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Sample records for hmo market structure

  1. Impact of HMO market structure on physician-hospital strategic alliances.

    Science.gov (United States)

    Burns, L R; Bazzoli, G J; Dynan, L; Wholey, D R

    2000-04-01

    To assess the impact of HMO market structure on the formation of physician-hospital strategic alliances from 1993 through 1995. The two trends, managed care and physician-hospital integration have been prominent in reshaping insurance and provider markets over the past decade. Pooled cross-sectional data from the InterStudy HMO Census and the Annual Survey conducted by the American Hospital Association (AHA) between 1993 and the end of 1995 to examine the effects of HMO penetration and HMO numbers in a market on the formation of hospital-sponsored alliances with physicians. Because prior research has found nonlinear effects of HMOs on a variety of dependent variables, we operationalized HMO market structure two ways: using a Taylor series expansion and cross-classifying quartile distributions of HMO penetration and numbers into 16 dummy indicators. Alliance formation was operationalized using the presence of any alliance model (IPA, PHO, MSO, and foundation) and the sum of the four models present in the hospital. Because managed care and physician-hospital integration are endogenous (e.g., some hospitals also sponsor HMOs), we used an instrumental variables approach to model the determinants of HMO penetration and HMO numbers. These instruments were then used with other predictors of alliance formation: physician supply characteristics, the extent of hospital competition, hospital-level descriptors, population size and demographic characteristics, and indicators for each year. All equations were estimated at the MSA level using mixed linear models and first-difference models. Contrary to conventional wisdom, alliance formation is shaped by the number of HMOs in the market rather than by HMO penetration. This confirms a growing perception that hospital-sponsored alliances with physicians are contracting vehicles for managed care: the greater the number of HMOs to contract with, the greater the development of alliances. The models also show that alliance formation is

  2. HMO market penetration and hospital cost inflation in California.

    Science.gov (United States)

    Robinson, J C

    1991-11-20

    OBJECTIVE--Health maintenance organizations (HMOs) have stimulated price competition in California hospital markets since 1983, when the state legislature eliminated barriers to selective contracting by conventional health insurance plans. This study measures the impact of HMO-induced price competition on the rate of inflation in average cost per admission for 298 private, non-HMO hospitals between 1982 and 1988. DATA--HMO market penetration was calculated using discharge abstract data on insurance coverage, ZIP code of residence, and hospital of choice for 3.35 million patients in 1983 and 3.41 million patients in 1988. Data on hospital characteristics were obtained from the American Hospital Association and other sources. -HMO coverage grew from an average of 8.3% of all admissions in local hospital markets in 1983 to 17.0% of all admissions in 1988. The average rate of growth in costs per admission between 1982 and 1988 was 9.4% lower in markets with relatively high HMO penetration compared with markets with relatively low HMO penetration (95% confidence interval, 5.2 to 13.8). Cost savings for these 298 hospitals are estimated at $1.04 billion for 1988. CONCLUSION--Price competition between HMOs and conventional health insurers can significantly reduce hospital cost inflation if legislative barriers to selective contracting are removed. The impact of competition in California was modest, however, when evaluated in terms of the 74.5% average rate of California hospital cost inflation during these years.

  3. Segmentation of hospital markets: where do HMO enrollees get care?

    Science.gov (United States)

    Escarce, J J; Shea, J A; Chen, W

    1997-01-01

    Commercially insured and Medicare patients who are not in health maintenance organizations (HMOs) tend to use different hospitals than HMO patients use. This phenomenon, called market segmentation, raises important questions about how hospitals that treat many HMO patients differ from those that treat few HMO patients, especially with regard to quality of care. This study of patients undergoing coronary artery bypass graft surgery found no evidence that HMOs in southeast Florida systematically channel their patients to high-volume or low-mortality hospitals. These findings are consistent with other evidence that in many areas of the country, incentives for managed care plans to reduce costs may outweigh incentives to improve quality.

  4. HMO marketing and selection bias: are TEFRA HMOs skimming?

    Science.gov (United States)

    Lichtenstein, R; Thomas, J W; Watkins, B; Puto, C; Lepkowski, J; Adams-Watson, J; Simone, B; Vest, D

    1992-04-01

    The research evidence indicates that health maintenance organizations (HMOs) participating in the Tax Equity and Fiscal Responsibility Act of 1982 (TEFRA) At-Risk Program tend to experience favorable selection. Although favorable selection might result from patient decisions, a common conjecture is that it can be induced by HMOs through their marketing activities. The purpose of this study is to examine the relationship between HMO marketing strategies and selection bias in TEFRA At-Risk HMOs. A purposive sample of 22 HMOs that were actively marketing their TEFRA programs was selected and data on organizational characteristics, market area characteristics, and HMO marketing decisions were collected. To measure selection bias in these HMOs, the functional health status of approximately 300 enrollees in each HMO was compared to that of 300 non-enrolling beneficiaries in the same area. Three dependent variables, reflecting selection bias at the mean, the low health tail, and the high health tail of the health status distribution were created. Weighted least squares regressions were then used to identify relationships between marketing elements and selection bias. Subject to the statistical limitations of the study, our conclusion is that it is doubtful that HMO marketing decisions are responsible for the prevalence of favorable selection in HMO enrollment. It also appears unlikely that HMOs were differentially targeting healthy and unhealthy segments of the Medicare market.

  5. Growth in HMO share of the Medicare market, 1989-1994.

    Science.gov (United States)

    Welch, W P

    1996-01-01

    Between 1989 and 1994 the health maintenance organization (HMO) share of the Medicare market grew rapidly. It is still heavily concentrated geographically, however. The most influential factor in this growth is HMO penetration into an area's general health care market. Medicare payment rates and prior Medicare HMO penetration also have an impact, but their effects are much weaker. Thus, payment rate reform is likely to have only a modest impact on Medicare HMO growth in the short term. In the longer term, the HMO share of the Medicare market will continue to grow, because HMO penetration in the general health care market is growing rapidly.

  6. Market and plan characteristics related to HMO quality and improvement.

    Science.gov (United States)

    Scanlon, Dennis P; Swaminathan, Shailender; Chernew, Michael; Lee, Woolton

    2006-12-01

    Existing research on health plan performance examines whether variation in plans' scores is related to enrollee and health plan traits, primarily using cross-sectional research designs. This study extends that literature by incorporating data on market characteristics using a longitudinal framework. We estimate multivariate growth models that relate plan performance on standard measures to market and HMO characteristics using an unbalanced panel of data for 1998 to 2002. We find that HMO competition is not associated with better performance or greater rates of improvement in performance on the HEDIS chronic care measures. HMO penetration, on the other hand, is positively associated with HEDIS performance in several of the chronic care process-and-outcomes measures but not with a greater rate of improvement through time. Our analysis indicates that a significant percentage of the unexplained variation in quality improvement is because of permanent, unobserved plan-level characteristics that future research should strive to identify.

  7. Strategic marketing applications of conjoint analysis: an HMO perspective.

    Science.gov (United States)

    Rosko, M D; DeVita, M; McKenna, W F; Walker, L R

    1985-01-01

    The purpose of this article is to demonstrate how data from a conjoint analysis study can be used to help determine the most appropriate marketing mix for an operational HMO which is entering a new market--the geriatric population. Included are two features which are absent in previous articles on health care applications of conjoint analysis: external validation of results, and a demonstration of how conjoint analysis can be used to simulate market responses to changes in the provider's marketing mix.

  8. HMO market penetration and costs of employer-sponsored health plans.

    Science.gov (United States)

    Baker, L C; Cantor, J C; Long, S H; Marquis, M S

    2000-01-01

    Using two employer surveys, we evaluate the role of increased health maintenance organization (HMO) market share in containing costs of employer-sponsored coverage. Total costs for employer health plans are about 10 percent lower in markets in which HMOs' market share is above 45 percent than they are in markets with HMO enrollments of below 25 percent. This is the result of lower premiums for HMOs than for non-HMO plans, as well as the competitive effect of HMOs that leads to lower non-HMO premiums for employers that continue to offer these benefits. Slower growth in premiums in areas with high HMO enrollments suggests that expanded HMO market share may also lower the long-run growth in costs.

  9. Health insurance reform and HMO penetration in the small group market.

    Science.gov (United States)

    Buchmueller, Thomas C; Liu, Su

    This study uses data from several national employer surveys conducted between the late 1980s and the mid-1990s to investigate the effect of state-level underwriting reforms on HMO penetration in the small group health insurance market. We identify reform effects by exploiting cross-state variation in the timing and content of reform legislation and by using mid-sized and large employers, which were not affected by the legislation, as within-state control groups. While it is difficult to disentangle the effect of state reforms from other factors affecting HMO penetration in the small group markets, the results suggest a positive relationship between insurance market regulations and HMO penetration.

  10. Effects of HMO market penetration on physicians' work effort and satisfaction.

    Science.gov (United States)

    Hadley, J; Mitchell, J M

    1997-01-01

    We investigate whether geographic variations in health maintenance organization (HMO) market penetration are associated with three aspects of physicians' practices: number of hours worked per year, number of patients seen per week, and satisfaction with the current practice. Based on multivariate regression analysis of data for 4,373 patient care physicians (under age forty-five) from a national random sample surveyed in 1991, we estimate that a doubling of the average level of HMO penetration is associated with statistically significant differences of 4 percent fewer annual hours, 13.7 percent fewer patients seen per week, and a 20 percent greater likelihood of not being very satisfied with one's current practice.

  11. Medicaid HMO penetration and its mix: did increased penetration affect physician participation in urban markets?

    Science.gov (United States)

    Adams, E Kathleen; Herring, Bradley

    2008-02-01

    To use changes in Medicaid health maintenance organization (HMO) penetration across markets over time to test for effects on the extent of Medicaid participation among physicians and to test for differences in the effects of increased use of commercial versus Medicaid-dominant plans within the market. The nationally representative Community Tracking Study's Physician Survey for three periods (1996-1997, 1998-1999, and 2000-2001) on 29,866 physicians combined with Centers for Medicare and Medicaid Services (CMS) and InterStudy data. Market-level estimates of Medicaid HMO penetration are used to test for (1) any participation in Medicaid and (2) the degree to which physicians have an "open" (i.e., nonlimited) practice accepting new Medicaid patients. Models account for physician, firm, and local characteristics, Medicaid relative payment levels adjusted for geographic variation in practice costs, and market-level fixed effects. There is a positive effect of increases in commercial Medicaid HMO penetration on the odds of accepting new Medicaid patients among all physicians, and in particular, among office-based physicians. In contrast, there is no effect, positive or negative, from expanding the penetration of Medicaid-dominant HMO plans within the market. Increases in cost-adjusted Medicaid fees, relative to Medicare levels, were associated with increases in the odds of participation and of physicians having an "open" Medicaid practice. Provider characteristics that consistently lower participation among all physicians include being older, board certified, a U.S. graduate and a solo practitioner. The effects of Medicaid HMO penetration on physician participation vary by the type of plan. If states are able to attract and retain commercial plans, participation by office-based physicians is likely to increase in a way that opens existing practices to more new Medicaid patients. Other policy variables that affect participation include the presence of a federally

  12. Marketing in the HMO industry: an analysis of spending patterns and enrollment growth results.

    Science.gov (United States)

    Menges, J J

    1988-01-01

    The purpose of this paper is to assess the level of marketing spending in the HMO industry and the enrollment growth HMOs have achieved in return for their marketing dollars. This study identifies industry norms that are designed to assist HMOs in the evaluation of their marketing performance. The study is based on data from 1985 to 1986 covering approximately half the HMOs in the country and comprising a substantial proportion of industry-wide enrollment (Table 1). The analyses are designed to allow operational HMOs to compare their marketing efforts, enrollment growth, and marketing costs per new member with industry norms within similar age, model type, enrollment level, and geographic categories. The marketing expenses provided by each HMO are an aggregate figure including sales staff salaries, benefits and commissions, advertising, costs for the production and printing of marketing materials, and all other expenses directly related to the marketing effort. Components of the aggregate marketing expenses, such as the amount spent on advertising versus sales staff compensation, were not available.

  13. Perceived financial incentives, HMO market penetration, and physicians' practice styles and satisfaction.

    Science.gov (United States)

    Hadley, J; Mitchell, J M; Sulmasy, D P; Bloche, M G

    1999-04-01

    To estimate the effects of physicians' personal financial incentives and other measures of involvement with HMOs on three measures of satisfaction and practice style: overall practice satisfaction, the extent to which prior expectations about professional autonomy and the ability to practice good-quality medicine are met, and several specific measures of practice style. A telephone survey conducted in 1997 of 1,549 physicians who were located in the 75 largest Metropolitan Statistical Areas in 1991. Eligible physicians were under age 52, had between 8 and 17 years of post-residency practice experience, and spent at least 20 hours per week in patient care. The response rate was 74 percent. Multivariate binomial and multinomial ordered logistic regression models were estimated. Independent variables included physicians' self-reported financial incentives, measured by the extent to which their overall financial arrangements created an incentive to either reduce or increase services to patients, the level of HMO penetration in the market, employment setting, medical specialty, exposure to managed care while in medical training, and selected personal characteristics. About 15 percent of survey respondents reported a moderate or strong incentive to reduce services; 70 percent reported a neutral incentive; and 15 percent reported an incentive to increase services. Compared to physicians with a neutral incentive, physicians with an incentive to reduce services were from 1.5 to 3.5 times more likely to be very dissatisfied with their practices and were 0.2 to 0.5 times as likely to report that their expectations regarding professional autonomy and ability to practice good-quality medicine were met. They were also 0.2 to 0.6 times as likely to report having the freedom to care for patients the way they would like along several specific measures of practice style, such as sufficient time with patients, ability to hospitalize, ability to order tests and procedures, and ability

  14. Do HMO market level factors lead to racial/ethnic disparities in colorectal cancer screening? A comparison between high-risk Asian and Pacific Islander Americans and high-risk whites.

    Science.gov (United States)

    Ponce, Ninez A; Huh, Soonim; Bastani, Roshan

    2005-11-01

    Few studies have explored health care market structure and colorectal cancer (CRC) screening test use, and little is known whether market factors contribute to racial/ethnic screening disparities. We investigated whether HMO market level factors, controlling for individual covariates, differentially impact Asian American and Pacific Islander (AAPI) subjects' access to CRC screening compared with white subjects. We used random intercept hierarchical models to predict CRC test use. Individual-level survey data was linked to market data by metropolitan statistical areas from InterStudy. Insured first-degree relatives, ages 40-80, of a random sample of colorectal cancer cases identified from the California Cancer Registry: 515 white subjects and 396 AAPI subjects residing in 36 metropolitan statistical areas (MSAs). Dependent variables were receipt of (1) annual fecal occult blood test only; (2) sigmoidoscopy in the past 5 years; (3) colonoscopy in the past 10 years; and (4) any of these tests over the recommended time interval. Market characteristics were HMO penetration, HMO competition, and proportion of staff/group/network HMOs. Market characteristics were as important as individual-level characteristics for AAPI but not for white subjects. Among AAPI subjects, a 10% increase in the percent of group/staff/network model HMO was associated with a reduction in colonoscopy use (28.9% to 20.5%) and in receipt of any of the CRC tests (53.2% to 45.4%). The prevailing organizational structure of a health care market confers a penalty on access to CRC test use among high-risk AAPI subjects but not among high-risk white subjects. Identifying the differential effect of market structure on race/ethnicity can potentially reduce the cancer burden among disadvantaged racial groups.

  15. Implementing evidence-based practices for youth in an HMO: the roles of external ratings and market share.

    Science.gov (United States)

    Hamilton, John; Daleiden, Eric; Dopson, Sue

    2011-05-01

    A qualitative study of child clinicians in a non-profit HMO examined implementation of evidence-based practices (EBPs) for anxiety and oppositional defiant disorders using interviews and focus groups with 33 clinicians (97% of participants), and ethnography of emails and meetings. Analysis showed statistical measures of access and service-key elements of rating organizations' "report cards"- were central in creating "pressure" making transition to EBPs difficult. EBPs were secondary to access and service targets. "Research" and "statistics" were perceived as unrealistic, "literature" as lacking authority. Rating organizations should include outcome and fidelity metrics to align market share pressures with children's health.

  16. HMO penetration and the geographic mobility of practicing physicians.

    Science.gov (United States)

    Polsky, D; Kletke, P R; Wozniak, G D; Escarce, J J

    2000-09-01

    In this study, we assessed the influence of changes in health maintenance organization (HMO) penetration on the probability that established patient care physicians relocated their practices or left patient care altogether. For physicians who relocated their practices, we also assessed the impact of HMO penetration on their destination choices. We found that larger increases in HMO penetration decreased the probability that medical/surgical specialists in early career stayed in patient care in the same market, but had no impact on generalists, hospital-based specialists, or mid career medical/surgical specialists. We also found that physicians who relocated their practices were much more likely to choose destination markets with the same level of HMO penetration or lower HMO penetration compared with their origin markets than they were to choose destination markets with higher HMO penetration. The largely negligible impact of changes in HMO penetration on established physicians' decisions to relocate their practices or leave patient care is consistent with high relocation and switching costs. Relocating physicians' attraction to destination markets with the same level of HMO penetration as their origin markets suggests that, while physicians' styles of medical practice may adapt to changes in market conditions, learning new practice styles is costly.

  17. Management information systems in the HMO environment.

    Science.gov (United States)

    Neal, P A

    1982-01-01

    Realization of the unique potential of a health maintenance organization is dependent on the availability of adequate, accurate, and timely information. The particular data needed are determined by the structure of the organization; the physician compensation plans; requirements for state, federal, or other reporting; and many other factors. The author introduces the concept and objectives of the HMO, and presents the management information systems necessary for planning and monitoring HMO performance: patient information, utilization information, and management information for the staff and nonstaff HMO.

  18. Does anyone understand HMO advertising?

    Science.gov (United States)

    Bisinger, J M

    1986-12-01

    Much HMO advertising is executed with technical proficiency, but a high level of technical skill cannot compensate for poor objectives, an inadequate analysis of the business situation, or a lack of advertising effectiveness. Industrial marketing techniques often involve person-to-person selling via a sales staff, sales reps, on-site technical assistance and informational meetings, team selling, etc. Some HMOs also employ these techniques. In general, the promotional focus in these situations is not on mass media; communication tends to be in support of personal sales activities. These personal techniques are used because of the difficulty of selling complicated products or services. Is an HMO a simple product/service? If it is not, consumer promotional tactics will probably be ineffective. If used, these promotional tactics probably will be unintelligible because "consumers" do not select HMOs; their employers do.

  19. HMO penetration: has it hurt public hospitals?

    Science.gov (United States)

    Clement, J P; Grazier, K L

    2001-01-01

    The purpose of this study is to determine the extent to which health maintenance organization (HMO) penetration within the public hospitals' market area affects the financial performance and viability of these institutions, relative to private hospitals. Hospital- and market-specific measures are examined in a fully interacted model of over 2,300 hospitals in 321 metropolitan statistical areas (MSAs) in 1995. Although hospitals located in markets with higher HMO penetration have lower financial performance as reflected in revenues, expenses and operating margin, public hospitals are not more disadvantaged than other hospitals by managed care.

  20. HMO penetration and physicians' earnings.

    Science.gov (United States)

    Hadley, J; Mitchell, J M

    1999-11-01

    The goal of this study is to estimate whether cross-sectional variations in enrollment in health maintenance organizations (HMOs) affected physicians' earnings and hourly income in 1990. Using data from a nationally representative sample of 4,577 younger physicians (penetration is endogenous and used the instrumental variables approach to obtain unbiased estimates. HMO penetration had a negative and statistically significant impact on physicians earnings in 1990. A doubling of the average level of HMO penetration in the market is estimated to reduce annual earnings by 7% to 10.7%, and hourly earnings by approximately 6% to 9%. It appears that HMOs were successful in reducing physicians' annual and per hour earnings in 1990, presumably through a combination of fewer visits and lower payment rates for people covered by HMOs. Although these results cannot be generalized to all physicians, the experience of a younger cohort of physicians may still be a good indicator of the future effects of HMOs because younger physicians may be more susceptible to market forces than older and more established physicians. Moreover, these results may be somewhat conservative because they reflect market behavior in 1990, several years before the rapid growth and more aggressive market behavior of HMOs in recent years.

  1. Health Maintenance Organization (HMO) Plan

    Science.gov (United States)

    ... Find & compare doctors, hospitals, & other providers Health Maintenance Organization (HMO) Plan In most HMO Plans, you generally ... certain service when needed. Related Resources Preferred Provider Organization (PPO) Private Fee-for-Service (PFFS) Special Needs ...

  2. Do HMO penetration and hospital competition impact quality of hospital care?

    Science.gov (United States)

    Rivers, P A; Fottler, M D

    2004-11-01

    This study examines the impact of HMO penetration and competition on hospital markets. A modified structure-conduct-performance paradigm was applied to the health care industry in order to investigate the impact of HMO penetration and competition on risk-adjusted hospital mortality rates (i.e. quality of hospital care). Secondary data for 1957 acute care hospitals in the USA from the 1991 American Hospital Association's Annual Survey of Hospitals were used. The outcome variables were risk-adjusted mortality rates in 1991. Predictor variables were market characteristics (i.e. managed care penetration and hospital competition). Control variables were environmental, patient, and institutional characteristics. Associations between predictor and outcome variables were investigated using statistical regression techniques. Hospital competition had a negative relationship with risk-adjusted mortality rates (a negative indicator of quality of care). HMO penetration, hospital competition, and an interaction effect of HMO penetration and competition were not found to have significant effects on risk-adjusted mortality rates. These findings suggest that when faced with intense competition, hospitals may respond in ways associated with reducing their mortality rates.

  3. The impact of HMO and hospital competition on hospital costs.

    Science.gov (United States)

    Younis, Mustafa Z; Rivers, Patrick A; Fottler, Myron D

    2005-01-01

    This study examines the impact of HMO penetration and competition on health system performance, as measured by hospital cost per adjusted admissions. The study population consisted of acute-care hospitals in the United States. The findings of this study suggest that there is no relationship between HMO competition and hospital cost per adjusted admission. Governmental efforts to stimulate competition in the hospital market, if focused on promoting HMOs, are not likely to produce cost-containing results quickly.

  4. Market structures in international telecommunications

    DEFF Research Database (Denmark)

    Henten, Anders

    1998-01-01

    Paper dealing with the internationalisation of telecommunications and the developing market structures.......Paper dealing with the internationalisation of telecommunications and the developing market structures....

  5. Trends in hospital cost and revenue, 1994-2005: how are they related to HMO penetration, concentration, and for-profit ownership?

    Science.gov (United States)

    Shen, Yu-Chu; Wu, Vivian Y; Melnick, Glenn

    2010-02-01

    Analyze trends in hospital cost and revenue, as well as price and quantity (1994-2005) as a function of health maintenance organization (HMO) penetration, HMO concentration, and for-profit (FP) HMO market share. Medicare hospital cost reports, AHA Annual Surveys, HMO data from Interstudy, and other supplemental data. A retrospective study of all short-term, general, nonfederal hospitals in metropolitan statistical areas (MSAs) in the United States from 1994 to 2005, using hospital/MSA fixed-effects translog regression models. A 10 percentage point increase in HMO enrollment is associated with 4.1-4.2 percent reduction in costs and revenues in the pre-2000 period but only a 2.1-2.5 percent reduction in the post-2000 period. Hospital revenue in HMO-dominant markets (highly concentrated HMO market and competitive hospital market) is 19-27 percent lower than other types of markets, and the difference is most likely due mainly to lower prices and to a lesser extent lower utilization. The historical difference of lower spending in high HMO penetration markets compared with low HMO markets narrowed after 2000 and the relative concentration between HMO and hospital markets can substantially influence hospital spending. Additional research is needed to understand how different aspects of these two markets have changed and interacted and how they are causally linked to spending trends.

  6. Trends in Hospital Cost and Revenue, 1994–2005: How Are They Related to HMO Penetration, Concentration, and For-Profit Ownership?

    Science.gov (United States)

    Shen, Yu-Chu; Wu, Vivian Y; Melnick, Glenn

    2010-01-01

    Objective Analyze trends in hospital cost and revenue, as well as price and quantity (1994–2005) as a function of health maintenance organization (HMO) penetration, HMO concentration, and for-profit (FP) HMO market share. Data Medicare hospital cost reports, AHA Annual Surveys, HMO data from Interstudy, and other supplemental data. Study Design A retrospective study of all short-term, general, nonfederal hospitals in metropolitan statistical areas (MSAs) in the United States from 1994 to 2005, using hospital/MSA fixed-effects translog regression models. Principal Findings A 10 percentage point increase in HMO enrollment is associated with 4.1–4.2 percent reduction in costs and revenues in the pre-2000 period but only a 2.1–2.5 percent reduction in the post-2000 period. Hospital revenue in HMO-dominant markets (highly concentrated HMO market and competitive hospital market) is 19–27 percent lower than other types of markets, and the difference is most likely due mainly to lower prices and to a lesser extent lower utilization. Conclusions The historical difference of lower spending in high HMO penetration markets compared with low HMO markets narrowed after 2000 and the relative concentration between HMO and hospital markets can substantially influence hospital spending. Additional research is needed to understand how different aspects of these two markets have changed and interacted and how they are causally linked to spending trends. PMID:19840134

  7. Market Structure and Market Access

    OpenAIRE

    Joseph Francois; Ian Wooton

    2008-01-01

    The authors examine an issue at the nexus of domestic competition policy and international trade, the interaction between goods trade and market power in domestic trade and distribution sectors. Theory suggests a set of linkages between service-sector competition and goods trade supported by econometrics involving imports of 22 OECD countries compared with 69 exporters. Competition in serv...

  8. Economic and organizational determinants of HMO mergers and failures.

    Science.gov (United States)

    Feldman, R; Wholey, D; Christianson, J

    1996-01-01

    This study analyzed data from all operational health maintenance organizations (HMOs) in the United States from 1986 through 1993. Eighty HMOs disappeared through mergers and 149 failed over that period. We estimated a multinomial logit model to predict whether an HMO would merge and survive, merge and disappear, or fail, relative to the probability of no event. We found that enrollment and profitability play a critical role in explaining HMO mergers and failures: large and profitable HMOs were more likely to merge and survive, but less likely to merge and disappear or fail. These results explain why HMO merger and failure rates fell after 1988, as most surviving HMOs became larger and more profitable. Among several market-area variables in the model, state anti-takeover regulations had a negative impact on mergers. Mergers were more likely in markets with more competing HMOs, but the overall market penetration of HMOs had no effect on mergers. This result may have important implications for the current debate over the future of the competitive health care strategy. If public policy successfully stimulates the development of large numbers of new HMOs, another wave of mergers and failures is likely to occur. But it appears that growth in overall HMO penetration will not lead inevitably to increased market concentration.

  9. The impact of HMO penetration on the relationship between nurse staffing and quality.

    Science.gov (United States)

    Mark, Barbara A; Harless, David W; McCue, Michael

    2005-07-01

    While there are a number of studies examining the relationship between nurse staffing and quality, none has examined structural differences in the relationship between nurse staffing and quality contingent upon the level of managed care penetration. We used administrative data, and a dynamic panel data model to examine this relationship in a panel of 422 acute care hospitals from 1990 to 1995. We found that there were significant differences in the relationship between nurse staffing and both mortality and length of stay depending upon the level of HMO penetration in the hospital's market.

