WorldWideScience

Sample records for equity market response

  1. How well does consumer-based brand equity align with sales-based brand equity and marketing mix response?

    NARCIS (Netherlands)

    Datta, Hannes; Ailawadi, Kusum L.; van Heerde, H.J.

    Brand equity is the differential preference and response to marketing effort that a product obtains because of its brand identification. Brand equity can be measured based on either consumer perceptions or on sales. Consumer-based brand equity (CBBE) measures what consumers think and feel about the

  2. Marketing assets: relating brand equity and customer equity

    OpenAIRE

    Romero, Jaime; Yagüe, María J.

    2016-01-01

    Purpose: Brand equity and customer equity are inextricably linked. Some authors propose that marketing activities build these intangible assets simultaneously. In contrast, others suggest that brand equity is an antecedent of customer equity. In this research, we aim to shed light about the relationship between brand equity and customer equity, by empirically testing these two alternative explanations. Design/methodology/approach: We propose four research models that reflect these two alte...

  3. Marketing assets: Relating brand equity and customer equity

    Directory of Open Access Journals (Sweden)

    Jaime Romero

    2016-03-01

    Full Text Available Purpose: Brand equity and customer equity are inextricably linked. Some authors propose that marketing activities build these intangible assets simultaneously. In contrast, others suggest that brand equity is an antecedent of customer equity. In this research, we aim to shed light about the relationship between brand equity and customer equity, by empirically testing these two alternative explanations. Design/methodology/approach: We propose four research models that reflect these two alternatives explanations regarding the link between brand equity and customer equity. In order to estimate these models we employ Structural Equations Modelling. We measure model variables using data collected through a survey to marketing managers of services companies that operate in Spain. We compare these four research models in terms of explanatory power and goodness of fit. Findings: Our results indicate that the models that correspond to the simultaneity approach have a higher explanatory power and goodness of fit than the models that suggest that brand equity is an antecedent of customer equity, thus supporting that these intangible assets are built by marketing activities at the same time. Research limitations/implications: Our results recommend caution when interpreting previous research about the effects of brand (customer equity, as they might indeed correspond to customer (brand management. Similarly, future research focusing on customer and brand management need to take into account both managerial areas in their studies. Practical implications: From a practitioners’ point of view, our findings suggest adopting a brand-customer portfolio approach to enhance company profitability. Similarly, we derive implications for firm valuation processes, which incorporate brand equity and customer equity in their calculations. Originality/value: We empirically study the relationship between brand equity and customer equity, while previous research has analyzed

  4. THE BORROWER CHARACTERISTICS IN HOT EQUITY MARKETS

    Directory of Open Access Journals (Sweden)

    HALIL DINCER KAYA

    2017-06-01

    Full Text Available In this study, I examine the characteristics of U.S. corporate borrowers (public debt, private placement, and syndicated loan firms in HOT versus COLD equity markets. My main objective is to see the characteristics of firms that choose debt financing even when the equity market is HOT. HOT equity markets are defined as the top twenty percent of the months in terms of the de-trended number of equity offerings. I find that the HOT equity market borrowers generally have higher market-to-book ratios compared to the COLD market borrowers. Also, in HOT equity markets, the public debt firms (i.e. the corporate bond issuers tend to have fewer tangible assets, the private placement firms tend to be smaller and highly levered, and the syndicated loan firms tend to be smaller, more profitable, and less levered compared to the COLD market firms. When I look at the number of transactions in each market, I find that when the equity market is active (i.e. HOT, the syndicated loan market is even more active. During these periods, the public debt market is also active (although not as much as the equity or the syndicated loan markets. When I look at the sizes of the transactions in each market, I find that the private placements tend to be significantly larger in HOT markets compared to COLD markets. I conclude that while the equity, the public debt, and the syndicated loan markets move together in terms of market activity, the equity market and the private placement markets move together in terms of the size of the transaction.

  5. Illiquidity Premia in the Equity Options Market

    DEFF Research Database (Denmark)

    Christoffersen, Peter; Goyenko, Ruslan; Jacobs, Kris

    2018-01-01

    constructed from intraday effective spreads for a large panel of U.S. equities, and they are robust to different empirical implementations. Our findings are consistent with evidence that market makers in the equity options market hold large and risky net long positions, and positive illiquidity premia...

  6. Relationship between Major Developed Equity Markets and Major Frontier Equity Markets of World

    Directory of Open Access Journals (Sweden)

    Muhammad Mansoor Baig

    2016-02-01

    Full Text Available The core aim of this study is to compute the long run relationship between frontier equity markets Pakistan (KSE 100 Index, Argentina (MERVAL BUENOS AIRES stock Exchange, NSE.20 (Kenya, MSM 30 (MSI Oman and equity markets of developed world (OMXS30 Sweden, SMI (Switzerland, SSE Composite Index (China and STI index (Singapore by taking weekly values from stock return prices for the period 1st week of January-2000 to last week of January/2014. Descriptive statistic, Correlation, Augmented dickey fuller (ADF, Phillips Perron test, Johanson and Jelseluis test of co-integration, Granger causality test, Variance Decomposition Test and Impulse Response are used to find the relationship among frontier and developed markets. The results of this study reveal that frontier markets have no long run relationship with equity markets of developed world. Furthermore, this study is helpful for investors to enhance the returns by diversifying the unsystematic risk at given level of profit because results of this study confirm that markets are no cointegrated.

  7. Market Impact Costs of Institutional Equity Trades

    NARCIS (Netherlands)

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

    2008-01-01

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

  8. Market Impact Costs of Institutional Equity Trades

    NARCIS (Netherlands)

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

    2007-01-01

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

  9. Market impact costs of institutional equity trades

    NARCIS (Netherlands)

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

    2007-01-01

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

  10. 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.

  11. Illiquidity Premia in the Equity Options Market

    DEFF Research Database (Denmark)

    Christoffersen, Peter; Goyenko, Ruslan; Jacobs, Kris

    , including standard measures of illiquidity of the underlying stock, determinants of spreads, and a measure of net demand pressure. The positive illiquidity premium we find is consistent with existing evidence that market makers in the equity options market hold net long positions.......Illiquidity is well-known to be a significant determinant of stock and bond returns. We are the first to estimate illiquidity premia in equity option markets using effective spreads for a large cross-section of firms. The risk-adjusted return spread for illiquid over liquid options is 23 bps per...

  12. Volatility Spillover Effects in European Equity Markets

    NARCIS (Netherlands)

    Baele, L.

    2003-01-01

    This paper quantifies the magnitude and time-varying nature of volatility spillovers from the aggregate European (EU) and US market to 13 local European equity markets.I develop a shock spillover model that decomposes local unexpected returns into a country speciffic shock, a regional European

  13. The Joint Dynamics of Equity Market Factors

    DEFF Research Database (Denmark)

    Christoffersen, Peter; Langlois, Hugues

    2013-01-01

    The 4 equity market factors from Fama and French (1993) and Carhart (1997) are pervasive in academia and practice. However, not much is known about their joint distribution and dynamics. We find striking evidence of asymmetric tail dependence across the factors. While the linear factor correlatio...

  14. Illiquidity Premia in the Equity Options Market

    DEFF Research Database (Denmark)

    Christoffersen, Peter; Goyenko, Ruslan; Jacobs, Kris

    Illiquidity is well-known to be a significant determinant of stock and bond returns. We report on illiquidity premia in the equity options market. An increase in option illiquidity decreases the current option price and implies higher expected option returns. This effect is statistically and econ......Illiquidity is well-known to be a significant determinant of stock and bond returns. We report on illiquidity premia in the equity options market. An increase in option illiquidity decreases the current option price and implies higher expected option returns. This effect is statistically...... and economically signifi…cant. It is robust across different empirical approaches and when including various control variables. The illiquidity of the underlying stock affects the option return negatively, consistent with a hedging argument: When stock market illiquidity increases, the cost of replicating...

  15. International portfolio diversification: United States and south Asian equity markets

    Directory of Open Access Journals (Sweden)

    Mushtaq Rizwan

    2014-01-01

    Full Text Available This paper explores the dynamic liaison between US and three developing South Asian equity markets in short and long term. To gauge the long-term relationship, we applied Johansen co-integration procedure as all the representative indices are found to be non-stationary at level. The findings illustrate that the US equity market index exhibits a reasonably different movement over time in contrast to the three developing equity markets under consideration. However, the Granger-causality test divulge that the direction of causality scamper from US equity market to the three South Asian markets. It further indicates that within the three developing equity markets the direction of causality emanates from Bombay stock market to Karachi and Colombo. Overall, the results of the study suggest that the American investors can get higher returns through international diversification into developing equity markets, while the US stock market would also be a gainful upshot for South Asian investors.

  16. How equity markets view heavy oil

    Energy Technology Data Exchange (ETDEWEB)

    Janisch, M. L. [Nesbitt Burns Research, Toronto, ON (Canada)

    1996-12-31

    Factors that influence the equity market in investment decisions vis-a-vis the oil sands/heavy oil industry were reviewed. The importance of financing methods (debt, royalty trusts, common equity), liquidity of investments, absolute vs. relative performance, comparative economics vis-a-vis conventional oil producers, oil prices, operating cost drivers (technology, natural gas costs, cost/availability of diluent), transportation and refining capacity, were summarized. In the final analysis, consistent economic success on a large scale, combined with an assessment of available alternatives, were considered to be the most likely motivators for portfolio managers. As a cautionary note, it was noted that traditionally, oil and gas investors have not been known to be in the forefront to invest in research and development.

  17. How equity markets view heavy oil

    International Nuclear Information System (INIS)

    Janisch, M. L.

    1996-01-01

    Factors that influence the equity market in investment decisions vis-a-vis the oil sands/heavy oil industry were reviewed. The importance of financing methods (debt, royalty trusts, common equity), liquidity of investments, absolute vs. relative performance, comparative economics vis-a-vis conventional oil producers, oil prices, operating cost drivers (technology, natural gas costs, cost/availability of diluent), transportation and refining capacity, were summarized. In the final analysis, consistent economic success on a large scale, combined with an assessment of available alternatives, were considered to be the most likely motivators for portfolio managers. As a cautionary note, it was noted that traditionally, oil and gas investors have not been known to be in the forefront to invest in research and development

  18. Market timing and the debt-equity choice

    NARCIS (Netherlands)

    Elliot, W.B.; Koeter-Kant, J.; Warr, R.S.

    2008-01-01

    We test the market timing theory of capital structure using an earnings-based valuation model that allows us to separate equity mispricing from growth options and time-varying adverse selection; thus avoiding the multiple interpretations of book-to-market ratio. We find that equity market mispricing

  19. Is Pakistani Equity Market Integrated to the Equity Markets of Group of Eight (G8 Countries? An Empirical Analysis of Karachi Stock Exchange

    Directory of Open Access Journals (Sweden)

    Syed Muhammad Aamir Shah

    2012-09-01

    Full Text Available This study looks at the dynamic relationship between the Pakistani equity market and equity markets of Group of Eight countries (G8 which includes Canada, France, Germany, Italy, Japan, Russia, UK and USA by using weekly time series data starting from June 2004 to May 2009. Multivariate Co-integration approach by Johnson and Julius (1990 shows there exists no long-term relationship between the G8 and Pakistani equity market. Vector error correction (VECM model suggests that 100% of the lag periods disequilibrium has been corrected in the current period. Pairwise Granger Causality test shows that there exist a unidirectional causality between the equity market of Pakistan and the markets of France, Germany, Italy, Japan and United Kingdom. Impulse response analysis and variance decomposition analysis reveal that most of the shocks in Pakistani equity market are due to its own innovation and behave like exogenous. However, the markets of France, Japan, Germany and United Kingdom are exerting a little pressure on Pakistani equity markets. Therefore, by investing in Karachi Stock Exchange (KSE the fund manager of G8 countries especially Canada, Italy, Russia and USA is capable of getting the advantage of portfolio diversification.

  20. Market, Country and World Effects on Regional Equity Market Integration

    Directory of Open Access Journals (Sweden)

    Chee Wooi Hooy

    2014-08-01

    Full Text Available This study explores the fundamental driving forces of regional equity market integration in a trading bloc. The determinant factors are categorized into market attribute, economic fundamentals and world information. Our sample consists of 26 equity markets of ive regional trading blocs, namely AFTA, CER, EFTA, EU and NAFTA over the period of January 1999 to  August  2005.  We  measure  market  integration  based  on  pricing  errors  as  proposed  by Korajczyk (1996 and Levine and Zervos (1998. Using panel regressions, our results show that  equity  integration  in  these  trading  blocs  is  driven  internally,  where  only  individual-market  volatility  and  economic  fundamentals  play  a  signiicant  role  in  the  process.  Intra-bloc  trade  is  found  to  enhance  regional  equity  market  integration,  supporting  the  notion that  regional  convergence  extends  beyond  the  trade  sector  that  is  promoted  in  the  trade agreements.  We  also  document  regime  shifting  effects  during  stock  market  crises,  where most  of  these  markets  became  strongly  integrated  after  a  regional  crisis,  but  integration was signiicantly weakened during a crisis that affected the world markets. Also, the level of equity market integration differs across trading blocs, where the blocs with a smaller number of country members are relatively more integrated. ";} // -->activate javascript

  1. Equity Market Timing: Testing Using Brazilian IPOs

    Directory of Open Access Journals (Sweden)

    José Luiz Rossi Jr

    2010-04-01

    Full Text Available This paper analyzes whether the behavior related to the equity market timing affected the recent IPO wave of Brazilian firms and exerted an impact on companies'capital structure. Using data from january 2004 to december 2007 the paper classifies the months in the sample in hot or cold according the number of IPOs that took place in each month. The paper confirms an oportunistic behavior by the firms that issue a higher volume of stocks in periods classified as hot. The paper also shows that the impact of this behavior on companies` capital structure is very limited. Although there is a reduction in companies` leverage right after the IPO, this returns to its previous level only a few quarters after the IPO.

  2. Marketing mix effects on private labels brand equity

    OpenAIRE

    Abril, Carmen; Rodriguez-Cánovas, Belén

    2017-01-01

    The present study explores some marketing mix effects on private labels brand equity creation. The research aims to study the effect of some elements under retailer's direct control such as in-store communications, in-store promotions and distribution intensity as well as other general marketing mix levers such as advertising, perceived price, and monetary promotions. The results indicate that the most efficient marketing mix tools for private label brand equity creation are private labels in...

  3. 75 FR 3593 - Concept Release on Equity Market Structure

    Science.gov (United States)

    2010-01-21

    ... Structure 2. Other Measures B. High Frequency Trading 1. Strategies a. Passive Market Making b. Arbitrage c... trend from a market structure with primarily manual trading to a market structure with primarily... Part III Securities and Exchange Commission 17 CFR Part 242 Concept Release on Equity Market...

  4. Market and Style Timing: German Equity and Bond Funds

    OpenAIRE

    Hayley, S.; Nitzsche, D.; Cuthbertson, K.

    2016-01-01

    We apply parametric and non-parametric estimates to test market and style timing ability of individual German equity and bond mutual funds using a sample of over 500 equity and 350 bond funds, over the period 1990-2009. For equity funds, both approaches indicate no successful market timers in the 1990-1999 or 2000-2009 periods, but in 2000-2009 the non-parametric approach gives fewer unsuccessful market timers than the parametric approach. There is evidence of successful style timing using th...

  5. CUSTOMER EQUITY:MAKING MARKETING STRATEGY FINANCIALLY ACCOUNTABLE

    Institute of Scientific and Technical Information of China (English)

    Ashwin ARAVINDAKSHAN; Roland T. RUST; Katherine N. LEMON; Valerie A. ZEITHAML

    2004-01-01

    The article presents an overview of the literature on customer equity and how customer equity provides an opportunity for marketers to make marketing strategy financially accountable.Traditionally, Return on Investment (ROI) models have been used to evaluate the financial expenditures required by the strategies as well as the financial returns gained by them. However in addition to requiring lengthy longitudinal data, these models also have the disadvantage of not evaluating the effect of the strategies on a firm's customer equity. The dominance of customer-centered thinking over product-centered thinking calls for a shift from product-based strategies to customer-based strategies. Hence, it is important to evaluate a firm's marketing strategies in terms of the drivers of its customer equity. The article summarizes a unified strategic framework that enables competing marketing strategy options to be traded off on the basis of projected financial return, which is operationalized as the change in a firm's customer equity relative to the incremental expenditure necessary to produce the change.

  6. Segmentation across International Equity, Bond, and Foreign Exchange Markets

    OpenAIRE

    Cathy Ning; Stephen Sapp

    2009-01-01

    In this paper, we examine the integration of international financial markets. The integration of financial markets across countries and across asset classes is assumed to hold in most empirical studies, but has only been tested for certain countries and certain asset classes. We test for the integration of international equity, bond and foreign exchange markets. Our results indicate that the three classes of assets are segmented. Investigating potential explanations for this segmentation, we ...

  7. Exchange Rates’ Effect on Spot and Futures Equity Index Markets: A Study on Borsa Istanbul

    Directory of Open Access Journals (Sweden)

    Ayben Koy

    2017-06-01

    Full Text Available This paper examines the linkages between the foreign exchange rates, spot equity index and equity index futures. The study aims to investi-gate whether there is difference between the spot and futures markets in the scope of relation with the foreign exchange rates’ returns and which leads the other. The relationships are examined by using the vector autoregression (VAR model, impulse-response functions, variance decomposition and Granger Causality tests. The sample of the study consists of US dollar to Turkish Lira rate (USD/TRY, Euro to Turkish Lira rate (EUR/TRY, BIST 30 Index and BIST 30 Index Futures. The data of the study includes the period between January 2011 and December 2014 with daily data range. Our results have evidence that the foreign exchange rate markets in Turkey are driven by the equity market.

  8. Do Firms Issue More Equity When Markets Become More Liquid?

    NARCIS (Netherlands)

    R. Hanselaar (Rogier); R.M. Schulz (René); M.A. van Dijk (Mathijs)

    2016-01-01

    textabstractUsing quarterly data on IPOs and SEOs in 38 countries over the period 1995-2014, we show that changes in equity issuance are significantly and positively related to lagged changes in aggregate local market liquidity. This relation is at least as economically significant as the well-known

  9. The market for equity release products: lessons from the ...

    African Journals Online (AJOL)

    market growth are explored in detail in this research. Key words: l ife ... terms of sustaining old-age income and social schemes. He argues that ... Over time, the household equity increases; this is due both to the value of the property .... Improved health among the population results in both increased life expectancy and the ...

  10. Equity markets : what a difference a year makes

    International Nuclear Information System (INIS)

    Tims, M.J.

    1999-01-01

    An overview of the investment climate in the oil and gas industry at this juncture of extremely low oil prices and weak capital spending was presented. This paper focused on the economics of equity markets, examining (1) the NYMEX near-month averages WTI identifying six periods of significant oil price declines, (2) spot crude oil price fluctuations since 1973, (3) fluctuations in the PE 100 Energy Index and blended commodity prices, (4) oil and gas equity financing, (5) total oil and gas equity offerings from 1991 to 1998, and (6) Canadian gas export capacities. Overall, a major pullback in equity markets has occured and the investment climate is not favorable. Oil and gas stocks are down almost 45 per cent from the highs of 1997, oilfield service company stocks suffered losses of 69 per cent from the 1997 highs. New equity Issues are much more difficult to complete than previously. Institutions are reducing energy sector weightings, as do mutual funds. Lower industry cash flows are leading to lower capital spending. Increased relative debt levels are constraining many companies. Finding and development costs are generally disappointing, particularly when seen in relation to current commodity prices. No improvement in cash flow is expected in 1999 as oil prices are likely to remain depressed. The outlook in gas is somewhat better; it could be good, depending on the remainder of winter, possible supply shortfall, pipeline-related factors, natural gas drilling activity and the influence of gas storage

  11. 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...

  12. Portfolio Diversification in the South-East European Equity Markets

    Directory of Open Access Journals (Sweden)

    Zaimovic Azra

    2017-04-01

    Full Text Available Diversification potential enables investors to manage their risk and decrease risk exposure. Good diversification policy is a safety net that prevents a portfolio from losing its value. A well-diversified portfolio consists of different categories of property with low correlations, while highly correlated markets have the feature of low possibilities for diversification. The biggest riddle in the world of investments is to find the optimal portfolio within a set of available assets with limited capital. There are numerous studies and mathematical models that deal with portfolio investment strategies. These strategies take advantage of diversification by spreading risk over several financial assets. Modern portfolio theory seeks to find the optimal model with the best results. This paper tries to identify relationships between returns of companies traded in South-East European equity markets. A Markowitz mean-variance (MV portfolio optimization method is used to identify possibilities for diversification among these markets and world leading capital markets. This research also offers insight into to the level of integration of South-East European equity markets. Principal component analysis (PCA is used to determine components that describe the strong patterns and co-movements of the dataset. Finally, we combined MV efficient frontier and equity, which represent PCA components, to draw conclusions. Our findings show that PC analysis substantially simplifies asset selection process in portfolio management. The results of the paper have practical applications for portfolio investors.

  13. Risk Measurement of Equity Markets and Private Investor Behaviour

    Directory of Open Access Journals (Sweden)

    Stanislav Škapa

    2013-11-01

    Full Text Available Purpose of this article: The aim of this paper is to evaluate and determine risk profile of equities markets and conclude consequency for private investor portfolios. There is summarized broad issue of risk measuremen with a focuse on downside risk measurement principle and giving into context with expected utility theory and loss aversion theory. Methodology/methods: The suitable statistical methods (mainly robust statistical methods have been used for estimation of selected characteristics and ratios. There is used a computer intensive method (a bootstrap method for estimating risk characteristics for equity markets, indicators and ratios. Scientific aim: The main scientific aim is to use a complex of more sophisticated and theoretically advanced statistical techniques and apply them on on the finding of the expected utility theory and the loss aversion theory. Findings: A main finding should be reckon a using of results of loss aversion theory applied into empirical evidence of risk profile of equity markets which led to the finding that more reliable and more suitable evaluation of risk of equity markets is downside risk and Sortino ratio from the perpective of private investor. Conclusion: Using downside risk measurement is revealing as it lays bare the “true” risk of investing in stock markets mainly for risk averse private investors. A bootstrap method with down side risk metric can evaluate risk in more appropriate way, and it is also more suitable if statistical characteristics do not fulfil a normal distribution assumption (mostly because of fat tails or outliers. And lastly in general, investors in emerging market (e.g. Visegrad´s countries are rewarded with higher return, but if things go wrong, the damage can be severe and detrimental to performance.

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

    NARCIS (Netherlands)

    G.J. de Zwart (Gerben)

    2008-01-01

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

  15. The Effects of Marketing Mix Elements on Brand Equity

    OpenAIRE

    Rajh, Edo

    2006-01-01

    The structural model of the effects of marketing mix elements on brand equity is defined in line with the existing theoretical findings. Research hypotheses are defined according to the identified structural model. In order to test the defined structural model and research hypotheses empirical research was conducted on the sample of undergraduate students of the Faculty of Economics and Business in Zagreb. Research results indicate that the structural model has an acceptable level of fit to t...

  16. Experiences in accessing the U.S. equity markets

    International Nuclear Information System (INIS)

    Gosbee, G. F. J.

    1998-01-01

    This paper was designed to deal with three issues: (1) reasons for the difficulty of attracting U.S. capital into Canada; (2) Canadian companies' need for U.S. capital, and (3) how to successfully attract U.S. capital. As far as the reasons for the difficulties of attracting U.S. capital are concerned, intense world-wide competition for U.S. capital, the relatively small capital needs in Canada, the relatively poorly developed reporting practices, passive management and shareholders, and Canada's more stringent regulatory practices were highlighted as being most responsible. As to whether Canadian companies need U.S. capital, the answer was in the affirmative, citing multiple expansion, shareholder base diversification and the large equity raising power of the U.S. market as contributing factors. With regard to attracting U.S. capital into Canada, the advice given included differentiating the company, adopting U.S. reporting practices, addressing regulatory concerns, obtaining U.S.listings, and outperforming competitors

  17. The Public Market Equivalent and Private Equity Performance

    DEFF Research Database (Denmark)

    Sørensen, Morten; Jagannathan, Ravi

    2015-01-01

    The authors show that the public market equivalent approach is equivalent to assessing the performance of private equity (PE) investments using Rubinstein’s dynamic version of the CAPM. They developed two insights: (1) one need not compute betas of PE investments, and any changes in PE cash flow...... betas due to changes in financial leverage, operating leverage, or the nature of the business are automatically taken into account; (2) the public market index used in evaluations should be the one that best approximates the wealth portfolio of the investor considering the PE investment opportunity....

  18. THE MANAGEMENT OF BRAND EQUITY IN EDUCATIONAL MARKETING

    Directory of Open Access Journals (Sweden)

    Suzana Kazue Kagawa

    2016-11-01

    Full Text Available The aim of this study was to identify what the factors that motivate and influence a student to remain in a IES - Higher Education Institutions, through marketing concepts applied to educational marketing along with a survey of 508 students UERGS - State University of Rio Grande do Sul, enrolled in the second half of 2013. Among the theoretical frameworks: Philip Kotler in the study of strategies for managing brand equity, Sonia Simões Colombo in educational marketing and Valter Afonso Vieira scales in marketing. The research by attitudes was based Mattar (2003 the result of the analysis was obtained through a questionnaire with Likert scales of constructs that allowed us to identify which are the desires, needs and positive perceptions in relation to the expectations of current students in aspects cognitive, affective and behavioral, as well as the perception of the image and quality of Uergs in view of these students. And so the strengths that enable strengthen your image in the educational market and weaknesses that can be improved with management of brand equity without losing focus on quality and its main product were identified, knowledge.

  19. Minimum Variance Portfolios in the Brazilian Equity Market

    Directory of Open Access Journals (Sweden)

    Alexandre Rubesam

    2013-03-01

    Full Text Available We investigate minimum variance portfolios in the Brazilian equity market using different methods to estimate the covariance matrix, from the simple model of using the sample covariance to multivariate GARCH models. We compare the performance of the minimum variance portfolios to those of the following benchmarks: (i the IBOVESPA equity index, (ii an equally-weighted portfolio, (iii the maximum Sharpe ratio portfolio and (iv the maximum growth portfolio. Our results show that the minimum variance portfolio has higher returns with lower risk compared to the benchmarks. We also consider long-short 130/30 minimum variance portfolios and obtain similar results. The minimum variance portfolio invests in relatively few stocks with low βs measured with respect to the IBOVESPA index, being easily replicable by individual and institutional investors alike.

  20. How equity markets view heavy oil

    International Nuclear Information System (INIS)

    Janisch, M.L.

    2001-01-01

    A review of heavy oil economics was presented in this power point presentation with particular focus on investor motivation, the importance of heavy oil, and an outlook on commodity price for oil and natural gas. Heavy oil from oil sands is playing a major role on the Canadian domestic production front as well as globally. Almost all senior Canadian producers have a major heavy oil project in the works. Oil prices are forecasted to remain strong, but a more bullish outlook is expected for natural gas prices for both the short and long term. Natural gas drilling has increased, but the number of natural gas wells as a percentage of total wells has decreased. Recent Canadian drilling activity has placed more emphasis on crude oil production which has contributed to the lower overall natural gas drilling success rate. It was shown that infrastructure issues regarding tankers, refining capacity (at or near capacity) will be the major factor affecting the availability of crude products to market. It was also shown that heavy oil differentials have increased substantially, which could be a potential issue if oil prices begin to weaken. 1 tab., 12 figs

  1. Institutional Determinants of Private Equity Market in Czech Republic

    Directory of Open Access Journals (Sweden)

    Martina Skalická Dušátková

    2017-12-01

    Full Text Available A well-functioning private equity and venture capital market is affected by a range of institutional aspects. This study intends to answer the question on what is the current tax and legal environment for private equity and venture capital investments in Czech Republic as previous studies have emphasized that a rather poor scope of resources available. Qualitative data with content analysis proved to be the best way to assess the institutional framework. Data collection methods cover a comparative analysis of scientific literature documents and reports, as well as primary data from interviews with experts in the industry. The results of both secondary and primary data analysis were categorized and serious gaps in the institutional framework were identified and discussed. Our results indicate that the issue of legal and organisational structure suitable for private equity and venture capital funds may be resolved through a national equivalent to a Limited Partnership which has already been adopted into Czech law. However, a tax handicap was identified implying that it is necessary to amend the tax legislation so that the legal regulation extends the tax exemption. Another amendment should then be directed towards eliminating or mitigating the barriers imposed on pension. We believe that our findings provide valuable implications for the government, banks, stock exchanges and venture capital industry while formulating new strategies how to increase the level of investments in this specific environment of Czech Republic.

  2. Companies investments on Private Equity/Venture Capital market

    Directory of Open Access Journals (Sweden)

    Zbigniew Drewniak

    2009-12-01

    Full Text Available One of the investors on Private Equity/Venture Capital market are corporations. The share of companies in total funds raised by PE/VC funds is still on the very low level. Beside indirect investments, companies invest directly, creating special entities in one corporate structure. Capital gains are one of the advantages of these investments for companies. However, the companies have also other purposes like the acquirement and the development of new technologies, as well as the transfer of knowledge. The participation of PE/VC fund in the investment process results in the support for company expansion and the creation of company value.

  3. Brand Equity – Measuring Corporate Brand Strength in the Swedish Smartphone Market; Dimensions of Corporate Brand Equity from a Consumer Perspective

    OpenAIRE

    Lökken, Andreas; Nayar, Malini; Runering, Maria

    2012-01-01

    This study deals with the concept of brand equity composition in the Swedish smartphone market. The three dimensions used to describe brand equity are based on Aaker’s definition of consumer based brand equity namely; brand awareness, brand loyalty and perceived quality. The corporate brands represented on the market are analyzed with regards to consumer rating and brand equity composition using a proven theoretical model and a standardized questionnaire. The findings in this study indicate t...

  4. Cointegration and causality analysis of dynamic linkage between stock market and equity mutual funds in Australia

    Directory of Open Access Journals (Sweden)

    Sasipa Pojanavatee

    2014-12-01

    Full Text Available The existing literature finds conflicting results on the magnitude of price linkages between equity mutual funds and the stock market. The study contends that in an optimal lagged model, the expectations of future prices using knowledge of past price behaviour in a particular equity mutual fund category will improve forecasts of prices of other equity mutual fund categories and the stock market index. The evidence shows that the long-run pricing of equity mutual funds is cointegrated with the stock market index. In the short run, the results indicate that some equity mutual fund categories possess both long-run and short-run exogeneity with the stock market. Therefore, the short-run dynamic indicates short-run Granger causal links running between different equity mutual fund categories.

  5. Developing Marketing Strategies To Increase Brand Equity: The Differences Between Age Groups

    OpenAIRE

    Hui-Chu Chen; Robert D. Green

    2012-01-01

    Retailers are facing challenges from global competitors, aging consumer markets, and households with less income that impact brand equity. This study examines three age groups (younger, middle, older) marketing strategy perceptions and their brand equity (brand loyalty, brand awareness, perceived quality, brand association). As expected, different strategies influence each age group. Generally, older retailer shoppers have the highest brand equity. The results have certain implications to the...

  6. The Entropic Linkage between Equity and Bond Market Dynamics

    Directory of Open Access Journals (Sweden)

    Edgar Parker

    2017-06-01

    Full Text Available An alternative derivation of the yield curve based on entropy or the loss of information as it is communicated through time is introduced. Given this focus on entropy growth in communication the Shannon entropy will be utilized. Additionally, Shannon entropy’s close relationship to the Kullback–Leibler divergence is used to provide a more precise understanding of this new yield curve. The derivation of the entropic yield curve is completed with the use of the Burnashev reliability function which serves as a weighting between the true and error distributions. The deep connections between the entropic yield curve and the popular Nelson–Siegel specification are also examined. Finally, this entropically derived yield curve is used to provide an estimate of the economy’s implied information processing ratio. This information theoretic ratio offers a new causal link between bond and equity markets, and is a valuable new tool for the modeling and prediction of stock market behavior.

  7. Tail dependence and information flow: Evidence from international equity markets

    Science.gov (United States)

    Al Rahahleh, Naseem; Bhatti, M. Ishaq; Adeinat, Iman

    2017-05-01

    Bhatti and Nguyen (2012) used the copula approach to measure the tail dependence between a number of international markets. They observed that some country pairs exhibit only left-tail dependence whereas others show only right-tail. However, the flow of information from uni-dimensional (one-tail) to bi-dimensional (two-tails) between various markets was not accounted for. In this study, we address the flow of information of this nature by using the dynamic conditional correlation (DCC-GARCH) model. More specifically, we use various versions of the DCC models to explain the nexus between the information flow of international equity and to explain the stochastic forward vs. backward dynamics of financial markets based on data for a 15-year period comprising 3,782 observations. We observed that the information flow between the US and Hong Kong markets and between the US and Australian markets are bi-directional. We also observed that the DCC model captures a wider co-movement structure and inter-connectedness compared to the symmetric Joe-Clayton copula.

  8. 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

  9. The Pricing of Tail Risk and the Equity Premium: Evidence from International Option Markets

    DEFF Research Database (Denmark)

    Andersen, Torben Gustav; Fusari, Nicola; Todorov, Viktor

    We explore the pricing of tail risk as manifest in index options across international equity markets. The risk premium associated with negative tail events displays persistent shifts, unrelated to volatility. This tail risk premium is a potent predictor of future equity returns, while option......-implied volatility only forecasts the future return variation. Hence, compensation for negative jump risk is the primary driver of the equity premium across all indices, whereas the reward for pure diffusive variance risk is largely unrelated to future equity returns. We also document pronounced commonalities...

  10. Pengaruh Pengungkapan Corporate Social Responsibility terhadap Cost Of Equity Perusahaan

    Directory of Open Access Journals (Sweden)

    Mitta Ariyani

    2016-06-01

    The purpose of this study is to investigate the effect of Corporate Social Responsibility (CSR Disclosure on Cost of Equity Capital. CSR disclosure index is measured based on Global Reporting Initiative standards, while Cost of Equity Capital is measured by Capital Asset Pricing Model (CAPM. This study uses manufacturing companies which is listed on Indonesia Stock Exchange (IDX in 2010. By purposive sampling, this research obtained 72 companies as a samples. The control variables used are financial leverage and firm size. Multiple regression analysis by SPSS 16 was run for testing the hypothesis. The result show that CSR disclosure and financial leverage have no effect to Cost of Equity. Then, firm size have positive effect to Cost of Equity.

  11. The global financial crisis: Is there any contagion between real estate and equity markets?

    Science.gov (United States)

    Hui, Eddie Chi-man; Chan, Ka Kwan Kevin

    2014-07-01

    This study examines contagion across equity and securitized real estate markets of Hong Kong, US and UK during the global financial crisis by the Forbes-Rigobon, coskewness and cokurtosis tests. In particular, this is the first study to use the cokurtosis test to examine contagion between real estate and equity markets. The results show that the cokurtosis test can detect additional channels of contagion, and hence is a more powerful test. In contrary to Fry et al. (2010), we find that the cokurtosis test shows a highly significant evidence of contagion between the equity and real estate markets in both directions. In particular, the contagion between US's equity and real estate markets is the most significant. This reflects that US is the centre of shock of the global financial crisis.

  12. Is There Any Sectoral Cointegration in Indonesia Equity Market?

    Directory of Open Access Journals (Sweden)

    Aileen Clarissa Surya

    2018-03-01

    Full Text Available This research analyzes short and medium-run cointegration relationship among 9 sectoral indices in Indonesia equity market (JCI, using 2012-2016 weekly closing prices as the data. Researchers analyzed the relationship among these sectors using Johansen-Julius Cointegration Test and predict the causal relationship using Engle-Granger Causality and model the causalities using Vector Error Correction Model. Researchers findings based on the empirical results of Johansen cointegration tests are there is no cointegration in the short-run as the sector indices performance are caused by unique moving factors that affect all sectors differently. However, there is a medium run relationship among the sectors as they are moved by macroeconomic and political conditions towards the same direction. Other two methods, Engle-Granger and VECM, are also supporting the results from Johansen cointegration tests. The findings from this research can be useful as an insight for investors and fund managers in minimizing portfolio risk by using sectoral diversification, which based on the research can only be applied in the short run period.

  13. Analysis of stage-investing strategy in equity financing market

    Institute of Scientific and Technical Information of China (English)

    XUN Minghui

    2007-01-01

    Stage-investing strategy is a primary measure to mitigate asymmetric information during equity investment. This paper attempts to investigate the problem faced by equity investors wishing to make optimal investment decision under stage-investing strategy.A serial investment-decision making model will be designed to help investors to take the best choice.

  14. Taking risks in investing in the equity market: racial and ethnic differences.

    Science.gov (United States)

    Ozawa, M N; Lum, Y S

    2001-01-01

    Some policy makers and policy analysts have proposed that Social Security should be privatized to enable participants to achieve higher returns through investment in the stock market. How well individual retirees would fare financially under a privatized system largely depends on their decision to invest in the equity market, rather than in other types of investment vehicles. For that reason, it is important to investigate the degree to which minority people are currently investing in this market. This article presents the findings of a study that compared the investment behavior of black and Hispanic people aged 51 to 61 with the investment behavior of their white counterparts. The major findings indicate that black and Hispanic people: (a) are less likely to invest in the equity market than are white people, and (b) tend to invest smaller percentages of their assets in the equity market. Implications for policy are discussed.

  15. The effects of selected marketing mix activities on brand equity

    OpenAIRE

    Ng, Lee Chin

    2004-01-01

    Branding has never been more important than in a competitive environment. Branding is the process of creating an association between symbol / object / emotion / perception and a product / company with the goal of driving loyalty and creating differentiation. The importance of the concept of brand equity has been on the rise. The dimension of brand equity consists of (i) perceived quality, (ii) brand loyalty, (iii) brand awareness, (iv) brand associations and (iv) other proprietary brand asset...

  16. Investor herds and oil prices evidence in the Gulf Cooperation Council (GCC equity markets

    Directory of Open Access Journals (Sweden)

    Talat Ulussever

    2017-09-01

    Full Text Available This paper scrutinizes the effect of crude oil prices on herd behavior among investors in the Gulf Cooperation Council (GCC stock markets. Using firm level data from Saudi Arabia, Qatar, Oman, Kuwait, Bahrain, Dubai and Abu Dhabi stock exchanges, we examine equity return dispersions within industry portfolios and test whether investor herds exist in these markets. We then assess whether crude oil price movements have any effect on the investment behavior of traders in the aforementioned markets. Our findings reveal significant evidence supporting herd behavior in all GCC equity markets with the exception of Oman and Qatar, more consistently during periods of market losses. Furthermore, we find significant oil price effects on herd behavior in these markets, particularly during periods of extreme positive changes in the price of oil. Our findings suggest that investors’ tendency to act as a herd in the said markets is significantly affected by the developments in the oil market.

  17. Pengaruh Social Media Marketing terhadap Customer Equity pada Pengusaha Muda di Kota Medan

    OpenAIRE

    Alfifto

    2017-01-01

    150521065 Digital era has influenced varians business and marketing types. Social media has given big impact on marketer to promote their brands, covering worldwide marketing, increasing the sales and building the community compared to conventional media. The purpose of this research is to analyze the influence social media marketing which consist of consumption, curation, creation dan collaboration on customer equity of young entrepreneurs in Medan City. This research us...

  18. 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.

  19. Influences of Seasoned Equity Offerings on Stock Return of Ho Chi Minh Market

    Directory of Open Access Journals (Sweden)

    Ho Viet Tien

    2013-01-01

    Full Text Available This paper investigated the impact of seasoned equity offerings (SEO on stock return of listed companies in Ho Chi Minh City market using the method “event study” which has been basically formed by Campbell, Lo, and MacKinlay (1997. The sample includes 332 SEOs from 2007 to 2010. The main findings show evidence that the Ho Chi Minh City market was not efficient in terms of the semi-strong form because the price has increased significantly on the ex-right date, day 0. In an opposite way, the market also reacted significantly negatively from T-4 to T-2. There are some significant impacts of timing on issue methods – equity right issues were in priority for favorable time and issues as “dividend by stocks” were chosen during unfavorable time. Keywords: Efficient Market Hypothesis, event study, Seasoned Equity Offerings

  20. Labour Market Programmes and the Equity-Efficiency Trade-off

    DEFF Research Database (Denmark)

    Filges, Trine; Kennes, John; Larsen, Birthe

    This paper studies labour market policy in a society where differently gifted individuals can invest in training to further increase their labour market productivity and where the government seeks both effiency and equity. Frictions in the matching process create unemployment and differently...... skilled workers face different unemployment risks. We show that in such an environment, training programmes that are targeted to the unemployed complement passive transfers (UI benefits), unlike a general training subsidy. Combining passive subsidies with a training subsidy conditioned on the individual...... being unemployed (for a while) - the typical Active Labour Market Programme - implies a favorable trade-off between equity and efficiency which encourages high spending on training....

  1. Labour Market Programmes and the Equity-Efficiency Trade-off

    DEFF Research Database (Denmark)

    Kennes, John; Larsen, Birthe; Tranæs, Torben

    2005-01-01

    This paper studies labour market policy in a society where differently gifted individuals can invest in training to further increase their labour market productivity and where the government seeks both effiency and equity. Frictions in the matching process create unemployment and differently...... skilled workers face different unemployment risks. We show that in such an environment, training programmes that are targeted to the unemployed complement passive transfers (UI benefits), unlike a general training subsidy. Combining passive subsidies with a training subsidy conditioned on the individual...... being unemployed (for a while) - the typical Active Labour Market Programme - implies a favorable trade-off between equity and efficiency which encourages high spending on training....

  2. Developing Equity Culture and Partnerships in the Investment Market: a Study on Iran’s over the Counter Market

    Directory of Open Access Journals (Sweden)

    Mehdi SALEHI

    2012-03-01

    Full Text Available The equity culture has an effective role in developing investment market and represents economic development. In the current study, polling and questionnaire method was used to determine the approach of organizational stockholders and exchange stockbrokers to over the counter market (OTC role in developing partnerships and equity culture in the investment market of Iran. The results demonstrate that the statistical population deems the transparency of Iran’s OTC market favorable and that the OTC market has acceptable trading expenses for investors and company’s involvement. Also, in addition to adequate supporting and educational facilities in Iran’s OTC market, there is the potential for innovation and diversity in trading opportunities for investors and individuals and reduces investor’s risks for investment and involvement in the investment market. Also there is no significant dereference between the approaches of organizational shareholders and exchange stockbrokers with regards to the discussed variables.

  3. The Impact of Social Media Marketing on Brand Equity Toward the Purchase Intention of Starbucks Indonesia

    OpenAIRE

    Karman, Melissa Anastasia

    2015-01-01

    Starbucks Indonesia is a global coffee company has been able to manage its strong presence in the retail coffee industry. However, the burgeoning independent coffee shops in several major cities of Indonesia has become the new competitor for Starbucks Indonesia. This research is aimed to analyze the impact of social media marketing on brand equity toward the purchase intention of Starbucks Indonesia. Moreover, this research attempts to examine the role of brand equity as the mediating varia...

  4. Can the Stock Market Anticipate Future Operating Performance? Evidence from Equity Rights Issues

    NARCIS (Netherlands)

    Kabir, Mohammed Rezaul; Roosenboom, Peter

    2002-01-01

    This paper examines whether the stock market valuation impact is consistent with subsequent operating performance of firms. We use data for equity rights offerings - the widely adopted flotation method in the Netherlands. We first examine the stock market announcement effect of rights issues and

  5. Can the stock market anticipate future operating performance? Evidence from equity rights issues

    NARCIS (Netherlands)

    R. Kabir (Rezaul); P.G.J. Roosenboom (Peter)

    2002-01-01

    textabstractThis paper examines whether the stock market valuation impact is consistent with subsequent operating performance of firms. We use data for equity rights offerings - the widely adopted flotation method in the Netherlands. We first examine the stock market announcement effect of rights

  6. The Impact of the 2008 Global Financial Crisis on the Structure of the Transmission of Price Innovations Across Financial Markets: The Case of Southwest Asian Equity Markets

    Directory of Open Access Journals (Sweden)

    Liao Qunfeng

    2016-06-01

    Full Text Available This study examines the reaction of Southeast Asian equity markets to the transmission of price innovations from major equity markets during the pre and post periods of the 2008 global financial crisis. In particular, we examine the reaction of returns indices in Malaysia, the Philippines, South Korea, Taiwan, and Thailand as endogenous variables, and compare them to the returns indices of the U.S., the Eurozone, Japan, and China as exogenous variables. The results of VAR models indicate the combined and individual impact of the price innovations from the major equity markets on the volatility of returns of selected countries is relatively trivial during either the pre- or post-financial crisis periods. However, the individual impact of the U.S. innovations is generally higher during the post-financial crisis. The ARCH and GARCH models indicate the stock markets of Southeast Asian countries are more responsive to their own price innovations during both the pre- and the post-crisis periods, although some response to U.S. and Eurozone shocks is also observed.

  7. The market for equity release products: Lessons from the ...

    African Journals Online (AJOL)

    Home Equity Release Products (ERPs) are innovative fi nancial instruments that enable elderly, retired people to use their unencumbered houses as a source of income/funding while they continue to reside in them, thereby seeking to address the constraints of the life cycle hypothesis. The loan and outstanding amounts ...

  8. Cost of equity on the Polish and global coal market - comparative analysis

    OpenAIRE

    Aneta Michalak

    2014-01-01

    The mining industry in Poland as well as in the world is considered to be a strategic industry, of special significance for the economy. At the same time it is an industry requiring high capital outlays. Equity plays an important role in financing of the mining enterprises. The objective of the article is to compare the cost of equity on the Polish and global coal market. The object of the research are the Polish and foreign mining enterprises listed on the stock markets. The basic research m...

  9. The Risk-Return Profiles Of Global Portfolios: Some Evidence From Asia-Pacific And European Equity Markets

    OpenAIRE

    H. Christine Hsu

    2011-01-01

    As world financial markets are integrated, national stock markets tend to move together. Empirical evidence on correlations among equity markets worldwide suggests an increasing interdependence between most national markets in recent years. This is disconcerting, to say the least, to investors and portfolio managers seeking risk diversification via global equity investing. The objective of this study is to investigate whether there is still room for global portfolio diversification from the U...

  10. Intraday Trading Patterns in the Equity Warrants and Equity Options Markets: Australian Evidence

    Directory of Open Access Journals (Sweden)

    Lydia Segara

    2007-06-01

    Full Text Available This paper extends the microstructure literature, by examining the previouslyundocumented intraday trading patterns in trading volume, price volatility, order depthand relative spreads for both the warrant and option market in Australia. Comparisons ofintraday variations across these derivative securities allows for insight to be drawn intocompeting market microstructure theories and provides the opportunity to examinewhether market design differences explain variations in observed intraday patterns. Wefind that intraday trading patterns documented in the warrant and option markets can beexplained by their market designs, along with theories relating to time-varying informationasymmetry and time-varying hedging trades around nontrading periods.

  11. Frequency aspects of information transmission in a network of three western equity markets

    Science.gov (United States)

    Schmidbauer, Harald; Rösch, Angi; Uluceviz, Erhan

    2017-11-01

    Cycles in the behavior of stock markets have been widely documented. There is an increasing body of literature on whether stock markets anticipate business cycles or its turning points. Several recent studies assert that financial integration impacts positively on business cycle comovements of economies. We consider three western equity markets, represented by their respective stock indices: DJIA (USA), FTSE 100 (UK), and Euro Stoxx 50 (euro area). Connecting these three markets together via vector autoregressive processes in index returns, we construct ;propagation values; to measure and trace, on a daily basis, the relative importance of a market as a volatility creator within the network, where volatility is due to a return shock in a market. A cross-wavelet analysis reveals the joint frequency structure of pairs of the propagation value series, in particular whether or not two series tend to move in the same direction at a given frequency. Our main findings are: (i) From 2001 onwards, the daily propagation values of markets have been fluctuating much less than before, and high frequencies have become less pronounced; (ii) the European markets are in phase at business cycle frequency, while the US market is not in phase with either European market; (iii) in 2008, the euro area has taken over the leading role. This approach not only provides new insight into the time-dependent interplay of equity markets, but it can also replicate certain findings of traditional business cycle research, and it has the advantage of using only readily available stock market data.

