Replica localization in East Asia: the case of the Asian hedge fund industry

Hedge funds exemplify complex finance in the global economy and are appearing in diverse national settings. One question that follows is whether hedge funds in the Asian region have been localized and exhibit significant differences to their US/UK counterparts or whether there is predominantly one global model. The analysis here point to the importance of what is called replica localization, wherein local control has entailed little deviation from the practices of Anglo-American hedge funds. Evidence generated from databases and interviews confirms the largely equivalent structures and strategies found in the new Asian hedge fund sector. The significance is that a small but growing Asian financial space has been carved out that is funded by Asian capital and managed by Asian elites but matches external models. To further delineate globalized finance, comparative research is needed to determine when and why complex finance is either present or absent outside of Anglo-American economies.     

A remark on a social choice problem

If preferences are continuous monotone complete preorders, then there is a continuous social choice aggregation rule which respects unanimity and is anonymous. The simple proof of this result involves a straightforward application of well-known properties of the closed convergence topology.     

Design and analysis of variable fidelity experimentation applied to engine valve heat treatment process design

Summary.  When experimentation on a real system is expensive, data are often collected by using cheaper, lower fidelity surrogate systems. The paper concerns response surface methods in the context of variable fidelity experimentation. We propose the use of generalized least squares to generate the predictions. We also present perhaps the first optimal designs for variable fidelity experimentation, using an extension of the expected integrated mean-squared error criterion. Numerical tests are used to compare the performance of the method with alternatives and to investigate the robustness to incorporated assumptions. The method is applied to automotive engine valve heat treatment process design in which real world data were mixed with data from two types of computer simulation.     

The Importance of Gifts in Marriage

In this article, a new element is introduced into the household production function: gifts. Gifts occur when spouses use their time and/or incomes to produce commodities that usually only have value to their spouse, such as empathy and understanding. The difficulty of identifying a potential mate's capacity to produce gifts prior to marriage and of negotiating for them during marriage is argued as having contributed to the increase in the divorce rate. Evidence is provided that women are the spouses most likely to seek a divorce and part of their motivation is an inadequate receipt of gifts during marriage.     

Placing Clinical Social Workers “Between a Legal Rock and a Practice Hard Place”: Reactions to Madden and Parody

The debate about the veracity of incest memories uncovered in therapy is often impassioned and acrimonious. Recent statements by various professional organizations, advising that corroboration of recovered memories is the only method for determining their accuracy, have not decreased the intensity of this debate. This response to Madden and Parody's paper discusses the importance of corroboration of recovered memories of sexual abuse and details the clinical, scientific, and legal foundations for this approach. A point of confusion in Madden and Parody's paper and an important aspect of this response is the difference between clients who uncover completely new memories of childhood sexual abuse and clients who enter therapy with a history of sexual abuse. Those clients with new memories are the focus of this debate and the standard of care proposed in this paper.     

No-Fault Divorce and the Compression of Marriage Ages

We examine how no-fault divorce law affects the age at first marriage, when everyone has a different value of marriage. The heterogeneity of individual values implies an unambiguous negative effect on the variance of marriage age. We test this hypothesis with marriage records from 1970 to 1995. Controlling for state-level heterogeneity and for time trends, the standard deviation of the log age at first marriage drops by approximately 5% with the introduction of no-fault divorce. We find that the mean age at first marriage increases slightly, suggesting that the mean person is slightly worse off with no-fault divorce. (JEL K0 , D1 )     

Asymptotic properties of the maximum-likelihood estimator for a class of birth-and-death processes admitting a unique stationary distribution

The asymptotic properties of the maximum-likelihood estimator of the parameter vector for a class of birth-and-death processes admitting a unique stationary distribution are studied. Also, it is shown that identifiability of the parameter vector with respect to the likelihood implies that the Fisher information matrix is of full rank. Two special cases of biological interest are presented. One of these, the exponential birth-and-death process, is proposed as a more appropriate model of density dependence than the logistic process.