WorldWideScience

Sample records for emerging markets revised

  1. 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

  2. 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....

  3. 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...

  4. 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...

  5. 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.

  6. 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....

  7. 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.

  8. 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 ...

  9. 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

  10. 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...

  11. 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.

  12. 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....

  13. 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%

  14. 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...

  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. 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...

  17. 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...

  18. 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...

  19. 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...

  20. 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...

  1. 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.

  2. 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.

  3. 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

  4. 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...

  5. 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,

  6. 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...

  7. 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...

  8. 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.

  9. 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.

  10. 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....

  11. 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

  12. 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.

  13. 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.)

  14. 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...

  15. 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.

  16. 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

  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. 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...

  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. 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. 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...

  2. 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...

  3. 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

  4. 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...

  5. 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

  6. 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.

  7. 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...

  8. 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.

  9. 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

  10. 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.

  11. 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

  12. 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...

  13. 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?

  14. 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...

  15. 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:...

  16. 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

  17. 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.

  18. 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

  19. 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...

  20. 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...

  1. 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

  2. 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

  3. 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...

  4. 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,...

  5. 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

  6. 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

  7. 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.

  8. 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...

  9. 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...

  10. 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.

  11. 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....

  12. 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...

  13. 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...

  14. 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...

  15. 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.

  16. 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

  17. 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…

  18. 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....

  19. 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...

  20. 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.

  1. 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.

  2. 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.

  3. 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...

  4. 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

  5. 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...

  6. 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.

  7. 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.…

  8. 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

  9. Price volatility in wind dominant electricity markets

    DEFF Research Database (Denmark)

    Farashbashi-Astaneh, Seyed-Mostafa; Chen, Zhe

    2013-01-01

    High penetration of intermittent renewable energy sources causes price volatility in future electricity markets. This is specially the case in European countries that plan high penetration levels. This highlights the necessity for revising market regulations and mechanisms in accordance...... to generation combination portfolio. Proposed solutions should be able to tackle with emerging challenges which are mainly due to high variability and unpredictability of intermittent renewable resources. In this paper high price volatility will be introduced as an emerging challenge in wind dominant...... electricity markets. High price volatility is unappreciated because it imposes high financial risk levels to both electricity consumers and producers. Additionally high price variations impede tracking price signals by consumers in future smart grid and jeopardize implementation of demand response concepts...

  10. 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.

  11. 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

  12. 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.

  13. 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.

  14. 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.

  15. 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...

  16. 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

  17. 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...

  18. 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...

  19. 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…

  20. 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

  1. 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...

  2. 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.

  3. 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...

  4. 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.

  5. 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.

  6. 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.

  7. 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.

  8. 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.

  9. 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...

  10. 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

  11. 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.

  12. 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.

  13. 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...

  14. 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.

  15. 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.

  16. 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.

  17. 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...

  18. 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.

  19. 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

  20. 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.

  1. 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.

  2. 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...

  3. 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

  4. 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

  5. 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.

  6. 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.

  7. 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

  8. 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...

  9. 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.

  10. 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

  11. 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.

  12. 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.

  13. 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

  14. 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…

  15. 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....

  16. 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.

  17. 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…

  18. 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

  19. 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…

  20. 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

  1. 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.

  2. 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

  3. 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.

  4. 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.

  5. 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.

  6. 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.

  7. 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

  8. 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

  9. 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...

  10. 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.

  11. 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

  12. 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.

  13. 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.

  14. 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

  15. 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...

  16. 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...

  17. 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.

  18. 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.

  19. 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.

  20. 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 ...

  1. 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

  2. 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.

  3. 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...

  4. 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.

  5. 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.

  6. 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)

  7. 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

  8. 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

  9. 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...

  10. 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…

  11. 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)

  12. 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...

  13. 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....

  14. 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.

  15. 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

  16. 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

  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 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

  18. 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

  19. 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.

  20. 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...

  1. 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...

  2. 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...

  3. 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...

  4. 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

  5. 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...

  6. 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...

  7. 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.

  8. 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.

  9. 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

  10. 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...

  11. 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...

  12. 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...

  13. 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...

  14. 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...

  15. 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...

  16. 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.

  17. 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...

  18. 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.

  19. 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

  20. 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

  1. 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.

  2. 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...

  3. 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...

  4. 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

  5. The Impact of Royalty Contract Revision in a Multistage Strategic R&D Alliance

    OpenAIRE

    Wenqiang Xiao; Yi Xu

    2012-01-01

    This paper investigates the impact of royalty revision on incentives and profits in a two-stage (research and development (R&D) stage and marketing stage) alliance with a marketer and an innovator. The marketer offers royalty contracts to the innovator. We find that the potential for royalty revision leads to more severe distortions in the optimal initial royalty contracts offered by the marketer. We show that if the innovator plays a significant role in the marketing stage, the marketer shou...

  6. 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

  7. 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.

  8. 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.

  9. 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.

  10. 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.

  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. 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...

  13. 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 ...

  14. 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.

  15. [Industry regulation and its relationship to the rapid marketing of medical devices].

    Science.gov (United States)

    Matsuoka, Atsuko

    2012-01-01

    In the market of medical devices, non-Japanese products hold a large part even in Japan. To overcome this situation, the Japanese government has been announcing policies to encourage the medical devices industry, such as the 5-year strategy for medical innovation (June 6, 2012). The Division of Medical Devices has been contributing to rapid marketing of medical devices by working out the standards for approval review and accreditation of medical devices, guidances on evaluation of medical devices with emerging technology, and test methods for biological safety evaluation of medical devices, as a part of practice in the field of regulatory science. The recent outcomes are 822 standards of accreditation for Class II medical devices, 14 guidances on safety evaluation of medical devices with emerging technology, and the revised test methods for biological safety evaluation (MHLW Notification by Director, OMDE, Yakushokuki-hatsu 0301 No. 20 "Basic Principles of Biological Safety Evaluation Required for Application for Approval to Market Medical Devices").

  16. 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

  17. 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...

  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. 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....

  20. Brazil's Market for Trading Forest Certificates.

    Science.gov (United States)

    Soares-Filho, Britaldo; Rajão, Raoni; Merry, Frank; Rodrigues, Hermann; Davis, Juliana; Lima, Letícia; Macedo, Marcia; Coe, Michael; Carneiro, Arnaldo; Santiago, Leonardo

    2016-01-01

    Brazil faces an enormous challenge to implement its revised Forest Code. Despite big losses for the environment, the law introduces new mechanisms to facilitate compliance and foster payment for ecosystem services (PES). The most promising of these is a market for trading forest certificates (CRAs) that allows landowners to offset their restoration obligations by paying for maintaining native vegetation elsewhere. We analyzed the economic potential for the emerging CRA market in Brazil and its implications for PES programs. Results indicate a potential market for trading 4.2 Mha of CRAs with a gross value of US$ 9.2±2.4 billion, with main regional markets forming in the states of Mato Grosso and São Paulo. This would be the largest market for trading forests in the world. Overall, the potential supply of CRAs in Brazilian states exceeds demand, creating an opportunity for additional PES programs to use the CRA market. This expanded market could provide not only monetary incentives to conserve native vegetation, but also environmental co-benefits by fostering PES programs focused on biodiversity, water conservation, and climate regulation. Effective implementation of the Forest Code will be vital to the success of this market and this hurdle brings uncertainty into the market. Long-term commitment, both within Brazil and abroad, will be essential to overcome the many challenges ahead.

  1. Brazil's Market for Trading Forest Certificates.

    Directory of Open Access Journals (Sweden)

    Britaldo Soares-Filho

    Full Text Available Brazil faces an enormous challenge to implement its revised Forest Code. Despite big losses for the environment, the law introduces new mechanisms to facilitate compliance and foster payment for ecosystem services (PES. The most promising of these is a market for trading forest certificates (CRAs that allows landowners to offset their restoration obligations by paying for maintaining native vegetation elsewhere. We analyzed the economic potential for the emerging CRA market in Brazil and its implications for PES programs. Results indicate a potential market for trading 4.2 Mha of CRAs with a gross value of US$ 9.2±2.4 billion, with main regional markets forming in the states of Mato Grosso and São Paulo. This would be the largest market for trading forests in the world. Overall, the potential supply of CRAs in Brazilian states exceeds demand, creating an opportunity for additional PES programs to use the CRA market. This expanded market could provide not only monetary incentives to conserve native vegetation, but also environmental co-benefits by fostering PES programs focused on biodiversity, water conservation, and climate regulation. Effective implementation of the Forest Code will be vital to the success of this market and this hurdle brings uncertainty into the market. Long-term commitment, both within Brazil and abroad, will be essential to overcome the many challenges ahead.

  2. 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 “...

  3. 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…

  4. 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…

  5. 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.

  6. 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

  7. 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

  8. 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…

  9. 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...

  10. 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...

  11. 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

  12. Brazil’s Market for Trading Forest Certificates

    Science.gov (United States)

    Soares-Filho, Britaldo; Rajão, Raoni; Merry, Frank; Rodrigues, Hermann; Davis, Juliana; Lima, Letícia; Macedo, Marcia; Coe, Michael; Carneiro, Arnaldo; Santiago, Leonardo

    2016-01-01

    Brazil faces an enormous challenge to implement its revised Forest Code. Despite big losses for the environment, the law introduces new mechanisms to facilitate compliance and foster payment for ecosystem services (PES). The most promising of these is a market for trading forest certificates (CRAs) that allows landowners to offset their restoration obligations by paying for maintaining native vegetation elsewhere. We analyzed the economic potential for the emerging CRA market in Brazil and its implications for PES programs. Results indicate a potential market for trading 4.2 Mha of CRAs with a gross value of US$ 9.2±2.4 billion, with main regional markets forming in the states of Mato Grosso and São Paulo. This would be the largest market for trading forests in the world. Overall, the potential supply of CRAs in Brazilian states exceeds demand, creating an opportunity for additional PES programs to use the CRA market. This expanded market could provide not only monetary incentives to conserve native vegetation, but also environmental co-benefits by fostering PES programs focused on biodiversity, water conservation, and climate regulation. Effective implementation of the Forest Code will be vital to the success of this market and this hurdle brings uncertainty into the market. Long-term commitment, both within Brazil and abroad, will be essential to overcome the many challenges ahead. PMID:27050309

  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. 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...

  15. 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.

  16. 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.

  17. 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.

  18. 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...

  19. 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...

  20. 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...

  1. 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...

  2. 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.

  3. 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.

  4. 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

  5. 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)

  6. 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...

  7. 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.

  8. 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)

  9. 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....

  10. 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

  11. 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...

  12. 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...

  13. 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

  14. 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

  15. 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.

  16. 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.

  17. 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.

  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. 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.

  20. 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

  1. 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...

  2. 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.