  12. Equity in Higher Education and Graduate Labour Market Outcomes in Australia

    Science.gov (United States)

    Li, Ian W.; Mahuteau, Stephane; Dockery, Alfred M.; Junankar, P. N.

    2017-01-01

    The rate of higher education participation in Australia has increased over the past decade for individuals from disadvantaged backgrounds. This study contributes to the knowledge on the outcomes of disadvantaged individuals who complete higher education by looking at the labour market outcomes of university graduates from equity groups. The number…

  13. Predicting Equity Markets with Digital Online Media Sentiment: Evidence from Markov-switching Models

    NARCIS (Netherlands)

    Nooijen, S.J.; Broda, S.A.

    2016-01-01

    The authors examine the predictive capabilities of online investor sentiment for the returns and volatility of MSCI U.S. Equity Sector Indices by including exogenous variables in the mean and volatility specifications of a Markov-switching model. As predicted by the semistrong efficient market

  14. An investigation on marketing mix efforts on brand equity: An empirical investigation in mobile phone industry

    Directory of Open Access Journals (Sweden)

    Maryam Safaei

    2012-08-01

    Full Text Available In this paper, we present an empirical study to investigate the effects of different marketing efforts on brand equity in mobile industry. The proposed study of this paper distributes a questionnaire consists of 26 questions including loyalty, quality perception, awareness, exclusiveness, word of mouth advertisement, brand name image, advertisement, price, distribution and guarantee. A sample 428 people are selected in a city of Tehran/Iran and they are asked to reply questions on Likert based. The results show that there is a positive and meaningful relationship between marketing mix efforts and brand equity. In other words, more advertisements could help better market exposure, which means customers will have more awareness on market characteristics. Among all mixed efforts, guarantee influences more on brand equity, which means consumers care more on product services than other features. Finally, among different characteristics of brand equity, product exclusiveness plays an important role. In other words, people are interested in having exclusive product, which is different from others.

  15. 'EMU equity markets' return variance and spill over effects from short-term interest rates

    DEFF Research Database (Denmark)

    Hou, Ai Jun

    2013-01-01

    ), stock returns have a negative relationship with the volatility, and the volatility process responds asymmetrically to shocks to equity returns, especially to bad news. The other regime (a bull market regime) appears to be a high mean, low variance state, within which the returns have a positive...

  16. Relationship between Crude Palm Oil (CPO) Futures prices and Selected Southeast Asia Equity Market-Empirical Evidence

    OpenAIRE

    Siaw, Louis Kai Ying

    2015-01-01

    The relationship between commodities market and equities market has been known to have a negative correlation close to no correlation and generally have no volatility spillover exists between both of the markets. Therefore, there is diversification benefit as while one market is going down, another market is going up to offset the losing position in the down market. Besides that, non-volatility spillover exists between the market will also presents no spillover variance of one market to anoth...

  17. The persistence of risk levels of general equity funds in an emerging market economy

    Directory of Open Access Journals (Sweden)

    Rousseau Lötter

    2013-10-01

    Full Text Available The persistence of risk levels of local General Equity unit trusts is evaluated. Variations in absolute and market-adjusted returns are measured to determine whether investors can use historical risk as a proxy for future risk levels. The General Equity funds are fairly homogenous, and different funds should exhibit stable risk levels if the fund managers’ investment mandates and investment styles remain stable over time. The results indicate a degree of absolute and market-adjusted risk stability over time. The market-adjusted risk and return relationship remained stable through the 2008 global crises, indicating that, on average, the fund managers maintained their benchmark-related risk exposures. Both the absolute and market-adjusted results indicate no statistically significant relationship between risk and return for the 2000 to 2012 period.

  18. The persistence of risk levels of general equity funds in an emerging market economy

    Directory of Open Access Journals (Sweden)

    Rousseau Lötter

    2013-12-01

    Full Text Available The persistence of risk levels of local General Equity unit trusts is evaluated. Variations in absolute and market-adjusted returns are measured to determine whether investors can use historical risk as a proxy for future risk levels. The General Equity funds are fairly homogenous, and different funds should exhibit stable risk levels if the fund managers’ investment mandates and investment styles remain stable over time. The results indicate a degree of absolute and market-adjusted risk stability over time. The market-adjusted risk and return relationship remained stable through the 2008 global crises, indicating that, on average, the fund managers maintained their benchmark-related risk exposures. Both the absolute and market-adjusted results indicate no statistically significant relationship between risk and return for the 2000 to 2012 period.

  19. Market reaction to grouping equities in stock markets: An empirical analysis on Borsa Istanbul

    Directory of Open Access Journals (Sweden)

    Yilmaz Yildiz

    2017-12-01

    Full Text Available The main aim of this study is to investigate the market reaction to stock grouping announcements in Borsa Istanbul which requires stocks to be classified into groups “A”, “B” and “C” according to their market capitalization and floating rates. By utilizing event study analysis, our results suggest that grouping announcements have significant effect on stock prices and trading volume. The event day positive (negative relationship between abnormal return and volume for the upgraded (downgraded stocks supports the downward sloping demand curve hypothesis. Moreover, findings also suggest that stocks which are upgraded to Group A are exposed to more attention which is in line with the attention hypothesis. The reverse is valid for the downgraded firms. We find no evidence of price reversals and long-term symmetrical liquidity effect which lead us to reject price pressure and liquidity hypotheses. Finally, we reach controversial evidence for the information hypothesis. Keywords: Equity grouping, Regulation, Price and volume effects, Jel Classification: G11, G12, G14

  20. Testing the Weak Form Efficiency in Pakistan’s Equity, Badla and Money Markets

    OpenAIRE

    Rashid, Abdul; Husain, Fazal

    2009-01-01

    The paper test the weak form market efficient hypothesis for Pakistan’s equity, badla and money markets with an aim to investigate which one of them is most efficient in the weak form sense. The analysis provides evidence, under the assumption of heteroscedasticity, that the KSE is weak-form efficient over the full-length sample period. Nevertheless, the analysis reports that over the same period the other two markets viz. badla and money are not weak form efficient. The badla market was effi...

  1. EFFECT OF SOCIAL MEDIA MARKETING ON BRAND EQUITY OF ONLINE COMPANIES

    Directory of Open Access Journals (Sweden)

    Satheeka Kavisekera

    2016-11-01

    Full Text Available Social Media is a prominent marketing tool profoundly used by E-Businesses to draw the attention of the online target audience that could be converted to direct traffic. However, the non-exclusivity of social media has created a unique issue for virtual enterprises that are entirely depending on digital media. The main emphasis of this study is to appreciate the significance of Social Media Marketing in promoting the Brand Equity of E-Commerce enterprises. The empirical study is based on Kapruka.Com; Sri Lanka’s largest online gift shop with the aim of identifying the casual relationship between social media marketing and brand equity. An online questionnaire has been employed to collect the data during the survey. Evident by findings, there is a significant relationship between social media marketing and brand equity of online companies. The study contributes to the marketing practitioners in terms of enhancing the brand value by identifying and exploiting the main attributes of social media marketing.

  2. Media mix elements affecting brand equity: A study of the Indian passenger car market

    Directory of Open Access Journals (Sweden)

    Tanmay Chattopadhyay

    2010-12-01

    Full Text Available The study develops and empirically tests a model for finding the effect of advertising frequency across different media vehicles towards building brand equity for the passenger car market for first time and repeat buyers. The effect that selected media mix elements had on the dimensions of brand equity was examined. First time buyers are expected to have lower category knowledge than repeat buyers, and are hence expected to behave differently from repeat buyers. Since the knowledge structures of these two groups are expected to be different, it is reasonable to predict that they would process product/brand related information differently and this is corroborated by the results.

  3. Product innovation as a mediator in the impact of R&D expenditure and brand equity on marketing performance

    OpenAIRE

    Sharma, P.; Davcik, N.; Pillai, K. G.

    2016-01-01

    WOS:000385318500014 (Nº de Acesso Web of Science) This study combines the signaling theory and dynamic marketing capabilities perspective to investigate the mediating role of product innovation in the influence of R&D expenditure and brand equity on marketing performance. The study shows that MNC firms are able to use R&D expenditure to improve their product innovation and market share to a greater extent compared to SME and retailer firms. However, the stronger brand equity of MNC firms m...

  4. Structure of Cost of Equity as the Dependence on the Corporate- and Market Life Cycle

    Directory of Open Access Journals (Sweden)

    Zdeněk Konečný

    2013-10-01

    Full Text Available Purpose of the article: Companies, like all living creatures, goes through their life cycle, which includes some partial phases. Each of these phases is specific. Depending up the corporate life cycle, there are changed managerial decisions, that have an considerable influence, among others, on financial indicators like liquidity (current ratio, quick ratio, cash ratio, return (on investment, assets, equity, sales, economic value added, or cost of capital. The purpose of this article is to show relations between corporate life cycle and the structure of cost of equity. Furthermore, there will be, besides the corporate life cycle, considered also the market life cycle and market positions, that can companies hold on the market, on which they are acting. Methodology/methods: There is used a method, based on the analysis of secondary data, gotten from financial statements of selected companies and from statistical and analytical documents, published by Czech Ministry of Industry and Trade. There are selected 39 companies, acting on the czech market with motor vehicles production. The data are gathered for periods from 2002 up to 2010. There is used a model by Reiners (2004 to identify phases of corporate- and market life cycle and market positions. For finding out the structure of cost of equity there is used the constructional model by Czech Ministry of Industry and Trade. Scientific aim: The selected companies are divided into groups with considering different phases of their life cycle and with considering their different market positions. There are for each period found out numbers of companies from these groups, that reached the minimal value, the value within the interval and maximal value of all risk rewards, that are, besides the riskless rate, components of cost of equity. Findings: The greatest part of cost of equity, reached on the market, is the riskless rate. Other components (and their shares on the cost of equity

  5. 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.

  6. Labour Market Programmes and the Equity-Efficiency Trade-Off

    DEFF Research Database (Denmark)

    Filges, Trine; Kennes, John; Larsen, Birthe

    2011-01-01

    This paper studies optimal labour market policy in a society where differently gifted individuals can invest in training to further increase their labour market productivity and where the government seeks both efficiency and equity. Frictions in the matching process create unemployment...... and differently skilled workers face different levels of risk of unemployment. We show that in such an environment, training programmes that are targeted at the disadvantaged workers complement passive transfers (UI benefits), unlike general training subsidies. Combining passive subsidies with a training subsidy...... conditioned on the individual being unemployed (for a period) – the typical Active Labour Market Programme – creates a favourable trade-off between equity and efficiency and this encourages high spending on training...

  7. Efficiency and cross-correlation in equity market during global financial crisis: Evidence from China

    Science.gov (United States)

    Ma, Pengcheng; Li, Daye; Li, Shuo

    2016-02-01

    Using one minute high-frequency data of the Shanghai Composite Index (SHCI) and the Shenzhen Composite Index (SZCI) (2007-2008), we employ the detrended fluctuation analysis (DFA) and the detrended cross correlation analysis (DCCA) with rolling window approach to observe the evolution of market efficiency and cross-correlation in pre-crisis and crisis period. Considering the fat-tail distribution of return time series, statistical test based on shuffling method is conducted to verify the null hypothesis of no long-term dependence. Our empirical research displays three main findings. First Shanghai equity market efficiency deteriorated while Shenzhen equity market efficiency improved with the advent of financial crisis. Second the highly positive dependence between SHCI and SZCI varies with time scale. Third financial crisis saw a significant increase of dependence between SHCI and SZCI at shorter time scales but a lack of significant change at longer time scales, providing evidence of contagion and absence of interdependence during crisis.

  8. Conditional co-movement and dynamic interactions: US and BRIC equity markets

    Directory of Open Access Journals (Sweden)

    Singh Amanjot

    2017-01-01

    Full Text Available The present study attempts to capture conditional or time-varying co-movement and dynamic interactions between the US and BRIC (Brazil, Russia, India, and China equity markets across the sample period 2004 to 2014 by employing diverse econometric models. The sample period is further divided into three different sub-periods concerning the US financial crisis period, viz. pre-crisis, crisis, and post-crisis periods. The vector autoregression- dynamic conditional correlation-multivariate asymmetric generalized autoregressive conditional heteroskedastic [VAR-DCC-MVAGARCH (1.1] model and Toda-Yamamoto’s (1995 Granger causality tests are employed for the purpose of overall analysis in a multivariate framework. The results report the existence of time-varying co-movement between the US and BRIC equity markets, whereby co-movement between the US and Brazilian markets is found to be the highest, followed by the Russian, Indian, and Chinese equity markets. Dynamic interactions are also registered between the respective US/BRIC comovements during different sub-periods. The results have important implications for market participants and policymakers.

  9. A Comparison of the Long Term Interdependence of Southeast Asian Equity Markets

    Directory of Open Access Journals (Sweden)

    Raisul Islam

    2014-06-01

    Full Text Available The purpose of this paper is to examine the equity market crisis contagion in major Asian economic markets. A comparative assessment of Asian markets during the Asian Financial Crisis and Global Financial crisis may clearly identify the changing nature of long term integration of major Asian markets. The selection criteria of specific Asian markets of different peripheries depend particularly on the roles and structure of these markets. The impact of the global financial contagion and the lingering financial linkage in the aftermath of crisis will explain the reaction of the majority of Asian markets to global linkage. While majority of the studies focused on dynamic short term association in European and MENA contagions in the post global financial crisis period; after the global financial crisis, attention paid to long term Asian contagion adds new perspective to hitherto disorganized theories.

  10. 17 CFR 229.201 - (Item 201) Market price of and dividends on the registrant's common equity and related...

    Science.gov (United States)

    2010-04-01

    ... equity is being traded. Where there is no established public trading market for a class of common equity... source of such information. Such prices shall be stated in the currency in which they are quoted. The registrant may translate such prices into United States currency at the currency exchange rate in effect on...

  11. Determinants Of Equity Prices In The Stock Market

    Directory of Open Access Journals (Sweden)

    Muhammad Usman Javaid

    2010-12-01

    Full Text Available This study examines the effect of market variables on the movement stock prices in Pakistan. Asset pricing is considered as efficient if the asset prices reflect all available market information. This study examined the extent to which some "information factors" or market indices affect the stock price. A simple regression model has been used to develop a relation between the variables (stock prices, earnings per share, gross domestic product, dividend, inflation and KIBOR after testing for multi-collinearity among the independent variables. All the variables have shown positive correlation with stock prices with some exceptions of GDP and inflation. This study has enriched the existing literature while it would help policy makers who are interested in deploying instruments of monetary policy and other economic indices for the growth of the capital market.

  12. Market Timing, lifecycle stage and Seasoned Equity offerings

    Directory of Open Access Journals (Sweden)

    Vilma Sousa Ismael da Costa

    2014-08-01

    Full Text Available The tradeoff theory suggests that companies must issue shares to investments, when its leverage index is greater than your target rate, while the pecking order theory predicts that when capital offerings occur, the capital will be used to finance investments as the last source of funding, after their debt capacity have been exhausted. In contrast, the market timing theory predicts arguments that companies will adopt opportunistic behavior by issuing shares to take advantage of the high prices of the shares. Although the market timing theory has a significant influence on the decision to make a SEO, Brazilian literature contains little evidence about their economic importance and their effects. Thus, the present research aims to fill this gap in the Brazilian scenario. Specifically, we sought to assess the explanatory power of the relationship of market timing and the lifecycle theory in the issuance of SEO, which predicts that young companies with high market-to-book (MB and low operating cash flow sell shares to finance the investment, while mature companies, with low MB, pay dividends and fund investment internally. The sample was composed by non-financial companies with shares traded on BM&FBovespa. As main results, we can conclude that there is relationship between SEO and MB and size. On the other hand, were not observed evidence confirming the relationship between lifecycle stage and stock return, both in the previous year, and the year following the completion of the offer.

  13. 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...

  14. Effect Of Marketing Communications, Brand Equity, Brand Awareness Attitudes And Decision Of Customers PT. Mortgage In South Sulawesi

    OpenAIRE

    Mustari; Kadir, Abd. Rahman; Asdar, Muhammad; Sudirman, Indrianty

    2016-01-01

    This study aimed to analyze and assess (1) the impact of marketing communications on consumer attitudes, (2) the impact of marketing communication to the consumer decision, (3) the impact of brand equity on consumer attitude, (4) the effect of brand equity to the consumer decision, (5) the effect of brand awareness on consumer attitude, (6) the effect of brand awareness on consumer decisions, (7) the impact of consumer attitudes towards consumer decision, (8) the impact o...

  15. The Effect of Marketing Mix Efforts and Corporate Image on Brand Equity in the IT Software Sector

    OpenAIRE

    Saghar Rafiei; Manijeh Haghighi Nasab; Hamidreza Yazdani

    2013-01-01

    The aim of this research was to prioritize the most important factors that influence brand equity in the software industry. In this regard, the relationships between marketing-mix effort (channel performance, value-oriented price, promotion, and after sales service), corporate image, three dimensions of brand equity (brand awareness with associations, perceived quality, and brand loyalty), and market performance have been investigated by the structural equation modeling. A random sampling met...

  16. Chinese and world equity markets : A review of the volatilities and correlations in the first fifteen years

    NARCIS (Netherlands)

    Lin, Kuan Pin; Menkveld, Albert J.; Yang, Zhishu

    2009-01-01

    After more than 15 years of Chinese equity markets, we study how variance, covariance, and correlations have developed in these markets relative to world markets, based on the dynamic conditional correlation (DCC) model of Engle [Engle, R., 2002. A dynamic conditional correlation: A simple class of

  17. The Czech Equity Market - Its Effectiveness and Macroeconomic Consequences

    OpenAIRE

    Helena Horská

    2005-01-01

    This paper examines features of the Czech stock market’s development from 1997 to 2003 and attempts to unveil the macroeconomic consequences of stock-price development. The analysis of the stock market’s behavior supports a cautionary stance on the hypothesis of the efficient-market theory, even in its weak form. Another finding, as regards the macroeconomic consequences of stock-price development, undermined the assumption of the positive wealth effect of rising stocks. In relation to GDP gr...

  18. Portfolio Diversification in the South-East European Equity Markets

    OpenAIRE

    Zaimovic Azra; Arnaut-Berilo Almira; Mustafic Arnela

    2017-01-01

    Diversification potential enables investors to manage their risk and decrease risk exposure. Good diversification policy is a safety net that prevents a portfolio from losing its value. A well-diversified portfolio consists of different categories of property with low correlations, while highly correlated markets have the feature of low possibilities for diversification. The biggest riddle in the world of investments is to find the optimal portfolio within a set of available assets with limit...

  19. Demand response in energy markets

    International Nuclear Information System (INIS)

    Skytte, K.; Birk Mortensen, J.

    2004-11-01

    Improving the ability of energy demand to respond to wholesale prices during critical periods of the spot market can reduce the total costs of reliably meeting demand, and the level and volatility of the prices. This fact has lead to a growing interest in the short-run demand response. There has especially been a growing interest in the electricity market where peak-load periods with high spot prices and occasional local blackouts have recently been seen. Market concentration at the supply side can result in even higher peak-load prices. Demand response by shifting demand from peak to base-load periods can counteract the market power in the peak-load. However, demand response has so far been modest since the current short-term price elasticity seems to be small. This is also the case for related markets, for example, green certificates where the demand is determined as a percentage of the power demand, or for heat and natural gas markets. This raises a number of interesting research issues: 1) Demand response in different energy markets, 2) Estimation of price elasticity and flexibility, 3) Stimulation of demand response, 4) Regulation, policy and modelling aspects, 5) Demand response and market power at the supply side, 6) Energy security of supply, 7) Demand response in forward, spot, ancillary service, balance and capacity markets, 8) Demand response in deviated markets, e.g., emission, futures, and green certificate markets, 9) Value of increased demand response, 10) Flexible households. (BA)

  20. The efficiency and equity of marketable permits for CO2 emissions

    International Nuclear Information System (INIS)

    Rose, A.; Stevens, B.

    1993-01-01

    This paper examines the efficiency and equity implications of alternative assignments of marketable permits for carbon dioxide. A non-linear programming model is used to estimate the net welfare changes of permit allocations based on Sovereignty and Rawlsian equity criteria for 8 countries/regions covering the spectrum of economic development levels. The net welfare gains associated with an overall 20% reduction in CO 2 emissions are estimated to be nearly 20 billion dollars, an increase of several billion dollars over a system of inflexible emission quotas requiring 20% abatement in each country. Also, although the welfare changes implied by alternative permit assignments may vary greatly between countries before trading, the trading process significantly reduces the disparities. This result stems from the Coase Theorem, which implies a uniquely efficient outcome. That is, individual country abatement levels and, hence, costs, are the same under all permit assignments after trading, and net welfare for a given nation differs only by the amount of permit revenues/expenditures associated with the application of alternative equity criteria. Foremost among the paper's policy implications is that although equity criteria may differ significantly in principle, their welfare implications in practice may be very similar for various subsets of these criteria. This should reduce tensions at the bargaining table and facilitate the negotiation of greenhouse gas agreements. 52 refs., 3 figs., 8 tabs

  1. EFFECT OF SOCIAL MEDIA MARKETING ON BRAND EQUITY OF ONLINE COMPANIES

    OpenAIRE

    Satheeka Kavisekera; Nalin Abeysekera

    2016-01-01

    Social Media is a prominent marketing tool profoundly used by E-Businesses to draw the attention of the online target audience that could be converted to direct traffic. However, the non-exclusivity of social media has created a unique issue for virtual enterprises that are entirely depending on digital media. The main emphasis of this study is to appreciate the significance of Social Media Marketing in promoting the Brand Equity of E-Commerce enterprises. The empirical study is based on Ka...

  2. Is a larger equity market more information efficient? Evidence from intervalling effect

    Directory of Open Access Journals (Sweden)

    KiHoon Hong

    2016-07-01

    Full Text Available This paper investigates the impact of equity return autocorrelation on financial market efficiency via intervalling effect. A simple model is proposed to show that the degree of intervalling effect is related to the security return autocorrelation. A more general version of Levy and Levhari hypothesis is proposed to find that the degree of the autocorrelations of the security and the market returns determines the existence and the direction of the intervalling effect and the size of the intervalling effect are dependent on the degree of the security autocorrelations. Empirical evidence of the latter is presented

  3. The Skew Risk Premium in the Equity Index Market

    OpenAIRE

    Roman Kozhan; Anthony Neuberger; Paul Schneider

    2013-01-01

    We develop a new method for measuring moment risk premiums. We find that the skew premium accounts for over 40% of the slope in the implied volatility curve in the S&P 500 market. Skew risk is tightly related to variance risk, in the sense that strategies designed to capture the one and hedge out exposure to the other earn an insignificant risk premium. This provides a new testable restriction for asset pricing models trying to capture, in particular, disaster risk premiums. We base our resul...

  4. Investigating the Evolution of Linkage Dynamics among Equity Markets Using Network Models and Measures: The Case of Asian Equity Market Integration

    Directory of Open Access Journals (Sweden)

    Biplab Bhattacharjee

    2017-12-01

    Full Text Available The state of cross-market linkage structures and its stability over varying time-periods play a key role in the performance of international diversified portfolios. There has been an increasing interest of global investors in emerging capital markets in the Asian region. In this setting, an investigation into the temporal dynamics of cross-market linkage structures becomes significant for the selection and optimal allocation of securities in an internationally-diversified portfolio. In the quest for this, in the current study, weighted network models along with network metrics are employed to decipher the underlying cross-market linkage structures among Asian markets. The study analyses the daily return data of fourteen major Asian indices for a period of 14 years (2002–2016. The topological properties of the network are computed using centrality measures and measures of influence strength and are investigated over temporal scales. In particular, the overall influence strengths and India-specific influence strengths are computed and examined over a temporal scale. Threshold filtering is also performed to characterize the dynamics related to the linkage structure of these networks. The impacts of the 2008 financial crisis on the linkage structural patterns of these equity networks are also investigated. The key findings of this study include: a set of central and peripheral indices, the evolution of the linkage structures over the 2002–2016 period and the linkage dynamics during times of market stress. Mainly, the set of indices possessing influence over the Asian region in general and the Indian market in particular is also identified. The findings of this study can be utilized in effective systemic risk management and for the selection of an optimally-diversified portfolio, resilient to system-level shocks.

  5. The Mediation Role Of Brand Preference On The Relationship Between Consumer–Based Brand Equity And Word Of Mouth Marketing

    Directory of Open Access Journals (Sweden)

    Erkan YILDIZ

    2016-09-01

    Full Text Available The most important asset needed to achieve the competitive advantage is having a strong brand equity. In this study, the relations between the dimensions of consumerbased brand equity and those of word of mouth marketing were analysed. In addition, the mediating role of the brand preference was checked. The sample consisted of 1000 people living in Istanbul, Ankara, and Izmir. The sampling method used was quota sampling. In the conclusions of this study, it was observed that: there are effects of brand awareness and brand association dimensions on the negative word of mouth marketing, perceived quality on the positive and negative word of mouth marketing, and brand loyalty on the positive word of mouth marketing. Brand preference has a partial mediation role in the relations between the perceived quality dimension of consumerbased brand equity and the dimensions of positive and negative word of mouth marketing

  6. Does Beta Explain Global Equity Market Volatility – Some Empirical Evidence

    Directory of Open Access Journals (Sweden)

    Radosław Kurach

    2013-06-01

    Full Text Available The purpose of this study is to assess the diversification benefits resulting from international asset allocation. In this study, we examine Capital Asset Pricing Model (CAPM in its international context (ICAPM using the monthly equity returns for 26 countries (18 developed and 8 emerging markets between July 1996 and June 2011 and adopting the US investor’s perspective. We verify the beta-return trade-off employing two approaches: the unconditional trade-off and the conditional relationship. In this latter case, we find the country beta to be a significant variable explaining the cross-country variation of returns. Next, we test the degree of market integration in the light of the ICAPM. The results of this test indicate that country-idiosyncratic risks are generally not priced. In the subsidiary outcomes of our verification procedure, we argue that country betas are time-varying and that currently, global factors are the dominant source of equity market volatility. Consequently, the opinion regarding emerging market assets and their role in global portfolio management should be reconsidered. The results of the entire study may provide essential implications for fund managers because the decreasing international diversification gains have been identified.

  7. Reinsurance and the Cost of Equity in the United Kingdom’s Non-Life Insurance Market

    OpenAIRE

    Upreti, Vineet

    2014-01-01

    The link between the cost of equity and reinsurance purchased by insurers is examined in this study. This work extends the research on the economic value implications of corporate risk management practices. Utilising a framework based on the theory of optimal capital structure, this study puts forward two hypotheses to test empirically the cost of equity – reinsurance relation in the United Kingdom’s non-life insurance market. The first hypothesis tests the effect of the decision to reinsure ...

  8. A Network-Based Dynamic Analysis in an Equity Stock Market

    Directory of Open Access Journals (Sweden)

    Juan Eberhard

    2017-01-01

    Full Text Available We study how changes in the structure of a brokers’ transaction network affect the probability with which the returns and volume of the traded financial assets change significantly. We analyze how the dynamics of the brokers’ transaction network are associated with the returns and volume observed in the Chilean stock market. To do this, we construct and validate an index that synthesizes the daily changes of the brokers’ transaction network structure of equity market transactions. We find that the changes of this structure are significantly correlated with variables that describe the local and international economic-financial environments. In addition, changes in the brokers’ transaction network structure are associated with a greater probability of positive shocks of more than two standard deviations in the stock exchange index return and total traded stock volume. These results suggest that the structure of the brokers’ trading relations plays a role in determining the returns and volume of transactions in the Chilean stock market.

  9. Time series regression-based pairs trading in the Korean equities market

    Science.gov (United States)

    Kim, Saejoon; Heo, Jun

    2017-07-01

    Pairs trading is an instance of statistical arbitrage that relies on heavy quantitative data analysis to profit by capitalising low-risk trading opportunities provided by anomalies of related assets. A key element in pairs trading is the rule by which open and close trading triggers are defined. This paper investigates the use of time series regression to define the rule which has previously been identified with fixed threshold-based approaches. Empirical results indicate that our approach may yield significantly increased excess returns compared to ones obtained by previous approaches on large capitalisation stocks in the Korean equities market.

  10. Liberalised energy markets, customer expectations, fiscal greed: a call for more equity

    International Nuclear Information System (INIS)

    Brendow, K.

    2003-01-01

    This note describes how, since 2000/2001, a rise of taxes and para-taxes in some western European countries has partly or fully absorbed the gains resulting from the liberalisation of electricity or heat markets. For the energy industry and customers in these countries the question arises: was liberalisation in vain? Have they been led into error? Customers in accession countries may wonder whether this experience and the agreed minimum energy taxation in the European Union imply tariff increases, particularly for households, beyond those previously expected? Could a strengthening of the role and independence of the regulator lead to more equity in sharing the 'dividend of liberalisation'?(author)

  11. 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.

  12. Performance of Active Extension Strategies: Evidence from the Australian Equities Market

    Directory of Open Access Journals (Sweden)

    Reuben Segara

    2012-09-01

    Full Text Available This study examines the performance of several active extension strategies, commonly known as 130/30, in the Australian equities market. A detailed analysis of the factors affecting performance is explored using Monte Carlo simulations based on eight years of historical returns for the constituents of the S&P/ASX 200 index under a variety of realistic cost assumptions. We find evidence of a statistically significant increase in performance of active extension strategies over equivalent long-only portfolios, holding all other factors constant. The observed increase is highest for managers with greater levels of skill, where any tracking error limit is high and total costs are low. This is one of the first studies in the Australian market and is expected to have a high degree of relevance to institutional investors considering active extension strategies.

  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. 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.

  15. Communication, Marketing and Corporate Responsibility

    Directory of Open Access Journals (Sweden)

    Frederico de Andrade Gabrich

    2016-12-01

    Full Text Available Advertising, which stems from the strategic planning of the company's marketing , integrates the proposal and the corresponding consumer contract to the product or service offered to the market. As part of the contract, advertising and communication strategies and business marketing also undergo fully the principle of information and the principle of good faith in its objective meaning. Therefore, communication strategies, marketing planning and advertising actions of truly citizen and responsible company should be structured legally in order to consider all related duties in good faith.

  16. A wavelet-based evaluation of time-varying long memory of equity markets: A paradigm in crisis

    Science.gov (United States)

    Tan, Pei P.; Chin, Cheong W.; Galagedera, Don U. A.

    2014-09-01

    This study, using wavelet-based method investigates the dynamics of long memory in the returns and volatility of equity markets. In the sample of five developed and five emerging markets we find that the daily return series from January 1988 to June 2013 may be considered as a mix of weak long memory and mean-reverting processes. In the case of volatility in the returns, there is evidence of long memory, which is stronger in emerging markets than in developed markets. We find that although the long memory parameter may vary during crisis periods (1997 Asian financial crisis, 2001 US recession and 2008 subprime crisis) the direction of change may not be consistent across all equity markets. The degree of return predictability is likely to diminish during crisis periods. Robustness of the results is checked with de-trended fluctuation analysis approach.

  17. Investigating the Influence Relationship Models for Stocks in Indian Equity Market: A Weighted Network Modelling Study.

    Science.gov (United States)

    Bhattacharjee, Biplab; Shafi, Muhammad; Acharjee, Animesh

    2016-01-01

    The socio-economic systems today possess high levels of both interconnectedness and interdependencies, and such system-level relationships behave very dynamically. In such situations, it is all around perceived that influence is a perplexing power that has an overseeing part in affecting the dynamics and behaviours of involved ones. As a result of the force & direction of influence, the transformative change of one entity has a cogent aftereffect on the other entities in the system. The current study employs directed weighted networks for investigating the influential relationship patterns existent in a typical equity market as an outcome of inter-stock interactions happening at the market level, the sectorial level and the industrial level. The study dataset is derived from 335 constituent stocks of 'Standard & Poor Bombay Stock Exchange 500 index' and study period is 1st June 2005 to 30th June 2015. The study identifies the set of most dynamically influential stocks & their respective temporal pattern at three hierarchical levels: the complete equity market, different sectors, and constituting industry segments of those sectors. A detailed influence relationship analysis is performed for the sectorial level network of the construction sector, and it was found that stocks belonging to the cement industry possessed high influence within this sector. Also, the detailed network analysis of construction sector revealed that it follows scale-free characteristics and power law distribution. In the industry specific influence relationship analysis for cement industry, methods based on threshold filtering and minimum spanning tree were employed to derive a set of sub-graphs having temporally stable high-correlation structure over this ten years period.

  18. Private Equity Waves

    NARCIS (Netherlands)

    J.T.J. Smit (Han); W.A. van den Berg (Ward)

    2006-01-01

    textabstractThis study presents a dynamic model for the private equity market in which information revelation and uncertainty rationally explain the cyclical pattern of investment flows into private equity. The net benefit of private equity over public equity is i) uncertain and ii) agents have

  19. Evidence of long range dependence in Asian equity markets: the role of liquidity and market restrictions

    Science.gov (United States)

    Cajueiro, Daniel O.; Tabak, Benjamin M.

    2004-11-01

    In this paper, the efficient market hypothesis is tested for China, Hong Kong and Singapore by means of the long memory dependence approach. We find evidence suggesting that Hong Kong is the most efficient market followed by Chinese A type shares and Singapore and finally by Chinese B type shares, which suggests that liquidity and capital restrictions may play a role in explaining results of market efficiency tests.

  20. Equity, Emotion, and Household Division of Labor Response

    Science.gov (United States)

    Lively, Kathryn J.; Steelman, Lala Carr; Powell, Brian

    2010-01-01

    Building upon insights generated by social psychological scholarship on equity, emotions, and identity, we use the General Social Survey (1996) Modules on Emotion and Gender and the National Survey of Family and Households (1992-1994) to investigate the relationship between perceived inequity in the household division of labor and emotion. These…

  1. Responsible marketing for sustainable tourism

    Directory of Open Access Journals (Sweden)

    Jegdić Vaso

    2014-01-01

    Full Text Available The biggest challenge associated with the concept of sustainable tourism is its operationalisation and perception as a process to be applied through development plans, projects and ongoing activities of tour operators. The traditional approach to marketing, focused on a limited idea of maximising profit businesses, was not able to respond to a number of social and environmental requirements imposed by the concept of sustainable development. This paper discusses the ways in which marketing could play a more important role in the sustainable development of tourism. This refers to the determination of consumer needs and preferences, the formation of certain products and pricing, product information and advertising to consumers of their benefits in a sustainable manner, as well as adequate distribution channels used by businesses to deliver products to consumers. Environmental and social marketing are now being confirmed as important elements of a much broader marketing perspective. In order to develop tourism with sustainable outcomes, responsible marketing can be crucial. The concept of marketing mix for sustainable tourism was used as a starting point to explore the specific role of responsible marketing in tourism.

  2. Impact of Brand Orientation, Internal Marketing and Job Satisfaction on the Internal Brand Equity: The Case of Iranian’s Food and Pharmaceutical Companies

    Directory of Open Access Journals (Sweden)

    Shahriar Azizi

    2012-01-01

    Full Text Available Internal branding has been emerging recently as an important issue in marketing field. This study provides insights into how job satisfaction, internal marketing and brand orientation shape employees internal brand equity. Empirical data were collected by a questionnaire distributed to food and pharmaceutical firms. The empirical results indicated that while brand orientation and internal marketing were found to have impact on internal brand equity, job satisfaction has no effect on internal brand equity. Additionally, it was observed that job satisfaction and internal marketing has direct and positive impact on brand orientation and therefore indirect and positive impact on internal brand equity through brand orientation. Results of this study can help organizations to improve their financial performance through more awareness of the determinants of internal brand equity.

  3. Value at Risk in the South African equity market: a view from the tails

    Directory of Open Access Journals (Sweden)

    C Milwidsky

    2010-09-01

    Full Text Available Traditional parametric Value at Risk (VaR estimates assume normality in financial returns data.  However, it is well known that this distribution, while convenient and simple to implement, underestimates the kurtosis demonstrated in most financial returns.  Huisman, Koedijk and Pownall (1998 replace the normal distribution with the Student’s t distribution in modelling financial returns for calculation of VaR.  In this paper we extend their approach to the Monte Carlo simulation of VaR on both linear and non-linear instruments with application to the South African equity market.  We show, via backtesting, that the t-distribution produces superior results to the normal one.

  4. Analyzing The Effect Of Marketing Mix, Service Quality And Brand Equity On Consumer Buying Decision In Indomaret Manado

    OpenAIRE

    Tumewu, Ferdinand J; Mongdong, Vilanri G

    2015-01-01

    Nowadays retail industry has been growing quite fast supported by the consumer behavior that has begun to shift from traditional to modern retail market. APRINDO predicted that the growth would be around 10% by 2015. Indomaret franchise is the pioneer in Indonesia. The objective of this research is to identify the effect of marketing mix, service quality and brand equity on consumer buying decision. In this research, the population refers to the consumer of Indomaret Manado with cluster sampl...

  5. An Empirical Investigation of Risk-Return Relations in Chinese Equity Markets: Evidence from Aggregate and Sectoral Data

    OpenAIRE

    Thomas C. Chiang; Yuanqing Zhang

    2018-01-01

    This paper investigates the risk-return relations in Chinese equity markets. Based on a TARCH-M model, evidence shows that stock returns are positively correlated with predictable volatility, supporting the risk-return relation in both aggregate and sectoral markets. Evidence finds a positive relation between stock return and intertemporal downside risk, while controlling for sentiment and liquidity. This study suggests that the U.S. stress risk or the world downside risk should be priced int...

  6. The effects of the introduction of market makers in the Brazilian equity market

    Directory of Open Access Journals (Sweden)

    Marcelo Perlin

    2013-07-01

    Full Text Available The main objective of this study is to analyze the empirical effects of the introduction of market makers in the Brazilian stock exchange. By aggregating information regarding the dates of the market maker’s contract and the use of a privileged high frequency database, it was possible to execute an event study to check the effect of the introduction of liquidity agents. As expected, the period after the beginning of the market maker’s contract presented a significant increase in the liquidity of the stocks. The study reports an average increase of 31% in the number of trades in the period before and after the start of the contract. Another result is that the work of a liquidity agent can change significantly the autocorrelation of the trade signs in approximately 10%. Such a result is stronger for the stocks with lower liquidity. The investigation also shows heterogeneous results for the performance of the liquidity provision when the analysis based itself on the financial institution of the market maker. Such information is particularly important for companies that are seeking to contract market making services.

  7. Effect of Entry into Socially Responsible Investment Index on Cost of Equity and Firm Value

    Directory of Open Access Journals (Sweden)

    Kijung Eom

    2017-04-01

    Full Text Available The purpose of this study was to identify the effect of a company’s incorporation into the Socially Responsible Investment (SRI index on its cost of equity (COE and corporate value. The study collected and analyzed data about the four-year long changes of the component stocks of the Korea Exchange (KRX SRI index from September 2010 to September 2013 to verify the correlation between the incorporation of the SRI index and the cost of equity or corporate value by using the Price-Earnings Growth (PEG, Modified PEG (MPEG and Gode and Mohanram (GM models for estimation of the implied costs of equity capital, as well as Tobin’s Q ratio. The analysis results failed to show any significant relation between the incorporation of the SRI index and the cost of equity capital. Also, no statistically significant correlation between the incorporation of the SRI index and corporate value was observed. However, at an early phase of introduction of the SRI index, the included companies revealed a negative correlation with the cost of equity. However, after changing the listed stocks, they showed a positive correlation with the cost of equity capital. All in all, this can be ascribed to a mixed presence of optimistic and pessimistic investors about CSR activities, or there is a possibility that the KRX SRI index might not correctly reflect the CSR activities of companies.

  8. Generating Global Brand Equity through Corporate Social Responsibility to Key Stakeholders

    NARCIS (Netherlands)

    Torres Lacomba, Anna; Atribo, Jo; Bijmolt, Tammo H.A.

    2010-01-01

    In this paper we argue that socially responsible policies have positive short-term and long-term impact on equity of global brands. We find that corporate social responsibility towards all stakeholders, whether primary (customers, shareholders, employees and suppliers) or secondary (community), have

  9. Shifting investments strategy from equity funds to money market funds – the case of Romanian open - end fund market during the financial crisis

    Directory of Open Access Journals (Sweden)

    Radu, I.

    2012-01-01

    Full Text Available Mutual funds are one of the key suppliers of liquidity in Romanian capital market. This paper uses quarterly data on Romanian open-end funds starting with 2006 until 2010. We find that significant negative flows (outflows were registered beginning with the end of 2007 (equity funds, during 2008 (equity funds, balanced funds, other funds and bond funds in the last 2 quarters of the year and from 2009 to 2010 (in the case of money market funds. There is evidence that the changing market conditions attract differently the incoming flows in these mutual funds. This is the reason why such perturbations affect investors’ confidence for these investment vehicles and impose the reorientation of the investment funds and of their investors to other alternatives in order to preserve their capital.

  10. Local Responsiveness in Distant Markets

    DEFF Research Database (Denmark)

    Lubinski, Christina

    2015-01-01

    Multinational corporations face the challenge of balancing global integration and local responsiveness. Localization strategies have been much debated in the literature, and scholars have suggested the 1980s as a watershed moment leading to the development of distinctly transnational companies se......, the political context, and the flow of information between headquarters and subsidiaries showing how and why these companies developed into transnational entities.......Multinational corporations face the challenge of balancing global integration and local responsiveness. Localization strategies have been much debated in the literature, and scholars have suggested the 1980s as a watershed moment leading to the development of distinctly transnational companies...... on the Indian market before WWI, this article traces the competition between different Western gramophone companies and their business strategies for this economically attractive market with institutional voids and rising Indian nationalism. It addresses the specificity of the gramophone and music industry...

  11. Implementation of Urban Health Equity Assessment and Response Tool: a Case of Matsapha, Swaziland.

    Science.gov (United States)

    Makadzange, Kevin; Radebe, Zamahlubi; Maseko, Nokuthula; Lukhele, Voyivoyi; Masuku, Sabelo; Fakudze, Gciniwe; Mengestu, Tigest Ketsela; Prasad, Amit

    2018-04-03

    Equity in health implies that ideally everyone could attain their full health potential and that no one should be disadvantaged from achieving this potential because of their social position or other socially determined circumstances. Making cities and human settlements inclusive, safe, resilient and sustainable contributes towards ensuring healthy lives and promoting well-being for all at all ages in dignity, equality and in a healthy environment. This paper illustrates a case of applying the Urban Health Equity Assessment and Response Tool (Urban HEART) in a small town in Africa. It describes the process followed, facilitating factors and challenges faced. A descriptive single-case study design using qualitative research methods was adopted to collect data from purposively selected respondents. The study revealed that residents of the Matsapha peri-urban informal settlements faced challenges with conditions of daily living which impacted negatively on their health. There were health equity gaps. The application of the tools was facilitated by the formation of an all-inclusive team, intersectoral collaboration and incorporating strategies for improving urban health equity into existing programmes and projects. Urban HEART is a simple and easy to use valuable tool for pursuing the goal of health equity towards attaining sustainable development through evidence-based approaches for intersectoral action and community involvement.

  12. Generating global brand equity through corporate social responsibility to key stakeholders

    NARCIS (Netherlands)

    Torres, Anna; Bijmolt, Tammo H. A.; Tribo, Josep A.; Verhoef, Peter

    In this paper, we argue that corporate social responsibility (CSR) to various stakeholders (customers, shareholders, employees, suppliers, and community) has a positive effect on global brand equity (BE). In addition, policies aimed at satisfying community interests help reinforce the credibility of

  13. An Empirical Investigation of Risk-Return Relations in Chinese Equity Markets: Evidence from Aggregate and Sectoral Data

    Directory of Open Access Journals (Sweden)

    Thomas C. Chiang

    2018-03-01

    Full Text Available This paper investigates the risk-return relations in Chinese equity markets. Based on a TARCH-M model, evidence shows that stock returns are positively correlated with predictable volatility, supporting the risk-return relation in both aggregate and sectoral markets. Evidence finds a positive relation between stock return and intertemporal downside risk, while controlling for sentiment and liquidity. This study suggests that the U.S. stress risk or the world downside risk should be priced into the Chinese stocks. The paper concludes that the risk-return tradeoff is present in the GARCH-in-mean, local downside risk-return, and global risk-return relations.

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

    DEFF Research Database (Denmark)

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

    2014-01-01

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

  15. Exploring Relationship between Brand Equity and Customer Loyalty on Pharmaceutical Market

    Directory of Open Access Journals (Sweden)

    Jasmina Dlačić

    2014-09-01

    Full Text Available By maintaining continuous satisfaction and high level of the brand’s equity the customers express the intention of long-term buying of product and their choice spreads on other products in the organization’s portfolio. By developing a brand which represents value to the customers, the customers’ satisfaction will grow reinforcing relationship between satisfaction and brand development. Purpose of this paper is to obtain insight about the relationship between elements of brand equity and customer loyalty among self-medication products. The research results show that elements of brand equity do increase customer brand loyalty. But not all elements do contribute in the same manner.

  16. ANALYSIS CONSUMER’S PERCEIVE FOR MARKETING MIX TOWARD BRAND EQUITY OF FRESTEA PRODUCTS (Case Study to Consumer’s Pamella Swalayan Supermarket in Yogyakarta

    Directory of Open Access Journals (Sweden)

    Budiarto

    2013-01-01

    Full Text Available The aim of this research was to analyze impact of consumer’s perceive about marketing mix (promotion, price, and distribution toward perceived quality, and perceived brand loyality in forming the overall brand equity of Frestea. The data was collected from 200 respondents to four Swalayan Pamella in Yogyakarta. The data analysis technique with Structural Equation Modeling (SEM assisted by a computer application LISREL (Linear Structural Relationship 8.8 Student Version. The output analysis of SEM indicated that the structural model could be accepted (close-fit based on empirical facts. The structural model indicated that the brand equity of Frestea products was created by brand loyality, and perceived quality. Brand loyality with significant positive correlation toward brand equity had the biggest contribution, while the perceived quality had the lowest contribution with negative correlation toward brand equity. The estimation of parameter also showed that distribution intensity had significant positive correlation towards brand equity.

  17. Screening techniques, sustainability and risk adjusted returns. : - A quantitative study on the Swedish equity funds market

    OpenAIRE

    Ögren, Tobias; Forslund, Petter

    2017-01-01

    Previous studies have primarily compared the performance of sustainable equity funds and non-sustainable equity funds. A meta-analysis over 85 different studies in the field concludes that there is no statistically significant difference in risk-adjusted returns when comparing sustainable funds and non-sustainable funds. This study is thus an extension on previous studies where the authors have chosen to test the two most common sustainability screening techniques to test if there is a differ...

  18. Do resources mediate the relationships between the internet and performance in the marketing domain? Testing the role of customer orientation and brand equity

    OpenAIRE

    A. Ordanini; G. Rubera

    2007-01-01

    The adoption of internet solutions for marketing increases over time, but a strong empirical evidence of their effect on performance is still lacking. The paper investigates the links existing between the internet, marketing resources and marketing performance, and test a model where two marketing resources – customer orientation and brand equity – are expected to mediate the relationship between internet technologies and performance. The analysis, based on a sample of 277 service firms an...