  10. Impact of HMO ownership on management processes and utilization outcomes.

    Science.gov (United States)

    Ahern, M; Molinari, C

    2001-05-01

    To examine the effects of health maintenance organization (HMO) ownership characteristics on selected utilization outcomes and management processes affecting utilization. We used 1995 HMO data from the American Association of Health Plans. Using regression analysis, we examined the relation between HMO utilization (hospital discharges, days, and average length of stay; cardiac catheterization procedures; and average cost of outpatient prescriptions) and the structural characteristics of HMOs: ownership type (insurance company, hospital, physician, independent, and national managed care company), HMO size, for-profit status, model type, geographic region, and payer mix. HMO ownership type is significantly associated with medical management processes, including risk sharing by providers, risk sharing by consumers, and other management strategies. Relative to hospital-owned HMOs, insurance company-owned HMOs have fewer hospital discharges, fewer hospital days, and longer lengths of stay. National managed care organization-owned HMOs have fewer cardiac catheterizations and lower average outpatient prescription costs. Independently owned HMOs have more cardiac catheterizations. For-profit HMOs have lower prescription costs. Relative to hospital-owned HMOs, insurance company-owned HMOs are more likely to use hospital risk sharing and provider capitation and less likely to use out-of-pocket payments for hospital use and a closed formulary. National managed care organization-owned HMOs are less likely to use provider capitation, out-of-pocket payments for hospital use, catastrophic case management, and hospital risk sharing. Physician-hospital-owned HMOs are less likely to use catastrophic case management. For-profit HMOs are more likely to use hospital risk sharing and catastrophic case management. HMO ownership type affects utilization outcomes and management strategies.

  11. Market structure, market strategy and customer satisfaction

    DEFF Research Database (Denmark)

    Eskildsen, Jacob Kjær; Kristensen, Kai; Steensen, Elmer Fly

    2007-01-01

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

  12. Equilibrium with arbitrary market structure

    DEFF Research Database (Denmark)

    Grodal, Birgit; Vind, Karl

    2005-01-01

    . The complete market predicted by this theory is clearly unrealistic, and Radner [10] formulated and proved existence of equilibrium in a multiperiod model with incomplete markets. In this paper the Radner result is extended. Radner assumed a specific structure of markets, independence of preferences...

  13. Marketing Cooperatives and Financial Structure

    NARCIS (Netherlands)

    Hendrikse, G.W.J.; Veerman, C.P.

    1995-01-01

    The relationship between the financial structure of marketing cooperatives and the requirement of the domination of control by the members of the cooperative is analysed with an emphasis on incomplete contracts and system complementarities. It is argued that the disappearance of shortage markets in

  14. Competition among hospitals for HMO business: effect of price and nonprice attributes.

    Science.gov (United States)

    Young, Gary J; Burgess, James E; Valley, Danielle

    2002-10-01

    To investigate patterns of competition among hospitals for the business of health maintenance organizations (HMOs). The study focused on the relative importance of hospital price and nonprice attributes in the competition for HMO business. The study capitalized on hospital cost reports from Florida that are unique in their inclusion of financial data regarding HMO business activity. The time frame was 1992 to 1997. The study was designed as an observational investigation of acute care hospitals. Results indicated that a hospital's share of HMO business was related to both its price and nonprice attributes. However, the importance of both price and nonprice attributes diminished as the number of HMOs in a market increased. Hospitals that were market share leaders in terms of HMO business (i.e., 30 percent or more market share) were superior, on average, to their competitors on both price and nonprice attributes. Study results indicate that competition among hospitals for HMO business involves a complex set of price and nonprice attributes. The HMOs do not appear to focus on price alone. Hospitals likely to be the most attractive to HMOs are those that can differentiate themselves on the basis of nonprice attributes while being competitive on price as well.

  15. The troubled HMO industry: what's next?

    Science.gov (United States)

    Cerone, J R

    1988-01-01

    The fortunes of health maintenance organizations (HMOs) have been on a roller coaster ride for the last 15 years. Growth rates in the number and total enrollments of HMOs surged in 1973 and 1974 following passage of the federal HMO Act. Growth rates abated over the next 8 years. Several favorable factors converged in 1983 to push growth rates back up. Some 15 for-profit HMO companies went public with initial stock offerings during the 1983-85 period. Their stock prices soared as they compiled astounding records of enrollment, revenue and profit growth. In the next 2 years, however, stock prices dropped as quickly as they had risen. Intense price competition and inexperienced managers were important factors contributing to sharp descents in HMO earnings in 1986 and 1987. Some analysts now see positive signs pointing to an industry recovery. However, investors are not convinced of this as HMO stock prices remain severely depressed.

  16. The impact of HMO competition on private health insurance premiums, 1985-1992.

    Science.gov (United States)

    Wickizer, T M; Feldstein, P J

    1995-01-01

    A critical unresolved health policy question is whether competition stimulated by managed care organizations can slow the rate of growth in health care expenditures. We analyzed the competitive effects of health maintenance organizations (HMOs) on the growth in fee-for-service indemnity insurance premiums over the period 1985-1992 using premium data on 95 groups that had policies with a single, large, private insurance carrier. We used multiple regressions to estimate the effect of HMO market penetration on insurance premium growth rates. HMO penetration had a statistically significant (p market whose HMO penetration rate increased by 25% (e.g., from 10% to 12.5%), the real rate of growth in premiums would be approximately 5.9% instead of 7.0%. Our findings indicate that competitive strategies, relying on managed care, have significant potential to reduce health insurance premium growth rates, thereby resulting in substantial cost savings over time.

  17. 42 CFR 417.153 - Offer of HMO alternative.

    Science.gov (United States)

    2010-10-01

    ... 42 Public Health 3 2010-10-01 2010-10-01 false Offer of HMO alternative. 417.153 Section 417.153... § 417.153 Offer of HMO alternative. (a) Basic rule. An employing entity that is subject to this subpart and that elects to include one or more qualified HMOs must offer the HMO alternative in accordance...

  18. International Good Market Segmentation and Financial Market Structure

    OpenAIRE

    Basak, Suleyman; Croitoru, Benjamin

    2003-01-01

    While financial markets have recently become more complete and international capital flows well liberalized, markets for goods remain segmented. To investigate how more complete security markets may relieve the effects of this segmentation, we examine a series of two-country economies with internationally segmented good markets, distinguished by the available financial securities. We show that, under heterogeneity within countries, the financial structure matters: even with internationally co...

  19. Structural Change in Southern Softwood Stumpage Markets

    Science.gov (United States)

    Douglas R. Carter

    1998-01-01

    The potential for structural change in southern stumpage market models has impacts on not only our basic understanding of those markets, but also on harvest, inventory and price projections, and related policy. In this paper, we test for structural change in both sawtimber and pulpwood softwood stumpage markets in the U.S. South over the period 1950-1994. Test...

  20. Modern structure of marketing communications complex

    Directory of Open Access Journals (Sweden)

    Hrebenyukova Elena

    2015-08-01

    Full Text Available The article presents the results of the desk research, in which the current structure of the marketing communications complex was analyzed. According to the results of the content analysis of scientific and educational literature in marketing it was proved that there is a certain structural asymmetry in today's complex of marketing communication: the rejection of impersonal tools and actualization of those which make possible personalized communication with the consumer.

  1. 75 FR 28667 - Market Structure Roundtable

    Science.gov (United States)

    2010-05-21

    ... SECURITIES AND EXCHANGE COMMISSION [Release No. 34-62115; File No. 4-602] Market Structure... views of investors, issuers, exchanges, alternative trading systems, financial services firms, high frequency traders, and the academic community regarding the current securities market structure. The...

  2. Market Structure and Competitive Strategy in Market Square

    Institute of Scientific and Technical Information of China (English)

    PENG Juanjuan

    2007-01-01

    Market Square shopping center contains several restaurants and cafés providing a diverse range of Asian foods and delicacies and this area is known by locals and Griffith University students as a great location for 'eating out'. Then, what is the market structure in this shopping mall and what kind of competitive strategies should be used to maximize profits according to the characteristics in this shopping center?

  3. Spanish generation market: structure, design and results

    International Nuclear Information System (INIS)

    Agosti, L.; Padilla, A. J.; Requejo, A.

    2007-01-01

    This paper provides an overview of the structure, design and outcome of the Spanish generation market from 1998, when the market was liberalised, to date. More precisely, this paper reviews the history of the liberalisation process; describes the structure of the generation market and its evolution over time; analyses the existence of market power; and evaluates the outcome of the liberalisation process from the viewpoint of its impact on al locative efficiency, productive efficiency and dynamic efficiency. The paper concludes with a brief summary of recent regulatory reforms. (Author)

  4. Airline network structure in competitive market

    Directory of Open Access Journals (Sweden)

    Babić Danica D.

    2014-01-01

    Full Text Available Airline's network is the key element of its business strategy and selected network structure will not have influence only on the airline's costs but could gain some advantage in revenues, too. Network designing implies that an airline has to make decisions about markets that it will serve and how to serve those markets. Network choice raises the following questions for an airline: a what markets to serve, b how to serve selected markets, c what level of service to offer, d what are the benefits/cost of the that decisions and e what is the influence of the competition. We analyzed the existing airline business models and corresponding network structure. The paper highlights the relationship between the network structures and the airline business strategies. Using a simple model we examine the relationship between the network structure and service quality in deregulated market.

  5. Impact of HMO mergers and acquisitions on financial performance.

    Science.gov (United States)

    Weech-Maldonado, Robert

    2002-01-01

    This study examines the effect of health maintenance organization (HMO) mergers and acquisitions on financial performance, as indicated by cash flow returns, profitability ratios, and efficiency indicators. Pooled, cross-sectional files of financial performance data were created for HMO mergers occurring in the period of 1988 to 1994. The study uses a time-series design involving the analysis of pre- and post-acquisition financial performance measured over a period of four years. Change scores for the industry-adjusted financial performance measures were calculated and then evaluated using t-tests. The study showed that HMO mergers had a positive effect on financial performance and efficiency. This effect disappeared, however, after adjusting for HMO industry returns. Potential synergies arising from HMO mergers have been largely illusory. Mergers may have been a result of non-value enhancing motives or management overconfidence.

  6. Capacity mechanisms and effects on market structure

    International Nuclear Information System (INIS)

    Elberg, Christina; Kranz, Sebastian

    2014-01-01

    Liberalized electricity markets are characterized by fluctuating priceinelastic demand of non-storable electricity, often defined by a substantial market share held by one or few incumbent firms. These characteristics have led to a controversial discussion concerning the need for and the design of capacity mechanisms, which combine some form of capacity payments with price caps in the spot market. The purpose of this study is to understand the effects of capacity mechanisms on the market structure. We consider a model with dominant firms and a competitive fringe and investigate the impact of price caps and capacity payments on investment incentives and market concentration. While lower price caps reduce the potential for the exercise of market power in static models, we find that in the dynamic model with endogenous investments, lower price caps result in an increase in market concentration, the frequency of capacity withholding and the profits of the dominant firms.

  7. Market structure and market definition: the case of small market banks and thrifts

    OpenAIRE

    Andrew Cohen

    2004-01-01

    This paper introduces a simple method to test between two general approaches to defining bank and thrift product markets. I estimate two models that endogenize market structure using data on banks and thrifts from 1,884 rural markets for the year 2000. The first model assumes that banks and thrifts are in "independent product markets," i.e., that bank profitability depends only on competition from other banks and that thrift profitability depends only on competition from other thrifts. An alt...

  8. Transport Market and its Structure

    Directory of Open Access Journals (Sweden)

    Teodor Perić

    2002-05-01

    Full Text Available Market is the integrity of relations between supply and demandof traffic or some other service (goods which at a ce11ainplace and location, at a certain time affect the supply and purchaseof certain products, including services, stocks, money,and the set of all institutions, areas, devices and instrumentsthat act on the sale and other transactions realised at that point.It is the main resource allocator (~resource allocation in thesystems of free private ownership economic and transport systems.

  9. The role of service recovery in HMO satisfaction.

    Science.gov (United States)

    Sarel, D; Marmorstein, H

    1999-01-01

    Complaint handling and service recovery by HMOs may be more efficient to implement and more determinant of customer satisfaction and retention than other approaches such as improving access to care. The current findings are consistent with research on recovery efforts in other industries. Complaint handling systems must achieve rapid and comprehensive identification and resolution of HMO member problems. Both cultural change and appropriate incentives to re-educate employees within HMO organizations are additional requisites to effective service recovery. The benefits to the HMO of expenditures on service recovery should be more immediate and sustainable than the benefits derived from other methods of increasing member satisfaction.

  10. Multifractal structures for the Russian stock market

    Science.gov (United States)

    Ikeda, Taro

    2018-02-01

    In this paper, we apply the multifractal detrended fluctuation analysis (MFDFA) to the Russian stock price returns. To the best of our knowledge, this paper is the first to reveal the multifractal structures for the Russian stock market by financial crises. The contributions of the paper are twofold. (i) Finding the multifractal structures for the Russian stock market. The generalized Hurst exponents estimated become highly-nonlinear to the order of the fluctuation functions. (ii) Computing the multifractality degree according to Zunino et al. (2008). We find that the multifractality degree of the Russian stock market can be categorized within emerging markets, however, the Russian 1998 crisis and the global financial crisis dampen the degree when we consider the order of the polynomial trends in the MFDFA.

  11. A General Theory of Endogenous Market Structures

    OpenAIRE

    Federico Etro; Paolo Bertoletti

    2014-01-01

    We provide a unified approach to imperfect (monopolistic, Bertrand and Cournot) competition equilibria with demand functions derived from symmetric preferences over a large but finite number of goods. The equilibrium markups depend on the Morishima Elasticity of Substitution/Complementarity between goods, and can be derived directly from the utility functions and ranked unambiguously. We characterize the endogenous market structures, their dependence on market size, income and firms’ producti...

  12. CONSIDERATIONS ON MEASURING PERFORMANCE AND MARKET STRUCTURE

    OpenAIRE

    Spiridon Cosmin Alexandru

    2011-01-01

    According to neoclassical theory, the relationship between the price, respectively of marginal cost and market structures, the methods for determining the performance of a firm or of an industry, deviate from the model of perfect competition. Assessing performance involves performing comparisons, reporting that their reference level can be a standard value, or a statistical value which can be a national-regional average, a homogeneous group, or an average value at a market level. Modern theor...

  13. Organizational Structure and Product Market Competition

    OpenAIRE

    Jung Hur; Yohanes E. Riyanto

    2007-01-01

    We analyze an interaction between a firm’s choice of organizational structure and competition in the product-market. Two organizational structures are considered, namely a centralized-organization, whereby formal authority is retained by a principal, and a decentralized-organization, whereby formal authority is delegated to an agent. We show that the choice of organizational structure hinges on a trade-off between operating-profit and managerial effort. The principal may prefer to choose an o...

  14. MARKET STRUCTURE AND PERFORMANCE OF TUNISIAN BANKS

    Directory of Open Access Journals (Sweden)

    Ines Ayadi

    2013-04-01

    Full Text Available The objective of this research is to examine the relationship between market structure and the performance of the Tunisian banking system over the period 1990-2009. The Data Envelopment Analysis (DEA method was used to assess the scores of x-efficiency and scale efficiency, the hypotheses of the market power theory and those of the efficient structure theory were tested. Our Results have shown that x-efficiency has had a positive and significant effect on the performance of the Tunisian commercial banks as well as the hypothesis of x-efficiency.

  15. A physician role typology: colleague and client dependence in an HMO.

    Science.gov (United States)

    Barr, J K; Steinberg, M K

    1985-01-01

    This paper reports on physicians' role definitions in one prepaid group practice, a health maintenance organization (HMO). Colleague and client dependence are reviewed and analyzed as separable dimensions of physician role definitions. Data are derived from documents, interviews, and staff questionnaires collected in 1979-1980. The evidence reported suggests widespread colleague dependence in the HMO. Physicians consulted with one another about patient care and engaged in informal referral and review, developing practice standards; and some of these physicians relied on colleagues for handling their patient visits when needed. In relation to their patients, some physicians viewed themselves as bureaucratic officials relatively dependent on client approval in carrying out their health care activities, while others saw themselves as trusted medical experts in a setting free of nonmedical constraints in patient care. The relationship of organizational structure to these different role definitions is discussed. Classifying these HMO physicians according to a fourfold typology of professional dependence shows that most are Organizational Physicians (Type I), who are both colleague and client dependent. Collegial Physicians (Type II) are colleague dependent and, at the same time, do not perceive clients as demanding. Implications for quality of care and physician satisfaction and turnover are considered.

  16. Illinois Walls in alternative market structures

    NARCIS (Netherlands)

    Schinkel, M.P.; Tuinstra, J.

    2005-01-01

    This note extends on our paper Illinois Walls: How Barring Indirect Purchaser Suits Facilitates Collusion (Schinkel, Tuinstra and Rüggeberg, 2005, henceforth STR). It presents analyses of two alternative, more competitive, market structures to conclude that when the conditions for existence of

  17. Structural Change Accounting with Labor Market Distortions

    OpenAIRE

    Wenbiao Cai

    2014-01-01

    This paper quantifies the relative importance of sectoral productivity and labor market distortions for structural change. I use a model in which labor productivity is the product of TFP and human capital in each sector, but distortions generate wedges in wage per efficiency worker across sectors. I calculate human capital by sector using micro census data, and use the model to infer TFP and distortions such that it replicates structural change in the US, India, Mexico and Brazil between 1960...

  18. Endoscopy Practice Management, Fee Structures, and Marketing.

    Science.gov (United States)

    Divers, Stephen J

    2015-09-01

    Although our knowledge and appreciation of endoscopic procedures in exotic pets is extensive, associated management practices, including equipment preferences and fee structures, have rarely been discussed. This short article highlights the results of a small survey of 35 experienced exotic animal endoscopists and details their equipment ownership/preferences and fee structures. The importance of marketing is also emphasized. Copyright © 2015 Elsevier Inc. All rights reserved.

  19. 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...

  20. Market Structure and Innovation Policies in Denmark

    DEFF Research Database (Denmark)

    Kammer, Aske

    2017-01-01

    The Danish media system is a hybrid one where strong public service broadcasters and private print and broadcast media co-exist. This chapter, first, analyzes the market structure, measuring the degree of market concentration in newspapers, television, and radio and mapping state intervention....... The analysis shows that all these media markets are highly concentrated: the four dominant television and radio broadcasters account for 80–90 % of total viewing/listening, the four dominant newspaper publishers for around 75 % of total circulation. The extent of state intervention also is high in Denmark...... for digital publishers and an earmarked pool to stimulate media innovation. However, the fact that not the entire innovation pool has actually been allotted to media innovation questions how appropriate the criteria for eligibility are. Third, the chapter makes recommendations for future revision of the media...

  1. The international uranium market - structure and outlook

    International Nuclear Information System (INIS)

    Noreng, Oe.

    1978-01-01

    It is pointed out that the international uranium market is immature and is subject to factors of a political, rather than economic nature. This is due largely to potential military exploitation, which has led USA, Canada and Australia to adopt a restrictive export policy. South Africa and France, on the other hand have a more liberal attitude. The history of the market, and the development of U308 prices are then discussed and related to the phases in the commercial exploitation of nuclear power. The present market structure is described, both international and within Canada, USA, Australia, South Africa and France. The future demand is then discussed, assuming three levels of demand and various price categories. It is shown that the demand will be only slightly influenced by moderate to large increases in price, assuming price rises for coal and oil. It is concluded that the price can rise to $400-500/pound U308. (JIW)

  2. Structure, conduct and performance of Plantain Marketing in Edo ...

    African Journals Online (AJOL)

    Structure, conduct and performance of Plantain Marketing in Edo State, Nigeria. ... marketing system, assess its performance and estimate the cost and returns in plantain marketing. ... EMAIL FREE FULL TEXT EMAIL FREE FULL TEXT

  3. Developing organizational structures for international marketing

    OpenAIRE

    Ioan Cucu

    2002-01-01

    International marketing represents marketing activities performed across national boundaries. The level of involvement in international marketing can range from casual exporting to globalization of markets. Although most firms adjust their marketing mixes for differences in target markets, some firms are able to standardize their marketing efforts worldwide

  4. The Formation of Structure of Marketing Department

    Directory of Open Access Journals (Sweden)

    Darius Dubickis

    2014-04-01

    Full Text Available In the changing high-level complex environment, it is moreand more important for the companies to focus on the marketand costumer. Or, in other words, the companies supposed toturn their attention to the marketing. Despite the fact that themajor subject of an economy is a company, the analysis of themarket-ing issues on the company level is limited. Meanwhile,both practical and scientific problems are significant. One ofthe most important issues is forming the structure of marketingdepartment. Its functions and the content of implementingmeasures determine that its structure supposed to consist ofthe market research and segmentation, development of businessstrategy, strategic planning as well as advertising and realizationof production.

  5. Ownership structure and market power in the nordic power market

    International Nuclear Information System (INIS)

    Amundsen, E.S.; Bergman, L.

    1999-01-01

    The opening of Nord Pool in 1996 seriously constrained the power companies' ability to exercise market power within their national borders. Currently there is an integration process going on among the power companies in the Nord Pool area. It manifest itself in terms of take-over and reciprocal acquisition of shares in the power companies - nationally and abroad. This process may undo what the introduction of the common power market achieved in curtailing market power. The aim of this paper is to investigate the effects on market power of increased cross- ownership in the Nordic power market. (au)

  6. How much segmentation is needed in the health care marketplace? An exploratory study of HMO and non-HMO customers.

    Science.gov (United States)

    Tootelian, Dennis H; Mikhailitchenko, Andrey; Holst, Cindy; Gaedeke, Ralph M

    2016-01-01

    The health care landscape has changed dramatically. Consumers now seek plans whose benefits better fit their health care needs and desires for access to providers. This exploratory survey of more than 1,000 HMO and non-HMO customers found significant differences with respect to their selection processes for health plans and providers, and their expectations regarding access to and communication with health care providers. While there are some similarities in factors affecting choice, segmentation strategies are necessary to maximize the appeal of a plan, satisfy customers in the selection of physicians, and meet their expectations regarding access to those physicians.

  7. Positioning marketing in the hospital's power structure.

    Science.gov (United States)

    Beckham, D

    1984-08-01

    Although hospitals are increasingly recognizing the importance of marketing, many have difficulty assimilating what has been primarily an industrial concern into a health care environment. The author explains the function of marketing in health care, the outlook and expectations of a good marketing executive, and why hospital management and the medical staff may have difficulty accepting marketing and the expectations of the marketing executive.

  8. Speed of adjustment and market structure

    International Nuclear Information System (INIS)

    Lanza, A.

    1991-01-01

    This paper studies the relationship between changes in costs and prices in the gasoline market in the Federal Republic of Germany for the period 1980-90. We shall use an econometric model, and distinguish two stages in the transmission of cost changes to prices. The first is the adjustment of gasoline prices ex-refinery to changes in the price of crude oil, and the second is the adjustment of gasoline price (net of taxes) at the pump to ex-refinery prices. The study of price adjustments to cost changes involves the analysis of two inter-related but different phenomena. The first is the speed of adjustment, defined here as the mean of the length of the time periods required for the transmission of the full effect of an exogenous shock from the independent to the dependent variable of the econometric model used in the analysis. The second relates to possible asymmetries in the response of prices to increases and decreases in costs. Both phenomena are closely related to the structure of the market. The common assumption is that the first is negatively correlated to the degree of competition, and that the second is an indication of the prevailing market structure. The main findings of this paper are as follows: (a) at the refinery level there is only weak evidence of asymmetrical reaction; the average lag in case of crude price increases or decreases is about three months; (b) at the consumers' level, the speed of adjustment was lower when the ex-refinery price was declining than when it was rising; the adjustment lag was about 6.07 months when ex-refinery prices were declining and 5.37 months when they were rising. (author)

  9. Structure of Maiduguri cattle market, Borno State, Nigeria | Bila ...

    African Journals Online (AJOL)

    Market structure is an important factor that influences the performance and efficiency of a market. The study aimed at determining the structure of Maiduguri cattle market. Primary data were collected, from questionnaires randomly administered to the respondents. Descriptive statistics was used to analyse product ...

  10. Assessing market structures in resource markets. An empirical analysis of the market for metallurgical coal using various equilibrium models

    International Nuclear Information System (INIS)

    Lorenczik, Stefan; Panke, Timo

    2015-01-01

    The prevalent market structures found in many resource markets consist of a high concentration on the supply side and a low demand elasticity. Market results are therefore frequently assumed to be an outcome of strategic interaction between producers. Common models to investigate the market outcomes and underlying market structures are games representing competitive markets, strategic Cournot competition and Stackelberg structures taking into account a dominant player acting first followed by one or more followers. Besides analysing a previously neglected scenario of the latter kind, we add to the literature by expanding the application of mathematical models by applying an Equilibrium Problem with Equilibrium Constraints (EPEC), which is used to model multi-leader-follower games, to a spatial market. We apply our model by investigating the prevalent market setting in the international market for metallurgical coal between 2008 and 2010, whose market structure provides arguments for a wide variety of market structures. Using different statistical measures and comparing model with actual market outcomes, we find that two previously neglected settings perform best: First, a setting in which the four largest metallurgical coal exporting firms compete against each other as Stackelberg leaders, while the remainders act as Cournot followers. Second, a setting with BHPB acting as sole Stackelberg leader.

  11. Assessing market structures in resource markets. An empirical analysis of the market for metallurgical coal using various equilibrium models

    Energy Technology Data Exchange (ETDEWEB)

    Lorenczik, Stefan; Panke, Timo [Koeln Univ. (Germany). Inst. of Energy Economics

    2015-05-15

    The prevalent market structures found in many resource markets consist of a high concentration on the supply side and a low demand elasticity. Market results are therefore frequently assumed to be an outcome of strategic interaction between producers. Common models to investigate the market outcomes and underlying market structures are games representing competitive markets, strategic Cournot competition and Stackelberg structures taking into account a dominant player acting first followed by one or more followers. Besides analysing a previously neglected scenario of the latter kind, we add to the literature by expanding the application of mathematical models by applying an Equilibrium Problem with Equilibrium Constraints (EPEC), which is used to model multi-leader-follower games, to a spatial market. We apply our model by investigating the prevalent market setting in the international market for metallurgical coal between 2008 and 2010, whose market structure provides arguments for a wide variety of market structures. Using different statistical measures and comparing model with actual market outcomes, we find that two previously neglected settings perform best: First, a setting in which the four largest metallurgical coal exporting firms compete against each other as Stackelberg leaders, while the remainders act as Cournot followers. Second, a setting with BHPB acting as sole Stackelberg leader.

  12. A Time Series Analysis to Asymmetric Marketing Competition Within a Market Structure

    OpenAIRE

    Francisco F. R. Ramos

    1996-01-01

    As a complementary to the existing studies of competitive market structure analysis, the present paper proposed a time series methodology to provide a more detailed picture of marketing competition in relation to competitive market structure. Two major hypotheses were tested as part of this project. First, it was found that some significant cross- lead and lag effects of marketing variables on sales between brands existed even between differents submarkets. second, it was found that high qual...

  13. Dynamic analysis on market structure of China's coal industry

    International Nuclear Information System (INIS)

    Yang, Qing; Zhang, Lei; Wang, Xin

    2017-01-01

    According to industrial organization theory, market structure is a crucial factor to market performance. Based on the VAR model and the data from 1994 to 2014, we revealed the dynamic response route of the market structure to these factors and the change process of contribution rate of these factors to the market structure. It shows that market structure is inertial adjustment; technology advance and industry policy have continuous effects on improvement of market concentration ratio; market size and production scale have sustained negative effects on market concentration ratio; fixed capital has barrier effect, which is mainly the entry barrier effect at the beginning, and then the exit barrier effect continues to play a leading role. Therefore, the government has no need to introduce special policies to encourage merger or expansion on the capacity as enterprises would do it spontaneously; it is necessary to make market access system stricter, to improve exit compensation mechanism and to promote technological innovation; all these policies need dynamic adjustment based on the stages of economic cycle. - Highlights: • The adjustment mechanism of China's coal market structure is revealed. • Technology and industry policy are significant factors to optimize the market structure. • The government need not introduce special policy to encourage merger. • The market access system should be stricter. • Policies strength should be dynamically adjusted based on the economic cycle.

  14. High Frequency Traders and Market Structure

    NARCIS (Netherlands)

    Menkveld, A.J.

