WorldWideScience

Sample records for dynamic market impacts

  1. Linking Financial Market Dynamics and the Impact of News

    Science.gov (United States)

    Nacher, J. C.; Ochiai, T.

    2011-09-01

    In financial markets, he behavior of investors determines the prices of financial products. However, these investors can also be influenced by good and bad news. Here, we present a mathematical model to reproduce the price dynamics in real financial markets affected by news. The model has both positive and negative feed-back mechanisms. Furthermore, the behavior of the model is examined by considering two different types of noise. Our results show that the dynamic balance of positive and negative feed-back mechanisms with the noise effect determines the asset price movement. For comparison with real market, we have used the Forex data corresponding to the time period of the recent Tohoku-Kanto earthquake in Japan.

  2. Market impact and structure dynamics of the Chinese stock market based on partial correlation analysis

    Science.gov (United States)

    Li, Xing; Qiu, Tian; Chen, Guang; Zhong, Li-Xin; Wu, Xiao-Run

    2017-04-01

    Partial correlation analysis is employed to study the market impact on the Chinese stock market from both the native and external markets. Whereas the native market index is observed to have a great impact on the market correlations for both the Shanghai and Shenzhen stock markets, some external stock indices of the United States, European and Asian stock markets show a slight influence on the Chinese market. The individual stock can be affected by different economic sectors, but the dominant influence is from the sector the stock itself belongs to or closely related to, and the finance and insurance sector shows a weaker correlation with other economic sectors. Moreover, the market structure similarity exhibits a negative correlation with the price return in most time, and the structure similarity decays with the time interval.

  3. Impact of stock market structure on intertrade time and price dynamics.

    Directory of Open Access Journals (Sweden)

    Plamen Ch Ivanov

    Full Text Available We analyse times between consecutive transactions for a diverse group of stocks registered on the NYSE and NASDAQ markets, and we relate the dynamical properties of the intertrade times with those of the corresponding price fluctuations. We report that market structure strongly impacts the scale-invariant temporal organisation in the transaction timing of stocks, which we have observed to have long-range power-law correlations. Specifically, we find that, compared to NYSE stocks, stocks registered on the NASDAQ exhibit significantly stronger correlations in their transaction timing on scales within a trading day. Further, we find that companies that transfer from the NASDAQ to the NYSE show a reduction in the correlation strength of transaction timing on scales within a trading day, indicating influences of market structure. We also report a persistent decrease in correlation strength of intertrade times with increasing average intertrade time and with corresponding decrease in companies' market capitalization-a trend which is less pronounced for NASDAQ stocks. Surprisingly, we observe that stronger power-law correlations in intertrade times are coupled with stronger power-law correlations in absolute price returns and higher price volatility, suggesting a strong link between the dynamical properties of intertrade times and the corresponding price fluctuations over a broad range of time scales. Comparing the NYSE and NASDAQ markets, we demonstrate that the stronger correlations we find in intertrade times for NASDAQ stocks are associated with stronger correlations in absolute price returns and with higher volatility, suggesting that market structure may affect price behavior through information contained in transaction timing. These findings do not support the hypothesis of universal scaling behavior in stock dynamics that is independent of company characteristics and stock market structure. Further, our results have implications for utilising

  4. Impact of stock market structure on intertrade time and price dynamics.

    Science.gov (United States)

    Ivanov, Plamen Ch; Yuen, Ainslie; Perakakis, Pandelis

    2014-01-01

    We analyse times between consecutive transactions for a diverse group of stocks registered on the NYSE and NASDAQ markets, and we relate the dynamical properties of the intertrade times with those of the corresponding price fluctuations. We report that market structure strongly impacts the scale-invariant temporal organisation in the transaction timing of stocks, which we have observed to have long-range power-law correlations. Specifically, we find that, compared to NYSE stocks, stocks registered on the NASDAQ exhibit significantly stronger correlations in their transaction timing on scales within a trading day. Further, we find that companies that transfer from the NASDAQ to the NYSE show a reduction in the correlation strength of transaction timing on scales within a trading day, indicating influences of market structure. We also report a persistent decrease in correlation strength of intertrade times with increasing average intertrade time and with corresponding decrease in companies' market capitalization-a trend which is less pronounced for NASDAQ stocks. Surprisingly, we observe that stronger power-law correlations in intertrade times are coupled with stronger power-law correlations in absolute price returns and higher price volatility, suggesting a strong link between the dynamical properties of intertrade times and the corresponding price fluctuations over a broad range of time scales. Comparing the NYSE and NASDAQ markets, we demonstrate that the stronger correlations we find in intertrade times for NASDAQ stocks are associated with stronger correlations in absolute price returns and with higher volatility, suggesting that market structure may affect price behavior through information contained in transaction timing. These findings do not support the hypothesis of universal scaling behavior in stock dynamics that is independent of company characteristics and stock market structure. Further, our results have implications for utilising transaction timing

  5. The Impacts of Inflation Dynamics and Global Financial Crises on Stock Market Returns and Volatility: Evidence from Nigeria

    OpenAIRE

    C.G Amaefula; B.K. Asare

    2014-01-01

    The paper investigates the impacts of inflation dynamics and global financial crises on Stock market returns and volatility in Nigeria.The data sets on monthly All Shares Index Prices of NSE, and consumers’ price index (CPI) cover the period of January, 1985 to December, 2010. The GARCH (1, 1) model with multivariate regressors were adopted and the result shows that in the conditional mean equation; inflation exerts insignificant positive impact on stock market returns, inflation volatility e...

  6. Impact of stock market structure on intertrade time and price dynamics

    National Research Council Canada - National Science Library

    Ivanov, Plamen Ch; Yuen, Ainslie; Perakakis, Pandelis

    2014-01-01

    ... of the corresponding price fluctuations. We report that market structure strongly impacts the scale-invariant temporal organisation in the transaction timing of stocks, which we have observed to have long-range power-law correlations...

  7. Impact of Stock Market Structure on Intertrade Time and Price Dynamics

    CERN Document Server

    Yuen, A; Yuen, Ainslie; Ivanov, Plamen Ch.

    2005-01-01

    The NYSE and NASDAQ stock markets have very different structures and there is continuing controversy over whether differences in stock price behaviour are due to market structure or company characteristics. As the influence of market structure on stock prices may be obscured by exogenous factors such as demand and supply, we hypothesize that modulation of the flow of transactions due to market operations may carry a stronger imprint of the internal market mechanism. We analyse times between consecutive transactions (ITT) for NYSE and NASDAQ stocks, and we relate the dynamical properties of the ITT with those of the corresponding price fluctuations. We find a robust scale-invariant temporal organisation in the ITT of stocks which is independent of individual company characteristics and industry sector, but which depends on market structure. We find that stocks registered on the NASDAQ exhibit stronger correlations in their transaction timing within a trading day, compared with NYSE stocks. Further, we find tha...

  8. Dynamics of Markets

    Science.gov (United States)

    McCauley, Joseph L.

    2004-06-01

    Standard texts and research in economics and finance ignore the absence of evidence from the analysis of real, unmassaged market data to support the notion of Adam Smith's stabilizing Invisible Hand. In stark contrast, this text introduces a new empirically-based model of financial market dynamics that explains the volatility of prices options correctly and clarifies the instability of financial markets. The emphasis is on understanding how real markets behave, not how they hypothetically 'should' behave.

  9. Impact of Stock Market Structure on Intertrade Time and Price Dynamics

    Science.gov (United States)

    Yuen, Ainslie; Ivanov, Plamen Ch.

    2005-08-01

    The NYSE and NASDAQ stock markets have very different structures and there is continuing controversy over whether differences in stock price behaviour are due to market structure or company characteristics. As the influence of market structure on stock prices may be obscured by exogenous factors such as demand and supply, we hypothesize that modulation of the flow of transactions due to market operations may carry a stronger imprint of the internal market mechanism. We analyse times between consecutive transactions (ITT) for NYSE and NASDAQ stocks, and we relate the dynamical properties of the ITT with those of the corresponding price fluctuations. We find a robust scale-invariant temporal organisation in the ITT of stocks which is independent of individual company characteristics and industry sector, but which depends on market structure. We find that stocks registered on the NASDAQ exhibit stronger correlations in their transaction timing within a trading day, compared with NYSE stocks. Further, we find that companies that transfer from the NASDAQ to the NYSE show a reduction in the correlation strength of transaction timing within a trading day, after the move, suggesting influences of market structure. Surprisingly, we also observe that stronger power-law correlations in the ITT are coupled with stronger power-law correlations in absolute price returns and higher price volatility, suggesting a strong link between the dynamical properties of ITT and the corresponding price fluctuations over a broad range of time scales. Comparing the NYSE and NASDAQ, we demonstrate that the higher correlations we find in ITT for NASDAQ stocks are matched by higher correlations in absolute price returns and by higher volatility, suggesting that market structure may affect price behaviour through information contained in transaction timing.

  10. Market Squid Population Dynamics

    Data.gov (United States)

    National Oceanic and Atmospheric Administration, Department of Commerce — This dataset contains population dynamics data on paralarvae, juvenile and adult market squid collected off California and the US Pacific Northwest. These data were...

  11. Financial market dynamics

    Science.gov (United States)

    Michael, Fredrick; Johnson, M. D.

    2003-03-01

    A necessary precondition for modeling financial markets is a complete understanding of their statistics, including dynamics. Distributions derived from nonextensive Tsallis statistics are closely connected with dynamics described by a nonlinear Fokker-Planck equation. The combination shows promise in describing stochastic processes with power-law distributions and superdiffusive dynamics. We investigate intra-day price changes in the S& P500 stock index within this framework. We find that the power-law tails of the distributions, and the index's anomalously diffusing dynamics, are very accurately described by this approach. Our results show good agreement between market data and Fokker-Planck dynamics. This approach may be applicable in any anomalously diffusing system in which the correlations in time can be accounted for by an Ito-Langevin process with a simple time-dependent diffusion coefficient.

  12. Communication impacting financial markets

    Science.gov (United States)

    Vitting Andersen, Jørgen; Vrontos, Ioannis; Dellaportas, Petros; Galam, Serge

    2014-10-01

    Since the attribution of the Nobel prize in 2002 to Kahneman for prospect theory, behavioral finance has become an increasingly important subfield of finance. However the main parts of behavioral finance, prospect theory included, understand financial markets through individual investment behavior. Behavioral finance thereby ignores any interaction between participants. We introduce a socio-financial model (Vitting Andersen J. and Nowak A., An Introduction to Socio-Finance (Springer, Berlin) 2013) that studies the impact of communication on the pricing in financial markets. Considering the simplest possible case where each market participant has either a positive (bullish) or negative (bearish) sentiment with respect to the market, we model the evolution of the sentiment in the population due to communication in subgroups of different sizes. Nonlinear feedback effects between the market performance and changes in sentiments are taken into account by assuming that the market performance is dependent on changes in sentiments (e.g., a large sudden positive change in bullishness would lead to more buying). The market performance in turn has an impact on the sentiment through the transition probabilities to change an opinion in a group of a given size. The idea is that if for example the market has observed a recent downturn, it will be easier for even a bearish minority to convince a bullish majority to change opinion compared to the case where the meeting takes place in a bullish upturn of the market. Within the framework of our proposed model, financial markets stylized facts such as volatility clustering and extreme events may be perceived as arising due to abrupt sentiment changes via ongoing communication of the market participants. The model introduces a new volatility measure which is apt of capturing volatility clustering and from maximum-likelihood analysis we are able to apply the model to real data and give additional long term insight into where a market is

  13. Dynamics of Markets

    Science.gov (United States)

    McCauley, Joseph L.

    2009-09-01

    Preface; 1. Econophysics: why and what; 2. Neo-classical economic theory; 3. Probability and stochastic processes; 4. Introduction to financial economics; 5. Introduction to portfolio selection theory; 6. Scaling, pair correlations, and conditional densities; 7. Statistical ensembles: deducing dynamics from time series; 8. Martingale option pricing; 9. FX market globalization: evolution of the dollar to worldwide reserve currency; 10. Macroeconomics and econometrics: regression models vs. empirically based modeling; 11. Complexity; Index.

  14. Impacts of El Niño-Southern Oscillation on the wheat market: A global dynamic analysis.

    Science.gov (United States)

    Gutierrez, Luciano

    2017-01-01

    Although the widespread influence of the El Niño-Southern Oscillation (ENSO) occurrences on crop yields of the main agricultural commodities is well known, the global socio-economic consequences of ENSO still remain uncertain. Given the global importance of wheat for global consumption by providing 20% of global calories and nourishment, the monitoring and prediction of ENSO-induced variations in the worldwide wheat market are essential for allowing national governments to manage the associated risks and to ensure the supplies of wheat for consumers, including the underprivileged. To this end, we propose a global dynamic model for the analysis of ENSO impacts on wheat yield anomalies, export prices, exports and stock-to-use ratios. Our framework focuses on seven countries/regions: the six main wheat-exporting countries-the United States, Argentina, Australia, Canada, the EU, and the group of the main Black Sea export countries, i.e. Russia, Ukraine, and Kazakhstan-plus the rest of the world. The study shows that La Niña exerts, on average, a stronger and negative impact on wheat yield anomalies, exports and stock-to-use ratios than El Niño. In contrast, wheat export prices are positively related to La Niña occurrences evidencing, once again, its steady impact in both the short and long run. Our findings emphasize the importance of the two ENSO extreme phases for the worldwide wheat market.

  15. Dynamics of Stock Market Correlations

    OpenAIRE

    Dror Y Kenett; Shapira, Yoash; Madi, Asaf; Bransburg-Zabary, Sharron; gur-Gershgoren, Gitit; Ben-Jacob, Eshel

    2010-01-01

    We present a novel approach to the study the dynamics of stock market correlations. This is achieved through an innovative visualization tool that allows an investigation of the structure and dynamics of the market, through the study of correlations. This is based on the Stock Market Holography (SMH) method recently introduced. This qualitative measure is complemented by the use of the eigenvalue entropy measure, to quantify how the information in the market changes in time. Using this innova...

  16. A dynamic network model for interbank market

    Science.gov (United States)

    Xu, Tao; He, Jianmin; Li, Shouwei

    2016-12-01

    In this paper, a dynamic network model based on agent behavior is introduced to explain the formation mechanism of interbank market network. We investigate the impact of credit lending preference on interbank market network topology, the evolution of interbank market network and stability of interbank market. Experimental results demonstrate that interbank market network is a small-world network and cumulative degree follows the power-law distribution. We find that the interbank network structure keeps dynamic stability in the network evolution process. With the increase of bank credit lending preference, network clustering coefficient increases and average shortest path length decreases monotonously, which improves the stability of the network structure. External shocks are main threats for the interbank market and the reduction of bank external investment yield rate and deposits fluctuations contribute to improve the resilience of the banking system.

  17. Modelling Market Dynamics with a "Market Game"

    Science.gov (United States)

    Katahira, Kei; Chen, Yu

    In the financial market, traders, especially speculators, typically behave as to yield capital gains by the difference between selling and buying prices. Making use of the structure of Minority Game, we build a novel market toy model which takes account of such the speculative mind involving a round-trip trade to analyze the market dynamics as a system. Even though the micro-level behavioral rules of players in this new model is quite simple, its macroscopic aggregational output has the reproducibility of the well-known stylized facts such as volatility clustering and heavy tails. The proposed model may become a new alternative bottom-up approach in order to study the emerging mechanism of those stylized qualitative properties of asset returns.

  18. The impact of labour market dynamics on the return-migration of immigrants

    NARCIS (Netherlands)

    Bijwaard, G.E.; Schluter, C.; Wahba, J.

    2011-01-01

    Also published as IZA discussion paper; 5722. Using administrative panel data on the entire population of new labour immigrants to The Netherlands, we estimate the causal effects of labour dynamics on their return decisions. Specifically, the roles of unemployment and re-employment spells on immigra

  19. Impact of Unexpected Events, Shocking News and Rumours on Foreign Exchange Market Dynamics

    CERN Document Server

    McDonald, M; Williams, S; Howison, S; Johnson, N F; Donald, Mark Mc; Suleman, Omer; Williams, Stacy; Howison, Sam; Johnson, Neil F.

    2006-01-01

    We analyze the dynamical response of the world's financial community to various types of unexpected events, including the 9/11 terrorist attacks as they unfolded on a minute-by-minute basis. We find that there are various 'species' of news, characterized by how quickly the news get absorbed, how much meaning and importance is assigned to it by the community, and what subsequent actions are then taken. For example, the response to the unfolding events of 9/11 shows a gradual collective understanding of what was happening, rather than an immediate realization. For news items which are not simple economic statements, and hence whose implications are not immediately obvious, we uncover periods of collective discovery during which collective opinions seem to oscillate in a remarkably synchronized way. In the case of a rumour, our findings also provide a concrete example of contagion in inter-connected communities. Practical applications of this work include the possibility of producing selective newsfeeds for spec...

  20. Impact of the implementation of rest days in live bird markets on the dynamics of H5N1 highly pathogenic avian influenza.

    Science.gov (United States)

    Fournié, G; Guitian, F J; Mangtani, P; Ghani, A C

    2011-08-01

    Live bird markets (LBMs) act as a network 'hub' and potential reservoir of infection for domestic poultry. They may therefore be responsible for sustaining H5N1 highly pathogenic avian influenza (HPAI) virus circulation within the poultry sector, and thus a suitable target for implementing control strategies. We developed a stochastic transmission model to understand how market functioning impacts on the transmission dynamics. We then investigated the potential for rest days-periods during which markets are emptied and disinfected-to modulate the dynamics of H5N1 HPAI within the poultry sector using a stochastic meta-population model. Our results suggest that under plausible parameter scenarios, HPAI H5N1 could be sustained silently within LBMs with the time spent by poultry in markets and the frequency of introduction of new susceptible birds' dominant factors determining sustained silent spread. Compared with interventions applied in farms (i.e. stamping out, vaccination), our model shows that frequent rest days are an effective means to reduce HPAI transmission. Furthermore, our model predicts that full market closure would be only slightly more effective than rest days to reduce transmission. Strategies applied within markets could thus help to control transmission of the disease.

  1. Conditional dynamics driving financial markets

    Science.gov (United States)

    Boguñá, M.; Masoliver, J.

    2004-08-01

    We revisit the problem of daily correlations in speculative prices and report empirical evidences on the existence of what we term a conditional or dual dynamics driving the evolution of financial assets. This dynamics is detected in several markets around the world and for different historical periods. In particular, we have analyzed the DJIA database from 1900 to 2002 as well as 65 companies trading in the LIFFE market of futures and 12 of the major European and American treasury bonds. In all cases, we find a twofold dynamics driving the financial evolution depending on whether the previous price went up or down. We conjecture that this effect is universal and intrinsic to all markets.

  2. The Impact of Market Maker Competition on Market Quality: Evidence from an Options Exchange

    Directory of Open Access Journals (Sweden)

    Angelo Aspris

    2012-12-01

    Full Text Available This paper examines the dynamic relationship between competition, liquidity provision, and market structure. By examining the entry and exit of market makers in the Australian Options market, this study empirically analyses the issue of market maker competition. Results indicate that market maker entry depends on a broad range of profit, risk and market concentration characteristics, but free market maker movement does not explicitly result in a competitive market structure. This study also finds that the degree of market concentration additionally affects the marginal impact of market maker entry (exit, but the effect is significantly more pronounced for the most liquid classes of options. The implication of this finding is pertinent to market regulators since market maker competition may not necessarily contribute to enhancing market quality for less liquid securities.

  3. Structurally dynamic spin market networks

    CERN Document Server

    Horváth, D

    2007-01-01

    The agent-based model of price dynamics on a directed evolving complex network is suggested and studied by direct simulation. The resulting stationary regime is maintained as a result of the balance between the extremal dynamics, adaptivity of strategic variables and reconnection rules. For some properly selected parametric combination the network displays small-world phenomenon with high mean clustering coefficient and power-law node degree distribution. The mechanism of repeated random walk through network combined with a fitness recognition is proposed and tested to generate modular multi-leader market. The simulations suggest that dynamics of fitness is the slowest process that manifests itself in the volatility clustering of the log-price returns.

  4. Structurally Dynamic Spin Market Networks

    Science.gov (United States)

    Horváth, Denis; Kuscsik, Zoltán

    The agent-based model of stock price dynamics on a directed evolving complex network is suggested and studied by direct simulation. The stationary regime is maintained as a result of the balance between the extremal dynamics, adaptivity of strategic variables and reconnection rules. The inherent structure of node agent "brain" is modeled by a recursive neural network with local and global inputs and feedback connections. For specific parametric combination the complex network displays small-world phenomenon combined with scale-free behavior. The identification of a local leader (network hub, agent whose strategies are frequently adapted by its neighbors) is carried out by repeated random walk process through network. The simulations show empirically relevant dynamics of price returns and volatility clustering. The additional emerging aspects of stylized market statistics are Zipfian distributions of fitness.

  5. Vibro-impact dynamics

    CERN Document Server

    Luo, Albert C J

    2012-01-01

    Presents a systematic view of vibro-impact dynamics based on the nonlinear dynamics analysis Comprehensive understanding of any vibro-impact system is critically impeded by the lack of analytical tools viable for properly characterizing grazing bifurcation. The authors establish vibro-impact dynamics as a subset of the theory of discontinuous systems, thus enabling all vibro-impact systems to be explored and characterized for applications.  Vibro-impact Dynamics presents an original theoretical way of analyzing the behavior of vibro-impact dynamics that can be extended to discontinuous dynamic

  6. Dynamic CGE Model and Simulation Analysis on the Impact of Citizenization of Rural Migrant Workers on the Labor and Capital Markets in China

    Directory of Open Access Journals (Sweden)

    Qi Wu

    2014-01-01

    Full Text Available This paper investigates the effect of the policy of citizenization of rural migrant workers on the factor market in a dynamic CGE model, which contains multiple dimensions of labor heterogeneity, a labor-lagged adjustment mechanism, and a dynamic investment mechanism. The simulation results show that changes in supply in the labor market will affect the labor market structure, the relative factor price, and the investment in and the output of industries.

  7. Does the absence of competition in the market foster competition for the market ? A dynamic approach to aftermarkets

    OpenAIRE

    Laussel, Didier; Resende, Joana

    2008-01-01

    In this paper, we investigate dynamic price competition when firms strategically interact in two distinct but interrelated markets : a primary market and an aftermarket, where indirect network effects arise. We set up a differential game of two-dimensional price competition and we conclude that the absence of price competition in the aftermarket (competition in the market) fosters dynamic price competition in the primary market (competition for the market). We also investigate the impact of n...

  8. Dynamics of electricity market correlations

    Science.gov (United States)

    Alvarez-Ramirez, J.; Escarela-Perez, R.; Espinosa-Perez, G.; Urrea, R.

    2009-06-01

    Electricity market participants rely on demand and price forecasts to decide their bidding strategies, allocate assets, negotiate bilateral contracts, hedge risks, and plan facility investments. However, forecasting is hampered by the non-linear and stochastic nature of price time series. Diverse modeling strategies, from neural networks to traditional transfer functions, have been explored. These approaches are based on the assumption that price series contain correlations that can be exploited for model-based prediction purposes. While many works have been devoted to the demand and price modeling, a limited number of reports on the nature and dynamics of electricity market correlations are available. This paper uses detrended fluctuation analysis to study correlations in the demand and price time series and takes the Australian market as a case study. The results show the existence of correlations in both demand and prices over three orders of magnitude in time ranging from hours to months. However, the Hurst exponent is not constant over time, and its time evolution was computed over a subsample moving window of 250 observations. The computations, also made for two Canadian markets, show that the correlations present important fluctuations over a seasonal one-year cycle. Interestingly, non-linearities (measured in terms of a multifractality index) and reduced price predictability are found for the June-July periods, while the converse behavior is displayed during the December-January period. In terms of forecasting models, our results suggest that non-linear recursive models should be considered for accurate day-ahead price estimation. On the other hand, linear models seem to suffice for demand forecasting purposes.

  9. A Dynamic Market Mechanism for Markets with Shiftable Demand Response

    DEFF Research Database (Denmark)

    Hansen, Jacob; Knudsen, Jesper Viese; Kiani, Arman

    2014-01-01

    renewables, this mechanism accommodates both consumers with a shiftable Demand Response and an adjustable Demand Response. The overall market mechanism is evaluated in a Day Ahead Market and is shown in a numerical example to result in a reduction of the cost of electricity for the consumer, as well......In this paper, we propose a dynamic market mechanism that converges to the desired market equilibrium. Both locational marginal prices and the schedules for generation and consumption are determined through a negotiation process between the key market players. In addition to incorporating...

  10. Market impact costs of institutional equity trades

    NARCIS (Netherlands)

    Bikker, Jacob A.; Spierdijk, Laura; van der Sluis, Pieter Jelle

    2007-01-01

    This article analyzes market impact costs of equity trading by one of the world's largest pension funds. We find that, on average, these costs are small in terms of market disruption, but substantial in terms of costs for the pension fund. Average market impact costs equal 20 basis points for buys a

  11. Differential labour market impacts from disability onset.

    Science.gov (United States)

    Polidano, Cain; Vu, Ha

    2015-03-01

    We estimate the causal labour market impacts of disability onset by gender, age and education levels up to 4 years after onset using longitudinal data from the Household Income and Labour Dynamics Australia survey and difference-in-difference propensity score matching techniques. We find lasting negative impacts on employment, especially full-time employment, which is due more to reduced movement into full-time employment than downshifting from full-time to part-time work following onset. Those without post-school education qualifications are particularly vulnerable to the impacts of onset and are more likely to be out of work and on income support than those with qualifications up to 4 years after onset, due in part because they have greater difficulty adjusting.

  12. GLOBALIZATION IMPACT ON UKRAINIAN MARKET OF SHARES

    Directory of Open Access Journals (Sweden)

    O. Zotsenko

    2013-05-01

    Full Text Available The paper examines the impact of globalization on the Ukrainian market of shares. Main trends of globalization of world share market are analyzed. The study highlights key elements of the operating share markets of the world leading countries. The research investigates main factors that affect on the level of national market of shares. The findings trace out a number of problems that hinder and distort the role of the Ukrainian share market in capital allocation.

  13. Coupled effects of market impact and asymmetric sensitivity in financial markets

    Science.gov (United States)

    Zhong, Li-Xin; Xu, Wen-Juan; Ren, Fei; Shi, Yong-Dong

    2013-05-01

    By incorporating market impact and asymmetric sensitivity into the evolutionary minority game, we study the coevolutionary dynamics of stock prices and investment strategies in financial markets. Both the stock price movement and the investors’ global behavior are found to be closely related to the phase region they fall into. Within the region where the market impact is small, investors’ asymmetric response to gains and losses leads to the occurrence of herd behavior, when all the investors are prone to behave similarly in an extreme way and large price fluctuations occur. A linear relation between the standard deviation of stock price changes and the mean value of strategies is found. With full market impact, the investors tend to self-segregate into opposing groups and the introduction of asymmetric sensitivity leads to the disappearance of dominant strategies. Compared with the situations in the stock market with little market impact, the stock price fluctuations are suppressed and an efficient market occurs. Theoretical analyses indicate that the mechanism of phase transition from clustering to self-segregation in the present model is similar to that in the majority-minority game and the occurrence and disappearance of efficient markets are related to the competition between the trend-following and the trend-aversion forces. The clustering of the strategies in the present model results from the majority-wins effect and the wealth-driven mechanism makes the market become predictable.

  14. Dynamics of market orientation in Croatian economy

    OpenAIRE

    Ivana First; Bruno Grbac

    2011-01-01

    It was the goal of this research to examine the dynamics of Croatian transformation to market orientation and test whether the market orientation model changes with time as the business environment changes. Based on the literature analysis, we proposed a hypothetical model which relies on behavioural approach in understanding market orientation. To empirically test the hypothetical model, we used data previously collected for 2001, and by replicating the same questionnaire now collected data ...

  15. Building Brand Awareness in Dynamic Oligopoly Markets

    OpenAIRE

    Prasad A. Naik; Ashutosh Prasad; Suresh P. Sethi

    2008-01-01

    Companies spend hundreds of millions of dollars annually on advertising to build and maintain awareness for their brands in competitive markets. However, awareness formation models in the marketing literature ignore the role of competition. Consequently, we lack both the empirical knowledge and normative understanding of building brand awareness in dynamic oligopoly markets. To address this gap, we propose an N-brand awareness formation model, design an extended Kalman filter to estimate the ...

  16. Anaerobic soil disinfestation impact on soil nutrients dynamics and nitrous oxide emissions in fresh-market tomato

    Science.gov (United States)

    Anaerobic soil disinfestation (ASD) is proposed as a pre-plant, non-chemical soil disinfestation technique to control several soilborne phytosanitary issues. Limited information is available on the impact of ASD on soil fertility, plant growth, and potential nutrient loss. The objectives of the curr...

  17. Correlation dynamics in East Asian financial markets

    NARCIS (Netherlands)

    Lestano, L; Kuper, Gerard H.

    2016-01-01

    We examine the dynamic relationship between stock returns and exchange rate changes using daily data from January 1994 to September 2013 for six East Asian countries. We use the multivariate GARCH-DCC model in order to disclose the relationship between stock markets and foreign exchange markets

  18. Correlation dynamics in East Asian financial markets

    NARCIS (Netherlands)

    Lestano, L; Kuper, Gerard H.

    2016-01-01

    We examine the dynamic relationship between stock returns and exchange rate changes using daily data from January 1994 to September 2013 for six East Asian countries. We use the multivariate GARCH-DCC model in order to disclose the relationship between stock markets and foreign exchange markets whic

  19. Price and Volume Dynamics in the Japanese Stock Market

    Science.gov (United States)

    Yamashita, Hirofumi; Takayasu, Hideki; Takayasu, Misako

    We investigated data of stocks listed on Tokyo Stock Exchange. Although the data we used contains limited number of limit orders around the best prices in the ask and bid sides, we could confirm some issues of the layered structure which is similar to that in FX markets. We show time series of a market impact index, which is made using high correlation between dynamics of price and volume of limit orders. In the last section, we remark differences in our observations comparing with the FX market case.

  20. Examining the dynamic interactions on volatilities of paired stock markets

    Science.gov (United States)

    Lee, Jun Shean; Sek, Siok Kun

    2015-02-01

    We conduct empirical analyses to investigate the interaction between volatilities of paired stock markets. The main objective of this study is to reveal possibility of spillover effects among stock markets which can determine the performances of stock returns and trade volumes of stocks. In particular, we seek to investigate if there exist two-way causal relationships on the volatilities in two stock markets in two groups of countries, i.e. between emerging markets of ASEAN-5 and between emerging and advanced countries. Our study is focused in Malaysia stock market and the paired relationship with its neighbouring countries (ASEAN5) and advanced countries (Japan and U.S.) respectively. The multivariate GARCH(1,1) model is applied in studying the interactions on the volatilities of paired stock markets. The results are compared between neighbouring countries and with that of advanced countries. The results are expected to reveal linkages between volatilities of stock markets and the dynamic relationships across markets. The results provide useful information in studying the performances of stock markets and predicting the stock movements by incorporating the external impacts from foreign stock markets.

  1. Dynamics of market orientation in Croatian economy

    Directory of Open Access Journals (Sweden)

    Ivana First

    2011-12-01

    Full Text Available It was the goal of this research to examine the dynamics of Croatian transformation to market orientation and test whether the market orientation model changes with time as the business environment changes. Based on the literature analysis, we proposed a hypothetical model which relies on behavioural approach in understanding market orientation. To empirically test the hypothetical model, we used data previously collected for 2001, and by replicating the same questionnaire now collected data for 2011. Data was analyzed by hierarchical regression analysis on the two sets of data. Our findings reveal that Croatian organizations reached the level of moderate market orientation leaving space for improvement. Findings also reveal that higher level of market orientation correlates with higher business performance. Furthermore, with development of ICT, the model of market orientation modified in time in a way that in predicting successful market oriented reaction, specific information on consumer satisfaction gains importance, while general information from competitor and consumer databases lose importance. Despite the changes in the relationships among the elements of market orientation, the model itself similarly predicts performance today as it did ten years ago. Managers are advised to increase implementation of market orientation especially focusing on market responsiveness as such behaviour will lead to better performance.

  2. A dynamical model of non regulated markets

    CERN Document Server

    Schaale, A

    1999-01-01

    The main focus of this work is to understand the dynamics of non regulated markets. The present model can describe the dynamics of any market where the pricing is based on supply and demand. It will be applied here, as an example, for the German stock market presented by the Deutscher Aktienindex (DAX), which is a measure for the market status. The duality of the present model consists of the superposition of the two components - the long and the short term behaviour of the market. The long term behaviour is characterised by a stable development which is following a trend for time periods of years or even decades. This long term growth (or decline) is based on the development of fundamental market figures. The short term behaviour is described as a dynamical evaluation (trading) of the market by the participants. The trading process is described as an exchange between supply and demand. In the framework of this model there the trading is modelled by a system of nonlinear differential equations. The model also...

  3. Market mood, adaptive beliefs and asset price dynamics

    Energy Technology Data Exchange (ETDEWEB)

    Dieci, Roberto [Dipartimento di Matematica per le Scienze Economiche e Sociali, University of Bologna, Bologna (Italy)]. E-mail: rdieci@rimini.unibo.it; Foroni, Ilaria [Dipartimento di Metodi Quantitativi per le Scienze Economiche e Aziendali, University of Milano ' Bicocca' , Milan (Italy); Gardini, Laura [Istituto di Scienze Economiche, University of Urbino, Urbino (Italy); He Xuezhong [School of Finance and Economics, University of Technology, Sydney (Australia)

    2006-08-15

    Empirical evidence has suggested that, facing different trading strategies and complicated decision, the proportions of agents relying on particular strategies may stay at constant level or vary over time. This paper presents a simple 'dynamic market fraction' model of two groups of traders, fundamentalists and trend followers, under a market maker scenario. Market mood and evolutionary adaption are characterized by fixed and adaptive switching fraction among two groups, respectively. Using local stability and bifurcation analysis, as well as numerical simulation, the role played by the key parameters in the market behaviour is examined. Particular attention is paid to the impact of the market fraction, determined by the fixed proportions of confident fundamentalists and trend followers, and by the proportion of adaptively rational agents, who adopt different strategies over time depending on realized profits.

  4. Intervening in global markets to improve access to HIV/AIDS treatment: an analysis of international policies and the dynamics of global antiretroviral medicines markets

    National Research Council Canada - National Science Library

    Waning, Brenda; Kyle, Margaret; Diedrichsen, Ellen; Soucy, Lyne; Hochstadt, Jenny; Bärnighausen, Till; Moon, Suerie

    2010-01-01

    ...) medicines, limited financing, and few fixed-dose combination (FDC) products. Global initiatives aim to promote efficient global ARV markets, yet little is known about market dynamics and the impact of global policy interventions...

  5. The impact of mobile marketing in airport

    Directory of Open Access Journals (Sweden)

    Lázaro Florido-Benítez

    2016-02-01

    Full Text Available Purpose: This paper seeks to analyze the effects of mobile marketing tool at airports and passengers. Design/methodology: This research approach consist of going through data files and bibliographical sources in search of information gathered by authors, institutions and organizations regarding our case study. Findings: Mobile marketing to increase passenger satisfaction and commercial income in the airports. Large airports are taking advantage of the consolidation of mobile devices in the 21st century to create applications for branding and communication. Originality/value: This paper is the first research that examines the impact of mobile marketing in airports. First, to evaluate the effects that mobile marketing is having over the levels of passenger satisfaction at airports. Second, to analyze the impact of mobile marketing on passengers behavior in the aerodrome; lastly, to study the effects of this tool on the perceived image of an airport.

  6. DYNAMICS OF THE ROMANIAN ILLEGAL DRUG MARKETS

    Directory of Open Access Journals (Sweden)

    Irina Caunic

    2011-06-01

    Full Text Available Globalization has led to an increase in commercial activities running on the illegal markets, its dynamics being largely determined by the balance between profitability and the major risks involved. Revenuesare significant, one example being those obtained from drug industry. In recent years, illicit drug trafficking has seen in Romania an unprecedented escalation, as a result of market liberalization and the movement of per sons and because of the extending the phenomenon both among producers and consumers. This article examines the size of the Romanian illegal drug markets, the countries of origin and drugtransit routes, as well as the profits made by the drug trafficking networks.

  7. Open dynamic behaviour of financial markets

    Science.gov (United States)

    Gong, F. F.; Gong, F. X.; Gong, F. Y.

    2006-02-01

    Open dynamic behaviour of financial markets with internal interactions between agents and with external “fields” from other systems are investigated using the approach of Grossman and Stiglitz for inefficient markets, and Keynes for interference of the market using physics of finance (referred to hereafter as phynance). The simulation results indicate that the NYSE data analyzed in Plerou, V. et al., Nature 421, 130 (2003) can be fitted by an equation of order parameter Φ and local deviation R of type: -(R+0.03) Φ+ 0.6 Φ3 + 0.02 = 0, which is shown to be in remarkable agreement with Plerou's data.

  8. The Dynamics of Pollination Markets

    OpenAIRE

    Champetier, Antoine

    2010-01-01

    The economic problem of a commercial beekeeper is akin to that of a traveling salesman with the important difference that bees simultaneously pollinate crops and feed on them. In other words, bees not only provide pollination services but also feed on the crops they visit. As a result, the number and price of bees available for pollination at any time for any crop is determined by the demand for pollination services and the supply of bee food from other crops in the market. I develop a dynami...

  9. Dynamic capabilities, Marketing Capability and Organizational Performance

    Directory of Open Access Journals (Sweden)

    Adriana Roseli Wünsch Takahashi

    2017-01-01

    Full Text Available The goal of the study is to investigate the influence of dynamic capabilities on organizational performance and the role of marketing capabilities as a mediator in this relationship in the context of private HEIs in Brazil. As a research method we carried out a survey with 316 IES and data analysis was operationalized with the technique of structural equation modeling. The results indicate that the dynamic capabilities have influence on organizational performance only when mediated by marketing ability. The marketing capability has an important role in the survival, growth and renewal on educational services offerings for HEIs in private sector, and consequently in organizational performance. It is also demonstrated that mediated relationship is more intense for HEI with up to 3,000 students and other organizational profile variables such as amount of courses, the constitution, the type of institution and type of education do not significantly alter the results.

  10. Dynamic Stock Market Participation of Households

    DEFF Research Database (Denmark)

    Khorunzhina, Natalia

    education programs can affect consumers’ investment decisions. Using household data from the Panel Study of Income Dynamics, I estimate the magnitude of the participation cost, allowing for individual heterogeneity in it. The results show the average stock market articipation cost is about 5% of labor...

  11. Granular Dynamics During Impact

    Science.gov (United States)

    Nordstrom, K. N.; Lim, E.; Harrington, M.; Losert, W.

    2014-06-01

    We study the impact of a projectile onto a bed of 3 mm grains immersed in an index-matched fluid. We vary the amount of prestrain on the sample, strengthening the force chains within the system. We find this affects only the prefactor of the linear depth-dependent term in the stopping force. We propose a simple model to account for the strain dependence of this term, owing to increased pressure in the pile. Interestingly, we find that the presence of the fluid does not affect the impact dynamics, suggesting that dynamic friction is not a factor. Using a laser sheet scanning technique to visualize internal grain motion, we measure the trajectory of each grain throughout an impact. Microscopically, our results indicate that weaker initial force chains result in more irreversible, plastic rearrangements, suggesting static friction between grains does play a substantial role in the energy dissipation.

  12. Impact dynamics instrumentation

    Science.gov (United States)

    Mccormck, R. F.

    1986-01-01

    One of the tasks specified in the NASA Langley controlled impact demonstration (CID) work package was to furnish dynamic instrumentation sensors. The types of instrumentation sensors required were accelerometers for aircraft structural loads measurements, seat belt load cells to measure anthropomorphic dummy responses to the aircraft impact, and strain gage bending bridges to measure the aircraft fuselage and wing bending during impact. The objective in the selection of dynamic instrumentation for the CID was to provide 352 of the highest quality transducers and remain within budget allocation. The transducers that were selected for the CID evaluation process were each subjected to rigorous laboratory acceptance tests and to aircraft fuselage section drop tests at the LaRC Impact Dynamics Research Facility. Data compiled from this series of tests showed the selected transducers to be best suited for the CID mission requirement. The transducers installation technique on the airframe proved successful. The transducer quality assurance was guaranteed through rigorous acceptance testing. Data acquired was 97.0%.

  13. Modeling Dynamic Effects of the Marketing Mix on Market Shares

    NARCIS (Netherlands)

    D. Fok (Dennis); R. Paap (Richard); Ph.H.B.F. Franses (Philip Hans)

    2003-01-01

    textabstractTo comprehend the competitive structure of a market, it is important to understand the short-run and long-run effects of the marketing mix on market shares. A useful model to link market shares with marketing-mix variables, like price and promotion, is the market share attraction model.

  14. Modeling Dynamic Effects of the Marketing Mix on Market Shares

    NARCIS (Netherlands)

    D. Fok (Dennis); R. Paap (Richard); Ph.H.B.F. Franses (Philip Hans)

    2003-01-01

    textabstractTo comprehend the competitive structure of a market, it is important to understand the short-run and long-run effects of the marketing mix on market shares. A useful model to link market shares with marketing-mix variables, like price and promotion, is the market share attraction model.

  15. Simulating market dynamics : Interactions between consumer psychology and social networks

    NARCIS (Netherlands)

    Janssen, MA; Jager, W

    2003-01-01

    Markets can show different types of dynamics, from quiet markets dominated by one or a few products, to markets with continual penetration of new and reintroduced products. in a previous article we explored the dynamics of markets from a psychological perspective using a multi-agent simulation model

  16. A Chaotic Approach to Market Dynamics

    CERN Document Server

    Pellicer-Lostao, Carmen

    2010-01-01

    Economy is demanding new models, able to understand and predict the evolution of markets. To this respect, Econophysics is offering models of markets as complex systems, such as the gas-like model, able to predict money distributions observed in real economies. However, this model reveals some technical hitches to explain the power law (Pareto) distribution, observed in individuals with high incomes. Here, non linear dynamics is introduced in the gas-like model. The results obtained demonstrate that a chaotic gas-like model can reproduce the two money distributions observed in real economies (Exponential and Pareto). Moreover, it is able to control the transition between them. This may give some insight of the micro-level causes that originate unfair distributions of money in a global society. Ultimately, the chaotic model makes obvious the inherent instability of asymmetric scenarios, where sinks of wealth appear in the market and doom it to complete inequality.

  17. Climate Change Impact Assessments for International Market Systems (CLIMARK)

    Science.gov (United States)

    Winkler, J. A.; Andresen, J.; Black, J.; Bujdoso, G.; Chmielewski, F.; Kirschke, D.; Kurlus, R.; Liszewska, M.; Loveridge, S.; Niedzwiedz, T.; Nizalov, D.; Rothwell, N.; Tan, P.; Ustrnul, Z.; von Witzke, H.; Zavalloni, C.; Zhao, J.; Zhong, S.

    2012-12-01

    The vast majority of climate change impact assessments evaluate how local or regional systems and processes may be affected by a future climate. Alternative strategies that extend beyond the local or regional scale are needed when assessing the potential impacts of climate change on international market systems, including agricultural commodities. These industries have multiple production regions that are distributed worldwide and are likely to be differentially impacted by climate change. Furthermore, for many industries and market systems, especially those with long-term climate-dependent investments, temporal dynamics need to be incorporated into the assessment process, including changing patterns of international trade, consumption and production, and evolving adaptation strategies by industry stakeholder groups. A framework for conducting climate change assessments for international market systems, developed as part of the CLIMARK (Climate Change and International Markets) project is outlined, and progress toward applying the framework for an impact assessment for the international tart cherry industry is described. The tart cherry industry was selected for analysis in part because tart cherries are a perennial crop requiring long-term investments by the producer. Components of the project include the preparation of fine resolution climate scenarios, evaluation of phenological models for diverse production regions, the development of a yield model for tart cherry production, new methods for incorporating individual decision making and adaptation options into impact assessments, and modification of international trade models for use in impact studies. Innovative aspects of the project include linkages between model components and evaluation of the mega-uncertainty surrounding the assessment outcomes. Incorporation of spatial and temporal dynamics provides a more comprehensive evaluation of climate change impacts and an assessment product of potentially greater

  18. The Complex Dynamics of Sponsored Search Markets

    Science.gov (United States)

    Robu, Valentin; La Poutré, Han; Bohte, Sander

    This paper provides a comprehensive study of the structure and dynamics of online advertising markets, mostly based on techniques from the emergent discipline of complex systems analysis. First, we look at how the display rank of a URL link influences its click frequency, for both sponsored search and organic search. Second, we study the market structure that emerges from these queries, especially the market share distribution of different advertisers. We show that the sponsored search market is highly concentrated, with less than 5% of all advertisers receiving over 2/3 of the clicks in the market. Furthermore, we show that both the number of ad impressions and the number of clicks follow power law distributions of approximately the same coefficient. However, we find this result does not hold when studying the same distribution of clicks per rank position, which shows considerable variance, most likely due to the way advertisers divide their budget on different keywords. Finally, we turn our attention to how such sponsored search data could be used to provide decision support tools for bidding for combinations of keywords. We provide a method to visualize keywords of interest in graphical form, as well as a method to partition these graphs to obtain desirable subsets of search terms.

  19. Patching. Restitching business portfolios in dynamic markets.

    Science.gov (United States)

    Eisenhardt, K M; Brown, S L

    1999-01-01

    In turbulent markets, businesses and opportunities are constantly falling out of alignment. New technologies and emerging markets create fresh opportunities. Converging markets produce more. And of course, some markets fade. In this landscape of continuous flux, it's more important to build corporate-level strategic processes that enable dynamic repositioning than it is to build any particular defensible position. That's why smart corporate strategists use patching, a process of mapping and remapping business units to create a shifting mix of highly focused, tightly aligned businesses that can respond to changing market opportunities. Patching is not just another name for reorganizing; patchers have a distinctive mindset. Traditional managers see structure as stable; patching managers believe structure is inherently temporary. Traditional managers set corporate strategy first, but patching managers keep the organization focused on the right set of business opportunities and let strategy emerge from individual businesses. Although the focus of patching is flexibility, the process itself follows a pattern. Patching changes are usually small in scale and made frequently. Patching should be done quickly; the emphasis is on getting the patch about right and fixing problems later. Patches should have a test drive before they're formalized but then be tightly scripted after they've been announced. And patching won't work without the right infrastructure: modular business units, fine-grained and complete unit-level metrics, and companywide compensation parity. The authors illustrate how patching works and point out some common stumbling blocks.

  20. The Social Impact of Active Cause Marketing

    DEFF Research Database (Denmark)

    Krahmalov, J.; Young, Louise; Khan, A

    2016-01-01

    in sensory attributes and marketing mix impact on the brand values estimated via choice models. We found that consumers who concerned more on flavor, alcohol percent and sale promotion are more likely to favor Heineken brand and less likely to favor Tiger. Consumers who rated more importance to the packaging......Understanding the consumer’s evaluation and choice for beer characteristics is critical for marketers, nutritionist and health educators. We used multi-profile best-worst scaling to understand how consumers evaluate beer attributes in Vietnam context. We found that beer brand, price and packaging...

  1. Dynamic Interaction between Cap & Trade and Electricity Markets

    Science.gov (United States)

    Jeev, Kumar

    Greenhouse Gases (GHG), such as Carbon-Dioxide (CO2), which is released in the atmosphere due to anthropogenic activities like power production, are now accepted as the main culprits for global warming. The Regional Greenhouse Gas Initiative (RGGI), an initiative of the North East and Mid-Atlantic States of the United States (US) for limiting the emission of GHG, has developed a regional cap-and-trade program for CO2 emissions for power plants. Existing cap-and-trade programs in US and Europe for Greenhouse Gases have recently been plagued by over-allocation. Carbon prices recently collapsed in all these markets during the global recession. Since then, there have been significant policy changes, which have resulted in the adoption of aggressive emission cap targets by most major carbon emission markets. This is expected to make carbon emissions availability more restrictive, raising the prices of these credits. These emissions markets are expected to have a major impact on the wholesale electricity markets. Two models to study the interaction of these two markets are presented. These models assess the impact of the emissions market on wholesale electricity prices. The first model characterizes the competition between two types of power plants (coal and gas) in both the electricity and emissions markets as a dynamic game using the Cournot approximation. Under this approximation, we find that in the Nash equilibrium the plants increase their permit allocation to high-demand periods and the marginal value of each credit for a plant is identical in all periods under their optimal equilibrium strategy. The second numerical model allows us to explicitly evaluate the closed loop equilibrium of the dynamic interaction of two competitors in these markets. We find that plants often try to corner the market and push prices all the way to the price cap. Power plants derive most of their profits from these extreme price regimes. In the experiments where trading is allowed

  2. INTERNATIONAL MIGRATION AND LABOUR MARKET IMPACTS

    Directory of Open Access Journals (Sweden)

    Liana SON

    2012-10-01

    Full Text Available The research aims to identify and analyse the impact of labour emigration on labour markets within the European Union. The analysis is based on developing double-log macroeconometric models that combine cross-section and time series in a panel structure, by using a set of indicators specific for the emigration process and labour market, as main explanatory variables. The results show that an intense emigration process has extremely negative effects on the size and structure of the labour force, generating its significant reduction, especially regarding the highly skilled labour. At the same time, we identified a relaxation of the labour market pressures generated by high unemployment, through a downsize of this rate and a slight increase in employment, mainly due to a general improvement of the local employment opportunities.

