Room For Investment Research Articles

Distributed Ledger Technology (DLT): A Game Changer for MNEs in Emerging Markets

Global trade determines how we live. Technology determines the extent of the market and the ease of trade. The transportation revolution reduced costs and cut travel times. The communication revolution (ICT) improved the quality and quantity of information in the global market and cut the cost of global trade in goods and services, including labor. Global trade has become a B2B market wherein multinational enterprises (MNEs) are major players. While MNEs began as major companies in developed countries, their success in importing labor from the emerging market through production of consumer goods in the developed countries led to emerging MNE markets. In an earlier paper on MNEs in emerging markets, Agmon suggested that blockchains reduce the cost of using the global price mechanism, and both production and consumption decisions can be made by individuals in a global market. In this paper, we discuss the case of the multinational industry of venture capital-supported small start-ups, wherein individuals with ideas for better goods, production processes, and services approach capital markets in major countries for financing their ideas. The accompanying distributed ledger technology (DLT) takes global trade a step further by opening up the possibility of global trade among individuals and loosely organized, task-oriented groups of individuals located in both developed and emerging economies. In a DLT world with decentralized markets, no transaction costs, and perfect information, the key to global trade will lie in the capabilities of the individual, or a specific task-oriented, loosely organized group of individuals. Small countries are finding it increasingly difficult to compete in international markets. We seek to examine whether the conceptual framework of DLT, when implemented in a small country that chooses to export ideas rather than products, thereby eliminating the need for a complex supply chain, can be the first empirical example of the DLT concept as a “game changer”. The experience of the Israeli VC industry points to exciting potential through the application of the mindset and the unique legal and financial structures of the “start-up nation”, wherein an economy was created that relies on small and frequently changing high-tech firms. In a country where VC investment capital is entirely imported, there is more room for investment in DLT technologies. Such an economy is compatible with the DLT concept and provides a unique empirical example of the DLT technological change’s effect on the economy of a small country.

Economic Openness and Stagnation In Central America

Central American countries undertook ambitious programs of economic liberalization during the 1980s' and 1990's, particularly in areas of trade reform, which implied the elimination of import controls and quotas, and substantially lowering import tariffs. The objectives of such reforms were to gain economic efficiency and more dynamic economic growth; however, the results are distant from such objectives. Economic growth has been slower than in the period previous to reform when import substitution policies were in vigor, and the main manifestation of trade reform has beenhigh trade deficits, falls in national savings and investment, and economic stagnation, which has given rise to emigration and high volumes of remittances. This paper analyzes the economic growth experience of the Central America countries in the past two decades, to explain the causes behind the stagnation tendencies that set in after two decade of trade liberalization, and to seek answers to the question of what policies should be undertaken to accelerate economic growth. After a review of the literature on the economic repercussions from trade liberalization in developing countries, a Var model is estimated with the variables: national savings, public and private investment, the level of the external tariff, trade balance and economic growth. The Var permits quantifying the impulse responses of said variables to increases in the external tariff. The results show that an increase in the external tariff would lead to increases in national savings, public and private investment, and in economic growth, and as well, would give rise to a reduction in the trade deficit. Moreover, it is argued that the low growth rates resulting from trade liberalization lead to rising unemployment, and thus give impetus to emigration; the resulting remittances finance the trade deficit and thus the cycle continues in a sort of openness trap. However, by restoring import substitution policies this trap can be overcome. It is recommended that trade protection policies should be implemented so as to create room for investment and thus impart dynamism to economic growth. It is recommended that trade protection should be complemented by human capital policies so as to create a virtuous circle of human capital, governance, productivity, export development and economic growth. It is argued that dynamic economic growth would be conducive to increasing tax revenues which would impart sustainability to health and education investments.