    2014-01-01

    The arrival of high-frequency traders (HFTs) coincided with the entry of new markets and, subsequently, strong fragmentation of the order flow. These trends might be related as new markets serve HFTs who seek low fees and high speed. New markets only thrive on competitive price quotes that

  15. Impact of HMO penetration and other environmental factors on hospital X-inefficiency.

    Science.gov (United States)

    Rosko, M D

    2001-12-01

    This study examined the impact of health maintenance organization (HMO) market penetration and other internal and external environmental factors on hospital X-inefficiency in a national sample (N = 1,966) of urban U.S. hospitals in 1997. Stochastic frontier analysis, a frontier regression technique, was used to measure X-inefficiency and estimate parameters of the correlates of X-inefficiency. Log-likelihood restriction tests were used to test a variety of assumptions about the empirical model that guided its selection. Average estimated X-inefficiency in study hospitals was 12.96 percent. Increases in managed care penetration, dependence on Medicare and Medicaid, membership in a multihospital system, and location in areas where competitive pressures and the pool of uncompensated care are greater were associated with less X-inefficiency. Not-for-profit ownership was associated with increased X-inefficiency.

  16. Restructuring in the Electricity Markets and Structural Transformation in Turkish Electricity Market

    Directory of Open Access Journals (Sweden)

    Hakan ÇETİNTAŞ

    2015-07-01

    Full Text Available Electricity markets are changed over from monopolistic to competitive structure. In many countries liberalization process in electricity markets began after 1980. In this study models for restructuring the electricity markets are explained with the natural monopoly and its regulation which is discussed in economic theory over many years. Then structural transformation in Turkish Electricity Market is explained within the legal arrangament framework and in liberalization process of electricity markets current state of Turkey is evaluated. In Turkey, the reform process in electricity market began with the liberalization of production and ıt is contiuned to change the design of the wholesale market. There has been significant progress for energy exchange by the establishment of EPİAŞ with the Electricity Market Law Numbered 6446 in 2013.

  17. Profit Tax Evasion Under Oligopoly With Endogenous Market Structure

    OpenAIRE

    Goerke, Laszlo; Runkel, Marco

    2006-01-01

    This note investigates the impact of profit tax evasion on firms' output decisions in a Cournot oligopoly setting in which the market structure is determined endogenously. It is shown that tax evasion intensifies market entry and raises aggregate output, while production of each incumbent firm decreases. Therefore, tax evasion choices affect activity decisions and an evadable profit tax distorts the market outcome.

  18. [Radiology in managed care environment: opportunities for cost savings in an HMO].

    Science.gov (United States)

    Schmidt, C; Mohr, A; Möller, J; Levin-Scherz, J; Heller, M

    2003-09-01

    A large regional health plan in the Northeastern United States noted that its radiology costs were increasing more than it anticipated in its pricing, and noted further that other similar health plans in markets with high managed care penetration had significantly lower expenses for radiology services. This study describes the potential areas of improvement and managed care techniques that were implemented to reduce costs and reform processes. We performed an in-depth analysis of financial data, claims logic, contracting with provider units and conducted interviews with employees, to identify potential areas of improvement and cost reduction. A detailed market analysis of the environment, competitors and vendors was accompanied by extensive literature, Internet and Medline search for comparable projects. All data were docu-mented in Microsoft Excel(R) and analyzed by non-parametric tests using SPSS(R) 8.0 (Statistical Package for the Social Sciences) for Windows(R). The main factors driving the cost increases in radiology were divided into those internal or external to the HMO. Among the internal factors, the claims logic was allowing overpayment due to limitations of the IT system. Risk arrangements between insurer and provider units (PU) as well as the extent of provider unit management and administration showed a significant correlation with financial performance in terms of variance from budget. Among the external factors, shared risk arrangements between HMO and provider unit were associated with more efficient radiology utilization and overall improvement in financial performance. PU with full-time management had significantly less variance from their budget than those without. Finally, physicians with imaging equipment in their offices ordered up to 4 to 5 times more imaging procedures than physicians who did not perform imaging studies themselves. We identified initiatives with estimated potential savings of approximately $ 5.5 million. Some of these

  19. Radiology in managed care environment: Opportunities for cost savings in an HMO

    International Nuclear Information System (INIS)

    Schmidt, C.; Heller, M.

    2003-01-01

    Purpose: A large regional health plan in the Northeastern United States noted that its radiology costs were increasing more than it anticipated in its pricing, and noted further that other similar health plans in markets with high managed care penetration had significantly lower expenses for radiology services. This study describes the potential areas of improvement and managed care techniques that were implemented to reduce costs and reform processes. Materials and methods: We performed an in-depth analysis of financial data, claims logic, contracting with provider units and conducted interviews with employees, to identify potential areas of improvement and cost reduction. A detailed market analysis of the environment, competitors and vendors was accompanied by extensive literature, Internet and Medline search for comparable projects. All data were documented in Microsoft Excel trademark and analyzed by non-parametric tests using SPSS trademark 8.0 (Statistical Package for the Social Sciences) for Windows trademark . Results: The main factors driving the cost increases in radiology were divided into those internal or external to the HMO. Among the internal factors, the claims logic was allowing overpayment due to limitations of the IT system. Risk arrangements between insurer and provider units (PU) as well as the extent of provider unit management and administration showed a significant correlation with financial performance in terms of variance from budget. Among the external factors, shared risk arrangements between HMO and provider unit were associated with more efficient radiology utilization and overall improvement in financial performance. PU with full-time management had significantly less variance from their budget than those without. Finally, physicians with imaging equipment in their offices ordered up to 4 to 5 times more imaging procedures than physicians who did not perform imaging studies themselves. (orig.) [de

  20. Structure of the poultry meat market in Ukraine

    Directory of Open Access Journals (Sweden)

    Iryna Salkova

    2017-12-01

    Full Text Available The purpose of this paper is to carry out a marketing research of the state and structure of the poultry meat market in Ukraine; to identify the factors that hold back and stimulate the development of the poultry market and potential opportunities for growth. The competitive advantages of producers are determined and the main trends in the poultry meat market are characterized. The balance of supply and demand for meat and meat products in Ukraine has been studied. The Herfindahl-Hirschman index was used to determine the level of competition in the chicken meat market, which showed the disadvantages of competition in the market. The market is monopolistic, which poses a threat to the development of competition. The constraining factors of poultry meat market development are determined. Based on the conducted research, potential opportunities for the development of the industry and the competitiveness of the Ukrainian poultry meat producer in the external and internal market are identified.

  1. Structural model for fluctuations in financial markets

    Science.gov (United States)

    Anand, Kartik; Khedair, Jonathan; Kühn, Reimer

    2018-05-01

    In this paper we provide a comprehensive analysis of a structural model for the dynamics of prices of assets traded in a market which takes the form of an interacting generalization of the geometric Brownian motion model. It is formally equivalent to a model describing the stochastic dynamics of a system of analog neurons, which is expected to exhibit glassy properties and thus many metastable states in a large portion of its parameter space. We perform a generating functional analysis, introducing a slow driving of the dynamics to mimic the effect of slowly varying macroeconomic conditions. Distributions of asset returns over various time separations are evaluated analytically and are found to be fat-tailed in a manner broadly in line with empirical observations. Our model also allows us to identify collective, interaction-mediated properties of pricing distributions and it predicts pricing distributions which are significantly broader than their noninteracting counterparts, if interactions between prices in the model contain a ferromagnetic bias. Using simulations, we are able to substantiate one of the main hypotheses underlying the original modeling, viz., that the phenomenon of volatility clustering can be rationalized in terms of an interplay between the dynamics within metastable states and the dynamics of occasional transitions between them.

  2. Market structure and price adjustment in the U.S. wholesale gasoline markets

    International Nuclear Information System (INIS)

    Oladunjoye, Olusegun

    2008-01-01

    The issue of sticky prices in U.S. wholesale gasoline market is re-examined allowing for the effect of market structure due to increased market concentration caused by mergers, acquisitions and joint ventures which started in the late 1990s in the U.S. oil industry. I investigate the effects of market structure on the pattern of price adjustment based on the notion that increased market concentration leads to downward price stickiness and asymmetric short run price adjustment in the transmission of crude price changes to wholesale gasoline price. I find that market concentration has an insignificant asymmetric effect on the speed of price adjustment but a significant asymmetric effect on short run price adjustments in the response of wholesale gasoline prices to crude price shocks in three U.S. wholesale markets. Furthermore, the signs on the coefficients of market concentration effects on price dynamics in the models support the assertion that increased market concentration leads to downward price stickiness in only one of the three markets examined. Overall, the results indicate that market structure does not have a strong effect on the dynamics of price adjustment. (author)

  3. Structure And Efficiency Of Timber Markets

    Science.gov (United States)

    Brian C. Murray; Jeffrey P. Prestemon

    2003-01-01

    Perfect competition has long been the standard by which economists have judged the market's ability to achieve an efficient social outcome. The competitive process, unfettered by the imperfections discussed below, forges an outcome in which goods and services are produced at their lowest possible cost, and market equilibrium is achieved at the point at which the...

  4. Determinants of Market Structure and the Airline Industry

    Science.gov (United States)

    Raduchel, W.

    1972-01-01

    The general economic determinants of market structure are outlined with special reference to the airline industry. Included are the following facets: absolute size of firms; distributions of firms by size; concentration; entry barriers; product and service differentiation; diversification; degrees of competition; vertical integration; market boundaries; and economies of scale. Also examined are the static and dynamic properties of market structure in terms of mergers, government policies, and economic growth conditions.

  5. Creating New Structures for Marketing Firms: An Experimental Conjoint Study

    NARCIS (Netherlands)

    Kalogeras, N.; Lans, van der I.A.C.M.; Pennings, J.M.E.; Dijk, van G.

    2004-01-01

    ABSTRACT As market conditions change rapidly in the 21st century, questions are arising concerning the suitable organizational structures and processes to meet the challenges that these conditions pose. This paper introduces a new model to structure marketing co-operatives (MCs), which is based on

  6. Retail Market Structure Development in Central Europe

    Directory of Open Access Journals (Sweden)

    Martin Machek

    2012-12-01

    Full Text Available This article is analyzing the trends and development in the retailing sector in Central Europe, namely in the Czech Republic, Hungary, Poland and Slovakia. These markets serve about 63 million inhabitants. The retail industry in Central Europe has changed dramatically in the last two decades, and has become a model for successful transformation of emerging markets. The retail market is highly concentrated and dominated by Western European retail chains. International retail chains are using all formats of modern distribution. This article is focusing on the development of hypermarkets, supermarkets and discount stores. Due to the international retail chains, Central European countries benefit from a dense network of modern shopping places; the intense competition of highly productive retailers contributes to the lower level of inflation rate because of the so-called Wal-Mart Effect. The constant pressure on prices influences the marketing strategies of both retailers and suppliers.

  7. Marketable Incentive Contracts and Capital Structure Relevance.

    OpenAIRE

    Garvey, Gerald T

    1997-01-01

    This article investigates the claim that debt finance can increase firm value by curtailing managers' access to 'free cash flow.' The author first shows that incentive contracts that tie the managers' pay to stockholder wealth are often a superior solution to the free cash flow problem. He then considers the possibility that the manager can trade on secondary capital markets. Liquid secondary markets are shown to undermine management incentive schemes and, in many cases, to restore the value ...

  8. Agricultural Market Structure, Generic Advertising, and Welfare

    OpenAIRE

    Cardon, James H.; Pope, Rulon D.

    2003-01-01

    This analysis begins with a definition and discussion of productive advertising. Then, following Dixit and Norman, persuasive advertising is used to study the welfare effects of generic advertising by marketing orders. The study first examines horizontal competition when the competing advertiser is a monopoly, and results show that the socially optimal level of advertising for a competitive marketing order is positive only if advertising raises monopoly output. Next, advertising choices of a ...

  9. Study on the Chinese Goods Market Structure and Related Integrated Marketing Strategy

    OpenAIRE

    Qishen Zhou; Mingxing Yang

    2013-01-01

    This study aims to investigate the Chinese goods market structure and related integrated marketing strategy. In recent years, it is becoming more and more popular for Chinese consumers to go on luxury consuming in a variety of large cities in China, showing the increasing demand of luxury for Chinese people possessed relatively high fortune. Further, dozens of international famous luxury brands are pouring into the Chinese market such as LVMH and Gucci, recognizing the huge consumption demand...

  10. The impact of HMO penetration on the rate of hospital cost inflation, 1985-1993.

    Science.gov (United States)

    Gaskin, D J; Hadley, J

    1997-01-01

    This paper provides evidence that growth in health maintenance organization (HMO) enrollment slows hospital cost inflation. During the period 1985-1993, hospitals in areas with high rates of HMO penetration and growth had a slower rate of growth in expenses (8.3%) than hospitals in low penetration areas (11.2%). From 1992-1993, HMO growth lowered the rate of hospital cost inflation by .34 to 3.40 percentage points, depending on the base-year level and the annual change in HMO penetration. Declines in Medicare Prospective Payment System (PPS) margins also lowered hospital cost inflation; over the time period, annual hospital cost inflation was reduced by .38 percentage points. The estimates imply that the cumulative effect of HMO growth on hospital costs has been a $56.2 billion reduction (in 1993 dollars).

  11. Hierarchical structure of stock price fluctuations in financial markets

    International Nuclear Information System (INIS)

    Gao, Ya-Chun; Cai, Shi-Min; Wang, Bing-Hong

    2012-01-01

    The financial market and turbulence have been broadly compared on account of the same quantitative methods and several common stylized facts they share. In this paper, the She–Leveque (SL) hierarchy, proposed to explain the anomalous scaling exponents deviating from Kolmogorov monofractal scaling of the velocity fluctuation in fluid turbulence, is applied to study and quantify the hierarchical structure of stock price fluctuations in financial markets. We therefore observed certain interesting results: (i) the hierarchical structure related to multifractal scaling generally presents in all the stock price fluctuations we investigated. (ii) The quantitatively statistical parameters that describe SL hierarchy are different between developed financial markets and emerging ones, distinctively. (iii) For the high-frequency stock price fluctuation, the hierarchical structure varies with different time periods. All these results provide a novel analogy in turbulence and financial market dynamics and an insight to deeply understand multifractality in financial markets. (paper)

  12. Structure of an urban Christmas tree market

    Science.gov (United States)

    Thomas H. Pendleton; Lawrence D. Garrett; Lawrence D. Garrett

    1973-01-01

    The retail Christmas tree market in Winston-Salem, N.C., was studied 3 years. Types of retailers and their sales are described. Best sales were made by dealers who had lots on heavily traveled streets in business districts, had ample parking facilities, advertised, and displayed their trees well.

  13. Structural Estimation of Stock Market Participation Costs

    DEFF Research Database (Denmark)

    Khorunzhina, Natalia

    2013-01-01

    education programs can affect consumers' investment decisions. Using household data from the Panel Study of Income Dynamics, I estimate the magnitude of the participation cost, allowing for individual heterogeneity in it. The results show the average stock market participation cost is about 4–6% of labor...

  14. Finding the core : Network structure in interbank markets

    NARCIS (Netherlands)

    in 't Veld, Daan; van Lelyveld, Iman

    2014-01-01

    This paper investigates the network structure of interbank markets. Using a dataset of interbank exposures in the Netherlands, we corroborate the recent hypothesis that the core periphery model is a 'stylised fact' of interbank markets. We find a core of highly connected banks intermediating between

  15. On the Use of Structural Equation Models in Marketing Modeling

    NARCIS (Netherlands)

    Steenkamp, J.E.B.M.; Baumgartner, H.

    2000-01-01

    We reflect on the role of structural equation modeling (SEM) in marketing modeling and managerial decision making. We discuss some benefits provided by SEM and alert marketing modelers to several recent developments in SEM in three areas: measurement analysis, analysis of cross-sectional data, and

  16. Labor Market Structure and Salary Determination among Professional Basketball Players.

    Science.gov (United States)

    Wallace, Michael

    1988-01-01

    The author investigates the labor market structure and determinants of salaries for professional basketball players. An expanded version of the resource perspective is used. A three-tiered model of labor market segmentation is revealed for professional basketball players, but other variables also are important in salary determination. (Author/CH)

  17. Structure of labour market and unemployment in Sudan

    NARCIS (Netherlands)

    Nour, S.

    2014-01-01

    This paper examines the structure of the labour market and unemployment in Sudan. One advantage of our analysis is that we explain several stylized facts on the labour market using new secondary data on population, employment and unemployment based on Sudan Central Bureau of Statistics (2010) the

  18. Horticultural marketing channels in Kenya : structure and development

    NARCIS (Netherlands)

    Dijkstra, T.

    1997-01-01

    This study analyses the structure and development of horticultural marketing channels in Kenya. It is based primarily on a farm survey among some 500 farmers in Nyandarua, Kisii and Taita Taveta Districts and a trade survey of about 750 horticultural traders in 18 different market places.

  19. The effect of practitioner compensation on HMO consumer satisfaction.

    Science.gov (United States)

    Scoggins, John F

    2002-04-01

    To test the hypothesis that a health maintenance organization (HMO) consumer's satisfaction depends on the way his or her health plan compensates practitioners. Consumer Assessment of Health Plans (CAHPS) survey data from 1999 and 2000 were provided by the Office of Public Insurance Counsel for the state of Texas. These data were combined with the Health Plan Employer Data and Information Set (HEDIS) quality measures of managed care health plans in Texas published by the Texas Health Care Information Council. The study fitted the CAHPS survey data to an ordered-probit model. The dependent variable was customer satisfaction with the health plan, using a rating scale from 0-10. The independent variables included the percentage of health plan practitioners compensated with capitated fees, the percentage compensated with a bonus or withholding incentive, and other health plan and consumer characteristics. Consumer satisfaction with HMOs is negatively correlated with the percentage of practitioners who are compensated on a capitated-fee basis and positively correlated with the percentage of practitioners compensated with a fee-withholding incentive (e.g., a fraction of fees that are withheld until specific quality and cost-control goals are reached). Neither the percentage compensated under a bonus incentive system nor the percentage of general practitioners with board certification correlated with HMO consumer satisfaction. A managed health plan's method of practitioner compensation can affect participant satisfaction in a predictable manner.

  20. Market power and price structure in the electricity market; Markedsmakt og prisstruktur i kraftmarkedet

    Energy Technology Data Exchange (ETDEWEB)

    Halseth, Arve

    1998-12-01

    This report evaluates the importance of market power on price formation and price structure in the Norwegian electricity market. A simple oligopoly model is used to show how the equilibrium is affected by demand, distribution of capacity between two major suppliers, and marginal production costs, given that the suppliers do not cooperate. Two important conclusions can be drawn from the calculations: (1) a high concentration on the supply side does not necessarily lead to essential market power, and (2) market power may contribute to increased stability and predictability. The main conclusion is that market power can be positive for society and it is not uniquely associated with a high concentration on the supply side. If emphasis is placed on stability and predictability, market power should not be defined as deviation from prices under free competition but rather should be related to the requirement that the suppliers should not obtain unreasonably high profit with unreasonably little utilization of capacity. 10 refs., 11 figs.

  1. Multifractal structure in Latin-American market indices

    International Nuclear Information System (INIS)

    Zunino, Luciano; Figliola, Alejandra; Tabak, Benjamin M.; Perez, Dario G.; Garavaglia, Mario; Rosso, Osvaldo A.

    2009-01-01

    We study the multifractal nature of daily price and volatility returns of Latin-American stock markets employing the multifractal detrended fluctuation analysis. Comparing with the results obtained for a developed country (US) we conclude that the multifractality degree is higher for emerging markets. Moreover, we propose a stock market inefficiency ranking by considering the multifractality degree as a measure of inefficiency. Finally, we analyze the sources of multifractality quantifying the contributions of two factors, the long-range correlations of the time series and the broad fat-tail distributions. We find that the multifractal structure of Latin-American market indices can be mainly attributed to the latter.

  2. China’s Capital Market: its Structure and Characteristics

    Directory of Open Access Journals (Sweden)

    Ionela Bălțătescu

    2010-10-01

    Full Text Available The purpose of the present article is to briefly overview the main characteristics and structure of China’s capital market. The first part of the paper presents the main stock exchanges, futures exchanges and commodity exchanges of China, securities products available in China, China’s level of domestic market capitalization and other key financial information and statistics regarding China capital market. The second part of the paper contains a short review on the liberalization and reforms of China’s financial market, especially the programs QFII (Qualified Foreign Institutional Investor, QDII (Qualified Domestic Institutional Investor and mini-QFII.

  3. A survey on technical efficiency, marketing and market structure of saffron crop, Iran

    Directory of Open Access Journals (Sweden)

    Mahmoud Shaban

    2014-03-01

    Full Text Available The current study attempted to determine technical efficiency as well as study the marketing and market structure of Saffarn crop in Iran. To access the research goals 140 farms, 25 retailers and 14 wholesalers randomly selected. The necessary data collected through interview and filling questionarie. Apart from this, some agricultural Expert from selected cities of Razavi province have been chosen to interview. To determine the market time-series data for the period of 1995-12 was used. To determine technical efficiency DEA method, to calculate marketing margins Digbi method and to find market structure concentration ratio and Herfindal index were used. The results indicated that, the average technical efficiency was 63.49 and minimum and maximum technical efficiency respectively 19.04 and 100, retailer margin mean of Saffron was more than wholesale margin mean and average marketing cost coefficient of Saffron was about 14.78. It means that, marketing factors share in final price is 14.78. Address to the results the Saffaran’s market structure is oligopoly.

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

    Directory of Open Access Journals (Sweden)

    Sibel Çelik

    2013-01-01

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

  5. Ownership structure in agrifood chains: the marketing cooperative.

    NARCIS (Netherlands)

    Hendrikse, G.; Bijman, J.

    2002-01-01

    Globalization, technological developments, and consumer concerns press farmers and food producers to enhance product innovation and to seek more efficient production and distribution structures. These changes in agrifood markets shift the relative importance of the investments by different chain

  6. New structures in the European gas market

    International Nuclear Information System (INIS)

    Tangen, Kristian

    1997-01-01

    The aim of this study is to provide a background for assessing elements of change in the European gas market that in the long run may produce new framework conditions for Norwegian gas exports. It will also serve as an empirical basis for further studies. The main question is: What can the extension of the pipeline network and the growing number of actors tell us about future competition in spite of the fact that both Russia, Algeria and Norway have non-contracted capacity in the pipelines they are building. A number of uncertainties make it hard to draw any clear conclusions about a totally different competitive situation than only a few years ago. In the Netherlands groups of former distribution companies are threatening Gasunies' monopoly while Ruhrgas' attempt to expand into Austria may lead to gas to gas competition there. Signs of a similar development are seen in Italy and Spain as well. Increasing competition can be explained partly by the growing number of actors downstream in the gas market - in trade, transmission and among the large consumers, the electricity producers, the consequence of direct volumes and of shorter duration which in itself promotes competition. Several large pipeline projects have been carried through in co-operation between several actors which indicates that new types of projects are being developed in order to reduce risks for each actor. These will be easier to realise in the absence of long-term ''take-or-pay'' contracts at company level, what we may call companies rhetoric and argumentation as a result of comprehensive market positioning. Furthermore it seems likely that a kind of spot market will develop. Even if we can expect that only small volumes will be traded through this channel at first. Such a development may have considerable influence on prices in the long run. 5 tabs, 29 refs

  7. Essential Facility Financing and Market Structure

    OpenAIRE

    Caillaud, Bernard; Tirole, Jean

    2004-01-01

    The Paper analyses the funding of an infrastructure project (high speed train line, platform, tunnel, harbor, regional airport, fibre-to-the-home network, etc.) in a situation in which an incumbent operator has private information about market profitability (demand, cost) and the infrastructure owner is subject to a budget constraint, either on a per project basis or over the entire infrastructure. An open access policy raises welfare, but may make the project non-viable since funding must be...

  8. Exploratory market structure analysis. Topology-sensitive methodology.

    OpenAIRE

    Mazanec, Josef

    1999-01-01

    Given the recent abundance of brand choice data from scanner panels market researchers have neglected the measurement and analysis of perceptions. Heterogeneity of perceptions is still a largely unexplored issue in market structure and segmentation studies. Over the last decade various parametric approaches toward modelling segmented perception-preference structures such as combined MDS and Latent Class procedures have been introduced. These methods, however, are not taylored for qualitative ...

  9. Market Structure in the Context of Developing Competitive Strategy

    OpenAIRE

    Algirdas Krivka; Romualdas Ginevičius

    2011-01-01

    The abstract deals with the application of positioning strategies under the conditions of classical market structures. It is discovered that the assumptions of pure competition leave no space for M. Porter’s generic cost leadership and differentiation strategies to be applied. The enterprise’s actions, influencing five competitive forces and implementing generic strategies, are reasonable under the conditions of imperfect competition market structures. The game theory models, applied to oligo...

  10. Durability of capital goods: taxes and market structure

    Energy Technology Data Exchange (ETDEWEB)

    Raviv, A [Carnegie-Mellon Univ., Pittsburgh; Zemel, E

    1977-04-01

    This paper examines the durability of capital goods produced under different market structures when tax considerations are included. Since investment tax credit and depreciation allowances are realized by the owner of the durable good, the durability of products produced by an industry which sells its output differs from that of an industry which rents. For each of these two commercial forms, both monopolistic and competitive market structure are considered. Potential gains from different forms of regulation are discussed.

  11. An Analysis Of Manufacturing Market Structure In North Sumatra Province

    OpenAIRE

    Rasidin Karo-Karo Sitepu; Muhammad Asaad

    2011-01-01

    This study aims to analyze market structure and manufacturing industry performance on the economy of North Sumatra. The analysis uses two approaches, namely SCP analysis and econometric model. The data used is the Survey of Large Medium 2005-2009. The result shows that the structure of the industry is more dominant, including tight oligopoly, only small parts which belong to loose oligopoly and oligopoly markets. Some industries which have important roles for the economy are the palm oil indu...

  12. Financial crisis and market risk premium: Identifying multiple structural changes

    Directory of Open Access Journals (Sweden)

    Juan J. García-Machado

    2011-03-01

    Full Text Available The relationship between macroeconomic variables and stock market returns is, by now, well-documented in the literature. However, in this article we examine the long-run relationship between stock and bond markets returns over the period from 1991:11 to 2009:11, using Bai and Perron’s multiple structural change approach. Findings indicate that while the market risk premium is usually positive, periods with negative values appear only in three periods (1991:1-1993:2, 1998:3-2002:2 and from 2007:1-2009:11 leading to changes in the GDP evolution. Thereby, the study shows the presence of structural breaks in the Spanish market risk premium and its relationship with business cycle. These findings contribute to a better understanding of close linkages between the financial markets and the macroeconomic variables such as GDP. Implications of the study and suggestions for future research are provided.

  13. Fabrication of polymer-supported nanosized hydrous manganese dioxide (HMO) for enhanced lead removal from waters

    International Nuclear Information System (INIS)

    Su, Qing; Pan, Bingcai; Pan, Bingjun; Zhang, Qingrui; Zhang, Weiming; Lv, Lu; Wang, Xiaoshu; Wu, Jun; Zhang, Quanxing

    2009-01-01

    In the current study, a new hybrid adsorbent HMO-001 was fabricated by impregnating nanosized hydrous manganese dioxide (HMO) onto a porous polystyrene cation exchanger resin (D-001) for enhanced lead removal from aqueous media. D-001 was selected as a support material mainly because of the potential Donnan membrane effect exerted by the immobilized negatively charged sulfonic acid groups bound to the polymeric matrix, which would result in preconcentration and permeation enhancement of lead ions prior to their effective sequestration by the impregnated HMO. HMO-001 was characterized by scanning electron micrograph (SEM), transmission electron micrograph (TEM), and X-ray diffraction (XRD). Lead adsorption onto HMO-001 was dependent upon solution pH due to the ion-exchange nature, and it can be represented by the Freundlich isotherm model and pseudo-first order kinetic model well. The maximum capacity of HMO-001 toward lead ion was about 395 mg/g. As compared to D-001, HMO-001 exhibited highly selective lead retention from waters in the presence of competing Ca 2+ , Mg 2+ , and Na + at much greater levels than the target toxic metal. Fixed-bed column adsorption of a simulated water indicated that lead retention on HMO-001 resulted in a conspicuous decrease of this toxic metal from 1 mg/L to below 0.01 mg/L (the drinking water standard recommended by WHO). The exhausted adsorbent particles are amenable to efficient regeneration by the binary NaAc-HAc solution for repeated use without any significant capacity loss. All the results validated the feasibility of HMO-001 for highly effective removal of lead from contaminated waters.