  3. 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

  4. 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

  5. EPR first responders revision test

    International Nuclear Information System (INIS)

    2011-01-01

    In this revision test evaluates the acquired knowledge in case of radiological emergency confront. Actions to be taken in relation to people, equipment and the environment. Doses, radioactive sources, pollution

  6. 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.  

  7. 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...

  8. 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

  9. 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

  10. 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

  11. E-markets

    DEFF Research Database (Denmark)

    Ivang, Reimar; Hinson, Robert; Somasundadram, Ramanathan

    2006-01-01

    We in this paper via a detailed literature review and by relying on our experiences attempt to conceptualize a reference model for e-markets. Our model has five dimensions which are i) transaction focus ii) market orientation iii) revenue sources iv) ownership bias and v) relationship orientation...... serves two purposes. First, it helps in synthesizing our knowledge about e-market. Second, researchers can use the model for defining research possibilities and while positioning their work. We are of the opinion that knowledge can be accumulatively furthered when the proposed model or a revised version...... of it is used for referencing. Practitioners can also use our model for evaluating an e-market....

  12. 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

  13. 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.

  14. 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...

  15. 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...

  16. 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....

  17. Efficiency of Crobex and Crobex10 Stock Market Indicies

    Directory of Open Access Journals (Sweden)

    Armin Habibovic

    2017-12-01

    Full Text Available The work of Haugen and Baker (1991 and Grinold (1992 has shown that market capitalisation-weighted indices are not mean-variance efficient. Further research by Amenc, Goltz, and Le Sourd (2006 proves that even naïve equal weighting can offer a better risk to return trade-off to investors in the developed markets. Based on earlier research findings of Zoricic, Dolinar, and Kozul (2014 and Dolinar, Zoricic and Kozul (2017 for the Croatian market which demonstrated that outperforming the cap-weighted index in an illiquid and undeveloped market is much more challenging the aim of this paper is to assess the efficiency of both CROBEX and CROBEX10 stock market indices. Efficient frontier was derived based on historical data (“ex post” for 5 revisions for each index. The distance from the efficient frontier was calculated revealing weaker efficiency but also greater diversification opportunities in the case of the broader CROBEX index. However, lower efficiency gains and higher estimation error in emerging market environment reduce significantly the out-ofsample potential for efficient index benchmarks. The analysis conducted in this paper makes it hard to assess if such potential truly exists but provides an insight based on calculation of indifference transaction costs following the work of Amenc et al. (2011.

  18. 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…

  19. 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

  20. 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.

  1. The international electricity market infrastructure-insight from the nordic electricity market

    DEFF Research Database (Denmark)

    Ma, Zheng; Prljaca, Zerina; Jørgensen, Bo Nørregaard

    2016-01-01

    This paper aims to provide an overview of an international electricity market for the emerging market players to understand and manipulate their roles and relationships in the market by analyzing the former, present, and future Nordic electricity market. The emerging market players...... and their relationships are also discussed in the paper. This paper outlines several suggestions for the future Nordic electricity market development. Furthermore, this paper provides a recommendation for countries interested in participating and developing the cross-national electricity markets with the discussion...... of the historical development of the Nordic electricity market....

  2. 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...

  3. 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

  4. 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?

  5. Empirical studies of market microstructure

    NARCIS (Netherlands)

    Spierdijk, L.

    2003-01-01

    In efficient markets, security prices move in response to the release of new information. Since transactions contain information, trading itself causes traders and market makers to update their beliefs and prices to be revised. The main part of this thesis (Chapters 2, 3, and 4) is devoted to the

  6. 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...

  7. 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...

  8. Maximum surgical blood ordering schedules for revision lower limb arthroplasty.

    Science.gov (United States)

    Mahadevan, Devendra; Challand, Christopher; Clarke, Andrew; Keenan, Jonathan

    2011-05-01

    Effective utilisation of blood products is fundamental. The introduction of maximum surgical blood ordering schedules (MSBOS) for operations has been shown to improve transfusion services. A retrospective analysis was undertaken to establish an evidence-based MSBOS for revision total hip replacement (THR) and total knee revision (TKR). The impact of this schedule on blood conservation was analysed. A retrospective analysis was undertaken on 397 patients who underwent revision THR and TKR over a 4-year period. The cross-match-to-transfusion ratio (CTR) and transfusion index (TI) were calculated. A MSBOS protocol was created based on the TIs and its' impact on transfusion services was assessed prospectively on 125 patients by comparing CTRs. In revision THR, TI was 1.19 for elective cases, 1.55 for emergency cases and 2.35 for infected cases. There was no difference in TI for revisions of cemented and uncemented components. Single component THR revision required less transfusion. In revision TKR, TI was 0.31 for elective cases, 2.0 for emergency cases and 1.23 for cases with infection. The introduction of the MSBOS protocol had resulted in a considerable improvement in blood ordering. Reductions in the CTR were seen for all types of revision surgery, but most evident in elective revision THR (3.24-2.18) and elective revision TKR (7.95-1.2). Analysis confirmed that excessive cross-matching occurred for revision lower limb arthroplasty. The introduction of our MSBOS protocol promoted blood conservation and compliance with established national guidelines.

  9. 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.

  10. 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…

  11. 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.

  12. 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...

  13. 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.

  14. 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

  15. 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...

  16. "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.

  17. Phases definition in marketing export process

    OpenAIRE

    Rajković Dragan; Kokić Miljko

    2004-01-01

    The result of export marketing process depends on its five phases. The first phase-revision of export capacities, inner view on advantages and defects of company concerning export possibilities. The second phase-identification of export strategy market penetration. The forth phase-preparing for the marketing campaign (action). The fifth phase-carrying out the above mentioned activities. This study shows the structure and contents of the mentioned phases. At the end, export marketing analyzed ...

  18. 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.)

  19. 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

  20. 78 FR 38912 - Notice of Request for Revision of a Currently Approved Information Collection

    Science.gov (United States)

    2013-06-28

    ... immediate production and marketing decisions and as a guide to the amount of product in the supply channel... DEPARTMENT OF AGRICULTURE Agricultural Marketing Service [Document No. AMS-FV-13-0022] Notice of Request for Revision of a Currently Approved Information Collection AGENCY: Agricultural Marketing Service...

  1. 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.

  2. 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.

  3. 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.

  4. 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...

  5. 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...

  6. 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.

  7. Regulatory assessment of brand changes in the commercial tobacco product market.

    Science.gov (United States)

    Wayne, G Ferris; Connolly, G N

    2009-08-01

    Regulatory oversight of tobacco product design has gained momentum in the US and internationally. Appropriate standards for assessing commercial brands and characterising product features must be considered a priority. An area of potential concern is in-market design changes adopted within a single commercial brand over time. Internal tobacco industry documents were identified and used to assess internal discussion of product guidelines and practices regarding in-market brand changes. Commercial tobacco products undergo a constant process of revision in-market, beginning at the most basic level of physical product characteristics and components, and including every aspect of design. These revisions commonly exceed guidelines for acceptable product variance adopted within the industry. While consumer and market testing is conducted to ensure that products remain acceptable to users, explicit marketing often may not accompany brand changes. In the absence of such marketing, it should not be assumed that a brand remains unchanged. For manufacturers, assessment of competitor brands includes identification and analysis of non-routine changes; that is, those changes likely to significantly alter the character of a given brand. Regulators must adopt a similar practice in determining standards for product evaluation in the face of ongoing commercial product revision.

  8. Strategic market segmentation

    Directory of Open Access Journals (Sweden)

    Maričić Branko R.

    2015-01-01

    Full Text Available Strategic planning of marketing activities is the basis of business success in modern business environment. Customers are not homogenous in their preferences and expectations. Formulating an adequate marketing strategy, focused on realization of company's strategic objectives, requires segmented approach to the market that appreciates differences in expectations and preferences of customers. One of significant activities in strategic planning of marketing activities is market segmentation. Strategic planning imposes a need to plan marketing activities according to strategically important segments on the long term basis. At the same time, there is a need to revise and adapt marketing activities on the short term basis. There are number of criteria based on which market segmentation is performed. The paper will consider effectiveness and efficiency of different market segmentation criteria based on empirical research of customer expectations and preferences. The analysis will include traditional criteria and criteria based on behavioral model. The research implications will be analyzed from the perspective of selection of the most adequate market segmentation criteria in strategic planning of marketing activities.

  9. The emergency plan of the ININ

    International Nuclear Information System (INIS)

    Ruiz C, M.A.

    1991-01-01

    The emergency plan of the ININ, it was elaborated in 1988 and revised by the National Commission of Nuclear Safety and Safeguards (CNSNS) in 1989. At the beginning of 1990 and with the support of the IAEA it was practiced the first revision to the text of this plan, for what the proposal revision is what constitutes the development of this report

  10. Phases definition in marketing export process

    Directory of Open Access Journals (Sweden)

    Rajković Dragan

    2004-01-01

    Full Text Available The result of export marketing process depends on its five phases. The first phase-revision of export capacities, inner view on advantages and defects of company concerning export possibilities. The second phase-identification of export strategy market penetration. The forth phase-preparing for the marketing campaign (action. The fifth phase-carrying out the above mentioned activities. This study shows the structure and contents of the mentioned phases. At the end, export marketing analyzed DPV is given as the example.

  11. 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.

  12. An economic evaluation of forest improvement opportunities and impacts from the emergence of a biomass fuel market in southwestern Nova Scotia

    International Nuclear Information System (INIS)

    Manley, A.L.; Savage, G.D.

    1993-01-01

    In 1991, Nova Scotia's public power utility initiated a process to purchase privately produced electrical power. A proposal was received to produce 20--25 megawatts from the burning of 350 to 400,000 tonnes annually of wood residue and forest biomass in a co-generation facility in southwestern Nova Scotia, Canada. This proposal has been proceeding and is nearing the construction phase. As a result of this potential market, there is an opportunity for increasing the scope and extent of forest improvement operations. Options for a closer integration of planning, harvesting, and silviculture activities will emerge. Optimum end use allocation could occur and enhance overall economic efficiency. The objective of this project is to assess the effect that this emerging market for forest biomass could have on forest management in the supply area. This project has two phases. Phase 1, presented here, develops the framework and methodology. Phase 2 will apply a linear programming-based analytical model for evaluation. Phase 1 accumulated the required data and information for both the current management and marketing situation and that including the emerging biomass market. Growth and yield of the natural stand types were calculated for a mixture of conventional roundwood products and chip equivalents. Management regimes, based on current forest type, site class, and appropriate silviculture treatments, were established. Expected multiproduct yields, by regime were estimated. Silviculture and harvest costs along with product revenues were used to calculate standing timber and soil expectation values. In Phase 2, a stand-based optimization model will be developed to explore and evaluate the long term opportunities and differences between the present and emerging management and market situations

  13. 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.

  14. 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

  15. 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

  16. 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

  17. 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)

  18. 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.

  19. 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

  20. 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.

  1. 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.

