOR. Hasil penelitian dalam skripsi ini adalah faktor yang melatarbelakangi terjadinya tindak Pidana suap di Indonesia adalah 1.Keinginan hidup mewah dan cepat kaya dan sentiasa mengejar kebendaan tanpa memikirkan tentang halal dan haram. Apa yang diutamakan nya hanyalah nilai-nilai material, dengan membuang jauh tanggung jawabnya sebagai seorang pejabat yang diamanahi dengan kuasa dan pertanggungjawaban. 2. Kerendahan moral ditambah dengan nafsu yang tidak lagi dapat membedakan antara nilai-nilai yang baik viii dan buruk. AdapunTinjauan hukum Islam terhadap tindak pidana suap di Indonesia adalah Dalam hukum islam sudah jelas tindak pidana suap (rishwa) perbuatan dosa hukumnya haram dan mutlak, karena merusak tantanan kehidupan masyarakat

FIIs and Indian Stock Market: A Causality Investigation

While the volatility associated with portfolio capital flows is well known, there is also a concern that foreign institutional investors might introduce distortions in the host country markets due to the pressure on them to secure capital gains. In this context, present chapter attempts to find out the direction of causality between foreign institutional investors (FIIs) and performance of Indian stock market. To facilitate a better understanding of the causal linkage between FII flows and contemporaneous stock market returns (BSE National Index), a period of nineteen consecutive financial years ranging from January 1992 to December 2010 is selected. Granger Causality Test has been applied to test the direction of causality.Aczkolwiek brak stabilności związany z przepływami kapitału portfelowego jest dobrze znany, to istnieje również obawa, że zagraniczni inwestorzy instytucjonalni mogą wprowadzać zakłócenia na rynkach krajów przyjmujących z uwagi na wywieraną na nich presję, aby zapewniać zyski kapitałowe. W tym kontekście niniejszy rozdział próbuje poznać kierunek przyczynowości pomiędzy zagranicznymi inwestorami instytucjonalnymi (FIIs) i działaniem indyjskiej giełdy. Aby ułatwić lepsze zrozumienie związku przyczynowego między przepływami FII i mającymi miejsce w tym samym czasie wynikami giełdy papierów wartościowych (BSE National Index), wybrany został okres dziewiętnastu kolejnych lat począwszy od stycznia 1992 do grudnia 2010. Do zbadania kierunku przyczynowości zastosowano test przyczynowości Grangera

The Chicken Yolk Sac IgY Receptor, a Mammalian Mannose Receptor Family Member, Transcytoses IgY across Polarized Epithelial Cells

In mammals the transfer of passive immunity from mother to young is mediated by the MHC-related receptor FcRn, which transports maternal IgG across epithelial cell barriers. In birds, maternal IgY in egg yolk is transferred across the yolk sac to passively immunize chicks during gestation and early independent life. The chicken yolk sac IgY receptor (FcRY) is the ortholog of the mammalian phospholipase A2 receptor, a mannose receptor family member, rather than an FcRn or MHC homolog. FcRn and FcRY both exhibit ligand binding at the acidic pH of endosomes and ligand release at the slightly basic pH of blood. Here we show that FcRY expressed in polarized mammalian epithelial cells functioned in endocytosis, bidirectional transcytosis, and recycling of chicken FcY/IgY. Confocal immunofluorescence studies demonstrated that IgY binding and endocytosis occurred at acidic but not basic pH, mimicking pH-dependent uptake of IgG by FcRn. Colocalization studies showed FcRY-mediated internalization via clathrin-coated pits and transport involving early and recycling endosomes. Disruption of microtubules partially inhibited apical-to-basolateral and basolateral-to-apical transcytosis, but not recycling, suggesting the use of different trafficking machinery. Our results represent the first cell biological evidence of functional equivalence between FcRY and FcRn and provide an intriguing example of how evolution can give rise to systems in which similar biological requirements in different species are satisfied utilizing distinct protein folds

Locally Constrained Homomorphisms on Graphs of Bounded Treewidth and Bounded Degree

A homomorphism from a graph G to a graph H is locally bijective, surjective, or injective if its restriction to the neighborhood of every vertex of G is bijective, surjective, or injective, respectively. We prove that the problems of testing whether a given graph G allows a homomorphism to a given graph H that is locally bijective, surjective, or injective, respectively, are NP-complete, even when G has pathwidth at most 5, 4 or 2, respectively, or when both G and H have maximum degree 3. We complement these hardness results by showing that the three problems are polynomial-time solvable if G has bounded treewidth and in addition G or H has bounded maximum degree