A Review of NCI's Extramural Grant Portfolio: Identifying Opportunities for Future Research in Genes and Environment in Cancer

Genetic and environmental factors jointly influence cancer risk. The NIH has made the study of gene-environment (GxE) interactions a research priority since the year 2000. To assess the current status of GxE research in cancer, we analyzed the extramural grant portfolio of the National Cancer Institute (NCI) from Fiscal Years 2007 to 2009. Publications attributed to selected grants were also evaluated. From the 1,106 research grants identified in our portfolio analysis, a random sample of 450 grants (40%) was selected for data abstraction; of these, 147 (33%) were considered relevant. The most common cancer type was breast (20%, n = 29), followed by lymphoproliferative (10%, n = 14), colorectal (9%, n = 13), melanoma/other skin (9%, n = 13), and lung/upper aerodigestive tract (8%, n = 12) cancers. The majority of grants were studies of candidate genes (68%, n = 100) compared with genome-wide association studies (GWAS) (8%, n = 12). Approximately one-third studied environmental exposures categorized as energy balance (37%, n = 54) or drugs/treatment (29%, n = 43). From the 147 relevant grants, 108 publications classified as GxE or pharmacogenomic were identified. These publications were linked to 37 of the 147 grant applications (25%). The findings from our portfolio analysis suggest that GxE studies are concentrated in specific areas. There is room for investments in other aspects of GxE research, including, but not limited to developing alternative approaches to exposure assessment, broadening the spectrum of cancer types investigated, and conducting GxE within GWAS. This portfolio analysis provides a cross-sectional review of NCI support for GxE research in cancer.

What Taiwan can teach China [consumer technology

Taiwan, the republic of China was capitalist long before Beijing embraced free enterprise. Foreign brands have taken over much of China's high end and therefore most companies are forced to compete on cost, leaving little room for investment in R&D or marketing. China's weak protection for intellectual property rights, the patents and ideas that are the solid core of any brand makes it risky for companies to invest. Taiwan is a smaller entity and therefore there has always been less competition. Even so, the ability for Taiwan to create so many well known technology brands is perplexing considering the fact that it has found it very difficult to create a brand of its own.

Cost estimation of heifer mastitis in early lactation by stochastic modelling

Heifer mastitis, reflected by an elevated somatic cell count (SCC) in early lactation (SCCel), results in a decreased milk production, a higher risk for subclinical and clinical mastitis during lactation, and an elevated culling hazard. The aims of this study were to calculate the costs of heifer mastitis defined as an elevated SCC in early lactation, and to show the variation of these costs in the Dutch/Belgian dairy sector. A stochastic model, in which the variation and uncertainty of heifer mastitis are taken into the account, was developed with input data from literature and expertise. Costs were estimated, using default values. The mean costs for an elevated SCCel that cured were on average €13/heifer present on a farm (range: €0–118), for an elevated SCC at calving proceeding in subclinical mastitis on average €5/heifer present on a farm (range: €0–€82), and for a clinical heifer mastitis case associated with an elevated SCC after calving on average €270. On average this results in €13/heifer present on a farm (range: €0–137). Combined, these three cost aspects result in a total cost of on average €31/heifer present on a farm (range: €0–220). The large variation in the costs is very important regarding farm management and farm support. The difference in costs reflects also the difference in room for investment. When the costs that can be prevented are estimated at farm level, these data can be of help in setting goals in herd health advice and farm management.

CONDITIONS, DEMANDS AND TECHNOLOGY FOR AUTOMATIC HARVESTING OF FRUIT VEGETABLES

The primary step in the process of developing a picking robot is to define its specifications. Then, a decision on whether the robot should move along the plants or the plants to move along the robot has to be made. Other aspects dealing with the economics of the robot (investment and annual costs), working time and required picking speed are decided on. This paper addresses these questions and concludes that a picking robot will be more feasible in a traditional stationary production system than in mobile production systems. For a 2 ha nursery, approximately 8 robots working 12 h a day with a picking speed of one fruit per 3 seconds, are needed to cover the main work load involved in harvesting tomatoes throughout the year. Hence, the room for investment per robot amounts to NLG 89,000. Based on these findings, this paper presents a technological concept of a picking robot for fruit vegetables.