  2. 75 FR 36059 - Notice of Request for Extension and Revision of a Currently Approved Information Collection

    Science.gov (United States)

    2010-06-24

    ... Internet at http://www.regulations.gov . SUPPLEMENTARY INFORMATION: Title: Marketing Orders for Fruit Crops... Revision of a currently approved information collection. Abstract: Marketing order programs provide an... DEPARTMENT OF AGRICULTURE Agricultural Marketing Service [Doc. No. AMS-FV-10-0033; FV10-902-1NC...

  3. Energy-efficient computing and networking. Revised selected papers

    Energy Technology Data Exchange (ETDEWEB)

    Hatziargyriou, Nikos; Dimeas, Aris [Ethnikon Metsovion Polytechneion, Athens (Greece); Weidlich, Anke (eds.) [SAP Research Center, Karlsruhe (Germany); Tomtsi, Thomai

    2011-07-01

    This book constitutes the postproceedings of the First International Conference on Energy-Efficient Computing and Networking, E-Energy, held in Passau, Germany in April 2010. The 23 revised papers presented were carefully reviewed and selected for inclusion in the post-proceedings. The papers are organized in topical sections on energy market and algorithms, ICT technology for the energy market, implementation of smart grid and smart home technology, microgrids and energy management, and energy efficiency through distributed energy management and buildings. (orig.)

  4. 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.

  5. 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...

  6. 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.

  7. 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.

  8. 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…

  9. Marketing and finance: creating shareholder value

    OpenAIRE

    M. McDonald; B.D. Smith; K. Ward

    2013-01-01

    Written for marketing and finance directors, CEOs, and strategists, as well as MBA students, this practical book explains the principles and practice behind rigorous due diligence in marketing. It connects marketing plans and investment to the valuation of the firm and how it can contribute to increasing stakeholder value. Completely revised and updated throughout, the Second Edition features new case examples as well as a completely new first chapter containing the results of new research in...

  10. Futures market efficiency diagnostics via temporal two-point correlations. Russian market case study

    OpenAIRE

    Kopytin, Mikhail; Kazantsev, Evgeniy

    2013-01-01

    Using a two-point correlation technique, we study emergence of market efficiency in the emergent Russian futures market by focusing on lagged correlations. The correlation strength of leader-follower effects in the lagged inter-market correlations on the hourly time frame is seen to be significant initially (2009-2011) but gradually goes down, as the erstwhile leader instruments -- crude oil, the USD/RUB exchange rate, and the Russian stock market index -- seem to lose the leader status. An i...

  11. 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

  12. 75 FR 63551 - Guides for the Use of Environmental Marketing Claims

    Science.gov (United States)

    2010-10-15

    ... general principles that apply to all environmental marketing claims and provide specific guidance... Part II Federal Trade Commission 16 CFR Part 260 Guides for the Use of Environmental Marketing... Marketing Claims AGENCY: Federal Trade Commission. ACTION: Proposed revisions to guidelines. SUMMARY: The...

  13. The Market Efficiency of the Stock Market in India

    OpenAIRE

    Rahman, Sahnawaz

    2011-01-01

    The greatest and engendering event in the Twenty first century is capital and financial market revolution and reformation especially for India. Efficient Market Hypothesis has attracted numbers of studies in empirical finance particularly in determining the market efficiency of an emerging financial market which produced conflicting and inconclusive outcomes. This paper tests the efficiency of the Indian Capital Market in its semi-strong form and weak form of Efficient Market Hypothesis (EMH)...

  14. Criticality Safety Basics for INL Emergency Responders

    Energy Technology Data Exchange (ETDEWEB)

    Valerie L. Putman

    2012-08-01

    This document is a modular self-study guide about criticality safety principles for Idaho National Laboratory emergency responders. This guide provides basic criticality safety information for people who, in response to an emergency, might enter an area that contains much fissionable (or fissile) material. The information should help responders understand unique factors that might be important in responding to a criticality accident or in preventing a criticality accident while responding to a different emergency.

    This study guide specifically supplements web-based training for firefighters (0INL1226) and includes information for other Idaho National Laboratory first responders. However, the guide audience also includes other first responders such as radiological control personnel.

    For interested readers, this guide includes clearly marked additional information that will not be included on tests. The additional information includes historical examples (Been there. Done that.), as well as facts and more in-depth information (Did you know …).

    INL criticality safety personnel revise this guide as needed to reflect program changes, user requests, and better information. Revision 0, issued May 2007, established the basic text. Revision 1 incorporates operation, program, and training changes implemented since 2007. Revision 1 increases focus on first responders because later responders are more likely to have more assistance and guidance from facility personnel and subject matter experts. Revision 1 also completely reorganized the training to better emphasize physical concepts behind the criticality controls that help keep emergency responders safe. The changes are based on and consistent with changes made to course 0INL1226.

  15. 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,

  16. 75 FR 36058 - Notice of Request for Extension and Revision of a Currently Approved Information Collection

    Science.gov (United States)

    2010-06-24

    ... Currently Approved Information Collection AGENCY: Agricultural Marketing Service, USDA. ACTION: Notice and...: Extension and revision of a currently approved information collection. Abstract: Marketing order programs... / Thursday, June 24, 2010 / Notices#0;#0; [[Page 36058

  17. Labour migration and substitution (updated) : Second, revised version

    NARCIS (Netherlands)

    Cremers, Jan

    2017-01-01

    This (revised) paper compares the outcomes of several national and international studies on substitution as a consequence of migrants entering the labour market. Substitution appears if finding a job by one person results in the job loss (or non-obtaining of a job) of another person. The recruitment

  18. 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…

  19. 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...

  20. 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.

  1. 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.

  2. 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…

  3. 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.

  4. Graphic Display Development Program. Volume II, Revision 0. Appendices

    International Nuclear Information System (INIS)

    1984-12-01

    The objective of this project is to demonstrate the feasibility and utility of developing a set of graphic displays to support symptom-based emergency operating procedures (EOPs). Development of generic graphic displays is based on Revision 3 of the symptomatic Emergency Procedure Guidelines (EPGs) prepared by the BWR Owners' Group (BWROG), and development of plant-specific graphic displays is based on a set of emergency operating procedures developed from these EPGs

  5. 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.

  6. 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.

  7. 75 FR 32355 - Notice of Request for Revision of a Currently Approved Information Collection

    Science.gov (United States)

    2010-06-08

    .... Expiration Date of Approval: November 30, 2010. Type of Request: Revision of a currently approved information... retailers to market product. The Agricultural Marketing Act of 1946 (7 U.S.C. 1621-1627), section 203(g... ornamental trade, which includes packers, processors, brokers, retailers, producers, and associated...

  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. 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

  10. 77 FR 68732 - Notice of Intent To Request Revision and Extension of a Currently Approved Information Collection

    Science.gov (United States)

    2012-11-16

    ... Surveys Program. Revision to burden hours will be needed due to changes in the size of the target... Program obtains basic agricultural statistics for fresh market and processing vegetables in major... programs and by growers, processors, and marketers in making production and marketing decisions. The fresh...

  11. Instruments of the Money Market. Fourth Edition.

    Science.gov (United States)

    Cook, Timothy Q., Ed.

    This booklet is a compilation of articles on money market instruments which were published in the "Monthly Review" of the Federal Reserve Bank of Richmond from 1964-1967. They have been revised to include recent changes in the various markets, as well as to reflect currently applicable laws and regulations. The articles are titled: The Money…

  12. The Effects of Bloom’s Revised Taxonomy on Measurement and Evaluation in Education

    Directory of Open Access Journals (Sweden)

    İrfan Yurdabakan

    2012-12-01

    Full Text Available The aim of this study is to discuss the revision of the original version of Bloom’s taxonomy of educational objectives under the leadership of Krathwohl and Anderson and its reflections on testing and assessment in education. Fort his purpose, international database was scanned to analyze the publications on “Bloom’s revised taxonomy and relationships between the revised taxonomy and testing and assessment”. The reasons for revision, the results that emerged following the revision and the reflections of those results on measurement and evaluation in education are described within the scope of those publications obtained

  13. 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.

  14. 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...

  15. 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)

  16. 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.

  17. 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...

  18. 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. ...

  19. 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

  20. Self-regulation in securities markets

    OpenAIRE

    Carson, John

    2011-01-01

    This paper canvasses the trends in self-regulation and the role of self-regulation in securities markets in different parts of the world. The paper also describes the conditions in which self-regulation might be an effective element of securities markets regulation, particularly in emerging markets. Use of self-regulation and self-regulatory organizations is often recommended in emerging m...

  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 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 ...

  3. 75 FR 4310 - Credit Reforms in Organized Wholesale Electric Markets

    Science.gov (United States)

    2010-01-27

    ... energy markets, in which regional transmission organizations (RTOs) and independent system operators... require RTOs and ISOs to adopt tariff revisions reflecting these proposed credit reforms. The Commission... is in the organized wholesale electric markets.\\5\\ Individual RTOs and ISOs developed their own...

  4. 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

    2012-04-01

    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.       JEL Codes: G11, O16, F32, P33Keywords: Capital Flows, Financial Flows, Portfolio

  5. 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.

  6. Corruption: Threat to democracy and market economy in Nigeria ...

    African Journals Online (AJOL)

    In the research on 'Corruption: Threat to Democracy and Market Economy', the researchers critically explore the issue of corruption and how it threatens the democracy and market economy in Nigeria. Relevant literature was revised, which formed the secondary data. The theoretical framework of the study is political ...

  7. Tools for Monitoring Social Media: A Marketing Research Project

    Science.gov (United States)

    Veeck, Ann; Hoger, Beth

    2014-01-01

    Knowledge of how to effectively monitor social media is an increasingly valued marketing research skill. This study tests an approach for adding social media content to an undergraduate marketing research class team project. The revised project maintains the expected objectives and parameters of a traditional research project, while integrating…

  8. 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...

  9. Acquisitions by EMNCs in Developed Markets

    DEFF Research Database (Denmark)

    Rabbiosi, Larissa; Elia, Stefano; Bertoni, Fabio

    2012-01-01

    Building on an organisational learning perspective, we argue that emerging market firms’ international experience and home-country characteristics are core sources of learning. Furthermore, we argue that these factors constitute important determinants of emerging market firms’ acquisition behaviour...... in developed countries (south-north acquisitions). We test our hypotheses on a sample of 808 south-north acquisitions. The acquisitions were undertaken in Europe, Japan and North America (Canada and the US) between 1999 and 2008 by firms from the emerging economies of Brazil, Russia, India and China....... As suggested by the internationalisation process model, our results show that emerging market firms undertake acquisitions in developed countries in an incremental fashion. Acquisition experience in developed markets increases the likelihood of exploitative expansion, while acquisition experience in developing...

  10. 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.

  11. 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...

  12. Emerging wind energy technologies

    DEFF Research Database (Denmark)

    Rasmussen, Flemming; Grivel, Jean-Claude; Faber, Michael Havbro

    2014-01-01

    This chapter will discuss emerging technologies that are expected to continue the development of the wind sector to embrace new markets and to become even more competitive.......This chapter will discuss emerging technologies that are expected to continue the development of the wind sector to embrace new markets and to become even more competitive....

