Period In Asia Research Articles

Islamic equity funds and stock market: dynamic relation and market timing during the COVID-19 outbreak

PurposeThis paper aims to explore the impact of the COVID-19 pandemic on the market timing skills of Islamic equity funds in Asia, Europe and North America.Design/methodology/approachThe authors employed a two-step process. First, a Granger causality test is applied to test the bivariate relationship between Islamic fund indices and stock market ones by highlighting the impact of the COVID-19 pandemic. Second, the methodology of Treynor and Mazuy (1966) is deployed to account for the market timing abilities skills of Islamic fund managers during the pandemic period.FindingsThe investigation revealed mixed results. The European Islamic funds were positively impacted by the stock market as well as by the COVID-19 pandemic context. Additionally, compared to their Asian and North American peers, only European Islamic fund managers have the ability to time the market during the health crisis period.Research limitations/implicationsDespite its contribution to the Islamic finance literature, this study has some flaws. Indeed, the selected sample of three regions, namely Asia, Europe and North America, precludes extrapolating these conclusions. Other regions should be investigated to further our understanding of Islamic equity funds. Furthermore, due to data availability and accessibility, the study period was limited to a specific time of the COVID-19 pandemic. This shortcoming can be addressed through a multiwave investigation, especially since each region was exposed differently to the pandemic.Practical implicationsThe paper provides scholars, portfolio managers and investors with insights regarding the investment dilemma during the COVID-19 pandemic period, especially for those wishing to hedge their pandemic risk exposure and/or diversify their portfolios. Equally, the depiction of potential market timing abilities of Islamic fund managers across the three regions would serve as a guide to identifying the most suitable internationally focused investment strategy.Social implicationsThe paper provides scholars, portfolio managers and investors with insights regarding the investment dilemma during the COVID-19 pandemic period, especially for those wishing to hedge their pandemic risk exposure and/or diversify their portfolios. Equally, the depiction of potential market timing abilities of Islamic funds managers across the three regions would serve as a guide to identify the most suitable internationally focused investment strategy.Originality/valueThe originality of this investigation is that it is the first to examine Islamic equity fund managers and their skills to time the stock markets during the COVID-19 pandemic period in Asia, Europe and North America. The current paper extends the Islamic finance literature.

The evolutionary history of Shigella flexneri serotype 6 in Asia.

Shigella flexneri serotype 6 is an understudied cause of diarrhoeal diseases in developing countries, and has been proposed as one of the major targets for vaccine development against shigellosis. Despite being named as S. flexneri , Shigella flexneri serotype 6 is phylogenetically distinct from other S. flexneri serotypes and more closely related to S. boydii . This unique phylogenetic relationship and its low sampling frequency have hampered genomic research on this pathogen. Herein, by utilizing whole genome sequencing (WGS) and analyses of Shigella flexneri serotype 6 collected from epidemiological studies (1987–2013) in four Asian countries, we revealed its population structure and evolutionary history in the region. Phylogenetic analyses supported the delineation of Asian Shigella flexneri serotype 6 into two phylogenetic groups (PG-1 and −2). Notably, temporal phylogenetic approaches showed that extant Asian S. flexneri serotype 6 could be traced back to an inferred common ancestor arising in the 18th century. The dominant lineage PG-1 likely emerged in the 1970s, which coincided with the times to most recent common ancestors (tMRCAs) inferred from other major Southeast Asian S. flexneri serotypes. Similar to other S. flexneri serotypes in the same period in Asia, genomic analyses showed that resistance to first-generation antimicrobials was widespread, while resistance to more recent first-line antimicrobials was rare. These data also showed a number of gene inactivation and gene loss events, particularly on genes related to metabolism and synthesis of cellular appendages, emphasizing the continuing role of reductive evolution in the adaptation of the pathogen to an intracellular lifestyle. Together, our findings reveal insights into the genomic evolution of the understudied Shigella flexneri serotype 6, providing a new piece in the puzzle of Shigella epidemiology and evolution.

Reconstruction of past distribution for the Mongolian toad, Strauchbufo raddei (Anura: Bufonidae) using environmental modeling.

