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Article
Publication date: 1 March 1995

Tony Kidd

Although international staff exchanges among librarians have grownin number in recent years, they are still relatively rare. Outlines asurvey of British university libraries…

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Abstract

Although international staff exchanges among librarians have grown in number in recent years, they are still relatively rare. Outlines a survey of British university libraries carried out in 1992, soliciting information and opinions on exchanges from chief librarians and exchange participants. Uses the survey and the author′s own exchange experience to outline some sources of information and funding, and other practical and financial considerations, when arranging exchanges. Discusses the motivation of exchange participants, together with career and staff development outcomes for those taking part in exchanges. While internal or external promotion is an unlikely immediate sequel to an exchange, both library staff and chief librarians recognize a definite improvement in motivation and performance after an exchange. Despite administrative, training and other costs, libraries and library staff could profitably give more positive attention to exchanges when contemplating individual and library‐wide staff development.

Details

Librarian Career Development, vol. 3 no. 1
Type: Research Article
ISSN: 0968-0810

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Article
Publication date: 1 December 2002

Nadia Zilper

A discussion of the research materials exchanges between the US and Russian libraries which provides the reader with both a history of these exchanges and a perspective on what…

312

Abstract

A discussion of the research materials exchanges between the US and Russian libraries which provides the reader with both a history of these exchanges and a perspective on what the future holds for these programs.

Details

Collection Building, vol. 21 no. 4
Type: Research Article
ISSN: 0160-4953

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Article
Publication date: 1 February 1992

Japhet Otike

Provides a detailed account of the predicament of exchangelibrarians in developing countries. Publishing activity is relativelyunderdeveloped forcing the majority of the states to…

Abstract

Provides a detailed account of the predicament of exchange librarians in developing countries. Publishing activity is relatively underdeveloped forcing the majority of the states to rely on foreign book imports. While exchanges may prove an excellent option for the acquisition of overseas materials, it cannot be a substitute for direct purchase as not all overseas titles can be exchanged for local materials. Exchanges stand to succeed only if the institutions concerned either have regular publications of their own that can be used as media for exchange, or if sufficient funds are made available for the library to purchase local materials to facilitate such a programme. Highlights problems inhibiting the growth of exchanges and concludes that communication can pose a serious threat if not properly contained.

Details

New Library World, vol. 93 no. 2
Type: Research Article
ISSN: 0307-4803

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Article
Publication date: 1 April 1991

Robert Grant and Luc A. Soenen

Since the demise of the Bretton Woods System of quasi‐fixed exchange rates in the early seventies, unanticipated exchange rate movements are a fundamental feature of the…

Abstract

Since the demise of the Bretton Woods System of quasi‐fixed exchange rates in the early seventies, unanticipated exchange rate movements are a fundamental feature of the international economic environment. The ever increasing degree of exchange rates volatility has spurred the creation of new financing and hedging instruments and techniques. The proliferation of these financial innovations has confounded many treasurers as to the appropriate instrument or technique to be used in resolving a foreign exchange risk management problem. Notwithstanding the persistent and sophisticated nature of current foreign exchange risk management, there are situations where hedging does not protect the firm from large losses caused by unanticipated changes in exchange rates. We present three situations where hedging fails to protect the firm from risks arising from fluctuating exchange rates: first, where the firm has a continuous inflow of foreign currency; second, where foreign exchange risks are compounded by general and relative price risks; and third, where the perfectly hedged firm faces competition from unhedged rivals.

Details

Managerial Finance, vol. 17 no. 4
Type: Research Article
ISSN: 0307-4358

Article
Publication date: 1 May 2007

Desheng Chen, Chunqing Li, Xianjie Xu and Jiasu Lei

This paper analysises China’s optimal scale of foreign reserve during 1985‐2004 with single ratio and synthesis ratio. The single ratio analysis shows that China’s foreign reserve…

Abstract

This paper analysises China’s optimal scale of foreign reserve during 1985‐2004 with single ratio and synthesis ratio. The single ratio analysis shows that China’s foreign reserve to import ratio has exceeded 40 per cent after foreign exchange rate united in 1994. The foreign reserve to money supply ratio is high as 23.8 per cent, and will exceed 25 per cent of international alertness in 2005. The foreign reserve to debt ratio largely exceeded 30 per cent of international alertness. The current account balance to GDP ratio and the current account balance plus FDI to GDP ratio is out of international alertness in most years. The synthesis ratio analysis show that China’s real foreign exchange reserve exceeded foreign exchange demand of debt, FDI and import during 1996‐2004, and the exceeded ratio is close to 90 per cent in 2004. This paper also discusses influence of capital flight after 1995 and international hot money after 2002 to China’s optimal scale of foreign exchange.