  13. Decision Support Systems as the Bridge between Marketing Models and Marketing Practice

    NARCIS (Netherlands)

    B. Wierenga (Berend)

    2008-01-01

    textabstractThe field of marketing decision models emerged about fifty years ago. In the beginning, optimization techniques from the field of Operations Research (OR) were dominant, but soon, the modeling of marketing phenomena and marketing problems became interesting in itself, irrespective of

  14. 77 FR 36477 - Notice of Intent To Revise and Extend a Currently Approved Information Collection

    Science.gov (United States)

    2012-06-19

    ... Reports. Revision to burden hours will be needed due to changes in the size of the target population... Agriculture to help administer programs; by State agencies to develop, research, and promote the marketing of products; and by producers to find their best market opportunity(s). The current expiration date for this...

  15. 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

  16. O composto de marketing sob a ótica da internet.

    Directory of Open Access Journals (Sweden)

    Luciano Augusto Toledo

    2008-06-01

    provide an analysis of the Internet implications on the marketing mix. The study is developed under the modality of exploratory research, complemented by a case study, and it is composed by a bibliography revision, a critical conceptual analysis of some pertinent aspects of the Internet and Marketing discipline. The exploratory survey was based in an interview guidebook used with the marketing staff. The result of the research was that the Internet is an important component in the marketing mix strategies of the Banco do Brasil. Keywords: Marketing, Internet, Marketing Mix.

  17. 76 FR 36518 - Notice of Intent To Request Approval To Revise and Extend an Information Collection

    Science.gov (United States)

    2011-06-22

    ... Survey. Revision to burden hours may be needed due to changes in the size of the target population... industry with current and future information on market supplies. This data is also used in preparing production, disposition, and income statistics which facilitate more orderly production, marketing, and...

  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. 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.

  20. U.S. Btu tax plan revised; industry wary of results

    International Nuclear Information System (INIS)

    Crow, P.

    1993-01-01

    The Clinton administration has changed its U.S. energy tax proposal to remove some objection voiced by industry and consumers. The Treasury Department's revised plan will still tax oil products at double the rate of other types of energy except for home heating oil, which now is to be taxed at the lower rate for natural gas. Of major importance to California producers, the revision will not tax natural gas used in enhanced recovery for heavy oil. This paper describes exemptions; effects on natural gas; the credibility gap; inhibition of gas market recovery; tax on NGL; and forecasting the future

  1. 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...

  2. 76 FR 70108 - Notice of Intent To Request Approval To Revise and Extend an Information Collection

    Science.gov (United States)

    2011-11-10

    ... Milk Products Surveys. Revision to burden hours will be needed due to changes in the size of the target... collection of Dairy Product Prices. This data will be collected by the Agricultural Marketing Service (AMS... Agricultural Marketing Act of 1946. Authority: Voluntary dairy information reporting is conducted under...

  3. 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...

  4. 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.

  5. 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...

  6. 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)

  7. 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 ...

  8. Identifying internet marketing principles relevant to generic marketers / Ayesha Lian Bevan-Dye

    OpenAIRE

    Bevan-Dye, Ayesha Lian

    2005-01-01

    To deliver the type of marketing graduate that meets industry demand necessitates that marketing curricula content be continuously updated to keep pace with the dynamic marketing environment. One of the major trends influencing the twenty-first century marketing environment is the advent of the Internet and substantial growth in Internet usage and Internet-based commerce. Not only is the Internet driving major marketing environmental change, it is also emerging as a new marketing tool of sign...

  9. 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...

  10. 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.

  11. 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.

  12. 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.

  13. A New Concept of Marketing: The Emotional Marketing

    Directory of Open Access Journals (Sweden)

    Domenico Consoli

    2010-03-01

    Full Text Available Nowadays, in the marketing area, a new concept of marketing is emerging: the emotional marketing. The emotional marketing studies how to arouse emotions in people to induce them to buy that particular produc/service. Recent studies shown how purchasing choices and decisions are the result of a careful analysis of rational and emotional aspects. Psychological literature recognizes that the emotional conditions influence every stage of decision-making in purchasing process.Emotions play a key role in any kind of social or business decision. The emotions are manifested in verbal, facial and textual expressions. People when speak, interact and write, convey emotions.Keywords: emotions, emotional marketing, emotional brand, emotional intelligence,emotions measurement.

  14. Shopper marketing implications on communication strategies and actions

    OpenAIRE

    Silveira, Paulo Duarte; Marreiros, Cristina

    2013-01-01

    Comunicação apresentada em 15th IAMB Conference, Lisboa Shopper marketing is an international recent concept and approach to marketing. Since shopper marketing is in the early stages of development, it is also an emerging research field, and consequently questions and challenges acrossall the marketing-mix variables are emerging. This paper addressesshopper marketing implications on one of those variables – communication.Specifically, the purpose of this paper is to study the implications ...

  15. Value-at-Risk Performances during the 2007-2008 Global Financial Crisis: a comparison of three Value-at-Risk models in the emerging markets of China, India and Philippines.

    OpenAIRE

    Li, Mi

    2012-01-01

    Ever since the world economic outlook was fundamentally changed by the 2007-2008 financial crisis, risk management and reliable risk measurements have been drew much attentions. This thesis selects three Asian emerging markets, that is, China, India, Philippine, as the research targets and evaluates the performances of three different Value-at-Risk (VaR) models (the Historical Simulation, the Monte Carlo Simulation, and the Extreme Value Theory) in these three emerging markets’ stock markets ...

  16. Ekologický marketing

    OpenAIRE

    Neznaj, Radek

    2009-01-01

    The work addresses issues of ecological marketing, specifically focuses on the marketing mix of organic products. The intention is to point out guidelines and outline options that may be the potential of products development in line with environmental objectives and the enterprise. The work is divided into three parts. The first part briefly shows the evolution of marketing and its current form, including current trends and events that led to the emergence of ecological marketing. This sectio...

  17. Business Development in Emerging Markets: The Impact on spending behaviour of elderly caregivers of family members with HIV/AIDS in SA

    Directory of Open Access Journals (Sweden)

    Christo Boshoff

    2010-12-01

    Full Text Available Business development in emerging markets, known as the “base of the pyramid”, is not without financial risk and a key concern in South African communities are the costs associated with HIV/AIDS. Due to the enormous demand for healthcare, many governments have opted for home-based care systems. Caregivers are mainly older women and their financial survival is critically important. We found that as the patient’s illness progressed: 1 the cultural norm ubuntu led the caregiver to increase spending on the patient and a decreased spending on themselves and 2 the social pressure of stigma led to a very dramatic drop in direct interpersonal assistance to the patient and an increase in spending on themselves. Their resulting coping strategies and implications for economic development are discussed. Keywords - Emerging Markets, Cultural, Health Services

  18. 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…

  19. 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...

  20. 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.

  1. 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.

  2. 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.

  3. Overview of Wholesale Electricity Markets

    Energy Technology Data Exchange (ETDEWEB)

    Milligan, Michael [National Renewable Energy Laboratory (NREL), Golden, CO (United States); Bloom, Aaron P [National Renewable Energy Laboratory (NREL), Golden, CO (United States); Cochran, Jaquelin M [National Renewable Energy Laboratory (NREL), Golden, CO (United States); Townsend, Aaron [National Renewable Energy Laboratory (NREL), Golden, CO (United States); Ela, Erik [Electric Power Research Institute; Botterud, Audun [Argonne National Laboratory; Levin, Todd [Argonne National Laboratory

    2018-02-15

    This chapter provides a comprehensive review of four key electricity markets: energy markets (day-ahead and real-time markets); ancillary service markets; financial transmission rights markets; capacity markets. It also discusses how the outcomes of each of these markets may be impacted by the introduction of high penetrations of variable generation. Furthermore, the chapter examines considerations needed to ensure that wholesale market designs are inclusive of emerging technologies, such as demand response, distributed generation, and distributed storage.

  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. 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.

  6. Strategic Audit and Marketing Plan

    Science.gov (United States)

    Wright, Lianna S.

    2013-01-01

    The purpose of this audit was to revise the marketing plan for ADSum Professional Development School and give the owner a long-term vision of the school to operate competitively in the crowded field of for-profit schools. It is fairly simple to create a strategic plan but harder to implement and execute. Execution requires weeks and months of…

  7. A revised limbic system model for memory, emotion and behaviour.

    Science.gov (United States)

    Catani, Marco; Dell'acqua, Flavio; Thiebaut de Schotten, Michel

    2013-09-01

    Emotion, memories and behaviour emerge from the coordinated activities of regions connected by the limbic system. Here, we propose an update of the limbic model based on the seminal work of Papez, Yakovlev and MacLean. In the revised model we identify three distinct but partially overlapping networks: (i) the Hippocampal-diencephalic and parahippocampal-retrosplenial network dedicated to memory and spatial orientation; (ii) The temporo-amygdala-orbitofrontal network for the integration of visceral sensation and emotion with semantic memory and behaviour; (iii) the default-mode network involved in autobiographical memories and introspective self-directed thinking. The three networks share cortical nodes that are emerging as principal hubs in connectomic analysis. This revised network model of the limbic system reconciles recent functional imaging findings with anatomical accounts of clinical disorders commonly associated with limbic pathology. Copyright © 2013 Elsevier Ltd. All rights reserved.

  8. quantification of emergency action levels for research reactor

    International Nuclear Information System (INIS)

    Wu Zhongwang; Qu Jingyuan; Liu Yuanzhong; Xi Shuren

    2000-01-01

    Emergency action level (EAL) technical criteria or parameters for emergency conditions classes. Reference methodology for development of EAL in foreign countries, in process of developed and reviewed emergency plan of home several research reactors, the author thought that should be taken initiating conditions which result in emergency conditions quantified some instrumental readings or alarm thresholds, in order to distinguish and confirm emergency conditions and provide technical bases for emergency response actions. Then based on this principle, revised or developed emergency plans of INET Tsinghua University, promote development of work for emergency plan of research reactors

  9. 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

  10. Decision Support Systems as the Bridge between Marketing Models and Marketing Practice

    OpenAIRE

    Wierenga, Berend

    2008-01-01

    textabstractThe field of marketing decision models emerged about fifty years ago. In the beginning, optimization techniques from the field of Operations Research (OR) were dominant, but soon, the modeling of marketing phenomena and marketing problems became interesting in itself, irrespective of whether they could be solved with a known OR technique. The field of marketing models developed its own identity and became an important academic field (Wierenga 2008b). Somewhat later the term "marke...

  11. 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.