  3. Impact of Government Reform on Beef Market

    Directory of Open Access Journals (Sweden)

    Z. Malá, M. Malý

    2012-12-01

    Full Text Available The present paper deals with the simulation of the impact of selected measures of government reforms in the beef market in the Czech Republic. The selected measures of government reforms are defined and specified on the base of available resources in the introduction. Subsequently, these measures are simulated by the model of partial equilibrium of defined market in the practical part. The impacts of the measures on both supply and demand of selected market are then commented, based on formal econometric quantification and verification of model outputs. The analyzed government measures are included in the form of an expected increase in VAT, the movement of the Czech crown, the development of consumer income and the price expectancy in vertical of beef. The results predict negative consequences on domestic market, in particular on the supply side, in the form of a relatively significant reduction in the number of pieces of cattle. These can result in reducing the number of enterprises with intensive fattening or in shifting their focus to other commodities of vegetable nature. On the demand side, the analyzed measures are likely to bring short-term price reductions. However, the steep growth accompanied by a reduction in quality of meat products can be reasonable expected in the long run. Pieces of knowledge introduced in this paper resulted from solution of an institutional research intention MSMT 6046070906 „Economics of resources of Czech agriculture and their efficient use in frame of multifunctional agri-food systems“.

  4. Finance Market Dynamics with Option Pricing

    CERN Document Server

    McCauley, J L; Bassler, K E

    2006-01-01

    We show how finance markets can be modeled empirically faithfully by using scaling solutions for Markov processes. Classes of exact scaling solutions are presented. We then show that our generalization of the Black-Scholes partial differential equation (pde) for nontrivial diffusion coefficients is equivalent to a Martingale in the risk neutral discounted stock price. Previously, this was proven for the case of the Gaussian logarithmic returns model by Harrison and Kreps, but we prove it for much a much larger class of returns models where the diffusion coefficient depends on both returns x and time t. That option prices blow up if fat tails in logarithmic returns x are included in the market dynamics is also explained.

  5. DVR and Its Impact on Indian Market

    Directory of Open Access Journals (Sweden)

    Shalini Kalia

    2014-12-01

    Full Text Available The television viewing experience has been completely revolutionized with the advent of digital video recorder (DVR. The comfort and ease of watching programs at one’s own convenience and saving time by fast forwarding the commercials have completely changed the viewers’ life style. Considering the fact, that fast forwarding of commercials defeats the ultimate purpose of reaching out to TV viewers, a lot is at stake for the advertisers who ignore the impact of DVRs on advertising. International advertising market has already started adopting creative ways to hold the viewers’ attention in this time-shifted world. The available literature review on impact of DVRs is mainly related to the United States and European countries; hardly any research has been done in this regard in context to India. This study is based on literature review to understand the threats and opportunities of DVRs in global market, identify the creative strategies adopted by other countries to combat these threats, analyze the current situation of impact of DVRs in Indian market, and make recommendations for future in context to India.

  6. Dissecting cross-impact on stock markets: an empirical analysis

    Science.gov (United States)

    Benzaquen, M.; Mastromatteo, I.; Eisler, Z.; Bouchaud, J.-P.

    2017-02-01

    The vast majority of market impact studies assess each product individually, and the interactions between the different order flows are disregarded. This strong approximation may lead to an underestimation of trading costs and possible contagion effects. Transactions in fact mediate a significant part of the correlation between different instruments. In turn, liquidity shares the sectorial structure of market correlations, which can be encoded as a set of eigenvalues and eigenvectors. We introduce a multivariate linear propagator model that successfully describes such a structure, and accounts for a significant fraction of the covariance of stock returns. We dissect the various dynamical mechanisms that contribute to the joint dynamics of assets. We also define two simplified models with substantially less parameters in order to reduce overfitting, and show that they have superior out-of-sample performance.

  7. The Crisis Impact on the Labour Market

    Directory of Open Access Journals (Sweden)

    Simona Valeria TOMA

    2010-12-01

    Full Text Available The aim of this paper is to discuss the impact of the current global economic crisis on the labour market, including the risk that the recession will be followed by a jobless recovery that contributes to a lost generation of young people in the workforce. The crisis affects different sectors in different ways, but the impact also varies according to age, gender, skills level and type of contract. Although it had a more significant effect on the private sector of the economy, the crisis’s impact on the broader public sector is also obvious. Migrants, both legal and illegal, are particularly vulnerable during crises because they are typically not being provided the same level of employment protection as native workers and hence they are the first to lose their jobs during an economic downturn.

  8. The Social Impact of Active Cause Marketing

    DEFF Research Database (Denmark)

    Krahmalov, J.; Young, Louise; Khan, A

    2016-01-01

    Understanding the consumer’s evaluation and choice for beer characteristics is critical for marketers, nutritionist and health educators. We used multi-profile best-worst scaling to understand how consumers evaluate beer attributes in Vietnam context. We found that beer brand, price and packaging...... method are significant determinants of consumer choice across four segments while alcohol percent had a bit effects. We also calculate consumers’ willingness to pay for the preferable packaging method (glass bottle vs. aluminum cans) of each beer brand. Further, we examine how consumers’ involvement...... in sensory attributes and marketing mix impact on the brand values estimated via choice models. We found that consumers who concerned more on flavor, alcohol percent and sale promotion are more likely to favor Heineken brand and less likely to favor Tiger. Consumers who rated more importance to the packaging...

  9. Trading Places: The Impact and Outcomes of Market Reform in Vocational Education and Training

    Science.gov (United States)

    Anderson, Damon

    2005-01-01

    The purpose of this study is to evaluate, from a national perspective, the impact and outcomes of market reform in vocational education and training (VET), particularly the introduction of competitive tendering and "user choice". It does so by examining the structure, composition and dynamics of contestable or "quasi-markets"…

  10. Geography and distance effect on financial dynamics in the Chinese stock market

    OpenAIRE

    Li, Xing; Qiu, Tian; Chen, Guang; Zhong, Li-Xin; Jiang, Xiong-Fei

    2016-01-01

    Geography effect is investigated for the Chinese stock market including the Shanghai and Shenzhen stock markets, based on the daily data of individual stocks. The Shanghai city and the Guangdong province can be identified in the stock geographical sector. By investigating a geographical correlation on a geographical parameter, the stock location is found to have an impact on the financial dynamics, except for the financial crisis time of the Shenzhen market. Stock distance effect is further s...

  11. Market Mill Dependence Pattern in the Stock Market: Multiscale Conditional Dynamics

    OpenAIRE

    Sergey Zaitsev; Alexander Zaitsev; Andrei Leonidov; Vladimir Trainin

    2008-01-01

    Market Mill is a complex dependence pattern leading to nonlinear correlations and predictability in intraday dynamics of stock prices. The present paper puts together previous efforts to build a dynamical model reflecting the market mill asymmetries. We show that certain properties of the conditional dynamics at a single time scale such as a characteristic shape of an asymmetry generating component of the conditional probability distribution result in the "elementary" market mill pattern. Thi...

  12. IMPACT OF MARKETING STRATEGIES ON SACHET PRODUCTS IN BANGLADESH

    National Research Council Canada - National Science Library

    Hossain Shahid SHOHROWARDHY; H.M. Kamrul HASSAN

    2015-01-01

    ...”. In Bangladesh, sachet product has a strong market share. Thus, this study attempts to determine the exiting share of sachet product and measure the impact of marketing strategies on sachet product in Bangladesh...

  13. Impact of Global Financial Crisis on Nigerian Stock Market | Onuoha ...

    African Journals Online (AJOL)

    Impact of Global Financial Crisis on Nigerian Stock Market. ... The survey method of research design was adopted in an effort to generate the required ... should be encouraged so as to increase the capital base of stock market participants.

  14. [Space Weather Impact on the Electricity Market

    Science.gov (United States)

    SaintCyr, O. Chris

    2007-01-01

    Forbes & St. Cyr (2004, hereafter "FISC") have provided evidence that the electricity market can be impacted by space weather. Our analysis indicated that the estimated market impact for PJM was 3.7 % or approximately $500 million dollars over the 19 month sample period. Kappenman has taken exception to this estimate and contends that we have exaggerated the magnitude of the problem that space weather poses to PJM. There are four specific issues: (1) he claims that we have ignored relevant literature; (2) he asserts that Dst is not an appropriate proxy for GICs in PJM; (3) he charges that our findings are inconsistent with the impact of the 17 September 2000 storm; and (4) he alleges that our discussion of October 2003 storms is misleading. In our article, we have explained our methodology, multivariate regression analysis, with a particular focus on how it compares to correlation analysis. We have also explained the limitations of our analysis. We noted that "...While the Dstlprice relationship was found to be robust, the precise estimate should be treated with a relatively high degree of caution given that econometric modeling is not an exact science as well as the fact that the measure of space weather may be a poor proxy for GICs" (paragraph 96). We have also noted that additional research using local magnetometer data are needed (paragraph 97). We did not claim that that our findings for PJM are representative of the impact of space weather on other power grids. On the contrary, we noted that ... "Only analysis of other power grids will tell. " (paragraph 97). Kappenman inaccurately asserts that we have indicated that our findings . . . "imply much higher total costs are likely across the US and elsewhere in the world." He also inaccurately asserts that we have claimed that " . . . Dst is the most suited proxy for GIC in the PJM grid.. ." Moreover, he inaccurately refers to our analysis as a correlation study that uses Dst as quasi-binary indicator.

  15. Dissecting cross-impact on stock markets: An empirical analysis

    CERN Document Server

    Benzaquen, Michael; Eisler, Zoltan; Bouchaud, Jean-Philippe

    2016-01-01

    The vast majority of recent studies in market impact assess each product individually, and the interactions between their order flows are disregarded. This strong approximation may lead to an underestimation of trading costs and possible contagion effects. Transactions mediate a significant part of the interaction between different instruments. In turn, liquidity shares the sectorial structure of market correlations, which can be encoded as a set of eigenvalues and eigenvectors. We introduce a multivariate linear propagator model that successfully describes such a structure, and reproduces well the response and a significant fraction of the covariance matrix of returns. We explain in detail the various dynamical mechanisms that contribute to these quantities. We also define two simplified models with substantially less parameters to reduce overfitting, and show that they have superior out-of-sample performance.

  16. Ethical marketing decisions: Review, contribution and impact on recent research

    Directory of Open Access Journals (Sweden)

    Ameer, Irfan

    2013-01-01

    Full Text Available The main objective is to review one of the classical books “Ethical marketing decisions” (Murphy, P. A. & Laczniak, G. R., 1993. Ethical marketing decisions. 1st Edition. New York: The Higher Road. Using content analysis method, the review summarizes that how Murphy and Laczniak develop a framework of ethics that can be applied in almost all important fields of marketing like marketing research, product management, retailing, distribution, pricing, advertising, personal selling, international marketing, social, professional and political marketing and implementing and auditing ethics in marketing. Review also highlights the main contribution of this book and impact on recent research. This review is particularly useful for the marketing students who want to enhance their knowledge in marketing ethics but do not have availability of the book or time to read the entire book. On the other hand, it can also help busy marketing professionals to see ethical issues revolving around different disciplines of marketing.

  17. The dynamic interdependence of international financial markets: An empirical study on twenty-seven stock markets

    Science.gov (United States)

    Zhang, Xingwei; Zheng, Xiaolong; Zeng, Daniel Dajun

    2017-04-01

    In this paper, we aim to investigate the dynamic interdependence of international financial markets. Based on the data regarding daily returns of each market during the period 2006-2015 from Yahoo finance, we mainly focus on examining 27 markets from three continents, including Asia, America and Europe. By checking the dynamic interdependence between those markets, we find that markets from different continents have strong correlation at specific time shift. We also obtain that markets from different continents not only have a strong linkage with others at same day, but at a delay of one day, especially between Asia, Europe and Asia, America. In addition, we further analyze the time-varying influence strength between each two continents and observe that this value has abnormal changes during the financial crisis. These findings can provide us significant insights to understand the underlying dynamic interdependency of international financial markets and further help us make corresponding reasonable decisions.

  18. A Model for Nonstationary Market Dynamics with Nontrivial Dynamical Scaling

    Science.gov (United States)

    Liu, Min; Bassler, Kevin E.

    2008-03-01

    In a recent empirical analysis of the Euro/Dollar exchange rate [Bassler, et al., PNAS 104, 17287 (2007)] it was found that during certain periods of the day the market returns scale with Hurst exponents H that are significantly different from 1/2. In some of these periods it is less than 1/2, while in others it is greater than 1/2. In this talk we will propose a possible origin for this behavior and other stylized market facts, including short time negative autocorrelations of returns, in terms of a nonstationary compound Poisson process with a time-dependent intensity rate function that results from a changing bid-ask spread in the microscopic market. The model correctly describes the dynamic scaling behavior of a simple reaction-diffusion model of a limit-order book. That model, like the Euro/Dollar exchange rate, has nonstationary return increments and a Hurst exponent H not equal to 1/2.

  19. Market impacts - Commercial stock management in uncertain markets

    Energy Technology Data Exchange (ETDEWEB)

    Haley, K.W.

    1995-12-31

    This paper focuses primarily on the discretionary oil stocks that are held by refiners, marketers and consumers. The factors that influence the stockholding behaviour of these market participants are examined and particularly how the potential use of emergency stocks can influence their behaviour, with the example of the Gulf Crisis. 7 fig.

  20. Dynamic Matching Markets and the Deferred Acceptance Mechanism

    DEFF Research Database (Denmark)

    Kennes, John; Monte, Daniel; Tumennasan, Norovsambuu

    In many dynamic matching markets, priorities depend on previous allocations. In such environments, agents on the proposing side can manipulate the period-by-period deferred acceptance (DA) mechanism. We show that the fraction of agents with incentives to manipulate the DA mechanism approaches zero...... together justify the implementation of the period-by-period DA mechanism in dynamic markets....

  1. Dynamic Conditional Correlations in International Stock, Bond and Foreign Exchange Markets: Emerging Markets Evidence

    OpenAIRE

    2009-01-01

    textabstractThe paper models the dynamic conditional correlations in emerging stock, bond and foreign exchange markets using the DCC model of Engle (2002) and the GARCC model of McAleer et al. (2008). The highly restrictive DCC model suggests that the conditional correlations of the overall returns are constant. In contrast, the GARCC model finds that the conditional correlations between bond-bond markets and between stock-stock markets are relatively constant across developed-emerging market...

  2. Financial market dynamics: superdiffusive or not?

    Science.gov (United States)

    Devi, Sandhya

    2017-08-01

    The behavior of stock market returns over a period of 1-60 d has been investigated for S&P 500 and Nasdaq within the framework of nonextensive Tsallis statistics. Even for such long terms, the distributions of the returns are non-Gaussian. They have fat tails indicating that the stock returns do not follow a random walk model. In this work, a good fit to a Tsallis q-Gaussian distribution is obtained for the distributions of all the returns using the method of Maximum Likelihood Estimate. For all the regions of data considered, the values of the scaling parameter q, estimated from 1 d returns, lie in the range 1.4-1.65. The estimated inverse mean square deviations (beta) show a power law behavior in time with exponent values between  -0.91 and  -1.1 indicating normal to mildly subdiffusive behavior. Quite often, the dynamics of market return distributions is modelled by a Fokker-Plank (FP) equation either with a linear drift and a nonlinear diffusion term or with just a nonlinear diffusion term. Both of these cases support a q-Gaussian distribution as a solution. The distributions obtained from current estimated parameters are compared with the solutions of the FP equations. For negligible drift term, the inverse mean square deviations (betaFP) from the FP model follow a power law with exponent values between  -1.25 and  -1.48 indicating superdiffusion. When the drift term is non-negligible, the corresponding betaFP do not follow a power law and become stationary after certain characteristic times that depend on the values of the drift parameter and q. Neither of these behaviors is supported by the results of the empirical fit.

  3. IMPACT OF CULTURE ON GLOBAL MARKETING

    OpenAIRE

    Monica Cojocaru Ph.D Student

    2010-01-01

    This paper analysis the international marketing activities under the influence of cultural environments on different markets. The marketing mix concerning product, distribution and communication policy is expanding its significance where cultural values are involved. As methodological approach we analyzed each marketing policy taking into account the cultural variable that mostly affect their meaning.

  4. Changing Dynamics in the Voluntary Market (Presentation)

    Energy Technology Data Exchange (ETDEWEB)

    Heeter, J.

    2014-12-01

    Voluntary green power markets are those in which consumers and institutions voluntarily purchase renewable energy to match their electricity needs. This presentation, presented at the Renewable Energy Markets Conference in December 2014, outlines the voluntary market in 2013, including community choice aggregation and community solar.

  5. Energy Market Transparency: Analyzing the Impacts of Constraint Relaxation and Out-of-Market Correction Practices in Electric Energy Markets

    Science.gov (United States)

    Al-Abdullah, Yousef Mohammad

    This work presents research on practices in the day-ahead electric energy market, including replication practices and reliability coordinators used by some market operators to demonstrate the impact these practices have on market outcomes. The practice of constraint relaxations similar to those an Independent System Operator (ISO) might perform in day-ahead market models is implemented. The benefits of these practices are well understood by the industry; however, the implications these practices have on market outcomes and system security have not been thoroughly investigated. By solving a day-ahead market model with and without select constraint relaxations and comparing the resulting market outcomes and possible effects on system security, the effect of these constraint relaxation practices is demonstrated. Proposed market solutions are often infeasible because constraint relaxation practices and approximations that are incorporated into market models. Therefore, the dispatch solution must be corrected to ensure its feasibility. The practice of correcting the proposed dispatch solution after the market is solved is known as out-of-market corrections (OMCs), defined as any action an operator takes that modifies a proposed day-ahead dispatch solution to ensure operating and reliability requirements. The way in which OMCs affect market outcomes is illustrated through the use of different corrective procedures. The objective of the work presented is to demonstrate the implications of these industry practices and assess the impact these practices have on market outcomes.

  6. Simulating market dynamics: interactions between consumer psychology and social networks.

    Science.gov (United States)

    Janssen, Marco A; Jager, Wander

    2003-01-01

    Markets can show different types of dynamics, from quiet markets dominated by one or a few products, to markets with continual penetration of new and reintroduced products. In a previous article we explored the dynamics of markets from a psychological perspective using a multi-agent simulation model. The main results indicated that the behavioral rules dominating the artificial consumer's decision making determine the resulting market dynamics, such as fashions, lock-in, and unstable renewal. Results also show the importance of psychological variables like social networks, preferences, and the need for identity to explain the dynamics of markets. In this article we extend this work in two directions. First, we will focus on a more systematic investigation of the effects of different network structures. The previous article was based on Watts and Strogatz's approach, which describes the small-world and clustering characteristics in networks. More recent research demonstrated that many large networks display a scale-free power-law distribution for node connectivity. In terms of market dynamics this may imply that a small proportion of consumers may have an exceptional influence on the consumptive behavior of others (hubs, or early adapters). We show that market dynamics is a self-organized property depending on the interaction between the agents' decision-making process (heuristics), the product characteristics (degree of satisfaction of unit of consumption, visibility), and the structure of interactions between agents (size of network and hubs in a social network).

  7. New European Electricity Market Regulations and their Impact on the Domestic Market

    Directory of Open Access Journals (Sweden)

    Henryk Majchrzak

    2015-09-01

    Full Text Available The process of building the European electricity market was initiated in the 1980s. Recently, however, significant acceleration of this process can be observed, resulting in many legal regulations determining the current and future market design. The paper discusses legal regulations shaping the energy market in Europe, both the existing ones and those still being drafted, as well as their impact on the domestic electricity market.

  8. Measuring the Impact of Road Rehabilitation on Spatial Market Efficiency in Maize Markets in Mozambique

    DEFF Research Database (Denmark)

    Cirera, Xavier; Arndt, Channing

    2008-01-01

    This article analyzes the impact of road rehabilitation on the spatial market efficiency of maize markets in Mozambique. We estimate a modified version of the Parity Bounds Model (PBM) that allows us to test the impact of road rehabilitation on spatial efficiency. This article seeks to contribute...

  9. Market dynamics of community pharmacies in Minnesota.

    Science.gov (United States)

    Schommer, Jon C; Singh, Reshmi L; Cline, Richard R; Hadsall, Ronald S

    2006-09-01

    suggest that population density decline may be an important determinant of independent pharmacy closures. In such environments, chain pharmacies are not likely to open new pharmacies to replace the independent pharmacy. Such a market dynamic may lead to access problems for citizens of these counties in the future.

  10. Market Equilibrium and Impact of Market Mechanism Parameters on the Electricity Price in Yunnan’s Electricity Market

    Directory of Open Access Journals (Sweden)

    Chuntian Cheng

    2016-06-01

    Full Text Available In this paper, a two-dimensional Cournot model is proposed to study generation companies’ (GENCO’s strategic quantity-setting behaviors in the newly established Yunnan’s electricity market. A hybrid pricing mechanism is introduced to Yunnan’s electricity market with the aim to stimulate electricity demand. Market equilibrium is obtained by iteratively solving each GENCO’s profit maximization problem and finding their optimal bidding outputs. As the market mechanism is a key element of the electricity market, impacts of different market mechanism parameters on electricity price and power generation in market equilibrium state should be fully assessed. Therefore, based on the proposed model, we precisely explore the impacts on market equilibrium of varying parameters such as the number of GENCOs, the quantity of ex-ante obligatory-use electricity contracts (EOECs and the elasticity of demand. Numerical analysis results of Yunnan’s electricity market show that these parameters have notable but different effects on electricity price. A larger number of GENCOs or less EOEC contracted with GENCOs will have positive effects on reducing the price. With the increase of demand elasticity, the price falls first and then rises. Comparison of different mechanisms and relationship between different parameters are also analyzed. These results should be of practical interest to market participants or market designers in Yunnan’s or other similar markets.

  11. The dynamic conditional relationship between stock market returns and implied volatility

    Science.gov (United States)

    Park, Sung Y.; Ryu, Doojin; Song, Jeongseok

    2017-09-01

    Using the dynamic conditional correlation multivariate generalized autoregressive conditional heteroskedasticity (DCC-MGARCH) model, we empirically examine the dynamic relationship between stock market returns (KOSPI200 returns) and implied volatility (VKOSPI), as well as their statistical mechanics, in the Korean market, a representative and leading emerging market. We consider four macroeconomic variables (exchange rates, risk-free rates, term spreads, and credit spreads) as potential determinants of the dynamic conditional correlation between returns and volatility. Of these macroeconomic variables, the change in exchange rates has a significant impact on the dynamic correlation between KOSPI200 returns and the VKOSPI, especially during the recent financial crisis. We also find that the risk-free rate has a marginal effect on this dynamic conditional relationship.

  12. Labour market status and migration dynamics

    NARCIS (Netherlands)

    Bijwaard, G.E.

    2009-01-01

    In this empirical paper we assess how labour market transitions and out- and repeated migration of immigrants are interrelated. We estimate a multi-state multiple spell competing risks model with four states: employed, unemployed receiving benefits, out-of-the-labour market (no benefits) and abroad.

  13. Labour market status and migration dynamics

    NARCIS (Netherlands)

    Bijwaard, G.E.

    2009-01-01

    In this empirical paper we assess how labour market transitions and out- and repeated migration of immigrants are interrelated. We estimate a multi-state multiple spell competing risks model with four states: employed, unemployed receiving benefits, out-of-the-labour market (no benefits) and abroad.

  14. Labour Market Status and Migration Dynamics

    NARCIS (Netherlands)

    G.E. Bijwaard (Govert)

    2009-01-01

    textabstractIn this empirical paper we assess how labour market transitions and out- and repeat migration of immigrants are interrelated. We estimate a multi-state multiple spell competing risks model with four states: employed, unemployed receiving benefits, out-of-the-labour market (no benefits) a

  15. A consensus-based dynamics for market volumes

    Science.gov (United States)

    Sabatelli, Lorenzo; Richmond, Peter

    2004-12-01

    We develop a model of trading orders based on opinion dynamics. The agents may be thought as the share holders of a major mutual fund rather than as direct traders. The balance between their buy and sell orders determines the size of the fund order (volume) and has an impact on prices and indexes. We assume agents interact simultaneously to each other through a Sznajd-like interaction. Their degree of connection is determined by the probability of changing opinion independently of what their neighbours are doing. We assume that such a probability may change randomly, after each transaction, of an amount proportional to the relative difference between the volatility then measured and a benchmark that we assume to be an exponential moving average of the past volume values. We show how this simple model is compatible with some of the main statistical features observed for the asset volumes in financial markets.

  16. Impact of global investment processes on ukrainian share market

    Directory of Open Access Journals (Sweden)

    O.К. Zotsenko

    2015-03-01

    Full Text Available The paper investigates the effects of financial and investment processes on the Ukrainian share market. The research analyzed and estimated investment climate in Ukraine. The study highlights a comparison of the domestic share market with share markets of other countries. In terms of share capitalization of listed companies in the GDP determined that equity is the most developed in the USA and UK. Largest share markets with highest capitalization rate characterized. The regional distribution of the share market capitalization by continents are shown. The study of the dynamics of Ukrainian and global share indexes revealed that the Ukrainian share market indexes show a constant volatility and unpredictability. Correlation Ukrainian stock indexes with indexes in Europe, Russia and America is very weak, which is a very negative trend of the stock market of Ukraine. The key problems and risks of the domestic investments are defined which are consequences of downturn in the Ukrainian share market.

  17. Volatility and dynamic conditional correlations of European emerging stock markets

    OpenAIRE

    Baumohl, Eduard; Lyocsa, Stefan

    2013-01-01

    This study examines the relationship between time-varying correlations and conditional volatility among eight European emerging stock markets and the MSCI World stock market index from January 2000 to December 2012. Correlations are estimated in the standard and asymmetric dynamic conditional correlation (DCC) model frameworks. The results can be summarized by three main findings: (1) asymmetry in volatility is not a common phenomenon in emerging markets; (2) asymmetry in correlations is foun...

  18. Dynamic Portfolio Selection on Croatian Financial Markets: MGARCH Approach

    Directory of Open Access Journals (Sweden)

    Škrinjarić Tihana

    2016-09-01

    Full Text Available Background: Investors on financial markets are interested in finding trading strategies which could enable them to beat the market. They always look for best possibilities to achieve above-average returns and manage risks successfully. MGARCH methodology (Multivariate Generalized Autoregressive Conditional Heteroskedasticity makes it possible to model changing risks and return dynamics on financial markets on a daily basis. The results could be used in order to enhance portfolio formation and restructuring over time.

  19. Geography and distance effect on financial dynamics in the Chinese stock market

    Science.gov (United States)

    Li, Xing; Qiu, Tian; Chen, Guang; Zhong, Li-Xin; Jiang, Xiong-Fei

    2016-09-01

    Geography effect is investigated for the Chinese stock market including the Shanghai and Shenzhen stock markets, based on the daily data of individual stocks. The stocks in the Shanghai city and the Guangdong province are found to greatly contribute to the Shanghai and Shenzhen markets in the geographical sector, respectively. By investigating a geographical correlation on a geographical parameter, the stock location is found to have an impact on the financial dynamics, except for the financial crisis time of the Shenzhen market. Stock distance effect is further studied, with the probability of the short distance observed to be much greater than that of the long distance. The distance is found to only affect the stock correlation of the Shanghai stock market, but has no effect on the Shenzhen stock market.

  20. Practice Prize Winner --Dynamic Marketing Budget Allocation Across Countries, Products, and Marketing Activities

    OpenAIRE

    Marc Fischer; Sönke Albers; Nils Wagner; Monika Frie

    2011-01-01

    Previous research on marketing budget decisions has shown that profit improvement from better allocation across products or regions is much higher than from improving the overall budget. However, despite its high managerial relevance, contributions by marketing scholars are rare. In this paper, we introduce an innovative and feasible solution to the dynamic marketing budget allocation problem for multiproduct, multicountry firms. Specifically, our decision support model allows determining nea...

  1. Evolutions in food marketing, quantifying the impact, and policy implications.

    Science.gov (United States)

    Cairns, Georgina

    2013-03-01

    A case study on interactive digital marketing examined the adequacy of extant policy controls and their underpinning paradigms to constrain the effects of this rapidly emerging practice. Findings were interactive digital marketing is expanding the strategies available to promote products, brands and consumer behaviours. It facilitates relational marketing; the collection of personal data for marketing; integration of the marketing mix, and provides a platform for consumers to engage in the co-creation of marketing communications. The paradigmatic logic of current policies to constrain youth-oriented food marketing does not address the interactive nature of digital marketing. The evidence base on the effects of HFSS marketing and policy interventions is based on conceptualizations of marketing as a force promoting transactions rather than interactions. Digital technologies are generating rich consumer data. Interactive digital technologies increase the complexity of the task of quantifying the impact of marketing. The rapidity of its uptake also increases urgency of need to identify appropriate effects measures. Independent analysis of commercial consumer data (appropriately transformed to protect commercial confidentiality and personal privacy) would provide evidence sources for policy on the impacts of commercial food and beverage marketing and policy controls. Copyright © 2012 Elsevier Ltd. All rights reserved.

  2. Exchange rate movements and export market dynamics: evidence from China

    National Research Council Canada - National Science Library

    Xiaobing Huang

    2017-01-01

    This paper highlights the relationship between foreign exchange rate fluctuations and firms' export market dynamics using a Chinese firm-level production data and a firm-level trade data over the period of 2000-2006...

  3. Dynamics of Timber Market Integration in Sweden

    Directory of Open Access Journals (Sweden)

    Vishal Chandr Jaunky

    2015-12-01

    Full Text Available This paper addresses the performance of the timber markets (Scots pine, Pinus silvestris L. and Norway spruce, Picea abies (L. Karst. by evaluating the order of market integration in three Swedish regions (Central, Northern, and Southern. Quarterly data of delivery prices are employed over the period 1999Q1–2012Q4. Various unit root and cointegration tests have been computed. The results indicate that the variables are integrated of first order and co-integrated, especially after controlling for structural breaks. This supports the law-of-one-price hypothesis (LOP. However, the effects of structural shocks on forestry are arguably significant and these are controlled for while performing a vector error-correction mechanism (VECM-based Granger-causality test. Bi-directional causality between the Northern and central markets is uncovered in the short-run. In the long-run, a similar causal effect is detected between Northern and Southern markets while the central market emerges as the price leader. Further investigation is carried out using variance decompositions and impulse response functions and these approaches also tend to confirm the existence of a single market well, as price interdependence between markets.

  4. Demography and market impacts on dental practices’ development in Bulgaria during the period of transition 1990-2010

    National Research Council Canada - National Science Library

    Lydia Katrova; Krassimir Tzokov

    2013-01-01

    Objective. The purpose of this study was to present the impact of demography and market dynamics on the organizational and technological development of dental practices in Bulgaria during the period of socio...

  5. Dynamics of the Ecological Agroalimentary Produce Market

    Directory of Open Access Journals (Sweden)

    Cornelia Petroman

    2011-10-01

    Full Text Available The market of ecological agroalimentary produce in Romania tends to have a positive evolution, identical with the world market, according to the specialists in the field. The market of ecological produce in Romania is being developed: from the point of view of its life cycle, it is steadily going to the growth period. Since the appearance period passed away, now there is the unsatisfied need of green produce: the first producers able to meet this need have appeared and they have started to meet the needs related to these produce.

  6. Granular Dynamics during Impact

    OpenAIRE

    Nordstrom, Kerstin; Lim, Emily; Harrington, Matthew; Losert, Wolfgang

    2013-01-01

    We study the impact of a projectile onto a bed of 3 mm grains immersed in an index-matched fluid. Specifically, we vary the amount of prestrain on the sample, strengthening the force chains within the system. We find this affects only the prefactor of linear depth-dependent term in the stopping force. We therefore attribute this term to pressure within the material, and not the grain-intruder friction as is sometimes suggested. Using a laser sheet scanning technique to visualize internal grai...

  7. Dynamics of Investment for Market-Oriented Farmers in Chile

    NARCIS (Netherlands)

    Reyes, A.; Kuyvenhoven, A.; Lensink, R.; Moll, H.A.J.

    2012-01-01

    Using panel data from a survey conducted in 2006 and 2008 of 177 market-oriented farmers in central Chile, we investigate investment under imperfect capital markets. Specifically we determine the impact of formal credit constraints on fixed investment. By controlling for endogeneity problems, we fin

  8. Impact of Hypermarket Expansion on Regional Traditional Market

    Directory of Open Access Journals (Sweden)

    Bagas Haryotejo

    2014-09-01

    Full Text Available The aim of this research are i identify the factors that influence consumers’ willingness; (ii the impact of hypermarkets in Indonesia to number of traders, opening hours, number of buyers, turnover traders in traditional markets, and the traditional market itself; (iii economic impact of hypermarkets on economic growth, employment, consumer and government revenues; (iv formulating policy recommendations to improve the performance of traditional markets and setting the establishment of hypermarkets. Secondary data analysis showed that every additional amount of modern markets (supermarkets not decrease the number of traditional markets (shops or stalls. This shows that modern markets and traditional markets are both growing and is "complementary" to each other. The study results indicate that the contribution to nonoil GDP of traditional markets (shops or stalls larger than the modern market (supermarket. However, the opposite condition occurs, the modern market (supermarkets in the province, has a greater contribution to revenues, compared to the municipal/district. In contrast, non-traditional markets have economic advantages from the standpoint of macro-economic interests, such as the provision of choice of business opportunities, employment and output contribution, although those options may cause conflict with the interests of local governments to raise the revenue.

  9. Multiproduct Multiperiod Newsvendor Problem with Dynamic Market Efforts

    Directory of Open Access Journals (Sweden)

    Jianmai Shi

    2016-01-01

    Full Text Available We study a multiperiod multiproduct production planning problem where the production capacity and the marketing effort on demand are both considered. The accumulative impact of marketing effort on demand is captured by the Nerlove and Arrow (N-A advertising model. The problem is formulated as a discrete-time, finite-horizon dynamic optimization problem, which can be viewed as an extension to the classic newsvendor problem by integrating with the N-A model. A Lagrangian relaxation based solution approach is developed to solve the problem, in which the subgradient algorithm is used to find an upper bound of the solution and a feasibility heuristic algorithm is proposed to search for a feasible lower bound. Twelve kinds of instances with different problem size involving up to 50 products and 15 planning periods are randomly generated and used to test the Lagrangian heuristic algorithm. Computational results show that the proposed approach can obtain near optimal solutions for all the instances in very short CPU time, which is less than 90 seconds even for the largest instance.

  10. The futility of utility: how market dynamics marginalize Adam Smith

    Science.gov (United States)

    McCauley, Joseph L.

    2000-10-01

    Economic theorizing is based on the postulated, nonempiric notion of utility. Economists assume that prices, dynamics, and market equilibria are supposed to be derived from utility. The results are supposed to represent mathematically the stabilizing action of Adam Smith's invisible hand. In deterministic excess demand dynamics I show the following. A utility function generally does not exist mathematically due to nonintegrable dynamics when production/investment are accounted for, resolving Mirowski's thesis. Price as a function of demand does not exist mathematically either. All equilibria are unstable. I then explain how deterministic chaos can be distinguished from random noise at short times. In the generalization to liquid markets and finance theory described by stochastic excess demand dynamics, I also show the following. Market price distributions cannot be rescaled to describe price movements as ‘equilibrium’ fluctuations about a systematic drift in price. Utility maximization does not describe equilibrium. Maximization of the Gibbs entropy of the observed price distribution of an asset would describe equilibrium, if equilibrium could be achieved, but equilibrium does not describe real, liquid markets (stocks, bonds, foreign exchange). There are three inconsistent definitions of equilibrium used in economics and finance, only one of which is correct. Prices in unregulated free markets are unstable against both noise and rising or falling expectations: Adam Smith's stabilizing invisible hand does not exist, either in mathematical models of liquid market data, or in real market data.

  11. Market impact and trading profile of hidden orders in stock markets.

    Science.gov (United States)

    Moro, Esteban; Vicente, Javier; Moyano, Luis G; Gerig, Austin; Farmer, J Doyne; Vaglica, Gabriella; Lillo, Fabrizio; Mantegna, Rosario N

    2009-12-01

    We empirically study the market impact of trading orders. We are specifically interested in large trading orders that are executed incrementally, which we call hidden orders. These are statistically reconstructed based on information about market member codes using data from the Spanish Stock Market and the London Stock Exchange. We find that market impact is strongly concave, approximately increasing as the square root of order size. Furthermore, as a given order is executed, the impact grows in time according to a power law; after the order is finished, it reverts to a level of about 0.5-0.7 of its value at its peak. We observe that hidden orders are executed at a rate that more or less matches trading in the overall market, except for small deviations at the beginning and end of the order.

  12. Market impact and trading profile of hidden orders in stock markets

    Science.gov (United States)

    Moro, Esteban; Vicente, Javier; Moyano, Luis G.; Gerig, Austin; Farmer, J. Doyne; Vaglica, Gabriella; Lillo, Fabrizio; Mantegna, Rosario N.

    2009-12-01

    We empirically study the market impact of trading orders. We are specifically interested in large trading orders that are executed incrementally, which we call hidden orders. These are statistically reconstructed based on information about market member codes using data from the Spanish Stock Market and the London Stock Exchange. We find that market impact is strongly concave, approximately increasing as the square root of order size. Furthermore, as a given order is executed, the impact grows in time according to a power law; after the order is finished, it reverts to a level of about 0.5-0.7 of its value at its peak. We observe that hidden orders are executed at a rate that more or less matches trading in the overall market, except for small deviations at the beginning and end of the order.

  13. Coping with Gray Markets: The Impact of Market Conditions and Product Characteristics

    OpenAIRE

    Iravani, F.; Mamani, H.; R. Ahmadi

    2011-01-01

    Gray markets, also known as parallel imports, are marketplaces for trading genuine products that are diverted from authorized distribution channels. They have created fierce competition for manufacturers in many industries and each year billions of dollars worth of products are traded in these markets. Using a game-theoretic model, we analyze the impact of parallel importation on a price-setting manufacturer that serves two markets with uncertain demand. We characterize the optimal joint pric...

  14. The Impact of Earthquakes on the Domestic Stock Market

    NARCIS (Netherlands)

    Scholtens, Bert; Voorhorst, Yvonne

    2013-01-01

    How do financial markets respond to the impact of earthquakes? We investigate this for more than 100 earthquakes with fatalities in 21 countries from five continents in the period 1973-2011. Using an event study methodology we conclude that there are significant negative effects on stock market valu

  15. The Impact of Earthquakes on the Domestic Stock Market

    NARCIS (Netherlands)

    Scholtens, Bert; Voorhorst, Yvonne

    How do financial markets respond to the impact of earthquakes? We investigate this for more than 100 earthquakes with fatalities in 21 countries from five continents in the period 1973-2011. Using an event study methodology we conclude that there are significant negative effects on stock market

  16. Dynamic Decision Making in Agricultural Futures and Options Markets?

    NARCIS (Netherlands)

    Mattos, F.; Garcia, P.; Pennings, J.M.E.

    2008-01-01

    This paper investigates the dynamics of sequential decision-making in agricultural futures and options markets. Analysis of trading records of 12 traders identified considerable heterogeneity in individual dynamic trading behavior. Using risk measures derived from the deltas and vegas of traderâ¿¿s

  17. Repeating games and dynamical systems in oil market

    Directory of Open Access Journals (Sweden)

    Osvaldo Acuña Ortega

    2010-04-01

    Full Text Available We use the modern theory of repetitive games in a model that help understand a market with a cartel like OPEP. We also study a dynamical system Lotka-Volterra type, and we analyze the dynamic behavior of the model.

  18. Age-specific labor market dynamics

    NARCIS (Netherlands)

    Gielen, A. C.

    2008-01-01

    One important finding concerns the fact that job separations for older workers constitute mostly a one-way exit out of the labor force, despite the fact that an ageing society calls for an active labor market participation from us all. Also, the allocation of labor for younger workers has shown to b

  19. Information Exchange, Market Transparency and Dynamic Oligopoly

    DEFF Research Database (Denmark)

    Møllgaard, H. Peter; Overgaard, Per Baltzer

    Economic literature often offers conflicting views on the likely efficiency effects of information exchanges, communication between firms, and market transparency. On the one hand, it is argued that increased information dissemination improves firm planning to the benefit of society (including bu...

  20. The impact of derivatives on Malaysian stock market

    Science.gov (United States)

    Malim, M. R.; Halim, F. A.; Murad, A.; Maad, H. A.; Annuar, N. F. M.

    2017-09-01

    The essential of derivatives has been discovered by researchers over recent decade. However, the conclusions made regarding the impact of derivatives on stock market volatility remains debatable. The main objective of this study is to examine the impact of derivatives on Malaysian stock market volatility by exploring FTSE Bursa Malaysia Kuala Lumpur Composite Index Futures (BMD FKLI) using FBM KLCI as the underlying asset. Generalized Autoregressive Conditional Heteroskedasticity (GARCH) (1, 1) model was employed to realize the objective. The results have shown that the introduction of futures trading has decreased the volatility of Malaysian stock market. The volatility increased vigorously during the Asian financial crisis compared to the Global financial crisis. However, the role of futures as a risk transfer is agreed as it could improve the market by decreasing the volatility in the spot market.

  1. Information Exchange, Market Transparency and Dynamic Oligopoly

    DEFF Research Database (Denmark)

    Overgaard, Per Baltzer; Møllgaard, Peter

    2005-01-01

    In the economics literature, various views on the likely (efficiency) effects of information exchange,communication between firms and market transparency present themselves. Often these views oninformation flows are highly conflicting. On the one hand, it is argued that increased informationdisse......In the economics literature, various views on the likely (efficiency) effects of information exchange,communication between firms and market transparency present themselves. Often these views oninformation flows are highly conflicting. On the one hand, it is argued that increased...... potential to the benefit of firms but at the expense of society at large (mainly, potentialcustomers). In this chapter, we try to make sense of these views, with the aim of presenting somesimple lessons for antitrust practice. In addition, the chapter presents some cases, from both sides ofthe Atlantic...

  2. Strategy implications of world gas market dynamics

    OpenAIRE

    2011-01-01

    Global trends – past and future – of world natural gas consumption, production, reserves, and prices are highlighted here analyzing the BP Statistical Review of World Energy 2011, the BP Energy Outlook 2011, and the latest natural gas data from the world’s major energy agencies. Growing demand and declining gas-reserve- replacement ratios support market model predictions of rising natural gas prices.

  3. Dynamic Stock Market Participation of Households with Heterogeneous Participation Costs

    DEFF Research Database (Denmark)

    Khorunzhina, Natalia

    This paper develops and estimates a dynamic model of stock market participation, where consumers’ decisions regarding stock market participation are influenced by participation costs. The practical significance of the participation costs is considered as being a channel through which financial...... education programs can affect consumers’ investment decisions. Using household data from the Panel Study of Income Dynamics, I estimate the magnitude of the participation cost, allowing for individual heterogeneity in it. The results show the average stock market participation cost is about 5% of labor...... income; however, it varies substantially over consumers’ life. The model successfully predicts the level of the observed participation rate and the increasing pattern of stock market participation over the consumers’ life cycle....

  4. Internet Support Companies: The Impact of Marketing Orientation

    Directory of Open Access Journals (Sweden)

    Jose Gonzalez, DBA

    2006-04-01

    Full Text Available Several studies have expanded the work by Jaworski and Kohli (1993 by using their market orientation framework model and applying it to a variety of industries. The results of recent studies have uncovered strong relationships between the concepts of market orientation and organizational performance. The large body of research on the topic of market orientation has not been applied to companies critical to commercial transactions over the Internet. This study explored implementation of market orientation in the context of web hosting and Internet service providers to understand impact of market orientation on these kinds of companies. The study results indicate that market orientation is positively related to performance. Implications for theory construction and managerial practice relevant to companies engaged in ecommerce are discussed.

  5. Measuring the Impact of Road Rehabilitation on Spatial Market Efficiency in Maize Markets in Mozambique

    DEFF Research Database (Denmark)

    Cirera, Xavier; Arndt, Channing

    2008-01-01

    tend to decrease, and market pairs have tended to shift toward autarky regimes. Overall, while the results point broadly toward a positive impact of road rehabilitation on spatial efficiency, they are not as strong or as robust as one would like. Large increases in fuel prices likely offset......This article analyzes the impact of road rehabilitation on the spatial market efficiency of maize markets in Mozambique. We estimate a modified version of the Parity Bounds Model (PBM) that allows us to test the impact of road rehabilitation on spatial efficiency. This article seeks to contribute...... to the existing literature in three ways. First, a unique data set, where road rehabilitation episodes between market pairs are identified, is developed. Second, special care is devoted to estimation of transaction costs due to the sensitivity of the PBM model to the quality of transaction costs estimates...

  6. Modeling energy market dynamics using discrete event system simulation

    Energy Technology Data Exchange (ETDEWEB)

    Gutierrez-Alcaraz, G. [Department of Electrical and Electronics Engineering, Instituto Tecnologico de Morelia, Av. Tecnologico 1500, Col. Lomas de Santiaguito 58120, Morelia Michoacan (Mexico); Sheble, G.B. [Department of Electrical and Computer Engineering, Portland State University, Portland, OR 97207-0751 (United States)

    2009-10-15

    This paper proposes the use of Discrete Event System Simulation to study the interactions among fuel and electricity markets and consumers, and the decision-making processes of fuel companies (FUELCOs), generation companies (GENCOs), and consumers in a simple artificial energy market. In reality, since markets can reach a stable equilibrium or fail, it is important to observe how they behave in a dynamic framework. We consider a Nash-Cournot model in which marketers are depicted as Nash-Cournot players that determine supply to meet end-use consumption. Detailed engineering considerations such as transportation network flows are omitted, because the focus is upon the selection and use of appropriate market models to provide answers to policy questions. (author)

  7. Econophysics and Data Driven Modelling of Market Dynamics

    CERN Document Server

    Aoyama, Hideaki; Chakrabarti, Bikas; Chakraborti, Anirban; Ghosh, Asim; Econophysics and Data Driven Modelling of Market Dynamics

    2015-01-01

    This book presents the works and research findings of physicists, economists, mathematicians, statisticians, and financial engineers who have undertaken data-driven modelling of market dynamics and other empirical studies in the field of Econophysics. During recent decades, the financial market landscape has changed dramatically with the deregulation of markets and the growing complexity of products. The ever-increasing speed and decreasing costs of computational power and networks have led to the emergence of huge databases. The availability of these data should permit the development of models that are better founded empirically, and econophysicists have accordingly been advocating that one should rely primarily on the empirical observations in order to construct models and validate them. The recent turmoil in financial markets and the 2008 crash appear to offer a strong rationale for new models and approaches. The Econophysics community accordingly has an important future role to play in market modelling....

  8. Assessment of emission trading impacts on competitive electricity market price

    DEFF Research Database (Denmark)

    Singh, S.N.; Saxena, D.; Østergaard, Jacob

    2011-01-01

    analyzes the impact of electricity prices in the competitive electricity markets having a uniform market clearing price mechanism. Findings - It is found that the electricity prices depend on the system loading, generation mix, etc. at a particular hour. Various emission trading instruments are discussed...... side emission trading impact on electricity prices in the competitive power market. Design/methodology/approach - Various schemes are suggested and are being implemented to achieve this objective. It is expected that electricity price will increase due to imposition of emission taxes. This paper...... with a special emphasis on the European market. Research limitations/implications - Block bidding of the suppliers is considered whereas the demand is assumed to be inelastic. Originality/value - The emission trading impacts are analyzed on a simple example....

  9. Outflow dynamics in modeling oligopoly markets: the case of the mobile telecommunications market in Poland

    Science.gov (United States)

    Sznajd-Weron, Katarzyna; Weron, Rafał; Włoszczowska, Maja

    2008-11-01

    In this paper we introduce two models of opinion dynamics in oligopoly markets and apply them to a situation where a new entrant challenges two incumbents of the same size. The models differ in the way in which the two forces influencing consumer choice—(local) social interactions and (global) advertising—interact. We study the general behavior of the models using the mean field approach and Monte Carlo simulations and calibrate the models using data from the Polish telecommunications market. For one of the models criticality is observed—below a certain critical level of advertising the market approaches a lock-in situation, where one market leader dominates the market and all other brands disappear. Interestingly, for both models the best fits to real data are obtained for conformity level p \\in (0.3,0.4) . This agrees very well with the conformity level found by Solomon Asch in his famous social experiment.

  10. Dynamics of the youth travel market on a global level

    Directory of Open Access Journals (Sweden)

    Timea DEMETER

    2015-06-01

    Full Text Available The segment of young tourists has been considered a niche market and was treated as a branch of the tourism industry. In the past 10 years, however, its market value has began to increase significantly bringing real benefits to the companies adapting to this segment by developing appropriate strategies and policies. Therefore, the aim of this project is to analyse the dynamics of the youth travel market, on a global level, taking into consideration the international youth arrivals, youth accommodation units and the behavioural habits of young tourists, serving as a starting point in the strategy development process.

