Linkages and relationships between Emerging European and Developed Stock Markets before and after the Russian Crisis of 1997-1998

This paper examines the linkages between the Russian stock market and those of its largest neighbors in Central and Eastern Europe, and the world stock markets over the 10 year period 1995-2004. What we find is that there was a major change in the nature of these relationships after the so called Russian Crisis of 1997-1998. The nature of this change is such that we can no longer rely on the the traditional methods used to examine linkages between equity markets. Using a more appropriate set of tools we find that the major influences on the Russian stock market have become the equity markets of the European Union and the USA. There is very little evidence of influence from (or to) regional markets such as Poland or Hungary. Classification-Stock Market Integration, CEE Stock markets, Russian Stock Market, Cointegration

Linkages between international securitized real estate markets: Further evidence from time-varying and stochastic cointegration

This paper analyzes long-run co-movements between international real estate stock markets and between regions based on bivariate and multivariate tests for cointegration. While the topic has been analyzed in previous studies such as Gallo and Zhang (2009) and Yunus (2009) among others, this paper is of significant contribution to existing studies since we compare results from different cointegration methodologies and explicitly control for instability in cointegration relationships and deviations from normality. Furthermore, the analyzed time period is longer than in previous studies and ranges from 1990 to 2009 covering 20 years. In line with previous studies, the empirical results indicate several cointegration relationships between national real estate stock markets. However, it is also shown that most cointegration relationships are unstable and that the results from cointegration methodologies suggested by Engle and Granger (1987) and Johansen (1988) might be misleading in that common long-run comovements appear to be stronger when structural breaks are considered. Thus, the results indicate that investors would benefit from broadening their investment horizon from their domestic continent to international markets. This particularly applies for the European securitized real estate markets. --international securitized real estate markets,diversification,time-varying cointegration,stochastic cointegration

Russian equity market linkages before and after the 1998 crisis: Evidence from time-varying and stochastic cointegration tests

This paper examines the relationships between the Russian and other Central European (CE) and developed countries’ equity markets over the 1995-2004 period. Along with the traditional Johansen and Juselius (1990) multivariate cointegration tests, we apply novel cointegration approaches, including Gregory-Hansen (1996) test, which allows for a structural break in the relationships, as well as the newly developed stochastic cointegration test by Harris, McCabe and Leybourne (2002) and the non-parametric cointegration method of Breitung (2002). The latter tests point to a significant agreement that in the aftermath of the Russian crisis of 1998 there was an increasing degree of comovements of the Russian market with other developed markets, but not with CE developing markets. This result is further confirmed by dynamic conditional correlation modeling, which allows us to investigate graphically the evolution of comovements in the system. The results of detailed cointegration analysis suggest a. that the time-varying nature of equity markets comovements should be explicitly accounted for while modeling long run relationships b. that there is a decline in diversification benefits for foreign investors seeking to invest in Russian equities over the long horizon.Stock Market Integration; CEE Stock markets; Russian Stock Market; Cointegration

CEE Banking Sector Co-Movement: Contagion or Interdependence?

We study the evolution of global equity market integration using US dollar denominated iShares. Designed to mimic the movements of MSCI indices, these securities provide an easy pool of international diversification products for the investor. As such they allow us to conduct an analysis of the largest equity markets comovements devoid of problems associated with trading restrictions, exchange rates fluctuations and non-synchronous trading. In contrast to most of the previous studies, we apply time varying methodology for the analysis of both short-term and long-term comovements that provide detailed evidence on the pattern and dynamics of the equity market linkages. We find evidence in favour of increasing conditional correlations for all of the markets since 2001. Time-varying and recursive cointegration tests provide somewhat weak evidence in favour of the presence of bivariate cointegration relationships, but stronger evidence in the multivariate case, suggesting limited diversification opportunities for the U.S. based investor in the long run.Stock Market Integration, G7 Stock markets, Cointegration, GARCH