The use of ecological models enables determining the current distribution of species, but also their past distribution when matching climatic conditions are available. In specific cases, they can also be used to determine the likelihood of fossils to belong to the same species—under the hypothesis that all individuals of a species have the same ecological requirements. Here, using environmental modeling, we reconstructed the distribution of the Mongolian toad, Strauchbufo raddei, since the Last Glacial Maximum and thus covering the time period between the Late Pleistocene and the Holocene. We found the range of the species to have shifted over time, with the LGM population clustered around the current southern range of the species, before expanding east and north during the Pleistocene, and reaching the current range since the mid-Holocene. Finally, we determined that the ecological conditions during the life-time of the mid-Pleistocene fossils attributed to the species in Europe were too different from the one of the extant species or fossils occurring at the same period in Asia to belong to the same species.

Expansion of sandhill cranes (Grus canadensis) in east Asia during the non-breeding period.

AimHistorically, the distribution of Sandhill Cranes included much of North America and extending in summer into northeast Russia. In recent years, observations of sandhill cranes in Asia during the non-breeding period have been frequently reported. However, the distribution and abundance of sandhill cranes during the non-breeding period in Asia have rarely been summarized and studied. Our study aimed to analyze the status of sandhill cranes that have spread south into East Asia during the non-breeding period and to assess the possible impacts of their potential spread.MethodsBased on opportunistic data collected in the field and occurrence data collected online over the past half century, we used Geographic Information System to visualize the spatial distribution changes and regression analysis to analyze and visualize the changes in the amount of individuals over time.ResultsIn the last 50 years, the distribution of sandhill cranes during the non-breeding season in Asia spanned 31 degrees in longitude to the west and 15 degrees in latitude to the south. Their distribution in Asia has expanded to 17 provinces and municipalities in China, Japan and South Korea. The amount of cranes in the non-breeding period in Asia increased significantly from 1963 to 2017. According to the historical records in East Asia, sandhill cranes were mixed with five other species of crane groups.Main conclusionsThese results indicate that the range and amount of sandhill cranes have expanded. Sandhill cranes were mixed with five other crane species, which indicate their adaptability to a range of habitat types and food resources. The implications of these trends in sandhill cranes in East Asia for this and other crane species warrants further research.

A new baby oviraptorid dinosaur (Dinosauria: Theropoda) from the Upper Cretaceous Nemegt Formation of Mongolia.

Recent discoveries of new oviraptorosaurs revealed their high diversity from the Cretaceous Period in Asia and North America. Particularly, at the family level, oviraptorids are among the most diverse theropod dinosaurs in the Late Cretaceous of Mongolia and China. A new oviraptorid dinosaur Gobiraptor minutus gen. et sp. nov. from the Upper Cretaceous Nemegt Formation is described here based on a single holotype specimen that includes incomplete cranial and postcranial elements. The most prominent characters of Gobiraptor are its thickened rostrodorsal end of the mandibular symphysis and a rudimentary lingual shelf on each side of the dentary. Each lingual shelf is lined with small occlusal foramina and demarcated by a weakly developed lingual ridge. This mandibular morphology of Gobiraptor is unique among oviraptorids and likely to be linked to a specialized diet that probably included hard materials, such as seeds or bivalves. The osteohistology of the femur of the holotype specimen indicates that the individual was fairly young at the time of its death. Phylogenetic analysis recovers Gobiraptor as a derived oviraptorid close to three taxa from the Ganzhou region in southern China, but rather distantly related to other Nemegt oviraptorids which, as the results of recent studies, are also not closely related to each other. Gobiraptor increases diversity of oviraptorids in the Nemegt Formation and its presence confirms the successful adaptation of oviraptorids to a mesic environment.

Association of Overweight and Obesity with Breast Cancer During Premenopausal Period in Asia: A Meta-Analysis.

Background:The association of overweight and obesity with breast cancer risk in premenopausal women and in different ethnicities remains in debate, especially among Asian women. The aim of this systematic review and meta-analysis was to determine the association of overweight and obesity with breast cancer during premenopausal period in Asian women.Methods:We performed a meta-analysis of research articles on the association of overweight and obesity with breast cancer during premenopausal period in Asian women published from January 2000 to July 2018 in article databases of EBSCO, PubMed, and ProQuest. Pooled odds ratios (ORs) were calculated by fixed and random-effect models. Publication bias was visually evaluated using funnel plots, and then statistically assessed using Egger's and Begg's tests. Review Manager 5.3 (RevMan 5.3) and Stata version 14.2 (Stata Corporation) were used to process the data. We reviewed 886 articles.Results:We found 15 studies conducted systematic review continued by meta-analysis of relevant data with 22,362 patients. There was significant association of obesity [OR = 1.36 (95% confidence interval (CI) 1.26–1.47, P < 0.00001)] and overweight [OR = 1.17 (95% CI 1.10–1.25, P < 0.00001)] with breast cancer during premenopausal period in Asian women. In this study, there was no significant publication bias for studies included in overweight and obesity with breast cancer during premenopausal in Asian women.Conclusions:This study suggested association of overweight and obesity with breast cancer during premenopausal period in Asian women.