  11. Diffusive and Arrestedlike Dynamics in Currency Exchange Markets

    Science.gov (United States)

    Clara-Rahola, J.; Puertas, A. M.; Sánchez-Granero, M. A.; Trinidad-Segovia, J. E.; de las Nieves, F. J.

    2017-02-01

    This work studies the symmetry between colloidal dynamics and the dynamics of the Euro-U.S. dollar currency exchange market (EURUSD). We consider the EURUSD price in the time range between 2001 and 2015, where we find significant qualitative symmetry between fluctuation distributions from this market and the ones belonging to colloidal particles in supercooled or arrested states. In particular, we find that models used for arrested physical systems are suitable for describing the EURUSD fluctuation distributions. Whereas the corresponding mean-squared price displacement (MSPD) to the EURUSD is diffusive for all years, when focusing in selected time frames within a day, we find a two-step MSPD when the New York Stock Exchange market closes, comparable to the dynamics in supercooled systems. This is corroborated by looking at the price correlation functions and non-Gaussian parameters and can be described by the theoretical model. We discuss the origin and implications of this analogy.

  12. Electricity market reforms: Institutional developments, investment dynamics and game modeling

    Science.gov (United States)

    Pineau, Pierre-Olivier

    The reform trend of the 1990's in electricity markets recreates, to some extent, the institutional framework from which they developed one century ago. Although these reforms do not endeavor to completely remove regulation, the basic objectives of deregulation dwell on limiting central and governmental control over the industry in order to promote free competition at all possible levels. To assess whether the electricity industry is or is not moving back to a 19th century structure is not the goal of this thesis. We will rather try to understand on what grounds deregulation reforms stand and review how different countries and large utilities have reacted to this trend. The special nature of electricity (non-storable basic good, centrally produced) creates different obstacles in the restructuring of electricity markets, compared to other industries like the airline or telecommunication ones. For example, the dominant positions of some utilities, the production structure and the importance of electricity in modern life could transform these reforms in a threatening move for consumers. Another specific issue arising from deregulation, now that national energy policy goals no longer rule the behavior of utilities, is how investment will be coordinated in the new market. A key element to keep in sight is the competition level targeted by these reforms. To which extent full competition can really occur in electricity markets remains an unanswered question. Indeed, the oligopolistic structure of the market could prevent such an outcome. An investigation of the investment dynamics in such a context seems therefore appropriate, and this will be an important theme of the thesis. This work offers an analysis of deregulated electricity markets and studies the oligopolistic market dynamics that could prevail in the new structure. Two complementary approaches are used for these purposes. The first is institutional and presents a thorough illustration of the economic arguments

  13. Information Exchange, Market Transparency and Dynamic Oligopoly

    DEFF Research Database (Denmark)

    Overgaard, Per Baltzer; Møllgaard, Peter

    2005-01-01

    In the economics literature, various views on the likely (efficiency) effects of information exchange,communication between firms and market transparency present themselves. Often these views oninformation flows are highly conflicting. On the one hand, it is argued that increased...... informationdissemination improves firm planning to the benefit of society (including customers) and/or allowspotential customers to make the right decisions given their preferences. On the other hand, theliterature also suggests that increased information dissemination can have significant coordinating orcollusive......, where informational issues have played a significant role....

  14. Information Exchange, Market Transparency and Dynamic Oligopoly

    DEFF Research Database (Denmark)

    Møllgaard, H. Peter; Overgaard, Per Baltzer

    Economic literature often offers conflicting views on the likely efficiency effects of information exchanges, communication between firms, and market transparency. On the one hand, it is argued that increased information dissemination improves firm planning to the benefit of society (including...... buyers) and allows potential buyers to make correct decisions given their preferences. On the other hand, economic literature also shows that increased information dissemination can raise prices through tacit or explicit collusion to the benefit of firms but at the expense of society at large...

  15. Creating lift versus building the base : Current trends in marketing dynamics

    NARCIS (Netherlands)

    Leeflang, P.S.H.; Bijmolt, T.H.A.; van Doorn, J.; Hanssens, D.M.; van Heerde, H.J.; Verhoef, P.C.; Wieringa, J.E.

    2009-01-01

    Markets are dynamic by nature; and marketing-efforts can be directed to stimulate, reduce, or to utilize these dynamics. The field of marketing dynamics aims at modeling the effects of marketing actions and policies on short-term performance ("lift") and on long-term performance ("base"). One of the

  16. Correlation between agricultural markets in dynamic perspective-Evidence from China and the US futures markets

    Science.gov (United States)

    Jia, Rui-Lin; Wang, Dong-Hua; Tu, Jing-Qing; Li, Sai-Ping

    2016-12-01

    Emerging as the earliest futures markets, agricultural futures markets play an important role in risk aversion and price discovery. With the integration of global economy, the linkage between domestic and international futures markets becomes closer than ever. By using the thermal optimal path (TOP) method, this paper selects soybean, corn and wheat as the representatives to study the dynamic lead-lag relationship between the Chinese and American markets in both returns and volatility. The results indicate that: (1) For the futures return, different kinds of agricultural futures lead-lag relationship between China and the US varied before 2014 both in direction and order in different time periods. However, China leads the US for all the three kinds we study after 2014. (2) Agricultural commodities subject to less import restrictions and government regulations in China such as soybean are more susceptible to the fluctuations from the international markets. On the other hand, lower foreign trade openness and more government regulation species such as wheat are less affected by fluctuations from outside. (3) The volatility transmission from the US to China wheat futures market takes longer time than soybean, which suggests that China's soybean futures market is more closely linked to the international agricultural futures market than wheat.

  17. Investigating the Nonlinear Dynamics of Emerging and Developed Stock Markets

    Directory of Open Access Journals (Sweden)

    K. Guhathakurta

    2015-01-01

    Full Text Available Financial time-series has been of interest of many statisticians and financial experts. Understanding the characteristic features of a financial-time series has posed some difficulties because of its quasi-periodic nature. Linear statistics can be applied to a periodic time series, but since financial time series is non-linear and non-stationary, analysis of its quasi periodic characteristics is not entirely possible with linear statistics. Thus, the study of financial series of stock market still remains a complex task having its specific requirements. In this paper keeping in mind the recent trends and developments in financial time series studies, we want to establish if there is any significant relationship existing between trading behavior of developing and developed markets. The study is conducted to draw conclusions on similarity or differences between developing economies, developed economies, developing-developed economy pairs. We take the leading stock market indices dataset for the past 15 years in those markets to conduct the study. First we have drawn probability distribution of the dataset to see if any graphical similarity exists. Then we perform quantitative techniques to test certain hypotheses. Then we proceed to implement the Ensemble Empirical Mode Distribution technique to draw out amplitude and phase of movement of index value each data set to compare at granular level of detail. Our findings lead us to conclude that the nonlinear dynamics of emerging markets and developed markets are not significantly different. This could mean that increasing cross market trading and involvement of global investment has resulted in narrowing the gap between emerging and developed markets. From nonlinear dynamics perspective we find no reason to distinguish markets into emerging and developed any more.

  18. The Joint Dynamics of Equity Market Factors

    DEFF Research Database (Denmark)

    Christoffersen, Peter; Langlois, Hugues

    2013-01-01

    are small and even negative, the extreme correlations are large and positive, so that the linear correlations drastically overstate the benefits of diversification across the factors. We model the nonlinear factor dependence dynamics and explore their economic importance in a portfolio allocation experiment...

  19. Correlation Dynamics in East Asian Financial Markets

    NARCIS (Netherlands)

    Kuper, Gerard; Lestano, L

    2014-01-01

    This paper examines the dynamic relationship between stock returns and exchange rate changes using daily data from January 3, 1994 - September 27, 2013 for six East Asian countries: Indonesia, Malaysia, the Philippines, Singapore, South Korea and Thailand. We estimate conditional correlations using

  20. Correlation Dynamics in East Asian Financial Markets

    NARCIS (Netherlands)

    Kuper, Gerard; Lestano, L

    2014-01-01

    This paper examines the dynamic relationship between stock returns and exchange rate changes using daily data from January 3, 1994 - September 27, 2013 for six East Asian countries: Indonesia, Malaysia, the Philippines, Singapore, South Korea and Thailand. We estimate conditional correlations using

  1. Electricity Market Stochastic Dynamic Model and Its Mean Stability Analysis

    Directory of Open Access Journals (Sweden)

    Zhanhui Lu

    2014-01-01

    Full Text Available Based on the deterministic dynamic model of electricity market proposed by Alvarado, a stochastic electricity market model, considering the random nature of demand sides, is presented in this paper on the assumption that generator cost function and consumer utility function are quadratic functions. The stochastic electricity market model is a generalization of the deterministic dynamic model. Using the theory of stochastic differential equations, stochastic process theory, and eigenvalue techniques, the determining conditions of the mean stability for this electricity market model under small Gauss type random excitation are provided and testified theoretically. That is, if the demand elasticity of suppliers is nonnegative and the demand elasticity of consumers is negative, then the stochastic electricity market model is mean stable. It implies that the stability can be judged directly by initial data without any computation. Taking deterministic electricity market data combined with small Gauss type random excitation as numerical samples to interpret random phenomena from a statistical perspective, the results indicate the conclusions above are correct, valid, and practical.

  2. Trend arbitrage, bid-ask spread and market dynamics

    CERN Document Server

    Zaitsev, N

    2006-01-01

    Microstructure of market dynamics is studied through analysis of tick price data. Linear trend is introduced as a tool for such analysis. Trend arbitrage inequality is developed and tested. The inequality sets limiting relationship between trend, bid-ask spread, market reaction and average update frequency of price information. Average time of market reaction is measured from market data. This parameter is interpreted as a constant value of the stock exchange and is attributed to the latency of exchange reaction to actions of traders. This latency and cost of trade are shown to be the main limit of bid-ask spread. Data analysis also suggests some relationships between trend, bid-ask spread and average frequency of price update process.

  3. Dynamics of a Protected Housing Market: The Case of Switzerland

    DEFF Research Database (Denmark)

    Borowiecki, Karol

    2012-01-01

    We analyze the determinants and dynamics of a highly protected housing market. Based on Swiss data for the time period 1990 to 2009 we model house prices and construction activity. We find that house prices exhibit a positive association with construction price, working age population as well as ...

  4. North American oriented strand board markets, arbitrage activity, and market price dynamics: A smooth transition approach

    Science.gov (United States)

    Barry Goodwin; Matthew Holt; Jeffrey P. Prestemon

    2011-01-01

    Price dynamics for North American oriented strand board markets are examined. The role of transactions costs are explored vis-à-vis the law of one price. Nonlinearities induced by unobservable transactions costs are modeled by estimating time-varying smooth transition autoregressions (TV-STARs). Results indicate that nonlinearity and structural change are important...

  5. Dynamic Conditional Correlations in International Stock, Bond and Foreign Exchange Markets: Emerging Markets Evidence

    NARCIS (Netherlands)

    M.S. Hakim (Mohamad); M.J. McAleer (Michael)

    2009-01-01

    textabstractThe paper models the dynamic conditional correlations in emerging stock, bond and foreign exchange markets using the DCC model of Engle (2002) and the GARCC model of McAleer et al. (2008). The highly restrictive DCC model suggests that the conditional correlations of the overall returns

  6. Stability of power systems coupled with market dynamics

    Science.gov (United States)

    Meng, Jianping

    This Ph.D. thesis presented here spans two relatively independent topics. The first part, Chapter 2 is self-contained, and is dedicated to studies of new algorithms for power system state estimation. The second part, encompassing the remaining chapters, is dedicated to stability analysis of power system coupled with market dynamics. The first part of this thesis presents improved Newton's methods employing efficient vectorized calculations of higher order derivatives in power system state estimation problems. The improved algorithms are proposed based on an exact Newton's method using the second order terms. By efficiently computing an exact gain matrix, combined with a special optimal multiplier method, the new algorithms show more reliable convergence compared with the existing methods of normal equations, orthogonal decomposition, and Hachtel's sparse tableau. Our methods are able to handle ill-conditioned problems, yet show minimal penalty in computational cost for well-conditioned cases. These claims are illustrated through the standard IEEE 118 and 300 bus test examples. The second part of the thesis focuses on stability analysis of market/power systems. The work presented is motivated by an emerging problem. As the frequency of market based dispatch updates increases, there will inevitably be interaction between the dynamics of markets determining the generator dispatch commands, and the physical response of generators and network interconnections, necessitating the development of stability analysis for such coupled systems. We begin with numeric tests using different market models, with detailed machine/exciter/turbine/governor dynamics, in the New England 39 bus test system. A progression of modeling refinements are introduced, including such non-ideal effects as time delays. Electricity market parameter identification algorithms are also studied based on real time data from the PJM electricity market. Finally our power market model is augmented by optimal

  7. A Price Hedging Model in Dynamic Market

    Directory of Open Access Journals (Sweden)

    Kuo-Wei Lin

    2012-01-01

    Full Text Available Problem statement: Pricing is a problem when a firm has to set a price for the first time. This happens when the firm develops or acquires a new product, introduces its regular product into a new distribution or geographical area, or enters bids on the new contract work. Many companies try to set the price to maximize current profits. They estimate the demand and costs associated with alternative prices and choose the price that maximizes current profit, cash flow, or rate of return on investment. There are, however, some problems associated with the current profit maximizing approach as it assumes that the firm knows its demand and cost functions; in reality, demand is difficult to estimate and is unpredictable. Approach: Due to demand’s unpredictability, we assume that it follows a lognormal random walk. Based on this, we develop a mathematical pricing processes model by stochastic calculus, which is similar to the financial process mathematical model. From Ito’s lemma, a product’s profit correlates with demand, is also unpredictable and follows a random walk. Such random behavior is the marketing risk. Results: By choosing a price strategy to eliminate randomness, called price hedging, we obtain risk-free profit determined by the Black-Scholes equation. This riskless profit, which is predictable, is the same we would get by putting the equivalent amount of cash in a risk-free interest-bearing account. Conclusion: From price hedging and the Black-Scholes equation, we determine the basic product price, which changes with time and demand.

  8. Population dynamics: Social security, markets, and families.

    Science.gov (United States)

    Mason, Andrew W; Lee, Ronald D; Lee, Sang-Hyop

    2010-07-01

    Upward intergenerational flows - from the working ages to old age - are increasing substantially in the advanced industrialized countries and are much larger than in developing countries. Population aging is the most important factor leading to this change. Thus, in the absence of a major demographic shift, e.g., a return to high fertility, an increase in upward flows is inevitable. Even so, three other important factors will influence the magnitudes of upward flows. First, labor income varies at older ages due to differences in average age at retirement, productivity, unemployment, and hours worked. Second, the age patterns of consumption at older ages vary primarily due to differences in spending on health. Third, spending on human capital, i.e., spending child health and education, varies. Human capital spending competes with spending on the elderly, but it also increases the productivity of subsequent generations of workers and the resources available to support consumption in old age. All contemporary societies rely on a variety of institutions and economic mechanisms to shift economic resources from the working ages to the dependent ages - the young and the old. Three institutions dominate intergenerational flows: governments which implement social security, education, and other public transfer programs; markets which are key to the accumulation of assets, e.g., funded pensions and housing; and families which provide economic support to children in all societies and to the elderly in many. The objectives of this paper are, first, to describe how population aging and other changes influence the direction and magnitude of intergenerational flows; and, second, to contrast the institutional approaches to intergenerational flows as they are practiced around the world. The paper relies extensively on National Transfer Accounts, a system for measuring economic flows across age in a manner consistent with the UN System of National Accounts. These accounts are

  9. Price manipulation in a market impact model with dark pool

    OpenAIRE

    Florian Kl\\"ock; Alexander Schied; Yuemeng Sun

    2012-01-01

    For a market impact model, price manipulation and related notions play a role that is similar to the role of arbitrage in a derivatives pricing model. Here, we give a systematic investigation into such regularity issues when orders can be executed both at a traditional exchange and in a dark pool. To this end, we focus on a class of dark-pool models whose market impact at the exchange is described by an Almgren--Chriss model. Conditions for the absence of price manipulation for all Almgren--C...

  10. THE IMPACT OF MONETARY POLICY TOWARD INDONESIAN STOCK MARKET UNDER INFLATION TARGETING REGIME

    Directory of Open Access Journals (Sweden)

    Maria PRAPTININGSIH

    2010-06-01

    Full Text Available A high volatility in stock market movement can be influenced by current news both domestic and international economic shocks, including the ongoing global financial crisis that affect Indonesian economy in particular. Based on empirical studies and theories, that monetary policy can be an effective tool in order to stabilize the stock market volatility. Monetary policy can have a significant effect on the movement in stock market. Does it really happen on Indonesian macro economy? This paper investigates the relations between monetary policy by its instruments and stock market movement. Our empirical evidence is based on before and after the adoption of Inflation Targeting Framework, including the period of Asian Crisis (1997 and the Global Financial Crisis (2008. This paper uses a Vector Error Correction Model (VECM in order to examine the dynamic movement and changes on Indonesian Stock Market as an impact of the changes in monetary policy in terms of Inflation Targeting regime. Utilizing an Impulse Response and Variance Decomposition approach, this paper analyzes the effectiveness of monetary policy toward the stock market performance in order to achieve the stability of stock market and to develop market expectations. These objectives are beneficial to strengthen the credibility of the Central Bank as the monetary authority in terms of the implementation of Inflation Targeting Framework. Furthermore, this paper attempt to assess and evaluate the monetary policy and induce the central bank to create an optimal policy in the future.

  11. Stabilization of structure-preserving power networks with market dynamics

    CERN Document Server

    Stegink, Tjerk W; van der Schaft, Arjan J

    2016-01-01

    This paper studies the problem of maximizing the social welfare while stabilizing both the physical power network as well as the market dynamics. For the physical power grid a third-order structure-preserving model is considered involving both frequency and voltage dynamics. By applying the primal-dual gradient method to the social welfare problem, a distributed dynamic pricing algorithm in port-Hamiltonian form is obtained. After interconnection with the physical system a closed-loop port-Hamiltonian system of differential-algebraic equations is obtained, whose properties are exploited to prove local asymptotic stability of the optimal points.

  12. Dynamics of Correlation Structure in Stock Market

    Directory of Open Access Journals (Sweden)

    Maman Abdurachman Djauhari

    2014-01-01

    Full Text Available In this paper a correction factor for Jennrich’s statistic is introduced in order to be able not only to test the stability of correlation structure, but also to identify the time windows where the instability occurs. If Jennrich’s statistic is only to test the stability of correlation structure along predetermined non-overlapping time windows, the corrected statistic provides us with the history of correlation structure dynamics from time window to time window. A graphical representation will be provided to visualize that history. This information is necessary to make further analysis about, for example, the change of topological properties of minimal spanning tree. An example using NYSE data will illustrate its advantages.

  13. Bioenergy market competition for biomass: A system dynamics review of current policies

    Energy Technology Data Exchange (ETDEWEB)

    Jacob J. Jacobson; Robert Jeffers

    2013-07-01

    There is growing interest in the United States and abroad to increase the use of biomass as an energy source due to environmental and energy security benefits. In the United States, the biofuel and biopower industries are regulated by different policies and different agencies and have different drivers, which impact the maximum price the industries are willing to pay for biomass. This article describes a dynamic computer simulation model that analyzes future behavior of bioenergy feedstock markets based on varying policy and technical options. The model simulates the long-term dynamics of these markets by treating advanced biomass feedstocks as a commodity and projecting the total demand of each industry, as well as the market price over time. The model is used for an analysis of the United States bioenergy feedstock market that projects supply, demand, and market price given three independent buyers: domestic biopower, domestic biofuels, and foreign exports. With base-case assumptions, the biofuels industry is able to dominate the market and meet the federal Renewable Fuel Standard (RFS) targets for advanced biofuels. Further analyses suggest that United States bioenergy studies should include estimates of export demand for biomass in their projections, and that GHG-limiting policy would partially shield both industries from export dominance.

  14. Population dynamics: Social security, markets, and families

    Science.gov (United States)

    Lee, Ronald D.; Lee, Sang-Hyop

    2015-01-01

    Upward intergenerational flows – from the working ages to old age – are increasing substantially in the advanced industrialized countries and are much larger than in developing countries. Population aging is the most important factor leading to this change. Thus, in the absence of a major demographic shift, e.g., a return to high fertility, an increase in upward flows is inevitable. Even so, three other important factors will influence the magnitudes of upward flows. First, labor income varies at older ages due to differences in average age at retirement, productivity, unemployment, and hours worked. Second, the age patterns of consumption at older ages vary primarily due to differences in spending on health. Third, spending on human capital, i.e., spending child health and education, varies. Human capital spending competes with spending on the elderly, but it also increases the productivity of subsequent generations of workers and the resources available to support consumption in old age. All contemporary societies rely on a variety of institutions and economic mechanisms to shift economic resources from the working ages to the dependent ages – the young and the old. Three institutions dominate intergenerational flows: governments which implement social security, education, and other public transfer programs; markets which are key to the accumulation of assets, e.g., funded pensions and housing; and families which provide economic support to children in all societies and to the elderly in many. The objectives of this paper are, first, to describe how population aging and other changes influence the direction and magnitude of intergenerational flows; and, second, to contrast the institutional approaches to intergenerational flows as they are practiced around the world. The paper relies extensively on National Transfer Accounts, a system for measuring economic flows across age in a manner consistent with the UN System of National Accounts. These accounts are

  15. TRANSACTION COSTS AND MARKET IMPACT IN INVESTMENT MANAGEMENT

    Directory of Open Access Journals (Sweden)

    Marek Kociński

    2015-05-01

    Full Text Available The aim of this article is to analyse the major sources of transaction costs in financial markets, in particular to find the amounts of such costs on the Warsaw Stock Exchange (WSE. Sources of transaction costs are considered: commissions, bid-ask spread and market impact. The commissions are only briefly described since they are explicitly stated and easily measured. More attention is paid to the bid-ask spread which is one of the main causes of trading costs. It is shown that the investor who wants to outperform the Polish market should usually expect a much higher bid-ask spread than it follows from the officially used calculations. Then it is demonstrated how historical spreads can be used in predicting their future values. This seems to be important from the practical point of view, since forecasting trading costs is a compelling task for financial managers. Next, market impact and market impact costs are considered. The practical method of measuring these is applied and discussed.

  16. Geothermal Brief: Market and Policy Impacts Update

    Energy Technology Data Exchange (ETDEWEB)

    Speer, B.

    2012-10-01

    Utility-scale geothermal electricity generation plants have generally taken advantage of various government initiatives designed to stimulate private investment. This report investigates these initiatives to evaluate their impact on the associated cost of energy and the development of geothermal electric generating capacity using conventional hydrothermal technologies. We use the Cost of Renewable Energy Spreadsheet Tool (CREST) to analyze the effects of tax incentives on project economics. Incentives include the production tax credit, U.S. Department of Treasury cash grant, the investment tax credit, and accelerated depreciation schedules. The second half of the report discusses the impact of the U.S. Department of Energy's (DOE) Loan Guarantee Program on geothermal electric project deployment and possible reasons for a lack of guarantees for geothermal projects. For comparison, we examine the effectiveness of the 1970s DOE drilling support programs, including the original loan guarantee and industry-coupled cost share programs.

  17. Dynamics of ambulatory surgery centers and hospitals market entry.

    Science.gov (United States)

    Housman, Michael; Al-Amin, Mona

    2013-08-01

    In this article, we investigate the diversity of healthcare delivery organizations by comparing the market determinants of hospitals entry rates with those of ambulatory surgery centers (ASCs). Unlike hospitals, ASCs is one of the growing populations of specialized healthcare delivery organizations. There are reasons to believe that firm entry patterns differ within growing organizational populations since these markets are characterized by different levels of organizational legitimacy, technological uncertainty, and information asymmetry. We compare the entry patterns of firms in a mature population of hospitals to those of firms within a growing population of ASCs. By using patient-level datasets from the state of Florida, we break down our explanatory variables by facility type (ASC vs. hospital) and utilize negative binomial regression models to evaluate the impact of niche density on ASC and hospital entry. Our results indicate that ASCs entry rates is higher in markets with overlapping ASCs while hospitals entry rates are less in markets with overlapping hospitals and ASCs. These results are consistent with the notion that firms in growing populations tend to seek out crowded markets as they compete to occupy the most desirable market segments while firms in mature populations such as general hospitals avoid direct competition.

  18. The impact of social housing on the labour market status of the disabled.

    Science.gov (United States)

    Gregoir, Stéphane; Maury, Tristan-Pierre

    2013-09-01

    Disability may impact on employment through entitlement to social housing. Estimates of an original dynamic panel data model of disability, labour market and housing tenure transitions in England indicate that up to one-quarter of the lower employment probability of the disabled can be attributed to the effect of qualifying for social housing. Short-lived disabilities can result in long spells in social housing that reduce incentives to participate in the labour market. This suggests that authorities should reform the welfare system and the allocation of social housing to limit the persistent and unfavourable consequences of allocating social housing to the disabled.

  19. Predicting Market Impact Costs Using Nonparametric Machine Learning Models.

    Directory of Open Access Journals (Sweden)

    Saerom Park

    Full Text Available Market impact cost is the most significant portion of implicit transaction costs that can reduce the overall transaction cost, although it cannot be measured directly. In this paper, we employed the state-of-the-art nonparametric machine learning models: neural networks, Bayesian neural network, Gaussian process, and support vector regression, to predict market impact cost accurately and to provide the predictive model that is versatile in the number of variables. We collected a large amount of real single transaction data of US stock market from Bloomberg Terminal and generated three independent input variables. As a result, most nonparametric machine learning models outperformed a-state-of-the-art benchmark parametric model such as I-star model in four error measures. Although these models encounter certain difficulties in separating the permanent and temporary cost directly, nonparametric machine learning models can be good alternatives in reducing transaction costs by considerably improving in prediction performance.

  20. Predicting Market Impact Costs Using Nonparametric Machine Learning Models.

    Science.gov (United States)

    Park, Saerom; Lee, Jaewook; Son, Youngdoo

    2016-01-01

    Market impact cost is the most significant portion of implicit transaction costs that can reduce the overall transaction cost, although it cannot be measured directly. In this paper, we employed the state-of-the-art nonparametric machine learning models: neural networks, Bayesian neural network, Gaussian process, and support vector regression, to predict market impact cost accurately and to provide the predictive model that is versatile in the number of variables. We collected a large amount of real single transaction data of US stock market from Bloomberg Terminal and generated three independent input variables. As a result, most nonparametric machine learning models outperformed a-state-of-the-art benchmark parametric model such as I-star model in four error measures. Although these models encounter certain difficulties in separating the permanent and temporary cost directly, nonparametric machine learning models can be good alternatives in reducing transaction costs by considerably improving in prediction performance.

  1. The Impact of Marketing Advisory Service Recommendations on Producers' Marketing Decisions

    NARCIS (Netherlands)

    Pennings, J.M.E.; Isengildina, O.; Irwin, S.H.; Good, D.L.

    2004-01-01

    Abstract To date, there is only fragmented and anecdotal information about the impact of the recommendations of market advisory services (MAS) on producers¿ decision-making. A conceptual framework is developed in which, among others, producers¿ risk attitudes and risk perceptions; producers¿

  2. Forecasting market impact costs and identifying expensive trades

    NARCIS (Netherlands)

    Bikker, J.A.; Spierdijk, L.; Hoevenaars, R.P.M.M.; Sluis, van der P.J.

    2006-01-01

    Often, a relatively small group of trades causes the major part of the trading costs on an investment portfolio. For the equity trades studied in this paper, executed by the world's second largest pension fund, we find that only 10% of all trades determines 75% of total market impact costs. Conseque

  3. The Disparate Labor Market Impacts of Monetary Policy

    Science.gov (United States)

    Carpenter, Seth B.; Rodgers, William M., III

    2004-01-01

    Employing two widely used approaches to identify the effects of monetary policy, this paper explores the differential impact of policy on the labor market outcomes of teenagers, minorities, out-of-school youth, and less-skilled individuals. Evidence from recursive vector autoregressions and autoregressive distributed lag models that use…

  4. The Impact of the LCR on the Interbank Money Market

    NARCIS (Netherlands)

    Bonner, C.; Eijffinger, S.C.W.

    2012-01-01

    Abstract: This paper analyses the impact of the Basel 3 Liquidity Coverage Ratio (LCR) on the unsecured interbank money market and therefore on the implementation of monetary policy. Combining two unique datasets, we show that banks which are just above/below their short-term regulatory liquidity re

  5. The Impact of the LCR on the Interbank Money Market

    NARCIS (Netherlands)

    Bonner, C.; Eijffinger, S.C.W.

    2012-01-01

    This paper analyses the impact of the Basel 3 Liquidity Coverage Ratio (LCR) on the unsecured interbank money market and therefore on the implementation of monetary policy. Combining two unique datasets, we show that banks which are just above/below their short-term regulatory liquidity requirement

  6. Unraveling Scientific Impact : Citation Types in Marketing Journals

    NARCIS (Netherlands)

    S. Stremersch (Stefan); N.M.A. Camacho (Nuno); S. Vanneste (Sofie); I.W.J. Verniers (Isabel)

    2014-01-01

    textabstractThe number of citations a paper receives is the most commonly used measure of scientific impact. In this paper, we study not only the number but also the type of citations that 659 marketing articles generated. We discern five citation types: application, affirmation, negation, review an

  7. The Impact of the LCR on the Interbank Money Market

    NARCIS (Netherlands)

    Bonner, C.; Eijffinger, S.C.W.

    2012-01-01

    This paper analyses the impact of the Basel 3 Liquidity Coverage Ratio (LCR) on the unsecured interbank money market and therefore on the implementation of monetary policy. Combining two unique datasets, we show that banks which are just above/below their short-term regulatory liquidity requirement

  8. The Impact of the LCR on the Interbank Money Market

    NARCIS (Netherlands)

    Bonner, C.; Eijffinger, S.C.W.

    2012-01-01

    Abstract: This paper analyses the impact of the Basel 3 Liquidity Coverage Ratio (LCR) on the unsecured interbank money market and therefore on the implementation of monetary policy. Combining two unique datasets, we show that banks which are just above/below their short-term regulatory liquidity

  9. Labor Market Flexibility and the Impact of the Financial Crisis

    NARCIS (Netherlands)

    Artha, I. Kadek Dian Sutrisna; de Haan, Jakob

    2011-01-01

    P>The impact of the global financial crisis varies across countries. We examine whether cross-country differences in output loss and speed of recovery are affected by differences in labor market flexibility. By employing cross-country regressions and including control variables like trade and capita

  10. The Disparate Labor Market Impacts of Monetary Policy

    Science.gov (United States)

    Carpenter, Seth B.; Rodgers, William M., III

    2004-01-01

    Employing two widely used approaches to identify the effects of monetary policy, this paper explores the differential impact of policy on the labor market outcomes of teenagers, minorities, out-of-school youth, and less-skilled individuals. Evidence from recursive vector autoregressions and autoregressive distributed lag models that use…

  11. Unraveling Scientific Impact : Citation Types in Marketing Journals

    NARCIS (Netherlands)

    S. Stremersch (Stefan); N.M.A. Camacho (Nuno); S. Vanneste (Sofie); I.W.J. Verniers (Isabel)

    2014-01-01

    textabstractThe number of citations a paper receives is the most commonly used measure of scientific impact. In this paper, we study not only the number but also the type of citations that 659 marketing articles generated. We discern five citation types: application, affirmation, negation, review an

  12. GLOBAL ADVERTISING MARKET – THE DYNAMICS OF THE LAST DECADE

    Directory of Open Access Journals (Sweden)

    Bogdan Nichifor

    2014-12-01

    Full Text Available Advertising as a form of impersonal communication aimed at a wide and diffuse audience, is the ideal tool to promote products targeting large markets in which consumers are not strong differentiated in terms motivations, preferences, attitudes, etc. Currently, in the global advertising market we can find extremely powerful organizations whose work often exceeds local and even regional economic sphere. From simple expertise in advertising, these organizations have expanded their services to a growing number of communication tools, organizing their activity to better respond to client’s requirements. These kind of advertising organizations alongside global advertisers are the key factors in the dynamics of this market. This article focuses on presenting some data regarding global expenditure in advertising, establishing as reference points the years 2002 and 2012. Moreover, we concentrated on expenditures by regions and advertisers, and on revenues obtained by advertising organizations and advertising networks, starting from official data provided by Advertising Age and Euromonitor.

  13. On the Modular Dynamics of Financial Market Networks

    CERN Document Server

    Silva, Filipi N; Peron, Thomas K DM; Rodrigues, Francisco A; Ye, Cheng; Wilson, Richard C; Costa, Edwin Hancockm Luciano da F

    2015-01-01

    The financial market is a complex dynamical system composed of a large variety of intricate relationships between several entities, such as banks, corporations and institutions. At the heart of the system lies the stock exchange mechanism, which establishes a time-evolving network of transactions among companies and individuals. Such network can be inferred through correlations between time series of companies stock prices, allowing the overall system to be characterized by techniques borrowed from network science. Here we study the presence of communities in the inferred stock market network, and show that the knowledge about the communities alone can provide a nearly complete representation of the system topology. This is done by defining a simple random model sharing only the sizes and interconnectivity between communities observed in the time-evolving stock market network. We show that many topological characteristics of the inferred networks are preserved in the modeled networks. In particular, we find t...

  14. AN AUTOPSY OF THE SOUTH KOREAN MARKET: DYNAMICS AND CONTRADICTIONS

    Directory of Open Access Journals (Sweden)

    You-Il Lee

    2003-01-01

    Full Text Available The most dynamic feature of the South Korean economy in the late 20th century is the emergence of the country as a major destination for foreign investors. However, because the market has been closed to outsiders, for almost two decades, except for certain industries, Korea is as yet an unknown entity among the global business community. This acts as a deterrent to market entry. It is evident that among the economic and business literature there has been limited emphasis on the cultural and other complications such as the position and influence of the chaebol (a group of mostly family owned conglomerates in Korea that exists for foreign businesses in the Republic of Korea. This paper attempts to crystallize some of the key cultural issues, examine their relevance and highlight some consequences of the lack of understanding of these cultural issues for the world's leading multinational corporations wishing to enter the Korean market.

  15. Schizophrenia: Impact on Family Dynamics.

    Science.gov (United States)

    Caqueo-Urízar, Alejandra; Rus-Calafell, Mar; Craig, Thomas K J; Irarrazaval, Matias; Urzúa, Alfonso; Boyer, Laurent; Williams, David R

    2017-01-01

    In many societies, family members are now the primary caregivers of mental health patients, taking on responsibilities traditionally under the purview of hospitals and medical professionals. The impact of this shift on the family is high, having both an emotional and economic toll. The aim of this paper is to review the main changes that occur in family dynamics for patients with schizophrenia. The article addresses three central themes: (i) changes in the family at the onset of the disorder, (ii) consequences for family members because of their caregiver role, and (iii) family interventions aimed at improving the complex dynamics within the family. After analyzing and discussing these themes, it is observed that despite advances in the field, the viability of taking care of a patient with schizophrenia by the family remains a challenge. Improving care will require commitments from the family, the mental health service system, and local and national governments for greater investments to improve the quality of life of society in general and individuals with schizophrenia in particular.

  16. Structure and dynamics of stock market in times of crisis

    Science.gov (United States)

    Zhao, Longfeng; Li, Wei; Cai, Xu

    2016-02-01

    Daily correlations among 322 S&P 500 constituent stocks are investigated by means of correlation-based (CB) network. By using the heterogeneous time scales, we identify global expansion and local clustering market behaviors during crises, which are mainly caused by community splits and inter-sector edge number decreases. The CB networks display distinctive community and sector structures. Graph edit distance is applied to capturing the dynamics of CB networks in which drastic structure reconfigurations can be observed during crisis periods. Edge statistics reveal the power-law nature of edges' duration time distribution. Despite the networks' strong structural changes during crises, we still find some long-duration edges that serve as the backbone of the stock market. Finally the dynamical change of network structure has shown its capability in predicting the implied volatility index (VIX).

  17. Molecular dynamics simulation of impact test

    Energy Technology Data Exchange (ETDEWEB)

    Akahoshi, Y. [Kyushu Inst. of Tech., Kitakyushu, Fukuoka (Japan); Schmauder, S.; Ludwig, M. [Stuttgart Univ. (Germany). Staatliche Materialpruefungsanstalt

    1998-11-01

    This paper describes an impact test by molecular dynamics (MD) simulation to evaluate embrittlement of bcc Fe at different temperatures. A new impact test model is developed for MD simulation. The typical fracture behaviors show transition from brittle to ductile fracture, and a history of the impact loads also demonstrates its transition. We conclude that the impact test by MD could be feasible. (orig.)

  18. Systemic risk and spatiotemporal dynamics of the US housing market

    Science.gov (United States)

    Meng, Hao; Xie, Wen-Jie; Jiang, Zhi-Qiang; Podobnik, Boris; Zhou, Wei-Xing; Stanley, H. Eugene

    2014-01-01

    Housing markets play a crucial role in economies and the collapse of a real-estate bubble usually destabilizes the financial system and causes economic recessions. We investigate the systemic risk and spatiotemporal dynamics of the US housing market (1975–2011) at the state level based on the Random Matrix Theory (RMT). We identify richer economic information in the largest eigenvalues deviating from RMT predictions for the housing market than for stock markets and find that the component signs of the eigenvectors contain either geographical information or the extent of differences in house price growth rates or both. By looking at the evolution of different quantities such as eigenvalues and eigenvectors, we find that the US housing market experienced six different regimes, which is consistent with the evolution of state clusters identified by the box clustering algorithm and the consensus clustering algorithm on the partial correlation matrices. We find that dramatic increases in the systemic risk are usually accompanied by regime shifts, which provide a means of early detection of housing bubbles. PMID:24413626

  19. Systemic risk and spatiotemporal dynamics of the US housing market

    Science.gov (United States)

    Meng, Hao; Xie, Wen-Jie; Jiang, Zhi-Qiang; Podobnik, Boris; Zhou, Wei-Xing; Stanley, H. Eugene

    2014-01-01

    Housing markets play a crucial role in economies and the collapse of a real-estate bubble usually destabilizes the financial system and causes economic recessions. We investigate the systemic risk and spatiotemporal dynamics of the US housing market (1975-2011) at the state level based on the Random Matrix Theory (RMT). We identify richer economic information in the largest eigenvalues deviating from RMT predictions for the housing market than for stock markets and find that the component signs of the eigenvectors contain either geographical information or the extent of differences in house price growth rates or both. By looking at the evolution of different quantities such as eigenvalues and eigenvectors, we find that the US housing market experienced six different regimes, which is consistent with the evolution of state clusters identified by the box clustering algorithm and the consensus clustering algorithm on the partial correlation matrices. We find that dramatic increases in the systemic risk are usually accompanied by regime shifts, which provide a means of early detection of housing bubbles.

  20. Systemic risk and spatiotemporal dynamics of the US housing market.

    Science.gov (United States)

    Meng, Hao; Xie, Wen-Jie; Jiang, Zhi-Qiang; Podobnik, Boris; Zhou, Wei-Xing; Stanley, H Eugene

    2014-01-13

    Housing markets play a crucial role in economies and the collapse of a real-estate bubble usually destabilizes the financial system and causes economic recessions. We investigate the systemic risk and spatiotemporal dynamics of the US housing market (1975-2011) at the state level based on the Random Matrix Theory (RMT). We identify richer economic information in the largest eigenvalues deviating from RMT predictions for the housing market than for stock markets and find that the component signs of the eigenvectors contain either geographical information or the extent of differences in house price growth rates or both. By looking at the evolution of different quantities such as eigenvalues and eigenvectors, we find that the US housing market experienced six different regimes, which is consistent with the evolution of state clusters identified by the box clustering algorithm and the consensus clustering algorithm on the partial correlation matrices. We find that dramatic increases in the systemic risk are usually accompanied by regime shifts, which provide a means of early detection of housing bubbles.

  1. Dynamic Model of Markets of Successive Product Generations

    OpenAIRE

    Kaldasch, Joachim

    2015-01-01

    A dynamic microeconomic model is presented that establishes the price and unit sales evolution of heterogeneous goods consisting of successive homogenous product generations. It suggests that for a fast growing supply the mean price of the generations are governed by a logistic decline towards a floor price. It is shown that generations of a heterogeneous good are in mutual competition. Their market shares are therefore governed by a Fisher-Pry law while the total unit sales are governed by t...

  2. Dynamics of the return distribution in the Korean financial market

    Science.gov (United States)

    Yang, Jae-Suk; Chae, Seungbyung; Jung, Woo-Sung; Moon, Hie-Tae

    2006-03-01

    In this paper, we studied the dynamics of the log-return distribution of the Korean Composition Stock Price Index (KOSPI) from 1992 to 2004. Based on the microscopic spin model, we found that while the index during the late 1990s showed a power-law distribution, the distribution in the early 2000s was exponential. This change in distribution shape was caused by the duration and velocity, among other parameters, of the information that flowed into the market.

  3. IMPACT OF MARKETING STRATEGIES ON SACHET PRODUCTS IN BANGLADESH

    Directory of Open Access Journals (Sweden)

    Hossain Shahid SHOHROWARDHY

    2015-06-01

    Full Text Available A product is anything that can be accessible to the market for satisfaction. The basic objective of marketing is maximum satisfaction since satisfaction of consumer and business performance is positively related to each other. For satisfaction, product is diversified in different categories i.e. generic product, product type product, substitute product and product line etc. Sachet product is one of the expansions of product line. The term ‘Sachet’ is originated from the French word which means “mini”. In Bangladesh, sachet product has a strong market share. Thus, this study attempts to determine the exiting share of sachet product and measure the impact of marketing strategies on sachet product in Bangladesh. This study uses the selective 22 dimensions to favor the sachet product on the basis of 4Ps (Product, Price, Place and Promotion. To accomplish the study, 125 samples have been taken from selective markets in Cosmopolitan city, Chittagong. The study found that sachet product has strong market position comparative with other categories of products, where promotional effect is the dominant factor who played the vital role to sustain the sachet product in Bangladesh. The results of this study will be constructive for executives and policy-makers of business organization who works with fast moving consumer good (FMCG items effectively in Bangladesh.

  4. Multifractal Model of Asset Returns versus real stock market dynamics

    CERN Document Server

    Oswiecimka, P; Drozdz, S; Górski, A Z; Rak, R

    2006-01-01

    There is more and more empirical evidence that multifractality constitutes another and perhaps the most significant financial stylized fact. A realistic model of the financial dynamics should therefore incorporate this effect. The most promising in this respect is the Multifractal Model of Asset Returns (MMAR) introduced by Mandelbrot in which multifractality is carried by time deformation. In our study we focus on the Lux extension to MMAR and empirical data from Warsaw Stock Exchange. We show that this model is able to reproduce relevant aspects of the real stock market dynamics.

  5. Impact of global financial crisis on stylized facts between energy markets and stock markets

    Science.gov (United States)

    Leng, Tan Kim; Cheong, Chin Wen; Hooi, Tan Siow

    2014-06-01

    Understanding the stylized facts is extremely important and has becomes a hot issue nowadays. However, recent global financial crisis that started from United States had spread all over the world and adversely affected the commodities and financial sectors of both developed and developing countries. This paper tends to examine the impact of crisis on stylized facts between energy and stock markets using ARCH-family models based on the experience over 2008 global financial crisis. Empirical results denote that there is long lasting, persists and positively significant the autocorrelation function of absolute returns and their squares in both markets for before and during crisis. Besides that, leverage effects are found in stock markets whereby bad news has a greater impact on volatility than good news for both before and during crisis. However, crisis does not indicate any impact on risk-return tradeoff for both energy and stock markets. For forecasting evaluations, GARCH model and FIAPARCH model indicate superior out of sample forecasts for before and during crisis respectively.

  6. Extreme-volatility dynamics in crude oil markets

    Science.gov (United States)

    Jiang, Xiong-Fei; Zheng, Bo; Qiu, Tian; Ren, Fei

    2017-02-01

    Based on concepts and methods from statistical physics, we investigate extreme-volatility dynamics in the crude oil markets, using the high-frequency data from 2006 to 2010 and the daily data from 1986 to 2016. The dynamic relaxation of extreme volatilities is described by a power law, whose exponents usually depend on the magnitude of extreme volatilities. In particular, the relaxation before and after extreme volatilities is time-reversal symmetric at the high-frequency time scale, but time-reversal asymmetric at the daily time scale. This time-reversal asymmetry is mainly induced by exogenous events. However, the dynamic relaxation after exogenous events exhibits the same characteristics as that after endogenous events. An interacting herding model both with and without exogenous driving forces could qualitatively describe the extreme-volatility dynamics.

  7. The Impact of Product Market Competition on Training Provision

    DEFF Research Database (Denmark)

    Lai, Tat-kei; Ng, Travis

    2014-01-01

    While standard models of training focus on how input market affects firms' training decisions, this paper investigates the impact of product market competition on training provision. Using the longitudinal data from Statistics Canada's Workplace and Employee Survey, we find that increased...... competition is strongly associated with more training provision. This association is unlikely to be driven by unobserved heterogeneity, specific measures used and other relevant factors. To the extent that training is a significant source of human capital and industry competitiveness, our results suggest...

  8. The Impact of Real Estate Market in the Albanian Economy

    Directory of Open Access Journals (Sweden)

    Dorina Kripa

    2015-05-01

    Full Text Available The real estate market has an important impact on social and economic development of a country, and it involves many aspects which increase the complexity of the impact analysis and often have opposite directions. This can be supported by the fact that real estate is one of the most important items in public spending3, but also in investment expenses in general (this is especially typical for Albania. These expenses are mainly related to infrastructure and accommodation of homeless people by the National Housing Entity. Researchers have studied the relation between the price of real estates with the GDP of a country, concluding that real estate prices and the government policies related to them, do impact the GDP growth, and movements in residential prices can be used to forecast GDP growth. On the other hand, when purchasing a home, individuals use all their savings, or take loans, which constantly cause the reduction of consumption and saving possibilities in order to afford the installments and other loan expenses. So, from this point of view, this investment may have an adverse effect, even on GDP. But, the question we raise in this study is: what impact has the real estate market in Albanian economy? We begin the study by emphasizing the importance of the real estate market, and then we identify key developments related to this market’s financing, price developments and the construction activity, as an important part of the market itself. The study is concluded with a regression analysis on the role the real estate market plays in the Albanian economy.

  9. Statistical properties and pre-hit dynamics of price limit hits in the Chinese stock markets.

    Science.gov (United States)

    Wan, Yu-Lei; Xie, Wen-Jie; Gu, Gao-Feng; Jiang, Zhi-Qiang; Chen, Wei; Xiong, Xiong; Zhang, Wei; Zhou, Wei-Xing

    2015-01-01

    Price limit trading rules are adopted in some stock markets (especially emerging markets) trying to cool off traders' short-term trading mania on individual stocks and increase market efficiency. Under such a microstructure, stocks may hit their up-limits and down-limits from time to time. However, the behaviors of price limit hits are not well studied partially due to the fact that main stock markets such as the US markets and most European markets do not set price limits. Here, we perform detailed analyses of the high-frequency data of all A-share common stocks traded on the Shanghai Stock Exchange and the Shenzhen Stock Exchange from 2000 to 2011 to investigate the statistical properties of price limit hits and the dynamical evolution of several important financial variables before stock price hits its limits. We compare the properties of up-limit hits and down-limit hits. We also divide the whole period into three bullish periods and three bearish periods to unveil possible differences during bullish and bearish market states. To uncover the impacts of stock capitalization on price limit hits, we partition all stocks into six portfolios according to their capitalizations on different trading days. We find that the price limit trading rule has a cooling-off effect (object to the magnet effect), indicating that the rule takes effect in the Chinese stock markets. We find that price continuation is much more likely to occur than price reversal on the next trading day after a limit-hitting day, especially for down-limit hits, which has potential practical values for market practitioners.

  10. Statistical properties and pre-hit dynamics of price limit hits in the Chinese stock markets.

    Directory of Open Access Journals (Sweden)

    Yu-Lei Wan

    Full Text Available Price limit trading rules are adopted in some stock markets (especially emerging markets trying to cool off traders' short-term trading mania on individual stocks and increase market efficiency. Under such a microstructure, stocks may hit their up-limits and down-limits from time to time. However, the behaviors of price limit hits are not well studied partially due to the fact that main stock markets such as the US markets and most European markets do not set price limits. Here, we perform detailed analyses of the high-frequency data of all A-share common stocks traded on the Shanghai Stock Exchange and the Shenzhen Stock Exchange from 2000 to 2011 to investigate the statistical properties of price limit hits and the dynamical evolution of several important financial variables before stock price hits its limits. We compare the properties of up-limit hits and down-limit hits. We also divide the whole period into three bullish periods and three bearish periods to unveil possible differences during bullish and bearish market states. To uncover the impacts of stock capitalization on price limit hits, we partition all stocks into six portfolios according to their capitalizations on different trading days. We find that the price limit trading rule has a cooling-off effect (object to the magnet effect, indicating that the rule takes effect in the Chinese stock markets. We find that price continuation is much more likely to occur than price reversal on the next trading day after a limit-hitting day, especially for down-limit hits, which has potential practical values for market practitioners.