  19. On Setting Day-Ahead Equity Trading Risk Limits: VaR Prediction at Market Close or Open?

    Directory of Open Access Journals (Sweden)

    Ana-Maria Fuertes

    2016-09-01

    Full Text Available This paper investigates the information content of the ex post overnight return for one-day-ahead equity Value-at-Risk (VaR forecasting. To do so, we deploy a univariate VaR modeling approach that constructs the forecast at market open and, accordingly, exploits the available overnight close-to-open price variation. The benchmark is the bivariate VaR modeling approach proposed by Ahoniemi et al. that constructs the forecast at the market close instead and, accordingly, it models separately the daytime and overnight return processes and their covariance. For a small cap portfolio, the bivariate VaR approach affords superior predictive ability than the ex post overnight VaR approach whereas for a large cap portfolio the results are reversed. The contrast indicates that price discovery at the market open is less efficient for small capitalization, thinly traded stocks.

  20. Optimal Hedging and Pricing of Equity-Linked Life Insurance Contracts in a Discrete-Time Incomplete Market

    Directory of Open Access Journals (Sweden)

    Norman Josephy

    2011-01-01

    Full Text Available We present a method of optimal hedging and pricing of equity-linked life insurance products in an incomplete discrete-time financial market. A pure endowment life insurance contract with guarantee is used as an example. The financial market incompleteness is caused by the assumption that the underlying risky asset price ratios are distributed in a compact interval, generalizing the assumptions of multinomial incomplete market models. For a range of initial hedging capitals for the embedded financial option, we numerically solve an optimal hedging problem and determine a risk-return profile of each optimal non-self-financing hedging strategy. The fair price of the insurance contract is determined according to the insurer's risk-return preferences. Illustrative numerical results of testing our algorithm on hypothetical insurance contracts are documented. A discussion and a test of a hedging strategy recalibration technique for long-term contracts are presented.

  1. The Effect of Corporate Social Responsibility Disclosure on the Cost of Equity of Firms and the Moderating Role of Ownership

    NARCIS (Netherlands)

    Kabir, Rezaul; Thái Minh, H¿nh

    2017-01-01

    The empirical relationship between corporate social responsibility (CSR) disclosure and the cost of equity is conflicting. Various corporate governance mechanisms may moderate this relationship. However, the moderating effect of foreign ownership - a key corporate governance mechanism in many

  2. Gender equity and health sector reform in Colombia: mixed state-market model yields mixed results.

    Science.gov (United States)

    Ewig, Christina; Bello, Amparo Hernández

    2009-03-01

    In 1993, Colombia carried out a sweeping health reform that sought to dramatically increase health insurance coverage and reduce state involvement in health provision by creating a unitary state-supervised health system in which private entities are the main insurers and health service providers. Using a quantitative comparison of household survey data and an analysis of the content of the reforms, we evaluate the effects of Colombia's health reforms on gender equity. We find that several aspects of these reforms hold promise for greater gender equity, such as the resulting increase in women's health insurance coverage. However, the reforms have not achieved gender equity due to the persistence of fees which discriminate against women and the introduction of a two-tier health system in which women heads of household and the poor are concentrated in a lower quality health system.

  3. The health system in Argentina: an unequal struggle between equity and the market.

    Directory of Open Access Journals (Sweden)

    Victor B. Penchaszadeh

    2010-12-01

    Full Text Available The modern health system of Argentina was developed in 1945-1955, a period of economic bonanza characterized by industrialization, rapid urbanization and activist labor organizations. During the ensuing years it evolved in three sectors: public, social security and private, with separate services, population coverage and funding. While the national Ministry of Health is nominally responsible for general health policies and regulations, overseeing the general operation of health services, designing preventive medicine programs and negotiating the coverage and fees of health insurance plans, it has in fact very low leverage to enforce decisions in the provinces, which are autonomous, as well as in the social security and private sectors, which are weakly regulated if at all. While the health workforce, medical facilities and level of spending are acceptable, the fragmentation and segmentation of the system render it highly inequitable and inefficient. During the 1980s and 1990s, the health system has experienced further transformations, as neoliberal policies took hold in the country and dictated a reduction of state involvement in social services in favor of privatization and decentralization of health care. The result has been increased fragmentation, inequity and inefficacy, as health care is increasingly prey to the economic interests of private corporations (insurance and pharmaceutical industries, trade union bureaucracies and the medical professional and technology establishments. The expectation of popular sectors of society are that progressive polices recently enacted by Congress, and being implemented in the fields of education, retirement pensions and the media, will be followed with much needed public health policies based on equity and efficiency.

  4. Education Policies for Gender Equity: Probing into State Responses

    Science.gov (United States)

    Stromquist, Nelly P.

    2013-01-01

    The implementation of non-discriminatory sex legislation provides theoretical and empirical grounds to examine responses by the state to gender equality. Tracing the trajectory of one such law in the U.S.--Title IX--over a period of 40 years, this study analyzes the extent to which the state: (1) acted as a unitary body, and (2) functioned to…

  5. Can optimism about technology stocks be good for welfare? Positive spillovers vs. equity market losses

    Czech Academy of Sciences Publication Activity Database

    Tinn, K.; Vourvachaki, Evangelia

    -, č. 383 (2009), s. 1-51 ISSN 1211-3298 Institutional research plan: CEZ:MSM0021620846 Keywords : equity mispricing * R&D growth * welfare Subject RIV: AH - Economics http://www.cerge-ei.cz/pdf/wp/Wp383.pdf

  6. An investigation on the effects of perception and marketing expenditure, financial and non-financial promotions on brand equity

    Directory of Open Access Journals (Sweden)

    Abbas Ataheryan

    2013-09-01

    Full Text Available This paper presents a study to investigate the effects of perception and marketing expenditures as well as financial and non-financial promotions on brand equity. The proposed study of this paper prepares a questionnaire in Likert scale and distributes it among regular customers of three types of Shampoo in city of Tehran, Iran. The implementation of structural equation modeling for the proposed study of this paper has been accomplished based on LISREL software. The results of the survey on testing various hypotheses indicate that perception on marketing expenditure, financial as well as non-financial promotion and word of mouth advertisement influence positively on brand awareness and negatively on non-financial promotions (α=0.01. In addition, brand awareness influences positively on perception quality (α=0.01. Brand awareness as well as brand associate also influence on brand loyalty (α=0.01.

  7. Co-movement of Africa's equity markets: Regional and global analysis in the frequency-time domains

    Science.gov (United States)

    Boako, Gideon; Alagidede, Paul

    2017-02-01

    This paper examines regional and global co-movement of Africa's stock markets using the three-dimensional continuous Morlet wavelet transform methodology. The analyses which are done in segments investigate co-movements with global markets; bilateral exchange rates expressed in US dollars and euro; and four regional markets in Africa. First, we find evidence of stronger co-movements broadly narrowed to short-run fluctuations. The co-movements are time-varying and commonly non-homogeneous - with phase difference arrow vectors implying lead-lag relationships. The presence of lead-lag effects and stronger co-movements at short-run fluctuations may induce arbitrage and diversification opportunities to both local and international investors with long-term investment horizons. The findings also reveal that some African equity markets are, to a degree, segmented from volatilities of the dollar and euro exchange rates. Thus, inferring that, ceteris paribus, international investors may diversify their portfolio investments across those markets without worrying about the effects of currency price volatility.

  8. Responsible marketing for sustainable tourism

    OpenAIRE

    Jegdić Vaso

    2014-01-01

    The biggest challenge associated with the concept of sustainable tourism is its operationalisation and perception as a process to be applied through development plans, projects and ongoing activities of tour operators. The traditional approach to marketing, focused on a limited idea of maximising profit businesses, was not able to respond to a number of social and environmental requirements imposed by the concept of sustainable development. This paper discusses the ways in which marketing cou...

  9. Social media marketing and its impact on customer based brand equity of luxury fashion products

    OpenAIRE

    Moorjani, Shivani

    2013-01-01

    Luxury companies have recently started using social media platforms to reach their customers, increase brand awareness, encourage brand loyalty, improve perception of perceived quality and therefore enhance brand equity. Companies have the ability to reach millions of people through these online media; however, they do not have complete control over this new tool of communication since consumers around the world actively engage in the use of Internet to follow, like, share or comment about br...

  10. User response and equity considerations regarding emission cap-and-trade schemes for travel

    International Nuclear Information System (INIS)

    Perrels, A.

    2010-01-01

    In most countries with greenhouse gas emission reduction commitments, transportation has been relatively spared, thus, far in the targeting of reduction obligations, owing to the supposedly high marginal cost. With the prospect of tightening reduction targets, pressure is, however, mounting to address transportation more seriously in the near term and not to rely solely on medium to long-term breakthroughs of alternative fuel technologies. This means stricter policies at the demand side of the mobility market. In addition to fiscal and spatial policies, cap-and-trade systems have been put forward as a new option that deserves serious consideration. This paper reviews the possibilities and pitfalls of such a system applied to passenger transport. Key concerns are the transaction costs of the system and trade-offs between transaction cost and equity effects. A simple system with low(er) transaction cost is more likely to invoke politically sensitive equity effects. On the basis of the recent upsurge in monitoring and feedback studies, one may also conclude that the organisation and tailoring of the information interfaces for the household/traveller requires still elaborate study and testing.

  11. Carbon information disclosure of enterprises and their value creation through market liquidity and cost of equity capital

    Directory of Open Access Journals (Sweden)

    Li Li

    2015-01-01

    Full Text Available Purpose: Drawing on asymmetric information and stakeholder theories, this paper investigates two mechanisms, namely market liquidity and cost of equity capital, by which the carbon information disclosure of enterprises can benefit their value creation. Design/methodology/approach: In this research, web crawler technology is employed to study the link between carbon information disclosure and enterprises value creation?and the carbon information data are provided by all companies listed in Chinese A-share market Findings: The results show that carbon information disclosure have significant positive influence on enterprise value creation, which is embodied in the relationship between carbon information disclosure quantity, depth and enterprise value creation, and market liquidity and cost of equity capital play partially mediating role in it, while the influence of carbon information disclosure quality and concentration on enterprise value creation are not significant in statistics. Research limitations/implications: This paper explains the influence path and mechanism between carbon information disclosure and enterprise value creation deeply, answers the question of whether carbon information disclosure affects enterprise value creation or not in China. Practical implications: This paper finds that carbon information disclosure contributes positively to enterprise value creation suggests that managers can reap more financial benefits by disclosing more carbon information and investing carbon emissions management. So, managers in the enterprises should strengthen the management of carbon information disclosure behavior. Originality/value: The paper gives a different perspective on the influence of carbon information disclosure on enterprise value creation, and suggests a new direction to understand carbon information disclosure behavior.

  12. The development of socially responsible marketing

    Directory of Open Access Journals (Sweden)

    Stanković Ljiljana

    2012-01-01

    Full Text Available In contemporary knowledge-based economy characterized by fast and turbulent changes, the achieved competitive advantage is much more exposed to hazards in contrast to earlier periods. Companies are forced to constantly create new business opportunities in order to respond to the challenges that are generated by the impact of numerous primarily technological and market changes. However, there is a small number of companies, with arranged organization and strategy, that support the requests for the research and creation of sustainable business and marketing strategies. The global scene conditioned by the development of new markets and developing economies requires changes in marketing approaches and strategy adaptation. The realization of superior business performances in global environment is related to the acquirement and adaption to new challenges and trends. The trend that questions the business activity of many companies is the requests for responsible behavior of enterprises in the market and acceptance of ethical, moral and environmental principles. There are more and more evident requests for aligning of business and marketing decisions with the aims of socially responsible business. The development of socially responsible marketing is the imperative of economic and social success. The authors point to the role and importance of innovation in marketing approaches, the need for enhancement of socially responsible marketing with the aim of improving its business performance and successful positioning.

  13. Customer equity of Pakistani fast food restaurant: A study of attitudinal customer equity

    Directory of Open Access Journals (Sweden)

    Zubair

    2017-02-01

    Full Text Available Customer Equity is true representative of relationship marketing. There are two major approach-es to measure Customer Equity: Transaction/sales based approach and Attitudinal Approach. This research is an effort to check customer equity of fast food restaurants of Pakistan by using attitudinal approach. Transactional customer equity is treated as criterion for attitudinal customer equity. Three drivers of Customer Equity are Value Equity, Brand equity and Relationship equity are taken as independent variables in this research. Convenient sampling technique was used and sample size was 393 respondents. The results show that attitudinal customer equity had strong association with transactional equity. Brand equity, value equity and relationship equity show positive associations with attitudinal customer equity.

  14. Use of demand response in electricity markets

    DEFF Research Database (Denmark)

    Singh, Sri Niwas; Østergaard, Jacob

    2010-01-01

    Demand response (DR) can provide sufficient measure, if implemented successfully, to provide economic, secure and stable supply to the customers even under the variability of the generated output from renewable energy source such as wind and solar. However, there are several issues to be analyzed...... before DR implementation. This paper critically examines the present practices of the DR in the various electricity markets existing in the world including Europe. The prospect of DR in various market levels such as day-ahead (spot) market, hour-ahead market, real time/regulating market and ancillary...... market is analyzed. This paper also addresses the key issues and challenges in the implementation of DR in the electricity markets....

  15. What moves the primary stock and bond markets? Influence of macroeconomic factors on bond and equity issues in Malaysia and Korea

    OpenAIRE

    Ameer, Rashid

    2007-01-01

    This paper examines the impact of macroeconomic factors on the stock and bond market activities in two Asian countries. We examine the influence of interest rate changes, expected inflation rate, and stock market returns on aggregate stock and bond issuance in Malaysia and Korea. Using vector autoregressive models (VARs) and variance decomposition techniques, our result show that dynamics of equity and bond issuance in both countries vary significantly. Our findings show that there has been a...

  16. Market design for rapid demand response

    DEFF Research Database (Denmark)

    Nielsen, Kurt; Tamirat, Tseganesh Wubale

    We suggest a market design for rapid demand response in electricity markets. The solution consists of remotely controlled switches, meters, forecasting models as well as a flexible auction market to set prices and select endusers job by job. The auction market motivates truth-telling and makes...... it simple to involve the endusers in advance and to activate demand response immediately. The collective solution is analyzed and economic simulations are conducted for the case of Kenya. Kenya has been su ering from unreliable electricity supply for many years and companies and households have learned...... to adjust by investments in backup generators. We focus on turning the many private backup generators into a demand response system. The economic simulation focuses on possible distortion introduced by various ways of splitting the generated surplus from the demand response system. An auction run instantly...

  17. Corporate social responsibility and financial markets

    NARCIS (Netherlands)

    Dam, Lammertjan

    2008-01-01

    This thesis examines the economics of corporate social responsibility, with an emphasis on the role of financial markets and institutions. Questions that are raised are: What does corporate social responsibility mean in an economic context? What is the impact of corporate social responsibility on

  18. Modelling of demand response and market power

    International Nuclear Information System (INIS)

    Kristoffersen, B.B.; Donslund, B.; Boerre Eriksen, P.

    2004-01-01

    Demand-side flexibility and demand response to high prices are prerequisites for the proper functioning of the Nordic power market. If the consumers are unwilling to respond to high prices, the market may fail the clearing, and this may result in unwanted forced demand disconnections. Being the TSO of Western Denmark, Eltra is responsible of both security of supply and the design of the power market within its area. On this basis, Eltra has developed a new mathematical model tool for analysing the Nordic wholesale market. The model is named MARS (MARket Simulation). The model is able to handle hydropower and thermal production, nuclear power and wind power. Production, demand and exchanges modelled on an hourly basis are new important features of the model. The model uses the same principles as Nord Pool (The Nordic Power Exchange), including the division of the Nordic countries into price areas. On the demand side, price elasticity is taken into account and described by a Cobb-Douglas function. Apart from simulating perfect competition markets, particular attention has been given to modelling imperfect market conditions, i.e. exercise of market power on the supply side. Market power is simulated by using game theory, including the Nash equilibrium concept. The paper gives a short description of the MARS model. Besides, focus is on the application of the model in order to illustrate the importance of demand response in the Nordic market. Simulations with different values of demand elasticity are compared. Calculations are carried out for perfect competition and for the situation in which market power is exercised by the large power producers in the Nordic countries (oligopoly). (au)

  19. Socially responsible marketing decisions - scale development

    Directory of Open Access Journals (Sweden)

    Dina Lončarić

    2009-07-01

    Full Text Available The purpose of this research is to develop a measurement scale for evaluating the implementation level of the concept of social responsibility in taking marketing decisions, in accordance with a paradigm of the quality-of-life marketing. A new scale of "socially responsible marketing decisions" has been formed and its content validity, reliability and dimensionality have been analyzed. The scale has been tested on a sample of the most successful Croatian firms. The research results lead us to conclude that the scale has satisfactory psychometric characteristics but that it is necessary to improve it by generating new items and by testing it on a greater number of samples.

  20. The response of public and private credit markets to typhoons in China

    Science.gov (United States)

    Bao, X.; Hsiang, S. M.

    2011-12-01

    When natural disasters strike, both public and private credit markets may finance the reconstruction of lost capital. We examine the response of public and private credit markets to cyclone events in China, using provincial fiscal data from 1978 to 2008, and find striking differences in the sectors targeted by public and private creditors. Following a cyclone event, public loans to the agricultural sector expand 2% for every additional 10 m/s in local wind exposure, while private loans to industrial and commercial sectors grow 7% for the same event. In addition, we find that these expansions to local credit markets persist at these levels for at least one year following exposure to a storm. We then demonstrate that these results are consistent with a model in which private creditors maximize profits and the government maximizes equity. In this stylized model, we show that when governments value short-term equity and finance risky sectors with plausibly negative net present value, this may have the perverse effect of encouraging populations and capital to remain in disaster-prone regions and lower equity in the long-run.

  1. Co-movement measure of information transmission on international equity markets

    Science.gov (United States)

    Al Rahahleh, Naseem; Bhatti, M. Ishaq

    2017-03-01

    Recently, Bhatti and Nguyen (2012) used EVT and various stochastic copulas to study the cross-country co-movements diversification and asset pricing allocation. Weiss (2013) observed that Dynamic Conditional Correlation (DCC) models outperform various copula models. This paper attempts to contribute to the literature on multivariate models for capturing forward and backward return co-movement, spillover effects and volatility linkages. It reflects cross-country forward and backward co-movements more clearly among various coupled international stock markets relating to information transmission and price discovery for making investment decisions. Given the reality of fat-tail or skewed distribution of financial data, this paper proposes the use of VECM-DCC and VAR-DCC models which capture dynamic dependences between the Australian and other selected international financial stock markets. We observe that the return co-movement effects between Australian and Asian countries are bidirectional ((AUS ↔ Hong Kong), (AUS ↔ Japan)) with the exception of Taiwan (AUS → Taiwan). We also observe that the volatility spillover between the Australian and both the UK and the US markets are bidirectional with a larger volatility spillover from both toward the AUS market. Further, the UK market has a higher volatility spillover on the Australian market compared to the US market and the US market has a higher volatility spillover on the UK than that of the Australian market.

  2. The Influence of Knowledge Management and Brand Equity on Marketing Performance: a Case Study of a Japanese Automaker’s Branch in Taiwan

    Directory of Open Access Journals (Sweden)

    Gao-Liang Wang

    2012-06-01

    Full Text Available The chief purpose of this study is to verify and understand how the corporate-initiated implementation of knowledge management (KM and brand equity affect the marketing performance of a Japanese automaker’s Taiwanese branch. Data was extracted from the population using convenience sampling to verify the goodness-of-fit of the overall, structural and measurement models by means of Structural Equation Modeling (SEM. Findings from this study indicate that 1 KM has a positive and significant influence on marketing performance; 2 Brand equity has a positive and significant influence on marketing performance. Not only do the research results give that particular Japanese car brand’s Taiwan subsidiary a sense of how important and beneficial KM implementation is, they also offer other companies helpful information for operations-related decision-making.

  3. Bank disclosure and market assessment of financial fragility: Evidence from Turkish banks' equity prices

    NARCIS (Netherlands)

    Tumer Alkan, G.; Penas, M.F.

    2010-01-01

    In this paper we explore whether Turkish banks with worsening indicators of financial fragility were subject to market monitoring during the years leading to the 2000/2001 crisis, and how the quality and timeliness of the disclosure affect market reaction. We find that shareholders reacted

  4. Developing markets for forest environmental services: an opportunity for promoting equity while securing efficiency?

    Science.gov (United States)

    Landell-Mills, Natasha

    2002-08-15

    Market-based approaches to environmental management are all the rage. Claims that market mechanisms can encourage environmental protection and promote greater economic efficiency while saving taxpayers' money are tantalizing. In the forestry sector, policy makers are widely heeding this advice and shrinking command-and-control systems in favour of incentive mechanisms that seek to align private enthusiasm with the public good. In some cases, governments are even promoting the creation of markets where none existed before. In others, markets are evolving of their own accord. In such times of change, it is difficult to stand back and take stock. Yet, it is during such times that guidance is most needed. In the rush to introduce market-based solutions to environmental problems, a particular concern is how markets are impacting on the poor. In this paper an effort is made to draw on a recent review of markets for four forest environmental services (biodiversity conservation, carbon sequestration, watershed protection and landscape beauty) to draw out preliminary insights into how markets are performing with respect to their impacts on the poor. The evidence suggests a need for caution. While the potential benefits are significant, the poor face an uphill battle in realizing them. Key constraints facing the poor include a lack of property rights over forest resources and their environmental services; inadequate skills and education; poor market information; lack of market contacts; inadequate communication infrastructure; inappropriate contract design; and lack of access to financial resources. To tackle these, four potential ways forward are highlighted: (1) assign property rights to forest assets and their related environmental services in ways that respect customary arrangements and poor people's tenure; (2) strengthen capacity for market participation, e.g. through training and education; (3) invest in the provision of market information, advice and, essentially, a

  5. Studies of Credit and Equity Markets with Concepts of Theoretical Physics

    CERN Document Server

    Münnix, Michael C

    2011-01-01

    Financial markets are becoming increasingly complex. The financial crisis of 2008 to 2009 has demonstrated that an improved understanding of the mechanisms embedded in the market is a key requirement for the estimation of financial risk. Recently, concepts of theoretical physics, in particular concepts of complex systems, have proven to be very useful in this regard. Michael C. Münnix analyses the statistical dependencies in financial markets and develops mathematical models using concepts and methods from physics. The author focuses on aspects that played a key role in the emergence of the recent financial crisis: estimation of credit risk, dynamics of statistical dependencies, and correlations on small time-scales. He visualizes the findings for various large-scale empirical studies of market data. The results give novel insights into the mechanisms of financial markets and allow conclusions on how to reduce financial risk significantly.

  6. Oil Price and Equity Markets: Modeling Co-Movement and Conditional Value at Risk

    OpenAIRE

    Solvang, Jørn; Aarø, Thomas

    2017-01-01

    Master's thesis in Finance This paper studies the co-movement between oil prices and stock markets during the period 2006 – 2017 utilizing quantile regression. The studied stock indices are AEX, BOVESPA, CAC40, DAX30, EUROSTOXX50, FTSE100, SMI, S&P500 and TSX60, and the United States Oil Fund ETF represents the oil price. We investigate the co-movement and find a positive and significant co-movement between oil returns and stock market returns across quantiles for the stock market return d...

  7. Neuromarketing: Understanding Customers' Subconscious Responses to Marketing

    OpenAIRE

    Jussi Numminen; Jarmo Heinonen; Mika Westerlund; Seppo Leminen; Lauri Palokangas; Jyrki Suomala

    2012-01-01

    This article presents neuromarketing as a way to detect brain activation during customer engagement. Neuromarketing is a field of marketing research that studies consumers' sensorimotor, cognitive, and affective response to marketing stimuli. We established a Virtual Customer Journey model based on the consultative selling process to study customer engagement by using brain scans. Consultative selling suggests that a customer’s shopping experience is managed by the salesperson’s behaviour and...

  8. An investigation on the effect of advertising corporate social responsibility on building corporate reputation and brand equity

    Directory of Open Access Journals (Sweden)

    Hamid Reza Saeednia

    2013-04-01

    Full Text Available Corporate social responsibility (CSR plays an important role on creating a good image for business owners especially in banking industry. In this paper, we present an empirical survey to measure the impact of CSR on increasing reputation as well as creating brand equity through customer satisfaction. There are five hypotheses in our survey where we examine whether positive perception on bank’s customers on CSR activities influences customer satisfaction, brand equity and firm’s reputation. In addition, we examine whether customer satisfaction, as in intermediate variable, influences the relationship between CSR and bank’s reputation as well as CSR and firm’s brand equity. The proposed study of this paper designs a questionnaire and distributes it among 384 experts who work for an Iranian bank located in city of Tehran, Iran. According to our results, there is a positive impact of CSR on customer satisfaction (β=0.84. In addition, there is a positive relationship between customer satisfaction and firm reputation (β=0.70, and between customer satisfaction and brand equity (β=0.98. However, our survey did not confirm that CSR had any positive impact on corporate reputation or brand equity.

  9. Markets during world oil supply crises: an analysis of industry, consumer, and governmental response

    Energy Technology Data Exchange (ETDEWEB)

    Erfle, Stephen; Pound, John; Kalt, Joseph

    1981-04-01

    An analysis of the response of American markets to supply crises in world oil markets is presented. It addresses four main issues: the efficiency of the operation of American oil markets during oil supply crises; the problems of both economic efficiency and social equity which arise during the American adaptation process; the propriety of the Federal government's past policy responses to these problems; and the relationship between perceptions of the problems caused by world oil crises and the real economic natures of these problems. Specifically, Chapter 1 presents a theoretical discussion of the effects of a world supply disruption on the price level and supply availability of the world market oil to any consuming country including the US Chapter 2 provides a theoretical and empirical analysis of the efficiency of the adaptations of US oil product markets to higher world oil prices. Chapter 3 examines the responses of various groups of US oil firms to the alterations observed in world markets, while Chapter 4 presents a theoretical explanation for the price-lagging behavior exhibited by firms in the US oil industry. Chapter 5 addresses the nature of both real and imagined oil market problems in the US during periods of world oil market transition. (MCW)

  10. Demand response in a market environment

    DEFF Research Database (Denmark)

    Larsen, Emil Mahler

    This thesis addresses the design, deployment and benefits of demand response in a market environment. Demand response is consumption that can be controlled by an external stimulus in the power system. Flexible consumption is a useful tool for absorbing volatile power from renewable sources like...... this simulation, real power system data from the Danish island of Bornholm is introduced and methods to quantify an aggregated load is developed. These methods can be used for real-time operation and to support investment decisions. More specifically, they can be used to forecast the response to electricity...... pricing and to classify different types of customers. The proposed models are then embedded into new fiveminute electricity markets for system balancing and local congestion management. New market tools for exploiting and maintaining a degree of control over demand are developed, and the value of DR using...

  11. Investigating the effects of Iranian cultural factors on brand equity for strategic management of market share

    Directory of Open Access Journals (Sweden)

    Maryam Jahandoost

    2013-12-01

    Full Text Available Brand is a symbol, logo and indicator of the specific identity of a product manufacturer and the services they render which can create value for both the manufacturer itself and the customers of those products and services. In this paper, we investigate the relationship between Iranian cultural factors with those creating brand value in this industry. The proposed study chooses Philpa System Co. as statistical population and the subject for our case study. The study chooses 56 people who had some past purchase experience from Philpa System as samples. A questionnaire was designed and distributed among the participants. The validity of which was confirmed through depth interviews made with experts of the pertinent industry and its reliability was also calculated using Cronbach's alpha test and was shown to be 82.4 %, which indicated the good reliability of these questionnaires. The data obtained from these questionnaires were analyzed using path analysis and structural equation modeling methods. The results gained from the investigations showed that different aspects of Iranian cultural factors, specifically customer honoring, had the greatest effect on the quality of customers’ perception from the brand; it was also shown that promotion in any of the other aspects presented in Aaker’s brand equity model will directly influence and increase the perceived quality of the brand.

  12. Brand equity

    OpenAIRE

    Hildebrandt, Lutz; Tischer, Sven

    2012-01-01

    To explore how occurring critical incidents affect customer-brand relations, this study measures the impact on the basis of an online experiment. For this purpose, 1,122 usable responses are gathered considering the smartphone brands of Apple and Nokia as well as different scenarios. The respective reactions to these negative incidents are evaluated using the concept of customer-based brand equity. More precisely, a structure equation model is specified and differences in latent factor means ...

  13. Statistical identification with hidden Markov models of large order splitting strategies in an equity market

    Science.gov (United States)

    Vaglica, Gabriella; Lillo, Fabrizio; Mantegna, Rosario N.

    2010-07-01

    Large trades in a financial market are usually split into smaller parts and traded incrementally over extended periods of time. We address these large trades as hidden orders. In order to identify and characterize hidden orders, we fit hidden Markov models to the time series of the sign of the tick-by-tick inventory variation of market members of the Spanish Stock Exchange. Our methodology probabilistically detects trading sequences, which are characterized by a significant majority of buy or sell transactions. We interpret these patches of sequential buying or selling transactions as proxies of the traded hidden orders. We find that the time, volume and number of transaction size distributions of these patches are fat tailed. Long patches are characterized by a large fraction of market orders and a low participation rate, while short patches have a large fraction of limit orders and a high participation rate. We observe the existence of a buy-sell asymmetry in the number, average length, average fraction of market orders and average participation rate of the detected patches. The detected asymmetry is clearly dependent on the local market trend. We also compare the hidden Markov model patches with those obtained with the segmentation method used in Vaglica et al (2008 Phys. Rev. E 77 036110), and we conclude that the former ones can be interpreted as a partition of the latter ones.

  14. Intensity of Price and Volatility Spillover Effects in Asia-Pacific Basin Equity Markets

    Directory of Open Access Journals (Sweden)

    Sazali Abidin

    2014-12-01

    Full Text Available This paper investigates the intensity of price and volatility spillover effects in five major stock markets within the Asia Pacific basin region with a particular emphasis in the spillover effects between Australia and China. VAR(5 model is used for measuring the return spillover while AR/VAR model with exogenous variables is employed for measuring the effects of same day returns on return spillover. .In modelling the volatility spillover, we employ AR/GARCH model which also incorporates the same day effects. Results of both return and volatility spillover provide evidence that there are significant spillover effects across different markets in the Asia-Pacific region and as well as between Australia and China. This study also provides support to the view that a market is most affected by other markets that opens/closes just before it. The main contribution of this paper is the confirmation of spillover effects between markets in the region, in particular, the interdependence between Australia and China which may have evolved only recently and thus have received relatively little research attention to date.

  15. Evading Equity: Principal Autonomy under the Bloomberg-Klein Market Regime

    Science.gov (United States)

    Lewis-Durham, Tiffanie C.

    2015-01-01

    Using New York City schools as a case study, this study draws on interview data from principals, district consultants and administrators, and principal's union representatives to explore the relationship between market-based reform and colorblindness in educational policy. The study is informed by colorblindness theory, which explores the subtle…

  16. Can the Stock Market anticipate Future Operating Performance? Evidence from Equity Rights Issues

    NARCIS (Netherlands)

    Kabir, M.R.; Roosenboom, P.G.J.

    2000-01-01

    This paper examines whether the stock market valuation impact of rights issues is consistent with subsequent operating performance of issuing firms. Analysing a sample of rights issues in the Netherlands, we find that a significant stock price decline takes place with the announcement of rights

  17. Using a Market Ratio Factor in Faculty Salary Equity Studies. Professional File Number 103, Spring 2007

    Science.gov (United States)

    Luna, Andrew L.

    2007-01-01

    This study used two multiple regression analyses to develop an explanatory model to determine which model might best explain faculty salaries. The central purpose of the study was to determine if using a single market ratio variable was a stronger predictor for faculty salaries than the use of dummy variables representing various disciplines.…

  18. Relationship between dimensions of Brand Equity and 4Ps of Marketing Mix - Place, Product, Promotion, & Price: Coca Cola - Consumer Based Qualitative Survey

    OpenAIRE

    Arab, Nazanin

    2018-01-01

    The relationship between dimensions of brand equity (brand association, brand awareness, perceived quality, and customer's loyalty) and 4Ps of marketing mix (product, place, price, and promotion) are examined in this paper. Cross sectional research design while following inductive approach I have explore the relationship between research variables from consumer's perspective. Total 129 participants took part in this survey. Respondents were identified and approached through convenience sa...

  19. Investigating the Role of Word of Mouth on Consumer Based Brand Equity Creation in Iran’s Cell-Phone Market

    OpenAIRE

    Mohammad Mehdi SAMADZADEH; Seyed Hamid Khodadad HOSEINI; Mehran REZVANI

    2012-01-01

    This paper investigates the impact of Word of Mouth (WOM) on Consumer Based Brand Equity (CBBE) creation. WOM characteristics such as, volume, valence, and source quality are studied to find how intensely they each affect brand awareness, perceived quality, and brand association. This investigation has been conducted in Tehran-Iran, on the cell-phone market. The methodology selected for this study was structural equation and all the calculations were done using Lisrel 8.54. The results sugges...

  20. SOCIALY RESPONSIBLE MARKETING - YESTERDAY AND TODAY

    OpenAIRE

    Milena Ilic; Branislav Radnovic; Zoran D. Zivkovic

    2012-01-01

    Several factors direct the companies to apply a higher level of corporate social responsibility: the increasing expectations of customers, changes in expectations of employees, laws and government pressure, investor interest in the social criteria and changes in supply practices The basic principles of socially responsible marketing as an ethical business, respect for ecological principles and respect for the legislation. Organizations must ensure that all employees know and observe the re...

  1. Demand response in a market environment

    OpenAIRE

    Larsen, Emil Mahler; Pinson, Pierre; Ding, Yi; Østergaard, Jacob

    2016-01-01

    This thesis addresses the design, deployment and benefits of demand response in a market environment. Demand response is consumption that can be controlled by an external stimulus in the power system. Flexible consumption is a useful tool for absorbing volatile power from renewable sources like wind power and photovoltaics, and dealing with decentralised activity like electric vehicle charging. Without flexible consumption or other new technologies like storage, there will be several occasion...

  2. Investment Opportunities in BRIC Nations - A Comparative Fundamental Analysis of Indian Equity Markets

    OpenAIRE

    Dhingra, Gaurav

    2007-01-01

    Emerging Markets like BRIC (Brazil, Russia, India and China) have attracted a lot of attention from investors all over the globe. The economies of these nations are growing at a rapid pace and these nations are expected to become a much larger force in few years from now. As a result, they have given much higher returns than the developed ones in the recent past. India with its strong fundamentals and macroeconomic stability has impressed investors worldwide and attracted enormous foreign inv...

  3. Demand response in Indian electricity market

    International Nuclear Information System (INIS)

    Siddiqui, Md Zakaria; Maere d'Aertrycke, Gauthier de; Smeers, Yves

    2012-01-01

    This paper outlines a methodology for implementing cost of service regulation in retail market for electricity in India when wholesale market is liberalised and operates through an hourly spot market. As in a developing country context political considerations make tariff levels more important than supply security, satisfying the earmarked level of demand takes a back seat. Retail market regulators are often forced by politicians to keep the retail tariff at suboptimal level. This imposes budget constraint on distribution companies to procure electricity that it requires to meet the earmarked level of demand. This is the way demand response is introduced in the system and has its impact on spot market prices. We model such a situation of not being able to serve the earmarked demand as disutility to the regulator which has to be minimised and we compute associated equilibrium. This results in systematic mechanism for cutting loads. We find that even a small cut in ability of the distribution companies to procure electricity from the spot market has profound impact on the prices in the spot market. - Highlights: ► Modelling the impact of retail tariff in different states on spot prices of electricity in India. ► Retail tariffs are usually fixed below appropriate levels by states due to political reasons. ► Due to revenue constraint distribution utility withdraws demand from spot market in peak hours. ► This adversely affects the scarcity rent of generators and subsequently future investment. ► We show possibility of strategic behaviour among state level regulators in setting retail tariff.

  4. The Impact of Investors¡¯ Sentiment on the Equity Market: Evidence from Ghanaian Stock Market

    OpenAIRE

    Ebenezer Bennet; Lydia Obenewaa Amoako; Ricky Okine Charles; Asumadu Edward; Joseph Asante Darkwah

    2012-01-01

    Investor¡¯s Sentiment plays a major role in choosing which stocks we invest. Investors¡¯ sentiment can be defined as investors¡¯ attitude and opinion towards investing in the Stocks. The aim of this research is to analyse the individual investor¡¯s sentiment and also to analyse the influence of Market Specific Factors on investors¡¯ sentiment. The investor¡¯s attitude towards investing is influenced by rumours, intuition, herd behaviour among investors and media coverage of the stock. 100 inv...

  5. Equity monitoring for social marketing: use of wealth quintiles and the concentration index for decision making in HIV prevention, family planning, and malaria programs

    Science.gov (United States)

    2013-01-01

    Background The majority of social marketing programs are intended to reach the poor. It is therefore essential that social marketing organizations monitor the health equity of their programs and improve targeting when the poor are not being reached. Current measurement approaches are often insufficient for decision making because they fail to show a program's ability to reach the poor and demonstrate progress over time. Further, effective program equity metrics should be benchmarked against a national reference population and consider exposure, not just health outcomes, to measure direct results of implementation. This study compares two measures of health equity, concentration indices and wealth quintiles, using a defined reference population, and considers benefits of both measures together to inform programmatic decision making. Methods Three datasets from recent cross-sectional behavioral surveys on malaria, HIV, and family planning from Nepal and Burkina Faso were used to calculate concentration indices and wealth quintiles. Each sample was standardized to national wealth distributions based on recent Demographic and Health Surveys. Wealth quintiles were generated and concentration indices calculated for health outcomes and program exposure in each sample. Chi-square and t-tests were used to assess statistical significance of results. Results Reporting wealth quintiles showed that recipients of Population Services International (PSI) interventions were wealthier than national populations. Both measures indicated that desirable health outcomes were usually concentrated among wealthier populations. Positive and significant concentration indices in all three surveys indicated that wealth and program exposure were correlated; however this relationship was not necessarily linear. In analyzing the equity of modern contraceptive use stratified by exposure to family planning messages in Nepal, the outcome was equitable (concentration index = 0.006, p = 0.68) among the

  6. Equity monitoring for social marketing: use of wealth quintiles and the concentration index for decision making in HIV prevention, family planning, and malaria programs.

    Science.gov (United States)

    Chakraborty, Nirali M; Firestone, Rebecca; Bellows, Nicole

    2013-01-01

    The majority of social marketing programs are intended to reach the poor. It is therefore essential that social marketing organizations monitor the health equity of their programs and improve targeting when the poor are not being reached. Current measurement approaches are often insufficient for decision making because they fail to show a program's ability to reach the poor and demonstrate progress over time. Further, effective program equity metrics should be benchmarked against a national reference population and consider exposure, not just health outcomes, to measure direct results of implementation. This study compares two measures of health equity, concentration indices and wealth quintiles, using a defined reference population, and considers benefits of both measures together to inform programmatic decision making. Three datasets from recent cross-sectional behavioral surveys on malaria, HIV, and family planning from Nepal and Burkina Faso were used to calculate concentration indices and wealth quintiles. Each sample was standardized to national wealth distributions based on recent Demographic and Health Surveys. Wealth quintiles were generated and concentration indices calculated for health outcomes and program exposure in each sample. Chi-square and t-tests were used to assess statistical significance of results. Reporting wealth quintiles showed that recipients of Population Services International (PSI) interventions were wealthier than national populations. Both measures indicated that desirable health outcomes were usually concentrated among wealthier populations. Positive and significant concentration indices in all three surveys indicated that wealth and program exposure were correlated; however this relationship was not necessarily linear. In analyzing the equity of modern contraceptive use stratified by exposure to family planning messages in Nepal, the outcome was equitable (concentration index = 0.006, p = 0.68) among the exposed, while the wealthy

  7. Testing Capital Asset Pricing Model: Empirical Evidences from Indian Equity Market

    Directory of Open Access Journals (Sweden)

    Kapil CHOUDHARY

    2010-11-01

    Full Text Available The present study examines the Capital Asset Pricing Model (CAPM for the Indian stock market using monthly stock returns from 278 companies of BSE 500 Index listed on the Bombay stock exchange for the period of January 1996 to December 2009. The findings of this study are not substantiating the theory’s basic result that higher risk (beta is associated with higher levels of return. The model does explain, however, excess returns and thus lends support to the linear structure of the CAPM equation. The theory’s prediction for the intercept is that it should equal zero and the slope should equal the excess returns on the market portfolio. The results of the study lead to negate the above hypotheses and offer evidence against the CAPM. The tests conducted to examine the nonlinearity of the relationship between return and betas bolster the hypothesis that the expected return-beta relationship is linear. Additionally, this study investigates whether the CAPM adequately captures all-important determinants of returns including the residual variance of stocks. The results exhibit that residual risk has no effect on the expected returns of portfolios.

  8. Markets, Herding and Response to External Information.

    Science.gov (United States)

    Carro, Adrián; Toral, Raúl; San Miguel, Maxi

    2015-01-01

    We focus on the influence of external sources of information upon financial markets. In particular, we develop a stochastic agent-based market model characterized by a certain herding behavior as well as allowing traders to be influenced by an external dynamic signal of information. This signal can be interpreted as a time-varying advertising, public perception or rumor, in favor or against one of two possible trading behaviors, thus breaking the symmetry of the system and acting as a continuously varying exogenous shock. As an illustration, we use a well-known German Indicator of Economic Sentiment as information input and compare our results with Germany's leading stock market index, the DAX, in order to calibrate some of the model parameters. We study the conditions for the ensemble of agents to more accurately follow the information input signal. The response of the system to the external information is maximal for an intermediate range of values of a market parameter, suggesting the existence of three different market regimes: amplification, precise assimilation and undervaluation of incoming information.

  9. Markets, Herding and Response to External Information.

    Directory of Open Access Journals (Sweden)

    Adrián Carro

    Full Text Available We focus on the influence of external sources of information upon financial markets. In particular, we develop a stochastic agent-based market model characterized by a certain herding behavior as well as allowing traders to be influenced by an external dynamic signal of information. This signal can be interpreted as a time-varying advertising, public perception or rumor, in favor or against one of two possible trading behaviors, thus breaking the symmetry of the system and acting as a continuously varying exogenous shock. As an illustration, we use a well-known German Indicator of Economic Sentiment as information input and compare our results with Germany's leading stock market index, the DAX, in order to calibrate some of the model parameters. We study the conditions for the ensemble of agents to more accurately follow the information input signal. The response of the system to the external information is maximal for an intermediate range of values of a market parameter, suggesting the existence of three different market regimes: amplification, precise assimilation and undervaluation of incoming information.

  10. Health Equity Talk: Understandings of Health Equity among Health Leaders

    Directory of Open Access Journals (Sweden)

    Bernadette M. Pauly

    2017-11-01

    Full Text Available Introduction: Reducing health inequities is a stated goal of health systems worldwide. There is widespread commitment to health equity among public health leaders and calls for reorientation of health systems towards health equity. As part of the Equity Lens in Public Health (ELPH program of research, public health decision makers and researchers in British Columbia collaborated to study the application of a health equity lens in a time of health system renewal. We drew on intersectionality, complexity and critical social justice theories to understand how participants construct health equity and apply a health equity lens as part of public health renewal. Methods: 15 focus groups and 16 individual semi-structured qualitative interviews were conducted with 55 health system leaders. Data were analyzed using constant comparative analysis to explore how health equity was constructed in relation to understandings and actions. Results: Four main themes were identified in terms of how health care leaders construct health equity and actions to reduce health inequities: (1 population health, (2 determinants of health, and (3 accessibility and (4 challenges of health equity talk. The first three aspects of health equity talk reflect different understandings of health equity rooted in vulnerability (individual versus structural, determinants of health (material versus social determinants, and appropriate health system responses (targeted versus universal responses. Participants identified that talking about health equity in the health care system, either inside or outside of public health, is a ‘challenging conversation’ because health equity is understood in diverse ways and there is little guidance available to apply a health equity lens. Conclusions: These findings reflect the importance of creating a shared understanding of health equity within public health systems, and providing guidance and clarity as to the meaning and application of a health

  11. Brands and Brand Equity

    OpenAIRE

    Brunello Adrian

    2011-01-01

    Nowadays brands have become significant drivers for product purchasing and usage decisions. Thus, they constitute a substantial intangible asset for most companies. In order to gain customers and make them become loyal, firms have to establish the equity of the brand and present it in a clear and visible way to their target market. Therefore the topic of brand equity plays a major role in the creation and development of product and company brand strategy. The paper focuses on some general inf...

  12. Evolution of correlation structure of industrial indices of U.S. equity markets.

    Science.gov (United States)

    Buccheri, Giuseppe; Marmi, Stefano; Mantegna, Rosario N

    2013-07-01

    We investigate the dynamics of correlations present between pairs of industry indices of U.S. stocks traded in U.S. markets by studying correlation-based networks and spectral properties of the correlation matrix. The study is performed by using 49 industry index time series computed by K. French and E. Fama during the time period from July 1969 to December 2011, which spans more than 40 years. We show that the correlation between industry indices presents both a fast and a slow dynamics. The slow dynamics has a time scale longer than 5 years, showing that a different degree of diversification of the investment is possible in different periods of time. Moreover, we also detect a fast dynamics associated with exogenous or endogenous events. The fast time scale we use is a monthly time scale and the evaluation time period is a 3-month time period. By investigating the correlation dynamics monthly, we are able to detect two examples of fast variations in the first and second eigenvalue of the correlation matrix. The first occurs during the dot-com bubble (from March 1999 to April 2001) and the second occurs during the period of highest impact of the subprime crisis (from August 2008 to August 2009).

  13. Applying Sustainability and Responsible Investment on Islamic Equity Investment: An Analysis of FTSE Shariah and FTSE4GOOD Indices

    OpenAIRE

    Rizki, Reza

    2015-01-01

    2015 dissertation for MSc Islamic Banking and Finance. Selected by academic staff as a good example of a masters level dissertation. \\ud \\ud Shariah-compliant Investment and Sustainability Responsible Investment (SRI) are the slternative asset classes and they are growing rapidly leaving their counterparts behind. Nonetheless, there are some criticisms against the screening criteria which are applied by Islamic equity investment because they exclude the environment, social and human rights is...

  14. 5.2 Ethics, equity and global responsibilities in oral health and disease.

    Science.gov (United States)

    Hobdell, Martin; Sinkford, Jeanne; Alexander, Charles; Alexander, David; Corbet, Esmonde; Douglas, Chester; Katrova, Lydia; Littleton, Preston; MacCarthy, Denise; Cherrett, Helen McK; Schou, Lone; Wen, Fan Ming; Zhuan, Bian

    2002-01-01

    The charge of this Section is ethics and global responsibilities in oral health and disease. Oral health is determined by the same factors as those for general health. To a limited extent, the level of oral health care and dental education. The philosophy and organization of the health care system and dental education, therefore, are key determinants of oral health. Dental education has expanded in many countries where there has been an increase in wealth. Unfortunately, there has been no concomitant increase in the number of dental educators. This is a problem throughout the world. This present situation raises certain ethical issues with regard to professional responsibilities. It also raises some important questions for dental education. This Section has chosen to focus its efforts on examining two issues: * What can be done within dental schools? * What can be done external to dental schools - either individually or collectively? The best practices identified are more akin to goals, as it is recognized that, in a world in which there are enormous variations in economic, environmental, social, and cultural features, a single uniform set of practices is impracticable. The central core value identified is the realization by students, and faculty/teaching staff of the quest of life-long learning against a background of the social and ethical responsibilities of health professionals. The conclusion of the group is that biology is not the sole determinant of health. Understanding the role of social, economic, environmental and other factors in determining health status is critical if greater equity in dental education and care are to be achieved.

  15. Market Research Methods for Improving College Responsiveness.

    Science.gov (United States)

    Larkin, Paul G.

