The role of legal origin was first introduced in the Law and Finance Literature by La Porta et al. (1997) in an original study of legal determinants of external finance. Their study is timely given that investor protection is crucial because in many countries, expropriation of minority shareholders and creditors by controlling shareholders or corporate insiders is extensive. This dissertation intends to replicate the original La Porta et al. (1997) study for Property stocks in 23 countries whose legal jurisdictions falls into the four of the legal fraternities established by La Porta namely, English, French, German and Scandinavian. The primary motivations for this thesis, is that the Property stocks broadly captures several critical aspects of the original La Porta study. Specifically, Property stocks are very tangible assets that can easily be collateralised due to the direct property underpinning the net asset backing of Property stocks. The end result of this research endeavour is to provide a framework for institutional portfolio investors to determine the appropriate countries whose real estate markets have the most favourable investor climate to facilitate a more attractive environment for institutional investors given the Means Variance Optimisation (MVO) methodology. A tactical asset allocation strategy will be employed to determine the three stages that a global investor should undertake to arrive at the optimum proportions of funds to invest in Common stocks or Real Estate stocks in any country firstly based on an Emerging/Developed country analysis then secondly, a geographic Regional analysis and finally on Legal Origin analysis to distil the appropriate proportions of funds that should be invested. This Dissertation has three original contributions, which are as follows: 1) An Empirical investigation of role of Legal origin on the performance of Real Estate stocks within the context of a tactical asset allocation strategy. This dissertation studies the impact that Developed versus Emerging, Regional markets and Legal Origin jurisdictions have on the results of the optimal MVO portfolios (based on the highest Sharpe ratio) and presents the research findings of this study, at the Primary, Secondary and Tertiary levels. This dissertation is envisaged to fill the research gap between legal origin and the performance of Property stocks across four legal fraternities in 23 countries and make an original contribution in the Law & Finance and Portfolio Management Literature. 2) ACTIVE (Ex-Ante) versus PASSIVE (naïve) portfolio management strategy. The original contribution is the application of this methodology to property stocks specifically within a Legal Origin and Regional market framework. Data is collated from 1984 to 2003 (20 years inclusive) from 23 countries with specific reference to the Common and Real Estate stocks markets therein. A 5 year rolling Ex-Post analysis is computed to determine the optimum allocation weights in a multi-asset portfolio and subsequently an Ex-Ante analysis (next immediate year) of the portfolio weights applied to an Actively managed portfolio. This portfolio will be compared with actual portfolio performance from 1989 to 2002 (fifteen subsequent years) to determine whether the Ex-ANTE methodology which underpinned the Active management strategy is preferred over a Passive (equal investment in each asset class) strategy for real estate stocks portfolio management. The Ex-Ante analysis will be undertaken at two stages: Firstly, Legal Origin markets and Secondly, Regional markets. 3) A replication of the Gordon et al. (1995) study which determined the appropriate percentage based on the Markowitz Portfolio Theory (MPT) that should be invested in the Real Estate stock markets in 14 countries. The original contribution is the application of Gordon s methodology to the Legal Origin markets proposed by La Porta et al. (1997). This research study encompasses 23 c
The Age of Irreverence tells the story of why ChinaÕs entry into the modern age was not just traumatic, but uproarious. As the Qing dynasty slumped toward extinction, prominent writers compiled jokes into collections they called Òhistories of laughter.Ó In the first years of the Republic, novelists, essayists and illustrators alike used humorous allegories to make veiled critiques of the new government. But, again and again, political and cultural discussion erupted into invective, as critics gleefully jeered and derided rivals in public. Farceurs drew followings in the popular press, promoting a culture of practical joking and buffoonery. Eventually, these various expressions of hilarity proved so offensive to high-brow writers that they launched a concerted campaign to transform the tone of public discourse, hoping to displace the old forms of mirth with a new one they called youmo (humor). Christopher Rea argues that this periodÑfrom the 1890s to the 1930sÑtransformed how Chinese people thought and talked about what is funny. Focusing on five cultural expressions of laughterÑjokes, play, mockery, farce, and humorÑhe reveals the textures of comedy that were a part of everyday life during modern ChinaÕs first Òage of irreverence.Ó This new history of laughter not only offers an unprecedented and up-close look at a neglected facet of Chinese cultural modernity, but also reveals its lasting legacy in the Chinese language of the comic today and its implications for our understanding of humor as a part of human culture.
An action-packed time-travel thriller from the author of the bestselling The Schumann Frequency. In 1860 a young man appears inside the walls of the Forbidden City of Peking. He has the most striking sapphire-blue eyes, and - more importantly - he appears to know every aspect of the future. Randall Chen is a time-traveller who, with the help of his fellow Overseer Wilson Dowling, has been sent back on a mission to protect the greatest treasure in Asia. But even with Randall’s exceptional foresight he will underestimate Empress Ci Xi, a calculating Manchurian beauty with an insatiable lust for power. Using her considerable intellect and charm to draw in the mysterious blue-eye, she will turn his powers to her advantage. And the consequences will echo throughout the ages... PREVIOUSLY PUBLISHED AS THE FIRST BOXER
Greek was the lingua franca; now it is a window back in time to the most prolific, most authentic, and most profound collection of ancient manuscripts still of extreme interest to a monolith of readers today. This thesaurus is the product of years of research and superior scholarship, in search of a way to make the language more accessible to Greek-lovers everywhere. Besides reinforcing your Greek vocabulary, it can point you to words that might be overlooked in a word study, it lets you find the word you're looking for in the case where you know the meaning but you forget the Greek word, and it can help discover why an author used a particular word in a specific context and what other possible words could have been used. You'll also find collections of words related to the same topic such as legal terms, cooking terms, colors, animals, and parts of speech like conjunctions, prepositions, pronouns, and much more. If you're a Greek scholar at any level, beginner or advanced, this thesaurus is for you!
Share the joys of travel, along witha good beating in a Russian bathhouse with Irris Makler; French Disneyland -la Nikki Gemmell; love and longing in Portugal with Christopher Kremmer; loathing and paranoia in Nick Earls' London; an unlikely bikie culture in Peter Moore's Vietnam; the perils of Sri Lankan dinner parties with Tim Elliott; New York underground with Caroline Overington, a Chinese haunting with Annette Shun Wah, getting off the beaten track in Japan with Tony Davis, and discovering a whole other country after India with Sarah Macdonald.
Still haunted by the past and his most recent failures, Kent lives in a capsule hotel, penniless, jobless, forgotten by a fickle public, abandoned by his wife, and at the mercy of a nasty methamphetamine habit. But Denis Ozman, shock comic and husband of Kent's former mistress, has not forgotten what Kent did to him. He's escaped from Japan's most notorious prison and is coming once more for Kent to seek the revenge that evaded him the first time.
Mere Anarchy A new six-part epic covering thirty years of Star Trek ® history, continuing with an adventure that takes place between The Motion Picture and The Wrath of Khan ! Book 4: The Darkness Drops Again The rebuilding of Mestiko is starting to make progress: the atmosphere is partially restored and Federation scientists are introducing new methods of replenishing the planet's biosphere. But their efforts are being stymied by the growing power of the mar-Attya, who shun all offworlders. The arrival of the Starship Enterprise under the command of James T. Kirk proves less than fortuitous, as the ship becomes a flashpoint for all of Mestiko's troubles. Now Raya elMora, the leader of the planetary council, finds herself facing exile -- which could spell doom for Mestiko....
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