  14. How market structure drives commodity prices

    Science.gov (United States)

    Li, Bin; Wong, K. Y. Michael; Chan, Amos H. M.; So, Tsz Yan; Heimonen, Hermanni; Wei, Junyi; Saad, David

    2017-11-01

    We introduce an agent-based model, in which agents set their prices to maximize profit. At steady state the market self-organizes into three groups: excess producers, consumers and balanced agents, with prices determined by their own resource level and a couple of macroscopic parameters that emerge naturally from the analysis, akin to mean-field parameters in statistical mechanics. When resources are scarce prices rise sharply below a turning point that marks the disappearance of excess producers. To compare the model with real empirical data, we study the relationship between commodity prices and stock-to-use ratios in a range of commodities such as agricultural products and metals. By introducing an elasticity parameter to mitigate noise and long-term changes in commodities data, we confirm the trend of rising prices, provide evidence for turning points, and indicate yield points for less essential commodities.

  15. Does pop music exist? Hierarchical structure in phonographic markets

    Science.gov (United States)

    Buda, Andrzej

    2012-11-01

    I find a topological arrangement of assets traded in phonographic markets which has associated a meaningful economic taxonomy. I continue using the Minimal Spanning Tree and the correlations between assets, but now outside the stock markets. This is the first attempt to use these methods on phonographic markets where we have artists instead of stocks. The value of an artist is defined by record sales. The graph is obtained starting from the matrix of correlation coefficients computed between the world’s most popular 30 artists by considering the synchronous time evolution of the difference of the logarithm of weekly record sales. This method provides the hierarchical structure of the phonographic market and information on which music genre is meaningful according to customers. Statistical properties (including the Hurst exponent) of weekly record sales in the phonographic market are also discussed.

  16. Model citizens. Outsourcing helps start-up Medicare HMO.

    Science.gov (United States)

    Slavic, B; Adami, S

    1999-04-01

    Health Plans of Pennsylvania (HPP), the managed care arm of Crozer-Keystone Health System, in Media, Pa. Selecting the information systems and building the infrastructure to support the start-up of a new Medicare HMO product. HPP chose to outsource the information systems needed to integrate all the components of managed care administration into a cost-effective and cohesive program. Because of its aggressive programming and start-up of the MedCarePlus product offering, HPP became the first plan in the country to submit Medicare claims data electronically for encounter reporting to the Health Care Financing Administration (HCFA). "Through an integrated team approach, an organization truly can benefit from the economies of scale gained through outsourcing."

  17. Structural changes, market concentration and vertical integration: would they lead to more stable markets

    International Nuclear Information System (INIS)

    Tahmassebi, H.

    1991-01-01

    This communication is concerned with three major developments that are likely to have significant impact on the future structure of world oil markets: oil company mergers and acquisitions, shift of exploration and production activity from the United States to overseas, and joint venture agreements between producing countries and oil companies aimed at further downstream integration by OPEC. The last two developments are likely to contribute substantially to price and market stability in the future

  18. Structural changes, market concentration and vertical integration: would they lead to more stable markets

    Energy Technology Data Exchange (ETDEWEB)

    Tahmassebi, H.

    This communication is concerned with three major developments that are likely to have significant impact on the future structure of world oil markets: oil company mergers and acquisitions, shift of exploration and production activity from the United States to overseas, and joint venture agreements between producing countries and oil companies aimed at further downstream integration by OPEC. The last two developments are likely to contribute substantially to price and market stability in the future.

  19. A Good Beginning Makes a Good Market: The Effect of Different Market Opening Structures on Market Quality

    Science.gov (United States)

    Hinterleitner, Gernot; Leopold-Wildburger, Ulrike

    2015-01-01

    This paper deals with the market structure at the opening of the trading day and its influence on subsequent trading. We compare a single continuous double auction and two complement markets with different call auction designs as opening mechanisms in a unified experimental framework. The call auctions differ with respect to their levels of transparency. We find that a call auction not only improves market efficiency and liquidity at the beginning of the trading day when compared to the stand-alone continuous double auction, but also causes positive spillover effects on subsequent trading. Concerning the design of the opening call auction, we find no significant differences between the transparent and nontransparent specification with respect to opening prices and liquidity. In the course of subsequent continuous trading, however, market quality is slightly higher after a nontransparent call auction. PMID:26351653

  20. Research on market power and market structure: A direct measure of market power of internet platform enterprises

    Directory of Open Access Journals (Sweden)

    Baowen Sun

    2017-09-01

    Full Text Available Purpose – This paper aims to clear whether the monopoly structure of the internet industry has produced market power and discussed the welfare change of the internet industry monopoly. Design/methodology/approach – By using new empirical industrial organization methods and taking the e-commerce market as an example, the authors measured market power and economies of scale of the internet platform companies. Findings – Internet platform enterprises have formed scale economy, but it has not had market power, and the industry still maintains high levels of competition; also, the emergence of large enterprises may increase the welfare of consumers. Originality/value – The conclusion of this paper clarified actual competition status of internet industry and provided a new foothold for regulation and ideas for the traditional industry to crack the Marshall Conflict.

  1. The structure of a market containing boundedly rational firms

    Science.gov (United States)

    Ibrahim, Adyda; Zura, Nerda; Saaban, Azizan

    2017-11-01

    The structure of a market is determined by the number of active firms in it. Over time, this number is affected by the exit of existing firms, called incumbents, and entries of new firms, called entrant. In this paper, we considered a market governed by the Cobb-Douglas utility function such that the demand function is isoelastic. Each firm is assumed to produce a single homogenous product under a constant unit cost. Furthermore, firms are assumed to be boundedly rational in adjusting their outputs at each period. A firm is considered to exit the market if its output is negative. In this paper, the market is assumed to have zero barrier-to-entry. Therefore, the exiting firm can reenter the market if its output is positive again, and new firms can enter the market easily. Based on these assumptions and rules, a mathematical model was developed and numerical simulations were run using Matlab. By setting certain values for the parameters in the model, initial numerical simulations showed that in the long run, the number of firms that manages to survive the market varies between zero to 30. This initial result is consistent with the idea that a zero barrier-to-entry may produce a perfectly competitive market.

  2. Market size and vertical structure in the rail way industry

    OpenAIRE

    Matsushima, Noriaki; Mizutani, Fumitoshi

    2011-01-01

    We provide a theoretical framework to discuss the relation between market size and vertical structure in the railway industry. The framework is based on a simple downstream monopoly model with two input suppliers, labor forces and the rail infrastructure firm. The operation of the downstream firm (i.e., the train operating firm) generates costs on the rail infrastructure firm. We show that the downstream firm with a larger market size is more likely to integrate with the rail infrastructure f...

  3. Measuring capital market efficiency: Global and local correlations structure

    Czech Academy of Sciences Publication Activity Database

    Krištoufek, Ladislav; Vošvrda, Miloslav

    2013-01-01

    Roč. 392, č. 1 (2013), s. 184-193 ISSN 0378-4371 R&D Projects: GA ČR(CZ) GBP402/12/G097 Institutional support: RVO:67985556 Keywords : Capital market efficiency * Fractal dimension * Long-range dependence * Short-range dependence Subject RIV: AH - Economics Impact factor: 1.722, year: 2013 http://library.utia.cas.cz/separaty/2012/E/kristoufek-measuring capital market efficiency global and local correlations structure.pdf

  4. THE CONCEPT AND ESSENCE, THE STRUCTURE OF REAL ESTATE MARKET

    Directory of Open Access Journals (Sweden)

    Edgar V. Hovsepyan

    2015-01-01

    Full Text Available With the help of the international research literature, and the legislative framework of the Russian Federation and the Republic of Armenia in the article reveals the basic concepts and the essence of the real estate market, as well as given the classification of real estate. Thoroughly explains the difference between the concepts of "real estate" and "real property". In the article considered the main elements which includes the structure of the real estate market.

  5. Entry Regulations, Product Differentiation and Determinants of Market Structure

    OpenAIRE

    Maican, Florin; Orth, ´Matilda

    2013-01-01

    We use a dynamic oligopoly model of entry and exit to evaluate how entry regulations affect profitability and market structure in retail. The model incorporates demand and store-level heterogeneity. Based on unique data for all retail food stores in Sweden, we find that the average entry costs for small and large stores are 10 and 18 percent lower, respectively, in markets with liberal compared with restrictive regulations. Counterfactual simulations show that lower entry costs in restrictive...

  6. Dynamics of cluster structures in a financial market network

    Science.gov (United States)

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

    2014-11-01

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

  7. Dynamics of Correlation Structure in Stock Market

    Directory of Open Access Journals (Sweden)

    Maman Abdurachman Djauhari

    2014-01-01

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

  8. AN ANALYSIS OF MANUFACTURING MARKET STRUCTURE IN NORTH SUMATRA PROVINCE

    Directory of Open Access Journals (Sweden)

    Muhammad Asaad

    2013-04-01

    Full Text Available This study aims to analyze market structure and manufacturing industry performance on the economy of North Sumatra. The analysis uses two approaches, namely SCP analysis and econometric model. The data used is the Survey of Large Medium 2005-2009. The result shows that the structure of the industry is more dominant, including tight oligopoly, only small parts which belong to loose oligopoly and oligopoly markets. Some industries which have important roles for the economy are the palm oil industry, food and beverage industry, rubber industry and rubber products, and iron and steel basic industries, and basic non-ferrous metals.Keywords: market structure, industry performance, manufacturing industry, local economyJEL classification numbers: L10, L20, L60

  9. LENDING STRUCTURE AND MARKET RISK EXPOSURES: THE MALAYSIAN CASE

    Directory of Open Access Journals (Sweden)

    Aisyah Abdul Rahman

    2009-01-01

    Full Text Available This study addresses the linkages between lending structure and market risk exposure. The influence of lending structure is analysed by four measures: the real estate lending, the specialisation index, the short-term lending stability, and the medium-term lending stability. Our findings show that lending structure to some extent affects the market risk exposure to some extend. At the same time, listed bank holding companies showed higher levels of market risk during and after the 1997 Asian financial crisis. Meanwhile, the desired effect of bank mergers in terms of reducing market risk exposure did not materialise in this study. Thus, the findings of this study posits at least two implications; (1 policy makers should react accordingly in the decision-making process towards achieving the expected result of the monetary policy transmission mechanism, and (2 banks and investors should account the impact of lending structures in addition to the significance effect of loan expansion and management efficiency when determining market risk exposure of bank holding companies.

  10. Novel indexes based on network structure to indicate financial market

    Science.gov (United States)

    Zhong, Tao; Peng, Qinke; Wang, Xiao; Zhang, Jing

    2016-02-01

    There have been various achievements to understand and to analyze the financial market by complex network model. However, current studies analyze the financial network model but seldom present quantified indexes to indicate or forecast the price action of market. In this paper, the stock market is modeled as a dynamic network, in which the vertices refer to listed companies and edges refer to their rank-based correlation based on price series. Characteristics of the network are analyzed and then novel indexes are introduced into market analysis, which are calculated from maximum and fully-connected subnets. The indexes are compared with existing ones and the results confirm that our indexes perform better to indicate the daily trend of market composite index in advance. Via investment simulation, the performance of our indexes is analyzed in detail. The results indicate that the dynamic complex network model could not only serve as a structural description of the financial market, but also work to predict the market and guide investment by indexes.

  11. Do structural oil-market shocks affect stock prices?

    International Nuclear Information System (INIS)

    Apergis, Nicholas; Miller, Stephen M.

    2009-01-01

    This paper investigates how explicit structural shocks that characterize the endogenous character of oil price changes affect stock-market returns in a sample of eight countries - Australia, Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States. For each country, the analysis proceeds in two steps. First, modifying the procedure of Kilian [Not All Oil Price Shocks are Alike: Disentangling Demand and Supply Shocks in the Crude Oil Market. American Economic Review.], we employ a vector error-correction or vector autoregressive model to decompose oil-price changes into three components: oil-supply shocks, global aggregate-demand shocks, and global oil-demand shocks. The last component relates to specific idiosyncratic features of the oil market, such as changes in the precautionary demand concerning the uncertainty about the availability of future oil supplies. Second, recovering the oil-supply shocks, global aggregate-demand shocks, and global oil-demand shocks from the first analysis, we then employ a vector autoregressive model to determine the effects of these structural shocks on the stock market returns in our sample of eight countries. We find that international stock market returns do not respond in a large way to oil market shocks. That is, the significant effects that exist prove small in magnitude. (author)

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

    DEFF Research Database (Denmark)

    Eskildsen, Jacob Kjær; Kristensen, Kai

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

  13. How do skilled traders change the structure of the market

    Czech Academy of Sciences Publication Activity Database

    Vácha, Lukáš; Baruník, Jozef; Vošvrda, Miloslav

    2012-01-01

    Roč. 23, č. 1 (2012), s. 66-71 ISSN 1057-5219 R&D Projects: GA ČR GAP402/10/0956; GA ČR GP402/08/P207; GA ČR GA402/09/0965 Institutional research plan: CEZ:AV0Z10750506 Institutional support: RVO:67985556 Keywords : Heterogeneous agent model * Market structure * Skilled traders * Hurst exponent Subject RIV: AH - Economics http://library.utia.cas.cz/separaty/2012/E/vacha-how do skilled traders change the structure of the market.pdf

  14. Selection of power market structure using the analytic hierarchy process

    International Nuclear Information System (INIS)

    Subhes Bhattacharyya; Prasanta Kumar Dey

    2003-01-01

    Selection of a power market structure from the available alternatives is an important activity within an overall power sector reform program. The evaluation criteria for selection are both subjective as well as objective in nature and the selection of alternatives is characterised by their conflicting nature. This study demonstrates a methodology for power market structure selection using the analytic hierarchy process, a multiple attribute decision- making technique, to model the selection methodology with the active participation of relevant stakeholders in a workshop environment. The methodology is applied to a hypothetical case of a State Electricity Board reform in India. (author)

  15. Evaluating employee assistance policy in an HMO-based alcoholism project.

    Science.gov (United States)

    Putnam, S L; Stout, R L

    1985-01-01

    One aspect of successful employee assistance program (EAP) implementation is the adoption of a formal, written policy, reflecting company commitment to EAP guidelines and goals. This study of criteria predictive of such policy adoption was conducted at the occupational alcoholism project of a New England health maintenance organization (HMO). Data on nearly 400 organizations contacted by occupational program consultants (OPCs) over a 20-month period were collected by questionnaire and interview. One third of these organizations adopted employee assistance policies and set about establishing formal programs. Stepwise multiple regression is the principal method used to pinpoint the correlates of policy adoption. Two of the most important of these are the attitudes of contact persons within the organization toward alcoholism and employee assistance programs, particularly their admission of alcohol problems within their social networks; and the consultants' persistence and marketing skills. The adopting organizations also had reputations for being progressive, and actively concerned about employee welfare; they tended to be large, their executives autonomous, and their union membership rates high. Inhibiting policy acceptance were fears that a written policy would jeopardize the reputation and image of the organization, and that an employee assistance program would remove internal control of personal procedures. The adequacy of the evaluative data and methods are discussed, and recommendations are offered in the interests of streamlining the efforts of OPCs and of achieving greater penetration of targeted organizations.

  16. The new capitalists: a structural change from the stock market economy to the free market economy

    Science.gov (United States)

    Khoshyaran, M.

    2004-12-01

    In this paper an alternative mechanism to the stock market is proposed. Two elements are taken away: (1) middlemen, and (2) shareholder lack of involvement. Structural elements are identified. Equilibrium-stability conditions are defined. A measures of effectiveness is suggested.

  17. Term Structure Examination of Indonesian Money Market: Some Efficiency Issue

    Directory of Open Access Journals (Sweden)

    Anggoro Budi Nugroho

    2012-01-01

    Full Text Available This paper examines efficiency of Indonesian term structure as imposed by the country’s central bank. The rate, widely understood as the Bank Indonesia (BI Rate varying from 30-day, 60-day, and 180-day, usually stated as the plain-vanilla cost of capital of interbank debt financing depending on their time length. In general, this rate will consequently impact various other sorts of interest rates in the country’s debt market as a whole. When dealing with market efficiency, statistical inference shows that short-term BI Rate’s is not the best predictor of its long-term one due to some uncertain asymmetric information. This finding may lead to further adjustment in risk management strategy for hedging with interest rate. Keywords: term structure, risk premia, expectation hypothesis (EH, market efficiency, cointegration, volatility spillover, expansionary monetary policy

  18. Market Structure in the Context of Developing Competitive Strategy

    Directory of Open Access Journals (Sweden)

    Algirdas Krivka

    2011-04-01

    Full Text Available The abstract deals with the application of positioning strategies under the conditions of classical market structures. It is discovered that the assumptions of pure competition leave no space for M. Porter’s generic cost leadership and differentiation strategies to be applied. The enterprise’s actions, influencing five competitive forces and implementing generic strategies, are reasonable under the conditions of imperfect competition market structures. The game theory models, applied to oligopoly, indicate the close interaction of enterprises and interdependence of their strategic decisions: cost reduction and differentiation strategies not only increase the profit of the enterprise, implementing the strategy, but by affecting market price and residual demand decrease the competitor’s profit.Article in Lithuanian

  19. Dynamic asset trees in the US stock market: Structure variation and market phenomena

    International Nuclear Information System (INIS)

    Huang, Wei-Qiang; Yao, Shuang; Zhuang, Xin-Tian; Yuan, Ying

    2017-01-01

    In this work, employing a moving window to scan through every stock price time series over a period from 2 January 1986 to 20 October 2015, we use cross-correlations to measure the interdependence between stock prices, and we construct a corresponding minimal spanning tree for 170 U.S. stocks in every given window. We show how the asset tree evolves over time and describe the dynamics of its normalized length, centrality measures, vertex degree and vertex strength distributions, and single- and multiple-step edge survival ratios. We find that the normalized tree length shows a tendency to decrease over the 30 years. The power-law of vertex degree or vertex strength distribution does not hold for all trees. The survival ratio analysis reveals an increased stability of the dependence structure of the stock market as time elapses. We then examine the relationship between tree structure variation and market phenomena, such as average, volatility and tail risk of stock (market) return. Our main observation is that the normalized tree length has a positive relationship with the level of stock market average return, and it responds negatively to the market return volatility and tail risk. Furthermore, the majority of stocks have their vertex degrees significantly positively correlated to their average return, and significantly negatively correlated to their return volatility and tail risk.

  20. Can market structure explain cross-country differences in health?

    Directory of Open Access Journals (Sweden)

    Kate Rybczynski

    2013-03-01

    Full Text Available There is a well documented health disparity between several European countries and the United States. This health gap remains even after controlling for socioeconomic status and risk factors. At the same time, we note that the U.S. market structure is characterized by significantly more large corporations and "super-sized" retail outlets than Europe. Because big business is hierarchical in nature and has been reported to engender urban sprawl, inferior work environments, and loss of social capital, all identified as correlates of poor health, we suggest that differences in market structure may help account for some of the unexplained differences in health across Europe and North America. Using national level data, this study explores the relationship between market structure and health. We investigate whether individuals who live in countries with proportionately more small business are healthier than those who do not. We use two measures of national health: life expectancy at birth, and age-standardized estimates of diabetes rates. Results from ordinary least squares regressions suggest that, there is a large and statistically significant association between market structure (the ratio of small to total businesses and health, even after controlling income, public percent of health expenditure, and obesity rates. This association is robust to additional controls such as insufficient physical activity, smoking, alcohol disease, and air pollution.

  1. Does competitive entry structurally change key marketing metrics?

    NARCIS (Netherlands)

    Kornelis, Marcel; Dekimpe, Marnik G.; Leeflang, Peter S. H.

    To what extent does competitive entry create a structural change in key marketing metrics? New players mayjust be a temporal nuisance to incumbents, but could also fundamentally change the latter's performance evolution, or induce them to permanently alter their spending levels and/or pricing

  2. Random fractal structures in North American energy markets

    Energy Technology Data Exchange (ETDEWEB)

    Serletis, Apostolos [Calgary Univ., Dept. of Economics, Calgary, AB (Canada); Andreadis, Ioannis [European Univ. of the Hague, Center of Management Studies, The Hague (Netherlands)

    2004-05-01

    This paper uses daily observations on West Texas Intermediate (WTI) crude oil prices at Chicago and Henry Hub natural gas prices at LA (over the deregulated period of the 1990s) and various tests from statistics and dynamical systems theory to support a random fractal structure for North American energy markets. In particular, this evidence is supported by the Vassilicos et al. (1993) multifractal structure test and the Ghashghaie et al. [Nature 381 (1996) 767] turbulent behavior test. (Author)

  3. Management information systems: their role in the marketing activities of HMOs.

    Science.gov (United States)

    Aronow, D B

    1988-01-01

    HMOs are particularly dependent on their information resources in providing cost-effective, high quality, accessible care. Understanding the role of MIS in HMO marketing activities may guide administrators in evaluating information systems applications within their organizations.

  4. Market Structure and Price Transmission of Eggs Commodity

    Directory of Open Access Journals (Sweden)

    Abdul Aziz Ahmad

    2016-10-01

    Full Text Available Purposes of this research are to determine some characteristics of distribution channel, market structure, and price maker transmission in purebred chicken egg commodity in Banyumas District, Central Java Province. Primary data applied on this research is from all channel distribution levels; from producers to final consumers. Meanwhile secondary data is collected from government official sources, such as BPS-Statistic of Banyumas Disrict, Banyumas Department of Industry, Trading and Cooperation, and previous researches which has been made by researcher team. Sample determining is directed by proportional random sampling methods. Some measurements are applied to this research, including to; Herfindahl Index (HI, Concentration Ratio (CF, and Minimum Efficiency Scale (MES to investigate market structure; and Asymmetric Price Transmission (APT to determine price transmission mechanism model. This research finds that (1 the distribution channel of egg commodity is spitted to different channel, the first channel: egg producer – retail traders – final consumers, and second channel: egg producers – whole seller – retail traders – final consumers; (2 market structure which is created to this farming specific commodity is perfect market; (3 price transmission mechanism analysis statistically shows that there is almost no existence of dominant power in price formation.

  5. MARKET CAPACITY AND STRUCTURE AS INDICATORS FOR CORPORATE STRATEGY

    Directory of Open Access Journals (Sweden)

    LIVIU NEAMTU

    2017-11-01

    Full Text Available In the management practice, in order to create a competitive strategic system of business, for each level of decision will be used those strategic combinations and alternatives that are consistent with the company's interests and possibilities and with current conditions each market. For it there is continuous process consisting of analysis in various aspects of the market based on its size and continuing with structure, sensitivity and its dynamics, a process that allow having enough data to determine business objectives, specify options for actions and establish implementing measures. However, in this study we aim to highlight a correlation between the various decision-making needs of the company and the various features that can be analyzed at a market.

  6. The Structure of Marine Fish marketing in Kenya: The Case of ...

    African Journals Online (AJOL)

    The Structure of Marine Fish marketing in Kenya: The Case of Malindi and Kilifi Districts. ... marketing as well as identifies constraints in the marketing system in Malindi and Kilifi districts. ... EMAIL FREE FULL TEXT EMAIL FREE FULL TEXT

  7. Market structure and performance of value chain actors in hides and ...

    African Journals Online (AJOL)

    Market structure and performance of value chain actors in hides and skins processing and marketing in Nigeria. ... There was high performance in hides and skins processing and marketing in Nigeria. ... EMAIL FULL TEXT EMAIL FULL TEXT

  8. Interbank Market Structure and Accurate Estimation of an Aggregate Liquidity Shock

    OpenAIRE

    Isakov, A.

    2013-01-01

    It's customary among money market analysts to blame interest rate deviations from the Bank of Russia's target band on the market structure imperfections or segmentation. We isolate one form of such market imperfection and provide an illustration of its potential impact on central bank's open market operations efficiency in the current monetary policy framework. We then hypothesize that naive (market) structure-agnostic liquidity gap aggregation will lead to market demand underestimation in so...

  9. Structuring strategy and relationships in North American gas markets

    International Nuclear Information System (INIS)

    Fisher, J.

    1998-01-01

    Duke Energy's experience in strategy development and structuring relationships with other companies were described. Included was a description of their partnership with PanEnergy and Mobil and a merger between PanEnergy and Duke. In developing their growth strategy, Duke Energy was guided by the following considerations: (1) an assessment of the market, (2) the identification of opportunities, (3) a self-assessment, (4) the establishment of goals, and (5) determining strategic alternatives. The advantages and disadvantages of different structuring relationships were reviewed. Duke Energy's approach to Ontario's residential market and their agreement with Alliance Gas Management were also discussed. The goal of the Alliance Gas management agreement was to simplify Alliance's wholesale gas supply management needs and to allow Alliance access to diverse gas supplies. figs

  10. The Role of Labor Markets in Structural Change.

    OpenAIRE

    Miguel Ricaurte

    2010-01-01

    Why did services become the dominant sector in industrialized economies? While abundant literature exists on the transition from agriculture to industry (i.e., the industrial revolution), there is no consensual explanation for the second wave of structural change. I argue that sectoral differences in regulation affecting the degree of competition in labor and goods markets explain: (a) the rise in the services sector share of output and employment, (b) international differences in cross-secto...

  11. Entry regulations, welfare and determinants of market structure

    OpenAIRE

    Maican, Florin; Orth, Matilda

    2015-01-01

    We use a dynamic oligopoly model of entry and exit with store-type differentiation to evaluate how entry regulations affect profitability, market structure and welfare. Based on unique data for all retail food stores in Sweden, we estimate demand, recover variable profits, and estimate entry costs and fixed costs by store type. Counterfactual policy experiments show that welfare increases when competition is enhanced by lower entry costs. Protecting small stores by imposing licensing fees on ...

  12. The HMO Research Network Virtual Data Warehouse: A Public Data Model to Support Collaboration.

    Science.gov (United States)

    Ross, Tyler R; Ng, Daniel; Brown, Jeffrey S; Pardee, Roy; Hornbrook, Mark C; Hart, Gene; Steiner, John F

    2014-01-01

    The HMO Research Network (HMORN) Virtual Data Warehouse (VDW) is a public, non-proprietary, research-focused data model implemented at 17 health care systems across the United States. The HMORN has created a governance structure and specified policies concerning the VDW's content, development, implementation, and quality assurance. Data extracted from the VDW have been used by thousands of studies published in peer-reviewed journal articles. Advances in software supporting care delivery and claims processing and the availability of new data sources have greatly expanded the data available for research, but substantially increased the complexity of data management. The VDW data model incorporates software and data advances to ensure that comprehensive, up-to-date data of known quality are available for research. VDW governance works to accommodate new data and system complexities. This article highlights the HMORN VDW data model, its governance principles, data content, and quality assurance procedures. Our goal is to share the VDW data model and its operations to those wishing to implement a distributed interoperable health care data system.

  13. 42 CFR 417.538 - Enrollment and marketing costs.

    Science.gov (United States)

    2010-10-01

    ... PREPAYMENT PLANS Medicare Payment: Cost Basis § 417.538 Enrollment and marketing costs. (a) Principle. Costs incurred by an HMO or CMP in performing the enrollment and marketing activities described in subpart k of... 42 Public Health 3 2010-10-01 2010-10-01 false Enrollment and marketing costs. 417.538 Section 417...

  14. The wood pellet market in Austria: A structural market model analysis

    International Nuclear Information System (INIS)

    Kristöfel, Christa; Strasser, Christoph; Schmid, Erwin; Morawetz, Ulrich B.

