This paper aims at contributing to the debate about Japan’s leadership capabilities. Lately, scholars from all around the world have referred to Japan as the “new leader of free trade”. This comes as a surprise, as the country has always been the archetype of a passive and mercantilist state. Therefore, what role is Japan playing in contemporary free trade agreements? What leadership style, if any, is the country exercising? What changes has Japanese leadership experienced in the last decades? Testing theories of this kind is challenging because there is limited information on the topic and most of it is only available in the language of the country in matter. Drawing on a case study based on the role of Japan in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership and analyzing it from Young’s framework on political leadership, this article concludes that Japan is exercising a leadership role in contemporary FTAs.

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With the Indo Pacific being one of the most economically and geopolitically significant regions in the world currently, the competition for influence between the two major powers of the region has picked up, alongside the discourse which takes place from each side through multilateral means. Literature has shown the vast amounts of previous research done on the topic, approaching the region with a realist or liberalist perspective, therefore leaving room for this research to partake in a relational constructivist research on the narratives and discourses driven by both sides multilaterally to counter each other as a means of competition. With the application of the concepts of identity, legitimation & rhetorical commonplaces, and social attribution, this research will partake in a discourse predicate analysis of official speeches and government documents within multilateral context from both the US and China regarding each other. The research examines the ways in which the US has constructed the region under a guise of securitisation and China as an opposition to the American-led world order. China approaches the region differently, constructing it as one that cooperates and integrates itself with China. Thus, through ongoing interactions, the discourse shapes the ways in which the powers view each other.

德國投資大師科斯托蘭尼（Kostolany）曾用主人牽狗散步來形容股價跟基本面的運行關係，主人從甲地到乙地的路徑像是公司的基本面，而狗跟隨著主人的步伐忽前忽後、亦步亦趨就像是股價，兩者之間短期間不一定會同步，但最終必將一致。這個現象說明了股市投資的一個不變的真理：長期而言，股價必將反映公司經營的基本面。作為一個投資人如果無法掌握基本面的走向，而只知道一味的追逐股價的走向，則無異於捨本逐末，緣木求魚了。 從基本面來分析公司的價值，最直接正確的方是就是現金流量折現模型，但這個方法對於如何預估公司未來產生的現金流，及如何採用折現率存在著相當大的歧異。再者，一經估算出公司的內在價值後，要在什麼價格買進是另外一個要面對的問題。葛林布雷（Joel Greenblatt）選擇從另外一個角度切入，他藉著資本報酬率（Capital return）來篩選經營績效傑出的公司，加上盈餘報酬率（Earning Yield）來選出便宜的標的，兩者結合在一起過濾出的組合可充分發揮出價值投資者選股的精神。 本研究應用他所提出的方法，選擇MSCI Asia Pacific ex-Japan指數做為樣本，實際驗證用這兩個神奇公式所選出的投資組合在2002-2007年的表現，結果得到年化報酬率超過指數表現高達40%的績效。對於一般非專業的投資人，可以利用這個低成本及有效的方式建構一個價值型的投資組合，避免跟隨市場波動而頻繁地交易，達到投資而非投機的目的了。 / Andre Kostolany, Germany guru investor, explains the relationship between stock price and fundamental by an example of a man walking a dog. The master’s route expresses the company’s operation fundamental while the follow-up path of the dog is the stock price movement. Their paths are not sure synchronizing at short period of time but it will be corresponding in the long run. Admittedly, this phenomenon tells us the truth that the stock price finally should reflects the operating result of the company. Therefore, it’s in vain if an investor cannot manage to understand the business development but only chase technical price information. Basically, the discount cash flow, DCF, is the first and foremost method to evaluate the value of the company. However, how to forecast the future cash flow of the business as well as how much the discounting rate be used are still among debatable. Secondly, when to buy the stock is another dilemma after the intrinsic value is calculated. Joel Greenblatt takes the topic from a different angle. He points out those stocks with high capital yield and earning yield that depicting not only superior capital spending but also relatively inexpensive compare to others. In short, his two magic formulas combine major value investor components indeed. This thesis applies his findings to eqiuty portfolio construction in Asia Pacific markets. From 2002 to 2007, the magic 30 basket, composed of 30 constituents with highest capital and earning yield, outperforms the MSCI Asia Pacific ex- Japan benchmark by astonishing 40% p.a. For non-institutional investors, the model is particularly useful in construction a value-oriented portfolio that refrains from frequent transactions in face of market volatility.