Are Positive Abnormal Returns Here to Stay? Evidence from Banks in Asia

We analyze 188 bank mergers and acquisitions from the 2005-2016 period in Asia and report significant Positive Abnormal Returns for acquirers in both the crises and post crisis periods. Market model event studies provide a natural setting to tackle problems of endogeneity. Acquirers seem to be proving robust to agency problems in crisis induced lower valuations as well as the post crisis scenario in Asia. Markets in Asia provide natural diversification opportunities with low and nonexistent inter market correlations, thus the evidence from markets for corporate control is significant.

Rescaling to the Indo-Pacific: From Economic to Security-Driven Regionalism in Asia

The ‘Indo-Pacific’ has emerged as the newest addition to the lexicon of Asian regionalism. Conceived of as the conjunction of the Pacific and Indian Oceans, it reflects the belief that maritime linkages require extending Asian regionalism westwards to include countries on the Indian Ocean rim. It also competes with the longstanding ‘Asia-Pacific’ conceptualisation of the region, and four governments—Australia, India, Japan and the USA—have adopted it into their foreign policies. Much of the debate on the Indo-Pacific focusses on how it institutionally ‘rescales’ Asian regionalism through the incorporation of Indian Ocean states. This article considers the functional rescaling that attends this process: namely, what kind of regionalism is implied by the Indo-Pacific concept? It argues that the Indo-Pacific is a security-focussed regional project, reflecting the desire of its proponents to form a quadrilateral bloc to resist China’s growing maritime assertiveness. This security region is radically different from the Asia-Pacific concept, where regionalism was primarily driven by economic integration and cooperation. The Indo-Pacific thus marks a more contested period in Asia’s international politics, where the functional purpose of regional cooperation is being reoriented from economic- to security-focussed agendas.

New evidence for mammaliaform ear evolution and feeding adaptation in a Jurassic ecosystem.

Stem mammaliaforms are forerunners to modern mammals, and they achieved considerable ecomorphological diversity in their own right. Recent discoveries suggest that eleutherodontids, a subclade of Haramiyida, were more species-rich during the Jurassic period in Asia than previously recognized. Here we report a new Jurassic eleutherodontid mammaliaform with an unusual mosaic of highly specialized characteristics, and the results of phylogenetic analyses that support the hypothesis that haramiyidans are stem mammaliaforms. The new fossil shows fossilized skin membranes that are interpreted to be for gliding and a mandibular middle ear with a unique character combination previously unknown in mammaliaforms. Incisor replacement is prolonged until well after molars are fully erupted, a timing pattern unique to most other mammaliaforms. In situ molar occlusion and a functional analysis reveal a new mode of dental occlusion: dual mortar-pestle occlusion of opposing upper and lower molars, probably for dual crushing and grinding. This suggests that eleutherodontids are herbivorous, and probably specialized for granivory or feeding on soft plant tissues. The inferred dietary adaptation of eleutherodontid gliders represents a remarkable evolutionary convergence with herbivorous gliders in Theria. These Jurassic fossils represent volant, herbivorous stem mammaliaforms associated with pre-angiosperm plants that appear long before the later, iterative associations between angiosperm plants and volant herbivores in various therian clades.

Prevalence of depression among subjects with and without gestational diabetes mellitus in Bangladesh: a hospital based study.

