Asian efforts towards bond market development are driven by the 1997-98 financial crises; Central and Eastern European efforts by the transition towards EMU. The small size of most of the economies underlying these still "emerging" bond markets poses the question of minimum efficient scale and which options to pursue. We argue that the joint bond funds and regional bond market linkups that follow existing trade, FDI and bank ties will broaden the sources of finance, can improve market discipline, provide signals to the market, and thus increase financial stability. Based upon bond market data and analysis of regional efforts like the Asian Bond Funds, we argue that bond market development should be given more attention to foster growth and stability. (author's abstract) / Series: EI Working Papers / Europainstitut

本研究試圖探討中東歐國家由中央集權計劃經濟轉型為市場經濟之後，對其效率及生產力之影響。本研究針對1980至2000年的歐洲國家，採用資料包絡分析法(DEA)與大邊界法(Grand Frontier)畫出所有樣本的單一效率邊界並計算其整體技術效率、純技術效率、規模效率值。 新興主權國家的整體技術效率、純技術效率、規模效率值在經濟轉型後均降低，顯示經濟轉型後的新興主權國家的確有經濟效率低落的狀況，尤其在經濟轉型初期市場不健全、經濟體質不良使資源配置不佳。傳統工業國家的整體技術效率及純技術效率在經濟轉型後較高，規模效率經濟轉型後降低。傳統工業國家於經濟轉型後整體技術效率、純技術效率及規模效率顯著的高於轉型國家、新興主權國家。 Malmquist生產力指數分析，結果顯示傳統工業國家在經濟轉型後顯示生產力有進步，而生產力成長主要貢獻是技術進步(innovation)，但傳統工業國家技術效率變動則呈現退步現象，進一步分析原因主要是由於規模效率變動退步所致。另外選擇1993年及2000年進行比較，結果發現傳統工業國家與新興國家的生產力均退步，主要原因是技術效率變動退步，但技術有進步。

企業的創新已經進入到應用專利權進行策略佈局的階段，因此綜合研發投入和專利產出的創新效率便成為關注企業競爭力的重要指標。而影響創新效率的關鍵在於企業決策者的策略意圖，但由於新興國家法規體制尚不完備，與決策者相關的公司治理因素成為創新效率的核心議題。為深入瞭解其中的連結，本研究以中國的上市公司為研究對象，並從外資投資者的角度探討股權結構與創新效率之間的關係。研究結果發現外資股對於創新效率有正向影響，若與國有股同時存在，原有的正向影響則會減弱；但當國有股私有化的程度愈高，外資股所受的干擾降低，對創新效率的正向影響便愈大；另外法人股的存在則更能增進外資股提升企業的創新效率。 / Nowadays, enterprises regard patents as a key strategy to enhance its innovation capability. Therefore, innovative efficiency (IE), measured as the relation between R&D expenditures and patents granted, becomes an important index to observe corporate competitiveness. Ownership structures could affect the outcome of IE as shareholders are ultimate decision makers. However, this may be a more serious issue in emerging countries, as they generally have weak legal environments and shareholders do not fully understand the details of firms’ innovation efforts. This study explores this issue based on a sample of Chinese listed companies and examines the extent to which ownership structures, especially foreign shareholders, are associated with the IE of publicly listed firms in China. The results indicate that IE is positively associated with the foreign shareholdings, while this relation turns negative when there are state shareholdings. As state shareholding have negative effects on IE and could interfere the role of foreign shareholdings in improving a company’s innovation activities, the results also suggest that the level of state shareholding privatization improves the association between IE and foreign shareholding. Moreover, the relation between IE and the foreign shareholding is more pronounced if institutional shareholdings exist.