  11. Statistical Properties and Pre-Hit Dynamics of Price Limit Hits in the Chinese Stock Markets

    Science.gov (United States)

    Wan, Yu-Lei; Xie, Wen-Jie; Gu, Gao-Feng; Jiang, Zhi-Qiang; Chen, Wei; Xiong, Xiong; Zhang, Wei; Zhou, Wei-Xing

    2015-01-01

    Price limit trading rules are adopted in some stock markets (especially emerging markets) trying to cool off traders’ short-term trading mania on individual stocks and increase market efficiency. Under such a microstructure, stocks may hit their up-limits and down-limits from time to time. However, the behaviors of price limit hits are not well studied partially due to the fact that main stock markets such as the US markets and most European markets do not set price limits. Here, we perform detailed analyses of the high-frequency data of all A-share common stocks traded on the Shanghai Stock Exchange and the Shenzhen Stock Exchange from 2000 to 2011 to investigate the statistical properties of price limit hits and the dynamical evolution of several important financial variables before stock price hits its limits. We compare the properties of up-limit hits and down-limit hits. We also divide the whole period into three bullish periods and three bearish periods to unveil possible differences during bullish and bearish market states. To uncover the impacts of stock capitalization on price limit hits, we partition all stocks into six portfolios according to their capitalizations on different trading days. We find that the price limit trading rule has a cooling-off effect (object to the magnet effect), indicating that the rule takes effect in the Chinese stock markets. We find that price continuation is much more likely to occur than price reversal on the next trading day after a limit-hitting day, especially for down-limit hits, which has potential practical values for market practitioners. PMID:25874716

  12. Characterising Wildlife Trade Market Supply-Demand Dynamics.

    Science.gov (United States)

    McNamara, J; Rowcliffe, M; Cowlishaw, G; Alexander, J S; Ntiamoa-Baidu, Y; Brenya, A; Milner-Gulland, E J

    2016-01-01

    The trade in wildlife products can represent an important source of income for poor people, but also threaten wildlife locally, regionally and internationally. Bushmeat provides livelihoods for hunters, traders and sellers, protein to rural and urban consumers, and has depleted the populations of many tropical forest species. Management interventions can be targeted towards the consumers or suppliers of wildlife products. There has been a general assumption in the bushmeat literature that the urban trade is driven by consumer demand with hunters simply fulfilling this demand. Using the urban bushmeat trade in the city of Kumasi, Ghana, as a case study, we use a range of datasets to explore the processes driving the urban bushmeat trade. We characterise the nature of supply and demand by explicitly considering three market attributes: resource condition, hunter behaviour, and consumer behaviour. Our results suggest that bushmeat resources around Kumasi are becoming increasingly depleted and are unable to meet demand, that hunters move in and out of the trade independently of price signals generated by the market, and that, for the Kumasi bushmeat system, consumption levels are driven not by consumer choice but by shortfalls in supply and consequent price responses. Together, these results indicate that supply-side processes dominate the urban bushmeat trade in Kumasi. This suggests that future management interventions should focus on changing hunter behaviour, although complementary interventions targeting consumer demand are also likely to be necessary in the long term. Our approach represents a structured and repeatable method to assessing market dynamics in information-poor systems. The findings serve as a caution against assuming that wildlife markets are demand driven, and highlight the value of characterising market dynamics to inform appropriate management.

  13. Characterising Wildlife Trade Market Supply-Demand Dynamics

    Science.gov (United States)

    Rowcliffe, M.; Cowlishaw, G.; Alexander, J. S.; Ntiamoa-Baidu, Y.; Brenya, A.; Milner-Gulland, E. J.

    2016-01-01

    The trade in wildlife products can represent an important source of income for poor people, but also threaten wildlife locally, regionally and internationally. Bushmeat provides livelihoods for hunters, traders and sellers, protein to rural and urban consumers, and has depleted the populations of many tropical forest species. Management interventions can be targeted towards the consumers or suppliers of wildlife products. There has been a general assumption in the bushmeat literature that the urban trade is driven by consumer demand with hunters simply fulfilling this demand. Using the urban bushmeat trade in the city of Kumasi, Ghana, as a case study, we use a range of datasets to explore the processes driving the urban bushmeat trade. We characterise the nature of supply and demand by explicitly considering three market attributes: resource condition, hunter behaviour, and consumer behaviour. Our results suggest that bushmeat resources around Kumasi are becoming increasingly depleted and are unable to meet demand, that hunters move in and out of the trade independently of price signals generated by the market, and that, for the Kumasi bushmeat system, consumption levels are driven not by consumer choice but by shortfalls in supply and consequent price responses. Together, these results indicate that supply-side processes dominate the urban bushmeat trade in Kumasi. This suggests that future management interventions should focus on changing hunter behaviour, although complementary interventions targeting consumer demand are also likely to be necessary in the long term. Our approach represents a structured and repeatable method to assessing market dynamics in information-poor systems. The findings serve as a caution against assuming that wildlife markets are demand driven, and highlight the value of characterising market dynamics to inform appropriate management. PMID:27632169

  14. The Analysis of the Dynamics of the Marketing Services Market in Terms of Strategic Management of Crisis

    Directory of Open Access Journals (Sweden)

    Ivanova Natalya

    2016-12-01

    Full Text Available The aim of the study is to determine the basic modern marketing services according to the dynamics data of the media market of Ukraine. Thus, marketing services are considered as tools that provide crisis man-agement in strategic business development perspective. Scientific and practical significance of the study lies in the results of trend analysis of the dynamics of the media market of Ukraine and its components, the results of which led to the conclusion about the importance of Internet advertising as a modern marketing tool in terms of anti-crisis policy. The study predicted the values of the obtained volumes and market share of Internet advertising in the media market structure in Ukraine for the next period.

  15. Market segmentation and the impact of online media

    OpenAIRE

    Shaw, Alan

    2011-01-01

    Segmentation in the pharmaceutical industry is blurred by the complicated market dynamics of the industry: even the classic definition of the customer is not relevant. The customer base is made up of a number of stakeholders, which includes the patient and caregiver. These patients and caregivers have become more empowered and are using the internet as their primary source of information. The internet is developing at an astonishing rate and even healthcare professionals have embraced it. Leg...

  16. Climate change: impacts on electricity markets in Western Europe.

    Science.gov (United States)

    Golombek, Rolf; Kittelsen, Sverre A C; Haddeland, Ingjerd

    This paper studies some impacts of climate change on electricity markets, focusing on three climate effects. First, demand for electricity is affected because of changes in the temperature. Second, changes in precipitation and temperature have impact on supply of hydro electric production through a shift in the inflow of water. Third, plant efficiency for thermal generation will decrease because the temperature of water used to cool equipment increases. To find the magnitude of these partial effects, as well as the overall effects, on Western European energy markets, we use the multi-market equilibrium model LIBEMOD. We find that each of the three partial effects changes the average electricity producer price by less than 2%, while the net effect is an increase of only 1%. The partial effects on total electricity supply are small, and the net effect is a decrease of 4%. The greatest effects are found for Nordic countries with a large market share for reservoir hydro. In these countries, annual production of electricity increases by 8%, reflecting more inflow of water, while net exports doubles. In addition, because of lower inflow in summer and higher in winter, the reservoir filling needed to transfer water from summer to winter is drastically reduced in the Nordic countries.

  17. AN AGENT-BASED SIMULATION ON MARKET CONSIDERING KNOWLEDGE TRANSITION AND SOCIAL IMPACT

    Institute of Scientific and Technical Information of China (English)

    Tieju Ma; Mina Ryoke; Yoshiteru Nakamori

    2002-01-01

    In this paper, an agent-based simulation about knowledge transition associated with social impact in market is introduced. In the simulation, the genetic algorithm is used to generate the next generation products and a dynamic social impact model is used to simulate how customers are influenced by other customers. The simulation and its results not only show some features and patterns of knowledge transition, but also explore and display some phenomena of business cultures. On the basis of the innovation model of knowledge-based economy, the transition between technical knowledge and products knowledge is discussed, and a fuzzy linear quantification model which can be used to simulate the transition is introduced.

  18. The impact of macroeconomic and conventional stock market variables on Islamic index returns under regime switching

    Directory of Open Access Journals (Sweden)

    Slah Bahloul

    2017-03-01

    Full Text Available The objective of this paper is to study the impact of conventional stock market return and volatility and various macroeconomic variables (including inflation rate, short-term interest rate, the slope of the yield curve and money supply on Islamic stock markets returns for twenty developed and emerging markets using Markov switching regression models. The empirical results for the period 2002–2014 show that both developed and emerging Islamic stock indices are influenced by conventional stock indices returns and money supply for both the low and high volatility regimes. However, the other macroeconomic variables fail to explain the dynamics of Islamic stock indices especially in the high volatility regime. Similar conclusions are obtained by using the MS-VAR model.

  19. IMPACTS OF REVERSE OSMOSIS ON SOUTHEAST MILK MARKETS

    OpenAIRE

    Schiek, William A.; Babb, Emerson M.

    1989-01-01

    The Southeast is a net importer of milk and milk products. Milk must be imported from other regions at certain times of the year. Reverse osmosis (RO) is a new processing technology which could significantly reduce milk transportation costs between regions by removing half the water from raw milk prior to shipment. A network flow algorithm, which incorporates federal milk orders and solves for the least cost procurement pattern, was used to assess the impact of RO on southeast milk marketing ...

  20. 75 FR 54852 - National Defense Stockpile Market Impact Committee Request for Public Comments on the Potential...

    Science.gov (United States)

    2010-09-09

    ... Comments on the Potential Market Impact of Proposed Stockpile Disposals for Fiscal Year 2012 AGENCY: Bureau... Commerce and State, is seeking public comments on the potential market impact of the proposed disposal... potential market impact of the sale of these materials. Public comments are an important element of...

  1. Interpreting the empirical evidence on illegal gun market dynamics.

    Science.gov (United States)

    Braga, Anthony A; Wintemute, Garen J; Pierce, Glenn L; Cook, Philip J; Ridgeway, Greg

    2012-10-01

    Thousands of Americans are killed by gunfire each year, and hundreds of thousands more are injured or threatened with guns in robberies and assaults. The burden of gun violence in urban areas is particularly high. Critics suggest that the results of firearm trace data and gun trafficking investigation studies cannot be used to understand the illegal supply of guns to criminals and, therefore, that regulatory and enforcement efforts designed to disrupt illegal firearms markets are futile in addressing criminal access to firearms. In this paper, we present new data to address three key arguments used by skeptics to undermine research on illegal gun market dynamics. We find that criminals rely upon a diverse set of illegal diversion pathways to acquire guns, gun traffickers usually divert small numbers of guns, newer guns are diverted through close-to-retail diversions from legal firearms commerce, and that a diverse set of gun trafficking indicators are needed to identify and shut down gun trafficking pathways.

  2. The impact of import on the development of Ukrainian domestic market

    Directory of Open Access Journals (Sweden)

    I.Z. Storonyanska

    2015-06-01

    Full Text Available The aim of the article. The article aims to define the place of import on domestic market and to outline its impact at the development of Ukrainian economy. The results of the analysis. Much attention is paid to the key role of domestic market for the long-term economic and financial stabilization of Ukraine in terms of world economy development as well as evaluation of the scale of import consumption at domestic market of Ukraine. The factors of Ukrainian domestic market growth and the scale of import impact on its development are analyzed. The volume of suspected demand at domestic market is calculated. It is determined that Ukraine remains in the group of countries that have not reached the average competitive ability rate and considerably lags in opposite to the developed countries. It is stated that domestic food industry meets in general the growing demand of population and situation at the market of food products does not provoke special concern. The opposite situation takes place at the market of non-food goods. In this segment of consumer market the tendency of import production increase is observed for the majority of commodity items not only technology intensive but almost for all types of consumer goods production. The ratio of domestic and import goods at domestic market of Ukraine is evaluated and the threats of considerable import consumption scales with low competitive national production are outlined. The dependence of domestic market saturation on the tendencies of foreign trade and on the dynamics of hryvnya exchange rate actualizes the problems of export-import flows state regulation. The structure of commodity supply forming at domestic market of Ukraine in general represents significant disproportions of industrial capacity and domestic market needs as well as considerable pressure of import. Competitive domestic production should become the basis for efficient functioning and development of domestic market in terms of

  3. Continuous Trading Dynamically Effectively Complete Market with Heterogeneous Beliefs

    DEFF Research Database (Denmark)

    Qin, Zhenjiang

    In a framework of heterogeneous beliefs, I investigate a two-date consumption model with continuous trading over the interval [0; T], in which information on the aggregate consumption at time T is revealed by an Ornstein-Uhlenbeck Bridge. This information structure allows investors to speculate o...... a sufficient statistic for computation of the price of redundant dividend derivative and the equilibrium portfolios. The investors form their Pareto optimal trading strategies as if they intend to dynamically endogenously replicate the value of the dividend derivative....... on the heterogeneous posterior variance of dividend throughout [0; T). The market populated with many time-additive exponential-utility investors is dynamically effectively complete, if investors are allowed to trade in only two long-lived securities continuously. The underlying mechanism is that these assumptions...... imply that the Pareto efficient individual consumption plans are measurable with respect to the aggregate consumption. Hence, I may not need a dynamically complete market to facilitate a Pareto efficient allocation of consumption, the securities only have to facilitate an allocation which is measurable...

  4. Can Big Data Help Predict Financial Market Dynamics?: Evidence from the Korean Stock Market

    Directory of Open Access Journals (Sweden)

    Dong-Jin Pyo

    2017-06-01

    Full Text Available This study quantifies the dynamic interrelationship between the KOSPI index return and search query data derived from the Naver DataLab. The empirical estimation using a bivariate GARCH model reveals that negative contemporaneous correlations between the stock return and the search frequency prevail during the sample period. Meanwhile, the search frequency has a negative association with the one-week- ahead stock return but not vice versa. In addition to identifying dynamic correlations, the paper also aims to serve as a test bed in which the existence of profitable trading strategies based on big data is explored. Specifically, the strategy interpreting the heightened investor attention as a negative signal for future returns appears to have been superior to the benchmark strategy in terms of the expected utility over wealth. This paper also demonstrates that the big data-based option trading strategy might be able to beat the market under certain conditions. These results highlight the possibility of big data as a potential source-which has been left largely untapped-for establishing profitable trading strategies as well as developing insights on stock market dynamics.

  5. DYNAMICS AND NEW CHALLENGES IN THE GLOBAL COMMODITY MARKET

    Directory of Open Access Journals (Sweden)

    MARIA CARTAS

    2015-12-01

    Full Text Available Global economy and particularly the world production of goods depends to a large extent on the supply of raw materials, of resource inputs extracted from the environment as well as an easy access to them. Commodities play an important part in the growth of global production and in the world trade in goods and services. The access to raw materials is vital for sustaining the productive capacity of the economy and also for satisfying domestic demand for industrial goods. On the other side, increasing demand for commodities and the need for assuring a sustainable supply pose great challenges on the world economy. The issue of raw materials supply represents a high - priority theme in the political agenda of the European Union. The Raw Materials Initiative launched in 2008 by the European Commission is based on three main pillars: - to ensure the access to raw materials on world market at undistorted conditions; - to foster sustainable supply of raw materials from European sources; - to reduce the EU's consumption of primary raw materials. (EC, 2008. To this end, EC has started to take action in order to ensure access to resources and avoid supply shortages. A great deal of attention is being paid to the study of recent developments in the global and particular commodity markets, taking into consideration fundamental aspects as supply concentration, governance of producing countries, the pressure of demand and its impact on prices, material's substitutability, stressing the role of resource consumption efficiency, recycling and substitution of vital raw materials and thus providing policy makers and industry with reliable information on how to efficiently manage resource inputs. This paper is dealing with the main developments which occurred during the past decade or so in the global commodity market, a major driver of the world economy, with particular reference to selected key -markets - as: aluminium, copper, nickel; cotton; corn, meat - swine

  6. Dynamics of a Protected Housing Market: The Case of Switzerland

    DEFF Research Database (Denmark)

    Borowiecki, Karol

    2012-01-01

    We analyze the determinants and dynamics of a highly protected housing market. Based on Swiss data for the time period 1990 to 2009 we model house prices and construction activity. We find that house prices exhibit a positive association with construction price, working age population as well as ...... as GDP and a negative with interest rates, whereas construction activity is positively related to working age population and GDP and negatively with construction price and interest rates. These estimates are broadly consistent with previous theoretical and empirical research....

  7. Law on the Market? Evaluating the Securities Market Impact of Supreme Court Decisions

    CERN Document Server

    Katz, Daniel Martin; Soellinger, Tyler; Chen, James Ming

    2015-01-01

    Do judicial decisions affect the securities markets in discernible and perhaps predictable ways? In other words, is there "law on the market" (LOTM)? This is a question that has been raised by commentators, but answered by very few in a systematic and financially rigorous manner. Using intraday data and a multiday event window, this large scale event study seeks to determine the existence, frequency and magnitude of equity market impacts flowing from Supreme Court decisions. We demonstrate that, while certainly not present in every case, "law on the market" events are fairly common. Across all cases decided by the Supreme Court of the United States between the 1999-2013 terms, we identify 79 cases where the share price of one or more publicly traded company moved in direct response to a Supreme Court decision. In the aggregate, over fifteen years, Supreme Court decisions were responsible for more than 140 billion dollars in absolute changes in wealth. Our analysis not only contributes to our understanding of ...

  8. Impact of Variable Renewable Energy in the Iberian Electricity Market

    DEFF Research Database (Denmark)

    Nuño, Edgar; Pereira, Adelino J. C.; Machado Ferreira, C. M.

    2015-01-01

    Market and system operators face new challenges as more renewable energy sources are added. The driving factors in this trend are mainly associated with environmental benefits of the renewable generation and climate change mitigation, as well as the reduction of the dependency of conventional...... and external energy source. If integrated in large scale, the nondispatchable nature of intermittent resources imposes some technical and economic challenges on the operation of power systems. Particularly, market dynamics and prices could be influenced by such integrations. Over the last years, the generation...... mix of Spain and Portugal has undergone a dramatic change, driven by new environmental policies and financial incentives. In this regard, wind has become one of the most popular alternative sources of energy, bringing new challenges from the operational and structural point of view. This trend has...

  9. The Impact of Relationship Marketing Strategy in Indonesia Retail Industries

    Directory of Open Access Journals (Sweden)

    Freddy Pandapotan Simbolon

    2016-09-01

    Full Text Available This research aimed to examine the impact of relationship marketing strategy on customer loyalty in Indonesia’s retail industries. A questionnaire derived from previous studies and the relevant literature was completed by 182 retail customers in Jakarta. Multiple regression analysis assessed the impact on customer loyalty of four key constructs of relationship marketing (trust, commitment, communication, and conflict handling. The two variables (trust and commitment had a significant effect and predicted a good proportion of the variance in customer loyalty. Moreover, they were significantly related to one another. The relationships investigated in this study deserved further research. Since the data analyzed were collected from one sector of the service industry in one region, more studies were required before general conclusions can be drawn. It is reasonable to conclude, on this evidence, that customer loyalty can be created, reinforced, and retained by marketing plans aimed at building trust, demonstrating a commitment to service, communicating with customers in a timely, reliable and proactive fashion, and handling conflict efficiently, reinforces and refines the body of knowledge relating to customer loyalty in service industries.

  10. [Clinical impact of social marketing strategy on breast cancer detection].

    Science.gov (United States)

    Quintana-Vidaurri, Adriana Guadalupe; Santana-Chávez, Luis Alejandro; González-Villalobos, Cynthia Guadalupe

    2013-01-01

    to prove the impact of social marketing strategies in breast cancer detection, taking as a parameter the number of mammographies performed. quasi-experimental research, before and after. Sixty-nine physicians in charge of medical consultation and fourteen nurses were studied for a period of seven months, applying social marketing strategies. The total of mammographies were analyzed using Wilcoxon rank-sum test (p < 0.05). morning schedule: medical consultation with a base of 1.5 mammographies monthly by physician office, first and second month after intervention of 2.45 (p = 0.007); nurses with a base of 2.14 mammographies, first and second month after intervention were 3.25 (p = 0.007) and 3.28 (p = 0.000), respectively. Afternoon schedule: medical consultation, base were 0.47, first and second month after intervention were 2.38 (p = 0.000) and 2.35 (p = 0.000) respectively; nurses with a base of 0.85, first and second month 2.79 (p = 0.000) and 3.91 (p = 0.000), respectively. social marketing proved to be an adequate strategy, which has an impact on the clinical practice of both physicians and nurses.

  11. The Impact of Internal Marketing on Customer Satisfaction and Loyalty

    Directory of Open Access Journals (Sweden)

    Mohammad Reza Moghadam

    2016-12-01

    Full Text Available This research is trying to determine the impact of internal marketing on customer satisfaction and loyalty in Global Distribution of Bunny Chow of Qazvin Branch. The research type was applied research in terms of goal and descriptive-survey research in terms of nature. Sampling methods were census type for staffs and available non- probability for customers. It was used questionnaire to collect data. It was used Cronbach's Alpha to assess reliability of questionnaire. To test questions of the research and to obtain the results, normality of data has been tested by Kolmogorov-Smirnov test. It was used descriptive statistics to analyze hypothesis testing, one-sample t-test to determine the situation of variables, linear regression and hierarchical regression to test hypothesis, and analysis of variance to prioritize variables. Findings showed that all factors of internal marketing have positive and significant effect on customer loyalty and customer satisfaction intervenes with the impact of service quality on customer loyalty. According to the results, priority of internal marketing factors was employees' empowerment, continuous education, employee involvement, reward system, job security, and share information, respectively.

  12. Impacts of nonstate, market-driven governance on Chilean forests.

    Science.gov (United States)

    Heilmayr, Robert; Lambin, Eric F

    2016-03-15

    Global markets for agricultural products, timber, and minerals are critically important drivers of deforestation. The supply chains driving land use change may also provide opportunities to halt deforestation. Market campaigns, moratoria, and certification schemes have been promoted as powerful tools to achieve conservation goals. Despite their promise, there have been few opportunities to rigorously quantify the ability of these nonstate, market-driven (NSMD) governance regimes to deliver conservation outcomes. This study analyzes the impacts of three NSMD governance systems that sought to end the conversion of natural forests to plantations in Chile at the start of the 21st century. Using a multilevel, panel dataset of land use changes in Chile, we identify the impact of participation within each of the governance regimes by implementing a series of matched difference-in-differences analyses. Taking advantage of the mosaic of different NSMD regimes adopted in Chile, we explore the relative effectiveness of different policies. NSMD governance regimes reduced deforestation on participating properties by 2-23%. The NSMD governance regimes we studied included collaborative and confrontational strategies between environmental and industry stakeholders. We find that the more collaborative governance systems studied achieved better environmental performance than more confrontational approaches. Whereas many government conservation programs have targeted regions with little likelihood of conversion, we demonstrate that NSMD governance has the potential to alter behavior on high-deforestation properties.

  13. Critical dynamics and global persistence exponent on Taiwan financial market

    CERN Document Server

    Chen, I C; Li, P C; Chen, H J; Tseng, Hsen-Che; Li, Ping-Cheng; Chen, Hung-Jung

    2006-01-01

    We investigated the critical dynamics on the daily Taiwan stock exchange index (TSE) from 1971 to 2005, and the 5-min intraday data from 1996 to 2005. A global persistence exponent $\\theta_{p}$ was defined for non-equilibrium critical phenomena \\cite{Janssen,Majumdar}, and describing dynamic behavior in an economic index \\cite{Zheng}. In recent numerical analysis studies of literatures, it is illustrated that the persistence probability has a universal scaling form $P(t) \\sim t^{-\\theta_{p}}$ \\cite{Zheng1}. In this work, we analyzed persistence properties of universal scaling behavior on Taiwan financial market, and also calculated the global persistence exponent $\\theta_{p}$. We found our analytical results in good agreement with the same universality.

  14. Heterarcical market: Dynamical interplay between time and space in the continuous interaction in a market model

    Science.gov (United States)

    Sasai, Kazuto; Gunji, Yukio-Pegio; Kinoshita, Tetsuo

    2017-07-01

    Multi-agent models of robust open systems such as natural systems are the important theme in the literature of systems science. Heterarchy, which means dynamical hierarchy, is a structural model, which includes the dynamical interplay between different levels. However, it is not easy to build a formal model of a heterarchical system because the interplay between different levels lead a self-referential paradox. In this paper, we propose an continuous double auction model, which includes a formal model of conitnuous transaction. We encode the model into a restriction rule of the order submittion. The proposed model shows a critical behavior of the actual markets, and it can have the relationship with the behaviors of natural systems.

  15. Nonlinear analysis and dynamic structure in the energy market

    Science.gov (United States)

    Aghababa, Hajar

    This research assesses the dynamic structure of the energy sector of the aggregate economy in the context of nonlinear mechanisms. Earlier studies have focused mainly on the price of the energy products when detecting nonlinearities in time series data of the energy market, and there is little mention of the production side of the market. Moreover, there is a lack of exploration about the implication of high dimensionality and time aggregation when analyzing the market's fundamentals. This research will address these gaps by including the quantity side of the market in addition to the price and by systematically incorporating various frequencies for sample sizes in three essays. The goal of this research is to provide an inclusive and exhaustive examination of the dynamics in the energy markets. The first essay begins with the application of statistical techniques, and it incorporates the most well-known univariate tests for nonlinearity with distinct power functions over alternatives and tests different null hypotheses. It utilizes the daily spot price observations on five major products in the energy market. The results suggest that the time series daily spot prices of the energy products are highly nonlinear in their nature. They demonstrate apparent evidence of general nonlinear serial dependence in each individual series, as well as nonlinearity in the first, second, and third moments of the series. The second essay examines the underlying mechanism of crude oil production and identifies the nonlinear structure of the production market by utilizing various monthly time series observations of crude oil production: the U.S. field, Organization of the Petroleum Exporting Countries (OPEC), non-OPEC, and the world production of crude oil. The finding implies that the time series data of the U.S. field, OPEC, and the world production of crude oil exhibit deep nonlinearity in their structure and are generated by nonlinear mechanisms. However, the dynamics of the non

  16. Dynamic Correlation Analysis of Financial Spillover to Asian and Latin American Markets in Global Financial Turmoil

    OpenAIRE

    Matthew S. Yiu; Wai-Yip Alex Ho; Lu Jin

    2010-01-01

    This paper investigates the spillover of financial crises by studying the dynamics of correlation between eleven Asian and six Latin American stock markets vis-¨¤-vis the US stock market. A regional factor that drives common movements of stock markets in each region is identified for the period from 1993 to early 2009. We then estimate the time-varying volatility correlation between the regional factor and the US stock market by an asymmetric dynamic conditional correlation model. We find tha...

  17. The impact of Chernobyl on health and labour market performance.

    Science.gov (United States)

    Lehmann, Hartmut; Wadsworth, Jonathan

    2011-09-01

    Using longitudinal data from Ukraine we examine the extent of any long-lasting effects of exposure to the Chernobyl disaster on the health and labour market performance of the adult workforce. Variation in the local area level of radiation fallout from the Chernobyl accident is considered as a random exogenous shock with which to try to establish its causal impact on poor health, labour force participation, hours worked and wages. There appears to be a significant positive association between local area-level radiation dosage and perception of poor health, though much weaker associations between local area-level dosage and other specific self-reported health conditions. There is also some evidence to suggest that those who lived in areas more exposed to Chernobyl-induced radiation have significantly lower levels of labour market performance 20 years on. Copyright © 2011 Elsevier B.V. All rights reserved.

  18. Dynamic Wireless Power Transfer - Grid Impacts Analysis

    Energy Technology Data Exchange (ETDEWEB)

    Markel, Tony; Meintz, Andrew; Gonder, Jeff

    2015-12-04

    This presentation discusses the current status of analysis of the electricity grid impacts of a dynamic wireless power transfer system deployed to the Atlanta region on select high traffic roadway segments.

  19. Stochastic cellular automata model for stock market dynamics

    Science.gov (United States)

    Bartolozzi, M.; Thomas, A. W.

    2004-04-01

    In the present work we introduce a stochastic cellular automata model in order to simulate the dynamics of the stock market. A direct percolation method is used to create a hierarchy of clusters of active traders on a two-dimensional grid. Active traders are characterized by the decision to buy, σi (t)=+1 , or sell, σi (t)=-1 , a stock at a certain discrete time step. The remaining cells are inactive, σi (t)=0 . The trading dynamics is then determined by the stochastic interaction between traders belonging to the same cluster. Extreme, intermittent events, such as crashes or bubbles, are triggered by a phase transition in the state of the bigger clusters present on the grid, where almost all the active traders come to share the same spin orientation. Most of the stylized aspects of the financial market time series, including multifractal proprieties, are reproduced by the model. A direct comparison is made with the daily closures of the S&P500 index.

  20. Dynamic Game Analysis of Coal Electricity Market Involving Multi-Interests

    Directory of Open Access Journals (Sweden)

    Yu Xiaobao

    2016-01-01

    Full Text Available The coal consumption of China reached 2.75 billion tons of standard coal in 2013, which accounted for 67.5% of total energy consumption and more than 50% of global coal consumption. Therefore, the impact of coal price is huge on coal market and even energy market in China. As a large consumer of coal, thermal power enterprise has a strong sensitivity to coal price. In order to balance the rising cost of enterprises due to coal price, we need to analyze the interests of multiple stakeholders. Firstly, this paper combined the Nash equilibrium and cobweb model and proposed the characteristics in different cobweb model. Then, for coal, power, and energy companies, the dynamic game analysis model is constructed. This model gives a game analysis in four scenarios and quantifies the decision of each stakeholder in different coal prices. Finally, the impact figure of different coal prices on each stakeholder has been drawn. The impacts of different coal or thermal power prices on different markets have been put forward, so relevant policy recommendations have been proposed combined with the cobweb model.

  1. Perceptual market orientation gap and its impact on relationship quality and patient loyalty: the role of internal marketing.

    Science.gov (United States)

    Huang, Jin-An; Weng, Rhay-Hung; Lai, Chi-Shiun; Hu, Jer-San

    2013-06-01

    The purpose of this study was to explore the perceptual market orientation gaps between physician and patients and its impact on relationship quality and patient loyalty, and to verify the critical role of internal marketing on developing market orientation. Self-administered questionnaires were then employed to collect the data. We used a convenience sample of physicians and patients at a medical center in central Taiwan, and 90 usable questionnaires from physicians and 450 usable questionnaires from patients were returned. Hierarchical multiple regression analyses were used to validate the research hypotheses. Physicians' perceptual market orientation had a positive influence on physician-patient relationship quality, hospital-patient relationship quality, and patient loyalty, but the perceptual market orientation gap between physicians and their patients had a direct negative impact on these constructs. Finally, internal marketing was found to have an influence on relationship quality and patient loyalty through the mediation of market orientation. In order to enhance relationship quality and patient loyalty, hospital managers should focus their efforts on improving employees' market orientation and reducing patients' perceptual market orientation gap. In addition, internal marketing was found to be a useful pathway in developing market orientation.

  2. The Empirical Analysis of the Dynamic Prices Relationship between Cotton Spot Market and Futures Market in Xinjiang

    Institute of Scientific and Technical Information of China (English)

    2011-01-01

    The thesis analyzes the causal relationship between the cotton spot,and the tendency and impact of prices of futures markets in Xinjiang by using ADF test,co-integration analysis,Granger causality test and other econometric methods in order to discuss the interacted relationship between futures market prices of cotton and spot market prices since the futures of cotton in Xinjiang go public.The results of empirical analysis show that the spot market prices of cotton and the futures market prices in Xinjiang fluctuate prominently in the short run and tend to counterpoise in the long run;the futures market of cotton plays the role of leading the spot market prices of cotton in Xinjiang,while the spot market prices of cotton in Xinjiang impacts little on the futures market prices.The corresponding countermeasures are put forward.The government should continuously perfect the construction of the futures market of cotton in Xinjiang,so as to exert the function of price discovery and the function of hedging,and promote the development of cotton industry in Xinjiang.

  3. Market-oriented Energy Revolution in China and Impacts

    Institute of Scientific and Technical Information of China (English)

    Wang Zhen; Xue Qing

    2015-01-01

    China has been undergoing a new round ofambitious reform in its energy sectors after presidentXi's call for“energy revolution”in June 2014. Thistop-down strategy paves a way to market-oriented transition for Chinese energy govern system on both industrial level and corporation level. This paper analyzes the newtrends of China's energy policy and its impacts on crude oil market as well as on Chinese state-owned petroleum enterprises. Thisrevolutionwill reshapethe managementsystemof Chinese energyindustryto cope with rising energy demand, supply restraints, huge environmental costs and backward technologies.With the deepening reform of oil and gas pricing mechanism and the opening-up of petroleum industry, Chinese domestic energy market will be upgraded towards a more rationalized and competitive system. Mixed ownerships will be introduced to stimulate the vitality, creativity and brandinfluence of state-owned petroleum corporations, pushing Chinese national oil majors to collaboratejointly withvarious foreign oil and gas companies and the emerging domestic private companies with great entrepreneurship.

  4. The Impact of Brand Awareness on Companies` Marketing Strategies

    Directory of Open Access Journals (Sweden)

    Alexandra Zaif

    2016-07-01

    Full Text Available Within this paper,we will try to emphasize the importance of brand awareness and its significant role in brand-building,discussing how companies implementing brand-awareness marketing strategies will have a substantial role in creating brand image,strenghten brand equity and increase profitability . Firstly,we will conduct an empirical research based on previous published literature concerning brand awareness and will discuss the effectiveness of marketing strategies that incorporate in their objectives brand awareness increase,acknowledging its impact on significant factors such as brand image ,sales increase,influencing customer behaviour and other important equity-related aspects.We will try to corroborate our statements by referring to a marketing strategy designed to enhance brand awareness and stimulate other brand-equity dimensions (brand association,brand loyalty,etc.,as well as generate higher sales revenues , namely sponsorship and we will discuss a particular category,respectively sponsorship in the sports industry.The study case wil be concluded with an example of a succesfull partnership involving a sponsorship agreement between a reputable multinational food and beverage corporation,PepsiCo(known for famous products such as Pepsi soft drinks and foods such as Lay`s Chips and one of the most important events expected by football enthusiasts around the world,the UEFA Champions` League annual tournament.

  5. European Integration, Labour Market Dynamics and Migration Flows

    Directory of Open Access Journals (Sweden)

    Martinoia, Michela

    2011-06-01

    Full Text Available The paper has two objectives. Firstly, we wish to evaluate whether a greater economic integration has effects, and of what type, on migration flows from Central and Eastern Europe (New Member States of the EU, NMS towards the fifteen countries of the European Union (EU-15. Secondly, we wish to understand what effect the migration flows from the NMS have on the labour market of the receiving countries in the EU-15. The most suitable theoretical context that seems to summarise European labour market characteristics is that of the insider/outsider model by Layard, Nickell and Jackman (Layard et al., 1991. We have modified the above mentioned model by introducing two innovations. Firstly, we constructed three measures that act as a proxy for economic integration: the Intra Regional Trade Index (IRTI, Global Trade Index (GTI and Financial Market Integration (FMI. Then we placed the three indicators into the insider/outsider model to arrive at a modified version of Layard, Nickell and Jackman (Layard et al., 1991. The second innovative contribution was the introduction of an equation modelling migration flows. The creation of this equation is inspired by the neo-classical approach to migration theory (Harris-Todaro, 1970. The theoretical model, based on rational expectations, has been solved to find the equilibrium solution and the impact multipliers. We then carried out an empirical analysis, which involved estimating a Structural Vector Autoregression Model (SVAR. The aim of this estimation was to evaluate, on the one hand, the effect that greater European integration (a positive shock to the integration indicators has on migration flows, and, on the other, to measure the type of effect that migration flows could have on the labour market of the EU-15 countries, considered as a single entity. The results of our empirical evidence show that economic integration does generate significant effects on migration flows from the enlargement countries

  6. Offering memorable patient experience through creative, dynamic marketing strategy

    Science.gov (United States)

    Raţiu, M; Purcărea, T

    2008-01-01

    Creative, dynamic strategies are the ones that identify new and better ways of uniquely offering the target customers what they want or need. A business can achieve competitive advantage if it chooses a marketing strategy that sets the business apart from anyone else. Healthcare services companies have to understand that the customer should be placed in the centre of all specific marketing operations. The brand message should reflect the focus on the patient. Healthcare products and services offered must represent exactly the solutions that customers expect. The touchpoints with the patients must be well mastered in order to convince them to accept the proposed solutions. Healthcare service providers must be capable to look beyond customer's behaviour or product and healthcare service aquisition. This will demand proactive and far–reaching changes, including focusing specifically on customer preference, quality, and technological interfaces; rewiring strategy to find new value from existing and unfamiliar sources; disintegrating and radically reassembling operational processes; and restructuring the organization to accommodate new typess of work and skill. PMID:20108466

  7. Offering memorable patient experience through creative, dynamic marketing strategy.

    Science.gov (United States)

    Purcărea, Victor Lorín; Raţíu, Monica; Purcărea, Theodor; Davila, Carol

    2008-01-01

    Creative, dynamic strategies are the ones that identify new and better ways of uniquely offering the target customers what they want or need. A business can achieve competitive advantage if it chooses a marketing strategy that sets the business apart from anyone else. Healthcare services companies have to understand that the customer should be placed in the centre of all specific marketing operations. The brand message should reflect the focus on the patient. Healthcare products and services offered must represent exactly the solutions that customers expect. The touchpoints with the patients must be well mastered in order to convince them to accept the proposed solutions. Healthcare service providers must be capable to look beyond customer's behaviour or product and healthcare service aquisition. This will demand proactive and far-reaching changes, including focusing specifically on customer preference, quality, and technological interfaces; rewiring strategy to find new value from existing and unfamiliar sources: disintegrating and radically reassembling operational processes: and restructuring the organization to accommodate new types of work and skill.

  8. Understanding volatility dynamics in the EU-ETS market

    DEFF Research Database (Denmark)

    Sanin, Maria Eugenia; Mansanet-Bataller, Maria; Violante, Francesco

    We study the short-term price behavior of Phase 2 EU emission allowances. We model returns and volatility dynamics, and we demonstrate that a standard ARMAX-GARCH framework is inadequate for this modeling and that the gaussianity assumption is rejected due to a number of outliers. To improve...... the fitness of the model, we combine the underlying price process with an additive stochastic jump process. We improve the model's performance by introducing a time-varying jump probability that is explained by two variables: the daily relative change in the volume of transactions and the European Commission...... periods. Thus, authorities face a trade off between disseminating information effectively and promoting market stability....

  9. Understanding Dynamic Competitive Technology Diffusion in Electronic Markets

    Science.gov (United States)

    Zhang, Cheng; Song, Peijian; Xu, Yunjie; Xue, Ling

    The extant literature on information technology (IT) diffusion has largely treated technology diffusion as a generic and independent process. This study, in contrast, examines the diffusion of different IT products with brand differentiation and competition. Drawing upon existing theories of product diffusion, we propose a research model to capture the dynamics of the competitive diffusion of web-based IT products and validate it with longitudinal field data of e-business platforms. Our findings suggest that IT product diffusion can be better predicted by a competitive model than by an independent-diffusion-process model. This research extends IT research to the context of competitive diffusion and provides practitioners an effective model to predict the dissemination of their products. The research also suggests the existence of asymmetric interactions among competing products, prompting scholars and practitioners to pay attention to the influence of competing products when making forecast of their product market.

  10. Dynamics of popstar record sales on phonographic market -- stochastic model

    CERN Document Server

    Jarynowski, Amdrzej

    2013-01-01

    We investigate weekly record sales of the world's most popular 30 artists (2003-2013). Time series of sales have non-trivial kind of memory (anticorrelations, strong seasonality and constant autocorrelation decay within 120 weeks). Amount of artists record sales are usually the highest in the first week after premiere of their brand new records and then decrease to fluctuate around zero till next album release. We model such a behavior by discrete mean-reverting geometric jump diffusion (MRGJD) and Markov regime switching mechanism (MRS) between the base and the promotion regimes. We can built up the evidence through such a toy model that quantifies linear and nonlinear dynamical components (with stationary and nonstationary parameters set), and measure local divergence of the system with collective behavior phenomena. We find special kind of disagreement between model and data for Christmas time due to unusual shopping behavior. Analogies to earthquakes, product life-cycles, and energy markets will also be d...

  11. Social Impact "Buycotts": A Tool for Innovation, Impact, and Engagement to Teach Integrated Marketing Communications

    Science.gov (United States)

    Holland, Jonna

    2016-01-01

    A novel concept for an integrated marketing communications (IMC) semester project succeeded in meeting or exceeding course learning objectives while increasing social impact and community engagement. Partnering with a selected business and a synergistic community cause, student teams developed and implemented an IMC plan to motivate consumers to…

  12. Global climate change impacts on forests and markets

    Science.gov (United States)

    Tian, Xiaohui; Sohngen, Brent; Kim, John B.; Ohrel, Sara; Cole, Jefferson

    2016-03-01

    This paper develops an economic analysis of climate change impacts in the global forest sector. It illustrates how potential future climate change impacts can be integrated into a dynamic forestry economics model using data from a global dynamic vegetation model, the MC2 model. The results suggest that climate change will cause forest outputs (such as timber) to increase by approximately 30% over the century. Aboveground forest carbon storage also is projected to increase, by approximately 26 Pg C by 2115, as a result of climate change, potentially providing an offset to emissions from other sectors. The effects of climate mitigation policies in the energy sector are then examined. When climate mitigation in the energy sector reduces warming, we project a smaller increase in forest outputs over the timeframe of the analysis, and we project a reduction in the sink capacity of forests of around 12 Pg C by 2115.

  13. Evaluating the Impact of Social Media on Traditional Marketing

    OpenAIRE

    Nekatibeb, Tesfaye

    2012-01-01

    Social media is an emerging phenomenon in business marketing and public relations (PR). Even though the speed of adaptability of social media as a marketing and PR tool by businesses is relatively low the trend is constantly growing. Tech savvy marketers are incorporating social media in their marketing strategies to connect with their customers and prospects. Social media can be utilized to perform different tasks of marketing and communication such as marketing intelligence, sentiment resea...

  14. Social media and its impact in marketing strategy

    OpenAIRE

    BEQIRI GONXHE

    2016-01-01

    Marketing through social media nowadays represents one of the most effective ways to introduce the company and its products on the market. Various businesses are achieving amazing results being advertised via e-mail marketing. Online marketing is fast, simple, represents a different way to socialize the business and it is most direct marketing medium that is currently available. Through social media platform businesses are exposed to a global market and different kind of customers. Well-conce...

  15. Evaluating the Impact of Social Media on Traditional Marketing

    OpenAIRE

    Nekatibeb, Tesfaye

    2012-01-01

    Social media is an emerging phenomenon in business marketing and public relations (PR). Even though the speed of adaptability of social media as a marketing and PR tool by businesses is relatively low the trend is constantly growing. Tech savvy marketers are incorporating social media in their marketing strategies to connect with their customers and prospects. Social media can be utilized to perform different tasks of marketing and communication such as marketing intelligence, sentiment resea...

  16. Social media and its impact in marketing strategy

    OpenAIRE

    BEQIRI GONXHE

    2016-01-01

    Marketing through social media nowadays represents one of the most effective ways to introduce the company and its products on the market. Various businesses are achieving amazing results being advertised via e-mail marketing. Online marketing is fast, simple, represents a different way to socialize the business and it is most direct marketing medium that is currently available. Through social media platform businesses are exposed to a global market and different kind of customers. Well-conce...

  17. a Statistical Dynamic Approach to Structural Evolution of Complex Capital Market Systems

    Science.gov (United States)

    Shao, Xiao; Chai, Li H.

    As an important part of modern financial systems, capital market has played a crucial role on diverse social resource allocations and economical exchanges. Beyond traditional models and/or theories based on neoclassical economics, considering capital markets as typical complex open systems, this paper attempts to develop a new approach to overcome some shortcomings of the available researches. By defining the generalized entropy of capital market systems, a theoretical model and nonlinear dynamic equation on the operations of capital market are proposed from statistical dynamic perspectives. The US security market from 1995 to 2001 is then simulated and analyzed as a typical case. Some instructive results are discussed and summarized.

  18. Marketing.

    Science.gov (United States)

    Doyle, Peter

    1987-01-01

    Explores the role of marketing in the modern firm and the key tasks of marketing management. Defines the term "marketing" and discusses it as an economic concept. Discusses three key marketing principals. (RKM)

  19. Are oil markets chaotic? A non-linear dynamic analysis

    Energy Technology Data Exchange (ETDEWEB)

    Panas, E.; Ninni, V. [Athens University of Economics and Business, Athens (Greece)

    2000-10-01

    The analysis of products' price behaviour continues to be an important empirical issue. This study contributes to the current literature on price dynamics of products by examining for the presence of chaos and non-linear dynamics in daily oil products for the Rotterdam and Mediterranean petroleum markets. Previous studies using only one invariant, such as the correlation dimension may not effectively determine the chaotic structure of the underlying time series. To obtain better information on the time series structure, a framework is developed, where both invariant and non-invariant quantities were also examined. In this paper various invariants for detecting a chaotic time series were analysed along with the associated Brock's theorem and Eckman-Ruelle condition, to return series for the prices of oil products. An additional non-invariant quantity, the BDS statistic, was also examined. The correlation dimension, entropies and Lyapunov exponents show strong evidence of chaos in a number of oil products considered. 30 refs.

  20. Stock Market Autoregressive Dynamics: A Multinational Comparative Study with Quantile Regression

    Directory of Open Access Journals (Sweden)

    Lili Li

    2016-01-01

    Full Text Available We study the nonlinear autoregressive dynamics of stock index returns in seven major advanced economies (G7 and China. The quantile autoregression model (QAR enables us to investigate the autocorrelation across the whole spectrum of return distribution, which provides more insightful conditional information on multinational stock market dynamics than conventional time series models. The relation between index return and contemporaneous trading volume is also investigated. While prior studies have mixed results on stock market autocorrelations, we find that the dynamics is usually state dependent. The results for G7 stock markets exhibit conspicuous similarities, but they are in manifest contrast to the findings on Chinese stock markets.

  1. Impact of Trading Volume on Prediction of Stock Market Development

    Directory of Open Access Journals (Sweden)

    Rudolf Plachý

    2014-01-01

    Full Text Available The paper focuses on the influence of trading volume on quality of prediction of stock market development. The main objective of this article is to assess the influence of stock trading volume level on quality of prediction with use of technical analysis. The research was applied on stocks included in the S & P 500 index. Based on average daily trading volume, three aggregate indexes were constructed. The dynamics of index return volatility was modeled by GARCH-class models. GARCH(1,1, GJR and EGARCH models were estimated for each time series. The in-sample evidence indicated that the return volatility of the indexes can be characterized by significant persistence and asymmetric effects. The best estimate of each model was produced for the index of stocks with the highest average trading volume.However the result could differ based on the observed period, the volatility structure of the examined data supports the idea that influential investors respond to various shocks in the market primarily by closing or opening their largest position.The importance of the level of trading volume for the prediction of financial time series development was shown in the paper. This finding could help generate such volatility structure of time series which would allow to explain development of the time series by various models with better results.

  2. DYNAMIC COMPLEMENTARITY IN EXPORT PROMOTION: THE MARKET ACCESS PROGRAM IN FRUITS AND VEGETABLES

    OpenAIRE

    Richards, Timothy J.; Patterson, Paul M.

    1998-01-01

    Government-supported promotion in foreign markets may justified when market failures exist, such as spillover externalities, where promotion of one commodity positively influences exports of another, or when market uncertainties cause planning horizons to be shorter than the persistent effects of promotion. A dynamic model of U.S. apple, almond, grape, and wine export supply is developed to test for these market failures. Promotion is viewed as an investment in establishing and maintaining a ...

  3. Dynamic Co-movements between Stock Market Returns and Policy Uncertainty

    OpenAIRE

    Antonakakis, Nikolaos; Chatziantoniou, Ioannis; Filis, George

    2012-01-01

    In this paper we examine the extent of time-varying correlations between stock markets returns and policy uncertainty based on a newly introduced uncertainty index by Baker et al. (2012). We identify several empirical regularities: (1) the dynamic correlations of policy uncertainty and stock market returns are consistently negative. (2) Increased stock market volatility increases policy uncertainty and dampens stock markets returns. (3) Increases in the volatility of policy uncertainty lead ...