Details

Journal of Asia Business Studies, vol. 1 no. 2
Type: Research Article
ISSN: 1558-7894

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Article
Publication date: 1 June 2005

Brenton Allen

The Internal Revenue Code (IRC) section 1031 provides that ‘no gain or loss shall be recognized on the exchange of property held for productive use in a trade or business or for…

Abstract

The Internal Revenue Code (IRC) section 1031 provides that ‘no gain or loss shall be recognized on the exchange of property held for productive use in a trade or business or for investment if such property is exchanged solely for property of like kind which is to be held either for productive use in a trade or business or for investment’. 26 USC $1031(a)(1). This provision has particular utility for entities taxed as C‐Corporations, in that they do not enjoy a preferential tax rate on the sale of capital assets and IRC 1221 assets. It also has utility for real estate investment trusts (REITs) not wishing to pass through recognition of gains resulting from necessary redeployment of capital in other real estate sectors or geographic regions. This paper will explore the fundamental issues in accomplishing a successful exchange of real property and in adopting a programmatic approach to a series of exchanges. While it contains a brief summary of authority, the same is provided not as legal advice, but as context for the administrative aspect of an exchange programme, which is the topic of the paper. This paper should not be construed as legal advice. Before commencing or not commencing an exchange or series of exchanges, consult your tax counsel or adviser.

Details

Journal of Corporate Real Estate, vol. 7 no. 2
Type: Research Article
ISSN: 1463-001X

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Article
Publication date: 2 November 2015

Muhammad Umar and Gang Sun

– The purpose of this study is to analyze the relationship between country risk, stock prices and the exchange rate of the renminbi (RMB) compared to that of the US dollar.

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Abstract

Purpose

The purpose of this study is to analyze the relationship between country risk, stock prices and the exchange rate of the renminbi (RMB) compared to that of the US dollar.

Design/methodology/approach

An extended open macroeconomic model with investment–saving, liquidity preference–money supply and aggregate supply functions was used by applying comparative static analysis. After checking the series for stationarity and cointegration, a vector autoregressive model was applied. Lag length was selected based on the Akaike information criterion, and the coefficients were calculated for the overall sample and for pre- and post-July 2005 periods.

Findings

The stock market index is a significant determinant of variation in the exchange rate: when the Chinese stock market performs well, the RMB appreciates and vice versa. Country risk is not a significant determinant of the exchange rate, but the exchange rate of the RMB is a highly significant determinant of the country risk of China: depreciation of the RMB results in higher country risk and vice versa.

Research limitations/implications

Linear interpolation was used to calculate the monthly values of some of the variables for which only annual data were available.

Practical implications

The authorities should revalue the exchange rate of the RMB against the US dollar, which will result in lower country risk for China. One way to achieve this is to strengthen the performance of stock markets.

Originality/value

To the best of the authors’ knowledge, this is the first study to explore the relationship between the country risk of China and the exchange rate of the RMB. Using an open macroeconomic model, this novel research analyzes the relationships between country risk, stock prices and the exchange rate of the RMB from a different perspective.

Details

Journal of Financial Economic Policy, vol. 7 no. 4
Type: Research Article
ISSN: 1757-6385

Keywords

Article
Publication date: 31 May 2011

Jacques A. Schnabel

This paper seeks to argue that any competitive advantage realized by a firm that produces domestically and exports to a foreign market due to a real depreciation (appreciation) of…

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Abstract

Purpose

This paper seeks to argue that any competitive advantage realized by a firm that produces domestically and exports to a foreign market due to a real depreciation (appreciation) of the domestic (foreign) currency is purely transitory and thus not sustainable. Diversification of manufacturing operations across a number of countries and appropriate production rescheduling in light of real exchange rate changes are required to transform the character of this competitive advantage from merely transitory to sustainable.

