WorldWideScience

Sample records for emerging markets revised

  1. EMERGING MARKETS

    Directory of Open Access Journals (Sweden)

    GHEORGHE CARALICEA-MĂRCULESCU

    2012-03-01

    Full Text Available The emerging markets are winning the currency war, because at this very moment its the battle of global financial institutions , as to who is more vulnerable and more exposed to the debt crisis and have their hands in more risky assets. US and Euro with their intertwining the financial stuff of the nation, the banks and the corporations are in a deep mess. One goes down, takes the other ones too. Right now , they all are struggling and getting beaten up , while the emerging markets are quiet and not really expressing their stands on the current situation except are reacting by all only putting their own houses in order.

  2. Entrepreneurship, Emerging Technologies, Emerging Markets

    NARCIS (Netherlands)

    Thukral, Inderpreet S.; Von Ehr, James; Walsh, Steven Thomas; Groen, Arend J.; van der Sijde, Peter; Adham, Khairul Akmaliah

    2008-01-01

    Academics and practitioners alike have long understood the benefits, if not the risks, of both emerging markets and emerging technologies.Yet it is only recently that foresighted firms have embraced emerging technologies and emerging markets through entrepreneurial activity. Emerging technologies

  3. Derivatives in emerging markets

    OpenAIRE

    Dubravko Mihaljek; Frank Packer

    2010-01-01

    Turnover of derivatives has grown more rapidly in emerging markets than in developed countries. Foreign exchange derivatives are the most commonly traded of all risk categories, with increasingly frequent turnover in emerging market currencies and a growing share of cross-border transactions. As the global reach of the financial centres in emerging Asia has expanded, the offshore trading of many emerging market currency derivatives has risen as well. Growth in derivatives turnover is positive...

  4. Competitiveness in Emerging Markets

    DEFF Research Database (Denmark)

    This book presents a collection of interrelated research advances in the field of technological entrepreneurship from the perspective of competition in emerging markets. Featuring contributions by scholars from different fields of interest, it provides a mix of theoretical developments, insights...... and research methods used to uncover the unexplored aspects of competitiveness in emerging markets in an age characterized by disruptive technologies....

  5. Emerging Art Markets

    NARCIS (Netherlands)

    Kraussl, R.G.W.; Logher, R.

    2010-01-01

    This paper analyzes the performance and risk-return characteristics of three major emerging art markets: Russia, China, and India. According to three national art market indices, built by hedonic regressions based on auction sales prices, the geometric annual returns are 10.00%, 5.70%, and 42.20%

  6. Emerging Market Firms’ Acquisitions in Advanced Markets

    DEFF Research Database (Denmark)

    Stucchi, Tamara

    2012-01-01

    markets. These antecedents can influence emerging market firms’ capacities to absorb or exploit technological and/or marketing advantages in advanced markets. In order to be successful, emerging market firms have to undertake those upmarket acquisitions that best “fit” their antecedents. Four mutually......This study draws upon the resource-based view and the institution-based view of the firm to provide a comprehensive overview of how different resource-, institution- and industry-based antecedents affect the motivations guiding the acquisitions that emerging market firms undertake in advanced...... exclusive acquisition strategies are derived, which are then illustrated using examples of Indian firms’ acquisitions in advanced markets....

  7. Emerging Market Multinationals

    DEFF Research Database (Denmark)

    Gammeltoft, Peter; Hobdari, Bersant

    2017-01-01

    International knowledge flows and innovation are becoming ever more important to the competitiveness of multinational corporations. Emerging market multinationals (EMNCs) in specific are deploying increasingly activist measures to harness foreign sources of knowledge and innovation as a strategy...... in which this disagreement can be reconciled through recognition of other EMNC advantages, particularly abilities to leverage country-specific assets, and possession and development of dynamic capabilities. Finally, we identify a set of core themes in the recent literature on strategic asset...

  8. Marketing in the Emerging Markets of Islamic Countries

    DEFF Research Database (Denmark)

    Marinov, Marin Alexandrov

    Among the limited publications on marketing in emerging markets this book focuses on regional specifics of Islamic Countries and the appropriate approaches for reaching their markets with effective and efficient marketing strategies. Marketing in the Emerging Markets of Islamic Countries...

  9. Carbon market emerges

    International Nuclear Information System (INIS)

    Hordern, N.

    2001-01-01

    Last November COP6, the UN climate change conference in The Hague, failed to agree on the rules of the Kyoto Protocol, the treaty limiting developed countries' emissions of greenhouse gases ('carbon'). Many in the Australian resource and energy sector were relieved that COP6 was inconclusive. As Industry Minister Senator Nick Minchin put it: 'Better no outcome than a bad outcome.' However, the financial services sector -potentially a major beneficiary of the international carbon it hoped COP6 would endorse -received a setback. Apparently not for long. Only months later, a nascent Australian carbon trading market seems to be emerging by stealth, irrespective of COP6's fortunes. This poses both opportunities and costs for the resources and energy sectors. Whoever succeeds in influencing the design of a trading scheme, 'pilot' or not, will have a box seat when - not if - a 'mandatory' emissions trading scheme is introduced. Government policy is that there will be no mandatory emissions trading scheme until the establishment of a UN endorsed international market requires one of Australia. This, in turn, depends upon the conclusion of the negotiations that stalled in The Hague. COP6 is set to resume in Germany, probably in July

  10. Credit derivatives in emerging markets

    OpenAIRE

    Romain Rancière

    2002-01-01

    Credit Derivatives are securities that offer protection against credit or default risk of bonds or loans. The credit derivatives emerging market has grown rapidly and credit derivatives are widely used. This paper describes the emerging credit derivatives market structure. The current market activity is analyzed through elementary pricing dynamics and the study of the term structure of default risk. Focusing on the performance of credit derivatives in stress situation, including legal and mar...

  11. Collaborative Approaches in Emerging Markets

    DEFF Research Database (Denmark)

    Søberg, Peder Veng; Han, Yang

    2011-01-01

    , in order to increase innovation performance. The theoretical framework is based on theories on trust, as well as institutional theory. The findings suggest that cognition-based trust as well as affect-based trust is needed for successful innovative collaboration, however, in emerging markets affect......The paper investigates innovative collaboration undertaken by newly established foreign invested R&D units in emerging markets. In particular, the paper investigates how foreign invested newly established R&D centers in emerging markets can leverage local knowledge networks, such as universities......-based trust is more important than Westerners are used to. This is due to the different institutional backgrounds, in emerging markets and developed markets respectively....

  12. The emerging petrocoke market

    International Nuclear Information System (INIS)

    Dymond, R.

    1999-01-01

    This article focuses on the growing acceptance of petroleum coke as a fuel, and examines the marketing of the coke, world and US production of petroleum coke, its properties and quality, and its contamination by sulphur and trace metals. Details are given of the use of the coke as a carbon source and also as a solid fuel, export markets, and current market trends . Tables illustrating the world production of petrocoke by region, typical end-uses, and planned/announced capacity additions are provided as well as charts indicating the world profile for petroleum coke

  13. Asset Pricing in Emerging Markets

    OpenAIRE

    Ajrapetova, Tamara

    2017-01-01

    General content: Current methods of estimation of cost of capital in the emerging markets are often neglecting various contradictions with the essentials of the model structure and assumptions. As the result of such imprecisions, the cost of equity is often understated (overstated). This thesis will attempt to assess current level of emerging market integration, liquidity and concentration. This will be followed by evaluation of traditional and alternative models for estimation of cost of equ...

  14. Gold-Stock Market Relationship: Emerging Markets versus Developed Markets

    Directory of Open Access Journals (Sweden)

    Jalal Seifoddini

    2017-09-01

    Full Text Available We perform a comparative study on the gold-stock market relationship in U.S. stock market as a developed market and in Iran stock market as an emerging market. By considering appropriate variables for emerging markets and by providing a more proper methodology, we improve earlier studies. According to our findings, the relationship between stock market returns and gold price returns does not follow any specific regimes and that this relationship changes in short and long term returns. It is necessary to mention that in the present research, we did not consider this relationship in major structural changes in the economies and instead considered usual economic circumstances that investors are regularly faced with in their investment decisions.

  15. Financial Services and Emerging Markets

    NARCIS (Netherlands)

    B. Karreman (Bas)

    2011-01-01

    textabstractThis study addresses the organization and strategy of firms in emerging markets with an explicit application to financial services. Given the relevance of a well-functioning financial system for economic growth, understanding the organization and strategy of firms contributing to the

  16. Strategies that fit emerging markets.

    Science.gov (United States)

    Khanna, Tarun; Palepu, Krishna G; Sinha, Jayant

    2005-06-01

    It's no easy task to identify strategies for entering new international markets or to decide which countries to do business with. Many firms simply go with what they know-and fall far short of their goals. Part of the problem is that emerging markets have "institutional voids": They lack specialized intermediaries, regulatory systems, and contract-enforcing methods. These gaps have made it difficult for multinationals to succeed in developing nations; thus, many companies have resisted investing there. That may be a mistake. If Western companies don't come up with good strategies for engaging with emerging markets, they are unlikely to remain competitive. Many firms choose their markets and strategies for the wrong reasons, relying on everything from senior managers' gut feelings to the behaviors of rivals. Corporations also depend on composite indexes for help making decisions. But these analyses can be misleading; they don't account for vital information about the soft infrastructures in developing nations. A better approach is to understand institutional variations between countries. The best way to do this, the authors have found, is by using the five contexts framework. The five contexts are a country's political and social systems, its degree of openness, its product markets, its labor markets, and its capital markets. By asking a series of questions that pertain to each ofthe five areas, executives can map the institutional contexts of any nation. When companies match their strategies to each country's contexts, they can take advantage of a location's unique strengths. But first firms should weigh the benefits against the costs. If they find that the risks of adaptation are too great, they should try to change the contexts in which they operate or simply stay away.

  17. Market efficiency in the emerging securitized real estate markets

    OpenAIRE

    Schindler, Felix

    2010-01-01

    This paper tests the random walk hypothesis and market efficiency for twelve emerging as well as for four developed securitized real estate markets from 1992 to 2009. Random walk properties of equity prices influence return dynamics, and market efficiency is often considered an essential criterion in the assessment of the functionality of markets and the asset pricing process, which is of significant relevance for emerging markets in particular. The analysis is based on autocorrelation tests ...

  18. A unified innovation approach to emerging markets

    DEFF Research Database (Denmark)

    Agarwal, Nivedita; Brem, Alexander; Grottke, Michael

    2014-01-01

    for emerging markets (2) and establish relative importance of key factors for product managers while conceptualizing a new product for emerging markets. In the first part, the study assembles the list of characteristics from the selected innovation theories revolving around emerging markets. Subsequently...... the overarching innovation approach for emerging markets and provides a common definition for a product considered relevant for emerging market. The results show high prioritization given to cost effective, easy to use and problem centric as compared to the sustainability, no-frills, resourceful, breakthrough...... and fast-to-market factors by product managers. However, the paper acknowledges that the prioritization results are subject to change given different motivation behind the various theories. Finally the paper proposes that, the eight key factors required factors to “play in” emerging markets would...

  19. How market environment may constrain global franchising in emerging markets

    OpenAIRE

    Baena Graciá, Verónica

    2011-01-01

    Although emerging markets are some of the fastest growing economies in the world and represent countries that are experiencing a substantial economic transformation, little is known about the factors influencing country selection for expansion in those markets. In an attempt to enhance the knowledge that managers and scholars have on franchising expansion, the present study examines how market conditions may constrain international diffusion of franchising in emerging markets. They are: i) ge...

  20. Change Implementation in Emerging Markets

    DEFF Research Database (Denmark)

    Thomsen, Jeanette; Sundgaard, Elin

    2010-01-01

    firm (new Danish C.E.O. and Danish production managers) and establishment of administration at a new production site lead to changes in the sub-systems elements of both machines and people and also the changes in the metarules (new authority system) and values and norms.......  This paper seeks to identify the types of development changes taking place in Danish subsidiaries in Baltic countries in the accounting function. A longitudinal case study is used. The paper uses Laughlin's ‘colonizing‘ model of organizational change to understand the driving forces for change....... The knowledge of change in the Danish subsidiaries in an institutional context can help managers in subsidiaries to gain a better understanding of the overall situation and make more appropriate decisions in change implementation in subsidiaries in emerging markets. The environmental disturbance in the case...

  1. Emerging Market Attractiveness Index for hydro IPPs

    OpenAIRE

    Weaver, Tyson John

    2013-01-01

    This article addresses two primary commercial themes that affect the future development of the industry. 1. What are the most attractive future emerging markets for hydropower? 2. What parameters are utilized by international hydro IPPs to determine market attractiveness?

  2. FOMC communication and emerging equity markets

    OpenAIRE

    Hayo, Bernd; Kutan, Ali M.; Neuenkirch, Matthias

    2009-01-01

    Using a GARCH model, we study the effects of Federal Funds target rate changes and FOMC communication on emerging equity market returns and volatility over the period 1998–2006. First, both types of news have a significant impact on market returns. Second, target rate changes are more important than informal communication. Third, the occurrence of monetary policy reports lowers price volatility. Finally, American emerging markets react more to U.S. news than non-American markets.

  3. An Examination of Market Entry Perspectives in Emerging Markets

    Directory of Open Access Journals (Sweden)

    Marvin O. Bates

    2017-11-01

    Full Text Available Purpose – The purpose of this article is to describe the marketing-oriented market entry approaches that businesses are currently using across the three levels of the world economic pyramid (i.e., WEP. These levels are the Top-tier, the Middle-tier, and the Base of the Pyramid-tier (i.e., BoP-tier. Methodology – The literature of the BoP was reviewed, and market entry approaches were itemized across the three WEP levels. Secondly, BoP strategic theorists including Prahalad identified the need for a BoP marketing focus replacing the traditional 4Ps marketing approach (i.e., Product, Price, Place and Promotion with the BoP-specific 4As marketing approach (i.e., Awareness, Affordability, Access and Availability. This 4As marketing approach is discussed. Findings – New marketing-oriented market-entry approaches are proposed for each of the three WEP levels. These approaches are based on where in the WEP the firm currently exists, and where in the WEP the firm desires to refocus market-entry activities; identified approaches include: inter-country expansion, intra-country entry, adjacent market entry, and extended market entry. Secondly, the absence of a clearly articulated marketing strategy for middle-tier markets was observed. Practical implications – This article has two specific applications. First, it summarizes the evolving market entry perspectives to provide a context for future market research in both emerging markets and the pre-emerging BoP markets. Second, the future requirement for an articulated marketing strategy for middle-tier markets is suggested. Originality – This article examined existing market entry approaches across all three levels of the WEP, inclusive of the BoP economic level. The language used to clarify market entry movements was extended, providing a specificity of description not previously found in either the existing market entry or BoP literature.

  4. Time Varying Market Integration and Expected Rteurns in Emerging Markets

    NARCIS (Netherlands)

    de Jong, F.C.J.M.; de Roon, F.A.

    2001-01-01

    We use a simple model in which the expected returns in emerging markets depend on their systematic risk as measured by their beta relative to the world portfolio as well as on the level of integration in that market.The level of integration is a time-varying variable that depends on the market value

  5. Time Varying Market Integration and Expected Rteurns in Emerging Markets

    OpenAIRE

    Jong, F.C.J.M. de; Roon, F.A. de

    2001-01-01

    We use a simple model in which the expected returns in emerging markets depend on their systematic risk as measured by their beta relative to the world portfolio as well as on the level of integration in that market.The level of integration is a time-varying variable that depends on the market value of the assets that can be held by domestic investors only versus the market value of the assets that can be traded freely.Our empirical analysis for 30 emerging markets shows that there are strong...

  6. Pecking Order Behavior in Emerging Markets

    NARCIS (Netherlands)

    Seifert, Bruce; Gonenc, Halit

    2010-01-01

    This paper examines the validity of the pecking order hypothesis in 23 emerging market countries. Emerging market countries would appear to be an ideal setting for the pecking order hypothesis to hold because of the presence of strong asymmetric information issues and agency costs. We observe,

  7. Inflation Targeting in Emerging Market Countries

    OpenAIRE

    Frederic S. Mishkin

    2000-01-01

    This paper outlines what inflation targeting involves for emerging market/transition countries and discusses the advantages and disadvantages of this monetary policy strategy. The discussion suggests that although inflation targeting is not a panacea and may not be appropriate for many emerging market countries, it can be a highly useful monetary policy strategy in a number of them.

  8. Entry Mode Choice in Emerging Markets

    OpenAIRE

    Gundersen, Anne Kathrine Navestad

    2012-01-01

    As the mature markets of developed economies have become increasingly saturated, firms are turning their attention towards emerging markets for further enterprise growth. However, these countries often present significant challenges for foreign entrants, forcing firms to adapt their strategies to the new context. While MNEs? entry mode choice is an extensively studied field, there is a deficit in the entry mode research on SMEs, and even more so when it comes to entry into emerging markets in...

  9. Market Potential Estimation for Tourism in Emerging Markets

    Directory of Open Access Journals (Sweden)

    Baimai, Chaiwat

    2009-10-01

    Full Text Available The objective of this paper was to develop a useful framework for estimating demand for tourism in emerging markets. Tourism has become one of the most crucial sectors in a large number of emerging countries. Moreover, the tourism industry in such markets is forecasted to keep increasing in the next decade. Hence, understanding and accurately forecast demand in the industry is essential in order to manage this sector effectively. Using stepwise regression analysis, we found a number of important variables in estimating demand for tourism in emerging markets. Our regression model can benefit travel agencies and policy makers dealing with the tourism industry.

  10. Marketing the Uniqueness of Small Towns. Revised.

    Science.gov (United States)

    Dunn, Douglas; Hogg, David H.

    The key to marketing a town is determining and promoting the town's "differential advantage" or uniqueness that would make people want to visit or live there. Exercises to help communities gain important insights into the town's competitive edge include a brainstorming session with knowledgeable community members, a visitor…

  11. THE FINANCIAL CRISIS AND THE EMERGING MARKETS

    Directory of Open Access Journals (Sweden)

    LORENA POPESCU DUDUIALĂ

    2014-06-01

    Full Text Available The emerging markets emerge and develop in the larger context of the international financial market development "is a consequence of the needs expressed by investors and those who wish to place their financial capital." Thus, to achieve a certain level of saturation economic zones and the lack of attractiveness of gains obtainable in certain markets determine the migration of capital to areas that are or may become interesting in terms of the gains that are achieved by investing in these areas in conjunction minimizing market risk assumed.

  12. A revised econometric model of the domestic pallet market

    Science.gov (United States)

    Albert T. Schuler; Walter B. Wallin

    1983-01-01

    The purpose of this revised model is to project estimates of consumption and price of wooden pallets in the short term. This model differs from previous ones developed by Schuler and Wallin (1979 and 1980) in the following respects: The structure of the supply side of the market is more realistically identified (from an economic theory point of view) by including...

  13. Marketing in the Emerging Markets of Latin America

    DEFF Research Database (Denmark)

    Marinov, Marin Alexandrov

    . Addressing a broad variety of historical, political, economic, social, cultural and legal issues, the book offers unique insights into the enormous opportunities and challenges the region presents for implementing effective marketing strategies. Macro marketing issues such as regional integration, foreign......Marketing in the Emerging Markets of Latin America provides a much needed analysis of business and marketing in Latin America. The book highlights the diverse characteristics of the Latin American business and marketing environment as well as the dynamic nature of regional and country markets...... trade and direct investment are considered within the context of specific countries, as are the micro aspects of a company's marketing activities. The book is an extremely valuable resource for academics, practitioners and anyone interested in doing business in or with Latin America....

  14. The emergent natural gas markets

    International Nuclear Information System (INIS)

    Dewert, F.; Meeder, J.

    1998-01-01

    A 30% increase of natural gas consumption worldwide is expected to occur since the year 2010. This development will concern countries located outside the traditional markets, in particular in central and eastern Europe, Asia, Africa and south America. This paper summarizes the talks given by the different representatives of these regions who explain the expected evolutions of the natural gas market in these areas: reserves, production, consumption, demand, competition with other energy sources, financial aspects.. (J.S.)

  15. Pharmaceutical market access in emerging markets: concepts, components, and future.

    Science.gov (United States)

    Kumar, Anuj; Juluru, Karthaveerya; Thimmaraju, Phani Kishore; Reddy, Jayachandra; Patil, Anand

    2014-01-01

    This article intends to consolidate the concepts of pharmaceutical market access and highlight its growing importance in emerging markets. Market access has gained considerable attention worldwide as countries try to contain their escalating healthcare expenditures amidst the global economic slowdown. This has resulted in governments adopting stricter measures for new product approval. Thus, pharmaceutical companies are finding it increasingly difficult to successfully address the specific challenges posed by various government and regulatory agencies and stakeholders. There is an increasing need to establish market access functions, especially in emerging markets, where the complex, dynamic healthcare landscape confounds product approval and uptake. Moreover, emerging markets are the engines of growth today, and, thus, performing in these markets is critical for the majority of pharmaceutical companies. To address the challenges posed by regulatory agencies and diverse stakeholders, a customized market access strategy is the need of the hour. A market access framework with specific tools and tactics will help companies to plan, implement, and monitor stakeholder engagement activities.

  16. Globalization and innovation in emerging markets

    Czech Academy of Sciences Publication Activity Database

    Gorodnichenko, Y.; Švejnar, Jan; Terrell, K.

    -, č. 14481 (2008), s. 1-48 ISSN N Institutional research plan: CEZ:AV0Z70850503 Keywords : globalization * innovation * emerging markets Subject RIV: AH - Economics http://www.nber.org/papers/w14481.pdf

  17. Emerging Market Multinational Companies and Internationalization

    DEFF Research Database (Denmark)

    Estrin, Saul; Nielsen, Bo B.; Nielsen, Sabina

    2017-01-01

    We develop a multilevel theoretical framework for investigating the role of home country urbanization for emerging market multinational companies' (EMNCs) international expansion. We propose that more urbanized home environments directly increase EMNC's proclivity to internationalize and moderate...

  18. Emerging Market Multinational Companies and Internationalization

    DEFF Research Database (Denmark)

    Nielsen, Bo Bernhard; Estrin, Saul; Nielsen, Sabina

    2014-01-01

    This paper furthers our understanding of the role of contextual conditions influencing internationalization of emerging market multinational companies (EMNCs). We use resource-based, industrial organization, and economic development theories to develop a multilevel theoretical framework...

  19. Building Innovation Subsidiaries in Emerging Markets

    DEFF Research Database (Denmark)

    Pogrebnyakov, Nicolai; Kristensen, Jonas D.

    2011-01-01

    Innovation subsidiaries increasingly follow manufacturing subsidiaries into emerging markets. Compared to well-established Western economies, emerging markets present unique challenges for the development of innovation management capabilities at subsidiaries. This paper distinguishes between...... multinational pharmaceutical company, Novo Nordisk. Lessons learned include assigning the subsidiary responsibility for a self-contained piece of work while maintaining a central R&D function, balancing local and in-company management, using local innovation talent, and educating new hires into the company...

  20. Latin America: emerging nuclear market

    International Nuclear Information System (INIS)

    Anon.

    1979-01-01

    The need for nuclear power in Latin American countries is surveyed. It is concluded that Latin America offers the greatest external market for all exporters of nuclear reactors and associated services in the near future. Mexico, Venezuela, Ecuador, and Bolivia are the only countries with fossil-fuel reserves adequate to meet their requirements in the next 20 to 30 years. Nuclear power is a necessity to maintain or improve the standard of living in the countries of Brazil, Argentina, Chile, and Peru

  1. Efficient Market Hypothesis: Some Evidences from Emerging European Forex Markets

    OpenAIRE

    Anoop S Kumar; Bandi Kamaiah

    2014-01-01

    This study attempts to analyze the presence of weak form efficiency in the forex markets of a set of select European emerging markets namely Bulgaria, Croatia, Czech Republic, Hungary Poland, Romania, Russia, Slovakia and Slovenia using the monthly NEER data ranging from jan-1994 to Dec-2013. We employ a two step comprehensive methodology where in the first place we test for weak form efficiency using a family of individual and joint variance ratio tests. The results show that while the marke...

  2. Methods for implementing revisions to emergency operating procedures. Final report

    International Nuclear Information System (INIS)

    Myers, L.B.; Bell, A.J.

    1984-05-01

    In response to the Three Mile Island (TMI) accident, the US Nuclear Regulatory Commission (NRC) has published the TMI Action Plan. The TMI Action Plan Item I.C.1 called for the upgrading of Emergency Operating Procedures (EOPs) at nuclear power plants. The program developed from this Action Plan item has resulted in utility efforts to: (1) revise EOPs; (2) train personnel in the use of the EOPs; and (3) implement the revised EOPs. The NRC supported the study presented in this report to identify factors which influence the effectiveness of training and implementation of revised EOPs. The NRC's major concern was the possible effects of negative transfer of training. The report includes a summary of existing methods for implementing revisions to procedures based on interviews of plant personnel, a review of the training literature applicable to the effect of previously learned procedures on the learning of and performance with revised procedures (i.e., negative transfer) and recommendations of methods and schedules for implementing revised EOPs. While the study found that the concern over negative transfer of training was not as great as anticipated, several recommendations were made. These include: (1) overtraining of operators to reduce the effect of observed negative transfer; and (2) implementation of the revised EOPs as soon as possible after training to minimize the time operators must rely upon the old EOPs after having been trained on the revised EOPs. The results of the study should be useful both to the utilities and the NRC in the development and review of EOP implementation programs

  3. Revised radiation emergency procedures at Pakistan research reactor PINSTECH

    International Nuclear Information System (INIS)

    Orfi, S.D.; Javed, M.; Ahmad, S.; Akhtar, K.M.; Mubarak, M.A.

    1984-12-01

    Necessary procedures have been laid down in this report to meet the radiation emergency at Pakistan Research Reactor PINSTECH. The Nuclear Safety Committee PINSTECH (NSCP) had also recommended a number of improvements in the existing procedures. Revision of the procedures was also considered necessary to incorporate into it new radiation units/limits and new emergency equipment available. Radiation emergency preparedness programme is of continuous nature. Latest developments else-where and local experience contribute to the improvement of the existing arrangements under this programme. (A.B.)

  4. Efficient Market Hypothesis: Some Evidences from Emerging European Forex Markets

    Directory of Open Access Journals (Sweden)

    Anoop S Kumar

    2014-06-01

    Full Text Available This study attempts to analyze the presence of weak form efficiency in the forex markets of a set of select European emerging markets namely Bulgaria, Croatia, Czech Republic, Hungary Poland, Romania, Russia, Slovakia and Slovenia using the monthly NEER data ranging from jan-1994 to Dec-2013. We employ a two step comprehensive methodology where in the first place we test for weak form efficiency using a family of individual and joint variance ratio tests. The results show that while the markets of Croatia, Czech Republic and Bulgaria may be weak form efficient at a shorter lag, the other six markets are not informationally efficient. In the next stage, we estimate a measure of relative efficiency to show the extent to which a market is weak-form inefficient. From the results, it is found that the forex markets of Croatia, Czech Republic and Bulgaria are least weak form inefficient compared to others. The findings of the study are of relevance as it shows that even after roughly two decades of free market economic policies, majority of the forex markets in the area remains informationally inefficient.

  5. Globalization and innovation in emerging markets

    OpenAIRE

    Gorodnichenko, Yuriy; Svejnar, Jan; Terrell, Katherine

    2009-01-01

    Globalization brings opportunities and pressures for domestic firms in emerging markets to innovate and improve their competitive position. Using data on firms in 27 transition economies, the authors test for the effects of globalization through the impact of increased competition and foreign direct investment on domestic firms' efforts to innovate (raise their capability) by upgrading the...

  6. Globalization and innovation in emerging markets

    Czech Academy of Sciences Publication Activity Database

    Gorodnichenko, Y.; Švejnar, Jan; Terrell, K.

    -, č. 76 (2008), s. 1-39 ISSN N Institutional research plan: CEZ:AV0Z70850503 Keywords : globalization * innovation * emerging markets Subject RIV: AH - Economics http://deepblue.lib.umich.edu/bitstream/2027.42/61188/1/IPC-working-paper-076-GorodnichenkoSvejnarTerrell.pdf

  7. Globalization and innovation in emerging markets

    Czech Academy of Sciences Publication Activity Database

    Gorodnichenko, Y.; Švejnar, Jan; Terrell, K.

    2010-01-01

    Roč. 2, č. 2 (2010), s. 194-226 ISSN 1945-7707 R&D Projects: GA ČR GAP402/10/2130; GA MŠk LC542 Institutional research plan: CEZ:MSM0021620846 Keywords : emerging market economies * foreign competition * innovation Subject RIV: AH - Economics Impact factor: 0.158, year: 2010

  8. Extreme value theory in emerging markets

    Directory of Open Access Journals (Sweden)

    Anđelić Goran

    2010-01-01

    Full Text Available This paper investigates the performance of extreme value theory (EVT with the daily stock index returns of four different emerging markets. The research covers the sample representing the Serbian (BELEXline, Croatian (CROBEX, Slovenian (SBI20, and Hungarian (BUX stock indexes using the data from January 2006 - September 2009. In the paper a performance test was carried out for the success of application of the extreme value theory in estimating and forecasting of the tails of daily return distribution of the analyzed stock indexes. Therefore the main goal is to determine whether EVT adequately estimates and forecasts the tails (2.5% and 5% at the tail of daily stock index return distribution in the emerging markets of Serbia, Croatia, Slovenia, and Hungary. The applied methodology during the research includes analysis, synthesis and statistical/mathematical methods. Research results according to estimated Generalized Pareto Distribution (GPD parameters indicate the necessity of applying market risk estimation methods, i.e. extreme value theory (EVT in the framework of a broader analysis of investment processes in emerging markets.

  9. Change of Subsidiary Mandates in Emerging Markets

    DEFF Research Database (Denmark)

    Hansen, Michael W.; Petersen, Bent; Wad, Peter

    2011-01-01

    fails to conceptualize how the specificities of emerging market business environments affect subsidiary mandate evolution. The paper develops a theoretical model for business environment change influence on subsidiary mandates, and demonstrates how the model can capture much of recent years dramatic......In recent years, the activities of Danish MNCs in India have expanded dramatically. Previously dormant subsidiaries have been transformed into integral components in the global strategies of Danish MNCs, either as crucial cash cows catering to the rapidly growing Indian markets, or as platforms...

  10. 78 FR 23883 - Marketing Orders for Fruit Crops; Notice of Request for Extension and Revision of a Currently...

    Science.gov (United States)

    2013-04-23

    ... Extension and Revision of a Currently Approved Information Collection AGENCY: Agricultural Marketing Service... submitted through the Internet at http://www.regulations.gov . SUPPLEMENTARY INFORMATION: Title: Marketing... Request: Extension and Revision of a currently approved information collection. Abstract: Marketing orders...

  11. 78 FR 9330 - Revision of Regulations Defining Bona Fide Cotton Spot Markets

    Science.gov (United States)

    2013-02-08

    ... Cotton Spot Markets AGENCY: Agricultural Marketing Service, USDA. ACTION: Proposed rule. SUMMARY: The... bona fide cotton spot markets in order to assure consistency with the revised Cotton Research and Promotion Act. Updated bona fide spot market definitions will allow for published spot quotes to consider...

  12. 76 FR 58398 - Revised Guidance on Marketed Unapproved Drugs; Compliance Policy Guide Sec. 440.100; Marketed New...

    Science.gov (United States)

    2011-09-21

    ... guidance the manufacture and marketing of newly introduced unapproved drugs. This guidance represents the... United States that do not have required FDA approval for marketing. CPG 440.100 has been revised to state..., 2011. All unapproved new drugs introduced onto the market after that date are subject to immediate...

  13. Natural gas pipelines: emerging market challenges

    International Nuclear Information System (INIS)

    Smart, A.; Balfe, P

    2001-01-01

    The Australian gas industry has come a long way in recent years. Most of the formerly government owned gas transmission, distribution and retail businesses have been privatised; major utility companies have been fundamentally restructured; the convergence of energy markets has seen many companies stepping outside the boundaries of their traditional businesses; and national competition policy has led to profound changes in the regulatory landscape. Yet despite the magnitude of these changes, it is clear that the journey of competitive reform has a long way to go. The Australian Gas Association's Industry Development Strategy identifies the potential for gas to increase its share of Australia's primary energy market, from around 18 percent at present to 22 percent by 2005, and 28 percent by 2015. Our analysis, using ACIL's Eastern Australian Gas Model, clearly shows that in the absence of major new sources of gas, these challenging targets will not be met and, indeed, there will be an increasing supply shortfall. However, with the emergence of new competitive supply sources such as Papua New Guinea and the Timor Sea, our modelling suggests that most of this demand can be satisfied at prices which will maintain gas' competitiveness in energy markets. Such developments provide both opportunities and challenges for the industry. In particular, they will profoundly affect the owners and operators of transmission pipeline systems. (Authors)

  14. 78 FR 32226 - Poultry Market News Reports; Request for Extension and Revision of the Currently Approved...

    Science.gov (United States)

    2013-05-29

    ... Service [Doc. No. AMS-LPS-13-0021] Poultry Market News Reports; Request for Extension and Revision of the Currently Approved Information Collection and To Merge the Collections of Livestock, Poultry, Meat, Grain... merged its Livestock and Grain Market News Division with the Poultry Market News Division, creating the...

  15. An examination of consumer profiles across brands in emerging markets

    DEFF Research Database (Denmark)

    Truong, Oanh; Faulkner, Margaret; Mueller Loose, Simone

    2012-01-01

    There is generalised evidence that consumer profiles seldom differ between brands across many product categories in developed markets. However, market segmentation based on consumer characteristics continues to be a common marketing tactic, especially in international marketing context. This study...... markets. Deviations are found across whisky brands, which are related to brand distribution and affordability. These potentially constitute boundary conditions for the discovered empirical generalisations. The key implication for marketing practitioners is that market segmentation using consumer...... examines consumer profiles in emerging markets to see if any difference exists. We examined 190 brands in nine different emerging markets across two product categories: hair care and whisky. In general, our findings are in-line with earlier empirical results – consumer profiles seldom differ in emerging...

  16. The emergence of the marketing mix in the banking sector

    OpenAIRE

    Melnic Elena- Lidia

    2018-01-01

    This article explains the emergence of the marketing mix in the banking sector and the specificity of this field. Research has shown that the evolution of the marketing mix in banking is closely related to the evolution of the marketing mix for services. The modern approach of the marketing mix for services comes from Booms and Bitner, from 1981. They filled the traditional 4Ps of the marketing mix (coming from products): price, product, placement (distribu...

  17. Marketized State Ownership and Foreign Expansion of Emerging Market Multinationals

    DEFF Research Database (Denmark)

    Li, Ming Hua; Cui, Lin; Lu, Jiangyong

    2017-01-01

    direct investment. We argue that firms with marketized state ownership may derive institutional competitive advantages from their dual responsiveness to shifting global market conditions and home government expectations which has a positive impact on their foreign investment decisions. However...

  18. Local contexts as activation mechanisms of market development: contemporary art in emerging markets

    NARCIS (Netherlands)

    Komarova, N.; Velthuis, O.

    2018-01-01

    The paper studies how local contexts contribute to the emergence of markets. In particular, it explains how potential entrepreneurs are motivated to become active in establishing new markets. Empirically, the focus is on contemporary art markets in two emerging countries: India and Russia. The paper

  19. Stocks for the long run? : Evidence from emerging markets

    NARCIS (Netherlands)

    Spierdijk, Laura; Umar, Zaghum

    2014-01-01

    We estimate the myopic (single-period) and intertemporal hedging (long-run) demand for stocks in 20 growth-leading emerging market economies during the 1999-2012 period. We consider two types of investors: a domestic investor who invests in emerging-market assets only (with returns in local

  20. Business continuity management in emerging markets: the case of Jordan.

    Science.gov (United States)

    Sawalha, Ihab H; Anchor, John R

    2012-01-01

    Despite their considerable growth in last few decades, emerging markets (EM) face numerous risks that have the potential to slow down or obstruct their development. Three main issues are discussed in this paper: first, the risks facing organisations operating in emerging markets and Jordan in particular; secondly, the role of business continuity management (BCM) in emerging markets; and thirdly, potential factors that underpin the role of BCM in emerging markets. These issues are significant, as they represent the role of BCM in highly dynamic and fast changing business environments. The paper provides a discussion of the significance of BCM in reducing or preventing risks facing organisations operating in emerging markets, especially those in Jordan.

  1. Essays on predictability of emerging markets growth and financial performance

    OpenAIRE

    Banegas, Maria Ayelen

    2011-01-01

    This dissertation seeks to better understand the underlying factors driving financial performance and economic activity in international markets. The first chapter "Predictability of Growth in Emerging Markets: Information in Financial Aggregates" tests for predictability of output growth in a panel of twenty-two emerging market economies. I use pooled panel data methods that control for endogeneity and persistence in the predictor variables to test the predictive power of a large set of fina...

  2. Emerging market business cycles: the cycle is the trend

    OpenAIRE

    Mark Aguiar; Gita Gopinath

    2004-01-01

    Business cycles in emerging markets are characterized by strongly counter-cyclical current accounts, consumption volatility that exceeds income volatility, and dramatic “sudden stops” in capital inflows. These features contrast with those of developed, small open economies and highlight the uniqueness of emerging markets. Nevertheless, we show that both qualitatively and quantitatively a standard dynamic stochastic, small open economy model can account for the behavior of both types of market...

  3. Are Foreign Institutional Investors Good for Emerging Markets?

    OpenAIRE

    Frenkel, Michael; Menkhoff, Lukas

    2003-01-01

    Portfolio flows channeled via institutional investors were the most dynamic capital flows to emerging markets in the 1990s. We use an asymmetric information framework to derive five propositions, to integrate empirical evidence and to suggest policy implications. Opaque information in emerging markets hinders foreign market entrants. Moreover, following financial opening, institutional investors can worsen the position of local investors due to unintentionally creating unbalanced diversificat...

  4. The development and revision of the Federal Radiological Emergency Response Plan

    International Nuclear Information System (INIS)

    Gant, K.S.; Adler, M.V.; Wolff, W.F.

    1989-01-01

    Since 1985, federal agencies have been using the Federal Radiological Emergency Response Plan (FRERP) in exercises and real events. This experience and the development of other emergency response guidance (e.g., National System for Emergency Coordination) are fueling current efforts to review and revise the FRERP to reflect what the agencies have learned since the FRERP was published. Revision efforts are concentrating on clarifying the plan and addressing deficiencies. No major changes are expected in the general structure of the federal response nor should states need to revise their plans because of these modifications. 5 refs

  5. MARKET INFORMATIONAL EFFICIENCY TESTS AND ITS CRITICS: THE CASE OF EMERGENT CAPITAL MARKETS

    OpenAIRE

    OPREAN Camelia; BRATIAN Vasile

    2012-01-01

    Efficient Market Hypothesis (EMH) has attracted a considerable number of studies in empirical finance, particularly in determining the market efficiency of an emerging financial market. Conflicting and inconclusive outcomes have been generated by various existing studies in EMH. In addition, efficiency tests in the emerging financial markets are rarely definitive in reaching a conclusion about the issue. The paper proposes a critical analysis regarding the testing methods of the informational...

  6. Globalization of the art market [emerging art markets

    NARCIS (Netherlands)

    Velthuis, O.

    2015-01-01

    Since the 1980s art markets have developed rapidly outside of Europe and the USA. In the so-called BRIC countries (Brazil, Russia, India, and China) this development has been particularly dynamic. With aggregate sales estimated at €11.5 billion, China is the second largest market for art and

  7. Efficient market hypothesis in emerging markets: Panel data evidence with multiple breaks and cross sectional dependence

    OpenAIRE

    Abd Halim Ahmad; Siti Nurazira Mohd Daud; W.N.W. Azman-Saini

    2010-01-01

    The purpose of this paper is to re-examine whether mean reversion property hold for 15 emerging stock markets for the period 1985 to 2006. Utilizing a panel stationarity test that is able to account for multiple structural breaks and cross sectional dependence, we find that the emerging stock markets follow a random walk process. However, further analysis on individual series show that the majority of stock prices in emerging markets are governed by a mean reverting process. This result, whic...

  8. A critic revision of the social marketing concept

    Directory of Open Access Journals (Sweden)

    Jorge Marcelo Nomura

    2007-12-01

    Full Text Available In this article we propose a reflection on the Social Marketing concept, by means of its definition and application in Brazilian reality. Thus, we present the main defi­nitions of marketing, social issues and Social Marketing, quoting some authors of the area. All analysis is done under a critic view of some authors that contributed very much for the marketing evolution: Philip Kotler, Marcos Cobra e Francisco Alberto Madia.

  9. Identifying and Managing Engineering Design Requirements for Emerging Markets

    DEFF Research Database (Denmark)

    Li, Xuemeng

    , especially for those companies originally from developed markets, to acquire an in-depth understanding of particular design requirements in emerging markets in order to adapt both company products and approaches in such contexts. Prior studies on the identification and management of design requirements have...... predominantly been conducted in the context of developed countries and relatively affluent markets. Emerging markets are distinct from developed markets in terms of numerous contextual factors, e.g., regulatory environments and competitive landscapes. These factors influence the requirement identification...... attention. There is a need for an overview of different perspectives in requirement identification for manufacturing companies and their corresponding assessments in the context of emerging markets. Therefore, this research project is motivated to 1) investigate the process of identifying and managing...

  10. THE EMERGENCE OF THE EUROPEAN COUNTERFEIT MARKETS

    Directory of Open Access Journals (Sweden)

    Loredana Maftei

    2013-07-01

    Full Text Available The European market of counterfeit goods has become a subject of increasing concern for businesses, private firms and policymakers. With a growing demand in consumption for this kind of goods, each sector is damaged from the toy industries to the pharmaceuticals industry. This article is aimed to expose the dynamic of the European counterfeiting markets, to highlight the main factors of production, the main providers, the smuggling routes, the overall profit, the main counterfeit products and also to offer a general perspective on the affected European markets.

  11. Emergent organization in a model market

    Science.gov (United States)

    Yadav, Avinash Chand; Manchanda, Kaustubh; Ramaswamy, Ramakrishna

    2017-09-01

    We study the collective behaviour of interacting agents in a simple model of market economics that was originally introduced by Nørrelykke and Bak. A general theoretical framework for interacting traders on an arbitrary network is presented, with the interaction consisting of buying (namely consumption) and selling (namely production) of commodities. Extremal dynamics is introduced by having the agent with least profit in the market readjust prices, causing the market to self-organize. In addition to examining this model market on regular lattices in two-dimensions, we also study the cases of random complex networks both with and without community structures. Fluctuations in an activity signal exhibit properties that are characteristic of avalanches observed in models of self-organized criticality, and these can be described by power-law distributions when the system is in the critical state.

  12. Commercial Power Centers in Emerging Markets

    National Research Council Canada - National Science Library

    Treverton, Gregory

    1998-01-01

    .... All the countries examined-Mexico, Turkey, China and Indonesia-are in transition; all are attempting in varying degrees to implement what might broadly be called "market reforms"-shrinking subsidies to state-owned enterprises (SOEs...

  13. Investment Restrictions and Contagion in Emerging Markets

    OpenAIRE

    Anna Ilyina

    2005-01-01

    The objectives of this paper are: (1) to analyze an optimal portfolio rebalancing by a fund manager in response to a "volatility shock" in one of the asset markets, under sufficiently realistic assumptions about the fund manager's performance criteria and investment restrictions; and (2) to analyze the sensitivity of the equilibrium price of an asset to shocks originating in other fundamentally unrelated asset markets for a given mix of common investors. The analysis confirms that certain com...

  14. Empirical Studies on Financial Markets: Private Equity, Corporate Bonds and Emerging Markets

    NARCIS (Netherlands)

    G.J. de Zwart (Gerben)

    2008-01-01

    textabstractThis dissertation consists of five empirical studies on financial markets. Each study can be read independently and covers a specific market, either private equity, corporate bonds or emerging markets. The first study documents that risk factors cannot account for the significant excess

  15. Voice user interface design for emerging multilingual markets

    CSIR Research Space (South Africa)

    Van Huyssteen, G

    2012-10-01

    Full Text Available Multilingual emerging markets hold many opportunities for the application of spoken language technologies, such as automatic speech recognition (ASR) or test-to-speech (TTS) technologies in interactive voice response (IVR) systems. However...

  16. Russia and Emerging Free-Markets: Opportunity or Threat?

    National Research Council Canada - National Science Library

    Murch, Darryl G

    2006-01-01

    .... Understanding the importance of economic security and its effect on emerging markets is valuable to the strategic thinker as an application in developing policy to reduce and ultimately prevent conflict...

  17. Privatization, political risk and stock market development in emerging economies

    NARCIS (Netherlands)

    Perotti, E.C.; van Oijen, P.H.

    1999-01-01

    This paper investigates whether privatisation in emerging economies has a significant indirect effect on local stock market development through the resolution of political risk. We argue that a sustained privatisation programme represents a major political test which gradually resolves uncertainty

  18. Time-Varying Market Integration and Expected Returns in Emerging Markets

    OpenAIRE

    de Jong, Frank; de Roon, Frans

    2001-01-01

    We use a simple model in which the expected returns in emerging markets depend on their systematic risk as measured by their beta relative to the world portfolio as well as on the level of integration in that market. The level of integration is a time-varying variable that depends on the market value of the assets that can be held by domestic investors only versus the market value of the assets that can be traded freely. Our empirical analysis for 30 emerging markets shows that there are stro...

  19. The Influence of Emerging Markets on the Pharmaceutical Industry.

    Science.gov (United States)

    Tannoury, Maya; Attieh, Zouhair

    2017-01-01

    Emerging markets represent an exceptional opportunity for the pharmaceutical industry. Although a precise definition is not yet available, economists define emerging markets as developing prosperous countries in which investment is expected to result in higher income despite high risks. Qualifying a market as emerging is not merely based on the economic status of the country, but also on several criteria that render the definition applicable to each country. Jim O'Neil, retired chairman of asset management at Goldman Sachs, identified leading economies of emerging markets: Brazil, Russia, India, and China (BRIC) and later Brazil, Russia, India, China, and South Africa (BRICS) and then Mexico, Indonesia, South Korea, and Turkey (MIST), which followed years later as the second tier of nations. Sales of the pharmaceutical markets in BRICS and MIST countries doubled in 5 years, reaching a market share of approximately 20%. The shift toward these new markets has been attributed to the large populations, growing prosperity, and increasing life expectancy in BRICS and MIST countries. In addition, companies are experiencing flattened growth of developed markets, expiration of patents leading to the up-selling of less expensive generic drugs, and tight regulations enforced in mature markets. Particular attention must therefore be given to these emerging markets. The strategies adopted by pharmaceutical companies that want to expand in these markets must be tailored to the pace of development of each country. These countries need drugs against infectious diseases and communicable diseases such as sexually transmitted diseases. They are readily exploitable territories for the innovative products of pharmaceuticals. Nevertheless, with the increase in wealth and longevity, a change of lifestyle is occurring. These changes accompany a shift in disease patterns. A disproportionally fast rise in the incidence of noncommunicable diseases such as cardiovascular illnesses, diabetes

  20. Drivers of the international expansion of emerging-market multinationals

    Directory of Open Access Journals (Sweden)

    D. Boșcor

    2013-06-01

    Full Text Available The purpose of the present paper is to analyze the drivers of the international expansion of emerging market multinationals and the strategies applied by these companies in other emerging and developed markets. The paper applies a conceptual approach combined with analyses of statistics and secondary material and presents the company and the country specific advantages. The proposals for the Romanian companies and institutions are based on the comparison between the drivers of expansion in the BRIC countries.