    1979-01-01

    Essential elements of a good marketing plan for higher education institutions are described. What market research is and how the modern concept of marketing differs from the traditional sales approach are discussed as well as market analysis and definition. Also included is a discussion of marketing for proposed new programs. (Author/SF)

  16. Neuromarketing: Understanding Customers' Subconscious Responses to Marketing

    Directory of Open Access Journals (Sweden)

    Jussi Numminen

    2012-12-01

    Full Text Available This article presents neuromarketing as a way to detect brain activation during customer engagement. Neuromarketing is a field of marketing research that studies consumers' sensorimotor, cognitive, and affective response to marketing stimuli. We established a Virtual Customer Journey model based on the consultative selling process to study customer engagement by using brain scans. Consultative selling suggests that a customer’s shopping experience is managed by the salesperson’s behaviour and in-store marketing assets, and that the customer gets engaged step by step. A total of 16 test subjects were shown video clips and still pictures from a consultative sales process at Nokia’s flagship stores, and their brain activity was scanned. The results show that test subjects were able to associate themselves with people and events on the video and they felt safe and comfortable during the consultative selling process. The study implies that laboratories can build virtual environments that resemble real shopping environments where customers can participate in the buying process and respond to events displayed on the screen, and that neuroimaging is useful in providing valuable information on customer behaviour that is not achievable otherwise.

  17. Product Placement and Brand Equity

    OpenAIRE

    Corniani, Margherita

    2003-01-01

    Product placement is the planned insertion of a brand within a movie, a fiction, etc. It can be used with other communication tools (i.e. advertising, sales promotions, etc.) in order to disseminate brand awareness and characterize brand image, developing brand equity. In global markets, product placement is particularly useful for improving brand equity of brands with a well established brand awareness.

  18. Equity Portfolio Management Using Option Price Information

    DEFF Research Database (Denmark)

    Christoffersen, Peter; Pan, Xuhui (Nick)

    We survey the recent academic literature that uses option-implied information to construct equity portfolios. Studies show that equity managers can earn a positive alpha by using information in individual equity options, by using stocks' exposure to information in market index options, and by usi...

  19. The relationship between early recruitment-related activities and the application decisions of new labor-market entrants: a brand equity approach to recruitment.

    Science.gov (United States)

    Collins, Christopher J; Stevens, Cynthia Kay

    2002-12-01

    Theory and research from the marketing literature on customer-based brand equity were used to predict how positive exposure to 4 early recruitment-related activities-publicity, sponsorships, word-of-mouth endorsements, and advertising-may affect the application decisions of engineering students. Similar to prior marketing findings, the results suggested that early recruitment-related activities were indirectly related to intentions and decisions through 2 dimensions of employer brand image: general attitudes toward the company and perceived job attributes. The relationships between word-of-mouth endorsements and the 2 dimensions of brand image were particularly strong. In addition, it was found that early recruitment-related activities interacted with one another such that employer brand image was stronger when firms used publicity in conjunction with other early recruitment-related activities.

  20. Daily stock index return for the Canadian, UK, and US equity markets, compiled by Morgan Stanley Capital International, obtained from Datastream

    Directory of Open Access Journals (Sweden)

    Leon Li

    2018-02-01

    Full Text Available The data presented in this article are related to the research article entitled “Testing and comparing the performance of dynamic variance and correlation models in value-at-risk estimation. North American Journal of Economics and Finance, 40, 116–135. doi:10.1016/j.najef.2017.02.006 (Li, 2017 [1]. Data on daily stock index return for the Canadian, UK, and US equity markets, as compiled by Morgan Stanley Capital International, are provided in this paper. The country indices comprise at least 80% of the stock market capitalization of each country. The data cover the period from January 1, 1990, through September 8, 2016, and include 6963 observations. All stock prices are stated in dollars.

  1. Daily stock index return for the Canadian, UK, and US equity markets, compiled by Morgan Stanley Capital International, obtained from Datastream.

    Science.gov (United States)

    Li, Leon

    2018-02-01

    The data presented in this article are related to the research article entitled "Testing and comparing the performance of dynamic variance and correlation models in value-at-risk estimation. North American Journal of Economics and Finance, 40, 116-135. doi:10.1016/j.najef.2017.02.006 (Li, 2017) [1]. Data on daily stock index return for the Canadian, UK, and US equity markets, as compiled by Morgan Stanley Capital International, are provided in this paper. The country indices comprise at least 80% of the stock market capitalization of each country. The data cover the period from January 1, 1990, through September 8, 2016, and include 6963 observations. All stock prices are stated in dollars.

  2. Market Design for Rapid Demand Response - The Case of Kenya

    OpenAIRE

    Kurt Nielsen; Tseganesh Wubale Tamirat

    2014-01-01

    We suggest a market design for rapid demand response in electricity markets. The solution consists of remotely controlled switches, meters, forecasting models as well as a flexible auction market to set prices and select endusers job by job. The auction market motivates truth-telling and makes it simple to involve the endusers in advance and to activate demand response immediately. The collective solution is analyzed and economic simulations are conducted for the case of Kenya. Kenya has been...

  3. Response bias in international marketing research

    NARCIS (Netherlands)

    de Jong, M.G.

    2006-01-01

    The saturation of domestic markets in the industrialized parts of the world, combined with increased competition in home markets from foreign competitors forces many companies to look for opportunities beyond their national boundaries. Surveys are a crucial source of data in international marketing

  4. The Equity Share in New Issues and Aggregate Stock Returns

    OpenAIRE

    Malcolm Baker; Jeffrey Wurgler

    1999-01-01

    The share of equity issues in total new equity and debt issues is a strong predictor of U.S. stock market returns between 1928 and 1997. In particular, firms issue relatively more equity than debt just before periods of low market returns. The equity share in new issues has stable predictive power in both halves of the sample period, and after controlling for other known predictors. We do not find support for efficient market ex

  5. Equity Portfolio Management Using Option Price Information

    DEFF Research Database (Denmark)

    Christoffersen, Peter; Pan, Xuhui (Nick)

    We survey the recent academic literature that uses option-implied information to construct equity portfolios. Studies show that equity managers can earn a positive alpha by using information in individual equity options, by using stocks' exposure to information in market index options, and by using...... stocks' exposure to crude oil option information. Option-implied information can also help construct better mean-variance portfolios and better estimates of market beta....

  6. Equity yields

    NARCIS (Netherlands)

    Vrugt, E.; van Binsbergen, J.H.; Koijen, R.S.J.; Hueskes, W.

    2013-01-01

    We study a new data set of dividend futures with maturities up to ten years across three world regions: the US, Europe, and Japan. We use these asset prices to construct equity yields, analogous to bond yields. We decompose the equity yields to obtain a term structure of expected dividend growth

  7. Demand Response Within Current Electricity Wholesale Market Design

    OpenAIRE

    Ramos Gutierrez, Ariana Isabel; De Jonghe, Cedric; Six, Daan; Belmans, Ronnie

    2013-01-01

    The introduction of intermittent energy resources calls for the ability to modulate consumption patterns according to electricity availability. This paper provides a brief overview of the main electricity market design characteristics and places demand response within the framework of the existing timeline of market operation. The main differences between electricity markets lie in the price formation mechanisms where some markets pay-as- cleared and some pay- as- bid for the electricity tran...

  8. ROLE OF IMAGE IN MARKETING PERFORMANCE ODEL SUPPORTED BY MARKETING COMMUNICATION AND COMPANY SOCIAL RESPONSIBILITY

    Directory of Open Access Journals (Sweden)

    Eddy Soeryanto Soegoto

    2016-05-01

    Full Text Available AbstractBanking industries have not been effective yet in implementing marketing communication and company social responsibility programs. The establishment of image has not been done effectively yet; accordingly marketing performance cannot be implemented as it is expected. This research was done in the banking industries at Bandung City with sample as much as 42 banking industries drawn using a random sampling method. Thaanalysis procedure used Structural Equation Modeling based on Partial Least Square. This study generates anew model different with the previous researches where marketing communication and company social respon-sibility programs do not affect directly on the banking industries’ marketing performance. Nevertheless the image affect the marketing performance moderately. In conclusion, banking industries’ marketing perfor-mance can be maximal when the marketing communication is implemented effectively and the company social responsibility is implemented conducively in order to shape positive image.

  9. 幼稚園品牌行銷、品牌權益與家長行為意向之研究 Brand Marketing, Brand Equity, and Parents’ Behavior Intention at Kindergartens

    Directory of Open Access Journals (Sweden)

    黃義良 Yi-Liang Huang

    2011-12-01

    Full Text Available 本研究旨在探討幼稚園品牌行銷、品牌權益與家長行為意向的現況,並探討各變項間之關聯。為達研究目的,研究透過自編問卷進行調查並分析資料。採分層隨機方式抽取臺灣地區100所私立幼稚園的園長、保育員與家長共1,200位進行調查,得有效樣本735人。研究發現,受試者知覺幼稚園品牌行銷、品牌權益和家長行為意向的情形,整體而言尚屬良好,但各構面間有落差;在徑路關係方面,品牌行銷影響品牌權益、品牌權益影響家長行為意向,亦即,品牌行銷對家長行為意向具有直接和間接效果;整體而言,本研究的結構模式可適用於不同群組,但在部分因素的負荷量上稍有差異;而在背景變項上,以「家長身分、較大規模、具有直營機構」的受試者知覺各變項的運作情形較為理想。 The purpose of this study was to explore the current status of brand marketing, brand equity, and parents’ behavior intention at kindergartens, as well as to assess the correlation between these variables. A survey was conducted using self-edited questionnaires ,and then data were analyzed. 1200 directors, child-care workers ,and parents from 100 private kindergartens in Taiwan were selected through stratified random sampling, and 735 questionaires were returned with valid responses. It was found that brand marketing, brand equity ,and parents’ behavior intention were well perceived as a whole. However, there was a significant difference between these dimensions. In pass relations, it was found that brand marketing would affect brand equity, brand equity had an impact on parents’ behavior intention, and brand marketing had direct and indirect effects on parents’ behavior intention. In general, the structural model of the study could apply to different groups. However, there was a slight difference in partial factor loading. As to background

  10. Responsible Marketing: Doing Well by Doing Good

    Directory of Open Access Journals (Sweden)

    Bhattacharya CB

    2016-05-01

    Full Text Available Business value and social or environmental values can go hand in hand. If companies not only create socio-environmental value by caring for people and our planet, but also drive business value and profit through such initiatives, then CSR or corporate social responsibility can be a source of competitive differentiation and advantage. In such companies, sustainability initiatives are close to the core businesses which leverage the competencies of the company and in line with company values and principles. While some stumbling blacks need to be mastered on the way, many companies have applied this concept successfully. The business value created by CSR initiatives ranges from employee and customer loyalty, positive word of mouth, resilience to negative information about the company and several other coveted business outcomes. To integrate CSR successfully, management should be committed to its causes, integrate all stakeholders in the initiatives and communicate about projects in an open, honest and authentic way. Much like other aspects of marketing strategy, there is a need to monitor and measure sustainability efforts to tune activities and insure overall success.

  11. Gender equity.

    Science.gov (United States)

    Shiva, M

    1999-01-01

    This paper focuses on gender equity. Gender equity is difficult to achieve when there is no economic, social, or political equity. The Gender Development Index evidenced this. There were a lot of instances where women are psychologically traumatized, whether it is through domestic rape, purchased sexual services in the red light area, and seduction or violation of neighbors, relatives, daughter or child. The economic changes linked with globalization and media's influence have worsened women's position. The policy for empowerment of women is an attempt toward ensuring equity. Furthermore, many women and women's organizations are trying to address these inequities; wherein they fight for strong acceptance of women's rights, social, economic, and political rights, as well as equities between gender and within gender.

  12. Culturally Responsive Marketing of Coach and Pepsi

    OpenAIRE

    Edwin Quinn; Renika Quinn

    2015-01-01

    This study will focus on the cultural aspects of China and how the brands Coach and Pepsi will target Chinese consumers. Information will be provided on the society, economical facets, marketing analysis and positive and normative perspectives of the study. China, like with many other countries has developed certain marketing techniques as a way of gaining the interest of their consumers.

  13. Internal marketing for engaging employees on the corporate responsibility journey

    OpenAIRE

    Sanchez-Hernandez, Isabel; Grayson, David

    2012-01-01

    Purpose: The purpose of this paper is to explore whether internal marketing could be a powerful tool for engaging employees on the corporate responsibility journey. Design/methodology/approach: In the absence of empirical work linking internal marketing efforts in organizations and employee engagement in corporate responsibility issues, a conceptual approach based on literature review is carried out to determine the existing possibilities provided by internal marketing to enhance corporate re...

  14. Business social responsibility in Ukraine: the marketing aspect

    OpenAIRE

    Firsova, S.

    2010-01-01

    The article deals with problems of researching the category "social business responsibility", ways of its realization and marketing means of implementation and support of socially responsible initiatives in Ukrainian companies.

  15. Learning from diverse contexts: equity and inclusion in the responses to AIDS.

    Science.gov (United States)

    Loewenson, R

    2007-01-01

    This paper situates the findings of the diverse studies reported in this journal supplement in a global context that both fuels the epidemic through inequality and poverty and also provides new opportunities for global commitments, solidarity and resources. The studies in this issue signal that, while information and awareness about HIV and AIDS is now high, there is still poor access to services for people to know their own risk and a deeper need to address the asymmetries of power and access to resources that influence the control people have over their sexual relationships and lives. The studies in this supplement describe, in very different contexts, responses to the impact of AIDS that are grounded within the actions of individuals, households and extended families, against a background of existing disadvantage in assets, endowment and access to state and private sector resources. Community networks reduce social isolation and provide solidarity to households struggling to respond to AIDS. The extra work involved is often done by women, particularly where the weakening of the state has left communities disadvantaged. The paper argues that connections across communities to support survival need vertical links to national and global resources, services and markets to support, sustain and transform lives. The studies demonstrate the positive effect of this through primary healthcare systems, non-government organisation support and the social movements of people living with HIV and AIDS. If the first wave of the global response to AIDS built awareness and an emergency response to prevention, treatment and care, there is now need for a 'second wave' that provides strong measures to connect communities to social, national and global resources. Elements of this 'second wave' include people's--especially women and young people's--access to services to know their individual risk, measures that enhance their autonomy and the need for a massive increase in investment in

  16. Value at risk, bank equity and credit risk

    OpenAIRE

    Broll, Udo; Wahl, Jack E.

    2003-01-01

    We study the implications of the value at risk concept for the bank's optimum amount of equity capital under credit risk. The market value of loans is risky and lognormally distributed. We show that the required equity capital depends upon managerial and market factors. Furthermore, the bank's equity and asset/liability management has to be addressed simultaneously by bank managers.

  17. Consumer responses to ethnic targeted marketing

    NARCIS (Netherlands)

    A.-S.I.A. Lenoir (Anne-Sophie); S. Puntoni (Stefano)

    2014-01-01

    markdownabstract__Abstract__ Marketing is impacted more than ever by demographic change, to the extent that practitioners targeting ethnic groups should re-think their approach depending upon the strength with which different generations identify with their cultural heritage.

  18. An equity- and sustainability-based policy response to global climate change

    International Nuclear Information System (INIS)

    Byrne, J.; Wang, Y.-D.; Kim, Jong-dall

    1998-01-01

    In the debate over policy options for the reduction of greenhouse gas emissions, two precautionary approaches, 'no regrets' and 'insurance' have been proposed. An alternative to these is put forward which adopts an equity and sustainability based approach. It will not be easy to meet the challenge which this approach demands. From wealthy countries it will require a strong commitment to a social policy at home and an economic policy abroad that aims at sharing the ability of humankind to meet the needs of the present without compromising the ability of future generations to meet their needs. In developing countries the necessary improvement in lives and livelihoods must be achieved without repeating the unsustainable environmental and social legacy of the industrial era. (UK)

  19. Analisis Ekuitas Merek (Brand Equity) Melalui Komunikasi Pemasaran Terpadu (Integrated Marketing Communications - Imc) Pada PT. Nasmoco Majapahit Semarang

    OpenAIRE

    Widyaningrum, Santy Tri

    2012-01-01

    This research is aimed to explain the importance of marketing communication, to identify means of communication that can be used by a company to communicate with its customers, and to describe the policy and effectivity of a company in marketing communication. Interview with snowball sampling technique was used to collect data. The object of this research is PT. Nasmoco Majapahit as an authorized dealer of Toyota. The research proves the importance of marketing communication to maintain good ...

  20. Asymmetric price responses, market integration and market power: A study of the U.S. natural gas market

    International Nuclear Information System (INIS)

    Murry, Donald; Zhu, Zhen

    2008-01-01

    We studied the market performance at selected, representative natural gas trading hubs in the U.S. and documented different price behaviors among various hubs. With NYMEX prices as the competitive benchmark, we found empirically that the spot price responses at some trading hubs were systematically asymmetric, thus demonstrating a market advantage by either buyers or sellers. We further found that the presence of market power was a very plausible explanation for this price behavior at some hubs. (author)

  1. Corporate Governance and Equity Returns

    OpenAIRE

    Uchida, Shigeru

    2012-01-01

    This paper analyses the relationship between corporate governance and equity returns from the small investors view point. A primary survey has been conducted to gather the data required to examine the link. Preliminary result of the study shows that the four elements of governance: board structure, transparency, fairness and responsibility are positively related with equity returns.

  2. Framework for Evaluation of Equity Initiatives

    Science.gov (United States)

    Bexley, Emmaline; Harris, Kerri-Lee; James, Richard

    2010-01-01

    The Framework for Evaluation of Equity Initiatives has been prepared to support the Go8 Equity Strategy. Its purpose is to assist Group of Eight (Go8) universities to evaluate the effectiveness of their equity initiatives and interventions in the context of federal policies and the distinctive missions and responsibilities of the individual Go8…

  3. Corporate Social Responsibility: The Future of Marketing Communications

    OpenAIRE

    Zidarova, Margarita

    2010-01-01

    The purpose of this study was to investigate Corporate Social Responsibility (CSR) as a contribution tool to the future practices of corporate marketing communications. Another aim was to discover the current practices of CSR within corporate marketing communications with a specific focus on corporate and stakeholder value creation gained through this merging of two disciplines. Finally, the possibility of creating future competitive advantages through the use of CSR in marketing communicatio...

  4. Green Marketing: integrated social and environmental responsibility in the marketing environment

    OpenAIRE

    Dalmoro, Marlon; Venturini, Jonas Cardona; Diniz Pereira, Breno Augusto

    2009-01-01

    This study aims to describe and analyze as social and environmental responsibility is integrated in the marketing strategy of a Coca-Cola Company franchisee. By the perceptions of Karna, Hansen and Juslin (2001), environment marketing is described based on three hierarchical levels: strategic, structural and functional marketing. There has been developed a qualitative approach through case study, in which the data were collected through semi-structured interviews with people involved in the p...

  5. Impulse-response analysis of the market share attraction model

    NARCIS (Netherlands)

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

    1999-01-01

    textabstractWe propose a simulation-based technique to calculate impulse-response functions and their confidence intervals in a market share attraction model [MCI]. As an MCI model implies a reduced form model for the logs of relative market shares, simulation techniques have to be used to obtain

  6. Internal marketing for engaging employees on the corporate responsibility journey

    Directory of Open Access Journals (Sweden)

    Isabel Sanchez-Hernandez

    2012-07-01

    Full Text Available Purpose: The purpose of this paper is to explore whether internal marketing could be a powerful tool for engaging employees on the corporate responsibility journey.Design/methodology/approach: In the absence of empirical work linking internal marketing efforts in organizations and employee engagement in corporate responsibility issues, a conceptual approach based on literature review is carried out to determine the existing possibilities provided by internal marketing to enhance corporate responsibility.Findings: Reflexion from the extant literature indicates that, because employee engagement matters, internal responsibility should be put first. The internal marketing umbrella, including “selling internally” the idea of responsibility, facilitating internal communication, enhancing corporate volunteering or the possibility to become a social intrapreneur, could help to align employees’ needs with corporate responsibility goals.Practical implications: The results suggest that managers must ensure that internal aspects of management, such as internal communication and employee commitment are taken into account in order to get success in corporate responsibility issues. Managers need to be more proactive trying to introduce the marketing function in human capital issues. Understanding employees’ wants and needs and selling internally responsibility goals would make external efforts in developing a responsible strategy much more likely to succeed.Originality/value: Reflecting the literature which highlights the importance of internal marketing, we pay particular attention to their role on promoting corporate responsibility internally. The results indicate that while organizations strive to achieve corporate responsibility goals, it is expected that effectiveness will be greater among organizations using internal marketing tools for this purpose. To the best of our knowledge is the first time this relationship has been academically discussed

  7. Internal marketing for engaging employees on the corporate responsibility journey

    Directory of Open Access Journals (Sweden)

    Isabel Sanchez-Hernandez

    2012-06-01

    Full Text Available Purpose: The purpose of this paper is to explore whether internal marketing could be a powerful tool for engaging employees on the corporate responsibility journey. Design/methodology/approach: In the absence of empirical work linking internal marketing efforts in organizations and employee engagement in corporate responsibility issues, a conceptual approach based on literature review is carried out to determine the existing possibilities provided by internal marketing to enhance corporate responsibility.Findings: Reflexion from the extant literature indicates that, because employee engagement matters, internal responsibility should be put first. The internal marketing umbrella, including ‘selling internally’ the idea of responsibility, facilitating internal communication, enhancing corporate volunteering or the possibility to become a social intrapreneur, could help to align employees´ needs with corporate responsibility goals.Practical implications: The results suggest that managers must ensure that internal aspects of management, such as internal communication and employee commitment are taken into account in order to get success in corporate responsibility issues. Managers need to be more proactive trying to introduce the marketing function in human capital issues. Understanding employees´ wants and needs and selling internally responsibility goals would make external efforts in developing a responsible strategy much more likely to succeed.Originality/value: Reflecting the literature which highlights the importance of internal marketing, we pay particular attention to their role on promoting corporate responsibility internally. The results indicate that while organizations strive to achieve corporate responsibility goals, it is expected that effectiveness will be greater among organizations using internal marketing tools for this purpose. To the best of our knowledge is the first time this relationship has been academically discussed

  8. SOCIALY RESPONSIBLE MARKETING - YESTERDAY AND TODAY

    Directory of Open Access Journals (Sweden)

    Milena Ilic

    2012-12-01

    In contemporary business, more ecological component is present in the execution of business activities as an important prerequisite for improving competitive advantage and company image. Awareness of the issue of environmental protection in companies has evolved primarily as a result of the influence of customers and various non-governmental and non-profit organizations on marketing orientation of companies, and the requirements for the development of products and services that meet environmental standards and consumer needs.

  9. Market efficiency of traditional stock market indices and social responsible indices: the role of sustainability reporting

    OpenAIRE

    Henry Mynhardt; Inna Makarenko; Alex Plastun

    2017-01-01

    Corporate social responsibility, disclosed in sustainability reporting, influences the financial performance of companies. As a result, traditional stock market indices (TI) are expanded with the social responsible stock market indices (SRI). The aim of this study was to establish whether there are any differences in the behavior of the TI and SRI. To do this, the authors analyzed their efficiency. They used R/S analysis to calculate the Hurst exponent as a measure of persistence (long-term m...

  10. Stochastic–multiobjective market equilibrium analysis of a demand response program in energy market under uncertainty

    International Nuclear Information System (INIS)

    Hu, Ming-Che; Lu, Su-Ying; Chen, Yen-Haw

    2016-01-01

    Highlights: • Analyze the impact of a demand response program under uncertainty. • Stochastic Nash–Cournot competition model is formulated. • Case study of the Taiwanese electric power market is conducted. • Demand response decreases power price, generation, and emissions. • Demand uncertainty increases energy price and supply risk in the results. - Abstract: In the electricity market, demand response programs are designed to shift peak demand and enhance system reliability. A demand response program can reduce peak energy demand, power transmission congestion, or high energy-price conditions by changing consumption patterns. The purpose of this research is to analyze the impact of a demand response program in the energy market, under demand uncertainty. A stochastic–multiobjective Nash–Cournot competition model is formulated to simulate demand response in an uncertain energy market. Then, Karush–Kuhn–Tucker optimality conditions and a linear complementarity problem are derived for the stochastic Nash–Cournot model. Accordingly, the linear complementarity problem is solved and its stochastic market equilibrium solution is determined by using a general algebraic modeling system. Additionally, the case of the Taiwanese electric power market is taken up here, and the results show that a demand response program is capable of reducing peak energy consumption, energy price, and carbon dioxide emissions. The results show that demand response program decreases electricity price by 2–10%, total electricity generation by 0.5–2%, and carbon dioxide emissions by 0.5–2.5% in the Taiwanese power market. In the simulation, demand uncertainty leads to an 2–7% increase in energy price and supply risk in the market. Additionally, tradeoffs between cost and carbon dioxide emissions are presented.

  11. Developing environmental marketing strategies in the framework of forest sector enterprises social responsibility

    OpenAIRE

    V.T. Polovska

    2012-01-01

    The approaches and methods of social responsibility implementation for developing environmental marketing strategies are examined, environmental marketing objectives for adopting social responsibility in forest sector are determined, principles of socially responsible environmental marketing are formulated.

  12. Strategic pricing of equity issues

    OpenAIRE

    Klaus Ritzberger; Frank Milne

    2002-01-01

    Consider a general equilibrium model where agents may behave strategically. Specifically, suppose some firm issues new shares. If the primary market price is controlled by the issuing institution and investors' expectations on future equity prices are constant in their share purchases, the share price on the primary market cannot exceed the secondary market share price. In certain cases this may imply strict underpricing of newly issued shares. If investors perceive an influence on future sha...

  13. Using a Market Ratio Factor in Faculty Salary Equity Studies. AIR Professional File. Number 103, Spring 2007

    Science.gov (United States)

    Luna, Andrew L.

    2007-01-01

    The purpose of this study was to determine if a market ratio factor was a better predictor of faculty salaries than the use of k-1 dummy variables representing the various disciplines. This study used two multiple regression analyses to develop an explanatory model to determine which model might best explain faculty salaries. A total of 20 out of…

  14. Explaining the performance of Chinese equity funds

    NARCIS (Netherlands)

    Huang, Xiaohong; Shi, Qiqiang

    2013-01-01

    This paper examines the determinants of Chinese equity fund performance measured by market benchmark adjusted returns and risk adjusted return (Jensen’s Alpha). The sample covers 193 equity funds from January 2006 to December 2011, including both bear (2008 and 2011) and bull (2006, 2007, 2009, and

  15. Increasing equity of access to point-of-use water treatment products through social marketing and entrepreneurship: a case study in western Kenya.

    Science.gov (United States)

    Freeman, Matthew C; Quick, Robert E; Abbott, Daniel P; Ogutu, Paul; Rheingans, Richard

    2009-09-01

    Point-of-use water chlorination reduces diarrhoea risk by 25-85%. Social marketing has expanded access to inexpensive sodium hypochlorite for water treatment, at a cost of less than US$0.01 per day, in Kenya. To increase product access, women's groups in western Kenya were trained to educate neighbours and sell health products to generate income. We evaluated this programme's impact on equity of access to water treatment products in a cross-sectional survey. We surveyed 487 randomly selected households in eight communities served by the women's groups. Overall, 20% (range 5-39%) of households in eight communities purchased and used chlorine, as confirmed by residual chlorine observed in stored water. Multivariate models using illiteracy and the poorest socioeconomic status as a referent showed that persons with at least some primary education (OR 2.5, 95% CI 1.8, 3.5) or secondary education (OR 5.4, 95% CI 1.6, 17.5) and persons in the four wealthiest quintiles (OR 2.5, 95% CI 1.0, 6.0) were more likely to chlorinate stored water. While this implementation model was associated with good product penetration and use, barriers to access to inexpensive water treatment remained among the very poor and less educated.

  16. 17 CFR 150.6 - Responsibility of contract markets.

    Science.gov (United States)

    2010-04-01

    ... LIMITS ON POSITIONS § 150.6 Responsibility of contract markets. Nothing in this part shall be construed to affect any provisions of the Act relating to manipulation or corners nor to relieve any contract... 17 Commodity and Securities Exchanges 1 2010-04-01 2010-04-01 false Responsibility of contract...

  17. Social Responsibility in Advertising: A Marketing Communications Student Perspective

    Science.gov (United States)

    Kendrick, Alice; Fullerton, Jami A.; Kim, Yeo Jung

    2013-01-01

    Although advertising has played a key role in bringing corporate social responsibility (CSR) to the public agenda on behalf of agency clients, little effort has been made to define what social responsibility means in advertising. A national survey of 1,045 advertising and marketing communications students from 176 colleges and universities were…

  18. Significant components of service brand equity in healthcare sector.

    Science.gov (United States)

    Chahal, Hardeep; Bala, Madhu

    2012-01-01

    The purpose of the study is to examine three significant components of service brand equity--i.e. perceived service quality, brand loyalty, and brand image--and analyze relationships among the components of brand equity and also their relationship with brand equity, which is still to be theorized and developed in the healthcare literature. Effective responses were received from 206 respondents, selected conveniently from the localities of Jammu city. After scale item analysis, the data were analyzed using factor analysis, correlations, t-tests, multiple regression analysis and path modeling using SEM. The findings of the study support that service brand equity in the healthcare sector is greatly influenced by brand loyalty and perceived quality. However, brand image has an indirect effect on service brand equity through brand loyalty (mediating variable). The research can be criticized on the ground that data were selected conveniently from respondents residing in the city of Jammu, India. But at the same time the respondents were appropriate for the study as they have adequate knowledge about the hospitals, and were associated with the selected hospital for more than four years. Furthermore, the validity and reliability of the data are strong enough to take care of the limitations of the convenience sampling selection method. The study has unique value addition to the service marketing vis-à-vis healthcare literature, from both theoretical and managerial perspectives. The study establishes a direct and significant relationship between service brand equity and its two components, i.e. perceived service quality and brand loyalty in the healthcare sector. It also provides directions to healthcare service providers in creating, enhancing, and maintaining service brand equity through service quality and brand loyalty, to sustain competitive advantage.

  19. Research on response and relations between customers and brand equity : A comparative study of McDonald and Max in Sweden

    OpenAIRE

    Nguyen Thi Bich, Diep; Balami, Junu Maiya

    2011-01-01

    Despite of economic downturn in recent years, the food service industry has performed well in Sweden and has grown by 4.1% in 2009. Now, the players are in a battle of differentiating their products/services and offers, as the degree of competition are moderately high in the market. Hence, building a strong brand image has apparently become a foremost tactics particularly in food chain industry.  The study aims to contribute on the concrete importance of brand equity management in the fast fo...

  20. Role of Image in Marketing Performance Odel Supported by Marketing Communication and Company Social Responsibility

    OpenAIRE

    Soegoto, Eddy Soeryanto

    2016-01-01

    AbstractBanking industries have not been effective yet in implementing marketing communication and company social responsibility programs. The establishment of image has not been done effectively yet; accordingly marketing performance cannot be implemented as it is expected. This research was done in the banking industries at Bandung City with sample as much as 42 banking industries drawn using a random sampling method. Thaanalysis procedure used Structural Equation Modeling based on Partial ...

  1. New private equity models : How should the interests of investors and managers be aligned?

    NARCIS (Netherlands)

    Mc Cahery, J.A.; Vermeulen, E.P.M.

    2015-01-01

    The recent global turbulence in the credit markets had a severe impact on all aspects of the private equity industry. In response, lawmakers introduced legislation that subjects fund managers to a registration requirement and provisions targeted at improving fund monitoring and accountability. Yet,

  2. A summary of demand response in electricity markets

    International Nuclear Information System (INIS)

    Albadi, M.H.; El-Saadany, E.F.

    2008-01-01

    This paper presents a summary of demand response (DR) in deregulated electricity markets. The definition and the classification of DR as well as potential benefits and associated cost components are presented. In addition, the most common indices used for DR measurement and evaluation are highlighted, and some utilities' experiences with different demand response programs are discussed. Finally, the effect of demand response in electricity prices is highlighted using a simulated case study. (author)

  3. Embedded generation for industrial demand response in renewable energy markets

    International Nuclear Information System (INIS)

    Leanez, Frank J.; Drayton, Glenn

    2010-01-01

    Uncertainty in the electrical energy market is expected to increase with growth in the percentage of generation using renewable resources. Demand response can play a key role in giving stability to system operation. This paper discusses the embedded generation for industrial demand response in renewable energy markets. The methodology of the demand response is explained. It consists of long-term optimization and stochastic optimization. Wind energy, among all the renewable resources, is becoming increasingly popular. Volatility in the wind energy sector is high and this is explained using examples. Uncertainty in the wind market is shown using stochastic optimization. Alternative techniques for generation of wind energy were seen to be needed. Embedded generation techniques include co-generation (CHP) and pump storage among others. These techniques are analyzed and the results are presented. From these results, it is seen that investment in renewables is immediately required and that innovative generation technologies are also required over the long-term.

  4. Demand response in experimental electricity markets

    Directory of Open Access Journals (Sweden)

    Barreda-Tarrazona, Iván

    2012-03-01

    Full Text Available We study consumers’ behavior in an experimental electricity market. Subjects make decisions concerning the quantity of electric energy they want to consume in three different pricing environments. In the baseline framework, they decide under a system of fixed prices, invariant to consumption schedule as well as to network restrictions. The other two environments correspond to dynamic pricing systems combined with incentives that aim at cutting energy consumption in a number of selected situations characterized by high network congestion. In such situations, in the first environment subjects get a bonus if they reduce their peak consumption below a certain level, while in the second one, consumers are sanctioned for consuming in peak times. From a social welfare perspective, our experimental data confirm that a dynamic system for prices is more efficient than a fixed one. Moreover, a dynamic scheme with sanctions, although less preferred by consumers, is more effective than the one with bonuses in order to reduce peak consumption. Dynamic pricing with bonuses reaches a good balance between efficiency and consumer acceptance.

    Estudiamos el comportamiento de los consumidores en un mercado de electricidad diseñado en el laboratorio. Los sujetos experimentales toman decisiones sobre la cantidad de electricidad que desean consumir en tres contextos diferentes. En el tratamiento base, los consumidores deciden bajo un sistema de precios fijos, en el que el precio es invariable tanto a la franja horaria de consumo como a las restricciones de la red. Los otros dos contextos corresponden a sistemas dinámicos de precios combinados con incentivos cuyo objetivo es la reducción del consumo en algunas situaciones seleccionadas caracterizadas por una alta congestión de la red. En estas situaciones, en el primer contexto, se bonifica la reducción del consumo en la hora punta por debajo de cierto nivel, mientras que en el segundo, los consumidores

  5. Financial services in England in the late XVII century and first equity market boom (1691–1693

    Directory of Open Access Journals (Sweden)

    S.Z. Moshenskyi

    2016-09-01

    Full Text Available The article shows the formation of the British financial services industry in the 1690's and the reasons of the first joint-stock companies’ boom of 1691–1693's. The author describes the course of events of this boom, and data on the volume of transactions in shares. The reasons of the joint-stock boom end are associated with very low capitalization of most of the new companies. The consequence of rapid economic growth in England in the late XVII century was the appearance and rapid development of financial services. Financial intermediaries appeared first and their services, in particular the services of insurance companies, were in demand. The rapid increase in the number of insurance companies has become prerequisite for becoming financial capitalism that led to the emergence of other intermediaries which provided financial services. Among them there were the so-called "notaries" that offered a full range of services related to land transactions and "bankers, jewelers," that woke the first private bankers. Thus, in the early 1690's London had a favorable environment for the rapid growth of the financial market, which was the main precondition for expanding market shares and led to the joint-stock boom.

  6. What does equity in health mean?

    Science.gov (United States)

    Mooney, G

    1987-01-01

    The author posits some ethical concerns and theories of distribution in order to gain some insight into the meaning of equity in health, as referred to in WHO documents. It is pointed out that the lack of clarity in the WHO positions is evidenced by examining 1) the European strategy document, which focuses on giving equal health to all and equity access to health care, and 2) the Global Strategy for Health, which talks about reducing inequality and health as a human right. The question raised in document 1 is whether more equal sharing of health might mean less health for the available quantity of resources. The question raised in document 2 is whether there is a right to health per se. The question is how does one measure health policy effects. Health effects are different for an 8-year-old girl and an octogenarian. How does one measure the fairness of access to health care in remote mountain villages versus an urban area? Is equal utilization which is more easily measured comparable to equal need as a measure? How does one distribute doctors equitably? The author espouses the determinant of health as Aday's illness and health promotion, which is not biased by class and controversy. The Aday definition embraces both demand and need, although his definition is still open to question. Concepts of health with distinction between need and demand are made. Theories of Veatch which relate to distributive justice and equity in health care are provided as entitlement theory (market forces determine allocation of resources), utilitarianism (greatest good for the greatest number regardless of redistribution issues), maximum theory (maximize the minimum position or giver priority to the least well off), and equality (fairness in distribution). Different organizational and financing structures will influence the approach to equity. The conclusion is that equity is a value laden concept which has no uniquely correct definition. 5 theories of equity in distribution of health

  7. Equity Valuation

    DEFF Research Database (Denmark)

    Christensen, Peter Ove; Feltham, Gerald A.

    , interest rates, expected equity returns, and inflation rates are all stochastic. We explicitly characterize the risk-adjustments to the fundamentals in an equilibrium setting. We show how the term structure of risk-adjustments depends on both the time-series properties of the free cash flows......-coupon interest rates. We show that standard estimates of the cost of capital, based on historical stock returns, are likely to be a significantly biased measure of the firm’s cost of capital, but also that the bias is almost impossible to quantify empirically. The new approach recognizes that, in practice......We review and critically examine the standard approach to equity valuation using a constant risk-adjusted cost of capital, and we develop a new valuation approach discounting risk-adjusted fundamentals, such as expected free cash flows and residual operating income, using nominal zero...

  8. Rising equity

    International Nuclear Information System (INIS)

    Burr, M.T.

    1992-01-01

    This article reports on the results of a financial rankings survey of the independent energy industry indicating that lenders and investors provided more than five billion dollars in capital for new, private power projects during the first six months of 1992. The topics of the article include rising equity requirements, corporate finance, mergers and acquisitions, project finance investors, revenue bonds, project finance lenders for new projects, project finance lenders for restructurings, and project finance advisors

  9. From reaching every district to reaching every community: analysis and response to the challenge of equity in immunization in Cambodia

    Science.gov (United States)

    Chan Soeung, Sann; Grundy, John; Duncan, Richard; Thor, Rasoka; Bilous, Julian B

    2013-01-01

    Background An international review of the Cambodian Expanded Programme on Immunization (EPI) in 2010 and other data show that despite immunization coverage increases and vaccine preventable diseases incidence reductions, inequities in access to immunization services exist. Utilizing immunization and health systems literature, analysis of global health databases and the EPI review findings, this paper examines the characteristics of immunization access and outcome inequities, and describes proposed longer-term strategic and operational responses to these problems. Findings The national programme has evolved from earlier central and provincial level planning to strengthening routine immunization coverage through the District level ‘Reaching Every District Strategy’. However, despite remarkable improvements, the review found over 20% of children surveyed were not fully immunized, primarily from communities where inequities of both access and impact persist. These inequities relate mainly to socio-economic exposures including wealth and education level, population mobility and ethnicity. To address these problems, a shift in strategic and operational response is proposed that will include (a) a re-focus of planning on facility level to detect disadvantaged communities, (b) establishment of monitoring systems to provide detailed information on community access and utilization, (c) development of communication strategies and health networks that enable providers to adjust service delivery according to the needs of vulnerable populations, and (d) securing financial, management and political commitment for ‘reaching every community’. Conclusions For Cambodia to achieve its immunization equity objectives and disease reduction goals, a shift of emphasis to health centre and community is needed. This approach will maximize the benefits of new vaccine introduction in the coming ‘Decade of Vaccines’, plus potentially extend the reach of other life-saving maternal

  10. The causal nexus between oil prices and equity market in the U.S.: A regime switching model

    International Nuclear Information System (INIS)

    Balcilar, Mehmet; Ozdemir, Zeynel Abidin

    2013-01-01

    The aim of this paper is to analyse the causal link between monthly oil futures price changes and a sub-grouping of S and P 500 stock index changes. The causal linkage between oil and stock markets is modelled using a vector autoregressive model with time-varying parameters so as to reflect changes in Granger causality over time. A Markov switching vector autoregressive (MS-VAR) model, in which causal link between the series is stochastic and governed by an unobservable Markov chain, is used for inferring time-varying causality. Although we do not find any lead–lag type Granger causality, the results based on the MS-VAR model clearly show that oil futures price has strong regime prediction power for a sub-grouping of S and P 500 stock index during various sub-periods in the sample, while there is a weak evidence for the regime prediction power of a sub-grouping of S and P 500 stock indexes. The regime-prediction non-causality tests on the MS-VAR model show that both variables are useful for making inference about the regime process and that the evidence on regime-prediction causality is primarily found in the equation describing a sub-grouping of S and P 500 stock market returns. The evidence from the conditional non-causality tests shows that past information on the other series fails to improve the one step ahead prediction for both oil futures and stock returns. - Highlights: • We analyse the causal links between oil futures price and a sub-grouping of S and P 500 index. • The causal links are modelled using a regime switching model. • We do not find any lead–lag type Granger causality between the series. • The results show that oil futures price has regime prediction power for a sub-grouping of S and P 500 stock index

  11. The Factor Structure in Equity Options

    DEFF Research Database (Denmark)

    Christoffersen, Peter; Fournier, Mathieu; Jacobs, Kris

    2018-01-01

    Equity options display a strong factor structure. The first principal components of the equity volatility levels, skews, and term structures explain a substantial fraction of the crosssectional variation. Furthermore, these principal components are highly correlated with the S&P 500 index option...... volatility, skew, and term structure, respectively. We develop an equity option valuation model that captures this factor structure. The model predicts that firms with higher market betas have higher implied volatilities, steeper moneyness slopes, and a term structure that covaries more with the market...

  12. The Factor Structure in Equity Options

    DEFF Research Database (Denmark)

    Christoffersen, Peter; Fournier, Mathieu; Jacobs, Kris

    Equity options display a strong factor structure. The first principal components of the equity volatility levels, skews, and term structures explain a substantial fraction of the cross-sectional variation. Furthermore, these principal components are highly correlated with the S&P500 index option...... volatility, skew, and term structure respectively. We develop an equity option valuation model that captures this factor structure. The model predicts that firms with higher market betas have higher implied volatilities, steeper moneyness slopes, and a term structure that co-varies more with the market...

  13. Equity trees and graphs via information theory

    Science.gov (United States)

    Harré, M.; Bossomaier, T.

    2010-01-01

    We investigate the similarities and differences between two measures of the relationship between equities traded in financial markets. Our measures are the correlation coefficients and the mutual information. In the context of financial markets correlation coefficients are well established whereas mutual information has not previously been as well studied despite its theoretically appealing properties. We show that asset trees which are derived from either the correlation coefficients or the mutual information have a mixture of both similarities and differences at the individual equity level and at the macroscopic level. We then extend our consideration from trees to graphs using the "genus 0" condition recently introduced in order to study the networks of equities.

  14. Emotional Responses

    DEFF Research Database (Denmark)

    Hansen, Flemming; Christensen, Sverre Riis; Lundsteen, Steen

    2007-01-01

    Recent neurological research has pointed to the importance of fundamental emotional processes for most kinds of human behaviour. Measures of emotional response tendencies towards brands seem to reveal intangible aspects of brand equity, particularly in a marketing context. In this paper a procedure...... for estimating such emotional brand equity is presented and findings from two successive studies of more than 100 brands are reported. It demonstrates how changes that occur between two years are explainable in terms of factors identifiable in the markets, and that the measures otherwise are stable over time...

  15. 5.2 Ethics, equity and global responsibilities in oral health and disease

    DEFF Research Database (Denmark)

    Hobdell, Martin; Sinkford, Jeanne; Alexander, Charles

    2002-01-01

    and dental education, therefore, are key determinants of oral health. Dental education has expanded in many countries where there has been an increase in wealth. Unfortunately, there has been no concomitant increase in the number of dental educators. This is a problem throughout the world. This present......The charge of this Section is ethics and global responsibilities in oral health and disease. Oral health is determined by the same factors as those for general health. To a limited extent, the level of oral health care and dental education. The philosophy and organization of the health care system...... identified is the realization by students, and faculty/teaching staff of the quest of life-long learning against a background of the social and ethical responsibilities of health professionals. The conclusion of the group is that biology is not the sole determinant of health. Understanding the role of social...

  16. Market and policy barriers for demand response providing ancillary services in U.S. markets

    Energy Technology Data Exchange (ETDEWEB)

    Cappers, Peter [Lawrence Berkeley National Laboratory (LBNL), Berkeley, CA (United States); MacDonald, Jason [Lawrence Berkeley National Laboratory (LBNL), Berkeley, CA (United States); Goldman, Charles [Lawrence Berkeley National Laboratory (LBNL), Berkeley, CA (United States)

    2013-03-01

    This study provides an examination of various market and policy barriers to demand response providing ancillary services in both ISO/RTO and non-ISO/RTO regions, especially at the program provider level. It is useful to classify barriers in order to create a holistic understanding and identify parties that could be responsible for their removal. This study develops a typology of barriers focusing on smaller customers that must rely on a program provider (i.e., electric investor owned utility or IOU, ARC) to create an aggregated DR resource in order to bring ancillary services to the balancing authority. The barriers were identified through examinations of regulatory structures, market environments, and product offerings; and discussions with industry stakeholders and regulators. In order to help illustrate the differences in barriers among various wholesale market designs and their constituent retail environments, four regions were chosen to use as case studies: Colorado, Texas, Wisconsin, and New Jersey.

  17. Marketing potential of corporate social responsibility in supply chains

    NARCIS (Netherlands)

    Verhees, F.J.H.M.; Kuipers, A.; Meulenberg, M.T.G.

    2008-01-01

    This paper provides a method to assess the customer value and marketing possibilities of increasing transparency about the corporate social responsibility (CSR) of supply chains. The willingness of small firms, in this study farmers in food supply chains, to make information available about certain

  18. Protecting Financial Market Integrity: Roles and Responsibilities of Auditors

    NARCIS (Netherlands)

    P.A.M. Diekman (Peter)

    2008-01-01

    textabstractWaarom heeft u nog vertrouwen in een bank? En waarom vertrouwt u uw geld nog toe aan banken? Deze vragen staan centraal in de oratie ‘Protecting Financial Market Integrity. Roles and Responsibilities of Auditors' van prof.dr. Peter A.M. Diekman RA. Hij stelt dat zowel de intern als de

  19. Demand response in U.S. electricity markets: Empirical evidence

    International Nuclear Information System (INIS)

    Cappers, Peter; Goldman, Charles; Kathan, David

    2010-01-01

    Empirical evidence concerning demand response (DR) resources is needed in order to establish baseline conditions, develop standardized methods to assess DR availability and performance, and to build confidence among policymakers, utilities, system operators, and stakeholders that DR resources do offer a viable, cost-effective alternative to supply-side investments. This paper summarizes the existing contribution of DR resources in U.S. electric power markets. In 2008, customers enrolled in existing wholesale and retail DR programs were capable of providing ∝38,000 MW of potential peak load reductions in the United States. Participants in organized wholesale market DR programs, though, have historically overestimated their likely performance during declared curtailments events, but appear to be getting better as they and their agents gain experience. In places with less developed organized wholesale market DR programs, utilities are learning how to create more flexible DR resources by adapting legacy load management programs to fit into existing wholesale market constructs. Overall, the development of open and organized wholesale markets coupled with direct policy support by the Federal Energy Regulatory Commission has facilitated new entry by curtailment service providers, which has likely expanded the demand response industry and led to product and service innovation. (author)

  20. Dynamic pricing for demand response considering market price uncertainty

    DEFF Research Database (Denmark)

    Ghazvini, Mohammad Ali Fotouhi; Soares, Joao; Morais, Hugo

    2017-01-01

    Retail energy providers (REPs) can employ different strategies such as offering demand response (DR) programs, participating in bilateral contracts, and employing self-generation distributed generation (DG) units to avoid financial losses in the volatile electricity markets. In this paper......, the problem of setting dynamic retail sales price by a REP is addressed with a robust optimization technique. In the proposed model, the REP offers price-based DR programs while it faces uncertainties in the wholesale market price. The main contribution of this paper is using a robust optimization approach...