    2016-01-01

    EU bioenergy policies and oil price hikes have resulted in a significant increase of installed pellet boilers for residential heating. Hence, European demand for wood pellets has been growing faster and more steadily than supply leading to rising market prices in recent years. This article presents an econometric analysis of demand and supply of wood pellets in the residential heating sector in Austria, one of the most dynamic markets for residential pellets. Annual and monthly time series data between 2000 and 2014 are used in a two-stage least-squares (2SLS) regression to estimate supply and demand elasticities of wood pellets. In all model specifications, pellets demand is found to be inelastic (from −0.66 to −0.76) and pellets supply unit-elastic (from 1.03 to 1.18). Thus, consumers are highly exposed to price changes resulting from supply shocks. Policies which support investments in pellet boilers will shift the demand of wood pellets and likely leading to higher prices for consumers. - Highlights: • Characterisation of the European pellet market. • A structural market model for wood pellets in Austria. • Estimation of supply and demand price elasticities using a two-stage least-squares (2SLS) regression. • Pellets demand is found to be inelastic and pellets supply unit-elastic in the short run. • Policies stimulating demand will likely increase pellet and sawmill by-product prices.

  15. MULTIFRACTAL STRUCTURE OF CENTRAL AND EASTERN EUROPEAN FOREIGN EXCHANGE MARKETS

    Directory of Open Access Journals (Sweden)

    Cn#259;pun#351;an Rn#259;zvan

    2012-07-01

    Full Text Available It is well known that empirical data coming from financial markets, like stock market indices, commodities, interest rates, traded volumes and foreign exchange rates have a multifractal structure. Multifractals were introduced in the field of economics to surpass the shortcomings of classical models like the fractional Brownian motion or GARCH processes. In this paper we investigate the multifractal behavior of Central and Eastern European foreign exchange rates, namely the Czech koruna, Croatian kuna, Hungarian forint, Polish zlot, Romanian leu and Russian rouble with respect to euro from January 13, 2000 to February 29, 2012. The dynamics of exchange rates is of interest for investors and traders, monetary and fiscal authorities, economic agents or policy makers. The exchange rate movements affect the international balance of payments, trade flows, and allocation of the resources in national and international economy. The empirical results from the multifractal detrending fluctuation analysis algorithm show that the six exchange rate series analysed display significant multifractality. Moreover, generating shuffled and surrogate time series, we analyze the sources of multifractality, long-range correlations and heavy-tailed distributions, and we find that this multifractal behavior can be mainly attributed to the latter. Finally, we propose a foreign exchange market inefficiency ranking by considering the multifractality degree as a measure of inefficiency. The regulators, through policy instruments, aim to improve the informational inefficiency of the markets, to reduce the associated risks and to ensure economic stabilization. Evaluation of the degree of information efficiency of foreign exchange markets, for Central and Eastern Europe countries, is important to assess to what extent these countries are prepared for the transition towards fully monetary integration. The weak form efficiency implies that the past exchange rates cannot help to

  16. Network structure detection and analysis of Shanghai stock market

    Directory of Open Access Journals (Sweden)

    Sen Wu

    2015-04-01

    Full Text Available Purpose: In order to investigate community structure of the component stocks of SSE (Shanghai Stock Exchange 180-index, a stock correlation network is built to find the intra-community and inter-community relationship. Design/methodology/approach: The stock correlation network is built taking the vertices as stocks and edges as correlation coefficients of logarithm returns of stock price. It is built as undirected weighted at first. GN algorithm is selected to detect community structure after transferring the network into un-weighted with different thresholds. Findings: The result of the network community structure analysis shows that the stock market has obvious industrial characteristics. Most of the stocks in the same industry or in the same supply chain are assigned to the same community. The correlation of the internal stock prices’ fluctuation is closer than in different communities. The result of community structure detection also reflects correlations among different industries. Originality/value: Based on the analysis of the community structure in Shanghai stock market, the result reflects some industrial characteristics, which has reference value to relationship among industries or sub-sectors of listed companies.

  17. Hydrous manganese oxide-polyacrylonitrile (HMO-PAN) composite for the treatment of radioactive laundry wastewater

    International Nuclear Information System (INIS)

    Sanghwa Oh; Won Sik Shin; Sang-June Choi

    2015-01-01

    Hydrous manganese oxide-polyacrylonitrile (HMO-PAN) composite was applied for the removal of Co 2+ , Sr 2+ and Cs + from radioactive laundry wastewater. Single- and multi-solute competitive sorptions onto HMO-PAN were investigated. The maximum sorption capacity was in the order of Co 2+ (0.573) > Cs + (0.551) > Sr 2+ (0.310 mmol g -1 ). Sorption of the metals occurred via physical adsorption due to weak van der Waals force and ion exchange with Mn 2+ in HMO-PAN. Sorption behaviors were not related to the types of the surfactants. Among the tested surfactants, SDBS and SOBS remarkably increased the distribution coefficient of Co 2+ and Sr 2+ , respectively. (author)

  18. Microcredit and Survival Microenterprises: The Role of Market Structure

    Directory of Open Access Journals (Sweden)

    P. V. Viswanath

    2017-12-01

    Full Text Available Poverty remains a pervasive problem all over the world, but the problem is worst in underdeveloped areas like Africa. While microfinance is supposed to address this problem through the promotion of viable businesses, it has not been very successful in helping survival microenterprises, i.e., businesses that the very poor with limited human capital have access to, in sectors with low barriers to entry and selling undifferentiated products. In this paper, I examine the role of market structure in mediating the impact of micro-lending to such survival enterprises. While there have been many evaluations of microfinance institutions (MFIs, there have been very few that look at market conditions as an input into the success of micro-lending. My theoretical analysis suggests that when introducing an extensive program of microcredit in undeveloped and relatively isolated rural areas, it is important to look at how the market structure mediates the impact of the provision of loans on the demand and supply for the end-product or service. I present some empirical evidence, which provides partial confirmation that MFIs are not currently taking these considerations into account.

  19. China’s Flawed Banking Market Structure Must be Rectified

    Institute of Scientific and Technical Information of China (English)

    于永臻

    2007-01-01

    There is great disparity between China’s banking management efficiency and the top international standard,with relatively low efficiency in credit monetary allocation.In this paper,Yu Yongzhen sets out the hypothesis that"medium-sized banks promote competition".He believes that an important reason for the low efficiency of Chinese banking is the seriously flawed banking market structure.Namely,credit market shares are highly concentrated in the hands of the four major state-owned banks,with very few shares held by medium-sized banks or the badly undeveloped small banks.Full development of medium-sized banks plays a key role in the promotion of competition and efficiency in banking.

  20. Nonlinear analysis and dynamic structure in the energy market

    Science.gov (United States)

    Aghababa, Hajar

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

  1. Structural change in Europe's gas markets: three scenarios for the development of the European gas market to 2020

    International Nuclear Information System (INIS)

    Ellis, A.; Bowitz, E.; Roland, K.

    2000-01-01

    Against the background of the European Union's Gas Directive, and the emergence of new players and markets in Europe's gas sector, this paper explores how company actions could shape the future for the gas industry. Starting with an examination of company strategies this paper develops three scenarios for the future: a 'Gradual Transformation' scenario where a single European gas market develops that is essentially oligopolistic in nature; a 'Vertical Integration' scenario, where upstream and downstream gas companies merge to form a vertically integrated gas supplier; and a 'Pull the Plug' scenario, where the current market structure decomposes into a competitive market. These scenarios are examined in terms of their impact on gas prices, demand and the distribution of gas rent along the supply chain. The paper highlights the fact that the EU's gas Directive is not sufficient for the introduction of competition into Europe's gas markets, but that company actions will be the key determinant, and they may favour alternative market structures. (Author)

  2. The structure and resilience of financial market networks.

    Science.gov (United States)

    Peron, Thomas Kaue Dal'Maso; Costa, Luciano da Fontoura; Rodrigues, Francisco A

    2012-03-01

    Financial markets can be viewed as a highly complex evolving system that is very sensitive to economic instabilities. The complex organization of the market can be represented in a suitable fashion in terms of complex networks, which can be constructed from stock prices such that each pair of stocks is connected by a weighted edge that encodes the distance between them. In this work, we propose an approach to analyze the topological and dynamic evolution of financial networks based on the stock correlation matrices. An entropy-related measurement is adopted to quantify the robustness of the evolving financial market organization. It is verified that the network topological organization suffers strong variation during financial instabilities and the networks in such periods become less robust. A statistical robust regression model is proposed to quantity the relationship between the network structure and resilience. The obtained coefficients of such model indicate that the average shortest path length is the measurement most related to network resilience coefficient. This result indicates that a collective behavior is observed between stocks during financial crisis. More specifically, stocks tend to synchronize their price evolution, leading to a high correlation between pair of stock prices, which contributes to the increase in distance between them and, consequently, decrease the network resilience.

  3. The structure and resilience of financial market networks

    Science.gov (United States)

    Kauê Dal'Maso Peron, Thomas; da Fontoura Costa, Luciano; Rodrigues, Francisco A.

    2012-03-01

    Financial markets can be viewed as a highly complex evolving system that is very sensitive to economic instabilities. The complex organization of the market can be represented in a suitable fashion in terms of complex networks, which can be constructed from stock prices such that each pair of stocks is connected by a weighted edge that encodes the distance between them. In this work, we propose an approach to analyze the topological and dynamic evolution of financial networks based on the stock correlation matrices. An entropy-related measurement is adopted to quantify the robustness of the evolving financial market organization. It is verified that the network topological organization suffers strong variation during financial instabilities and the networks in such periods become less robust. A statistical robust regression model is proposed to quantity the relationship between the network structure and resilience. The obtained coefficients of such model indicate that the average shortest path length is the measurement most related to network resilience coefficient. This result indicates that a collective behavior is observed between stocks during financial crisis. More specifically, stocks tend to synchronize their price evolution, leading to a high correlation between pair of stock prices, which contributes to the increase in distance between them and, consequently, decrease the network resilience.

  4. Investigating Food and Beverage Industry Market Structure and Market Power Based on Leo and Bresnahan’s Approach

    OpenAIRE

    M. Nabishahikitash; E. Gholipoorbolasi; A. Mohammadzadeh

    2016-01-01

    Introduction: Food processing industries are one of the major industrial groups in developing countries which play an important role in the economic development of these countries. With the Developed and Developing Food Industry on the other hand, food security and providing food are very important in each country. In an overview, markets are divided into two groups: The first group is a market with perfect competition. And second group is markets with monopoly structure.One of the importa...

  5. An Empirical Study on Market Timing Theory of Capital Structure

    Directory of Open Access Journals (Sweden)

    Ignatius Rony Setyawan

    2016-12-01

    Full Text Available The theory of capital structure has advanced remarkably. This development began as many firms had options to consider various external factors determining the composition of debt and equity. Not only the asymmetric information or the conflict among bondholders and shareholders initiated the Pecking Order Theory and the Static Trade-off Theory respectively but also the overvalued or undervalued of stock price had to be taken as a determinant factor for identifying the ideal debt-equity mix. The author maintains these factors as they were pioneers to this theory on Market Timing Theory (MTT introduced by Baker and Wurgler (2002. The essence of this theory is described when stock prices are overvalued, firms will finance projects through debts, otherwise the firms will be undervalued and be relied on equity financing. Using the methodology introduced by Baker and Wurgler (2002, the author selected only samples of IPOs of firms during 2008-2009 to limit the scope of this study. The main objective of this study is to test the hypothèses of Market Timing Theory formulated by Dahlan (2004 and by Kusumawati and Danny (2006 which have been proven by the GLS model, and the OLS model-like as in Baker and Wurgler (2002, Susilawati (2008 and Saad (2010. This study concludes that the market-to-book ratio has a negative effect on the market leverage. The implication is that when firms achieve certain level of earnings growth, the stock price will be overvalued, so it would be the right timing for firms to proceed equity financing. Under the robustness test with GLS Random Effect, the hypothèses of MTT is supported.

  6. An Empirical Study on Market Timing Theory of Capital Structure

    Directory of Open Access Journals (Sweden)

    Ignatius Rony Setyawan

    2011-08-01

    Full Text Available The theory of capital structure has advanced remarkably. This development began as many firms had options to consider various external factors determining the composition of debt and equity. Not only the asymmetric information or the conflict among bondholders and shareholders initiated the Pecking Order Theory and the Static Trade-off Theory respectively but also the overvalued or undervalued of stock price had to be taken as a determinant factor for identifying the ideal debt-equity mix. The author maintains these factors as they were pioneers to this theory on Market Timing Theory (MTT introduced by Baker and Wurgler (2002. The essence of this theory is described when stock prices are overvalued, firms will finance projects through debts, otherwise the firms will be undervalued and be relied on equity financing. Using the methodology introduced by Baker and Wurgler (2002, the author selected only samples of IPOs of firms during 2008-2009 to limit the scope of this study. The main objective of this study is to test the hypothèses of Market Timing Theory formulated by Dahlan (2004 and by Kusumawati and Danny (2006 which have been proven by the GLS model, and the OLS model-like as in Baker and Wurgler (2002, Susilawati (2008 and Saad (2010. This study concludes that the market-to-book ratio has a negative effect on the market leverage. The implication is that when firms achieve certain level of earnings growth, the stock price will be overvalued, so it would be the right timing for firms to proceed equity financing. Under the robustness test with GLS Random Effect, the hypothèses of MTT is supported.

  7. Endogenous sunk costs and the geographic differences in the market structures of CPG Categories

    NARCIS (Netherlands)

    Bronnenberg, B.J.; Dhar, S.; Dube, J.P.

    2011-01-01

    We describe the industrial market structure of CPG categories. The analysis uses a unique database spanning 31 consumer package goods (CPG) categories, 39 months, and the 50 largest US metropolitan markets. We organize our description of market structure around the notion that firms can improve

  8. Transformations in gas shipping : Market structure and efficiency

    NARCIS (Netherlands)

    Engelen, Steve; Dullaert, Wout

    This article aims to improve understanding of the gas shipping markets which, contrary to the main merchant markets- namely the dry, the tanker and the container markets- have not been subject to the same scrutiny. We examine the fundamentals and segment these versatile markets in which expanding

  9. Industry structures in private dental markets in Finland.

    Science.gov (United States)

    Widström, E; Mikkola, H

    2012-12-01

    To use industrial organisation and organisational ecology research methods to survey industry structures and performance in the markets for private dental services and the effect of competition. Data on practice characteristics, performance, and perceived competition were collected from full-time private dentists (n = 1,121) using a questionnaire. The response rate was 59.6%. Cluster analysis was used to identify practice type based on service differentiation and process integration variables formulated from the questionnaire. Four strategic groups were identified in the Finnish markets: Solo practices formed one distinct group and group practices were classified into three clusters Integrated practices, Small practices, and Loosely integrated practices. Statistically significant differences were found in performance and perceived competitiveness between the groups. Integrated practices with the highest level of process integration and service differentiation performed better than solo and small practices. Moreover, loosely integrated and small practices outperformed solo practises. Competitive intensity was highest among small practices which had a low level of service differentiation and was above average among solo practises. Private dental care providers that had differentiated their services from public services and that had a high number of integrated service production processes enjoyed higher performance and less competitive pressures than those who had not.

  10. La struttura dei mercati monetari. (The structure of money markets

    Directory of Open Access Journals (Sweden)

    J.S.G. WILSON

    2014-07-01

    Full Text Available The article surveys the main characteristics of money markets. It defines a money market as a center in which financial institutions congregate for the purpose of dealing in monetary assets. The author stresses the variety of organisational forms as well as the common elements of these markets.JEL: E40, E44, G10, G20

  11. Information transfer across intra/inter-structure of CDS and stock markets

    Science.gov (United States)

    Lim, Kyuseong; Kim, Sehyun; Kim, Soo Yong

    2017-11-01

    We investigate the information flow between industrial sectors in credit default swap and stock markets in the United States based on transfer entropy. Both markets have been studied with respect to dynamics and relations. Our approach considers the intra-structure of each financial market as well as the inter-structure between two markets through a moving window in order to scan a period from 2005 to 2012. We examine the information transfer with different k, especially k = 3, k = 5 and k = 7. Analysis indicates that the cases with k = 3 and k = 7 show the opposite trends but similar characteristics. Change in transfer entropy for intra-structure of CDS market precedes that of stock market in view of the entire time windows. Abrupt rise and fall in inter-structural information transfer between two markets are detected at the periods related to the financial crises, which can be considered as early warnings.

  12. Entrepreneurial Abilities: Structure of Labor Market and Income Inequality

    Directory of Open Access Journals (Sweden)

    Dmitry Aleksandrovich Pokrovsky

    2014-06-01

    Full Text Available This paper is addressed to explanation of differentiation of economics in structure of labor market and income distribution. In order to this aim the author develops a model of endogenous formation of entrepreneurship in economics with heterogeneous agents. The nature of heterogeneity is non- trivial distribution of entrepreneurial abilities across individuals. The impact of form and support of distribution of abilities as well as structure of preferences are studied. The key result is impact of an elasticity of substitution and an elasticity of distribution function on share of entrepreneurs and income inequality in opposite way. This effect must be taken into account when arbitrary economic policy is developed. Also author consider two transformation of support of distribution of entrepreneurial abilities: 1 tension and compression, 2 shift. Economies which are equivalence in sense of first type of support transformation have the same share of entrepreneurs in population and the same level of income inequality. In the second case economy with less able individuals in average has bigger share of entrepreneurs in population and it is more differentiated in income

  13. Management of the structure of marketing - practical necessity not solved in theory

    OpenAIRE

    Rutkauskas, Aleksandras Vytautas; Stasytytė, Viktorija; Staskevičiūtė, Giedrė

    2007-01-01

    Marketing is constantly concerned with the following problems - what amount of funds reaches maximum marginal effect and what the optimal structure of expenditures on separate marketing means should be. Moreover, nowadays it is increasingly important to reach business sustainability. The paper proposes means of solving the problem integrating these questions - how to achieve the maximum marginal marketing funds efficiency with optimal funds distribution among separate marketing means. Employi...

  14. The Dynamics in the Structure of Sugarcane Job Market

    Directory of Open Access Journals (Sweden)

    Roselis Natalina Mazzuchetti

    2015-12-01

    Full Text Available Esta pesquisa teve como propósito averiguar a estrutura do mercado de trabalho na atividade de cultivo de cana-de-açúcar, à luz das mudanças recentes ocorridas no setor sucroalcooleiro, levando-se em conta os principais estados produtores de cana. Para tanto, realizou-se uma análise estatística descritiva e uma análise de regressão linear simples, com base nos dados da PNAD, de 1997 a 2009. Como corolário, constatou-se que houve uma redução da informalidade no mercado de trabalho em questão, sendo que esta redução foi mais expressiva em Alagoas. Confirmou-se, também, mudanças recentes nas ocupações do setor, com acréscimos nas atividades técnicas, representadas por tratoristas e operadores de máquinas. Evidenciou-se que o mercado de trabalho do setor em questão tem sua dinâmica diretamente ligada aos fatores que ocorrem na cadeia produtiva do setor sucroalcooleiro como um todo. Palavras-Chave: Mercado de Trabalho, Tecnologia, Agronegócios e Produção de cana-de-açúcar. *** Abstract: This research aims to verify the structure of sugarcane cultivation’s job market, considering the recent changes in this sector and the states with the major production. For that, descriptive and statistical analysis were made, as well as a simplified line regression analysis, based on the Pesquisa Nacional por Amostra de Domicílios - PNAD data, for the 1997-2009 period. As corollary, it was stated that there was a reduction in the informal jobs in the sugarcane production market, showing more expressivity in the state of Alagoas. Recent changes in the sector occupation were confirmed, as an increase in technical activities, represented by tractors and machinery operators. It was evidenced that this sector’s job market has its dynamics closely linked to the sugarcane production chain as a whole. Keywords: Job Market, Agribusiness, Technology, Sugarcane production. *** Sumario: Esta investigación tuvo como objetivo investigar la

  15. A new measure of the impact of managed care on healthcare markets.

    Science.gov (United States)

    Pawlson, L G; Moy, E M; Kim, J I; Griner, P F

    2001-11-01

    Most studies of managed care impact have used health maintenance organization (HMO) penetration or index of competition as the marker of managed care impact. However, little empirical evidence has been found to support the validity of these or other measures in current use. In addition, as managed care evolves to forms other than HMOs and managed care penetration in large metropolitan areas approaches 100% of commercially insured patients, the utility of the most commonly used measure, HMO penetration, will decrease still further. To provide a preliminary analysis of the use of premiums as a measure of market impact of managed care. Retrospective analysis (quartile, correlation, multiple-variable linear regression) of publicly available datasets. Labor market-adjusted HMO premiums from 3 publicly available sources, for the 56 largest metropolitan areas in the United States, were compared with penetration and index of competition as predictors of the dependent market variable, hospital bed-days per 1000 population. Health maintenance organization premiums in the Federal Employees Health Benefits Program emerged as the best predictor of HMO market impact. Average HMO premiums reported in the Interstudy database and for the Medicare+Choice program also outperformed penetration or index of competition in relating to several commonly available markers of competition such as bed-days per 1000. Premiums charged by HMOs are a useful measure of the impact of managed care on healthcare markets in large metropolitan areas.

  16. Assessment of the sweetpotato market structure in Nasarawa state ...

    African Journals Online (AJOL)

    Product differentiation existed and there were little or no barriers to entry into the sweetpotato market. The Gini Coefficient values of 0.5457 (wholesalers) and 0.6001 (retailers) were recorded, indicating an existence of some degree of sellers' concentration. This implies that sweetpotato market is an imperfect competitive ...

  17. MARKETING PLANNING AS KEY FACTOR OF ENTERPRISE STRUCTURE COMPETITIVENESS

    Directory of Open Access Journals (Sweden)

    E. V. Omelchenko

    2012-01-01

    Full Text Available Market planning in businesses dealing both with goods and services plays an important coordinating role, since it helps an enterprise to attain its inner consent, to determine development directions, to stimulate inner cooperation, to coordinate distribution of its resources and to formulate ways to solve tasks on the basis of which the company intends to reach its marketing aims. Specified in the article are market planning stages to be followed by a company engaged in the sphere of design services, compliance with the stages making it easier to develop the final marketing plan, to create new advantages both to stand competition at the chosen market and even to take leading positions there.

  18. A longitudinal study of adult-onset asthma incidence among HMO members

    Directory of Open Access Journals (Sweden)

    Rosiello Richard A

    2003-08-01

    Full Text Available Abstract Background HMO databases offer an opportunity for community based epidemiologic studies of asthma incidence, etiology and treatment. The incidence of asthma in HMO populations and the utility of HMO data, including use of computerized algorithms and manual review of medical charts for determining etiologic factors has not been fully explored. Methods We identified adult-onset asthma, using computerized record searches in a New England HMO. Monthly, our software applied exclusion and inclusion criteria to identify an "at-risk" population and "potential cases". Electronic and paper medical records from the past year were then reviewed for each potential case. Persons with other respiratory diseases or insignificant treatment for asthma were excluded. Confirmed adult-onset asthma (AOA cases were defined as those potential cases with either new-onset asthma or reactivated mild intermittent asthma that had been quiescent for at least one year. We validated the methods by reviewing charts of selected subjects rejected by the algorithm. Results The algorithm was 93 to 99.3% sensitive and 99.6% specific. Sixty-three percent (n = 469 of potential cases were confirmed as AOA. Two thirds of confirmed cases were women with an average age of 34.8 (SD 11.8, and 45% had no evidence of previous asthma diagnosis. The annualized monthly rate of AOA ranged from 4.1 to 11.4 per 1000 at-risk members. Physicians most commonly attribute asthma to infection (59% and allergy (14%. New-onset cases were more likely attributed to infection, while reactivated cases were more associated with allergies. Medical charts included a discussion of work exposures in relation to asthma in only 32 (7% cases. Twenty-three of these (72% indicated there was an association between asthma and workplace exposures for an overall rate of work-related asthma of 4.9%. Conclusion Computerized HMO records can be successfully used to identify AOA. Manual review of these records is

  19. A longitudinal study of adult-onset asthma incidence among HMO members.

    Science.gov (United States)

    Sama, Susan R; Hunt, Phillip R; Cirillo, C I H Priscilla; Marx, Arminda; Rosiello, Richard A; Henneberger, Paul K; Milton, Donald K

    2003-08-07

    HMO databases offer an opportunity for community based epidemiologic studies of asthma incidence, etiology and treatment. The incidence of asthma in HMO populations and the utility of HMO data, including use of computerized algorithms and manual review of medical charts for determining etiologic factors has not been fully explored. We identified adult-onset asthma, using computerized record searches in a New England HMO. Monthly, our software applied exclusion and inclusion criteria to identify an "at-risk" population and "potential cases". Electronic and paper medical records from the past year were then reviewed for each potential case. Persons with other respiratory diseases or insignificant treatment for asthma were excluded. Confirmed adult-onset asthma (AOA) cases were defined as those potential cases with either new-onset asthma or reactivated mild intermittent asthma that had been quiescent for at least one year. We validated the methods by reviewing charts of selected subjects rejected by the algorithm. The algorithm was 93 to 99.3% sensitive and 99.6% specific. Sixty-three percent (n = 469) of potential cases were confirmed as AOA. Two thirds of confirmed cases were women with an average age of 34.8 (SD 11.8), and 45% had no evidence of previous asthma diagnosis. The annualized monthly rate of AOA ranged from 4.1 to 11.4 per 1000 at-risk members. Physicians most commonly attribute asthma to infection (59%) and allergy (14%). New-onset cases were more likely attributed to infection, while reactivated cases were more associated with allergies. Medical charts included a discussion of work exposures in relation to asthma in only 32 (7%) cases. Twenty-three of these (72%) indicated there was an association between asthma and workplace exposures for an overall rate of work-related asthma of 4.9%. Computerized HMO records can be successfully used to identify AOA. Manual review of these records is important to confirm case status and is useful in evaluation of

  20. Organizational structures within the scope of strategic marketing planning: a discursive study

    Directory of Open Access Journals (Sweden)

    Luciano Augusto Toledo

    2009-08-01

    Full Text Available The present article proposes to analyze marketing planning within the context of innovative organizational structures. The work has been structured as an essay, and is comprised of a review of the theoretical reference, set against a conceptual critical analysis of a few aspects pertinent to the theme. Issues around the difference among the several strategic levels, such as the formulation of corporate strategies, competitive and structural. Additionally, marketing planning activities were situated in companies’ structural hierarchizing. Lastly, a reflection is conducted, raising issues adjacent to marketing planning, strategies, and innovative organizational structures.

  1. 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).

  2. Structure, control and regulation of the formal market for medicinal plants' products in Nigeria.

    Science.gov (United States)

    Oguntade, Adegboyega E; Oluwalana, Isaac B

    2011-01-01

    There are informal and formal markets for medicinal plants' products in Nigeria. The formal market is subject to the national regulatory framework for Food and Drug Administration and Control. It is relatively new and underdeveloped. This study was designed to appraise this market with special emphasis on the market participants, market structure, marketing functions performed, conduct of sellers in the market and; standards and regulations to which the market is subject. Information used for this study was collected through personal interviews and interactions with key participants in the market; especially the officials of regulatory agency. The market structure was analysed in terms of the share of market controlled by participants and product types. Concentration Ratios (CR2 and CR4) were used to assess the market share. Marketing functions being performed were described in terms of the exchange, physical and facilitating functions while the conduct was described in terms of pricing and promotional strategies. The regulatory framework under which the market operates was appraised. The market was highly concentrated with a CR2 and CR4 of 58.5% and 80.8 %; respectively. Imported products accounted for only 12.3% of the market. The predominant modes of presentation of the product were capsule (41.6%) and liquid (36.2%). About 20.77% of the products were classified as multivitamins, 13.85% were antibiotics while 10.77% addressed sexual dysfunctional problems. These products were regulated under the Food and Drug Administration and Control (NAFDAC) decrees, 1993-1999. Only 2.3% of the products have received full registration status while the others were only listed.