  1. Effect of business regulation on investment in emerging market economies

    Directory of Open Access Journals (Sweden)

    Birungi Korutaro

    2013-01-01

    Full Text Available This paper provides an empirical analysis of the business regulatory factors that influence investment in a selection of 29 emerging market economies. Both theoretical and empirical literature on the effect of the regulatory environment on investment is reviewed. A panel data analysis over the period 2003–2007 reveals that investment is influenced by secure property rights and the degree of business entry regulation. The results carry important policy implications for improving the investment climate of emerging market economies.

  2. Modeling market power in Korea's emerging power market

    International Nuclear Information System (INIS)

    Ahn, Nam-sung; Niemeyer, Victor

    2007-01-01

    The Korean power market is being formed from the unbundled generation, transmission and distribution assets of Korea Electric Power Corporation. The KEPCO generation has been allocated to six independent gencos with a combined generating capacity of 46,629 MW in 2002. This gave an 11% margin over the peak load that year (41,921 MW). One of the concerns for any power market is whether individual participants can increase profits (and prices) by withholding generation from the market. To address this concern, a Cournot-based model of Korean power system was created and applied to a set of loads representing the load duration curve for Korea's system loads in 2002. Our simulation results show a strong possibility for exercise of market power to increase market price in Korean market. Under tight market conditions, even 1 GW of withholding can cause a large increase in market price. If loads unexpectedly grow faster than the 5% recent experience, the gencos will have the collective ability and incentive to spike prices further. Vesting contracts can reduce the incentive to act strategically. Requiring that the gencos offer 50% of their capacity in long-term forward contracts greatly reduces the payoff to act strategically, and requiring vesting for 75% of their capacity results in prices that are essentially the same as the competitive equilibrium. Depending on the price for the vesting contracts, this policy can reduce the incentives to add new generation by gencos or the competitive fringe. Another approach to reducing the effects of market power is establishing demand-response programs, simulated here by increasing the elasticity of overall demand. These programs can reduce the incentives to withhold capacity, but to a lesser degree than vesting contracts. The genco with the greatest ability to influence prices through withholding is the largest, KNHP. However, acting on its own, without the support of the other gencos, its ability to raise prices is limited. This

  3. Revision of criteria for foodstuffs control following a nuclear or radiological emergency

    Energy Technology Data Exchange (ETDEWEB)

    Park, Sang Hyun; Lee, Young Min; Jeong, Seung Young [Korea Institute of Nuclear Safety, Daejeon (Korea, Republic of)

    2015-10-15

    GAL(generic action level)s were derived using cost-benefit methods. But the factors used to derive GALs, such as Gross National Product (GNP) and cost of foodstuff, have been changed for last 10 years. Moreover the standards did not consider exposure situation change from emergency exposure to existing exposure situation. In this study, two ways to revise existing standards for foodstuff control were considered; 1st, revision of GAL, 2nd, newly derived reference level. In this study, two methods to revise food control criteria following nuclear emergency were suggested. GAL based on recent GNI and cost of foodstuff would be revised and decreased up to 30 % than existing criteria. DRLs reflecting exposure situation and consumption pattern were smaller than existing criteria for group 1 nuclides. The approach considered in the study would be applied to set up domestic criteria for food control during and following nuclear or radiological emergency.

  4. Revision of criteria for foodstuffs control following a nuclear or radiological emergency

    International Nuclear Information System (INIS)

    Park, Sang Hyun; Lee, Young Min; Jeong, Seung Young

    2015-01-01

    GAL(generic action level)s were derived using cost-benefit methods. But the factors used to derive GALs, such as Gross National Product (GNP) and cost of foodstuff, have been changed for last 10 years. Moreover the standards did not consider exposure situation change from emergency exposure to existing exposure situation. In this study, two ways to revise existing standards for foodstuff control were considered; 1st, revision of GAL, 2nd, newly derived reference level. In this study, two methods to revise food control criteria following nuclear emergency were suggested. GAL based on recent GNI and cost of foodstuff would be revised and decreased up to 30 % than existing criteria. DRLs reflecting exposure situation and consumption pattern were smaller than existing criteria for group 1 nuclides. The approach considered in the study would be applied to set up domestic criteria for food control during and following nuclear or radiological emergency

  5. Globalisation and private infrastructure investments in emerging markets

    CSIR Research Space (South Africa)

    Chege, L

    2004-11-01

    Full Text Available benefit, it is argued that globalisation has brought a mixed basket of hope and disillusionment to emerging markets. On the one hand, there is the euphoria that comes with increased private capital inflows and market access, and on the other...

  6. Capitalizing on emergence: The 'new' civil security market in Europe

    NARCIS (Netherlands)

    Hoijtink, M.

    2014-01-01

    In recent years, the European Union has supported the development of a new civil security market, capable of providing security technology for new and global security challenges. This article analyses the emerging growth market for civil security in relation to contemporary notions of potential

  7. Los Alamos National Laboratory emergency management plan. Revision 1

    Energy Technology Data Exchange (ETDEWEB)

    Ramsey, G.F.

    1998-07-15

    The Laboratory has developed this Emergency Management Plan (EMP) to assist in emergency planning, preparedness, and response to anticipated and actual emergencies. The Plan establishes guidance for ensuring safe Laboratory operation, protection of the environment, and safeguarding Department of Energy (DOE) property. Detailed information and specific instructions required by emergency response personnel to implement the EMP are contained in the Emergency Management Plan Implementing Procedure (EMPIP) document, which consists of individual EMPIPs. The EMP and EMPIPs may be used to assist in resolving emergencies including but not limited to fires, high-energy accidents, hazardous material releases (radioactive and nonradioactive), security incidents, transportation accidents, electrical accidents, and natural disasters.

  8. FX and derivatives markets in emerging economies and the internationalisation of their currencies

    OpenAIRE

    Torsten Ehlers; Frank Packer

    2013-01-01

    Derivatives markets in emerging economies have continued to grow since 2010, driven mostly by very strong growth in the OTC market. Emerging market currencies have become more international as offshore markets are a major contributor to FX turnover. The Chinese renminbi is actively traded within emerging Asia. Trading of emerging market currencies is positively related to the size of cross-border financial flows.

  9. Financial development and poverty reduction in emerging market economies

    Directory of Open Access Journals (Sweden)

    Bayar Yılmaz

    2017-01-01

    Full Text Available Poverty reduction is one of the key challenges in the globalized world. This study investigates the relationship between financial development and poverty reduction in emerging market economies during the period 1993- 2012. The Carrión-i-Silvestre, del Barrio-Castro, and López-Bazo (2005 panel unit root test and the Basher and Westerlund (2009 cointegration test was applied considering the cross-sectional dependence and multiple structural breaks in the study period. The findings indicated that financial development, including banking sector development and stock market development, had a significant positive impact on poverty reduction in emerging market economies.

  10. Economic and financial integration in emerging markets: A European policy

    Directory of Open Access Journals (Sweden)

    Theodoropoulos Theodore E.

    2005-01-01

    Full Text Available This paper extends to test if the same short-run increase in cyclical volatility arising from financial integration is observed in this specific sample of "emerging markets". This work finds signs that, contrary to other emerging markets, this does not happen: for the future member states financial integration, similarly to the outcome observed in mature market economies, reduces cyclical volatility both in the short and in the long run. Weak indications are found that this may happen partially due to the anchoring of expectations provided by the EU Accession, and to the more robust institutional framework imposed by this process onto the countries in question.

  11. Emerging opportunities: the internet, marketing and museums

    Directory of Open Access Journals (Sweden)

    Richani Evdoxia

    2016-01-01

    Full Text Available The tremendous impact of applying new technologies is obvious when it comes to museums. Internet forms an integral part of museums everyday life and decision making. Websites, online communities, social media, and mobile applications comprise elements of the modern museum’s digital self, which complements the real museum of permanent and temporary exhibitions, storage rooms, visitors’ facilities, laboratories and, most important, museum objects. This environment inevitably affects museum marketing strategies and creates relevant opportunities.

  12. Financing power projects in emerging markets

    International Nuclear Information System (INIS)

    Matsumoto, G.T.

    1996-01-01

    Financing for power generation projects in the developing countries of the world has been provided by the United States Export-Import Bank. The loans provided by its new Project Finance Division, totalling $8.3 billion are described. The future of project financing for the power generation industry should, it is argued, rest not with government financing agencies, but with private sector financial markets. (UK)

  13. Free Market Institutions and FDI Performance in Emerging Asian Economies

    Directory of Open Access Journals (Sweden)

    Vogiatzoglou Klimis

    2016-12-01

    Full Text Available This paper examines long-term developments in the quality and efficiency of free market institutional systems across thirteen emerging economies from South, South-east, and East Asia over the 1995–2014 period. The paper also empirically assesses the impact of free market institutions on a country’s inward foreign direct investment (FDI performance. We find that the free market institutional framework in most economies is still relatively inefficient, restrictive, and underdeveloped but has, nevertheless, substantially improved during the last twenty-year period. Our empirical results also indicate that a free market institutional system in a host-country is a factor that attracts inward FDI to emerging Asian economies by multinational companies. Consequently, policy makers should focus on further improving the quality of free market institutions.

  14. L-62: Radiological emergencies revision to first responders

    International Nuclear Information System (INIS)

    2011-01-01

    This conference describes the different types of radiological emergencies, the different emergency situations as well as the experience obtained. The radioactive material places, the damages and injuries caused by radioactive sources, the overexposure and the contamination levels are the main aspects to be considered in each situation

  15. Revising an Extension Education Website for Limited Resource Audiences Using Social Marketing Theory

    Science.gov (United States)

    Francis, Sarah L.; Martin, Peggy; Taylor, Kristin

    2011-01-01

    Spend Smart Eat Smart (SSES), a unique website combining nutrition and food buying education for limited resource audiences (LRAs), was revised using social marketing theory to make it more appealing and relevant to LRAs (25-40 years). Focus groups and surveys identified the needs and preferences of LRAs. Needs were cooking, basic health, and…

  16. Emerging Markets for Renewable Energy Certificates: Opportunities and Challenges

    Energy Technology Data Exchange (ETDEWEB)

    Holt, E.; Bird, L.

    2005-01-01

    Renewable energy certificates (RECs) represent the attributes of electricity generated from renewable energy sources. These attributes are unbundled from the physical electricity, and the two products-the attributes embodied in the certificates and the commodity electricity-may be sold or traded separately. RECs are quickly becoming the currency of renewable energy markets because of their flexibility and the fact that they are not subject to the geographic and physical limitations of commodity electricity. RECs are currently used by utilities and marketers to supply renewable energy products to end-use customers as well as to demonstrate compliance with regulatory requirements, such as renewable energy mandates. The purpose of this report is to describe and analyze the emerging market for renewable energy certificates. It describes how RECs are marketed, examines RECs markets including scope and prices, and identifies and describes the key challenges facing the growth and success of RECs markets.

  17. Bond Portfolio Allocations in South Africa Emerging Markets

    Directory of Open Access Journals (Sweden)

    Jinghua Wang

    2016-03-01

    Full Text Available Over the past fifty years, economic growth in emerging markets has been supported by investments in capital and technology from the developed world. The benefit of this development for the emerging markets, as measured by growth in income, employment, and wealth, is immediately apparent. There have also been significant advantages for the developed world through opportunities for higher risk adjusted returns from investments in emerging markets. This study explores the benefits of the diversification of global government bond portfolio, and provides complete performance evaluations of DMs with or without South Africa emerging market (SAEM bonds. The study examines the benefits of inclusion of SAEM bonds in DMs, the degrees of financial integration among the research markets, the relative bond returns of dynamic factor models with time-varying coefficients and the robust tests of bond portfolio performance between DMs with SAEM and bond index. The results of this study provide important implications for global investors by identifying diversification gains in SAEM.  Keywords: African Bond Market, Portfolio Diversification

  18. ABB’s Internationalization in the Emerging Chinese Market : Entry Mode and Market Development Progress

    OpenAIRE

    Phan Van, Thang; Xin, Zhang

    2008-01-01

    The aim of the thesis is to describe the entry mode choice and market development progress of the successful MNC ABB in the specific emerging market China. The authors also want to use theories in the master course of International Business and Entrepreneurship to explain the internationalization of one specific company ABB

  19. Database marketing practices and opportunities in a newly emerging African market

    NARCIS (Netherlands)

    Paas, L.J.

    2009-01-01

    In this paper, qualitative research is conducted to gain insight into the current application and potential of database marketing in a newly emerging African economy, Tanzania. It is found that database marketing applications in Tanzania are currently limited, but that there is potential. The most

  20. The Value of Institutions for Financial Markets; Evidence From Emerging Markets

    OpenAIRE

    Thomas Stratmann; Bernardin Akitoby

    2009-01-01

    This paper investigates the value of political institutions for financial markets, using panel data from emerging market countries. We test the hypothesis that changes in political institutions, such as improvements in democratic rights and increased government accountability, have a direct effect on sovereign interest rate spreads. We find that financial markets value institutions over and above the economic and fiscal outcomes these institutions shape. Democracy and accountability generally...

  1. Privatization, political risk and stock market development in emerging economies

    OpenAIRE

    Perotti, E.C.; van Oijen, P.H.

    1999-01-01

    This paper investigates whether privatization in emerging economies has a significant indirect effect on local stock market development through the resolution of political risk. We argue that a sustained privatization program represents a major political test that gradually resolves uncertainty over political commitment to a market-oriented policy as well as to regulatory and private property rights. We present evidence suggesting that progress in privatization is indeed correlated with impro...

  2. Does SDDS Subscription Reduce Borrowing Costs for Emerging Market Economies?

    OpenAIRE

    John Cady

    2005-01-01

    Does macroeconomic data transparency-as signaled by subscription to the IMF's Special Data Dissemination Standard (SDDS)-help reduce borrowing costs in international capital markets? This question is examined using data on new issues of sovereign foreign-currency-denominated (U.S. dollar, yen, and euro) bonds for several emerging market economies. Panel econometric estimates indicate that spreads on new bond issues declined on average by close to 20 percent, or by an average of about 55 basis...

  3. 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.

  4. Integration of Manufacturing and Development in Emerging Markets

    DEFF Research Database (Denmark)

    Søberg, Peder Veng; Wæhrens, Brian Vejrum

    2011-01-01

    The paper investigates the problems related to functional integration between manufacturing activities and R&D activities in emerging markets within multinational companies. A framework to this end is developed and illustrated in relation to four cases from multinational companies, which have...... established R&D and manufacturing in China or India. The findings point to the importance of contingencies such as industrial clock speed, technological complexity, as well as the extent to which local adaptation is needed. Keywords: Co-location, Emerging markets, Functional integration, Manufacturing, R&D....

  5. Heterogeneity across emerging market central bank reaction functions

    Directory of Open Access Journals (Sweden)

    Mesut Turkay

    2017-09-01

    Full Text Available The purpose of this study is to analyze monetary policy reaction functions of inflation targeting emerging market economies. Heterogeneity across central bank behavior is modelled using dynamic common correlated effects estimator in a panel data framework of 15 countries. The empirical method allows us to obtain country specific coefficients and shows differences across central bank reaction functions. Model results imply that central banks behave according to an extended Taylor rule and respond to deviation of inflation from the target, output gap, real exchange rate and external financial conditions. The study finds that emerging market central banks consider not only price stability, but also financial stability in setting of interest rates.

  6. Developing business in emerging biomass energy markets

    International Nuclear Information System (INIS)

    Kadyszewski, J.

    2005-01-01

    Global market trends for forest products were reviewed in this PowerPoint presentation. The status of biomass energy products in relation to climate change and renewable energy portfolio standards was also examined. It was noted that China has increased investment in processing capacity and has increased imports of raw logs. India has doubled its imports of raw logs. Details of major tropical log producers and consumers were presented. Details of the biomass industry in the United States were presented, as well as data on fuel use at biomass energy plants and biomass energy capacity. An overview of biomass energy in the Russian far east and Siberia was presented, as well as details of activities and opportunities in Brazil and Indonesia. An economic analysis for small dry kilns was presented. Issues concerning boiler capacity in Russian companies for 2001-2005 were discussed. A case study of a biomass project from Congo was presented. It was noted that projects that replace fossil fuels can obtain revenues from the sale of carbon benefits, and that biomass energy offers the most attractive current option for the removal of carbon dioxide (CO 2 ) from the atmosphere. Details of a district heating project in Siberia were presented, and it was noted that in remote regions, costs for heat and power from biomass can be lower than costs from diesel and coal. It was concluded that there will be significant growth for biomass energy systems in the developing world, and that climate change will be an increasingly important element in advancing biomass energy. tabs., figs

  7. The emergence of the marketing mix in the banking sector

    Directory of Open Access Journals (Sweden)

    Melnic Elena- Lidia

    2018-01-01

    Full Text Available This article explains the emergence of the marketing mix in the banking sector and the specificity of this field. Research has shown that the evolution of the marketing mix in banking is closely related to the evolution of the marketing mix for services. The modern approach of the marketing mix for services comes from Booms and Bitner, from 1981. They filled the traditional 4Ps of the marketing mix (coming from products: price, product, placement (distribution and promotion with specific intangible services components: personnel, presence (physical evidence and process. For the banking sector, the development of those three components nowadays represents the main challenge because they represent the most important way to differentiate from the competition and to deliver superior services to the customers who are more sophisticated and demanding

  8. Sector strength and efficiency on developed and emerging financial markets

    Science.gov (United States)

    Fiedor, Paweł

    2014-11-01

    In this paper we analyse the importance of sectors and market efficiency on developed and emerging financial markets. To perform this we analyse New York Stock Exchange between 2004 and 2013 and Warsaw Stock Exchange between 2000 and 2013. To find out the importance of sectors we construct minimal spanning trees for annual time series consisting of daily log returns and calculate centrality measures for all stocks, which we then aggregate by sectors. Such analysis is of interest to analysts for whom the knowledge of the influence of particular groups of stocks to the market behaviour is crucial. We also analyse the predictability of price changes on those two markets formally, using the information-theoretic concept of entropy rate, to find out the differences in market efficiency between a developed and an emerging market, and between sectors themselves. We postulate that such analysis is important to the study of financial markets as it can contribute to the profitability of investments, particularly in the case of algorithmic trading.

  9. Priority setting for health in emerging markets.

    Science.gov (United States)

    Glassman, Amanda; Giedion, Ursula; McQueston, Kate

    2013-05-01

    The use of health technology assessment research in emerging economies is becoming an increasingly important tool to determine the uses of health spending. As low- and middle-income countries' gross domestic product grows, the funding available for health has increased in tandem. There is growing evidence that comparative effectiveness research and cost-effectiveness can be used to improve health outcomes within a predefined financial space. The use of these evaluation tools, combined with a systematized process of priority setting, can help inform national and global health payers. This review of country institutions for health technology assessment illustrates two points: the efforts underway to use research to inform priorities are widespread and not confined to wealthier countries; and many countries' efforts to create evidence-based policy are incomplete and more country-specific research will be needed. Further evidence shows that there is scope to reduce these gaps and opportunity to support better incorporation of data through better-defined priority-setting processes.

  10. Proposed revision of the Cumberland System Power Marketing Policy and subsequent contracts

    International Nuclear Information System (INIS)

    1992-01-01

    Southeastern Power Administration has prepared an Environmental Assessment (DOE/EA-0811) evaluating the proposed revision of the Cumberland System Power Marketing Policy and Subsequent Contracts. The findings of the Environmental Assessment (EA) are: the only significant change from the existing policy will be the term of the contracts executed under the revised policy; and there will be no addition of major new generation resources; there will be no new loads; there will be no major changes in the operating parameters of power generation resources. This paper discusses the need for action, the alternative and the environmental impacts

  11. Liquidity and credit risk in the emerging financial markets

    OpenAIRE

    Amir Saadaoui, Younes Boujelbene

    2014-01-01

    In this paper, we examine the relationship between liquidity, liquidity risk and credit risk in emerging sovereign bonds after the subprime crisis period. In our study, we concentrate in the effect of liquidity and credit risk in the problem of liquidity and in the emerging bond market. The presence of control variables, asymmetric information, amount outstanding, coupon, age and interest rate, assist to more explain this relationship. To explain the role of liquidity and credit risk in the p...

  12. Moving toward New Horizons for Marketing Education: Designing a Marketing Training for the Poor in Developing and Emerging Markets

    Science.gov (United States)

    Teklehaimanot, Mebrahtu L.; Ingenbleek, Paul T. M.; Tessema, Workneh K.; van Trijp, Hans C. M.

    2017-01-01

    In recent years, marketing education has broadened to poor people in developing and emerging countries. In this article, the authors use four empirical studies that apply well-established training design procedures to design a marketing training program for Ethiopian pastoralists. Because pastoralists operate in extremely remote, traditional, and…

  13. The Emerging Global Education Industry: Analysing Market-Making in Education through Market Sociology

    Science.gov (United States)

    Verger, Antoni; Steiner-Khamsi, Gita; Lubienski, Christopher

    2017-01-01

    This paper addresses the rise and consequences of an emerging global education industry (GEI), which represents new forms of private, for profit involvement in education across the globe. The paper explores the emergence within the GEI of new and varied, largely transnational, markets in education by focusing on three examples of the GEI at work.…

  14. Emerging nuclear energy systems: Economic challenge: Revision 1

    International Nuclear Information System (INIS)

    Nuckolls, J.H.

    1986-01-01

    Future nuclear energy systems may achieve substantially lower energy costs than those of existing fossil energy systems and comparable capital costs. Such low cost nuclear energy would provide a strong economic incentive to minimize the use of fossil fuels. If these low cost nuclear energy systems emerge in the next few decades, 21st century civilization may be able to avert potentially disastrous CO 2 induced global climate changes. 12 refs., 1 fig

  15. Privatization, political risk and stock market development in emerging economies

    NARCIS (Netherlands)

    Perotti, E.C.; van Oijen, P. H.

    2001-01-01

    This paper investigates whether privatization in emerging economies has a significant indirect effect on local stock market development through the resolution of political risk. We argue that a sustained privatization program represents a major political test that gradually resolves uncertainty over

  16. Crowdfunding in Emerging Markets : Lessons from East African Startups

    OpenAIRE

    World Bank Group

    2015-01-01

    The purpose of this paper is to capture lessons learned from East African entrepreneurs who were some of crowdfunding’s first adopters. Their experiences can serve as a practical guide for entrepreneurs looking to more effectively utilize crowdfunding across all emerging markets. In order to gather this data, the World Bank conducted interviews with a number of East African technology entr...

  17. Foreign Bank Entry and Credit Allocation in Emerging Markets

    NARCIS (Netherlands)

    Degryse, H.A.; Havrylchyk, O.; Jurzyk, E.; Kozak, S.

    2009-01-01

    We employ a unique data set containing bank-specific information to explore how foreign bank entry determines credit allocation in emerging markets. We investigate the impact of the mode of foreign entry (greenfield or takeover) on banks’ portfolio allocation to borrowers with different degrees of

  18. Drug lag and key regulatory barriers in the emerging markets

    Directory of Open Access Journals (Sweden)

    Harriet Wileman

    2010-01-01

    This work concludes that the overall relative drug lag in the emerging markets has decreased over time and that there are seven key regulatory barriers which need to be targeted in order to make further improvements; ′Western Approval′, local clinical development (LCD, Certificate of Pharmaceutical Product (CPP, Good Manufacturing Practice (GMP, pricing approval, document authentication and harmonisation.

  19. Integration of Manufacturing and Development in Emerging Markets

    DEFF Research Database (Denmark)

    Søberg, Peder Veng; Wæhrens, Brian Vejrum

    2014-01-01

    The chapter investigates the problems related to the functional integration between manufacturing activities and research and development (R&D) activities in emerging markets within multinational companies. A framework to this end is developed and illustrated through four case studies from...... as an integral part of corporate relocation decisions....

  20. Foreign news and spillovers in emerging European stock markets

    Czech Academy of Sciences Publication Activity Database

    Hanousek, Jan; Kočenda, E.

    2011-01-01

    Roč. 19, č. 1 (2011), s. 170-188 ISSN 0965-7576 R&D Projects: GA ČR(CZ) GAP403/11/0020; GA MŠk LC542 Institutional research plan: CEZ:MSM0021620846 Keywords : emerging European stock market s * foreign news * intraday data Subject RIV: AH - Economics Impact factor: 0.631, year: 2011

  1. Foreign news and spillovers in emerging European stock markets

    Czech Academy of Sciences Publication Activity Database

    Hanousek, J.; Kočenda, Evžen

    2011-01-01

    Roč. 19, č. 1 (2011), s. 170-188 ISSN 0965-7576 Institutional research plan: CEZ:AV0Z70850503 Keywords : emerging European stock market s * foreign news * intraday data Subject RIV: AH - Economics Impact factor: 0.631, year: 2011

  2. Sovereign Risk and Natural Disasters in Emerging Markets

    NARCIS (Netherlands)

    Klomp, Jeroen

    2015-01-01

    In this article, we explore the effect of large-scale natural disasters on sovereign default risk. We use a heterogeneous dynamic panel model including a set of more than 380 large-scale natural disasters for about forty emerging market countries in the period 1999-2010. After testing for the

  3. Privatization, political risk and stock market development in emerging economies

    NARCIS (Netherlands)

    Perotti, E.C.; van Oijen, P.H.

    1999-01-01

    This paper investigates whether privatization in emerging economies has a significant indirect effect on local stock market development through the resolution of political risk. We argue that a sustained privatization program represents a major political test that gradually resolves uncertainty over

  4. Value investing in emerging markets : local macroeconomic risk and extrapolation

    NARCIS (Netherlands)

    Kouwenberg, R.; Salomons, R.M.

    2003-01-01

    Our results confirm the profitability of value investing at the country level in emerging markets. A portfolio of countries with low price-to-book ratios significantly outperforms a portfolio of high price-to-book countries. Global risk factors cannot explain this outperformance. Next we measure a

  5. Block Chain : Opportunities for Private Enterprises in Emerging Market

    OpenAIRE

    Niforos, Marina; Ramachandran, Vijaya; Rehermann, Thomas

    2017-01-01

    The six chapters that follow provide an overview of the technology (chapter one) and its unfolding applications in emerging markets (chapter two). Chapter three examines whether blockchain can be used to mitigate de-risking by financial institutions. Chapters four and five look more closely at the financial services sector, including an overview of how blockchain affects plays into the wid...

  6. Impending flop for brand antiretrovirals in the emerging markets?

    Science.gov (United States)

    Daniele, Dionisio; Daniela, Messeri

    2008-01-01

    Forecasts from Country choices, South-South partnerships and Clinton Foundation-UNITAID coalition show that present policies for brand ARVs are at the risk of flop in emerging South markets such as India, China, Thailand and Brazil.The dynamics explored in this article highlight the risks the originator companies are running in the emerging markets, along with their interest in direct agreements with the generic industry for the manufacturing and marketing of ARVs.Resulting information here would suggest the brand enterprises:To look for fast registration of their ARVs by regulatory authorities in all countries enlisted for differential pricing.To secure all formulations differentiated prices.To align with the Clinton-UNITAID prices for the corresponding generics.To pursue flexible negotiations with the generic companies to secure both counterparts long-term advantages.

  7. Is a maximum Revised Trauma Score a safe triage tool for Helicopter Emergency Medical Services cancellations?

    NARCIS (Netherlands)

    Giannakopoulos, Georgios F.; Saltzherr, Teun Peter; Lubbers, Wouter D.; Christiaans, Herman M. T.; van Exter, Pieternel; de Lange-de Klerk, Elly S. M.; Bloemers, Frank W.; Zuidema, Wietse P.; Goslings, J. Carel; Bakker, Fred C.

    2011-01-01

    Introduction The Revised Trauma Score is used worldwide in the prehospital setting and provides a snapshot of patient's physiological state. Several studies have shown that the reliability of the RTS is high in trauma outcomes. In the Netherlands, Helicopter Emergency Medical Services (HEMS) are

  8. Revised

    DEFF Research Database (Denmark)

    Johannsen, Vivian Kvist; Nord-Larsen, Thomas; Riis-Nielsen, Torben

    This report is a revised analysis of the Danish data on CO2 emissions from forest, afforestation and deforestation for the period 1990 - 2008 and a prognosis for the period until 2020. Revision have included measurements from 2009 in the estimations. The report is funded by the Ministry of Climate...

  9. Nuclear accident dosimetry. Revision of emergency data sheets

    International Nuclear Information System (INIS)

    Delafield, H.J.

    1976-09-01

    The Emergency Data Sheets on Nuclear Accident Dosimetry have been revealed following the publication of a three part manual on this subject (Delafield, Dennis and Gibson, AERE-R 7485/6/7, 1973). This memo provides an explanation of the action levels adopted for the initial segregation of irradiated persons following a criticality accident, by monitoring the activity of indium foils contained in personnel dosimeters and the induced body sodium activity. The data sheets are given as an Appendix. They provide basic information on; the segregation of irradiated persons, the estimation of radiation exposure, and the assessment of personnel γ-ray and neutron doses. (author)

  10. THE SUCCESS OF EMERGING CAPITAL MARKETS IN DETERMINING ECONOMIC GROWTH

    Directory of Open Access Journals (Sweden)

    Ion POHOAŢĂ

    2014-06-01

    Full Text Available Capital markets are regarded as “the barometer” of economic activity at the national level, but among emerging markets, the position of this segment in the economy is far from ideal. The answers that we try to offer are concerning the contribution of capital markets to the economic welfare of nations in transition from Central and Eastern Europe, using Granger causality tests. Our findings highlight that in this geographical area, the relation between capital markets and economic growth is a bidirectional one. However, although both the establishment of stock exchanges and their liberalization represented governments’ strategy of economic development, their objective was not fully achieved. Institutional transformations are required in order to attract foreign investors.

  11. Considerations for Emerging Markets for Energy Savings Certificates

    Energy Technology Data Exchange (ETDEWEB)

    Friedman, B.; Bird, L.; Barbose, G.

    2008-10-01

    Early experiences with energy savings certificates (ESCs) have revealed both their merit and the challenges associated with them. In the United States, there has been little activity to date, so any lessons must be drawn from experiences in Italy, the United Kingdom (UK), France, and elsewhere. The staying power of European examples, particularly in Italy, demonstrates that ESCs can help initiate more efficiency projects. Although a robust market for renewable energy certificates (RECs) has emerged in both the voluntary and policy compliance contexts in the United States, ESCs have yet to gain significant traction. This report looks at the opportunity presented by ESCs, the unique challenges they bring, a comparison with RECs that can inform expectations about ESC market development, and the solutions and best practices early ESC market experience have demonstrated. It also examines whether there are real market barriers that have kept ESCs from being adopted and what structural features are necessary to develop effective trading programs.

  12. RELATIONSHIP BETWEEN STOCK MARKET RETURNS AND EXCHANGERATES IN EMERGING STOCK MARKETS

    Directory of Open Access Journals (Sweden)

    M.N. Arshad

    2017-04-01

    Full Text Available Abstract-This paper aims to study the relationship between stock market returns and exchange rates in emerging stock markets including Malaysia, Singapore, Thailand, Indonesia and Philippines. The data is taken from January 2003 to December 2012 using weekly closing indices and separated in two periods; before (2003-2007 and second, after (2008-2012 the financial crisis of 2008. Johansen-Juselius (JJ. Granger causality tests show that unidirectional causality exists between the stock market returns and exchange rates for Thailand before the financial crisis, whilst, for Indonesia and Singapore, the unidirectional causality between the two variables is detected in the period after the financial crisis. Error Correction Model (ECM indicates the existence of long run causality between the two variables for Philippines. This study also finds that most of the emerging stock markets are informationally inefficient.

  13. TESTING INFORMATIONAL EFFICIENCY: THE CASE OF U.E. AND BRIC EMERGENT MARKETS

    OpenAIRE

    OPREAN Camelia

    2012-01-01

    Empirical finance has brought together a considerable number of studies in determining the market efficiency in terms of information in the case of an emerging financial market. Conflicting results have been generated by these researches in efficient market hypothesis (EMH), so efficiency tests in the emerging financial markets are rarely definitive in reaching a conclusion about the existence of informational efficiency. This paper tests weak-form market efficiency of eight emerging markets:...

  14. Cyber-pharmacies and emerging concerns on marketing drugs online

    Directory of Open Access Journals (Sweden)

    Vinod Scaria

    2003-08-01

    Full Text Available The booming e-commerce and a regulation-less environment online have led to the rise of a new generation of websites that market drugs and other products over the Internet. Some of these drugs are often herbal products or of dubious quality, often marketed with a mix of professional design and unverified/fraudulent claims. Several concerns have arisen from different corners and evidence of malpractice has emerged. But there is a lack of sufficient evidence confirming the concerns.

  15. 77 FR 45599 - CED Rock Springs, Inc.; Supplemental Notice That Revised Market-Based Rate Tariff Filing Includes...

    Science.gov (United States)

    2012-08-01

    ... DEPARTMENT OF ENERGY Federal Energy Regulatory Commission [Docket Nos. ER02-2546-000; ER02-2546-001] CED Rock Springs, Inc.; Supplemental Notice That Revised Market- Based Rate Tariff Filing...-referenced proceeding of CED Rock Springs, Inc.'s tariff revision filing, noting that such filing includes a...

  16. IS CAPM AN EFFICIENT MODEL? ADVANCED VERSUS EMERGING MARKETS

    Directory of Open Access Journals (Sweden)

    Iulian IHNATOV

    2015-10-01

    Full Text Available CAPM is one of the financial models most widely used by the investors all over the world for analyzing the correlation between risk and return, being considered a milestone in financial literature. However, in recently years it has been criticized for the unrealistic assumptions it is based on and for the fact that the expected returns it forecasts are wrong. The aim of this paper is to test statistically CAPM for a set of shares listed on New York Stock Exchange, Nasdaq, Warsaw Stock Exchange and Bucharest Stock Exchange (developed markets vs. emerging markets and to compare the expected returns resulted from CAPM with the actually returns. Thereby, we intend to verify whether the model is verified for Central and Eastern Europe capital market, mostly dominated by Poland, and whether the Polish and Romanian stock market index may faithfully be represented as market portfolios. Moreover, we intend to make a comparison between the results for Poland and Romania. After carrying out the analysis, the results confirm that the CAPM is statistically verified for all three capital markets, but it fails to correctly forecast the expected returns. This means that the investors can take wrong investments, bringing large loses to them.

  17. Coordinated emergency response in a competitive electricity market

    Energy Technology Data Exchange (ETDEWEB)

    Brindley, S. [Independent Electricity Market Operator, Toronto, ON (Canada)

    2002-07-01

    The Ontario Electricity Act and the Market Rules oblige electricity market participants to prepare and submit emergency plans to ensure the safe and reliable operation of the power system. Security and emergency preparedness includes emergency planning, drills and exercises, and critical infrastructure protection. The risk of power disruption is credible and the impact is large, as witnessed by the 1998 ice storm in eastern Ontario which resulted in major power outages, and as witnessed by the events of September 11, 2001. The emergency control actions that manage power system contingencies include recalling planned outages, reducing interchanges, increasing reserves, reducing voltage, purchasing emergency energy, and load shedding. Restoration priorities are to first restore power to critical transmission and generating station service loads, then to restore critical telecom facilities. This is followed by the restoration of customer loads only to the extent needed to control voltage and secure generating units. The final priority is to interconnect neighbours. The North American Electric Reliability Council (NERC) was established following the major 1965 blackout. NERC developed operational reliability standards and monitored compliance. A map depicting NERC regions and control areas in the US was presented. In Canada, the Canadian Electricity Association (CEA) addresses issues regarding critical infrastructure protection (CIP). It safeguards the essential components of the electricity infrastructure against physical and cyber threats through early warning systems and information sharing. 9 figs.

  18. First emergency contraceptive product hits U.S. market shelves.

    Science.gov (United States)

    1998-11-01

    The Preven Emergency Contraceptive Kit, a product approved by the US Food and Drug Administration (USFDA) for emergency contraception, is now on the market for sale. Produced by Gynetics of Somerville, NJ, the kit consists of an easy-to-use pregnancy test, patient information guide, and 4 blue pills, each containing 0.05 mg ethinyl estradiol and 0.25 mg levonorgestrel. After a woman determines that she is not pregnant by using the kit's test, she takes 2 pills as soon as possible within 72 hours after having unprotected sexual intercourse. The remaining 2 pills are taken 12 hours later. Although Preven is available now only by prescription, Gynetics will cooperate with the USFDA in assessing whether it should be sold over the counter. One course of Preven costs about $20 at a pharmacy, less than any oral contraceptive pills currently used as emergency contraceptives. The Preven Kit carries Health Care Financing Administration approval for Medicaid reimbursement, and most health maintenance organizations have agreed to cover its costs. Two more progestin-only emergency contraceptive products may enter the US market in 1999. Gynetics is in the advanced stages of developing a levonorgestrel-only emergency contraceptive, while Women's Capital Corp. of Seattle, WA, and Washington, DC, plans to submit its application for product approval to the USFDA for a similar progestin-only product by the end of October.

  19. ANALYZING FAT-TAILED DISTRIBUTIONS IN EMERGING CAPITAL MARKETS

    Directory of Open Access Journals (Sweden)

    FELICIA RAMONA BIRĂU

    2013-05-01

    Full Text Available The aim of this article focuses on analyzing the implications of fat-tailed distributions in emerging capital markets. An essential aspect that was highlighted by most empirical research, especially in terms of emerging capital markets, emphasizes the fact that extreme financial events can not be accurately predicted by the normal distribution. Fat-tailed distributions establish a very effective econometric tool in the analysis of rare events which are characterized by extreme values that occur with a relatively high frequency .The importance of exploring this particular issue derives from the fact that it is fundamental for optimal portfolio selection, derivatives valuation, financial hedging and risk management strategies. The implications of fat-tailed distributions for investment process are significant especially in the turbulent context of the global financial crisis.

  20. Emergency Doses (ED) - Revision 3: A calculator code for environmental dose computations

    International Nuclear Information System (INIS)

    Rittmann, P.D.

    1990-12-01

    The calculator program ED (Emergency Doses) was developed from several HP-41CV calculator programs documented in the report Seven Health Physics Calculator Programs for the HP-41CV, RHO-HS-ST-5P (Rittman 1984). The program was developed to enable estimates of offsite impacts more rapidly and reliably than was possible with the software available for emergency response at that time. The ED - Revision 3, documented in this report, revises the inhalation dose model to match that of ICRP 30, and adds the simple estimates for air concentration downwind from a chemical release. In addition, the method for calculating the Pasquill dispersion parameters was revised to match the GENII code within the limitations of a hand-held calculator (e.g., plume rise and building wake effects are not included). The summary report generator for printed output, which had been present in the code from the original version, was eliminated in Revision 3 to make room for the dispersion model, the chemical release portion, and the methods of looping back to an input menu until there is no further no change. This program runs on the Hewlett-Packard programmable calculators known as the HP-41CV and the HP-41CX. The documentation for ED - Revision 3 includes a guide for users, sample problems, detailed verification tests and results, model descriptions, code description (with program listing), and independent peer review. This software is intended to be used by individuals with some training in the use of air transport models. There are some user inputs that require intelligent application of the model to the actual conditions of the accident. The results calculated using ED - Revision 3 are only correct to the extent allowed by the mathematical models. 9 refs., 36 tabs

  1. Financial Development and Unemployment in Emerging Market Economies

    OpenAIRE

    Bayar Yilmaz

    2016-01-01

    Financial sector has experienced significant expansion together with accelerating financial globalization in recent years and had important positive and negative economic implications for all the economies. This study investigates the interaction among unemployment, financial development and domestic investment in 16 emerging market economies during 2001-2014 period using panel data analysis. We found that there was long relationship among the variables and domestic investment had negative im...

  2. Financial Sector Regulation and Reforms in Emerging Markets: An Overview

    OpenAIRE

    Eswar S. Prasad

    2010-01-01

    This paper provides an overview of the complex conceptual and practical challenges that emerging market economies face as they attempt to reform their frameworks for financial regulation. These economies are striving to balance the quest for financial stability with the imperatives of financial development and broader financial inclusion. I argue that these objectives can in fact reinforce one another. I also discuss aspects of macroeconomic policies and cross-border regulation that have impl...

  3. Corporate governance, corporate finance and stock markets in emerging countries

    OpenAIRE

    Singh, Ajit

    2003-01-01

    This paper focuses on the inter-relationship between corporate governance, financing of corporate growth and stock market development in emerging countries. It explores both theoretically and empirically the nature of the inter-relationships between these phenomena, as well their implications for economic policy. It concentrates on how corporate growth is financed, an area where the literature has identified important anomalies in relation to corporate behaviour and governance. The paper prov...

  4. Emerging market business cycles revisited: learning about the trend

    OpenAIRE

    Boz, Emine; Daude, Christian; Durdu, C. Bora

    2011-01-01

    The data reveal that emerging markets do not differ from developed countries with regards to the variance of permanent TFP shocks relative to transitory. They do differ, however, in the degree of uncertainty agents face when formulating expectations. Based on these observations, we build an equilibrium business cycle model in which the agents cannot perfectly distinguish between the permanent and transitory components of TFP shocks. When formulating expectations, they assign some probability ...

  5. Collateral and its Substitutes in Emerging Markets' Lending

    OpenAIRE

    Lukas Menkhoff; Doris Neuberger; Ornsiri Rungruxsirivorn

    2011-01-01

    Due to opaque information and weak enforcement in emerging loan markets, the need for collateral is high, whereas borrowers lack adequate assets to pledge as collateral. How is this puzzle solved? We find for a representative sample from Northeast Thailand that indeed most loans do not include any tangible assets as collateral. Instead, lenders enforce collateral-free loans through third-party guarantees and relationship lending, but also through modifying loan terms, such as reducing loan si...

  6. CURRENT ASSET TUNNELING AND FIRM PERFORMANCE IN AN EMERGING MARKET

    OpenAIRE

    Ratna Candra Sari; Zaki Baridwan

    2014-01-01

    This study examines the effect of current asset tunneling on firm performance from the emerging market perspective. Although tunneling activities is a common practices by businesses especially in Indonesia, there exist obstacles in the measurement of tunneling activity because it is difficult to proof the existence of such practices. In this study, we measure tunneling by using accounts receivables and develop tunneling detection criteria. In addition, this study examines the effect of tunnel...

  7. On the Importance of Mutual Fund Families in Emerging Markets

    OpenAIRE

    Ekholm, Anders; Pasternack, Daniel; Sandvall, Thomas

    2000-01-01

    This study contributes to the mutual fund literature by looking at performance persistence on a fund family level, allowing for individual equity, bond and balanced funds to be included under single family umbrellas. The study is conducted on the emerging Finnish mutual fund market, an environment in which the importance of superior fund family teams is likely to be accentuated. Using both non–parametric and parametric tests we find robust evidence of performance persistence for the fund fami...

  8. THE STABILITY OF INTERNATIONAL FINANCIAL MARKETS VERSUS EMERGING ECONOMIES VULNERABILITY

    Directory of Open Access Journals (Sweden)

    Luiza Loredana Nastase

    2016-12-01

    Full Text Available If during the global economic and monetary-financial felt in the last seven-eight years was observed that the most affected countries were those with a developed economy currently it seems that the wheel turns and target countries with an emerging economy. Thus, the financial markets of advanced countries seem to be characterized by stability in opposition to those of emerging markets, which seem to become increasingly vulnerable. This paper tries to capture the current economic situation of the two categories of states, from the major aspects that determined the evolution of socio-political and macroeconomic indicators, presenting the statistical data and trying to predict future period. A special importance should be given to international markets. Given that the extension of global economic integration and cooperation on the international market participants are relative conditioning is required for a consensual approach and multilateral thereof, for reducing and avoiding imbalances in the international trading system. We will take into account the need to involve politics in parallel with the adoption of measures specific to each category of state. All these issues will be addressed further

  9. Clinical trials in "emerging markets": regulatory considerations and other factors.

    Science.gov (United States)

    Singh, Romi; Wang, Ouhong

    2013-11-01

    Clinical studies are being placed in emerging markets as part of global drug development programs to access large pool of eligible patients and to benefit from a cost effective structure. However, over the last few years, the definition of "emerging markets" is being revisited, especially from a regulatory perspective. For purposes of this article, countries outside US, EU and the traditional "western countries" are discussed. Multiple factors are considered for placement of clinical studies such as adherence to Good Clinical Practice (GCP), medical infrastructure & standard of care, number of eligible patients, etc. This article also discusses other quantitative factors such as country's GDP, patent applications, healthcare expenditure, healthcare infrastructure, corruption, innovation, etc. These different factors and indexes are correlated to the number of clinical studies ongoing in the "emerging markets". R&D, healthcare expenditure, technology infrastructure, transparency, and level of innovation, show a significant correlation with the number of clinical trials being conducted in these countries. This is the first analysis of its kind to evaluate and correlate the various other factors to the number of clinical studies in a country. © 2013.

  10. The effects of foreign banks entry in emerging market economies

    Directory of Open Access Journals (Sweden)

    MSc. Florida Veljanoska

    2011-12-01

    Full Text Available This paper investigates the effects of foreign bank entry in emerging markets. We developed a picture of a multinational bank in an emerging markets by combining statistics from several sources, in order to explore broad range of effects that brings foreign bank entry in the developing countries. Some impacts of foreign bank entry have been thoroughly studied, while others are hardly mention. Entry of foreign bank brings large benefits to host country’s financial system and economies at large. This paper is studying those benefits very carefully, by analyzing the impact of foreign bank entry on economy, government, monetary policy, large enterprises, small and medium size enterprises, domestic bank etc. But, we also consider the fact that at the same time, foreign investment in the financial sector, rises some concerns, and therefore we analyze the negative effects as well. At the end we must admit that although there are some negative consequences from foreign bank entry in emerging markets, the benefits that arise from foreign banks penetration are much more, and this trend of foreign bank entry has brought new positive economic impulse in developing world.

  11. Market opportunities in emerging markets : case study: Rideascout's innovative vehicle and Vietnamese market

    OpenAIRE

    Bui, Huyen-Anh

    2015-01-01

    Nowadays, there is no limit for innovation. Successful innovative products promise to bring about dramatic changes to the world. Rideascout, a Finnish start-up, is developing their new product, an innovative vehicle. In order to understand how their product could be used in certain market areas, the company decided to carry out an extensive market research. As part of the project, this thesis aims to explore possible uses and market opportunities for the product in Vietnam and more specifical...

  12. THE IMPLICATIONS OF LIQUIDITY CRISES IN THE CONTEXT OF EMERGING CAPITAL MARKET

    OpenAIRE

    Felicia Ramona Birău

    2012-01-01

    This article aims to highlight the implications of liquidity crises in the context of emerging capital market. Capital markets, and especially emerging capital market appear to behave notably differently during periods of liquidity crises in comparison with periods of stability. The concept of emerging capital market itself is in obvious antithesis to the idea of financial equilibrium. This particular category of capital markets is characterized in a certain measure by profound institutional,...