  12. 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…

  13. Insights into the Development of the Market of Mobile Marketing Services in Romania

    Directory of Open Access Journals (Sweden)

    Carmen Balan

    2012-11-01

    Full Text Available The article aims to explore the present evolution stage of the mobile marketing service market in Romania. Central part of the article is the exploratory research based on in-depth interviews with major specialists in mobile marketing services. The main objectives of the research were to study: the offering of mobile marketing agencies in Romania; most used mobile marketing instruments; market changes generated by the advent of smartphones; perception of competition among Romanian mobile marketing agencies. This exploratory approach is the first multi-faceted qualitative study of the supply side of the Romanian market of mobile marketing services which is presently at the border between emergence and growth.

  14. Causalidade entre os retornos de mercados de capitais emergentes e desenvolvidos Causality between stock return rates: emerging versus developed capital markets

    Directory of Open Access Journals (Sweden)

    Wagner Moura Lamounier

    2007-04-01

    Full Text Available Utilizando-se de instrumentais estatísticos para a análise de séries temporais, procurou-se verificar as relações entre os retornos dos principais mercados de capitais emergentes e dos principais mercados desenvolvidos. A amostra foi divida em dois períodos: entre 1995-2002 e entre 2003-2005, tendo em vista os momentos distintos dos mercados quanto à vulnerabilidade externa. No primeiro momento, apesar das diversas crises econômicas, verificou-se que apenas o retorno do mercado emergente da Rússia sofreu grandes impactos ante os choques dos retornos dos outros mercados. Entre 2003-2005, no entanto, os retornos de outros mercados emergentes, como o do Brasil e o do México, responderam de forma significativa aos choques nos retornos dos demais mercados analisados.Using statistical instruments for the analysis of time series, - this work aims to verify the relation of returns of stock investments between the main emerging and the developed capital markets. The sample was divided in two periods: 1995-2002 and 2003-2005, in view of their different external vulnerability moments. At the beginning, - in spite of - several economic crises, only Russia’s stock market returns - suffered great impacts, compared with those at other markets’. Between 2003-2005, however, the returns of other emerging markets, as Brazil’s and Mexico’s, answered in a more significant form to the shocks in the returns of other markets.

  15. Focus sul digital marketing

    OpenAIRE

    S. Vianello; G. Randisi

    2011-01-01

    Il marketing impatta o meno sulle performance aziendali? L’investimento in competenze di Marketing & Sales genera ritorni per le imprese? La risposta che emerge da questo volume è certa. Il marketing conta davvero, perché guida le scelte strategiche delle imprese e perché impatta direttamente sui loro indicatori economico-finanziari, attraverso competenze e metriche adeguate.

  16. SPECULATIVE EFFICIENCY OF STOCK INDEX FUTURES MARKETS:AN ANALYSIS ON THE ASEAN MARKETS

    Directory of Open Access Journals (Sweden)

    Normas Awang

    2012-07-01

    Full Text Available The capital markets in emerging economies are undergoing rapid transformationdue to the advancement of technologicalinnovations and globalization of themarketplace. Thus, the risk managementmeasures are extremely importantthroughout the financial system. However,the scarcity of derivative instrumentssuch as futures and options in emergingmarkets, in addition to the failure togenerate liquidity, have made the emerging economies to be left behind in therecent development of the world capital markets. Whilethere are a great numberof earlier studies that analyse the efficiency of futures markets in differentcountries, there is a lack ofresearch that take intoaccount of the speculativeefficiency of futures markets which argues that futures prices are an unbiased forecast of the spot pricesas well as a crucial part offorecasting techniques. Thispaper aims to investigate the speculativeefficiency of stock index futures marketsin the ASEAN markets which comprises ofSingapore, Malaysia and Thailand byemploying an econometric time series dataanalysis ranging from January 2000 toDecember 2010.

  17. Evaluation of revised trauma score in poly- traumatized patients

    International Nuclear Information System (INIS)

    Ahmad, H.N.

    2004-01-01

    Objective: To determine the prognostic value and reliability of revised trauma score (RTS) in polytraumatized patients. Subjects and Methods: Thirty adult patients of road traffic accidents sustaining multisystem injuries due to high energy blunt trauma were managed according to the protocols of advanced trauma life support (ATLS) and from their first set of data RTS was calculated. Score of each patient was compared with his final outcome at the time of discharge from the hospital. Results: The revised trauma score was found to be a reliable predictor of prognosis of polytraumatized patients but a potentially weak predictor for those patients having severe injury involving a single anatomical region. The higher the RTS the better the prognosis of polytrauma patient and vice versa. Revised trauma score <8 turned out to be an indicator of severe injury with high mortality and morbidity and overall mortality in polytraumatized patients was 26.66%. However, RTS-6 was associated with 50% mortality. Conclusion: The revised trauma score is a reliable indicator of prognosis of polytraumatized patients. Therefore, it can be used for field and emergency room triage. (author)

  18. 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....

  19. The theoretical basis of influence and the structure of marketing environment

    Directory of Open Access Journals (Sweden)

    Stefanova Olena

    2015-11-01

    Full Text Available The article is devoted to the justification of the nature and structure of the external environment of marketing. The study proves that the data analysis of the environment - is just one of many elements in the process of marketing strategy. The main task of monitoring – is to define the environment trends, issues, events or signals aimed to encourage the company management to revise the strategy and tactics of marketing.

  20. Wind: new wind markets

    International Nuclear Information System (INIS)

    Cameron, A.

    2005-01-01

    The June 2005 edition of 'Wind Force 12' suggests that wind could generate 12% of global electricity requirements by 2020. But what moves a potential market into an emerging one? Geographical factors include a good wind resource, plenty of open space and the ability to get the generated electricity to end-users. A country's political framework is equally important, with fixed price systems, renewable quota systems and political will all playing a part. Some potential wind markets around the world are thought to have the conditions necessary to become key players in the wind industry. The emerging markets in countries such as Australia, Brazil, Canada, France, Japan and the Philippines are highlighted as examples

  1. Experiences of Emerging Economy Firms

    DEFF Research Database (Denmark)

    Experiences of Emerging Economy Firms investigates the different elements of the experiences of emerging economy firms and sheds essential light on a large variety of aspects associated with their functioning in both home and host contexts. For example, firms must be able to overcome the liability...... of foreign and emerging issues when they expand their activities in various contexts, enter, exit, and re-enter overseas markets; they have to overcome institutional barriers, adapt the cultural challenges in foreign markets, undergo the impact of large multinational firms from developed economies...

  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. 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)

  4. The emergency plan of the ININ; El plan de emergencia del ININ

    Energy Technology Data Exchange (ETDEWEB)

    Ruiz C, M A [ININ, Salazar, Estado de Mexico (Mexico)

    1991-07-01

    The emergency plan of the ININ, it was elaborated in 1988 and revised by the National Commission of Nuclear Safety and Safeguards (CNSNS) in 1989. At the beginning of 1990 and with the support of the IAEA it was practiced the first revision to the text of this plan, for what the proposal revision is what constitutes the development of this report.

  5. Consumer Behavior dan Marketing Mix

    OpenAIRE

    Pura A, Agus Hasan

    2005-01-01

    Marketing concept emerged since business philosophy shifted to a customer-centered, the job is to find the right products for your choosen target markets. The reason for customer orientation in which all functions work together to respond to, Serve, and satisfy customer. To satisfy consumer (end user) the marketing concept use integrated marketing, that is segmenting, Targeting, positioning, and marketing mix (4p/7p). And to.be success, marketer have to understand the behavior of consumers of...

  6. Market-consistent actuarial valuation

    CERN Document Server

    Wüthrich, Mario V

    2016-01-01

    This is the third edition of this well-received textbook, presenting powerful methods for measuring insurance liabilities and assets in a consistent way, with detailed mathematical frameworks that lead to market-consistent values for liabilities. Topics covered are stochastic discounting with deflators, valuation portfolio in life and non-life insurance, probability distortions, asset and liability management, financial risks, insurance technical risks, and solvency. Including updates on recent developments and regulatory changes under Solvency II, this new edition of Market-Consistent Actuarial Valuation also elaborates on different risk measures, providing a revised definition of solvency based on industry practice, and presents an adapted valuation framework which takes a dynamic view of non-life insurance reserving risk.

  7. Brazil’s Market for Trading Forest Certificates

    DEFF Research Database (Denmark)

    Soares-Filho, Britaldo; Rajão, Raoni; Merry, Frank

    2016-01-01

    Brazil faces an enormous challenge to implement its revised Forest Code. Despite big losses for the environment, the law introduces new mechanisms to facilitate compliance and foster payment for ecosystem services (PES). The most promising of these is a market for trading forest certificates (CRAs...... value of US$ 9.2±2.4 billion, with main regional markets forming in the states of Mato Grosso and São Paulo. This would be the largest market for trading forests in the world. Overall, the potential supply of CRAs in Brazilian states exceeds demand, creating an opportunity for additional PES programs...... to use the CRA market. This expanded market could provide not only monetary incentives to conserve native vegetation, but also environmental co-benefits by fostering PES programs focused on biodiversity, water conservation, and climate regulation. Effective implementation of the Forest Code will be vital...

  8. Mind Your Product-Market Strategy on Selecting Marketing Inputs: An Uncertainty Approach in Indian Context

    OpenAIRE

    Susmita Ghosh; Bhaskar Bhowmick

    2015-01-01

    Market is an important factor for start-ups to look into during decision-making in product development and related areas. Emerging country markets are more uncertain in terms of information availability and institutional supports. The literature review of market uncertainty reveals the need for identifying factors representing the market uncertainty. This paper identifies factors for market uncertainty using Exploratory Factor Analysis (EFA) and confirmed the number of fa...

  9. The Spanish Wind Energy Market. Balance and Outlooks

    International Nuclear Information System (INIS)

    Varela, M.

    1999-01-01

    The present work accomplishes a revision to the situation of the wind market in Spain, its recent evolution, its regional distribution, the principal actors of the market (manufacturers, promoters). The balance includes a review of the programs of institutional support to wind energy, an analysis of the current installation costs and electricity production costs. Finally, other variables related the integration of wind energy are analysed, as the potential of employment generation or the associated environmental factors. (Author) 5 refs

  10. TECHNICAL ANALYSIS OF EFFICIENT MARKET HYPOTHESIS IN A FRONTIER MARKET

    OpenAIRE

    MOBEEN Ur Rehman; WAQAS Bin Khidmat

    2013-01-01

    This paper focuses on identifying the major financial indicators or ratios that play a crucial role in determining the prices of the securities. Also the volatility of the prices of securities on the basis of previous performance of the companies will help us to understand the applicability of efficient market hypothesis in our emerging financial market. The scope of this paper is to investigate the weak form of market efficiency in the Karachi stock exchange. This paper will help the investo...

  11. On China's Education Marketization Policy

    Science.gov (United States)

    Ru, Ning

    2005-01-01

    The education market emerged in China since 1990s, which triggered heated debate among education circle. This paper explores the development forms which education market took on, analyses its pros and cons and investigates the measures should be adopted to revamp the holes of the unripe education market. (Contains 6 footnotes.)