  1. Equity Valuation

    DEFF Research Database (Denmark)

    Christensen, Peter Ove; Feltham, Gerald A.

    -coupon interest rates. We show that standard estimates of the cost of capital, based on historical stock returns, are likely to be a significantly biased measure of the firm’s cost of capital, but also that the bias is almost impossible to quantify empirically. The new approach recognizes that, in practice......We review and critically examine the standard approach to equity valuation using a constant risk-adjusted cost of capital, and we develop a new valuation approach discounting risk-adjusted fundamentals, such as expected free cash flows and residual operating income, using nominal zero...

  2. Equity Valuation

    DEFF Research Database (Denmark)

    Christensen, Peter Ove; Feltham, Gerald A.

    -coupon interest rates. We show that standard estimates of the cost of capital, based on historical stock returns, are likely to be a significantly biased measure of the firm’s cost of capital, but also that the bias is almost impossible to quantify empirically. The new approach recognizes that, in practice......, interest rates, expected equity returns, and inflation rates are all stochastic. We explicitly characterize the risk-adjustments to the fundamentals in an equilibrium setting. We show how the term structure of risk-adjustments depends on both the time-series properties of the free cash flows...

  3. 17 CFR 190.07 - Calculation of allowed net equity.

    Science.gov (United States)

    2010-04-01

    ...; and (iii) The current realizable market value, determined as of the close of the market on the last... 17 Commodity and Securities Exchanges 1 2010-04-01 2010-04-01 false Calculation of allowed net... BANKRUPTCY § 190.07 Calculation of allowed net equity. Allowed net equity shall be computed as follows: (a...

  4. Demand response in liberalized electricity markets - the Nordic case

    International Nuclear Information System (INIS)

    Bjoerndal, Mette; Lund, Arne-Christian; Rud, Linda

    2005-01-01

    The liberalization of the Nordic electricity markets started with the deregulation of the Norwegian market, and the later inclusion of Sweden, Denmark and Finland in The Nord Pool area has provided a truly international marketplace, where prices are quoted for all the Nordic countries except Iceland. The structure of the Norwegian supply side was a favorable starting point for the liberalization process with many independent (hydropower) producers and, following the Energy Act of 1991, the vertical separation of competitive production on the one hand and regulated transmission / distribution one the other hand (implemented as a requirement of separation of financial accounts). Moreover, since the mid 1990s (unregulated) retail competition has provided market based price-signals to customers, even to individual households. In this paper we will focus on the potential benefits of demand flexibility in order to enhance the performance of the electricity market in attaining optimal operation and development of the electricity system. These benefits will depend on the price elasticity of the demand. However, whether it is possible to act on price changes also depends on the information provided to and from the customers. Especially for short run flexibility, this may require two way communication devises for larger customer groups, which raises questions like who is to pay for the investments needed, and who will benefit from them. Demand response also depends on the marginal signals resulting from the different contracts offered to the customers. Today this includes ''variable'' price, spot price (based on Nord Pool Elspot) and fixed price contracts. Customer flexibility depends on the possibility of substitution for instance to other fuels / alternative energy provisions. Finally, flexibility will differ between customer classes, for instance households, industry, power intensive industry etc. In this paper we investigate demand response and customer flexibility in

  5. The Islamic Capital Market Response to the Real Earnings Management

    Directory of Open Access Journals (Sweden)

    Rita Yuliana

    2017-06-01

    Full Text Available This study aims to prove the effect of the company's status, i.e membership on the Islamic capital market and the status as suspect firm, as a determinant of real earnings management (REM. REM is conducted by abnormally increasing sales, increasing production and reducing discretionary costs in order to achieve a certain earnings target. This study uses Earnings Distribution Analysis (EDA technique, which refers to the Prospect Theory (Kahneman & Tversky, 1979 to identify the suspect firms. Suspect firms are companies that have small positive earnings. The samples of this research are companies listed on the Indonesia Stock Exchange in 2011 and 2012. Based on the result of regression analysis, hypothesis testing results show that the suspect firms conduct real earnings management in all three types of activities more aggressively than the non-suspect firms. Furthermore, this study also showed empirical evidence that there are differences in real earnings management actions between companies listed in the Islamic capital market compared to conventional capital markets. Then, this study also showed that the Islamic capital market is more appropriate in response to the REM than the conventional capital market.

  6. Analyses of demand response in Denmark[Electricity market

    Energy Technology Data Exchange (ETDEWEB)

    Moeller Andersen, F.; Grenaa Jensen, S.; Larsen, Helge V.; Meibom, P.; Ravn, H.; Skytte, K.; Togeby, M.

    2006-10-15

    Due to characteristics of the power system, costs of producing electricity vary considerably over short time intervals. Yet, many consumers do not experience corresponding variations in the price they pay for consuming electricity. The topic of this report is: are consumers willing and able to respond to short-term variations in electricity prices, and if so, what is the social benefit of consumers doing so? Taking Denmark and the Nord Pool market as a case, the report focuses on what is known as short-term consumer flexibility or demand response in the electricity market. With focus on market efficiency, efficient allocation of resources and security of supply, the report describes demand response from a micro-economic perspective and provides empirical observations and case studies. The report aims at evaluating benefits from demand response. However, only elements contributing to an overall value are presented. In addition, the analyses are limited to benefits for society, and costs of obtaining demand response are not considered. (au)

  7. Incorporating Responsiveness to Marketing Efforts in Brand Choice Modeling

    Directory of Open Access Journals (Sweden)

    Dennis Fok

    2014-02-01

    Full Text Available We put forward a brand choice model with unobserved heterogeneity that concerns responsiveness to marketing efforts. We introduce two latent segments of households. The first segment is assumed to respond to marketing efforts, while households in the second segment do not do so. Whether a specific household is a member of the first or the second segment at a specific purchase occasion is described by household-specific characteristics and characteristics concerning buying behavior. Households may switch between the two responsiveness states over time. When comparing the performance of our model with alternative choice models that account for various forms of heterogeneity for three different datasets, we find better face validity for our parameters. Our model also forecasts better.

  8. Design, Development and Implementation of Decision Support Systems for Private Equity Investment

    OpenAIRE

    Vroomen, Paul

    2017-01-01

    The objective of this research is to design, develop and implement an intelligent decision support system (IDSS) for making rational private equity investment decisions. (Private equity investments are capital investments in enterprises that are not traded on public equity markets; they include Equity Buy-Out, Venture Capital, and the new Equity Crowd Funding (ECF) asset classes). The design and development of the IDSS requires the integration of investment science (valuation theory, portfoli...

  9. Demand Response in U.S. Electricity Markets: Empirical Evidence

    OpenAIRE

    Cappers, Peter

    2009-01-01

    Empirical evidence concerning demand response (DR) resources is needed in order to establish baseline conditions, develop standardized methods to assess DR availability and performance, and to build confidence among policymakers, utilities, system operators, and stakeholders that DR resources do offer a viable, cost-effective alternative to supply-side investments. This paper summarizes the existing contribution of DR resources in U.S. electric power markets. In 2008, customers enrolled in ...

  10. 中国资本市场融资顺序新证:可转债发行公告效应研究%"Pecking order" of Chinese capital market: Effects of convertible bonds' issue announcements

    Institute of Scientific and Technical Information of China (English)

    韩立岩; 牟晖; 谢朵; 陈之安

    2007-01-01

    This paper empirically shows that the announcements of the issue of convertible bonds (CBs) by Chinese firms have significant negative effects on shareholders' wealth. We find that when the samples are partitioned by equity component negative market responses towards the announcements of issuing equity-like CBs are more than that of debt-like CBs. This finding is different from the "pecking order hypothesis" of Myers and Majluf (1984). By analyzing the firm characteristics of convertible bond issuers, we fmd that the wealth effects are negatively related to equity component, firm size and issue size of convertible bonds, and are positively related to financial leverage, liquidity structure of equity, book value of non-liquidity equity and market-to-book ratio.The underlying reason of equity finance taking precedence of bond finance in Chinese capital market can be attributed the to special "two-system-ownership structure" and corporate governance of Chinese listed companies.

  11. The power to choose. Demand response in liberalized electricity markets

    International Nuclear Information System (INIS)

    2003-01-01

    Highly volatile electricity prices are becoming a more frequent and unwanted characteristic of modern electricity wholesale markets. But low demand elasticity, mainly the result of a lack of incentives and consumers' inability to control demand, means that consumer behaviour is not reflected in the cost of energy. This study analyses the impact of price-responsive demand and shows how pricing, policy and technology can be used to inform consumer behaviour and choice. Informed choice and market-based valuation of electricity supply will ensure liberalized markets are competitive, efficient, less volatile and able to provide long term security of supply. Significant benefits will occur even if only 5% of customers become responsive to price-incentives and information. And customers will respond to well designed programs, thereby developing a role in ensuring efficient price formulation for electricity. This study analyses the economic, efficiency and security benefits and identifies the changes in electricity tariffs and the network infrastructure needed to achieve greater demand response

  12. The Impact of Marketing Mix Elements Toward Brand Equity Through Brand Awareness and Brand Image as Mediators in Bakery Industry in Indonesia

    OpenAIRE

    Chandra, Ivena Renata

    2015-01-01

    As the factor accompanying the rise of GDP of people in Indonesia, consumption habit in having meal is as well shifting from traditional staple to wheat based product such as bakery products. Knowing from this phenomenon, it is known that bakery industry in Indonesia is on the business's concern recently.The effort in having good brand equity in the consumer's eyes surely will bring long term profit for the companies that are playing in this industry. In order to have a good brand equity, mar...

  13. Responsive consumerism: empowerment in markets for health plans.

    Science.gov (United States)

    Elbel, Brian; Schlesinger, Mark

    2009-09-01

    American health policy is increasingly relying on consumerism to improve its performance. This article examines a neglected aspect of medical consumerism: the extent to which consumers respond to problems with their health plans. Using a telephone survey of five thousand consumers conducted in 2002, this article assesses how frequently consumers voice formal grievances or exit from their health plan in response to problems of differing severity. This article also examines the potential impact of this responsiveness on both individuals and the market. In addition, using cross-group comparisons of means and regressions, it looks at how the responses of "empowered" consumers compared with those who are "less empowered." The vast majority of consumers do not formally voice their complaints or exit health plans, even in response to problems with significant consequences. "Empowered" consumers are only minimally more likely to formally voice and no more likely to leave their plan. Moreover, given the greater prevalence of trivial problems, consumers are much more likely to complain or leave their plans because of problems that are not severe. Greater empowerment does not alleviate this. While much of the attention on consumerism has focused on prospective choice, understanding how consumers respond to problems is equally, if not more, important. Relying on consumers' responses as a means to protect individual consumers or influence the market for health plans is unlikely to be successful in its current form.

  14. Using item response theory to measure extreme response style in marketing research

    NARCIS (Netherlands)

    de Jong, Martijn G.; Steenkamp, Jan-Benedict E.M.; Fox, Gerardus J.A.; Baumgartner, Hans

    2008-01-01

    Extreme response style (ERS) is an important threat to the validity of survey-based marketing research. In this article, the authors present a new item response theory–based model for measuring ERS. This model contributes to the ERS literature in two ways. First, the method improves on existing

  15. DIRECT AND INDIRECT EFFECT OF BRAND CREDIBILITY, BRAND COMMITMENT AND LOYALTY INTENTIONS ON BRAND EQUITY

    OpenAIRE

    Veeva Mathew; Sam Thomas; Joseph I Injodey

    2012-01-01

    Brand equity has been and will be an area of interest for marketing managers. All marketing efforts are directed toward the development ofbrand equity. Therefore efforts are taken among the researchers, to understand the concept of brand equity as deep as possible.This paper attempts to understand the interrelationships among key formative indicators of brand equity, using beliefattitude- intention hierarchy of effects. The formative indicators include brand credibility, brand commitment, and...

  16. Market and Policy Barriers for Demand Response Providing Ancillary Services in U.S. Markets

    Energy Technology Data Exchange (ETDEWEB)

    Cappers, Peter [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States); MacDonald, Jason [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States); Goldman, Charles [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States)

    2013-03-01

    In this study, we attempt to provide a comprehensive examination of various market and policy barriers to demand response providing ancillary services in both ISO/RTO and non-ISO/RTO regions, especially at the program provider level. It is useful to classify barriers in order to create a holistic understanding and identify parties that could be responsible for their removal. This study develops a typology of barriers focusing on smaller customers that must rely on a program provider (i.e., electric investor owned utility or IOU, ARC) to create an aggregated DR resource in order to bring ancillary services to the balancing authority.ii The barriers were identified through examinations of regulatory structures, market environments, and product offerings; and discussions with industry stakeholders and regulators. In order to help illustrate the differences in barriers among various wholesale market designs and their constituent retail environments, four regions were chosen to use as case studies: Colorado, Texas, Wisconsin, and New Jersey. We highlight the experience in each area as it relates to the identified barriers.

  17. Decomposing European bond and equity volatility

    DEFF Research Database (Denmark)

    Christiansen, Charlotte

    The paper investigates volatility spillover from US and aggregate European asset markets into European national asset markets. A main contribution is that bond and equity volatilities are analyzed simultaneously. A new model belonging to the "volatilityspillover" family is suggested: The conditio...

  18. A Generalized Formulation of Demand Response under Market Environments

    Science.gov (United States)

    Nguyen, Minh Y.; Nguyen, Duc M.

    2015-06-01

    This paper presents a generalized formulation of Demand Response (DR) under deregulated electricity markets. The problem is scheduling and controls the consumption of electrical loads according to the market price to minimize the energy cost over a day. Taking into account the modeling of customers' comfort (i.e., preference), the formulation can be applied to various types of loads including what was traditionally classified as critical loads (e.g., air conditioning, lights). The proposed DR scheme is based on Dynamic Programming (DP) framework and solved by DP backward algorithm in which the stochastic optimization is used to treat the uncertainty, if any occurred in the problem. The proposed formulation is examined with the DR problem of different loads, including Heat Ventilation and Air Conditioning (HVAC), Electric Vehicles (EVs) and a newly DR on the water supply systems of commercial buildings. The result of simulation shows significant saving can be achieved in comparison with their traditional (On/Off) scheme.

  19. Perceived importance and responsibility for market-driven pig welfare

    DEFF Research Database (Denmark)

    Thorslund, Cecilie Agnete H; Aaslyng, Margit Dall; Lassen, Jesper

    2017-01-01

    This review explores barriers and opportunities for market-driven pig welfare in Europe. It finds, first, that consumers generally rank animal welfare as important, but they also rank it low relative to other societal problems. Second, consumers have a wide range of concerns about pig welfare......, but they focus especially on naturalness. Third, pig welfare is seen as an important indicator of meat quality. Fourth, consumers tend to think that responsibility for pig welfare lies with several actors: farmers, governments and themselves. The paper concludes that there is an opportunity for the market......-driven strategy to sell a narrative about naturalness supplemented with other attractive qualities (such as eating quality). It also emphasizes that pig welfare needs to be on the political/societal agenda permanently if it is to be viewed as an important issue by consumers and if consumers are to assume some...

  20. Modeling and prioritizing demand response programs in power markets

    International Nuclear Information System (INIS)

    Aalami, H.A.; Moghaddam, M. Parsa; Yousefi, G.R.

    2010-01-01

    One of the responsibilities of power market regulator is setting rules for selecting and prioritizing demand response (DR) programs. There are many different alternatives of DR programs for improving load profile characteristics and achieving customers' satisfaction. Regulator should find the optimal solution which reflects the perspectives of each DR stakeholder. Multi Attribute Decision Making (MADM) is a proper method for handling such optimization problems. In this paper, an extended responsive load economic model is developed. The model is based on price elasticity and customer benefit function. Prioritizing of DR programs can be realized by means of Technique for Order Preference by Similarity to Ideal Solution (TOPSIS) method. Considerations of ISO/utility/customer regarding the weighting of attributes are encountered by entropy method. An Analytical Hierarchy Process (AHP) is used for selecting the most effective DR program. Numerical studies are conducted on the load curve of the Iranian power grid in 2007. (author)

  1. Equity valuation of Tesco Plc.

    OpenAIRE

    Schmitz, Clemens

    2015-01-01

    This dissertation aimed to value the British retailer Tesco Plc. The objective was to determine a target price for the company and as a consequence determine a buy or sell recommendation when comparing it to the current market price. After the state of the art of literature regarding equity valuation has been assessed, the retail industry as well as Tesco have been analysed in more detail. Based on this, the retail business of Tesco has been valued using the Adjusted Present Va...

  2. Young women's preferences for market work: responses to marital events.

    Science.gov (United States)

    Spitze, G D; Waite, L J

    1981-01-01

    A causal model of changes in women's longrun tastes for paid employment was developed. It is based on the premise that women have a certain preference for market versus home work at the beginning of a year and that during the year some women experience a marital event, which may be a 1st marriage, a 1st birth, or the breakup of an existing marriage. This marital event may then cause some of the women experiencing it to revise their relative tastes for employment and work in the home. It is argued that changes in the level of such resources as time and money and changes in feelings of personal fulfillment that occur as a result of marriage, 1st birth, or divorce are responsible for alterations in market work preferences. Data from the National Longitudinal Survey of Young Women were used to examine how women's relative preference for market work and home work are affected by the transitions of 1st marriage, marital dissolution, and 1st birth. This survey includes yearly data on over 5000 young women over a recent 5 year period. Personal interviews were conducted with a national probability sample of the noninstitutionalized female population age 14-24 in 1968, with yearly reinterviews through 1973. The impact of a 1st marriage during a year on preference for market work at the end of that year was consistently negative from ages 14 through 23. The likelihood that a young woman prefers market to home work at age 35 decreases from 10-20 percentage points upon 1st marriage. Women who first marry beyond age 24 experience no change in preferences for labor force participation. The positive impact of marital dissolution on a young woman's preference for labor force participation was substantial--between 18 and 29 percentage points--and tended to be higher the later it occurred. The experience of marital dissolution causes women to need to prepare for work. The results suggest that it also increases their desire to work. A 1st birth had no immediate impact but was followed

  3. Craft's brand equity in CZ, focusing on canoeing

    OpenAIRE

    Šťastný, Šimon

    2013-01-01

    Title: Craft's brand equity in CZ, focusing on flat water canoeing. Objectives: The objective of this dissertation is to find out what is the Craft's brand equity and to suggest how to improve it on the Czech market. That would be based on marketing research and supplementary interview. I will be using marketing research and supplementary interview. Methods: In this dissertation the method of electronic questioning was used. The questionnaires were sent by email address after first contact on...

  4. Pay equity, minimum wage and equality at work

    OpenAIRE

    Rubery, Jill

    2003-01-01

    Reviews the underlying causes of pay discrimination embedded within the organization of the labour market and structures of pay and reward. Discusses the need to focus on pay equity as part of a general strategy of promoting equity and decent work and examines the case for using minimum wage policies in comparison to more targeted equal pay policies to reduce gender pay equity. Identifies potential obstacles to or support for such policies and describes experiences of the use of minimum wages...

  5. The effect of customer-base reputation on brand equity

    OpenAIRE

    Shahriyar Azizi; Behnaz Roustaian; Manizghe Gharache; Bahman Hajipour

    2016-01-01

    Among the most important sectors of Iranian economy is banking, an industry which has become more competitive over the recent decade. An objective of banks marketing is to increase brand equity. Since reputation is an important factor in improvement of brand equity, the present research evaluated the impact of bank customer-based reputation on total brand equity. A survey was conducted in Tehran metropolitan area, with the sample size of 246 people. Findings showed the positive impact of bank...

  6. 7 CFR 27.11 - Area Director, Marketing Services Office; responsibility.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 2 2010-01-01 2010-01-01 false Area Director, Marketing Services Office... MARKETING SERVICE (Standards, Inspections, Marketing Practices), DEPARTMENT OF AGRICULTURE COMMODITY... Regulations Administration § 27.11 Area Director, Marketing Services Office; responsibility. Subject to this...

  7. Effects of Demand Response on Retail and Wholesale Power Markets

    Energy Technology Data Exchange (ETDEWEB)

    Chassin, David P.; Kalsi, Karanjit

    2012-07-26

    Demand response has grown to be a part of the repertoire of resources used by utilities to manage the balance between generation and load. In recent years, advances in communications and control technology have enabled utilities to consider continuously controlling demand response to meet generation, rather than the other way around. This paper discusses the economic applications of a general method for load resource analysis that parallels the approach used to analyze generation resources and uses the method to examine the results of the US Department of Energy’s Olympic Peninsula Demonstration Testbed. A market-based closed-loop system of controllable assets is discussed with necessary and sufficient conditions on system controllability, observability and stability derived.

  8. Market integration of responsive customers : application to energy and balancing markets

    Energy Technology Data Exchange (ETDEWEB)

    Alvarez, C.; Valencia, I.; Alcazar, M. [Univ. Politecnica de Valencia, Valencia (Spain). Inst. of Energy Engineering; Gabaldon, A.; Escriva, G. [Univ. Politecnica de Cartagena, Cartagena (Spain). Dept. of Electrical Engineering

    2009-07-01

    Demand response management methods are now being adopted by many deregulated electric utilities. This article presented details of a method designed to create offers and bids for large electricity customers. The method was developed to analyze daily and monthly energy consumption rates and participation in energy and ancillary service markets in Spain. A simulation was used to analyze day-ahead, inter-daily, and balancing scenarios. Peak demand in winter and summer months was characterized. Energy consumption was analyzed for different demand packages related to air conditioning, outdoor lighting, indoor lighting, and other domestic loads. Prices for each package were calculated in order to assess demand reduction capabilities. Differences between real consumption levels and energy prices bought at real-time prices were compared. An overview of Spanish electricity market structures was provided. Results of the study showed that electricity customers may benefit from participating in demand response programs. It was concluded that lower prices obtained during periods of low electricity production outweighed the higher costs of peak electricity periods. 13 refs., 3 tabs., 9 figs.

  9. Market integration of responsive customers : application to energy and balancing markets

    International Nuclear Information System (INIS)

    Alvarez, C.; Valencia, I.; Alcazar, M.; Gabaldon, A.; Escriva, G.

    2009-01-01

    Demand response management methods are now being adopted by many deregulated electric utilities. This article presented details of a method designed to create offers and bids for large electricity customers. The method was developed to analyze daily and monthly energy consumption rates and participation in energy and ancillary service markets in Spain. A simulation was used to analyze day-ahead, inter-daily, and balancing scenarios. Peak demand in winter and summer months was characterized. Energy consumption was analyzed for different demand packages related to air conditioning, outdoor lighting, indoor lighting, and other domestic loads. Prices for each package were calculated in order to assess demand reduction capabilities. Differences between real consumption levels and energy prices bought at real-time prices were compared. An overview of Spanish electricity market structures was provided. Results of the study showed that electricity customers may benefit from participating in demand response programs. It was concluded that lower prices obtained during periods of low electricity production outweighed the higher costs of peak electricity periods. 13 refs., 3 tabs., 9 figs

  10. Customer Equity von KMUs

    NARCIS (Netherlands)

    Biemel, Friedhelm W.; Henseler, Jörg; Meyer, Jorn-Axel

    2003-01-01

    Customer relationships are most important assets of many SMEs. Customer Equity is the sum of the values of all customer relationships. Customer Equity will not be found in any balance sheet, nevertheless it has strategic importance. Even if companies do not want to publish their Customer Equity for

  11. OIL PRICES AND THE KUWAITI AND THE SAUDI STOCK MARKETS

    Directory of Open Access Journals (Sweden)

    Samih Antoine Azar

    2013-01-01

    Full Text Available The purpose of this paper is to test the impact of oil price shocks on the stock markets of the two biggest and most liquid GCC equity markets, those of Kuwait and Saudi Arabia. It is expected that the two stock markets react similarly to oil price shocks. Actually the results show heterogeneity in responses. While there is prima facie evidence that both stock markets are influenced positively and linearly by oil price shocks, this evidence disappears when additional variables are added to the regressions. With the larger specification oil price shocks do not impact, neither linearly or non-linearly, Kuwaiti stock markets. By contrast Saudi markets react non-linearly to both oil price shocks and shocks in the US S&P 500. The only common feature for both equity markets is the positive relation with the shocks in the US S&P 500.

  12. Generalized financial ratios to predict the equity premium

    NARCIS (Netherlands)

    Algaba, Andres; Boudt, Kris

    2017-01-01

    Empirical evidence for the price-dividend ratio to be a predictor of the equity premium is weak. We argue that changes in the economic conditions and market composition lead to a time-varying relationship between prices, dividends and the equity premium. Exploiting the information in the rolling

  13. Public Value Mapping of Equity in Emerging Nanomedicine

    Science.gov (United States)

    Slade, Catherine P.

    2011-01-01

    Public values failure occurs when the market and the public sector fail to provide goods and services required to achieve the core values of society such as equity (Bozeman 2007). That public policy for emerging health technologies should address intrinsic societal values such as equity is not a novel concept. However, the ways that the public…

  14. Forestry and the carbon market response to stabilize climate

    International Nuclear Information System (INIS)

    Tavoni, Massimo; Sohngen, Brent; Bosetti, Valentina

    2007-01-01

    This paper investigates the potential contribution of forestry management in meeting a CO 2 stabilization policy of 550 ppmv by 2100. In order to assess the optimal response of the carbon market to forest sequestration, we couple two global models. An energy-economy-climate model for the study of climate policies is linked with a detailed forestry model through an iterative procedure to provide the optimal abatement strategy. Results show that forestry is a determinant abatement option and could lead to significantly lower policy costs if included. Linking forestry management to the carbon market has the potential to alleviate the policy burden of 50 ppmv or equivalently of 1/4 deg. C, and to significantly decrease the price of carbon. Biological sequestration will mostly come from avoided deforestation in tropical-forest-rich countries. The inclusion of this mitigation option is demonstrated to crowd out some of the traditional abatement in the energy sector and to lessen induced technological change in clean technologies

  15. Market Design Project. Demand Response Resources in Sweden - a summary

    International Nuclear Information System (INIS)

    Fritz, Peter

    2006-06-01

    An important discussion in later years has been whether the necessary reserves in the electricity market are to be generated through normal market mechanisms, i.e. with the price as the primary controlling parameter, or if it requires a collectively financed capacity reserve and how regulations in such a case should be shaped. The issue is first and foremost a matter of where the line is drawn between that which 'the market' should handle and that which can be assured through regulation. Autumn 2002 Svenska Kraftnaet (the Swedish TSO) presented an investigation to the government in which it was suggested that the capacity balance should primarily be managed through the use of normal pricing mechanisms, but that the state should strengthen responsibility for the nation's capacity balance in the period up until 2008. When approaching an effect loss situation, spot prices and balancing power prices will skyrocket. Today, most people are in agreement that a condition for maintained delivery safety is that normal pricing mechanisms are in place and that consumption actually is affected by high prices. The main reason for this conclusion is that it is very expensive to keep production facilities in reserve for situations that are expected to occur very seldom - it is cheaper to encourage large customers to reduce their consumption. The other reason is that increased price sensitivity creates conditions for a more stable and more predictable pricing development in strained situations. While being aware that a response to increased demand is needed, we see too little of that on the market today. The aim of this project is to present concrete measures that will awaken this slumbering resource. In order to judge how much demand response that can reasonably be expected and if there is any financial gain for customers, electricity suppliers and grid operators; it has been necessary to cast a few predictions about future price peaks. We estimate price peaks in the 3-10 SEK

  16. Coordination of Retail Demand Response with Midwest ISO Markets

    Energy Technology Data Exchange (ETDEWEB)

    Bharvirkar, Ranjit; Bharvirkar, Ranjit; Goldman, Charles; Heffner, Grayson; Sedano, Richard

    2008-05-27

    The Organization of Midwest ISO States (OMS) launched the Midwest Demand Resource Initiative (MWDRI) in 2007 to identify barriers to deploying demand response (DR) resources in the Midwest Independent System Operator (MISO) region and develop policies to overcome them. The MWDRI stakeholders decided that a useful initial activity would be to develop more detailed information on existing retail DR programs and dynamic pricing tariffs, program rules, and utility operating practices. This additional detail could then be used to assess any"seams issues" affecting coordination and integration of retail DR resources with MISO's wholesale markets. Working with state regulatory agencies, we conducted a detailed survey of existing DR programs, dynamic pricing tariffs, and their features in MISO states. Utilities were asked to provide information on advance notice requirements to customers, operational triggers used to call events (e.g. system emergencies, market conditions, local emergencies), use of these DR resources to meet planning reserves requirements, DR resource availability (e.g., seasonal, annual), participant incentive structures, and monitoring and verification (M&V) protocols. This report describes the results of this comprehensive survey and discusses policy implications for integrating legacy retail DR programs and dynamic pricing tariffs into organized wholesale markets. Survey responses from 37 MISO members and 4 non-members provided information on 141 DR programs and dynamic pricing tariffs with a peak load reduction potential of 4,727 MW of retail DR resource. Major findings of this study area:- About 72percent of available DR is from interruptible rate tariffs offered to large commercial and industrial customers, while direct load control (DLC) programs account for ~;;18percent. Almost 90percent of the DR resources included in this survey are provided by investor-owned utilities. - Approximately, 90percent of the DR resources are available with less than

  17. Marketing Verde: responsabilidade social e ambiental integradas na envolvente de marketingGreen Marketing: integrated social and environmental responsibility in the marketing environmentMarketing Verde: responsabilidad social y ambiental integrada en la envolvente de marketing

    Directory of Open Access Journals (Sweden)

    DALMORO, Marlon

    2009-03-01

    Full Text Available RESUMOO presente estudo tem como objetivo principal analisar e descrever como a responsabilidade social e ambiental está integrada na envolvente de marketing de uma unidade franqueada da Companhia Coca-Cola. Ao encontro das percepções de Karna, Hansen e Juslin (2001, a envolvente de marketing é descrita, baseada em três níveis hierárquicos: marketing estratégico, estrutural e funcional. Neste sentido, realizou-se uma abordagem qualitativa com estudo de caso, no qual os dados foram coletados, por meio de entrevistas semiestruturadas com pessoas envolvidas no processo de gestão ambiental e social da empresa franqueada. No tratamento dos dados foi utilizada análise de conteúdo. Na percepção dos entrevistados, a empresa encontra-se em um avançado processo de integração em toda a organização de uma cultura de marketing verde, principalmente, pela relação de franqueado, mantida com a Companhia Coca-Cola. Observou-se que a empresa franqueada, bem como a companhia, de modo geral, encontram-se numa situação pró-ativa em termos de marketing verde, mesmo que o ambiente institucional não cumpra com o seu papel na plenitude.ABSTRACTThis study aims to describe and analyze as social and environmental responsibility is integrated in the marketing strategy of a Coca-Cola Company franchisee. By the perceptions of Karna, Hansen and Juslin (2001, environment marketing is described based on three hierarchical levels: strategic, structural and functional marketing. There has been developed a qualitative approach through case study, in which the data were collected through semi-structured interviews with people involved in the process of environmental and social management of the franchisee company. Data treatment was used in the analysis of content. In the interviewer’s perception, the company is in advanced process of integration across the organization of a green marketing culture, primarily by the relationship of the franchisee maintained

  18. Democracy, "Sector-Blindness" and the Delegitimation of Dissent in Neoliberal Education Policy: A Response to "Discourse" 34(2), May 2013

    Science.gov (United States)

    Morsy, Leila; Gulson, Kalervo; Clarke, Matthew

    2014-01-01

    As a response to the 2013 special issue of "Discourse" on marketisation and equity in education, this paper suggests it is important to understand how school sectors (independent, Catholic and government) continue to play a significant role in how we constitute education, markets and equity in Australia. The first part of this paper…

  19. Pengaruh Strategi Bisnis Perusahaan dan Kompetisi Pasar Ekuitas terhadap Risiko Crash Harga Saham dengan Overvalued Equities sebagai Variabel Mediasi

    OpenAIRE

    Arianwuri, Fidya Gumilang; T, Sutrisno; Prihatiningtyas, Yeney Widya

    2017-01-01

    Business Strategy, Equity Market Competition, Overvalued Equities, and Stock Price CrashRisk. The purpose of this research is to examine the influence of prospector business strategyand defender business strategy, equity market competition, and indirect effect of prospectorbusiness strategy on stock price crash risk through ovevalued equities. The sample of thisresearch are 192 companies that are divided into 96 prospector business strategy and 96 defender business strategy during 2010-2016. ...

  20. Administrative Challenges and Response Strategies to the Job Performance of Marketing Department Chairs.

    Science.gov (United States)

    Dyer, Beverly G.; Miller, Michael T.

    This study reports on the job challenges and corresponding response strategies that department chairs at graduate and undergraduate colleges and universities encounter and rely upon. Literature and research related to marketing department chairs, marketing education, and marketing majors indicates that business schools have come under attack by…

  1. Social marketing and social responsibility of the business: intercoupling and results

    OpenAIRE

    T.V. Shtal; O.O. Tyshchenko

    2012-01-01

    In article is considered problem of social marketing concepts use, problems of provision business-structures to social responsibility and competitiveness provision as criterion to efficiency social-oriented marketing programs. Author not only sets the problem install the correspondence between specified category, but also reveal the criterion to social-directed marketing decisions efficiency.

  2. Addressing Gender Equity in Nonfaculty Salaries.

    Science.gov (United States)

    Toukoushian, Robert K.

    2000-01-01

    Discusses methodology of gender equity studies on noninstructional employees of colleges and universities, including variable selection in the multiple regression model and alternative approaches for measuring wage gaps. Analysis of staff data at one institution finds that experience and market differences account for 80 percent of gender pay…

  3. Market response to external events and interventions in spherical minority games

    International Nuclear Information System (INIS)

    Papadopoulos, P; Coolen, A C C

    2008-01-01

    We solve the dynamics of large spherical minority games (MG) in the presence of non-negligible time-dependent external contributions to the overall market bid. The latter represent the actions of market regulators or other major natural or political events that impact on the market. In contrast to non-spherical MGs, the spherical formulation allows one to derive closed dynamical order parameter equations in an explicit form and work out the market's response to such events fully analytically. We focus on a comparison between the response to stationary versus oscillating market interventions, and reveal profound and partially unexpected differences in terms of transition lines and the volatility

  4. Effects of Inbound Marketing Communications on HEIs' Brand Equity: The Mediating Role of the Student's Decision-Making Process. An Exploratory Research

    Science.gov (United States)

    Royo-Vela, Marcelo; Hünermund, Ute

    2016-01-01

    A context of increased competition between higher education institutions (HEIs) for attracting potential national and international students has led universities to implement marketing communication strategies. Those strategies which are used to some extent include, among others, interactive inbound marketing. The purpose of the present…

  5. The responsibility of nuclear suppliers in the international market

    International Nuclear Information System (INIS)

    Thiessen, C.W.; Cotton, J.D.; Tait, B.I.

    1978-01-01

    As a result of escalating oil prices, the developing countries are more and more turning to nuclear energy. As these countries become a more significant part of the international market, unique issues must be faced by the utility and country concerned and the nuclear supplier. A fundamental prerequisite of a successful supplier/customer relationship is a good relationship between their two governments. The supplier can fulfil an effective liaison function to ensure efficiency of communications in this area. In the preplanning phase the supplier can play a major role in supplying information relative to siting, unit size, system planning and plant economics. Once the nuclear choice is made, the pros and cons of purchasing plants on a turnkey versus non-turnkey basis must be weighed. The customer must balance his available resources and experience against his desires for acquisition of overall plant and systems knowledge. During the planning and procurement phase the subject of training, maintenance and service facilities can be an effective part of a comprehensive nuclear programme. In fact, local training and service centres could logically be the first step of a long-term localization effort. With respect to localization the supplier should be capable and experienced in developing this capability and willing to make a long-term commitment in this area. Through a clearer understanding of the responsibilities of the nuclear supplier and a clear delineation of his role, developing nations can more adequately assess the basis upon which to move forward on a nuclear programme. (author)

  6. Financial market response to extreme events indicating climatic change

    Science.gov (United States)

    Anttila-Hughes, J. K.

    2016-05-01

    A variety of recent extreme climatic events are considered to be strong evidence that the climate is warming, but these incremental advances in certainty often seem ignored by non-scientists. I identify two unusual types of events that are considered to be evidence of climate change, announcements by NASA that the global annual average temperature has set a new record, and the sudden collapse of major polar ice shelves, and then conduct an event study to test whether news of these events changes investors' valuation of energy companies, a subset of firms whose future performance is closely tied to climate change. I find evidence that both classes of events have influenced energy stock prices since the 1990s, with record temperature announcements on average associated with negative returns and ice shelf collapses associated with positive returns. I identify a variety of plausible mechanisms that may be driving these differential responses, discuss implications for energy markets' views on long-term regulatory risk, and conclude that investors not only pay attention to scientifically significant climate events, but discriminate between signals carrying different information about the nature of climatic change.

  7. Decomposing European bond and equity volatility

    OpenAIRE

    Christiansen, Charlotte

    2004-01-01

    The paper investigates volatility spillover from US and aggregate European asset markets into European national asset markets. A main contribution is that bond and equity volatilities are analyzed simultaneously. A new model belonging to the "volatilityspillover" family is suggested: The conditional variance of e.g. the unexpected German stock return is divided into separate effects from the contemporaneous idiosyncratic variance of US bonds, US stocks, European bonds, European stocks, German...

  8. The relationship between size, book-to-market equity ratio, earnings–price ratio, and return for the Tehran stock Exchange

    Directory of Open Access Journals (Sweden)

    Mohammad Ali Sadeghi Lafmejani

    2016-01-01

    Full Text Available This paper presents an empirical investigation to determine whether or there is any difference between the returns of two value and growth portfolios, sorted by price-to-earnings (P/E and price-to-book value (P/BV, in terms of the ratios of market sensitivity to index (β, firm size and market liquidity in listed firms in Tehran Stock Exchange (TSE over the period 2001-2008. The selected firms were collected from those with existing two-consecutive positive P/E and P/BV ratios and by excluding financial and holding firms. There were five independent variables for the proposed study of this paper including P/E, P/B, market size, market sensitivity beta (β and market liquidity. In each year, we first sort firms in non-decreasing order and setup four set of portfolios with equal firms. Therefore, the first portfolio with the lowest P/E ratio is called value portfolio and the last one with the highest P/E ratio is called growth portfolio. This process was repeated based on P/BV ratio to determine value and growth portfolios, accordingly. The study investigated the characteristics of two portfolios based on firm size, β and liquidity. The study has implemented t-student and Levin’s test to examine different hypotheses and the results have indicated mix effects of market sensitivity, firm size and market liquidity on returns of the firms in various periods.

  9. DEVELOPMENT OF THE CONCEPT OF CORPORATE SOCIAL RESPONSIBILITY IN TRADE UNDER CONDITIONS OF MARKET GLOBALISATION

    OpenAIRE

    Svetlana Sokolov Mladenovic, Djordje Cuzovic,

    2015-01-01

    Under contemporary business conditions, market globalisation has become inevitable. Such relationships on the market make trade companies use different means to acquire and maintain long-term competitive advantage. One of them is the concept of corporate social responsibility, which is, under conditions of globalisation, seen as a redesign of the classic marketing concept. The aim of this paper is to highlight the development of corporate social responsibility in trade, in the context of mark...

  10. Investigating the effects of different levels of CRM investment on development of brand equity

    Directory of Open Access Journals (Sweden)

    Hamed Abbasi

    2014-04-01

    Full Text Available This paper investigates the effects of different marketing strategies including basic marketing, reactive marketing, accountable marketing, proactive marketing and partnership marketing on brand equity. The proposed study uses two questionnaires, one for measuring the effects of different marketing strategies and the other for brand equity in Likert scale. Cronbach alphas for brand equity and marketing strategies are calculated as 0.71 and 0.86, respectively. The study has been implemented among 385 regular customers of a Picnic Gas distributer in city of Karaj, Iran. Using Spearman correlation ratio as well as stepwise regression analysis, the study has detected that there were positive and meaningful relationship between marketing strategies and brand equity.

  11. Enabling demand response by extending the European electricity markets with a real-time market

    NARCIS (Netherlands)

    Nyeng, P.; Kok, K.; Pineda, S.; Grande, O.; Sprooten, J.; Hebb, B.; Nieuwenhout, F.

    2013-01-01

    The EcoGrid concept proposes to extend the current wholesale electricity market to allow participation of Distributed Energy Resources (DERs) and domestic end-consumers in system balancing. Taking advantage of the smart grid technology, the EcoGrid market publishes the real-time prices that entail

  12. Market Segmentation, Information Asymmetry and Investor Responses in the Chinese A- and B- Markets

    Directory of Open Access Journals (Sweden)

    Juan Yao

    2014-03-01

    Full Text Available This paper examines changes in returns and trading volumes around earnings announcements for firms which have both A-shares (traditionally for local investors only and B-shares (traditionally for foreign investors only in China. It considers the impact of regulatory changes which reduced the segmentation of local and foreign investors across the two classes of shares. We find that both the A- and B-markets experience significant price changes around earning announcements. When the two markets are fully segmented, the magnitude of price changes in the A-share market are significantly smaller than the B-market which lends empirical support to the previous claim that the B-market is less informed. The changes in trading volume indicate that the B-market investors have less divergent expectations and interpretations of the pre-disclosure information compared to the A-market investors.However, when regulatory changes reduced the level of segmentation, the price and volume reactions in the two markets became more consistent. The results suggest that the A- and Bmarkets are more integrated as a result of the regulatory changes.

  13. Which electricity market design to encourage the development of demand response?

    OpenAIRE

    Vincent Rious, Fabien Roques and Yannick Perez

    2012-01-01

    Demand response is a cornerstone problem in electricity markets under climate change constraint. Most liberalized electricity markets have a poor track record at encouraging the deployment of smart meters and the development of demand response. In Europe, different models are considered for demand response, from a development under a regulated regime to a development under competitive perspectives. In this paper, focusing on demand response and smart metering for mid-size and small consumers,...

  14. Which electricity market design to encourage the development of demand response?

    OpenAIRE

    Rious , Vincent; Perez , Yannick; Roques , Fabien

    2015-01-01

    International audience; Demand response is a cornerstone problem in electricity markets under climate change constraints. Most liberalized electricity markets have a poor track record at encouraging the deployment of smart meters and the development of demand response. In Europe, different models are considered for demand response, from a development under a regulated regime to a development under competitive perspectives. In this paper focusing on demand response and smart metering for mid-­...

  15. The equity price channel in a New-Keynesian DSGE model with financial frictions and banking

    OpenAIRE

    Hylton Hollander; Guangling Liu

    2013-01-01

    This paper studies the role of the equity price channel in business cycle fluctuations, and highlights the equity price channel as a different aspect to general equilibrium models with financial frictions and, as a result, emphasizes the systemic influence of financial markets on the real economy. We develop a canonical New-Keynesian DSGE model with a tractable role for the equity market in banking, entrepreneur and household economic activities. The model is estimated with Bayesian technique...

  16. Direct-to-consumer stem cell marketing and regulatory responses.

    Science.gov (United States)

    Sipp, Douglas

    2013-09-01

    There is a large, poorly regulated international market of putative stem cell products, including transplants of processed autologous stem cells from various tissues, cell processing devices, cosmetics, and nutritional supplements. Despite the absence of rigorous scientific research in the form of randomized clinical trials to support the routine use of such products, the market appears to be growing and diversifying. Very few stem cell biologics have passed regulatory scrutiny, and authorities in many countries, including the United States, have begun to step up their enforcement activities to protect patients and the integrity of health care markets.

  17. Customer response to day-ahead market hourly pricing: Choices and performance

    International Nuclear Information System (INIS)

    Hopper, Nicole; Goldman, Charles; Bharvirkar, Ranjit; Neenan, Bernie

    2006-01-01

    Real-time pricing (RTP) has been advocated to address extreme price volatility and market power in electricity markets. This study of Niagara Mohawk Power Corporation's largest customers analyzes their choices and performance in response to day-ahead, default-service RTP. Overall price response is modest: 119 customers are estimated to reduce their peak demand by about 10% at high prices. Manufacturing customers are most responsive with a price elasticity of 0.16, followed by government/education customers (0.11), while commercial/retail, healthcare and public works customers are, at present, relatively unresponsive. Within market segments, individual customer response varies significantly. (author)

  18. Margin Requirements and Equity Option Returns

    DEFF Research Database (Denmark)

    Hitzemann, Steffen; Hofmann, Michael; Uhrig-Homburg, Marliese

    In equity option markets, traders face margin requirements both for the options themselves and for hedging-related positions in the underlying stock market. We show that these requirements carry a significant margin premium in the cross-section of equity option returns. The sign of the margin...... premium depends on demand pressure: If end-users are on the long side of the market, option returns decrease with margins, while they increase otherwise. Our results are statistically and economically significant and robust to different margin specifications and various control variables. We explain our...... findings by a model of funding-constrained derivatives dealers that require compensation for satisfying end-users’ option demand....

  19. Margin Requirements and Equity Option Returns

    DEFF Research Database (Denmark)

    Hitzemann, Steffen; Hofmann, Michael; Uhrig-Homburg, Marliese

    In equity option markets, traders face margin requirements both for the options themselves and for hedging-related positions in the underlying stock market. We show that these requirements carry a significant "margin premium" in the cross-section of equity option returns. The sign of the margin...... premium depends on demand pressure: If end-users are on the long side of the market, option returns decrease with margins, while they increase otherwise. Our results are statistically and economically significant and robust to different margin specifications and various control variables. We explain our...... findings by a model of funding-constrained derivatives dealers that require compensation for satisfying end-users’ option demand....

  20. 'A COMPARISON OF FINANCIAL PERFORMANCE AND INVESTMENT STYLES FOR SOCIALLY RESPONSIBLE AND CONVENTIONAL INVESTMENT INDICES IN THE UNITED STATES'

    OpenAIRE

    Amish, Patel

    2013-01-01

    This paper investigates comparing the financial performance for socially responsible investment equity indices and conventional investment equity indices in the United States, accounting for the recent financial crisis. Two conventional indices are used as a benchmark to four socially responsible indices. The conventional indices used in this paper are the S&P500 Index and CRSP Total Market Index. The socially responsible indices used are the Calvert Social Index, FTSE4Good U.S. Select Index,...

  1. Managing Consumer-Based Brand Equity in Higher Education

    Directory of Open Access Journals (Sweden)

    Tina Vukasovic

    2015-03-01

    Full Text Available The purpose of this study is to establish the key elements of brand equity for international students by exploring existing brand equity theory in its applicability to international higher education (HE. The main objective of this research is to enhance academic understanding of brand equity in the HE sector and explore the implications for management practice. Quantitative data collected via a self-completion survey are used to test a model of brand equity in the context of HE. The empirical setting is Slovenia, which has a mixture of public and private provision and an increasingly competitive environment. The results provide support for the proposed conceptual model, with image-related and awareness-related determinants. The findings of this research provided evidence that the customer-based brand equity model can be applied to the HE context as an element of competitive advantage and used to guide marketing activities for Universities internationally.

  2. Marketing communication and automatic consumer responses : a context dependency perspective

    NARCIS (Netherlands)

    Fransen, M.L.

    2008-01-01

    Brands, advertisements and persuasive messages have become part of our daily lives. It is almost impossible to spend a whole day without being exposed to a multitude of marketing expressions trying to inform, persuade, and seduce us into buying all kinds of products. The present dissertation

  3. Market segmentation and positioning: matching creativity with fiscal responsibility.

    Science.gov (United States)

    Kiener, M E

    1989-01-01

    This paper describes an approach to continuing professional education (CPE) program development in nursing within a university environment that utilizes the concepts of market segmentation and positioning. Use of these strategies enables the academic CPE enterprise to move beyond traditional needs assessment practices to create more successful and better-managed CPE programs.