  13. Stock returns predictability and the adaptive market hypothesis in emerging markets: evidence from India.

    Science.gov (United States)

    Hiremath, Gourishankar S; Kumari, Jyoti

    2014-01-01

    This study addresses the question of whether the adaptive market hypothesis provides a better description of the behaviour of emerging stock market like India. We employed linear and nonlinear methods to evaluate the hypothesis empirically. The linear tests show a cyclical pattern in linear dependence suggesting that the Indian stock market switched between periods of efficiency and inefficiency. In contrast, the results from nonlinear tests reveal a strong evidence of nonlinearity in returns throughout the sample period with a sign of tapering magnitude of nonlinear dependence in the recent period. The findings suggest that Indian stock market is moving towards efficiency. The results provide additional insights on association between financial crises, foreign portfolio investments and inefficiency. G14; G12; C12.

  14. Investor’s Sentiments and Stock Market Volatility: an empirical evidence from emerging stock market

    Directory of Open Access Journals (Sweden)

    Mobeen Ur Rehman

    2013-05-01

    Full Text Available The concept of efficient market hypothesis has prevailed the financial markets for a long time which says that the prices of the securities reflect all available information. This approach was mainly followed by the rational investors but with the passage of time, the concept of behavioral finance emerged due to some of the major global financial crashes. This concept states that there are investors trading in the market making decisions on the basis of sentiments not on any fundamental information. Such class of traders is called the noise traders and they are mainly responsible for any disruption in the returns of the securities. In this paper we will try to find whether these sentiments of the investors affect the returns of the securities listed on the Karachi stock exchange. We will use the investor sentiment index that uses the six proxies the data on which has been collected mainly from the Karachi stock exchange. Volatility of the stock market returns will be calculated and regressed with the sentimental equation discussed above as the independent variable. This study will help us to find out the extent to which these sentiments influence the stock market returns in weak form efficient market and also it will help us to identify the presence of such irrational noise traders in our financial market.

  15. Understanding the Environments of Emerging Markets: The Social Costs of Institutional Voids

    NARCIS (Netherlands)

    S.B. Rodrigues (Suzana)

    2013-01-01

    textabstractDuring the past decade, emerging markets have had extraordinarily high growth rates compared to developed countries. Many agree that a distinctive characteristic of emerging markets is their rhythm of growth. Over the past thirty years, emerging markets have been encouraged to shape

  16. Evaluation of Basel III revision of quantitative standards for implementation of internal models for market risk

    Directory of Open Access Journals (Sweden)

    Meera Sharma

    2012-12-01

    Full Text Available This paper studies revisions under Basel III for market risk which allow conservative combination of short and long period Value-at-Risks (VaRs. This is the first study that examines this issue. The performance of the combination method is evaluated through regulatory back tests, unconditional and conditional coverage tests. The combination improves performance in regulatory back tests and tests of unconditional coverage. A common trend is the superior performance of long (1000/750 day in combination with short (190/125 days VaR methods. The combination does not enhance conditional coverage performance. This is the first study on this topic.

  17. Emerging technologies in electricity generation : an energy market assessment

    International Nuclear Information System (INIS)

    2006-03-01

    Canada's National Energy Board (NEB) monitors the supply of electricity as well as its demand in both domestic and export markets. It monitors the main drivers affecting current trends in generation, demand, prices, infrastructure additions, and inter-regional and international trade. This document presented an assessment of renewable and other emerging technologies that are considered to have significant promise and increased application in Canada over the longer term. It provided comprehensive information on the status and prospects for these technologies, related issues and regional perspectives. Alternative and renewable resources and demand management are becoming more important in addressing air quality issues and supply adequacy. In preparation of this report, staff at the NEB participated in a series of informal meetings with electric utilities, independent power producers, provincial energy regulators, power system operators and those engaged in technology development. The report involved on-site information gathering at wind farms, small hydro facilities, biomass, solar and geothermal operations and other facilities associated with emerging energy technologies such as fuel cells and ocean energy. Clean coal technologies that refer to methods by which emissions from coal-fired generation can be reduced were also evaluated. It was noted that the prospects for emerging technologies vary among the provinces and territories depending on regional resources, provincial government policies and strategies regarding fuel preferences. It was noted that currently in Canada, only 3 per cent of the installed generating capacity consists of emerging technologies. This low penetration is due to the low cost of electricity derived from conventional sources and to the structure of the industry in which large publicly owned utilities have historically opted for large central generating stations. It was suggested that the large increase in fossil fuel prices, public concern

  18. Financialization at the international level: evidence from emerging market economies

    Directory of Open Access Journals (Sweden)

    Raquel A. Ramos

    Full Text Available Abstract The paper focuses on the manifestations of financialization in the international sphere, which it defines as the increasing magnitude of finance and its decoupling from earlier functions and logic as the speculative motive is strengthened. With financialization the motive of finance is no longer to finance trade and production but to accumulate wealth, which in emerging market economies (EMEs takes place through innovative products and practices that have in common the focus on exchange rate returns, resulting in a strengthened speculative motive. The article reviews the financialization literature highlighting how the different closed-economy aspects impact the international sphere. It conducts empirical analyses based on the financial integration of a country and on the characteristics of its currencies’ FX markets to assess the presence of financialization and its characteristics among EMEs, indicating certain countries where this process is more intense.

  19. CURRENT ASSET TUNNELING AND FIRM PERFORMANCE IN AN EMERGING MARKET

    Directory of Open Access Journals (Sweden)

    Ratna Candra Sari

    2014-12-01

    Full Text Available This study examines the effect of current asset tunneling on firm performance from the emerging market perspective. Although tunneling activities is a common practices by businesses especially in Indonesia, there exist obstacles in the measurement of tunneling activity because it is difficult to proof the existence of such practices. In this study, we measure tunneling by using accounts receivables and develop tunneling detection criteria. In addition, this study examines the effect of tunneling on firm performance and market reaction during the announcement of the related party transaction. The study finds that from the perspective of the being-tunneled companies, receivables to related parties negatively affect the company’s profit margin. Companies which announce related party transaction indicating tunneling obtain negative abnormal return during the announcement of the related party transaction.

  20. Financial Development and Unemployment in Emerging Market Economies

    Directory of Open Access Journals (Sweden)

    Bayar Yilmaz

    2016-06-01

    Full Text Available Financial sector has experienced significant expansion together with accelerating financial globalization in recent years and had important positive and negative economic implications for all the economies. This study investigates the interaction among unemployment, financial development and domestic investment in 16 emerging market economies during 2001-2014 period using panel data analysis. We found that there was long relationship among the variables and domestic investment had negative impact on the unemployment, while financial development had no significant impact on the unemployment. Furthermore, there was unidirectional causality from development of financial sector to unemployment.

  1. Photovoltaic materials: An analysis of emerging technology and markets

    International Nuclear Information System (INIS)

    1999-01-01

    Solar power has been around for more than a century, and photovoltaic cells have supplied power to US space flights and satellites since Vanguard I. Innovative materials, new processes, and new manufacturing techniques are bringing the price of PV power down to earth--opening up substantial opportunities to profit from this environmentally friendly energy source. This report from Technical Insights, takes a hard look at this rapidly emerging field. It discusses the current state-of-the-art in photovoltaic materials; what new processes and applications are showing the greatest commercial promise; what new markets are opening up; and who the key players are in the growing PV industry

  2. CORPORATE GOVERNANCE AND FIRM VALUE IN EMERGING MARKETS AN EMPIRICAL ANALYSIS OF ADR ISSUING EMERGING MARKET FIRMS

    Directory of Open Access Journals (Sweden)

    Aysun Ficici

    2012-01-01

    Full Text Available This study explores the value implications of good corporate governance for a sample of 54 ADR issuing emerging market firms (EMFs from 9 countries primarily located in the regions of Asia, Eastern Europe and Latin America and the and employs recently constructed company composite corporate governance metric along with some alternative corporate governance measures associated with the origin of the issuing firm. Although the ADR literature primarily focuses on the impact of subscription to US disclosure requirements we contend that company and country specific corporate governance standards play a significant role in the risk reduction and ensuing value capture.  The fundamental inquiry in this study has the following foci: The primary focus is on the impact of corporate governance structures on firm performance as to whether adherence to standards creates market value for ADR issuing EMFs.  Do good corporate governance practices affect the value of EMFs? The secondary focus is concerned with whether the impact of corruption level and legal system in a firm’s home country affect the corporate structures of EMFs thus affecting the market value of firms.  In this study, we utilize Tobin’s q as the measure of firm performance/market value.  Our findings suggest that there is a significant correlation between corporate governance structures of ADR issuing EMFs and their market values and/or performances.  The results also indicate that the level of corruption and legal structures in home countries of EMFs strongly impact the corporate governance structures of these firms and sequentially affect their market values. Therefore, this research further contributes to the scholarly findings and suppositions that corporate structures of firms do create consequences on firm value.

  3. Emergency Victim Care. A Training Manual for Emergency Medical Technicians. Module 5. CPR, Oxygen Therapy. Revised.

    Science.gov (United States)

    Ohio State Dept. of Education, Columbus. Div. of Vocational Education.

    This student manual, the fifth in a set of 14 modules, is designed to train emergency medical technicians (EMTs) in Ohio. The module contains two sections covering the following course content; cardiopulmonary resuscitation (CPR) (including artificial ventilation, foreign body obstructions, adjunctive equipment and special techniques, artificial…

  4. Emergency Victim Care. A Training Manual for Emergency Medical Technicians. Module 3--Anatomy and Physiology. Revised.

    Science.gov (United States)

    Ohio State Dept. of Education, Columbus. Div. of Vocational Education.

    This student manual, the third in a set of 14 modules, is designed to train emergency medical technicians (EMTs) in Ohio. The module contains one section covering the following topics: general anatomical terms, the body cavities and contents, the integumentary system, the skeletal system, the muscular system, the nervous system, the respiratory…

  5. Determinants of reverse knowledge transfer for emerging market multinationals: the role of complexity, autonomy and embeddedness

    Directory of Open Access Journals (Sweden)

    Franciane Freitas Silveira

    Full Text Available Abstract Subsidiaries conduct innovation activities in foreign markets either to capture valuable knowledge that is necessary to adapt their products to local markets or to create valuable knowledge for headquarters. For emerging market multinationals, most studies have overlooked the determinants of successful reverse knowledge transfer from subsidiaries located in emerging and developed markets. This paper analyzed the responses of a survey administered to 78 Brazilian multinationals that own subsidiaries in developed and emerging markets. We found that knowledge complexity developed at the subsidiary, its autonomy and embeddedness in the foreign market determine the successful reverse knowledge transfer to headquarters of emerging market multinationals. This paper contributes to previous studies of reverse knowledge transfer by underlying the main drivers for emerging market multinationals.

  6. The provisioning of collective goods by MNEs in emerging markets

    Directory of Open Access Journals (Sweden)

    Jean J. Boddewyn

    2017-04-01

    Full Text Available Purpose – This paper aims to determine the essential “collective goods” which a foreign multinational enterprise (MNE must have before production can start in a remote area of an emerging economy, and to consider the alternative governance modes available to procure or create these goods. Design/methodology/approach – This purpose is examined conceptually and theoretically. First, the concept of “collective goods” is presented, followed by a consideration of the traditional “buy, ally or make” contractual approaches available to obtain goods and services. These approaches are repositioned in the context of an “emerging economy” so that alternative “ordering systems” as well as “non-contractual” means of obtaining things have to be considered in the context of internalization and reciprocity theories. Findings – It is difficult to obtain collective goods in remote areas of emerging economies where private ordering prevails and even succeeds but at high transaction costs and with substantial government intervention. However, the use of non-contractual modes of exchange such as reciprocity is available to facilitate exchanges between market MNEs and nonmarket state offices and civil-society associations such as non-governmental organizations with which collaboration is necessary but which cannot be acquired or controlled by MNEs. However, market firms can use philanthropy and lobbying to obtain the help of these nonmarket actors who know how to operate under private and state-ordering systems. Research limitations/implications – Theoretical implications: Internalization theory explains why MNEs are able to obtain collective goods by providing them “in-house”, while reciprocity theory exemplifies how non-contractual modes of exchange can substitute for the traditional but contractual “buy, ally and/or make”. Practical implications – Managerial implications: In terms of the organizational structure of the

  7. The emerging "fans economy" marketing mode in digital consuming products industry in China

    OpenAIRE

    Wu, Chao

    2015-01-01

    The purpose of this thesis was to identify the new marketing mode in the consuming products industry and to discuss its feasibility to apply the emerging marketing mode into other industries or countries. The new marketing mode is called the “Fans economy” marketing mode. The objectives of the thesis are comparing the new marketing mode with the traditional one rather than challenging it, so that the thesis can make the analysis about the advantages and the disadvantages of the new marketing ...

  8. Bond markets and banking crises in emerging market economies: The role of institutions

    Directory of Open Access Journals (Sweden)

    Boukhatem Jamel

    2012-01-01

    Full Text Available This paper deals with the question of knowing if countries whose activity of financing is mainly bank based face crises more expensive than those where the bond markets are broader and more developed. The results of the empirical tests on a panel of emerging countries suggest that bank based financial systems are associated with crises slightly more expensive, whereas the relationship between the bond markets and the crises’ costs is fragile. Moreover, financial systems where bond markets play an important role are associated with a higher growth of the production, and this, independently of the presence or not of crises. The consideration of the combined effect of financial liberalization and institutional framework on the bond markets development shows the importance of the direction of the financial liberalization. We join in this case one of the most significant aspects of the “sequencing” theorized by McKinnon (1973. Finally, an effective prudential regulation tends to reduce significantly the probability of occurrence of banking crises.

  9. CHARACTERISTICS OF THE EMERGING MARKET ECONOMIES - BRICS, FROM THE PERSPECTIVE OF STOCK EXCHANGE MARKETS

    Directory of Open Access Journals (Sweden)

    Sechel Ioana-Cristina

    2014-07-01

    Full Text Available Many international investors have realized that they cannot obtain profits as large, investing in mature markets as well as investing in emerging and developing countries. They want to obtain higher yields, of course assuming the extra risk, as the risk of liquidity or volatility of exchange rates, which are significantly higher than in developed markets. Studies on the BRICS economies are countless, researchers pointing that the development of these economies and their transition towards developed economies category is virtually inevitable (Nistor, 2011. In this article we propose a smooth approach on the state of the economies of the BRICS emerging countries and the stock exchanges markets. It is interesting to observe how, according to a forecast of the International Monetary Fund, in the year 2025 world supremacy from the economic point of view will belong still to the United States, but the discrepancies between the United States economy and China's economy subside until then. The same source, however, predict that by the year 2050, China's economy will bring forward the United States of America. However, should not be lost of sight the fact that China is part of the BRICS countries, with enormous development potential. As proof of those exposed earlier, sits the performance obtained from China's economy especially in times of crisis, when the vast majority of the world's economies recorded negative economic growth. Somewhat improperly said so, we were witnessing a world economic depression. The performance of China's economy is so, noteworthy, it received even in the toughest years of global financial and economic crisis, a positive value of economic growth. This also happened, within other BRICS emerging countries economies, having many similar economic meanings. With such a potential for economic growth, the economies of BRICS countries have brought into the spot light the operational stock exchanges. The interest of investors for

  10. 76 FR 61933 - Marketing Order Regulating the Handling of Spearmint Oil Produced in the Far West; Revision of...

    Science.gov (United States)

    2011-10-06

    ..., 733,877 pounds of Scotch spearmint oil have already been sold or committed, which leaves just 186,505... of essential oils and the products of essential oils. In addition, the Committee estimates that 8 of...-1A IR] Marketing Order Regulating the Handling of Spearmint Oil Produced in the Far West; Revision of...

  11. Planning the Marketing Strategy. PACE Revised. Level 3. Unit 6. Research & Development Series No. 240CB6.

    Science.gov (United States)

    Ashmore, M. Catherine; Pritz, Sandra G.

    This individualized, competency-based unit on planning marketing strategy, the sixth of 18 modules, is on the third level of the revised Program for Acquiring Competence in Entrepreneurship (PACE). Intended for the advanced secondary and postsecondary levels and for adults wanting training or retraining, this unit, together with the other…

  12. Planning the Marketing Strategy. PACE Revised. Level 2. Unit 6. Research & Development Series No. 240BB6.

    Science.gov (United States)

    Ashmore, M. Catherine; Pritz, Sandra G.

    This unit on planning marketing strategy for a small business, the sixth in a series of 18 modules, is on the second level of the revised PACE (Program for Acquiring Competence in Entrepreneurship) comprehensive curriculum. Geared to advanced secondary and beginning postsecondary or adult students, the modules provide an opportunity to learn about…

  13. Performance of passive long term investments : A longitudinal study over the relative performance of emerging- and developed markets

    OpenAIRE

    Babar, Haseeb Zaman; Norberg, Johan

    2013-01-01

    The concept of emerging markets came to surface in early 1980 and constituted of only eight countries from the two continents of South America and Asia. The globalization of financial markets has since raised the importance of emerging capital markets. We take a quantitative approach to investigate the performance of emerging markets compared to developed markets. The aim of the study is to conclude if emerging markets offers investment value and if logic in portfolio theory can be used to im...

  14. A Risk Metric Assessment of Scenario-Based Market Risk Measures for Volatility and Risk Estimation: Evidence from Emerging Markets

    Directory of Open Access Journals (Sweden)

    Sitima Innocent

    2015-03-01

    Full Text Available The study evaluated the sensitivity of the Value- at- Risk (VaR and Expected Shortfalls (ES with respect to portfolio allocation in emerging markets with an index portfolio of a developed market. This study utilised different models for VaR and ES techniques using various scenario-based models such as Covariance Methods, Historical Simulation and the GARCH (1, 1 for the predictive ability of these models in both relatively stable market conditions and extreme market conditions. The results showed that Expected Shortfall has less risk tolerance than VaR based on the same scenario-based market risk measures

  15. Containment Emergency Sump Performance. Technical findings related to Unresolved Safety Issue A-43. Revision 1

    International Nuclear Information System (INIS)

    1985-10-01

    This report summarizes key technical findings related to Unresolved Safety Issue (USI) A-43, Containment Emergency Sump Performance. Both BWRs and PWRs are considered in this report. Emergency core cooling systems require a clean, reliable water source to maintain long-term recirculation following a loss-of-coolant accident (LOCA). PWRs rely on the containment emergency sump to provide such a water supply to residual heat removal pumps and containment spray pumps. BWRs rely on pump suction intakes in the suppression pool or wet well to provide water to residual heat removal and core spray systems. Thus, the technical findings in this report provide information on post-LOCA recirculation. These findings have been derived from extensive experimental studies, generic plant studies, and assessments of sumps used for long-term cooling. Results of hydraulic tests have shown that the potential for air ingestion is less severe than previously hypothesized. The effects of debris blockage on NPSH margin must be dealt with on a plant-specific basis. These findings have been used to develop revisions to Regulatory Guide 1.82 and Standard Review Plan Section 6.2.2 (NUREG-0800)

  16. EMPIRICAL DISTRIBUTION OF STOCK RETURNS OF SOUTHEAST EUROPEAN EMERGING MARKETS

    Directory of Open Access Journals (Sweden)

    Aleksandar Naumoski

    2017-06-01

    Full Text Available The assumption that equity returns follow the normal distribution, most commonly made in financial economics theory and applications, is strongly rejected by empirical evidence presented in this paper. As it was found in many other studies, we confirm that stock returns follow a leptokurtic distribution and skewness, which in most of the Southeast European (SEE markets is negative. This paper investigates further whether there is any distribution that may be considered an optimal fit for stock returns in the SEE region. Using daily, weekly and monthly data samples for a period of five years from ten Southeast European emerging countries, we applied the Anderson-Darling test of Goodness-of-fit. We strongly rejected the aforementioned assumption of normality for all considered data samples and found that the daily stock returns are best fitted by the Johnson SU distribution whereas for the weekly and monthly stock returns there was not one predominant, but many distributions that can be considered a best fit.

  17. Portfolio selection between rational and behavioral theories emergent markets case

    Directory of Open Access Journals (Sweden)

    Bouri Abdelfatteh

    2012-08-01

    Full Text Available The aim of this paper is to explore the determinants of Portfolio Choice under the investors, professionals and academics’ perception. We introduce an approach based on cognitive mapping technique with a series of semi-directive interviews. Among a sample of 30 Tunisian individuals, we propose tow different frameworks: a mean-variance framework and a behavioral framework. Each framework is oriented to capture the effect of some concepts as proposed by the mean-variance portfolio theory and the behavioral portfolio theory on the portfolio choice decision. The originality of this research paper is guaranteed since it traits the behavioral portfolio choice in emergent markets. In the best of our knowledge this is the first study in the Tunisian context that explores such area of research. Ours results show that the Tunisian investors behave as it prescribed by the behavioral portfolio theory. They use some concepts proposed by the rational mean-variance theory of portfolio choice but they are affected by their emotions and some others cognitive bias when constructing and managing they portfolio of assets.

  18. Usefulness Of Derivative Instruments In Emerging Markets: Turkish Experience

    OpenAIRE

    Cem Saatcioglu; Iskender Karagul; Ara G. Volkan

    2011-01-01

    This article presents an overview of derivative markets, definitions of derivative investment instruments, development of global derivative markets and the applicability of derivative markets in Turkey, given their economic value added to the Turkish economy. Readers will acquire insight into investing in various investment instruments and hedging against risk. Turkish derivative markets will be described, supportive statistical data will be presented, and readers will be introduced to the de...

  19. The Success Of Stock Selection Strategies In Emerging Markets: Is It Risk Or Behavioral Bias?

    NARCIS (Netherlands)

    J. van der Hart; G.J. de Zwart (Gerben); D.J.C. van Dijk (Dick)

    2005-01-01

    textabstractWe examine competing explanations, based on risk and behavioral models, for the profitability of stock selection strategies in emerging markets. We document that both emerging market risk and global risk factors cannot account for the significant excess returns of selection strategies

  20. The Economic Value of Fundamental and Technical Information in Emerging Currency Markets

    NARCIS (Netherlands)

    G.J. de Zwart (Gerben); T.D. Markwat (Thijs); L.A.P. Swinkels (Laurens); D.J.C. van Dijk (Dick)

    2007-01-01

    textabstractWe measure the economic value of information derived from macroeconomic variables and from technical trading rules for emerging markets currency investments. Our analysis is based on a sample of 21 emerging markets with a floating exchange rate regime over the period 1997-2007 and

  1. The Effect of Firm Strategy and Corporate Performance on Software Market Growth in Emerging Regions

    Science.gov (United States)

    Mertz, Sharon A.

    2013-01-01

    The purpose of this research is to evaluate the impact of firm strategies and corporate performance on enterprise software market growth in emerging regions. The emerging regions of Asia Pacific, Eastern Europe, the Middle East and Africa, and Latin America, currently represent smaller overall markets for software vendors, but exhibit high growth…

  2. A Simple Model to Teach Business Cycle Macroeconomics for Emerging Market and Developing Economies

    Science.gov (United States)

    Duncan, Roberto

    2015-01-01

    The canonical neoclassical model is insufficient to understand business cycle fluctuations in emerging market and developing economies. The author reformulates the model proposed by Aguiar and Gopinath (2007) in a simple setting that can be used to teach business cycle macroeconomics for emerging market and developing economies at the…

  3. Corporate Ownership Reform and Foreign Market Entry of Emerging Market Firms

    DEFF Research Database (Denmark)

    Li, Ming Hua; Cui, Lin; Lu, Jiangyong

    2013-01-01

    an extended FSA framework incorporating the dynamics of organizational ambiguity to analyze EM firms’ internationalization behavior. We validate our model by conducting an empirical study of 973 publicly listed Chinese firms spanning 8 years from 2002-2009. The findings suggest that various types of reformed......Few studies have examined the effects of corporate ownership reform on emerging market firms’ advantages and capabilities for outward FDI. By linking the implications of such reform to the configuration of resources, organizational attributes, and strategic orientation of firms we advance...... shareholding have different effects on firms’ proclivity for outward FDI. We also find evidence of synergies and misalignments between ownership derived FSAs and other firm specific organizational features including foreign managerial experience and business group affiliation....

  4. Do Credit Rating Agencies Add to the Dynamics of Emerging Market Crises?

    NARCIS (Netherlands)

    Kraussl, R.G.W.

    2005-01-01

    This study investigates the role of credit rating agencies in international financial markets. With an index of speculative market pressure it is analyzed whether sovereign ratings changes have an impact on the financial stability in emerging market economies. The event study analysis indicates that

  5. 7 CFR 1486.100 - What is the Emerging Markets Program?

    Science.gov (United States)

    2010-01-01

    ... include activities such as feasibility studies, market research, sector assessments, orientation visits... intended primarily to support export market development efforts of the private sector, but the Program's... 7 Agriculture 10 2010-01-01 2010-01-01 false What is the Emerging Markets Program? 1486.100...

  6. 12 CFR 615.5136 - Emergencies impeding normal access of Farm Credit banks to capital markets.

    Science.gov (United States)

    2010-01-01

    ... Credit banks to capital markets. 615.5136 Section 615.5136 Banks and Banking FARM CREDIT ADMINISTRATION... Investment Management § 615.5136 Emergencies impeding normal access of Farm Credit banks to capital markets... defense crisis could impede the normal access of Farm Credit banks to the capital markets. Whenever the...

  7. Effect of price and in-store promotion on sales: a study of distinct regions in an emerging market

    OpenAIRE

    Sanchez, Juan Machado

    2016-01-01

    Increasing competition caused by globalization, high growth of some emerging markets and stagnation of developed economies motivate Consumer Packaged Goods (CPGs) manufacturers to drive their attention to emerging markets. These companies are expected to adapt their marketing activities to the particularities of these markets in order to succeed. In a country classified as emerging market, regions are not alike and some contrasts can be identified. In addition, divergences of marketing variab...

  8. The Impact of Sovereign Credit Rating Changes on Emerging Stock Markets

    OpenAIRE

    YIN, WEIGUO

    2008-01-01

    This study investigate the impact of sovereign rating change in emerging markets by using 42 sample counties over the period Jan. 1999 to Aug. 2008. The concurrent relationship between sovereign rating changes and the associated stock market spread can be established: the spreads tend to rise (fall) when upgrades (downgrades) occur. Surprisingly, according to Fitch report regarding the emerging market liquidity, we divide the whole time line into two sub-periods. It is found that rating chang...

  9. Calibrating emergent phenomena in stock markets with agent based models.

    Science.gov (United States)

    Fievet, Lucas; Sornette, Didier

    2018-01-01

    Since the 2008 financial crisis, agent-based models (ABMs), which account for out-of-equilibrium dynamics, heterogeneous preferences, time horizons and strategies, have often been envisioned as the new frontier that could revolutionise and displace the more standard models and tools in economics. However, their adoption and generalisation is drastically hindered by the absence of general reliable operational calibration methods. Here, we start with a different calibration angle that qualifies an ABM for its ability to achieve abnormal trading performance with respect to the buy-and-hold strategy when fed with real financial data. Starting from the common definition of standard minority and majority agents with binary strategies, we prove their equivalence to optimal decision trees. This efficient representation allows us to exhaustively test all meaningful single agent models for their potential anomalous investment performance, which we apply to the NASDAQ Composite index over the last 20 years. We uncover large significant predictive power, with anomalous Sharpe ratio and directional accuracy, in particular during the dotcom bubble and crash and the 2008 financial crisis. A principal component analysis reveals transient convergence between the anomalous minority and majority models. A novel combination of the optimal single-agent models of both classes into a two-agents model leads to remarkable superior investment performance, especially during the periods of bubbles and crashes. Our design opens the field of ABMs to construct novel types of advanced warning systems of market crises, based on the emergent collective intelligence of ABMs built on carefully designed optimal decision trees that can be reversed engineered from real financial data.

  10. Calibrating emergent phenomena in stock markets with agent based models

    Science.gov (United States)

    Sornette, Didier

    2018-01-01

    Since the 2008 financial crisis, agent-based models (ABMs), which account for out-of-equilibrium dynamics, heterogeneous preferences, time horizons and strategies, have often been envisioned as the new frontier that could revolutionise and displace the more standard models and tools in economics. However, their adoption and generalisation is drastically hindered by the absence of general reliable operational calibration methods. Here, we start with a different calibration angle that qualifies an ABM for its ability to achieve abnormal trading performance with respect to the buy-and-hold strategy when fed with real financial data. Starting from the common definition of standard minority and majority agents with binary strategies, we prove their equivalence to optimal decision trees. This efficient representation allows us to exhaustively test all meaningful single agent models for their potential anomalous investment performance, which we apply to the NASDAQ Composite index over the last 20 years. We uncover large significant predictive power, with anomalous Sharpe ratio and directional accuracy, in particular during the dotcom bubble and crash and the 2008 financial crisis. A principal component analysis reveals transient convergence between the anomalous minority and majority models. A novel combination of the optimal single-agent models of both classes into a two-agents model leads to remarkable superior investment performance, especially during the periods of bubbles and crashes. Our design opens the field of ABMs to construct novel types of advanced warning systems of market crises, based on the emergent collective intelligence of ABMs built on carefully designed optimal decision trees that can be reversed engineered from real financial data. PMID:29499049

  11. Grid-tied markets for photovoltaics - a new source emerges

    International Nuclear Information System (INIS)

    Rever, B.

    2001-01-01

    Some recent developments in the use of photovoltaics for energy independence and their integration into buildings are discussed, together with the aims of the International Energy Agency. The article discusses (a) development of the PV market; (b) drivers for the growth in PV markets; (c) Kyoto; (d) energy dependence and security issues; (e) increasing costs of conventional sources; (f) ageing or inadequate transmission and distribution infrastructure; (g) IEA goals; (h) building-integrated photovoltaics; (eye) effect of market drivers and (j) likely market developments. Diagrams show (a) how the cost per Watt has fallen, 1976 to 2000; (b) PV application segments and issues; (c) market shipments by global regional segment; (d) market growth expectations 1999 to 2005; (e) effect of the Japanese programme on the PV market, 1994 to 2000; (f) effect of the German programme on the PV market, 1995 to 2000 and (g) the US grid-connected market projection, 2001 to 2012. Five conclusions were drawn from the current market status, and trends identified

  12. 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.

  13. Empirical dynamics of emerging financial markets during the global mortgage crisis

    Directory of Open Access Journals (Sweden)

    Rahmi Erdem Aktuğ

    2015-03-01

    Full Text Available Focusing on five major emerging markets, I investigate the interactions between credit default swap premiums, foreign exchange rates, local currency government bond spreads, and national stock market returns over the period 4/2/2007 to 8/27/2009. Empirical analysis indicates that bond markets, along with foreign exchange markets, were very dominant in the price discovery process during a common distressed period.

  14. An Analysis of Closed-end Fund Puzzle for Emerging Capital Markets

    Directory of Open Access Journals (Sweden)

    Victor Dragota

    2008-10-01

    Full Text Available This paper analyzes the closed-end fund puzzle for an emerging capital market, respectively the Romanian one. Comparatively to more developed markets, as long as small markets are often very illiquid, it has to be used some specific valuation techniques in order to estimate the market values for closed-end funds. Also, one problem is this estimation can be made only in some (punctual moments.

  15. Africa Rising in an Emerging World: An International Marketing Perspective

    OpenAIRE

    Amankwah-Amoah, J.; Boso, Nathaniel; Debrah, Y. A.

    2017-01-01

    Purpose: The primary goal of this introductory article is to highlight important contemporary themes in international marketing strategy from the perspective of Sub-Saharan African firms. \\ud \\ud Design/methodology/approach: The approach adopted is a review and synopsis of the existing body of research on international marketing research in Sub-Saharan African, and a discussion of the manuscripts included in the special issue. \\ud \\ud Findings: International marketing in Sub-Sahara Africa is ...

  16. Interface between marketing, policy and development in emerging economies. An exploratory study and evaluation

    Directory of Open Access Journals (Sweden)

    Rodney Oudan

    2017-11-01

    Full Text Available This paper explores the role of marketing, policy, and development for emerging economies moving toward a market-driven economic environment. A historical review provides a foundation, then deductive analyses from theoretical reviews and transcripts reveal that such marketing is still in the developmental stages and has become necessary for the future direction of these economies. Following the findings, the paper provides managerial marketing implications and highlights how a market orientation and market-driven approach is necessary for the greater social good in a global economy.

  17. Emerging equity market and economic development: Bangladesh perspective

    OpenAIRE

    Mohajan, Haradhan; Datta, Rajib; Das, Arjun

    2011-01-01

    Bangladesh capital market is one of the smallest market in Asia but the third largest in the South Asian region. A stock market or equity market is a public entity for the trading of company stock and derivatives at an agreed price. These are securities listed on a stock exchange as well as those only traded privately. Economic development is a term that generally refers to the sustained, concerted effort of policymakers and community to promote the standard of living and economic health in a...

  18. Influence of Diaspora and Civil Society Actors on the Internationalisation of MNEs in Emerging Market

    DEFF Research Database (Denmark)

    Rana, Mohammad Bakhtiar; Elo, Maria

    2015-01-01

    influence. The findings illustrate the central role of diaspora related innovation, motivation, knowledge, network and funding that supported this emerging market INV development. The study contributes to internationalization research, transnational diaspora entrepreneurship and civil society research......Multinational enterprises (MNE) are viewed as proactive global economic actors that enter new and emerging markets with an intentional strategy, building on their inherent resources and firm-specific advantages. However, there are numerous actors involved at market entry-level who may constitute...... thresholds for the entry. Emerging markets tend to possess complex institutional contexts and thus may incorporate idiographic entry challenges. Our study presents two under-examined types of stakeholders as distinct actors related to emerging market entry process: diaspora and civil society. We illustrate...

  19. The Growth Challenge of Western SMES in Emerging Markets: An Exploratory Framework and Policy Implications

    Directory of Open Access Journals (Sweden)

    Mitja Ruzzier

    2017-09-01

    Full Text Available In this paper, we explore the main inhibiting factors associated with the process of entry and escalation of SMES in international markets, with a focus on Emerging Markets. We identify and propose seven main categories of Institutional Voids and three main types of resources that may critically determine SMES’ performances on EMS, namely, internationalization knowledge, social capital resources and marketing capabilities. Institutional Voids and resources are brought together within a conceptual framework suggesting that resource-scarce SMES will hold back in their attempts to commit further to Emerging Markets and will be further dissuaded the higher the Institutional Voids in the market. The paper contributes to the policy literature on SME internationalization by focusing on two areas of public policy action that could have a clear and manifest impact on SMES conduct in Emerging Markets, the first related to the resources available to and exploitable by SMES and the latter associated with Institutional Voids.

  20. Differences Awareness Model to Fundament Long Term Strategy Extension in a New Emerging Market

    Directory of Open Access Journals (Sweden)

    Elena Mădălina ŞERBAN

    2011-12-01

    Full Text Available The globalization opened the opportunity for multinational companies to increase their businesses in emerging markets and also to local giants from developing countries to step in the western markets. The objective of this paper is to propose a model for analyzing the differences between operating businesses in emerging markets and developed markets. The model purpose is to be applied in the strategic process by mainly the multinationals or local giants intending to develop long term businesses outside their traditional geographies. The studies on emerging markets identified two main axes to be considered when appreciating the attractiveness of the markets: the business dynamics both inside and outside the company and the institutional environment, as facilitator of efficient encounter between sellers and buyers.

  1. Determinants of Stock Market Co-Movements between Pakistan and Asian Emerging Economies

    Directory of Open Access Journals (Sweden)

    Muhammad Aamir

    2018-06-01

    Full Text Available This study analyzes the determinants of stock market co-movement between Pakistan and Asian emerging economies for the period 2001 to 2015. Augmented Dickey and Fuller (ADF and Philips-Perron (PP tests are applied to check co-integration between their stock markets. Results of this study reveal that there is long-term integration between the stock market of Pakistan and the stock markets of China, India, Indonesia, Korea, Malaysia and Thailand. This study reports the driving forces of the co-movement between the Pakistan and Asian emerging markets where co-integration is found. Results of the panel data reveal that there are significant underlying forces of integration between Pakistan and each Asian emerging stock market. The findings of this study have significant implications for policy makers in Pakistan who are designing strategies for macroeconomic harmonization and stability of the country’s economy against financial shocks.

  2. Sustainable food consumption in urban Thailand: an emerging market?

    NARCIS (Netherlands)

    Kantamaturapoj, K.

    2012-01-01

    The food market in Bangkok has developed from a purely traditional one to a combination between traditional and modern sectors. In 1970s and earlier, fresh markets accounted for a hundred percent of food shopping in Bangkok. From that time on, the modern food retails in Bangkok has rapidly

  3. Developing native plant nurseries in emerging market areas

    Science.gov (United States)

    Elliott Duemler

    2012-01-01

    The importance of developing a market for quality native plant materials in a region prior to the establishment of a nursery is crucial to ensure its success. Certain tactics can be applied to help develop a demand for native plant materials in a region. Using these tactics will help create a new market for native plant materials.

  4. Retail store image in emerging markets: An initial study among Chinese retailers

    DEFF Research Database (Denmark)

    Hansen, Kåre

    differences regarding store characteristics, purchasing behavior, and supplier selection criteria among the three identified store image segments are revealed. The implications of these findings for practitioners and for future research on store image in emerging markets are highlighted....... their stores to defend and sustain the image (i.e. retailers' perspective). Here Chinese food retailing is used as an example of emerging markets. The study finds three unique store images, corresponding to up-market, middle-range, and down-market store segments. Contrasting the two studies, significant...

  5. Executing A Customer Relationship Management Programme In An Emerging Market: An Empirical Approach

    Directory of Open Access Journals (Sweden)

    Akinyele Samuel

    2013-05-01

    Full Text Available Retail financial services in all markets, including emerging markets, are undergoing major transaction, driven by change, deregulation and customer sophistication. Customer service and specifically relationship management in particular, are crucial to attaining a sustainable competitive advantage in the marketplace. The execution of a one- to- one programme within an emerging economy is the focus of this paper, specifically in the financial services environment. The steps in the execution of customer relationship management (CRM as proposed by Peppers, Rogers and Dorf (1999b are examined and the effect on customer service in an emerging market is investigated. The findings indicates that there are positive associations with these steps and customer service.

  6. Impacts of Exchange Rate Regime Choice on Macroeconomic Performance in Emerging Markets

    Directory of Open Access Journals (Sweden)

    Rüstem Yanar

    2008-12-01

    Full Text Available This paper investigates the impact of exchange rate regime choice on macroeconomic performance after Bretton Woods in emerging market countries. It is studied especially inflation, growth and financial crises. It’s found that for emerging market countries, fixed regimes are associated with lower inflation than floats. On growth effect of exchange rate regime choice is not same all period. Fixed regimes are associated with faster growth but after 1990 fixed regimes brought about slower growth. At the same time, fixed exchange rate regimes are associated with financial fragility after 1990 in emerging markets

  7. The role of public policy in emerging green power markets: an analysis of marketer preferences

    Energy Technology Data Exchange (ETDEWEB)

    Wiser, R.H. [Lawrence Berkeley National Laboratory, Berkeley, CA (United States)

    2000-06-01

    Green power marketing has been heralded by some as a means to create a private market for renewable energy that is driven by customer demand for green products. This article challenges the premise - sometimes proffered in debates over green markets - that profitable, sizable, credible markets for green products will evolve naturally without supportive public policies. Relying primarily on surveys and interviews of US green power marketers, the article examines the role of specific regulatory and legislative policies in 'enabling' the green market, and searches for those policies that are believed by marketers to be the most conducive or detrimental to the expansion of the green market. We find that marketers: (1) believe that profitable green power markets will only develop if a solid foundation of supportive policies exists; (2) believe that establishing overall price competition and encouraging customer switching are the top priorities; (3) are somewhat leery of government-sponsored or mandated public information programs; and (4) oppose three specific renewable energy policies that are frequently advocated by renewable energy enthusiasts, but that may have negative impacts on the green marketers' profitability. The stated preferences of green marketers shed light on ways to foster renewables by means of the green market. Because the interests of marketers do not coincide perfectly with those of society, however, this study also recognizes other normative perspectives and highlights policy tensions at the heart of current debates related to green markets. By examining these conflicts, we identify three key policy questions that should direct future research: To what extent should price competition and customer switching be encouraged at the expense of cost shifting? What requirements should be imposed to ensure credibility in green products and marketing? How should the green power market and broader renewable energy policies interact? (author)

  8. Testing the financial market informational efficiency in emerging states

    OpenAIRE

    Camelia Oprean

    2012-01-01

    The Efficient Markets Hypothesis (EMH) has been one of the most influential ideas in the past years and highlights that assets prices incorporate all information rationally and instantaneously. The last financial crisis has led to criticism of this hypothesis. Many practical observations concerning the reaction of investors, but also the mechanisms for the information encompassing in the price of stocks, come to highlight the aspects of 'market inefficiency'. Despite its simplicity, the EMH i...

  9. 76 FR 31887 - Procedures by Which the Agricultural Marketing Service Develops, Revises, Suspends, or Terminates...

    Science.gov (United States)

    2011-06-02

    ... format consistent with recent revisions of other U.S. grade standards. This format has been designed to...''. These changes would provide a uniform format consistent with recent revisions of other U.S. grade standards. The term, ``Hard, woody okra material'' would be added to the standards. These terms and...

  10. Building the Technology Toolkit of Marketing Students: The Emerging Technologies in Marketing Initiative

    Science.gov (United States)

    Miller, Fred L.; Mangold, W. Glynn; Roach, Joy; Holmes, Terry

    2013-01-01

    New information technologies are transforming marketing practice, leading to calls for marketing academics to focus their research and teaching more tightly on areas relevant to practitioners. Developments in e-commerce, business geographic information systems (GIS), and social media offer powerful marketing tools to nontechnical users. This paper…

  11. Foreign Financial Institution Equities: Returns From Emerging Markets And Developed Markets Differ

    OpenAIRE

    R. Stephen Elliott; Mark Schaub

    2011-01-01

    With the vicissitude of the capital markets, investors continually seek new and innovative techniques that will identify securities that outperform the market. In addition to the usual fundamental and technical analysis, the international markets may provide enhanced profit potential. Investors may purchase securities of foreign companies to gain greater diversity and new investment opportunities.

  12. New paradigm for drug developments--from emerging market statistical perspective.

    Science.gov (United States)

    Quan, Hui; Chen, Xun; Zhang, Ji; Zhao, Peng-Liang

    2013-11-01

    Paradigm for new drug development has changed dramatically over the last decade. Even though new technology increases efficiency in many aspects, partially due to much more stringent regulatory requirements, it actually now takes longer and costs more to develop a new drug. To deal with challenge, some initiatives are taken by the pharmaceutical industry. These initiatives include exploring emerging markets, conducting global trials and building research and development centers in emerging markets to curb spending. It is particularly the current trend that major pharmaceutical companies offshore a part of their biostatistical support to China. In this paper, we first discuss the skill set for trial statisticians in the new era. We then elaborate on some of the approaches for acquiring statistical talent and capacity in general, particularly in emerging markets. We also make some recommendations on the use of the PDUFA strategy and collaborations among industry, health authority and academia from emerging market statistical perspective. © 2013.

  13. The Inefficient Use of Macroeconomic Information in Analysts' Earnings Forecasts in Emerging Markets

    NARCIS (Netherlands)

    G.J. de Zwart (Gerben); D.J.C. van Dijk (Dick)

    2008-01-01

    textabstractThis paper presents empirical evidence that security analysts do not efficiently use publicly available macroeconomic information in their earnings forecasts for emerging market stocks. Analysts completely ignore forecasts on political stability, while these provide valuable information

  14. Effect of the business environment on market orientation and performance in an emerging country

    Directory of Open Access Journals (Sweden)

    József Berács

    2010-11-01

    Full Text Available In the paper the relationship between market orientation and performance, and the effect of the business environment on these two factors in an emerging economy, in Hungary, was investigated. In a research conducted at 572 firms we found that both market orientation and the business environment have an effect on business performance, albeit in a different manner. The three components of the market orientation construct (customer orientation, competitor orientation, interfunctional coordination have a positive effect on performance. Contrary to that, environmental variables (technological turbulence, market turbulence, competitive intensity, buyer power etc. proved to have a signficant impact only on the finance-based performance measures. The results provide unambiguous evidence that the environment has a strong effect on market orientation, indicating that the market orientation scale developed by Narver and Slater is a proper tool to describe the transitional processes in an emerging economy characterized by high turbulence

  15. On Chaotic Nature of the Emerging European Forex Markets

    Directory of Open Access Journals (Sweden)

    Anoop S Kumar

    2014-06-01

    Full Text Available This study attempts to analyze the presence deterministic chaos in the forex markets of select European countries namely Bulgaria, Croatia, Czech Republic, Hungary Poland, Romania, Russia, Slovakia and Slovenia. Monthly NEER data ranging from jan-1994 to Dec-2013 is used for the purpose of analysis. A two step methodology is employed where in the first step, non-linear dependence structure in the underlying time series is verified using BDS test. The results show that all the markets under study exhibit non-linear dependence. In the next stage, it is enquired whether this non-linear behavior is due to the presence of chaotic dynamics in the markets. This is achieved by estimating Lyapunov exponents for the time series under analysis. An EGARCH (1, 1 filter is applied to see if the non-linearity could be explained by a GARCH process. From the Lyapunov exponent values, it is found that the GARCH process is unable to explain the forex markets behavior in a satisfying manner. It is concluded that the forex markets under study exhibit deterministic chaotic behavior.

  16. Mature and emerging organic markets: Modelling consumer attitude and behaviour with Partial Least Square Approach

    OpenAIRE

    von Meyer-Höfer, Marie; von der Wense, Vera; Padilla Bravo, Carlos; Spiller, Achim

    2013-01-01

    Although the organic food sector has been the subject of research for around 20 years, little is known about consumer behaviour when comparing developed and emerging organic food markets using causal research models. Thus, by developing a behavioural model based on the Theory of Planned Behaviour (TPB), the aim of this research article is to investigate the main determinants of organic food consumption in a mature (Germany) and an emerging (Chile) organic market. Subjects aged 18 or above wer...

  17. Crisis and the Emergence of Illicit Markets: A Pragmatist View on Economic Action outside the Law

    OpenAIRE

    Dewey, M.

    2014-01-01

    Although illicit exchange has also been an organized, silent, and ever-present response to harsh economic crisis, only protest and social movements have captured scholars’ attention. In order to fill this void, this paper analyzes the emergence of illegal markets under situations of social breakdown. I claim that an illicit market emerging under socio-economic crisis conditions might be understood as the result of a constant valuation process and the intervention of what Herbert Mead called “...

  18. The transfer and creation of knowledge within foreign invested R&D in emerging markets

    DEFF Research Database (Denmark)

    Søberg, Peder Veng

    2011-01-01

    for transfer - and creation of innovation related knowledge, within newly established foreign invested R&D units in emerging markets, in particular China and India. The paper utilizes extensive empirical data, collected in a holistic multiple case study, including three globally leading MNCs, originating from...... foreign invested R&D units in these countries. Implications, especially relevant for managers, working with newly established foreign invested R&D units in emerging markets, are outlined....

  19. Emerging markets for satellite data communications in the public service

    Science.gov (United States)

    Potter, J. G.

    1978-01-01

    The paper discusses some of the current and potential markets for satellite data communications as projected by the Public Service Satellite Consortium (PSSC). Organizations in the public service sector are divided into three categories, depending on their expected benefits and organizational changes due to increased satellite telecommunications use: A - modest institutional adjustments are necessary and significant productivity gains are likely; B - institutional requirements picture is promising, but more information is needed to assess benefits and risk; and C - major institutional adjustments are needed, risks are high but possible benefits are high. These criteria are applied to the U.S. health care system, continuing education, equipment maintenance, libraries, environmental monitoring, and other potential markets. The potential revenues are seen to be significant, but what is needed is a cooperative effort by common carriers and major public service institutions to aggregate the market.