新興市場正快速的累積經濟實力。新興市場成為企業下一波的重要成長動能，但其具備貧富差距大、所得不穩、生活差、基礎建設落後、對產品服務不熟悉…等特點，舊商業模式窒礙難行。企業為掌握新興市場全新挑戰，回應企業社會責任超越的要求，企業必須著眼這些獨特的利害關係人，從商業模式的創新來創造利潤及包括社會利益的共享價值，創造共贏局面。本研究運用聯合國開發計劃署(United Nation Development Programme, UNDP)的個案庫來檢視World Economic Forum(2009)提出的新興市場新商業模式的觀點，並經由個案的探討歸納新商業模式組成的本質的改變還有管理的意涵。 新商業模式設計觀點包含「可負擔的使用權」、「槓桿運用社會隱藏資產」、「建構公共財之間的橋梁」、「在地化規模與規模化經濟的平衡」、與「影響力治理」。新的觀點使舊商業模式的組成產生質變。從「強化生活機能價值」出發，新商業模式必須1)提供貼近當地水準的價格；2)替當地量身打造產生獨特的產品及服務；3)自給自足。以「教育的行銷與溝通」企業得1)運用正式控制以外的企業實質影響力建立信任；2)運用關鍵人物建立口碑；3)傳達商業模式利益，來將企業從價值的提供者轉換成價值的連結者並且建立信任，透過「重塑跨邊界的立體價值鏈」企業必須1)連結當地生產活動；2)善用當地的固有配銷體系；3)跨越基礎建設限制。建立「創意式的合作關係」來提供信任、永續、自給自足的商業模式。新商業模式開展需要「釋放組織束縛」的支援，企業勢必1)展現高階管理階層承諾；2)建構彈性可調整模組化的團隊；3)建立清楚的目標價值及短期戰果。 企業必須跨越組織的迷思與規模的迷思，並接受新興市場的消費者獨特的需求(低價、高品質)、運用影響力而非正式的控制體系、從價值的提供者轉換為價值的連結者。才能夠有效的接觸到下一個百億商機。

<p> <p>&nbsp / </p> </p> <p align="left">Within a context of rapid technological change and shifting market conditions, the South African education system is challenged with providing increased education opportunities without increased budgets. Many educational institutions are answering the challenge without increased budgets. Several educational institutions are answering the challenge by developing distance education programs through information technology, but in the case of one institution, strategic intentions involving information technology and distance learning have not been fulfilled. At its most basic level, distance education takes place when a teacher and student(s) are separated by physical distance. Technology, often in combination with face-to-face communication, can be used to bridge instructional gaps. It can be argued that modes of teaching and learning are changing, and we must redefine what is meant by the word &ldquo / student&rdquo / . For example: what should we really call an adult involved in life long learning? The term &ldquo / student&rdquo / seems inappropriate. These types of programs can provide adults with a second chance at tertiary education, reach those disadvantaged by limited time, distance or physical disability, and update the knowledge base of workers at their places of employment. The aim of this research is to determine and understand the growing role of information technology in promoting quality assurance in higher education, and in expanding the education opportunities and workplace learning through the use of distance learning. This work investigates how distance learning can be improved by making use of IT with <font face="Times-Roman" size="3">particular regard to the underprivileged, and the potential contribution to national transformation. This is summarized in the research question: </font><i><font face="Times-Italic" size="3"><font face="Times-Italic" size="3">&ldquo / How can we improve distance learning in South Africa with emerging technologies?&rdquo / </font></font><font face="Times-Roman" size="3">&nbsp / review of the literature, interviews with experts, and reviews of conference papers provided the principle inputs. The academic literatures were supplemented by studies of papers from the Department of Education and other non-academic sources. Based on the reading of the literature, and the views of experts, questionnaires and field experiments were designed and applied to a statistically significant population of respondents. A combination of statistical analysis and content analysis of open questions from the questionnaires lead to comparative evidence about different learning styles and different communities of learners, and the extent to which different learning styles are effective for the different kinds of learners.</font></i></p>

