Corporate governance, competition, the new international financial architecture and large corporations in emerging markets

This paper examines from the developing countries perspective important analytical and policy issues arising from: a) the current international discussions about corporate governance in relation to the New International Financial Architecture; b) changes in the international competitive environment being caused by the enormous international merger movement in advanced countries. The paper's main conclusions include: the thesis that the deeper causes of the Asian crisis were the flawed systems of corporate governance and a poor competitive environment in the affected countries is not supported by the evidence; emerging markets, as well as European countries, have successful records of fast long-term growth with different governance systems, indeed superior to those of Anglo-Saxon countries; corporate financing patterns in emerging markets in the 1990s continue to be anomalous, as they were in the 1980s; and the claim that developing country conglomerates are inefficient and financially precarious is not supported by evidence or analysis.Corporate governance, competition, emerging markets.

Corporate Governance, Competetion, The new International Financial Architecture and Large Corporations in Emerging Markets

This paper examines from the developing countries perspective important analytical and policy issues arising from: a) the current international discussions about corporate governance in relation to the New International Financial Architecture; b) changes in the international competitive environment being caused by the enormous international merger movement in advanced countries. The background to a) above is the emergence of corporate governance as a key issue in the current G7 proposals for the New International Financial Architecture. The G7 emphasis on corporate governance can be traced back to the thesis that the ‘deeper’ reasons for the Asian crisis lay in the microeconomic behaviour of corporations and businesses in the affected countries. The failings of the corporate governance mechanisms and distortions in the competitive process have received special scrutiny in such analyses. With respect to b) above, the context is that the largest corporations in advanced countries are currently in the process of potentially cartelising the world market place through a spate of cross-border mergers and take-overs. This huge merger movement raises serious policy concerns for developing countries. The paper's main conclusions are: 1. The thesis that the deeper causes of the Asian crisis were the flawed systems of corporate governance and a poor competitive environment in the affected countries is not supported by evidence. 2. The Anglo-Saxon model of widely held corporations with dispersed share ownership is by far the exception in developing countries and in much of continental Europe. Empirical evidence suggests that emerging markets, as well as European countries such as Italy, Sweden or Germany have successful records of fast long-term growth with different governance systems, indeed superior to those of Anglo-Saxon countries. 3. Empirical evidence does not support the view that the Asian crisis 1997 to 1999 was caused by crony capitalism. 4. Corporate financing patterns in emerging markets in the 1990s were broadly similar to those observed in the 1980s. Unlike their counterparts in advanced countries, large developing countries firms continued to rely overwhelmingly on external sources to finance their growth of total assets. 5. The analysis of this paper does not support the claim that developing country conglomerates are inefficient, financially precarious and necessarily create moral hazard. It also indicates that contrary to widely held beliefs, product market competition in emerging countries is no less intense than in advanced economies. Acknowledgements Please do not quote without permission from the authors. Comments are most welcome.Competition; Corporate Governance; Emerging Markets

Shareholder value maximisation, stock market and new technology: should the US corporate model be the universal standard

In 1992 a blue-ribbon group of US economists led by Michael Porter concluded that the US stock market-based corporate model was misallocating resources and jeopardising US competitiveness. The faster growth of US economy since then and the supposed US lead in the spread of information technology has brought new legitimacy to the stock market and the corporate model, which is being hailed as the universal standard. Two main conclusions of the analysis presented here are: (a) there is no warrant for revising the blue-ribbon groupÕs conclusion; and (b) even US corporations let alone developing country ones would be better off not having stock market valuation as a corporate goal.Shareholder wealth, Information technology, Stock-market efficiency

Effect of Transport Vibration on Quality of Minimally Processed and Packaged Fresh-Cut Cantaloupe

This study was undertaken to determine the quality of packaged fresh cut cantaloupe subjected to transport vibration after treating with various anti-browning agents. Cantaloupe (Cucumis melo) pieces were dipped in two anti-browning solutions: Treatment- A (2% ascorbic acid + 1% calcium chloride + 0.5% citric acid) and Treatment-B (3% NatureSeal™) for 2 minutes and packaged in bio-based clamshell containers and vibrated for 60 minutes (ASTM 4169, Truck assurance level II). Vibration of cut-cantaloupe packaged in sample containers had a positive effect on the flavor and overall liking. The overall liking scores were higher than 6(slightly like) on a hedonic scale of 1–9 for all samples except for vibrated-Treatment-A. The texture of vibrated cut-cantaloupe deteriorated with time, which was partially supported by firmness values obtained using a Kramer shear press. Treatment-B cut-cantaloupe subjected to vibration performed better than Treatment-A for appearance, flavor, texture and overall acceptability. No off-odor, sliminess or mold growth was observed in any of the samples during 10-day storage at 5°C ± 0.3°C. The sensory panel examined the final quality of fresh-cut fruit for several quality parameters at day 1, 4, 7 and 10 after being vibrated and stored in bio-based packaging made from Poly (lactide) (PLA) polymer. These findings are significant for quality preservation of cut-cantaloupe during transportation and distribution channels