Design/methodology/approach

Analytic proof is provided of the dependence of an exporting firm's real profit margin on the real exchange rate. A simple contemporaneous and one‐period lagged model of the current account balance is then posited to argue that real exchange rates exhibit mean‐reversionary behavior.

Findings

The Marshall‐Lerner condition, which is a mainstay of balance‐of‐payments models is shown to imply that real exchange rates exhibit mean‐reversionary behavior. Extensive empirical evidence is cited that accords with this theoretical conclusion. Thus, any gain in competitive advantage due to a change in real exchange rates that accrues to a firm with a single manufacturing operation is merely transitory and not sustainable.

Practical implications

To position itself to achieve sustainable competitive advantage from changes in real exchange rates, a firm must maintain a global supply chain diversified across many countries. With the flexibility provided by such disparate plant locations, production schedules can be adjusted in response to real exchange rate changes, to wit, increased (reduced) manufacturing should be programmed in countries whose currencies have experienced real depreciations (appreciations). Owing to oscillating real exchange rates, these requisite production schedule adjustments are expected to be perpetual.

Originality/value

The algebraic formulation of the firm's inflation‐adjusted profit margin's dependency on the real exchange rate and the analytical proof that the Marshall‐Lerner condition implies mean‐reversionary behavior in real exchange rates are both novel. The implications with regard to competitive advantage are likewise original.

Details

Competitiveness Review: An International Business Journal, vol. 21 no. 3
Type: Research Article
ISSN: 1059-5422

Keywords

Article
Publication date: 1 February 1958

M. SIDDIQ KHAN

The Seminar for the International Exchange of Publications in the Indo‐Pacific Area, inspired by Unesco and sponsored by the National Diet Library of Japan, was held at Tokyo from…

Abstract

The Seminar for the International Exchange of Publications in the Indo‐Pacific Area, inspired by Unesco and sponsored by the National Diet Library of Japan, was held at Tokyo from 4 November to 11 November, 1957. There were no less than thirty‐two participants, delegates, and observers, from the following countries: Australia, Cambodia, Ceylon, Chile, the Republic of China, India, Indonesia, Japan, the Republic of Korea, Laos, Malaya, Mexico, Pakistan, the Philippines, Thailand, United Kingdom, the United States of America, and the United States of Soviet Russia. Almost all the participating countries deputed librarians of standing to represent them. Among them were Mr. Foster E. Mohrhardt, Director of the U.S. Dept. of Agriculture Library, Mr. Jennings Wood, Assistant Chief Director, Exchange and Gifts Division of the Library of Congress, Mr. Boris Kanevsky, Chief Librarian, Dept. of International Exchange of Publications of the Lenin State Library, Dr. H. L. White, Librarian, Commonwealth National Library, Canberra, and Dr. Armando Sandoval, Director, Centro de Documentacion Cientifica y Technica de Mexico.

Details

Journal of Documentation, vol. 14 no. 2
Type: Research Article
ISSN: 0022-0418

Article
Publication date: 19 March 2019

James Brigagliano, W. Hardy Callcott and Michael Warden

To explain an October 16, 2018 US Securities and Exchange Commission order that unanimously upheld a SIFMA challenge to fee increases for “depth-of-book” market data filed by…

Abstract

Purpose

To explain an October 16, 2018 US Securities and Exchange Commission order that unanimously upheld a SIFMA challenge to fee increases for “depth-of-book” market data filed by Nasdaq and NYSE Arca and the SEC’s simultaneous remanding of over 400 market data fee and other filings back to the exchanges for consideration under the standards set out in the order.

Design/methodology/approach

Explains the criteria for fee increases under the Exchange Act, the SEC’s historic routine approval of exchanges’ proposed fee increases, the SEC’s challenge to two recent market data filings, and the SEC’s remanding of 400 additional market data fee filings challenged by SIFMA to the exchanges and the National Market System (NMS) for reconsideration. Analyzes and discusses the SEC’s order.

Findings

The SECs’ SIFMA order appears to raise the bar significantly for what exchanges must show to justify fee increases.More broadly, all five SEC Commissioners (of both parties) appear to be rethinking the role of for-profit exchanges in the regulatory structure.These orders have the potential to rewrite the regulation of market data, other exchange fees, and potentially the relationship between the exchanges and other market participants, for the entire securities industry.

Originality/value

Practical guidance from experienced securities lawyers.

1 – 10 of over 111000