  12. Do Markets Cointegrate after Financial Crises? Evidence from G-20 Stock Markets

    Directory of Open Access Journals (Sweden)

    Mahfuzul Haque

    2015-12-01

    Full Text Available The results of the single-equation cointegration tests indicate that patterns of cointegration in the two main and four sub-periods are not homogeneous. Two key findings emerge from the study. First, fewer stock markets cointegrated with S&P 500 during the crisis period than they did during the pre-crisis. In other words, as the 2008 financial crisis deepened, S&P 500 and G-20 stock indices moved towards less cointegration. The decreasing number of cointegrating relationships implies that the U.S. stock markets and other G-20 markets have experienced different driving forces since the start of the U.S. crisis. Second, among those markets that are cointegrated with S&P 500, they happened to be deeply affected by S&P and the shocks emerging from it. The 2007–2009 financial crises can be considered a structural break in the long-run relationship and may have resulted from effective joint intervention/responses taken by members of G-20 nations.

  13. 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...

  14. 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

  15. 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.

  16. 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.

  17. Using energy storage for strategic advantage in competitive electricity markets

    International Nuclear Information System (INIS)

    Hurwitch, J.W.; Symons, P.

    1998-01-01

    Energy storage products are emerging for use in power quality, electric transmission and distribution, and renewable energy applications. Despite this emergence into high-value markets, widespread market penetration will only occur when the value of the services that energy storage products can deliver are clearly delineated. The emergence of competitive electricity markets will more clearly define the flexible benefits of energy storage devices. This paper presents a summary of the ESA's position of the status of energy storage technologies, the market barriers, and steps the ESA is undertaking to reduce these barriers. (author)

  18. 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.

  19. 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.

  20. Revising Translations

    DEFF Research Database (Denmark)

    Rasmussen, Kirsten Wølch; Schjoldager, Anne

    2011-01-01

    The paper explains the theoretical background and findings of an empirical study of revision policies, using Denmark as a case in point. After an overview of important definitions, types and parameters, the paper explains the methods and data gathered from a questionnaire survey and an interview...... survey. Results clearly show that most translation companies regard both unilingual and comparative revisions as essential components of professional quality assurance. Data indicate that revision is rarely fully comparative, as the preferred procedure seems to be a unilingual revision followed by a more...... or less comparative rereading. Though questionnaire data seem to indicate that translation companies use linguistic correctness and presentation as the only revision parameters, interview data reveal that textual and communicative aspects are also considered. Generally speaking, revision is not carried...

  1. Peculiarities of marketing communications in cultural marketing

    Directory of Open Access Journals (Sweden)

    Daniel Gardan

    2016-09-01

    Full Text Available Extending the application of marketing science specific concepts and principles in various sectors would not have been possible without their gradual evolution, in terms of customization and differentiation tailored for a specific field. This phenomenon regarding marketing evolution in terms of both extensively and intensively way, led to the emergence and consolidation of a set of concepts adapted also for cultural products and services market, or in other words for culture “consumption”. This article highlights a number of marketing communications specific elements, derived from the peculiarities of modern culture consumer and the latest technologies interference in the creation and delivery of cultural products and services. Given the high degree of consumer involvement in relation to the needs that underlie consumption of cultural products and services, as well as the dimension specific for an artistic act in some cases, marketing communications has to respond to particular challenges in the process of building customer-provider relationship.

  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. 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

  4. 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)

  5. Validating Obstetric Emergency Checklists using Simulation: A Randomized Controlled Trial.

    Science.gov (United States)

    Bajaj, Komal; Rivera-Chiauzzi, Enid Y; Lee, Colleen; Shepard, Cynthia; Bernstein, Peter S; Moore-Murray, Tanya; Smith, Heather; Nathan, Lisa; Walker, Katie; Chazotte, Cynthia; Goffman, Dena

    2016-10-01

    Background The World Health Organization's Surgical Safety Checklist has demonstrated significant reduction in surgical morbidity. The American Congress of Obstetricians and Gynecologists District II Safe Motherhood Initiative (SMI) safety bundles include eclampsia and postpartum hemorrhage (PPH) checklists. Objective To determine whether use of the SMI checklists during simulated obstetric emergencies improved completion of critical actions and to elicit feedback to facilitate checklist revision. Study Design During this randomized controlled trial, teams were assigned to use a checklist during one of two emergencies: eclampsia and PPH. Raters scored teams on critical step completion. Feedback was elicited through structured debriefing. Results In total, 30 teams completed 60 scenarios. For eclampsia, trends toward higher completion were noted for blood pressure and airway management. For PPH, trends toward higher completion rates were noted for PPH stage assessment and fundal massage. Feedback resulted in substantial checklist revision. Participants were enthusiastic about using checklists in a clinical emergency. Conclusion Despite trends toward higher rates of completion of critical tasks, teams using checklists did not approach 100% task completion. Teams were interested in the application of checklists and provided feedback necessary to substantially revise the checklists. Intensive implementation planning and training in use of the revised checklists will result in improved patient outcomes. Thieme Medical Publishers 333 Seventh Avenue, New York, NY 10001, USA.

  6. The Theoretical Aspects of Controlling of Marketing in Enterprise

    Directory of Open Access Journals (Sweden)

    Liakh Inna S.

    2017-07-01

    Full Text Available The article is aimed at generalizing the theoretical provisions on controlling of marketing in enterprise: to clarify the place of controlling of marketing within the management system, constituents, goals, tasks, and functions. The controlling of marketing was considered in terms of concepts such as management of enterprise, management of marketing, operative management of marketing, controlling, strategic and operational controlling of marketing, and operative management of marketing costs. The constituents and tools of controlling of marketing at the strategic and the operational levels have been defined. The definition of operative controlling of marketing has been revised, which emphasizes managerial decision-making about marketing costs, taking account of current situation and optimality of such costs as to purposes of enterprise. A systematic approach to studying this issue provides a holistic view of controlling of marketing within the enterprise management system. A study on the theoretical aspects of controlling of marketing as a modern management concept will make it possible to approach the issue of decision-making on marketing activity in a holistic manner.

  7. Emergency Response Resources guide for nuclear power plant emergencies

    International Nuclear Information System (INIS)

    1992-07-01

    On August 28 and September 18, 1990, the States of Louisiana and Mississippi, Gulf States Utilities, five local parishes, six Federal agencies, and the American Nuclear Insurers participated in a post-emergency TABLETOP exercise in Baton Rouge, Louisiana. One of the products developed from that experience was this guide for understanding the responsibilities and obtaining resources for specific needs from the various participants, particularly from those organizations within the Federal Government. This first revision of that guide broadens the focus of the original document. Also, new information defines the major Federal response facilities. This guide should assist State and local government organizations with identifying and obtaining those resources for the post-emergency response when their resources have been exhausted

  8. 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.

  9. Emerging large-scale solar heating applications

    International Nuclear Information System (INIS)

    Wong, W.P.; McClung, J.L.

    2009-01-01

    Currently the market for solar heating applications in Canada is dominated by outdoor swimming pool heating, make-up air pre-heating and domestic water heating in homes, commercial and institutional buildings. All of these involve relatively small systems, except for a few air pre-heating systems on very large buildings. Together these applications make up well over 90% of the solar thermal collectors installed in Canada during 2007. These three applications, along with the recent re-emergence of large-scale concentrated solar thermal for generating electricity, also dominate the world markets. This paper examines some emerging markets for large scale solar heating applications, with a focus on the Canadian climate and market. (author)

  10. Emerging large-scale solar heating applications

    Energy Technology Data Exchange (ETDEWEB)

    Wong, W.P.; McClung, J.L. [Science Applications International Corporation (SAIC Canada), Ottawa, Ontario (Canada)

    2009-07-01

    Currently the market for solar heating applications in Canada is dominated by outdoor swimming pool heating, make-up air pre-heating and domestic water heating in homes, commercial and institutional buildings. All of these involve relatively small systems, except for a few air pre-heating systems on very large buildings. Together these applications make up well over 90% of the solar thermal collectors installed in Canada during 2007. These three applications, along with the recent re-emergence of large-scale concentrated solar thermal for generating electricity, also dominate the world markets. This paper examines some emerging markets for large scale solar heating applications, with a focus on the Canadian climate and market. (author)

  11. Revision total hip arthoplasty: factors associated with re-revision surgery.

    Science.gov (United States)

    Khatod, Monti; Cafri, Guy; Inacio, Maria C S; Schepps, Alan L; Paxton, Elizabeth W; Bini, Stefano A

    2015-03-04

    The survivorship of implants after revision total hip arthroplasty and risk factors associated with re-revision are not well defined. We evaluated the re-revision rate with use of the institutional total joint replacement registry. The purpose of this study was to determine patient, implant, and surgeon factors associated with re-revision total hip arthroplasty. A retrospective cohort study was conducted. The total joint replacement registry was used to identify patients who had undergone revision total hip arthroplasty for aseptic reasons from April 1, 2001, to December 31, 2010. The end point of interest was re-revision total hip arthroplasty. Risk factors evaluated for re-revision total hip arthroplasty included: patient risk factors (age, sex, body mass index, race, and general health status), implant risk factors (fixation type, bearing surface, femoral head size, and component replacement), and surgeon risk factors (volume and experience). A multivariable Cox proportional hazards model was used. Six hundred and twenty-nine revision total hip arthroplasties with sixty-three (10%) re-revisions were evaluated. The mean cohort age (and standard deviation) was 57.0 ± 12.4 years, the mean body mass index (and standard deviation) was 29.5 ± 6.1 kg/m(2), and most of the patients were women (64.5%) and white (81.9%) and had an American Society of Anesthesiologists score of associated with the risk of re-revision. For every ten-year increase in patient age, the hazard ratio for re-revision decreases by a factor of 0.72 (95% confidence interval, 0.58 to 0.90). For every five revision surgical procedures performed by a surgeon, the risk of revision decreases by a factor of 0.93 (95% confidence interval, 0.86 to 0.99). At the time of revision, a new or retained cemented femoral implant or all-cemented hip implant increases the risk of revision by a factor of 3.19 (95% confidence interval, 1.22 to 8.38) relative to a retained or new uncemented hip implant. A ceramic on a

  12. 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.

  13. 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 ...

  14. CONCEPT AND EVOLUTION OF BANK MARKETING

    OpenAIRE

    Turkes (Vînt) Mirela Catalina

    2010-01-01

    The bank marketing, a specialized field of the marketing, has emerged following the extensive development of the general marketing and following the appearance, separation and development of services marketing. The article shows the appearance, development and delimitation of the bank marketing concept following the increase of the financial-banking sector in all world countries due to the appearance of new competitors and the competition intensification. The research consisted in presenting ...