Early Rehabilitation in Head Injury; Can We Improve the Outcomes?

Background: The quality of care after head injury is still very variable with a little coordination\n between different specialties. Acute care dominates, often with little regard to\n rehabilitation needs. Objectives: To improve the outcomes of all head injury admissions to hospital, including mild and\n moderate, by creating a head injury team to supervise a rehabilitation clinical\n pathway. Patients and Methods: A head injury team was established to manage the care of all non-neurosurgical\n admissions with head injury to a large teaching hospital. Apart from inpatient care, the\n team coordinates various services involved in the care of head injuries, arranged\n suitable follow-ups, supported relatives and trained healthcare staff on general wards\n in the treatment of head injured patients. Follow-up clinics at 6 weeks and 6 months\n were arranged. Results: In the first three years, the team managed the care of 812 admissions. Mean age was\n 44.3 years (SD = 24.8) and mean length of hospital stay was 6.1 days (SD = 10.9). Of\n these individuals, 674 attended for 6 month follow-up with 52.2% having a good outcome\n on Extended Glasgow outcome score. Patients and their relatives' feedbacks were\n excellent with an average score of 4.7/5 on overall satisfaction rating. Following\n presentations at national meetings and elsewhere, other centers in the United Kingdom\n are now setting up similar pathways. Conclusions: A dedicated clinical pathway and head injury team can improve the quality of care for\n all admissions with head injury and enhance the role for rehabilitation medicine input\n at an early stage

Epicardial fat necrosis: An uncommon etiology of chest pain

Epicardial fat necrosis (EFN) is a rare cause of severe chest pain. We present a case of EFN successfully treated conservatively. With the advent of computed tomography and magnetic resonance imaging, the diagnosis can be made more precisely, avoiding the need for surgical intervention. We review the clinical characteristics, pathogenesis and treatment options of EFN

Aircraft/island/ship/satellite intercomparison: Preliminary results from July 16, 1987

The First ISCCP Regional Experiment (FIRE) objective of validating and improving satellite algorithms for inferring cloud properties from satellite radiances was one of the central motivating factors in the design of the specific field experimental strategies used in the July, 1987 marine stratocumulus intensive field observations (IFO). The in situ measuring platforms were deployed to take maximum advantage of redundant measurements (for intercomparison of the in situ sensors) and to provide optimal coverage within satellite images. One of the most ambitious of these strategies was the attempt to coordinate measurements from San Nicolas Island (SNI), the R/V Pt. Sur, the meteorological aircraft, and the satellites. For the most part, this attempt was frustrated by flight restrictions in the vicinity of SNI. The exception was the mission of July 16, 1987, which achieved remarkable success in the coordination of the platforms. This presentation concerns operations conducted by the National Center for Atmospheric Research (NCAR) Electra and how data from the Electra can be integrated with and compared to data from the Pt. Sur, SNI, and the satellites. The focus is on the large-scale, integrated picture of the conditions on July 16 from the perspective of the Electra's flight operations

Information technology, venture capital and the stock market

Abstract This paper investigates the relationship between information technology and the capital markets. The central analytical and policy question addressed here is what kind of financial system or capital market arrangements are most conducive to fostering information technology and its use in the economy. This question is closely related to an old debate about the relative virtues of the Anglo-Saxon financial system based on stock markets, and the German/Japanese bank-based financial model. Which system should developing countries attempt to emulate to foster their economic growth and technological development? This debate has recently taken a fresh turn with the apparent emergence of the “New Economy” in the U.S. The U.S. has not only experienced fast growth of ICT industries but there has also evidently been widespread successful adoption of ICT technology in many areas of the economy. It is suggested that a major reason for the U.S. lead in this area, and the apparent European and Japanese lag, has been the very important enabling and stimulating role of the stock market