設立防空識別區的根本目的是為了維護國家空防安全，基本理念是｢禦敵於國門之外｣，是國家行使自保權的需要，是一個主權國家的重要防禦手段。空軍軍事法院院長刑洪波曾說：作為一個預警概念，防空識別區制度具有國家性、單方性、穩定性、防禦性、強制性五個方面的特性。防空識別區的劃設與國家安全的關係是緊密不分的，雖然防空識別區是由自身國家所劃設，在國際上是不具有國際法效力，但是此區可以說是一個國家空防能夠及早預警的延伸範圍，所以它的劃設是具有其必要性的。而如何劃設本身國家的防空識別區便與國際政治上國家與國家之間的影響力有密切關係。 近年來中共經濟發展迅速，在國際事務上已成關鍵，有發展成強權國家之勢，在2012年發生了日本收購釣魚島事件，對於東海戰略平衡上，破壞了中、日、台在東海上的平衡，也影響了中共防空識別區的劃定及周邊航道安全的維護。而2013年中共設立東海防空識別區，對於國際造成嚴重影響，尤其是東海地區局勢更加動盪。中共在2015年1月15日發布飛航公告，擬在台灣海峽劃設一條南北向新航路，與東西向三條新航路，此舉動造成台灣海峽及附近區域安全上的強烈衝擊。而美國為了圍堵、威攝和遏制中國大陸的崛起，近年來不斷的和日、韓等國家在黃海、東海、南海地區頻繁進行大規模軍演，並決定｢亞太再平衡政策｣，推動戰略東移目標，要在2020年內將60%的軍事力量轉移至亞太地區，擴大其在該地區的軍事基地建設，進駐先進武器在關島及其他基地。而對中華民國而言，中共劃設東海防空識別區對東海地區安全的衝擊，是非常重要的，中華民國應強化在東海的話語權，並從多邊面向思考對外發展戰略思維的調整。 / Established air defense identification zone's fundamental purpose is to safeguard national aviation security, the basic idea is the "enemy out," is the need to exercise the right of national self-protection is an important means of defense of a sovereign state. President of the Air Force Military Court Criminal Hongbo said: As an early warning concept, air defense identification zone system has national characteristics unilateral, stability, defense, mandatory five aspects. Designation of the relationship between national security and air defense identification zone are closely regardless, although the air defense identification zone is the designation of the country itself, it is in the international community does not have the force of international law, but this area can be said to be a country capable of air defense extending the scope of immediate early warning, so it is a designation of its necessity. And how the designation of their national air defense identification zone will be closely related to the international political influence on the state and between countries. In recent years, the CCP's rapid economic development, has become critical in international affairs, has developed into a potential power countries, Japan, the acquisition of the Diaoyu Island incident occurred in 2012, the strategic balance on the East China Sea, destroyed, Japan and Taiwan in the East China Sea balance, also affected the delineation and the surrounding seaways CCP air defense identification zone maintenance. And in 2013 the CPC established the East China Sea air defense identification zone for international severely affected, especially the situation in the East China Sea region more volatile. CCP released January 15, 2015 flight announcement, to be in the Taiwan Strait designation of a new north-south route, with three new east-west route, this move will have a strong impact on the vicinity of the Taiwan Strait and regional security. And the United States to containment, deterrence and curb the rise of mainland China, in recent years, and Japan, Korea and other countries frequently conduct large-scale military exercises in the Yellow Sea, East China Sea, South China Sea, and decided to "rebalance Asia policy" to promote the strategic eastward target to 60% in 2020 year will be transferred to the Asia-Pacific region's military to expand its construction of military bases in the region, advanced weapons stationed in Guam and other bases. The Republic of China, the CPC designation of the impact of the East China Sea air defense identification zone of the East China Sea regional security, it is very important to the Republic of China should strengthen the right to speak in the East China Sea, and think to adjust its foreign strategic thinking from multilateral development-oriented.