  20. Essays on an Emerging Financial Market : A case study of Suriname

    NARCIS (Netherlands)

    D.S. Bodeutsch (Denice)

    2015-01-01

    markdownabstractAbstract Stock markets in emerging economies are often viewed as a source of financial development and ultimately economic growth. Well-operating or efficient stock markets may contribute to the development of a country’s financial sector through increase in savings, efficient

  1. Time-varying market integration and expected returns in emerging mrkets

    NARCIS (Netherlands)

    de Jong, F.C.J.M.; de Roon, F.

    2001-01-01

    We use a simple model in which the expected returns in emerging markets depend on their systematicrisk as measured by their beta relative to the world portfolio as well as on the level ofintegration in that market. The level of integration is a time-varying variable that depends on themarket value

  2. Capitalizing on Emergence: The ‘New’ Civil Security Market in Europe

    NARCIS (Netherlands)

    Hoijtink, M.

    2014-01-01

    In recent years, the European Union has supported the development of a new civil security market, capable of providing security technology for new and global security challenges. This article analyses the emerging growth market for civil security in relation to contemporary notions of potential

  3. ORGANIC FOOD AS AN EMERGING MARKET: PERSONAL DETERMINANTS OF CONSUMPTION, SUPPLY GOVERNANCE AND RETAIL STRATEGIES

    OpenAIRE

    Aertsens, Joris

    2011-01-01

    The literature and my own empirical research indicate that most consumers hold a positive attitude towards organic food and agree that there are good reasons to motivate the purchase and consumption of organic products. However organic consumption remains very limited -with a market share, for organic food, of only 3.4% in 2008 in Germany, the largest European market. This study sheds more light on the factors influencing (slowing down) growth in the emerging organic market, both on the c...

  4. Performance of sustainable investments : a comparison of sustainable and conventional mutual funds in emerging markets

    OpenAIRE

    Christensson, Lars Stefan Bjerke; Skagestad, Ole Jakob

    2017-01-01

    This thesis compares the performance and risk factor exposure of sustainable and conventional mutual funds in emerging markets from January 2012 to July 2017. We use the latest sustainability ratings provided by Morningstar to define sustainable funds, and apply CAPM, Fama-French and Carhart models to control for the market, size, book-to-market and momentum factors. Additionally, we add a dummy to compare the risk-adjusted returns of the funds, and examine if the difference is...

  5. Financial development in emerging markets: The Indian experience

    OpenAIRE

    Krishnan, K. P.

    2011-01-01

    Financial markets that function well are crucial for the long-run economic growth of a country. This paper, in the first instance, looks at how the financial development of an economy can be measured. It then traces the financial development of India through the 1990s to the present, assessing the development of each segment of financial markets. In doing so, it highlights the dualistic development of the financial sector. Finally, the paper makes an attempt to offer an explanation of this du...

  6. PRAGMATICS OF USING A MODIFIED CAPM MODEL FOR ESTIMATING COST OF EQUITY ON EMERGING MARKETS

    Directory of Open Access Journals (Sweden)

    Vitaliy Semenyuk

    2016-11-01

    Full Text Available The aim of the work is to forming pragmatic recommendations for the development and implementation the modified CAPM model in the process of estimating the equity value on emerging markets. Original CAPM model allows estimating the cost of equity on the developed capital markets. At the same time it requires the information received on the market data basis. But, as show recent empirical research, the classical model does not always produce acceptable results of the equity estimation. In addition, CAPM model in its classical form can’t be used to estimate the cost of equity for countries with emerging markets. This is due with lower efficiency in emerging markets, with lower level of liquidity and capitalization, which makes the information obtained from these markets not entirely reliable. Therefore in practice are increasingly using different modification CAPM models, that allow consider for more specific factors which affect the cost of equity. These factors, which are not considered in the classical CAPM model, include the size of the corporation and country risk. The first factor is actual for developed and emerging markets and needed to account during the equity estimation and modification the CAPM model. Country risk is associated with differences and peculiarities of the economies different countries and in the first place should be taken into account when estimating the cost of equity in emerging capital markets, which are considered by investors as more risky for investment. This factor should also be taken into account in estimating the cost of equity. Methodology In the process of constructing a modified CAPM model, theoretical and methodological provisions were used, which are set out in the work R. Banz, G. Bekaert, M. Goedhart, R. Grabowski, R. Grinold, D. Vessels, A. Damodaran, M. Dempsey, J. Zhang, R. Ibbotson, P. Kaplan, T. Koller, K. Kroner, L. Kruschwitz, M. Long, A. Lofler, G. Mandl, M. Miller, F. Modilyani, K. Nunes, D

  7. Implications of Market Frictions : Serial Correlations in Indexes on the Emerging Stock Markets in Central and Eastern Europe

    Directory of Open Access Journals (Sweden)

    Joanna Olbrys

    2014-01-01

    Full Text Available Implications of market frictions in the context of serial correlations in indexes on the Central and Eastern European (CEE stock markets have been analysed. Market frictions, such as non-trading effects, bid/ask spreads, other transaction costs, etc., may be detected by direct measurement, or by indirect identification. Direct measurement of frictions is difficult as intraday trading data are unavailable in the case of most of the emerging CEE stock markets. Indirect identification may be conducted by detecting some empirical phenomena. One of them is evidence of serial correlations in indexes, the so-called the Fisher effect. We explore the problem of serial correlations in indexes on the eight CEE stock markets using data samples from each CEE market separately, as well as a "common trading window" approach, which is widely applied in the case of databases with multivariate time series. The evidence is that nonsynchronous trading effect II between markets may substantially disrupt the analysis of index returns on a domestic market. Using a synchronized database, one may erroneously conclude that the Fisher effect does not exist, although it is present. (original abstract

  8. Comparing emerging and mature markets during times of crises: A non-extensive statistical approach

    Science.gov (United States)

    Namaki, A.; Koohi Lai, Z.; Jafari, G. R.; Raei, R.; Tehrani, R.

    2013-07-01

    One of the important issues in finance and economics for both scholars and practitioners is to describe the behavior of markets, especially during times of crises. In this paper, we analyze the behavior of some mature and emerging markets with a Tsallis entropy framework that is a non-extensive statistical approach based on non-linear dynamics. During the past decade, this technique has been successfully applied to a considerable number of complex systems such as stock markets in order to describe the non-Gaussian behavior of these systems. In this approach, there is a parameter q, which is a measure of deviation from Gaussianity, that has proved to be a good index for detecting crises. We investigate the behavior of this parameter in different time scales for the market indices. It could be seen that the specified pattern for q differs for mature markets with regard to emerging markets. The findings show the robustness of the stated approach in order to follow the market conditions over time. It is obvious that, in times of crises, q is much greater than in other times. In addition, the response of emerging markets to global events is delayed compared to that of mature markets, and tends to a Gaussian profile on increasing the scale. This approach could be very useful in application to risk and portfolio management in order to detect crises by following the parameter q in different time scales.

  9. Argentina: An emerging marketer is set to sell itself

    International Nuclear Information System (INIS)

    Anon.

    1997-01-01

    The nuclear industry in Argentina is outlined in the article. A brief history of the industry's transformation from a federal to a private enterprise is presented. Information on fuel cycle facilities for uranium production, uranium dioxide production, zircalloy turbine production, nuclear fuel fabrication, and heavy water production is provided. Other topics presented include spent fuel storage, technology marketing, industry restructuring, and bilateral weapons agreements

  10. Batteries and fuel cells for emerging electric vehicle markets

    Science.gov (United States)

    Cano, Zachary P.; Banham, Dustin; Ye, Siyu; Hintennach, Andreas; Lu, Jun; Fowler, Michael; Chen, Zhongwei

    2018-04-01

    Today's electric vehicles are almost exclusively powered by lithium-ion batteries, but there is a long way to go before electric vehicles become dominant in the global automotive market. In addition to policy support, widespread deployment of electric vehicles requires high-performance and low-cost energy storage technologies, including not only batteries but also alternative electrochemical devices. Here, we provide a comprehensive evaluation of various batteries and hydrogen fuel cells that have the greatest potential to succeed in commercial applications. Three sectors that are not well served by current lithium-ion-powered electric vehicles, namely the long-range, low-cost and high-utilization transportation markets, are discussed. The technological properties that must be improved to fully enable these electric vehicle markets include specific energy, cost, safety and power grid compatibility. Six energy storage and conversion technologies that possess varying combinations of these improved characteristics are compared and separately evaluated for each market. The remainder of the Review briefly discusses the technological status of these clean energy technologies, emphasizing barriers that must be overcome.

  11. Role of Financial Information in Emerging Capital Markets ...

    African Journals Online (AJOL)

    ... "discriminate" analysis between good and bad performance companies. In a world of advance information technology (IT), use of electronic data processing naturally provides a competitive niche in the instantaneous business decision making process in stock markets. African Journal of Finance and Management Vol.7(2) ...

  12. Volatility transmission in emerging European foreign exchange markets

    Czech Academy of Sciences Publication Activity Database

    Bubák, V.; Kočenda, Evžen; Žikeš, F.

    2011-01-01

    Roč. 35, č. 11 (2011), s. 2829-2841 ISSN 0378-4266 R&D Projects: GA ČR(CZ) GAP403/11/0020; GA MŠk LC542 Institutional research plan: CEZ:MSM0021620846 Keywords : foreign exchange markets * volatility * spillovers Subject RIV: AH - Economics Impact factor: 2.600, year: 2011

  13. MARKET ENTRY STRATEGIES TO EMERGING MARKETS: A CONCEPTUAL MODEL OF TURNKEY PROJECT DEVELOPMENT

    OpenAIRE

    Bistra Vassileva; Miroslav Nikolov

    2016-01-01

    The main purpose of the paper is to analyse the international market entry strategies in the light of globalisation processes and to propose a conceptual model of turnkey projects as market entry mode. The specific research objectives are as follows: 1. to develop an integrated framework of the turnkey marketing process as a conceptual model; 2. to analyse BRICS countries as potential host countries for turnkey projects implementation; 3. to assess potential implications of proposed concep...

  14. MARKET ENTRY STRATEGIES TO EMERGING MARKETS: A CONCEPTUAL MODEL OF TURNKEY PROJECT DEVELOPMENT

    Directory of Open Access Journals (Sweden)

    Bistra Vassileva

    2016-11-01

    Full Text Available The main purpose of the paper is to analyse the international market entry strategies in the light of globalisation processes and to propose a conceptual model of turnkey projects as market entry mode. The specific research objectives are as follows: 1. to develop an integrated framework of the turnkey marketing process as a conceptual model; 2. to analyse BRICS countries as potential host countries for turnkey projects implementation; 3. to assess potential implications of proposed conceptual model for global market entry decisions.

  15. How Private Creditors Fared in Emerging Debt Markets, 1970-2000

    OpenAIRE

    Klingen, Christoph; Weder di Mauro, Beatrice; Zettelmeyer, Jeromin

    2004-01-01

    We estimate ex post returns to emerging market debt by combining secondary-market prices with observed flows based on World Bank data. From 1970-2000, returns averaged 9 percent per annum, about the same as returns on a ten-year U.S. treasury bond. This reflects the combined effect of the 1980s debt crisis and much higher returns during 1989-2000. Annual returns since 1986 have been less volatile than emerging market equity returns but more volatile than returns on U.S. corporate or high-yiel...

  16. The Emergence of Industrial Marketing Management as the Leading Academic Journal in Business-to-Business Marketing

    DEFF Research Database (Denmark)

    Di Benedetto, C. Anthony; Lindgreen, Adam

    2018-01-01

    During 1994–2016, Peter LaPlaca served as editor-in-chief of Industrial Marketing Management, an era in which the research discipline surrounding business-to-business marketing showed remarkable growth and attracted the attention of scholars worldwide. This article traces the evolving maturity...... of the discipline during these years by analyzing not just statistics but also the content of the premier journal in this area, Industrial Marketing Management. The number of papers submitted and articles published per year, the growth in the journal's impact factor, the increased presence of international authors...... and editorial board members, and the arrival of meta-analyses and special issues on emerging research topics all indicate the level of maturity and scope of the business-to-business marketing research discipline attained during this period— thanks to the expert guidance and tireless efforts of Professor La...

  17. Market conditions driving international franchising in emerging countries

    OpenAIRE

    Baena Graciá, Verónica

    2012-01-01

    The present study examines how a number of market conditions may constrain entry mode choice into Middle East nations. Specifically, this paper focuses on master franchising and analyzes the determining factors in this entry mode decision. A quantitative approach was applied to a sample of Spanish franchisors operating through 96 franchisee outlets across 6 Middle East countries in January 2010. They are Bahrain, Cyprus, Israel, Jordan, Saudi Arabia, and United Arab Emirates. Findings show th...

  18. Intraday price discovery in emerging European stock markets

    Czech Academy of Sciences Publication Activity Database

    Hanousek, Jan; Kočenda, Evžen

    -, č. 382 (2009), s. 1-35 ISSN 1211-3298 R&D Projects: GA ČR(CZ) GA402/08/1376; GA MŠk LC542 Institutional research plan: CEZ:MSM0021620846 Keywords : price discovery * stock markets * intra-day data * European Union * macroeconomic news Subject RIV: AH - Economics http://www.cerge-ei.cz/pdf/wp/Wp382.pdf

  19. Misconceptions of Electric Propulsion Aircraft and Their Emergent Aviation Markets

    Science.gov (United States)

    Moore, Mark D.; Fredericks, Bill

    2014-01-01

    Over the past several years there have been aircraft conceptual design and system studies that have reached conflicting conclusions relating to the feasibility of full and hybrid electric aircraft. Some studies and propulsion discipline experts have claimed that battery technologies will need to improve by 10 to 20 times before electric aircraft can effectively compete with reciprocating or turbine engines. However, such studies have approached comparative assessments without understanding the compelling differences that electric propulsion offers, how these technologies will fundamentally alter the way propulsion integration is approached, or how these new technologies can not only compete but far exceed existing propulsion solutions in many ways at battery specific energy densities of only 400 watt hours per kilogram. Electric propulsion characteristics offer the opportunity to achieve 4 to 8 time improvements in energy costs with dramatically lower total operating costs, while dramatically improving efficiency, community noise, propulsion system reliability and safety through redundancy, as well as life cycle Green House Gas emissions. Integration of electric propulsion will involve far greater degrees of distribution than existing propulsion solutions due to their compact and scale-free nature to achieve multi-disciplinary coupling and synergistic integration with the aerodynamics, highlift system, acoustics, vehicle control, balance, and aeroelasticity. Appropriate metrics of comparison and differences in analysis/design tools are discussed while comparing electric propulsion to other disruptive technologies. For several initial applications, battery energy density is already sufficient for competitive products, and for many additional markets energy densities will likely be adequate within the next 7 years for vibrant introduction. Market evolution and early adopter markets are discussed, along with the investment areas that will fill technology gaps and

  20. Mexico: one of the last great emerging markets

    International Nuclear Information System (INIS)

    Carter, M.J.B.

    1999-01-01

    The Mexican government's proposed reform of the electricity industry and its efforts to raise capital from the private sector are examined. The restructuring of the industry, the expansion of the natural gas projects in the Frontera US/Mexico border region, and the market potential along the border are discussed. Details of Mexico's electricity generation projects are tabulated, and Mexico/US electricity and natural gas prices for 1998-1999 are plotted. (UK)

  1. Natural gas contracts in an emerging competitive market

    International Nuclear Information System (INIS)

    Sutherland, R.J.

    1992-01-01

    Natural gas is being viewed by many as the fuel of the 1990s and beyond because of its environmental qualities, relatively low cost and significant domestic resource base. However, in the Fall of 1991, a group of electric utility executives met with then Deputy Secretary of Energy Henson Moore and asserted that an inability to obtain long term gas contracts meant that supplies are unreliable and construction of gas-fueled generating stations is being discouraged. This study was requested by the Deputy Secretary to address the issues surrounding long-term gas contracts and supply reliability. The relationship between supply reliability and contracts is explained in terms of the number of buyers and sellers in a market. With the appropriate state regulatory policies, utilities can contract for gas and obtain reliable supplies at competitive market prices. Public utility commissioners are encouraged to permit utilities a free choice in signing gas contracts, but to allow only competitive market prices to be reflected in allowable fuel costs

  2. Governance of the emerging bio-energy markets

    International Nuclear Information System (INIS)

    Verdonk, M.; Dieperink, C.; Faaij, A.P.C.

    2007-01-01

    Despite its promising prospects, a growing global bio-energy market may have sustainability risks as well. Governing this market with respect to installing safeguards to ensure sustainable biomass production might reduce these risks. Therefore, proposals for governance systems for bio-energy are discussed in this article. The proposals are based on comparative case study research on the governance of comparable commodities. By assessing the governance system of global coffee trade, fair trade coffee, the global and the EU sugar market and Forest Stewardship Council (FSC) wood, strong and weak points of governance systems for commodities are discerned. FSC is selected as the best performing case study and serves as the proposal's basis. FSC's weaknesses are minimized by, among others, using the lessons learned from the other case studies. This results in a system consisting of two pillars, a bio-energy labelling organization (BLO) and a United Nations Agreement on Bio-energy (UNAB). Although consulted experts in the research process are critical about this system they do suggest several conditions a governance system for bio-energy should meet in order to be effective, such as a facilitative government, professional monitoring and using progressive certification combined with price premiums. These conditions have been taken into account in the final proposal. (author)

  3. Natural gas contracts in an emerging competitive market

    Energy Technology Data Exchange (ETDEWEB)

    Sutherland, R.J.

    1992-11-01

    Natural gas is being viewed by many as the fuel of the 1990s and beyond because of its environmental qualities, relatively low cost and significant domestic resource base. However, in the Fall of 1991, a group of electric utility executives met with then Deputy Secretary of Energy Henson Moore and asserted that an inability to obtain long term gas contracts meant that supplies are unreliable and construction of gas-fueled generating stations is being discouraged. This study was requested by the Deputy Secretary to address the issues surrounding long-term gas contracts and supply reliability. The relationship between supply reliability and contracts is explained in terms of the number of buyers and sellers in a market. With the appropriate state regulatory policies, utilities can contract for gas and obtain reliable supplies at competitive market prices. Public utility commissioners are encouraged to permit utilities a free choice in signing gas contracts, but to allow only competitive market prices to be reflected in allowable fuel costs.

  4. Natural gas contracts in an emerging competitive market

    Energy Technology Data Exchange (ETDEWEB)

    Sutherland, R.J.

    1992-01-01

    Natural gas is being viewed by many as the fuel of the 1990s and beyond because of its environmental qualities, relatively low cost and significant domestic resource base. However, in the Fall of 1991, a group of electric utility executives met with then Deputy Secretary of Energy Henson Moore and asserted that an inability to obtain long term gas contracts meant that supplies are unreliable and construction of gas-fueled generating stations is being discouraged. This study was requested by the Deputy Secretary to address the issues surrounding long-term gas contracts and supply reliability. The relationship between supply reliability and contracts is explained in terms of the number of buyers and sellers in a market. With the appropriate state regulatory policies, utilities can contract for gas and obtain reliable supplies at competitive market prices. Public utility commissioners are encouraged to permit utilities a free choice in signing gas contracts, but to allow only competitive market prices to be reflected in allowable fuel costs.

  5. Governance of the emerging bio-energy markets

    Energy Technology Data Exchange (ETDEWEB)

    Verdonk, M. [Department of Water and Energy, Grontmij Nederland BV, P.O. Box 203, 3730 AE, De Bilt (Netherlands); Dieperink, C. [Department of Innovation and Environmental Studies, Copernicus Institute for Sustainable Development and Innovation, Utrecht University, P.O. Box 80.115, 3508 TC, Utrecht (Netherlands); Faaij, A.P.C. [Department of Science, Technology and Society, Copernicus Institute for Sustainable Development and Innovation, Utrecht University, P.O. Box 80.115, 3508 TC, Utrecht (Netherlands)

    2007-07-15

    Despite its promising prospects, a growing global bio-energy market may have sustainability risks as well. Governing this market with respect to installing safeguards to ensure sustainable biomass production might reduce these risks. Therefore, proposals for governance systems for bio-energy are discussed in this article. The proposals are based on comparative case study research on the governance of comparable commodities. By assessing the governance system of global coffee trade, fair trade coffee, the global and the EU sugar market and Forest Stewardship Council (FSC) wood, strong and weak points of governance systems for commodities are discerned. FSC is selected as the best performing case study and serves as the proposal's basis. FSC's weaknesses are minimized by, among others, using the lessons learned from the other case studies. This results in a system consisting of two pillars, a bio-energy labelling organization (BLO) and a United Nations Agreement on Bio-energy (UNAB). Although consulted experts in the research process are critical about this system they do suggest several conditions a governance system for bio-energy should meet in order to be effective, such as a facilitative government, professional monitoring and using progressive certification combined with price premiums. These conditions have been taken into account in the final proposal. (author)

  6. Emerging natural gas markets in the East Asian countries - Challenges for market development and international cooperation

    International Nuclear Information System (INIS)

    Ozaki, Hiroshi

    1997-01-01

    Energy and natural gas demand as well as the natural gas market in East Asia is analyzed. Gas distribution and long distance gas transmission pipelines are considered. International cooperation is outlined for meeting the market challenges in the region. (R.P.)

  7. Understanding Emerging Market Sovereign Bond Yield Spread: Role of Default and Non-Default Determinants

    Directory of Open Access Journals (Sweden)

    Adelia Surya Pratiwi

    2015-04-01

    Full Text Available This paper is motivated by the fact that emerging market assets size has been expanding and trying to use sovereign debt market as part of capital market as main research focus. It is highlighting the distinction between default and non-default determinants and examining their significance in explaining emerging market sovereign bond yield spread. Using Cross-Sectional Fixed-Effect Panel Estimator, we found that both default (as proxied by Credit Rating and Outlook Index and non-default (as proxied by 3-month Fed Funds Futures determinants has significant explanatory power to sovereign bond yield spread. Extensively, we also found the significance to add volatility of 3-month Fed Funds Futures and Fed Target Rate basis and volatility of advanced stock markets as variables to stand for non-default determinants in the model. The significance of the latter model is strengthened by higher forecasting as well as indicates the significant role of US market to emerging market sovereign bond market.

  8. DOES MARKET TIMING DRIVE CAPITAL STRUCTURE? EMPIRICAL EVIDENCE FROM AN EMERGING MARKET

    Directory of Open Access Journals (Sweden)

    Sibel Çelik

    2013-01-01

    Full Text Available The purpose of this study is to test how equity market timing affects capital structure from the perspective of IPO (Initial Public Offering event in ISE for the period between 1999-2008. Our dataset comprises of all firms (75 firms that went public from the period of January 1999 to December 2008 in Turkey that are available in ISE database. We analyse the market timing theory by applying cross sectional regression method. For this purpose, first, we test the impact of market timing on the amount of equity issued by IPO firms. Second we examine the impact of market timing on capital structure. We conclude that market timing theory is not valid for Turkey.

  9. On the Differential Market Reaction to Dividend Announcement: Evidence from an Emerging Equity Market

    Directory of Open Access Journals (Sweden)

    Muntazir Hussain

    2013-09-01

    Full Text Available The corporate finance literature for market reaction to dividend announcements reports mixed results: some of studies support a positive response of markets as a result of dividend announcement whereas some report negative. This study is an attempt to investigate the heterogeneous market reaction to dividend announcement for 73 firms listed in the Karachi Stock Exchange. We investigated this phenomenon with a novel methodology using both the event study and multivariate regression for the possible effects of firm-specific factors associated with dividend announcements. We report that the market reaction is one-sided as the majority of companies in the sample are with positive CAR for the given period. We cannot ignore the importance of firm-specific factors that have an effect on the dividends but we conclude that the majority of companies in the sample period portray a positive CAR and the market reaction is positive.

  10. Initiative-taking, Improvisational Capability and Business Model Innovation in Emerging Market

    DEFF Research Database (Denmark)

    Cao, Yangfeng

    Business model innovation plays a very important role in developing competitive advantage when multinational small and medium-sized enterprises (SMEs) from developed country enter into emerging markets because of the large contextual distances or gaps between the emerging and developed economies....... Many prior researches have shown that the foreign subsidiaries play important role in shaping the overall strategy of the parent company. However, little is known about how subsidiary specifically facilitates business model innovation (BMI) in emerging markets. Adopting the method of comparative...... innovation in emerging markets. We find that high initiative-taking and strong improvisational capability can accelerate the business model innovation. Our research contributes to the literatures on international and strategic entrepreneurship....

  11. Corporate Governance and Institutional Strategic Transparency in Emerging Markets

    NARCIS (Netherlands)

    Millar-Schijf, Carla C.J.M.; Eldomiaty, T.I.; Choi, C.J.; Hilton, B.J.

    2005-01-01

    This paper posits that differences in corporate governance structure partly result from differences in institutional arrangements linked to business systems. We developed a new international triad of business systems: the Anglo-American, the Communitarian and the Emerging system, building on the

  12. Emergence of Cooperative Long-Term Market Loyalty in Double Auction Markets.

    Science.gov (United States)

    Alorić, Aleksandra; Sollich, Peter; McBurney, Peter; Galla, Tobias

    2016-01-01

    Loyal buyer-seller relationships can arise by design, e.g. when a seller tailors a product to a specific market niche to accomplish the best possible returns, and buyers respond to the dedicated efforts the seller makes to meet their needs. We ask whether it is possible, instead, for loyalty to arise spontaneously, and in particular as a consequence of repeated interaction and co-adaptation among the agents in a market. We devise a stylized model of double auction markets and adaptive traders that incorporates these features. Traders choose where to trade (which market) and how to trade (to buy or to sell) based on their previous experience. We find that when the typical scale of market returns (or, at fixed scale of returns, the intensity of choice) become higher than some threshold, the preferred state of the system is segregated: both buyers and sellers are segmented into subgroups that are persistently loyal to one market over another. We characterize the segregated state analytically in the limit of large markets: it is stabilized by some agents acting cooperatively to enable trade, and provides higher rewards than its unsegregated counterpart both for individual traders and the population as a whole.

  13. Emergence of Cooperative Long-Term Market Loyalty in Double Auction Markets

    Science.gov (United States)

    Alorić, Aleksandra; Sollich, Peter; McBurney, Peter; Galla, Tobias

    2016-01-01

    Loyal buyer-seller relationships can arise by design, e.g. when a seller tailors a product to a specific market niche to accomplish the best possible returns, and buyers respond to the dedicated efforts the seller makes to meet their needs. We ask whether it is possible, instead, for loyalty to arise spontaneously, and in particular as a consequence of repeated interaction and co-adaptation among the agents in a market. We devise a stylized model of double auction markets and adaptive traders that incorporates these features. Traders choose where to trade (which market) and how to trade (to buy or to sell) based on their previous experience. We find that when the typical scale of market returns (or, at fixed scale of returns, the intensity of choice) become higher than some threshold, the preferred state of the system is segregated: both buyers and sellers are segmented into subgroups that are persistently loyal to one market over another. We characterize the segregated state analytically in the limit of large markets: it is stabilized by some agents acting cooperatively to enable trade, and provides higher rewards than its unsegregated counterpart both for individual traders and the population as a whole. PMID:27120473

  14. Industrial diversification and performance in an emerging market

    Directory of Open Access Journals (Sweden)

    Yücel Emel

    2016-01-01

    Full Text Available In this study, we investigated the relationship between industrial diversification and firm performance using a market-based performance measure and an accounting measure. We used the data of the firms listed on Borsa Istanbul during the period between 2006 and 2012. The results of the panel data indicate that there is a significant positive relationship between diversification and performance. We found that diversified firms outperformed the single firms. As is compatible with a resource-based approach, it was found that diversified firms tended to use their resources more efficiently compared to single firms.

  15. Learning from Success & Failure: International Joint Ventures in Emerging Markets

    DEFF Research Database (Denmark)

    Nielsen, Ulrik B.

    their expectations. Inter-partner learning has been proposed in the literature as a major cause of IJV instability. However, current research indicates that when IJV partners engage in joint learning to create new IJV-specific knowledge that benefits both partners it stabilizes and sustains the IJV. Yet, joint......, especially when the prime motive of the operation is to capture opportunities in the local markets. However, the performance of IJVs generally turns out to be quite poor whether measured in economic value added, parent organization’s satisfaction or survival. For instance, termination rates of IJVs...

  16. International portfolio flows and exchange rate volatility for emerging markets

    OpenAIRE

    Caporale, Guglielmo Maria; Ali, Faek Menla; Spagnolo, Fabio; Spagnolo, Nicola

    2015-01-01

    This paper investigates the effects of equity and bond portfolio inflows on exchange rate volatility, using monthly bilateral data for the US vis-a-vis eight Asian developing and emerging countries (India, Indonesia, South Korea, Pakistan, Hong Kong, Thailand, the Philippines, and Taiwan) over the period 1993:01-2012:11, and estimating a time-varying transition probability Markov-switching model. We find that net equity (bond) inflows drive the exchange rate to a high (low) volatility state. ...

  17. Stock market reaction to xenophobic violence in an emerging economy

    Directory of Open Access Journals (Sweden)

    Collins C. Ngwakwe

    2017-05-01

    Full Text Available This paper presents an initial evaluation of possible effect of xenophobic violence on the Johannesburg Stock Market. Violence is inimical to economic development as it constraints normal business operations and causes a rebound on the stock market. The paper applied the event trend analysis combined with a statistical t-test of paired sample means in the pre and post-xenophobic period stock performance. Data was drawn from the JSE All Share Index - Capped Indices Performance (J303 - Capi DY for 2008 and 2015, during & after the xenophobic violence of 2008 and 2015. The economic consequences of social instability were substantiated with related literature. The theoretical foundation was inclined on the integrated threat theory and the social contract theory. Findings from the analysis of paired sample t-test showed a significant difference in means of stock performance with P<0.05 within and after the xenophobic period. Furthermore, a t-test of similarity in stock performance chart for periods of xenophobic violence 2008 and 2015 showed no significant difference in stock performance trend – indicating similarity in stock chart between 2008 and 2015 periods of xenophobic violence. The paper recommends the need for further research of a broader scope that will consider many years of xenophobic events or similar violence across countries using multiple stock performance and economic performance indicators.

  18. Competing with giants. Survival strategies for local companies in emerging markets.

    Science.gov (United States)

    Dawar, N; Frost, T

    1999-01-01

    The arrival of a multinational corporation often looks like a death sentence to local companies in an emerging market. After all, how can they compete in the face of the vast financial and technological resources, the seasoned management, and the powerful brands of, say, a Compaq or a Johnson & Johnson? But local companies often have more options than they might think, say the authors. Those options vary, depending on the strength of globalization pressures in an industry and the nature of a company's competitive assets. In the worst case, when globalization pressures are strong and a company has no competitive assets that it can transfer to other countries, it needs to retreat to a locally oriented link within the value chain. But if globalization pressures are weak, the company may be able to defend its market share by leveraging the advantages it enjoys in its home market. Many companies in emerging markets have assets that can work well in other countries. Those that operate in industries where the pressures to globalize are weak may be able to extend their success to a limited number of other markets that are similar to their home base. And those operating in global markets may be able to contend head-on with multinational rivals. By better understanding the relationship between their company's assets and the industry they operate in, executives from emerging markets can gain a clearer picture of the options they really have when multinationals come to stay.

  19. Excessive price reduction and extreme volatility in wind dominant electricity markets; solutions and emerging challenges

    DEFF Research Database (Denmark)

    Farashbashi-Astaneh, Seyed-Mostafa; Chen, Zhe; Mousavi, Omid Alizadeh

    2013-01-01

    High intermittency in the nature of wind power emphasize conceptual revising in the mechanisms of electricity markets with high wind power penetration levels. This paper introduces overmuch price reduction and high price volatility as two adverse consequences in future wind dominant electricity...... is developed. The paper indicates discriminatory pricing approach can be beneficial in high penetration of wind power because it alleviates high price variations and spikiness in one hand and prevents overmuch price reduction in wind dominant electricity markets on the other hand....... markets. While high price volatility imposes elevated risk levels for both electricity suppliers and consumers, excessive price reduction of electricity is a disincentive for investment in new generation capacity and might jeopardizes system adequacy in long term. A comparative study between marginal...

  20. AGENCY COSTS DAN KEBIJAKAN DIVIDEN PADA EMERGING MARKET

    Directory of Open Access Journals (Sweden)

    Darman Darman

    2017-03-01

    Full Text Available The purpose of this research was to analyze agency costs and dividend policy onemerging market. The research population was 147 manufacture industry companies listedat the Indonesian Stock Exchange. Sample were retrieved bases on purposive sampling method,there were 25 companies, which were fulfilling the condition needed, starting from 2000until 2005, pooling data with analysis unit n = 6 x 25 = 150. Research used ordinary leastsquare. Research results showed that agency costs did not significantly influence dividendpolicy. Research conclusion was that agency costs were not important factors of dividendpolicy. Next analysis result showed that insider ownership, institutional ownership, dispertionof ownership, and free cash flow did not significantly influence dividen policy. Thecollateralizable asset significantly influenced dividend policy. This finding showed that therewas no agencial conflicts between manager (agent and stockholders (principals in emergingmarket (manufacture industry companies listed at the Indonesian Stock Exchange. However,there were agencial conflicts between stockholders and creditor (bondholders.

  1. EFFECTIVENESS OF CAPITAL MARKET DERIVATIVES IN HOUSING DELIVERY OF NIGERIA EMERGING MARKET

    Directory of Open Access Journals (Sweden)

    Bernard Adjekophori

    2016-07-01

    Full Text Available The capital market is unarguably the most robust institution in any economy notable for mobilizing the necessary fund for financing long-term productive project. It controls relatively large amounts of capital and represent the largest institutional providing long-term credits for capital project like real estate that requires huge capital outlay. This study therefore, attempts an investigation into the effectiveness of capital market derivatives in housing delivery in Lagos. An empirical survey research was conducted in Lagos, using a random sampling technique with a structured questionnaire to collect data from 147 respondents comprising 89 stockbrokers and 58 real estate developers in Lagos mega-city. Data collected were analyzed with SPSS using descriptive and inferential statistics. The result revealed that 56.7% of the observed variations in housing delivery (R2= 0.567; p< 0.05 is explained by capital market derivatives, which suggests that, proper utilization of capital market derivatives will enhance and improve housing delivery in Nigeria. However, this is not been adequately used by developers of real estate projects in the study. Thus, the study recommends amongst other remedial steps that a synergetic effort should be created between the capital market and real estate developers which will enhance effective housing delivery, the development of people and the Nation.

  2. The Emerging Markets of Africa: Business Opportunities for Central and Eastern Europe

    Directory of Open Access Journals (Sweden)

    Gina Cook

    2013-12-01

    Full Text Available This paper discusses the increasing importance of emerging markets, particularly those in Africa, in terms of international business opportunities in the post-financial crisis period; while BRIC economies have received a lot of attention in the preceding decade, other emerging markets – especially in Africa – show indications of taking on more prominence in the upcoming period. In fact, at present, the continent of Africa represents one of the fastest growing markets in the world. This paper focuses on growth indicators and trends in the African markets as well as potential future international business opportunities; specifically, it examines the competitiveness of African nations, the business environments of countries in Africa, the continent’s international trade situation and urbanization in Africa. The paper concludes with a brief discussion on existing business opportunities together with some challenges which remain on the continent.

  3. The Co-evolution of Business Incubators and National Incubator Networks in Emerging Markets

    Directory of Open Access Journals (Sweden)

    David F. Robinson

    2010-11-01

    Full Text Available The study proposes a three stage model of the development of business incubation practices in emerging markets. The model addresses the diffusion of incubation practices to new markets, the institutionalization of those practices and the co-evolution of incubators and national networks of incubation. The model is based on interviews conducted in Bolivia, Peru, Chile, Argentina, and Brazil. New incubators in emerging markets often face strong cultural norms and institutional impediments to helping entrepreneurs start new businesses. As incubation becomes better established in a country, incubators provide more advanced technical, legal and market-based advice. Networks of incubators form to share specialized services across many incubators, to allocate government funding to incubators, and to lobby for public and private support of innovation.

  4. Financial Crisis from the Trust and Loss Aversion Perspective in Emerging Romanian Capital Market

    Directory of Open Access Journals (Sweden)

    Antoniade-Ciprian ALEXANDRU

    2011-07-01

    Full Text Available In this paper we synthesized a study of financial crisis from the trust and loss aversion perspective on a particular case, Romanian emerging capital market. In a relative recent study we stopped with our data series at the level of 2008, November, but in this paper we continue our research until 2009, December. In a world-wide financial crisis and a global financial depreciation of stocks the emergent markets are much more affected that the lack of money and investors aversion. We study, based on efficient market theory, the evolution of portfolio structure in balanced funds. We are interesting to make an evaluation of present sentiment of investing money in capital markets and especially in stocks. Also, is necessary to determine which are the most important problems in this situation and seek an adequate stimulus for future development of direct investment.

  5. Market Imitation and Win-Stay Lose-Shift Strategies Emerge as Unintended Patterns in Market Direction Guesses

    Science.gov (United States)

    Segura, Carlota; Duch, Jordi; Perelló, Josep

    2016-01-01

    Decisions made in our everyday lives are based on a wide variety of information so it is generally very difficult to assess what are the strategies that guide us. Stock market provides a rich environment to study how people make decisions since responding to market uncertainty needs a constant update of these strategies. For this purpose, we run a lab-in-the-field experiment where volunteers are given a controlled set of financial information -based on real data from worldwide financial indices- and they are required to guess whether the market price would go “up” or “down” in each situation. From the data collected we explore basic statistical traits, behavioural biases and emerging strategies. In particular, we detect unintended patterns of behavior through consistent actions, which can be interpreted as Market Imitation and Win-Stay Lose-Shift emerging strategies, with Market Imitation being the most dominant. We also observe that these strategies are affected by external factors: the expert advice, the lack of information or an information overload reinforce the use of these intuitive strategies, while the probability to follow them significantly decreases when subjects spends more time to make a decision. The cohort analysis shows that women and children are more prone to use such strategies although their performance is not undermined. Our results are of interest for better handling clients expectations of trading companies, to avoid behavioural anomalies in financial analysts decisions and to improve not only the design of markets but also the trading digital interfaces where information is set down. Strategies and behavioural biases observed can also be translated into new agent based modelling or stochastic price dynamics to better understand financial bubbles or the effects of asymmetric risk perception to price drops. PMID:27532219

  6. Market Imitation and Win-Stay Lose-Shift Strategies Emerge as Unintended Patterns in Market Direction Guesses.

    Science.gov (United States)

    Gutiérrez-Roig, Mario; Segura, Carlota; Duch, Jordi; Perelló, Josep

    2016-01-01

    Decisions made in our everyday lives are based on a wide variety of information so it is generally very difficult to assess what are the strategies that guide us. Stock market provides a rich environment to study how people make decisions since responding to market uncertainty needs a constant update of these strategies. For this purpose, we run a lab-in-the-field experiment where volunteers are given a controlled set of financial information -based on real data from worldwide financial indices- and they are required to guess whether the market price would go "up" or "down" in each situation. From the data collected we explore basic statistical traits, behavioural biases and emerging strategies. In particular, we detect unintended patterns of behavior through consistent actions, which can be interpreted as Market Imitation and Win-Stay Lose-Shift emerging strategies, with Market Imitation being the most dominant. We also observe that these strategies are affected by external factors: the expert advice, the lack of information or an information overload reinforce the use of these intuitive strategies, while the probability to follow them significantly decreases when subjects spends more time to make a decision. The cohort analysis shows that women and children are more prone to use such strategies although their performance is not undermined. Our results are of interest for better handling clients expectations of trading companies, to avoid behavioural anomalies in financial analysts decisions and to improve not only the design of markets but also the trading digital interfaces where information is set down. Strategies and behavioural biases observed can also be translated into new agent based modelling or stochastic price dynamics to better understand financial bubbles or the effects of asymmetric risk perception to price drops.

  7. The Staff Observation Aggression Scale - Revised (SOAS-R) - adjustment and validation for emergency primary health care.

    Science.gov (United States)

    Morken, Tone; Baste, Valborg; Johnsen, Grethe E; Rypdal, Knut; Palmstierna, Tom; Johansen, Ingrid Hjulstad

    2018-05-08

    Many emergency primary health care workers experience aggressive behaviour from patients or visitors. Simple incident-reporting procedures exist for inpatient, psychiatric care, but a similar and simple incident-report for other health care settings is lacking. The aim was to adjust a pre-existing form for reporting aggressive incidents in a psychiatric inpatient setting to the emergency primary health care settings. We also wanted to assess the validity of the severity scores in emergency primary health care. The Staff Observation Scale - Revised (SOAS-R) was adjusted to create a pilot version of the Staff Observation Scale - Revised Emergency (SOAS-RE). A Visual Analogue Scale (VAS) was added to the form to judge the severity of the incident. Data for validation of the pilot version of SOAS-RE were collected from ten casualty clinics in Norway during 12 months. Variance analysis was used to test gender and age differences. Linear regression analysis was performed to evaluate the relative impact that each of the five SOAS-RE columns had on the VAS score. The association between SOAS-RE severity score and VAS severity score was calculated by the Pearson correlation coefficient. The SOAS-R was adjusted to emergency primary health care, refined and called The Staff Observation Aggression Scale - Revised Emergency (SOAS-RE). A total of 350 SOAS-RE forms were collected from the casualty clinics, but due to missing data, 291 forms were included in the analysis. SOAS-RE scores ranged from 1 to 22. The mean total severity score of SOAS-RE was 10.0 (standard deviation (SD) =4.1) and the mean VAS score was 45.4 (SD = 26.7). We found a significant correlation of 0.45 between the SOAS-RE total severity scores and the VAS severity ratings. The linear regression analysis showed that individually each of the categories, which described the incident, had a low impact on the VAS score. The SOAS-RE seems to be a useful instrument for research, incident-recording and management

  8. NOVEL APPLICATIONS FOR EMERGING MARKETS USING TELEVISION AS A UBIQUITOUS DEVICE

    DEFF Research Database (Denmark)

    Pal, Arpan

    2013-01-01

    – personal computer (including laptop and tablet), television and mobile (including smart phone). For emerging market countries like India, personal computers are not yet affordable to masses and most of the people are not savvy or skilled enough to operate a personal computer. Mobile phones, though being...... connected to the internet-world in a low-cost manner, it has the potential of becoming the ―Ubiquitous Computing Screen‖ for the home. The emerging markets are characterized by some unique issues like low bandwidth / low Quality-of-Service (QoS) of the available wireless networks, extreme cost...... solutions for seamlessly blending Internet with broadcasting content. To this end, in this thesis a novel application development framework is proposed first on top of a low-cost over-the-top box that uses television as a ubiquitous device with a focus on emerging markets. Then an end-to-end solution...

  9. Understanding electronic market usage : a revised model based on planned behaviour and innovation diffusion theory

    NARCIS (Netherlands)

    Heijden, van der Hans

    1999-01-01

    This paper is concerned with the identification of determinants that influence the use ofbusiness-to-consumer electronic markets. Since the widespread adoption of the Internet, these electronic markets are now commonplace and it becomesincreasingly relevant to identify the factors that influence

  10. Financial Policies and the Prevention of Financial Crises in Emerging Market Countries

    OpenAIRE

    Frederic S. Mishkin

    2001-01-01

    This paper outlines a set of financial policies that can help make financial crises less likely in emerging market countries. To justify these policies, the paper first explains what a financial crisis is, the factors that promote a financial crisis and the dynamics of a financial crisis. It then examines twelve basic areas of financial policies to prevent financial crises: 1) prudential supervision, 2) accounting and disclosure requirements, 3) legal and judicial systems, 4) market-based dis...

  11. Phoenix Miracles in Emerging Markets: Recovering without Credit from Systemic Financial Crises

    OpenAIRE

    Guillermo A. Calvo; Alejandro Izquierdo; Ernesto Talvi

    2006-01-01

    Using a sample of emerging markets that are integrated into global bond markets, we analyze the collapse and recovery phase of output collapses that coincide with systemic sudden stops, defined as periods of skyrocketing aggregate bond spreads and large capital flow reversals. Our findings indicate the presence of a very similar pattern across different episodes: output recovers with virtually no recovery in either domestic or foreign credit, a phenomenon that we call Phoenix Miracle, where o...

  12. New criteria to select foreign entry mode choice of global franchise chains into emerging markets

    OpenAIRE

    Baena Graciá, Verónica; Cerviño Fernández, Julio

    2015-01-01

    Despite emerging markets are some of the fastest growing economies in the world and represent countries that are experiencing a substantial economic transformation, little is known about the factors influencing choices of foreign entry mode in those markets. Especially, regarding companies that franchise overseas. In an attempt to expand our knowledge of this topic, this paper presents an empirical assessment of the relationship between a set of different variables with the four poss...

  13. Time varying determinants of bond flows to emerging markets

    Directory of Open Access Journals (Sweden)

    Yasemin Erduman

    2016-06-01

    Full Text Available This paper investigates the time varying nature of the determinants of bond flows with a focus on the global financial crisis period. We estimate a time varying regression model using Bayesian estimation methods, where the posterior distribution is approximated by Gibbs sampling algorithm. Our findings suggest that the interest rate differential is the most significant pull factor of portfolio bond flows, along with the inflation rate, while the growth rate does not play a significant role. Among the push factors, global liquidity is the most important driver of bond flows. It matters the most, when unconventional monetary easing policies were first announced; and its importance as a determinant of portfolio bond flows decreases over time, starting with the Eurozone crisis, and diminishes with the tapering talk. Global risk appetite and the risk perception towards the emerging countries also have relatively small and stable significant effects on bond flows.

  14. The Impacts of State Ownership on Information Asymmetry: Evidence from an Emerging Market

    Directory of Open Access Journals (Sweden)

    Jongmoo Jay Choi

    2010-06-01

    Full Text Available This study examines the effect of corporate ownership on information asymmetry as measured by bid-ask spread in the emerging markets of China. Government ownership has significant and positive impacts on bid-ask spread during the period 1995–2000, but disappears afterward during 2001–2003. The finding that state ownership raised bid-ask spread in the early period is consistent with recent studies on emerging markets including China, which indicate that firms with higher state ownership tend to have a greater deviation between cash flow rights and control rights (eg, Wei et al., 2005. This implies that lower state ownership is associated with lower information asymmetry in the market, an economic consequence of significant economic reform and privatization regarding the market microstructure. However, with more active control transfers and emergence of private controlling shareholders, regulatory changes in ownership structure and corporate governance mechanisms, and thus an improved legal and institutional environment, the link between the government ownership and information asymmetry turns to be insignificant in the later period. These results have important implications for transparency and information disclosure policies as well as privatization in emerging markets.