  4. Intervening in global markets to improve access to HIV/AIDS treatment: an analysis of international policies and the dynamics of global antiretroviral medicines markets

    Directory of Open Access Journals (Sweden)

    Hochstadt Jenny

    2010-05-01

    Full Text Available Abstract Background Universal access to antiretroviral therapy (ART in low- and middle-income countries faces numerous challenges: increasing numbers of people needing ART, new guidelines recommending more expensive antiretroviral (ARV medicines, limited financing, and few fixed-dose combination (FDC products. Global initiatives aim to promote efficient global ARV markets, yet little is known about market dynamics and the impact of global policy interventions. Methods We utilize several data sources, including 12,958 donor-funded, adult first-line ARV purchase transactions, to describe the market from 2002-2008. We examine relationships between market trends and: World Health Organization (WHO HIV/AIDS treatment guidelines; WHO Prequalification Programme (WHO Prequal and United States (US Food and Drug Administration (FDA approvals; and procurement policies of the Global Fund to Fight AIDS, Tuberculosis, and Malaria (GFATM, US President's Emergency Plan for AIDS Relief (PEPFAR and UNITAID. Results WHO recommended 7, 4, 24, and 6 first-line regimens in 2002, 2003, 2006 and 2009 guidelines, respectively. 2009 guidelines replaced a stavudine-based regimen ($88/person/year with more expensive zidovudine- ($154-260/person/year or tenofovir-based ($244-465/person/year regimens. Purchase volumes for ARVs newly-recommended in 2006 (emtricitabine, tenofovir increased >15-fold from 2006 to 2008. Twenty-four generic FDCs were quality-approved for older regimens but only four for newer regimens. Generic FDCs were available to GFATM recipients in 2004 but to PEPFAR recipients only after FDA approval in 2006. Price trends for single-component generic medicines mirrored generic FDC prices. Two large-scale purchasers, PEPFAR and UNITAID, together accounted for 53%, 84%, and 77% of market volume for abacavir, emtricitabine, and tenofovir, respectively, in 2008. PEPFAR and UNITAID purchases were often split across two manufacturers. Conclusions Global initiatives

  5. IMMIGRATION AND ITS IMPACT IN ALBANIAN LABOR MARKET

    Directory of Open Access Journals (Sweden)

    Irma SHYLE

    2010-09-01

    Full Text Available Population growth has already begun to fall in most of the countries. In the wider European area, therefore, population decline is likely to occur several years earlier. Regions with declining population demographic trends are affected by social and economic developments. Migration flows, in particular, are related to regional differences in labor market conditions, people moving from areas of low job growth to ones with more employment opportunities, and, over the longer-term, such differences can also affect birth and death rates. Declining regions in the EU are, therefore, characterized by low income levels, high unemployment and a large proportion of the work force employed in agriculture and industry. In addition, they tend to have a relatively small number of young people, reflecting their migration to other areas as well as low fertility rates, and a low density of population, reflecting the rural nature of many of them. The aim of this paper is to present the important consequences these trends will have regarding Albanian reality. We will see this for social welfare and taxation systems. We are also going to present here the policies to discourage illegal immigration, engaged in facilitating the entry, installment into the labor market, legal regulation, and social integration of Albanian emigrants in receiving countries. Finally, we will promote the impact of voluntary return of emigrants in the country development.

  6. Impact of Turquality Model on Branding and International Marketing

    Directory of Open Access Journals (Sweden)

    Suat Askin

    2016-05-01

    Full Text Available A brand consists of name, symbol, concept, design, standard, quality or several of them which are used to distinguish a product from its competitors. Without a brand, all products have the same qualities in the eyes of the consumers. Business managers use brands to draw attention of the consumers and ensure that the consumers purchase their products again. The fundamental reason for gaining brand value for a product is that it separates the product from the other products. In the first part of this study, brand and concepts regarding the brand were discussed and the importance of the brand in terms of consumers and manufacturers was also addressed. Then, the impact of exporting with brand in the international market was mentioned. In the second part of the study, Turquality and the advantages of the companies which have Turquality Certificate were presented.

  7. The Market Share Impact of the Fit between Market Leadership Efforts and Overall Strategic Aggressiveness

    OpenAIRE

    Richard A. Heiens; Larry P. PLESHKO

    2012-01-01

    The current study takes a contingency theory approach to the relationship between market leadership and a variety of marketing strategy concepts making up a firm’s strategic profile, including a firm’s Miles and Snow strategy type, market growth, service growth, service focus, market coverage, the Porter strategy group, and market orientation. The results of the study support this approach, showing that at least six of the seven strategic contingency combinations exhibit a significant relati...

  8. Direct Marketing: Theoretical delimitation and impact on consumer buying behavior

    OpenAIRE

    Carlos Gazquez-Abad, Juan; De Cannière, Marie Hélène

    2008-01-01

    Direct marketing has become one of the most important communication tools for marketers. Direct marketing activities' budget is even higher than that for traditional advertising mass media, such as TV. However, there is not a single definition. On the contrary, several definitions have emerged in the literature. In this work, we establish a theoretical delimitation for direct marketing concept from those different perspectives analysed in marketing literature. In addition, an empirical analys...

  9. Market Integration Dynamics and Asymptotic Price Convergence in Distribution

    NARCIS (Netherlands)

    A. García-Hiernaux (Alfredo); D.E. Guerrero (David); M.J. McAleer (Michael)

    2015-01-01

    textabstractThis paper analyzes the market integration process of nominal prices, develops a model to analyze market integration, and presents a test of increasing market integration. A distinction is made between the economic concepts of price conver- gence in mean and variance. When both types of

  10. Market Integration Dynamics and Asymptotic Price Convergence in Distribution

    NARCIS (Netherlands)

    A. García-Hiernaux (Alfredo); D.E. Guerrero (David); M.J. McAleer (Michael)

    2013-01-01

    textabstractIn this paper we analyse the market integration process of the relative price distribution, develop a model to analyze market integration, and present a formal test of increasing market integration. We distinguish between the economic concepts of price convergence in mean and in

  11. Market Equilibrium and Impact of Market Mechanism Parameters on the Electricity Price in Yunnan’s Electricity Market

    OpenAIRE

    Chuntian Cheng; Fu Chen; Gang Li; Qiyu Tu

    2016-01-01

    In this paper, a two-dimensional Cournot model is proposed to study generation companies’ (GENCO’s) strategic quantity-setting behaviors in the newly established Yunnan’s electricity market. A hybrid pricing mechanism is introduced to Yunnan’s electricity market with the aim to stimulate electricity demand. Market equilibrium is obtained by iteratively solving each GENCO’s profit maximization problem and finding their optimal bidding outputs. As the market mechanism is a key element of the el...

  12. Anomalous Price Impact and the Critical Nature of Liquidity in Financial Markets

    Science.gov (United States)

    Tóth, B.; Lempérière, Y.; Deremble, C.; de Lataillade, J.; Kockelkoren, J.; Bouchaud, J.-P.

    2011-10-01

    We propose a dynamical theory of market liquidity that predicts that the average supply/demand profile is V shaped and vanishes around the current price. This result is generic, and only relies on mild assumptions about the order flow and on the fact that prices are, to a first approximation, diffusive. This naturally accounts for two striking stylized facts: First, large metaorders have to be fragmented in order to be digested by the liquidity funnel, which leads to a long memory in the sign of the order flow. Second, the anomalously small local liquidity induces a breakdown of the linear response and a diverging impact of small orders, explaining the “square-root” impact law, for which we provide additional empirical support. Finally, we test our arguments quantitatively using a numerical model of order flow based on the same minimal ingredients.

  13. AN AGENT—BASED SIMULATION ON MARKET CONSIDERING KNOWLEDGE TRANSITION AND SOCIAL IMPACT

    Institute of Scientific and Technical Information of China (English)

    Tieju; MinaRyoke; 等

    2002-01-01

    In this paper,an agent-based simulation about knowledge transition associated with social impact in market is introduced.In the simulation,the genetic algorthm is used to generate the next generation products and a dynamic social impact model is used to simulate how customers are influenced by other customers.The simulation and its results not only show some features and patterns of knowlege transition,but also explore and display some phenomena of business cultures.On the basis of the innovation model of knowledge-based economy,the transition between technical knowledge and products knowledge is discussed,and a fuzzy linear quantification model which can be used to simulate the transition is introduced.

  14. Social Representations as Dynamic Social Impact.

    Science.gov (United States)

    Huguet, Pascal; Latane, Bibb

    1996-01-01

    Describes Social Representation Theory (SRT), an important and controversial development in European social constructivism. Argues that, although SRT and Dynamic Social Impact Theory (DSIT) come from different research traditions, they are complementary. Maintains that DSIT goes further in providing a clear mechanism for how dialog creates…

  15. Handling of impact forces in inverse dynamics

    NARCIS (Netherlands)

    Bisseling, Rob W.; Hof, At L.

    2006-01-01

    In the standard inverse dynamic method, joint moments are assessed from ground reaction force data and position data, where segmental accelerations are calculated by numerical differentiation of position data after low-pass filtering. This method falls short in analyzing the impact phase, e.g.

  16. Droplet Impact Dynamics on Micropillared Hydrophobic Surfaces

    CERN Document Server

    Patil, Nagesh D; Sharma, Atul

    2016-01-01

    The effect of pitch of the pillars and impact velocity are studied for the impact dynamics of a microliter water droplet on a micropillared hydrophobic surface. The results are presented qualitatively by the high-speed photography and quantitatively by the temporal variation of wetted diameter and droplet height. A characterization of the transient quantitative results is a novel aspect of our work. Three distinct regimes, namely, non-bouncing, complete bouncing and partial bouncing are presented. A critical pitch as well as impact velocity exists for the transition from one regime to another. This is explained with a demonstration of Cassie to Wenzel wetting transition in which the liquid penetrates in the grooves between the pillars at larger pitch or impact velocity. The regimes are demarcated on a map of pitch and impact velocity. A good agreement is reported between the present measurements and published analytical models.

  17. Dynamic co-movements of stock market returns, implied volatility and policy uncertainty

    OpenAIRE

    Antonakakis, N.; Chatziantoniou, I.; Filis, George

    2013-01-01

    We examine time-varying correlations among stock market returns, implied volatility and policy uncertainty. Our findings suggest that correlations are indeed time-varying and sensitive to oil demand shocks and US recessions. Highlights: We examine dynamic correlations of stock market returns, implied volatility and policy uncertainty. Dynamic correlations reveal heterogeneous patterns during US recessions. Aggregate demand oil price shocks and US recessions affect dynamic correlations. A rise...

  18. Price dynamics of crude oil and the regional ethylene markets

    Energy Technology Data Exchange (ETDEWEB)

    Masih, Mansur [Department of Finance and Economics, Center of Research Excellence in Renewable Energy, King Fahd University of Petroleum and Minerals, Dhahran (Saudi Arabia); Algahtani, Ibrahim [Department of Finance and Economics, King Fahd University of Petroleum and Minerals, Dhahran (Saudi Arabia); De Mello, Lurion [Faculty of Business and Economics, Macquarie University, Sydney (Australia)

    2010-11-15

    This paper is the first attempt to investigate: (1) is the crude oil (WTI) price significantly related to the regional ethylene prices in the Naphtha intensive ethylene markets of the Far East, North West Europe, and the Mediterranean? (2) What drives the regional ethylene prices? The paper is motivated by the recent and growing debate on the lead-lag relationship between crude oil and ethylene prices. Our findings, based on the long-run structural modelling approach of Pesaran and Shin, and subject to the limitations of the study, tend to suggest: (1) crude oil (WTI) price is cointegrated with the regional ethylene prices (2) our within-sample error-correction model results tend to indicate that although the ethylene prices in North West Europe and the Mediterranean were weakly endogenous, the Far East ethylene price was weakly exogenous both in the short and long term. These results are consistent, during most of the period under review (2000.1-2006.4) with the surge in demand for ethylene throughout the Far East, particularly in China and South Korea. However, during the post-sample forecast period as evidenced in our variance decompositions analysis, the emergence of WTI as a leading player as well, is consistent with the recent surge in WTI price (fuelled mainly, among others, by the strong hedging activities in the WTI futures/options and refining tightness) reflecting the growing importance of input cost in determining the dynamic interactions of input and product prices. (author)

  19. Development of Corn Stover Biofuel: Impacts on Corn and Soybean Markets and Land Rotation

    OpenAIRE

    Taheripour, Farzad; Tyner, Wallace E.; Fiegel, Julie

    2013-01-01

    This paper first develops a partial equilibrium (PE) model to examine impacts of converting corn stover to biofuel on markets for corn and soybeans at the national market level. The PE model links gasoline, corn ethanol, dried distiller grains, corn, soybeans, and soybean meal markets in the presence and absence of a viable market for corn stover. The model also includes a technology which converts corn stover to bio-gasoline (a drop-in biofuel). The model evaluates profitability of the ethan...

  20. Dynamic spanning trees in stock market networks: The case of Asia-Pacific

    Science.gov (United States)

    Sensoy, Ahmet; Tabak, Benjamin M.

    2014-11-01

    This article proposes a new procedure to evaluate Asia Pacific stock market interconnections using a dynamic setting. Dynamic spanning trees (DST) are constructed using an ARMA-FIEGARCH-cDCC process. The main results show that: 1. the DST significantly shrinks over time; 2. Hong Kong is found to be the key financial market; 3. the DST has a significantly increased stability in the last few years; 4. the removal of the key player has two effects: there is no clear key market any longer and the stability of the DST significantly decreases. These results are important for the design of policies that help develop stock markets and for academics and practitioners.

  1. Rural Medicare Advantage Market Dynamics and Quality: Historical Context and Current Implications.

    Science.gov (United States)

    Kemper, Leah; Barker, Abigail R; Wilber, Lyndsey; McBride, Timothy D; Mueller, Keith

    2016-07-01

    Purpose. In this policy brief, we assess variation in Medicare’s star quality ratings of Medicare Advantage (MA) plans that are available to rural beneficiaries. Evidence from the recent Centers for Medicare & Medicaid Services (CMS) quality demonstration suggests that market dynamics, i.e., firms entering and exiting the MA marketplace, play a role in quality improvement. Therefore, we also discuss how market dynamics may impact the smaller and less wealthy populations that are characteristic of rural places. Key Data Findings. (1) Highly rated MA plans serving rural Medicare beneficiaries are more likely to be health maintenance organizations (HMOs) and local preferred provider organizations (PPOs), as opposed to regional PPOs. HMOs and local PPOs may be better able to improve their quality scores strategically in response to the bonus payment incentive due to existing internal monitoring mechanisms. (2) On average, the rural enrollment rate is lower in plans with higher quality scores (59 percent) than the corresponding urban rate (71 percent). This differential is likely due, in part, to lack of availability of highly rated plans in rural areas: 17.8 percent of rural counties lacked access to a plan with four or more (out of five) stars, while just 3.7 percent of urban counties lacked such access. (3) MA plans with high quality scores have been operating longer, on average, and have a lower percentage of rural counties within their contract service areas than plans with lower quality scores.

  2. The Impact of Bank and Stock Market Developments on Economic ...

    African Journals Online (AJOL)

    (1993a, 1993b) argue that well developed financial and equity markets enhance economic .... hyperinflationary situation, the international liquidity crunch and low domestic saving, volatile ... the ZSE one of the star emerging market performers.

  3. The international hardwood lumber market and potential impacts on your bottom line

    Science.gov (United States)

    Bill Luppold; Matthew. Bumgardner

    2014-01-01

    Even if you don't sell logs or lumber to foreign customers, the international hardwood market can impact your business in significant ways, and smart business leaders are taking notice so that they are ready for shifting market impacts. Many people believe that lumber exporting is only an opportunity for larger sawmills. However, even if you have a portable mill...

  4. THE DYNAMICS OF THE TEXTILE MARKET. ANALYTICAL REFERENCES

    Directory of Open Access Journals (Sweden)

    Aliona CERNOVA

    2013-12-01

    Full Text Available During the transition to a market economy, the state of many countries’ economies and the international textile industry face considerable challenges. There are many uncertainties surrounding the global textile market, exacerbated by gloomy predictions that for a decade should have been eliminated, resulting in “free” trade flows. There is no doubt that manufacturers which have created niche markets will be better positioned to compete in the global marketplace and achieve higher margins for products while yielding greater profitability. This paper is an introduction of a reasearch that examines how some textile market niches have evolved. The goal of this paper is research and the role that textile niche markets will play by 2025. Specific objectives are: to give a broad overview of various trade theories, including classical, neo-classical, post-neo-classical, and modern, in order to determine what are the possibilities for development and protection. In particular, emphasis will be focused the special problems, due to the vector exchanges and commercial conjuncture, to illustrate how traditional marketing methods differ from market to market and to examine what role will play niche markets in the textiles industry and textile apparel industry in 2050. The results of this research study will help formulate a business strategy that can be used in market capitalization and will provide a framework for research for textile researchers at a global level.

  5. Green marketing and its impact on consumer behaviour

    OpenAIRE

    Gajdoš, Michal

    2016-01-01

    This bachelor thesis is devoted to green marketing, and how this kind of marketing affects consumer behaviour. Describes in detail what is green marketing and its components, and also describes the negative part of green marketing - greenwashing. It also deals with the topic of corporate social responsibilty and in the last theoretical part with the consumer beahviour. In the practical part was created quantitative research in the form of online survey, which aimed at identifying people's awa...

  6. Ethical marketing decisions: Review, contribution and impact on recent research

    OpenAIRE

    Ameer, Irfan

    2013-01-01

    The main objective is to review one of the classical books “Ethical marketing decisions” (Murphy, P. A. & Laczniak, G. R., 1993. Ethical marketing decisions. 1st Edition. New York: The Higher Road). Using content analysis method, the review summarizes that how Murphy and Laczniak develop a framework of ethics that can be applied in almost all important fields of marketing like marketing research, product management, retailing, distribution, pricing, advertising, personal selling, internationa...

  7. Green marketing and its impact on consumer behaviour

    OpenAIRE

    Gajdoš, Michal

    2016-01-01

    This bachelor thesis is devoted to green marketing, and how this kind of marketing affects consumer behaviour. Describes in detail what is green marketing and its components, and also describes the negative part of green marketing - greenwashing. It also deals with the topic of corporate social responsibilty and in the last theoretical part with the consumer beahviour. In the practical part was created quantitative research in the form of online survey, which aimed at identifying people's awa...

  8. Author Impact Factor: tracking the dynamics of individual scientific impact

    Science.gov (United States)

    Pan, Raj Kumar; Fortunato, Santo

    2014-05-01

    The impact factor (IF) of scientific journals has acquired a major role in the evaluations of the output of scholars, departments and whole institutions. Typically papers appearing in journals with large values of the IF receive a high weight in such evaluations. However, at the end of the day one is interested in assessing the impact of individuals, rather than papers. Here we introduce Author Impact Factor (AIF), which is the extension of the IF to authors. The AIF of an author A in year t is the average number of citations given by papers published in year t to papers published by A in a period of Δt years before year t. Due to its intrinsic dynamic character, AIF is capable to capture trends and variations of the impact of the scientific output of scholars in time, unlike the h-index, which is a growing measure taking into account the whole career path.

  9. Author Impact Factor: tracking the dynamics of individual scientific impact

    CERN Document Server

    Pan, Raj Kumar

    2013-01-01

    The impact factor (IF) of scientific journals has acquired a major role in the evaluations of the output of scholars, departments and whole institutions. Typically papers appearing in journals with large values of the IF receive a high weight in such evaluations. However, at the end of the day one is interested in assessing the impact of individuals, rather than papers. Here we introduce Author Impact Factor (AIF), which is the extension of the IF to authors. The AIF of an author A in year $t$ is the average number of citations given by papers published in year $t$ to papers published by A in a period of $\\Delta t$ years before year $t$. Due to its intrinsic dynamic character, AIF is capable to capture trends and variations of the impact of the scientific output of scholars in time, unlike the $h$-index, which is a growing measure taking into account the whole career path.

  10. Author Impact Factor: tracking the dynamics of individual scientific impact.

    Science.gov (United States)

    Pan, Raj Kumar; Fortunato, Santo

    2014-05-12

    The impact factor (IF) of scientific journals has acquired a major role in the evaluations of the output of scholars, departments and whole institutions. Typically papers appearing in journals with large values of the IF receive a high weight in such evaluations. However, at the end of the day one is interested in assessing the impact of individuals, rather than papers. Here we introduce Author Impact Factor (AIF), which is the extension of the IF to authors. The AIF of an author A in year t is the average number of citations given by papers published in year t to papers published by A in a period of Δt years before year t. Due to its intrinsic dynamic character, AIF is capable to capture trends and variations of the impact of the scientific output of scholars in time, unlike the h-index, which is a growing measure taking into account the whole career path.

  11. A two-stage method to determine optimal product sampling considering dynamic potential market.

    Science.gov (United States)

    Hu, Zhineng; Lu, Wei; Han, Bing

    2015-01-01

    This paper develops an optimization model for the diffusion effects of free samples under dynamic changes in potential market based on the characteristics of independent product and presents a two-stage method to figure out the sampling level. The impact analysis of the key factors on the sampling level shows that the increase of the external coefficient or internal coefficient has a negative influence on the sampling level. And the changing rate of the potential market has no significant influence on the sampling level whereas the repeat purchase has a positive one. Using logistic analysis and regression analysis, the global sensitivity analysis gives a whole analysis of the interaction of all parameters, which provides a two-stage method to estimate the impact of the relevant parameters in the case of inaccuracy of the parameters and to be able to construct a 95% confidence interval for the predicted sampling level. Finally, the paper provides the operational steps to improve the accuracy of the parameter estimation and an innovational way to estimate the sampling level.

  12. The Impact of Dark and Visible Fragmentation on Market Quality

    NARCIS (Netherlands)

    Degryse, H.A.; de Jong, F.C.J.M.; van Kervel, V.L.

    2011-01-01

    Two important characteristics of current European equity markets are rooted in changes in financial regulation (the Markets in Financial Instruments Directive). The regulation (i) allows new trading venues to emerge, generating a fragmented market place and (ii) allows for a substantial fraction of

  13. Impacts of seaborne trade on coal importing countries: Atlantic market

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    2012-07-15

    In recent years, there has been a convergence of international trade with traditional domestic markets. With imports increasing in many coal-producing regions, the influence of trade on domestic markets has been twofold: firstly, imported coal displaces domestic production, and in doing so, and secondly international price trends may drive prices of what remains of the indigenous market for coal.

  14. 对外贸易对中国劳动力市场的动态冲击分析%Dynamic Impact of International Trade upon Chinese Labor Market

    Institute of Scientific and Technical Information of China (English)

    赵春明; 王春晖

    2015-01-01

    改革开放以来,我国实现了对外贸易的迅猛发展,带动了经济增长、人均收入水平的提高以及就业问题的改善。尤其是以加工贸易方式吸收了大量的剩余劳动力,在特定历史时期为中国间接出口丰裕劳动要素、扩大就业和提高劳动者收入提供了一条有效路径。但利用1980-2013年的年度时间序列数据进行检验,发现加工贸易方式对劳动力就业水平的影响仅是暂时的,长期效果难以持续。化解这一冲击与困境的关键在于培育国际经济竞争新优势,加快贸易结构和产业结构的转型升级,不断向全球价值链上游攀升,提升中国在全球价值链中的利益分配水平,从而增强我国外贸企业的核心竞争能力,实现对外贸易与劳动力市场的长期均衡和稳定关系。%Since reform and opening up, China has undergone tremendous development in international trade, which leads to economic growth, per capita income increase, and better employment. International trade absorbs much surplus labor in China, especially by way of processing trade, and provides an effective way for China to export surplus labor, create jobs, and increase people's income in a particular historic period. Probing into the annual sequential information from 1980 to 2013, we find that the processing trade has only short-term impact on employment, whereas long-term effect is unsustainable. The key to resolving the issue is to nurture new edge in international economic competition, give an impetus to the transformation and upgrading of trade and industrial structure, consistently move up to the top of the global value chain, seek to secure a larger chunk in the profit distribution so as to make our foreign trade enterprises more competitive to achieve a balanced and steady relationship between foreign trade and labor market in the long run.

  15. Behavioural breaks in the heterogeneous agent model: The impact of herding, overconfidence, and market sentiment

    Science.gov (United States)

    Kukacka, Jiri; Barunik, Jozef

    2013-12-01

    The main aim of this work is to incorporate selected findings from behavioural finance into a Heterogeneous Agent Model using the Brock and Hommes (1998) [34] framework. Behavioural patterns are injected into an asset pricing framework through the so-called ‘Break Point Date’, which allows us to examine their direct impact. In particular, we analyse the dynamics of the model around the behavioural break. Price behaviour of 30 Dow Jones Industrial Average constituents covering five particularly turbulent US stock market periods reveals interesting patterns in this aspect. To replicate it, we apply numerical analysis using the Heterogeneous Agent Model extended with the selected findings from behavioural finance: herding, overconfidence, and market sentiment. We show that these behavioural breaks can be well modelled via the Heterogeneous Agent Model framework and they extend the original model considerably. Various modifications lead to significantly different results and model with behavioural breaks is also able to partially replicate price behaviour found in the data during turbulent stock market periods.

  16. THE IMPACT OF RISK OF POVERTY ON SEGMENTS OF THE MARKET IN ROMANIA

    Directory of Open Access Journals (Sweden)

    Cornelia Marcela Danu

    2014-07-01

    Full Text Available In the present work I presented the risk of poverty in Romania considering the economic and social determination. I highlighted that poverty in Romania, is a mix of economic, educational, cultural etc. factors and reinforced by the lack of family or social support. Among the most significant correlative causes of poverty are: lack of money-unemployment, low salaries, lack of money, lack of food-hunger, deprivation, misery, lack of culture, lack of housing, disease, decay, addictions, political causes, individual causes, etc. I analyzed the dynamics of the decision-making behavior of the population of Romania both as a whole and as segments of the market, in terms of age, sex, residence environment, etc. in the market acts, regarding the purchase and consumption decision. The approach and treatment of the poverty must be understand regarding to the systemic economic-social-psychologically interaction. The impact of risk of poverty on the segments of the market is reflected in the production of goods and services; increasing of this type of risk lead to diminishing and modifying the request and further lead to diminishing supply, business failure, etc.

  17. Impact of monetary policy changes on the Chinese monetary and stock markets

    Science.gov (United States)

    Tang, Yong; Luo, Yong; Xiong, Jie; Zhao, Fei; Zhang, Yi-Cheng

    2013-10-01

    The impact of monetary policy changes on the monetary market and stock market in China is investigated in this study. The changes of two major monetary policies, the interest rate and required reserve ratio, are analyzed in a study period covering seven years on the interbank monetary market and Shanghai stock market. We find that the monetary market is related to the macro economy trend and we also find that the monetary change surprises both of lowering and raising bring significant impacts to the two markets and the two markets respond to the changes differently. The results suggest that the impact of fluctuations is much larger for raising policy changes than lowering changes in the monetary market on policy announcing and effective dates. This is consistent with the “sign effect”, i.e. bad news brings a greater impact than good news. By studying the event window of each policy change, we also find that the “sign effect” still exists before and after each change in the monetary market. A relatively larger fluctuation is observed before the event date, which indicates that the monetary market might have a certain ability to predict a potential monetary change, while it is kept secret by the central bank before official announcement. In the stock market, we investigate how the returns and spreads of the Shanghai stock market index respond to the monetary changes. Evidences suggest the stock market is influenced but in a different way than the monetary market. The climbing of returns after the event dates for the lowering policy agrees with the theory that lowering changes can provide a monetary supply to boost the market and drive the stock returns higher but with a delay of 2 to 3 trading days on average. While in the bear market, the lowering policy brings larger volatility to the market on average than the raising ones. These empirical findings are useful for policymakers to understand how monetary policy changes impact the monetary and stock markets

  18. Impact of Misalignment of Trading Agent Strategy across Multiple Markets

    Science.gov (United States)

    Sohn, Jung-Woo; Lee, Sooyeon; Mullen, Tracy

    We examine the effect of a market pricing policy designed to attract high-valued traders in a multiple market context using JCAT software. Our experiments show that a simple change to pricing policy can create market performance effects that traditional adaptive trading agents are unable to recognize or capitalize on, but that market-policy-aware trading agents can generally obtain. This suggests as parameterized and tunable markets become more common, trading strategies will increasingly need to be conditional on each individual market’s policies.

  19. The Market Share Impact of the Fit between Market Leadership Efforts and Overall Strategic Aggressiveness

    Directory of Open Access Journals (Sweden)

    Richard A. Heiens

    2012-07-01

    Full Text Available The current study takes a contingency theory approach to the relationship between market leadership and a variety of marketing strategy concepts making up a firm’s strategic profile, including a firm’s Miles and Snow strategy type, market growth, service growth, service focus, market coverage, the Porter strategy group, and market orientation. The results of the study support this approach, showing that at least six of the seven strategic contingency combinations exhibit a significant relationship to market share. Utilizing a sample drawn from the financial services industry, it is found that firms possessing a recommended “fit”, as when market leader firms exhibit a more aggressive marketing strategy profile, tend to have higher levels of market share. The results of the study also reveal that a firm’s market share performance is related to the total number of strategic “fits” between the firm’s market leadership position and the various components of the firm’s strategic profile.

  20. Unraveling Hidden Order in the Dynamics of Developed and Emerging Markets

    Science.gov (United States)

    Berman, Yonatan; Shapira, Yoash; Ben-Jacob, Eshel

    2014-01-01

    The characterization of asset price returns is an important subject in modern finance. Traditionally, the dynamics of stock returns are assumed to lack any temporal order. Here we present an analysis of the autocovariance of stock market indices and unravel temporal order in several major stock markets. We also demonstrate a fundamental difference between developed and emerging markets in the past decade - emerging markets are marked by positive order in contrast to developed markets whose dynamics are marked by weakly negative order. In addition, the reaction to financial crises was found to be reversed among developed and emerging markets, presenting large positive/negative autocovariance spikes following the onset of these crises. Notably, the Chinese market shows neutral or no order while being regarded as an emerging market. These findings show that despite the coupling between international markets and global trading, major differences exist between different markets, and demonstrate that the autocovariance of markets is correlated with their stability, as well as with their state of development. PMID:25383630

  1. Unraveling hidden order in the dynamics of developed and emerging markets.

    Science.gov (United States)

    Berman, Yonatan; Shapira, Yoash; Ben-Jacob, Eshel

    2014-01-01

    The characterization of asset price returns is an important subject in modern finance. Traditionally, the dynamics of stock returns are assumed to lack any temporal order. Here we present an analysis of the autocovariance of stock market indices and unravel temporal order in several major stock markets. We also demonstrate a fundamental difference between developed and emerging markets in the past decade - emerging markets are marked by positive order in contrast to developed markets whose dynamics are marked by weakly negative order. In addition, the reaction to financial crises was found to be reversed among developed and emerging markets, presenting large positive/negative autocovariance spikes following the onset of these crises. Notably, the Chinese market shows neutral or no order while being regarded as an emerging market. These findings show that despite the coupling between international markets and global trading, major differences exist between different markets, and demonstrate that the autocovariance of markets is correlated with their stability, as well as with their state of development.

  2. Dynamics of Ferrofluidic Drops Impacting Superhydrophobic Surfaces

    CERN Document Server

    Bolleddula, D A; Alliseda, A; Bhosale, P; Berg, J C

    2010-01-01

    This is a fluid dynamics video illustrating the impact of ferrofluidic droplets on surfaces of variable wettability. Surfaces studied include mica, teflon, and superhydrophobic. A magnet is placed beneath each surface, which modifies the behavior of the ferrofluid by applying additional downward force apart from gravity resulting in reduced droplet size and increased droplet velocity. For the superhydrophobic droplet a jetting phenomena is shown which only occurs in a limited range of impact speeds, higher than observed before, followed by amplified oscillation due to magnetic field as the drop stabilizes on the surface.

  3. Impact of ACA on the Dinner-for-Three Dynamic.

    Science.gov (United States)

    Schoonveld, Ed; Coyle, Bill; Markham, Jennifer

    2015-04-01

    The Patient Protection and Affordable Care Act (ACA) aims to expand coverage to the previously uninsured, improve the quality of coverage, and help eliminate inefficiencies in the health care market. We evaluated the implications of ACA on the drug industry by examining the impact on the "Dinner-for-Three" dynamic in our health care system. We can think of our system as an odd dinner party in which one person pays (the insurer), one orders the meal (the physician), and yet another eats the meal (the patient). This dynamic requires us to examine each stakeholder and how they interact with one another to assess the impact of the ACA. Of the 6.7 million initial exchange enrollees, ~3.8 million subjects were previously uninsured. A higher percentage of these enrollees are using their pharmacy benefit, and they are disproportionately filling prescriptions for specialty drugs relative to those covered in employer-sponsored plans. Formulary designs in exchange plans are passing on higher cost-sharing for prescription drugs to the patient. ACA has also resulted in the development of accountable care organizations (ACOs); these organizations may play a role going forward in the management of drug spending and the development of formularies and protocols that impact drug prescribing. Payers are tightening control over drug spending and are finding physicians and physician groups increasingly less reluctant allies in doing so. Patients are faced by more complexity than ever in the health care system and are expected to take a more active role in responsibly managing the cost of their care. It is increasingly critical that drug manufacturers develop robust value propositions and communicate that value to all stakeholders. They should re-evaluate trial investment decisions and consider changes in price setting, rebates (how much and to whom), copay programs, and physician and patient support programs in light of changing market needs. Copyright © 2015 The Authors. Published by

  4. Trading strategy based on dynamic mode decomposition: Tested in Chinese stock market

    Science.gov (United States)

    Cui, Ling-xiao; Long, Wen

    2016-11-01

    Dynamic mode decomposition (DMD) is an effective method to capture the intrinsic dynamical modes of complex system. In this work, we adopt DMD method to discover the evolutionary patterns in stock market and apply it to Chinese A-share stock market. We design two strategies based on DMD algorithm. The strategy which considers only timing problem can make reliable profits in a choppy market with no prominent trend while fails to beat the benchmark moving-average strategy in bull market. After considering the spatial information from spatial-temporal coherent structure of DMD modes, we improved the trading strategy remarkably. Then the DMD strategies profitability is quantitatively evaluated by performing SPA test to correct the data-snooping effect. The results further prove that DMD algorithm can model the market patterns well in sideways market.

  5. Evaluating the impacts of farmers' behaviors on a hypothetical agricultural water market based on double auction

    Science.gov (United States)

    Du, Erhu; Cai, Ximing; Brozović, Nicholas; Minsker, Barbara

    2017-05-01

    Agricultural water markets are considered effective instruments to mitigate the impacts of water scarcity and to increase crop production. However, previous studies have limited understanding of how farmers' behaviors affect the performance of water markets. This study develops an agent-based model to explicitly incorporate farmers' behaviors, namely irrigation behavior (represented by farmers' sensitivity to soil water deficit λ) and bidding behavior (represented by farmers' rent seeking μ and learning rate β), in a hypothetical water market based on a double auction. The model is applied to the Guadalupe River Basin in Texas to simulate a hypothetical agricultural water market under various hydrological conditions. It is found that the joint impacts of the behavioral parameters on the water market are strong and complex. In particular, among the three behavioral parameters, λ affects the water market potential and its impacts on the performance of the water market are significant under most scenarios. The impacts of μ or β on the performance of the water market depend on the other two parameters. The water market could significantly increase crop production only when the following conditions are satisfied: (1) λ is small and (2) μ is small and/or β is large. The first condition requires efficient irrigation scheduling, and the second requires well-developed water market institutions that provide incentives to bid true valuation of water permits.

  6. Impacts of demand response and renewable generation in electricity power market

    Science.gov (United States)

    Zhao, Zhechong

    This thesis presents the objective of the research which is to analyze the impacts of uncertain wind power and demand response on power systems operation and power market clearing. First, in order to effectively utilize available wind generation, it is usually given the highest priority by assigning zero or negative energy bidding prices when clearing the day-ahead electric power market. However, when congestion occurs, negative wind bidding prices would aggravate locational marginal prices (LMPs) to be negative in certain locations. A load shifting model is explored to alleviate possible congestions and enhance the utilization of wind generation, by shifting proper amount of load from peak hours to off peaks. The problem is to determine proper amount of load to be shifted, for enhancing the utilization of wind generation, alleviating transmission congestions, and making LMPs to be non-negative values. The second piece of work considered the price-based demand response (DR) program which is a mechanism for electricity consumers to dynamically manage their energy consumption in response to time-varying electricity prices. It encourages consumers to reduce their energy consumption when electricity prices are high, and thereby reduce the peak electricity demand and alleviate the pressure to power systems. However, it brings additional dynamics and new challenges on the real-time supply and demand balance. Specifically, price-sensitive DR load levels are constantly changing in response to dynamic real-time electricity prices, which will impact the economic dispatch (ED) schedule and in turn affect electricity market clearing prices. This thesis adopts two methods for examining the impacts of different DR price elasticity characteristics on the stability performance: a closed-loop iterative simulation method and a non-iterative method based on the contraction mapping theorem. This thesis also analyzes the financial stability of DR load consumers, by incorporating

  7. Markets for tradeable emission and ambient permits : A dynamic approach

    NARCIS (Netherlands)

    Ermoliev, Y; Michalevich, M; Nentjes, A

    This paper discusses trade mechanisms in pollution permit markets. Proofs are given, that sequential, bilateral trade in tradeable emissions permits converges to a market equilibrium with minimal total costs of pollution control. If ambient or deposition permits are traded, the convergence of

  8. Deriving dynamic marketing effectiveness from econometric time series models

    NARCIS (Netherlands)

    C. Horváth (Csilla); Ph.H.B.F. Franses (Philip Hans)

    2003-01-01

    textabstractTo understand the relevance of marketing efforts, it has become standard practice to estimate the long-run and short-run effects of the marketing-mix, using, say, weekly scanner data. A common vehicle for this purpose is an econometric time series model. Issues that are addressed in the

  9. Pooling data for the analysis of dynamic marketing systems

    NARCIS (Netherlands)

    Horvath, C.; Wieringa, J.E.

    2008-01-01

    Vector autoregressive (VAR) models have become popular in marketing literature for analyzing the behavior of competitive marketing systems. One drawback of these models is that the number of parameters can become very large, potentially leading to estimation problems. Pooling data for multiple cross

  10. Collective farmers marketing inititatives, Diversity, Contextuality and Dynamics

    NARCIS (Netherlands)

    Renting, H.; Schermer, M.; Oostindië, H.A.

    2011-01-01

    Collective action by farmers has played an important role in the history of European agriculture. During the twentieth century, the foundation of agricultural marketing co-operatives contributed in many countries to better market access, increased farm incomes and rural employment. However, European

  11. Collective farmers marketing inititatives, Diversity, Contextuality and Dynamics

    NARCIS (Netherlands)

    Renting, H.; Schermer, M.; Oostindië, H.A.

    2011-01-01

    Collective action by farmers has played an important role in the history of European agriculture. During the twentieth century, the foundation of agricultural marketing co-operatives contributed in many countries to better market access, increased farm incomes and rural employment. However, European

  12. FOCUS-GROUP AND ITS IMPACT IN THE QUESTIONNAIRE OF MARKETING RESEARCH ON THE ROMANIAN CAR MARKET

    Directory of Open Access Journals (Sweden)

    MANEA Constantin

    2010-12-01

    Full Text Available Designing a questionnaire is the most profound activity which makes an impact on a research in marketing. The investigation instrument finally determines the quality of this type of research. Never will a market research be able to exceed its questionnaire in point of quality. The present contribution succinctly itemizes a research project for the Romanian car market, emphasizing the importance of focus group, and appends, at the end, the concrete result, applied to the Romanian car market. The first part describes the hypotheses and sets out the objectives of the research, focusing on the market leader, i.e. Automobile Dacia Renault. The second section describes the practical process of designing the questionnaire, with a special stress laid on the impact of focus-group in the final version. The synthesis of focus group is materialized through a number of final remarks on the manner of concretely writing the questionnaire, which was put to practical use on the Romanian car market.

  13. Price impact of informed trades in the U.S. treasury markets

    Directory of Open Access Journals (Sweden)

    Onem Ozocak

    2015-06-01

    Full Text Available According to a review of the literature, there is no study that examines how the price impact of informed trades is related to liquidity levels in the U.S. Treasury markets. Using variance decomposition and regime-switching methodologies, we find that the price impact of informed trades is higher in more liquid markets. In the case of on-the-run and off-the-run spot markets, the price impact of informed trades is higher in 2-year and 5-year T-notes markets. In the case of T-notes futures markets, the price impact of informed trades is higher in 10-year futures market. We find that the price impact of uninformed (informed individual trades decreases (increases as the time scale increases. The results indicate that the price impact of informed trades is greater between 8:00 am and 3:00 pm when the market is more liquid, and smaller between 3:00 pm and 5:00 pm when the market is less liquid.

  14. Impact dynamics of oxidized liquid metal drops

    Science.gov (United States)

    Xu, Qin; Brown, Eric; Jaeger, Heinrich M.

    2013-04-01

    With exposure to air, many liquid metals spontaneously generate an oxide layer on their surface. In oscillatory rheological tests, this skin is found to introduce a yield stress that typically dominates the elastic response but can be tuned by exposing the metal to hydrochloric acid solutions of different concentration. We systematically studied the normal impact of eutectic gallium-indium (eGaIn) drops under different oxidation conditions and show how this leads to two different dynamical regimes. At low impact velocity (or low Weber number), eGaIn droplets display strong recoil and rebound from the impacted surface when the oxide layer is removed. In addition, the degree of drop deformation or spreading during impact is controlled by the oxide skin. We show that the scaling law known from ordinary liquids for the maximum spreading radius as a function of impact velocity can still be applied to the case of oxidized eGaIn if an effective Weber number We is employed that uses an effective surface tension factoring in the yield stress. In contrast, no influence on spreading from different oxidations conditions is observed for high impact velocity. This suggests that the initial kinetic energy is mostly damped by bulk viscous dissipation. Results from both regimes can be collapsed in an impact phase diagram controlled by two variables, the maximum spreading factor Pm=R0/Rm, given by the ratio of initial to maximum drop radius, and the impact number K=We/Re4/5, which scales with the effective Weber number We as well as the Reynolds number Re. The data exhibit a transition from capillary to viscous behavior at a critical impact number Kc≈0.1.

  15. Impact of Public Aggregate Wind Forecasts on Electricity Market Outcomes

    DEFF Research Database (Denmark)

    Exizidis, Lazaros; Kazempour, Jalal; Pinson, Pierre

    2017-01-01

    by offering better knowledge of the market operation, leading subsequently to a more competitive energy market. Driven by the above regulation, we consider an equilibrium study to address how public information of aggregate wind power forecasts can potentially affect market results, social welfare as well......Following a call to foster a transparent and more competitive market, member states of the European transmission system operator are required to publish, among other information, aggregate wind power forecasts. The publication of the latter information is expected to benefit market participants......-theoretic approach (diagonalization) is incorporated in order to investigate the existence of an equilibrium for various values of aggregate forecast. As anticipated, variations in public forecasts will affect market results and, more precisely, under-forecasts can mislead power producers to make decisions...

  16. The impact of project marketing on the projects finality

    Directory of Open Access Journals (Sweden)

    Oxana SAVCIUC

    2015-06-01

    Full Text Available In the last years we assist at the level of the Republic of Moldova and also at international level at a trend to offer financial support with a special focus on project-based funding. Once with the appearance and development of the project concept, other related concepts are being developed such as project management or newly, we can also speak about the projects marketing. Until recently, the product marketing was intensely discussed; concepts such as services marketing appeared afterwards, but also the specific marketing for various branches, such as agromarketing, political marketing, etc. Given that fact that the projects are a product / service itself, at the moment, more and more often projects marketing is discussed.

  17. Dynamics in the dry bulk market : Economic activity, trade flows, and safety in shipping

    NARCIS (Netherlands)

    C. Heij (Christiaan); S. Knapp (Sabine)

    2012-01-01

    textabstractRecent dynamics in iron ore markets are driven by rapid changes in economic activities that affect commodity markets, trade flows, and shipping activities. Time series models for the relation between these variables in Southeast Asia and the Australasian region are supplemented with

  18. Dynamics in the dry bulk market : Economic activity, trade flows, and safety in shipping

    NARCIS (Netherlands)

    C. Heij (Christiaan); S. Knapp (Sabine)

    2012-01-01

    textabstractRecent dynamics in iron ore markets are driven by rapid changes in economic activities that affect commodity markets, trade flows, and shipping activities. Time series models for the relation between these variables in Southeast Asia and the Australasian region are supplemented with mode

  19. Ageing shocks and short-run regional labour market dynamics in a spatial panel VAR approach

    DEFF Research Database (Denmark)

    Mitze, Timo; Schmidt, Torben Dall; Rauhut, Daniel

    2017-01-01

    Using a flexible spatial panel VAR model for a small-scale labour market system, we investigate the dynamic interdependences between changes in the demographic structure and the labour market performance of a regional economy. With a particular focus on ageing shocks, we describe an increase...

  20. Analysis of impact of Internet marketing on visits of the Lenovo Blog CZ

    OpenAIRE

    Ruskovská, Petra

    2013-01-01

    The thesis analyses the impact of Internet marketing tools on visits of the Lenovo Blog CZ, the official blog of the computer manufacturer Lenovo. It focuses evolution of visits of the blog over time, on the impact of social networks and Facebook posts paid promotion on visits. Finally, it observes to what extent the Internet marketing tools impact overall visits of the blog over the observed time.

  1. Social Media as a Marketing Tool & its Impact on Politics

    OpenAIRE

    Ramos, Elisa

    2015-01-01

    Nowadays, social media is becoming one of the most popular forms of communication. People spend their time online on these networks discussing, sharing and experimenting. These new channels have also drastically changed the marketing world. Indeed, more and more businesses use social media as a marketing tool. This thesis will give insight into the actual situation of a constantly changing and evolving topic: social media marketing. Indeed, just being on social media is not enough to real...

  2. Internet Support Companies: The Impact of Marketing Orientation

    OpenAIRE

    Jose Gonzalez, DBA; Larry Chiagouris, PhD

    2006-01-01

    Several studies have expanded the work by Jaworski and Kohli (1993) by using their market orientation framework model and applying it to a variety of industries. The results of recent studies have uncovered strong relationships between the concepts of market orientation and organizational performance. The large body of research on the topic of market orientation has not been applied to companies critical to commercial transactions over the Internet. This study explored implementation of marke...

  3. The dynamic correlation between policy uncertainty and stock market returns in China

    Science.gov (United States)

    Yang, Miao; Jiang, Zhi-Qiang

    2016-11-01

    The dynamic correlation is examined between government's policy uncertainty and Chinese stock market returns in the period from January 1995 to December 2014. We find that the stock market is significantly correlated to policy uncertainty based on the results of the Vector Auto Regression (VAR) and Structural Vector Auto Regression (SVAR) models. In contrast, the results of the Dynamic Conditional Correlation Generalized Multivariate Autoregressive Conditional Heteroscedasticity (DCC-MGARCH) model surprisingly show a low dynamic correlation coefficient between policy uncertainty and market returns, suggesting that the fluctuations of each variable are greatly influenced by their values in the preceding period. Our analysis highlights the understanding of the dynamical relationship between stock market and fiscal and monetary policy.

  4. Dynamic Conditional Correlation Analysis of Stock Market Contagion: Evidence from the 2007-2010 Financial Crises

    National Research Council Canada - National Science Library

    Zouheir Mighri; Faysal Mansouri

    2013-01-01

    .... We use a dynamic conditional correlation (DCC) multivariate GARCH model in order to capture potential contagion effects between US and major developed and emerging stock markets during the 2007-2010 major financial crisis...

  5. Impact of Renewable Energy Forecast Imperfections on Market-Clearing Outcomes

    DEFF Research Database (Denmark)

    Ordoudis, Christos; Pinson, Pierre

    2016-01-01

    . Hence, innovative market structures have been proposed to cope with the uncertainty introduced. Nonetheless, the quality of wind power forecasts may affect the market outcome due to their inaccuracy. For this reason, a framework is proposed to examine market-clearing algorithms, both deterministic...... and stochastic approaches, under imperfect wind power forecasts in order to quantify their influence on the market outcome. Results show that mean value mismatch between “estimated” and “realized” distributions has the highest impact on total system cost. Finally, it is examined if cost recovery for market...... players is guaranteed in the presence of inaccurate wind power forecasts....

  6. Molecular Dynamics Simulations of Hypervelocity Impacts

    Science.gov (United States)

    Owens, Eli T.; Bachlechner, Martina E.

    2007-03-01

    Outer space silicon solar cells are exposed to impacts with micro meteors that can destroy the surface leading to device failure. A protective coating of silicon nitride will protect against such failure. Large-scale molecular dynamics simulations are used to study how silicon/silicon nitride fails due to hypervelocity impacts. Three impactors made of silicon nitride are studied. Their cross-sectional areas, relative to the target, are as follows: the same as the target, half of the target, and a quarter of the target. Impactor speeds from 5 to 11 km/second yield several modes of failure, such as deformation of the target by the impactor and delimitation of the silicon nitride from the silicon at the interface. These simulations will give a much clearer picture of how solar cells composed of a silicon/silicon nitride interface will respond to impacts in outer space. This will ultimately lead to improved devices with longer life spans.

  7. Impacts of Myanmar's Democratic Transition on its Land Cover Dynamics.

    Science.gov (United States)

    Biswas, S.