  4. Distribution of Responsibility for Social Security and Labour Market Policy

    DEFF Research Database (Denmark)

    Madsen, Per Kongshøj

    It is shown that legislation of unemployment insurance and active labour market policy is set by the national government. Legislation with respect to employment protection, however, is largely left to the social partners, i.e. the dismissal of salaried workers is regulated by a special piece...

  5. The effects of social media marketing activities on the customer equity drivers and on purchase intention: focus on luxury fashion brands

    OpenAIRE

    Alves, Ana Isabel Guedes Serra

    2016-01-01

    Dissertação de mestrado em Marketing e Estratégia Vive-se, atualmente, uma revolução no que concerne ao modo como as pessoas, em todo o Mundo comunicam e interagem. Esta comunicação globalizada iniciou uma mudança nos padrões de relacionamento não apenas entre os indivíduos mas também na comunicação realizada entre organizações e consumidores. Através de atividades de social media marketing e das plataformas de social media o consumidor conseguiu integrar-se no processo de p...

  6. Performance Evaluation of Equity Mutual Funds in Indonesia

    Directory of Open Access Journals (Sweden)

    Irene Rini Demi Pangestuti

    2017-11-01

    Full Text Available Mutual funds considered as an investment alternative for investors. One type of mutual fund that attracts many investors was the equity mutual funds. Equity mutual fund is a type of mutual funds that most part of the investment consists of stocks in the capital market so the risk rate was higher than the other types of mutual funds. For its different characteristic, the measurement for equity funds performance did not be same with other types of mutual funds. As a stock portfolio, equity mutual funds can be measured by portfolio measurement methods such as Sharpe Index, Treynor Ratio, Jensen Index, Adjusted Sharpe Index, Adjusted Jensen Index, and Sortino Ratio. This study was conducted by using all of those performance measurements as most research in Indonesia was conducted by using limited performance measurements (focusing on Sharpe Index, Treynor Ratio, and Jensen Index. This study aims to evaluated the performance of 42 equity mutual funds available in Indonesia by employing Sharpe Index, Treynor Ratio, Jensen Index, Adjusted Sharpe Index (ASI, Adjusted Jensen Index (AJI, and Sortino Ratio because most previous researches in Indonesian setting disregards ASI and AJI. In general, it was concluded that the SAM Indonesian Equity was the best performing equity fund during the study period. It was further found that most equity mutual fund studied have been well diversified.

  7. Decomposition of Domestic and International Linkages of the Korean Financial Markets

    Directory of Open Access Journals (Sweden)

    Taiki Lee

    2009-12-01

    Full Text Available A large degree of co-movements across financial markets within and between countries has been frequently observed worldwide and these co-movements intensify in times of financial crisis such as the recent financial turmoil triggered by the US sub-prime mortgage crisis. The aim of this paper is to analyze the degrees of financial linkages between four major markets of the US and Korea: money markets, bond markets, equity markets and foreign exchange markets. To break down the structures of these linkages, we fully identify a structural VAR without any ad-hoc restrictions using the methodology of Rigobon (2003. In addition to confirming that there are significant contemporaneous linkages across US asset prices and across Korean asset prices, we quantify and analyze the channels of international cross-market transmission of shocks between the US and Korea, comparing them with the Japanese cases. The main results are as follows. First, there are no significant substitution effects between bond and equity markets in Korea. Second, the US equity market shocks have a substantial effect on the Korean stock market while the US bond and equity market shocks don't on the Korean interest rates. Third, the Korea stock market shocks have a significant impact on the won-dollar exchange rate while the Korean bond market shocks don't. Fourth, Japan shows the similar international linkages as Korea even though it is a large open economy. However, the yen-dollar exchange rate responses to the Japanese bond market shocks, not the Japanese stock market shocks.

  8. Rock Equity Holdings, LLC

    Science.gov (United States)

    The EPA is providing notice of an Administrative Penalty Assessment in the form of an Expedited Storm Water Settlement Agreement against Rock Equity Holdings, LLC, for alleged violations at The Cove at Kettlestone/98th Street Reconstruction located at 3015

  9. Marketing.

    Science.gov (United States)

    Chambers, David W

    2010-01-01

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

  10. The Study of Consumer’s Post-Purchase Evaluation toward Brand Equity of Five Stars Hotels in Thailand

    OpenAIRE

    Dejsiriphun, Chonnikarn; Suviratvithayakit, Kritsana

    2011-01-01

    Date: May 30, 2011 Program: MIMA- International Marketing Course Name: Master Thesis (EFO705) Title: The Study of Consumer’s Post-Purchase Evaluation toward Brand Equity of Five Stars Hotels in Thailand Research Problem: What are the characteristics of brand equity of five star luxury hotels in Thailand and which components of brand equity are the majority concerns from customers’ evaluation? Purpose: The study aims to investigate and analyze the interrelationship of brand equity of five star...

  11. Consumer-Based Brand Equity: A literature review

    Directory of Open Access Journals (Sweden)

    A. Szőcs

    2014-06-01

    Full Text Available The concept of brand equity has gained in popularity since the 1980s, and since then, the field has undergone significant development. The concept of consumer-based brand equity has become a central marketing concept due to the increasing scientific and business interest in brands, since the approach according to which brands constitute one of the most valuable intangible assets of the companies is becoming increasingly widespread. The paper offers an updated literature review of this important research topic, providing a classification of brand equity models focusing on consumer based models. The most important models are critically reviewed from the perspective of model structure, methodology used and validity.

  12. Consumer-Based Brand Equity: A literature review

    Directory of Open Access Journals (Sweden)

    Attila Szőcs

    2014-01-01

    Full Text Available The concept of brand equity has gained in popularity since the 1980s, and since then, the field has undergone significant development. The concept of consumer-based brand equity has become a central marketing concept due to the increasing scientific and business interest in brands, since the approach according to which brands constitute one of the most valuable intangible assets of the companies is becoming increasingly widespread. The paper offers an updated literature review of this important research topic, providing a classification of brand equity models focusing on consumer based models. The most important models are critically reviewed from the perspective of model structure, methodology used and validity.

  13. Brand equity and willingness to pay for condoms in Zimbabwe.

    Science.gov (United States)

    Evans, W Douglas; Taruberekera, Noah; Longfield, Kim; Snider, Jeremy

    2011-10-26

    Zimbabwe suffers from one of the greatest burdens of HIV/AIDS in the world that has been compounded by social and economic instability in the past decade. However, from 2001 to 2009 HIV prevalence among 15-49 year olds declined from 26% to approximately 14%. Behavior change and condom use may in part explain this decline.PSI-Zimbabwe socially markets the Protector Plus (P+) branded line of condoms. When Zimbabwe converted to a dollar-based economy in 2009, the price of condoms was greatly increased and new marketing efforts were undertaken. This paper evaluates the role of condom marketing, a multi-dimensional scale of brand peceptions (brand equity), and price in condom use behavior. We randomly sampled sexually active men age 15-49 from 3 groups - current P+ users, former users, and free condom users. We compared their brand equity and willingness to pay based on survey results. We estimated multivariable logistic regression models to compare the 3 groups. We found that the brand equity scale was positive correlated with willingness to pay and with condom use. Former users also indicated a high willingness to pay for condoms. We found differences in brand equity between the 3 groups, with current P+ users having the highest P+ brand equity. As observed in previous studies, higher brand equity was associated with more of the targeted health behavior, in this case and more consistent condom use. Zimbabwe men have highly positive brand perceptions of P+. There is an opportunity to grow the total condom market in Zimbabwe by increasing brand equity across user groups. Some former users may resume using condoms through more effective marketing. Some free users may be willing to pay for condoms. Achieving these objectives will expand the total condom market and reduce HIV risk behaviors.

  14. Intra-day response of foreign exchange markets after the Tohoku-Oki earthquake

    Science.gov (United States)

    Nakano, Shuhei; Hirata, Yoshito; Iwayama, Koji; Aihara, Kazuyuki

    2015-02-01

    Although an economy is influenced by a natural disaster, the market response to the disaster during the first 24 hours is not clearly understood. Here we show that an earthquake quickly causes temporal changes in a foreign exchange market by examining the case of the Tohoku-Oki earthquake. Recurrence plots and statistical change point detection independently show that the United States dollar-Japanese yen market responded to the earthquake activity without delay and with the delay of about 2 minutes, respectively. These findings support that the efficient market hypothesis nearly holds now in the time scale of minutes.

  15. Market response to the public display of energy performance rating at property sales

    DEFF Research Database (Denmark)

    Jensen, Ole Michael; Hansen, Anders Rhiger; Kragh, Jesper

    2016-01-01

    Energy labels have generally received positive response from consumers and have moved the market for white goods and cars in the direction of more energy-efficient products. On the real estate market, it was expected that an energy label, rating the energy performance of a property based on a nat......Energy labels have generally received positive response from consumers and have moved the market for white goods and cars in the direction of more energy-efficient products. On the real estate market, it was expected that an energy label, rating the energy performance of a property based...... on a national energy performance certificate (EPC) might receive similar response. However, in Denmark no response to the energy performance rating was observed for 15 years. This was a surprise considering that Denmark was the first country to implement an A to G rating of the energy performance of buildings...

  16. Fostering Curiosity about Social Responsibility and Marketing Ethics

    Directory of Open Access Journals (Sweden)

    Venkat Yanamandram

    Full Text Available Last year, I was strolling through my local veggie shop after visiting the supermarket, and I noticed that the prices of avocados and apples were the same at both the retailers. Later that week, a news item on current affairs confirmed my suspicion that the supermarket was engaged in squeezing smaller grocery operators outof the market by adopting aggressive pricing tactics amongst many other unethical practices including selling some products at weights substantially less than those marked on the package and subsidising fuel discount by charging more at the checkout. Yet, this supermarket was involved in a broad range of community andenvironmental initiatives. These observations made me wonder if students ever assess the total impact of all marketing decisions.

  17. Analisis Brand Equity Bina Nusantara University di Lingkungan SMU Jakarta

    OpenAIRE

    Dewanti, Retno; Masruroh, Masruroh; B., Doni

    2007-01-01

    This Research of Binus University brand equity have been conducted by using 5 elements of brand equity: brand awareness, brand association, perceived quality, brand loyalty, and market behavior. The research methodologies was descriptive, its explained perception of 3th level high school students from 10 privates as well public high schools in west Jakarta and east Jakarta. The result of this research was Binus university brand awareness was in top of mind level. There were 3 (three) associat...

  18. Responsible marketing and advertising in gambling: a critical review

    OpenAIRE

    Parke, Adrian; Harris, Andrew; Parke, Jonathan; Rigbye, Jane; Blaszczynski, Alex

    2014-01-01

    Marketing and advertising play a significant role in the adoption of attitudes and societal norms, which have been shown to have a direct impact on behavioural intentions, ultimately leading to behavioural execution. Concurrent with other attempts to inform policy strategy with respect to harm minimisation in gambling there is a paucity of evidence pertaining to the impact that gambling advertising has on gambling behaviour, gambling-related harm, and the efficacy of advertising regulations...

  19. Accommodating Global Markets: Malaysia's Response to Economic Crisis

    OpenAIRE

    Helen Nesadurai

    1998-01-01

    The East Asian financial crisis has shown how governments in affected countries have had to contend both with the external constraint imposed by global capital mobility and domestic political dynamics when instituting adjustment to the crisis. Some commentators see the reform process in the East Asian states as an outcome of the disciplining behaviour of financial markets that will lead to the complete dismantling of those structures that supported the state- directed developmentalist mode of...

  20. Customer response to media in marketing promotion: print versus online

    OpenAIRE

    Ieva, Marco

    2016-01-01

    Il lavoro di tesi, che si compone di tre articoli di ricerca, analizza, nel contesto della marketing promotion, la risposta del consumatore ai media in termini di ricordo, intenzione di acquisto, comportamento di acquisto e preferenza per il medium. Il lavoro, in particolare, mette a confronto due tipologie di media, carta e online, nell’ambito della price e loyalty promotion, utilizzando due disegni di ricerca sperimentali ed uno correlazionale. I risultati del lavoro mostrano che la rispost...

  1. Smart Beta Equity Investing Through Calm and Storm

    NARCIS (Netherlands)

    Boudt, Kris; Darras, Joakim; Ha Nguyen, Giang; Peeters, Benedict

    2015-01-01

    Smart beta portfolios typically achieve a superior diversification than the benchmark market capitalization-weighted portfolio, but remain vulnerable to broad market downturns. We examine tactical investment decision rules to switch timely between equity and cash investments based on an underlying

  2. Differential segmentation responses to an alcohol social marketing program.

    Science.gov (United States)

    Dietrich, Timo; Rundle-Thiele, Sharyn; Schuster, Lisa; Drennan, Judy; Russell-Bennett, Rebekah; Leo, Cheryl; Gullo, Matthew J; Connor, Jason P

    2015-10-01

    This study seeks to establish whether meaningful subgroups exist within a 14-16 year old adolescent population and if these segments respond differently to the Game On: Know Alcohol (GOKA) intervention, a school-based alcohol social marketing program. This study is part of a larger cluster randomized controlled evaluation of the GOKA program implemented in 14 schools in 2013/2014. TwoStep cluster analysis was conducted to segment 2,114 high school adolescents (14-16 years old) on the basis of 22 demographic, behavioral, and psychographic variables. Program effects on knowledge, attitudes, behavioral intentions, social norms, alcohol expectancies, and drinking refusal self-efficacy of identified segments were subsequently examined. Three segments were identified: (1) Abstainers, (2) Bingers, and (3) Moderate Drinkers. Program effects varied significantly across segments. The strongest positive change effects post-participation were observed for Bingers, while mixed effects were evident for Moderate Drinkers and Abstainers. These findings provide preliminary empirical evidence supporting the application of social marketing segmentation in alcohol education programs. Development of targeted programs that meet the unique needs of each of the three identified segments will extend the social marketing footprint in alcohol education. Copyright © 2015 Elsevier Ltd. All rights reserved.

  3. VTAE Equity Staff Development Workshops and Services--Phase II. Final Report.

    Science.gov (United States)

    Baldus, Lorayne; Nelson, Orville

    The Phase II Equity Staff Development project was revised in response to a need to develop an equity strategic planning model with a vision statement, goals, and objectives. The Equity Strategic Planning Model was presented to administrators of Wisconsin Vocational, Technical, and Adult Education (VTAE) colleges for their use in district strategic…

  4. The impacts of price responsiveness on strategic equilibrium in competitive electricity markets

    Energy Technology Data Exchange (ETDEWEB)

    Bompard, Ettore; Ma, Yuchao; Napoli, Roberto [Department of Electrical Engineering, Politecnico di Torino, C.so Duca degli Abruzzi, 24, 10129 Torino (Italy); Abrate, Graziano; Ragazzi, Elena [Ceris-CNR, Via Real Collegio, 30, 10024 Moncalieri (Italy)

    2007-06-15

    One of the most important aspects that may affect market welfare is that related to the low demand responsiveness to price. This situation may greatly impact the market performance causing low efficiency, high prices and a disproportional allocation of surpluses. The structure of electricity markets is usually oligopolistic; producers may bid prices higher than their marginal costs to the short run wholesale market, inducing outcome deviations from the perfect competitive benchmark. The possibility of gaming the market is amplified in the presence of low demand responsiveness to price. This paper proposes a model to assess the role of demand elasticity in mitigating the effects of supply side strategic bidding behavior. We model the supply side in a conjectural supply function (CSF) framework, which allows incorporation of exogenous changes in demand elasticity and different levels of competition in a given market. The impacts of demand responsiveness on the market performances are assessed through a set of proposed indices that are applied to a model of the Italian market. (author)

  5. The impacts of price responsiveness on strategic equilibrium in competitive electricity markets

    International Nuclear Information System (INIS)

    Bompard, Ettore; Ma, Yuchao; Napoli, Roberto; Abrate, Graziano; Ragazzi, Elena

    2007-01-01

    One of the most important aspects that may affect market welfare is that related to the low demand responsiveness to price. This situation may greatly impact the market performance causing low efficiency, high prices and a disproportional allocation of surpluses. The structure of electricity markets is usually oligopolistic; producers may bid prices higher than their marginal costs to the short run wholesale market, inducing outcome deviations from the perfect competitive benchmark. The possibility of gaming the market is amplified in the presence of low demand responsiveness to price. This paper proposes a model to assess the role of demand elasticity in mitigating the effects of supply side strategic bidding behavior. We model the supply side in a conjectural supply function (CSF) framework, which allows incorporation of exogenous changes in demand elasticity and different levels of competition in a given market. The impacts of demand responsiveness on the market performances are assessed through a set of proposed indices that are applied to a model of the Italian market. (author)

  6. Service quality & marketing: a practical relation | Hataminasab ...

    African Journals Online (AJOL)

    In this paper we aim to study the application of Six Sigma methodology to enhance online brand equity. In this regard, we will review different online brand equity models, brand equity failure modes and ways that online marketers can estimate current and desired sigma level of business branding performance. Research ...

  7. Market Response toward Accrual Earnings Management, Real Transactions, and Strategic Revenue Recognition - Earnings Management1

    Directory of Open Access Journals (Sweden)

    Windy Puspita Dewi

    2015-01-01

    Full Text Available This study investigates how the capital market response to a variety of earnings management tools i.e., accrual-based earnings management, real transaction activities, and strategic revenue recognition. We measure the market response to the information content of earnings by the earnings response coefficient (ERC. By using pooled-OLS regression from 748 firm-years data of public listed companies on the Indonesian Stock Exchange (IDX in 2004-2009, we find some evidence of a negative association between earnings response coefficients and information content of earnings that contained earnings management. Our study find that real transactions earnings management in operating activities has negative association with earnings response coefficient, but we do not find any evidence from the other earnings management tools. The findings of this study imply that the market participants are able to capture a certain kind of earnings management behaviour that may reduce the earnings response coefficient.

  8. Financial development and the cost of equity capital: Evidence from China

    Directory of Open Access Journals (Sweden)

    Jeong-Bon Kim

    2015-12-01

    Full Text Available This study examines the relation between province-level financial development and the cost of equity in China. Our main findings are that (1 stock market development reduces the cost of equity in general, but the effect diminishes significantly in state-owned enterprises (SOEs and firms with high growth potential or innovation intensity and (2 banking development only marginally lowers the cost of equity, but the effect is stronger in non-SOEs. Further analysis reveals that stock market development substitutes for such institutional factors as accounting quality, law enforcement, stock market integration and the split-share structure reform in lowering the cost of equity. We also find that lack of banking competition and banking marketization and under-development of the non-state economy partially account for the weak effect of banking development on the cost of equity.

  9. Performance Persistence of Equity Funds in Hungary

    Directory of Open Access Journals (Sweden)

    Dariusz Filip

    2011-03-01

    Full Text Available This study examines the phenomenon of performance persistence of equity funds in Hungary in two time perspectives: 1-year and 6-month perspectives. The empirical results confirm the occurrence of performance dependence in consecutive periods. There is also a strong evidence of short-term persistence in the total horizon of the study (from the beginning of 2000 to the end of 2009, and in several sub-periods. The 1-year persistence was also found in the tested sample and, in general, depended on the measure applied. Furthermore, I observed performance reversal, which can be partly explained by trend changes in the financial markets. The persistence of equity funds performance in Hungary is shaped by market factors rather than the diversity of managerial characteristics.

  10. FACTORS INFLUENCING BRAND EQUITY OF BALI AS A TOURISM DESTINATION

    Directory of Open Access Journals (Sweden)

    I Ketut Surya Diarta

    2016-03-01

    Full Text Available Globally, competition among tourism destinations is more stringent in getting foreign tourists, including Bali. One effort to win the competition is increasing destination brand equity through maintaining its influencing factors and gaining tourist positive behavior toward destination. This effort, in long run, will increase and stabilize destination revenue and sustainability. This research aims to analyze factors influencing brand equity of Bali as a tourism destination. This research was conducted in Bali’s five major tourism objects. The 240 foreign tourists were chosen as respondents through convenience sampling technique. Data were analyzed using factor analysis. The results showed that factors that significantly influenced Bali brand equity were: symbolic and experiential benefit factor, direct and indirect destinations attributes, destination reliability and tangibility, assurance and empathy, brand destinations recognition and recall, destinations common psychological attributes, destination common functional attributes, unique functional attributes, behavioral loyalty, destination awareness, and attitudinal loyalty. Given the fluctuative nature of brand equity, Bali needs a consistent effort to maintain or to enhance brand equity of Bali as a tourism destination. Maintaining the dominant factors that influence the strength of brand equity can be used as a basis to develop destination branding strategy to expand market segment,  choose the right target market, and anchoring destination position in world market competition.

  11. Real-Time Price Discovery in Global Stock, Bond and Foreign Exchange Markets

    DEFF Research Database (Denmark)

    Andersen, Torben G.; Bollerslev, Tim; Diebold, Francis X.

    Using a unique high-frequency futures dataset, we characterize the response of U.S., German and British stock, bond and foreign exchange markets to real-time U.S. macroeconomic news. We find that news produces conditional mean jumps; hence high-frequency stock, bond and exchange rate dynamics...... are linked to fundamentals. Equity markets, moreover, react differently to news depending on the stage of the business cycle, which explains the low correlation between stock and bond returns when averaged over the cycle. Hence our results qualify earlier work suggesting that bond markets react most strongly...... to macroeconomic news; in particular, when conditioning on the state of the economy, the equity and foreign exchange markets appear equally responsive. Finally, we also document important contemporaneous links across all markets and countries, even after controlling for the effects of macroeconomic news....

  12. Price responsive load programs: U.S. experience in creating markets for peak demand reductions

    International Nuclear Information System (INIS)

    Goldberg, Miriam L.; Michelman, Thomas; Rosenberg, Mitchell

    2003-01-01

    Demand response programs use a variety of pricing mechanisms to induce end-use customers to reduce demand at specified periods. U.S. distribution utilities, regional market operators, and their regulators have implemented demand response programs with the objectives of improving electric system reliability, avoiding price spikes, and relieving local transmission congestion. This paper reviews the design and performance of market-linked demand response programs operated in 2001 and 2002, focusing on the relationship between program design and customer participation and the development of accurate and feasible methods to measure demand response at the facility level

  13. Financial Development, Growth and Equity in Brazil

    OpenAIRE

    Armando Castelar Pinheiro; Regis Bonelli

    2015-01-01

    Financial markets help to foster growth and productivity through their role in mobilizing savings to finance investment and production, selecting and monitoring investment projects, diversifying risks, and allowing investment and production to be carried out in the most productive scale and time frame. This paper examines the links between financial development, growth and equity. The focus is on the Brazilian case, but we also aim at contributing to a broader discussion on the role of financ...

  14. Theoretical Prerequisites for the Formation of the Concept of Environmentally Responsible Marketing

    Directory of Open Access Journals (Sweden)

    Kniazieva Tetiana V.

    2017-12-01

    Full Text Available The aim of the article is to study the evolution of theoretical approaches to the problems related to the ecological and economic interaction of economic entities and clarify the essential characteristics of the economic component of environmentally responsible marketing. By analyzing, systematizing and summarizing scientific works of domestic and foreign scientists, the evolution of marketing concepts is considered, the views of researchers on the definition of the concepts “social marketing”, “environmental marketing” are systematized. As a result of the research, the advantages and disadvantages of the existing definitions of “green” marketing are highlighted. The main characteristics of the concept “environmentally responsible marketing” are formulated in the context of the concepts of sustainable development and socially responsible marketing. Prospects for further research in this area are: the infrastructure of environmentally responsible marketing; a conceptual justification of the methodology for building an environmentally responsible marketing system; factors and models of modern economic growth with consideration for the environmental factor, etc.

  15. 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.

  16. Consumption-based Equity Valuation

    DEFF Research Database (Denmark)

    Bach, Christian; Christensen, Peter O.

    2016-01-01

    implementations of standard valuation models, both in terms of median absolute valuation errors (MAVE) and in terms of excess returns on simple investment strategies based on the differences between model and market prices. The CCAPM-based valuation model yields a significantly lower MAVE than the best performing...... standard valuation model. Both types of models can identify investment strategies with subsequent excess returns. The CCAPM-based valuation model yields time-series of realized hedge returns with more and higher positive returns and fewer and less negative returns compared with the time-series of realized...... through a risk-adjusted cost of equity in the denominator. The risk adjustments are derived based on assumptions about the time-series properties of residual income returns and aggregate consumption rather than on historical stock returns. We compare the performance of the model with several...

  17. Consumption-based Equity Valuation

    DEFF Research Database (Denmark)

    Bach, Christian; Christensen, Peter Ove

    2013-01-01

    the performance of the model with several implementations of standard valuation models, both in terms of absolute valuation errors, and in terms of the returns on simple investment strategies based on the differences between model and market prices in the respective valuation models. The CCAPM-based valuation...... model performs substantially better than the best performing standard valuation model when comparing absolute valuation errors. Both types of models are able to identify investment strategies with subsequent excess returns but also in this setting, the CCAPM-based valuation model outperforms...... residual income for risk in the numerator rather than through a risk-adjusted cost of equity in the denominator. The risk-adjustments are derived based on assumptions about the time-series properties of residual income returns and aggregate consumption rather than on historical stock returns. We compare...

  18. Analyzing Brand Equity On Purchase Intention Through Brand Preference Of Samsung Smartphone User In Manado

    OpenAIRE

    Emor, Angelina M.

    2015-01-01

    Consumers nowadays tend to value a product from its brand. Strong brand equity brings positive effect to the product. Thus, it is assumed that brand equity affects preference and purchase intention as well. Samsung has become popular in the Smartphone market these years. Currently, Samsung holds the place at the top of Android-based Smartphones globally. This research wants to study about the effect of brand equity on purchase intention through brand preference of Samsung Smartphone users in ...

  19. How brand personality, brand identification and service quality influence service brand equity

    OpenAIRE

    Loureiro, S. M. C.; Lopes, R.; Kaufmann, H.R.

    2014-01-01

    During the past couple of decades, brand equity has emerged as one of the key concepts in marketing. Literature concerned with consumer brand relationship is calling for more studies in order to increase understanding of brand equity dimensions. Therefore, this study aims to contribute to the existing body of knowledge by examining the strength of relational variables on brand equity perceived by consumers. Findings support the proposed model in the service industry revealing that brand loyal...

  20. Pay Equity Act, 17 May 1988.

    Science.gov (United States)

    1988-01-01

    This document contains major provisions of the 1988 Pay Equity Act of Prince Edward Island, Canada. (Nova Scotia enacted similar legislation in 1988.) This act defines "female-dominated class" or "male-dominated class" as a class with 60% or more female or male incumbents, respectively. The objective of this act is to achieve pay equity among public sector employers and employees by identifying systemic gender discrimination through a comparison of the relative wages and value of the work performed by female- and male-dominated classes. The value of work is to be determined by considering the skill, effort, and responsibility required by the work as well as the conditions under which it is performed. A difference in wages between a female- and male-dominated class performing work of equal or comparable value can be justified by a formal performance appraisal system or formal seniority system that does not discriminate on the basis of gender or by a skills shortage which requires a temporary inflation in wages to attract workers for a certain position. No wages shall be reduced to implement pay equity. Implementation of pay equity will include the work of bargaining agents to achieve agreement on salient points. Pay equity may be implemented in four stages over a period of 24 months.

  1. Health care and equity in India.

    Science.gov (United States)

    Balarajan, Y; Selvaraj, S; Subramanian, S V

    2011-02-05

    In India, despite improvements in access to health care, inequalities are related to socioeconomic status, geography, and gender, and are compounded by high out-of-pocket expenditures, with more than three-quarters of the increasing financial burden of health care being met by households. Health-care expenditures exacerbate poverty, with about 39 million additional people falling into poverty every year as a result of such expenditures. We identify key challenges for the achievement of equity in service provision, and equity in financing and financial risk protection in India. These challenges include an imbalance in resource allocation, inadequate physical access to high-quality health services and human resources for health, high out-of-pocket health expenditures, inflation in health spending, and behavioural factors that affect the demand for appropriate health care. Use of equity metrics in monitoring, assessment, and strategic planning; investment in development of a rigorous knowledge base of health-systems research; development of a refined equity-focused process of deliberative decision making in health reform; and redefinition of the specific responsibilities and accountabilities of key actors are needed to try to achieve equity in health care in India. The implementation of these principles with strengthened public health and primary-care services will help to ensure a more equitable health care for India's population. Copyright © 2011 Elsevier Ltd. All rights reserved.

  2. Mandatory International Financial Reporting Standards Adoption and Cost of Equity Capital in Nigeria

    Directory of Open Access Journals (Sweden)

    Uwuigbe Uwalomwa

    2016-05-01

    Full Text Available This study examined the effect of mandatory International Financial Reporting Standards (IFRS adoption on the cost of equity capital on Nigerian firms and whether the cost of equity capital effect after adoption of IFRS can be moderated by Return on Equity. The study covered a sample of 11 listed companies in the industrial goods sector for the period 2011 and 2013. The data for the study was secondary data generated from the annual reports and stock market report websites. The cost of equity capital was shown as the expected return on the basic value of a share and computed based on pre and post-adoption data. Findings from the study revealed that there is a significant positive relationship between the cost of equity capital and IFRS adoption indicating that the cost of equity capital increased. The market-based performance measure failed to have significant effect on the cost of equity capital after mandatory adoption. The study recommends that policies that improve domestic savings, as a principal source of equity capital, be enacted as an increase should lead to a reduction in the cost of equity capital, interest rates and increase the appeal of equity and foreign investments.

  3. Gender, equity, and job satisfaction.

    Science.gov (United States)

    1992-02-01

    Although equity theory has served as a theoretical framework applying to most individuals in most situations, empirical research suggests that gender may affect the utility of equity theory in explaining organizational behaviors. Studies have indicat...

  4. Employment Equity | IDRC - International Development Research ...

    International Development Research Centre (IDRC) Digital Library (Canada)

    At IDRC, diversity is one of the keys to our success. We are committed to achieving employment equity for designated groups in our workforce. Our goal is to create and maintain an innovative and responsive work environment where employees are valued and respected. Designated groups – Definitions.

  5. Teaching for Equity: A Transformationist Approach

    Science.gov (United States)

    Wheeler, Tiffany R.; Trail, Amelia El-Hindi

    2010-01-01

    Today's teachers must be equipped to reach all children and embrace a pedagogy of equity. Toward that end, teacher preparation programs need to foster a transformationist pedagogy which allows students to develop into culturally responsive teachers. This paper describes three components of a teacher preparation program that embraces teaching for…

  6. Delayed and differential effects of the economic crisis in Sweden in the 1990s on health-related exclusion from the labour market: A health equity assessment

    OpenAIRE

    Burstrom, Bo; Nylen, Lotta; Barr, Ben; Clayton, Stephen; Holland, Paula; Whitehead, Margaret

    2012-01-01

    Abstract\\ud \\ud Many OECD countries are currently experiencing economic crisis and introducing counter-measures with unknown effects. To learn from previous experience, we explored whether there were delayed or differential effects of the Swedish recession in the 1990s and the government's response to it for people with limiting longstanding illness or disability (LLSI) from different socioeconomic groups (SEGs), by policy analysis and secondary data analysis of the Swedish Survey of Living C...

  7. Keynes, population, and equity prices.

    Science.gov (United States)

    Tarascio, V J

    1985-01-01

    Keynes in 1937 examined the phenomenon of the Great Depression from a longrun perspective in contradiction to the "General Theory," where the focus was on the shortrun. "Some Economic Consequences of a Declining Population," Keynes' article, reveals the context in which the "General Theory" was written. In the "General Theory," the focus is on short-term fluctuations, i.e., business cycles, but Keynes fails to provide any theoretical explanation as to why the depression of the 1930s was so severe and intractable. In the 1937 article, the depression is seen as the result of the combined effects of a decline in longrun growth due to population growth decline and a shortrun cyclical decline, together producing severe economic consequences. What is important for the purposes of this discussion is the implication, within the context of the 1937 article, that not only was the stock market crash of 1929 related to population change (with its accompanying collapse in expectations) but that, in general, changes in the rate of growth of population are accompanied by stock price movements in the same direction. The remainder of the discussion is devoted to a simple empirical test of this relationship. The data used are population size (POP), defined as the total residential population in the US from 1870-1979, and the Standard and Poor 500 Stock index (SP) for the corresponding 109-year period. In addition, a 3rd series was constructed, a price deflated Standard and Poor index (RSP) with a base period of 1870, to account for possible inflationary distortion of the index. The empirical results do not invalidate the hypothesis that population growth rates affect equity markets. In fact, there seems to be strong evidence that they are related in a manner suggestive of Keynes' intutition, namely, that the stock market crash of 1929 was due to factors more fundamental than those often perceived from a shortrun perspective. According to Keynes (1937), population is the most

  8. Review of Real-time Electricity Markets for Integrating Distributed Energy Resources and Demand Response

    DEFF Research Database (Denmark)

    Wang, Qi; Zhang, Chunyu; Ding, Yi

    2015-01-01

    The high penetration of both Distributed Energy Resources (DER) and Demand Response (DR) in modern power systems requires a sequence of advanced strategies and technologies for maintaining system reliability and flexibility. Real-time electricity markets (RTM) are the nondiscriminatory transaction...... platforms for providing necessary balancing services, where the market clearing (nodal or zonal prices depending on markets) is very close to real time operations of power systems. One of the primary functions of RTMs in modern power systems is establishing an efficient and effective mechanism for small DER...... and DR to participate in balancing market transactions, while handling their meteorological or intermittent characteristics, facilitating asset utilization, and stimulating their active responses. Consequently, RTMs are dedicated to maintaining the flexibility and reliability of power systems. This paper...

  9. Empirical analysis of the spot market implications of price-responsive demand

    International Nuclear Information System (INIS)

    Siddiqui, A.S.

    2006-01-01

    Although electricity is theoretically an inelastic good in the short term, the steep slope of the supply stack implies that even modest response by demand could translate into reduced capacity requirements and significant price decreases. This article examined the effect of price-responsive demand strategies in an actual deregulated electricity industry. Auction data from the New York Independent System Operator (NYISO) day-ahead electricity market were used to form supply stacks for various zones. A simple linear demand function was used to determine the effect of price responsiveness on equilibrium spot market price and consumption. The aim was to quantify the benefits from the pricing protocol and to determine whether modest levels of price elasticity can significantly lower prices and consumption. Market-clearing prices and quantities were estimated using various supply curves in order to quantify the responsiveness necessary to achieve given price reductions. Price response was induced in the demand curve by varying its slope. Estimates were then used to estimate the average level of slope needed to reduce the average market-clearing price during the year by a certain percentage. Results showed that an average slope of -50.04 was necessary for prices to be reduced by 25 per cent. Results also showed that necessary price responses can be ascertained for any desired reduction in the market-clearing price or quantity. Although price responsiveness unambiguously reduces the spot market price and quantity, its effect on the forward price is not yet clear. It was concluded that a separate analysis of peak hours may reveal the effectiveness of enhanced price response. 8 refs., 1 tab., 8 figs

  10. Rules and Discretion in Monetary Policy: Is the Response of the Stock Market Rational?

    Directory of Open Access Journals (Sweden)

    Ion-Iulian MARINESCU

    2015-04-01

    Full Text Available We investigate the effects of the monetary policy conduct on the domestic capital market for a sample of developed countries where the capital market plays a significant role in the economy. We break down the policy rate innovations in rules-based and discretionary components in order to determine the degree of prudentiality in the monetary policy conduct and we study their accounts with respect to capital market rationality. The rules-based component is determined using an interpolated vanilla Taylor-rule policy rate at the event date and the discretionary component is obtained by subtracting the rules-based rate from the target monetary policy rate innovation. Using an event study approach, we analyze the impact of monetary policy components on the returns of the stock market and we determine that the conduct of the monetary policy can cause irrational responses of the capital market. More than that, we show, for the analyzed countries, that if the general level of discretion in the monetary policy is high the response of the stock market becomes increasingly erratic, indicating that forward guidance may help reduce uncertainty on capital markets.

  11. The Response of Australian Stock, Foreign Exchange and Bond Markets to Foreign Asset Returns and Volatilities

    OpenAIRE

    Paul D. McNelis

    1993-01-01

    This paper is a data-analytic study of the relationships among international asset price volatilities and the time-varying correlations of asset returns in a small open economy (Australia) with international asset returns. Making use of recent developments in time-series approaches to volatility estimation, impulse response functions, variance decomposition, and Kalman filtering, I show that the Australian stock market volatility is most closely linked with volatility in the UK stock market, ...

  12. A Methodology for Estimating Large-Customer Demand Response MarketPotential

    Energy Technology Data Exchange (ETDEWEB)

    Goldman, Charles; Hopper, Nicole; Bharvirkar, Ranjit; Neenan,Bernie; Cappers,Peter

    2007-08-01

    Demand response (DR) is increasingly recognized as an essential ingredient to well-functioning electricity markets. DR market potential studies can answer questions about the amount of DR available in a given area and from which market segments. Several recent DR market potential studies have been conducted, most adapting techniques used to estimate energy-efficiency (EE) potential. In this scoping study, we: reviewed and categorized seven recent DR market potential studies; recommended a methodology for estimating DR market potential for large, non-residential utility customers that uses price elasticities to account for behavior and prices; compiled participation rates and elasticity values from six DR options offered to large customers in recent years, and demonstrated our recommended methodology with large customer market potential scenarios at an illustrative Northeastern utility. We observe that EE and DR have several important differences that argue for an elasticity approach for large-customer DR options that rely on customer-initiated response to prices, rather than the engineering approaches typical of EE potential studies. Base-case estimates suggest that offering DR options to large, non-residential customers results in 1-3% reductions in their class peak demand in response to prices or incentive payments of $500/MWh. Participation rates (i.e., enrollment in voluntary DR programs or acceptance of default hourly pricing) have the greatest influence on DR impacts of all factors studied, yet are the least well understood. Elasticity refinements to reflect the impact of enabling technologies and response at high prices provide more accurate market potential estimates, particularly when arc elasticities (rather than substitution elasticities) are estimated.

  13. Analysis of Economic Factors Affecting Stock Market

    OpenAIRE

    Xie, Linyin

    2010-01-01

    This dissertation concentrates on analysis of economic factors affecting Chinese stock market through examining relationship between stock market index and economic factors. Six economic variables are examined: industrial production, money supply 1, money supply 2, exchange rate, long-term government bond yield and real estate total value. Stock market comprises fixed interest stocks and equities shares. In this dissertation, stock market is restricted to equity market. The stock price in thi...

  14. The influence of provider characteristics and market forces on response to financial incentives.

    Science.gov (United States)

    O'Neil, Brock; Tyson, Mark; Graves, Amy J; Barocas, Daniel A; Chang, Sam S; Penson, David F; Resnick, Matthew J

    2017-11-01

    Alternative payment models, such as accountable care organizations, use financial incentives as levers for change to facilitate the transition from volume to value. However, implementation raises concerns about adverse changes in market competition and the resultant physician response. We sought to identify physician characteristics and market-level factors associated with variation in response to financial incentives for cancer care that may ultimately be leveraged in risk-shared payment models. Retrospective cohort study of physicians providing minimally invasive bladder cancer procedures to fee-for-service Medicare beneficiaries. We examined the relationship of between-group differences in market-level factors (competition [Herfindahl-Hirschman Index (HHI)] and provider density) and physician-level factors (use of unique billing codes, number of billing codes per patient, and competing financial interest) to responsiveness to financial incentives. Incentive-responsive providers had increased odds (odds ratio [OR], 1.19; 95% CI, 1.04-1.35) of practicing in markets with the highest quartile of provider density but not HHI (OR, 0.96; 95% CI, 0.87-1.05). Incentive-responsive providers were more likely to bill in the highest quartile for unique codes (OR, 1.49; 95% CI, 1.32-1.69) and codes per patient (OR, 1.18; 95% CI, 1.11-1.25) and less likely to have a competing financial interest (OR, 0.76; 95% CI, 0.72-0.81). Responsiveness to financial incentives in cancer care is associated with high market provider density, profit-maximizing billing behavior, and lack of competing financial ownership interests. Identifying physicians and markets responsive to financial incentives may ultimately promote the successful implementation of alternative payment models in cancer care.

  15. Ubuntu: An African Equity | Bennett | Potchefstroom Electronic Law ...

    African Journals Online (AJOL)

    AFRICAN JOURNALS ONLINE (AJOL) · Journals · Advanced Search · USING AJOL ... responsibility, trust and harmony. KEYWORDS: Ubuntu, equity, reconciliation, human dignity, humanity, social harmony, restorative justice, cultural heritage.

  16. Implied and realized volatility in the cross-section of equity options

    DEFF Research Database (Denmark)

    Ammann, Manuel; Skovmand, David; Verhofen, Michael

    2009-01-01

    Using a complete sample of US equity options, we analyze patterns of implied volatility in the cross-section of equity options with respect to stock characteristics. We find that high-beta stocks, small stocks, stocks with a low-market-to-book ratio, and non-momentum stocks trade at higher implied...

  17. The influence of service b rand equity on the strength of brand ...

    African Journals Online (AJOL)

    Kirstam

    equity on customers' relationships with their fast food brand. The ... services marketing and brand equity, this study is aimed at investigating the service .... and friendliness, and improving customer satisfaction, retention and loyalty. Berry ..... fieldworkers had to approach prospective respondents and furthermore determine.

  18. Industrial customer response to wholesale prices in the restructured Texas electricity market

    International Nuclear Information System (INIS)

    Zarnikau, J.

    2007-01-01

    This paper estimates the demand responsiveness of the 20 largest industrial energy consumers in the Houston area to wholesale price signals in the restructured Electric Reliability Council of Texas (ERCOT) market. Statistical analysis of their load patterns employing a Symmetric Generalized McFadden cost function model suggests that ERCOT achieved limited success in establishing a market that facilitates demand response from the largest industrial energy consumers in the Houston area to wholesale price signals in its second year of retail competition. The muted price response is at least partially because energy consumers who opt to offer their ''interruptibility'' to the market as an ancillary service are constrained in their ability to respond to wholesale energy prices. (author)

  19. Implementation Plan for a Common Nordic Retail Market. Evaluation of the responses on the public consultation

    Energy Technology Data Exchange (ETDEWEB)

    2010-09-15

    Draft implementation plan for a common Nordic Retail Market was developed in close cooperation with relevant stakeholders in the Nordic electricity market during winter and spring 2010. The implementation plan outlines what should be done, by whom and when in order to create a common Nordic end user market over the coming years. NordREG organised a public consultation on the draft implementation plan from the end of June until the beginning of the August, 2010 and received 25 responses from stakeholders. This evaluation report includes summary of stakeholders' responses and NordREG comments on stakeholders' views. The evaluation of the responses has been taken into account during the finalization of the implementation plan

  20. Modeling of demand response in electricity markets : effects of price elasticity

    International Nuclear Information System (INIS)

    Banda, E.C.; Tuan, L.A.

    2007-01-01

    A design mechanism for the optimal participation of customer load in electricity markets was presented. In particular, this paper presented a modified market model for the optimal procurement of interruptible loads participating in day-ahead electricity markets. The proposed model considers the effect of price elasticity and demand-response functions. The objective was to determine the role that price elasticity plays in electricity markets. The simulation model can help the Independent System Operator (ISO) identify customers offering the lowest price of interruptible loads and load flow patterns that avoid problems associated with transmission congestion and transmission losses. Various issues associated with procurement of demand-response offerings such as advance notification, locational aspect of load, and power factor of the loads, were considered. It was shown that demand response can mitigate price volatility by allowing the ISO to maintain operating reserves during peak load periods. It was noted that the potential benefits of the demand response program would be reduced when price elasticity of demand is taken into account. This would most likely occur in actual developed open electricity markets, such as Nordpool. This study was based on the CIGRE 32-bus system, which represents the Swedish high voltage power system. It was modified for this study to include a broad range of customer characteristics. 18 refs., 2 tabs., 14 figs

  1. Organizing Equity Exchanges

    Science.gov (United States)

    Schaper, Torsten

    In the last years equity exchanges have diversified their operations into business areas such as derivatives trading, post-trading services, and software sales. Securities trading and post-trading are subject to economies of scale and scope. The integration of these functions into one institution ensures efficiency by economizing on transactions costs.

  2. Gender Equity Report.

    Science.gov (United States)

    Washington State Higher Education Coordinating Board, Olympia.

    Under a legislative mandate from the state of Washington, this report provides updated information on gender equity at each of the public institutions of higher education in Washington and at the community and technical colleges, as applicable. A look at student support and services shows that pay scales in student employment are not…

  3. Equity Literacy for All

    Science.gov (United States)

    Gorski, Paul C.; Swalwell, Katy

    2015-01-01

    If the authors have learned anything working with schools across the United States, they've learned this: When it comes to educational equity, the trouble is not a lack of multicultural programs or diversity initiatives in schools. Nor is it a lack of educators who appreciate and even champion diversity. The trouble lies in how so many diversity…

  4. GRADE Equity Guidelines 3

    DEFF Research Database (Denmark)

    Welch, Vivian A; Akl, Elie A; Pottie, Kevin

    2017-01-01

    OBJECTIVE: The aim of this paper is to describe a conceptual framework for how to consider health equity in the GRADE (Grading Recommendations Assessment and Development Evidence) guideline development process. STUDY DESIGN AND SETTING: Consensus-based guidance developed by the GRADE working grou...

  5. Fuel switching? Demand destruction? Gas market responses to price spikes

    International Nuclear Information System (INIS)

    Lippe, D.

    2004-01-01

    This presentation defined fuel switching and addressed the issue regarding which consumers have the capability to switch fuels. In response to short term price aberrations, consumers with fuel switching capabilities reduce their use of one fuel and increase consumption of an alternative fuel. For example, natural gas consumption by some consumers declines in response to price spikes relative to prices of alternative fuels. This presentation also addressed the issue of differentiating between fuel switching and demand destruction. It also demonstrated how to compare gas prices versus alternative fuel prices and how to determine when consumers will likely switch fuels. Price spikes have implications for long term trends in natural gas demand, supply/demand balances and prices. The power generating sector represents a particular class of gas consumers that reduce operating rates of gas fired plants and increase operating rates of other plants. Some gas consumers even shut down plants until gas prices declines and relative economies improve. Some practical considerations for fuel switching include storage tank capacity, domestic refinery production, winter heating season, and decline in working gas storage. tabs., figs

  6. Market responses to HMOs: price competition or rivalry?

    Science.gov (United States)

    McLaughlin, C G

    1988-01-01

    Although competition for consumers is increasing in the health care sector, there is disagreement about whether it is resulting in cost containment, as its supporters have argued it would. In part this stems from a confusion between price competition, which under ideal circumstances leads to the production of services at the lowest possible cost, and nonprice competition--or rivalry--which under many circumstances will lead to increased costs. In this paper, I examine the evidence about the competitive response to the growing presence of health maintenance organizations in the health care marketplace. The available evidence suggests that providers are responding not with classical cost-containing price competition but, instead, with cost-increasing rivalry, characterized by increased expenditures to promote actual or perceived product differentiation.