  15. A Comparative Analysis of Value at Risk Measurement on Emerging Stock Markets: Case of Montenegro

    Directory of Open Access Journals (Sweden)

    Cerović Julija

    2015-03-01

    Full Text Available Background: The concept of value at risk gives estimation of the maximum loss of financial position at a given time for a given probability. The motivation for this analysis lies in the desire to devote necessary attention to risks in Montenegro, and to approach to quantifying and managing risk more thoroughly. Objectives: This paper considers adequacy of the most recent approaches for quantifying market risk, especially of methods that are in the basis of extreme value theory, in Montenegrin emerging market before and during the global financial crisis. In particular, the purpose of the paper is to investigate whether extreme value theory outperforms econometric and quantile evaluation of VaR in emerging stock markets such as Montenegrin market. Methods/Approach: Daily return of Montenegrin stock market index MONEX20 is analyzed for the period January, 2004 - February, 2014. Value at Risk results based on GARCH models, quantile estimation and extreme value theory are compared. Results: Results of the empirical analysis show that the assessments of Value at Risk based on extreme value theory outperform econometric and quantile evaluations. Conclusions: It is obvious that econometric evaluations (ARMA(2,0- GARCH(1,1 and RiskMetrics proved to be on the lower bound of possible Value at Risk movements. Risk estimation on emerging markets can be focused on methodology using extreme value theory that is more sophisticated as it has been proven to be the most cautious model when dealing with turbulent times and financial turmoil.

  16. Revision surgery due to magnet dislocation in cochlear implant patients: an emerging complication.

    Science.gov (United States)

    Hassepass, Frederike; Stabenau, Vanessa; Maier, Wolfgang; Arndt, Susan; Laszig, Roland; Beck, Rainer; Aschendorff, Antje

    2014-01-01

    To analyze the cause and effect of magnet dislocation in cochlear implant (CI) recipients requiring magnet revision surgery for treatment. Retrospective study. Tertiary referral center. Case reports from 1,706 CI recipients consecutively implanted from January 2000 to December 2011 were reviewed. The number of cases requiring magnet revision surgery was assessed. Revision surgery involving magnet removal or replacement was indicated in 1.23% (21/1,706), of all CI recipients. Magnet dislocation occurring during magnetic resonance tomography (MRI), at 1.5 Tesla (T), with the magnet in place and with the application of compression bandaging around the head, was the main cause for revision surgery in 47.62% (10/21) of the affected cases. All 10 cases were implanted with Cochlear Nucleus cochlear implants. These events occurred, despite adherence to current recommendations of the manufacturer. The present study underlines that MRI examination is the main cause of magnet dislocation. The use of compressive bandaging when using 1.5-T MRI does not eliminate the risk of magnet dislocation. Additional cautionary measures are for required for conditional MRI. We recommend X-ray examination after MRI to determine magnet dislocation and avoid major complications in all cases reporting pain during or after MRI. Additional research regarding silicon magnet pocket design for added retention is needed. Effective communication of guidelines for precautionary measures during MRI examination in CI patients is mandatory for all clinicians involved. MRI in CI recipients should be indicated with caution.

  17. Peer Scaffolding Behaviors Emerging in Revising a Written Task: A Microgenetic Analysis

    Science.gov (United States)

    Ranjbar, Naser; Ghonsooly, Behzad

    2017-01-01

    Vygotsky's writings on Sociocultural Theory (SCT) of mind, his concept of Zone of Proximal Development (ZPD) and its related metaphor, scaffolding, serve as the theoretical basis for the study of peer collaboration. This paper aimed at examining the effects of peer-scaffolding on EFL writing ability and finding out how revising techniques are…

  18. What does a G-3 target zone mean for emerging-market economies?

    OpenAIRE

    Reinhart, Carmen; Reinhart, Vincent

    2000-01-01

    This paper examines the argument for a G-3 exchange rate target zone strictly from an emerging market perspective. A commitment to damping G-3 exchange rate fluctuations, however, requires a willingness on the part of G-3 authorities to use domestic monetary policy to that end. Under a system of target zones, then, relative prices for emerging market economies may become more stable, but debt-servicing costs may become less predictable. We use a simple trade model to show that the resulting c...

  19. Technology acceptance model and the paths to online customer loyalty in an emerging market

    Directory of Open Access Journals (Sweden)

    Nguyen Thi Tuyet Mai

    2013-12-01

    Full Text Available The technology acceptance model (TAM has been well-known for decades. However, the global adoption of the Internet creates new interests in utilizing TAM in e-commerce and the post-consumption intention, especially in emerging markets. Data was collected from 758 online customers via a web-based survey in Vietnam. Particular contribution of the results is that perceived usefulness, perceived ease of use, fairness, trust and the quality of the customer interface have direct or indirect impacts on customer satisfaction and customer loyalty. Moreover, in emerging markets, trust was outlined as the strongest factor contributing to customer satisfaction and leading to customer loyalty.

  20. Efficient Market Hypothesis and Comovement Among Emerging Markets = Etkin Piyasa Hipotezi ve Gelişmekte Olan Piyasaların Birlikte Hareketi

    Directory of Open Access Journals (Sweden)

    Oktay TAŞ

    2010-06-01

    Full Text Available The main purpose of this study is to investigate stock market cointegration from the market efficiency perspective. Therefore, eleven emerging stock market indices are tested by using weekly data for the period of January 1998-December 2008 and for the sub period of January 2002-December 2008. Comovement among the emerging market countries was analyzed through Johansen cointegration test. The existence of two cointegrating vectors has been found at 5% significance level. However, the firm evidence against the market efficiency could not be established because of the low explanatory power of the results generated from the vector error correction model.

  1. TESTING CAPM MODEL ON THE EMERGING MARKETS OF THE CENTRAL AND SOUTHEASTERN EUROPE

    Directory of Open Access Journals (Sweden)

    Josipa Džaja

    2013-02-01

    Full Text Available The paper examines if the Capital Asset Pricing Model (CAPM is adequate for capital asset valuation on the Central and South-East European emerging securities markets using monthly stock returns for nine countries for the period of January 2006 to December 2010. Precisely, it is tested if beta, as the systematic risk measure, is valid on observed markets by analysing are high expected returns associated with high levels of risk, i.e. beta. Also, the efficiency of market indices of observed countries is examined.

  2. Financial stress in emerging markets: Patterns, real effects, and cross-country spillovers

    OpenAIRE

    Mikhail Stolbov; Maria Shchepeleva

    2016-01-01

    We extend the conventional approach to the construction of financial stress indices (FSI) for emerging economies proposed by Balakrishnan et al. (2011). Based on the principal component analysis, our index accounts for developments in the residential real estate market, adopts distinctive indicators for the banking sector and sovereign debt risks, covering the period from February 2008 to September 2015 for 14 emerging economies. The FSIs accurately capture the periods of impaired financial i...

  3. Benefits of International Diversification: The Case of Asian Emerging Equity Markets

    OpenAIRE

    Apong, Matusin

    2005-01-01

    Abstract The main purpose of this study is to examine whether, from the Brunei Investment Agency's perspective, the benefits of international diversification gain exist in equity investment in emerging markets in Asia. The quantitative research that was used is based on Markowitz's Modern Portfolio Theory (MPT). This method utilized data from December 1998 to July 2005 for sixteen indices of developed and emerging countries. The countries selected for the study were grouped into devel...

  4. Competition and market contestability of banks: Evidence from emerging financial market

    Directory of Open Access Journals (Sweden)

    Muntazir Hussain

    2014-05-01

    Full Text Available The study is an attempt to investigate the nature of competition and market contestability of 35 Pakistani banks for the period of 2007-2011 by employing Panzar and Rosse (PR-model. The test of competition overall sample (2007-2011 suggest that banks in Pakistan in state of monopolistic competition and market is in equilibrium. The sub sample (2007-2009 result of competition and equilibrium are similar as for sample period (2007-2011 suggesting that revenue produced during this period is state of monopolistic competition. Finally the results of sample period (2010-2011 suggest that banks in Pakistan are instate of perfect competition however, the market in not in long-run equilibrium. The results have interesting policy implications; it is suggested to encourage the foreign banks presence to improve the competitive condition of banking industry so that to ensure the exit and entrance of banks in the industry to increase the competition and produce the variety of product to improve banks performance and customer satisfaction.

  5. Electric energy storage systems in a market-based economy. Comparison of emerging and traditional technologies

    International Nuclear Information System (INIS)

    Kazempour, S. Jalal; Moghaddam, M. Parsa; Haghifam, M.R.; Yousefi, G.R.

    2009-01-01

    Unlike markets for storable commodities, electricity markets depend on the real-time balance of supply and demand. Although much of the present-day grid operate effectively without storage technologies, cost-effective ways of storing electrical energy can make the grid more efficient and reliable. This work addresses an economic comparison between emerging and traditional Electric Energy Storage (EES) technologies in a competitive electricity market. In order to achieve this goal, an appropriate Self-Scheduling (SS) approach must first be developed for each of them to determine their maximum potential of expected profit among multi-markets such as energy and ancillary service markets. Then, these technologies are economically analyzed using Internal Rate of Return (IRR) index. Finally, the amounts of needed financial supports are determined for choosing the emerging technologies when an investor would like to invest on EES technologies. Among available EES technologies, we consider NaS battery (Natrium Sulfur battery) and pumped-storage plants as emerging and traditional technologies, respectively. (author)

  6. Assessing the value of E-Businesses in emerging markets: Spotlight on Romania

    NARCIS (Netherlands)

    Mazurencu-Marinescu, M.; Nijkamp, P.

    2008-01-01

    The e-bubble of 2000 was followed by a slowdown from 2001 to 2003, but recently the markets are e-bubbling again, especially the emerging ones in growing economies. An increasing number of transactions with e-businesses appears to occur which prompts the need for valuing the firms involved and for

  7. The Impact of Ownership Structure on Firm Performance : Evidence From a Large Emerging Market

    NARCIS (Netherlands)

    Douma, S.W.; George, R.; Kabir, M.R.

    2002-01-01

    We examine how ownership structure affects the performance of firms using firm level data from a large emerging market, India.We specifically focus on a previously unexplored phenomenon, namely the differential role played by foreign institutional and foreign corporate shareholders.An examination of

  8. Co-Location versus Disintegration of Manufacturing and R&D in Emerging Markets

    DEFF Research Database (Denmark)

    Søberg, Peder Veng; Wæhrens, Brian Vejrum

    2012-01-01

    The paper investigates what makes it more or less relevant to co-locate manufacturing activities and R&D activities in emerging markets within multinational companies. A framework to this end is developed and illustrated in relation to four cases from multinational companies, which have established...

  9. Exploring the Interface between Foreign Invested Manufacturing and R&D in Emerging Markets

    DEFF Research Database (Denmark)

    Søberg, Peder Veng; Wæhrens, Brian Vejrum

    2011-01-01

    The paper investigates what makes it more or less relevant to co-locate manufacturing activities and R&D activities in emerging markets within multinational companies. A framework to this end is developed and illustrated in relation to four cases from multinational companies, which have established...

  10. Institutions and international investments: Evidence from China and other emerging markets

    NARCIS (Netherlands)

    Zhang, Y.

    2011-01-01

    This thesis empirically investigates the underlying factors that explain the new global trade and investment patterns. At the baseline level, three questions on the globalization process of emerging markets are addressed. First, what is the causal linkage among institutions, external trade and

  11. The Market for Academic Knowledge: Its Historical Emergence and Inherent Tensions

    Science.gov (United States)

    Weik, Elke

    2014-01-01

    This paper contributes to the discussion about the marketisation of universities by providing a historical perspective. Going back to the time when the market for academic knowledge emerged, I argue that it was created through incorporating a number of inherent tensions that have been, and still are, shaping its development. I show how these…

  12. 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...

  13. Emerging Trilingual Literacies in Rural India: Linguistic, Marketing, and Developmental Aspects

    Science.gov (United States)

    Bhatia, Tej K.; Ritchie, William C.

    2016-01-01

    This paper examines emerging forms of multilingualism and multiliteracy in rural India (where the term "literacy" is used broadly here to include digital media literacy and marketing literacy as well as literacy in the traditional sense of the knowledge of a writing system). Here forces of globalization and digital communication have…

  14. Providing Appropriate Technology for Emerging Markets: Case Study on China’s Solar Thermal Industry

    Directory of Open Access Journals (Sweden)

    Jianghua Zhou

    2017-01-01

    Full Text Available Building on a case study of five Chinese solar thermal companies and one association, our study aims to understand how the innovator’s choices regarding the use of technology and organizational practices for new product development enable companies to design and diffuse appropriate technology in emerging markets. The study uncovers two critical factors that enhance the appropriateness of technology: redefining the identity of technology and building a local supply system. Our analysis shows that synergic innovation in both architecture and component leads to the appropriate functionalities desired by emerging markets. Moreover, modular design and the building of a local supply system enhance the process appropriateness of technology. Our study provides an empirical basis for advocating going beyond minor adaptations of existing products to creating appropriate technology for emerging markets, and extends our understandings of the upstream process of designing appropriate technology. Moreover, the emphasis on the local supply system reflects a holistic framework for shaping and delivering appropriate technology, expanding the existing research focus on the perspective of the technology itself. Our research also has managerial implications that may help firms tap into emerging markets.

  15. Aspects of capital budgeting decision-making process of emerging markets transnational corporations

    OpenAIRE

    Alieva, D.

    2012-01-01

    Considers present-day aspects of capital budgeting decision-making in investment projects by transnational corporations (TNCs) in emerging markets. Discusses peculiarities of cash flows of TNC mother and project companies which influence the decision-making in project investment. A number of effective valuation techniques for multicurrency projects has been proposed, taking into account adjustments for various factors.

  16. The Use of Digital Library Skills in the Emergent Information Market in Botswana

    Science.gov (United States)

    Ojedokun, Ayoku A.; Moahi, Kgomotso H.

    2007-01-01

    This study probed the use of digital library skills by MLIS graduates, and their perception of employment preparation for the emergent information market in Botswana. The study used a survey approach. The study was carried out in 2004. A total of 32 MLIS graduates (1996-2003) of the Department of Library and Information Studies in employment were…

  17. Pengaruh Tingkat Adopsi IFRS dan Proteksi Investor terhadap Persistensi Laba: Analisis Lintas Negara Emerging Markets

    Directory of Open Access Journals (Sweden)

    Ikrima Shobriati

    2016-12-01

    Full Text Available Abstract. The purpose of this study is to provide empirical evidence about the effect of IFRS adoption and investor protection on earnings persistence. Based on prior studies, there are some problems that existed in the accounting practices in emerging markets such as less an accountant who have good qualifications, incomplete accounting information or inaccuracy of time in preparing financial statements, the lack of accounting data that are used for internal management incentives, the lack of legislation, auditing standards and procedure of accounting standards and this issues will can affect the quality of accounting information that reported in financial statements. So this view initiate to investigate extensively about the effect of institutional factors on earnigs persistence.This study uses panel data with 12.903 firm-year observations in emerging markets evidence from 2011 to 2013. To measure IFRS adoption uses score based on three distinctions of the type from IFRS adoption in respective countries. And then for dependent variable in this study is earnings persistence. While for the investor protection uses strength of investor protection index proxy from World Bank.The findings imply that in the context of emerging markets, IFRS adoption is not associated with future earnings persistence. While a stronger investor protection in the country significantly correlated with greater earnings persistence. Keywords: IFRS adoption, investor protection, earnings persistence, emerging markets, properties of earnings

  18. Emerging Australian Education Markets: A Discrete Choice Model of Taiwanese and Indonesian Student Intended Study Destination.

    Science.gov (United States)

    Kemp, Steven; Madden, Gary; Simpson, Michael

    1998-01-01

    Isolates factors influencing choice of Australia as a preferred destination for international students in emerging regional markets. Uses data obtained from a survey of students in Indonesia and Taiwan to estimate a U.S./Australia and rest-of-world/Australia discrete destination-choice model. This model identifies key factors determining country…

  19. Product Innovation Strategies on Emerging Markets: Bringing Theory and Practice Together

    Directory of Open Access Journals (Sweden)

    Alina Irina POPESCU

    2013-12-01

    Full Text Available Emerging economies present the largest growth in the world, and thus tremendous growth opportunities. Developing products for emerging markets proves to be a difficult task requiring a fundamental shift in thinking, and the present paper aims at investigating the product innovation strategies available on emerging markets, theoretically and practically through examples and a case-study of the Romanian tablet market. At the beginning, the theoretical framework is described through the most relevant contributions to the field of product innovation. Some conceptual clarifications are provided, in the context of a widespread usage of terms in various fields of science. The second part of the paper attempts to define the ‘emerging markets’ and to find distinctive their characteristics, attempt hampered by their great diversity and complexity. The third part provides empirical support for the product innovation strategies used by local tablet producers in Romania. Findings show local tablet producers used the frugal innovation strategy in the first years of operations. Afterwards, the increasingly competitive market and the gradual sophistication of consumers made a shift in strategy, to new product development and innovation strategy, in the context of keeping the low-cost positioning of the locally produced tablets.

  20. Value Branding in Emerging Markets as a Social Dimension in the Indian Context

    DEFF Research Database (Denmark)

    Kumar, S. Ramesh; Marinova, Svetla Trifonova

    2017-01-01

    This chapter attempts to analyze and suggest new ways of adapting branding techniques to the emerging Indian environment, one, which has glaring inequalities in terms of need fulfillment among consumers. The chapter uses marketing examples from the Indian context to reflect the need for value...

  1. The Effect of Intellectual Property Standards on the Catch-Up Process Of Emerging Market Economies

    DEFF Research Database (Denmark)

    Darendeli, Izzet; Brandl, Kristin Martina; Hamilton, III, Robert D.

    2014-01-01

    The catch-up process of emerging market economies is dependent on multiple factors, such as local governmental regulations but also global industry developments. We investigate how intellectual property (IP) protection standards affect this catch-up process. The alignment of these standards...

  2. It's Not Business as Usual: New and Emerging Career in Marketing, Finance, and Management

    Science.gov (United States)

    Miller, April J.

    2010-01-01

    There have been many changes in the field of business as a result of technological advancements, government regulations, and shifts in focus. These new career opportunities have arisen as a result: social media marketers, financial examiners, and project managers. In this article, the author discusses these new and emerging career opportunities in…

  3. Determinants and Dynamics of Business Aspirations : Evidence from Small-scale Entrepreneurs in an Emerging Market

    NARCIS (Netherlands)

    Dalton, Patricio; Rüschenpöhler, Julius; Zia, Bilal

    2018-01-01

    Small-scale entrepreneurs are ubiquitous in emerging market economies, yet very few graduate to become larger businesses. We ask whether such entrepreneurs even aspire to grow, and if so, on which dimensions of the business? What factors influence these aspirations, how realistic are they, and do

  4. The transmission process of financial crises across the emerging markets: an alternative consideration

    OpenAIRE

    Abdurrahman, Korkmaz

    2012-01-01

    This paper offers an alternative consideration for the transmission process of financial crises across emerging markets. Here, we hypothesized that the interdependence effect could weaken, even disappear completely, and veer during a crisis period as a result of the contagion process. The importance of this hypothesis for the policy implication is also highlighted because it can be validated for many cases by our data.

  5. Foreign and domestic ownership, business groups, and firm performance: evidence from a large emerging market

    NARCIS (Netherlands)

    Douma, Sytse; George, Rejie; Kabir, Mohammed Rezaul

    2006-01-01

    We adopt a multi-theoretic approach to investigate a previously unexplored phenomenon in extant literature, namely the differential impact of foreign institutional and foreign corporate shareholders on the performance of emerging market firms. We show that the previously documented positive effect

  6. Globalization and Institutional Change : Are Emerging Market Economies in Europe and Asia Converging?

    NARCIS (Netherlands)

    Hoen, Herman W.

    2014-01-01

    It is often stated that globalization leads to a smaller world by institutional convergence. Politico-economic orders become alike across the world. The article analyzes institutional change triggered by the global financial crisis of 2008/2009 and compares developments in emerging markets in Europe

  7. Delivering MBA Programs in Emerging Markets: The Challenge of National Culture

    Science.gov (United States)

    Jones, Stephanie

    2013-01-01

    Increasingly, Western-style MBA programs are being delivered in emerging markets, as the developed countries become more and more saturated with MBAs and related offerings. This article, based on the global experience of the author in teaching and assessing MBA modules including thesis and dissertation research and writing, suggests approaches to…

  8. How to obtain high returns with lower volatility in emerging markets?

    Directory of Open Access Journals (Sweden)

    Nipun Agarwal

    2014-12-01

    Full Text Available Emerging markets equity indexes are usually seen as high return with a high degree of volatility associated with them. However, this should not be the case, if you choose high-quality firms that have increasing returns and lower volatility. The intent of this paper is to introduce the risk weighted alpha (RWA indexation method that helps identify stocks that have stable increasing returns with lower volatility. In order to review this method in the context of emerging markets scenario, this paper takes the example of the Sensex index listed on the Bombay Stock Exchange (BSE that comprises India’s top 30 stocks by market capitalisation. Results show that some stocks like Hindustan Lever do show increasing returns and lower volatility. The RWA Sensex index outperforms the BSE Sensex index, while still maintaining a beta that is the same as that in the BSE Sensex index.

  9. The Sign Effect in Emerging Markets: the Inherent Instability of Bad News

    Science.gov (United States)

    Tenenbaum, Joel; Podobnik, Boris; Horvatic, Davor; Bajic, Slavica; Pehlivanovic, Beco; Stanley, H. Eugene

    2011-03-01

    In developed economy market indices, the sign of a term in a series influences the volatility in an asymmetric fashion --- bad news results in larger subsequent fluctuations while good news results in smaller fluctuations. We study this phenomenon of volatility asymmetry using a stochastic process, exploring whether this asymmetry manifests in emerging markets, and if so, how such asymmetry changes over time as economies develop, mature, and react to crises such as the present one. We find that while both developed and emerging markets show distinctive behavior with respect to volatility asymmetry during times of economic tumult, they do so in ways that could be viewed either as universal or qualitatively different, posing interesting questions for further research.

  10. Technology Entrepreneurship in Emerging Markets: An Exploration of Entrepreneurial Models Prevalent in India

    Directory of Open Access Journals (Sweden)

    Shiv S Tripathi

    2018-01-01

    Full Text Available Are the features and processes of entrepreneurship – such as wealth creation, risk taking, vision, identification of a niche market, launching new products, and so on – common across the world? Many would assume they would be. However, firms that are entrepreneurial in nature and belong to emerging markets may or may not follow the established models of developed economies. In this study, we sought to explore various types of entrepreneurial models that are prevalent in an emerging market. For this purpose, we collected primary and secondary data to identify characteristics of technology-based entrepreneurial firms in India. Based on the two dimensions of degree of demand/supply and expected loss/risk, we identify four models of entrepreneurship – incremental, proactive, radical, and reactive – and illustrate each model with examples from Indian companies.

  11. DEVELOPMENT FINANCIAL INSTITUTIONS AND THEIR ROLE IN SUPPORTING EMERGING MARKETS PRIVATE EQUITY FUNDS

    Directory of Open Access Journals (Sweden)

    ANTON Sorin Gabriel

    2013-12-01

    Full Text Available Development financial institutions have emerged in the last years as major investors in the private equity industry. Their main goals are to create new jobs, to foster innovation and to develop the private sector. The aim of the paper is to analyze the role played by the development financial institutions in the creation and development of emerging markets private equity funds in the light of financial crisis started in 2008. We found that many development banks have increased their financial support to the emerging markets private equity funds and have improved the standards and norms of the local industry. They played a countercyclical role during a difficult period when private investors proved reluctant in backing new private equity funds.

  12. Marketing Technology. FasTrak Specialization Integrated Technical and Academic Competency (ITAC). Revised.

    Science.gov (United States)

    Ohio State Dept. of Education, Columbus. Div. of Career-Technical and Adult Education.

    This document presents the Ohio Integrated Technical and Academic Competency profile for marketing technology. The profile is to serve as the basis for curriculum development in Ohio's secondary, adult, and postsecondary programs. The profile includes a comprehensive listing of 580 specialty and foundation key indicators for evaluating mastery of…

  13. Marketing energy conservation options to Northwest manufactured home buyers. Revision 1

    Energy Technology Data Exchange (ETDEWEB)

    Hendrickson, P.L.; Mohler, B.L.; Taylor, Z.T.; Lee, A.D.; Onisko, S.A.

    1985-10-01

    Manufactured, or HUD-Code, homes comprise a growing share of the housing stock in the Northwest, as well as nationally. Their relatively low cost has made them especially attractive to lower income families, first-time home-buyers, and retired persons. The characteristics of manufactured home (MH) buyers, the unique energy consumption characteristics of the homes, and their increasing market share make this market an especially critical one for energy consumption and conservation planning in the Northwest. This study relies on extensive, existing survey data and new analyses to develop information that can potentially assist the design of a marketing plan to achieve energy conservation in new manufactured homes. This study has the objective of assisting BPA in the development of a regional approach in which numerous organizations and parties would participate to achieve conservation in new manufactured homes. A previous survey and information collected for this study from regional dealers and manufacturers provide an indication of the energy conservation options being sold to manufactured home buyers in the PNW. Manufacturers in the Northwest appear to sell homes that usually exceed the HUD thermal requirements. Manufacturers typically offer efficiency improvements in packages that include fixed improvements in insulation levels, glazing, and infiltration control. Wholesale costs of these packages range from about $100 to $1500. Typical packages include significant upgrades in floor insulation values with modest upgrades in ceilings and walls. This study identifies trends and impacts that a marketing plan should consider to adequately address the financial concerns of manufactured home buyers.

  14. Revised Environmental Assessment for the Sacramento Area Office Western Area Power Administration, 1994 Power Marketing Plan

    International Nuclear Information System (INIS)

    1992-08-01

    This document presents information on power marketing; expiring contracts; economic methods and assumptions; detailed power supply cost data; guidelines and acceptance criteria for conservation and renewable energy projects; hourly flow impacts graphs; difference in hydro dispatch; generation data; flow data; fishery resources of the Sacramento River; and water quality

  15. Time-Consistent and Market-Consistent Evaluations (Revised version of 2012-086)

    NARCIS (Netherlands)

    Stadje, M.A.; Pelsser, A.

    2014-01-01

    Abstract: We consider evaluation methods for payoffs with an inherent financial risk as encountered for instance for portfolios held by pension funds and insurance companies. Pricing such payoffs in a way consistent to market prices typically involves combining actuarial techniques with methods from

  16. A study of the relationship marketing effect in banks: The case of an emerging market

    Directory of Open Access Journals (Sweden)

    Wachyudi N.

    2018-02-01

    Full Text Available This study aims to provide an alternative model for understanding customers’ loyalty behavior by examining the effect of relationship marketing (RM and service quality on customer satisfaction and customer loyalty moderated with switching costs. A laboratory experiment was carried out to ascertain the controlled variables based on factorial design: 2 (RM: high vs low x 2 (service quality: high vs low x 2 (the switching costs: high vs low. The study was based on bank clients as participants, and multiple linear regression was chosen to examine the causal relationship between the variables that are hypothesized. The results indicate that loyalty of banking customers is significantly influenced by RM, service quality and customer satisfaction. In addition, switching costs have a role in moderating customer loyalty. The implications of this study were discussed to give insight into contributions of theoretical and practical aspects, and for future studies.

  17. Extreme value theory in emerging markets: Evidence from the Montenegrin stock exchange

    Directory of Open Access Journals (Sweden)

    Cerović Julija

    2015-01-01

    Full Text Available The concept of Value at Risk(VaR estimates the maximum loss of a financial position at a given time for a given probability. This paper considers the adequacy of the methods that are the basis of extreme value theory in the Montenegrin emerging market before and during the global financial crisis. In particular, the purpose of the paper is to investigate whether the peaks-over-threshold method outperforms the block maxima method in evaluation of Value at Risk in emerging stock markets such as the Montenegrin market. The daily return of the Montenegrin stock market index MONEX20 is analyzed for the period January 2004 - February 2014. Results of the Kupiec test show that the peaks-over-threshold method is significantly better than the block maxima method, but both methods fail to pass the Christoffersen independence test and joint test due to the lack of accuracy in exception clustering when measuring Value at Risk. Although better, the peaks-over-threshold method still cannot be treated as an accurate VaR model for the Montenegrin frontier stock market.

  18. Doing Business at the Base of the Pyramid: The Reality of Emerging Markets

    Directory of Open Access Journals (Sweden)

    Reuben Abraham

    2012-06-01

    Full Text Available The role of business has traditionally been ignored in the global debates around economic development and poverty alleviation.  The recent global success of the mobile telephony industry, and the rapid growth in emerging markets over the last two decades has, however, forced a rethink. Instead of top-down, development aid-driven strategies, more discussions now focus on providing goods and services profitably to the base of the economic pyramid (BOP, like mobile phone companies have.Research teams at the Centre for Emerging Markets Solutions (CEMS have found that while it is possible to profitably serve BOP markets, it requires some departure from strategies advocated in the traditional BOP literature. In particular, it requires addressing issues around the macro-economic and business climate of the country; mispricing of risk; entrepreneurship; and a shift of focus away from multi-national corporations to the small business sector, and the transaction costs that bedevil it.This piece also examines a few commercially sustainable business models that have worked in these markets, and investigates a few sectors that commercial capital will find highly attractive and investable. Finally, we look at how to structure and commercialize the huge business opportunities that exist in addressing the inefficiencies of BOP markets, using a combination of business model innovation (especially around reduced cost structures, research, entrepreneurship, and patient capital.

  19. Internationalization of portuguese luxury firms to emerging markets : Loja das Meias and Fátima Lopes case study

    OpenAIRE

    Carvalho, Madalena Maria Gema de

    2012-01-01

    In a fast evolving luxury industry, brands strive to grow and seek news ways to reach success. This thesis focuses on the internationalization of Portuguese luxury firms to emerging markets. Internationalization comes has a significant response to the fast-passing luxury industry, which alongside with limited room to evolve in the Portuguese luxury market, has driven national firms to widen their boarders and expand to international audiences. As emerging markets are increasingly showing thei...

  20. E-Commerce as an instrument of governing SMEs’ marketing strategy in an emerging economy

    OpenAIRE

    Lawrence Mpele Lekhanya

    2016-01-01

    The purpose of this paper is to report on the use of e-commerce an instrument of governing SMEs’ marketing strategy in an emerging economy. The study aimed to assess and critically discuss various factors influencing the use of e-commerce as an instrument of governing SMEs marketing strategy and identify the extent to which SMEs owners/managers perceived e-commerce to be important to their businesses survival and growth. A mixed method approach allowed for qualitative and quantitative techniq...

  1. Testing Weak Form Market Efficiency for Emerging Economies: A Nonlinear Approach

    OpenAIRE

    Omay, Nazli C.; Karadagli, Ece C.

    2010-01-01

    In this paper, we address weak form stock market efficiency of Emerging Economies, by testing whether the price series of these markets contain unit root. Nonlinear behavior of stock prices is well documented in the literature, and thus linear unit root tests may not be appropriate in this case. For this purpose, we employ the nonlinear unit root test procedure recently developed by Kapetanios et al. (2003) and nonlinear panel unit root test Ucar and Omay (2009) that has a better power than s...

  2. Shaping markets : A neoinstitutional analysis of the emerging organizational field of renewable energy in China

    Energy Technology Data Exchange (ETDEWEB)

    Hoeyrup Christensen, N.

    2013-02-01

    Today, China is the world leading investor in renewable energy. At the heart of this effort lies China's ability to shape markets through industrial policies. Through a neoinstitutional theoretical perspective this dissertation views China's efforts within renewable energy as the emergence of a new organizational field. Despite the importance of organizational fields as a key concept in the neoinstitutional literature, there is a lack of studies on exactly how they emerge. Throughout four articles this dissertation scrutinizes therefore the emergence of the field of renewable energy in China and the mechanisms driving this emergence. Firstly, the relation between state and market is examined, and it is argued that Chinese state interventions in markets, for instance through subsidies, are based in deeply rooted historic grounds. Thus, the article explains the general context in which the Party-state handles subsidized markets, like renewable energy. Secondly, the specific development of the idea of sustainable development, and how it evolves into an institutional logic of its own, is analysed. It is around this institutional logic that renewable energy emerges as a field. The key mechanism in play is the idea work of the Party state by which sustainable development is positioned in the Partystate discourse. Thirdly, subsidization of renewable energy in China is examined as an important feature of the increasing institutionalization of the organizational field. It is shown how negotiation between companies and Party-state is the vital mechanism by which subsidies are determined. Fourthly, it is analysed how the institutional entrepreneurship of one single company resulted in an official recognition of biomass power production as a source of renewable energy, and thereby an expansion of the organizational field. Again, the main mechanism was the company's idea work, through which a crucial link between biomass and sustainable development was

  3. U.S. Banking Deregulation and Emerging Market Loans: Potential Links and Evidence, 1984~2005

    Directory of Open Access Journals (Sweden)

    Hyun Koo Cho

    2010-06-01

    Full Text Available How did the deregulation of U.S. bank activities affect the patterns of cross-border lending to emerging economies? Unlike bank lending from Europe or Japan, U.S. bank lending to emerging economies exhibited increasing volatility over time. Using U.S. cross-border bank exposure data, this study identifies a temporal association between important deregulation initiatives and the volatility of U.S. bank emerging market lending. This association is explained by the linkages between an important outcome of bank deregulation-earnings volatility from diversified bank activities-and the rising volatility. Together, it argues that U.S. banking deregulation had unanticipated effects of exacerbating the volatility of bank lending to emerging economies.

  4. Marketing potentials of the social media tools in the banking market of an emerging country

    Directory of Open Access Journals (Sweden)

    Akwesi Assensoh-Kodua

    2016-11-01

    Full Text Available There are many facts that attest to the pervasiveness of social media applications in the current world of business. This communication medium is replacing the well-known emails and complimenting the likes of short message service (SMS and instant messaging and chatting. As part of technology, which is revolutionising the way we do business and live, organizations worldwide are gearing up efforts to take advantage of this phenomenon. In South Africa, the story is the same. However, the Banks in South Africa seems to have problems selling this form of communication to their clientele to augment their service delivery. In view of this, the current study aimed to research into social media concept in South Africa, to highlight its trajectory pros and cons, and investigate why it is not being adopted by these clients, in addition to measuring the continuance intention of those who have accepted banking through social media. It was discovered that, social norm (β=0.579, perceived trust (β=0.510 and user satisfaction (β=0.332, in that order, stood out as the most influencing factors impacting on user acceptance and continuance intention (β=0.384 of social media usage for banking. Perceived behavioural control made no significant impact on users to adopt social media for financial services. As the banking industry keeps investing in the marketing potentials of social media tools for banking, in order to gain competitive advantage in customer service delivery, this social media usage could make a lot of difference when well researched into and managed. In some countries, banking customers are able to do their banking through social media sites, but little is known in South Africa (according to research, regarding the usage of this tool for banking purposes

  5. Emerging feed markets for ruminant production in urban and peri-urban areas of Northern Ghana.

    Science.gov (United States)

    Konlan, S P; Ayantunde, A A; Addah, W; Dei, H K; Karbo, N

    2018-01-01

    Feed shortage in urban and peri-urban areas has triggered the emergence of feed markets in Northern Ghana. These markets were surveyed at three locations (Tamale, Bolgatanga, and Wa markets) to determine types and prices of feedstuffs sold across seasons; early dry (November-January), late dry (February-April), early wet (May-July), and main wet (August-October). Semi-structured questionnaire was used for data collection. Three samples of each feed type in the markets were bought from three different sellers per market in each season. The samples were oven dried to constant weight and price/kg DM of each feed determined. The total respondents were 169. Out of this number, 41% were feed sellers, 46% buyers, and 13% retailers. The feedstuffs found were crop residues (groundnut haulm and cowpea haulm), agro-industrial by-products (bran of maize, rice, and sorghum), fresh grasses (Rotteboellia cochinchinensis), and local browses (Ficus sp. and Pterocarpus erinaceous). Prices of feeds differed (P  0.05) in all seasons but that of crop residues were higher (P < 05) in early to late dry season than the wet season. Majority (90%) of respondents opined that the feed market will expand due to increasing number of livestock population in the peri-urban areas.

  6. Neoliberalism revised? A critical account of World Bank conceptions of good governance and market friendly intervention.

    Science.gov (United States)

    Kiely, R

    1998-01-01

    This article examines recent World Bank reports on the role of the state in the development process, with particular reference to the rise of the East Asian newly industrializing countries and the crisis of "governance" in sub-Saharan Africa. The concepts of market friendly intervention and good governance are critically discussed, and are found to be inadequate as explanations for East Asian "success" and African "failure." The author presents an alternative explanation for the rise of the newly industrializing countries, which draws out some of the implications for the developing world.

  7. Which currency exchange regime for emerging markets?: Corner solutions under question

    Directory of Open Access Journals (Sweden)

    Allegret Jean-Pierre

    2007-01-01

    Full Text Available During the 90s, recurrent exchange rate crises in emerging markets have shown the extreme fragility of soft pegs, the so-called intermediate exchange rate regimes. As a result, numerous academic economists but also International institutions have promoted a new consensus: domestic authorities have to choose their exchange rate regime between only two solutions called corner solutions or extreme regimes: hard pegs or independent floating. This paper questions de relevance of this consensus. We stress the main advantages and costs of each corner solution. We conclude by stressing that intermediate regimes associated to an inflation targeting framework seem a better solution for emerging countries than corner solutions.

  8. Antecedents and Performance Consequences of Subsidiaries’ Political Strategies in Emerging Markets

    DEFF Research Database (Denmark)

    Heidenreich, Stefan; Puck, Jonas F.; Nell, Phillip C.

    their internal as well as their external environment. Our hypotheses are tested using three-stage least squares with detailed data from 156 subsidiaries in emerging markets. Results contribute to theory by differentiating effects from internal vs. external isomorphic pressures on political strategies. We also......This paper analyzes antecedents and performance consequences of political strategies deployed by MNC subsidiaries in emerging markets. Following institutional theory reasoning, we point towards institutional duality subsidiaries are confronted with, entailing isomorphic pressures stemming from...... deliver a deeper level of understanding of the latter relationship by differentiating the general concept of external isomorphic pressures into pressures from national public and national private stakeholders. Finally, we find significant support for a positive effect of political strategies on subsidiary...

  9. Pension fund regulation: Unintended consequences of foreign investment restrictions in an emerging market economy

    Directory of Open Access Journals (Sweden)

    Coert Frederik Erasmus

    2016-12-01

    Full Text Available Retirement savings allow investors to earn income after retirement by saving while being part of the workforce. Retirement savings comprise the largest portion of retirement savings and should be safeguarded by effective regulation. To safeguard retirement savings, exposure to foreign asset investments is limited. However, in an emerging economy, limiting foreign asset investments, especially investment in developed markets, could hamper the potential investment returns due to the translation risk. To assess the effect of translation risk, a preservation provident fund was used in the present study to determine whether the returns of this preservation provident fund would be adversely affected by investment allocation regulation. The findings indicated how the translation effect affected the preservation provident fund, illustrating the adverse unintended consequences of investment regulation in emerging market economies. Consequently, regulators should reconsider the maximum allowed foreign asset investment in pension fund regulations to enhance investment returns from foreign asset investments

  10. Market Structure, Financial Dependence and Industrial Growth: Evidence from the Banking Industry in Emerging Asian Economies

    Science.gov (United States)

    Khan, Habib Hussain; Ahmad, Rubi Binit; Gee, Chan Sok

    2016-01-01

    In this study, we examine the role of market structure for growth in financially dependent industries from 10 emerging Asian economies over the period of 1995–2011. Our approach departs from existing studies in that we apply four alternative measures of market structure based on structural and non-structural approaches and compare their outcomes. Results indicate that higher bank concentration may slow down the growth of financially dependent industries. Bank competition on the other hand, allows financially dependent industries to grow faster. These findings are consistent across a number of sensitivity checks such as alternative measures of financial dependence, institutional factors (including property rights, quality of accounting standards and bank ownership), and endogeneity consideration. In sum, our study suggests that financially dependent industries grow more in more competitive/less concentrated banking systems. Therefore, regulatory authorities need to be careful while pursuing a consolidation policy for banking sector in emerging Asian economies. PMID:27490847

  11. Antecedents and Performance Consequences of Subsidiaries' Political Activities in Emerging Markets

    DEFF Research Database (Denmark)

    Heidenreich, Stefan; Puck, Jonas F.; Nell, Phillip C.

    2012-01-01

    This paper analyzes antecedents of political activities deployed by MNC subsidiaries in emerging markets and subsequently examines their effect on subsidiary performance. Following institutional theory reasoning, we point towards institutional duality subsidiaries are confronted with, entailing...... isomorphic pressures stemming from their internal as well as their external environment. Our hypotheses are tested using a three-stage least squares method with data from 156 subsidiaries in emerging markets. Results contribute to theory by providing evidence on the effects stemming from internal vs....... external isomorphic pressures on political activities, and delivering a deeper-level understanding of the latter relationship by differentiating the higher-level concept of external isomorphic pressures into pressures from national public and national private stakeholders. Finally, we find significant...

  12. Demise of the standard model for power sector reform and the emergence of hybrid power markets

    International Nuclear Information System (INIS)

    Gratwick, Katharine Nawaal; Eberhard, Anton

    2008-01-01

    Following earlier reforms in the power sectors of industrialized countries and emerging markets (e.g. Chile), developing countries were encouraged to unbundle their electricity industries and to introduce competition and private sector participation. This paper highlights the developments that led to how power sector reform came to be defined as a standard model and theoretical framework in its own right, and how the model was used prescriptively in many developing countries. However, we also show that, after more than 15 years of reform efforts, this new industry model has not fully taken root in most developing countries. Finally, we identify and characterize the emergence of new hybrid power markets, which pose fresh performance and investment challenges

  13. Market Structure, Financial Dependence and Industrial Growth: Evidence from the Banking Industry in Emerging Asian Economies.

    Science.gov (United States)

    Khan, Habib Hussain; Ahmad, Rubi Binit; Gee, Chan Sok

    2016-01-01

    In this study, we examine the role of market structure for growth in financially dependent industries from 10 emerging Asian economies over the period of 1995-2011. Our approach departs from existing studies in that we apply four alternative measures of market structure based on structural and non-structural approaches and compare their outcomes. Results indicate that higher bank concentration may slow down the growth of financially dependent industries. Bank competition on the other hand, allows financially dependent industries to grow faster. These findings are consistent across a number of sensitivity checks such as alternative measures of financial dependence, institutional factors (including property rights, quality of accounting standards and bank ownership), and endogeneity consideration. In sum, our study suggests that financially dependent industries grow more in more competitive/less concentrated banking systems. Therefore, regulatory authorities need to be careful while pursuing a consolidation policy for banking sector in emerging Asian economies.

  14. Antecedents and Performance Consequences of Subsidiaries’ Political Strategies in Emerging Markets

    DEFF Research Database (Denmark)

    Heidenreich, Stefan; Puck, Jonas F.; Nell, Phillip C.

    deliver a deeper level of understanding of the latter relationship by differentiating the general concept of external isomorphic pressures into pressures from national public and national private stakeholders. Finally, we find significant support for a positive effect of political strategies on subsidiary......This paper analyzes antecedents and performance consequences of political strategies deployed by MNC subsidiaries in emerging markets. Following institutional theory reasoning, we point towards institutional duality subsidiaries are confronted with, entailing isomorphic pressures stemming from...... their internal as well as their external environment. Our hypotheses are tested using three-stage least squares with detailed data from 156 subsidiaries in emerging markets. Results contribute to theory by differentiating effects from internal vs. external isomorphic pressures on political strategies. We also...

  15. Market Structure, Financial Dependence and Industrial Growth: Evidence from the Banking Industry in Emerging Asian Economies.

    Directory of Open Access Journals (Sweden)

    Habib Hussain Khan

    Full Text Available In this study, we examine the role of market structure for growth in financially dependent industries from 10 emerging Asian economies over the period of 1995-2011. Our approach departs from existing studies in that we apply four alternative measures of market structure based on structural and non-structural approaches and compare their outcomes. Results indicate that higher bank concentration may slow down the growth of financially dependent industries. Bank competition on the other hand, allows financially dependent industries to grow faster. These findings are consistent across a number of sensitivity checks such as alternative measures of financial dependence, institutional factors (including property rights, quality of accounting standards and bank ownership, and endogeneity consideration. In sum, our study suggests that financially dependent industries grow more in more competitive/less concentrated banking systems. Therefore, regulatory authorities need to be careful while pursuing a consolidation policy for banking sector in emerging Asian economies.

  16. The Hurst exponent over time: testing the assertion that emerging markets are becoming more efficient

    Science.gov (United States)

    Cajueiro, Daniel O.; Tabak, Benjamin M.

    2004-05-01

    This paper is concerned with the assertion found in the financial literature that emerging markets are becoming more efficient over time. To verify whether this assertion is true or not, we propose the calculation of the Hurst exponent over time using a time window with 4 years of data. The data used here comprises the bulk of emerging markets for Latin America and Asia. Our empirical results show that this assertion seems to be true for most countries, but it does not hold for countries such as Brazil, The Philippines and Thailand. Moreover, in order to check whether or not these results depend on the short term memory and the volatility of returns common in such financial asset return data, we filter the data by an AR-GARCH procedure and present the Hurst exponents for this filtered data.

  17. Figuring what’s fair: The cost of equity capital for renewable energy in emerging markets

    International Nuclear Information System (INIS)

    Donovan, Charles; Nuñez, Laura

    2012-01-01

    The appropriate cost of capital for a renewable energy project depends upon an accurate measure of investment risk. Employing the conceptual framework of a commonly accepted asset pricing model, we analyze the risk faced by renewable energy investors in large emerging markets. We find that firms in Brazil, China and India expose multinational investors to the same risk as investing in emerging markets generally. The risk to domestic investors in those same firms ranges from substantially below-average to above-average, depending upon the country. The results are robust across several model versions and statistical techniques. With an eye toward government efforts to encourage the deployment of renewable energy in developing countries, we establish a range of estimates for the required return on equity capital in this fast-growing and politically important economic sector.

  18. Neoliberal policy impact: supply-side growth and emergence of duality in Turkish tobacco product market

    Directory of Open Access Journals (Sweden)

    Efza Evrengil

    2018-03-01

    Full Text Available Background In Turkey, adoption and implementation of MPOWER strategies were accompanied by a neoliberal tobacco policy framework aiming at supply-side growth, initiated in 1980's and culminating in Law No 4733 in 2002, which solidified liberalization, privatization, and market efficiency rules for tobacco manufacturing and trade, and guaranteed oligopoly conditions for transnational tobacco companies (TTCs. This study employs empirical market dynamics data to argue that demand reduction strategies cannot be pursued effectively in tandem with neoliberal policies. Methods Legal market dynamics are gauged with official data (2003-2016 on licenced tobacco products. The magnitude of illicit product market is assessed by employing prevalence data and estimations in secondary sources. Results During 2003-2016, (a Manufacturing and exports of licenced products have risen sharply (Cigarette manufacturing by 3 billion sticks/year; 2 new cigarette brands licenced per month. The declining trend in legal cigarette sales since 1999 was disrupted during last 5 years and was pushed upward. (b In addition to illicit cigarettes (market share 7.5%, the staggering growth in illicit RYO tobacco, estimated at 15,000 tonnes for 2016 by Tobacco Experts Association, represents 20.5 billion cigarette equivalents, which explains legal sales of 19 billion macarons (empty cigarette tubes in 2016. Estimated share of illicit products in total consumption has thus reached unprecedented level of 27%. Furthermore, using prevalence data, WPT market is estimated as 99% illicit. Conclusions Both legal and illicit tobacco product markets are growing in Turkey, indicating neoliberal framework has had far larger de facto impact than demand reduction efforts, and Law No 4733 is failing, given emergent duality between legal and illicit markets epitomised by TTCs and domestic outfits, respectively. This picture is in clear defiance of FCTC objectives, principles, and obligations, and

  19. An emerging market in fuel cells? Residential combined heat and power in four countries

    International Nuclear Information System (INIS)

    Brown, J.E.; Hendry, C.N.; Harborne, P.

