‘Beetle’ etherified amino resins have been widely used as components in industrial stoving finishes and in lacquers for more than 40 years. The success of these resins rests…
Abstract
‘Beetle’ etherified amino resins have been widely used as components in industrial stoving finishes and in lacquers for more than 40 years. The success of these resins rests chiefly on their ability to react with other polymers as well as to undergo self condensation. They are extremely versatile and as new film forming polymers have been introduced, amino resins have been modified appropriately. Thus their essential characteristics of compatibility, solubility and reactivity have been retained.
BASF Farben + Fasern AG, Muenster, has acquired the Mobil Chemicals plant at Tiel, Netherlands, which becomes part of its newly formed subsidiary company, BASF Coatings BV. One…
Abstract
BASF Farben + Fasern AG, Muenster, has acquired the Mobil Chemicals plant at Tiel, Netherlands, which becomes part of its newly formed subsidiary company, BASF Coatings BV. One hundred and twenty‐five people are employed at the plant, which manufactures industrial paints, container coatings and coatings for polypropylene film.
The following is the text of Mr. JOHN BURNS' Bill for securing the purity of articles of food and preventing the misdescription thereof, which was introduced in the House of…
Esso Chemical Ltd has recently published a new booklet covering the properties and application of EVA copolymers. While the data is primarily related to its own range of Escorene…
Abstract
Esso Chemical Ltd has recently published a new booklet covering the properties and application of EVA copolymers. While the data is primarily related to its own range of Escorene Ultra polymers much of the booklet concerns information applying to EVAs generally.
In transitioning to the 21st Century, the proces of planetisation is leading to the development of a world culture. With the landing of humans on the Moon in 1969, astronauts…
Abstract
In transitioning to the 21st Century, the proces of planetisation is leading to the development of a world culture. With the landing of humans on the Moon in 1969, astronauts provided us with stunning pictures of our Earth as seen from outer space. The view challenges us to revise our images of our species — who are we as a human family? Space communication satellites and remote sensing technologies help us to appreciate our planet's resources, as well as its environmental and ecological problems. All this contributes, along with advances in telecommunications and mass transportation, to the breaking down of national borders and cultures and to the emergence of a global, information‐oriented culture. While this happens at the macro level, counterforces are at work that are evident in global tribalism and regression locally to “ethnic cleansing” of people who are different. Despite the latter negative trends, humanity's main‐stream is beginning to appreciate that our common survival and satisfaction of our universal needs and concerns are linked to other species and systems, so we should, as far as feasible protect our world and all its inhabitants. In contemplating the evolution and future of humans, the scientist/philosopher, Tielard de Chardin, described planetisation as a convergence of phenomenon such as, increased consciousness and homogenisation — people are beginning to realise their interdependence on each other, as well as upon all life in our universe.
Mourad Mroua, Fathi Abid and Wing Keung Wong
The purpose of this paper is to contribute to the literature in three ways: first, the authors investigate the impact of the sampling errors on optimal portfolio weights and on…
Abstract
Purpose
The purpose of this paper is to contribute to the literature in three ways: first, the authors investigate the impact of the sampling errors on optimal portfolio weights and on financial investment decision. Second, the authors advance a comparative analysis between various domestic and international diversification strategies to define a stochastic optimal choice. Third, the authors propose a new methodology combining the re-sampling method, stochastic optimization algorithm, and nonparametric stochastic dominance (SD) approach to analyze a stochastic optimal portfolio choice for risk-averse American investors who care about benefits of domestic diversification relative to international diversification. The authors propose a new portfolio optimization model involving SD constraints on the portfolio return rate. The authors define a portfolio with return dominating the benchmark portfolio return in the second-order stochastic dominance (SSD) and having maximum expected return. The authors combine re-sampling procedure and stochastic optimization to establish more flexibility in the investment decision rule.
Design/methodology/approach
The authors apply the re-sampling procedure to consider the sampling error in the optimization process. The authors try to resolve the problem of the stochastic optimal investment strategy choice using the nonparametric SD test by Linton et al. (2005) based on sub-sampling simulated p values. The authors apply the stochastic portfolio optimization algorithm with SSD constraints to define optimal diversified portfolios beating benchmark indices.
Findings
First, the authors find that reducing sampling error increases the dominance relationships between different portfolios, which, in turn, alters portfolio investment decisions. Though international diversification is preferred in some cases, the study’s results show that for risk-averse US investors, in general, there is no difference between the diversification strategies; this implies that there is no increase in the expected utility of international diversification for the period before and after the 2007-2008 financial crisis. Nevertheless, the authors find that stochastic diversification in domestic, global, and Europe, Australasia, and Far East markets delivers better risk returns for the US risk averters during the crisis period.
Originality/value
The originality of the idea in this paper is to introduce a new methodology combining the concept of portfolio re-sampling, stochastic portfolio optimization with SSD constraints, and the nonparametric SD test by Linton et al. (2005) based on subsampling simulated p values to analyze the impact of sampling errors on optimal portfolio returns and to investigate the problem of stochastic optimal choice between international and domestic diversification strategies. The authors try to prove more coherence in the portfolio choice with the stochastically and the uncertainty characters of the paper.
Details
Keywords
Regional rates of return in the United States differed widely following the Civil War and some differences persisted until well after World War II. Our understanding of the…
Abstract
Regional rates of return in the United States differed widely following the Civil War and some differences persisted until well after World War II. Our understanding of the evolution of short-term interest rates is based primarily on portfolio rates of return estimated from bank accounting data. This paper uses new national bank loan rate series for 1887–1975 to present a revised view of the evolution of regional short-term interest rates. Two findings are of particular interest. The organization of the Federal Reserve System was accompanied by significant convergence in regional bank loan rates. Rates in the postbellum South were lower than previously thought.
Valeria Sodano, Martin Hingley and Adam Lindgreen
The aim of this paper is to assess the welfare effects of the newest trends in food safety policies characterised by the shift from public to private intervention.
Abstract
Purpose
The aim of this paper is to assess the welfare effects of the newest trends in food safety policies characterised by the shift from public to private intervention.
Design/methodology/approach
Food safety policies are analysed through concepts of new economic sociology, with a critical review of the literature on social capital.
Findings
The article shows that as food safety and quality attributes responsible for the exchange complexity are simply codified and enforced through standards and third‐party certification, the global value chain governance shifts from a relational type to a power‐based type, with possible negative welfare effects.
Research limitations/implications
Further research would be required to verify the welfare effects suggested on the theoretical ground.
Practical implications
The article makes a useful updating of food safety policies and organisational innovation in the food system.
Originality/value
The paper introduces some new (with respect to the marketing literature related to the food system) concepts and theories of economic sociology.