Background： Forests are fundamental in maintaining water supplies, providing economic goods, mitigating climate change, and maintaining biodiversity, thus providing many of the world＇s poorest with income, food and ...Background： Forests are fundamental in maintaining water supplies, providing economic goods, mitigating climate change, and maintaining biodiversity, thus providing many of the world＇s poorest with income, food and medicine. Too often, forested lands are treated as ＂wastelands＂ or ＂free＂ and are easily cleared for agricultural and infrastructure expansion. Methods： In this paper, the sustainability of two forest ecosystems （state and community/private owned） was evaluated using SPOT-5 satellite images of 2005 and 2011. This study was conducted in a sub-watershed area covering 468 km2, of which 201 km2 is managed by the state and 267 km2 by community/private ownership in the Murree Galliat region of Punjab Province of Pakistan. A participatory approach was adopted for the delineation and demarcation of forest boundaries. The Geographic Object-Based Image Analysis （GEOBIA） technique was used for identification and mapping of ten Land Cover （LC） features. Results： The results show that between the years 2005 to 2011, a total of 55 km2 （24 km2 in state-owned forest and 31 km2 in community/private forest） was converted from forest to non-forest. The conclusion is that conservation is more effective in state-owned forests than in the community/private forests. Conclusions： These findings may help to mobilize community awareness and identify effective initiatives for improved management of community/private forest land for other regions of Pakistan.展开更多
Background:When a privately owned firm or privatized government entity raises capital by selling its stocks for the first time to general public,is known as initial public offering(IPO).The underpricing phenomenon and...Background:When a privately owned firm or privatized government entity raises capital by selling its stocks for the first time to general public,is known as initial public offering(IPO).The underpricing phenomenon and ownership structure are important characteristics of IPO process that significantly affect the short-run and long-run performance of private firm and privitized entity.This study compares the short-and long-run performance,and factors affecting these performances for both private IPOs and privatized IPOs in Pakistan.It further investigates the relationship between capital structor and initial underpricing for both group of IPOs.Methods:Event study methodology is used to compares short-and long-run performance spanning from March 2000 to June 2015 of two categories of IPOs issued in the Karachi Stock Exchange(KSE).Multivariate regression analysis is applied to examine the factors that affect the short-run and long-run performance as well as for investigating the relationship betwen underpricing and ownership structure for both group of IPOs.Results:We find that both categories outperform in IPOs at which they are offered to investors on first day of trading,although differences in mean are insignificant.Over a five-year buy-and hold strategy,privatizing IPOs outperform and private IPOs underperform returns on the benchmark KSE 100 Stock Index.The results reveal that the size of the private firm or government entity,aftermarket risk of IPOs,and subscription ratio are significantly associated with the underpricing of IPO shares brought to market.First-day returns,market volatility and retained ownership are associated with higher five-year performance.We find that the concentration of ownership is similar,for both categories of IPOs;and significantly positive related to underpricing.The size of the firm/entity,aftermarket risk,return on assets and subscription ratio also affect ownership concentration.Conclusions:Same level of underpricing in both private and privatized IPOs reveals that Pakistan’s government is committed to its privatization policies as they developed capital markets by underpricing of IPOs.To make dispersion in ownership structure and to involve more small investors,the regulatory authorities such as Securities and Exchange Commission of Pakistan(SECP are required to take some steps to minimize concentration in ownership structure).There is a need of some specific range of underpricing by issuers and SECP.展开更多
China pushes for green bond directives The world may be no stranger to green finance—finance that pays special attention to environmental health,but when it comes to China,the country remains—well,green to the concept.