    2007-01-01

    Global concerns about fossil fuel stocks and security of supply have stimulated governments and industry to explore the development of alternative sources of energy. This has led to the emergence of liberalised markets for energy and the growth of de-centralised generation and distribution systems. Within this context, the use of a sustainable technology, such as fuel cells, as a generator of heat and electricity for the residential market, is a significant market opportunity. Using a set of framework conditions to explain the diffusion of renewable energy technologies, this paper analyses recent developments in four leading industrial countries, and concludes that Japan and Germany are competing to be the lead country for the introduction of this technology. In the process, we highlight the impact of government and the extent to which the development of a fuel cell industry is being driven by incumbent large firms acting independently or in collaboration with a range of other companies across the value chain. [Author

  20. An emerging market in fuel cells? Residential combined heat and power in four countries

    International Nuclear Information System (INIS)

    Brown, James E.; Hendry, Chris N.; Harborne, Paul

    2007-01-01

    Global concerns about fossil fuel stocks and security of supply have stimulated governments and industry to explore the development of alternative sources of energy. This has led to the emergence of liberalised markets for energy and the growth of de-centralised generation and distribution systems. Within this context, the use of a sustainable technology, such as fuel cells, as a generator of heat and electricity for the residential market, is a significant market opportunity. Using a set of framework conditions to explain the diffusion of renewable energy technologies, this paper analyses recent developments in four leading industrial countries, and concludes that Japan and Germany are competing to be the lead country for the introduction of this technology. In the process, we highlight the impact of government and the extent to which the development of a fuel cell industry is being driven by incumbent large firms acting independently or in collaboration with a range of other companies across the value chain

  1. L-63: The IAEA response role in the radiological emergencies: Revision for first responders

    International Nuclear Information System (INIS)

    2011-01-01

    The purpose of this conference is that the first responders have to know the IAEA role importance in a radiological emergency. The IAEA is prepared to provide assistance at the scene as well as medical treatment, mistake corrections, monitoring and respond to the media questions.

  2. 77 FR 34149 - Heavy-Duty Highway Program: Revisions for Emergency Vehicles and SCR Maintenance

    Science.gov (United States)

    2012-06-08

    ... selective catalytic reduction technologies. Third, EPA is proposing to offer short-term relief for nonroad..., Attention Docket No. EPA-HQ-OAR-2011-1032. Such deliveries are only accepted during the Docket's normal..., especially given some emergency vehicles' extreme duty cycles. By this action, EPA intends to help our nation...

  3. Functional design criteria for the Hazardous Materials Management and Emergency Response (HAMMER) Training Center. Revision 1

    International Nuclear Information System (INIS)

    Sato, P.K.

    1995-01-01

    Within the United States, there are few hands-on training centers capable of providing integrated technical training within a practical application environment. Currently, there are no training facilities that offer both radioactive and chemical hazardous response training. There are no hands-on training centers that provide training for both hazardous material operations and emergency response that also operate as a partnership between organized labor, state agencies, tribes, and local emergency responders within the US Department of Energy (DOE) complex. Available facilities appear grossly inadequate for training the thousands of people at Hanford, and throughout the Pacific Northwest, who are required to qualify under nationally-mandated requirements. It is estimated that 4,000 workers at the Hanford Site alone need hands-on training. Throughout the Pacific Northwest, the potential target audience would be over 30,000 public sector emergency response personnel, as well as another 10,000 clean-up workers represented by organized labor. The HAMMER Training Center will be an interagency-sponsored training center. It will be designed, built, and operated to ensure that clean-up workers, fire fighters, and public sector management and emergency response personnel are trained to handle accidental spills of hazardous materials. Training will cover wastes at clean-up sites, and in jurisdictions along the transportation corridors, to effectively protect human life, property, and the environment

  4. Do Monetary, Fiscal and Financial Institutions Really Matter for Inflation Targeting in Emerging Market Economies?

    OpenAIRE

    Seedwell Hove; Albert Touna Mama; Fulbert Tchana Tchana

    2011-01-01

    Most emerging market economies (EMEs) which have implemented inflation targeting (IT) have continued to experience large, frequent and sometimes persistent inflation target misses. At the same time these countries had reformed their institutional structures when implementing IT. In this paper we empirically study the importance of central bank independence, fiscal discipline and financial sector development for the achievement of inflation targets in EMEs using the panel ordered logit model. ...

  5. Dividend payout and corporate governance in emerging markets: which governance provisions matter?

    OpenAIRE

    Thomas O'Connor

    2012-01-01

    In this paper I examine the relationship between individual corporate governance provisions and corporate dividend payout. Using a sample of 220 firms from 21 emerging market countries, I show that dividend payout is an outcome of strong corporate governance. On closer inspection, I find that dividend payouts tend to be greater in firms which score highly in measures of board independence and accountability. I find some evidence which suggests that dividends substitute for a lack of transpare...

  6. The emergence of business model for digital innovation projects without predetermined usage and market potential

    OpenAIRE

    Antonopoulou, Katerina; Nandhakumar, Joe; Begkos, Christos

    2016-01-01

    In this paper we explore the emergence of business model for digital innovation projects without predetermined usage and uncertain market potential. We studied a firm, which was producing and launching digital platforms for managing organizational operations. Drawing on a case study of developing this digital platform, we identified three recurring calculative and narrative practices: ideating; concocting; aligning. We argue that through these practices various epistemic objects (which we cal...

  7. What are decision making styles for international apparel brands in a large emerging market?

    OpenAIRE

    De Mattos, Claudio; Salciuviene, Laura; Auruskeviciene, Vilte; Juneja, Garima

    2015-01-01

    The main purpose of the paper is to identify consumer decision making styles based on Sproles & Kendall's (1986) framework in a large emerging market for international apparel brands. An online questionnaire-based survey with individual Indian consumers was conducted. The results of this study identify five consumer decision making styles among Indian consumers when selecting international apparel brands. The findings also suggest significant statistical differences between males and fema...

  8. Corporate Governance and Its Impact on R&D Investment in Emerging Markets

    DEFF Research Database (Denmark)

    Rapp, Marc Steffen; A. Udoieva, Iuliia

    2017-01-01

    Corporate R&D activities are inherently risky but also difficult to monitor. Against this background, we examine the impact of ownership concentration and legal shareholder rights protection on corporate R&D investments in emerging markets. Based on a comprehensive sample of publicly listed firms...... shareholders to diversify their investment risks, is beneficial for corporate R&D and that this effect is intensified by more developed institutions....

  9. Stock Price Informativeness and Idiosyncratic Return Volatility in Emerging Markets: Evidence from China

    OpenAIRE

    Karen Jingrong Lin; Khondkar Karim; Clairmont Carter

    2014-01-01

    This study attempts to address two research questions on the idiosyncratic return volatility and stock price informativeness. First, whether idiosyncratic return volatility is a valid proxy for stock price informativeness in emerging markets, and if it is, whether there exists a monotonic relationship between the idiosyncratic return volatility and stock price informativeness throughout the whole sample. We find that the idiosyncratic return volatility reflects the stock price informativeness...

  10. Emerging markets and the international financial architecture: a blueprint for reform

    Directory of Open Access Journals (Sweden)

    JAN KREGEL

    2015-06-01

    Full Text Available If emerging markets are to achieve their objective of joining the ranks of industrialized, developed countries, they must use their economic and political influence to support radical change in the international financial system. This working paper recommends John Maynard Keynes's "clearing union" as a blueprint for reform of the international financial architecture that could address emerging market grievances more effectively than current approaches. Keynes's proposal for the postwar international system sought to remedy some of the same problems currently facing emerging market economies. It was based on the idea that financial stability was predicated on a balance between imports and exports over time, with any divergence from balance providing automatic financing of the debit countries by the creditor countries via a global clearinghouse or settlement system for trade and payments on current account. This eliminated national currency payments for imports and exports; countries received credits or debits in a notional unit of account fixed to national currency. Since the unit of account could not be traded, bought, or sold, it would not be an international reserve currency. The credits with the clearinghouse could only be used to offset debits by buying imports, and if not used for this purpose they would eventually be extinguished; hence the burden of adjustment would be shared equally - credit generated by surpluses would have to be used to buy imports from the countries with debit balances. Emerging market economies could improve upon current schemes for regionally governed financial institutions by using this proposal as a template for the creation of regional clearing unions using a notional unit of account.

  11. Foreign direct investment in the financial sector of emerging market economies

    OpenAIRE

    Bank for International Settlements

    2004-01-01

    Executive summary Foreign participation in the financial sectors of emerging market economies (EMEs) increased rapidly during the 1990s. It has continued to expand so far in this decade, on balance – although its pace fell somewhat following problems in Argentina in 2002 and the global slowdown in mergers and acquisitions. While banks accounted for the majority of financial sector foreign direct investment (FSFDI), they were joined during this period by securities and investment firms. In a n...

  12. A Qualitative Inquiry into the formation of Generational Cohorts: a Case of an Emerging Market

    Directory of Open Access Journals (Sweden)

    Hiram Ting

    2015-01-01

    Full Text Available This study use sociological theories of generations to identify generational cohorts for market segmentation. These theories are predominantly used in the West, hence little is known about their relevance in emerging markets, such as Malaysia. Past studies have mostly borrowed cohort labels from that of the U.S. sources, and assumed that their characteristics can be construed in the Malaysian context. Given the exploratory nature of the study, a qualitative approach by means of personal interview was conducted to identify the actual cohorts in Sarawak, a state in Malaysia. Specifically, major societal and historical events that Sarawakians could overtly recall due to their attachment to them during formative years were elicited. Accordingly forty-eight interviews were recorded, transcribed and content-analysed. Five cohorts were identified, and they were different from that of the U.S. sources. They were subsequently labelled as Neoteric-inheritors, Prospective-pursuers, Social-strivers, Idealistic-strugglers and Battling-lifers based on their collective experience of the events. The results show the relevance of theories of generations for market segmentation in emerging market.

  13. An analysis of the early-warning system in emerging markets for reducing the financial crisis

    Science.gov (United States)

    Shen, Xiangguang; Song, Xiaozhong

    2009-07-01

    The large number of financial crises in emerging markets over the past ten years has left many observers, both from academia and financial institutions, puzzled by an apparent lack of homogenous causal relations between endogenous economic variables and the bursting of large financial shocks. The frequency of financial crises in the last 20 years can be attributed to the lack of a comprehensive theory of financial regulation to guide policy makers. Existing theories fail to define the range of regulatory models, the causes of regulatory failure, and how to measure and prevent it. Faulty design of regulatory models, and the lack of ongoing performance monitoring incorporating early warning systems, is disrupting economic and social development. The main aim of this article is to propose an early warning system (EWS) which purposes issuing warning signal against the possible financial crisis in the emerging market, and makes the emerging market survived the first wave of the crisis be able to continue their operation in the following years.

  14. Fairness Is an Emergent Self-Organized Property of the Free Market for Labor

    Directory of Open Access Journals (Sweden)

    Venkat Venkatasubramanian

    2010-06-01

    Full Text Available The excessive compensation packages of CEOs of U.S. corporations in recent years have brought to the foreground the issue of fairness in economics. The conventional wisdom is that the free market for labor, which determines the pay packages, cares only about efficiency and not fairness. We present an alternative theory that shows that an ideal free market environment also promotes fairness, as an emergent property resulting from the self-organizing market dynamics. Even though an individual employee may care only about his or her salary and no one else’s, the collective actions of all the employees, combined with the profit maximizing actions of all the companies, in a free market environment under budgetary constraints, lead towards a more fair allocation of wages, guided by Adam Smith’s invisible hand of self-organization. By exploring deep connections with statistical thermodynamics, we show that entropy is the appropriate measure of fairness in a free market environment which is maximized at equilibrium to yield the lognormal distribution of salaries as the fairest inequality of pay in an organization under ideal conditions.

  15. A comprehensive review of the literature on epilepsy in selected countries in emerging markets

    Directory of Open Access Journals (Sweden)

    Angalakuditi M

    2011-09-01

    Full Text Available Mallik Angalakuditi1, Nupur Angalakuditi21Georgia State University, Atlanta, GA; 2New York Medical College, Valhalla, NY, USAAims: To perform a systematic literature review of studies in peer reviewed journals on the epidemiology, economics, and treatment patterns of epilepsy in selected countries in emerging markets.Methods: A literature search was performed using relevant search terms to identify articles published from 1999 to 2000 on the epidemiology, economics, and treatment patterns of epilepsy. Studies were identified through electronic Embase®, Cochrane©, MEDLINE®, and PubMed® databases. Manual review of bibliographies allowed for the detection of additional articles.Results: Our search yielded 65 articles. These articles contained information relevant to epidemiology (n = 16, treatment guidelines (n = 4, treatment patterns (n = 33, unmet needs (n = 4, and economics (n = 8. From a patient perspective, patients with less than or equal to two adverse events (AEs while taking anti-epileptic drugs (AEDs had significantly lower annual costs than those having greater than or equal to three AEs, as did patients with fewer seizures. The overall mean annual cost for epilepsy per patient ranged from US$773 in China to US$2646 in Mexico. Prevalence data varied widely and were found for countries including Arab League Members, China, India, and Taiwan. In Turkey, active prevalence rates ranged from 0.08/1000 to 8.5/1000, and in Arab countries, active prevalence ranged from 0.9/1000 in Sudan to 6.5/1000 in Saudi Arabia. Seventeen different AEDs were used in the identified studies. The most common AEDs utilized were phenobarbital (21.7%, valproate (17.5%, and tiagabine (16.4%. In all studies, the use of AEDs resulted in an increase of patients who became seizure free and a reduction in seizure frequency and severity.Conclusion: Few studies have examined the prevalence and incidence of epilepsy in emerging markets and study limitations tend to

  16. Volatility forecasting and value-at-risk estimation in emerging markets: the case of the stock market index portfolio in South Africa

    Directory of Open Access Journals (Sweden)

    Lumengo Bonga-Bonga

    2011-04-01

    Full Text Available Accurate modelling of volatility is important as it relates to the forecasting of Value-at-Risk (VaR. The RiskMetrics model to forecast volatility is the benchmark in the financial sector. In an important regulatory innovation, the Basel Committee has proposed the use of an internal method for modelling VaR instead of the strict use of the benchmark model. The aim of this paper is to evaluate the performance of RiskMetrics in comparison to other models of volatility forecasting, such as some family classes of the Generalised Auto Regressive Conditional Heteroscedasticity models, in forecasting the VaR in emerging markets. This paper makes use of the stock market index portfolio, the All-Share Index, as a case study to evaluate the market risk in emerging markets. The paper underlines the importance of asymmetric behaviour for VaR forecasting in emerging markets’ economies.

  17. Emergency management in the Swedish electricity market: The need to challenge the responsibility gap

    International Nuclear Information System (INIS)

    Palm, Jenny

    2008-01-01

    A secure energy supply is a basic need of society. Along with electricity market deregulation, a responsibility gap has arisen, where private energy companies lack economic incentives to invest in an electricity distribution grid that is secured to the level desired by society. This article discusses the emergency management strategies of municipal authorities for securing the electricity supply, according to a networked, or 'governance', control and direction structure, and how this influences the relationship between electricity companies and Swedish municipalities. The Swedish electricity system has traditionally developed in a monopoly context. Since electricity market deregulation, the responsibility for electricity supply security has become unclear; field studies of Swedish municipalities indicate that all actors still seem to be seeking to find their proper roles in the deregulated market. Municipalities still expect to exercise influence over private energy company decisions regarding prioritization of emergency power deliveries. Energy companies vacillate between emphasizing their need to regard economic factors and their sense of responsibility for providing a secure electricity supply to vital municipal functions (even though municipalities may lack contracts specifying this)

  18. Ten-Year after the Asian Financial Crisis: Understanding Spread Determinants on New Emerging Market Bonds

    Directory of Open Access Journals (Sweden)

    Gracia S Ugut

    2014-08-01

    Full Text Available The  spread  determinants  of  emerging  market  bonds  have  shown  some  similarity  with the  non-investment  grade  bonds.  In  the  study,  the  author  found  that  there  are  significant numbers of quantitiable factors to explain the variance in the risk premium. The factors were classified  into  company  speciic  variables  and  macroeconomic  variables,  such  as  rating, term,  and  secondary  market  spread,  interest  rate  change  and  rising  price  of  commodities. For  the  unexplained  variance  in  risk  premiums,  the  study  suggested  some  explanation  on the underwriter's effectiveness in presenting the issuer to the investors and correlation of the emerging-market debt to the other asset classes.  

  19. The sustainable development effects of investment by emerging-market multinationals: Shaping beneficial outcomes for home and host country

    NARCIS (Netherlands)

    Hendriks, G. (Guus)

    2017-01-01

    textabstractEmerging-market multinational enterprises (EMNEs) play an increasingly important role as investors in developing economies. When certain conditions are met, their foreign investment can contribute to host-country progress towards the Sustainable Development Goals (SDGs). Moreover,

  20. Developing competitive advantage through startups and venture capital in emerging markets: A view from Israel.

    Directory of Open Access Journals (Sweden)

    Alexander Maune

    2017-06-01

    Full Text Available This article presents an examination of the emergence and co-evolution of startups and venture capital that led to the transformation of Israel into a Start-Up and Innovation Nation since its inception in 1948. Throughout, the co-evolution of startups and venture capital was considered a critical linkage between venture capital emergence and startup intensive cluster. The article also examined the three phased evolutionary model of 1969 to 2000. A discursive approach of related relevant literature was used. The study found out that the co-evolution of startups and venture capital, policy targeting and a network of a number of other factors as will be discussed in the three phased evolutionary model were critical to the emergence and change of the Israeli high-technology industry into a high-technology startup intensive industry. Israel has become the second largest world market for venture capital with more than 240 venture capitals since 1992. Israel has also become the lead in research and development attracting more than 270 multinational companies with more than 250 establishing research centers and employing over 108 000 in the country. The study also found that Israel leads other nations in per capita startups, engineers, scientists and technicians. This article will be critical for policy formulation and implementation especially in Emerging Markets. This article may lead to a shift in strategy in many emerging countries. This article will also help expand the academic knowledge by filling the existing gaps within the body of knowledge. Therefore, the article has academic, economic and policy value.

  1. An analysis of the macroeconomic conditions required for SME lending: Evidence from Turkey and other emerging market countries

    OpenAIRE

    Jenkins Hatice; Hossain Monir

    2017-01-01

    Providing small and medium enterprises (SMEs) with access to external finance has been a major concern for many governments and international organizations for three decades. In recent years the experiences of emerging market countries suggest that a paradigm shift is taking place in SME finance. Particularly in fast-growing emerging market countries such as Turkey, banks are increasingly targeting SMEs as a new line of banking business. This research analy...

  2. BOP theory in an emerging market economy: India under the microscope

    Directory of Open Access Journals (Sweden)

    Gouher Ahmed

    2015-07-01

    Full Text Available Poverty is a universal phenomenon which does not go well with the progressive 21st century and hence the worldwide efforts to overcome the problem. At the beginning of the 21st century (2002, the late professor C.K. Prahalad had propounded a path breaking theory of poverty alleviation called the bottom of the pyramid business theory, which is not only making MNCs investments (FDI in underdeveloped countries and promoting their growth and employment generation and increase in incomes and thereby consumption and expenditure but also producing goods and services needed by the poor households at the bottom of the economic and business pyramid. The paper is devoted to the consideration of the theory in the emerging market economy of India where poverty is a biggest problem and the situation is not found significant for the BOP business. Can there be a market solution to it?

  3. How Emerging Market Resource-poor Firms Compete and Outcompete Advanced Country Resource-Rich Rivals

    DEFF Research Database (Denmark)

    Li, Xin

    2018-01-01

    Purpose: The purpose of this paper is to comment on Professor Ming-Jer Chen’s recent publication titled “Competitive dynamics: Eastern roots, Western growth” and present an asymmetry reversing perspective on the competitive dynamics between two nonobvious, invisible or indirect competitors, namely......, how emerging market resource-poor firms compete and outcompete advanced country resource-rich rivals. Design/methodology/approach: The author first identifies an important neglect in Professor Chen’s scholarship on competitive dynamics, i.e., the neglect of the ubiquity of the less visible competition...... position, and try to avoid any direct competition with the strong incumbents. They often tactically appear to pursue different paths of development from those of the strong incumbents by focusing on particular product categories and market segments. Doing so allows the resource-poor firms to win times...

  4. Emerging markets for imported beef in China: Results from a consumer choice experiment in Beijing.

    Science.gov (United States)

    Ortega, David L; Hong, Soo Jeong; Wang, H Holly; Wu, Laping

    2016-11-01

    The purpose of this study is to explore emerging markets for imported beef in China by assessing Beijing consumer demand for quality attributes. This study utilizes data from an in-store choice experiment to evaluate consumer willingness-to-pay for select food quality attributes (food safety, animal welfare, Green Food and Organic certification) taking into account country-of-origin information. Our results show that Beijing consumers value food safety information the most, and are willing to pay more for Australian beef products than for US or domestic (Chinese) beef. We explore the various relationships between the quality attributes, find evidence of preference heterogeneity and discuss agribusiness and marketing implications of our findings. Copyright © 2016 Elsevier Ltd. All rights reserved.

  5. Market Ordering as a Device for Market-Making: The Case of the Emerging Students' Recruitment Industry

    Science.gov (United States)

    Komljenovic, Janja

    2017-01-01

    This paper focuses on market-making in the higher education sector and particularly on the role of the market ordering processes. The entry point to examine relations between market ordering and market-making is a private company called ICEF GmbH from Germany. ICEF is engaged in selling particular kinds of education services, delivered by…

  6. Tweak, adapt, or transform: Policy scenarios in response to emerging bioenergy markets in the U.S

    Science.gov (United States)

    Ryan. C. Atwell; Lisa. A. Schulte; Lynne M. Westphal

    2011-01-01

    Emerging bioenergy markets portend both boon and bane for regions of intensive agricultural production worldwide. To understand and guide the effects of bioenergy markets on agricultural landscapes, communities, and economies, we engaged leaders in the Corn Belt state of Iowa in a participatory workshop and follow-up interviews to develop future policy scenarios....

  7. The Choice of Entry Mode for Successful Business in an Emerging Market : Norwegian Business Operations in Indonesia

    OpenAIRE

    Ødegård, Sunniva Hellandsvik

    2016-01-01

    Master thesis Business Administration - University of Agder 2016 The main topic for this master thesis is the choice of entry mode for successful business in emerging markets, with a focus on Norwegian companies in the Indonesian market. The problem statement of the thesis is as follows: What are the main factors affecting the choice of entry mode for Norwegian companies in the Indonesian market? Several studies on the choice of entry modes have previously been conducted. Howev...

  8. The exchange rate managements in crisis-experienced emerging market economies after the 1990s

    OpenAIRE

    Taguchi, Hiroyuki

    2005-01-01

    This article examined the exchange rate managements in the crisis-experienced emerging market economies after the 1990s. First, we found that the exchange rate flexibility has increased from the pre-crisis period towards the post-crisis period under the “soft peg” regime. Second, we identified a structural change in the factors for determining a reference rate in exchange rate management from the pre-crisis period to the post-crisis period. Third, we found that East Asian countries, in their ...

  9. The role of total factor productivity in 'Phoenix Miracles' : insights from an emerging market crisis

    OpenAIRE

    Carlos E. Zarazaga

    2007-01-01

    Key macroeconomic variables such as GDP and investment typically display a V-shaped pattern during major emerging market crises. A notable exception to that pattern is intermediated credit, which follows an L-shaped trajectory instead: it declines at first in lockstep with economic activity, but later on it fails to recover while output does. From the vantage point of “credit crunch” theories of crises, it is as if output almost literally “rises from its ashes,” prompting the metaphoric chara...

  10. Asymmetric impacts of global risk appetite on the risk premium for an emerging market

    Science.gov (United States)

    Kanlı, İbrahim Burak

    2008-05-01

    This paper analyzes the impact of global risk appetite on the risk premium utilizing high-frequency data. Taking the Turkish economy as our laboratory, we find that the risk premium volatility responds only to a worsening in the risk appetite for the Turkish economy, which is a result that we do not observe for the other emerging markets. Then, we investigate the role of current account dynamics on this asymmetric effect, by focusing also on an economy with similar current account performance. The empirical results find supporting evidence for the role of current account dynamics on the estimated asymmetry.

  11. The determinants of the composition of public debt in developing and emerging market countries

    Directory of Open Access Journals (Sweden)

    Kristine Forslund

    2011-07-01

    Full Text Available This paper uses a new dataset on the composition of public debt in developing and emerging market countries to look at the correlation between country characteristics and domestic debt share. While the paper finds that most variables have the expected sign, it also finds that country characteristics cannot explain regional differences in the composition of public debt. Moreover, the paper finds a weak correlation between inflationary history and the composition of public debt. The paper explores the determinants of this finding and shows that the results are driven by the presence of capital controls.

  12. A Case Study of Forecasted Earnings Acceleration and Stock Selection in Global and Emerging Stock Markets

    Directory of Open Access Journals (Sweden)

    John Guerard

    2018-04-01

    Full Text Available The allocation of scarce economic resources so as to maximize societal good is at the very core of human economic development. The key contribution of Markowitz [1] was to view this age-old activity in a scientifically rigorous manner, and bring three key elements to the forefront, namely, risk, return and correlations. Since the publication of Markowitz' seminal paper, investment professionals have expensed significant resources in identifying, understanding, and monetizing new sources of uncorrelated returns. This paper moves forward that narrative by focusing on Emerging Markets (EM and demonstrating the effectiveness of earnings acceleration factors in building significantly better mean-variance optimized portfolios.

  13. The causal dynamics between coal consumption and growth: Evidence from emerging market economies

    International Nuclear Information System (INIS)

    Apergis, Nicholas; Payne, James E.

    2010-01-01

    This study examines the relationship between coal consumption and economic growth for 15 emerging market economies within a multivariate panel framework over the period 1980-2006. The heterogeneous panel cointegration results indicate there is a long-run equilibrium relationship between real GDP, coal consumption, real gross fixed capital formation, and the labor force. While in the long-run both real gross fixed capital formation and the labor force have a significant positive impact on real GDP, coal consumption has a significant negative impact. The panel causality tests show bidirectional causality between coal consumption and economic growth in both the short- and long-run. (author)

  14. Estimating Short run and Long run Coefficients of Fundamentals Factors with Growth and Momentum Factor: Evidence from Emerging Markets

    Directory of Open Access Journals (Sweden)

    Adnan Shoaib

    2016-12-01

    Full Text Available This study examines the long term relationship of risk premium and fundamental factors in emerging stock markets of China, India and Pakistan keeping in view leading contribution of Fama and French (1992 and Carhart (1997 models. Contrary to the macroeconomic multifactor models, this study incorporates firm-specific risk factors related to the market premium; size (SMB, value (HML, momentum (WML and growth (UMD as determinants of risk premium. The firm-specific growth factor is incorporated based on evidence from Ho, Strange, and Piesse (2008 by employing (UMD which is based on assets to market equity of the firm. Sample of 1198 companies from the three emerging markets for the period of 2001-2013 depicts market risk premium as the leading factor affecting risk premium in Indian and the Pakistani markets. Results reveal market momentum being high enough to overestimate coefficients in the short run. However, the relationship is stabilized and adjusted in the long run. Chinese markets, where all the risk factors seem to play their role to determine risk premium, are relatively much stable and grown-up and clearly represent maturity of the Chinese markets. Distinction between the short run and long run might be useful for the investors of the three emerging economies. According to the principle of high risk associated with high returns, small value happens to deliver higher returns with higher volatility. The growth stocks outperform value stocks in these economies.

  15. 78 FR 44922 - Vegetable and Specialty Crop Marketing Orders; Notice of Request for Extension and Revision of a...

    Science.gov (United States)

    2013-07-25

    ... Approved Information Collection AGENCY: Agricultural Marketing Service, USDA. ACTION: Notice and request... assured of consideration. Additional Information or Comments: Contact Andrew Hatch, Supervisory Marketing....regulations.gov . SUPPLEMENTARY INFORMATION: Title: Vegetable and Specialty Crop Marketing Orders. OMB Number...

  16. Effective Stock Selection and Portfolio Construction Within US, International, and Emerging Markets

    Directory of Open Access Journals (Sweden)

    Bijan Beheshti

    2018-05-01

    Full Text Available In this paper, we explore the ex-post attributes of 120 simulated portfolios across the U.S., International, and Emerging Markets. We estimate expected returns using a given global stock selection model employing Global Equity Rating (GLER and Consensus Temporary Earnings Forecasting (CTEF signals. Our portfolios are constructed under the Markowitz optimization framework and constrained at various tracking error levels. Further, an alpha alignment factor is applied to aid in portfolio construction. As a result of our research, we present the reader with three key findings. First, GLER and CTEF signals employed as the primary inputs to security selection result in portfolios with superior risk adjusted returns relative to the Russell 3000, MSCI AC World ex. US, and MSCI Emerging Markets benchmarks which they are measured against. Second, expanding the investment universe outside the U.S. increases the opportunity set yielding higher risk adjusted performance. Third, the incorporation of an alpha alignment factor within the portfolio construction process improves risk forecasts resulting in ex-post tracking error aligning more closely to ex-ante, and ultimately improving information ratios.

  17. E-Commerce as an instrument of governing SMEs’ marketing strategy in an emerging economy

    Directory of Open Access Journals (Sweden)

    Lawrence Mpele Lekhanya

    2016-11-01

    Full Text Available The purpose of this paper is to report on the use of e-commerce an instrument of governing SMEs’ marketing strategy in an emerging economy. The study aimed to assess and critically discuss various factors influencing the use of e-commerce as an instrument of governing SMEs marketing strategy and identify the extent to which SMEs owners/managers perceived e-commerce to be important to their businesses survival and growth. A mixed method approach allowed for qualitative and quantitative techniques in collecting data from targeted respondents, with primary collected from rural areas of an emerging country. The research instrument consisted of closed-ended questionnaires made up of 5-point Likert scale responses were distributed to each respondent. The research findings indicate that most respondents believed that the use of e-commerce is motivated by the cost saving and other financial factors in the form of benefits for the customer. In addition, large number of respondents disagreed that the use of e-Commerce has changed their consumer buying behaviour. The paper’s benefit will be to the owners/managers SMEs as well as policy makers and financial agencies for SMEs

  18. The impact of fiscal policy on government bond spreads in emerging markets

    Directory of Open Access Journals (Sweden)

    Ante Žigman

    2011-12-01

    Full Text Available Spreads on government bonds are a collective expression of differences in the level of development, risk, expected returns and other essential characteristics of states or regions the bond yields of which we wish to compare. At issue here is a collective expression of factors that work on the bond supply and demand side. These are for example the political environment (or political risks, expected return, economic risks, expected inflation, expected change in the exchange rate, solvency, way in which the bonds of a given state fi t into the portfolios of the major investors and so on. The paper identifies the influence of fiscal and non-fiscal factors on movements in spreads on government bonds in emerging markets. The possibility of isolating fiscal from non-fiscal influences on spreads and the identification of the nature of fiscal impacts can be of great importance for the conduct of fiscal policy. The results obtained can be used for an optimisation of fiscal policy so as to avoid negative impacts on yields (i.e. a growth in yields, that is, a growth in the costs of government borrowing. This paper enlarges the line of research by querying whether the structure of deficit financing (domestic or foreign has an impact on bond yields in emerging markets, and how this impact is reflected on the other determinants of fiscal policy.

  19. Overcoming Barriers to Frugal Innovation: Emerging Opportunities for Finnish SMEs in Brazilian Markets

    Directory of Open Access Journals (Sweden)

    Mirva Hyypiä

    2018-04-01

    Full Text Available Frugal innovation has become a popular concept, in academia but also in industry at large. Although there has been a great deal of discussion about the relevance of frugal innovation to the developed world, the notion’s full acceptance within small and medium-sized enterprises (SMEs still seems far in the distance. The opportunities and barriers seen with practical implementation of frugal innovation during the development processes have received little attention. This article considers these opportunities and barriers in the context of Finnish SMEs, providing insight specifically into the approaches these companies take in Brazilian markets. Qualitative data were drawn from a case study forming part of an extensive action research-based development project called SCALA, aimed at creating suitable and scalable mobile learning services for global markets. The concepts of frugal innovation and proceeding from user needs – essential parts of the development processes – are examined by observing three Finnish SMEs and their top managers, with particular focus on their interaction with Brazilian partners. Development sessions and meetings shed light on how the companies perceived and responded to testing their products/services with six individual schools in Brazil. Although frugal innovation is seen as essential for guaranteeing long-term competitiveness of Finnish SMEs – and access to rapidly growing, unsaturated emerging markets such as Brazil can be a step in the right direction – our study highlights numerous barriers and ways to overcome them in the real-world implementation of frugality in SMEs’ development processes.

  20. What does location choice reveal about knowledge-seeking strategies of emerging market multinationals in the EU?

    DEFF Research Database (Denmark)

    Jindra, Bjørn; Hassan, Sohaib Shahzad; Cantner, Uwe

    2016-01-01

    The European Union is one of the largest recipients of outward foreign direct investment from emerging economies. We apply different discrete choice models to analyze the location choice of 4555 emerging market firms in 93 sub-national regions of the European Union. In particular, we test to what...... extent these firms’ location choices are related to agglomeration economies and knowledge externalities, because these have been suggested as potential sources to propel learning and technological catching-up. Our results indicate that emerging market firms’ location choices are positively affected...... by agglomeration economies and knowledge externalities. In addition, we can identify differences in the valuation of various sub-national location factors as well as differences in the substitution pattern between alternative regions for firms originating from emerging markets. The evidence supports the argument...

  1. Time-constrained mother and expanding market: emerging model of under-nutrition in India

    Directory of Open Access Journals (Sweden)

    S. Chaturvedi

    2016-07-01

    Full Text Available Abstract Background Persistent high levels of under-nutrition in India despite economic growth continue to challenge political leadership and policy makers at the highest level. The present inductive enquiry was conducted to map the perceptions of mothers and other key stakeholders, to identify emerging drivers of childhood under-nutrition. Methods We conducted a multi-centric qualitative investigation in six empowered action group states of India. The study sample included 509 in-depth interviews with mothers of undernourished and normal nourished children, policy makers, district level managers, implementer and facilitators. Sixty six focus group discussions and 72 non-formal interactions were conducted in two rounds with primary caretakers of undernourished children, Anganwadi Workers and Auxiliary Nurse Midwives. Results Based on the perceptions of the mothers and other key stakeholders, a model evolved inductively showing core themes as drivers of under-nutrition. The most forceful emerging themes were: multitasking, time constrained mother with dwindling family support; fragile food security or seasonal food paucity; child targeted market with wide availability and consumption of ready-to-eat market food items; rising non-food expenditure, in the context of rising food prices; inadequate and inappropriate feeding; delayed recognition of under-nutrition and delayed care seeking; and inadequate responsiveness of health care system and Integrated Child Development Services (ICDS. The study emphasized that the persistence of child malnutrition in India is also tied closely to the high workload and consequent time constraint of mothers who are increasingly pursuing income generating activities and enrolled in paid labour force, without robust institutional support for childcare. Conclusion The emerging framework needs to be further tested through mixed and multiple method research approaches to quantify the contribution of time limitation of

  2. Internationalization strategies of emerging market-based multinationals: integration of Indian ICT-ITES companies on the Dutch service outsourcing market

    NARCIS (Netherlands)

    Beerepoot, N.; Roodheuvel, I.

    2016-01-01

    This paper examines the entry of Indian information and communication technology-information technology-enabled services (ICT-ITES) companies on the Dutch service outsourcing market. Using this case study, the paper integrates two academic debates: the rise of emerging country-based multinationals

  3. Do emerging markets matter in the world oil pricing system? Evidence of imported crude by China and India

    International Nuclear Information System (INIS)

    Hong Li; Lin Xiaowen, Sharon

    2011-01-01

    This paper provides empirical evidence on the changing structure of world oil price system by identifying an additional driver-emerging market factor. We choose China and India as a representative of emerging markets to examine if the quantity of crude oil imported by China and India is significant in the existing oil pricing system (. Our data starts from January 2002 and ends in March 2010, which includes the oil shock of 2007-2008. We utilize cointegration and error correction model framework developed by and in the analysis. Our results indicate that demand from emerging markets has become a significant factor in the world oil pricing system since 2003. This result is significant as it lends empirical support to the widely held conjecture that the oil shock of 2007-2008 is a demand-led shock (). Our result also has significant policy implications that go beyond the oil shock. The emerging market factor is there to stay and reflects the changing power between emerging and developed economies in the world economic system as a result of decades of fast economic development in the former. It will certainly influence policy issues related to oil and beyond. - Highlights: → We test the existing oil price modelling with data from 2002-2010. → We find evidence of structural breaks in the world oil pricing model. → We find that emerging market factor is a new driver in the world oil pricing system since 2003. → The emerging market factor lends empirical support to 'consumption-led' conjecture of oil shock. → New factor reflects significant changes of oil demand landscape following shifting economic power.

  4. B2B marketing communications in emerging markets : content marketing in digital channels: a case study of the United Arab Emirates

    OpenAIRE

    Banjo, Olugbenga

    2013-01-01

    With the ever increasing online community and opportunities, digital marketing is fast becoming the mainstream in the field of marketing. At the same time marketers have to be up-to-date with the current digital trends in order to be able to improve themselves and make valuable contributions to their organisations. The significance of digital marketing thus should make any thoughtful organisation want to plan for, perform, evaluate and improve its digital marketing endeavours where necessary,...

  5. Marketing Strategy Formulation for the Introduction of Eukula Strato German Wood Finishes in Local Market of Emerging Indian Economy

    Directory of Open Access Journals (Sweden)

    Suraj Kushe Shekhar

    2013-09-01

    Full Text Available Wood finishing relates to the process of embellishing or protecting the surface of the wood. The paper aimed at formulating a marketing strategy for introducing water borne German based Wood Finishes named Eukula Strato into local market of northern Kerala, India. Multiple cross sectional descriptive research with judgmental sampling technique elicited responses from Finishers, Furniture manufacturers and Interior designers. Findings revealed that Eukula Strato had a distinct advantage when compared to any other Wood Finish that was available in the local market. Findings and suggestions were reported as per 4P’s of marketing mix. Percentage analysis, Chi square analysis etc were used to interpret the results

  6. Relationship between oil prices, interest rate, and unemployment. Evidence from an emerging market

    International Nuclear Information System (INIS)

    Dogrul, H. Guensel; Soytas, Ugur

    2010-01-01

    While the interrelation between oil price changes, economic activity and employment is an important issue that has been studied mainly for developed countries, little attention has been devoted to inquiries on fluctuations in the price of crude oil and its impact on employment for small open economies. Adopting an efficiency wage model for equilibrium employment that does not require any assumptions regarding labor supply, this paper contributes to the literature by investigating the causality between unemployment and two input prices, namely energy (crude oil) and capital (real interest rate) in an emerging market, Turkey for the period 2005:01-2009:08. Applying a relatively new technique, the Toda-Yamamoto procedure, we find that the real price of oil and interest rate improve the forecasts of unemployment in the long run. This finding supports the hypothesis that labor is a substitute factor of production for capital and energy. (author)

  7. Users’ Participation in Requirements Gathering for Smart Phones Applications in Emerging Markets

    DEFF Research Database (Denmark)

    Aryana, Bijan; Clemmensen, Torkil; Boks, Casper

    2015-01-01

    This study presents insights from using requirements gathering techniques for country-specific customization of smart phones in two emerging markets, Iran and Turkey. In each country, a group of users participated in requirements gathering sessions that were aimed at developing design ideas...... for overcoming country-specific usability problems. Using qualitative content analysis, it was found that in each country some specific interaction activities were considered more when participants generated design ideas for country-specific usability problems. It was also found that even for similar usability...... problems, participants suggested country-specific solutions. Therefore, it is suggested that participation of local users in the design process should not be limited to identification of usability problems, but should also include the problem-solving phase that is usually a phase in design and development...

  8. High-speed detection of emergent market clustering via an unsupervised parallel genetic algorithm

    Directory of Open Access Journals (Sweden)

    Dieter Hendricks

    2016-02-01

    Full Text Available We implement a master-slave parallel genetic algorithm with a bespoke log-likelihood fitness function to identify emergent clusters within price evolutions. We use graphics processing units (GPUs to implement a parallel genetic algorithm and visualise the results using disjoint minimal spanning trees. We demonstrate that our GPU parallel genetic algorithm, implemented on a commercially available general purpose GPU, is able to recover stock clusters in sub-second speed, based on a subset of stocks in the South African market. This approach represents a pragmatic choice for low-cost, scalable parallel computing and is significantly faster than a prototype serial implementation in an optimised C-based fourth-generation programming language, although the results are not directly comparable because of compiler differences. Combined with fast online intraday correlation matrix estimation from high frequency data for cluster identification, the proposed implementation offers cost-effective, near-real-time risk assessment for financial practitioners.

  9. A Review of the Emerging Markets Literature: Context, Concepts and Future Research

    DEFF Research Database (Denmark)

    Nielsen, Ulrik B.; Hannibal, Martin; Larsen, Nathalie Nørregaard

    Emerging Markets (EM) has been the focus of numerous studies. Even though the EM category has been heavily debated and has been the focus of a substantial and ever-growing body of research, the elements used to define and characterize EMs are still found to be inconsistent. Through a systematic...... of the existing EM literature, which is currently dominated by studies involving China and India. Secondly, we identify the seminal contributions based on cross-references in the EM field and citations in international business literature in general. Thirdly, we elaborate on the definitional elements of the most...... dominant definitions and characterizations in the extant EM literature. As a final step these are used to develop an organizing framework for future research. Finally, based on our findings we suggest avenues of future research and managerial implications are presented....

  10. A new analysis of the effects of the Asian crisis of 1997 on emergent markets

    Science.gov (United States)

    Mariani, M. C.; Liu, Y.

    2007-07-01

    This work is devoted to the study of the Asian crisis of 1997, and its consequences on emerging markets. We have done so by means of a phase transition model. We have analyzed the crashes on leading indices of Hong Kong (HSI), Turkey (XU100), Mexico (MMX), Brazil (BOVESPA) and Argentina (MERVAL). We were able to obtain optimum values for the critical date, corresponding to the most probable date of the crash. The estimation of the critical date was excellent except for the MERVAL index; this improvement is due to a previous analysis of the parameters involved. We only used data from before the true crash date in order to obtain the predicted critical date. This article's conclusions are largely obtained via ad hoc empirical methods.

  11. Accelerated Internationalization in Emerging Markets: Empirical Evidence from Brazilian Technology-Based Firms

    Directory of Open Access Journals (Sweden)

    Fernanda Ferreira Ribeiro

    2014-04-01

    Full Text Available This paper offers an analysis into the external factors influencing the accelerated internationalization of technology-based firms (TBFs in the context of an emerging country, Brazil. This type of firm is typically called born global and has been reported mainly in high technology sectors and from developed countries. A survey was applied to small and medium Brazilian TBFs. Logistic regression was used to test the research hypotheses. The results suggest that new and small Brazilian technology-based firms, which followed an accelerated internationalization process, are most likely to be integrated into a global production chain. Results also show that TBFs which take more than five years to enter the international market, benefit more from the location in an innovation habitat, the partnerships in the home country, and the pro-internationalization government policies. Therefore, this research contributes to a better understanding of the phenomenon and points to new perspectives of studies.

  12. Faith and business practice amongst Christian entrepreneurs in developing and emerging markets

    Directory of Open Access Journals (Sweden)

    Eric A. S. Wood

    2014-09-01

    Full Text Available This article examines the impact of faith on the business approach of Christian entrepreneurs in developing and emerging market settings. Special attention is given to the distinctive context for business in these environments (including high levels of poverty and corruption; the entrepreneurs’ responses, and how faith influences these responses. Focusing on the experience of two entrepreneurs out of a larger pool of 65, we found that faith appears to play an important role in shaping their priorities. Putting reputation before short-term profit, both entrepreneurs adopted a zero-tolerance policy towards corrupt dealing, and have become known for this stance. Both entrepreneurs also exhibit a sense of dependence on God that is greater than that documented amongst Christian entrepreneurs in developed countries, perhaps reflecting the challenges associated with their environments.

  13. Crisis and Work: An Analysis of Emergency Labour Market Policies in Portugal, Spain and Greece

    Directory of Open Access Journals (Sweden)

    Margarida Martins Barroso

    2017-01-01

    Full Text Available In this article, we analyse the main reforms introduced in the Portuguese, Spanish and Greek labour-markets since the beginning of the crisis. Based in a documental and statistical analysis, the study takes in consideration the similar institutional, historical and geographic characteristics of these countries, but also their particularities. Results show that the emergency policies tend to resemble and to concentrate on dismissals, contracts, working time, salaries, collective bargaining and working conditions in the public sector. Nonetheless, the pre-crisis structural variations between these countries, together with the different effects that the crisis had in each one of them, help to understand possible differences in terms of results, giving a new contribution to the questioning of the internal homogeneity of the Mediterranean model.

  14. 77 FR 21391 - Marketing Order Regulating the Handling of Spearmint Oil Produced in the Far West; Revision of...

    Science.gov (United States)

    2012-04-10

    ... annual allotments after October 31 of each marketing year. As a result, the Committee has calculated that... pounds, the result is a total available supply of Scotch spearmint oil for the 2011-2012 marketing year...

  15. Financial resources for development. Capital markets in developing countries: a study on borrowing by developing countries in the emerging capital markets of the Middle East

    Energy Technology Data Exchange (ETDEWEB)

    Nashashibi, H S

    1980-10-01

    Private transfers of capital from the Organization of Petroleum Exporting Countries (OPEC) to developing countries are intended to complement private transfers from the Organization of Economic Cooperation and Development (OECD) by tapping the emerging capital markets in the Middle East. Developing countries will be able to diversify their borrowing and gain additional financing. The long-term investment of oil-producing countries will benefit and the pressures on the banking institutions to recycle funds will lessen. Middle East capital markets include international loans and international bonds. The history of the Kuwaiti dinar (KD) bond market, with its advantages for both investors and borrowers, illustrates the successful development of a capital market. Financial intermediation needs to be improved, however, if the Middle East is to become efficient enough to compete with the Euromarkets. Efficiency will require different measures and should reflect strengthening relationships among Middle East nations. (DCK)

  16. An analysis of the macroeconomic conditions required for SME lending: Evidence from Turkey and other emerging market countries

    Directory of Open Access Journals (Sweden)

    Jenkins Hatice

    2017-01-01

    Full Text Available Providing small and medium enterprises (SMEs with access to external finance has been a major concern for many governments and international organizations for three decades. In recent years the experiences of emerging market countries suggest that a paradigm shift is taking place in SME finance. Particularly in fast-growing emerging market countries such as Turkey, banks are increasingly targeting SMEs as a new line of banking business. This research analyzes how macroeconomic factors have contributed to increased commercial bank lending to SMEs in six emerging market countries: Turkey, Argentina, Brazil, Mexico, Chile, and Poland. Based on time series and panel data analysis, we find that a high GDP growth rate and increased competition in the banking sector have contributed to increased banking sector credit to SMEs. The findings also reveal that curbing the high inflation rate and reducing government domestic borrowing have significantly encouraged bank lending to the SME segment.