  15. The Nature of Stakeholder Satisfaction with Marketing Education

    Science.gov (United States)

    Taylor, Steven A.; Judson, Kim

    2014-01-01

    The current article represents a cautionary tale in continuing emerging marketization practices as the dominant form of marketing with higher education. Specifically, a review of three important emerging literature streams (i.e., quality-of-life, service-dominant logic, and stakeholder orientation) all appear to support calls for moving beyond…

  16. 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

  17. Matrices to Revise Crop, Soil, and Environmental Sciences Undergraduate Curricula

    Science.gov (United States)

    Savin, Mary C.; Longer, David; Miller, David M.

    2005-01-01

    Undergraduate curricula for natural resource and agronomic programs have been introduced and revised during the past several decades with a desire to stay current with emerging issues and technologies relevant to constituents. For the past decade, the Department of Crop, Soil, and Environmental Sciences (CSES) faculty at the University of Arkansas…

  18. 77 FR 2265 - Request for Extension and Revision of a Currently Approved Information Collection

    Science.gov (United States)

    2012-01-17

    ... extension of and revision to a currently approved information collection of a voluntary customer survey... States Grain Standards Act and the Agricultural Marketing Act of 1946. This voluntary survey gives customers that are primarily in the grain, oilseed, rice, lentil, dry pea, edible bean, and related...

  19. 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.

  20. Modelling Market Dynamics with a "Market Game"

    Science.gov (United States)

    Katahira, Kei; Chen, Yu

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

  1. Rethinking Marketing Curricula in the Internet Age

    Science.gov (United States)

    Bevan-Dye, A. L.; Venter, P. F.

    2008-01-01

    The aim of this research is to identify an inventory of topics pertaining to the Internet-driven marketing principles that have emerged from the Internet's implication to and application in marketing that bear relevance to the study field of mainstream marketing. Empirical research was conducted to measure South African marketing educators' and…

  2. Emergency service: a strategy for hospital-sponsored ambulatory care satellites.

    Science.gov (United States)

    Gregory, D; Klegon, D; Steinhauer, B

    1984-01-01

    This analysis of the overall market position of free-standing emergency care was based on a telephone survey of 300 randomly chosen households in a southeastern metropolitan area. Results show that consumer preferences for cost and convenience create a strong market for free-standing emergency facilities. Emergicare centers are in an ideal situation to capture the market for acute and minor emergency care. To be worthwhile, the emergency room in a more comprehensive ambulatory care facility should serve as a feeder of new patients and be profitable in its own right. However, free-standing emergency facilities must not only attract patients through convenience and price, but they must also maintain patients through assuring quality care and satisfaction.

  3. 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.

  4. Restaurant Market in Kazakhstan: A Portrait in Comparison with the US Market

    OpenAIRE

    Yerdavletova, Farida; Mukhambetov, Temirkhan

    2014-01-01

    Market for restaurant services is one of the leading providers in terms of employment, scope of provided services and impact on the quality of life. At the same time, it remains as one of the closed and unexplored markets in terms of analysis of its problems and emerging trends. The aim of this article is a comprehensive analysis of industries in Kazakhstan by comparing it to the US market of restaurant industry. Furthermore, to improve management efficiency in restaurants, a research was con...

  5. Tibetan Minzu Market

    DEFF Research Database (Denmark)

    Brox, Trine

    2017-01-01

    merchants, customers, Buddhist devotees, and voyeurs, this article presents novel understandings of the ethnic goods market in urban Chengdu. The article first explores the growth of the market, which is the result of a history of political and economic reforms, increased mobility, and religious revival......In downtown Chengdu a pocket of Tibetan culture has sprung up: a Tibetan market where Tibetans and Han Chinese meet to buy and sell ethnic minority products. Pointing to how Tibetan migration to Chengdu has contributed to the growth of a vibrant ‘minzu market’ attracting Tibetan and Han Chinese....... Second, it maps the market infrastructure according to the ethnicity of the shopkeepers and the commodities that are traded. Although there is still a clear ethnic division in the market, this article also documents the emergence of Han Chinese market participation in forms of trade that have...

  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. 77 FR 53059 - Risk-Based Capital Guidelines: Market Risk

    Science.gov (United States)

    2012-08-30

    ...'' framework that includes (1) Risk-based capital requirements for credit risk, market risk, and operational... default and credit quality migration risk for non-securitization credit products. With respect to... securitization positions, the revisions assign a specific risk- weighting factor based on the credit rating of a...

  8. 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...

  9. Eye tracking for visual marketing

    NARCIS (Netherlands)

    Wedel, M.; Pieters, R.

    2008-01-01

    We provide the theory of visual attention and eye-movements that serves as a basis for evaluating eye-tracking research and for discussing salient and emerging issues in visual marketing. Motivated from its rising importance in marketing practice and its potential for theoretical contribution, we

  10. Digital Marketing

    OpenAIRE

    Jerry Wind; Vijay Mahajan

    2002-01-01

    The digital revolution has shaken marketing to its core with consumers being offered greater price transparency and often even the chance to dictate the price. What does pricing mean in a world in which customers propose their own prices (as at priceline.com) or buyers and sellers haggle independently in auctions (as at e-Bay)? The most significant changes in the digital marketing show the emergence of 'cyber consumers', the cyber business-to-business world and the changing reality of an incr...

  11. The novel energy industry law and its impacts on the market and the natural gas sector of industry; Das neue Energiewirtschaftsrecht und seine Folgen fuer Markt und Branchen

    Energy Technology Data Exchange (ETDEWEB)

    Wetzel, U.; Weyand, M. [eds.

    1999-10-01

    The book gives an in-depth, though easy-to-digest analysis of the completely revised German energy industry law and the deep-cutting changes brought about for the German natural gas industry as a marketer at home and in the European deregulated Internal Market for energy. Apart from explaining the legislative texts and their interpretation in line with the legislative intent, the authors present valuable, practice-oriented information for marketers challenged by the open market and the need for developing optimized cost and revenue management strategies as well as risk management strategies. The information confers the basic insight into novel marketing instruments and opportunities, enabling readers to assess with required reliability emerging market developments, develop their own corporate strategies in response, maintain and strengthen their shares of the market, elaborate risk management strategies and alliances, and exploit and observe the chances and restraints set by the legal framework. (orig./CB) [Deutsch] Das Buch beschreibt die Auswirkungen des neuen Energiewirtschaftsrechts detailliert und verstaendlich. Neben den Rechtsgrundlagen veroeffentlicht es auch konkrete Informationen zu einem optimierten Kosten- und Erloesmanagement und schildert umsetzbare Konzepte fuer ein erfolgreiches Risikomanagement. Damit schafft das Buch Grundlagen, um - die kommenden Entwicklungen zuverlaessig einzuschaetzen, - konkrete Unternehmensstrategien zu entwickeln, - Marktanteile zu halten und auszubauen, - Risiken gezielt zu begegnen, - rechtssicher zu handeln. (orig.)

  12. 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...

  13. 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)

  14. Direct Marketing Communication at SEAL Communication Company

    OpenAIRE

    Wachtler, Kamilla Dóra

    2010-01-01

    The appearance of the Internet and new, rapidly changing emerging online technologies have led to some fundamental changes in marketing -- especially direct marketing. Besides the growing popularity of the Internet, the appearance of databases and one-to-one marketing are challenging traditional marketing methods. This thesis attempts to illustrate how direct marketing techniques can be implemented in an IT company. It starts with an overview of the concepts of direct marketing and its techni...

  15. Development of the EU Ecolabel Criteria and Revision of the EU Green Public Procurement Criteria for Cleaning Services

    OpenAIRE

    DE ALMEIDA FERREIRA NETO BELMIRA; WOLF Oliver; FIELD Bethany; JENKIN Nicola; TAM Max; BENJAMIN Oscar

    2016-01-01

    The objective of this project is to develop a new EU Ecolabel and revise the existing EU Green Public Procurement (GPP) criteria for professional cleaning services (hereafter referred to as cleaning services). This preliminary report investigates the market, operational and sustainability aspects of cleaning services, with a goal to develop a robust evidence base and prioritise key environmental and social issues to support the development of EU Ecolabel criteria and the revision of the EU GP...

  16. Analysis on the revision of the United States authorizing procedure for the transfer of unclassified nuclear technology

    Energy Technology Data Exchange (ETDEWEB)

    Yoon, Sung-ho; Seo, Hana; Lee, Chansuh; Kim, Jong-sook [Korea Institute of Nuclear Nonproliferation and Control, Daejeon (Korea, Republic of)

    2015-10-15

    The DOE (Department Of Energy) has not comprehensively update 10CFR810 since 1986. Since then, the global civil nuclear market has expanded, particularly in China, the Middle East, and Eastern Europe, with vendors from France, Japan, the Republic of Korea, Russia, and Canada. In result, DOE issued revised 810 in respond to comments received from the public and commercial nuclear market changes. This regulation revision improves the efficiency of authorization process to promote national nuclear industry while maintaining nonproliferation control. Even though ROK has initiated a legal basis for Intangible technology transfer (ITT) for nuclear export control, working implementation system is not set up. This research proposes recommendable ITT implementation of the ROK according to the analysis result of the US regulation. In this revision, of 124 countries had been classified as general authorization under 10CFR810, 80 countries reclassified into the specific authorization. By remaining 'fast track' for specific authorization, in particular, time frames for internal DOE and interagency reviews are reduced. This means the US government actively copes with commercial nuclear market expands to promote their industry. Meanwhile, by remaining some of nuclear-weapon states (China, Russia, India) as specific authorization maintaining that the determinations are consistent with current US national security, diplomatic, and trade policy. By benchmarking the US regulation, Korea can improve the efficiency of the technology transfer authorization process easing the regulatory burden by reducing uncertainty and timelines while maintaining the highest level of nonproliferation control.

  17. Analysis on the revision of the United States authorizing procedure for the transfer of unclassified nuclear technology

    International Nuclear Information System (INIS)

    Yoon, Sung-ho; Seo, Hana; Lee, Chansuh; Kim, Jong-sook

    2015-01-01

    The DOE (Department Of Energy) has not comprehensively update 10CFR810 since 1986. Since then, the global civil nuclear market has expanded, particularly in China, the Middle East, and Eastern Europe, with vendors from France, Japan, the Republic of Korea, Russia, and Canada. In result, DOE issued revised 810 in respond to comments received from the public and commercial nuclear market changes. This regulation revision improves the efficiency of authorization process to promote national nuclear industry while maintaining nonproliferation control. Even though ROK has initiated a legal basis for Intangible technology transfer (ITT) for nuclear export control, working implementation system is not set up. This research proposes recommendable ITT implementation of the ROK according to the analysis result of the US regulation. In this revision, of 124 countries had been classified as general authorization under 10CFR810, 80 countries reclassified into the specific authorization. By remaining 'fast track' for specific authorization, in particular, time frames for internal DOE and interagency reviews are reduced. This means the US government actively copes with commercial nuclear market expands to promote their industry. Meanwhile, by remaining some of nuclear-weapon states (China, Russia, India) as specific authorization maintaining that the determinations are consistent with current US national security, diplomatic, and trade policy. By benchmarking the US regulation, Korea can improve the efficiency of the technology transfer authorization process easing the regulatory burden by reducing uncertainty and timelines while maintaining the highest level of nonproliferation control

  18. Revision Total Hip Arthoplasty: Factors Associated with Re-Revision Surgery

    OpenAIRE

    Khatod, M; Cafri, G; Inacio, MCS; Schepps, AL; Paxton, EW; Bini, SA

    2015-01-01

    The survivorship of implants after revision total hip arthroplasty and risk factors associated with re-revision are not well defined. We evaluated the re-revision rate with use of the institutional total joint replacement registry. The purpose of this study was to determine patient, implant, and surgeon factors associated with re-revision total hip arthroplasty.A retrospective cohort study was conducted. The total joint replacement registry was used to identify patients who had undergone revi...