  3. Market structure and the stability and volatility of electricity prices

    International Nuclear Information System (INIS)

    Bask, Mikael; Widerberg, Anna

    2009-01-01

    By using a novel approach in this paper, (λ,σ 2 )-analysis, we have found that electricity prices most of the time have increased in stability and decreased in volatility when the Nordic power market has expanded and the degree of competition has increased. That electricity prices at Nord Pool have been generated by a stochastic dynamic system that most often has become more stable during the step-wise integration of the Nordic power market means that this market is less sensitive to shocks after the integration process than it was before this process. This is good news

  4. African electricity market liberalization, competition and structuring: Should double bid markets be set up?

    International Nuclear Information System (INIS)

    Founanou, M.

    2011-01-01

    In this paper, we analyse the possibility of using double auction mechanisms in the organization of the electricity markets in African countries. Today's electricity markets around the world are de-regulated and going through a restructuring process. In a context marked by the opening up to competition, a double auction for electricity supply is henceforth used to set prices in wholesale and retail electricity markets. Game theory analysis useful for studying the double auction prices proprieties. The double auction is a non-cooperative game, which is strategically equivalent to the auctions theory. The price formed, depending on the buyers and sellers' strategies, is a competitive price, which tends to the ideal price when competition operates intensely on both sides of market. For Africa, the presence of congestion costs and a chronic lack of capacity require the search for other solutions. We investigate optimal strategic behaviour when buyers and sellers are separated by a possibly constrained transmission line and show that bidders' strategies converge to truth-telling behaviour as the number of market participants increases. In the congestion case, this fails to occur. We also investigate how participants in wholesale electricity markets modify their bidding strategies as a function of the influence and behaviour of a transmission line owner. (author)

  5. Structure, control and regulation of the formal market for medicinal ...

    African Journals Online (AJOL)

    There are informal and formal markets for medicinal plants' products in Nigeria. ... It is relatively new and underdeveloped. ... physical and facilitating functions while the conduct was described in terms of pricing and promotional strategies.

  6. Research on the fractal structure in the Chinese stock market

    Science.gov (United States)

    Zhuang, Xin-tian; Huang, Xiao-yuan; Sha, Yan-li

    2004-02-01

    Applying fractal theory, this paper probes and discusses self-similarity and scale invariance of the Chinese stock market. It analyses three kinds of scale indexes, i.e., autocorrelation index, Hurst index and the scale index on the basis of detrended fluctuation analysis (DFA) algorithm and promotes DFA into a recursive algorithm. Using the three kinds of scale indexes, we conduct empirical research on the Chinese Shanghai and Shenzhen stock markets. The results indicate that the rate of returns of the two stock markets does not obey the normal distribution. A correlation exists between the stock price indexes over time scales. The stock price indexes exhibit fractal time series. It indicates that the policy guide hidden at the back influences the characteristic of the Chinese stock market.

  7. Investigating Food and Beverage Industry Market Structure and Market Power Based on Leo and Bresnahan’s Approach

    Directory of Open Access Journals (Sweden)

    M. Nabishahikitash

    2016-03-01

    Full Text Available Introduction: Food processing industries are one of the major industrial groups in developing countries which play an important role in the economic development of these countries. With the Developed and Developing Food Industry on the other hand, food security and providing food are very important in each country. In an overview, markets are divided into two groups: The first group is a market with perfect competition. And second group is markets with monopoly structure.One of the important features of markets that determine its type is the ability of the firms in the pricing and determiningof the amount of production. If the firms do not have any effect on these two factors, themarket has perfect competition.If the firms have the ability to influence price of productions, this market is non-competitive and a concept called market power emerges.In general, not only market power is the ability of firm in determination of price above the competitive situation, but also it does not let its share of sale to decrease. The existence of collusion in markets can makethem distantfrom perfect competition and make them incomplete. In economics and particularly in industrial organization, market power is the ability of a firm to profitably raise the market price of a good or service over marginal cost. In perfect competitive markets, market participants have no market power. A firm with total market power can raise prices without losing any customers to competitors. Firms that have power to set price are referred to as "price makers" or "price setters", while those without itare sometimes called "price-takers". Significant market power occurs when prices exceed marginal cost and the long run average cost, so the firm makes economic profits. A firm with market power has the ability to individually affect either the total quantity or the prevailing price in the market. Price makers face a downward slopingdemand curve, such that increases in price leads to a

  8. Structure and operation of the natural gas market in France

    International Nuclear Information System (INIS)

    2007-01-01

    The French natural gas market is organized around six main activities: production, transport, methane terminals, storage, distribution and commercialization. This paper describes the facilities related to each activity: gas fields, pipelines network and distribution systems, terminals capacity and underground storage facilities. The selling activity is opened to competition but the French gas market follows a progressive and controlled opening which will be complete in July 2007. (J.S.)

  9. Radiology in managed care environment: Opportunities for cost savings in an HMO; Radiologie unter Managed-Care-Bedingungen. Einsparpotenziale aus der Sicht einer Krankenversicherung in den USA

    Energy Technology Data Exchange (ETDEWEB)

    Schmidt, C. [Universitaet Kiel (Germany). Klinik fuer Allgemeine Chirurgie und Thoraxchirurgie; Mohr, A. [University of California, San Francisco (United States). Dept. of Radiology; Universitaet Kiel (Germany). Klinik fuer Radiologische Diagnostik; Moeller, J. [Universitaet Bielefeld (Germany). Fakultaet fuer Gesundheitswissenschaften; Levin-Scherz, J. [Tufts Healthplan, Boston (United States); Heller, M. [Universitaet Kiel (Germany). Klinik fuer Radiologische Diagnostik

    2003-09-01

    Purpose: A large regional health plan in the Northeastern United States noted that its radiology costs were increasing more than it anticipated in its pricing, and noted further that other similar health plans in markets with high managed care penetration had significantly lower expenses for radiology services. This study describes the potential areas of improvement and managed care techniques that were implemented to reduce costs and reform processes. Materials and methods: We performed an in-depth analysis of financial data, claims logic, contracting with provider units and conducted interviews with employees, to identify potential areas of improvement and cost reduction. A detailed market analysis of the environment, competitors and vendors was accompanied by extensive literature, Internet and Medline search for comparable projects. All data were documented in Microsoft Excel {sup trademark} and analyzed by non-parametric tests using SPSS {sup trademark} 8.0 (Statistical Package for the Social Sciences) for Windows {sup trademark}. Results: The main factors driving the cost increases in radiology were divided into those internal or external to the HMO. Among the internal factors, the claims logic was allowing overpayment due to limitations of the IT system. Risk arrangements between insurer and provider units (PU) as well as the extent of provider unit management and administration showed a significant correlation with financial performance in terms of variance from budget. Among the external factors, shared risk arrangements between HMO and provider unit were associated with more efficient radiology utilization and overall improvement in financial performance. PU with full-time management had significantly less variance from their budget than those without. Finally, physicians with imaging equipment in their offices ordered up to 4 to 5 times more imaging procedures than physicians who did not perform imaging studies themselves. (orig.) [German] Ziele

  10. Using Labeled Choice Experiments to Analyze Demand Structure and Market Position among Seafood Products

    DEFF Research Database (Denmark)

    Nguyen, Thong Tien; Solgaard, Hans Stubbe; Haider, Wolfgang

    2018-01-01

    Understanding market competition and consumer preferences are important first steps in developing a business. In a competitive market, effectiveness of the various elements of a firm’s marketing mix depends not only on the absolute value of each element but also on the relative values......-employed consumers are the most sensitive to price. Four segments are identified and described in terms of both consumer characteristics and preferences. Our results are meaningful for producers and retailers to develop marketing strategies and production plan....... of the elements with respect to the firm’s position in the market. In this paper we analyze the demand structure and market positions for a variety of seafood products in the French retail market. We use a labeled choice experiment (LCE) to analyze twelve seafood species. The choice options are labeled...

  11. Market Structure and Distribution of Benefits from Agricultural Exports: the Case of the Philippine Mango Industry

    OpenAIRE

    Briones, Roehlano M.

    2013-01-01

    To illuminate the role of agro-export industry in inclusive growth, this case study on Philippine mango focuses on the role of market structure in the distribution of export benefits. It is based on review of industry trends and related studies, open-ended interviews of key informants, and structured interviews of respondents situated along the value chain. The distribution of trade benefits is hypothesized to depend on both vertical and horizontal market structure. The former implies that a ...

  12. Research of the structure and trends in the development of the logistics market in Ukraine

    Directory of Open Access Journals (Sweden)

    Olena Karpenko

    2017-12-01

    Full Text Available The purpose of the article is to study the structure and capacity of the Ukrainian logistics market. Based on the use of statistical methods, mathematical modeling, forecasting, the main development trends of the market of logistics services in Ukraine are determined. The research results can be used both in scientific sphere and for making investment decisions in the practice of players of the Ukrainian market.

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

    Directory of Open Access Journals (Sweden)

    Stefanova Olena

    2015-11-01

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

  14. Market structure, financial intermediation and riskiness of banks:Evidence from Asia Pacific

    OpenAIRE

    Soedarmono , Wahyoe; Tarazi , Amine

    2014-01-01

    From a sample of commercial banks in Asia Pacific over the 1994-2009 period, this study highlights that banks in less competitive markets exhibit lower loan growth and higher instability. Such instability is further followed by a decline in deposit growth, suggesting that Asian banks are also subject to indirect market discipline mechanisms through bank market structure. This study therefore sheds light on the importance of enhancing bank competition to overcome bank risk and strengthen finan...

  15. Study of relationship between the organizational structure and market orientation from the viewpoint of nurse managers.

    Science.gov (United States)

    Bahadori, Mohammadkarim; Yaghoubi, Maryam; Javadi, Marzieh; Rahimi, Zahreh Agha

    2015-01-01

    Considering globalization of health care and quality improvement trend to respond to competition and customer orientation, attention to organizational structure and its relationship with market orientation is essential. Therefore, this study reviews the relationship between organizational structure and market orientation in selected hospitals of Isfahan (Iran). This study was a descriptive survey. The study population comprised nurse managers from selected hospitals (n = 80). Data collection tools were two questionnaires (market orientation questionnaire and organizational structure) that the validity and reliability were confirmed (r = 0.83 for market orientation questionnaire and r = 0.87 for organizational structure). SPSS (Ver. 16) software was used for the analyses. The mean score of organizational structure was 65.4 (11.2) and total mean of market orientation was 51.14 (17.6). All aspects of the organizational structure (Organization Centralization, Formalization in Organization, and Organization Complication) and market orientation (responding to competition, accountability, customer satisfaction, intelligent organization)-except by responding to clients with Formalization in Organization-as well as all aspects of the Systemic attitude (the system of internal coordination and communication systems_ and market orientation (responding to competition, accountability, customer satisfaction, intelligent organization), there was a meaningful relationship (P organizational structure and can lead managers' view to the analysis and recognizing elements of success and achievement to goals. With increasing competition in markets, globalization of health services, and presence in international markets and more attention to patients' satisfaction, hospitals need to understand and use of market orientation in order to promote quality and services in the health care system.

  16. Labour Market Structure in Malaysia: Pre- and Post-Market Gender Comparison

    OpenAIRE

    Chung-Khain Wye; Rahmah Ismail

    2012-01-01

    Gender inequality in Malaysian labour market can be observed through labour force participation, unemployment, occupational distribution, top management employment involving decision making, and average monthly salary. Such an inequality generally works to the disadvantage of females, notwithstanding their outperformance of educational attainment over their males’ counterparts. Case study in the ICT services subsector points to the importance of imparting employability skills among females to...

  17. Optimal network structure in an open market environment

    International Nuclear Information System (INIS)

    2002-01-01

    The focus of this report is on network planning in the new environment of a liberalized electricity market. The development of the network is viewed from different stakeholders objectives. The stakeholders in the transmission network are groups or individuals who have a stake in, or an expectation of the development and performance of the network. An open network exists when all market players meet equal admission rights and obligations. This required that the grid be administered through a transparent set of rules such as a grid code. (author)

  18. Hospital cost and quality performance in relation to market forces: an examination of U.S. community hospitals in the "post-managed care era".

    Science.gov (United States)

    Jiang, H Joanna; Friedman, Bernard; Jiang, Shenyi

    2013-03-01

    Managed care substantially transformed the U.S. healthcare sector in the last two decades of the twentieth century, injecting price competition among hospitals for the first time in history. However, total HMO enrollment has declined since 2000. This study addresses whether managed care and hospital competition continued to show positive effects on hospital cost and quality performance in the "post-managed care era." Using data for 1,521 urban hospitals drawn from the Healthcare Cost and Utilization Project, we examined hospital cost per stay and mortality rate in relation to HMO penetration and hospital competition between 2001 and 2005, controlling for patient, hospital, and other market characteristics. Regression analyses were employed to examine both cross-sectional and longitudinal variation in hospital performance. We found that in markets with high HMO penetration, increase in hospital competition over time was associated with decrease in mortality but no change in cost. In markets without high HMO penetration, increase in hospital competition was associated with increase in cost but no change in mortality. Overall, hospitals in high HMO penetration markets consistently showed lower average costs, and hospitals in markets with high hospital competition consistently showed lower mortality rates. Hospitals in markets with high HMO penetration also showed lower mortality rates in 2005 with no such difference found in 2001. Our findings suggest that while managed care may have lost its strength in slowing hospital cost growth, differences in average hospital cost associated with different levels of HMO penetration across markets still persist. Furthermore, these health plans appear to put quality of care on a higher priority than before.

  19. Structural analysis of oligopoly market based on the reflective game model by the example of telecommunication market in Russia

    Directory of Open Access Journals (Sweden)

    Inna A. Biryukova

    2017-12-01

    Full Text Available Objective to analyze the possible structures of the oligopoly market distribution by the example of telecommunication industry in terms of the agentsrsquo reflexive behavior. nbsp Methods game theory economicmathematical modeling. Results the article states that one of the first objects in the game theory is an oligopoly market. Based on the analysis of game theory studies it was found that there is a need to achieve information equilibrium in reflexive games of three agents in the oligopoly market. To solve this problem we analyzed all possible representations of the agents leading to the set of games in the Russian telecommunications market for three agents OJSC ldquoMTSrdquo OJSC ldquoMegafonrdquo and OJSC ldquoVympelcomrdquo. Three reflection grades were studied 1 representations of the agent about other agents 2 representations of the agentrsquos perception of other agents about it and 3 representations of the agent about what its competitors think about the first agentrsquos opinion about the other two. As a result the general patterns were revealed of the expressions of conjectural variations in each case it was proved that further detailing of the reflection is not needed. As a result of calculations the models of informational equilibriums of the Russian telecommunication market were constructed for that the averaged values of the demand and cost functions parameters functions of cellular communication operators were taken. It was also revealed that in 2015 the actual telecommunication market in the Russian Federation qualitatively i.e. by the ratio of market shares was close to equilibrium on condition of first rank reflexive behavior for the case when the market leader OJSC ldquoMTSrdquo represents its counterparties ndash OJSC ldquoMegafonrdquo and OJSC ldquoVympelcomrdquo ndash as the driven agents. Scientific novelty the analytical expressions for the information equilibrium parameters issues and profits of the agents aggregate

  20. How does labour market structure affect the response of economies to shocks?

    OpenAIRE

    Aurelijus Dabusinskas; István Kónya; Stephen Millard

    2015-01-01

    The recent crisis in the Eurozone has led to much discussion about the structure of labour markets in different Eurozone economies. In particular, there has been much talk of the need for structural labour market reform in the Eurozone periphery. But, there are many aspects of labour market structure – eg, wage flexibility, flexibility in hiring and firing, benefits, etc – and it is not clear a priori which aspects really matter. In this paper, we analyse how cross-country differences in labo...

  1. Structural Reforms and Growth : Product and Labor Market Deregulations

    NARCIS (Netherlands)

    Eijffinger, S.C.W.; Rossi, A.

    2006-01-01

    The paper focuses on labor and product market deregulations, as fundamental elements in the passage from an investment to an innovation-based economy.The approach undertaken is prominently empirical.After a very brief description of the regulatory levels on the two sides of the Atlantic, we take two

  2. The Effects of Market Structure on Television News Pricing.

    Science.gov (United States)

    Wirth, Michael O.; Wollert, James A.

    Multiple regression techniques were used to examine the business side of local television news operations for November 1978. Research questions examined the effect of several variables on local television news prices (advertising rates), including type of ownership, network affiliation/signal type, market size, cable network penetration, market…

  3. Market Structure and Hospital-Insurer Bargaining in the Netherlands

    NARCIS (Netherlands)

    Halbersma, R.S.; Mikkers, M.C.; Motchenkova, E.; Seinen, I.

    2007-01-01

    In 2005, competition was introduced in part of the hospital market in the Netherlands. Using a unique dataset of transaction and list prices between hospitals and insurers in the years 2005 and 2006, we estimate the influence of buyer and seller concentration on the negotiated prices in the first

  4. The Minimum Wage, Restaurant Prices, and Labor Market Structure

    Science.gov (United States)

    Aaronson, Daniel; French, Eric; MacDonald, James

    2008-01-01

    Using store-level and aggregated Consumer Price Index data, we show that restaurant prices rise in response to minimum wage increases under several sources of identifying variation. We introduce a general model of employment determination that implies minimum wage hikes cause prices to rise in competitive labor markets but potentially fall in…

  5. Intensity of Competition and Market Structure in the Italian Banking Industry

    NARCIS (Netherlands)

    Giannetti, C.

    2008-01-01

    This work tests the predictions of Sutton’s model of independent submarkets for the Italian retail banking industry. In the first part of this paper, I develop a model of endogenous mergers to evidence the relationship between firms’ conduct, market entry and market structure. In the second part, I

  6. An Analysis of Current Labor Market Developments and Structures in European Union – in Correlation with Labor Market Flexicurity Requirements

    Directory of Open Access Journals (Sweden)

    Alina Ştefania CHENIC (CREŢU

    2012-03-01

    Full Text Available Althougt at first sight the crisis appears as a disturbance of the regular course of economic, social and organizational, this is a necessary step that turns old structures and relations to some superior functional. Under these conditions, hawever, it is absolutely necessary that the situation be properly evaluated by an analysis of developments and labour market structures and be taken right decision for the purposes of proper management of existing and potential recovery so far underused resources: people, values and strategies. The impact of the economic crisis on labour markets displays significant variation from one country to another. Employment rates and unemployment rates will be compared between European countries and for different groups of workers. Some countries have succeeded in keeping employment levels up and unemployment levels down through recourse to employmentpreservation and employment-creation measures combined with an expansion of active labour market policies. Moreover, certain labour market groups or categories have been particularly hard hit by the crisis. These include men, temporary workers, youth and migrant workers. In the EU Member States, crossing the crisis period was marked by changes in the sense orientation flexibleworking time and conservation work, a strategy that ensures rapid and reversible adaptation to the needs ofproduction entities present.

  7. HMO innovations. Video-enhanced medical advice; senior zoo walkers; Group Health Resource Line; enhancing health education programs through desktop publishing; home health beat; innovative school health partnership.

    Science.gov (United States)

    Paperny, D M; Maeser, J D; Artz, K; Stroh, M J; Jackson, L; Cohen, K; Lancaster, M S; Heyer, A L; Clevenson, D S

    1991-01-01

    The editors of HMO PRACTICE asked clinicians and health educators in HMOs across the country to submit reports on their unique, successful patient education programs. The following HMO Innovations testify to the wide range of new technologies, enterprising partnerships, and creative ideas that are shaping health education in HMOs today.

  8. Market integration and market structure in the European soft drinks industry: always Coca-Cola?

    OpenAIRE

    Matraves, Catherine

    1999-01-01

    This paper focuses on the question of European integration, considering whether the geographic level at which competition takes place differs across the two major segments of the soft drinks industry: carbonated soft drinks and mineral water. Our evidence shows firms are competing at the European level in both segments. Interestingly, the European market is being integrated through corporate strategy, defined as increased multinationality, rather than increased trade flows. To interpret these...

  9. Youth labour market integration across Europe: The impact of cyclical, structural, and institutional characteristics

    NARCIS (Netherlands)

    Lange, M. de; Gesthuizen, M.J.W.; Wolbers, M.H.J.

    2014-01-01

    Young people in Europe face great difficulties nowadays when entering the labour market. Unemployment and temporary employment are high among youth, although considerable differences exist between European countries. In this article, we study to what extent cyclical, structural, and institutional

  10. Managing the endogeneity problem of the market structure: a study on banking competition

    Directory of Open Access Journals (Sweden)

    Tri Mulyaningsih

    2015-10-01

    Full Text Available Recent literature suggests that the market structure is an endogenous variable that is determined by a firm’s behaviour and the competitive environment of the industry. This study examines the relation between the market structure and the banks’ behaviour in Indonesian banking by considering the endogeneity problem of them as variables. The estimations using the Vector-Error-Correction approach suggest that the structural approach provides a valid prediction of the relationship between market structure and bank behaviour by recognizing the endogeneity issue between those two variables. The banking industry would be more competitive if the market was less concentrated.

  11. Structural Changes in the Korean Housing Market before and after Macroeconomic Fluctuations

    Directory of Open Access Journals (Sweden)

    Sanghyun Kim

    2016-04-01

    Full Text Available The purpose of this paper is to identify structural changes in the Korean housing market for evaluating the sustainability of the Korean housing market and to derive important implications to seek housing business strategies and public policies. Two time periods were analyzed: April 2001–December 2007 and January 2008–December 2014 to identify the impact after the global financial crisis of 2008. The market was divided into transaction, chonsei, and monthly rent. The correlations were analyzed using a vector error correction model (VECM. A key result was that during the economic depression, demand for chonsei did not flow to the transaction market; this phenomenon affected the overall recovery of the housing market. The supply of chonsei today is rapidly decreasing with the depression in the transaction. Increases in chonsei prices are expected to continue along with the possibility that demand for chonsei will flow into the transaction or monthly rent market. Based on recent trends, the chonsei market, once main stream, will gradually weaken, and the Korean housing market will reorganize into transactions and monthly rent. This structural change may turn the Korean housing market into a target for long-term investments.

  12. Energy prices, multiple structural breaks, and efficient market hypothesis

    Energy Technology Data Exchange (ETDEWEB)

    Lee, Chien-Chiang; Lee, Jun-De [Department of Applied Economics, National Chung Hsing University, Taichung (China)

    2009-04-15

    This paper investigates the efficient market hypothesis using total energy price and four kinds of various disaggregated energy prices - coal, oil, gas, and electricity - for OECD countries over the period 1978-2006. We employ a highly flexible panel data stationarity test of Carrion-i-Silvestre et al. [Carrion-i-Silvestre JL, Del Barrio-Castro T, Lopez-Bazo E. Breaking the panels: an application to GDP per capita. J Econometrics 2005;8:159-75], which incorporates multiple shifts in level and slope, thereby controlling for cross-sectional dependence through bootstrap methods. Overwhelming evidence in favor of the broken stationarity hypothesis is found, implying that energy prices are not characterized by an efficient market. Thus, it shows the presence of profitable arbitrage opportunities among energy prices. The estimated breaks are meaningful and coincide with the most critical events which affected the energy prices. (author)

  13. Energy prices, multiple structural breaks, and efficient market hypothesis

    International Nuclear Information System (INIS)

    Lee, Chien-Chiang; Lee, Jun-De

    2009-01-01

    This paper investigates the efficient market hypothesis using total energy price and four kinds of various disaggregated energy prices - coal, oil, gas, and electricity - for OECD countries over the period 1978-2006. We employ a highly flexible panel data stationarity test of Carrion-i-Silvestre et al. [Carrion-i-Silvestre JL, Del Barrio-Castro T, Lopez-Bazo E. Breaking the panels: an application to GDP per capita. J Econometrics 2005;8:159-75], which incorporates multiple shifts in level and slope, thereby controlling for cross-sectional dependence through bootstrap methods. Overwhelming evidence in favor of the broken stationarity hypothesis is found, implying that energy prices are not characterized by an efficient market. Thus, it shows the presence of profitable arbitrage opportunities among energy prices. The estimated breaks are meaningful and coincide with the most critical events which affected the energy prices. (author)

  14. Analysis on Structure of Flower Market in Beijing

    OpenAIRE

    SUN, Xi; ZHANG, Yingying

    2015-01-01

    With the socio-economic development and people’s living condition improvement, the requirement for environment is higher and higher and the mental demand is also more and more. For this, Beijing Municipal Bureau of Landscape and Forestry listed survey programs of consumption demands of flower market in Beijing in 2014, and provided several recommendations in line with current situations, problems and environment of the flower industry, for future reference of flower decision making of Beiji...

  15. Carbon taxation and market structure: A CGE analysis for Russia

    International Nuclear Information System (INIS)

    Orlov, Anton; Grethe, Harald

    2012-01-01

    Russia is one of the world's major sources of carbon based energy as well as one its most intensive users. Introducing carbon taxes can lead to a reduction in emissions and encourage investment in energy efficiency. We investigate the economic effects of carbon taxes on the Russian economy under perfect competition and a Cournot oligopoly in output markets. The main findings are: (i) substituting carbon taxes for labour taxes can yield a strong double dividend in Russia; however, welfare gains strongly depend on the labour supply elasticity and elasticities of substitution between capital, labour, and energy. (ii) Under the assumption of a Cournot oligopoly with homogenous products and symmetric firms in the markets for natural gas, petroleum and chemical products, metals, and minerals, welfare costs of the environmental tax reform can be higher than under perfect competition. This is because introducing carbon taxes leads to a reduction in already sub-optimal output, thereby exacerbating pre-existing distortions arising from imperfect competition. (iii) Furthermore, increases in energy costs can result in higher mark-ups in some markets because of less competition resulting from firms' exit. - Highlights: ► Substituting carbon taxes for labour taxes in Russia can yield a double dividend. ► The labour supply elasticity and substitution possibilities between factors are crucial. ► Introducing carbon taxes can exacerbate distortions from imperfect competition. ► Increases in energy costs result in higher mark-ups because of less competition.

  16. PATENTS, R&D, AND MARKET STRUCTURE IN THE U.S. FOOD PROCESSING INDUSTRY

    OpenAIRE

    Gopinath, Munisamy; Vasavada, Utpal

    1999-01-01

    This study investigates the effects of market structure and research and development (R&D) on the innovation activities of firms. Fixed and random effects count data models are estimated with firm-level data for the U.S. food processing industry. Results show a positive association between patents and R&D, and patents and market structure, suggesting that firms which exhibit noncompetitive behavior are likely to develop new products and processes. Significant intra-industry spillovers of know...

  17. STRUCTURE OF THE MARKET OF INNOVATIVE PRODUCTS: APPROACH TO ASSESSING THE IMPACT ON EFFICIENCY

    Directory of Open Access Journals (Sweden)

    Anna Elagina

    2015-06-01

    Full Text Available The formation of innovation policy innovative economy is impossible without an understanding of the conceptual basis of the efficiency of production of innovative products. In particular, determination of the influence of market structure on the possibility of expanded reproduction of innovative products. The article is devoted to consideration of existing in this field of research and definition of the limits of quantitative assessment of the influence of defects of market structures on efficiency.

  18. An Analysis of Malaysia’s Regulatory Framework and Challenges in the Structured Product Market

    OpenAIRE

    Ling, Eu Meng

    2008-01-01

    Structured products are becoming increasingly popular and important to the development of Malaysia’s capital market and had experience impressive growth over the last few years after it was first introduced to the Malaysian market in 2004. Like any industry in its early stage, issues and challenges are expected but for structured products, such challenges require more attention due to the complexity inherent in these instruments. This study uses a qualitative research approach in an attempt t...

  19. Market structure and the role of consumer information in the physician services industry: an empirical test.

    Science.gov (United States)

    Wong, H S

    1996-04-01

    This paper applies Panzar and Rosse's (1987) econometric test of market structure to examine two long-debated issues: What is the market structure for physician services? Do more physicians in a market area raise the search cost of obtaining consumer information and increase prices (Satterthwaite, 1979, 1985)? For primary care and general and family practice physicians, the monopolistically competitive model prevailed over the competing hypotheses--monopoly, perfect competition, and monopolistic competition characterized by consumer informational confusion. Although less conclisive, there is some evidence to support the monopolistically competitive model for surgeons and the consumer informational confusion model for internal medicine physicians.