Pension funds' performance in strongly regulated industries in Central Europe: Evidence from Poland and Hungary

This paper presents an analysis of pension funds' performance in Poland and Hungary, two Central European countries characterized by strong regulation of their private pension fund industries. Thus, the paper extends the literature which has so far mostly focused on performance of pension fund industries facing no or limited regulation. We find that the performance of pension funds in the two studied countries differs. While we do not find convincing evidence of outperformance by Polish pension funds, we find strong evidence of underperformance by Hungarian pension funds. The results are robust to time-variation. The paper considers possible explanations behind these findings. The results of the paper should be of interest for policy-makers seeking to achieve optimal performance of the pension systems and academics in the research area of pension funds. --pension fund management,investment and performance regulation,performance measurement,Central European stock markets,Emerging Markets

Role of SOX9 in cancer stem cell regulation in lung cancer chemoresistance and particle-induced carcinogenesis

Lung cancer is a leading cause of cancer-related death worldwide. Every year it claims more lives than other common malignancies, breast, prostate, and colorectal cancers, combined. And despite recent improvements in disease diagnostics and treatment, drug resistance and tumor relapse remain major contributors to low patient survival. Both issues have been largely attributed to the existence of cancer stem-like cells (CSCs) or tumor initiating cells (TICs). CSCs are a small cell population within heterogeneous tumors that is inherently resistant to apoptosis, chemo- and radiation therapy. Thus, it is critical to elucidate CSC-specific signaling pathways and identify early biomarkers for therapeutic intervention. This body of work investigates molecular mechanisms of CSC regulation by an embryonic transcription factor SOX9. We show here that SOX9 is upregulated upon exposure to cisplatin and positively regulates cancer stem-like properties and chemoresistance of non-small cell lung cancer (NSCLC) cells. Moreover, we demonstrate for the first time that the stem-cell marker ALDH1A1 is a direct SOX9 transcriptional target. We also show that SOX9 expression is upregulated in human lung epithelial cells chronically exposed to single-walled carbon nanotubes (SWCNT). SOX9 was identified as a critical factor promoting metastatic and stem-like properties in these cells. We also observed a correlation between SOX9 levels and ALDH expression and activity in this model of carcinogenesis, suggesting that activation of SOX9-ALDH axis may have a broader role in the regulation of cellular stress responses. Taken together, our novel findings on the role of SOX9-ALDH axis support the use of this CSC regulator as a prognostic marker of cancer chemoresistance and as a potential drug target for CSC therapy. The SOX9-ALDH axis could also have a broad role in the regulation of CSC survival under different stress conditions

Understanding the dynamics of ethnonationalist contention: political mobilization, resistance and violence in Nagorno-Karabakh and Northern Ireland

PhDThis thesis analyzes the dynamics of ethnic conflict evolution, mobilization and radicalization with a focus on Nagorno-Karabakh (1987–1992) and Northern Ireland (early 1960s–1969). It concentrates upon the periods when intersocietal communication was gradually being reinterpreted and reshaped on an ethnic basis, which also became increasingly crucial to public discourse. I argue that many of the weaknesses of the existing interpretations of these conflicts arise from an absolutization of single theoretical and methodological approaches. This study utilizes a synthesis of the literatures on ethnic conflict, social movements, collective action and nationalism. The perspective offered in this research sees nationalist activity as embedded in cultural contexts, social networks and intersubjective relations of reciprocity. I stress that the understanding of these dimensions is crucial to account for temporal evolution within and variation across nationalist movements. Securing the success of a specific nationalist agenda requires operating in an interdependent field of rival strategies of legitimation. The study also highlights unintended consequences in the trajectory of conflict development. Many academic accounts approach this subject from the point of view of one of the respective communities without recognizing the value of alternative conceptualizations. This study systematically examines the interactions, perceptions and attitudes of the main parties to the conflicts in question avoiding one-sided and often static interpretations. The thesis builds on extensive documentary and press material, archival research and over 50 semi-structured interviews. New empirical evidence presented here casts doubt on strong versions of the ‘ethnic entrepreneurship’ literature by emphasizing the fact that the connection 3 between developments on the ground and elite conduct was not purely automatic, and drawing attention to the symbolic repertoires, selfperceptions, categorizations and ideas that feed into the collective representation of the nation. I suggest that the constraints facing elites within each ethnic bloc, as well as ‘external’ (state) leaders, are built into the process of ethnic contestation. Overall, the thesis makes a strong case for greater attention to the limits of elite flexibility in sustaining uniform group preferences, freely opting for the path of compromise and/or (constitutional) reform.School of Politics and International Relations. Cental London Research Fun