The four essays included in this dissertation are in the field of open economy Macroeconomics. Essays I, II and IV deal with a work-horse model in this field – a two-sector small open economy growth model with traded and nontraded goods. Writing down such a model requires an assumption about the role of traded and nontraded goods in domestic consumption and investments. While several empirical studies have looked at the consumption side, a systematic examination of the role of traded and nontraded goods in investments is missing. Essay I aims to fill this gap. Drawing on extensive empirical evidence, we show that aggregate investment expenditure shares on traded and nontraded goods are very similar in rich and poor countries. Furthermore, the two expenditure shares have remained close to constant over time, with the average nontraded expenditure share varying between 0.54-0.60 over the 1960-2002 period. Combined with the fact that the relative price of nontraded goods correlates positively with income and exhibits large differences across space and time, our findings suggest that investment can be modeled using the Cobb-Douglas aggregator. The results of this essay offer a new restriction for the two-sector growth model, which can alter the conclusions drawn from the model. To demonstrate this, we apply the new restriction to a study by Hsieh and Klenow (2003), which argues that differences in relative productivity between traded and nontraded sectors, i.e., the Balassa-Samuelson effect, is the main cause of higher PPP-adjusted investment rates in rich countries. With the restriction imposed on the model, no more than 25 percent of the differences in PPP-adjusted investment rates between rich and poor counties can be attributed to the Balassa-Samuelson effect. In Essays II and IV the same two-sector growth model is put to the test using the recent economic developments in countries of Eastern and Central Europe. Essay II investigates whether the two-sector growth model can explain the magnitudes and the timing of the trade flows in the Baltic countries. The model is calibrated for each of the three countries, which we simulate as small closed economies that suddenly open up to international trade and capital flows. The results show that the model can account for the observed magnitudes of the trade deficits in the 1995-2001 period. Introducing a real interest rate risk premium in the model increases its explanatory power. According to the model, trade balances will turn positive in the Baltic states around 2010. Essay IV starts by summarizing empirical regularities for the key aggregate real sector variables in the eight countries that joined the EU in May 2004. It is shown that, following the reforms in the early 1990s, real sector developments in all eight countries exhibit remarkable similarities. Interestingly, this is the case despite the fact that different reform policies were pursued in several dimensions (e.g., privatization, nominal exchange rate). Next, we show that a calibrated two-sector small open economy growth model can account for most of the real sector adjustments in early post-reform years. Empirical studies have found rapid traded sector productivity growth in Central and Eastern European countries over the last decade. When traded sector productivity growth is added to the model, it captures the development in all key real sector variables during the post-reform period. Finally, Essay III contributes to the study of financial crises in emerging markets. In contrast to the other essays, this paper develops a highly stylized theoretical model that allows us to study analytically government response to financial crises. In particular, Essay III develops a framework for analyzing optimal government bailout policy in a dynamic stochastic general equilibrium model where financial crises are exogenous. Important elements of the model are that private borrowers internalize only part of the social cost of foreign borrowing in the emerging market and that the private sector is illiquid in the event of a crisis. The distinguishing feature of our paper is that it addresses the optimal bailout policy in an environment where there are both costs and benefits of bailouts, and where bailout guarantees potentially distort investment decisions in the private sector. We show that it is always optimal to commit to a bailout policy that only partially protects investment against inefficient liquidation, both in a centralized economy and a market economy. Due to overinvestment in the market economy, the government's optimal level of bailout guarantees is lower than in the social optimum. Further, we show that, in contrast to a social planner, the government in the market economy should optimally bail out a smaller fraction of private investments when the probability of a crisis is higher. / Diss. Stockholm : Handelshögskolan, 2005 S. i-x: sammanfattning, s. 1-187: 4 uppsatser