  7. Aggregate industrial energy consumer response to wholesale prices in the restructured Texas electricity market

    International Nuclear Information System (INIS)

    Zarnikau, Jay; Hallett, Ian

    2008-01-01

    The aggregate response of consumers to wholesale price signals is very limited in the restructured Electric Reliability Council of Texas (ERCOT) market. An overall average own-price elasticity of demand of - 0.000008 for industrial energy consumers served at transmission voltage is estimated using a Symmetric Generalized McFadden cost function model. To date, ERCOT has sought to promote demand response to price signals without reliance on 'stand alone' demand response programs, but with a market structure that is designed to facilitate economic demand response. This very limited responsiveness to wholesale price signals may prove problematic in light of policy decisions to pursue an 'energy only' resource adequacy mechanism for ERCOT. (author)

  8. Stochastic optimization of energy hub operation with consideration of thermal energy market and demand response

    International Nuclear Information System (INIS)

    Vahid-Pakdel, M.J.; Nojavan, Sayyad; Mohammadi-ivatloo, B.; Zare, Kazem

    2017-01-01

    Highlights: • Studying heating market impact on energy hub operation considering price uncertainty. • Investigating impact of implementation of heat demand response on hub operation. • Presenting stochastic method to consider wind generation and prices uncertainties. - Abstract: Multi carrier energy systems or energy hubs has provided more flexibility for energy management systems. On the other hand, due to mutual impact of different energy carriers in energy hubs, energy management studies become more challengeable. The initial patterns of energy demands from grids point of view can be modified by optimal scheduling of energy hubs. In this work, optimal operation of multi carrier energy system has been studied in the presence of wind farm, electrical and thermal storage systems, electrical and thermal demand response programs, electricity market and thermal energy market. Stochastic programming is implemented for modeling the system uncertainties such as demands, market prices and wind speed. It is shown that adding new source of heat energy for providing demand of consumers with market mechanism changes the optimal operation point of multi carrier energy system. Presented mixed integer linear formulation for the problem has been solved by executing CPLEX solver of GAMS optimization software. Simulation results shows that hub’s operation cost reduces up to 4.8% by enabling the option of using thermal energy market for meeting heat demand.

  9. Pricing Equity-Indexed Annuities under Stochastic Interest Rates Using Copulas

    Directory of Open Access Journals (Sweden)

    Patrice Gaillardetz

    2010-01-01

    Full Text Available We develop a consistent evaluation approach for equity-linked insurance products under stochastic interest rates. This pricing approach requires that the premium information of standard insurance products is given exogenously. In order to evaluate equity-linked products, we derive three martingale probability measures that reproduce the information from standard insurance products, interest rates, and equity index. These risk adjusted martingale probability measures are determined using copula theory and evolve with the stochastic interest rate process. A detailed numerical analysis is performed for existing equity-indexed annuities in the North American market.

  10. The EU pledge for responsible marketing of food and beverages to children: implementation in food companies.

    Science.gov (United States)

    Jensen, J D; Ronit, K

    2015-08-01

    Increasing political pressure on the food industry's marketing activities stimulated the formation of the collective EU Pledge for responsible marketing of foods and beverages to children. The objective of the study is to evaluate the commitments made by companies in joining the pledge for the purpose of assessing its effectiveness in regulating signatory companies' marketing activities. Data on company commitments in relation to the EU Pledge were collected, analyzed and recalculated in order to enable comparison across companies and with general nutritional recommendations. Data on companies' product portfolio and market orientation were collected from their most recent available annual reports. Data on the companies' product profiles were generated via review of the companies' main websites. Similar data were generated for a reference group of companies outside the EU Pledge. Compared with a reference group of large food and beverage companies, EU Pledge signatory companies have a public image strongly based on products with appeal to children. The EU Pledge sets common standards for regulating signatory companies' marketing behaviour towards children. Further scrutiny of the companies' stated commitments revealed considerable variation in their actual content and in their de facto bindingness on the companies' marketing behavior--for example, in the definition of target audience for advertising or in nutritional characteristics making products eligible for advertising to children. In order for voluntary self-regulation schemes such as the EU Pledge to be a credible alternative to public regulation of marketing behaviour, more transparency and stringency are needed.

  11. Model-based synthesis of locally contingent responses to global market signals

    Science.gov (United States)

    Magliocca, N. R.

    2015-12-01

    Rural livelihoods and the land systems on which they depend are increasingly influenced by distant markets through economic globalization. Place-based analyses of land and livelihood system sustainability must then consider both proximate and distant influences on local decision-making. Thus, advancing land change theory in the context of economic globalization calls for a systematic understanding of the general processes as well as local contingencies shaping local responses to global signals. Synthesis of insights from place-based case studies of land and livelihood change is a path forward for developing such systematic knowledge. This paper introduces a model-based synthesis approach to investigating the influence of local socio-environmental and agent-level factors in mediating land-use and livelihood responses to changing global market signals. A generalized agent-based modeling framework is applied to six case-study sites that differ in environmental conditions, market access and influence, and livelihood settings. The largest modeled land conversions and livelihood transitions to market-oriented production occurred in sties with relatively productive agricultural land and/or with limited livelihood options. Experimental shifts in the distributions of agents' risk tolerances generally acted to attenuate or amplify responses to changes in global market signals. Importantly, however, responses of agents at different points in the risk tolerance distribution varied widely, with the wealth gap growing wider between agents with higher or lower risk tolerance. These results demonstrate model-based synthesis is a promising approach to overcome many of the challenges of current synthesis methods in land change science, and to identify generalized as well as locally contingent responses to global market signals.

  12. Assessing long-term effects of demand response policies in wholesale electricity markets

    International Nuclear Information System (INIS)

    Cepeda, Mauricio; Saguan, Marcelo

    2014-05-01

    This paper deals with the practical problems related to long-term issues in electricity markets in the presence of demand response development. Different policies have been implemented around the world aiming to develop demand response potential. Externalities, in particular the CO_2 externality, have been one of the key elements in the debate on the effectiveness of different policies regarding demand response development. Policy makers have several options to deal with this externality. The most direct one is to correct the externality by setting a CO_2 price at a level that corresponds to the cost to society of the corresponding CO_2 emissions. One alternative solution could be to subsidize carbon-free technologies as demand response. In this paper we examine potential long-term impacts of these two policies. We rely on a long-term market simulation model that characterizes expansion decisions in a competitive regime. We test for each policy two different scenarios regarding the possibility of internalization of the CO_2 externality. The results show that differences in development policies affect both investments and social costs in the wholesale electricity market and confirm previous findings that a market-driven development of demand response with the internalization of the CO_2 externality is the most efficient approach. (authors)

  13. Water scarcity, market-based incentives, and consumer response

    Science.gov (United States)

    Krause, K.; Chermak, J. M.; Brookshire, D. S.

    2003-04-01

    Water is an increasingly scarce resource and the future viability of many regions will depend in large part on how efficiently resources are utilized. A key factor to this success will be a thorough understanding of consumers and the characteristics that drive their water use. In this research test and find support for the hypothesis that residential water consumers are heterogeneous. We combine experimental and survey responses to test for statistically significant consumer characteristics that are observable factors of demand for water. Significant factors include "stage of life" (i.e., student versus workforce versus retired), as well as various social and cultural factors including age, ethnicity, political affiliation and religious affiliation. Identification of these characteristics allows us to econometrically estimate disaggregated water demand for a sample of urban water consumers in Albuquerque, New Mexico, USA. The results provide unique parameter estimates for different consumer types. Using these results we design an incentive compatible, non-linear pricing program that allows individual consumers to choose a fixed fee/commodity charge from a menu that not only allows the individual to maximize his or her utility, while meeting the conservation goals of the program. We show that this program, with the attention to consumer differences is more efficient than the traditional "one size fits all" programs commonly employed by many water utilities.

  14. Behavioral aspects of regulation: A discussion on switching and demand response in Turkish electricity market

    International Nuclear Information System (INIS)

    Sirin, Selahattin Murat; Gonul, Mustafa Sinan

    2016-01-01

    Electricity sector has been transformed from state-owned monopolistic utilities to competitive markets with an aim to promote incentives for improving efficiency, reducing costs and increasing service quality to customers. One of the cardinal assumptions of the liberalized and competitive electricity markets is the rational actor, and decision-makers are assumed to make the best decisions that maximize their utility. However, a vast literature on behavioral economics has shown the weakness of economic theory in explaining and predicting individuals’ decision-making behavior. This issue is quite important for competition in electricity markets in which consumers’ preferences have a significant role. Despite its importance, this issue has almost been neglected in Turkey, which has taken major steps in electricity sector restructuring. Therefore, this paper aims to examine switching and demand response behavior in Turkish electricity market by using multiple correspondence and panel data analysis, and findings are discussed in light of the neoclassical and behavioral economics literature. Analyses’ results show that consumers’ switching and demand response behavior is consistent with the neoclassical literature to some extent; however, behavioral factors are also affecting consumers’ decisions. Furthermore, there are systemic problems that hinder effective functioning of the electricity market and restrict competition. - Highlights: • Behavioral economics can provide insights for consumer’ decisions. • Switching and demand response behavior is examined by econometric methods. • Results is consistent with the neoclassical literature to some extent • However, behavioral factors are also affecting consumers’ decisions.

  15. Cooperate! A paradigm shift for health equity.

    Science.gov (United States)

    Chang, Wei-Ching; Fraser, Joy H

    2017-02-21

    The role of competition and cooperation in relation to the goal of health equity is examined in this paper. The authors explain why the win-lose mentality associated with avoidable competition is ethically questionable and less effective than cooperation in achieving positive outcomes, particularly as it relates to health and health equity. Competition, which differentiates winners from losers, often with the winner-takes-all reward system, inevitably leads to a few winners and many losers, resulting in social inequality, which, in turn, engenders and perpetuates health inequity.Competitive market-driven approaches to healthcare-brought about by capitalism, neo-liberalization, and globalization, based primarily on a competitive framework-are shown to have contributed to growing inequities with respect to the social determinants of health, and have undermined equal opportunity to access health care and achieve health equity. It is possible to redistribute income and wealth to reduce social inequality, but globalization poses increasing challenges to policy makers. John Stuart Mill provided a passionate, philosophical defense of cooperatives, followed by Karl Polanyi who offered an insightful critique of both state socialism and especially the self-regulating market, thereby opening up the cooperative way of shaping the future. We cite Hannah Arendt's "the banality of evil" to characterize the tragic concept of "ethical fading" witnessed in business and everyday life all over the world, often committed (without thinking and reflecting) by ordinary people under competitive pressures.To promote equity in health for all, we recommend the adoption of a radically new cooperation paradigm, applied whenever possible, to everything in our daily lives.

  16. Impact of Competition on Mutual Fund Marketing Expenses

    Directory of Open Access Journals (Sweden)

    Sitikantha Parida

    2018-03-01

    Full Text Available In this paper, I study the impact of market competition on mutual fund marketing expenses. In a sample of US domestic equity mutual funds, I find that marketing expenses decrease with the competition. This effect is stronger for top-performing funds. These results are counterintuitive, as one would ordinarily expect funds to incur more marketing expenses in response to pressure from competing funds. However, these results support the narrative that mutual funds employ marketing to draw attention to their performance in a tournament-like market, where the top-performing funds (the winners are rewarded with disproportionately high new investments. Higher competition decreases the chances of each fund to outperform the others and adversely affect their ability to attract new investments, and the funds respond by decreasing marketing expenses. Thus, competition appears to have implications for investor search cost.

  17. An assessment of market and policy barriers for demand response providing ancillary services in U.S. electricity markets

    International Nuclear Information System (INIS)

    Cappers, Peter; MacDonald, Jason; Goldman, Charles; Ma, Ookie

    2013-01-01

    An impact of increased variable renewable generation is the need for balancing authorities to procure more ancillary services. While demand response resources are technically capable of providing these services, current experience across the U.S. illustrates they are relatively minor players in most regions. Accessing demand response resources for ancillary services may require a number of changes to policies and common practices at multiple levels. Regional reliability councils must first define ancillary services such that demand response resources may provide them. Once the opportunity exists, balancing authorities define and promulgate rules that set the infrastructure investments and performance attributes of a resource wishing to provide such services. These rules also dictate expected revenue streams which reveal the cost effectiveness of these resources. The regulatory compact between utility and state regulators, along with other statutes and decisions by state policymakers, may impact the interest of demand response program providers to pursue these resources as ancillary service providers. This paper identifies within these broad categories specific market and policy barriers to demand response providing ancillary services in different wholesale and retail environments, with emphasis on smaller customers who must be aggregated through a program provider to meet minimum size requirements for wholesale transactions. - Highlights: • We identify barriers keeping demand response from providing ancillary services. • Institutional, financial and program provider business model barriers exist. • Product definitions and rules do not always accommodate demand response well. • Expected revenues are uncertain and may not exceed required investments costs. • Regulatory compact and state statutes limit opportunities for program providers

  18. Equity and REDD+ in the Media: a Comparative Analysis of Policy Discourses

    Directory of Open Access Journals (Sweden)

    Monica Di Gregorio

    2013-06-01

    Full Text Available Reducing emissions from deforestation and forest degradation (REDD+ is primarily a market-based mechanism for achieving the effective reduction of carbon emissions from forests. Increasingly, however, concerns are being raised about the implications of REDD+ for equity, including the importance of equity for achieving effective carbon emission reductions from forests. Equity is a multifaceted concept that is understood differently by different actors and at different scales, and public discourse helps determine which equity concerns reach the national policy agenda. Results from a comparative media analysis of REDD+ public discourse in four countries show that policy makers focus more on international than national equity concerns, and that they neglect both the need for increased participation in decision making and recognition of local and indigenous rights. To move from addressing the symptoms to addressing the causes of inequality in REDD+, policy actors need to address issues related to contextual equity, that is, the social and political root causes of inequality.

  19. 12 CFR Appendix C to Part 325 - Risk-Based Capital for State Non-Member Banks: Market Risk

    Science.gov (United States)

    2010-01-01

    ... derivatives, a bank must risk weight (as described in paragraph (c)(2)(iii) of this section) the market value... equity positions (including derivatives) in identical equity issues or equity indices in the same market...: Market Risk C Appendix C to Part 325 Banks and Banking FEDERAL DEPOSIT INSURANCE CORPORATION REGULATIONS...

  20. A global network topology of stock markets: Transmitters and receivers of spillover effects

    Science.gov (United States)

    Shahzad, Syed Jawad Hussain; Hernandez, Jose Areola; Rehman, Mobeen Ur; Al-Yahyaee, Khamis Hamed; Zakaria, Muhammad

    2018-02-01

    This paper applies a bivariate cross-quantilogram approach to examine the spillover network structure in the stock markets of 58 countries according to bearish, normal and bullish market scenarios. Our aim is to identify the strongest interdependencies, the directionality of the spillover risk effects, and to detect those equity markets with the potential to cause global systemic risk. The results highlight the role of the US and Canadian equity markets as major spillover transmitters, while the stock markets of Romania, Taiwan and Mexico act mainly as spillover receivers. Particularly strong spillovers are observed from the Canadian and US equity markets towards the Irish market, and from the Brazilian equity market towards the Kenyan equivalent. The equity market networks suggest that only the US equity market can trigger systemic risk on a global scale. Implications of the results are discussed.

  1. A Model to Explain Customer Loyalty Based on Customer Equity and Customer Satisfaction: A study in mobile services industry in Bushehr

    OpenAIRE

    manigeh Bahrainizadeh; Leila Tavasoli

    2014-01-01

    Abstruct: The development of telecom companies in the world and the maturity of markets of such services, the management of customer loyalty has become a major concern in the company. This research is trying to provide a model for mobile service customer loyalty considering the customer equity, value equity, brand equity, relationships equity and customer satisfaction in order to create better services for mobile operators and to increase customer loyalty. In terms of goal the research is ...

  2. Impact of Customer Relationships on Brand Equity in Chinese Retail Banking

    DEFF Research Database (Denmark)

    Marinova, Svetla Trifonova; Cui, Jinhuan; Shiu, Eric

    of branding and relationship marketing, which are traditionally apart. The research findings provide bank managers with a comprehensive understanding of how customer relationships impact on the dimensions of brand equity, which will enable them in turn to design more effective marketing strategies to enhance...... issues. This study explores the associations between customer relationships and brand equity in the context of the Chinese banking system. A conceptual framework is proposed, in which the constructs of customer relationships including relationship closeness, relationship strength and relationship......Building strong brand equity is imperative in the highly competitive financial services sector. Despite tremendous interest in brand equity and relationship marketing, little conceptual development or empirical research has addressed whether relationships exist between these important marketing...

  3. Impact of Customer Relationships on Brand Equity in Chinese Retail Banking

    DEFF Research Database (Denmark)

    Marinova, Svetla Trifonova; Cui, Jinhuan; Shiu, Erik

    2013-01-01

    of branding and relationship marketing, which are traditionally apart. The research findings provide bank managers with a comprehensive understanding of how customer relationships impact on the dimensions of brand equity, which will enable them in turn to design more effective marketing strategies to enhance...... issues. This study explores the associations between customer relationships and brand equity in the context of the Chinese banking system. A conceptual framework is proposed, in which the constructs of customer relationships including relationship closeness, relationship strength and relationship......Building strong brand equity is imperative in the highly competitive financial services sector. Despite tremendous interest in brand equity and relationship marketing, little conceptual development or empirical research has addressed whether relationships exist between these important marketing...

  4. Integration scenarios of Demand Response into electricity markets: Load shifting, financial savings and policy implications

    International Nuclear Information System (INIS)

    Feuerriegel, Stefan; Neumann, Dirk

    2016-01-01

    Demand Response allows for the management of demand side resources in real-time; i.e. shifting electricity demand according to fluctuating supply. When integrated into electricity markets, Demand Response can be used for load shifting and as a replacement for both control reserve and balancing energy. These three usage scenarios are compared based on historic German data from 2011 to determine that load shifting provides the highest benefit: its annual financial savings accumulate to €3.110 M for both households and the service sector. This equals to relative savings of 2.83% compared to a scenario without load shifting. To improve Demand Response integration, the proposed model suggests policy implications: reducing bid sizes, delivery periods and the time-lag between market transactions and delivery dates in electricity markets. - Highlights: •Comparison of 3 scenarios to integrate Demand Response into electricity markets. •These are: optimize procurement, offer as control reserve, avoid balancing energy. •Ex post simulation to quantify financial impact and policy implications. •Highest savings from load shifting with a cost reduction of 3%. •Model suggests reducing bid sizes, delivery periods and time lags as policy issues.

  5. Buyer social responsibility: a general concept and its implications for marketing management

    NARCIS (Netherlands)

    Ingenbleek, P.T.M.; Meulenberg, M.T.G.; Trijp, van J.C.M.

    2015-01-01

    The inclusion of sustainability concerns in consumer decision-making poses new challenges to marketing. The existing literature contains a variety of concepts and definitions that pertain to social issues in consumption but lacks an overarching conceptualisation of buyer social responsibility (BSR)

  6. The value of online information for demand response in Walrasian electricity markets

    NARCIS (Netherlands)

    F.N. Claessen (Felix); B.J. Liefers (Bart); M. Kaisers (Michael); J.A. La Poutré (Han)

    2015-01-01

    textabstractSmart energy systems integrate renewables and demand response. Most European electricity markets coordinate the resulting time-varying flexibility in demand and supply by organising day-ahead trade with Walrasian mechanisms, using simultaneous call auctions and sealed bids. These

  7. The development of demand elasticity model for demand response in the retail market environment

    NARCIS (Netherlands)

    Babar, M.; Nguyen, P.H.; Kamphuis, I.G.

    2015-01-01

    In the context of liberalized energy market, increase in distributed generation, storage and demand response has expanded the price elasticity of demand, thus causing the addition of uncertainty to the supply-demand chain of power system. In order to cope with the challenges of demand uncertainty

  8. The credit crunch : Impacts on the housing market and policy responses in the Netherlands

    NARCIS (Netherlands)

    Priemus, H.

    2009-01-01

    This contribution deals with the impact of the credit crunch on the Dutch housing market and the policy responses of the Dutch government so far. Reinhart and Rogoff have presented an overview of credit crises after WW II: what are the general characteristics and impacts? Also in the Netherlands,

  9. An economic welfare analysis of demand response in the PJM electricity market

    International Nuclear Information System (INIS)

    Walawalkar, Rahul; Blumsack, Seth; Apt, Jay; Fernands, Stephen

    2008-01-01

    We analyze the economic properties of the economic demand-response (DR) program in the PJM electricity market in the United States using DR market data. PJM's program provided subsidies to customers who reduced load in response to price signals. The program incorporated a 'trigger point', at a locational marginal price of $75/MWh, at or beyond which payments for load reduction included a subsidy payment. Particularly during peak hours, such a program saves money for the system, but the subsidies involved introduce distortions into the market. We simulate demand-side bidding into the PJM market, and compare the social welfare gains with the subsidies paid to price-responsive load using load and price data for year 2006. The largest economic effect is wealth transfers from generators to non price-responsive loads. Based on the incentive payment structure that was in effect through the end of 2007, we estimate that the social welfare gains exceed the distortions introduced by the subsidies. Lowering the trigger point increases the transfer from generators to consumers, but may result in the subsidy outweighing the social welfare gains due to load curtailment. We estimate that the socially optimal range for the incentive trigger point would be $66-77/MWh

  10. Assessing the marketing potential of communicating corporate social responsibility of a supply chain: method and application

    NARCIS (Netherlands)

    Verhees, F.J.H.M.; Kuipers, A.; Meulenberg, M.T.G.

    2006-01-01

    Abstract This article provides a method to assess the marketing potential of communicating corporate social responsibility of (agricultural) supply chains. The willingness of small firms in agricultural supply chains to make available information about certain dimensions of CSR is measured and

  11. Research on Simulation Requirements and Business Architecture of Automated Demand Response in Power Sales Side Market Liberalization

    Science.gov (United States)

    Liu, Yiqun; Zhou, Pengcheng; Zeng, Ming; Chen, Songsong

    2018-01-01

    With the gradual reform of the electricity market, the power sale side liberalization has become the focus of attention as the key task of reform. The open power market provides a good environment for DR (Demand Response). It is of great significance to research the simulation requirements and business architecture of ADR (Automatic Demand Response) in power sale side market liberalization. Firstly, this paper analyzes the simulation requirements of ADR. Secondly, it analyzes the influence factors that the business development of ADR from five aspects after power sale side market liberalization. Finally, Based on ADR technology support system, the business architecture of ADR after power sale side market liberalization is constructed.

  12. Lead-lag relationships between stock and market risk within linear response theory

    Science.gov (United States)

    Borysov, Stanislav; Balatsky, Alexander

    2015-03-01

    We study historical correlations and lead-lag relationships between individual stock risks (standard deviation of daily stock returns) and market risk (standard deviation of daily returns of a market-representative portfolio) in the US stock market. We consider the cross-correlation functions averaged over stocks, using historical stock prices from the Standard & Poor's 500 index for 1994-2013. The observed historical dynamics suggests that the dependence between the risks was almost linear during the US stock market downturn of 2002 and after the US housing bubble in 2007, remaining at that level until 2013. Moreover, the averaged cross-correlation function often had an asymmetric shape with respect to zero lag in the periods of high correlation. We develop the analysis by the application of the linear response formalism to study underlying causal relations. The calculated response functions suggest the presence of characteristic regimes near financial crashes, when individual stock risks affect market risk and vice versa. This work was supported by VR 621-2012-2983.

  13. Securing energy equity

    Energy Technology Data Exchange (ETDEWEB)

    Grimsby, Lars Kare, E-mail: lars.grimsby@umb.no [Department of International Environment and Development Studies, Noragric, Norwegian University of Life Sciences, P.O. Box 5003, 1432 Aas (Norway)

    2011-11-15

    Addressing energy poverty rather than energy equity conveniently evades the problem of the gap in energy consumption per capita in the developed and developing world. For energy security policies to adequately address energy poverty it requires a widening of scope from national to global. This is a comment to the forthcoming presentation of IEA's proposition for a new architecture for financing universal modern energy access to be presented at the conference 'Energy for all-Financing access for the poor' held in Oslo in October 2011. - Highlights: > Addressing energy poverty may elude the disparity in energy consumption between rich and poor. > A minimum threshold of energy for the poor does not itself address inequity in energy consumption. > Energy equity may be secured by widening scope from national to global, from the poorest to us all.

  14. Securing energy equity

    International Nuclear Information System (INIS)

    Grimsby, Lars Kare

    2011-01-01

    Addressing energy poverty rather than energy equity conveniently evades the problem of the gap in energy consumption per capita in the developed and developing world. For energy security policies to adequately address energy poverty it requires a widening of scope from national to global. This is a comment to the forthcoming presentation of IEA's proposition for a new architecture for financing universal modern energy access to be presented at the conference 'Energy for all-Financing access for the poor' held in Oslo in October 2011. - Highlights: → Addressing energy poverty may elude the disparity in energy consumption between rich and poor. → A minimum threshold of energy for the poor does not itself address inequity in energy consumption. → Energy equity may be secured by widening scope from national to global, from the poorest to us all.

  15. Valuing Private Equity

    DEFF Research Database (Denmark)

    Sørensen, Morten; Wang, Neng; Yang, Jinqiang

    2014-01-01

    We investigate whether the performance of private equity (PE) investments is sufficient to compensate investors (LPs) for risk, long-term illiquidity, management, and incentive fees charged by the general partner (GP).We analyze the LPs’ portfolio-choice problem and find that management fees, car....... On average, LPs may just break even, net of management fees, carry, risk, and costs of illiquidity.......We investigate whether the performance of private equity (PE) investments is sufficient to compensate investors (LPs) for risk, long-term illiquidity, management, and incentive fees charged by the general partner (GP).We analyze the LPs’ portfolio-choice problem and find that management fees......, carried interest, and illiquidity are costly, and GPs must generate substantial alpha to compensate LPs for bearing these costs. Debt is cheap and reduces these costs, potentially explaining the high leverage of buyout transactions. Conventional interpretations of PE performance measures appear optimistic...

  16. Toward Ensuring Health Equity

    DEFF Research Database (Denmark)

    Petkovic, Jennifer; Epstein, Jonathan; Buchbinder, Rachelle

    2015-01-01

    , the Evaluative Linguistic Framework for Questionnaires, developed to assess text quality of questionnaires. We also considered a study assessing cross-cultural adaptation with/without back-translation and/or expert committee. The results of this preconference work were presented to the equity working group......OBJECTIVE: The goal of the Outcome Measures in Rheumatology (OMERACT) 12 (2014) equity working group was to determine whether and how comprehensibility of patient-reported outcome measures (PROM) should be assessed, to ensure suitability for people with low literacy and differing cultures. METHODS......: The English, Dutch, French, and Turkish Health Assessment Questionnaires and English and French Osteoarthritis Knee and Hip Quality of Life questionnaires were evaluated by applying 3 readability formulas: Flesch Reading Ease, Flesch-Kincaid grade level, and Simple Measure of Gobbledygook; and a new tool...

  17. Health care and equity in India

    Science.gov (United States)

    Balarajan, Yarlini; Selvaraj, S; Subramanian, S V

    2011-01-01

    India’s health system faces the ongoing challenge of responding to the needs of the most disadvantaged members of Indian society. Despite progress in improving access to health care, inequalities by socioeconomic status, geography and gender continue to persist. This is compounded by high out-of-pocket expenditures, with the rising financial burden of health care falling overwhelming on private households, which account for more than three-quarter of health spending in India. Health expenditures are responsible for more than half of Indian households falling into poverty; the impact of this has been increasing pushing around 39 million Indians into poverty each year. In this paper, we identify key challenges to equity in service delivery, and equity in financing and financial risk protection in India. These include imbalanced resource allocation, limited physical access to quality health services and inadequate human resources for health; high out-of-pocket health expenditures, health spending inflation, and behavioral factors that affect the demand for appropriate health care. Complementing other paper in this Series, we argue for the application of certain principles in the pursuit of equity in health care in India. These are the adoption of equity metrics in monitoring, evaluation and strategic planning, investment in developing a rigorous knowledge-base of health systems research; development of more equity-focused process of deliberative decision-making in health reform, and redefinition of the specific responsibilities and accountabilities of key actors. The implementation of these principles, together with strengthening of public health and primary care services, provide an approach for ensuring more equitable health care for India’s population. PMID:21227492

  18. Area price and demand response in a market with 25% wind power

    International Nuclear Information System (INIS)

    Grohnheit, Poul Erik; Andersen, Frits Møller; Larsen, Helge V.

    2011-01-01

    Denmark, east and west of the Great Belt are bidding areas with separate hourly area prices for the Nord Pool power exchange, covering four Nordic countries and parts of Germany. The share of wind power has now increased to 25% on an annual basis in western Denmark. This has a significant impact not only on the electricity wholesale prices, but also on the development of the market. Hourly market data are available from the website of Danish TSO from 1999. In this paper these data are analysed for the period 2004–2010. Electricity generators and customers may respond to hourly price variations, which can improve market efficiency, and a welfare gain is obtained. An important limitation for demand response is events of several consecutive hours with extreme values. The analysis in this paper is a summary and update of some of the issues covered by the EU RESPOND project. It shows that extreme events were few, and the current infrastructure and market organisation have been able to handle the amount of wind power installed so far. This recommends that geographical bidding area for the wholesale electricity market reflects external transmission constraints caused by wind power. - Highlights: ► More than 10 years of hourly electricity market data are available for western Denmark. ► Current infrastructure and market organisation could handle 25% wind power. ► Demand response to hourly electricity prices leads to limited welfare gain. ► Consecutive hours with high or low price, or high or low wind are relatively few.

  19. Designing Modern Equity Portfolios

    OpenAIRE

    Ronald Jean Degen

    2011-01-01

    This aim of this paper is to describe possible ways of investing in equity; choosing the right stocks(among small-cap, large-cap, value, growth, and foreign) using fundamental analysis, defining their appropriate mix in the portfolios according to the desired return-risk profiles based on Markowitz?s modern portfolio theory, and using technical analysis to buy and sell them.

  20. Electricity demand response in China: Status, feasible market schemes and pilots

    International Nuclear Information System (INIS)

    Li, Weilin; Xu, Peng; Lu, Xing; Wang, Huilong; Pang, Zhihong

    2016-01-01

    Demand Response (DR) has been extensively developed and implemented in the US and Europe. However, DR hardly exists in many developing countries for similar problems such as rigid power market and state monopoly. With the increasing imbalance between supply and demand in China's power industry, the government has issued new policies on DR and approved the first batch of pilot cities. China is setting a good example of how to encourage DR under monopolistic electric market and open up the market to aggregators and DR suppliers. This paper summarizes the current DR status, feasible DR market schemes and DR pilot projects in China. First, electric power system reform, renewable energy policies and power industry development are reviewed, highlighting the problems associated with the current dispatch mechanisms of DR policies and markets. New DR programs and DR-related policies are also introduced. On this basis, the driving forces and challenges associated with DR in China are analyzed. The major challenge is the lack of a suitable market mechanism for the current Chinese power industry. Hence, this paper presents six feasible strategies that fully utilize the existing policies. Additionally, the latest DR applications in different pilot cities are summarized and analyzed. - Highlights: • Summarize the status, feasible market schemes and pilot projects of DR in China. • Highlight the problems of the current dispatch mechanisms of DR policies and market. • Analyze the driving forces and challenges associated with DR in China. • Present six feasible strategies that fully utilize the existing policies. • Summarize and analyze the latest DR applications in different pilot cities.

  1. Relationship between cost of equity capital and voluntary corporate disclosures

    NARCIS (Netherlands)

    Petrova, E.; Georgakopoulos, G.; Sotiropoulos, I.; Vasileiou, K.Z.

    2012-01-01

    The relationship between disclosure and cost of equity capital has always been interesting not only for managers, but for investors as well. Economic theory suggests that by increasing the level of corporate reporting firms not only increase their stock market liquidity, but they also decrease the

  2. Corporate Social Responsibility in Buyer-Supplier Relationships: Is it Beneficial for Top-Tier Suppliers to Market their Capability to Ensure a Responsible Supply Chain?

    Directory of Open Access Journals (Sweden)

    Thomas Leppelt

    2013-11-01

    Full Text Available This study assesses how top-tier suppliers market their capabilities to ensure a responsible upstream supply chain to their downstream buyers, and how the marketing of corporate social responsibility (CSR-related supply management practices affects the reputation of top-tier suppliers in business-to-business (B2B markets. In a cross-functional multiple-case study involving marketing, purchasing, and sustainability executives of five supplier organizations in Central Europe, we explored four distinct approaches for marketing superior CSR management abilities in B2B markets that potentially foster long-term comparative advantages: (1 Fact-based communication of measurable CSR capabilities, (2 targeting of indirect customers and influencers, (3 marketing through education, and (4 marketing of CSR as a service. Moreover, our inductive results provide evidence that the effective marketing of CSR capabilities enhances a supplier’s reputation only if it sends consistent signals to the market. Therefore, a close integration of marketing and purchasing is crucial for achieving signaling consistency. Building on an established framework of purchasing-marketing integration in the particular context of CSR we developed a crossfunctional theory on the link between marketing, supply chain alignment and reputation, which is expressed in four sets of testable research propositions.

  3. Market integration of flexible demand and DG-RES supply. A new approach for demand response

    International Nuclear Information System (INIS)

    Warmer, C.J.; Hommelberg, M.P.F.; Kamphuis, I.G.; Kok, J.K.

    2007-06-01

    In this paper we discuss the shortcomings of traditional Demand Response programs in an environment in which a large amount of distributed generation is available. An innovative approach is given in which true Customer Site Integration is obtained in the spirit of the liberalized electricity market, by making use of the load flexibility of underlying processes of production and consumption devices. The approach is based on distributed control mechanisms and incorporates new market models for distribution and aggregation costs, load losses, and network constraints

  4. MECHANISM OF INTRODUCTION SOCIALLY-RESPONSIBLE MARKETING IN SYSTEM MANAGEMENTS BY TRADE ENTERPRISE

    Directory of Open Access Journals (Sweden)

    Victoria Gladkaya

    2015-12-01

    Full Text Available In the article the mechanism of introduction of the socially-responsible marketing is offered in control system. At his description an author the specific of activity of trade enterprises is taken into account; the best home and foreign works are investigational in the field of the social marketing; the requirement of relatively compatible approach is observed; possibility of further improvement is taken into account, estimations of quality of every stage of mechanism of introduction and on the whole through establishment of key indicators of quality.

  5. Industry Responsibilities in Tackling Direct-to-Consumer Marketing of Unproven Stem Cell Treatments.

    Science.gov (United States)

    Master, Z; Fu, W; Paciulli, D; Sipp, D

    2017-08-01

    The direct-to-consumer marketing of unproven stem cell interventions (SCIs) is a serious public health concern. Regulations and education have had modest impact, indicating that different actors must play a role to stop this unfettered market. We consider the role of the biotech industry in tackling unproven SCIs. Grounded in the concept of corporate social responsibility, we argue that biotech companies should screen consumers to ensure that products and services are being used appropriately and educate employees about unproven SCIs. © 2017 ASCPT.

  6. Mass Market Demand Response and Variable Generation Integration Issues: A Scoping Study

    Energy Technology Data Exchange (ETDEWEB)

    Cappers, Peter; Mills, Andrew; Goldman, Charles; Wiser, Ryan; Eto, Joseph H.

    2011-09-10

    This scoping study focuses on the policy issues inherent in the claims made by some Smart Grid proponents that the demand response potential of mass market customers which is enabled by widespread implementation of Advanced Metering Infrastructure (AMI) through the Smart Grid could be the “silver bullet” for mitigating variable generation integration issues. In terms of approach, we will: identify key issues associated with integrating large amounts of variable generation into the bulk power system; identify demand response opportunities made more readily available to mass market customers through widespread deployment of AMI systems and how they can affect the bulk power system; assess the extent to which these mass market Demand Response (DR) opportunities can mitigate Variable Generation (VG) integration issues in the near-term and what electricity market structures and regulatory practices could be changed to further expand the ability for DR to mitigate VG integration issues over the long term; and provide a qualitative comparison of DR and other approaches to mitigate VG integration issues.

  7. Private Equity and Industry Performance

    DEFF Research Database (Denmark)

    Bernstein, Shai; Lerner, Josh; Sørensen, Morten

    2017-01-01

    The growth of the private equity industry has spurred concerns about its impact on the economy. This analysis looks across nations and industries to assess the impact of private equity on industry performance. We find that industries where private equity funds invest grow more quickly in terms...... of total production and employment and appear less exposed to aggregate shocks. Our robustness tests provide some evidence that is consistent with our effects being driven by our preferred channel....

  8. Equity financing constraints and corporate capital structure:a model

    Institute of Scientific and Technical Information of China (English)

    Zhengwei Wang; Wuxiang Zhu

    2013-01-01

    Purpose-The "supply-side effect" brought about by the imperfection of the capital market has increasingly been concerned.The purpose of this paper is to study how will the uncertainty of equity financing brought about by the equity financing regulations in emerging capital market affect company's capital structure decisions.Design/methodology/approach-This paper establishes a theoretical model and tries to introduce equity financing uncertainty into the company's capital structure decision-making.The paper uses mathematical derivation method to get some basic conclusions.Next,in order to characterize the quantitative impact of specific factor on capital structure,numerical solution methods are used.Findings-The model shows that firm's value would decrease with the uncertainty of equity financing,because of the relationship between firm's future cash and their financing policies.The numerical solution of the model suggests that the uncertainty of equity financing is one of the important factors affecting the choice of optimal capital structure,the greater the uncertainty is,the lower optimal capital structure is.Originality/value-The research of this paper has certain academic value for further understanding of the issues.

  9. Can Equity Volatility Explain the Global Loan Pricing Puzzle?

    OpenAIRE

    Lewis Gaul; Pinar Uysal

    2013-01-01

    This paper examines whether unobservable differences in firm volatility are responsible for the global loan pricing puzzle, which is the observation that corporate loan interest rates appear to be lower in Europe than in the United States. We analyze whether equity volatility, an error prone measure of firm volatility, can explain this difference in loan spreads. We show that using equity volatility in OLS regressions will result in biased and inconsistent estimates of the difference in U.S. ...

  10. Evaluating the Impact of Social Media Marketing on Online Course Registration

    Science.gov (United States)

    Spackman, Jonathan S.; Larsen, Ross

    2017-01-01

    This article validated one possible method, found in the luxury fashion industry, for evaluating the effectiveness of Facebook marketing activities on increasing enrollments in continuing higher education online courses. A survey assessing the qualities of social media marketing, value equity, relationship equity, brand equity, and purchase…

  11. Knowledge metrics of Brand Equity; critical measure of Brand Attachment

    OpenAIRE

    Arslan Rafi (Corresponding Author); Arslan Ali; Sidra Waris; Dr. Kashif-ur-Rehman

    2011-01-01

    Brand creation through an effective marketing strategy is necessary for creation of unique associations in the customers memory. Customers attitude, awareness and association towards the brand are primarily focused while evaluating performance of a brand, before designing the marketing strategies and subsequent evaluation of the progress. In this research, literature establishes a direct and significant effect of Knowledge metrics of the Brand equity, i.e. Brand Awareness and Brand Associatio...

  12. Area price and demand response in a market with 25% wind power

    DEFF Research Database (Denmark)

    Grohnheit, Poul Erik; Møller Andersen, Frits; Larsen, Helge V.

    2011-01-01

    Denmark, east and west of the Great Belt are bidding areas with separate hourly area prices for the Nord Pool power exchange, covering four Nordic countries and parts of Germany. The share of wind power has now increased to 25% on an annual basis in western Denmark. This has a significant impact...... not only on the electricity wholesale prices, but also on the development of the market. Hourly market data are available from the website of Danish TSO from 1999. In this paper these data are analysed for the period 2004–2010. Electricity generators and customers may respond to hourly price variations......, which can improve market efficiency, and a welfare gain is obtained. An important limitation for demand response is events of several consecutive hours with extreme values. The analysis in this paper is a summary and update of some of the issues covered by the EU RESPOND project. It shows that extreme...

  13. Economic demand response model in liberalised electricity markets with respect to flexibility of consumers

    DEFF Research Database (Denmark)

    Sharifi, Reza; Anvari-Moghaddam, Amjad; Fathi, S. Hamid

    2017-01-01

    Before restructuring in the electricity industry, the primary decision-makers of the electricity market were deemed to be power generation and transmission companies, market regulation boards, and power industry regulators. In this traditional structure, consumers were interested in receiving...... electricity at flat rates while paying no attention to the problems of this industry. This attitude was the source of many problems, sometimes leading to collapse of power systems and widespread blackouts. Restructuring of the electricity industry however provided a multitude of solutions to these problems....... The most important solution can be demand response (DR) programs. This paper proposes an economic DR model for residential consumers in liberalized electricity markets to change their consumption pattern from times of high energy prices to other times to maximize their utility functions. This economic...

  14. Volatility transmission and volatility impulse response functions in European electricity forward markets

    International Nuclear Information System (INIS)

    Le Pen, Yannick; Sevi, Benoit

    2008-01-01

    Using daily data from March 2001 to June 2005, we estimate a VAR-BEKK model and find evidence of return and volatility spillovers between the German, the Dutch and the British forward electricity markets. We apply Hafner and Herwartz [2006, Journal of International Money and Finance 25, 719-740] Volatility Impulse Response Function(VIRF) to quantify the impact of shock on expected conditional volatility. We observe that a shock has a high positive impact only if its size is large compared to the current level of volatility. The impact of shocks are usually not persistent, which may be an indication of market efficiency. Finally, we estimate the density of the VIRF at different forecast horizon. These fitted distributions are asymmetric and show that extreme events are possible even if their probability is low. These results have interesting implications for market participants whose risk management policy is based on option prices which themselves depend on the volatility level. (authors)

  15. Strošek lastniškega kapitala podjetja: primer ocene za izbrane slovenske delniške družbe = Cost of Equity Capital: An Example of Evaluation for Selected Slovene Joint-Stock Companies

    Directory of Open Access Journals (Sweden)

    Igor Stubelj

    2009-03-01

    Full Text Available The article sheds light on the evaluation of cost of equity, which is important as it determines the minimum yield the investors require on the invested capital. We use the cost of equity as a discount rate to calculate the present value of the expected free cash flows which belongs to the owners of equity capital. In the article, the methodological solutions for the evaluation of the equity capital cost with the CAPM on the Slovene financial market are shown. The Slovene capital market is a developing market with a short time line of available historical data. We evaluate the equity capital cost for selected Slovene companies.

  16. Marketing Communication dan Brand Awareness

    OpenAIRE

    Dominikus Tulasi

    2012-01-01

    The primary objective of marketing communications is to enhance brand equity as the means of moving customers to take favorable actions towards the brand—that is, trying it, repeat purchasing it and, ideally, becoming loyal towards the brand. Virtually, enhancing equity and affecting customer behavior depends on the effective use of all the marketing-mix elements. While, brand awareness relates to whether a brand name comes to mind when consumers think about a particular product category, and...

  17. Market response to the public display of energy performance rating at property sales

    International Nuclear Information System (INIS)

    Jensen, Ole Michael; Hansen, Anders Rhiger; Kragh, Jesper

    2016-01-01

    Energy labels have generally received positive response from consumers and have moved the market for white goods and cars in the direction of more energy-efficient products. On the real estate market, it was expected that an energy label, rating the energy performance of a property based on a national energy performance certificate (EPC) might receive similar response. However, in Denmark no response to the energy performance rating was observed for 15 years. This was a surprise considering that Denmark was the first country to implement an A to G rating of the energy performance of buildings. A statistical examination of data on property sales prices and energy performance ratings was carried out. All relevant property transaction data from 2007 till 2012 were examined and they showed that energy performance ratings had an impact on property sales prices. However, before June 2010, the impact was modest, whereas after June 2010 the impact of energy performance ratings on property sales prices increased significantly as a result of an EU requirement to display the energy performance rating in connection with property sales. On this background, it was concluded that a public display of the energy performance rating is fundamental for market response. - Highlights: •Energy performance ratings of buildings have an impact on property sales prices. •A statistical examination shows that since 2010 sales prices reflect energy performance. •Mandatory display of the rating prescribed by EU Directive was decisive. •The positive market response will be an incentive for energy upgrading of the property.

  18. The Impact of Perceived Advertising Spending and Price Promotion on Brand Equity:A Case of ABC Brand

    OpenAIRE

    Nurcahya, Kevin Edward

    2014-01-01

    Intense competition in Indonesian beverage industry lead many corporations to spend trillion rupiah on marketing communication, such as advertising and price promotion with the hope of increasing brand equity. However, the question is whether promotional activities in this industry amplify or attenuate the brand equity of a product. Therefore, this paper aims to model the impact of perceived advertising spending and price promotion on brand equity, measured through consumer perceptions, spec...

  19. Perceived importance and responsibility for market-driven pig welfare: Literature review.

    Science.gov (United States)

    Thorslund, Cecilie A H; Aaslyng, Margit Dall; Lassen, Jesper

    2017-03-01

    This review explores barriers and opportunities for market-driven pig welfare in Europe. It finds, first, that consumers generally rank animal welfare as important, but they also rank it low relative to other societal problems. Second, consumers have a wide range of concerns about pig welfare, but they focus especially on naturalness. Third, pig welfare is seen as an important indicator of meat quality. Fourth, consumers tend to think that responsibility for pig welfare lies with several actors: farmers, governments and themselves. The paper concludes that there is an opportunity for the market-driven strategy to sell a narrative about naturalness supplemented with other attractive qualities (such as eating quality). It also emphasizes that pig welfare needs to be on the political/societal agenda permanently if it is to be viewed as an important issue by consumers and if consumers are to assume some sort of responsibility for it. Copyright © 2016 Elsevier Ltd. All rights reserved.

  20. What is demand response? Contributing to secure security-of-supply at the electricity markets

    International Nuclear Information System (INIS)

    Grenaa Jensen, Stine; Skytte, Klaus; Togeby, Mikael

    2004-01-01

    There is a common understanding that demand response can reduce the total costs of electricity reliability. There has especially been a growing interest in the electricity market where high spot prices in peak periods and blackouts have recently been seen. It is not easy from the existing literature to find a common definition of demands response. Often the term demand response is used broadly without looking at the time dimension. However, it does not make sense to talk about demand response without talking about when, for how long the energy is used or saved, and at which costs. This paper surveys these subjects and set up a systematic grouping of the different characteristics of demand response. It especially looks at the time dimension. (au)

  1. Unilever Group : equity valuation

    OpenAIRE

    Pires, Susana Sofia Castelo

    2014-01-01

    The following dissertation has the purpose to value the Unilever Group, but more specifically Unilever N.V. being publicly traded in the Amsterdam Exchange Index. Unilever is seen as a global player and one of most successful and competitive fast-moving consumer goods companies. In order to valuate Unilever’s equity, a Discounted Cash Flow (DCF) approach is first carried out, since it is believed to be the most reliable methodology. The value estimated was €36.39, advising one to buy its s...

  2. Delimiting of the Marketing with Reason or Social Corporate Marketing by means of the analysis of companies that realize actions of social responsibility

    OpenAIRE

    JOAO AUGUSTO RAMOS E SILVA; IÑAKI PERIÁÑEZ CAÑADILLAS

    2003-01-01

    This paper is proved of an investigation done to analyze if the characteristics of the Cause Related Marketing or Social Corporate Marketing, which proposes the literature, are reproduced in the studies of cases of companies that develop action of Business for Social Responsibility in Spain. It can be said that the methodology of the study has two stages: initial inductive, based on the literature and on the cases of companies, studied qualitatively in search of a model or hypothesis and a de...

  3. Colombian equity return and narrow money supply: an asymmetric cointegration analysis

    Directory of Open Access Journals (Sweden)

    Chu V. Nguyen

    2012-12-01

    Full Text Available The asymmetric, cointegrating relationship between the return on equity market and the narrowly defined money supply is documented. In fact, equity return and the monthly percentage change in the Colombian money supply M1 spread adjusts to the threshold value slower when a contractionary countercyclical policy action or an economic shock causes the money supply M1 to fall relative to the share price index, widening their spread, than when an expansionary countercyclical monetary policy action or a shock causes money supply M1 to move in the opposite direction, narrowing their spread. The empirical findings further indicate the impact lag on the Colombian monetary policy in the equity market is two years. These empirical findings should be of interest to both domestic and international investors who are interested in the Colombian equity market. The results also reveal the presence of both the neoclassical and the post-Keynesian positions on the relationship between equity return and money supply M1 in the Colombian financial market. In the age of globalization, these findings may provide a better understanding of the impact of the countercyclical monetary policy on the equity market in Latin American economies.