BackgroundData on association between depression and diabetes during the pregnancy period in Asia, specifically in Bangladesh are scarce. The study was designed to measure the prevalence of depression during pregnancy with or without Gestational Diabetes Mellitus (GDM).MethodsSeven hundred and forty eight pregnant women (382 with GDM, 366 without-GDM) attending at the Bangladesh Institute of Research and Rehabilitation in Diabetes, Endocrine and Metabolic Disorders, participated in the study. Blood glucose was measured following both WHO and ACOG criteria; GDM was diagnosed within 24–28 weeks. Depressive symptoms were assessed following MADRS scale. Semi-structured questionnaire was used to record their socio-demographic status and clinical and family history. Blood pressure, height, weight were also measured.ResultsOverall prevalence of depression was 18.32 %. Depression was higher in GDM subjects (25.92 %) compared to without-GDM subjects (10.38 %) with mean age of of 28.34 and 27.17 years respectively. Prevalence of depression was alarming in both the extreme of age. Dwelling place (P < 0.009) and past history of GDM (P < 0.018) had strong association with Depression. Higher prevalence of depression was found in Primipara whereas the risk of GDM increased with parity. Other obstetrical factors did not show any significant association with depression and GDM. Income (self and total family), physical exercise, sedentary lifestyle and workload had no significant statistical association with depression or GDM.ConclusionHigher rate of depression in pregnancy deserves medical attention especially women diagnosed with GDM. Further studies should estimate adverse pregnancy outcome for untreated depression especially in GDM cases.

A multi-proxy reconstruction of spatial and temporal variations in Asian summer temperatures over the last millennium

To investigate climate variability in Asia during the last millennium, the spatial and temporal evolution of summer (June–July–August; JJA) temperature in eastern and south-central Asia is reconstructed using multi-proxy records and the regularized expectation maximization (RegEM) algorithm with truncated total least squares (TTLS), under a point-by-point regression (PPR) framework. The temperature index reconstructions show that the late 20th century was the warmest period in Asia over the past millennium. The temperature field reconstructions illustrate that temperatures in central, eastern, and southern China during the 11th and 13th centuries, and in western Asia during the 12th century, were significantly higher than those in other regions, and comparable to levels in the 20th century. Except for the most recent warming, all identified warm events showed distinct regional expressions and none were uniform over the entire reconstruction area. The main finding of the study is that spatial temperature patterns have, on centennial time-scales, varied greatly over the last millennium. Moreover, seven climate model simulations, from the Coupled Model Intercomparison Project Phase 5 (CMIP5), over the same region of Asia, are all consistent with the temperature index reconstruction at the 99 % confidence level. Only spatial temperature patterns extracted as the first empirical orthogonal function (EOF) from the GISS-E2-R and MPI-ESM-P model simulations are significant and consistent with the temperature field reconstruction over the past millennium in Asia at the 90 % confidence level. This indicates that both the reconstruction and the simulations depict the temporal climate variability well over the past millennium. However, the spatial simulation or reconstruction capability of climate variability over the past millennium could be still limited. For reconstruction, some grid points do not pass validation tests and reveal the need for more proxies with high temporal resolution, accurate dating, and sensitive temperature signals, especially in central Asia and before AD 1400.

Maternal parental self‐efficacy in newborn care and social support needs in Singapore: a correlational study

To examine the correlation between maternal parental self-efficacy and social support as well as predictors of self-efficacy in the early postpartum period. Maternal parental self-efficacy is important for mothers' adaptation to motherhood. Lack of support could result in decreased maternal parental self-efficacy in newborn care. Limited studies have focused on maternal parental self-efficacy in the postpartum period in Asia and none in Singapore. A correlational study design was adopted. Data were collected from both primiparas and multiparas during the first to third days postpartum in a public hospital, using the Perceived Maternal Parental Self-efficacy and Perinatal Infant Care Social Support Scales. The data were analysed using descriptive and inferential statistics. Maternal parental self-efficacy in newborn care and the level of social support that mothers received were moderate. In terms of the social support subscales, informational and instrumental support was lower than emotional and appraisal support. Informal support from husbands, parents and parents-in-law was the main source of support. A significant correlation was found between maternal parental self-efficacy and total social support in addition to the informational, instrumental and appraisal subscales of functional support. The predictors of maternal parental self-efficacy were parity, social support and maternal age. The findings highlight the predictors and correlates of maternal parental self-efficacy in newborn care and the social support needs of mothers in the early postpartum period. Healthcare professionals could provide more information and instrumental support and involve family members to enhance maternal parental self-efficacy. Because maternal parental self-efficacy and social support in the early postpartum period are interrelated components, they could be assessed to identify at-risk mothers. There is a need to develop perinatal educational programmes to provide culturally competent individualised support to mothers in need.