Structural Health Monitoring (SHM) with emerging technologies like e.g. fibre optic sensors, lasers, radars, acoustic emission and Micro Electro Mechanical Systems (MEMS) made an entrance into the civil engineering field in last decades. Expansion of new technologies together with development in data communication benefited for rapid development. The author has been doing research as well as working with SHM and related tasks nearly a decade. Both theoretical knowledge and practical experience are gained in this constantly developing field. This doctoral thesis presents lessons learned in SHM and sensory technologies when monitoring civil engineering structures, mostly bridges. Nevertheless, these techniques can also be used in most applications related to civil engineering like dams, high rise buildings, off-shore platforms, pipelines, harbour structures and historical monuments. Emerging and established technologies are presented, discussed and examples are given based on the experience achieved. A special care is given to Fibre Optic Sensor (FOS) technology and its latest approach. Results from crack detection testing, long-term monitoring, and sensor comparison and installation procedure are highlighted. The important subjects around sensory technology and SHM are discussed based on the author's experience and recommendations are given. Applied research with empirical and experimental methods was carried out. A state-of-the art-review of SHM started the process but extensive literature studies were done continuously along the years in order to keep the knowledge up to date. Several SHM cases, both small and large scale, were carried out including sensor selection, installation planning, physical installation, data acquisition set-up, testing, monitoring, documentation and reporting. One case study also included modification and improvement of designed system and physical repair of sensors as well as two Site Acceptance Tests (SATs) and the novel crack detection system testing. Temporary measuring and testing also took place and numerous Structural Health Monitoring Systems (SHMSs) were designed for new bridges. The observed and measured data/phenomena were documented and analysed.  Engineers, researchers and owners of structures are given an essential implement in managing and maintaining structures. Long-term effects like shrinkage and creep in pre-stressed segmental build bridges were studied. Many studies show that existing model codes are not so good to predict these long-term effects. The results gained from the research study with New Årsta Railway Bridge are biased be the fact that our structure is indeed special. Anyhow, the results can be compared to other similar structures and adequately used for the maintenance planning for the case study. A long-term effect like fatigue in steel structures is a serious issue that may lead to structural collapse. Novel crack detection and localisation system, based on development on crack identification algorithm implemented in DiTeSt system and SMARTape delamination mechanism, was developed, tested and implemented. Additionally, new methods and procedures in installing, testing, modifying and improving the installed system were developed. There are no common procedures how to present the existing FOS techniques. It is difficult for an inexperienced person to judge and compare different systems. Experience gained when working with Fibre Optic Sensors (FOS) is collected and presented. The purpose is, firstly to give advice when judging different systems and secondly, to promote for more standardised way to present technical requirements. Furthermore, there is need to regulate the vocabulary in the field. Finally, the general accumulated experience is gathered. It is essential to understand the complexity of the subject in order to make use of it. General trends and development are compared for different applications. As the area of research is wide, some chosen, specific issues are analysed on a more detailed level. Conclusions are drawn and recommendations are given, both specific and more general. SHMS for a complex structure requires numerous parameters to be measured. Combination of several techniques will enable all required measurements to be taken. In addition, experienced specialists need to work in collaboration with structural engineers in order to provide high-quality systems that complete the technical requirement. Smaller amount of sensors with proper data analysis is better than a complicated system with numerous sensors but with poor analysis. Basic education and continuous update for people working with emerging technologies are also obligatory. A lot of capital can be saved if more straightforward communication and international collaboration are established: not only the advances but also the experienced problems and malfunctions need to be highlighted and discussed in order not to be repeated. Quality assurance issues need to be optimized in order to provide high quality SHMSs. Nevertheless, our structures are aging and we can be sure that the future for sensory technologies and SHM is promising. The final conclusion is that an expert in SHM field needs wide education, understanding, experience, practical sense, curiosity and preferably investigational mind in order to solve the problems that are faced out when working with emerging technologies in the real world applications.  The human factor, to be able to bind good relationship with workmanship cannot be neglected either. There is also need to be constantly updated as the field itself is in continuous development. / QC 20111117 / SHMS of the New Årsta Railway Bridge

No description available.