美國可稱為新現實主義的實踐者。在1970年代美國藉由透過拉攏中華人民共和國(中共)形成戰略三角來維持國家安全的最佳位置。蘇聯解體後，中共成為威脅美國的新興強權。約翰•米爾斯海默(John J. Mearsheimer)於1990年代提出了攻勢現實主義(Offensive Realism)，米氏認為在無政府的國際體制下，權力極大化才能確保國家安全，中共勢必也將會為了國家安全，擴張其軍事實力，成為具區域影響力的強權，掌握亞太區域事務的主導權。 歐巴馬(Barack Obama)政府在2009年順利執政後，其任命的國務卿希拉蕊•柯林頓(Hillary Clinton)於Foreign Policy發表了一篇《America’s Pacific Century》，文中定調亞太地區為未來美國政府在外交政策、國際政治經營以及全球戰略的核心，為歐巴馬的亞太政策鋪路，隨後歐巴馬在2012年公佈《維繫美國全球領導地位：21 世紀國防優先事項》(Sustaining U.S. Global Leadership: Priorities for 21st Century)的戰略報告，正式宣告將全球戰略佈局重心移至亞太地區，即是現今國際間熟知的亞太再平衡(Asia Pacific Rebalancing)戰略，而此一戰略的目標就是對中共在亞太地區進行新世紀的區域圍堵。中共與美國競合的過程中，中華民國(臺灣)扮演著關鍵第三者，臺灣執政當局在歐巴馬推動「亞太再平衡」戰略期間所扮演的角色與立場，也將會影響兩岸關係的現狀與未來發展。 / The United States can be called Neo-Realism practitioners, and in the 1970s the United States was the best place to maintain national security by forming a strategic triangle with the People's Republic of China (PRC). After the disintegration of the Soviet Union, the PRC became an emerging power threatening the United States. John J. Mearsheimer, who introduced Offensive Realism in the 1990s, argues that state’s power should be maximized, in order to ensure national security in the anarchistic international relationship. PRC is also seeking its own safety position at the national security level. Therefore, PRC has to expand its military strength and have the capability to influence regional affairs. The end state of PRC, is to master the Asia-Pacific regional affairs of the initiative. After the Barack Obama administration took office in 2009, his secretary of state, Hillary Clinton, published an article “America’s Pacific Century” on Foreign Policy website. This article elaborates center of gravity of U.S.’s foreign policy, management of international politics and global strategy in the near future. Obama administration had an announcement “Sustaining U.S. Global Leadership: Priorities for 21st Century” in 2012. And it became a well-known strategy “Asia-Pacific Rebalance”, and the goal of this strategy is to create a strategic containment for PRC in a new era of global competition. The Republic of China (Taiwan) plays a key role during Sino-American competition. Roles and behaviors of Taiwan's administration will affect Cross-Strait relationship when Obama’s administration execute the strategy of “Asia-Pacific Rebalancing”

The dissertation is devoted to the notion of preventive diplomacy. In the first part, various theoretical approaches to the term are discussed, especially regarding the position of preventive diplomacy in the cycle of conflict, and its instruments. A brief overview of regional arrangements and their role in preventive diplomacy is provided, too, since the second main part of the work focuses on the ASEAN Regional Forum (ARF) and its proclaimed intention to introduce preventive diplomacy in the region. Nonetheless, as the study shows, the ARF participants have not yet resorted to the development of preventive diplomacy. The objective of the dissertation is twofold: besides providing a synthesis and systemization of theoretical approaches to preventive diplomacy, it aims to identify the main obstacles hindering the ARF to implement effective measures of preventive diplomacy. In this respect, it is argued that it is both the set of norms also known as ASEAN Way and the Chinese negative stance that constitute the major reason of ARF's inability to proceed to the stage of preventive diplomacy.

Interpretation of international law can vary from culture to culture. Pitman Potter is investigating new models that respond to these cross-cultural differences.