    2016-12-01

    Recently Myanmar transitioned from a closed economy, military government to market based economy and democracy. The impacts of the political and economic transition on its land cover can be described by characterizing the land cover dynamics during the transition period. Preliminary stratified sampling of forest conversions revealed that most changes from forest to non-forest are due to establishment of rubber plantations. Agricultural concessions are granted by the government to develop the agriculture sector and rubber is the most common plantation crop in Southern Myanmar. This study establishes a method to map and quantify the extent and age of rubber plantations in Thaton district of Myanmar using satellite remote sensing, GIS and ground data. The resultant rubber maps can be used to inform policy on land use planning, agriculture, forest and sustainable development.

  8. Model of wealth and goods dynamics in a closed market

    Science.gov (United States)

    Ausloos, Marcel; Peķalski, Andrzej

    2007-01-01

    A simple computer simulation model of a closed market on a fixed network with free flow of goods and money is introduced. The model contains only two variables: the amount of goods and money beside the size of the system. An initially flat distribution of both variables is presupposed. We show that under completely random rules, i.e. through the choice of interacting agent pairs on the network and of the exchange rules that the market stabilizes in time and shows diversification of money and goods. We also indicate that the difference between poor and rich agents increases for small markets, as well as for systems in which money is steadily deduced from the market through taxation. It is also found that the price of goods decreases when taxes are introduced, likely due to the less availability of money.

  9. Marketing's profit impact : Quantifying online and offline funnel progression

    NARCIS (Netherlands)

    Wiesel, T.; Pauwels, K.; Arts, J.

    2011-01-01

    I nofec, a small- to medium-sized enterprise in the business-to-business sector, desired a more analytic approach to allocate marketing resources across communication activities and channels. We developed a conceptual framework and econometric model to empirically investigate (1) the marketing

  10. Marketing's profit impact : Quantifying online and offline funnel progression

    NARCIS (Netherlands)

    Wiesel, T.; Pauwels, K.; Arts, J.

    2011-01-01

    I nofec, a small- to medium-sized enterprise in the business-to-business sector, desired a more analytic approach to allocate marketing resources across communication activities and channels. We developed a conceptual framework and econometric model to empirically investigate (1) the marketing commu

  11. The Impact of Learning on Women's Labour Market Transitions

    Science.gov (United States)

    Haasler, Simone R.

    2014-01-01

    Women play an increasingly important role in the labour market and as wage earners. Moreover, in many countries, young women have outperformed men in terms of educational attainment and qualification. Still, women's human capital investment does not pay off as it does for men as they are still significantly disadvantaged on the labour market.…

  12. A multilayer approach for price dynamics in financial markets

    CERN Document Server

    Biondo, Alessio Emanuele; Rapisarda, Andrea

    2016-01-01

    We introduce a new Self-Organized Criticality (SOC) model for simulating price evolution in an artificial financial market, based on a multilayer network of traders. The model also implements, in a quite realistic way with respect to previous studies, the order book dy- namics, by considering two assets with variable fundamental prices. Fat tails in the probability distributions of normalized returns are observed, together with other features of real financial markets.

  13. An Assessment Of The Stock Market And Exchange Rate Dynamics In Industrialized And Emerging Markets

    OpenAIRE

    Beer, F.; F. Hebein

    2011-01-01

    This paper adopts an Exponentional General Autoregressive Conditional Heteroskedasticity (EGARCH) framework to explore the relationship between stock prices and exchange rates for two groups of countries: emerging and developed economies. Results show that some positive significant price spillovers from the foreign exchange market to the stock market exist for Canada, Japan, the U.S and India. Findings also show for the developed countries, there is no persistence of volatility in the stock m...

  14. Impact Dynamics of Oxidized Liquid Metal Drops

    CERN Document Server

    Xu, Qin; Jaeger, Heinrich M

    2013-01-01

    With exposure to air, many liquid metals spontaneously generate an oxide layer on their surface. In oscillatory rheological tests, this skin is found to introduce a yield stress that typically dominates the elastic response but can be tuned by exposing the metal to hydrochloric acid solutions of different concentration. We systematically studied the normal impact of eutectic gallium-indium (eGaIn) drops under different oxidation conditions and show how this leads to two different dynamical regimes. At low impact velocity (or low Weber number), eGaIn droplets display strong recoil and rebound from the impacted surface when the oxide layer is removed. In addition, the degree of drop deformation or spreading during the impact is controlled by the oxide skin. We show that the scaling law known from ordinary liquids for the maximum spreading radius as a function of impact velocity can still be applied to the case of oxidized eGaIn if an effective Weber number $We^{\\star}$ is employed that uses an effective surface...

  15. Impact dynamics of particle-coated droplets

    Science.gov (United States)

    Supakar, T.; Kumar, A.; Marston, J. O.

    2017-01-01

    We present findings from an experimental study of the impact of liquid marbles onto solid surfaces. Using dual-view high-speed imaging, we reveal details of the impact dynamics previously not reported. During the spreading stage it is observed that particles at the surface flow rapidly to the periphery of the drop, i.e., the lamella. We characterize the spreading with the maximum spread diameter, comparing to impacts of pure liquid droplets. The principal result is a power-law scaling for the normalized maximum spread in terms of the impact Weber number, Dmax/D0˜Weα , with α ≈1 /3 . However, the best description of the spreading is obtained by considering a total energy balance, in a similar fashion to Pasandideh-Fard et al. [Phys. Fluids 8, 650 (1996)], 10.1063/1.868850. By using hydrophilic target surfaces, the marble integrity is lost even for moderate impact speeds as the particles at the surface separate and allow liquid-solid contact to occur. Remarkably, however, we observe no significant difference in the maximum spread between hydrophobic and hydrophilic targets, which is rationalized by the presence of the particles. Finally, for the finest particles used, we observe the formation of nonspherical arrested shapes after retraction and rebound from hydrophobic surfaces, which is quantified by a circularity measurement of the side profiles.

  16. The Impact of Marketing Strategies and Satisfaction on Student Loyalty: A Structural Equation Model Approach

    Science.gov (United States)

    Chen, Yu-Chuan

    2016-01-01

    The dynamic changes in higher education observed over the last 20 years have transformed the educational market. The potential value of promoting student satisfaction and loyalty in higher education has become a significant issue. This study investigates the directions and strengths of the relationships among marketing strategies, student…

  17. RIA Beam Dynamics Comparing TRACK to IMPACT

    CERN Document Server

    Mustapha, Brahim; Ostroumov, Peter; Qiang, Ji; Ryne, Robert D

    2005-01-01

    In order to benchmark the newly developed beam dynamics code TRACK we have performed comparisons with well established existing codes. During code development, codes like TRANSPORT, COSY, GIOS and RAYTRACE were used to check TRACK's implementation of the different beam line elements. To benchmark the end-to-end simulation of the RIA driver linac, the simulation of the low-energy part (from the ion source to the entrance of the SC linac) was compared with PARMTEQ and found to agree well. For the simulation of the SC linac the code IMPACT is used. Prior to these simulations, the code IMPACT had to be updated to meet the special requirements of the RIA driver linac. Features such as multiple charge state acceleration, stripper simulation and beam collimation were added to the code. IMPACT was also modified to support new types of rf cavities and to include fringe fields for all the elements. This paper will present a comparison of the beam dynamics simulation in the RIA driver linac between the codes TRACK and I...

  18. A Dynamic Framework of Reputation Systems for an Agent Mediated e-market

    CERN Document Server

    Gaur, Vibha

    2011-01-01

    The success of an agent mediated e-market system lies in the underlying reputation management system to improve the quality of services in an information asymmetric e-market. Reputation provides an operatable metric for establishing trustworthiness between mutually unknown online entities. Reputation systems encourage honest behaviour and discourage malicious behaviour of participating agents in the e-market. A dynamic reputation model would provide virtually instantaneous knowledge about the changing e-market environment and would utilise Internets' capacity for continuous interactivity for reputation computation. This paper proposes a dynamic reputation framework using reinforcement learning and fuzzy set theory that ensures judicious use of information sharing for inter-agent cooperation. This framework is sensitive to the changing parameters of e-market like the value of transaction and the varying experience of agents with the purpose of improving inbuilt defense mechanism of the reputation system agains...

  19. Numerical analysis for finite-range multitype stochastic contact financial market dynamic systems.

    Science.gov (United States)

    Yang, Ge; Wang, Jun; Fang, Wen

    2015-04-01

    In an attempt to reproduce and study the dynamics of financial markets, a random agent-based financial price model is developed and investigated by the finite-range multitype contact dynamic system, in which the interaction and dispersal of different types of investment attitudes in a stock market are imitated by viruses spreading. With different parameters of birth rates and finite-range, the normalized return series are simulated by Monte Carlo simulation method and numerical studied by power-law distribution analysis and autocorrelation analysis. To better understand the nonlinear dynamics of the return series, a q-order autocorrelation function and a multi-autocorrelation function are also defined in this work. The comparisons of statistical behaviors of return series from the agent-based model and the daily historical market returns of Shanghai Composite Index and Shenzhen Component Index indicate that the proposed model is a reasonable qualitative explanation for the price formation process of stock market systems.

  20. Numerical analysis for finite-range multitype stochastic contact financial market dynamic systems

    Energy Technology Data Exchange (ETDEWEB)

    Yang, Ge; Wang, Jun [School of Science, Beijing Jiaotong University, Beijing 100044 (China); Fang, Wen, E-mail: fangwen@bjtu.edu.cn [School of Economics and Management, Beijing Jiaotong University, Beijing 100044 (China)

    2015-04-15

    In an attempt to reproduce and study the dynamics of financial markets, a random agent-based financial price model is developed and investigated by the finite-range multitype contact dynamic system, in which the interaction and dispersal of different types of investment attitudes in a stock market are imitated by viruses spreading. With different parameters of birth rates and finite-range, the normalized return series are simulated by Monte Carlo simulation method and numerical studied by power-law distribution analysis and autocorrelation analysis. To better understand the nonlinear dynamics of the return series, a q-order autocorrelation function and a multi-autocorrelation function are also defined in this work. The comparisons of statistical behaviors of return series from the agent-based model and the daily historical market returns of Shanghai Composite Index and Shenzhen Component Index indicate that the proposed model is a reasonable qualitative explanation for the price formation process of stock market systems.

  1. Numerical analysis for finite-range multitype stochastic contact financial market dynamic systems

    Science.gov (United States)

    Yang, Ge; Wang, Jun; Fang, Wen

    2015-04-01

    In an attempt to reproduce and study the dynamics of financial markets, a random agent-based financial price model is developed and investigated by the finite-range multitype contact dynamic system, in which the interaction and dispersal of different types of investment attitudes in a stock market are imitated by viruses spreading. With different parameters of birth rates and finite-range, the normalized return series are simulated by Monte Carlo simulation method and numerical studied by power-law distribution analysis and autocorrelation analysis. To better understand the nonlinear dynamics of the return series, a q-order autocorrelation function and a multi-autocorrelation function are also defined in this work. The comparisons of statistical behaviors of return series from the agent-based model and the daily historical market returns of Shanghai Composite Index and Shenzhen Component Index indicate that the proposed model is a reasonable qualitative explanation for the price formation process of stock market systems.

  2. The Influence of Information Acquisition on the Complex Dynamics of Market Competition

    Science.gov (United States)

    Guo, Zhanbing; Ma, Junhai

    In this paper, we build a dynamical game model with three bounded rational players (firms) to study the influence of information on the complex dynamics of market competition, where useful information is about rival’s real decision. In this dynamical game model, one information-sharing team is composed of two firms, they acquire and share the information about their common competitor, however, they make their own decisions separately, where the amount of information acquired by this information-sharing team will determine the estimation accuracy about the rival’s real decision. Based on this dynamical game model and some creative 3D diagrams, the influence of the amount of information on the complex dynamics of market competition such as local dynamics, global dynamics and profits is studied. These results have significant theoretical and practical values to realize the influence of information.

  3. Beer tapping: dynamics of bubbles after impact

    Science.gov (United States)

    Mantič-Lugo, V.; Cayron, A.; Brun, P.-T.; Gallaire, F.

    2015-12-01

    Beer tapping is a well known prank where a bottle of beer is impacted from the top by a solid object, usually another bottle, leading to a sudden foam overflow. A description of the shock-driven bubble dynamics leading to foaming is presented based on an experimental and numerical study evoking the following physical picture. First, the solid impact produces a sudden downwards acceleration of the bottle creating a strong depression in the liquid bulk. The existing bubbles undergo a strong expansion and a sudden contraction ending in their collapse and fragmentation into a large amount of small bubbles. Second, the bubble clouds present a large surface area to volume ratio, enhancing the CO2 diffusion from the supersaturated liquid, hence growing rapidly and depleting the CO2. The clouds of bubbles migrate upwards in the form of plumes pulling the surrounding liquid with them and eventually resulting in the foam overflow. The sudden pressure drop that triggers the bubble dynamics with a collapse and oscillations is modelled by the Rayleigh-Plesset equation. The bubble dynamics from impact to collapse occurs over a time (tb ≃ 800 μs) much larger than the acoustic time scale of the liquid bulk (tac = 2H/c ≃ 80 μs), for the experimental container of height H = 6 cm and a speed of sound around c ≃ 1500 m/s. This scale separation, together with the comparison of numerical and experimental results, suggests that the pressure drop is controlled by two parameters: the acceleration of the container and the distance from the bubble to the free surface.

  4. Dynamics of cluster structures in a financial market network

    Science.gov (United States)

    Kocheturov, Anton; Batsyn, Mikhail; Pardalos, Panos M.

    2014-11-01

    In the course of recent fifteen years the network analysis has become a powerful tool for studying financial markets. In this work we analyze stock markets of the USA and Sweden. We study cluster structures of a market network constructed from a correlation matrix of returns of the stocks traded in each of these markets. Such cluster structures are obtained by means of the P-Median Problem (PMP) whose objective is to maximize the total correlation between a set of stocks called medians of size p and other stocks. Every cluster structure is an undirected disconnected weighted graph in which every connected component (cluster) is a star, or a tree with one central node (called a median) and several leaf nodes connected with the median by weighted edges. Our main observation is that in non-crisis periods of time cluster structures change more chaotically, while during crises they show more stable behavior and fewer changes. Thus an increasing stability of a market graph cluster structure obtained via the PMP could be used as an indicator of a coming crisis.

  5. A COMPREHENSIVE ANALYSIS OF THE MARKETING MIX COMPONENTS IMPACT ON THE QUALITY OF HEALTHCARE ACTIVITY

    OpenAIRE

    Ana Maria Bobeica

    2013-01-01

    The paper is based on a quantitative Analysis made on Romania’s healthcare market in order to quantify the impact of some key elements of the marketing mix like the Price Component, Placement, Human Resource, Product and Placement/Location and the Healthcare Quality of Services and to establish the connection between the components from the Healthcare Managers point of view.

  6. The Impact of Marketing Strategies on Craftsmen: A Case Study of Oaxaca, Mexico.

    Science.gov (United States)

    Dominguez Hernandez, Maria Luisa; Hernandez Giron, Jose de la Paz

    1996-01-01

    Interviews with 50 Mexican craftworkers and their families identified their marketing strategies and their impact on community welfare. Results confirmed the need for improving marketing knowledge and entrepreneurship and the necessity of changing attitudes to accept competition, which represents a cultural change. (SK)

  7. The Impact of Marketing Strategies on Craftsmen: A Case Study of Oaxaca, Mexico.

    Science.gov (United States)

    Dominguez Hernandez, Maria Luisa; Hernandez Giron, Jose de la Paz

    1996-01-01

    Interviews with 50 Mexican craftworkers and their families identified their marketing strategies and their impact on community welfare. Results confirmed the need for improving marketing knowledge and entrepreneurship and the necessity of changing attitudes to accept competition, which represents a cultural change. (SK)

  8. Granular Impact Dynamics: Acoustics and Fluctuations

    CERN Document Server

    Clark, Abram H

    2012-01-01

    In the corresponding fluid dynamics video, created for the APS DFD 2012 Gallery of Fluid Motion, we show high-speed videos of 2D granular impact experiments, where an intruder strikes a collection of bidisperse photoelastic disks from above. We discuss the force beneath the intruder, which is strongly fluctuating in space and time. These fluctuations correspond to acoustic pulses which propagate into the medium. Analysis shows that this process, in our experiments, is dominated by collisions with grain clusters. The energy from these collisions is carried into the granular medium along networks of grains, where is it dissipated.

  9. Market power versus capital structure determinants: Do they impact leverage?

    Directory of Open Access Journals (Sweden)

    Agha Jahanzeb

    2015-12-01

    Full Text Available The purpose of this study is to investigate the association between market power and capital structure. This study will further provide a logical explanation towards the factors affecting capital structure. This study analysed 176 non-financial Pakistani companies listed on Karachi Stock Exchange over the period of 2003–2012. Capital structure has been tried to investigate with a different perspective by investigating its association with market power. It has been seen that there is a significant and positive relation between market power and capital structure. Size and liquidity remained significantly negative with capital structure, whereas profitability and dividend payout remained significantly positive with capital structure. To the best of authors’ knowledge, this is the first study that investigates the relationship between market power and capital structure in any developing economy by employing the data of non-financial Pakistani firms.

  10. The Development and Impact of Marketing Capabilities in Central Europe

    OpenAIRE

    John Fahy; Graham Hooley; Tony Cox; Jozsef Beracs; Krzysztof Fonfara; Boris Snoj

    2000-01-01

    The industrial organisation and evolutionary economics traditions in international business and the resource-based view of the firm in strategic management provide a rich and related set of perspectives on the question of performance in an international environment. This paper draws on these perspectives to examine the nature of marketing capabilities across a range of firm types in Hungary, Poland and Slovenia. A number of key strategic capabilities are examined including market orientation,...

  11. The Impact of Brand Awareness on Companies` Marketing Strategies

    OpenAIRE

    Alexandra Zaif

    2016-01-01

    Within this paper,we will try to emphasize the importance of brand awareness and its significant role in brand-building,discussing how companies implementing brand-awareness marketing strategies will have a substantial role in creating brand image,strenghten brand equity and increase profitability . Firstly,we will conduct an empirical research based on previous published literature concerning brand awareness and will discuss the effectiveness of marketing strategies that incorporate ...

  12. European Sugar MarketImpact of Quota System

    Directory of Open Access Journals (Sweden)

    Irena Benešová

    2015-01-01

    Full Text Available The European agricultural market has been criticized for its heavy regulations and subsidization. The sugar market is one of the most regulated ones; however, this will change radically in 2017 when the current system of production quotas will end. The aim of this paper is to present the basic characteristics of the EU quota sugar market. The analysis identifies the main drivers of EU sugar market and their position within the EU sugar market. The paper identifies especially those drivers/companies/alliances which take control over the EU sugar production realized under the quota production system. The paper also highlights the level of EU sugar market concentration and also identifies those countries and companies which are the main leaders in the sugar production area realized under the quota system. Based on the results deriving from the paper, it is possible to characterize the EU sugar market as a heavily concentrated one – nearly 75% (10 mil. tonnes of the quota is controlled by five multinational companies only; these companies are operating more than 50% of all the available sugar plants located in the EU. These multinational alliances are also in control of the production capacities of their subsidiaries. In most countries, this causes serious problems as the given quota is controlled by one or two producers only. The EU sugar market is extremely concentrated especially if we take into consideration the location of each alliance’s headquarters. The majority of production capacities are under (the control of especially German and French companies. These two countries are also the main beneficiaries in relation to the EU sugar production quota system.

  13. Advanced Modeling of Renewable Energy Market Dynamics: May 2006

    Energy Technology Data Exchange (ETDEWEB)

    Evans, M.; Little, R.; Lloyd, K.; Malikov, G.; Passolt, G.; Arent, D.; Swezey, B.; Mosey, G.

    2007-08-01

    This report documents a year-long academic project, presenting selected techniques for analysis of market growth, penetration, and forecasting applicable to renewable energy technologies. Existing mathematical models were modified to incorporate the effects of fiscal policies and were evaluated using available data. The modifications were made based on research and classification of current mathematical models used for predicting market penetration. An analysis of the results was carried out, based on available data. MATLAB versions of existing and new models were developed for research and policy analysis.

  14. Multiple equilibrium overnight rates in a dynamic interbank market game

    OpenAIRE

    Tapking, Jens

    2003-01-01

    We analyse a two period model of the interbank market, i.e. the market at which banks trade liquidity. We assume that banks do not take the inter- bank interest rate as given, but multilaterally negotiate on interest rates and transaction volumes. The solution concept applied is the Shapley value. We show that there is a multiplicity of average equilibrium interest rates of the first period so that the average interest rate in this period does not convey any information on the expected liquid...

  15. Commercial Capabilities and Entrepreneurial Value Capturing in Dynamic Maritime Markets

    DEFF Research Database (Denmark)

    Sløk-Madsen, Stefan Kirkegaard

    This paper develops and tests a theory of entrepreneurial value capturing in maritime markets. The framework is argued to be applicable in all maritime fields and other fields with similar attributes but is specifically tested on Oil Service companies operating in the North Sea region...... market process view; building on Kirznerian alertness, Hayekian capital heterogeneity, and Knightian uncertainty. The theory helps explain value capturing from a firm perspective but also subsequent new firm creation or value loss. The model is tested and relevant managerial implications, as well...

  16. Investigation of Socially Responsible Investment Markets (SRI Using Dynamic Conditional Correlation (DCC Method: Implications for Diversification

    Directory of Open Access Journals (Sweden)

    Gurudeo Anand Tularam

    2010-01-01

    Full Text Available Problem statement: Over the last ten years there has been a phenomenal growth in the amount of funds placed in SRI globally estimated to be around US$6.5 trillion while around US$55 billion in the Australian market. Accurate knowledge of correlation of the Australian SRI market with other SRI markets overseas is crucially important for Australian (SRI investors for international portfolio diversification since portfolio diversification theory posits that the lower (higher the correlation between markets, the higher (lower the gains to be made. The study examines the relationship of the Australian SRI market with fourteen other markets-Canada, Denmark, France, Germany, Hong Kong, Ireland, Japan, Netherlands, Norway, South Africa, Sweden, Switzerland, United Kingdom and the United States. Approach: The relationships of the Australian Socially Responsible Investment (SRI market with other SRI markets worldwide during the period 1994-2009 are examined based on the dynamic conditional correlation multivariate GARCH model (DCCMVGarch. In the DCC method, the multivariate conditional variance estimation is simplified by estimating univariate GARCH models for each market. Using the transformed residuals resulting from the first stage, the authors can estimate a conditional correlation estimator. The standard errors for the first stage parameters remain while the standard errors for the correlation parameters are modified. Results: Our results showed that the Australian market experienced a surge in correlation with all other markets during the global financial crisis. During the period of study, the correlation of Australia with Canada, Denmark, Norway and the United Kingdom increased over time while its correlation with other countries remained stationary. This implies that the Australian SRI market is becoming more integrated with those of Canada, Denmark, Norway and the United Kingdom. Therefore, these overseas markets provide less

  17. On-the-job Search and the Cyclical Dynamics of the Labor Market

    NARCIS (Netherlands)

    Krause, M.U.; Lubik, T.A.

    2004-01-01

    We develop a dynamic general equilibrium model where workers can engage in search while on the job.We show that on-the-job search is a key component in explaining labor market dynamics in models of equilibrium unemployment.The model predicts fluctuations of unemployment, vacancies, and labor

  18. On-the-job Search and the Cyclical Dynamics of the Labor Market

    NARCIS (Netherlands)

    Krause, M.U.; Lubik, T.A.

    2004-01-01

    We develop a dynamic general equilibrium model where workers can engage in search while on the job.We show that on-the-job search is a key component in explaining labor market dynamics in models of equilibrium unemployment.The model predicts fluctuations of unemployment, vacancies, and labor product

  19. A unifying energy-based approach to stability of power grids with market dynamics

    NARCIS (Netherlands)

    Stegink, Tjerk; De Persis, Claudio; van der Schaft, Arjan

    2016-01-01

    In this paper a unifying energy-based approach is provided to the modeling and stability analysis of power systems coupled with market dynamics. We consider a standard model of the power network with a third-order model for the synchronous generators involving voltage dynamics. By applying the prima

  20. Modeling a Dynamic Portfolio for Pension Plans in Emerging Markets With Myopic and Nonmyopic Behavior

    DEFF Research Database (Denmark)

    Pimentel, Livia F.; Santiago, Leonardo

    2015-01-01

    We introduce a dynamic formulation for the problem of portfolio selection of pension funds in the absence of a risk-free asset. In emerging markets, a risk-free asset might be unavailable, and the approaches commonly used may no longer be suitable. We use a parametric approach to combine dynamic...

  1. THE AVIAN FLU IMPACT ON THE ROMANIAN POULTRY MARKET

    Directory of Open Access Journals (Sweden)

    Silvius Stanciu

    2015-05-01

    Full Text Available Poultry meat represents one of the most dynamic branches of the local meat production. The poultry sector represents a good quality protein source, at an acceptable price as compared to other animal production domains. There has been an ascending evolution of the sector after the year 2000, although there appeared a series of discontinuities that affected agricultural production, mainly on a short-term basis. The Avian Flu led to 190 million euros’ worth losses at the level of Romanian national economy. Low consumption due to the impact was a short-term consequence, being rapidly amortized by the Romanian producers. The lack of some business continuity insurance measures can further affect the poultry meat sector, which does not have the necessary robustness needed in case of larger shocks. The following article proposes an analysis of the Avian Flu crisis economic effects on the Romanian meat sector, and it is part of a general framework of research regarding the Romanian food chain resilience to critical situations.

  2. Making real options credible: Incomplete markets, dynamics and model ambiguity

    NARCIS (Netherlands)

    Zhao, L.

    2016-01-01

    Investment decisions in the energy industry are often undertaken sequentially and are sensitive to information regarding energy markets and geographic conditions. Information may arrive gradually over time and as a consequence of early stage decisions. Therefore, NPV-based frameworks are unsuitable

  3. Effects of social networks on innovation diffusion and marketing dynamics

    NARCIS (Netherlands)

    Delre, Sebastiano Alessio

    2007-01-01

    The main goal of this thesis is to incorporate part of the flourishing literature on network structures in a marketing context. Most of the results we have obtained and presented generate several implications. First of all we hope that the reader, after going through these chapters is convinced that

  4. Effects of social networks on innovation diffusion and marketing dynamics

    NARCIS (Netherlands)

    Delre, Sebastiano Alessio

    2007-01-01

    The main goal of this thesis is to incorporate part of the flourishing literature on network structures in a marketing context. Most of the results we have obtained and presented generate several implications. First of all we hope that the reader, after going through these chapters is convinced that

  5. Enterprise marketing potential modeling taking into account optimizing and dynamic essence of the potential

    Directory of Open Access Journals (Sweden)

    Potrashkova Lyudmyla Vladimirovna

    2014-12-01

    Full Text Available The aim of the article. The aim of the research is to develop models system concerning b2b-enterprise marketing potential result-based estimation, which will consider enterprise potential optimizing essence, its hierarchic structure (i.e. strategic, tactic and operative potential levels and marketing resources dynamics. The results of the analysis. The simulation and optimization models system of the b2b-enterprise marketing potential estimation is suggested. The suggested models system is based on the following theoretical grounds: 1 enterprise marketing potential is interpreted as enterprise ability to satisfy consumers’ needs and to get maximum economic benefits from it; 2 the result-based estimation of the enterprise marketing potential is set of the best results (profit from sales, which sales and marketing enterprise subsystem may achieve in the prognosticative period in the view of environmental conditions variants. The suggested system unites models to estimate three managerial levels of the marketing potential (operative, tactic and strategic, which are different from each other by: the set of the given managerial decisions; the set of the changeable managerial decisions; descriptions of the environment parameters; specification of the resources featured describing. Model of each marketing potential level has the following constituents: - objective function, which is the sum of profit from production realization during the whole prognosticative period; - model of the constrained optimization, oriented to define maximum possible profit value from production realization in each elementary period with given marketing resources features values, environmental parameters and marketing complex parameters; - model of the enterprise marketing resources dynamics. Developed models system belongs to the simulation class, because search of the optimal decisions there is conducted with method concerning controllable parameters alternative variants

  6. Dynamic Correlation between Stock Market Returns and Crude Oil Prices: Evidence from a Developing Economy

    Directory of Open Access Journals (Sweden)

    Emenike O. Kalu

    2015-10-01

    Full Text Available Normal 0 false false false EN-US X-NONE X-NONE Modeling the correlation of assets returns volatilities across different markets or segments of a market has practical value for portfolio selection and diversification, market regulation, and risk management. This paper therefore evaluates the nature of time-varying correlation between volatilities of stock market and crude oil returns in Nigeria using Dynamic Conditional Correlation-Generalised Autoregressive Conditional Heteroscedasticity (DCC-GARCH model. Results from DCC-GARCH (1,1 model show evidence of volatility clustering and persistence in Nigeria stock market and crude oil returns. The results also show that there is no dynamic conditional correlation in ARCH effects between stock market returns and crude oil prices in Nigeria. The results further show that there is strong evidence of time-varying volatility correlation between stock market and crude oil returns volatility. The findings will help shape policy-making in risk management and market regulation in Nigeria.

  7. General Impact Of A Single Market - Albania Goes Digital

    Directory of Open Access Journals (Sweden)

    Nikollaq Pano

    2015-08-01

    Full Text Available Although Brexit did trigger some discussion about the European Single Market future The Commission strategy for an area without internal frontiers in which the free movement of goods persons services and capital is ensured remains the same and increasingly attracts the attention and interest of policy makers and researchers. The digital single market a recent concept developed in the context of the European Union goes beyond the Cloud computing IoT and Big Data that are present-day words frequently mentioned in country strategies. The aim of coming together into a single market is to maximise the benefits of technology while simultaneously preserving values we hold timeless. Expanding this concept and considering the configuration of a digital market in Albania is the underpinning of this paper. Goods and services provided on-line will grant a better access and improved service to the benefit of customers under conditions of fair competition and a high level of consumer and personal data protection. A single platform necessarily digital can incorporate the banking industrial education investment markets and contribute to their unification. This first step of placing the idea should be followed by considering components like digital infrastructure development digitally educated people collaborative economy and others. There is a vision for the country development with no timeline yet above and beyond the brainstorming approach.

  8. The impact of foreign investors on the Serbian stock market

    Directory of Open Access Journals (Sweden)

    Rakočević Rade

    2016-01-01

    Full Text Available Frontier markets, such as Serbia, which are at the early stages of development, are characterized by very low level of solvency, absence of corporate management rules and reports to the public, insufficiently developed regulations, as well as significant participation of foreign portfolio investors in the exchange. Those are usually foreign investment funds specialized in risky investments at such markets; they apply the principle of geographic portfolio diversification in their investment policy. At the Belgrade Stock Exchange, foreign investors have been present at the stock market since 2002 and they participated in high volumes in stock buying during the stock market growth in the period from 2002 to 2007, whereas during the crisis at the Serbian capital market from 2008 to 2010 there was a significant increase in foreign investors' participation on the selling side and a withdrawal from the Belgrade Stock Exchange. Such behavior of foreign investors was initially prompted by local factors, but was intensified by the global financial crisis and will be analyzed in this paper.

  9. Cultural marketing in Europe and its impact on literature. Case study: Sylvia Plath

    Directory of Open Access Journals (Sweden)

    C. Pipoş

    2013-06-01

    Full Text Available The present article aims to discuss the impact of marketing techniques on culture. Nowadays, not only goods are sold but ideas, images, feelings become available for trading. Still, it is not easy for culture to compete against other fields and sell its goods. As it is, cultural marketing is promoting all that is related to verbal communication, culture and arts. In order to understand the impact of marketing in the 20th century on culture we chose one of the poets that understood the importance of creating a cultural product that sells – Sylvia Plath and studied her beliefs on selling art.

  10. CITY MARKETING AND ITS IMPACT OVER URBAN TOURISM – SIBIU EUROPEAN CAPITAL OF CULTURE 2007 - A SUCCESS STORY

    Directory of Open Access Journals (Sweden)

    ELENA LIDIA ALEXA

    2011-04-01

    Full Text Available In the past years tourism has become the fastest-growing economic sector, both in terms of turnover and the opportunity to create jobs. In this context, it begun to be one of the activities with an important potential and, in the same time, a challenge for the development of urban centers which find themselves forced to redefine their identity, due to the decrease of other types of industries under the impact of the global economic crisis and the economic reset. After analyzing the main indicators of the touristic activity in the urban area, it is noticeable that cities have an important percentage in the overall touristic circulation. The future development of this form of tourism is, however, conditioned by the assimilation in the urban management process of marketing strategies meant to allow the development of touristic functions in the main urban localities and of touristic programs designed to bring added value to the cultural attractions for large and small cities alike. Urban marketing comes, in this case, as a natural response to the requirements of the city to better answer the market’s needs and to adjust to the dynamics of the tourist market. The present article aims to analyze the different urban marketing strategies used by urban centers interested in attracting important tourist flows and their impact over their future development, based on the Sibiu case after implementing the “Sibiu - European Capital of Culture” Programme in 2007.

  11. Emissions impacts of wind and energy storage in a market environment.

    Science.gov (United States)

    Sioshansi, Ramteen

    2011-12-15

    This study examines the emissions impacts of adding wind and energy storage to a market-based electric power system. Using Texas as a case study, we demonstrate that market power can greatly effect the emissions benefits of wind, due to most of the coal-fired generation being owned by the two dominant firms. Wind tends to have less emissions benefits when generators exercise market power, since coal-fired generation is withheld from the market and wind displaces natural gas-fired generators. We also show that storage can have greater negative emissions impacts in the presence of wind than if only storage is added to the system. This is due to wind increasing on- and off-peak electricity price differences, which increases the amount that storage and coal-fired generation are used. We demonstrate that this effect is exacerbated by market power.

  12. Marketing.

    Science.gov (United States)

    Chambers, David W

    2010-01-01

    There is not enough marketing of dentistry; but there certainly is too much selling of poor quality service that is being passed off as dentistry. The marketing concept makes the patient and the patients' needs the ultimate criteria of marketing efforts. Myths and good practices for effective marketing that will promote oral health are described under the traditional four "Ps" categories of "product" (best dental care), "place" (availability), "promotion" (advertising and other forms of making patients aware of available services and how to use them), and "price" (the total cost to patients of receiving care).

  13. Impact of Germany's energy transition on the Nordic power market – A market-based multi-region energy system model

    DEFF Research Database (Denmark)

    Zakeri, Behnam; Virasjoki, Vilma; Syri, Sanna

    2016-01-01

    The EU energy policy aims at creating a single European electricity market through market couplings and grid expansions. To analyse the implications of such power market couplings, we propose a market-based multi-region energy system model. The model simulates a multi-region power market (by...... applying market optimization and network theory), with detailed representation of each region as an energy system (by simulation of both heat and power sectors). We examine the impact of further integration of variable renewable energy (VRE) in Germany on the Nordic power market. The results indicate...... that the average electricity price slightly grows in the Nordic power market after Germany's Energy Transition (Energiewende). Hence, the economic surplus of Nordic consumers diminishes while Nordic producers improve their gain under new market conditions. Considering the gird congestion income, the overall system...

  14. Comparative analysis of the impacts of marketing instruments on the organic market in Austria, the United Kingdom and Germany

    OpenAIRE

    Zenner, S.; Foster, C; Padel, S.; Wirthgen, B.

    2000-01-01

    Conclusions: This paper provides a comparative analysis of the impacts of the marketing instruments: The price-level can be identified as an important factor for further development. To promote sustained consumer demand, the premium price-level should be closer to the conventional price, although consumers are willing to pay some premium. Organic produce is associated with healthy food, which may appeal to consumers interested in healthy nutrition. Nevertheless, producers, processors and ...

  15. THE IMPACT OF BEHAVIORAL FINANCE ON STOCK MARKETS

    Directory of Open Access Journals (Sweden)

    FELICIA RAMONA BIRĂU

    2012-09-01

    Full Text Available This article presents a new approach in the analysis of capital markets, namely behavioral finance. Behavioralfinance is the study of the influence of the psychological factors on financial markets evolution. Financial investors arepeople with a very varied number of deviations from rational behaviour, which is the reason why there is a variety ofeffects, which explain market anomalies. Classical finance assumes that investors are rational and they are focused toselect an efficient portfolio, which means including a combination of asset classes chosen in such a manner as toachieve the greatest possible returns over the long term, under the terms of a tolerable level of risk. Behavioral financeparadigm suggests that investment decision is influenced in a large proportion by psychological and emotional factors.

  16. The dynamics of skill mismatches in the Dutch labour market

    NARCIS (Netherlands)

    Groot, Wim; Maassen van den Brink, Henriette

    2003-01-01

    We use two waves of a Dutch longitudinal survey to analyze the dynamics of overeducation. It is found that the dynamics in overeducation are high. Only a small fraction of workers are long-term overeducated. Job to job mobility seems to act as a way out of overeducation, internal mobility within the

  17. The Impact of the Asian Crisis on International Financial Markets

    Directory of Open Access Journals (Sweden)

    Sang-Uck Loh

    1998-12-01

    Full Text Available Among the influences of the Asian financial crisis on the international market and its monetary policy and situation, the sharp backwash of the international private capital which has been continually related to the emerging market since the early 1990s is considered as the most important one. Though this trend is partly the result of the internal causes of the emerging countries, such as the inflexible policy of the exchange rate, the accumulation of the frequent income and expenses deficit and the stagnation of the economy in the countries hit by the Asian economic crisis, the unstable internal structure of the application system of the international monetary market probably also brought a tremendous influence. This thesis takes a look at the situation and is directed towards the direction and scale of the future international capital based on the studies of the unsteady factors of the structure of the economic market, which appeared in the period of the Asian economic crisis. After the moratorium of Russia, the liquidity of the international private capital in the international monetary market became various with the implement of the policy which lowered the exchange rate under the cooperation of the developed countries. Meanwhile, the Asian countries strived to establish the structure of enterprises and financial department in a full speed and with a high intensity after the economic crisis. So it is believed that they were fully qualified to enter the emerging market, and would be again in case of need. As the international investors experienced the Asian economic crisis, they faced and estimated the risk of investing into the emerging markets again. As the case stands, the strengthened joint of finance and trade among countries lead to a higher risk of the possibility that the crisis of one country expands to a worldwide crisis. So it is predicted that the inflow of the capital to the emerging market will be in a gradual way. The selection

  18. National customer satisfaction indices: The impact of market structure

    DEFF Research Database (Denmark)

    Eskildsen, Jacob Kjær; Kristensen, Kai

    The popularity of customer satisfaction measurements has grown considerably over the last few years but we know very little about how the structure of the individual markets with respect to the transparency of products and services as well as consumer preferences affects customer satisfaction. Here...... a total of 14540 customers have evaluated their preferred supplier with respect to banking, property insurance, supermarkets and mobile telecom. The analysis shows that market structure has a profound effect on customer satisfaction measurements and that this effect differs from industry to industry....... The paper concludes with an evaluation of the implications of the findings in relation to the use of results from customer satisfaction studies....

  19. National customer satisfaction indices: The impact of market structure

    DEFF Research Database (Denmark)

    Eskildsen, Jacob Kjær; Kristensen, Kai

    The popularity of customer satisfaction measurements has grown considerably over the last few years but we know very little about how the structure of the individual markets with respect to the transparency of products and services as well as consumer preferences affects customer satisfaction. Here...... a total of 14540 customers have evaluated their preferred supplier with respect to banking, property insurance, supermarkets and mobile telecom. The analysis shows that market structure has a profound effect on customer satisfaction measurements and that this effect differs from industry to industry....... The paper concludes with an evaluation of the implications of the findings in relation to the use of results from customer satisfaction studies....

  20. Impact of social marketing in the prevention of childhood obesity.

    Science.gov (United States)

    Gracia-Marco, Luis; Moreno, Luis A; Vicente-Rodríguez, Germán

    2012-07-01

    Obesity, mainly childhood obesity, is a worldwide concern. Childhood obesity continues to adulthood, and it is associated with multiple noncommunicable diseases. One important aspect in the fight against obesity is prevention, the earlier, the better. Social marketing is a novel concept being increasingly used as an approach to address social problems and more and more included in the community-based interventions aiming to change unhealthy behaviors. Although there is limited evidence of its effectiveness, it seems that when conscientiously applied, social marketing principles may be useful to change behaviors and thus better health outcomes.

  1. IMPACT OF GLOBAL RETAILERS ON REGIONAL MARKET PARTICIPANTS

    Directory of Open Access Journals (Sweden)

    A. A. Evtyugina

    2010-06-01

    Full Text Available The given article is focused on a topical subject of global trade networks and the current trends of their development on a regional retail market. The authors believe that deep integration of international networks in the regions significantly increases the competition among network operators in the trade sector and creates a certain challenge for Russian retailers, and require introduction of innovative management techniques, automation of operational processes, expansion of assortment, better service, lower prices, etc. Research and assessment of the parameters given in the article help verifying an effect of international networks on the development process of regional market participants.

  2. The Impact of Wind Power on European Natural Gas Markets

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    2012-09-06

    Due to its clean burning properties, low investment costs and flexibility in production, natural gas is often put forward as the ideal partner fuel for wind power and other renewable sources of electricity generation with strongly variable output. This working paper examines three vital questions associated with this premise: 1) Is natural gas indeed the best partner fuel for wind power? 2) If so, to what extent will an increasing market share of wind power in European electricity generation affect demand for natural gas in the power sector? and 3) Considering the existing European natural gas markets, is natural gas capable of fulfilling this role of partner for renewable sources of electricity?.

  3. Empirical investigation of stock price dynamics in an emerging market

    Science.gov (United States)

    Palágyi, Zoltán; Mantegna, Rosario N.

    1999-07-01

    We study the development of an emerging market - the Budapest Stock Exchange - by investigating the time evolution of some statistical properties of heavily traded stocks. Moving quarter by quarter over a period of two and a half years we analyze the scaling properties of the standard deviation of intra-day log-price changes. We observe scaling using both seconds and ticks as units of time. For the investigated stocks a Levy shape is a good approximation to the probability density function of tick-by-tick log-price changes in each quarter: the index of the distribution follows an increasing trend, suggesting it could be used as a measure of market efficiency.

  4. Systemic risk and causality dynamics of the world international shipping market

    Science.gov (United States)

    Zhang, Xin; Podobnik, Boris; Kenett, Dror Y.; Eugene Stanley, H.

    2014-12-01

    Various studies have reported that many economic systems have been exhibiting an increase in the correlation between different market sectors, a factor that exacerbates the level of systemic risk. We measure this systemic risk of three major world shipping markets, (i) the new ship market, (ii) the second-hand ship market, and (iii) the freight market, as well as the shipping stock market. Based on correlation networks during three time periods, that prior to the financial crisis, during the crisis, and after the crisis, minimal spanning trees (MSTs) and hierarchical trees (HTs) both exhibit complex dynamics, i.e., different market sectors tend to be more closely linked during financial crisis. Brownian distance correlation and Granger causality test both can be used to explore the directional interconnectedness of market sectors, while Brownian distance correlation captures more dependent relationships, which are not observed in the Granger causality test. These two measures can also identify and quantify market regression periods, implying that they contain predictive power for the current crisis.

  5. The need for speed: informed land acquisitions for conservation in a dynamic property market.

    Science.gov (United States)

    McDonald-Madden, Eve; Bode, Michael; Game, Edward T; Grantham, Hedley; Possingham, Hugh P

    2008-11-01

    Land acquisition is a common approach to biodiversity conservation but is typically subject to property availability on the public market. Consequently, conservation plans are often unable to be implemented as intended. When properties come on the market, conservation agencies must make a choice: purchase immediately, often without a detailed knowledge of its biodiversity value; survey the parcel and accept the risk that it may be removed from the market during this process; or not purchase and hope a better parcel comes on the market at a later date. We describe both an optimal method, using stochastic dynamic programming, and a simple rule of thumb for making such decisions. The solutions to this problem illustrate how optimal conservation is necessarily dynamic and requires explicit consideration of both the time period allowed for implementation and the availability of properties.

  6. Asset price dynamics in a financial market with heterogeneous trading strategies and time delays

    Science.gov (United States)

    Sansone, Alessandro; Garofalo, Giuseppe

    2007-08-01

    In this paper we present a continuous time dynamical model of heterogeneous agents interacting in a financial market where transactions are cleared by a market maker. The market is composed of fundamentalist, trend following and contrarian agents who process market information with different time delays. Each class of investors is characterized by path dependent risk aversion. We also allow for the possibility of evolutionary switching between trend following and contrarian strategies. We find that the system shows periodic, quasi-periodic and chaotic dynamics as well as synchronization between technical traders. Furthermore, the model is able to generate time series of returns that exhibit statistical properties similar to those of the S&P 500 index, which is characterized by excess kurtosis, volatility clustering and long memory.

  7. Analysis of the impact of imbalance settlement design on market behaviour in electricity balancing markets

    NARCIS (Netherlands)

    Van der Veen, R.A.C.; Abbasy, A.; Hakvoort, R.A.

    2010-01-01

    The imbalance settlement design is the part of an electricity balancing market design that stimulates so-called Balance Responsible Parties (BRPs) to balance their electricity production and consumption portfolio and to stick to their energy schedules by penalizing any deviations from these schedule

  8. Marketing communication expenditures and financial capital—the impact of marketing as an option

    NARCIS (Netherlands)

    Hodgson, V.L.; Hodgson, A.

    2008-01-01

    This paper examines the financial effectiveness of marketing communication expenditure (MCE) as an instrument to increase risk-weighted capital. We nest a cross-sectional time-series panel model within the risk-adjusted earnings principles of Ohlson (1995), and apply the model to a dataset of NSW

  9. Marketing communication expenditures and financial capital—the impact of marketing as an option

    NARCIS (Netherlands)

    Hodgson, V.L.; Hodgson, A.

    2008-01-01

    This paper examines the financial effectiveness of marketing communication expenditure (MCE) as an instrument to increase risk-weighted capital. We nest a cross-sectional time-series panel model within the risk-adjusted earnings principles of Ohlson (1995), and apply the model to a dataset of NSW cr

  10. Forest insurance market participants’ game behavior in China: an analysis based on tripartite dynamic game model

    OpenAIRE

    Ning Ma; Yang Zuo; Kaili Liu; Yue Qi

    2015-01-01

    Purpose: In forest insurance market, there are three main participants including the insurance company, the forest farmer and the government. As different participant has different benefit object, there will be a complex and dynamic game relationship among all participants. The purpose of this paper is to make the game relationship among all participants in forest insurance market clear, and then to put forward some policy suggestions on the implementation of forest insurance from the view of...

  11. How Will Online Affiliate Marketing Networks Impact Search Engine Rankings?

    NARCIS (Netherlands)

    D. Janssen (David); H.W.G.M. van Heck (Eric)

    2007-01-01

    textabstractIn online affiliate marketing networks advertising web sites offer their affiliates revenues based on provided web site traffic and associated leads and sales. Advertising web sites can have a network of thousands of affiliates providing them with web site traffic through hyperlinks on t

  12. LNG : its potential impact on North American markets

    Energy Technology Data Exchange (ETDEWEB)

    Schlesinger, B. [Benjamin Schlesinger and Associates Inc., Bethesda, MD (United States)

    2003-07-01

    Liquefied natural gas (LNG) is expected to play a greater role in North American gas supplies and markets due to the decrease in conventional natural gas production in North America accompanied by an increase in demand for energy. It is expected that the overall share of the LNG gas market will rise from about 1.4 per cent in 2002 to more than 5 per cent by 2020, and potentially up to 15 per cent by that year. The construction of at least 15 new LNG receiving terminals has been proposed for location in the U.S., Canada, and Mexico. In addition, El Paso has proposed a novel offshore LNG receiving concept involving offshore gas pipelines and on-board-ship regasification. As trading of LNG increases in the Atlantic, markets in eastern United States and Canada will benefit from improved gas supplies, but pricing patterns are expected to change. Basis differentials along the Atlantic coastline will probably diminish, potentially reducing the value of Sable Island gas and the pipeline system that runs north to south along the eastern coast of North America. It was noted that Middle Eastern suppliers of LNG will play an important potential role in North American markets. 19 figs.

  13. Impact of Global Financial Crisis on Nigerian Stock Market

    African Journals Online (AJOL)

    DrNneka

    Key words: Global financial crisis, Nigerian stock market, currency crisis, credit crisis, liquidity .... equities, which had opened on January 1st, 2008, at N10.18tn and later appreciated to. N12,39 tn ... The exchange rate has been volatile since the crisis ensued. ..... Global financial crisis: causes, emerging trends and strategy.

  14. The impact of microgeneration upon the Dutch balancing market

    NARCIS (Netherlands)

    Van der Veen, R.A.C.; De Vries, L.J.

    2009-01-01

    The share of microgeneration (power generation at the level of households and small businesses) in the Dutch electricity system continues to grow. Over time, this development may pose a threat to the reliability and efficiency of the Dutch electricity balancing market. We investigated possible chang

  15. Native Internal Migration and the Labor Market Impact of Immigration

    Science.gov (United States)

    Borjas, George J.