Metateams are both largely unexplored in the IS literature and economically important to major corporations and their IT vendors. Metateams are temporary groups composed of two or more geographically and inter-organisationally dispersed teams, commercially linked by project-specific agreements and enabled by electronic means of communication. Each one of these teams fulfils a particular and measurable objective, enshrined in the team's goal hierarchy and contractual obligations. The combination of efforts from every team in a metateam, contributes to achieving a common distant goal of project implementation. Thus, metateams are temporary teams (or groups) of distributed teams working across distance, firms, and cultures. In metateams, each participant team works with other teams on organisationally heterogeneous collaborative projects. Metateams are new and potentially powerful work structures resulting from the convergence of outsourcing, virtual organisations, and demands for global competitiveness. They promise to build IT solutions of high complexity, by integrating expertise from different fields and organisations. With the assistance of communication technologies, metateams can conquer barriers of time and space, enabling collaborative endeavours across a nation or across the globe. In a global business environment that demands innovation, flexibility, and responsiveness, metateams represent a revolution in the way organisations and practitioners do IT projects. However, as this study found, managing metateams presents unique difficulties due to conflicting demands arising from multiple realities. This dissertation presents an empirical research using a grounded theory approach that studies a major IT project performed by a metateam. The conceptual account emerges from an exploratory study of a major IT development and implementation project in the telecommunication industry. The project involved three key organisations and teams based in Australia, the Middle East, and Eastern Europe. The core pattern emerging from this study is one of constant conflict discovery and resolution, a process that progressively, and at a cost, allows the project to evolve from its initial incongruence into either a working solution or into project abandonment. This theory-building study presents a theoretical model, grounded on rich empirical data, interrelating key concepts of cost, conflict, communication, and trust, which serves to explain the pattern of actions and to propose a number of practical conclusions and recommendations. This research was guided by two key research objectives: (a) to add theoretical content to the understanding of key processes enacted by metateams in performing IT project work; and (b), to develop a framework that assists researchers and practitioners in predicting, explaining, and evaluating events and process associated with metateams. To the author's best knowledge, this study describes for the first time in the IS literature, the metateam organisation and the significant contextual issues they confront. In doing so, the study develops an understanding, grounded on rich empirical data from the substantive field of metateams. This new understanding contributes to both IS research and practice and provides guidance for future research.

[Truncated abstract] Given the theoretical and historical evidence that support the benefit of investing internationally. there is Iittle knowledge available of proper international portfolio construction in terms of how much should be invested in foreign countries, which countries should be targeted, and types of assets to be included in the portfolio. The prospects of these benefits depend on the market volatilities, cross-country correlations, and currency risks to change in the future. Another important issue in international portfolio diversification is the growth of newly emerging markets which have different characteristics from the developed ones. Addressing the issues, the thesis intends to investigate the nature of volatility, conditional correlations, and the impact of currency risks in international portfolio, both in developed and emerging markets. Chapter 2 provides literature review on volatility spillovers, conditional correlations, and forecasting both VaR and conditional correlations using GARCH-type models. Attention is made on the estimated models, type of assets, regions of markets, and tests of forecasts. Chapter 3 investigates the nature of volatility spillovers across intemational assets, which is important in determining the nature of portfolio's volatility when most assets are seems to be connected. ... The impacts of incorporating volatility spillovers and asymmetric effect on the forecast performance of conditional correlation will also be examined in this thesis. The VARMA-AGARCH of McAleer, Hoti and Chan (2008) and the VARMA-GARCH model of Ling and McAleer (2003) will be estimated to accommodate volatility spillovers and asymmetric effect. The CCC model of Bollerslev (1990) will also be estimated as benchmark as the model does not incorporate both volatility spillovers and asymmetric effects. Given the information about the nature of conditional correlations resulted from the forecasts using a rolling window technique, Section 2 of Chapter 4 investigates the nature of conditional correlations by estimating two multivariate GARCH models allowing for time-varying conditional correlations, namely the DCC model of Engle (2002) and the GARCC model of McAleer et al. (2008). Chapter 5 conducts VaR forecast considering the important role of VaR as a standard tool for risk management. Especially, the chapter investigates whether volatility spillovers and time-varying conditional correlations discussed in the previous two chapters are of helps in providing better VaR forecasts. The BEKK model of Engle and Kroner (1995) and the DCC model of Engle (2002) will be estimated to incorporate volatility spillovers and conditional correlations, respectively. The DVEC model of Bollerslev et al. (1998) and the CCC model of Bollerslev (1990) will be estimated to serve benchmarks, as both models do not incorporate both volatility spillovers and timevarying conditional correlations. Chapter 6 concludes the thesis and lists somc possible future research.