  17. Did Focusing on Asia Pacific Emerging Markets Provide Much Benefit to Portfolio Diversification during the Late 2000s Recession?

    Directory of Open Access Journals (Sweden)

    Bambang Hermanto

    2013-01-01

    Full Text Available This research studies the international co-movement among Asia Pacific emerging markets stock price indices during the late 2000s recession by using the monthly observations start from 1st October 2001 until 1st April 2011. The co-integration analysis and parsimonious Vector Error Correction Model employed in this research reveal a long-term relationship and inter-dependencies among seven Asia Pacific emerging market stock price indices. This research finds that the unique co-integration exists on the equations. Specifically, two indices from China and Taiwan having meteor shower potential while the rest indices from Thailand, Malaysia, and Indonesia are known to have heat waves effects or country specific factors on the equation. Finally, all the results are linked to the international diversification strategies. Keywords: Co-movement, co-integration, emerging market, heat waves, meteor shower, Asia Pacific, inter-dependencies, Vector Error Correction Model, international diversification

  18. Emerging Markets: Theory & Practice / Turkey’s Reforms Post 2001 Crisis

    Directory of Open Access Journals (Sweden)

    Duygu Uckun

    2010-01-01

    Full Text Available The global financial downturn of 2001 affected broad swaths of the increasingly interconnected global economy. The global effects of the economic downturn in the U.S. in 2008 showed that decoupling had not occurred to the extent many thought, and showed that indeed emerging market countries, including Turkey, were not immune from economic trouble in America. This paper addresses the question, whether the fiscal, financial, and regulatory reforms in Turkey after the 2001 economic crisis cushion the global financial crisis world is facing toward the end of the decade. In doing so we analyze the policies implemented by Turkey before and after the 2001 global economic crisis and identify the successes as well as failures of those reforms. The results of our research show that despite significant reforms in key economic and regulatory areas in the post-2001 crisis period, vulnerabilities remained; especially concerning the large current account deficit, volatility of exchange rates, increased private sector indebtedness, and persistent unemployment. These vulnerabilities will be visible in the deteriorating liquidity conditions in the global financial markets. We conclude by recommending infrastructure, education and health spending as well as restructuring of the economy to further attract FDI and avoid reliance on speculative foreign capital in order to achieve a more balanced and sustained growth in the long run.

  19. Market transformation opportunities for emerging dynamic facade and dimmable lighting control systems

    Energy Technology Data Exchange (ETDEWEB)

    Lee, Eleanor S.; Selkowitz, Stephen E.; Hughes, Glenn D.; Thurm, David A.

    2004-06-04

    Automated shading and daylighting control systems have been commercially available for decades. The new challenge is to provide a fully functional and integrated fagade and lighting system that operates appropriately for all environmental conditions and meets a range of occupant subjective desires and objective performance requirements. These rigorous performance goals must be achieved with solutions that are cost effective and can operate over long periods with minimal maintenance. It will take time and effort to change the marketplace for these technologies and practices, particularly in building a series of documented success stories, and driving costs and risks to much lower levels at which their use becomes the norm. In recent years, the architectural trend toward highly-transparent all-glass buildings presents a unique challenge and opportunity to advance the market for emerging, smart, dynamic window and dimmable daylighting control technologies. We believe it is possible to accelerate product market transformation by developing projects where technical advances and the interests of motivated manufacturers and innovative owners converge. In this paper we present a case study example that explains a building owner's decision-making process to use dynamic window and dimmable daylighting controls. The case study project undertaken by a major building owner in partnership with a buildings R&D group was designed explicitly to use field test data in conjunction with the market influence of a major landmark building project in New York City to stimulate change in manufacturers' product offerings. Preliminary observations on the performance of these systems are made. A cost model that was developed with the building owner is explained.

  20. 77 FR 5385 - Marketing Order Regulating the Handling of Spearmint Oil Produced in the Far West; Revision of...

    Science.gov (United States)

    2012-02-03

    ... the ``order.'' The order is effective under the Agricultural Marketing Agreement Act of 1937, as... DEPARTMENT OF AGRICULTURE Agricultural Marketing Service 7 CFR Part 985 [Doc. Nos. AMS-FV-10-0094; FV11-985-1A FIR] Marketing Order Regulating the Handling of Spearmint Oil Produced in the Far West...

  1. 78 FR 23673 - Marketing Order Regulating the Handling of Spearmint Oil Produced in the Far West; Revision of...

    Science.gov (United States)

    2013-04-22

    ... the ``order.'' The order is effective under the Agricultural Marketing Agreement Act of 1937, as... DEPARTMENT OF AGRICULTURE Agricultural Marketing Service 7 CFR Part 985 [Doc. Nos. AMS-FV-11-0088; FV12-985-1A FIR] Marketing Order Regulating the Handling of Spearmint Oil Produced in the Far West...

  2. 75 FR 60713 - Farmers' Market Promotion Program: Notice of Request for Extension and Revision of a Currently...

    Science.gov (United States)

    2010-10-01

    ... (FMPP) was created through an amendment of the Farmer-to-Consumer Direct Marketing Act of 1976 (7 U.S.C...-consumer marketing opportunities. Approximately $1 million each year was allocated for Fiscal Years (FY... DEPARTMENT OF AGRICULTURE Agricultural Marketing Service [Docket No. AMS-TM-10-0082; TM-10-02...

  3. 78 FR 52129 - Cotton Classification and Market News Service: Notice of Request for an Extension and Revision of...

    Science.gov (United States)

    2013-08-22

    ... DEPARTMENT OF AGRICULTURE Agricultural Marketing Service [AMS-CN-13-0045] Cotton Classification... Information Collection AGENCY: Agricultural Marketing Service, USDA. ACTION: Notice and request for comments... announces the Agricultural Marketing Service's (AMS) intention to request approval from the Office of...

  4. Exploring technology diffusion in emerging markets – the role of public policy for wind energy

    International Nuclear Information System (INIS)

    Friebe, Christian A.; Flotow, Paschen von; Täube, Florian A.

    2014-01-01

    This study challenges the implicit assumption of homogeneity in national institutional contexts made in past studies of (renewable) energy policy. We propose that institutional differences matter by focusing on several technology-specific and generic policy factors that can foster technology diffusion through private sector activity. More specifically, we explore perceptions of early adopters in emerging economy contexts using wind park project developers as an example. By applying a parsimonious method for our questionnaire as well as qualitative data we make several contributions: Methodologically, we introduce Maximum Difference Scaling to the energy policy domain. Empirically, we identify several public influences on private investment, and assess their relative importance. This leads to new insights challenging findings from industrialized economies; we identified additional institutional barriers to diffusion, hence, the requirement of a combination of technology-specific and generic policy measures. - Highlights: • Explorative qualitative and quantitative study of project developers in emerging markets. • Identifies influencing factors for technology diffusion regarding wind farms. • Predictable public authorities and well-implemented public processes attract intern. project developers. • Feed-in-Tariffs and grid access guarantees are particularly appealing

  5. Impact of Foreign Direct Investments on Unemployment in Emerging Market Economies: A Co-integration Analysis

    Directory of Open Access Journals (Sweden)

    Yilmaz Bayar

    2017-09-01

    Full Text Available Purpose: The goal of the paper is to investigate the long run effect of both foreign direct investments and domestic investments on the unemployment in 21 emerging economies over the period 1994-2014. Design/methodology/approach: The effect of domestic and foreign direct investments on unemployment was investigated via panel data analysis. First tests of cross-section dependence and homogeneity were conducted, and then the stationarity of the series was analyzed with Pesaran's (2007 CIPS unit root test. The long run relationship among the series was examined with Westerlund-Durbin-Hausman's (2008 co -integration test. Finally, we estimated the long run coefficients with the Augmented Mean Group (AMG estimator. Findings: The empirical findings revealed a co-integrating relationship among domestic investments, foreign direct investments, and unemployment. Furthermore, foreign direct investment inflows affected the unemployment positively in the long term, but domestic investments affected the unemployment negatively. Originality/value: This study can be considered as one of the early studies researching the long run interaction between domestic investments, foreign direct investments and unemployment for the sample of emerging market economies. Furthermore, the findings are very meaningful for policymakers in the design the economic policies for decreasing unemployment.

  6. Development needs of the electricity market. Final report by the working group on the five-year revision of the electricity market act

    International Nuclear Information System (INIS)

    2001-01-01

    The opening of the Finnish electricity market was started by the Electricity Market Act that entered into force in 1995. The Act abolished the obstructions to competition in electricity production, foreign trade and sales. To guarantee the functioning of the electricity market in practice, the electricity network operators were obliged to gradually open up their networks for the use of other parties operating on the market. Finland has liberated her electricity market in the forefront and ahead of the prescribed time in relation to the obligations laid down in the EC Directive concerning common rules for the internal market in electricity. The working group has studied the development needs of the electricity market in the light of experience gained during the validity of the Electricity Market Act. As a general conclusion, the working group states that the Finnish electricity market is functioning in an appropriate manner and that there is no reason to essentially change the model chosen for the opening of the electricity market. The working group makes several proposals for actions and recommendations for improving the efficiency of the electricity market. According to the view of the working group, electricity users, production plants and distribution network operators should be authorised to construct a 110-440 kV connection line of their own to a 110 kV network or grid. Following the working group's proposal, the regulation concerning electricity retailers would be extended over to electricity vendors operating as retailers in a real-estate network. To guarantee the functioning of competition on the small-scale consumers' electricity market, the working group suggests that the customers would be entitled during one year to one change of vendor for which no separate fee would be collected. The working group proposes that construction authorisation conditions pertaining to border lines should be specified so that one condition for granting an authorisation would

  7. The Effects of Source, Revision Possibility, and Amount of Feedback on Marketing Students' Impressions of Feedback on an Assignment

    Science.gov (United States)

    Ackerman, David S.; Dommeyer, Curt J.; Gross, Barbara L.

    2017-01-01

    This study examines how three factors affect students' reactions to critical feedback on an assignment--amount of feedback (none vs. low amount vs. high amount), source of feedback (instructor-provided feedback vs. peer-provided feedback), and the situational context of the feedback (revision of paper is or is not possible). An incomplete 3 × 2 ×…

  8. Managing price risk in emerging electricity markets : OTC products and applications

    International Nuclear Information System (INIS)

    Weiss, P.

    1998-01-01

    The evolution of power markets in the United States from traditional cost based rates to mature markets, characterized by significant specialization, high volume financial market and multiple futures/indices, is described. The meaning and characteristic features of the commodity market in electricity, OTC/futures products for the electricity markets, physical delivery vs. financial settlement, models for producer trading positions and consumer trading positions, long producer position, long spread option position, short consumer position, and long producer time spread position were explained

  9. Research and Development from the bottom up:Introduction of Terminologies for New Product Development in Emerging Markets

    OpenAIRE

    Brem, Alexander; Wolfram, P.

    2014-01-01

    This paper gives a comprehensive overview of the commonly used terms jugaad, frugal innovation, frugal engineering, constraint-based innovation, Gandhian innovation, catalytic innovation, grassroots innovation, indigenous innovation, and reverse innovation. Based on that, a conceptual framework is introduced consisting of three core dimensions: sophistication, sustainability, and emerging market orientation. On the basis of these dimensions, analogies and distinctions between the terms are id...

  10. Reconciliation of diverse telepathology system designs. Historic issues and implications for emerging markets and new applications.

    Science.gov (United States)

    Weinstein, Ronald S; Graham, Anna R; Lian, Fangru; Braunhut, Beth L; Barker, Gail R; Krupinski, Elizabeth A; Bhattacharyya, Achyut K

    2012-04-01

    Telepathology, the distant service component of digital pathology, is a growth industry. The word "telepathology" was introduced into the English Language in 1986. Initially, two different, competing imaging modalities were used for telepathology. These were dynamic (real time) robotic telepathology and static image (store-and-forward) telepathology. In 1989, a hybrid dynamic robotic/static image telepathology system was developed in Norway. This hybrid imaging system bundled these two primary pathology imaging modalities into a single multi-modality pathology imaging system. Similar hybrid systems were subsequently developed and marketed in other countries as well. It is noteworthy that hybrid dynamic robotic/static image telepathology systems provided the infrastructure for the first truly sustainable telepathology services. Since then, impressive progress has been made in developing another telepathology technology, so-called "virtual microscopy" telepathology (also called "whole slide image" telepathology or "WSI" telepathology). Over the past decade, WSI has appeared to be emerging as the preferred digital telepathology digital imaging modality. However, recently, there has been a re-emergence of interest in dynamic-robotic telepathology driven, in part, by concerns over the lack of a means for up-and-down focusing (i.e., Z-axis focusing) using early WSI processors. In 2010, the initial two U.S. patents for robotic telepathology (issued in 1993 and 1994) expired enabling many digital pathology equipment companies to incorporate dynamic-robotic telepathology modules into their WSI products for the first time. The dynamic-robotic telepathology module provided a solution to the up-and-down focusing issue. WSI and dynamic robotic telepathology are now, rapidly, being bundled into a new class of telepathology/digital pathology imaging system, the "WSI-enhanced dynamic robotic telepathology system". To date, six major WSI processor equipment companies have embraced

  11. 75 FR 28231 - Cotton Classification and Market News Service: Notice of Request for an Extension and Revision of...

    Science.gov (United States)

    2010-05-20

    ... DEPARTMENT OF AGRICULTURE Agricultural Marketing Service [AMS-CN-10-0037; CN-10-003] Cotton....regulations.gov. All comments should reference the docket number and page number of this issue of the Federal... and Market News Service. OMB Number: 0581-0009. Expiration Date of Approval: December 30, 2010. Type...

  12. Behavioral economics perspective on foreign direct investment in emerging markets: The case on Bosnia and Herzegovina

    Directory of Open Access Journals (Sweden)

    Amra Halaba

    2016-08-01

    Full Text Available The growing field of behavioral economics (BE has revolutionized the way we look at economic behavior at micro and macro levels. Importance of foreign direct investment (FDI appeals for analysis of decisions made regarding it to be assessed from expanding view of BE. This research provides overview of previous studies and focuses on the case of Bosnia and Herzegovina (B&H as representative of emerging markets to investigate motivations for investing into this country by temporarily present foreign companies. Empirical analysis was based on the questionnaire that was disseminated among foreign investors to B&H. Questionnaire contained motivations for investing in B&H, where examined motivation factors were divided in two groups; namely irrational and rational ones. Choice of methodology was narrowed due to moderate sample size, but consisting of quality the sample members. In order to analyze data, descriptive statistics, correlation analysis and regression analysis were used. By regressing two groups of predictors on annual amount of foreign investments to B&H, it was shown that the highest motivation for investing was business instinct.

  13. Health professionals' migration in emerging market economies: patterns, causes and possible solutions.

    Science.gov (United States)

    Nair, Manisha; Webster, Premila

    2013-03-01

    About a third of the countries affected by shortage of human resources for health are the emerging market economies (EMEs). The greatest shortage in absolute terms was found to be in India and Indonesia leading to health system crisis. This review identifies the patterns of migration of health workers, causes and possible solutions in these EMEs. A qualitative synthesis approach based on the 'critical review' and 'realist review' approaches to the literature review was used. The patterns of migration of health professionals' in the EMEs have led to two types of discrepancies between health needs and healthcare workers: (i) within country (rural-urban, public-private or government healthcare sector-private sector) and (ii) across countries (south to north). Factors that influence migration include lack of employment opportunities, appropriate work environment and wages in EMEs, growing demand in high-income countries due to demographic transition, favourable country policies for financial remittances by migrant workers and medical education system of EMEs. A range of successful national and international initiatives to address health workforce migration were identified. Measures to control migration should be country specific and designed in accordance with the push and pull factors existing in the EMEs.

  14. Strategic human resource management and corporate social responsibility: Evidence from Emerging Markets

    Directory of Open Access Journals (Sweden)

    Talita Rosolen

    2016-09-01

    Full Text Available Corporate social responsibility practices are increasingly being adopted and legitimized in business and they impact the strategic and operational levels in various areas. The integration of these criteria and practices in the strategic management involves many factors, and human resource management is an essential aspect for the accomplishment of such initiative. Thus, this paper associates the relationship among corporate social responsibility (CSR various dimensions (strategic, ethical, social and environmental and strategic human resource management (SHRM in companies operating in Brazil. We also aim to identify whether there is impact of other aspects on this relationship, namely: size, industry and company internationalization level (if national or multinational. Results show evidence that ethical CSR can be associated to SHRM. Environmental CSR showed marginal relation, and social and strategic CSR presented no significant association. Those results emphasize the need to further develop strategic actions of CSR into human resource management in emerging markets. Managers can also benefit from those findings, as it is possible to have a broad view of limitations and opportunities regarding the role played by human resource management in CSR.

  15. Value-at-risk estimation with wavelet-based extreme value theory: Evidence from emerging markets

    Science.gov (United States)

    Cifter, Atilla

    2011-06-01

    This paper introduces wavelet-based extreme value theory (EVT) for univariate value-at-risk estimation. Wavelets and EVT are combined for volatility forecasting to estimate a hybrid model. In the first stage, wavelets are used as a threshold in generalized Pareto distribution, and in the second stage, EVT is applied with a wavelet-based threshold. This new model is applied to two major emerging stock markets: the Istanbul Stock Exchange (ISE) and the Budapest Stock Exchange (BUX). The relative performance of wavelet-based EVT is benchmarked against the Riskmetrics-EWMA, ARMA-GARCH, generalized Pareto distribution, and conditional generalized Pareto distribution models. The empirical results show that the wavelet-based extreme value theory increases predictive performance of financial forecasting according to number of violations and tail-loss tests. The superior forecasting performance of the wavelet-based EVT model is also consistent with Basel II requirements, and this new model can be used by financial institutions as well.

  16. Digital Marketing in an Emerging Country: Exploratory Study of the Marketing Mix of SMES with Trust Seal

    Directory of Open Access Journals (Sweden)

    Catalina Gutierrez-Leefmans

    2016-06-01

    Full Text Available The study of digital marketing responds to technology changes as part of the digital economy. However, there is little scientific research of this subject in Mexican SMEs. This exploratory research aims to support the Mexican context knowledge through the observation to websites of SMEs with digital trust seal. The digital resources used as part of the marketing mix that can be observed externally in the websites were analyzed. The results showed that the most used resources were social networks, e-mail, those related to navigation ease and the variety of payment options. Nevertheless, other digital resources were underutilized. It was observed, in the SMEs studied, little attention in offering additional benefits and services to the product and low use of resources related to customer service. Despite showing a high interest in social networks, a quarter of the firms with a Facebook page did not give maintenance to it. It is concluded that Mexican SMEs are still at a basic stage in the use of digital resources in the marketing mix and that the marketing mix model is useful to observe the digital resources, but that some resources may belong to more than one element of the mix.

  17. "Contagion" between the emerging and developed capital markets: empirical evidence and reflections on the international portfolio diversification

    Directory of Open Access Journals (Sweden)

    Wagner Moura Lamounier

    2008-10-01

    Full Text Available In this research, we analyzed the short and long term interdependence and relationship between the stock indices of the major emerging capital markets and the major developed markets for the period 1995-2005. The aim was to verify the existence and the dynamics of the “contagion” between the markets, or if the occurrence of crises and changes in the behavior of a market would have impacts on the behavior of the others. In the development of the work, we applied the methodology of the Vector Error Correction Model (VEC. We found the presence of cointegrating relationships between the markets analyzed, but was able to see that, despite being cointegrated markets, investors could benefit from international diversification of portfolios. That’s because the speed of adjustment of the long-term ratio of cointegration between the markets was low for the period analyzed. Accordingly, investors would have the opportunity to reduce risk by diversifying their portfolios.

  18. Financial Policies and the Prevention of Financial Crises in Emerging Market Economies

    OpenAIRE

    Mishkin, Frederic S.

    2001-01-01

    The author defines a financial crisis as a disruption in financial markets in which adverse selection and moral hazard problems become much worse, so that financial markets are unable to efficiently channel funds to those who have the most productive investment opportunities. As financial markets become unable to function efficiently, economic activity sharply contracts. Factors that promote ...

  19. Private Sector Investments from Small States in Emerging Markets: Can International Financial Institutions Help Handle the Risks?

    Directory of Open Access Journals (Sweden)

    Hilmar Þór Hilmarsson

    2008-12-01

    Full Text Available The private sector plays an important role in the economic reconstruction of emerging market economies, and international financial institutions (IFIs increasingly work in partnership with the private sector to increase economic growth and reduce poverty in those economies. IFIs, for example, offer: (i equity financing and/or loans for private sector projects, (ii investment guarantees against political risks (or non-commercial risks, (iii technical assistance, and (iv advisory services, etc. This article will briefly discuss the services that IFIs offer the private sector in emerging markets and cases in which these services could be useful for Icelandic companies. The institutions discussed are (i the World Bank Group, (ii the European Bank for Reconstruction and Development (EBRD, (iii the Asian Development Bank (AsDB, (iv the Inter-American Development Bank (IDB, and (v the African Development Bank (AfDB. A few Icelandic firms already have plans for relatively large projects in emerging market economies, especially in the energy sector, some of them in countries that could be classified as being risky. The ongoing economic crisis in Iceland will make project financing in emerging markets more problematic than before and therefore investments in partnership with international financial institutions could be an option that Icelandic firms will increasingly need to consider if they intend to invest abroad. However, increased private sector and IFI partnerships will not happen without government action. Iceland is a member of only two of the above-mentioned IFIs: the World Bank Group and the EBRD. The decision for Iceland to become member of the AsDB, IDB and AfDB rests solely with the government. Further government inaction in this area could become an impediment for foreign direct investment from Iceland to emerging markets and increase risks when the Icelandic private sector invests in those economies. Unnecessary risks might not only hurt

  20. 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).

  1. Emergency Victim Care. A Training Manual for Emergency Medical Technicians. Module 2. Equipment, Safe Driving Practices, Legal Aspects, Controlling the Situation, Action Evaluation Conference. Revised.

    Science.gov (United States)

    Ohio State Dept. of Education, Columbus. Div. of Vocational Education.

    This student manual, the second in a set of 14 modules, is designed to train emergency medical technicians (EMTs) in Ohio. The module contains five sections that cover the following course content: ambulance equipment, safe driving practices for emergency vehicle drivers, legal aspects of the EMT's job, how to maintain control at an accident scene…

  2. Supporting Sustainable Markets Through Life Cycle Assessment: Evaluating emerging technologies, incorporating uncertainty and the consumer perspective

    Science.gov (United States)

    Merugula, Laura

    As civilization's collective knowledge grows, we are met with the realization that human-induced physical and biological transformations influenced by exogenous psychosocial and economic factors affect virtually every ecosystem on the planet. Despite improvements in energy generation and efficiencies, demand of material goods and energy services increases with no sign of a slowing pace. Sustainable development requires a multi-prong approach that involves reshaping demand, consumer education, sustainability-oriented policy, and supply chain management that does not serve the expansionist mentality. Thus, decision support tools are needed that inform developers, consumers, and policy-makers for short-term and long-term planning. These tools should incorporate uncertainty through quantitative methods as well as qualitatively informing the nature of the model as imperfect but necessary and adequate. A case study is presented of the manufacture and deployment of utility-scale wind turbines evaluated for a proposed change in blade manufacturing. It provides the first life cycle assessment (LCA) evaluating impact of carbon nanofibers, an emerging material, proposed for integration to wind power generation systems as blade reinforcement. Few LCAs of nanoproducts are available in scientific literature due to research and development (R&D) for applications that continues to outpace R&D for environmental, health, and safety (EHS) and life cycle impacts. LCAs of emerging technologies are crucial for informing developers of potential impacts, especially where market growth is swift and dissipative. A second case study is presented that evaluates consumer choice between disposable and reusable beverage cups. While there are a few studies that attempt to make the comparison using LCA, none adequately address uncertainty, nor are they representative for the typical American consumer. By disaggregating U.S. power generation into 26 subregional grid production mixes and evaluating

  3. Emergence Corporate Financial Distressin Emerging Market: Empirical Evidence from Indonesia Stock Exchange(IDX 2004-2008

    Directory of Open Access Journals (Sweden)

    Koes Pranowo

    2011-11-01

    Full Text Available Normal 0 false false false MicrosoftInternetExplorer4 st1\\:*{behavior:url(#ieooui } /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-parent:""; mso-padding-alt:0cm 5.4pt 0cm 5.4pt; mso-para-margin:0cm; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:10.0pt; font-family:"Times New Roman"; mso-ansi-language:#0400; mso-fareast-language:#0400; mso-bidi-language:#0400;} Financial recovery is the most difficult in financial management. Therefore, this is important to study how a company in financially-distress can survive to rise up to a healthy financial condition (emergence financial distress. The research consists of 200 non financial companies which are listed on Indonesia Stock Exchange (IDX for the period of 2004-2008. This study focuses on management of working capital. How a company fulfill its current liabilities, and its sources in current assets which shall be cashed at the short term period. By using Multinomial logit, we analyzed the probability a financially-distress company rise up to emergence financial distress or stay of the status of financial distress and what are financial indicators affect to a company in the status of Non Financial Distress tend to Financial Distress. Thus, the important thing is to determine financial ratios which can be an indicator to determine of emergence financial distress. We find a positive relationship between Profit, efficiency and emergence financial distress and a negative relationship between leverage and emergence financial distress.   Keywords: Emergence Financial Distress, Indonesia Stock Exchange (IDX, Multinomial Logit JEL Classification Codes: G 3

  4. Final Report - Stationary and Emerging Market Fuel Cell System Cost Assessment

    Energy Technology Data Exchange (ETDEWEB)

    Contini, Vince [Battelle Memorial Inst., Columbus, OH (United States); Heinrichs, Mike [Battelle Memorial Inst., Columbus, OH (United States); George, Paul [Battelle Memorial Inst., Columbus, OH (United States); Eubanks, Fritz [Battelle Memorial Inst., Columbus, OH (United States); Jansen, Mike [Battelle Memorial Inst., Columbus, OH (United States); Valluri, Manoj [Battelle Memorial Inst., Columbus, OH (United States); Mansouri, Mahan [Battelle Memorial Inst., Columbus, OH (United States); Swickrath, Mike [Battelle Memorial Inst., Columbus, OH (United States)

    2017-04-30

    The U.S. Department of Energy (DOE) is focused on providing a portfolio of technology solutions to meet energy security challenges of the future. Fuel cells are a part of this portfolio of technology offerings. To help meet these challenges and supplement the understanding of the current research, Battelle has executed a five-year program that evaluated the total system costs and total ownership costs of two technologies: (1) an ~80 °C polymer electrolyte membrane fuel cell (PEMFC) technology and (2) a solid oxide fuel cell (SOFC) technology, operating with hydrogen or reformate for different applications. Previous research conducted by Battelle, and more recently by other research institutes, suggests that fuel cells can offer customers significant fuel and emission savings along with other benefits compared to incumbent alternatives. For this project, Battelle has applied a proven cost assessment approach to assist the DOE Fuel Cell Technologies Program in making decisions regarding research and development, scale-up, and deployment of fuel cell technology. The cost studies and subsequent reports provide accurate projections of current system costs and the cost impact of state-of-the-art technologies in manufacturing, increases in production volume, and changes to system design on system cost and life cycle cost for several near-term and emerging fuel cell markets. The studies also provide information on types of manufacturing processes that must be developed to commercialize fuel cells and also provide insights into the optimization needed for use of off-the-shelf components in fuel cell systems. Battelle’s analysis is intended to help DOE prioritize investments in research and development of components to reduce the costs of fuel cell systems while considering systems optimization.

  5. Evaluating the benefits of coordinated emerging flexible resources in electricity markets

    International Nuclear Information System (INIS)

    Heydarian-Forushani, E.; Golshan, M.E.H.; Siano, Pierluigi

    2017-01-01

    Highlights: •Variable renewable energy sources create a flexibility gap in power system operation. •BESs, PEV PLs and DR are modeled as flexible options. •DR programs have remarkable impacts in terms of cost and emission reduction. •PEV PL is not a favorable flexible option by its own due to uncertain behavior of PEV owners. •Coordinated operation of PEV PLs and BESs under TOU program is the most effective generation mixture. -- Abstract: Increasing share of variable renewable energy sources (VRESs) with the aim of tackling climate changes impose several techno-economic challenges to power system operation. VRESs reduce the available flexibility by displacing existing flexible units due to their priority in dispatch and simultaneously enhance the need for additional flexibility due to their uncertain nature. In this light, the system is faced with a flexibility gap. One way to cover the created flexibility gap is the incorporation of emerging flexible resources into power systems operation. On this basis, this paper proposes a comprehensive flexible generation portfolio including bulk energy storages (BESs), plug-in electric vehicle parking lots (PEV PLs), and demand response (DR) programs. A stochastic market-based model is proposed to coordinate the interactions among these flexibility providers considering different sets of uncertainty, such as wind power generation and PEV owner’s behavior. Finally, various generation mixtures are prioritized based on the system operator’s economic, technical, and environmental desires to provide a guideline to opt the most effective generation mixture in the context of flexibility promotion.

  6. Gradual reforms and the emergence of energy market in China: Evidence from tests for convergence of energy prices

    International Nuclear Information System (INIS)

    Ma Hengyun; Oxley, Les; Gibson, John

    2009-01-01

    This study investigates the emergence of energy markets by testing for convergence of energy prices with a new dataset on energy spot prices in 35 major cities in China. Both descriptive statistics and unit root are employed to test the convergence of energy prices for each of four fuel price series. The whole study period is divided into two sub-periods in order to reconcile the gradual energy reforms. The results show the steady improvement in energy market performance in China, especially during the second sub-period, which suggests that the market appears to be playing an increasing role in determining energy prices. While panel unit root tests show energy markets are integrated in China as a whole, city-by-city univariate unit root tests suggest that there are still many regional energy markets, probably because energy reserves (especially coal) vary widely across regions. Since China's energy economy is gradually moving towards market-oriented mechanisms, the existing literature may become obsolete soon.

  7. An Evidence Framework for Off-Patent Pharmaceutical Review (EFOR) for Health Technology Assessment in Emerging Markets.

    Science.gov (United States)

    Brixner, Diana; Kaló, Zoltán; Maniadakis, Nikos; Kim, Kyoo; Wijaya, Kalman

    2018-03-29

    This article introduces an Evidence Framework for Off-Patent Pharmaceutical Review (EFOR), which establishes value-based criteria in a template that manufacturers use to provide evidence showing how their products meet those criteria. Health authorities in emerging markets can then use the evidence presented in the EFOR to evaluate off-patent pharmaceuticals (OPPs) in a consistent, transparent, and evidence-based manner to support policy decisions, including pricing, reimbursement, formulary listing, and drug procurement. A literature search found no multi-criteria evidence framework for evaluating OPPs in emerging markets. An International Outcomes Research Board (IORB) of academia and industry experts conducted extensive research, meetings, and workshops to define high-priority criteria to incorporate into an evidence-based health technology assessment (HTA) tool using the multi-criteria decision analysis (MCDA) technique. The resulting framework was further tailored for country-specific needs in workshops in three emerging countries (Kazakhstan, Vietnam, and Indonesia). The IORB defined nine criteria four categories (Product, Manufacturing, Service, and Value Assessment), which OPP manufacturers can use to provide evidence for reimbursement and health policy decision making. Then the IORB developed the EFOR as a base case document, which can be adapted and used as a template by health authorities in emerging countries. Emerging countries have a significant need for an HTA tool that balances affordability with accurate evidence showing the value differentiation of OPPs. The value attributes in this setting often are different from those in developed markets, which emphasize new products and have high regulation and manufacturing standards. The EFOR is an easy-to-use, adaptable framework that emerging countries can use to increase the consistency, transparency, and effectiveness of drug decision making. The open source EFOR is available as Supplemental Materials

  8. Green energy market development in Germany: effective public policy and emerging customer demand

    International Nuclear Information System (INIS)

    Wuestenhagen, Rolf; Bilharz, Michael

    2006-01-01

    This paper reviews the development of renewable energy in Germany from 1973 to 2003. It investigates the relative importance of energy policy and green power marketing in shaping the renewable energy market. More than a decade of consistent policy support for renewables under the feed-in law (StrEG) and its successor (EEG) has been an important driver for increasing renewable electricity generation to date, putting the country in a better position than most of its peers when it comes to achieving European Union targets for renewable energy. Green power marketing driven by customer demand, on the other hand, is growing, but has had limited measurable impact so far. We discuss potential intangible benefits of green power marketing and scenarios for future market development. The paper concludes with lessons that can be learned from the German case for policy design and market development in other countries

  9. Carbon markets and low-carbon investment in emerging economies: A synthesis of parallel workshops in Brazil and India

    International Nuclear Information System (INIS)

    Hultman, Nathan E.; Pulver, Simone; Pacca, Sergio; Saran, Samir; Powell, Lydia; Romeiro, Viviane; Benney, Tabitha

    2011-01-01

    While policy experiments targeted at energy and innovation transitions have not been deployed consistently across all countries, market mechanisms such as carbon pricing have been tested over the past decade in disparate development contexts, and therefore provide some opportunities for analysis. This brief communication reports on two parallel workshops recently held in Sao Paulo, Brazil and New Delhi, India to address questions of how well these carbon pricing policies have worked in affecting corporate decisions to invest in low-carbon technology. Convening practitioners and scholars from multiple countries, the workshops elicited participants' perspectives on business investment decisions under international carbon markets in emerging economies across multiple energy-intensive sectors. We review the resulting perspectives on low-carbon policies and present guidance on a research agenda that could clarify how international and national policies could help encourage both energy transitions and energy innovations in emerging economies.

  10. Emergence of Financial Intermediaries in Electronic Markets: The Case of Online P2P Lending

    OpenAIRE

    Sven C. Berger; Fabian Gleisner

    2009-01-01

    We analyze the role of intermediaries in electronic markets using detailed data of more than 14,000 originated loans on an electronic P2P (peer-to-peer) lending platform. In such an electronic credit market, lenders bid to supply a private loan. Screening of potential borrowers and the monitoring of loan repayment can be delegated to designated group leaders. We find that these market participants act as financial intermediaries and significantly improve borrowers' credit conditions by reduci...

  11. Baumax's Expansion into the Emerging Markets of Central and Eastern Europe

    DEFF Research Database (Denmark)

    Nell, Phillip C.; Ruckensteiner-Geyer, Nicoleta; Kvapil, Kerstin

    2017-01-01

    ) in the early 1990s, growth and profitability in the home market and in a number of host-markets became increasingly disappointing. The owners (and managers) saw further international expansion as the key to bring back growth and profitability. Romania was identified as one of the target markets. The case...... explains bauMax’ business and strategy and presents data on the Romanian market situation. The discussion focuses not only on the Romanian decision but also on the more general logic behind bauMax’ internationalisation...

  12. 76 FR 4204 - Marketing Order Regulating the Handling of Spearmint Oil Produced in the Far West; Revision of...

    Science.gov (United States)

    2011-01-25

    ... Programs, AMS, USDA; Telephone: (503) 326-2724, Fax: (503) 326-7440, or E-mail: [email protected]) 720-2491, Fax: (202) 720-8938, or E-mail: [email protected] . SUPPLEMENTARY INFORMATION... DEPARTMENT OF AGRICULTURE Agricultural Marketing Service 7 CFR Part 985 [Docket Nos. AMS-FV-09...

  13. 77 FR 76341 - Marketing Order Regulating the Handling of Spearmint Oil Produced in the Far West; Revision of...

    Science.gov (United States)

    2012-12-28

    ... October 17, 2012, meeting date. This leaves just 61,227 pounds of uncommitted salable Scotch spearmint oil... this action is essential to ensuring an adequate supply of Scotch spearmint oil to the market. As... levels. It is the opinion of the Committee and the spearmint oil industry that this action is essential...

  14. Planning the Marketing Strategy. PACE Revised. Level 1. Unit 6. Research & Development Series No. 240AB6.

    Science.gov (United States)

    Ashmore, M. Catherine; Pritz, Sandra G.

    This lesson on planning a marketing strategy, the sixth in a series of 18 units, is part of the first level of a comprehensive entrepreneurship curriculum entitled: A Program for Acquiring Competence in Entrepreneurship (PACE). (Designed for use with secondary students, the first level of PACE introduces students to the concepts involved in…

  15. Time-Consistent and Market-Consistent Evaluations (Revised version of CentER DP 2011-063)

    NARCIS (Netherlands)

    Pelsser, A.; Stadje, M.A.

    2012-01-01

    Abstract: We consider evaluation methods for payoffs with an inherent financial risk as encountered for instance for portfolios held by pension funds and insurance companies. Pricing such payoffs in a way consistent to market prices typically involves combining actuarial techniques with methods from

  16. Characterizing Co-movements between Indian and Emerging Asian Equity Markets through Wavelet Multi-Scale Analysis

    Directory of Open Access Journals (Sweden)

    Aasif Shah

    2015-06-01

    Full Text Available Multi-scale representations are effective in characterising the time-frequency characteristics of financial return series. They have the capability to reveal the properties not evident with typical time domain analysis. Given the aforesaid, this study derives crucial insights from multi scale analysis to investigate the co- movements between Indian and emerging Asian equity markets using wavelet correlation and wavelet coherence measures. It is reported that the Indian equity market is strongly integrated with Asian equity markets at lower frequency scales and relatively less blended at higher frequencies. On the other hand the results from cross correlations suggest that the lead-lag relationship becomes substantial as we turn to lower frequency scales and finally, wavelet coherence demonstrates that this correlation eventually grows strong in the interim of the crises period at lower frequency scales. Overall the findings are relevant and have strong policy and practical implications.

  17. Banking sector globalization and bank performance: A comparative analysis of low income countries with emerging markets and advanced economies

    Directory of Open Access Journals (Sweden)

    Amit Ghosh

    2016-06-01

    Full Text Available A key feature of financial services liberalization is the increasing presence of foreign banks in a nation. This study examines the impact of banking sector globalization on bank profits and cost efficiency by using a panel of 169 nations spanning 1998–2013. Employing both fixed-effects and GMM estimations, and including banking-industry and macroeconomic controls, I find greater banking-sector globalization to reduce both profits and cost inefficiency, thereby reflecting increased competitiveness and informational asymmetries in host markets, as well as assimilation of better technology, managerial practices by domestic banks. The results are further examined for nations across different levels of economic development and with different degrees of foreign bank presence. Only in emerging markets and in nations with more than 50% foreign banks, greater banking sector globalization positively affects profits. From a policy perspective, the findings call for banking regulatory authorities to implement polices to reduce informational asymmetries in host markets.

  18. STP Revision Which Leads to Change on Business Model and Marketing Strategy of BRIGANDINE with the Purpose of Expanding the Market Share

    OpenAIRE

    Ashari, Emir; Aldianto, Leo

    2013-01-01

    Football industry Indonesia is currently on the rise and got a lot of public attention. As a result of increasing interest in the sport, many opportunities have opened up. One is the opportunity to market the complementary product to perform activities of playing football / Futsal such as the Jersey. Brigandine Football is a startup company that creates football/Futsal sportswear. Brigandine was founded in late 2011.There are few issues that brigandine face, the biggest problems is the lack o...

  19. The role of cross-listing, foreign ownership and state ownership in dividend policy in an emerging market

    Directory of Open Access Journals (Sweden)

    Kevin C.K. Lam

    2012-09-01

    Full Text Available In this paper, we investigate if dividend policy is influenced by ownership type. Within the dividend literature, dividends have a signaling role regarding agency costs, such that dividends may diminish insider conflicts (reduce free cash flow or may be used to extract cash from firms (tunneling effect – which could be predominant in emerging markets. We expect firms with foreign ownership and those that are listed in overseas markets to have different dividend policies and practices than those that are not, and firms with more state ownership and less individual ownership to be more likely to pay cash dividends and less likely to pay stock dividends. Using firms from an emerging economy (China, we examine whether these effects exist in corporate dividend policy and practice. We find that both foreign ownership and cross-listing have significant negative effects on cash dividends, consistent with the signaling effect and the notion of reduced tunneling activities for firms with the ability to raise capital from outside of China. Consistent with the tunneling effect, we find that firms with higher state ownership tend to pay higher cash dividends and lower stock dividends, while the opposite is true for public (individual ownership. Further analysis shows that foreign ownership mediates the effect of state ownership on dividend policy. Our results have significant implications for researchers, investors, policy makers and regulators in emerging markets.

  20. Changes in Chinese Education under Globalisation and Market Economy: Emerging Issues and Debates

    Science.gov (United States)

    Guo, Shibao; Guo, Yan; Beckett, Gulbahar; Li, Qing; Guo, Linyuan

    2013-01-01

    Fuelled by forces of globalisation, China has gradually shifted from a centrally planned economy to the "socialist market economy". This study examines changes in Chinese education under globalisation and market economy, focusing on the teaching and living conditions of teachers. The study reveals that the profound transformation of…

  1. Agent-based model of intermittent renewables : Simulating emerging changes in energy markets in transition

    NARCIS (Netherlands)

    Chappin, E.J.L.; Viebahn, P.; Richstein, J.C.; Lechtenböhmer, S.; Nebel, A.

    2012-01-01

    The energy transition is taking shape in the German and, to a lesser extent also its neighbouring electricity markets. We have proposed adaptations to an existing model to represent the increasing shares of intermittent renewables, that may alter the structure of the market and the viability of

  2. Producer organizations, family farms and market connection. Lessons for emerging biodiesel supply chains in Brazil

    NARCIS (Netherlands)

    Belo Leite, Dal J.G.; Bijman, J.; Ittersum, van M.K.; Slingerland, M.A.

    2014-01-01

    Producer organizations (POs) are often recognized as a pathway to boost rural development by enhancing farmers' access to market opportunities. Smallholder production and marketing of new crops (such as those for biodiesel feedstock) are constrained as farmers and buyers face high transaction costs.

  3. Learning and lobbying: Emerging market firms and corporate political activity in Europe

    NARCIS (Netherlands)

    McGuire, S.; Lindeque, J.; Suder, G.

    2012-01-01

    How do firms acquire the capabilities necessary to operate in the non-market environment? Though the field of non-market strategy has grown in prominence in the strategic management literature in recent years, most of the studies concern the political capabilities of developed country

  4. ICT ADOPTION IN EMERGING CONTEMPORARY MARKETING PRACTICES: THE CASE OF THE NIGERIAN PAINTS INDUSTRY

    Directory of Open Access Journals (Sweden)

    Michael Oluwaseun OLOMU

    2016-09-01

    Full Text Available The growing awareness of firms about the deployment of information and communications technology continued to stimulate competitive advantage for them in the marketplace. This study investigated the numerous information and communications technologies deployed for products marketing in the Nigerian paints industry and also examined the degree of capacity in which ICTs were deployed in relations to contemporary marketing practices. This study considerably administered 240 questionnaire on paints manufacturing and marketing firms in Nigeria which resulted to 84.5% response rate in year 2014. The outcomes of the analysis revealed that the telephone and e-mail were widely embraced for marketing in the Nigerian paints industry. It was also discovered that paints companies adopted ICT more in a reinforcing capability as against enhancing and transforming purposes. The study suggested that paints producing and marketing firms in Nigeria need to incorporate more of ICT facilities and utilize the various offers of electronic marketing for their daily operations and automations thereby improving firm’s profitability and performance. More importantly, attention should be shifted on companies’ capability to innovate and consequently introducing new ICT products and services in the market.

  5. Emergence of Financial Intermediaries in Electronic Markets: The Case of Online P2P Lending

    Directory of Open Access Journals (Sweden)

    Sven C. Berger

    2009-05-01

    Full Text Available We analyze the role of intermediaries in electronic markets using detailed data of more than 14,000 originated loans on an electronic P2P (peer-to-peer lending platform. In such an electronic credit market, lenders bid to supply a private loan. Screening of potential borrowers and the monitoring of loan repayment can be delegated to designated group leaders. We find that these market participants act as financial intermediaries and significantly improve borrowers' credit conditions by reducing information asymmetries, predominantly for borrowers with less attractive risk characteristics. Our findings may be surprising given the replacement of a bank by an electronic marketplace.

  6. Beating the Odds! Build theory from emerging markets phenomenon and the emergence of case study research—A “Test-Tube” typology

    Directory of Open Access Journals (Sweden)

    Kotapati Srinivasa Reddy

    2015-12-01

    Full Text Available The extant social sciences and management theoretical concepts and empirical literature have mostly determined based on western (developed economies institutional context. In the recent past, a number of researchers have argued that the western theories are inadequate to study the emerging markets phenomenon and described the problems relating to data collection, data analysis, and theory development. I also (experience confirm that major problems are relating to the research data collection, especially primary data (interview and survey methods. With this in mind, I develop a new case study research design, that is, “Test-Tube” typology, to build theory from emerging markets behavior as well as to add new knowledge to the mass of disciplines, particularly social sciences, medicine, travel, tourism and hospitality, sports, management, and information systems, and engineering. I design a typology that consists of eleven steps: case development, case selection, relatedness and pattern matching, case analysis, cross-case analysis, theoretical constructs, pre-testing and development, adjusting theoretical constructs, theory testing, building theory and testable propositions, and suggesting strategic swap model. Further, I suggest a set of few guidelines on how to measure the research quality and how to strengthen the research rigor in case study settings.

  7. Diversification and control in emerging markets: The case of Chilean firms

    Directory of Open Access Journals (Sweden)

    Mauricio Jara-Bertin

    2015-10-01

    Full Text Available We analyze the effect of two types of corporate diversification (business diversification and ownership diversification on the market value of the Chilean firms. For a sample of 83 nonfinancial firms listed on the Santiago Stock Market from 2005 to 2013, we find a discount for both business and ownership diversification, which is consistent with that reported for other economic or institutional settings. Second, we find that the business diversification discount is related to the ownership structure and is due to the excess of the largest shareholders’ control rights. Third, we find that the ownership diversification discount becomes a premium when the ownership diversification enables the control of the affiliated firms. This effect can be explained by the improvement of internal capital markets that allows overcoming the limitations of Chilean external capital markets.

  8. The persistence of risk levels of general equity funds in an emerging market economy

    Directory of Open Access Journals (Sweden)

    Rousseau Lötter

    2013-10-01

    Full Text Available The persistence of risk levels of local General Equity unit trusts is evaluated. Variations in absolute and market-adjusted returns are measured to determine whether investors can use historical risk as a proxy for future risk levels. The General Equity funds are fairly homogenous, and different funds should exhibit stable risk levels if the fund managers’ investment mandates and investment styles remain stable over time. The results indicate a degree of absolute and market-adjusted risk stability over time. The market-adjusted risk and return relationship remained stable through the 2008 global crises, indicating that, on average, the fund managers maintained their benchmark-related risk exposures. Both the absolute and market-adjusted results indicate no statistically significant relationship between risk and return for the 2000 to 2012 period.

  9. The persistence of risk levels of general equity funds in an emerging market economy

    Directory of Open Access Journals (Sweden)

    Rousseau Lötter

    2013-12-01

    Full Text Available The persistence of risk levels of local General Equity unit trusts is evaluated. Variations in absolute and market-adjusted returns are measured to determine whether investors can use historical risk as a proxy for future risk levels. The General Equity funds are fairly homogenous, and different funds should exhibit stable risk levels if the fund managers’ investment mandates and investment styles remain stable over time. The results indicate a degree of absolute and market-adjusted risk stability over time. The market-adjusted risk and return relationship remained stable through the 2008 global crises, indicating that, on average, the fund managers maintained their benchmark-related risk exposures. Both the absolute and market-adjusted results indicate no statistically significant relationship between risk and return for the 2000 to 2012 period.