Напрями захисту суспільства та особистості у протидії кібезлочинності

The relevance of the research topic is that with the development of computer power in the digital age, the potential of mankind grows, the capabilities of machines expand, new and influential platforms appear, which involve criminals from the criminal cyber underground trying to use tomorrow's technologies. , so the impending hurricane of impending technological danger can no longer be ignored. The purpose of the article is to conceptualize the protection of society and the individual in the fight against cybercrime, to develop ways and measures to ensure society against the crimes of the future and the legal regulation of global cybersecurity.Актуальність теми дослідження в тому, що з розвитком комп’ютерних потужностей у цифрову епоху зростає і потенціал людства, розширюються можливості машин, з’являються нові і впливі платформи, до яких залучаються злочинці з кримінального кіберпідпілля, що намагаються використати у своїх цілях технології завтрашнього дня, тому ураган технологічної небезпеки, що насувається, більше не можна ігнорувати. Мета статті – концептуалізація захисту суспільства та особистості у протидії кіберзлочинності, розробка шляхів і заходів спрямованих проти злочинів майбутнього у суспільстві і правове регулювання глобальної кібербезпеки

Strategic instruments to choose foreign target markets

Purpose: The paper aims to elaborate the principles and the authors’ original method to choose target markets of textile and fibers manufacturers when internationalizing their economic activity. The decision on foreign target markets must be very reasonable as having chosen a new foreign market the company put a lot of resources into it. Design/Methodology/Approach: The authors suggest to take into account three factors for the most perspective foreign markets for export interventions. The cash flow in foreign trade by specific materials (textiles and fibers) was estimated by each country – to select the countries depending on textiles and fibers import. Among those countries the markets' attractiveness was estimated by their size and growth intensity. After that general opportunities of doing business by Russian companies in the country were estimated using a complex index calculated on a basis of data characterizing import from Russia volume and its dynamics, transport accessibility, GDP Volume and Dynamics. Findings: The paper contains a set of data characterizing the most perspective countries for Russian textile companies export expansion – Cambodia, Bangladesh, Sri Lanka, Iran, Saudi Arabia, Morocco, Nicaragua, Viet Nam. Central and Eastern European countries (Romania, Poland, Slovenia), United Kingdom, USA, Canada are attractive from a point of view of potential prospects of business development in the country, however cooperation with them may be difficult due to some serious barriers on entering the markets. Practical Implications: The matrix can be used in managerial practices of different companies oriented on their international business activities expanding. The results of the new methods implementation (the list of the most perspective foreign markets) can be used by for management of the Russian textile companies oriented on foregn markets. Originality/Value: The paper contains a new method of foreign target markets choosing and a new strategic instrument – the matrix of export expansion markets choosing.peer-reviewe

Does Regulation Hurt Pension Funds' Performance? Evidence from Strongly Regulated Pension Fund Industries

This paper presents an analysis of pension funds’ performance in Poland and Hungary as representative Eastern Central European countries. In the theoretical literature it is argued that investment limits and performance regulations may have a negative influence on the performance of funds. In particular for Poland, our empirical findings do not support this prediction. Consequently, strict regulations do not necessarily harm the performance of the pension funds.