Existence of Export-Import Cointegration: A Study on Indonesia and Malaysia

This paper studies the long-run relationship between export and import of two Southeast Asian nations, Indonesia and Malaysia covering data of over 45 years from each country including pre and post-financial crisis period in Asia. This paper studied this phenomenon using two widely used tests Engle-Granger and Johansen cointegration tests. Two tests fail to find cointegration in Indonesia but found this in the Malaysian economy. The meaningfulness of Malaysian export-import cointegration was further tested which did not accept the underlying hypothesis of equal slope coefficients from the equations explaining the phenomenon. The stability tests also found Malaysian economy to be more stable than Indonesian economy.

Problems of sedimentogenesis and tectonics at the IV International Symposium “Paleoclimates of the Cretaceous Period in Asia and Their Global Correlation”

Problems of sedimentogenesis and tectonics at the IV International Symposium “Paleoclimates of the Cretaceous Period in Asia and Their Global Correlation”

Japanese financial service firms in East and Southeast Asia: Location pattern and strategic response in changing economic conditions

This paper explores the internationalization and location pattern of Japanese financial service firms in East and Southeast Asia. During a period of prolonged economic problems in the Japanese domestic market and a turbulent period in Asia because of the Asian financial crisis of 1997, the situation for these service providers has changed drastically. The research question that the paper seeks to answer is: what are the spatial patterns and underlying reasons for strategic location response in Japanese financial service providers in East and Southeast Asia in the post-Asian financial crisis period? The paper puts forward a set of potential responses that these firms can pursue to strengthen their regional competitiveness.

Ownership monitoring mechanism and corporate performance: evidence from banking firms in Asian emerging markets

Corporate governance is regarded as a major issue during the post-financial crisis period in Asia. These countries have implemented corporate governance reforms to enhance the protection of their shareholders and stakeholders interests. Such reforms may affect the conduct of business of all corporations in the region as it allows for greater monitoring especially by the shareholders. Unlike earlier studies which focused on non-financial firms, this study analyzes the corporate governance involving ownership monitoring mechanism of listed banking firms in nine Asian emerging markets which are Malaysia, Thailand, Philippines, Indonesia, Korea, Singapore, Hong Kong, Taiwan and India. It is found that ownership monitoring mechanisms of the banking firms in Asian emerging markets are negatively related with firm value measured by Tobin’s Q

Millennial‐scale climatic change during the Last Interglacial Period: Superparamagnetic sediment proxy from Paleosol S1, western Chinese Loess Plateau

Detailed magnetic analyses of samples from the Jiuzhoutai well section on the western Chinese Loess Plateau reveal high‐resolution signals of summer monsoon change. The last interglacial period is represented here by the 8‐meter thick S1 paleosol complex. We have used low‐temperature remanence studies to analyze variations in the concentration of Superparamagnetic (SP) grains, which previous studies have shown to be largely of pedogenic origin. The SP concentration, interpreted as a proxy for the extent of pedogenesis, shows millennial scale variations within S1. We conclude that the last interglacial period in Asia was characterized by rapid climate fluctuations, with at least one brief return to near‐glacial conditions in the middle of oxygen‐isotope substage 5e.

アジアの時代をつくりだすために

アジアの時代をつくりだすために

The Role of Urbanization in Social Change in Asia

The analysis of urbanization in post-World War II period in Asia, and of urbanization in the Third World generally, has been vitiated by having been poured into the mould of, what has come to be widely known, as the 'over-urbanization' thesis. Taking the pattern of urbanization that developed in West Europe and North America in the nineteenth century (ending in 1914) as the norm for all urhanization in time and space, this thesis characterised urbanization in the Third World as 'over', abnormal, unhealthy and ultimately disastrous.

Beyond Growth Rates and Plan Volumes–Planning for Africa in the 1970s

During the first decade of independence for the tropical African states, economic planning has moved through several stages. Before and at the time of independence the development literature still featured debates as to whether or not to plan, and what the role of the government should be in economic development. In Africa these debates were won, hands down, by the planners and by ‘African socialists’ of various types. Within a few years there appeared a host of plan documents responding to the perceived requirements, leading one analyst even to characterise Africa as ‘the continent of economic plans’1 articles on ‘comprehensive economic planning’ and simple econometric models were at that time in fashion. These plans were typically prepared by foreigners with relatively little experience of the countries concerned, and were based upon the scrappiest of data and analysis. While not as elaborate in their technique, or as far removed from reality, as many of their counterparts of the period in Asia and Latin America, these plans tended to be just as lacking in real content, political support, or potential for implementation. Their authors usually departed for home shortly afterwards, leaving the hardpressed decision-makers on the scene (many of whom were themselves expatriates newly arrived in the country) little the wiser.