  10. Strategic thinking about nuclear energy: implications of the emerging market structure in electric generation

    International Nuclear Information System (INIS)

    Bodde, D.L.

    1998-01-01

    Global environmental concerns provide strong motivation for electric generating technologies that reduce greenhouse gas emissions. By itself however, this incentive is probably not sufficient to reverse the long-term decline in the market share of nuclear energy. This is because the power plants now offered by the nuclear vendors mesh poorly with the needs of competitive generating markets. Where managers of generating companies are held accountable to share owners in a competitive environment, the nuclear power plants now offered in the market for new generating capacity are at a distinct disadvantage. As much of the world moves toward the competitive model, this disadvantage will become increasingly limiting. An alternative nuclear power plant concept and fuel cycle is needed, a radical departure from current practice, designed with the competitive marketplace in mind. To accomplish this, a new kind of institution is required: multinational in scope, oriented toward the market, and able to master the politics of the fuel cycle. (author)

  11. The emergence of the global fintech market: Economic and technological determinants

    OpenAIRE

    Haddad, Christian; Hornuf, Lars

    2016-01-01

    We investigate the economic and technological determinants inducing entrepreneurs to establish ventures with the purpose of reinventing financial technology (fintech). We find that countries witness more fintech startup formations when the latest technology is readily available, capital markets are well-developed, and people have more mobile telephone subscriptions. Furthermore, the available labor force has a positive impact on the development of this new market segment. Finally, the more so...

  12. The Challenges Organic Food Processors Meet at Small Emerging Market – Estonian Case

    OpenAIRE

    Sarapuu, Kerttu; Pehme, Sirli; Peetsmann, Elen; Matt, Darja

    2014-01-01

    Organic farming and demand for organic products is continually a growing trend all over the world (Willer et al., 2013). In Estonia the share of organic land is 15% of all agricultural land and the number of organic farmers is also growing (Vetemaa, Mikk 2013). Estonian organic food market is still in forming stage being affected by local organic farming development, marketing situation, economic situation and consumer attitudes. Organic processing has clearly not kept up with organic farming...

  13. Employees’ Performance Contribution to the Growth of the Company on the Emerging Markets – a Managerial Approach

    Directory of Open Access Journals (Sweden)

    Raluca Ioana Vosloban

    2013-02-01

    Full Text Available An appropriate human resources strategycan be the necessary competitive advantage that acompany must have on the emerging markets in particular.This paper aims to underline themanagers’ implication on the employees’ performance, what strategies are used to retain them, whatinfluences theirperformance, how this contributes to company’s growth and development. These areimportant aspects, being part of the continuous improvement plans on the emerging markets. Morestudies have treated this topic and its relevance to the economic literature, trying to provide moreexplanations for the variance of employees’ performance and its results within different types oforganizations. This study used the semi-conducted in-depth interview method, among 13 managersfrom Bucharest, having three tested and confirmed hypotheses. It was confirmed that there arevarious factors that influence employees’ performance and factors that prevent employees from beingperformant. The employees’ performance significantly contributes to the growth of the company.This study has mainly managerial implications, as it emphasizes the role of the human capital to thesuccess of the company. The study is valuable through the emerging character of our country and theneed of efficient strategies that could provide competitive advantage.

  14. High growth and rapid internationalisation of firms from emerging markets: the case of the Middle East and North Africa (MENA) Region

    OpenAIRE

    Hatem, Omaima

    2012-01-01

    The aim of this thesis is to understand the phenomena of the high growth and rapid internationalisation of firms from emerging markets. It explores the applicability of international entrepreneurship theory to the context of the emerging market enterprises in the Middle East and North Africa (MENA) region. It integrates the literature of strategic entrepreneurship and that of portfolio entrepreneurship with the literature of international entrepreneurship to provide a closer fi...

  15. Human Reliability Analysis for In-Tank Precipitation Alignment and Startup of Emergency Purge Ventilation Equipment. Revision 4

    International Nuclear Information System (INIS)

    Shapiro, B.J.; Britt, T.E.

    1995-06-01

    This report documents the methodology used for calculating the human error probability for establishing air based ventilation using emergency purge ventilation equipment on In-Tank Precipitation (ITP) processing tanks 48 and 49 after a failure of the nitrogen purge system following a seismic event. The analyses were performed according to THERP (Technique for Human Error Rate Prediction) as describes in NUREG/CR-1278-F

  16. Cross sectional moments and portfolio returns: Evidence for select emerging markets

    Directory of Open Access Journals (Sweden)

    Sanjay Sehgal

    2016-09-01

    Full Text Available Research does not indicate a consensus on the relationship between idiosyncratic volatility and asset returns. Moreover, the role of cross sectional higher order moments in predicting market returns is relatively unexplored. We show that the cross sectional volatility measure suggested by Garcia et al. is highly correlated with alternative measures of idiosyncratic volatility constructed as variance of errors from the capital asset pricing model and the Fama French model. We find that cross sectional moments help in predicting aggregate market returns in some sample countries and also provide information for portfolio formation, which is more consistent for portfolios sorted on sensitivity to cross sectional skewness.

  17. [Current and emerging features of obsessive-compulsive disorder--trends for the revision of DSM-5].

    Science.gov (United States)

    Matsunaga, Hisato

    2012-01-01

    persistent fear, expectant anxiety, fear conditioning, avoidance, and cognitive process to evoke anxiety et al. Eventually, it has caused dramatic changes of view on the core psychopathology of OCD that is based on "preoccupation" and "repeated behaviors" as a failure of behavioral (cognitive and motor) inhibition, which also constitutes a key characteristic of obsessive-compulsive and related disorders (OCRDs) in process of the revision of DSM-5. The precise nature and compass of this spectrum remains to be fully elucidated, but a preliminary approach emphasizes that putative OCRDs have phenomenological (e.g. repetitive thoughts or behaviors), etiological, psychobiological or treatment overlap with OCD, differentiating OCD from other anxiety disorders. Therefore, OCRDs, including OCD, may be classified apart from other anxiety disorders in the revisions of DSM-5 or ICD-11. Nevertheless, recent neuroimaging evidence points to the critical involvement of the lateral and medial orbitofrontal cortices, the dorsal anterior cingulate cortex and amygdalo cortical circuitry, in addition to cortico-striatal circuitry, in the pathophysiology of OCD, suggesting the possibility that fear extinction, in addition to behavioral inhibition, might be impaired in OCD similarly to other anxiety disorders. Moreover, studies have investigated the relevant neurocircuitry, neurochemistry, and neuroendocrinology commonly underlying depression, anxiety disorders and OCRDs, and have explored the underlying genetic basis of and relevant intermediate phenotypes for developing these conditions. Thus more research is needed to elucidate the essential relationships among these disorders and to validate the future diagnostic classifications of anxiety disorders.

  18. The Performance Measurement of Enterprises Traded in Borsa Istanbul the Emerging Companies Market with Grey Relational Analysis

    Directory of Open Access Journals (Sweden)

    Kadir TUNA

    2013-12-01

    Full Text Available In this study, the performance measurement of eleven enterprises traded in Borsa Istanbul the Emerging Companies Market was performed. For this aim, six-rates were obtained by using the balance sheet and income statement data of the year 2011. The Grey Relational Analysis was applied by using these rates. As a result of the analysis, it was concluded that Denge Yatirim Holding Inc. (DENGE had the highest performance. Furthermore, it was found that the rates of net profit/total assets, net profit/capital stock, net profit/net sales of DENGE had high profitability ratios values.

  19. The Emergence of Marketing and Communications Strategy in South African Further Education and Training Colleges

    Science.gov (United States)

    McGrath, Simon; Akoojee, Salim

    2007-01-01

    South African further education and training (FET) colleges have been enjoined to become more responsive to their external environment, in keeping with international trends in public vocational education and training (VET) reform. One mechanism for achieving this goal is to market colleges and communicate more effectively to future students,…

  20. The Importance of Consumer Trust for the Emergence of a Market for Green products

    DEFF Research Database (Denmark)

    Nuttavuthisit, Krittinee; Thøgersen, John

    2017-01-01

    Consumer trust is a key prerequisite for establishing a market for credence goods, such as “green” products, especially when they are premium priced. This article reports research on exactly how, and how much, trust influences consumer decisions to buy new green products. It identifies consumer t...... behavior. Implications for policy and future research are discussed....

  1. Official art organizations in the emerging art markets of China and Russia

    NARCIS (Netherlands)

    Kharchenkova, S.; Komarova, N.; Velthuis, O.; Velthuis, O.; Baia Curioni, S.

    2015-01-01

    This chapter explores why official art organizations—artists associations and art academies—which regulated artistic production in Soviet Russia and Maoist China, continue to survive despite changing environments and the development of art markets in these countries. This chapter observes

  2. Acute Myeloid Leukemıa: Current and Emerging Therapies and Market Consideration in the World

    Directory of Open Access Journals (Sweden)

    Kadir GÜRSOY

    2014-08-01

    Full Text Available Acute myeloid leukemia (AML is an aggressive, fast-growing cancer beginning inside bone marrow and spreading into the blood system, most often occurring in immature white blood cells. It has the lowest five-year survival rate among other types of leukemia and if left untreated, it can be fatal. Even though there have been significant improvements in the treatment of other related subtypes, AMLtargeted therapy development have been limited. The current market for AML drugs cannot fill the high unmet needs in terms of drug safety and efficacy, and the growing aging population presents increased opportunities for new drugs. Considering these driving forces, it is believed that promising opportunities exist for new entrants to capture value from underserved segments of the market. It is estimated that the market size for AML drugs in 2020 will reach US$1.67 billion with an average annual growth of nearly 23%. Therefore, it is highly recommended for pharmaceutical companies to invest in this area of drug development as soon as possible in order to maximize gains from their investments as novel therapeutics enter the AML market at a rapid pace.

  3. Emerging business models in horticulture value chains : Frameworks for entrepreneurs to create market relevance and impact

    NARCIS (Netherlands)

    Dr. Vijayender Reddy Nalla; Drs. Gerry Kouwenhoven

    2015-01-01

    High-tech horticulture production methods (such as vertical farming, hydroponics and other related technology possibilities), combined with evolving market side possibilities (consumer’s willingness to pay for variety, food safety and security), are opening new ways to create and deliver value. In

  4. The world wide web: an emerging technology for marketing special forest products (poster abstract)

    Science.gov (United States)

    A.L. Hammett; Shelby Jones; Philip A. Araman

    1999-01-01

    Interest by forest landowners and agriculturist in Special Forest Products (SFPs) is increasing rapidly. At present there are numerous efforts to increase awareness of these products and the market potential. However, there is a shortage of information available and there are few means effective in disseminating the information necessary for the sustainable management...

  5. Informed trading and the bid-ask spread: evidence from an emerging market

    Czech Academy of Sciences Publication Activity Database

    Hanousek, Jan; Podpiera, R.

    2003-01-01

    Roč. 31, č. 2 (2003), s. 275-296 ISSN 0147-5967 R&D Projects: GA MŠk ME 595 Institutional research plan: CEZ:AV0Z7085904 Keywords : market microstructure * bid-ask spread * informed trading Subject RIV: AH - Economics Impact factor: 0.746, year: 2003

  6. Human Reliability Analysis for In-Tank Precipitation Alignment and Startup of Emergency Purge Ventilation Equipment. Revision 3

    International Nuclear Information System (INIS)

    Shapiro, B.J.; Britt, T.E.

    1994-10-01

    This report documents the methodology used for calculating the human error probability for establishing air based ventilation using emergency purge ventilation equipment on In-Tank Precipitation (ITP) processing tanks 48 and 49 after failure of the nitrogen purge system following a seismic event. The analyses were performed according to THERP (Technique for Human Error Rate Prediction) as described in NUREG/CR-1278-F, ''Handbook of Human Reliability Analysis with Emphasis on Nuclear Power Plant Applications.'' The calculated human error probabilities are provided as input to the Fault Tree Analysis for the ITP Nitrogen Purge System

  7. Loss given default determinants in a commercial bank lending: an emerging market case study

    Directory of Open Access Journals (Sweden)

    Jure Poljšak

    2010-06-01

    Full Text Available The purpose of this paper is to analyse the loss given default (LGD determinants in case of a typical loan portfolio consisting of SME loans in a commercial bank operating in one of the quickly developing banking markets, i.e. in Slovenia. Accurate LGD estimates of defaulted bank claims are important for provisioning reserves for credit losses, calculating adequate risk capital and determining fair pricing risky bank loans. While most of the empirical literature in the field concentrates on corporate bond markets to estimate losses in the event of default, we use a unique individual bank data set on SME loan losses. Due to the proprietary nature of data only few studies of this kind have been published so far and to our knowledge none of them covers the Eastern European banking markets. In the first stage of the analysis we estimate the LGD variable by applying the discounted cash flow approach, while in the second stage we analyse its determinants by using the ordinal regression analysis. Our findings suggest that reliable LGD estimates can be produced by discounting expected loan related future cash flows and that explanatory factors, such as type of collateral, type of industrial sector, last available loan rating, size of the debt and loan maturity satisfactorily explicate variability of the LGD variable in the specific banking market. All the results are not only relevant to the impairment policy determination and capital adequacy calculation in the specific bank, but also to the evaluation of SME loans characteristics in developing markets.

  8. Rethinking Brands in the Emerging Financial Markets(Gelişmekte olan Finansal Piyasalarda Markayı Yeniden Düşünmek

    Directory of Open Access Journals (Sweden)

    Banu DİNCER

    2010-01-01

    Full Text Available The aim of this research is to show the financial analysts’ point of view on brands and marketing disclosure in an emerging market context. The results are based on a questionnaire designed to measure the importance of brands for management decisions and to determine the metrics used by analysts to measure the brand equity according to marketing activities. Descriptive statistics and factor analysis is used in the analysis.Brand awareness is the most frequently used marketing metric by analysts to assess the brand equity followed by market share and consumer data. Brand and brand equity are very important for management decisions such as merger and acquisition, financial reporting and risk management.The findings assist marketing managers communicating the financial value of a brand to management, shareholders and investors. The focus on marketing disclosure to have financial attraction and maintain investor confidence in the long term is also emphasized.

  9. The emergence of distributed generation in a liberalizing european electricity market

    International Nuclear Information System (INIS)

    Habay, P.; Pariente David, S.

    1999-01-01

    The liberalization, of the European electricity market accelerates the market entry of innovative small scale power generation and communication technologies applicable for a competitive power supply offering. The pressure of competition will push incumbent utilities as well as new entrants to tap any source of economic efficiencies in order to secure a competitive advantage and sufficient margins. The integration of a power generation unit on site or close to end-user premises without additional constraint for end-user is a potential source of economic efficiency. These systems enable to meet the needs of end-users at an attractive price and, beyond this, to free capacities for power exchange through the grid. These new practices lay the basis for distributed generation business which should experience significant growth in Europe over the next decade assuming that technologies meet efficiencies as announced. (authors)

  10. Disruption in Banking in Emerging Market Economy: An Empirical Study of India

    Directory of Open Access Journals (Sweden)

    Reena Agrawal

    2017-12-01

    Full Text Available The present study was taken up to capture the ongoing disruptions in banking in the Indian economy. The objective of this research was to: (1 study the initiatives taken by Reserve Bank of India to stimulate the payment market, (2 explore the disruptions in the Indian payment space, (3 examine the digitization at banks in India and (4 identify the challenges faced by traditional Indian banks and (5 propose measures to cope with threats posed by non-bank players. The study found that as technology companies and other non-bank players have successfully penetrated into large customer segments by offering basic banking services, to the customers at their doorsteps and at their convenience; it is obligatory for the traditional banks to expand market outreach and enrich service quality via digital podia, strategic alliances and disruptive innovations, in case they wish to avoid the risk of being relegated to back-office utilities.

  11. The labour market for histopathologists in KwaZulu- Natal: Emerging issues

    Directory of Open Access Journals (Sweden)

    Shaun Ruggunan

    2012-11-01

    Full Text Available The aim of this article was to assess the factors that shape the labour market for histopathologists in KwaZulu-Natal (KZN, South Africa. The literature on the labour market and labour processes of histopathologists is dominated by North American and European literature. This gap is most acutely felt on the African continent. This article attempts to fill this gap by shifting the focus towards understanding the factors that shape the professional milieu and labour market for histopathologists in South Africa. This study through a qualitative, descriptive and contextual design engaged in in-depth interviews with 70% of the population of histopathologists in KZN. The interviews were analysed thematically. These interviews were triangulated against labour market statistics for histopathologists in South Africa as well as a range of documentary evidence. The outcome of the study has demonstrated four key challenges facing the labour market for histopathologists: racial inequities persist in the labour market, gender inequities also persist, there is unfettered public-private sector mobility, and poor curriculum design at medical school level accounts for a limited input of registrars into the profession. The article concludes that there needs to be a shift from only studying the labour market and work organisation of clinical doctors to empirical research on the role of medical laboratory specialists in the healthcare chain, which will render South African histopathologists and their work visible. A set of labour market interventions is also suggested. Die artikel bestudeer die faktore wat die arbeidsmark vir histopatoloë in KwaZulu-Natal (KZN, Suid-Afrika beïnvloed. Die literatuur oor die arbeidsmark en arbeidsprosesse van histopatoloë word gedomineer deur Noord-Amerikaanse en Europese literatuur. Hierdie gaping is veral akuut op die Afrika kontinent. Die artikel poog om hierdie gaping te vul deur die fokus te verksuif na die faktore wat die

  12. The legalization of cannabis derivatives in Spain: Hypothesis on a potential emerging market.

    Science.gov (United States)

    Álvarez, Arturo; Gamella, Juan F; Parra, Iván

    2017-06-28

    First, this paper estimates the dimensions of the market for cannabis in Spain using data on the extent of consumption and the main patterns of use of consumers. Then the paper reviews the hypothetical production and distribution costs of these drugs in different production regimes under different legal conditions. The review shows that current prices of cannabis in the illegal market could be notably reduced if production and distribution of cannabis were decriminalized and even more if they were performed by legal enterprises. Thirdly, we examine the relationship between prices and consumption levels by analysing the price elasticity of demand. A fall in the prices of cannabis products will likely result in an increase in the number of users and in the total amount consumed. Lastly we consider several alternatives for the taxation of cannabis derivatives to counteract the likely fall in prices, and their pros and cons.

  13. Consumer buying motives and attitudes towards organic food in two emerging markets: China and Brazil

    DEFF Research Database (Denmark)

    Thøgersen, John; de Barcellos, Marcia Dutra; Perin, Marcelo Gattermann

    2015-01-01

    and conclusions are limited by the covered countries and products. Practical implications: Key consumer value propositions with respect to organic food seem cross-culturally valid and universally accepted by a segment of customers that share these values. Hence, organic food can be mar-keted globally based...... on a universal set of key value propositions. The same could be true for other global prod-ucts sharing similar types of certifiable value propositions. Social implications: New insights of value for the cross-cultural marketing of “green” and ethical consumer prod-ucts. Originality/value: Fills a gap...... in research regarding the extent to which consumer purchase motives are culture bound or determined by the characteristics of the product....

  14. The labour market for histopathologists in KwaZulu- Natal: Emerging issues

    Directory of Open Access Journals (Sweden)

    S. Ruggunan

    2012-11-01

    Full Text Available The aim of this article was to assess the factors that shape the labour market for histopathologists in KwaZulu-Natal (KZN, South Africa. The literature on the labour market and labour processes of histopathologists is dominated by North American and European literature. This gap is most acutely felt on the African continent. This article attempts to fill this gap by shifting the focus towards understanding the factors that shape the professional milieu and labour market for histopathologists in South Africa. This study through a qualitative, descriptive and contextual design engaged in in-depth interviews with 70% of the population of histopathologists in KZN. The interviews were analysed thematically. These interviews were triangulated against labour market statistics for histopathologists in South Africa as well as a range of documentary evidence. The outcome of the study has demonstrated four key challenges facing the labour market for histopathologists: racial inequities persist in the labour market, gender inequities also persist, there is unfettered public-private sector mobility, and poor curriculum design at medical school level accounts for a limited input of registrars into the profession. The article concludes that there needs to be a shift from only studying the labour market and work organisation of clinical doctors to empirical research on the role of medical laboratory specialists in the healthcare chain, which will render South African histopathologists and their work visible. A set of labour market interventions is also suggested.Die artikel bestudeer die faktore wat die arbeidsmark vir histopatoloë in KwaZulu-Natal (KZN, Suid-Afrika beïnvloed. Die literatuur oor die arbeidsmark en arbeidsprosesse van histopatoloë word gedomineer deur Noord-Amerikaanse en Europese literatuur. Hierdie gaping is veral akuut op die Afrika kontinent. Die artikel poog om hierdie gaping te vul deur die fokus te verksuif na die faktore wat die

  15. Forward-Looking Beta Estimates:Evidence from an Emerging Market

    OpenAIRE

    Onour, Ibrahim

    2008-01-01

    Results in this paper support evidence of time-varying beta coefficients for five sectors in Kuwait Stock Market. The paper indicates banks, food, and service sectors exhibit relatively wider range of variation compared to industry and real estate sectors. Results of time-varying betas invalidate the standard application of Capital Asset Pricing model that assumes constant beta. In terms of risk exposure, banks and industrial sectors reflect higher risk as their average betas exceed the mark...

  16. Towards the Estimation of an Efficient Benchmark Portfolio: The Case of Croatian Emerging Market

    Directory of Open Access Journals (Sweden)

    Dolinar Denis

    2017-04-01

    Full Text Available The fact that cap-weighted indices provide an inefficient risk-return trade-off is well known today. Various research approaches evolved suggesting alternative to cap-weighting in an effort to come up with a more efficient market index benchmark. In this paper we aim to use such an approach and focus on the Croatian capital market. We apply statistical shrinkage method suggested by Ledoit and Wolf (2004 to estimate the covariance matrix and follow the work of Amenc et al. (2011 to obtain estimates of expected returns that rely on risk-return trade-off. Empirical findings for the proposed portfolio optimization include out-of-sample and robustness testing. This way we compare the performance of the capital-weighted benchmark to the alternative and ensure that consistency is achieved in different volatility environments. Research findings do not seem to support relevant research results for the developed markets but rather complement earlier research (Zoričić et al., 2014.

  17. Entrepreneurial University Perspective: Tracking Labor Force Capacity to Support Industrialization Processes in the Emerging Markets, Evidence from Kazakhstan Data

    Directory of Open Access Journals (Sweden)

    Dilara Orynbassarova

    2017-01-01

    Full Text Available Industrialisation is considered as main engine of growth in economic development of the most emerging markets. This is especially true for Central Asian transitional countries as Kazakhstan, which obtained independence from the Soviet Union in 1991. For enhancing country’s competitiveness potential, Kazakhstan National Program for 2010-2014 aimed to accelerate industrial-innovative development of the country. While many papers published about the importance of industrialization activities in Kazakhstan, few have focused on examining the current capacity of labor market to meet the industry demand. Main aim of this paper was to investigate if current manpower is adequate to maintain the planned rate of growth in the country. Higher level of economic production led to higher demand of engineering labor force. High demand with low frequency supply created an imbalance in the labor market that resulted what we see as shortage of technically skilled labor. Low frequency of supply is influenced by such factors as high engineers’ outflow rate, low students enrolment and graduation rates, and lack of practical skills of the graduates hired.

  18. Tweak, Adapt, or Transform: Policy Scenarios in Response to Emerging Bioenergy Markets in the U.S. Corn Belt

    Directory of Open Access Journals (Sweden)

    Ryan C. Atwell

    2011-03-01

    Full Text Available Emerging bioenergy markets portend both boon and bane for regions of intensive agricultural production worldwide. To understand and guide the effects of bioenergy markets on agricultural landscapes, communities, and economies, we engaged leaders in the Corn Belt state of Iowa in a participatory workshop and follow-up interviews to develop future policy scenarios. Analysis of workshop and interview data, in conjunction with the results of regional social and ecological research, was used to develop a heuristic model outlining interactions between key drivers and outcomes of regional landscape change. Three policy scenarios were built on this framework and included the following approaches: tweak, adapt, and transform. Our results suggest that if macroscale markets, technologies, and federal farm policies are allowed to be the overriding drivers of farm owner and operator decision making, Iowa's agricultural landscapes will likely become highly efficient at row crop production at the cost of other desired outcomes. However, the perspectives of Iowa leaders demonstrate how multifunctional agricultural landscapes can be achieved through a concerted portfolio of change coordinated across local, regional, and national scales.

  19. The position profiles of order cancellations in an emerging stock market

    International Nuclear Information System (INIS)

    Gu, Gao-Feng; Ren, Fei; Zhou, Wei-Xing; Xiong, Xiong; Zhang, Wei

    2013-01-01

    Order submission and cancellation are two constituent actions of stock trading behaviors in order-driven markets. Order submission dynamics has been extensively studied for different markets, while order cancellation dynamics is less understood. There are two positions associated with a cancellation, that is, the price level in the limit-order book (LOB) and the position in the queue at each price level. We study the profiles of these two order cancellation positions through rebuilding the limit-order book using the order flow data of 23 liquid stocks traded on the Shenzhen Stock Exchange in the year 2003. We find that the profiles of relative price levels where cancellations occur obey a log-normal distribution. After normalizing the relative price level by removing the factor of order numbers stored at the price level, we find that the profiles exhibit a power-law scaling behavior on the right tails for both buy and sell orders. When focusing on the order cancellation positions in the queue at each price level, we find that the profiles increase rapidly in the front of the queue, and then fluctuate around a constant value till the end of the queue. These profiles are similar for different stocks. In addition, the profiles of cancellation positions can be fitted by an exponent function for both buy and sell orders. These two kinds of cancellation profiles seem universal for different stocks investigated and exhibit minor asymmetry between buy and sell orders. Our empirical findings shed new light on the order cancellation dynamics and pose constraints on the construction of order-driven stock market models. (paper)

  20. Emerging technologies for emerging markets

    CERN Document Server

    Vong, John

    2015-01-01

    This book introduces inclusive-cost-effective (ICE) approaches that have the potential to transform all aspects of daily lives of people at the base of the pyramid in the economic scale, who represent more than 75% of the world population. ICE means that the approaches must meet the affordability level at the base of the pyramid. This includes mobile banking and financial service technologies, mobile education, rural information and communication technologies, telemedicine, e-Health, and health social networks. This monograph is a compulsory reading for not only technology innovators, but also economists, social entrepreneurs, development specialists, health specialists, bankers and researchers and policy thinkers on technology and economic development.

  1. Evaluating cash benefits as real options for a commodity producer in an emerging market

    Directory of Open Access Journals (Sweden)

    Fernando Antonio Lucena Aiube

    2009-07-01

    Full Text Available The amount of cash a firm should maintain is an old problem tackled by finance literature. The recent advances in finance, mainly in the derivatives area, has opened the opportunity to revisit this subject. Cossin and Hricko (2004 studied the benefits of cash holdings using the Real Options approach. We follow their ideas extending the problem to a specific commodity producer firm in an emerging economy. We evaluate the benefits considering that raising capital takes time (timing benefit and also the benefit of avoiding the issue of securities at unfavorable moments (underpricing benefit. We use numerical procedures to solve the problem. Despite the fact that the results are not totally intuitive, we verify that the timing benefit is much more relevant than that of avoiding the underpricing benefit and that firms in emerging economies have greater advantage holding cash than those in developed economies. There is empirical evidence of this last result in the literature.

  2. Corporate governance, competition, the new international financial architecture and large corporations in emerging markets

    OpenAIRE

    Ajit Singh; Bruce Weisse; Alaka Singh

    2002-01-01

    This paper examines from the developing countries perspective important analytical and policy issues arising from: a) the current international discussions about corporate governance in relation to the New International Financial Architecture; b) changes in the international competitive environment being caused by the enormous international merger movement in advanced countries. The background to a) above is the emergence of corporate governance as a key issue in the current G7 proposals...

  3. Cornerstones of a renewable energy law for emerging markets in South America

    International Nuclear Information System (INIS)

    Kissel, Johannes M.; Hanitsch, Rolf; Krauter, Stefan C.W.

    2009-01-01

    Since 1990, effective support schemes for renewable energies have been introduced mainly in European countries. In this article, the authors explain which consequences different general conditions could have on the design and functioning of feed-in laws. Cornerstones for an adjusted feed-in law to the particular general conditions of emerging and developing countries in South America will be drawn, which should give support to the decision-makers for designing an attuned and well-functioning feed-in legislation.

  4. International portfolio flows and exchange rate volatility in emerging Asian markets

    OpenAIRE

    Caporale, Guglielmo Maria; Menla Ali, Faek; Spagnolo, Fabio; Spagnolo, Nicola

    2017-01-01

    This paper investigates the effects of equity and bond portfolio inflows on exchange rate volatility using monthly bilateral data for the US vis-a-vis seven Asian developing and emerging countries (India, Indonesia, Pakistan, the Philippines, South Korea, Taiwan and Thailand) over the period 1993:01-2015:11. GARCH models and Markov switching specifications with time-varying transition probabilities are estimated in addition to a benchmark linear model. The evidence suggests that high (low) ex...

  5. Corporate Investments in Asian Emerging Markets: Financial Conditions, Financial Development, and Financial Constraints

    OpenAIRE

    Wang, Jianxin; Gochoco-Bautista, Maria Socorro; Sotocinal, Noli

    2013-01-01

    Motivated by the literature on the finance–growth nexus, this paper explores the mechanisms through which finance affects corporate investments and capital accumulation. We separate the effects of financial conditions from those of financial development. Based on a sample of firms from five Asian emerging economies, we find that (1) financial conditions and financial development affect corporate investments through different channels. Financial conditions affect firms' growth opportunities an...

  6. Design of the AM600 Turbine-Generator for NPPs in Emerging Markets

    International Nuclear Information System (INIS)

    Alexandru, Bogdan; Abdoelatef, M. Gomaa; Field, Robert

    2015-01-01

    In this paper, preliminary analysis related to: (i) the T/G steam flow path, and (ii) the turbine cycle heat balance is examined. Analysis of global electric markets indicates that the current and near term capacity of electrical grids for many developing countries (e.g., Bangladesh, Kenya, Vietnam, Malaysia) is insufficient to reliably incorporate Nuclear Power Plants (NPPs) with large unit sizes (e.g., >1000 MWe). Thus a modern NPP design with a smaller output (-600 MWe) is of interest. To address conditions for such markets, the 'AM600' Turbine-Generator (T/G) design proposed here represents a 600 MWe design which is robust and supports a simplified steam cycle. The proposed shaftline starts with a determination of the number of flows, followed by a determination of the number of high and low pressure stages, followed by heat balance analysis. The conceptual design for the AM600 T/G offers the following: • a stiff shaftline which can offer robust performance in smaller grids lacking optimal stability relative to grid disturbances and frequency variation, • a simplified approach to T/G fabrication, installation, operation, testing, inspections, and maintenance due to design with a single LPT cylinder while maintaining high thermal efficiency, and • a reduced component count for MSRs, FWHs, and power train pumps and drivers (and associated support system components) resulting in lower capital outlays, simplified operations, and further reducing the maintenance, testing, and inspection burden

  7. Design of the AM600 Turbine-Generator for NPPs in Emerging Markets

    Energy Technology Data Exchange (ETDEWEB)

    Alexandru, Bogdan; Abdoelatef, M. Gomaa; Field, Robert [KEPCO International Nuclear Graduate School, Ulsan (Korea, Republic of)

    2015-10-15

    In this paper, preliminary analysis related to: (i) the T/G steam flow path, and (ii) the turbine cycle heat balance is examined. Analysis of global electric markets indicates that the current and near term capacity of electrical grids for many developing countries (e.g., Bangladesh, Kenya, Vietnam, Malaysia) is insufficient to reliably incorporate Nuclear Power Plants (NPPs) with large unit sizes (e.g., >1000 MWe). Thus a modern NPP design with a smaller output (-600 MWe) is of interest. To address conditions for such markets, the 'AM600' Turbine-Generator (T/G) design proposed here represents a 600 MWe design which is robust and supports a simplified steam cycle. The proposed shaftline starts with a determination of the number of flows, followed by a determination of the number of high and low pressure stages, followed by heat balance analysis. The conceptual design for the AM600 T/G offers the following: • a stiff shaftline which can offer robust performance in smaller grids lacking optimal stability relative to grid disturbances and frequency variation, • a simplified approach to T/G fabrication, installation, operation, testing, inspections, and maintenance due to design with a single LPT cylinder while maintaining high thermal efficiency, and • a reduced component count for MSRs, FWHs, and power train pumps and drivers (and associated support system components) resulting in lower capital outlays, simplified operations, and further reducing the maintenance, testing, and inspection burden.

  8. Mortality in severe trauma patients attended by emergency services in Navarre, Spain: validation of a new prediction model and comparison with the Revised Injury Severity Classification Score II.

    Science.gov (United States)

    Ali Ali, Bismil; Lefering, Rolf; Fortún Moral, Mariano; Belzunegui Otano, Tomás

    2018-01-01

    To validate the Mortality Prediction Model of Navarre (MPMN) to predict death after severe trauma and compare it to the Revised Injury Severity Classification Score II (RISCII). Retrospective analysis of a cohort of severe trauma patients (New Injury Severity Score >15) who were attended by emergency services in the Spanish autonomous community of Navarre between 2013 and 2015. The outcome variable was 30-day all-cause mortality. Risk was calculated with the MPMN and the RISCII. The performance of each model was assessed with the area under the receiver operating characteristic (ROC) curve and precision with respect to observed mortality. Calibration was assessed with the Hosmer-Lemeshow test. We included 516 patients. The mean (SD) age was 56 (23) years, and 363 (70%) were males. Ninety patients (17.4%) died within 30 days. The 30-day mortality rates predicted by the MPMN and RISCII were 16.4% and 15.4%, respectively. The areas under the ROC curves were 0.925 (95% CI, 0.902-0.952) for the MPMN and 0.941 (95% CI, 0.921-0.962) for the RISCII (P=0.269, DeLong test). Calibration statistics were 13.6 (P=.09) for the MPMN and 8.9 (P=.35) for the RISCII. Both the MPMN and the RISCII show good ability to discriminate risk and predict 30-day all-cause mortality in severe trauma patients.

  9. COMPANIES’FINANCIAL STATUS AND THE BUSINESS TURNOVER ON EMERGENT MARKETS: THE ROMANIAN CASE

    Directory of Open Access Journals (Sweden)

    Stefea Petru

    2013-07-01

    Full Text Available The aim of this study is to test for the relevance of some financial ratios as descriptors of companies’ financial status in explaining the evolutions of their business turnover. We are considering a data sample of 36 companies quoted on the Romanian capital market for a time span between 2007 and 2010.The predictive capacity of some significant financial ratios for the companies’ business turnover is analyzed and a methodology for the evaluation of their financial status based on these ratios is advanced. We found that the predictive capacity of some relevant financial ratios for the dynamic of some quoted companies’ turnovers is non-uniform across the two conventional sectors in which we have grouped these companies according to their field of activity. Based on these results, an synthetic indicator of the companies’ financial status is constructed at the level of each individual sector and the non-linear correlation between this indicator and the business turnover is tested.

  10. Risk-Return Trade-off in Emerging Markets:Evidence from Dhaka Stock Exchange Bangladesh

    Directory of Open Access Journals (Sweden)

    Abu T. Mollik

    2015-03-01

    Full Text Available This paper attempts to measure the risk and return relationship in Dhaka Stock Exchange (DSE. The study reports a statistically significant positive relationship between risk and return both at the individual security level and at the portfolio level, confirming the theoretical predictions and empirical findings on this issue in developed markets. Although portfolio risk and returns are found to be significantly positively related in general, some inconsistencies were revealed in the context of relative risk for high risk portfolios, suggesting the existence of some anomalies or mispricing in high risk assets. These findings have important implications for investment decisions at the DSE in that the investors may be able to create profitable investment strategies using the mispricing information.

  11. Cornerstones of a renewable energy law for emerging markets in South America

    Energy Technology Data Exchange (ETDEWEB)

    Kissel, Johannes M. [Department of Renewable Energies, Institute for Energy and Control Technology, Technical University Berlin (TUB), Sec. EM 4, Einsteinufer 11, D-10587 Berlin (Germany); Instituto IDEAL (World Council for Renewable Energy, Latin America), Rua Lauro Linhares, 2123 Torre A Sala 503, Trindade, CEP 88036-003/SC, Florianopolis (Brazil); Hanitsch, Rolf [Department of Renewable Energies, Institute for Energy and Control Technology, Technical University Berlin (TUB), Sec. EM 4, Einsteinufer 11, D-10587 Berlin (Germany); PI Photovoltaik-Institut Berlin AG, Module Technology: Testing, Consulting, Research, Einsteinufer 25, D-10587 Berlin (Germany); Krauter, Stefan C.W. [Department of Renewable Energies, Institute for Energy and Control Technology, Technical University Berlin (TUB), Sec. EM 4, Einsteinufer 11, D-10587 Berlin (Germany); PI Photovoltaik-Institut Berlin AG, Module Technology: Testing, Consulting, Research, Einsteinufer 25, D-10587 Berlin (Germany); Biberach University of Applied Sciences, P.O. Box 1260, 88382 Biberach (Germany)

    2009-09-15

    Since 1990, effective support schemes for renewable energies have been introduced mainly in European countries. In this article, the authors explain which consequences different general conditions could have on the design and functioning of feed-in laws. Cornerstones for an adjusted feed-in law to the particular general conditions of emerging and developing countries in South America will be drawn, which should give support to the decision-makers for designing an attuned and well-functioning feed-in legislation. (author)

  12. Lead-Users vs. Emergent Nature Consumers for Marketing Co-Creation: Are They Really Different?

    OpenAIRE

    Vernette, Eric; Hamdi-Kidar, Linda

    2014-01-01

    This research extends Hoffman et al (2010)'s work on the relationship between two key targets for co-creation: Emergent-Nature Consumers (ENC) and Lead-Users (LU). These authors have shown that an ENC - who can innovate in any domain, could be more effective than a LU- who innovates in one specific-domain, for the development of new product concepts. We show that these two innovating users have common conceptual roots and that ENC character trait corresponds to an extension of LU characterist...

  13. De-risking concentrated solar power in emerging markets: The role of policies and international finance institutions

    International Nuclear Information System (INIS)

    Frisari, Gianleo; Stadelmann, Martin

    2015-01-01

    Concentrated solar power (CSP) is a promising technology for low-carbon energy systems, as combined with thermal storage it can store solar energy as heat, and deliver power more flexibly and when most needed by the grid. However, its high cost prevents its rapid deployment and affects its affordability in emerging economies. International financial institutions (IFIs) have emerged as key players to enable CSP in emerging economies, especially when cooperating with national policymakers. Through the analysis of two CSP plants in India and Morocco where IFIs provided the lion's share of finance, this paper aims to assess the effectiveness of their support and estimate the impact of IFIs financing on electricity production costs and mobilization of private investments. The two case studies show that public financial institutions can play a leading role in reducing the cost of CSP support on public budgets by providing concessional loans in countries where public and/or private finance would be too expensive, or extending maturities where commercial investors are present but poorly suited for project finance. Finally, we show that, combined with competitive tariff setting mechanism (tenders and auctions), public financial support can also be a cost-effective tool to engage private investors in CSP. -- Highlights: •We analyze the financial model of two large-scale concentrated solar power (CSP) plants in two emerging markets (India and Morocco). •We focus on the role of policies and public finance in reducing investment risks and generation costs. •Development banks' concessional loans can reduce the weight of CSP support on public budgets. •Even when non-concessional, development banks' loans can reduce investment costs by extending debt maturities. •Competitive tariff setting mechanisms can ensure cost-effectiveness of public financial support

  14. Gli investimenti di portafoglio nelle economie di mercato emergenti:tendenze, dimensioni e problemi (Portfolio Investment in Emerging Market Economies: Trends, Dimensions and Issues

    Directory of Open Access Journals (Sweden)

    Dilip K. Das

    2000-09-01

    Full Text Available Securitised financial flows to emerging market economies have become an important feature of the global capital flows. The principal focus of this paper is on an in-depth analysis of current trends in securitised financial flows. It lays special emphasis on private portfolio equity investment into the emerging market economies. The paper begins with the analysis of the process of stimulation of these flows, and identifies the institutional, structural and non-cyclical factors behind them. One of the points it emphasises is the progressively important role of institutional investors, which is the causal factor behind a significant increase in the quantum of portfolio investment into the emerging market economies. These flows were adversely affected by the financial crises of the 1990s. The subject matter of this paper also includes two of the most important policy issues, namely, the "hot money and cold money" issue and the volatility issue.

  15. Emergence of Commodity Derivatives as Defensive Instrument in Portfolio Risk Hedging: A Case of Indian Commodity Markets

    Directory of Open Access Journals (Sweden)

    Singhal Shelly

    2017-04-01

    Full Text Available This paper empirically examines whether commodity derivatives can be used as an alternative investment asset in India where commodity markets are at emerging state and provides the same diversification benefit as they provide in developed commodity markets. In India only commodity futures are prevalent so various commodity indices representing various sectors has been used in the study. Diversification aspect of commodity derivatives has been tested initially by using correlation analysis. Compounded Daily Growth rate and Relative Standard deviation has been used as a measure of calculating risk and return of daily data of SENSEX, BOND and four Commodity Indices (MCX Comdex, MCX AGRI, MCX Metal, MCX Energy. Markowitz Efficient Frontier theory has been used to calculate portfolio risk return and Sharpe risk adjusted ratio has been used to evaluate the various portfolios. Optimal portfolio has been obtained for the combination of equity, bond and commodity and overall results of the study indicate that an investor who is risk averse will prefer to invest in combination of SENSEX, BOND & MCX Energy whereas an investor who gets utility by taking more risk for more returns will prefer to invest in combination of SENSEX, BOND & MCX Metal. Investor having inclination towards moderate risk return would tend to invest in MCX AGRI along with SENSEX and BOND.

  16. Conducting clinical trials in emerging markets of sub-Saharan Africa: review of guidelines and resources for foreign sponsors

    Directory of Open Access Journals (Sweden)

    Puppalwar G

    2015-03-01

    Full Text Available Gaurav Puppalwar, Meenakshi Mourya, Ganesh Kadhe, Amey Mane Medical Affairs, Wockhardt Limited, Wockhardt Towers, Bandra Kurla Complex, Mumbai, India Abstract: Clinical trials provide a foundation for new drug development processes, as well as for product license extensions for existing therapies. The reduction in the amount of time and cost to conduct a clinical trial becomes important, as competition to bring a new drug to the market is increasing, and so is the search for new markets. Kenya, Nigeria, Tanzania, Uganda, and Zambia offer a diverse patient population, as well as a comparatively research-friendly and ambitious government to develop these countries as pharmaceutical and health sectors of excellence. All these countries have their own guidelines to conduct clinical trials that feature some similarities and some subtle differences. Over the last decade, the guidelines have been evolving to provide a good ground to foreign sponsors, which carry out clinical trials while keeping the interest of patients as a priority. In the advent of these evolving guidelines, it becomes important for a foreign sponsor to understand and be aware of these guidelines before carrying out clinical trials. The present paper attempts to collect and compile all information available regarding the guidelines on the conduct of trials by a foreign sponsor in these five countries, which are available at government websites and search engines. The information gathered was organized into simplified flowcharts for easy understanding and usage. A clear understanding of the guidelines can effectively reduce the challenges faced for conducting clinical trials in these countries. Keywords: informed consent, ethics, drug development, emerging markets

  17. Intra- and Inter-Regional Return and Volatility Spillovers Across Emerging and Developing Markets: Evidence from Stock Indices and Stock Index Futures

    OpenAIRE

    Yarovaya, Larisa; Brzeszczynski, Janusz; Lau, Marco Chi Keung

    2016-01-01

    We provide empirical evidence on the patterns of intra- and inter-regional transmission of information across 10 developed and 11 emerging markets in Asia, the Americas, Europe and Africa using both stock indices and stock index futures. The main transmission channels are examined in the period from 2005 to 2014 through the analysis of return and volatility spillovers around the most recent crises based on the generalized vector autoregressive framework. Our findings demonstrate that markets ...

  18. OIL MARKET, NUCLEAR ENERGY CONSUMPTION AND ECONOMIC GROWTH: EVIDENCE FROM EMERGING ECONOMIES

    Directory of Open Access Journals (Sweden)

    Hanan Naser

    2014-04-01

    Full Text Available This paper empirically examines the relationship between oil consumption, nuclear energy consumption, oil price and economic growth in four emerging economies (Russia, China, South Korea, and India over the period from 1965 to 2010. Applying a modified version of the granger causality test developed by Toda and Yamamoto, we find that the level of world crude oil prices (WTI plays a crucial role in determining the economic growth in the investigated countries. The results suggest that there is a unidirectional causality running from real GDP to oil consumption in China and South Korea, while bidirectional relationship between oil consumption and real GDP growth appears in India. Furthermore, the results propose that while nuclear energy stimulates economic growth in both South Korea and India, the rapid increase in China economic growth requires additional usage of nuclear energy.

  19. Electric vehicles: The role and importance of standards in an emerging market

    International Nuclear Information System (INIS)

    Brown, Stephen; Pyke, David; Steenhof, Paul

    2010-01-01

    After nearly a century with the internal combustion engine dominating the personal transportation sector, it now appears that the electric vehicle is on the verge of experiencing rapid growth in both developed and developing vehicle markets. The broad-scale adoption of the electric vehicle could bring significant changes for society in terms of not only the technologies we use for personal transportation, but also moving our economies away from petroleum and lessoning the environmental footprint of transportation. This article investigates the role of standards, related training and certification for the electric vehicle. It is argued that the potential for the electric vehicle will be stunted without adequate attention being paid to standards, not only in terms of the speed of its uptake and smoothness of this transition, but also in terms of maintaining compatibility between jurisdictions, safety of the public, and helping to ensure environmental sustainability. We highlight a number of areas where new or adaptations of current standards, training and certification may be needed, notably in terms of batteries and charging infrastructures, electricity distribution and accounting for the environmental characteristics of this electricity, and different aspects of vehicle-to-grid and smart grid technologies.

  20. Analysing the long-run relationship among oil market, nuclear energy consumption, and economic growth: An evidence from emerging economies

    International Nuclear Information System (INIS)

    Naser, Hanan

    2015-01-01

    The primary objectives of this paper is to scrutinize the long-run relationship and the causal linkage between oil consumption, nuclear energy consumption, oil prices and economic growth. For this purpose, Johansen cointegration technique is applied using time series data for four emerging economies: Russia, China, South Korea and India, over the period from 1965 to 2010. Johansen cointegration results indicate that there is a long-run relationship between the proposed variables in each country. Exclusion tests show that both energy sources enter the cointegration space significantly (except for Russia), which suggests that energy has a long-run impact on economic growth. Results of the causal linkage between the variables point that energy consumption (i.e., oil or nuclear) has either a predictive power for economic growth, or a feedback impact between with real Gross Domestic Product (GDP) growth in all countries. Hence, energy conservation policies might harmful negative consequences on the growth of economic for this group of countries. - Highlights: • There is a long-run relationship among oil market, nuclear energy consumption, and economic growth. • Countries are energy dependent in stimulating economic growth. • There is feedback impact between oil consumption and economic growth in three out of four countries. • An increase in oil prices has drawbacks on emerging economies growth