    2006-01-01

    This paper presents a theoretical and empirical study of how immigration influences the joint determination of the wage structure and internal migration behavior for native-born workers in local labor markets. Using data from the 1960-2000 decennial censuses, the study shows that immigration is associated with lower in-migration rates, higher…

  16. Newspaper Advertising Impact in Non-Metropolitan Markets.

    Science.gov (United States)

    Lynn, Jerry R.

    A telephone survey of 1,487 adults in 91 nonmetropolitan areas of Tennessee was conducted to determine the nonmetropolitan newspaper audience, the exposure and effectiveness of nonmetro newspaper advertising, and the complementary relationship of advertising media, particularly newspapers and television, in nonmetropolitan markets. The results…

  17. Native Internal Migration and the Labor Market Impact of Immigration

    Science.gov (United States)

    Borjas, George J.

    2006-01-01

    This paper presents a theoretical and empirical study of how immigration influences the joint determination of the wage structure and internal migration behavior for native-born workers in local labor markets. Using data from the 1960-2000 decennial censuses, the study shows that immigration is associated with lower in-migration rates, higher…

  18. Newspaper Advertising Impact in Non-Metropolitan Markets.

    Science.gov (United States)

    Lynn, Jerry R.

    A telephone survey of 1,487 adults in 91 nonmetropolitan areas of Tennessee was conducted to determine the nonmetropolitan newspaper audience, the exposure and effectiveness of nonmetro newspaper advertising, and the complementary relationship of advertising media, particularly newspapers and television, in nonmetropolitan markets. The results…

  19. THE IMPACT OF MARKETING EXPERIMENTS ON THE RELATIONSHIP BETWEEN SOFTWARE PRODUCERS AND THEIR RETAILERS

    Directory of Open Access Journals (Sweden)

    HERȚANU ANDREEA

    2013-07-01

    Full Text Available This paper presents the results of a marketing experiment done on the Romanian software market. The main purpose of this research is to determine how the marketing campaigns of software manufacturers can influence the decisions of software retailers. Through this marketing experimental research an evaluation and an analysis of the impact that marketing policies of software companies have on the retailers from all over the country is made. Three different marketing campaigns were proposed to three groups of software vendors from the most important cities of the country. The total number of software retailers included in this experiment is of 45, and the marketing campaigns proposed by the authors in this experiment refer to the Microsoft brand. Promotion strategies such as: sales promotion by encouraging sales force and promotional pricing or even the policy of partner relationship management have a great impact on three aspects regarding software retailers: loyalty, purchase and resale intention and attitude towards a brand. The results of the experiment show a high interest for the strategy of promotional pricing. The representatives of the software vendors have a positive orientation towards sales promotion by encouraging sales force. Regarding the influences of the manipulations used in the experiment, the greatest impact on the loyalty of the software vendors it has the strategy of promotional pricing. Also the policy of sales promotion by encouraging sales force has the biggest impact on the purchase and sale intention of the software retailers. All three manipulations have also an impact on the attitude towards a brand of the vendors, but the differences are too small to determine which of the proposed stimuli has a greater impact on this aspect. The results of the experiment may help and could have a great influence on the future marketing decisions of manufacturers regarding the strategies and marketing policies used on the Romanian

  20. A Theory for Market Impact: How Order Flow Affects Stock Price

    Science.gov (United States)

    Gerig, Austin

    2008-04-01

    It is known that the impact of transactions on stock price (market impact) is a concave function of the size of the order, but there exists little quantitative theory that suggests why this is so. I develop a quantitative theory for the market impact of hidden orders (orders that reflect the true intention of buying and selling) that matches the empirically measured result and that reproduces some of the non-trivial and universal properties of stock returns (returns are percent changes in stock price). The theory is based on a simple premise, that the stock market can be modeled in a mechanical way - as a device that translates order flow into an uncorrelated price stream. Given that order flow is highly autocorrelated, this premise requires that market impact (1) depends on past order flow and (2) is asymmetric for buying and selling. I derive the specific form for the dependence in (1) by assuming that current liquidity responds to information about all currently active hidden orders (liquidity is a measure of the price response to a transaction of a given size). This produces an equation that suggests market impact should scale logarithmically with total order size. Using data from the London Stock Exchange I empirically measure market impact and show that the result matches the theory. Also using empirical data, I qualitatively specify the asymmetry of (2). Putting all results together, I form a model for market impact that reproduces three universal properties of stock returns - that returns are uncorrelated, that returns are distributed with a power law tail, and that the magnitude of returns is highly autocorrelated (also known as clustered volatility).

  1. Dynamic evolution of cross-correlations in the Chinese stock market.

    Science.gov (United States)

    Ren, Fei; Zhou, Wei-Xing

    2014-01-01

    The analysis of cross-correlations is extensively applied for the understanding of interconnections in stock markets and the portfolio risk estimation. Current studies of correlations in Chinese market mainly focus on the static correlations between return series, and this calls for an urgent need to investigate their dynamic correlations. Our study aims to reveal the dynamic evolution of cross-correlations in the Chinese stock market, and offer an exact interpretation for the evolution behavior. The correlation matrices constructed from the return series of 367 A-share stocks traded on the Shanghai Stock Exchange from January 4, 1999 to December 30, 2011 are calculated over a moving window with a size of 400 days. The evolutions of the statistical properties of the correlation coefficients, eigenvalues, and eigenvectors of the correlation matrices are carefully analyzed. We find that the stock correlations are significantly increased in the periods of two market crashes in 2001 and 2008, during which only five eigenvalues significantly deviate from the random correlation matrix, and the systemic risk is higher in these volatile periods than calm periods. By investigating the significant contributors of the deviating eigenvectors in different time periods, we observe a dynamic evolution behavior in business sectors such as IT, electronics, and real estate, which lead the rise (drop) before (after) the crashes. Our results provide new perspectives for the understanding of the dynamic evolution of cross-correlations in the Chines stock markets, and the result of risk estimation is valuable for the application of risk management.

  2. Coordinated vs. liberal market HRM: the impact of institutionalisation on multinational firms

    NARCIS (Netherlands)

    Farndale, E.; Brewster, C.; Poutsma, F.

    2008-01-01

    The impact of institutionalized contexts on the HRM activities of multinational firms has become a focus of increasing attention in recent literature. However, theories of how different types of business systems or market economies may influence HRM, and the impact of context on multinational corpor

  3. Coordinated vs. liberal market HRM: the impact of institutionalization on multinational firms

    NARCIS (Netherlands)

    Farndale, E.; Brewster, C.; Poutsma, F.

    2012-01-01

    The impact of institutionalized contexts on the HRM activities of multinational firms has become a focus of increasing attention in recent literature. However, theories of how different types of business systems or market economies may influence HRM, and the impact of context on multinational corpor

  4. Fractal stock markets: International evidence of dynamical (in)efficiency

    Science.gov (United States)

    Bianchi, Sergio; Frezza, Massimiliano

    2017-07-01

    The last systemic financial crisis has reawakened the debate on the efficient nature of financial markets, traditionally described as semimartingales. The standard approaches to endow the general notion of efficiency of an empirical content turned out to be somewhat inconclusive and misleading. We propose a topological-based approach to quantify the informational efficiency of a financial time series. The idea is to measure the efficiency by means of the pointwise regularity of a (stochastic) function, given that the signature of a martingale is that its pointwise regularity equals 1/2 . We provide estimates for real financial time series and investigate their (in)efficient behavior by comparing three main stock indexes.

  5. Determinacy, Stock Market Dynamics and Monetary Policy Inertia

    DEFF Research Database (Denmark)

    Pfajfar, Damjan; Santoro, Emiliano

    the vantage of equilibrium uniqueness. We show that this reaction function is isomorphic to a rule with an interest rate smoothing term, whose magnitude increases in the degree of aggressiveness towards asset prices growth. As shown by Bullard and Mitra (2007, Determinacy, learnability, and monetary policy......This note deals with the stability properties of an economy where the central bank is concerned with stock market developments. We introduce a Taylor rule reacting to stock price growth rates along with inflation and output gap in a New-Keynesian setup. We explore the performance of this rule from...

  6. Neuroscience Role on Marketing Insurance (Senses Impact on Reducing Marketing Costs)

    OpenAIRE

    Dehghan, Fatemeh; HASSANPOUR, Esmaeil

    2015-01-01

    Abstract. Although the insurance industry as one of the most important needs of today's population lives in the comfort and safety of bankruptcy and incurring financial losses and damage to people during his lifetime has helped but for various reasons, including lack of awareness and economic problems in developing countries, particularly low-income communities and developing and less attention has been seriously. The aim of the present study, a description of the different marketing methods ...

  7. Impacts of international sanctions on Iranian pharmaceutical market

    Science.gov (United States)

    2013-01-01

    Iran in recent decade faced several regional and international sanctions in foreign trade, financial and banking services. Iran national pharmaceutical industry has always played a major role in providing medicines to the Iranian patients. However, following the sanctions it has faced profound difficulties for importing of both finished products and pharmaceutical raw materials. Although medicines are exempted from sanctions, due to restriction on money transaction and proper insurance Iranian pharmaceutical companies have to pay cash in advance for imports of medicines and raw materials or to secure offshore funds at very high risks. Current situation in Iran pharmaceutical market confirms that the sanctions against Iran are affecting ordinary citizens and national health sector which resulted to reduction of availability of lifesaving medicines in the local market and has caused increasing pain and suffering for Iranian patients. PMID:23902642

  8. URBAN MARKETING AND ITS IMPACT OVER THE COMPETITION BETWEEN CITIES

    Directory of Open Access Journals (Sweden)

    Lidia Elena ALEXA

    2010-01-01

    Full Text Available In the globalization era, characterized by profound political and economical reforms of which main objective is the increased competitiveness, whether we talk about goods, companies, cities or countries, the proactive attitude and the marketing strategy is a must in order to survive and develop. Now more than ever the cities have become brands of their one, because they are in an endless competition for attention, investments, inhabitants and tourists and the main competitor is no longer the city located a couple of kilometers away, but any city across the globe. Cities and regions need competitive strategies in order to attract more tourists, investors and inhabitants and for this they have to make a change in the decision makers’ attitude. The new city is no longer a plain urban conglomerate; it becomes a Company, a Product, and a Market depending on the target group it applies to.

  9. Impacts of international sanctions on Iranian pharmaceutical market.

    Science.gov (United States)

    Cheraghali, Abdol Majid

    2013-07-31

    Iran in recent decade faced several regional and international sanctions in foreign trade, financial and banking services. Iran national pharmaceutical industry has always played a major role in providing medicines to the Iranian patients. However, following the sanctions it has faced profound difficulties for importing of both finished products and pharmaceutical raw materials. Although medicines are exempted from sanctions, due to restriction on money transaction and proper insurance Iranian pharmaceutical companies have to pay cash in advance for imports of medicines and raw materials or to secure offshore funds at very high risks. Current situation in Iran pharmaceutical market confirms that the sanctions against Iran are affecting ordinary citizens and national health sector which resulted to reduction of availability of lifesaving medicines in the local market and has caused increasing pain and suffering for Iranian patients.

  10. The Impact of Product Market Competition on Training Provision

    DEFF Research Database (Denmark)

    Lai, Tat-kei; Ng, Travis

    While standard models of training focus on how the structure of the input market affects training provisions of firms, this paper investigates the relationship between product market competition and training provision. Using the longitudinal and nationally representative data from Statistics Canada......'s Workplace and Employee Survey, we find that increased competition is strongly associated with more training provision within workplace. We show that this association is unlikely to be driven by unobservable workplace heterogeneity, the specific measures used, and other relevant factors which can affect...... training provisions. To the extent that training is a significant source of human capital and industry competitiveness, our empirical results suggest increasing training is a significant channel through which competition raises productivity....

  11. Dynamics of market correlations: Taxonomy and portfolio analysis

    Science.gov (United States)

    Onnela, J.-P.; Chakraborti, A.; Kaski, K.; Kertész, J.; Kanto, A.

    2003-11-01

    The time dependence of the recently introduced minimum spanning tree description of correlations between stocks, called the “asset tree” has been studied in order to reflect the financial market taxonomy. The nodes of the tree are identified with stocks and the distance between them is a unique function of the corresponding element of the correlation matrix. By using the concept of a central vertex, chosen as the most strongly connected node of the tree, an important characteristic is defined by the mean occupation layer. During crashes, due to the strong global correlation in the market, the tree shrinks topologically, and this is shown by a low value of the mean occupation layer. The tree seems to have a scale-free structure where the scaling exponent of the degree distribution is different for “business as usual” and “crash” periods. The basic structure of the tree topology is very robust with respect to time. We also point out that the diversification aspect of portfolio optimization results in the fact that the assets of the classic Markowitz portfolio are always located on the outer leaves of the tree. Technical aspects such as the window size dependence of the investigated quantities are also discussed.

  12. The endogenous dynamics of financial markets: Interaction and information dissemination

    Science.gov (United States)

    Yang, ChunXia; Hu, Sen; Xia, BingYing

    2012-06-01

    We investigate the process that different interactions between investors will prompt information to propagate along a differentiated path and construct a financial market model. As information spreads, increasingly investors are attracted to participate in trading, then the “herding effect” is magnified gradually, which will induce the topology of market network to change and the price to fluctuate. Especially, under different initial conditions or parameters, the peak and fat-tail property is produced and the obtained statistic values coincide with empirical results: the power-law exponents between the peak value of return probability distribution and the time scales range from 0.579 to 0.747, and the exponents between the accumulation distribution and the return on the tail are close to 3. Besides, the extent of volatility clustering in our produced price series is close to that of S&P 500 and locates between NASDAQ and HSI. All the results obtained here indicate that the continuous variation of the “herding effect” resulting from information propagation among interacting investors may be the origin of stylized facts of price fluctuations.

  13. Dynamics of market correlations: taxonomy and portfolio analysis.

    Science.gov (United States)

    Onnela, J-P; Chakraborti, A; Kaski, K; Kertész, J; Kanto, A

    2003-11-01

    The time dependence of the recently introduced minimum spanning tree description of correlations between stocks, called the "asset tree" has been studied in order to reflect the financial market taxonomy. The nodes of the tree are identified with stocks and the distance between them is a unique function of the corresponding element of the correlation matrix. By using the concept of a central vertex, chosen as the most strongly connected node of the tree, an important characteristic is defined by the mean occupation layer. During crashes, due to the strong global correlation in the market, the tree shrinks topologically, and this is shown by a low value of the mean occupation layer. The tree seems to have a scale-free structure where the scaling exponent of the degree distribution is different for "business as usual" and "crash" periods. The basic structure of the tree topology is very robust with respect to time. We also point out that the diversification aspect of portfolio optimization results in the fact that the assets of the classic Markowitz portfolio are always located on the outer leaves of the tree. Technical aspects such as the window size dependence of the investigated quantities are also discussed.

  14. Microfinance in Uzbekistan : market overview and impact assessment needs

    OpenAIRE

    Nargiza Maksudova

    2009-01-01

    Microfinance has a strong footing in Uzbekistan, the most populous country in the Central Asian region with a large fraction of inhabitants living in rural areas. Considered one of the key means of alleviating poverty and generating employment, the Uzbek government gave priority to microfinance initiatives, which resulted in the adoption of several microfinance laws. This paper provides an overview of the microfinance market as it has evolved in Uzbekistan, and calls for more comprehensive ty...

  15. The role and impact of OPEC`s market share

    Energy Technology Data Exchange (ETDEWEB)

    Ghanem, S. [OPEC Secretariat, Vienna (Austria)

    1998-06-01

    OPEC`s role in the world oil industry is expected to expand in line with its growing market share over the next 20 years. The article, based on a paper to the conference on `Arab oil and diplomacy` held in Amman, Jordon, on 18 May 1998, discusses OPEC`s role and the effect of environmental policies that reduce the income of OPEC Member Countries, such as carbon taxes and the Kyoto Protocol to combat climate change. 2 figs., 1 photo.

  16. The impact of the Internet upon bank marketing

    OpenAIRE

    proenca, jf; Teresa Fernandes; Marta Silva

    2010-01-01

    Information and communication are critical to developing customer relationships. Thus, new information and communication technologies (NICTs) became a key knowledge tool for the organisation within a relationship marketing strategy. Retail banking is a good example of a sector in which the virtualisation of relationships is increasing. However, there is no consensus as to whether banking relationships are strengthened or weakened by the use of technology. This article discusses the virtualisa...

  17. The Competitiveness of Exports from Manufacturing Industries in Croatia and Slovenia to the EU-15 Market: A Dynamic Panel Analysis

    Directory of Open Access Journals (Sweden)

    Nebojša Stojčić

    2012-04-01

    Full Text Available It is often stated that the growth prospects of nations are closely related to patterns of competitiveness exercised by their firms and industries in the international market. Building on foundations of endogenous growth and new trade theories academics and policy-makers postulate that quality-driven competitiveness bears higher growth potential than the ability to compete in terms of prices. The transition of Central and Eastern European Countries has been characterised by movement from the latter towards the former pattern of competitiveness. This process was facilitated by the transfer of knowledge and skills through the outsourcing of production from their most important trading partners, the West European members of the European Union (EU-15 countries, which paved the way for the development of intra-industry trade. This paper explores the competitiveness of manufacturing industries from Croatia and Slovenia in the EU-15 market. Using dynamic panel analysis we find that between 2002 and 2007 producers from the two countries followed different patterns of competitiveness. While in Slovenia the quality of exports is the main determinant of EU-15 market share, the competitiveness of Croatian producers still depends on their labour costs. We also find a strong impact of intra-industry trade on the competiveness of industries from the two countries in the EU-15 market.

  18. Evaluating the Impact of China’s Rail Network Expansions on Local Accessibility: A Market Potential Approach

    Directory of Open Access Journals (Sweden)

    Wenjie Wu

    2016-05-01

    Full Text Available This paper uses a market potential approach to examine the evolution of the rail transport network of China and its spatial distributional impacts on local accessibility, with a particular focus on high-speed rail improvements. Accessibility is measured by using a “market potential” function that was derived from the general equilibrium model of the economic geography literature, and is empirically calculated based on Geographical Information System (GIS techniques. A key finding, albeit from a highly stylized model, is that rail improvements may help raise territorial polarizing patterns across counties. The results point to the profound implications of railroad network expansion on the accessibility dynamics in periphery regions relative to core regions.

  19. Dynamics in a nonlinear Keynesian good market model

    Energy Technology Data Exchange (ETDEWEB)

    Naimzada, Ahmad, E-mail: ahmad.naimzada@unimib.it [Department of Economics, Quantitative Methods and Management, University of Milano-Bicocca, U7 Building, Via Bicocca degli Arcimboldi 8, 20126 Milano (Italy); Pireddu, Marina, E-mail: marina.pireddu@unimib.it [Department of Mathematics and Applications, University of Milano-Bicocca, U5 Building, Via Cozzi 55, 20125 Milano (Italy)

    2014-03-15

    In this paper, we show how a rich variety of dynamical behaviors can emerge in the standard Keynesian income-expenditure model when a nonlinearity is introduced, both in the cases with and without endogenous government spending. A specific sigmoidal functional form is used for the adjustment mechanism of income with respect to the excess demand, in order to bound the income variation. With the aid of analytical and numerical tools, we investigate the stability conditions, bifurcations, as well as periodic and chaotic dynamics. Globally, we study multistability phenomena, i.e., the coexistence of different kinds of attractors.

  20. Market dynamics of community pharmacies in Minnesota, U.S. from 1992 through 2012.

    Science.gov (United States)

    Schommer, Jon C; Yusuf, Akeem A; Hadsall, Ronald S

    2014-01-01

    An understanding of community pharmacy market dynamics is important for monitoring access points for pharmacist services. The purpose of this study was to describe (1) changes in pharmacy mix (independent versus chain) between 1992 and 2002 and between 2002 and 2012 for 87 counties in Minnesota (state in U.S.) and (2) the number (and proportion) of community pharmacies in Minnesota for the years 1992, 2002, and 2012 using a new categorization method developed specifically for this study. Data included licensure records for 1992, 2002, and 2012 from the State of Minnesota Board of Pharmacy and county level demographics for 1990, 2000 and 2010 from the US Census Bureau. Descriptive statistics were used to summarize findings over time and to describe associations between study variables. The ratio of independent pharmacies to chain pharmacies changed from approximately 2:1 in 1992 to 1:2 in 2012. The primary market factors associated with changes in the number of community pharmacies per county were (1) the metropolitan designation of the county and (2) whether the population density (persons/square mile) was increasing or decreasing. The face of community pharmacy in Minnesota changed between 1992 and 2012. By 2012, pharmacies were located in traditional retail pharmacies, mass merchandiser outlets, supermarkets, and clinics/medical centers. Furthermore, specialty pharmacies grew in proportion to meet patient needs. Between 1992 and 2012, the market dynamics of community pharmacies in Minnesota was characterized by vigorous market entry and exit. In light of recent health reform that is exhibiting characteristics such as continuity-of-care models, performance-based payment, technology advances, and the care of patients becoming more "ambulatory" (versus in-patient), we suggest that the market dynamics of community pharmacies will continue to exhibit vigorous market entry and exit in this new environment. It is proposed that the community pharmacy categories developed

  1. Cereals Market in Romania under the Impact of the Common Agricultural Policy

    Directory of Open Access Journals (Sweden)

    Florentina CONSTANTIN

    2013-12-01

    Full Text Available The aim of this paper is to analyses the cereals market after Romania accession to European Union. Thus, I considered necessary and appropriate to achieve the dynamic analysis of production, prices, trade, consumption, and self-sufficiency that provides an overview on the evolution of the cereals market in Romania, in the European context, starting from resources representing the demand, to the uses that represent the supply. I also point out the main mechanisms and support instruments for the cereals market under the Common Agriculture Policy, in the period 2007-2013 and towards 2014-2020.

  2. Forecasting abrupt changes in foreign exchange markets: method using dynamical network marker

    Science.gov (United States)

    Oya, Shunsuke; Aihara, Kazuyuki; Hirata, Yoshito

    2014-11-01

    We apply the idea of dynamical network markers (Chen et al 2012 Sci. Rep. 2 342) to foreign exchange markets so that early warning signals can be provided for any abrupt changes. The dynamical network marker constructed achieves a high odds ratio for forecasting these sudden changes. In addition, we also extend the notion of the dynamical network marker by using recurrence plots so that the notion can be applied to delay coordinates and point processes. Thus, the dynamical network marker is useful in a variety of contexts in science, technology, and society.

  3. Determinacy, stock market dynamics and monetary policy inertia

    DEFF Research Database (Denmark)

    Pfajfar, Damjan; Santoro, Emiliano

    2011-01-01

    We study equilibrium determinacy in a New-Keynesian model where the Central Bank responds to asset prices growth. Unlike Taylor-type rules that react to asset prices, the proposed alternative does not harm dynamic stability and in certain cases promotes determinacy by inducing interest-rate inertia....

  4. Individual firm and market dynamics of CSR activities

    NARCIS (Netherlands)

    Wirl, F.; Feichtinger, G.; Kort, P.M.

    This paper investigates how firms should plan corporate social responsibility (short CSR). This dynamic analysis starts with a firm's intertemporal optimization problem, and proceeds to analyze interactions with other firms, which are crucial: if CSR is profitable for firm A then it is most likely

  5. Individual firm and market dynamics of CSR activities

    NARCIS (Netherlands)

    Wirl, F.; Feichtinger, G.; Kort, P.M.

    2013-01-01

    This paper investigates how firms should plan corporate social responsibility (short CSR). This dynamic analysis starts with a firm's intertemporal optimization problem, and proceeds to analyze interactions with other firms, which are crucial: if CSR is profitable for firm A then it is most likely a

  6. Super-Efficient Refrigerator Program (SERP) evaluation volume 2: Preliminary impact and market transformation assessment

    Energy Technology Data Exchange (ETDEWEB)

    Lee, A.D.; Conger, R.L.

    1996-08-01

    The Super Efficient Refrigerator Program (SERP) is a collaborative utility program intended to transform the market for energy-efficient and environmentally friendly refrigerators. It is one of the first examples of a large-scale {open_quotes}market transformation{close_quotes} energy efficiency program. This report documents the preliminary impact and market transformation evaluation of SERP ({open_quotes}the Program{close_quotes}). Pacific Northwest National Laboratory (PNNL) conducted this evaluation for the U.S. Department of Energy. This study focuses on the preliminary impact evaluation and market transformation assessment, but also presents limited process evaluation information. It is based on interviews with refrigerator dealers and manufacturers, interviews with utility participants, industry data, and information from the Program administrators. Results from this study complement those from prior process evaluation also conducted by PNNL. 42 refs., 5 figs., 4 tabs.

  7. The Impact of e-Customer Relationship Marketing in Hotel Industry

    Science.gov (United States)

    Samanta, Irene

    The present research investigates the extent to which Greek hotels had developed the electronic customer relationship marketing (E-CRM). The study verifies the practices that frequently appear in relationship marketing process within online operations or whether their Internet presence mainly depends on the basic actions of "supplying information" and "reservations". Also, it investigates the effects of e-CRM system on customer loyalty and satisfaction as well as the impact of relationship marketing practices to customer retention and acquisition. They have understood the importance of using electronic channels instead of traditional ones to implement their marketing strategies. Thus, e-crm system has assisted hotel business to manage more effectively their reservations and serve their customers as fast and as effective as possible. They did not seem to apply many of the relationship marketing strategies to emphasize customer retention and continual satisfaction because of difficulties in staff training.

  8. Firm Value and Cross Listings: The Impact of Stock Market Prestige

    Directory of Open Access Journals (Sweden)

    Nicola Cetorelli

    2015-03-01

    Full Text Available This study investigates the valuation impact of a firm’s decision to cross list on a more (or less prestigious stock exchange relative to its own domestic market. We use a network analysis methodology to derive broad market-based measures of prestige for 45 country or regional stock exchange destinations between 1990 and 2006. We find that firms cross listing in a more prestigious market enjoy significant valuation gains over the five-year period following the listing. In contrast, firms cross listing in less prestigious markets experience a significant valuation discount over this post-listing period. The reputation of the cross-border listing destinations is therefore a useful signal of firm value going forward. Our findings are consistent with the view that cross listing in a prestigious market enhances firm visibility, strengthens corporate governance, and lowers informational frictions and capital costs.

  9. The impact of joining the European Union on the Romanian capital market

    Directory of Open Access Journals (Sweden)

    Elena Lidia MELNIC

    2015-12-01

    Full Text Available This paper approach the theme of the development of the Romanian Stock Exchange Market (BVB during the process of joining the European Union. The first goal is to illustrate the stage of the BVB in the years before the accession to the Union and what were the perspectives of joining the EU at that time. The second goal is to highlight the effects the accession had on the neighboring markets: the Polish, the Hungarian and the Czech markets who joined EU in 2004 and to analyze the correlation between the indexes from these stock markets and the Romanian stock index. The last goal is to show the impact of joining the European Union on the Romanian Stock Exchange Market.

  10. The Impact of Marketing of Breast-Milk Substitutes on WHO-Recommended Breastfeeding Practices.

    Science.gov (United States)

    Piwoz, Ellen G; Huffman, Sandra L

    2015-12-01

    Suboptimal breastfeeding results in 800 000 child deaths annually. There are multiple causes of suboptimal breastfeeding, including marketing of breast-milk substitutes. To describe sales and marketing of breast-milk substitutes and their influence on World Health Organization-recommended breastfeeding behaviors, focusing on low- and middle-income countries. Literature review. Global sales of breast-milk substitutes reached US$40 billion in 2013. Growth in sales exceeds 10% annually in many low- and middle-income countries, while it is close to stagnant in high-income countries. Breast-milk substitutes are marketed directly to consumers via mass media and print advertisements and indirectly via incentives, free supplies, and promotions to and through health workers and facilities, retailers, and policy makers. Internet marketing via company web sites and social media is on the rise. Marketing influences social norms by making formula use seem to be extensive, modern, and comparable to or better than breast milk. Clear evidence of a negative impact is found when breast-milk substitutes are provided for free in maternity facilities and when they are promoted by health workers and in the media. Influences through other channels are plausible, but rigorous studies are lacking. It was not possible with the data available to quantify the impact of marketing relative to other factors on suboptimal breastfeeding behaviors. Marketing remains widespread even in countries that have adopted the International Code of Marketing of Breast-milk Substitutes to restrict such activities. Adoption of stricter regulatory frameworks coupled with independent, quantitative monitoring and compliance enforcement are needed to counter the impacts of formula marketing globally. © The Author(s) 2015.

  11. The Impact of the Rapidly Changing Mobile Devices Market on e-Learning in Higher Education

    OpenAIRE

    Daniel J. Guhr

    2013-01-01

    The market for mobile devices is evolving quickly, bringing with it both new technologies as well as increased expectations for the performance of mobile devices and content. For higher education institutions that want to enable learning on mobile devices, these changes in technology and expectations will have a significant impact on e-Learning strategies. Looking at current trends and forecasts, this paper provides an outlook on trends in the mobile device and applications market as well as ...

  12. Implied Volatility Futures Trading Activity and Impacts on Asian Stock Market: An Empirical study

    OpenAIRE

    Pham, Duc Nam Trung

    2014-01-01

    This study analyzes impacts of the adoption of a new type of derivatives instrument in the Asian stock market- the implied volatility futures. Furthermore, the analysis is carried on to the preferences of hedging tools in the two pioneering markets in such adoption, Hong Kong and Japan. Unlike other conventional derivatives, the relationship derivatives on volatility and its underlying assets is almost impossible to be modeled, thus creates several difficulties in pricing as well as researchi...

  13. Country of Origin Labeling: Evaluating the Impacts on U.S. and World Markets

    OpenAIRE

    Jones, Keithly G.; Somwaru, Agapi; Whitaker, James B.

    2009-01-01

    A provision of the Food, Conservation, and Energy Act of 2008 requires country of origin labeling (COOL) for certain agricultural commodities. To comply with the law, producers, processors, and retailers face additional production costs associated with labeling, separating, and tracking commodities. Using estimated costs provided by the U.S. Department of Agriculture’s Agricultural Marketing Service (AMS), we simulate the impacts of mandatory COOL on U.S. and global agricultural markets usi...

  14. The Impact of Market Orientation on the Performance of Islamic Banks (Case Study: Jordanian Islamic Banks)

    OpenAIRE

    Dr. Mahmud Aqel Abu Dalbooh

    2014-01-01

    The aims of study to know the "impact of market orientation on Islamic banks” according to the perspective of the market" for customers, competitors, and jobs, and due to its importance, it focuses on addressing the problems faced by the performance of Islamic banks operating in Jordan. The study showed public and private obstacles facing the Jordanian banking performance according to the perspective of a change in the needs and desires of customers, competition situation, and...

  15. Market-Oriented Reforms in Bangladesh and their Impact on Poverty?

    OpenAIRE

    Tisdell, Clement A.; Alauddin, Mohammad

    2002-01-01

    After providing some general background on developments in Bangladesh’s economy, the article indicates the nature of international political pressures, as represented by the Washington consensus, put on Bangladesh to adopt market-oriented reforms. The sequencing and pattern of Bangladesh’s market reforms and their consequences for its external balance are then examined. Particular attention is given to the fact that its macroeconomic reforms preceded its microeconomic ones. The impacts of Ban...

  16. The impact of supply chain applications annoucements on the market value of firms

    OpenAIRE

    GONZALO CHAVEZ

    2006-01-01

    We show that the announcement of SCM applications have a positive impact on the market value of firms using event study methodology. When SCM applications are disaggregated according to whether they are stand-alone SCM applications, or part of an enterprise system (SCM-ES) implementation, we find that the latter carry a significant value enhancement, while the former do not present a significant market reaction.

  17. The Impact of Regulations on the Supply and Quality of Care in Child Care Markets

    Science.gov (United States)

    Joseph Hotz, V.; Xiao, Mo

    2011-01-01

    We examine the impact of state child care regulations on the supply and quality of care in child care markets. We exploit panel data on both individual establishments and local markets to control for state, time, and, where possible, establishment-specific fixed effects to mitigate the potential bias due to policy endogeneity. We find that the imposition of regulations reduces the number of center-based child care establishments, especially in lower income markets. However, such regulations increase the quality of services provided, especially in higher income areas. Thus, there are winners and losers from the regulation of child care services. PMID:24991060

  18. Towards disruptions in Earth observation? New Earth Observation systems and markets evolution: Possible scenarios and impacts

    Science.gov (United States)

    Denis, Gil; Claverie, Alain; Pasco, Xavier; Darnis, Jean-Pierre; de Maupeou, Benoît; Lafaye, Murielle; Morel, Eric

    2017-08-01

    This paper reviews the trends in Earth observation (EO) and the possible impacts on markets of the new initiatives, launched either by existing providers of EO data or by new players, privately funded. After a presentation of the existing models, the paper discusses the new approaches, addressing both commercial and institutional markets. New concepts for the very high resolution markets, in Europe and in the US, are the main focus of this analysis. Two complementary perspectives are summarised: on the one hand, the type of system and its operational performance and, on the other, the related business models, concepts of operation and ownership schemes.

  19. Marketing, Credit & Consumerism: impacts on early debt of young brazilian

    Directory of Open Access Journals (Sweden)

    José Flávio Messias

    2015-06-01

    Full Text Available This article analyzes the consumption profile of young people, seeking to address the main factors that influence the choice of certain products and if there is some kind of budget control that can mark out the purchase, since several studies show a higher degree of indebtedness and default on the part of families and individuals in general. The relevance is justified by the identification of an excess of marketing campaigns targeted at these children conveyed in the media, which, combined with the ease of financing provided by the retailers and also the financial system in general, have contributed to get them to early debt.

  20. Legume Seed Production Meeting Market Requirements and Economic Impacts

    DEFF Research Database (Denmark)

    Boelt, Birte; Julier, Bernadette; Karagić, Đura

    2015-01-01

    L.), crop management techniques are applied to stimulate reproductive development in order to obtain high seed yields. These include a low plant density, manipulation of canopy size to avoid lodging and shading of fruiting organs, synchronization of flowering with pollinating insects as well...... to be an increasing emphasis on the role of forage legumes in producing high-quality meat and milk, combined with the requirement to reduce the environmental footprint of grassland agriculture. A high forage legume seed yield is a prerequisite to meet market requirements for new, improved cultivars and hence achieve...

  1. The impact of marketing mix elements on brand loyalty: A case study of mobile phone industry

    Directory of Open Access Journals (Sweden)

    Adel Pourdehghan

    2015-05-01

    Full Text Available In today's highly competitive markets, keeping customers and retaining their loyalty is considered crucial in maintaining business. Companies and retailers also need to look for various marketing strategies in order to improve their customers’ loyalty. Having knowledge and skills about marketing is one of the capabilities which is required for success in the competition. In consumable markets, brands are the main points of differentiation between the competitive presentations, thus, they are crucial for the success of the companies. The purpose of this study was to analyze the impact of marketing mix elements on brand loyalty. The present study is applicable in terms of objective and descriptive survey in terms of data collection. To evaluate the model and hypotheses, data collection was carried out through surveying 384 mobile phone users. For data analysis and verification of the model, structural equation modeling approach (SEM and confirmatory factor analysis (CFA were used and based on the results of the path analysis, the relationship between the variables in the model is investigated. Results indicated the positive impact of products elements, distribution channels, and promotional activities on brand loyalty. Also, the findings showed that indexes of satisfaction and trust which are considered as mediating variables between marketing mix and brand loyalty had positive and significant impact on brand loyalty in the mobile phone industry.

  2. A system dynamic model for analyzing online question & answer markets

    Directory of Open Access Journals (Sweden)

    Elnaz Amani

    2014-03-01

    Full Text Available During the past two decades, there have been growing interests on developing websites to build a link between various groups of people to share their knowledge such as Google service. This kind of activity helps fast and reliable distribution of knowledge since someone disseminates a question and various people attempt to provide some responses. This paper presents a system dynamic method for investigating the relationships between various components of a benchmark site. The proposed study develops closed loop dynamic among various components of the survey and provides some necessary actions for development of such systems. The results of our survey have indicated that the new forum could end up having significant number of unanswered questions. Therefore, researchers who work for this forum are suggested to increase their skills and their response rates to reduce the rate of unanswered questions.

  3. The impact of financialization on the WTI market

    OpenAIRE

    Sergio Galli Lazzeri

    2012-01-01

    In this paper, I investigate the impact of three classes of investors – money managers, swap providers and commercial operators – on the level and volatility of WTI prices over the period 2006-2010. I find a significant volatility-reducing impact of money manager activity. This is true of both implied and conditional volatility measures. There is no evidence that swap providers affected the level of WTI prices. They appear to have reduced implied WTI volatility but increased conditional volat...

  4. Cointegration and causality analysis of dynamic linkage between stock market and equity mutual funds in Australia

    Directory of Open Access Journals (Sweden)

    Sasipa Pojanavatee

    2014-12-01

    Full Text Available The existing literature finds conflicting results on the magnitude of price linkages between equity mutual funds and the stock market. The study contends that in an optimal lagged model, the expectations of future prices using knowledge of past price behaviour in a particular equity mutual fund category will improve forecasts of prices of other equity mutual fund categories and the stock market index. The evidence shows that the long-run pricing of equity mutual funds is cointegrated with the stock market index. In the short run, the results indicate that some equity mutual fund categories possess both long-run and short-run exogeneity with the stock market. Therefore, the short-run dynamic indicates short-run Granger causal links running between different equity mutual fund categories.

  5. Dynamical Analysis of Stock Market Instability by Cross-correlation Matrix

    Science.gov (United States)

    Takaishi, Tetsuya

    2016-08-01

    We study stock market instability by using cross-correlations constructed from the return time series of 366 stocks traded on the Tokyo Stock Exchange from January 5, 1998 to December 30, 2013. To investigate the dynamical evolution of the cross-correlations, crosscorrelation matrices are calculated with a rolling window of 400 days. To quantify the volatile market stages where the potential risk is high, we apply the principal components analysis and measure the cumulative risk fraction (CRF), which is the system variance associated with the first few principal components. From the CRF, we detected three volatile market stages corresponding to the bankruptcy of Lehman Brothers, the 2011 Tohoku Region Pacific Coast Earthquake, and the FRB QE3 reduction observation in the study period. We further apply the random matrix theory for the risk analysis and find that the first eigenvector is more equally de-localized when the market is volatile.

  6. Dynamic pricing in the spanish gasoline market: A tacit collusion equilibrium

    Energy Technology Data Exchange (ETDEWEB)

    Perdiguero Garcia, Jordi, E-mail: jordi.perdiguero@ub.ed [Universitat de Barcelona, Dept. Politica Economica. Grup de Recerca en Governs i Mercats (GiM), Institut de Recerca en Economia Aplicada IREA, Avda. Diagonal 690 (08034), Barcelona (Spain)

    2010-04-15

    During the last twenty years, the Spanish petrol market has undergone an intensive restructuration process; it has changed from being a state-owned monopoly to total liberalization and privatization. This liberalization process was accompanied by measures that facilitated the creation of a 'national champion,' the Repsol Group, which is a huge, vertically integrated company with a high market share in all the industry's segments. Using a dynamic model, this paper analyses whether the prices established by companies in the Spanish gasoline market, after the restructuration process, fits with a tacit collusion equilibrium. The empirical results show that a strategic behaviour of companies occurs and is compatible with a tacit collusion price strategy. So, the restructuration process does not seem to have introduced effective competition into the Spanish gasoline market.

  7. Dynamic pricing in the spanish gasoline market. A tacit collusion equilibrium

    Energy Technology Data Exchange (ETDEWEB)

    Perdiguero Garcia, Jordi [Universitat de Barcelona, Dept. Politica Economica. Grup de Recerca en Governs i Mercats (GiM), Institut de Recerca en Economia Aplicada IREA, Avda. Diagonal 690 (08034), Barcelona (Spain)

    2010-04-15

    During the last twenty years, the Spanish petrol market has undergone an intensive restructuration process; it has changed from being a state-owned monopoly to total liberalization and privatization. This liberalization process was accompanied by measures that facilitated the creation of a 'national champion', the Repsol Group, which is a huge, vertically integrated company with a high market share in all the industry's segments. Using a dynamic model, this paper analyses whether the prices established by companies in the Spanish gasoline market, after the restructuration process, fits with a tacit collusion equilibrium. The empirical results show that a strategic behaviour of companies occurs and is compatible with a tacit collusion price strategy. So, the restructuration process does not seem to have introduced effective competition into the Spanish gasoline market. (author)

  8. An empirical survey to measure the impact of different factors on the success of electronic marketing

    Directory of Open Access Journals (Sweden)

    Saeed Sehhat

    2012-10-01

    Full Text Available Internet marketing plays an important role in today business enterprises. Today, many invest more and more to increase their abilities on providing better services on the internet. In this paper, we study the impact of five factors namely awareness from the site, site attractiveness, promotional effectiveness, effectiveness and Shopping impacts and effectiveness and loyalty on the success of electronic marketing. We have distributed a questionnaire consists of various questions and distributed them among 984 people and received 595 in Likert scale. The Cronbach alphas for all five sets of questions were well above the minimum desired level. We implement a multi regression function and the results confirm that all five mentioned factors impact the sales of e-marketing, significantly.

  9. Endogenous and exogenous dynamics in the fluctuations of capital fluxes. An empirical analysis of the Chinese stock market

    Science.gov (United States)

    Jiang, Z.-Q.; Guo, L.; Zhou, W.-X.

    2007-06-01

    A phenomenological investigation of the endogenous and exogenous dynamics in the fluctuations of capital fluxes is carried out on the Chinese stock market using mean-variance analysis, fluctuation analysis, and their generalizations to higher orders. Non-universal dynamics have been found not only in the scaling exponent α, which is different from the universal values 1/2 and 1, but also in the distributions of the ratio η= σexo / σendo of individual stocks. Both the scaling exponent α of fluctuations and the Hurst exponent Hi increase in logarithmic form with the time scale Δt and the mean traded value per minute , respectively. We find that the scaling exponent αendo of the endogenous fluctuations is independent of the time scale. Multiscaling and multifractal features are observed in the data as well. However, the inhomogeneous impact model is not verified.

  10. Endogenous and exogenous dynamics in the fluctuations of capital fluxes: An empirical analysis of the Chinese stock market

    CERN Document Server

    Jiang, Z Q; Zhou, W X; Guo, Liang; Jiang, Zhi-Qiang; Zhou, Wei-Xing

    2007-01-01

    A phenomenological investigation of the endogenous and exogenous dynamics in the fluctuations of capital fluxes is investigated on the Chinese stock market using mean-variance analysis, fluctuation analysis and their generalizations to higher orders. Non-universal dynamics have been found not only in $\\alpha$ exponents different from the universal value 1/2 and 1 but also in the distributions of the ratios $\\eta_i = \\sigma_i^{\\rm{exo}} / \\sigma_i^{\\rm{endo}}$. Both the scaling exponent $\\alpha$ of fluctuations and the Hurst exponent $H_i$ increase in logarithmic form with the time scale $\\Delta t$ and the mean traded value per minute $$, respectively. We find that the scaling exponent $\\alpha^{\\rm{endo}}$ of the endogenous fluctuations is found to be independent of the time scale, while the exponent of exogenous fluctuations $\\alpha^{\\rm{exo}}=1$. Multiscaling and multifractal features are observed in the data as well. However, the inhomogeneous impact model is not verified.

  11. Economics from a Physicist's point of view Stochastic Dynamics of Supply and Demand in a Single Market. Part I

    CERN Document Server

    Granik, V

    2002-01-01

    Proceeding from the concept of rational expectations, a new dynamic model of supply and demand in a single market with one supplier, one buyer, and one kind of commodity is developed. Unlike the cob-web dynamic theories with adaptive expectations that are made up of deterministic difference equations, the new model is cast in the form of stochastic differential equations. The stochasticity is due to random disturbances ("input") to endogenous variables. The disturbances are assumed to be stationary to the second order with zero means and given covariance functions. Two particular versions of the model with different endogenous variables are considered. The first version involves supply, demand, and price. In the second version the stock of commodity is added. Covariance functions and variances of the endogenous variables ("output") are obtained in terms of the spectral theory of stochastic stationary processes. The impact of both deterministic parameters of the model and the random input on the stochastic out...

  12. Dynamic effects of social influence and direct marketing on the adoption of high-technology products

    NARCIS (Netherlands)

    Risselada, H.; Verhoef, P.C.; Bijmolt, T.H.A.

    Many firms capitalize on their customers' social networks to improve the success rate of their new products. In this article, the authors analyze the dynamic effects of social influence and direct marketing on the adoption of a new high-technology product. Social influence is likely to play a role

  13. Tracking the market: dynamic pricing and learning in a changing environment

    NARCIS (Netherlands)

    Boer, den Arnoud V.

    2015-01-01

    Dynamic pricing of commodities without knowing the exact relation between price and demand is a much-studied problem. Most existing studies assume that the parameters describing the market are constant during the selling period. This severely reduces their practical applicability, since, in reality,

  14. 3C, Internet Dynamics and Retail: Towards a new market segmentation?

    NARCIS (Netherlands)

    Heuvel, Peter van den; Reep, Frans van der

    2006-01-01

    The Internet introduces new business choices for customer interaction. In this article we introduce two claims. Firstly, we will show that the way companies shape their customer interaction, and not their sector or size, determine the market segmentation. Secondly, Internet dynamics and its effect o

  15. Dynamic effects of social influence and direct marketing on the adoption of high-technology products

    NARCIS (Netherlands)

    Risselada, H.; Verhoef, P.C.; Bijmolt, T.H.A.

    2014-01-01

    Many firms capitalize on their customers' social networks to improve the success rate of their new products. In this article, the authors analyze the dynamic effects of social influence and direct marketing on the adoption of a new high-technology product. Social influence is likely to play a role b

  16. A Dynamic Model of the Combined Electricity and Natural Gas Markets

    DEFF Research Database (Denmark)

    Jenkins, Sandra; Annaswamy, Anuradha M.; Hansen, Jacob;

    2015-01-01

    quantitative modeling in order to garner insights into the effectiveness of various solutions. In this paper, a quantitative model with a dynamic market mechanism is proposed to evaluate the effects of the fuel uncertainty of natural gas-fired power plants on Social Welfare. The results of the model show...

  17. Essays on Labour Markets: Worker-Firm Dynamics, Occupational Segregation and Workplace Conditions

    NARCIS (Netherlands)

    I.S. Buhai (Sebastian)

    2008-01-01

    textabstractThe main chapters of this book, “Essays on Labour Markets”, focus on analyzing the dynamics of the employment relationship between workers and firms (chapters 2 and 3), modelling occupational segregation and labour market inequalities between social groups (chapter 4) and characterizing

  18. THE IMPACT OF FINANCIAL CRISES ON THE SHORT-TERM INTERACTION BETWEEN BALKAN STOCK MARKETS

    Directory of Open Access Journals (Sweden)

    Julijana Angelovska

    2017-06-01

    Full Text Available The aim of this study is to examine the impact of financial crises on the short-term interaction between stock market returns of the Macedonian, Serbian and Croatian equity markets. Daily data sample spans from January 4th 2006 to March 31st 2017and based on detected Zivot-Andrews structural break point tests three subsamples are created: Subsample 1- January 4th 2006 to December 31th 2007, the period characterized as period of growth on the three Balkan stock markets, Subsample 2 - January 1st2008 to June 30th 2011, turbulent period for the stock markets and Subsample3 – July 1st2011 to March 31st 2017, after crisis period. Using simple Correlation and Granger-causality tests it is found that three stock markets interacted mostly in the crisis period. A bi-directional pattern of causality is detected for all pairs, except for the relation Macedonia-Serbia. Via variance decomposition and impulse response functions the extent of the interaction within Subsample 2 is analyzed and as a most influential stock market that transmits the changes on the others is the Croatian stock market. From a perspective of Macedonian and Serbian investors, this means that they can benefit following the movement of the Croatian stock market.

  19. A Glauber Monte Carlo Approach to Stock Market Dynamics

    Science.gov (United States)

    Castiglione, Filippo; Stauffer, Dietrich; Pandey, Ras

    2001-03-01

    A computer simulation model is used to study the evolution of stock price and the distribution of price fluctuation. Effects of trading momentum and price resistance are considered by a Glauber Monte Carlo approach. The price resistance is described by an elastic energy Ee = e \\cdot x \\cdot |x| while the momentum bias Ep = - b \\cdot y, where, x = (p(t) - p(0))/x_m, y = (p(t+1) - p(t))/ym with the stock price at time t, p(t), and xm and ym are the maximum absolute values up to the current time step. e and b are elastic and momentum bias coefficients. Trades are executed via the herding percolation model with the number (n_s) of trading groups depend on the size of the group, i.e., ns = N/s^τ where N is the size of the market and τ = 2.5. Probability to buy (a/2) and sell (a/2) or remain inactive (1-a) depends on the activity a with the execution probability to buy Wb = e^-E/ [1 + e^-E] and sell with 1-W_b. The distribution of price fluctuation (P(y)) shows a long time tail with a power-law, P(y) ~ y^-μ, μ ~= 4 at e = 1.0, b = 5. The volatility auto-correlation function (c(τ)) shows a reasonable behavior (positive) over several iterations.