Ces dernières années, le centre de gravité géopolitique du monde se déplace progressivement vers l’Asie-Pacifique, un phénomène marqué notamment par l’influence croissante de la Chine et de son rôle joué dans cette région. En même temps, l’influence considérable des médias en tant qu’acteurs essentiels dans la mutation géopolitique pousse le gouvernement chinois à renforcer son soft power, visant à promouvoir l’influence et le rayonnement du pays à travers ses médias. Cela nous invite à examiner le rôle des médias chinois dans le pouvoir d’influence de la Chine en Asie-Pacifique sur la période récente (2007 – 2016). Reposant sur l’analyse de contenus des médias chinois, notre étude de la représentation de l’influence chinoise en Asie-Pacifique montre que ceux-ci s’attachent plus à exposer la puissance militaire, les pouvoirs d'influence économique et politique de la Chine, alors que le soft power culturel du pays (tel son rayonnement en Asie de l’Est) n'est pas mis en évidence. Notre recherche montre ensuite que les médias chinois sont devenus des acteurs essentiels dans les conflits géopolitiques en Asie-Pacifique, qu’ils contribuent à façonner une image de respectabilité et à promouvoir les visions du monde de la Chine. Cependant, l’influence des médias chinois en Asie-Pacifique est limitée, puisqu’ils restent un outil de propagande visant à nourrir le nationalisme domestique et à défendre le régime chinois actuel. / The geopolitical center of the world is gradually shifting towards the Asia-Pacificregion in recent years, and this change is marked in particular by the growinginfluence of China and its role in this region. At the same time, the massiveinfluence of the media as key players in the geopolitical mutation is pushing theChinese government to strengthen its soft power and to promote the influence ofthe country through its media. This brings us to examine the role of the Chinesemedia in China's power of influence in Asia-Pacific from 2007 to 2016.Based on the analysis of Chinese media, our study on China's influence onAsia-Pacific region shows that the Chinese media focus more on China's militarypower, economic and political influence, while the soft cultural power of thecountry is not highlighted. Our research then shows that the Chinese media havebecome key players in Asia-Pacific geopolitical conflicts, helping to shape aChinese respectability image and promoting its worldviews. However, theinfluence of the Chinese media on Asia-Pacific is limited, as they remain a tool ofpropaganda to nourish nationalism, and defend its current regime.

O objetivo deste trabalho é discutir a ascensão internacional da China e suas relações com a Índia e os EUA. O argumento central é o de que a China está se tornando o centro gravitacional da ÁsiaPacífico, região que está assumindo a dianteira na 3ª Revolução Industrial, e, por sua vez, do processo de transição em curso no sistema mundial. A ascensão da China é parte de um longo ciclo de incorporação do país ao moderno sistema mundial, que inicialmente se processou de forma subordinada, por intermédio das Guerras do Ópio, mas vem assumindo notável importância após a Revolução e as Reformas. Com as Reformas a China vai criando as condições objetivas, internas e internacionais, para transformarse em um Estadopivô, catalisando as dinâmicas regionais da ÁsiaPacífico e projetandose globalmente. Assim, a aproximação da China com os EUA, nos anos 1970, transformase no núcleo do rearranjo de poder mundial. Nesse rearranjo de poder tanto regional quanto global, a Índia tem crescente relevância, pois pode influenciar decisivamente a ascensão da China e da ÁsiaPacífico, assim como a recolocação dos EUA no sistema mundial. Por isso, a dinâmica triangular China, EUA e Índia contém parte importante das respostas relativas aos novos pólos emergentes no espaço mundial e ao grau de conflitividade que esta transição pode produzir. / The purpose of this work is to discuss the international ascension of China and its relationship with India and USA.The main argument of this text is that China has becoming the gravitational center of PacificAsia, region wich is assuming the front in the third industrial revolution and, considering this, also the transition process in operation in the worldwide system that in a early moment was processed by China in a subordinate form (as seen through Opiun War), but wich has assuming a remarkable importance after the revolution and the reforms. By these reforms, China creates the objective condition, inside the country and internationaly, to transform itself in a Pivot State, catalysing the regional dynamics of AsiaPacific and projecting itself in the globe. Then, the aproximation between China and USA, in the 1970s, has increasing its significance, cause it may influence in a decisive way the rising of China and the AsiaPacific, beside of the replacement of USA in the worldwide sistem. The triangular dinamics of China, USA and India contains an important part of the answers relative to the new rising poles in the worldwide system and to the level of conflict wich this transition might produce.