  4. History of Pay Equity Studies.

    Science.gov (United States)

    Barbezat, Debra A.

    2002-01-01

    Traces the evolution of salary-equity studies over time, and how the findings have changed with regard to pay differences by gender and race/ethnicity. Reviews the literature on salary equity for both faculty and nonfaculty academic employees. (EV)

  5. Is Nordic Private Equity Different?

    DEFF Research Database (Denmark)

    Spliid, Robert

    2013-01-01

    Most research on private equity is based on American theory, tested on American empirical data. Nevertheless, the private equity concept has gained a solid foothold in the Nordic region, especially in Sweden. This article analyzes whether American-biased assumptions prevail in the Nordic countries...

  6. 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)

  7. 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 ...

  8. Assessment of private sector anticipatory response to greenhouse gas market development : Final analysis

    International Nuclear Information System (INIS)

    Forrister, D.; Marsh, D.; Varilek, M.

    2002-01-01

    Some active markets in greenhouse gases are beginning to emerge, which will lead to actual data concerning market performance becoming available and rendering the prediction of future prices for global greenhouse gas reductions more accurate. Market participants use studies as a starting point for the calibration of their understanding then seize opportunities in the external market and therefore refine their price expectations. In addition, they attempt to outperform their competitors. In this study, the authors reviewed the results of some of the most recent economic modeling results, synthesized pricing data, assessed the price and risk expectations of a broad range of corporate market players and examined their response strategies. The authors also took advantage of their expertise as market brokers to offer their views. The representatives of 35 companies operating in Canada, the United States, Japan, the European Union and Russia were interviewed for this study. Their price expectations were just over 5 dollars per tonne of carbon dioxide equivalent in 2005 before the implementation of the Kyoto Protocol, and raised to an average of 11 dollars per tonne of carbon dioxide equivalent in 2010. The major assumption was that the Kyoto Protocol would begin to take effect in 2002, and also that the United States would fail to ratify the Protocol. The respondents believed that some demand would force state and/or local programs to be implemented for a carbon reduction program. Poorly harmonized or delayed national policies, the potential costs of the Clean Development Mechanism projects and national pressure to take action at home are some of the concerns expressed which could prevent prices from becoming fully efficient. 41 refs., 6 tabs., 4 figs

  9. Economic potential of demand response at household level—Are Central-European market conditions sufficient?

    International Nuclear Information System (INIS)

    Prüggler, Natalie

    2013-01-01

    The aim of this paper is to show the economic potential of demand response (DR) on household level at Central European market conditions. Thereby, required economic benefits for consumers' participation, the realistic load shifting potential at household level and the estimation of essential intelligent infrastructure costs are discussed. The core of this paper builds a case-study applying spot market-oriented load shifting from the supplier's point of view by using Austrian electricity market data, household load profiles as well as a heat pump and e-car charging load profile. It is demonstrated which cost savings for suppliers can be derived from such load shifting procedure at household level. Furthermore, upper cost limits for intelligent infrastructure in order to break-even are derived. Results suggest to take a critical look at European discussions on DR implementation on household level, showing that at Central European market conditions the potential for DR at household level is restricted to significant loads and hence, the applied load shifting strategy is only beneficial with application to heat pumps. In contrast, the frequently discussed shifting of conventional household devices' loads (such as washing machines) economically does not add up. - Highlights: • Calculation of economic potential of domestic DR at Central European market conditions. • Model and case-study of spot market-oriented load shifting from supplier's perspective. • Derivation of supplier's cost savings and upper cost limits for ICT infrastructure. • Results show economic potential of domestic DR to be restricted to significant loads. • Shifting of washing machines economically does not pay off in contrast to heat pumps

  10. An Empirical Study on the Determinants of Management’s De cision for Reporting Long Term Non - Financial Assets at Fair Value in Companies Listed on Borsa Istanbul Equity Market

    OpenAIRE

    Hikmet Ulusan

    2014-01-01

    This study is to examine the determinants of management’s fair value choice decision for reporting long term non-financial assets in companies listed on “Borsa Istanbul Equity Market” whose financial statements have to be prepared under International Accounting Standards / Inte rnational Financial Reporting Standards and thus Turkey Accounting Standards / Turkey Financial Reporting Standards. In this study, Watts and Zimmerman’s Positive Accounting Theory met...

  11. Intergenerational equity and conservation

    Science.gov (United States)

    Otoole, R. P.; Walton, A. L.

    1980-01-01

    The issue of integenerational equity in the use of natural resources is discussed in the context of coal mining conversion. An attempt to determine if there is a clear-cut benefit to future generations in setting minimum coal extraction efficiency standards in mining is made. It is demonstrated that preserving fossil fuels beyond the economically efficient level is not necessarily beneficial to future generations even in terms of their own preferences. Setting fossil fuel conservation targets for intermediate products (i.e. energy) may increase the quantities of fossil fuels available to future generations and hence lower the costs, but there may be serious disadvantages to future generations as well. The use of relatively inexpensive fossil fuels in this generation may result in more infrastructure development and more knowledge production available to future generations. The value of fossil fuels versus these other endowments in the future depends on many factors which cannot possibly be evaluated at present. Since there is no idea of whether future generations are being helped or harmed, it is recommended that integenerational equity not be used as a factor in setting coal mine extraction efficiency standards, or in establishing requirements.

  12. Analisis Brand Equity Bina Nusantara University di Lingkungan SMU Jakarta

    Directory of Open Access Journals (Sweden)

    Retno Dewanti

    2007-09-01

    Full Text Available This Research of Binus University brand equity have been conducted by using 5 elements of brand equity: brand awareness, brand association, perceived quality, brand loyalty, and market behavior. The research methodologies was descriptive, its explained perception of 3th level high school students from 10 privates as well public high schools in west Jakarta and east Jakarta. The result of this research was Binus university brand awareness was in top of mind level. There were 3 (three associations of brand image of Binus, were IT up to date; complete and modern facilities; prestigious university which had high quality and innovative. Perceived quality element showed student’s expectations of university quality were overall most important. Brand loyalty element showed as reverse pyramid, that’s good loyalty for Binus University. Indicator of market behavior element showed 6,44% market share estimation.

  13. AN ANALYSIS REGARDING DESCRIPTIVE DIMENSIONS OF BRAND EQUITY

    Directory of Open Access Journals (Sweden)

    Ioan MOISESCU

    2007-01-01

    Full Text Available The competitive potential of any company is significantly influenced by the brands held in the company’s portfolio. Brands are definitely valuable marketing assets. As the brand is a central element of any marketing strategy it is essential to be aware of the descriptive dimensions of its equity. This paper tries to outline these dimensions as follows: brand loyalty, brand awareness, brand perceived quality, brand personality, brand image, brand identity and brand associations, as analyzed in the specialized literature. Identifying and comparing different approaches regarding each brand equity dimension and revealing interdependencies between these dimensions, focusing on the importance of scientifically determining their role in generating a long-term increase in marketing efforts efficiency, are among the main objectives of this paper.

  14. Aspects of volatility targeting for South African equity investors

    Directory of Open Access Journals (Sweden)

    Bhekinkosi Khuzwayo

    2014-11-01

    Full Text Available We consider so-called volatility targeting strategies in the South African equity market. These strategies are aimed at keeping the volatility of a portfolio consisting of a risky asset, typically an equity index, and cash fixed. This is done by changing the allocation of the assets based on an indicator of the future volatility of the risky asset. We use the three month rolling implied volatility as an indicator of future volatility to influence our asset allocation. We compare investments based on different volatility targets to the performance of bonds, equities, property as well as the Absolute Return peer mean. We examine risk and return characteristics of the volatility targeting strategy as compared to different asset classes.

  15. Evolution and current status of demand response (DR) in electricity markets: Insights from PJM and NYISO

    International Nuclear Information System (INIS)

    Walawalkar, Rahul; Fernands, Stephen; Thakur, Netra; Chevva, Konda Reddy

    2010-01-01

    In electricity markets, traditional demand side management programs are slowly getting replaced with demand response (DR) programs. These programs have evolved since the early pilot programs launched in late 1990s. With the changes in market rules the opportunities have generally increased for DR for participating in emergency, economic and ancillary service programs. In recent times, various regulators have suggested that DR can also be used as a solution to meet supply - demand fluctuations in scenarios with significant penetration of variable renewable sources in grid. This paper provides an overview of the evolution of the DR programs in PJM and NYISO markets as well as analyzes current opportunities. Although DR participation has grown, most of the current participation is in the reliability programs, which are designed to provide load curtailment during peak days. This suggests that there is a significant gap between perception of ability of DR to mitigate variability of renewables and reality of current participation. DR in future can be scaled to play a more dynamic role in electricity markets, but that would require changes both on technology as well as policy front. Advances in building technologies and energy storage combined with appropriate price signals can lead to enhanced DR participation. (author)

  16. The Choice between Rights-Preserving Issue Methods : Regulatory and Financial Aspects of Issuing Seasoned Equity in the UK

    NARCIS (Netherlands)

    Korteweg, A.G.; Renneboog, L.D.R.

    2002-01-01

    This paper examines the choice between two rights-preserving issue methods of seasoned equity offers in the UK as well as the factors determining the offer price and stock market announcement reactions.Firstly, equity issues in the UK are underwritten for different reasons than in other

  17. Marketing strategies to add economic value, reactions on corporate social responsibility advertising in print media: an Indian company case

    OpenAIRE

    Karunamoorthy, S; Selvarasu, A.; Filipe, J.

    2013-01-01

    Corporate social responsibility advertising (CSR Advertising) results from commercial advertising, having social dimensions. This concept works as a marketing tool of cause-related marketing (CR Marketing). In this study, the case of IOCL (an Indian oil company) is presented to show how the company creates innovative advertising ideas, serves the society, contributes to save environmental natural resources and allows to add economic value. In addition to the usual ways of commercial advertisi...

  18. MARKETING MIX AND BRANDING: COMPETITIVE HYPERMARKET STRATEGIES

    OpenAIRE

    Hui-Chu Chen; Robert D. Green

    2009-01-01

    Super-centers and hypermarkets are increasing in the retail markets. To determine customer-based brand equity (CBBE), a proportionate market share and a gender-balance hypermarket shopper sample was collected. Using t-Tests for gender to the marketing mix and CBBE, female shoppers consistently have higher mean scores. However, only distribution intensity, brand association and total brand equity were significantly higher than males. But men feel that their hypermarkets were higher priced than...

  19. The global financial crisis and health equity: early experiences from Canada.

    Science.gov (United States)

    Ruckert, Arne; Labonté, Ronald

    2014-01-06

    It is widely acknowledged that austerity measures in the wake of the global financial crisis are starting to undermine population health results. Yet, few research studies have focused on the ways in which the financial crisis and the ensuing 'Great Recession' have affected health equity, especially through their impact on social determinants of health; neither has much attention been given to the health consequences of the fiscal austerity regime that quickly followed a brief period of counter-cyclical government spending for bank bailouts and economic stimulus. Canada has not remained insulated from these developments, despite its relative success in maneuvering the global financial crisis. The study draws on three sources of evidence: A series of semi-structured interviews in Ottawa and Toronto, with key informants selected on the basis of their expertise (n = 12); an analysis of recent (2012) Canadian and Ontario budgetary impacts on social determinants of health; and documentation of trend data on key social health determinants pre- and post the financial crisis. The findings suggest that health equity is primarily impacted through two main pathways related to the global financial crisis: austerity budgets and associated program cutbacks in areas crucial to addressing the inequitable distribution of social determinants of health, including social assistance, housing, and education; and the qualitative transformation of labor markets, with precarious forms of employment expanding rapidly in the aftermath of the global financial crisis. Preliminary evidence suggests that these tendencies will lead to a further deepening of existing health inequities, unless counter-acted through a change in policy direction. This article documents some of the effects of financial crisis and severe economic decline on health equity in Canada. However, more research is necessary to study policy choices that could mitigate this effect. Since the policy response to a similar set of

  20. How brand personality, brand identification and service quality influence service brand equity

    Directory of Open Access Journals (Sweden)

    Sandra Maria Correia Loureiro

    2014-12-01

    Full Text Available During the past couple of decades, brand equity has emerged as one of the key concepts in marketing. Literature concerned with consumer brand relationship is calling for more studies in order to increase understanding of brand equity dimensions. Therefore, this study aims to contribute to the existing body of knowledge by examining the strength of relational variables on brand equity perceived by consumers. Findings support the proposed model in the service industry revealing that brand loyalty, brand identification, trust, brand personality and brand awareness are the variables that have a greatest impact on brand equity. Thus, this study is the first to measure the strength of assorted relational variables, and variables related with identification and personality on brand equity for brands in the service industry. In this vein, brand managers should be aware of the importance of building a brand regarding the way they communicate the features of the brand.

  1. Stakeholder insights on the planning and development of an independent benchmark standard for responsible food marketing.

    Science.gov (United States)

    Cairns, Georgina; Macdonald, Laura

    2016-06-01

    A mixed methods qualitative survey investigated stakeholder responses to the proposal to develop an independently defined, audited and certifiable set of benchmark standards for responsible food marketing. Its purpose was to inform the policy planning and development process. A majority of respondents were supportive of the proposal. A majority also viewed the engagement and collaboration of a broad base of stakeholders in its planning and development as potentially beneficial. Positive responses were associated with views that policy controls can and should be extended to include all form of marketing, that obesity and non-communicable diseases prevention and control was a shared responsibility and an urgent policy priority and prior experience of independent standardisation as a policy lever for good practice. Strong policy leadership, demonstrable utilisation of the evidence base in its development and deployment and a conceptually clear communications plan were identified as priority targets for future policy planning. Future research priorities include generating more evidence on the feasibility of developing an effective community of practice and theory of change, the strengths and limitations of these and developing an evidence-based step-wise communications strategy. Copyright © 2016 Elsevier Ltd. All rights reserved.

  2. Demand Side Management in a competitive European market: Who should be responsible for its implementation?

    International Nuclear Information System (INIS)

    Didden, Marcel H.; D'Haeseleer, William D.

    2003-01-01

    Demand side management (DSM), more specifically energy efficiency, is standing in the spotlight due to the Kyoto commitments. An additional factor, the liberalization of the electricity markets, causes every country to review its own DSM activities. Especially in Europe, where the directive for opening the electricity market has a direct impact on the current DSM frameworks, governments will have to consider a change in this framework. In order to achieve this, much research has been done in the past years on how to change the DSM framework in a way that the requirements of both liberalization and the Kyoto Protocol will be met. In this paper, we review the current DSM activities and ongoing research from the starting point 'who should be responsible for implementing DSM'. We conclude that countries have to make explicit choices on how to arrange their DSM activities for the different customers groups. They have to be aware of the fact that some combinations of DSM activities will lead to counter-productive results and therefore inefficiency. This paper also investigates which of these DSM activities fits best in the open market; a critical review of Integrated Resource Planning (IRP) is used as a starting point. We agree with various proponents of IRP that planning towards minimal societal costs is theoretically appropriate, looking from a societal point of view. We also indicate in this paper that the planning process IRP is partly applicable in the open market. But looking at the practical application of IRP in the past, we must conclude that there are better alternatives for achieving energy efficient goals in a liberalized market

  3. Assessing the benefits of residential demand response in a real time distribution energy market

    International Nuclear Information System (INIS)

    Siano, Pierluigi; Sarno, Debora

    2016-01-01

    Highlights: • A new probabilistic methodology, integrating DR in a distribution energy market is proposed. • The method can alleviate distribution network congestions. • This method based on D-LMPs allows cost savings for end-user customers. • Innovative thermal and shiftable loads Real Time control algorithms are also presented. - Abstract: In the field of electricity distribution networks and with the advent of smart grids and microgrids, the use of Distribution Locational Marginal Price (D-LMPs) in a Real Time (RT) distribution market managed by a Distribution System Operator (DSO) is discussed in presence of empowered residential end-users that are able to bid for energy by a demand aggregator while following Demand Response (DR) initiatives. Each customer is provided by a transactive controller, which reads the locational market signals and answers with a bid taking into account the user preferences about some appliances involved in DR activities and controlled by smart plugs-in. In particular, Heating Ventilation and Air Conditioning (HVAC) appliances and shiftable loads are controlled so that their consumption profile can be modified according to the price of energy. In order to assess the effectiveness of the proposed method in terms of energy and cost saving, an innovative probabilistic methodology for evaluating the impact of residential DR choices considering uncertainties related to load demand, user preferences, environmental conditions, house thermal behavior and wholesale market trends has been proposed. The uncertainties related to the stochastic variations of the variables involved are modeled by using the Monte Carlo Simulation (MCS) method. The combination of MCS and RT distribution market simulation based on D-LMPs are used to assess the operation and impact of the DR method over one month. Simulations results on an 84-buses distribution network confirmed that the proposed method allows saving costs for residential end-users and making

  4. Challenges of Ensuring Equity

    DEFF Research Database (Denmark)

    Pasgaard, Maya

    and on a conceptual framework to examine equity in REDD+. Qualitative research with a case study in Cambodia provides the empirical foundation for the thesis, supplemented with a quantitative analysis of climate change research to address the fourth research question. Together, these articles and approaches...... these challenges, specific recomm ndations are summarized in the thesis, namely: better integration of qualitative methods in social assessments, greater emphasis on local inclusion and representativeness in relation to resource access and decision-making, more field research and cross...... social assessments in REDD+ are inadequate due to a dominant positivistic approach to methods and indicators for social assessment, which contrasts the complexities and context of REDD+ projects; 2) The distribution of costs and benefits within communities in Oddar Meanchey is uneven, as the costs...

  5. Social Security and the Equity Premium Puzzle

    OpenAIRE

    Olovsson, Conny

    2004-01-01

    This paper shows that social security may be an important factor in explaining the equity premium puzzle. In the absence of shortselling constraints, the young shortsell bonds to the middle-aged and buy equity. Social security reduces the bond demand of the middle-aged, thereby restricting the possibilities of the young to finance their equity purchases. Their equity demand increases as does the average return to equity. Social security also increases the covariance between future consumption...

  6. Small Signal Stability Improvement of Power Systems Using Optimal Load Responses in Competitive Electricity Markets

    DEFF Research Database (Denmark)

    Hu, Weihao; Su, Chi; Chen, Zhe

    2011-01-01

    Since the hourly spot market price is available one day ahead in Denmark, the price could be transferred to the consumers and they may shift some of their loads from high price periods to the low price periods in order to save their energy costs. The optimal load response to an electricity price...... price is proposed. A 17-bus power system with high wind power penetrations, which resembles the Eastern Danish power system, is chosen as the study case. Simulation results show that the optimal load response to electricity prices is an effective measure to improve the small signal stability of power...... for demand side management generates different load profiles and may provide an opportunity to improve the small signal stability of power systems with high wind power penetrations. In this paper, the idea of power system small signal stability improvement by using optimal load response to the electricity...

  7. Equity Versus Non-Equity International Strategic Alliances

    DEFF Research Database (Denmark)

    Globerman, Steven; Nielsen, Bo Bernhard

    A substantial literature has evolved focusing on the ownership structure of international strategic alliances (ISAs). Most of the relevant studies are theoretical in nature and concentrate on the conceptual factors that influence the choice between equity and non-equity structures. A smaller numb...... involving Danish firms. Our study documents how the determinants of governance mode choice vary in importance depending upon the "quality" of the governance infrastructure of the host country....

  8. Essays on executive equity-based compensation and equity ownership

    OpenAIRE

    Elsilä, A. (Anna)

    2015-01-01

    Abstract A major proposition of the agency theory is that the conflict of interests between an agent and a principal is reduced when the agent’s wealth and compensation are tied to the performance of the firm. Apart from the direct predicted relation to corporate performance, compensating managers with equity instruments has implications for corporate risk-taking and payout policy choices. Additionally, equity-based compensation practices are to a large extent shaped by institutional facto...

  9. Applying Marketing Concepts to Non-Profit/Educational Organizations: The Youth Professional’s Responsibilities in Program Marketing & Promotion

    Directory of Open Access Journals (Sweden)

    Keith G. Diem

    2008-12-01

    Full Text Available The degree of participation in community-based youth development programs is typically affected by both the recruitment and retention of participants. A review of literature over more than forty years revealed the value of marketing and promotion to the viability of a company, product, or organization and how it may contribute to company sales or an organization’s membership. This article is focused on the application of marketing concepts to a non-profit organization or educational program. Using a marketing approach to program development can result in improved program quality as well as increased enrollment. Utilizing marketing activities such as needs assessment will aide in ensuring the program remains current in meeting needs and interests of clientele, the community, and society. Promoting an accurate and relevant image is a key in making sure people realize the value of your program.

  10. Demand response modeling considering Interruptible/Curtailable loads and capacity market programs

    International Nuclear Information System (INIS)

    Aalami, H.A.; Moghaddam, M. Parsa; Yousefi, G.R.

    2010-01-01

    Recently, a massive focus has been made on demand response (DR) programs, aimed to electricity price reduction, transmission lines congestion resolving, security enhancement and improvement of market liquidity. Basically, demand response programs are divided into two main categories namely, incentive-based programs and time-based programs. The focus of this paper is on Interruptible/Curtailable service (I/C) and capacity market programs (CAP), which are incentive-based demand response programs including penalties for customers in case of no responding to load reduction. First, by using the concept of price elasticity of demand and customer benefit function, economic model of above mentioned programs is developed. The proposed model helps the independent system operator (ISO) to identify and employ relevant DR program which both improves the characteristics of the load curve and also be welcome by customers. To evaluate the performance of the model, simulation study has been conducted using the load curve of the peak day of the Iranian power system grid in 2007. In the numerical study section, the impact of these programs on load shape and load level, and benefit of customers as well as reduction of energy consumption are shown. In addition, by using strategy success indices the results of simulation studies for different scenarios are analyzed and investigated for determination of the scenarios priority. (author)

  11. Governing at a distance: social marketing and the (bio) politics of responsibility.

    Science.gov (United States)

    Crawshaw, Paul

    2012-07-01

    In the recently published lectures from the College de France series, The Birth of Bio-Politics, Foucault (2009) offers his most explicit analysis of neo-liberal governmentality and its impact upon states and societies in the late twentieth century. Framed in terms of the bio-political as a mode of governance of populations and its relationship to neo-liberalism, these lectures offer a rich seam of theoretical resources with which to interrogate contemporary forms of governmentality. This paper seeks to apply these and some recent critical analysis by Foucauldian scholars, to the study of health governance, with particular reference to the use of social marketing as a strategy to improve the health of populations 'at a distance'. Reflecting a broader decollectivisation of welfare, such strategies are identified as exemplars of neo-liberal methods of governance through inculcating self management and individualisation of responsibility for health and wellbeing. Drawing on original empirical data collected with a sample of fifty long term unemployed men in 2009, this paper critically examines social marketing as a newer feature of health governance and reflects upon participants' responses to it as a strategy in the context of their wider understandings of health, choice and responsibility. Copyright © 2012 Elsevier Ltd. All rights reserved.

  12. Section 1603 Treasury Grant Expiration: Industry Insight on Financing and Market Implications

    Energy Technology Data Exchange (ETDEWEB)

    Mendelsohn, M.; Harper, J.

    2012-06-01

    In the wake of the 2008-2009 financial crises, tax equity investors largely withdrew from the market, resulting in stagnation of project development. In response, Congress established the Treasury grant program pursuant to Section 1603 of the American Recovery and Reinvestment Act (..Section..1603 Program) to offer a cash payment in lieu of a production and investment tax credit. This study addresses the likely project financing and market impacts from the expiration of the ..Section..1603 Program. The authors assembled an array of insights offered by financial executives active in the renewable energy (RE) market during conference panel discussions and in presentations, direct interviews, and email correspondences. This analysis found that the ..Section..1603 Program alleviated the need to monetize the tax credit incentives through specialized investors, helped lower the transaction and financing costs associated with renewable electricity projects, and generally supported an extensive build-out of renewable power generation capacity. With the expiration of the ..Section..1603 Program, smaller or less-established renewable power developers will have more difficulty attracting needed financial capital and completing their projects, development of projects relying on newer or 'innovative' technologies will likely slow as traditional tax equity investors are known to be highly averse to technology risk in the projects they fund, and, finally, projects relying on tax equity may be more expensive to develop due to higher transaction costs and potentially higher yields required to attract tax equity.

  13. Section 1603 Treasury Grant Expiration. Industry Insight on Financing and Market Implications

    Energy Technology Data Exchange (ETDEWEB)

    Mendelsohn, Michael [National Renewable Energy Lab. (NREL), Golden, CO (United States); Harper, John [Birch Tree Capital, LLC, Framingham, MA (United States)

    2012-06-01

    In the wake of the 2008-2009 financial crises, tax equity investors largely withdrew from the market, resulting in stagnation of project development. In response, Congress established the Treasury grant program pursuant to Section 1603 of the American Recovery and Reinvestment Act (Section 1603 Program) to offer a cash payment in lieu of a production and investment tax credit. This study addresses the likely project financing and market impacts from the expiration of the Section 1603 Program. The authors assembled an array of insights offered by financial executives active in the renewable energy (RE) market during conference panel discussions and in presentations, direct interviews, and email correspondences. This analysis found that the Section 1603 Program alleviated the need to monetize the tax credit incentives through specialized investors, helped lower the transaction and financing costs associated with renewable electricity projects, and generally supported an extensive build-out of renewable power generation capacity. With the expiration of the Section 1603 Program, smaller or less-established renewable power developers will have more difficulty attracting needed financial capital and completing their projects, development of projects relying on newer or 'innovative' technologies will likely slow as traditional tax equity investors are known to be highly averse to technology risk in the projects they fund, and, finally, projects relying on tax equity may be more expensive to develop due to higher transaction costs and potentially higher yields required to attract tax equity.

  14. The Asymmetric Effects of Oil Price Shocks on the Chinese Stock Market: Evidence from a Quantile Impulse Response Perspective

    Directory of Open Access Journals (Sweden)

    Huiming Zhu

    2016-08-01

    Full Text Available This paper uses a quantile impulse response approach to investigate the impact of oil price shocks on Chinese stock returns. This process allows us to uncover asymmetric effects of oil price shocks on stock market returns by taking into account the different quantiles of oil price shocks. Our results show that the responses of Chinese stock market returns to oil price shocks differ greatly, depending on whether the oil and stock market is in a bust or boom state and whether the shock is driven by demand or supply. The impacts of oil price shocks on Chinese stock returns present asymmetric features. In particular during a bust phase, oil supply and demand shocks significantly depress stock market returns, while during a boom period, the aggregate demand shock enhances stock market returns. These results suggest some important implications for investors and decision makers.

  15. Social equity, mobility, and access.

    Science.gov (United States)

    2014-03-01

    This report discusses how transportation policies can aggravate or alleviate social equity problems. Current transit systems : (Detroit, Atlanta, Cleveland, Denver, and St. Louis) were studied with respect to their strategies and relative success in ...

  16. Sustainability : Intergeneration Equity and Environment

    Energy Technology Data Exchange (ETDEWEB)

    Kim, Y.D. [Korea Energy Economics Institute, Euiwang (Korea)

    2001-06-01

    Regarding intergenerational equity as prerequisite for sustainability, we derive an optimal investment rule for intergenerational equity from an optimization model allowing for capital accumulation and pollution. This rule provides a condition for intergenerational equity such that an economy maintains constant net value of investment the difference between the physical capital investment value and the environmental resource depletion(pollution) value. This rule is more generalized condition for intergenerational equity than the 'keep capital intact' rule suggested by Hartwick(1977) and Solow(1999), in a sense that this rule includes their condition as a special. Also, we expect this rule to offer an empirical measure of sustainability. In addition, we discuss a variety of recent environmental issues in practice, especially associated with the implications from the rule. (author). 13 refs.

  17. Does Eco-efficency Reduce the Cost of Equity Capital? Empirical Evidence From Indonesia

    OpenAIRE

    Alviani, Lisa; Sholihin, Mahfud

    2015-01-01

    The objective of this study is to examine the effect of eco-efficiency on the cost of equity capital. The study hypothesizes that the implementation of eco-efficiency reduces the cost of equity capital. Using manufacturing companies listed on the Indonesian Stock Exchange for the period 2010-2012 as data, and controlling for beta, company size, Book to Market ratio, and leverage; the study finds that the implementation of eco-efficiency may reduce the cost of equity capital. The findings sugg...

  18. DOES ECO-EFFICENCY REDUCE THE COST OF EQUITY CAPITAL? EMPIRICAL EVIDENCE FROM INDONESIA

    OpenAIRE

    Lisa Alviani; Mahfud Sholihin

    2015-01-01

    The objective of this study is to examine the effect of eco-efficiency on the cost of equity capital. The study hypothesizes that the implementation of eco-efficiency reduces the cost of equity capital. Using manufacturing companies listed on the Indonesian Stock Exchange for the period 2010-2012 as data, and controlling for beta, company size, Book to Market ratio, and leverage; the study finds that the implementation of eco-efficiency may reduce the cost of equity capital. The findings sugg...

  19. The Cross-Section of Credit Risk Premia and Equity Returns

    DEFF Research Database (Denmark)

    Friewald, Nils; Wagner, Christian; Zechner, Josef

    Structural models a la Merton (1974) imply that rms' risk premia in equity and credit markets are related. We explore this relation, using the joint crosssection of stock returns and risk premia estimated from forward credit default swap (CDS) spreads. Consistent with structural models, we nd...... that rms' equity returns and Sharpe ratios increase with estimated credit risk premia and that the returns of buying high and selling low credit risk premium rms cannot be explained by traditional risk factors. Credit risk premia contain equity-relevant information neither captured by risk-neutral nor...

  20. DOES ECO-EFFICENCY REDUCE THE COST OF EQUITY CAPITAL? EMPIRICAL EVIDENCE FROM INDONESIA

    Directory of Open Access Journals (Sweden)

    Lisa Alviani

    2015-05-01

    Full Text Available The objective of this study is to examine the effect of eco-efficiency on the cost of equity capital. The study hypothesizes that the implementation of eco-efficiency reduces the cost of equity capital. Using manufacturing companies listed on the Indonesian Stock Exchange for the period 2010-2012 as data, and controlling for beta, company size, Book to Market ratio, and leverage; the study finds that the implementation of eco-efficiency may reduce the cost of equity capital. The findings suggest that companies should implement eco-efficency.

  1. Equity Impacts of Environmental Policy

    OpenAIRE

    Antonio M. Bento

    2013-01-01

    This article surveys recent literature on the equity impacts of environmental policy. We focus on studies that look at the distribution of costs and benefits of alternative environmental policies. We also examine potentially important trade-offs between efficiency and equity that arise in the context of environmental policy, as well as transition effects. In many of the applications surveyed here, environmental policies can be regressive. Strategies are discussed to reduce this regressivity t...

  2. The Loss Aversion / Narrow Framing Approach to the Equity Premium Puzzle

    OpenAIRE

    Nicholas Barberis; Ming Huang

    2006-01-01

    We review a recent approach to understanding the equity premium puzzle. The key elements of this approach are loss aversion and narrow framing, two well-known features of decision-making under risk in experimental settings. In equilibrium, models that incorporate these ideas can generate a large equity premium and a low and stable risk-free rate, even when consumption growth is smooth and only weakly correlated with the stock market. Moreover, they can do so for parameter values that correspo...

  3. Investigate The Relationship Between Brand Equity Brand Loyalty And Customer Satisfaction

    OpenAIRE

    Farbod Souri

    2017-01-01

    The purpose of this study conducted an empirical study in the field of marketing in order to investigate the relationship between brand equity brand loyalty and customer satisfaction in Refah stores in which Nam and colleagues model 2011 have been used. In this model the relationship between brand equity and brand loyalty and customer satisfaction is evaluated. To review research a sample of 384 customers was selected as a stepwise clustering. Data gathered by standard questionnaire with 23 q...

  4. Colombian equity return and narrow money supply: an asymmetric cointegration analysis

    OpenAIRE

    Chu V. Nguyen

    2012-01-01

    The asymmetric, cointegrating relationship between the return on equity market and the narrowly defined money supply is documented. In fact, equity return and the monthly percentage change in the Colombian money supply M1 spread adjusts to the threshold value slower when a contractionary countercyclical policy action or an economic shock causes the money supply M1 to fall relative to the share price index, widening their spread, than when an expansionary countercyclical monetary policy action...

  5. PRIVATE EQUITY INVESTMENTS IN HUNGARY AND THEFINANCIAL CRISIS

    Directory of Open Access Journals (Sweden)

    Jeno Konecsny

    2013-01-01

    Full Text Available The Hungarian private equity market reacted quite sensitively to the 2008-2009financial crisis. Although not in an equaldegree and in the same year, but all ofthe market’s fundraising, investmentand exit segment suffered a decline.However, the distrustful economic environment also affected negatively thetraditional financial sources, making it more complicated to obtain bank loans. Asa result of this moderate credit supply, private equity and venture capitalinvestments became relatively more valuable. This was further strengthened bythe appearance and launch of the so-called hybrid funds in 2010.Although the paper focuses on the investment segment of the Hungarian privateequity market, as an introduction we also describe briefly Hungary’s macroenvironment in the recent years. The rest of the paper analyse private equityinvestments from different aspects.

  6. A rapid assessment and response approach for socially marketed nutrition commodities in Viet Nam.

    Science.gov (United States)

    Turk, Tahir; Quang, Nguyen Dinh; Nga, Tran Thuy; Phuong, Huynh; Tung, Le Van Anh; Trang, Vu Hoang

    2017-01-01

    The leading cause of death in children in developing countries is protein-energy malnutrition. In Viet Nam, 25.9% of children under 5 experience stunted growth and 6.6% are moderately wasted. Iron deficiency anaemia and vitamin A deficiency contribute to these and other malnutrition conditions. Given these factors, more evidence based approaches are required to improve understanding of current attitudes, opinions and behaviours of mothers with young children, in order to operationalise social marketing of nutrition commodities in Viet Nam. A literature review supported a rapid assessment and response method involving semi-structured interviews with 77 stakeholders and focus group discussions with 80 program beneficiaries from four geographic locations in the north and south of Viet Nam. Discussion agendas were developed to address key program issues with grounded theory utilized for data analysis. Data analysis highlighted challenges and opportunities within the six Ps of social marketing: Supply and demand side issues included: cost and the quality of products, the limited scale of interventions and promotional activities. Policy issues identified related to current policies that inhibited the broader promotion and distribution of micronutrient products, and opportunities for improved dialogue with policy partners. Partnerships further emphasized the need for public private partnerships to support the social change process. Implications for theory, policy, and practice indicates that rapid assessment and response is a cost-effective, pragmatic method of public health research, in resource constrained settings, to explore policies and behaviours amenable to change and build stakeholder engagement in the program.

  7. Private Equity Capital in a Less Developed Economy: Evidence, Issues and Perspectives

    Directory of Open Access Journals (Sweden)

    Melusi Mpofu

    2015-10-01

    Full Text Available This study investigates the structure of the private equity industry and issues that impact on its development and growth in Zimbabwe. Studies conducted internationally have unequivocally demonstrated the importance of private equity investments in assisting firms at start/growth phase and decline phase. However there is a dearth of literature on how these financial intermediaries assist in unlocking firm value from an emerging markets perspective. The study uses the document analysis and an exploratory research paradigms to achieve the stated objectives. The study finds that the venture capital industry in Zimbabwe mimics similar industries in other countries except that it is constrained by market liquidity. Lack of regulation and viable business sectors coupled with excessive risks in the political economy narrows the scope of private equity operations. Several issues impacting on the development of the private equity industry are identified and evaluated. The study has policy implications for the development of regulatory framework to bolster the growth of the private equity industry in emerging market economies. This study provides new evidence and policy suggestions on the operations of the private equity industry in a liquidity constrained and less developed economy.

  8. Equity impact of population-level interventions and policies to reduce smoking in adults: a systematic review.

    Science.gov (United States)

    Brown, Tamara; Platt, Stephen; Amos, Amanda

    2014-05-01

    There is strong evidence about which tobacco control policies reduce smoking. However, their equity impact is uncertain. The aim was to assess the effectiveness of population-level interventions/policies to reduce socioeconomic inequalities in adult smoking. Systematic review of studies of population-level interventions/policies reporting smoking-related outcomes in adults of lower compared to higher socioeconomic status (SES). References were screened and independently checked. Studies were quality assessed. Results are presented in a narrative synthesis. Equity impact was assessed as: positive (reduced inequality), neutral (no difference by SES), negative (increased inequality), mixed (equity impact varied) or unclear. 117 studies of 130 interventions/policies were included: smokefree (44); price/tax (27); mass media campaigns (30); advertising controls (9); cessation support (9); settings-based interventions (7); multiple policies (4). The distribution of equity effects was: 33 positive, 36 neutral, 38 negative, 6 mixed, 17 unclear. Most neutral equity studies benefited all SES groups. Fourteen price/tax studies were equity positive. Voluntary, regional and partial smokefree policies were more likely to be equity negative than national, comprehensive smokefree policies. Mass media campaigns had inconsistent equity effects. Cigarette marketing controls were equity positive or neutral. Targeted national smoking cessation services can be equity positive by achieving higher reach among low SES, compensating for lower quit rates. Few studies have assessed the equity impact of tobacco control policy/interventions. Price/tax increases had the most consistent positive equity impact. More research is needed to strengthen the evidence-base for reducing smoking inequalities and to develop effective equity-orientated tobacco control strategies. Copyright © 2014. Published by Elsevier Ireland Ltd.

  9. Marketing marketing

    NARCIS (Netherlands)

    dr. Karel Jan van Alsem

    2013-01-01

    In deze installatierede betoogt Karel Jan Alsem dat marketing een grotere strategische rol in organisaties zou moeten krijgen. Want marketing is bij uitstek de verbinding tussen klantwensen en het DNA van een organisatie. Doordat merken gemiddeld voor mensen niet heel belangrijk zijn, is goede

  10. Marketing responsible drinking behavior: comparing the effectiveness of responsible drinking messages tailored to three possible "personality" conceptualizations.

    Science.gov (United States)

    York, Valerie K; Brannon, Laura A; Miller, Megan M

    2012-01-01

    We investigated whether a thoroughly personalized message (tailored to a person's "Big Five" personality traits) or a message matched to an alternate form of self-schema (ideal self-schema) would be more influential than a self-schema matched message (that has been found to be effective) at marketing responsible drinking. We expected the more thoroughly personalized Big Five matched message to be more effective than the self-schema matched message. However, neither the Big Five message nor the ideal self-schema message was more effective than the actual self-schema message. Therefore, research examining self-schema matching should be pursued rather than more complex Big Five matching.

  11. Brand Equity of a Tourist Destination

    Directory of Open Access Journals (Sweden)

    Hwa-Kyung Kim

    2018-02-01

    Full Text Available In the current climate of severe competition among tourist destinations, the importance of brand equity in tourism marketing is increasing. This study looks at the impact of branding in relation to the largest group of inbound overseas tourists to South Korea, the Chinese. Data for the current study were obtained from a survey of tourists visiting Seoul from the Greater China region, including Mainland China, Hong Kong, Macao, Taiwan, and the Chinese living in Southeast Asia. The survey was conducted in popular sightseeing spots, four and five-star hotels in the Seoul Metropolitan Area, and the Incheon International Airport. The respondents were selected randomly, with effort expended to avoid any potential bias in the composition of the sample. Out of a total of 385 distributed questionnaires, 350 (China 191, Hong Kong 71, Taiwan 68, others 20 were selected as valid and finally used in the analysis. The results of this study suggest that price and word of mouth have beneficial effects on perceived quality, publicity, and brand awareness, and advertisement has beneficial effects on brand image. We also found that brand awareness and perceived quality have impacts on brand image, and brand image is related to brand loyalty. This is a pioneering study on the relationships between influencing factors, destination brand equity and its elements, and brand loyalty, with respect to Seoul, South Korea, as a tourism destination for tourists from China.

  12. Impact of acquisition channels on customer equity, The

    OpenAIRE

    Villanueva, Julian; Yoo, Shijin; Hanssens, Dominique M.

    2003-01-01

    Customer equity (CE henceforth) is a powerful new paradigm to evaluate the firm's value and to optimally allocate marketing resources. This paper is focused on the relationship between customer acquisition and CE. The authors attempt to answer the following four questions: 1) how should customer acquisition channels be categorized to make them meaningful to managers and academics?; 2) how do we measure the effects of different acquisition channels on the firm's performance?; 3) how do we dise...

  13. Price promotions and brand equity: the role of brand types

    OpenAIRE

    Kuntner, Tobias

    2017-01-01

    Purpose – This study investigates whether the influence of selected marketing-mix elements on brand equity differs for different types of brands. The main focus is on price promotions’ influence. In addition, the impact of discount-store distribution is explored. Design/methodology/approach – This study applies fixed-effects regression to analyze German panel data, which includes 126 national brands in four product categories across five years. Findings – The results reveal that frequent pric...

  14. Measuring Metrics for Social Media Marketing : Case: Marsaana Communications

    OpenAIRE

    Yli-Pietilä, Heidi

    2016-01-01

    This thesis looks into social media marketing, what relationship public relations has with social media marketing and brand equity. The challenge with utilizing social media marketing is identifying the right tools to use in measuring the success or effectiveness of it. In this thesis I investigate a set of tools a Finnish PR agency could utilize in measuring the effects of their social media marketing efforts on their client’s brand equity. This thesis topics include new media in specifi...

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

    Science.gov (United States)

    Zhao, Zhechong

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

  16. Methodology for the identification, evaluation and prioritization of market handicaps which prevent the implementation of Demand Response: Application to European electricity markets

    International Nuclear Information System (INIS)

    Alcázar-Ortega, Manuel; Calpe, Carmen; Theisen, Thomas; Carbonell-Carretero, José Francisco

    2015-01-01

    This paper presents a methodology for the identification, analysis and comparative assessment of the handicaps which nowadays prevent the higher implementation of Demand Response (DR) in the electricity market. Its application provides a hierarchical organization of handicaps from the most critical to the less critical and then, from the easiest to the most difficult to overcome. This makes possible to determine which barriers would be a priority, which may indicate the direction of regulatory changes to properly address these handicaps and so, stimulating a higher participation of the demand side in electricity markets. After applying the methodology to three European countries, 34 handicaps have been identified, analyzing which of these handicaps affect such stakeholders as grid operators, retailers and customers and how these stakeholders are affected. For each handicap, the criticality and difficulty to overcome the different handicaps have been studied, based on detailed information coming from personal interviews to experts representing the different stakeholders in the electricity trading chain. Regulatory barriers have been identified as the most critical and difficult to overcome. Together with regulatory changes, the promotion of aggregators and the training of customers on DR applications are some of the most significant initiatives. - Highlights: • Market handicaps prevent the application of Demand Response in electricity markets. • A methodology to identify and organize such market handicaps has been developed. • The evaluation and quantification of criticality and difficulty to overcome is done. • A hierarchical list prioritizing handicaps to be addressed is obtained. • Market handicaps of three European countries were evaluated through this methodology.

  17. Analysis Brazilian preference shares: financial liabilities or equity instruments?

    Directory of Open Access Journals (Sweden)

    Diana Lucia de Almeida

    2016-05-01

    Full Text Available The Brazilian preference shares, in general, except when they present specific features, such as mandatory redemption and cumulative dividends, meet the accounting definition of equity instruments. However, the scientific literature believes that those shares that do not have discretion to avoid the delivery of cash must be classified as financial liabilities. In a context in which remain differences of understanding of their proper accounting treatment, the following question arises: preferred shares of Brazilian companies are being recognized in the financial statements in accordance with the theoretical and normative precepts? Thus, the aim of this study is to verify if the preference shares of Brazilian companies have been recognized in the financial statements for according to the scientific literature and accounting standards. Through content analysis, we analyzed the information of 157 companies listed on BM&FBOVESPA. The results show that 155 companies classify its preference shares as equity instruments and two as financial liabilities. These two companies, as well as 149 of those which qualify as equity instruments, are treating them properly in its accounting. The other six companies should present its preference shares as liabilities, given the absence of discretion to avoid cash delivery, feature present in financial liabilities, unlike equity instruments. It is noticed that, unlike what happens, for instance, in the US market, it is not possible to classify all Brazilian preference shares as a financial liability, since, in Brazil , they are used in different legal format of those widely found in that market. Moreover, almost all of the analyzed shares have essential features for classification as equity instruments. Hence, the importance of analysis of the economic essence of each instrument, thus, enabling the appropriate accounting treatment in the financial statements.

  18. How Overall Logistics Strategy Mediates The Influence Of Market Attractiveness And Dynamic Capability On Strategic Competitive Response

    Directory of Open Access Journals (Sweden)

    Febriyanto

    2015-08-01

    Full Text Available This research is conducted to examine the influence of market attractiveness and dynamic capability on strategic competitive response through overall logistics strategies of logistics service providers LSPs. Involving 266 LSPs SEM-LISREL is applied to test the hypotheses. The findings reveal that the market attractiveness and the dynamic capability positively affect the overall logistics strategy. Additionally the market attractiveness and the dynamic capability positively affect the strategic competitive response. Indirectly the market attractiveness and the dynamic capability positively affect the performance through strategic competitive response of LSPs. Obviously overall logistics strategy strengthen the influence of both market attractiveness and dynamic capability on strategic competitive response. There are five alternatives to optimize the overall logistics strategy of LSPs market intensification integration focus collaboration and strengthening value proposition. The involvement of overall logistics strategy as mediating variable is new paradigm in the strategic management discourses especially in logistics industry. Further research needs to be performed by involving the size of business as control variable and LSPs perception on Governments policies.

  19. Inequalities in health--future threats to equity.

    Science.gov (United States)

    Gunning-Schepers, L J; Stronks, K

    1999-01-01

    be threatened in the years to come by the considerable demographic shift occasioned by the ageing of the post-war baby boom and the incentives for risk selection that have been introduced in many systems as part of the 'market' mechanisms. The benefits of these incentives have clearly been a greater efficiency at the patient or service level, but there is still the question of whether it will be a more efficient system also at a population level if equity considerations continue to require a system of universal access to all the healthcare technology that will become available in the coming years. The other side of the coin of risk solidarity is the delimitation of the collective responsibility, thus of a basic benefit package. It is important to realize that equity has been a fundamental underlying value that has led to the creation of the healthcare systems as we know them but which may have become so accepted that it is no longer carefully considered when looking at issues of rationing or health reforms.

  20. [The development of the public health system between an increasing market orientation (commercialisation) and social responsibility].

    Science.gov (United States)

    Trabert, G

    2008-02-01

    The development of the public health system between an increasing market orientation (commercialisation) and social responsibility is critically reflected by examining the medical care of those who are deprived. Poverty in Germany is dramatically increasing. There are confirmed findings on the correlation of being poor and being ill. Poverty leads to an increased number of cases of illness and a higher mortality rate. And vice versa, chronic illnesses very often cause impoverishment. This correlation has largely been ignored not only by the public but also by experts, especially when public health-care issues are on the political agenda. With reference to the current discussion about public health-care and the widespread disregard of the living conditions of the poor, the categories of "reasonable behaviour" (Kant) and "communicative behaviour" (Habermas) are reflected on in a philosophical excursion. Further interest groups affecting the political sphere, such as the pharmaceutical industry, the medical profession, patients and scientists are also examined with regard to public health-care. What are the premises of a health-care discussion that is controlled by economic considerations, particularly when keeping in mind the humanistic and Christian ethics of our society? And what does this mean for our responsibility for those who are handicapped and are in need of our help? Do decision makers and participants of the health-care discussion satisfy these ethical challenges? And what are the effects of the so-called "social peace" on social cooperation and economic power of a country? The increasing market orientation (commercialisation) of the public health sector can only be accepted on the basis of practiced humanity and social responsibility. In the light of a human public health-care, deprived people are in need of our solidarity.