  20. Risk Profiles Along the Lifecycle in Dynamic Markets

    Directory of Open Access Journals (Sweden)

    Koplyay Tamas

    2015-09-01

    Full Text Available That supply chain management and logistics are a determining factor for the long term success of a company was well documented by Forrester over a half century ago [1], with the importance of the statement only growing through the intervening years.Whether consciously factored into the operating mode or not, logistics and distribution channel management plays a critical role in the life, and death, of a firm. From the rudimentary beginnings of the start-up company to the hectic world of the growth company and onto the relatively secure existence in mature markets, the value chain consisting of logistics and distribution channel linkages follows the firm, until it solidifies into immutable form of the mature value chain and begins to exert an inexorable pressure on the survival of the entire chain, and conversely the chain imposes its will on the members. The emergence of mature industry value chains is often driven by the need to monopolistically control logistics and distribution channels which provides a competitive advantage but also introduces a serious exposure to pending shock loadings of the chain.

  1. How Dynamic Consumer Response, Competitor Response, Company Support, and Company Inertia Shape Long-Term Marketing Effectiveness

    OpenAIRE

    Koen Pauwels

    2004-01-01

    Long-term marketing effectiveness is a high-priority research topic for managers, and emerges from the complex interplay among dynamic reactions of several market players. This paper introduces restricted policy simulations to distinguish four dynamic forces: consumer response, competitor response, company inertia, and company support. A rich marketing dataset allows the analysis of price, display, feature, advertising, and product-line extensions. The first finding is that consumer response ...

  2. Impact of the market premium on direct marketers. An agency-based model approach; Auswirkungen der Marktpraemie auf die Akteure der Direktvermarktung. Ein agentenbasierter Modellansatz

    Energy Technology Data Exchange (ETDEWEB)

    Wassermann, Sandra; Hauser, Wolfgang [ZIRIUS Univ. Stuttgart (Germany); Reeg, Matthias [Deutsche Forschungsanstalt fuer Luft- und Raumfahrt e.V. (DLR), Stuttgart (Germany). Inst. fuer Technische Thermodynamik

    2012-09-15

    By introducing a market premium and tightening the eligibility requirements for the green electricity privilege, the latest amendment to the Renewable Energy Law (EEG) has brought about major changes to the market for direct marketing of electricity from EEG-eligible plants. Has the new EEG made direct marketing based on the green electricity privilege unprofitable altogether, or only for individual market participants? What are the experiences and perspectives of electricity traders in regard to the new EEG and what strategies and business models have they turned to as a result? This article presents first results from a project funded by the Ministry for Environment, Nature Conservation and Reactor Safety (BMU) on the impact of the new regulatory framework for direct marketing on businesses in the renewable electricity market.

  3. Markets in Education: The Impact of School Choice Policies in One Market Context in New Zealand

    Science.gov (United States)

    Stubbs, Tim; Strathdee, Rob

    2012-01-01

    The publication of "Trading in Futures" and "When Schools Compete" helped give empirical support to the view that choice policies increased differences between schools. However, dispute about this research and changes in policy mean that our understanding of the impact of school choice policies in New Zealand remains partial.…

  4. CO2 emission mitigation and fossil fuel markets : Dynamic and international aspects of climate policies

    NARCIS (Netherlands)

    Bauer, Nico; Bosetti, Valentina; Hamdi-Cherif, Meriem; Kitous, Alban; McCollum, David; Méjean, Aurélie; Rao, Shilpa; Turton, Hal; Paroussos, Leonidas; Ashina, Shuichi; Calvin, Katherine; Wada, Kenichi; van Vuuren, Detlef

    2015-01-01

    This paper explores a multi-model scenario ensemble to assess the impacts of idealized and non-idealized climate change stabilization policies on fossil fuel markets. Under idealized conditions climate policies significantly reduce coal use in the short- and long-term. Reductions in oil and gas use

  5. Order book dynamics in liquid markets: limit theorems and diffusion approximations

    OpenAIRE

    Cont, Rama; De Larrard, Adrien

    2011-01-01

    Revision 2012; We propose a model for the dynamics of a limit order book in a liquid market where buy and sell orders are submitted at high frequency. We derive a functional central limit theorem for the joint dynamics of the bid and ask queues and show that, when the frequency of order arrivals is large, the intraday dynamics of the limit order book may be approximated by a Markovian jump-diffusion process in the positive orthant, whose characteristics are explicitly described in terms of th...

  6. Born globals trough knowledge-based dynamic capabilities and network market orientation

    Directory of Open Access Journals (Sweden)

    Diego Monferrer

    2015-01-01

    Full Text Available This paper studies the influence of network market orientation on Spanish born globals’ adaptation, absorption and innovation dynamic capabilities as well as their influence on the performance achieved by these companies. Based on an ambidexterity approach, which points to born globals’ need to adopt a double exploration/exploitation function, this study considers these three specific knowledge-based dynamic capabilities analysing their interrelationship taking into account their exploration/exploitation duality. Results from the testing of the structural equation model proposed confirm that network market orientation facilitates the development of dynamic, exploratory capabilities (adaptation and absorption capabilities in born globals and that these, in turn, influence their capacity to exploit knowledge through innovations, thereby obtaining higher performance.

  7. Quantifying the behavior of price dynamics at opening time in stock market

    Science.gov (United States)

    Ochiai, Tomoshiro; Takada, Hideyuki; Nacher, Jose C.

    2014-11-01

    The availability of huge volume of financial data has offered the possibility for understanding the markets as a complex system characterized by several stylized facts. Here we first show that the time evolution of the Japan’s Nikkei stock average index (Nikkei 225) futures follows the resistance and breaking-acceleration effects when the complete time series data is analyzed. However, in stock markets there are periods where no regular trades occur between the close of the market on one day and the next day’s open. To examine these time gaps we decompose the time series data into opening time and intermediate time. Our analysis indicates that for the intermediate time, both the resistance and the breaking-acceleration effects are still observed. However, for the opening time there are almost no resistance and breaking-acceleration effects, and volatility is always constantly high. These findings highlight unique dynamic differences between stock markets and forex market and suggest that current risk management strategies may need to be revised to address the absence of these dynamic effects at the opening time.

  8. Deforestation in Amazonia impacts riverine carbon dynamics

    Science.gov (United States)

    Langerwisch, Fanny; Walz, Ariane; Rammig, Anja; Tietjen, Britta; Thonicke, Kirsten; Cramer, Wolfgang

    2016-12-01

    Fluxes of organic and inorganic carbon within the Amazon basin are considerably controlled by annual flooding, which triggers the export of terrigenous organic material to the river and ultimately to the Atlantic Ocean. The amount of carbon imported to the river and the further conversion, transport and export of it depend on temperature, atmospheric CO2, terrestrial productivity and carbon storage, as well as discharge. Both terrestrial productivity and discharge are influenced by climate and land use change. The coupled LPJmL and RivCM model system (Langerwisch et al., 2016) has been applied to assess the combined impacts of climate and land use change on the Amazon riverine carbon dynamics. Vegetation dynamics (in LPJmL) as well as export and conversion of terrigenous carbon to and within the river (RivCM) are included. The model system has been applied for the years 1901 to 2099 under two deforestation scenarios and with climate forcing of three SRES emission scenarios, each for five climate models. We find that high deforestation (business-as-usual scenario) will strongly decrease (locally by up to 90 %) riverine particulate and dissolved organic carbon amount until the end of the current century. At the same time, increase in discharge leaves net carbon transport during the first decades of the century roughly unchanged only if a sufficient area is still forested. After 2050 the amount of transported carbon will decrease drastically. In contrast to that, increased temperature and atmospheric CO2 concentration determine the amount of riverine inorganic carbon stored in the Amazon basin. Higher atmospheric CO2 concentrations increase riverine inorganic carbon amount by up to 20 % (SRES A2). The changes in riverine carbon fluxes have direct effects on carbon export, either to the atmosphere via outgassing or to the Atlantic Ocean via discharge. The outgassed carbon will increase slightly in the Amazon basin, but can be regionally reduced by up to 60 % due to

  9. Forest insurance market participants’ game behavior in China: An analysis based on tripartite dynamic game model

    Directory of Open Access Journals (Sweden)

    Ning Ma

    2015-11-01

    Full Text Available Purpose: In forest insurance market, there are three main participants including the insurance company, the forest farmer and the government. As different participant has different benefit object, there will be a complex and dynamic game relationship among all participants. The purpose of this paper is to make the game relationship among all participants in forest insurance market clear, and then to put forward some policy suggestions on the implementation of forest insurance from the view of game theory. Design/methodology/approach: Firstly, the static game model between the insurance company and the forest farmer is set up. According to the result of static game model, it’s difficult to implement forest insurance without government. Secondly, the tripartite dynamic game model among the government, the insurance company and the forest farmer is proposed, and the equilibrium solution of tripartite dynamic game model is acquired. Finally, the behavioral characteristics of all participants are analyzed according to the equilibrium solution of tripartite dynamic game model. Findings: the government’s allowance will be an important positive factor to implement forest insurance. The loss of the insurance company, which the lower insurance premium brings, can be compensated by the allowance from the government. The more the government provides allowance, the more actively the insurance company will implement forest insurance at a low insurance premium. In this situation, the forest farmer will be more likely to purchase the forest insurance, then the scope of forest insurance implementation will expend. Originality/value: There is a complex and dynamic game relationship among all participants in forest insurance market. Based on the tripartite dynamic game model, to make the game relationship between each participant clear is conducive to the implementation of forest insurance market in China.

  10. The renewable energy targets of the Maghreb countries: Impact on electricity supply and conventional power markets

    Energy Technology Data Exchange (ETDEWEB)

    Brand, Bernhard, E-mail: brandb@uni-koeln.de [Institute of Energy Economics at the University of Cologne, Vogelsanger Strasse 321, 50827 Cologne (Germany); Zingerle, Jonas [Institute of Energy Economics at the University of Cologne, Vogelsanger Strasse 321, 50827 Cologne (Germany)

    2011-08-15

    Morocco, Algeria and Tunisia, the three countries of the North African Maghreb region, are showing increased efforts to integrate renewable electricity into their power markets. Like many other countries, they have pronounced renewable energy targets, defining future shares of 'green' electricity in their national generation mixes. The individual national targets are relatively varied, reflecting the different availability of renewable resources in each country, but also the different political ambitions for renewable electricity in the Maghreb states. Open questions remain regarding the targets' economic impact on the power markets. Our article addresses this issue by applying a linear electricity market optimization model to the North African countries. Assuming a competitive, regional electricity market in the Maghreb, the model minimizes dispatch and investment costs and simulates the impact of the renewable energy targets on the conventional generation system until 2025. Special emphasis is put on investment decisions and overall system costs. - Research Highlights: >Market simulation shows impact of RES-E penetration on the conventional power system of Morocco, Algeria and Tunisia. >Noticeable effects on dispatch and investments in fossil power plants. >Reduced utilization of base-load plants - stronger investments in flexible capacities. >Overall system costs can be decreased by optimizing the RES-E goals.

  11. Structure, dynamics and directions of changes on the world beer market

    Directory of Open Access Journals (Sweden)

    Zbigniew Gołaś

    2009-01-01

    Full Text Available The report shows the results of analysis of a structure and dynamics of changes in the world beer market. In the article there are analysed production and sale of beer, the beer foreign trade, brands and consumption of beer in years 1999-2004. The research carried out shows that Europe plays the major role in the world beer production, it is the region of the biggest beer tradition in the world. However, the market leader position belongs to China, which in case of beer production has already overtaken position of longstanding beer market leader – United States. Geography and dynamics of beer sale have been changed as well. Distinct slowing down in beer sale on markets of the biggest beer traditions can be noticed, while on the area of Central East Europe, East Europe and Asia the strong dynamics of sale can be observed. The reasons of such a trend are various, mostly the changes are triggered by strongly differentiated level of beer consumption per capita and changes in costumers tastes, much more focused on consuming soft alcoholic drinks.

  12. Impact of Market Behavior, Fleet Composition, and Ancillary Services on Revenue Sufficiency

    Energy Technology Data Exchange (ETDEWEB)

    Frew, Bethany [National Renewable Energy Lab. (NREL), Golden, CO (United States); Gallo, Giulia [National Renewable Energy Lab. (NREL), Golden, CO (United States); Brinkman, Gregory [National Renewable Energy Lab. (NREL), Golden, CO (United States); Milligan, Michael [National Renewable Energy Lab. (NREL), Golden, CO (United States); Clark, Kara [National Renewable Energy Lab. (NREL), Golden, CO (United States); Bloom, Aaron [National Renewable Energy Lab. (NREL), Golden, CO (United States)

    2016-06-01

    Revenue insufficiency, or the missing money problem, occurs when the revenues that generators earn from the market are not sufficient to cover both fixed and variable costs to remain in the market and/or justify investments in new capacity, which may be needed for reliability. The near-zero marginal cost of variable renewable generators further exacerbates these revenue challenges. Estimating the extent of the missing money problem in current electricity markets is an important, nontrivial task that requires representing both how the power system operates and how market participants behave. This paper explores the missing money problem using a production cost model that represented a simplified version of the Electric Reliability Council of Texas (ERCOT) energy-only market for the years 2012-2014. We evaluate how various market structures -- including market behavior, ancillary services, and changing fleet compositions -- affect net revenues in this ERCOT-like system. In most production cost modeling exercises, resources are assumed to offer their marginal capabilities at marginal costs. Although this assumption is reasonable for feasibility studies and long-term planning, it does not adequately consider the market behaviors that impact revenue sufficiency. In this work, we simulate a limited set of market participant strategic bidding behaviors by means of different sets of markups; these markups are applied to the true production costs of all gas generators, which are the most prominent generators in ERCOT. Results show that markups can help generators increase their net revenues overall, although net revenues may increase or decrease depending on the technology and the year under study. Results also confirm that conventional, variable-cost-based production cost simulations do not capture prices accurately, and this particular feature calls for proxies for strategic behaviors (e.g., markups) and more accurate representations of how electricity markets work. The

  13. Health Benefits Mandates and Their Potential Impacts on Racial/Ethnic Group Disparities in Insurance Markets.

    Science.gov (United States)

    Charles, Shana Alex; Ponce, Ninez; Ritley, Dominique; Guendelman, Sylvia; Kempster, Jennifer; Lewis, John; Melnikow, Joy

    2017-08-01

    Addressing racial/ethnic group disparities in health insurance benefits through legislative mandates requires attention to the different proportions of racial/ethnic groups among insurance markets. This necessary baseline data, however, has proven difficult to measure. We applied racial/ethnic data from the 2009 California Health Interview Survey to the 2012 California Health Benefits Review Program Cost and Coverage Model to determine the racial/ethnic composition of ten health insurance market segments. We found disproportional representation of racial/ethnic groups by segment, thus affecting the health insurance impacts of benefit mandates. California's Medicaid program is disproportionately Latino (60 % in Medi-Cal, compared to 39 % for the entire population), and the individual insurance market is disproportionately non-Latino white. Gender differences also exist. Mandates could unintentionally increase insurance coverage racial/ethnic disparities. Policymakers should consider the distribution of existing racial/ethnic disparities as criteria for legislative action on benefit mandates across health insurance markets.

  14. Multivariate Analysis of Short and Long-Impact Indicators for Corporate Bond Market Development

    Directory of Open Access Journals (Sweden)

    Ieva Astrauskaitė

    2016-06-01

    Full Text Available An additional instrument or established access to the capital market funding would increase business opportunities for performance, development, growth, channeling financing for sustainable and long-term economic growth and job creation. Capital market and its level of development or further development opportunities are exposed to different factors. Clear identification of them mobilizes the attention of accurate and useful decisions or actions influencing the expected results, their adoption and implementation, monitoring. With the purpose to identify a set of factors influencing the capital market deve lopment as well as to introduce a model of their short term and long term impact projections, the ARDL model for the US and Lithuanian cases is introduced. The concluding remarks state on different legal and regulatory framework, banking sector and ICT measures exposures to the different stages of the corporate bond market development.

  15. Market dynamics immediately before and after financial shocks: Quantifying the Omori, productivity, and Bath laws.

    Science.gov (United States)

    Petersen, Alexander M; Wang, Fengzhong; Havlin, Shlomo; Stanley, H Eugene

    2010-09-01

    We study the cascading dynamics immediately before and immediately after 219 market shocks. We define the time of a market shock T{c} to be the time for which the market volatility V(T{c}) has a peak that exceeds a predetermined threshold. The cascade of high volatility "aftershocks" triggered by the "main shock" is quantitatively similar to earthquakes and solar flares, which have been described by three empirical laws-the Omori law, the productivity law, and the Bath law. We analyze the most traded 531 stocks in U.S. markets during the 2 yr period of 2001-2002 at the 1 min time resolution. We find quantitative relations between the main shock magnitude M≡log{10} V(T{c}) and the parameters quantifying the decay of volatility aftershocks as well as the volatility preshocks. We also find that stocks with larger trading activity react more strongly and more quickly to market shocks than stocks with smaller trading activity. Our findings characterize the typical volatility response conditional on M , both at the market and the individual stock scale. We argue that there is potential utility in these three statistical quantitative relations with applications in option pricing and volatility trading.

  16. Market dynamics immediately before and after financial shocks: Quantifying the Omori, productivity, and Bath laws

    Science.gov (United States)

    Petersen, Alexander M.; Wang, Fengzhong; Havlin, Shlomo; Stanley, H. Eugene

    2010-09-01

    We study the cascading dynamics immediately before and immediately after 219 market shocks. We define the time of a market shock Tc to be the time for which the market volatility V(Tc) has a peak that exceeds a predetermined threshold. The cascade of high volatility “aftershocks” triggered by the “main shock” is quantitatively similar to earthquakes and solar flares, which have been described by three empirical laws—the Omori law, the productivity law, and the Bath law. We analyze the most traded 531 stocks in U.S. markets during the 2 yr period of 2001-2002 at the 1 min time resolution. We find quantitative relations between the main shock magnitude M≡log10V(Tc) and the parameters quantifying the decay of volatility aftershocks as well as the volatility preshocks. We also find that stocks with larger trading activity react more strongly and more quickly to market shocks than stocks with smaller trading activity. Our findings characterize the typical volatility response conditional on M , both at the market and the individual stock scale. We argue that there is potential utility in these three statistical quantitative relations with applications in option pricing and volatility trading.

  17. Impact of Electronic Banking Innovations on Bank Deposit Market Share

    Directory of Open Access Journals (Sweden)

    Kashmari A

    2016-04-01

    Full Text Available Development and diversity of electronic banking services is one of the aspects of financial innovation of banks. In Iran’s banking system, the development of multiple channels representing electronic banking services such as SWIFT system, ATM, POS, PIN pads, internet banking, mobile banking and telephone banking are made for more facility in paying money, so today, the development of this channels is one of the most competitive areas between banks for attracting resources. The main purpose of this study is to evaluate this innovation, which needs a heavy cost in terms of money and time, on the share of each bank in attracting deposit as one of the most important goals and competitive tools of a bank. By using Panel Data Vector Autoregressive methods (Panel-VAR and Granger causality test, data of 23 Iranian banks in the 7 years (2007-2013 has been studied. The results show that based on the Granger Causality Test, the number of ATM machines, POS, PIN pad, SWIFT system and amount of banking facilities provided by each bank, has causal relation in explaining the increase of the bank’s share in attracting deposits; but the Market Share was recognized as the cause of the innovation. Also, the causality direction of deposits’ share and the amount of facilities were noticed to be bilateral.

  18. Chicago's water market: Dynamics of demand, prices and scarcity rents

    Science.gov (United States)

    Ipe, V.C.; Bhagwat, S.B.

    2002-01-01

    Chicago and its suburbs are experiencing an increasing demand for water from a growing population and economy and may experience water scarcity in the near future. The Chicago metropolitan area has nearly depleted its groundwater resources to a point where interstate conflicts with Wisconsin could accompany an increased reliance on those sources. Further, the withdrawals from Lake Michigan is limited by the Supreme Court decree. The growing demand and indications of possible scarcity suggest a need to reexamine the pricing policies and the dynamics of demand. The study analyses the demand for water and develops estimates of scarcity rents for water in Chicago. The price and income elasticities computed at the means are -0.002 and 0.0002 respectively. The estimated scarcity rents ranges from $0.98 to $1.17 per thousand gallons. The results indicate that the current prices do not fully account for the scarcity rents and suggest a current rate with in the range $1.53 to $1.72 per thousand gallons.

  19. DYNAMIC CHARACTERISTICS OF SOILS SUBJECT TO IMPACT LOADINGS

    Institute of Scientific and Technical Information of China (English)

    Zhirong Niu; Guoyun Lu; Dongzuo Cheng

    2008-01-01

    The dynamic properties of soil under impact loads are studied experimentally and numerically.By analyzing the microstructural photos of soils with and without impact,it is shown that impact loads can destroy the original structures in the compact area,where the soil grains are rearranged regularly and form the compact whirlpool structure.Simultaneously,the dynamic impact process of soil is simulated by using the software of Ls-dyna.The time-dependent distribution of the dynamic stress and density is obtained in the soil.Furthermore,the simulation results are consistent with the experimental results.The reinforcement mechanism and the rule of dynamic compaction of soils due to impact load are also elucidated.

  20. Dynamic evolution of cross-correlations in the Chinese stock market.

    Directory of Open Access Journals (Sweden)

    Fei Ren

    Full Text Available The analysis of cross-correlations is extensively applied for the understanding of interconnections in stock markets and the portfolio risk estimation. Current studies of correlations in Chinese market mainly focus on the static correlations between return series, and this calls for an urgent need to investigate their dynamic correlations. Our study aims to reveal the dynamic evolution of cross-correlations in the Chinese stock market, and offer an exact interpretation for the evolution behavior. The correlation matrices constructed from the return series of 367 A-share stocks traded on the Shanghai Stock Exchange from January 4, 1999 to December 30, 2011 are calculated over a moving window with a size of 400 days. The evolutions of the statistical properties of the correlation coefficients, eigenvalues, and eigenvectors of the correlation matrices are carefully analyzed. We find that the stock correlations are significantly increased in the periods of two market crashes in 2001 and 2008, during which only five eigenvalues significantly deviate from the random correlation matrix, and the systemic risk is higher in these volatile periods than calm periods. By investigating the significant contributors of the deviating eigenvectors in different time periods, we observe a dynamic evolution behavior in business sectors such as IT, electronics, and real estate, which lead the rise (drop before (after the crashes. Our results provide new perspectives for the understanding of the dynamic evolution of cross-correlations in the Chines stock markets, and the result of risk estimation is valuable for the application of risk management.

  1. Wholesale energy market in a smart grid. Dynamic modeling, stability, and robustness

    Energy Technology Data Exchange (ETDEWEB)

    Kiani Bejestani, Arman

    2013-01-24

    The recent paradigm shift in the architecture of the smart grid is driven by the need to integrate Renewable Energy Resources (RER), the availability of information through communication networks, and an emerging policy of demand that is intertwined with pricing. A major component of this architecture is the design of electricity markets, which pertains to the optimal scheduling of power generation and reserve requirements. The challenge is to carry out this scheduling with a high level of integration of renewable generation sources, a formidable task due to intermittency and uncertainty. Introducing huge intermittency and uncertainty in the smart grid will demand a dynamic framework for addressing the operation, scheduling and financial settlements in the uncertain environment. The temporal components in scheduling generation are necessary due to increasing penetration of renewable sources, and increasing potential of adjustable demand via Demand Response (DR). The former brings issues of strong intermittency and uncertainty, and the latter brings a feedback structure, where demand can be modulated over a range of time-scales. Both of these components are dictating a new look at market mechanisms, with a controls viewpoint enabling a novel framework for analysis and synthesis. This dissertation provides static and dynamic models that capture the various aspects of electrical power systems, including the dynamics of market participants, the physical and technical constraints of power systems, and the uncertainty of RER. The proposed models shed new light on wholesale electricity market design, allowing an understanding to be gained of how to create markets, which enhance the stability of price profiles, and efficiency of the power systems, in the presence of uncertain demand and intermittent resources. The notion of market equilibrium in the presence of RER and DR is presented. The effects of uncertainties due to forecast errors in RER and variations due to DR on

  2. Market dynamics as a driver towards the evolution of research needs; the case of up-flow anaerobic sludge blanket seeding granules

    CSIR Research Space (South Africa)

    Musee, N

    2013-01-01

    Full Text Available Market dynamics offer positive (incentive) or negative (disincentive) feedback loops that shape the research needs for, or certain aspects of, a particular technology. Our case study results illustrate how market dynamics have influenced...

  3. Stock market synchronicity: an alternative approach to assessing the information impact of Australian IFRS

    NARCIS (Netherlands)

    Bissessur, S.; Hodgson, A.

    2012-01-01

    How has the mandatory adoption in 2005 of International Financial Reporting Standards in (IFRS) affected information flow for investors in Australia? This paper investigates impact by examining synchronicity issues. Morck et al. (2000) label the degree to which stock prices depend upon market and in

  4. The informal economy employment impacts of trade liberalization & increased competition in export markets

    DEFF Research Database (Denmark)

    to focus on the impacts of restructuring in the formal textile and clothing sectors (TC) which is the major employer in three Maghrib countries: Algeria, Morocco and Tunisia. The textile and clothing sectors have been particularly exposed to increased competition in foreign and/or domestic markets...

  5. The Impact of Active Labour Market Policy on Post-Unemployment Outcomes

    DEFF Research Database (Denmark)

    Blasco, Sylvie; Rosholm, Michael

    While job search theory predicts that active labour market policies (ALMPs) can affect post-unemployment outcomes, empirical evaluations investigating transition rates have mostly focused on the impact of ALMPs on exit rates from the current unemployment spell. We use a social experiment, which...

  6. Cost-benefit analysis of the Dutch nature policy: Transaction costs and land market impacts

    NARCIS (Netherlands)

    Jongeneel, R.A.; Polman, N.; Slangen, L.H.G.

    2012-01-01

    This paper analyses the financial and economic costs and benefits of the large scale National Ecological Network (NEN) nature conservation project in the Netherlands, taking into account transaction costs and land market impacts of different institutional arrangements. The net financial costs associ

  7. An Economic Model of Brazil’s Ethanol-Sugar Markets and Impacts of Fuel Policies

    NARCIS (Netherlands)

    Drabik, D.; Gorter, de H.; Just, D.R.; Timilsina, G.R.

    2014-01-01

    We develop an economic model of flex plants, export demands and two domestic fuel demand curves: E25, a 25 percent blend of ethanol with gasoline consumed by conventional cars, and E100, ethanol consumed only by flex cars. This allows us to analyze the market impacts of specific policies, namely the

  8. The impact of customer-specific marketing expenses on customer retention and customer profitability

    NARCIS (Netherlands)

    van Triest, S.; Bun, M.J.G.; van Raaij, E.M.; Vernooij, M.J.A.

    2009-01-01

    We study the effects of customer-specific marketing expenses on customer retention and customer profitability in a business-to-business setting. Using data from a company providing hygiene services, we look at the impact of a hitherto unstudied type of expense targeted at individual customer relatio

  9. The impact of customer-specific marketing expenses on customer retention and customer profitability

    NARCIS (Netherlands)

    van Triest, S.; van Raaij, E.M.; Bun, M.; Vernooij, M.

    2007-01-01

    We study the effects of customer-specific marketing expenses on customer retention and cus-tomer profitability in a business-to-business setting. Using data from a company providing hygiene services, we look at the impact of a type of expenses targeted at individual customer relationships: the offer

  10. Impact of product mix and markets on the economic feasibility of hardwood thinning

    Science.gov (United States)

    John E. Baumgras; Chris B. LeDoux

    1989-01-01

    Results demonstrate how the economic feasibility of commercial hardwood thinning is impacted by tree diameter, product mix, and primary product markets. These results indicate that multiproduct harvesting can increase revenues by $0.01/ft³ to $0.32/ft³; and that small shifts in price levels or haul distance can postpone commercial thinning...

  11. 77 FR 42271 - National Defense Stockpile Market Impact Committee Request for Public Comments on the Potential...

    Science.gov (United States)

    2012-07-18

    .... Department of Commerce, Bureau of Industry and Security, Office of Strategic Industries and Economic Security... Heidenreich, Office of Strategic Industries and Economic Security, Bureau of Industry and Security, U.S... Bureau of Industry and Security National Defense Stockpile Market Impact Committee Request for...

  12. 77 FR 16205 - National Defense Stockpile Market Impact Committee Request for Public Comments on the Potential...

    Science.gov (United States)

    2012-03-20

    .... Department of Commerce, Bureau of Industry and Security, Office of Strategic Industries and Economic Security... McMenamin, Office of Strategic Industries and Economic Security, Bureau of Industry and Security, U.S... Bureau of Industry and Security National Defense Stockpile Market Impact Committee Request for...

  13. Shared Solar. Current Landscape, Market Potential, and the Impact of Federal Securities Regulation

    Energy Technology Data Exchange (ETDEWEB)

    Feldman, David [National Renewable Energy Lab. (NREL), Golden, CO (United States); Brockway, Anna M. [Office of Energy Efficiency and Renewable Energy (EERE), Washington, DC (United States); Ulrich, Elaine [Office of Energy Efficiency and Renewable Energy (EERE), Washington, DC (United States); Margolis, Robert [National Renewable Energy Lab. (NREL), Golden, CO (United States)

    2015-04-01

    This report provides a high-level overview of the current U.S. shared solar landscape and the impact that a given shared solar program’s structure has on requiring federal securities oversight, as well as an estimate of market potential for U.S. shared solar deployment.

  14. Shared Solar. Current Landscape, Market Potential, and the Impact of Federal Securities Regulation

    Energy Technology Data Exchange (ETDEWEB)

    Feldman, David [National Renewable Energy Laboratory (NREL), Golden, CO (United States); Brockway, Anna M. [U.S. Department of Energy, Washington, DC (United States); Ulrich, Elaine [U.S. Department of Energy, Washington, DC (United States); Margolis, Robert [National Renewable Energy Laboratory (NREL), Golden, CO (United States)

    2015-04-07

    This report provides a high-level overview of the current U.S. shared solar landscape, the impact that a given shared solar program’s structure has on requiring federal securities oversight, as well as an estimate of market potential for U.S. shared solar deployment.

  15. A Theory for Market Impact: How Order Flow Affects Stock Price

    CERN Document Server

    Gerig, Austin

    2007-01-01

    It is known that the impact of transactions on stock price (market impact) is a concave function of the size of the order, but there exists little quantitative theory that suggests why this is so. I develop a quantitative theory for the market impact of hidden orders (orders that reflect the true intention of buying and selling) that matches the empirically measured result and that reproduces some of the non-trivial and universal properties of stock returns (returns are percent changes in stock price). The theory is based on a simple premise, that the stock market can be modeled in a mechanical way - as a device that translates order flow into an uncorrelated price stream. Given that order flow is highly autocorrelated, this premise requires that market impact (1) depends on past order flow and (2) is asymmetric for buying and selling. I derive the specific form for the dependence in (1) by assuming that current liquidity responds to information about all currently active hidden orders (liquidity is a measure...

  16. The Gendered Labor Market Impacts of Trade Liberalization. Evidence from Brazil

    NARCIS (Netherlands)

    Gaddis, I.; Pieters, J.

    2014-01-01

    This paper investigates gender differences in the impact of Brazil's trade liberalization on labor market outcomes. To identify the causal effect of trade reforms, the paper uses difference-in-difference estimation exploiting variation across microregions in pre-liberalization reduced male and femal

  17. Statistical Analysis of the Impact of Wind Power on Market Quantities and Power Flows

    DEFF Research Database (Denmark)

    Pinson, Pierre; Jónsson, Tryggvi; Zugno, Marco

    2012-01-01

    in Europe. Due to the dimensionality and nonlinearity of these effects, the necessary concepts of dimension reduction using Principal Component Analysis (PCA), as well as nonlinear regression are described. Example application results are given for European cross-border flows, as well as for the impact...... of load and wind power forecasts on Danish and German electricity markets....

  18. The impact of customer-specific marketing expenses on customer retention and customer profitability

    NARCIS (Netherlands)

    S. van Triest (Sander); M.J.G. Bun (Maurice); E.M. van Raaij (Erik); M.J.A. Vernooij (Maarten)

    2009-01-01

    textabstractWe study the effects of customer-specific marketing expenses on customer retention and customer profitability in a business-to-business setting. Using data from a company providing hygiene services, we look at the impact of a hitherto unstudied type of expense targeted at individual cust

  19. Assessing the Impact of Gender and Race on Earnings in the Library Science Labor Market

    Science.gov (United States)

    Sweeper, Darren; Smith, Steven A.

    2010-01-01

    Using data from the 2003 National Survey of College Graduates, this paper examines earnings in the library science labor market and assesses the impact of gender on the income attainment process. We use this cross-sectional dataset to determine if there are significant income differences between male and female library science professionals. The…

  20. The impact of dark trading and visible fragmentation on market quality

    NARCIS (Netherlands)

    Degryse, H.A.; de Jong, F.C.J.M.; van Kervel, V.L.

    2015-01-01

    Two important characteristics of current equity markets are the large number of competing trading venues with publicly displayed order books and the substantial fraction of dark trading, which takes place outside such visible order books. This article evaluates the impact on liquidity of dark tradin

  1. Market impact on cassava's development potential in the Atlantic Coast region of Colombia.

    NARCIS (Netherlands)

    Janssen, W.G.

    1986-01-01

    The impact of markets on agricultural development was analyzed by means of a case study on cassava in the Atlantic Coast region of Colombia. In the development process, the demand for agricultural products changes considerably. Traditional food products, such as roots and tubers, face a decreasing d

  2. Stock market synchronicity: an alternative approach to assessing the information impact of Australian IFRS

    NARCIS (Netherlands)

    Bissessur, S.; Hodgson, A.

    2012-01-01

    How has the mandatory adoption in 2005 of International Financial Reporting Standards in (IFRS) affected information flow for investors in Australia? This paper investigates impact by examining synchronicity issues. Morck et al. (2000) label the degree to which stock prices depend upon market and

  3. Market impact on cassava's development potential in the Atlantic Coast region of Colombia

    NARCIS (Netherlands)

    Janssen, W.G.

    1986-01-01

    The impact of markets on agricultural development was analyzed by means of a case study on cassava in the Atlantic Coast region of Colombia. In the development process, the demand for agricultural products changes considerably. Traditional food products, such as roots and tubers, face a

  4. The Impact of Labour Market Deregulation: Lessons from the "Kiwi"and "Polder" Models

    NARCIS (Netherlands)

    Gorter, Cees; Poot, Jacques

    1999-01-01

    Unemployment remains a major economic and social problem in many developedeconomies. This paper provides theoretical and empirical perspectives on the impact of labour market deregulation as a means of combatting unemployment and of enhancing competitive wage determination. The paper focusses specif

  5. Stock market synchronicity: an alternative approach to assessing the information impact of Australian IFRS

    NARCIS (Netherlands)

    S. Bissessur; A. Hodgson

    2012-01-01

    How has the mandatory adoption in 2005 of International Financial Reporting Standards in (IFRS) affected information flow for investors in Australia? This paper investigates impact by examining synchronicity issues. Morck et al. (2000) label the degree to which stock prices depend upon market and in

  6. Cost-benefit analysis of the Dutch nature policy: Transaction costs and land market impacts

    NARCIS (Netherlands)

    Jongeneel, R.A.; Polman, N.; Slangen, L.H.G.

    2012-01-01

    This paper analyses the financial and economic costs and benefits of the large scale National Ecological Network (NEN) nature conservation project in the Netherlands, taking into account transaction costs and land market impacts of different institutional arrangements. The net financial costs associ

  7. An Economic Model of Brazil’s Ethanol-Sugar Markets and Impacts of Fuel Policies

    NARCIS (Netherlands)

    Drabik, D.; Gorter, de H.; Just, D.R.; Timilsina, G.R.

    2014-01-01

    We develop an economic model of flex plants, export demands and two domestic fuel demand curves: E25, a 25 percent blend of ethanol with gasoline consumed by conventional cars, and E100, ethanol consumed only by flex cars. This allows us to analyze the market impacts of specific policies, namely the

  8. Retraction dynamics of aquous drops upon impact on nonwetting surfaces

    CERN Document Server

    Bartolo, D; Bonn, D; Bartolo, Denis; Josserand, Christophe; Bonn, Daniel

    2005-01-01

    We study the impact and subsequent retraction dynamics of liquid droplets upon high-speed impact on hydrophobic surfaces. Performing extensive experiments, we show that the drop retraction rate is a material constant and does not depend on the impact velocity. We show that when increasing the Ohnesorge number, $\\Oh=\\eta/\\sqrt{\\rho R_{\\rm I} \\gamma}$, the retraction, i.e. dewetting, dynamics crosses over from a capillaro-inertial regime to a capillaro-viscous regime. We rationalize the experimental observations by a simple but robust semi-quantitative model for the solid-liquid contact line dynamics inspired by the standard theories for thin film dewetting.

  9. Market concentration and technological innovation in a dynamic model of growth and distribution

    Directory of Open Access Journals (Sweden)

    Gilberto Tadeu Lima

    2000-12-01

    Full Text Available This paper develops a post Keynesian macromodel of growth and distribution in which endogenous technological innovation plays a pivotal role. The innovationrate is made quadratic in market concentration, to capture a plausible neo-Schumpeterian non-linear influence of market structure on firms' propensity to innovate. Concentration is endogenous, though, since under neo-Schumpeterian competition the relation between market structure and technical change cuts both ways. Investment will then be non-linear in concentration, and the effect of changes in concentration on capacity utilisation, growth and distribution will depend on the level of concentration. Demand also plays a role, with capacity utilisation andgrowth rising with the wage share. The dynamic stability properties of the system will depend on the direction and relative strength of the technological innovation effects with respect to the demand ones, and on the relative bargaining power of workers and capitalists.

  10. Dynamic buckling of stiffened plates subjected to explosion impact loads

    Science.gov (United States)

    Wang, J.; Guo, J.; Yao, X. L.; Zhang, A. M.

    2017-01-01

    The dynamic buckling characteristics and criteria of a ship's structural stiffened plate subjected to underwater explosion impact loads are investigated in this study. Using the structural deformations observed in the experiments of underwater explosions against a plated grillage model, the mode shapes of the dynamic buckling were obtained. Through the construction of a computational model of stiffened plates subjected to an underwater explosion shock wave, the impact load was theoretically calculated and transformed into a rectangular pulse. According to the different response patterns of stiffened plates under different impact loads, a dynamic buckling criterion for the stiffened plates subjected to an explosion shock wave was proposed. Additionally, the static buckling phenomenon in the stiffened plates was analysed based on the minimum excess principle. In combination with the dynamic buckling criterion, the effects of various stiffening configurations on the dynamic and static buckling loads are discussed. The calculation results show that when the equivalent rectangular pulse is 2-3 times that of the static buckling load, the responses of the stiffened plates under the original shock load and the equivalent rectangular pulse are virtually identical. The impact load amplitude is the primary influencing factor in the dynamic buckling of stiffened plates subjected to underwater explosive impact loads. The stiffened plate aspect ratio has a substantial influence on the dynamic load factor. The analytical method and results are presented, which can be used to design stiffened optimum hull structures to enhance the dynamic load carrying capacity to withstand underwater shock damage.

  11. Knottin cyclization: impact on structure and dynamics

    Directory of Open Access Journals (Sweden)

    Gracy Jérôme

    2008-12-01

    Full Text Available Abstract Background Present in various species, the knottins (also referred to as inhibitor cystine knots constitute a group of extremely stable miniproteins with a plethora of biological activities. Owing to their small size and their high stability, knottins are considered as excellent leads or scaffolds in drug design. Two knottin families contain macrocyclic compounds, namely the cyclotides and the squash inhibitors. The cyclotide family nearly exclusively contains head-to-tail cyclized members. On the other hand, the squash family predominantly contains linear members. Head-to-tail cyclization is intuitively expected to improve bioactivities by increasing stability and lowering flexibility as well as sensitivity to proteolytic attack. Results In this paper, we report data on solution structure, thermal stability, and flexibility as inferred from NMR experiments and molecular dynamics simulations of a linear squash inhibitor EETI-II, a circular squash inhibitor MCoTI-II, and a linear analog lin-MCoTI. Strikingly, the head-to-tail linker in cyclic MCoTI-II is by far the most flexible region of all three compounds. Moreover, we show that cyclic and linear squash inhibitors do not display large differences in structure or flexibility in standard conditions, raising the question as to why few squash inhibitors have evolved into cyclic compounds. The simulations revealed however that the cyclization increases resistance to high temperatures by limiting structure unfolding. Conclusion In this work, we show that, in contrast to what could have been intuitively expected, cyclization of squash inhibitors does not provide clear stability or flexibility modification. Overall, our results suggest that, for squash inhibitors in standard conditions, the circularization impact might come from incorporation of an additional loop sequence, that can contribute to the miniprotein specificity and affinity, rather than from an increase in conformational rigidity

  12. The price impact asymmetry of institutional trading in the Chinese stock market

    Science.gov (United States)

    Ren, Fei; Zhong, Li-Xin

    2012-04-01

    The asymmetric price impact between the institutional purchases and sales of 32 liquid stocks in the Chinese stock market in 2003 is carefully studied. We analyze the price impact in both drawup and drawdown trends with consecutive positive and negative daily price changes, and test the dependence of the price impact asymmetry on the market condition. For most of the stocks, institutional sales have a larger price impact than institutional purchases, and a larger impact of institutional purchases exists only in a few stocks with primarily increasing tendencies. We further study the mean return of trades surrounding institutional transactions, and find that the asymmetric behavior also exists before and after institutional transactions. A new variable is proposed to investigate the order book structure, and it can partially explain the price impact of institutional transactions. A linear regression for the price impact of institutional transactions further confirms our finding that institutional sales primarily have a larger price impact than institutional purchases in the bearish year 2003.

  13. Presenting a comprehensive market oriented model and evaluating its impact on organization performance

    Directory of Open Access Journals (Sweden)

    Mohammad Taqi Amini

    2013-08-01

    Full Text Available Like other innovative strategies, companies have paid more attention to market oriented strategies in recent years. This has been focused by organizations for improved effectiveness and the organization performance accelerated a lot in business competition. In responding to this fact, organizations are trying to formulate many of the issues familiar to large organizations, which have involved with market oriented strategy planning. This paper reviews key elements in market-oriented strategy planning with regard to competitiveness and performance in large organizations and outlines a comprehensive model for strategy planning in profit organizations. These elements include environment, top management, organization structure and market oriented strategy. Professional question of this study has a particularly important role in formulating relations of this model. These elements are well positioned to evaluate the impact of market-oriented strategy planning on organizations and their expected impacts on organization performance. A well-organized questionnaire to help organizations with their planning is proposed in this survey. Based on the proposed questionnaire, data obtained from Tehran food industry experts and analyzed by using SEM method. Results accepted eight hypotheses and rejected one.

  14. Market Efficiency and the Risks and Returns of Dynamic Trading Strategies with Commodity Futures

    Science.gov (United States)

    Switzer, Lorne N.; Jiang, Hui

    This paper investigates relationships between profits from dynamic trading strategies, risk premium, convenience yields, and net hedging pressures for commodity futures. As a market efficiency study, it crosses a number of disciplines, including traditional finance, behavioral finance, and behavioral psychology. The term structure of oil, gold, copper and soybeans futures markets contains predictive power for the corresponding term premium. However, only oil futures and soybean futures lead their spot premium. Significant momentum profits are identified in both outright futures and spread trading strategies when the spot premium and the term premium are used to form winner and loser portfolios. Profits from active strategies based on winner and loser portfolios are conditioned on market structure and net hedging pressure effects. Dynamic trading strategies based on contracts with extreme backwardation, extreme contango, and extreme hedging pressures are also tested. On average, spread trading outperforms outright futures trading in capturing the term structure risk and hedging pressure risk. For such strategies, long-short the long-term spread offers the greatest and most significant return and it offers the only exploitable trading profits built on the past hedging pressure. The existence of profits from active trading strategies based on winners is consistent with behavioral finance and behavioral psychology models in which market participants irrationally overreact to information and trends.

  15. Testing for contagion under asymmetric dynamics: Evidence from the stock markets between US and Taiwan

    Science.gov (United States)

    Wang, Kuan-Min; Nguyen Thi, Thanh-Binh

    2007-03-01

    This article is an attempt to test, through the use of forward forecasting test on dynamic conditional correlation (DCC), for contagion between Taiwan and US stocks under asymmetry. The process includes three steps. The first step uses the iterated cumulative sums of squares (ICSS) algorithm to detect the structural breaks of market return. The second step creates dummy variables for breaks, estimates EGARCH model of conditional generalized error distribution, and computes dynamic conditional correlation coefficients of DCC multivariate GARCH model. The third step employs one-step and N-step forecast test to check for contagion effect. The evidences prove the asymmetric leverage effect of Taiwan weighted stock index and New York-NYSE Composite Index. Interestingly, we discovered that there are two kinds of contagion, “positive” and “negative”, between markets.

  16. Impact of climate change on electricity systems and markets

    Science.gov (United States)

    Chandramowli, Shankar N.

    (Section 111 (d)) rules for the U.S. Northeast region. This dissertation applies an analytical model and an optimization model to investigate the implications of co-implementing an emission cap and an RPS policy for this region. A simplified analytical model of LP-CEM is specified and the first order optimality conditions are derived. The results from this analytical model are corroborated by running LP-CEM simulations under different carbon cap and RPS policy assumptions. A combination of these policies is shown to have a long-term beneficial effect for the final ratepayers in the region. This research conceptually explores the future implications of climate change and extreme weather events on the regional electricity market framework. The significant findings from this research and future policy considerations are discussed in the conclusion chapter.

  17. Soybean Trade: Balancing Environmental and Socio-Economic Impacts of an Intercontinental Market.

    Directory of Open Access Journals (Sweden)

    Annelies Boerema

    Full Text Available The trade in soybean, an important animal feed product, exemplifies the environmental and socio-economic impact of global markets and global agricultural policy. This paper analyses the impact of increasing production of soybean in the exporting countries (deforestation and grassland conversion as well as in importing regions (decrease in permanent grassland by substitution of grass as feed. Ecosystem services monetary values were used to calculate the environmental and socio-economic impact of observed land use changes. This is balanced against the economic value of the global soybean trade. The results prove that consumption choices in one region have real effects on the supply of ecosystem services at a large spatial scale. Conclusively, solutions to make this global market more sustainable are discussed.

  18. Soybean Trade: Balancing Environmental and Socio-Economic Impacts of an Intercontinental Market

    Science.gov (United States)

    Boerema, Annelies; Peeters, Alain; Swolfs, Sanne; Vandevenne, Floor; Jacobs, Sander; Staes, Jan; Meire, Patrick

    2016-01-01

    The trade in soybean, an important animal feed product, exemplifies the environmental and socio-economic impact of global markets and global agricultural policy. This paper analyses the impact of increasing production of soybean in the exporting countries (deforestation and grassland conversion) as well as in importing regions (decrease in permanent grassland by substitution of grass as feed). Ecosystem services monetary values were used to calculate the environmental and socio-economic impact of observed land use changes. This is balanced against the economic value of the global soybean trade. The results prove that consumption choices in one region have real effects on the supply of ecosystem services at a large spatial scale. Conclusively, solutions to make this global market more sustainable are discussed. PMID:27244079

  19. Micro-Level Adaptation, Macro-Level Selection, and the Dynamics of Market Partitioning.

    Science.gov (United States)

    García-Díaz, César; van Witteloostuijn, Arjen; Péli, Gábor

    2015-01-01

    This paper provides a micro-foundation for dual market structure formation through partitioning processes in marketplaces by developing a computational model of interacting economic agents. We propose an agent-based modeling approach, where firms are adaptive and profit-seeking agents entering into and exiting from the market according to their (lack of) profitability. Our firms are characterized by large and small sunk costs, respectively. They locate their offerings along a unimodal demand distribution over a one-dimensional product variety, with the distribution peak constituting the center and the tails standing for the peripheries. We found that large firms may first advance toward the most abundant demand spot, the market center, and release peripheral positions as predicted by extant dual market explanations. However, we also observed that large firms may then move back toward the market fringes to reduce competitive niche overlap in the center, triggering nonlinear resource occupation behavior. Novel results indicate that resource release dynamics depend on firm-level adaptive capabilities, and that a minimum scale of production for low sunk cost firms is key to the formation of the dual structure.

  20. The ecotourism project management market, oriented to the international market, which impacts regional development through the application of PMBOK standards

    Directory of Open Access Journals (Sweden)

    Jaime Alberto Romero Infante

    2013-03-01

    Full Text Available Rev.esc.adm.neg This article describes the application of project management practices in the ecotourism sector of Colombia, which is oriented to the international market and which impacts considerably regional development. Different processes of the Project Management Institute International Standards (PMI have been applied during this project which aims at identifying and validating sustainable methods of ecotourism trading services in protected areas of high ecological and cultural value. An exploration methodology was used, based on the review and interpretation of literature about the best international practices of project management. From the above, we have developed a structural frame that could be applied to different projects involving the Colombian ecotourism sector, aiming at improving the management of such interventions.