  20. Topology of foreign exchange markets using hierarchical structure methods

    Science.gov (United States)

    Naylor, Michael J.; Rose, Lawrence C.; Moyle, Brendan J.

    2007-08-01

    This paper uses two physics derived hierarchical techniques, a minimal spanning tree and an ultrametric hierarchical tree, to extract a topological influence map for major currencies from the ultrametric distance matrix for 1995-2001. We find that these two techniques generate a defined and robust scale free network with meaningful taxonomy. The topology is shown to be robust with respect to method, to time horizon and is stable during market crises. This topology, appropriately used, gives a useful guide to determining the underlying economic or regional causal relationships for individual currencies and to understanding the dynamics of exchange rate price determination as part of a complex network.

  1. Identifying the structure of group correlation in the Korean financial market

    Science.gov (United States)

    Ahn, Sanghyun; Choi, Jaewon; Lim, Gyuchang; Cha, Kil Young; Kim, Sooyong; Kim, Kyungsik

    2011-06-01

    We investigate the structure of the cross-correlation in the Korean stock market. We analyze daily cross-correlations between price fluctuations of 586 different Korean stock entities for the 6-year time period from 2003 to 2008. The main purpose is to investigate the structure of group correlation and its stability by undressing the market-wide effect using the Markowitz multi-factor model and the network-based approach. We find the explicit list of significant firms in the few largest eigenvectors from the undressed correlation matrix. We also observe that each contributor is involved in the same business sectors. The structure of group correlation can not remain constant during each 1-year time period with different starting points, whereas only two largest eigenvectors are stable for 6 years 8-9 eigenvectors remain stable for half-year. The structure of group correlation in the Korean financial market is disturbed during a sufficiently short time period even though the group correlation exists as an ensemble for the 6-year time period in the evolution of the system. We verify the structure of group correlation by applying a network-based approach. In addition, we examine relations between market capitalization and businesses. The Korean stock market shows a different behavior compared to mature markets, implying that the KOSPI is a target for short-positioned investors.

  2. Audit market structure, fees and choice in a period of structural change: evidence from the UK – 1998–2003

    OpenAIRE

    Abidin, S.; Beattie, V.; Goodacre, A.

    2010-01-01

    This paper presents evidence on audit market concentration and auditor fee levels in the UK market in the crucial period of structural change following the PricewaterhouseCoopers’ (PwC) merger and encompassing Andersen’s demise (1998–2003). Given the current interest in auditor choice, analysis is also undertaken at the individual audit firm level and by industry sector. There is evidence of significant upward pressure on audit fees since 2001 but only for smaller auditees. Audit fee income f...

  3. 42 CFR 417.155 - How the HMO option must be included in the health benefits plan.

    Science.gov (United States)

    2010-10-01

    ... printed materials that meet the requirements of § 417.124(b). (ii) Access may not be more restrictive or... benefits plan. 417.155 Section 417.155 Public Health CENTERS FOR MEDICARE & MEDICAID SERVICES, DEPARTMENT... Organizations in Employee Health Benefits Plans § 417.155 How the HMO option must be included in the health...

  4. A Structural Model of the Retail Market for Illicit Drugs.

    Science.gov (United States)

    Galenianos, Manolis; Gavazza, Alessandro

    2017-03-01

    We estimate a model of illicit drugs markets using data on purchases of crack cocaine. Buyers are searching for high-quality drugs, but they determine drugs' quality (i.e., their purity) only after consuming them. Hence, sellers can rip off first-time buyers or can offer higher-quality drugs to induce buyers to purchase from them again. In equilibrium, a distribution of qualities persists. The estimated model implies that if drugs were legalized, in which case purity could be regulated and hence observable, the average purity of drugs would increase by approximately 20 percent and the dispersion would decrease by approximately 80 percent. Moreover, increasing penalties may raise the purity and affordability of the drugs traded by increasing sellers’ relative profitability of targeting loyal buyers versus first-time buyers.

  5. Structural Break, Stock Prices of Clean Energy Firms and Carbon Market

    Science.gov (United States)

    Wang, Yubao; Cai, Junyu

    2018-03-01

    This paper uses EU ETS carbon future price and Germany/UK clean energy firms stock indices to study the relationship between carbon market and clean energy market. By structural break test, it is found that the ‘non-stationary’ variables judged by classical unit root test do own unit roots and need taking first difference. After analysis of VAR and Granger causality test, no causal relationships are found between the two markets. However, when Hsiao’s version of causality test is employed, carbon market is found to have power in explaining the movement of stock prices of clean energy firms, and stock prices of clean energy firms also affect the carbon market.

  6. Development of Capital Markets in Turkey and Analysis of Financial Structure of the Intermediary Institutions

    Directory of Open Access Journals (Sweden)

    Fikret Kartal

    2013-08-01

    Full Text Available Capital markets, where demand and supply for medium to long term finance meet, are more active and efficient in higher income countries. Capital markets are insufficiently developed in emerging countries such as Turkey that have the structural and institutional obstacles and lack of capital. The first market with securities was established in 19th century in the Ottoman Empire; the Turkish capital markets have gone through the reform programmes as a part of liberalization started in 1980; but the banking sector constitutes the biggest part of the financial sector. The paper presents the development of capital markets in Turkey and analyzes the intermediary institutions by using the financial statements and ratios for the period December 2007-December 2011.

  7. Interplay between past market correlation structure changes and future volatility outbursts

    Science.gov (United States)

    Musmeci, Nicoló; Aste, Tomaso; Di Matteo, T.

    2016-11-01

    We report significant relations between past changes in the market correlation structure and future changes in the market volatility. This relation is made evident by using a measure of “correlation structure persistence” on correlation-based information filtering networks that quantifies the rate of change of the market dependence structure. We also measured changes in the correlation structure by means of a “metacorrelation” that measures a lagged correlation between correlation matrices computed over different time windows. Both methods show a deep interplay between past changes in correlation structure and future changes in volatility and we demonstrate they can anticipate market risk variations and this can be used to better forecast portfolio risk. Notably, these methods overcome the curse of dimensionality that limits the applicability of traditional econometric tools to portfolios made of a large number of assets. We report on forecasting performances and statistical significance of both methods for two different equity datasets. We also identify an optimal region of parameters in terms of True Positive and False Positive trade-off, through a ROC curve analysis. We find that this forecasting method is robust and it outperforms logistic regression predictors based on past volatility only. Moreover the temporal analysis indicates that methods based on correlation structural persistence are able to adapt to abrupt changes in the market, such as financial crises, more rapidly than methods based on past volatility.

  8. Data Service:Characteristics,Market Structure,and the Role of Operator

    Institute of Scientific and Technical Information of China (English)

    LI Ruo-peng; LU Ting-jie

    2005-01-01

    To study characteristics and market structure of data service and the role of operator,this paper makes a commercial model by applying the theory of intermediaries and neoclassic economics.Data service has different economic characteristics from voice service.Firstly,production mode of data service is roundabout production,secondly,driving power of data service is economies of specialization,and finally,management method of data service is impersonal management.In data service market,information asymmetry and barrier to entry determine transaction efficiency and the specialization level of service providers indirectly.Therefore,operator should intervene in the market by offering trade service in order to promote development of service providers.Because of different quality of service providers,market structure of data service must be the state that trade platform built by operator and intermediary platform built by operator coexists.

  9. Model of the electric energy market in Poland. Assumptions, structure and operation principles

    International Nuclear Information System (INIS)

    Kulagowski, W.

    1994-01-01

    Present state of works on model of electric energy market in Poland with special consideration of bulk energy market is presented. The designed model based on progressive, evolutionary changes is so elastic, that when keeping general structure and fundamentals the particular solutions can be verified or corrected. The changes in the electric energy market are considered as an integral part of existing restructuring process of Polish electric energy sector. The rate of those changes and the mode of their introduction influence on introduction speed of the new solutions. (author). 14 refs, 4 figs

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

    Science.gov (United States)

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

    2014-01-01

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

  11. A structural model for the housing and credit markets in Italy

    OpenAIRE

    Andrea Nobili; Francesco Zollino

    2012-01-01

    We estimate a fully-fledged structural system for the housing market in Italy, taking into account the multi-fold link with bank lending to both households and construction firms. The model allows the house supply to vary in the short run and the banking sector to affect the equilibrium in the housing market, through its effect on housing supply and demand. We show that house prices react mostly to standard drivers such as disposable income, expected inflation and demographic pressures. Lendi...

  12. Endogenous Market Structures and Contract Theory. Delegation, principal-agent contracts, screening, franchising and tying

    OpenAIRE

    Etro Federico

    2010-01-01

    I study the role of unilateral strategic contracts for firms active in markets with price competition and endogenous entry. Traditional results change substantially when the market structure is endogenous rather than exogenous. They concern 1) contracts of managerial delegation to non-profit maximizers, 2) incentive principal-agent contracts in the presence of moral hazard on cost reducing activities, 3) screening contracts in case of asymmetric information on the productivity of the managers...

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

    Science.gov (United States)

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

    2014-01-01

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

  14. Market structure and the incentives to innovate in the Norwegian music industry

    OpenAIRE

    Engstrand, Andreas Prestegaard

    2013-01-01

    In this thesis, I study market structure and incentives to innovate in the Norwegian music industry. The industry has gone through significant changes since the year 2000. Every part of the value chain has been disrupted by technology, and the barriers to entry have decreased. However, major labels seem to have kept their market share. I define product and process innovation as respectively the release of a new artist and the release of a subsequent album. A product innovation ...

  15. C-A1-04: Challenges Faced as New Members of the HMO Research Network Virtual Data Warehouse

    Science.gov (United States)

    Godwin, Debbie; Mahajan, Bhushan; Silcott, Monica; Kjar, Dean

    2011-01-01

    Background/Aims This presentation will focus on challenges faced by new HMO Research Network (HMORN) sites and their experiences with the Virtual Data Warehouse (VDW) tables for version 3 specifications. The step-by-step procedure developed by Scott and White will be showcased to provide a head start for new incoming sites. Sharing lessons learned during our one year in the HMORN VDW, our objective is to provide best practices regarding resources, time allocation, priorities, schedules, financing, backups, and possible available alternatives. Methods The comprehensive procedure followed by Scott & White to build VDW V3 tables: Setting up your SAS Environment Establishing an architecture and components Analyzing and forecasting server specifications; Identifying and understanding the multiple data sorces embedded in your organization Claims data EMR Lab Pharmacy Other; Detailed variable mapping of sources to VDW specifications; Assessment of source data availability; Getting your site’s first feed from the source and following through with quality checks; Methods for building transformation logic for the table; Choosing the methodology to approach table-building. Results We will showcase Scott & White metrics for building a VDW starting with version 3 and best practices used. We improved the validity and completeness of the data through person-to-person interactions with claims personnel who often were disinterested in the needs of research. Having strong advocates who think of research as a part of the institutional mission was helpful. The VDW data team included a sole programmer for the first 6 months along with the Site Data Manager; adding a second programmer improved the rate of progress. Conclusions A structured, step-by-step, approach is recommended for new incoming sites joining the HMORN. This approach will optimize efficiency and effectiveness. The more information and guidance the existing members can provide, the better the achieved results will be

  16. Does competitive entry structurally change key marketing metrics?

    NARCIS (Netherlands)

    Kornelis, M.; Dekimpe, de M.G.; Leeflang, P.S.H.

    2008-01-01

    To what extent does competitive entry create a structural change in keymarketingmetrics? New players may just be a temporal nuisance to incumbents, but could also fundamentally change the latter's performance evolution, or induce them to permanently alter their spending levels and/or pricing

  17. Are South East Asia Countries Capital Markets Characterized by Nonlinear Structures? An Investigation from Indonesia, Philippine and Singapore Capital Market Indices

    OpenAIRE

    Minarnita Yanti Verawati Bakara; Bambang Hermanto

    2014-01-01

    This research paper tries to detect the nonlinear structure in the South East Asia Countries Capital Markets. The capital markets of three South East Asia Countries are chosen: Indonesia, Philippine, and Singapore. Daily return data of Capital Markets composite indices are observed: Straits Times Index (STI) of Singapore Exchange from January 04, 1985 to December 31, 2007, Pilipino Stock Exchange Index (PSEi) of Philippines Stock Exchange from March 1, 1990 to December 31, 2007 and Jakarta Co...

  18. COMPETITIVE FEATURES IN THE MARKET STRUCTURE OF HOUSING PROPERTY WITH REGARD TO REGIONAL DEFINITIONS

    Directory of Open Access Journals (Sweden)

    Kostyantyn Pavlov

    2017-09-01

    Full Text Available The subject of research. Given the steady demand for residential real estate, the low solvency of the population, and unbalanced development of individual segments of the regional housing market, competition issues and the mechanism of its operation, today is very relevant. Real estate is one of the components of the national economy because it carries more than half of total world wealth and its stable functioning is one of the most complex processes of market transformations occurring in the country. Active functioning property markets are a prerequisite for the sustainable development of cities and regions of the country. This development is the basis for the effective management of regional and implemented in the system of national governance and local governance. In modern terms, Ukraine is at the stage of the market system, one of which is real estate market. From the way, the subject of study is a competitive relationship, and especially their formation in the regional real estate market. Methodology. In order to carry out a thorough study, there was elaborated numerous scientific literature authored by leading scientists of Ukraine, Europe, and the former Soviet Union camp to define the concepts of “competition”, “regional market”, “real estate”, “residential property”. According to the research of current problems and competitive features in the structure of the real estate market on the basis of regional specificity, a logical systematization of these concepts is made. Results of the research allowed us to “carry” a clear parallel between the correlation of factors and competitive impact on the regional real estate market of the potential buyers, the developer and manufacturer of products directly to real estate as an object relationship. Practical implications. The article is to study the specific competitive position in the regional real estate market in Ukraine and also features of exposure to it by consumers

  19. The effect of differentiated margin on futures market investors' behavior and structure An experimental research

    Institute of Scientific and Technical Information of China (English)

    Jin-hui Luo; Di-fang Wan; Yang Yang; Guang Yang

    2011-01-01

    Purpose-The purpose of this paper is to empirically analyze the role of differentiated margin system in leading investors' investing behavior and then optimize investor structure in futures markets.Design/methodology/approach-Using economic experimental research method,this paper designs and conducts a futures market experiment according to experimental research's basic norms,thus acquiring needed and credible empirical data.Findings-By analyzing the experimental data,it is found that compared with situations in futures markets that implement uniform margin system,investors' (especially speculators') futures open position and the ratio of their open position and futures turnover are both significantly higher,in futures markets that implement differentiated margin system.On the other hand,differentiated margin system has no effects on hedgers' futures turnover,but significantly reduces speculators' futures turnover.Research limitations/implications-The findings suggest that compared with uniform margin system,differentiated margin system is beneficial to effectively restrict both speculators' and hedgers' speculating behavior and lead hedgers' market participation.Practical implications-In order to resolve the problem of unreasonable investor structure in China's futures market,i.e.lack of hedgers and over-speculating China's futures market's regulators should reform the margin system and adopt differentiated margin system to lead investors' rational behavior and optimize investor structure.Originality/value-This paper empirically analyzes and verifies,for the first time,the roles of differentiated margin system in affecting investors' investing behavior.The futures market experiment designed and used in this study is a pioneering and exploratory experiment.

  20. Analysing the impact of buyers' personality constructs on the market structure of brands

    DEFF Research Database (Denmark)

    Chrysochou, Polymeros; Krystallis, Athanasios; Rungie, Cam

    2008-01-01

    In order to operationalize brand loyalty, various models have been applied that estimate brand measures and further describe patterns and the structure of the markets. A well known model in this area is the Dirichlet-NBD model. Despite major advancements to those models, how buyers' characteristics...... and psychographics influence actual brand measures and the overall market structure in repeat purchase occasions is still under-researched. Moreover, measuring the type and magnitude of buyer-related effects on brand loyalty could provide additional valuable information to brand managers. Aim of this paper...... is to provide an approach of estimating the effect that various personality constructs have on brand measures and overall market structure through revealed preference data....

  1. Towards a single European electricity market. A structured approach to regulatory mode decision-making

    International Nuclear Information System (INIS)

    De Jong, H.M.

    2009-01-01

    This study focuses on the processes through which the rules and regulations that govern European electricity markets - and inherently, their integration process - are established. So far, European policy makers have largely followed a 'trial-and-error' approach to finding an appropriate regulatory mode (process) for dealing effectively with market integration issues. This unstructured approach to regulatory mode selection leads to several problems: - Today's trial-and-error strategy of shifting from one regulatory mode to another is time-consuming. - In the regulatory mode selection process, certain key principles of good governance are insufficiently considered. - European regulatory processes are experienced as vague, intransparent, and illegitimate by 'outside' stakeholders. This study develops a 'structured approach to regulatory mode decision-making' (STARMODE) based on the theory of decision modelling in policy management and a case study exploring three key market integration issues in the field of electricity markets: interconnector investment, congestion management and market transparency. The main objective is to present a systematic and comprehensive framework for analysing and improving regulatory mode decision-making in the context of the European Union, focusing on electricity market integration. The STARMODE approach is generally applicable to (and relevant for) European market integration issues in industries characterized by a natural monopoly and/or an essential service. The approach may also contribute to national regulatory mode decision-making and multi-state decision-making in other continents.

  2. Humps in the volatility structure of the crude oil futures market: New evidence

    International Nuclear Information System (INIS)

    Chiarella, Carl; Kang, Boda; Nikitopoulos, Christina Sklibosios; Tô, Thuy-Duong

    2013-01-01

    This paper analyses the volatility structure of commodity derivatives markets. The model encompasses hump-shaped, unspanned stochastic volatility, which entails a finite-dimensional affine model for the commodity futures curve and quasi-analytical prices for options on commodity futures. Using an extensive database of crude oil futures and futures options spanning 21 years, we find the presence of hump-shaped, partially spanned stochastic volatility in the crude oil market. The hump shaped feature is more pronounced when the market is more volatile, and delivers better pricing as well as hedging performance under various dynamic factor hedging schemes. - Highlights: • This paper analyses the volatility structure of commodity derivatives markets. • 21-years of data on crude oil futures and futures options is used. • The crude oil futures market has hump-shaped, unspanned stochastic volatility. • The hump shaped feature is more pronounced when the market is more volatile. • Hump shape delivers better pricing and hedging compared to exponential decay

  3. The FM Market in the Nordic Countries – Volume, Structure and Trends

    DEFF Research Database (Denmark)

    Jensen, Per Anker

    2012-01-01

    The main purpose of this research is to give an overview of the FM market in Denmark, Norway, Sweden and Finland. A detailed study of the Danish FM market was done in 2008-9. This was followed up by a series of workshops facilitated by the author with groups of specialists in each of the countries...... in 2010 and 2011 to collect up-to-date information about all the 4 countries in relation to market volume, degree of outsourcing, structure and trends. The method for data collection was inspired by Delphi method. During the workshop the participants filled in a questionnaire with individual answers after...... about FM Market Data in Europe. In connection with the mentioned workshops another set of workshops were organized – except for Finland on the same day and with the same group of specialist – as part of a research project on FM Futures. The main purpose of this research is to provide input to a common...

  4. Improved structural pricing model for the fair market price of Sukuk Ijarah in Indonesia

    Science.gov (United States)

    Rosadi, D.; Muslim

    2017-12-01

    Shariah financial products are currently developing in Indonesia financial market. One of the most important products is called as Sukuk which is commonly referred to as "sharia compliant" bonds. The type of Sukuk that have been widely traded in Indonesia until now are Sukuk Ijarah and Sukuk Mudharabah. In [1], we discuss various models for the price of the fixed-non-callable Sukuk Ijarah and provide the empirical studies using data from Indonesia Bonds market. We found that the structural model considered in [1] cannot model the market price empirically well. In this paper, we consider the improved model and show that it performs well for modelling the fair market price of Sukuk Ijarah.

  5. The value of a new idea: knowledge transmission, workers' mobility and market structure

    International Nuclear Information System (INIS)

    Marini, Marco A.

    2006-01-01

    We model the process of knowledge transmission among firms via workers' mobility as a multi-stage game. In our setup an idea to be realized needs that the agent informed about the idea recruits another agent from a pool of uninformed people. This constraint generates a recursive effect of knowledge transmission via players' mobility across firms which affects simultaneously the players' payoffs and the number of active players engaged in market competition. We provide sufficient conditions for the game to possess a unique symmetric subgame perfect equilibrium in which all incumbent players deter the exit of their collaborators. The equilibrium outcome is shown to depend upon the success of the idea over time, expressed by the behaviour of the market demand and on players' time preferences. A few other intuitions are provided on the interplay between technology, market structure and the market value of an innovative idea

  6. Competitive Structure of U.S. Grain Exporters in the World Market: A Dynamic Panel Approach

    Directory of Open Access Journals (Sweden)

    Hyun J. Jin

    2008-06-01

    Full Text Available The objective of this study is to analyze the competitive structure of U.S. wheat, corn, and soybeans exporters in the world market. A dynamic two¡ⓒway panel estimator is utilized in the analysis in place of typically used two¡ⓒway fixed effects panel estimator. A broader (in terms of the number of destination markets and more recent data sample is analyzed in this study in comparison to previous studies in order to reflect vast changes that occurred in world grain markets during the last twenty years. Results indicate the presence of pricing¡ⓒto¡ⓒmarkets behavior by U.S. grain exporters overall, and toward some importing countries in particular.

  7. Optimizing the structure of the natural gas market using an agent-based modeling framework

    Energy Technology Data Exchange (ETDEWEB)

    Van Benthem, M.

    2010-01-14

    The overall research question guiding this study is as follows: what is the optimal structure of the natural gas market, considering both the degrees of affordability and supply security resulting from this structure? The sub-questions are: How can the concepts of supply security and affordability be usefully defined? (Chapter 2); What should a modeling framework for analyzing the natural gas market with regard to these concepts look like? (Chapters 3 and 4); What general conclusions can be drawn on the basis of this framework? (Chapter 5); What is the effect of liberalization on the Dutch natural gas market? (Chapter 6); What are the possible effects of current trends unfolding in the Dutch natural gas market? (Chapter 7). The framework constructed in this study implicitly contains the necessary elements for deriving a sustainability indicator too. However, to limit the scope of the study, sustainability will not be analyzed explicitly. Chapter 2 provides an introductory description of the natural gas market. Starting from a description of the natural gas value chain, the process of liberalization is described as a change in the organization of the value chain. In addition, the concepts of affordability and supply security are discussed and appropriate quantitative indicators for both objectives are identified. In Chapter 3, a survey of existing gas market models is performed. On the basis of this survey, a classification system for natural gas market models is developed. Furthermore, the characteristics of a modeling framework fit for the purpose of this study are derived. In Chapter 4, a general, quantitative framework for natural gas market modeling is developed on the basis of agent-based computational economics. The model's structure, its dynamics, output and data requirements are described. Furthermore, the properties of each agent are explored, and the possibilities for model verification and validation are outlined. Chapter 5 provides a number of

  8. Optimizing the structure of the natural gas market using an agent-based modeling framework

    International Nuclear Information System (INIS)

    Van Benthem, M.

    2010-01-01

    The overall research question guiding this study is as follows: what is the optimal structure of the natural gas market, considering both the degrees of affordability and supply security resulting from this structure? The sub-questions are: How can the concepts of supply security and affordability be usefully defined? (Chapter 2); What should a modeling framework for analyzing the natural gas market with regard to these concepts look like? (Chapters 3 and 4); What general conclusions can be drawn on the basis of this framework? (Chapter 5); What is the effect of liberalization on the Dutch natural gas market? (Chapter 6); What are the possible effects of current trends unfolding in the Dutch natural gas market? (Chapter 7). The framework constructed in this study implicitly contains the necessary elements for deriving a sustainability indicator too. However, to limit the scope of the study, sustainability will not be analyzed explicitly. Chapter 2 provides an introductory description of the natural gas market. Starting from a description of the natural gas value chain, the process of liberalization is described as a change in the organization of the value chain. In addition, the concepts of affordability and supply security are discussed and appropriate quantitative indicators for both objectives are identified. In Chapter 3, a survey of existing gas market models is performed. On the basis of this survey, a classification system for natural gas market models is developed. Furthermore, the characteristics of a modeling framework fit for the purpose of this study are derived. In Chapter 4, a general, quantitative framework for natural gas market modeling is developed on the basis of agent-based computational economics. The model's structure, its dynamics, output and data requirements are described. Furthermore, the properties of each agent are explored, and the possibilities for model verification and validation are outlined. Chapter 5 provides a number of

  9. Modeling dependence structure between stock market volatility and sukuk yields: A nonlinear study in the case of Saudi Arabia

    Directory of Open Access Journals (Sweden)

    Nader Naifar

    2016-09-01

    Full Text Available The aim of this paper is to investigate the dependence structure between sukuk (Islamic bonds yields and stock market (returns and volatility in the case of Saudi Arabia. We consider three Archimedean copula models with different tail dependence structures namely Gumbel, Clayton, and Frank. This study shows that the sukuk yields exhibit significant dependence only with stock market volatility. In addition, the dependence structure between sukuk yields and stock market volatility are symmetric and linked with the same intensity.

  10. Traders’ Networks of Interactions and Structural Properties of Financial Markets: An Agent-Based Approach

    Directory of Open Access Journals (Sweden)

    Linda Ponta

    2018-01-01

    Full Text Available An information-based multiasset artificial stock market characterized by different types of stocks and populated by heterogeneous agents is presented and studied so as to determine the influences of agents’ networks on the market’s structure. Agents are organized in networks that are responsible for the formation of the sentiments of the agents. In the market, agents trade risky assets in exchange for cash and share their sentiments by means of interactions that are determined by sparsely connected graphs. A central market maker (clearing house mechanism determines the price process for each stock at the intersection of the demand and the supply curves. A set of market’s structure indicators based on the main single-assets and multiassets stylized facts have been defined, in order to study the effects of the agents’ networks. Results point out an intrinsic structural resilience of the stock market. In fact, the network is necessary in order to archive the ability to reproduce the main stylized facts, but also the market has some characteristics that are independent from the network and depend on the finiteness of traders’ wealth.

  11. Does Medicaid managed care market penetration impact provider participation, costs, utilization, and access?

    Science.gov (United States)

    Minott, Jenny

    2010-09-01

    Key findings. (1) An increase in commercial plan penetration increased the liklihood [sic] that a physician would accept new Medicaid patients, but this did not significantly impact enrollee costs. (2) An increase in Medicaid-dominant HMO market penetration increased the probability that individuals reported using the ED as their primary source of care.

  12. Market structure in the US electricity industry: a long-term perspective

    International Nuclear Information System (INIS)

    Kamerschen, D.R.

    2005-01-01

    We estimate changes in market structure in the US electric power industry during the last three decades using two independent approaches. First, we estimate an industry-wide conjectural-variations parameter. We find that industry concentration was generally rising during the 1970s but has been gradually and consistently falling since the early 1980s. To check the robustness of these results, we then use a translog production function to estimate the Lerner Index. The results confirm that the industry was becoming less concentrated during the 1980s, though the Lerner Index tended to fluctuate during the late 1980s and early 1990s. Our results suggest that the current state of the electricity industry may have more to do with long-term changes in market structure than recent attempts to establish competitive wholesale electricity markets. (author)

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

    NARCIS (Netherlands)

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

    2002-01-01

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

  14. Structural imbalances as a key factor of unemployment in the Russian labor market

    Directory of Open Access Journals (Sweden)

    I V Trotsuk

    2015-12-01

    Full Text Available In recent years, the problems of the Russian labor market, especially the scale and characteristics of youth unemployment, get very emotional and negative coverage in the scientific and journalistic discourses. The authors seek to show without any emotional evaluations what are the objective macroeconomic causes of the current situation with unemployment, especially youth unemployment. First, the authors identify the main challenges the labor market faces today in terms of the interaction of its key actors (workers, owners of the means of production, educational institutions and various intermediaries, including the state regulating the features of labor recruitment. Second, the article shows the main trends of the last decade that change the structure of employment of the economically active population. Third, the authors name the basic structural imbalances in the Russian labor market, primarily structural and professional imbalance between the demand for labor, the demand for vocational training and offer of educational services, which is quite evident, albeit in different ways, in all spheres of the economy. Fourth, the article describes the specific features of the youth labor market as both affected and contributing to the structural imbalances. Finally, the authors propose a methodology of macroeconomic forecasting that may reduce the problems the Russian society faces in the field of employment.