Today 42% (9 000 km2) of the area of Hesse is covered with forests. The total area of forests hasslightly increased since several years. But actually the forests adjacent to the conurbations of NorthernHesse in the vi...Today 42% (9 000 km2) of the area of Hesse is covered with forests. The total area of forests hasslightly increased since several years. But actually the forests adjacent to the conurbations of NorthernHesse in the vicinity of Kassel in particular and in the Rhein-Main Region surrounding Frankfurt are in a verydifficult position. There is big demand for land to be converted into settlements, infrastructure, etc., whilethere is increasing need for the protective and recreational functions of the forests. Therefore maintenance ofexisting forests and establishment of new forests are amongst the most important responsibilities of theforest authorities on regional and district level.展开更多
文摘Background： Forests are fundamental in maintaining water supplies, providing economic goods, mitigating climate change, and maintaining biodiversity, thus providing many of the world＇s poorest with income, food and medicine. Too often, forested lands are treated as ＂wastelands＂ or ＂free＂ and are easily cleared for agricultural and infrastructure expansion. Methods： In this paper, the sustainability of two forest ecosystems （state and community/private owned） was evaluated using SPOT-5 satellite images of 2005 and 2011. This study was conducted in a sub-watershed area covering 468 km2, of which 201 km2 is managed by the state and 267 km2 by community/private ownership in the Murree Galliat region of Punjab Province of Pakistan. A participatory approach was adopted for the delineation and demarcation of forest boundaries. The Geographic Object-Based Image Analysis （GEOBIA） technique was used for identification and mapping of ten Land Cover （LC） features. Results： The results show that between the years 2005 to 2011, a total of 55 km2 （24 km2 in state-owned forest and 31 km2 in community/private forest） was converted from forest to non-forest. The conclusion is that conservation is more effective in state-owned forests than in the community/private forests. Conclusions： These findings may help to mobilize community awareness and identify effective initiatives for improved management of community/private forest land for other regions of Pakistan.
文摘Background:When a privately owned firm or privatized government entity raises capital by selling its stocks for the first time to general public,is known as initial public offering(IPO).The underpricing phenomenon and ownership structure are important characteristics of IPO process that significantly affect the short-run and long-run performance of private firm and privitized entity.This study compares the short-and long-run performance,and factors affecting these performances for both private IPOs and privatized IPOs in Pakistan.It further investigates the relationship between capital structor and initial underpricing for both group of IPOs.Methods:Event study methodology is used to compares short-and long-run performance spanning from March 2000 to June 2015 of two categories of IPOs issued in the Karachi Stock Exchange(KSE).Multivariate regression analysis is applied to examine the factors that affect the short-run and long-run performance as well as for investigating the relationship betwen underpricing and ownership structure for both group of IPOs.Results:We find that both categories outperform in IPOs at which they are offered to investors on first day of trading,although differences in mean are insignificant.Over a five-year buy-and hold strategy,privatizing IPOs outperform and private IPOs underperform returns on the benchmark KSE 100 Stock Index.The results reveal that the size of the private firm or government entity,aftermarket risk of IPOs,and subscription ratio are significantly associated with the underpricing of IPO shares brought to market.First-day returns,market volatility and retained ownership are associated with higher five-year performance.We find that the concentration of ownership is similar,for both categories of IPOs;and significantly positive related to underpricing.The size of the firm/entity,aftermarket risk,return on assets and subscription ratio also affect ownership concentration.Conclusions:Same level of underpricing in both private and privatized IPOs reveals that Pakistan’s government is committed to its privatization policies as they developed capital markets by underpricing of IPOs.To make dispersion in ownership structure and to involve more small investors,the regulatory authorities such as Securities and Exchange Commission of Pakistan(SECP are required to take some steps to minimize concentration in ownership structure).There is a need of some specific range of underpricing by issuers and SECP.
文摘China pushes for green bond directives The world may be no stranger to green finance—finance that pays special attention to environmental health,but when it comes to China,the country remains—well,green to the concept.
文摘Today 42% (9 000 km2) of the area of Hesse is covered with forests. The total area of forests hasslightly increased since several years. But actually the forests adjacent to the conurbations of NorthernHesse in the vicinity of Kassel in particular and in the Rhein-Main Region surrounding Frankfurt are in a verydifficult position. There is big demand for land to be converted into settlements, infrastructure, etc., whilethere is increasing need for the protective and recreational functions of the forests. Therefore maintenance ofexisting forests and establishment of new forests are amongst the most important responsibilities of theforest authorities on regional and district level.