  19. 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.

  20. 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

  1. 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.

  2. A review of international green power markets: recent experience, trends, and market drivers

    International Nuclear Information System (INIS)

    Bird, L.; Aabakken, J.; Wuestenhagen, R.

    2002-01-01

    Green power marketing-the act of differentially selling electricity generated wholly or in part from renewable sources - has emerged in more than a dozen countries around the world. Almost two million customers worldwide buy green power today. This paper reviews green power marketing activity in Australia, Canada, Japan, the US, and in a number of countries in Europe to gain an understanding of consumer demand for electricity generated from renewable sources. It also examines key factors that influence market penetration of green power products, such as product designs, pricing, incentives, marketing strategies, policies, and product certification.(author)

  3. Features of Marketing Activities on the Internet

    Directory of Open Access Journals (Sweden)

    Oksana Babiieva

    2017-12-01

    Full Text Available The article is devoted to the analysis of the trends of Internet marketing development. The differences between Internet marketing and traditional marketing in the conditions of modern economy and active spreading of the Internet are determined. The problems of changing the trading infrastructure, the emergence of new channels for the distribution of goods and services, the changing nature of marketing communications, the benefits of interactive marketing are displayed.

  4. THE OUTBURST OF MODERN MARKET DEVELOPMENT (HYPERMART, MALL AND THE KINDS

    Directory of Open Access Journals (Sweden)

    Murni Ediati

    2012-02-01

    Full Text Available Urban areas in Indonesia have tended to grow with little control or order in recent years, and this problemincludes the problem of modern markets. The emergence of modern market centers in Indonesia has given anew color to commerce activities. Opinions pro and contra have appeared about the emergence of thesecommercial centers. There are the various interests and needs of the actors such as investors, society, andgovernment in the emergence of malls, plazas, hypermarts, and groceries. The interests focus on the need toimprove tax revenue, regional compensation, inclusion of employees, improvement of trade, and the fulfillmentof people living standbards. Recently, the fast-growing modern markets have caused many controversies.However, government policies and decisions still support the emergence of such modern trade centers. Thesemodern markets compete with traditional markets. Although the traditional markets have their own marketsegments, modern markets should not allowed to wipe out them out. Based on these reasons, therefore, thegovernment should make strict, fair, and neutral regional policies (regional regulation such as zoning rule andurban planning concepts for upcoming 50 years. Moreover, the government should improve the role oforganizers and urban planners as the managers, and enrich the market with pluralistic and comprehensiveconcepts sustainable development and social participation, something which is often neglected in urbanplanning.

  5. Danish emergency plan for Barsebaeck Power Plant

    International Nuclear Information System (INIS)

    1981-01-01

    A revised edition of the Danish emergency plan for the Swedish Power Plant Barsebaeck (about 20 km from the Danish Territory) is prepared at the request of Environmental Council in cooperation with police management and civil defense organisations. The plan is valid from October 1981. The emergency plan defines the emergency organization and the provisions to be taken quickly to protect the population if it is exposed to ionizing radiation from release of radioactive effluents as a result of an accident in the Barsebaeck power plant. The emergency plan is based upon Regulation no. 278, June 27, 1963 and Regulation no. 502, October 1, 1974. (EG)

  6. 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...

  7. 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.

  8. 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.

  9. Rare earths 1998 market update

    International Nuclear Information System (INIS)

    Tourre, J.M.

    1998-01-01

    The rare earth industry has always been a world of rapid change with the emergence of new markets, new ores and new players, as well as the disappearance of old applications. Rare earth based products are used in a great diversity of applications such as hard disk drives, CD drives, batteries, capacitors, pigments, ceramics, polishing powders, fuel cells, flints, catalyst converter, fluid cracking catalysts, etc. South East Asia holds the largest share of the known reserve of rare earth ores and is one of the major markets for rare earth compounds; in the last ten years, China has become the largest producer of rare earth intermediates as well as an important exporter of separated rare earth elements. Today, China has approximately 150 factories producing rare earth compounds, most of which are experiencing financial difficulties due to the lack of knowledge of true market needs, lack of control of their distribution channels and production over-capacity. Recently the Chinese rare earth producers have recognized the situation and efforts are underway to rationalize rare earth production. Japan has dominated many of the major application markets, and is by far the largest market for metal and alloy products. This will remain the case for the next five years; however, new countries are emerging as significant users of rare earth products such as Korea, Taiwan and Malaysia. During the last ten years rare earth producers adjusted to several radical changes that affected the raw materials, the application mix and the price structure. New producers have emerged, especially from China; some have subsequently stopped their activities while others have focused their efforts in a specific market segment

  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. 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.

  12. Future of Nuclear Power: NRC emergency preparedness licensing activities agenda

    International Nuclear Information System (INIS)

    Essig, T.H.

    1995-01-01

    This talk summary addresses the issue of how future policies of the NRC will affect nuclear power in areas such as construction, emergency preparedness, and licensing. Specific topics covered include the following: Emergent EP licensing issues for operating nuclear Power Plants; 10CFR Part 52 and the process for licensing of Advanced Light Water Reactors (ALWRs); and potential revisions to emergency preparedness programs for future nuclear power plants

  13. Individual Consequences of Internal Marketing

    Directory of Open Access Journals (Sweden)

    Naghi Remus Ionut

    2015-07-01

    Full Text Available Since the emergence of the concept of internal marketing in the literature there have been almost 40 years. This period was marked by a constant increase of the concerns in the internal marketing area, these efforts being evidenced by the publication of a consistent number of articles (conceptual and empirical which analyze this subject. Considering the previous empirical studies, most of them have focused on studying the relationship between internal marketing and employee satisfaction and / or organizational commitment. However, the relationship between internal marketing and its consequences has been less analyzed in the context of emergent economies. In this paper we aimed to analyze the individual consequences of the internal marketing in the Romanian economy context, focusing our attention on three constructs: employee satisfaction, organizational commitment and organizational citizenship behavior. The research was conducted on a sample of 83 medium and large companies in various sectors of the Romanian economy. In order to proceed with the statistical data analyses we followed these steps: verifying the scales reliability, determining factor loadings and research hypotheses testing. Our research results are consistent with results of previous studies showing that the adoption of internal marketing practice has a positive effect on employee satisfaction, organizational commitment and organizational citizenship behavior

  14. 78 FR 26559 - Homeless Emergency Assistance and Rapid Transition to Housing: Rural Housing Stability Assistance...

    Science.gov (United States)

    2013-05-07

    ... Homeless Emergency Assistance and Rapid Transition to Housing: Rural Housing Stability Assistance Program and Revisions to the Definition of ``Chronically Homeless'' Extension of Public Comment Only for Rural... proposed revisions to the definition of ``chronically homeless.'' This document announces that HUD is...

  15. The role of regulation in Europe's energy markets

    International Nuclear Information System (INIS)

    Jones, Ch.

    2005-01-01

    In this paper, the author emphasizes the two main issues of the role of a regulation authority in the de-regulated European internal energy markets: regulation and competition and regulation and security of supply. He explains the manner in which the European Commission will organize the preparation of new or revised guidelines under the regulation. (J.S.)

  16. How does crisis affect efficiency? An empirical study of East Asian markets

    OpenAIRE

    Syed Aun R. Rizvi; Shaista Arshad

    2016-01-01

    Much research has been undertaken in the Efficient Market Hypothesis (EMH) over the preceding two decades. With Asian countries emerging as a global powerhouse in terms of regional economics, the interest in their stock markets has picked up recently. Asian markets traditionally comprised of many emerging markets are generally assumed to be more volatile and speculative in nature. Based on this crux, we focus specifically on the response of these markets efficiency to major crisis. In recent ...

  17. Are we moving towards functioning agricultural markets and trade relations?

    DEFF Research Database (Denmark)

    Brosig, Stephan; Glauben, Thomas; Levkovych, Inna

    2016-01-01

    We introduce a special feature on the functioning of international agricultural markets. This feature is motivated by the increased interest in the functioning of commodity markets raised by unprecedented price turbulences since 2008, major structural changes through changed roles of emerging...... economies and related concerns regarding food security. We argue that the delineation of non-functioning markets from markets that adequately adjusted to adverse framework conditions lacks theoretical foundation. We discuss the relevance of some results on institutions for agricultural markets in emerging...... and transition countries. A synthesis of the articles included in the special feature is provided by highlighting the selection of topics that span a topical range covering price formation on world and domestic markets, market power and trade policy modelling....

  18. 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.

  19. Assessing demand for physical objects among marketing agencies : market research for Alphaform RPI Oy

    OpenAIRE

    Popova, Oxana

    2012-01-01

    The market for 3D printing services is projected to grow significantly. A service provider of 3D printing and rapid prototyping services, Alphaform RPI Oy recognizes that there are numerous growth opportunities that can be exploited. A market research was initiated by the case company to look for any emerging trends to use physical objects. The study was focused on exploring marketing agencies and their vision on 3D printing and rapid prototyping services. Theoretical framework was built ...

  20. Certification of Markets, Markets of Certificates: Tracing Sustainability in Global Agro-Food Value Chains

    Directory of Open Access Journals (Sweden)

    Arthur P. J. Mol

    2015-09-01

    Full Text Available There is a blossoming of voluntary certification initiatives for sustainable agro-food products and production processes. With these certification initiatives come traceability in supply chains, to guarantee the sustainability of the products consumed. No systematic analysis exists of traceability systems for sustainability in agro-food supply chains. Hence, the purpose of this article is to analyze the prevalence of four different traceability systems to guarantee sustainability; to identify the factors that determine the kind of traceability systems applied in particular supply chains; and to assess what the emergence of economic and market logics in traceability mean for sustainability. Two conclusions are drawn. Globalizing markets for sustainable agro-food products induces the emergence of book-and-claim traceability systems, but the other three systems (identity preservation, segregation and mass balance will continue to exist as different factors drive traceability requirements in different supply chains. Secondly, traceability itself is becoming a market driven by economic and market logics, and this may have consequences for sustainability in agro-food supply chains in the future.