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School-going young people in South Africa engage in HIV risk behaviour despite high levels of HIV knowledge and a variety of interventions focusing on HIV prevention. The lack of empirical evidence on the effectiveness of current interventions leaves programme implementers with little consensus about how best to prevent HIV infection among young people. This research was done to explore factors underlying HIV risk of young people with the aim of developing HIV prevention in the third decade of the epidemic. Focus group discussions were conducted with young people, educators and parents in eight schools in four provinces of the country. A thematic analysis revealed risk factors especially on the interpersonal and community level. Peer pressure, gender norms and culture, poverty and financial gain and a culture of alcohol use were prominent themes. Negative family relationships, lack of role models and lack of sexual education from home contributed to risk behaviour. Community processes such as exposure to media, lack of recreational facilities, and an erosion of supportive culture and community structures created an environment which did not support healthy behaviour. Factors that prevented risk behaviour were identified as self-respect, open communication with parents, implementation of school programmes, positive peer pressure and a focus on young people's future. Prevention programmes should therefore not only focus on individual factors but should be multi-layered interventions involving various community structures aimed at changing the social ecology in communities to support an alternative lifestyle for young people.

I survey applications of Markov switching models to the asset pricing and portfolio choice literatures. In particular, I discuss the potential that Markov switching models have to fit financial time series and at the same time provide powerful tools to test hypotheses formulated in the light of financial theories, and to generate positive economic value, as measured by risk-adjusted performances, in dynamic asset allocation applications. The chapter also reviews the role of Markov switching dynamics in modern asset pricing models in which the no-arbitrage principle is used to characterize the properties of the fundamental pricing measure in the presence of regimes.

Purpose – This research pinpoints the limitations of conventional models for evaluating the performance of hedge funds and attempts to provide a new framework for modeling the dynamics of risk structures of hedge funds.

Methodology/approach – This chapter aims to explore how the systematic risk exposures of hedge funds vary over time and depend on exogenous variables that managers are supposed to use in their dynamic investment strategies. To achieve this, we used a Bayesian time-varying CAPM-based beta model within a state space technology.

Findings – The results showed that the volatility, term spread rate, and shocks in liquidity influence significantly on the time variation of hedge funds. Besides, the dynamics of beta indicates that the transmission channels of systematic risk are mainly the leverage levels of hedge funds and liquidity shocks.

Originality/value of chapter – These results are original because they help to explain how expected and unexpected hedge fund returns are correlated with the systematic risk factors via the beta dynamics.

The pace of urbanization in the developing world is led by Asia. Over the next 25 years, Asia's urban population will grow by around 70% to more than 2.6 billion people. An additional billion people will have urban habitats (ADB, 2006).

The “Hyogo Framework for Action 2005–2015: Building the Resilience of Nations and communities to disasters” (HFA) was adopted at the UN World Conference on Disaster Reduction (January 2005, Kobe, Japan). The HFA specifies that disaster risk is compounded by increasing vulnerabilities related to various elements including unplanned urbanization. Across the HFA, important elements on urban risk reduction are mentioned as one of crucial areas of work to implement the HFA. In particular incorporating disaster risk reduction into urban planning is specified to reduce the underlying risk factors (Priority 4).

Surging natural disasters globally has precipitated renewed interests in disaster risk management. Though several global and regional disaster risk management policy frameworks have been put in place, it is necessary to evaluate their successes and capacities to deliver. This chapter reviews key disaster management frameworks, particularly the Yokohama Strategy, the Hyogo Framework for Action and the Sendai Framework for Disaster Risk Reduction. It examines the extent to which these policies shaped Africa’s regional disaster risk management processes, with an emphasis on sub-Saharan Africa (SSA). Through documentary analysis and scientific literature review, this chapter identifies key parameters that shaped SSA’s disaster risk reduction (DRR) processes and their implications for DRR policy instruments and impact studies. The analysis reveals a number of findings. First, the roll-out process of global disaster reduction and management policy processes and instruments is yet to optimally impact SSA, in terms of effective disaster management. Second, a more comprehensive understanding of the magnitude and severity of natural disasters could contribute to stem the damages linked to their occurrence. This is yet to be achieved. Third, paradigm shifts towards fully appreciating underlying disaster risk factors and manifestations could potentially support the practical drift from disaster coping and management towards risk identification, reduction and resilience building in SSA. Finally, instruments that prioritise capacity building (such as extension services training, research and development, information and communication), organisational governance, sustainable financing and technology, still relatively weak in SSA, should be stepped up to promote DRR capacities and strategies.