Novy-Marx (2010) finds that momentum is primarily driven by stock performance twelve to seven months prior to portfolio formation in the US market. We examine whether this finding holds in international stock markets. In particular, we investigate whether intermediate horizon past performance is...

We present a new conceptual framework for managing conflicting strategic themes of localadaptation and global integration. The two themes conflict because local adaptation tends to value independence of local operations while global integration strives for concerted efforts for scale and scope...

We numerically examine the impact of the actually implemented reduction policy of the subsidy to the petroleum sector by using a static CGE model with the latest input-output table of Indonesia of year 2008. Our simulation results indicate that the Indonesian economy suffered from the actually...

Tapioca starch and palm oil industries are considered as ones of the fast-growing agro-industries in Thailand. Both industries release a significant amount of wastewater with high organic content as a result of their production processes. Traditionally, open pond systems have been used to treat...

This paper uses a three-stage game to analyze how environmental tariffs affect the strategic behavior of a foreign country in designing its environmental policy. The theoretical framework is based on an international duopoly model with detrimental externality in production and asymmetric...

This paper studies the contribution of inflow and outflow rates to the unemployment dynamics in the long-run. I find that in the U.S., both inflow and outflow rates contribute significantly to variation in the long-run trend of the unemployment rate. Inflow and outflow rates account for roughly...

We are concerned about two potential problems of previous studies on the relative income hypothesis. First, previous studies assume that reference groups are geographically defined, because data are readily available for geographical reference groups. We examine non-geographical reference groups...

This research clarifies the multiple relationships maintained by "geiko" (Kyoto dialect for geisha) and "maiko" ("geisha" -in-training) as they develop into service professionals who are highly skilled at entertaining customers. Their multiple and strong relationships are embedded in a...

The problems of controlling invasive species have been emerging as a global issue. In response to these threats, some governmental programs have been proposed for supporting eradication. This article challenges this view by studying the optimal strategies of controlling invasive species in a...

Economic self-interest and politico-strategic and humanitarian concerns motivate donor countries in their development assistance policies. A large amount of literature has pointed out that either economic self-interest or political self-interest played a pivotal role in the early phases of...