  15. The telecommunications industry and economic growth: how the market structure matters

    Czech Academy of Sciences Publication Activity Database

    Jerbashian, Vahagn

    2011-01-01

    Roč. 3, č. 42 (2011), s. 1-68 ISSN N R&D Projects: GA MŠk LC542 Grant - others:UK(CZ) GAUK 79310 Institutional research plan: CEZ:MSM0021620846 Keywords : telecommunication industry * market structure * economic growth Subject RIV: AH - Economic s

  16. The telecommunications industry and economic growth: how the market structure matters

    Czech Academy of Sciences Publication Activity Database

    Jerbashian, Vahagn

    2015-01-01

    Roč. 51, December (2015), s. 515-523 ISSN 0264-9993 Grant - others:UK(CZ) GAUK 79310 Institutional support: PRVOUK-P23 Keywords : telecommunications industry * market structure * economic growth Subject RIV: AH - Economic s Impact factor: 0.997, year: 2015

  17. A resource-based theory of market structure and organizational form

    NARCIS (Netherlands)

    van Witteloostuijn, A.; Boone, C.A.J.J.

    We argue that combining the insights from both the industrial organization and organizational ecology perspectives is likely to produce value added. We develop a resource-based theory of market structure, where resources pertain to the environmental assets (together forming the resource space)

  18. Research on energy stock market associated network structure based on financial indicators

    Science.gov (United States)

    Xi, Xian; An, Haizhong

    2018-01-01

    A financial market is a complex system consisting of many interacting units. In general, due to the various types of information exchange within the industry, there is a relationship between the stocks that can reveal their clear structural characteristics. Complex network methods are powerful tools for studying the internal structure and function of the stock market, which allows us to better understand the stock market. Applying complex network methodology, a stock associated network model based on financial indicators is created. Accordingly, we set threshold value and use modularity to detect the community network, and we analyze the network structure and community cluster characteristics of different threshold situations. The study finds that the threshold value of 0.7 is the abrupt change point of the network. At the same time, as the threshold value increases, the independence of the community strengthens. This study provides a method of researching stock market based on the financial indicators, exploring the structural similarity of financial indicators of stocks. Also, it provides guidance for investment and corporate financial management.

  19. PRINCIPLES OF MARKET ECONOMY AND STRUCTURAL CHANGES IN THE RUSSIAN INSTRUMENT

    Directory of Open Access Journals (Sweden)

    V. N. Voronina

    2012-01-01

    Full Text Available This paper deals with result analysis of incoming of native instrument making into market economy. Reasons of dramatically worsening of many of enterprises condition and factors that are putting obstacles to its improvement are shown. Also variants of competiveness increasing ofRussian instruments are considered taking in account possible structure changes in its sphere.

  20. Dual market structures and the likelihood of repeated ties - evidence from pharmaceutical biotechnology

    NARCIS (Netherlands)

    Roijakkers, A.H.W.M.; Hagedoorn, J.; Kranenburg, van H.

    2005-01-01

    This paper analyses the role of repeated ties in the high-tech pharmaceutical biotechnology industry, a sector that is characterized by a strong dual market structure. Our most important finding is that previous ties in pairs of large pharmaceutical companies and small biotechnology firms have a

  1. Analysis of market competitive structure: The new methodological approach based in the using

    International Nuclear Information System (INIS)

    Romero de la Fuente, J.; Yague Guillen, M. J.

    2007-01-01

    This paper proposes a new methodological approach to identify market competitive structure, applying usage situation concept in positioning analysis. Dimensions used by consumer to classify products are identified using Correspondence Analysis and competitive groups are formed. Results are validated with Discriminant Analysis. (Author) 23 refs

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

    Science.gov (United States)

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

    2016-01-01

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

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

    Science.gov (United States)

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

    2016-01-01

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

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

    Directory of Open Access Journals (Sweden)

    Habib Hussain Khan

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

  5. Oil market structures-strategies and performances of the actors of the international petroleum system

    International Nuclear Information System (INIS)

    Djermaine, Rebai

    1999-01-01

    The rises of petroleum prices as revealed by the oil crises of the 1970's are the consequences of a beside market perverse game between artificial factors. The public management and the intervention of public authorities have contributed to the unbalancing of oil markets and to the confusion of the actor's strategies in the international petroleum system. The chronical decay of the petroleum prices indicate the slow and silent come back of the economical forces (laws). The management of an exhaustible asset like petroleum, raises lot of intriguing problems. This work aims at exploring the problems linked with this type of management where the decisions of the profession, of private and public companies and of the governments are closely interfering. The study is largely inspired of the meso-economical approach which consists in examining the markets structure and their determining factors, and the strategies and results of the actors of the world petroleum system. The examination of the structures/strategies/results sequence does not neglect the relations and feedbacks between each of these elements. The economical theory of oligopoly and cartel markets is also used to examine the way how prices are determined in petroleum markets. A critical presentation of the energy models allows to show how it is possible to understand, foresee and control the evolution of these prices and the possible supply/demand equilibrium. The study takes also into consideration the debates and controversies about the 'green tax' and its impact of petroleum supply and demand. (J.S.)

  6. Dependence structure of the commodity and stock markets, and relevant multi-spread strategy

    Science.gov (United States)

    Kim, Min Jae; Kim, Sehyun; Jo, Yong Hwan; Kim, Soo Yong

    2011-10-01

    Understanding the dependence structure between the commodity and stock markets is a crucial issue in constructing a portfolio. It can also help us to discover new opportunities to implement spread trading using multiple assets classified in the two different markets. This study analyzed the dependence structure of the commodity and stock markets using the random matrix theory technique and network analysis. Our results show that the stock and commodity markets must be handled as completely separated asset classes except for the oil and gold markets, so the performance enhancement of the mean-variance portfolio is significant as expected. In light of the fact that WTI 1 month futures and four oil-related stocks are strongly correlated, they were selected as basic ingredients to complement the multi-spread convergence trading strategy using a machine learning technique called the AdaBoost algorithm. The performance of this strategy for non-myopic investors, who can endure short-term loss, can be enhanced significantly on a risk measurement basis.

  7. Why credit risk markets are predestined for exhibiting log-periodic power law structures

    Science.gov (United States)

    Wosnitza, Jan Henrik; Leker, Jens

    2014-01-01

    Recent research has established the existence of log-periodic power law (LPPL) patterns in financial institutions’ credit default swap (CDS) spreads. The main purpose of this paper is to clarify why credit risk markets are predestined for exhibiting LPPL structures. To this end, the credit risk prediction of two variants of logistic regression, i.e. polynomial logistic regression (PLR) and kernel logistic regression (KLR), are firstly compared to the standard logistic regression (SLR). In doing so, the question whether the performances of rating systems based on balance sheet ratios can be improved by nonlinear transformations of the explanatory variables is resolved. Building on the result that nonlinear balance sheet ratio transformations hardly improve the SLR’s predictive power in our case, we secondly compare the classification performance of a multivariate SLR to the discriminative powers of probabilities of default derived from three different capital market data, namely bonds, CDSs, and stocks. Benefiting from the prompt inclusion of relevant information, the capital market data in general and CDSs in particular increasingly outperform the SLR while approaching the time of the credit event. Due to the higher classification performances, it seems plausible for creditors to align their investment decisions with capital market-based default indicators, i.e., to imitate the aggregate opinion of the market participants. Since imitation is considered to be the source of LPPL structures in financial time series, it is highly plausible to scan CDS spread developments for LPPL patterns. By establishing LPPL patterns in governmental CDS spread trajectories of some European crisis countries, the LPPL’s application to credit risk markets is extended. This novel piece of evidence further strengthens the claim that credit risk markets are adequate breeding grounds for LPPL patterns.

  8. Competition of two supply chains with different risk structures: applying market research option

    Directory of Open Access Journals (Sweden)

    A. Hafezolkotob

    2012-01-01

    Full Text Available Demand uncertainty obliges all participants through a supply chain to make decisions under uncertainty. These decisions extend across price, investment, production, and inventory quantities. We take account of competition between two supply chains under demand uncertainty. These chains internally are involved in vertical pricing competition; however, they externally participate in horizontal pricing and service level competitions by offering a single-type product to the market. Since firms may have various attitudes against demand uncertainty and its related risks, different risk structures for competitive supply chains are considered. We assume that risk-averse firms are able to decrease demand uncertainty by information gathered from market research. For risk-averse participants in a chain, market research investment is an appropriate ground for vertical coordination, which diminishes risk through a supply chain. Optimal strategies based on game theory are obtained for different risk structures; furthermore, for each structure the effects of risk sensitivity as well as market research efficiency on these optimal strategies are investigated. Finally, we propose two scenarios for information sharing between risk-averse participants.

  9. Analyses of the structure of group correlations in Korean financial markets

    Science.gov (United States)

    Ko, Jeung Su; Lim, Gyuchang; Kim, Kyungsik

    2012-12-01

    In this paper, we construct and analyze the structure of cross-correlations in two Korean stock markets, the Korea Composite Stock Price Index (KOSPI) and the Korea Securities Dealers Automated Quotation (KOSDAQ). We investigate a remarkable agreement between the theoretical prediction and the empirical data concerning the density of eigenvalues in the KOSPI and the KOSDAQ. We estimate daily cross-correlations with respect to price fluctuations of 629 KOSPI and 650 KOSDAQ stock entities for the period from 2006 to 2010. The research for the structure of group correlations undress the market-wide effect by using the Markowitz multi-factor model and network-based approach. We find stock entities that involve the same business sectors and verify the structure of group correlations by applying a network-based approach. In particular, the KOSPI has a dense correlation besides overall group correlations for stock entities, whereas both correlations are less for the KOSDAQ than for the KOSPI.

  10. 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

  11. Regulatory design for RES-E support mechanisms: Learning curves, market structure, and burden-sharing

    International Nuclear Information System (INIS)

    Batlle, C.; Pérez-Arriaga, I.J.; Zambrano-Barragán, P.

    2012-01-01

    Drawing from relevant experiences in power systems around the world, this paper offers a review of existing policy support mechanisms for RES-E, with a detailed analysis of their regulatory implications. While recent studies provide an account of current RES-E support systems, in this paper we focus on some of the impacts these mechanisms have on the overall energy market structure and its performance. Given the rising importance of RES-E in systems everywhere, these impacts should no longer be overlooked. - Highlights: ► This paper offers a critical review of RES-E support mechanisms and their regulatory implications. ► The discussion focuses on how the different schemes impact the performance of the energy markets. ► We propose to redesign of current RES-E mechanisms to optimize incentives and market performance. ► Our recommendation is also to gradually move from price-based mechanisms to auctions.

  12. Political Market Orientation: A Framework for Understanding Relationship Structures in Political Parties

    DEFF Research Database (Denmark)

    Ormrod, Robert P.; Savigny, Heather

    2012-01-01

    This article is motivated by the growing need to integrate the current political science and marketing literature in order to provide a deeper understanding of the behaviour of political actors and their relationships with relevant stakeholder groups. In our article, we demonstrate how Ormrod...... strive for contextual sensitivity. By adopting this approach it is hoped that the fears noted by political scientists that political marketing is solely concerned with applying standard management models to political parties with the resulting emphasis on communication tactics at election time, together......’s conceptual model of political market orientation complements political science models of party organization by drawing attention to the competing interests of stakeholders in shaping party strategy and organizational structure. We treat parties as a multitude of actors rather than as monolithic entities...

  13. Intermediaries in agro-food networks in Turkey: How middlemen respond to transforming food market structures

    Directory of Open Access Journals (Sweden)

    Appel, Alexandra

    2014-09-01

    Full Text Available Traditional wholesale intermediaries in the fresh fruit and vegetable segment tend to get expendable in markets with an increasing demand for traceability and for the fulfilment of quality and hygiene standards. The demand for these specifications is usually induced by transnational retail corporations that enter new market environments. This is also the case for Turkey, where since 2010 trade with fresh fruit and vegetable products can be conducted outside wholesale markets. Dualistic structures in accordance with socio-economic realities have emerged and the reactions of intermediaries towards these transformations vary between strategies of resilience and reworking. Therefore completely new purchasing channels emerge, whereby at the same time long-established trading patterns remain important to supply all groups of the society. This article is based on interviews conducted in Turkey.

  14. Adverse childhood experiences and prescription drug use in a cohort study of adult HMO patients

    Directory of Open Access Journals (Sweden)

    Dube Shanta R

    2008-06-01

    Full Text Available Abstract Background Prescription drugs account for approximately 11% of national health expenditures. Prior research on adverse childhood experiences (ACEs, which include common forms of child maltreatment and related traumatic stressors, has linked them to numerous health problems. However, data about the relationship of these experiences to prescription drug use are scarce. Method We used the ACE Score (an integer count of 8 different categories of ACEs as a measure of cumulative exposure to traumatic stress during childhood. We prospectively assessed the relationship of the Score to prescription drug use in a cohort of 15,033 adult HMO patients (mean follow-up: 6.1 years and assessed mediation of this relationship by documented ACE-related health and social problems. Results Nearly 1.2 million prescriptions were recorded; prescriptions rates increased in a graded fashion as the ACE Score increased (p for trend Conclusion ACEs substantially increase the number of prescriptions and classes of drugs used for as long as 7 or 8 decades after their occurrence. The increases in prescription drug use were largely mediated by documented ACE-related health and social problems.

  15. Spanish generation market: structure, design and results; El Mercado de Generacion Electrica en Espana: Estructura, Funcionamiento y Resultados

    Energy Technology Data Exchange (ETDEWEB)

    Agosti, L.; Padilla, A. J.; Requejo, A.

    2007-07-01

    This paper provides an overview of the structure, design and outcome of the Spanish generation market from 1998, when the market was liberalised, to date. More precisely, this paper reviews the history of the liberalisation process; describes the structure of the generation market and its evolution over time; analyses the existence of market power; and evaluates the outcome of the liberalisation process from the viewpoint of its impact on al locative efficiency, productive efficiency and dynamic efficiency. The paper concludes with a brief summary of recent regulatory reforms. (Author)

  16. Organizational form, local market structure and corporate social performance in retail

    OpenAIRE

    Utgård, Jakob

    2015-01-01

    I study how organizational form and local market structure influence retail firms' corporate social performance (CSP). The theoretical model is based on agency theory, which in its origin focuses on the dyad between the principal and the agent. I extend this perspective and examine how characteristics of the environment outside the dyad influence the outcomes. Retail stores vary in their organizational form and thereby in their incentives to maximize profits. I hypothesize that the different ...

  17. Incentive structures in institutional asset management and their implications for financial markets

    OpenAIRE

    Bank for International Settlements

    2003-01-01

    Executive summary The institutional asset management industry has become an important feature of modern financial markets, with the scale of this business's importance readily apparent from the size of assets under management by different types of institutional asset managers. With asset management involving a delegation process, shaping appropriate incentive structures is essential for aligning the incentives of owners of funds with those of the institutional managers of these funds. Further...

  18. The structure of the soft drinks supply at the market of Yekaterinburg

    Directory of Open Access Journals (Sweden)

    M. P. Solov'eva

    2017-01-01

    Full Text Available Nowadays research of the regional markets and consumers’ preferences in the soft drinks segment are actual. This is associated with the saturation of the market and increasing competition within the segment. The research of the market is the base for the assessments of the prospects for the certain enterprise and for the sector development. Analysis of the assortment of the made and sold at the Yekaterin-burg soft drinks was realized. The article shows the position of the good relative to the all-marketing positions in the region. It has been established that assortment of the soft drinks is characterized by the diversity of the types and drinks on the basis of the aromatic staff prevail (41,6%, juice and juice-contained beverages (28,2%, mineral and drinkable bottled water (21,4% with different trademarks prevail. Leaders of the market are two big foreign companies. “Coca-Cola Company” with trademarks “Coca-cola”, “Fanta”, “Sprite”, “Nestea”, “Dobriy”, “Bon Aqua” and the company “Pepsi Co Russia” representing trademarks “Pepsi” “Mirinda”, “7up”, “Tonus”, “Russkiy Dar”. According to strength saturation with carbon dioxide medium carbonated drinks (40,4% and strong carbonated drinks (39,1% prevail. The light carbonated drinks are much smaller and account 13,5%, and non-carbonated drinks are the smallest part of the market (6,96%. The reason of that structure that the carbon dioxide is actively used by the soft drinks producers as a preservative, regulator of the acidity and antioxidant. The research of the package show that the producers use polymeric materials, metal, glass and combined pack. The main trends of the market are increasing consumer requirements to the quality and information about the proposed drinks, the growth of the number of consumers that attend to the ingredients and the impact of “the healthy food choice” on the market.

  19. Dynamics of market structure driven by the degree of consumer’s rationality

    Science.gov (United States)

    Yanagita, Tatsuo; Onozaki, Tamotsu

    2010-03-01

    We study a simple model of market share dynamics with boundedly rational consumers and firms interacting with each other. As the number of consumers is large, we employ a statistical description to represent firms’ distribution of consumer share, which is characterized by a single parameter representing how rationally the mass of consumers pursue higher utility. As the boundedly rational firm does not know the shape of demand function it faces, it revises production and price so as to raise its profit with the aid of a simple reinforcement learning rule. Simulation results show that (1) three phases of market structure, i.e. the uniform share phase, the oligopolistic phase, and the monopolistic phase, appear depending upon how rational consumers are, and (2) in an oligopolistic phase, the market share distribution of firms follows Zipf’s law and the growth-rate distribution of firms follows Gibrat’s law, and (3) an oligopolistic phase is the best state of market in terms of consumers’ utility but brings the minimum profit to the firms because of severe competition based on the moderate rationality of consumers.

  20. 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

  1. The Evolving Market Structure of the U.S. Residential Solar PV Installation Industry, 2000-2016

    Energy Technology Data Exchange (ETDEWEB)

    OShaughnessy, Eric J [National Renewable Energy Laboratory (NREL), Golden, CO (United States)

    2018-02-22

    Market structure refers to the number of firms and the distribution of market shares among firms within an industry. In The Evolving Market Structure of the U.S. Residential Solar PV Installation Industry, 2000-2016, we examine market structure in the context of residential solar PV. We find that over 8,000 companies have installed at least one residential PV system, with about 2,900 companies active in 2016. The majority of residential PV installers are relatively small companies, with about half of installers installing fewer than five systems. At the same time, a subset of high-volume installers accumulated market share, especially beginning around 2010 with the emergence of alternative customer financing options.

  2. A financial market model with two discontinuities: Bifurcation structures in the chaotic domain

    Science.gov (United States)

    Panchuk, Anastasiia; Sushko, Iryna; Westerhoff, Frank

    2018-05-01

    We continue the investigation of a one-dimensional piecewise linear map with two discontinuity points. Such a map may arise from a simple asset-pricing model with heterogeneous speculators, which can help us to explain the intricate bull and bear behavior of financial markets. Our focus is on bifurcation structures observed in the chaotic domain of the map's parameter space, which is associated with robust multiband chaotic attractors. Such structures, related to the map with two discontinuities, have been not studied before. We show that besides the standard bandcount adding and bandcount incrementing bifurcation structures, associated with two partitions, there exist peculiar bandcount adding and bandcount incrementing structures involving all three partitions. Moreover, the map's three partitions may generate intriguing bistability phenomena.

  3. Developing power markets - Development of market place for meeting the demand - Case India, in transition from regulated to competitive structure

    Energy Technology Data Exchange (ETDEWEB)

    Kumar, Pranay; Sarkar, Prabhajit Kumar

    2010-09-15

    Power Market players of developing countries with supply deficit are exposed to a unique combination of price risk and quantity risk which is not the case with developed nations that have taken path of liberalization to open up their power markets. India has one of the largest generation capacities in the world, yet till recently the Indian Power sector was highly regulated. However, the last decade has witnessed many initiatives so as to make the sector market oriented. This paper provides opportunity for developing countries to learn from Indian experience of introducing competition in the power sector.

  4. Ground Handling Business at Non-European Biggest World Airports as a Problem of Market Structures

    Directory of Open Access Journals (Sweden)

    Anna Tomová

    2015-12-01

    Full Text Available In the paper we analyse the market structures of ground handling at the biggest non-European passenger and cargo airports in accordance with the ACI list of the most important world airports in 2014. Using the IATA IGHC database as of spring 2015, our analysis revealed that out of Europe double digit numbers of providers are rare what contrasts with situation in Europe where ground handling markets were deregulated by the Council Directive 96/67/EC. The analysis also brought that the monopolistic structures of ground handling markets were more specific for the regions of Asia and the Middle East. Airports as ground handling providers were not found within the analysed sample in North America, Latin America, Africa and Australia and Oceania, while this arrangement was to a larger extent present at the analysed Asian airports. Asia and the Middle East biggest airports are identified by us as candidates for further deregulation of ground handling arguing by forecasted demand for air services in the regions, although expected deregulation may be curbed by national regulators.

  5. Time scale defined by the fractal structure of the price fluctuations in foreign exchange markets

    Science.gov (United States)

    Kumagai, Yoshiaki

    2010-04-01

    In this contribution, a new time scale named C-fluctuation time is defined by price fluctuations observed at a given resolution. The intraday fractal structures and the relations of the three time scales: real time (physical time), tick time and C-fluctuation time, in foreign exchange markets are analyzed. The data set used is trading prices of foreign exchange rates; US dollar (USD)/Japanese yen (JPY), USD/Euro (EUR), and EUR/JPY. The accuracy of the data is one minute and data within a minute are recorded in order of transaction. The series of instantaneous velocity of C-fluctuation time flowing are exponentially distributed for small C when they are measured by real time and for tiny C when they are measured by tick time. When the market is volatile, for larger C, the series of instantaneous velocity are exponentially distributed.

  6. Contracts and Information Structure in a Supply Chain with Operations and Marketing Interaction

    DEFF Research Database (Denmark)

    El Ouardighi, F.; Erickson, G.; Grass, D.

    2016-01-01

    and the consumer price. The state of the game is summarized in the firms' backlogs and the manufacturer's advertising goodwill. Depending on whether the supply chain members have and share state information, they may either make decisions contingent on the current state of the game (feedback Nash strategy......The objective of the paper is to study how wholesale price and revenue sharing contracts affect operations and marketing decisions in a supply chain under different dynamic informational structures. We suggest a differential game model of a supply chain consisting of a manufacturer and a single...... retailer that agree on the contract parameters at the outset of the game. The model includes key operational and marketing activities related to a single product in the supply chain. The manufacturer sets a production rate and the rate of advertising efforts while the retailer chooses a purchase rate...

  7. Job market in the northern border of Mexico: Structure and employment policies

    Directory of Open Access Journals (Sweden)

    Jorge Eduardo Mendoza

    2010-01-01

    Full Text Available The study analyzes the factors that have impacted the labor market and employment in the northern border of Mexico and in its most important border cities. The economic growth of the region is related to the labor market. Additionally, the most important employment policies, both at the national and the regional level, are described showing their advantages and limitations. It is shown that the rates of open unemployment are lower in the northern border, although there is an important pressure to provide employment for the increasing labor force. With respect to training, the states of Baja California and Nuevo Leon stand out for their industrial, technical and managerial courses. The employment polices have been an important tool for offsetting the increasing unemployment rates but have been only a partial instrument, since structural reforms in education and infrastructure development are required to promote investment and create employment.

  8. Heroin in brown, black and white: structural factors and medical consequences in the US heroin market.

    Science.gov (United States)

    Ciccarone, Daniel

    2009-05-01

    Heroin coming into the United States historically comes from three widely dispersed geographical regions: Southwest Asia, Southeast Asia and Mexico. A fourth source of US-bound heroin, from Colombia, originated in the early 1990s. The fact that the four heroin sources produce differing morphologies and qualities of heroin has not been critically examined. In addition, it is not well established how the contemporary competing dynamics of interdiction, or restriction of heroin flows across international boundaries, and neoliberal, e.g., global expansion of free trade, policies are affecting heroin markets. This paper will highlight changes in the US heroin market, including source trends, the political economy of the now dominant source and the resultant effects on the heroin risk environment by US region. Using a structural and historical framework this paper examines two decades of secondary data sources, including government and drug control agency documents, on heroin flows together with published work on the political and economic dynamics in Latin America. Co-occurring neoliberal economic reforms may have contributed to paradoxical effects of US/Colombian interdiction efforts. Since entering the US market, heroin from Colombia has been distributed at a much higher quality and lower retail price. An increasingly exclusive market has developed with Mexican and Colombian heroin gaining market share and displacing Asian heroin. These trends have had dramatic effects on the risk environment for heroin consumers. An intriguing factor is that different global sources of heroin produce substantially different products. Plausible associations exist between heroin source/form and drug use behaviours and harms. For example, cold water-soluble powdered heroin (sources: Asia, Colombia) may be associated with higher HIV prevalence in the US, while low-solubility "black tar" heroin (BTH; source: Mexico) is historically used in areas with reduced HIV prevalence. BTH is

  9. Heroin in brown, black and white: Structural factors and medical consequences in the US heroin market

    Science.gov (United States)

    Ciccarone, Daniel

    2009-01-01

    Background Heroin coming into the United States historically comes from three widely dispersed geographical regions: Southwest Asia, Southeast Asia and Mexico. A fourth source of US-bound heroin, from Colombia, originated in the early 1990s. The fact that the four heroin sources produce differing morphologies and qualities of heroin has not been critically examined. In addition, it is not well established how the contemporary competing dynamics of interdiction, or restriction of heroin flows across international boundaries, and neoliberal, e.g., global expansion of free trade, policies are affecting heroin markets. This paper will highlight changes in the US heroin market, including source trends, the political economy of the now dominant source and the resultant effects on the heroin risk environment by US region. Methods Using a structural and historical framework this paper examines two decades of secondary data sources, including government and drug control agency documents, on heroin flows together with published work on the political and economic dynamics in Latin America. Results Co-occurring neoliberal economic reforms may have contributed to paradoxical effects of US/Colombian interdiction efforts. Since entering the US market, heroin from Colombia has been distributed at a much higher quality and lower retail price. An increasingly exclusive market has developed with Mexican and Colombian heroin gaining market share and displacing Asian heroin. These trends have had dramatic effects on the risk environment for heroin consumers. An intriguing factor is that different global sources of heroin produce substantially different products. Plausible associations exist between heroin source/form and drug use behaviours and harms. For example, cold water-soluble powdered heroin (sources: Asia, Colombia) may be associated with higher HIV prevalence in the US, while low-solubility “black tar” heroin (BTH; source: Mexico) is historically used in areas with reduced

  10. How the ownership structures cause epidemics in financial markets: A network-based simulation model

    Science.gov (United States)

    Dastkhan, Hossein; Gharneh, Naser Shams

    2018-02-01

    Analysis of systemic risks and contagions is one of the main challenges of policy makers and researchers in the recent years. Network theory is introduced as a main approach in the modeling and simulation of financial and economic systems. In this paper, a simulation model is introduced based on the ownership network to analyze the contagion and systemic risk events. For this purpose, different network structures with different values for parameters are considered to investigate the stability of the financial system in the presence of different kinds of idiosyncratic and aggregate shocks. The considered network structures include Erdos-Renyi, core-periphery, segregated and power-law networks. Moreover, the results of the proposed model are also calculated for a real ownership network. The results show that the network structure has a significant effect on the probability and the extent of contagion in the financial systems. For each network structure, various values for the parameters results in remarkable differences in the systemic risk measures. The results of real case show that the proposed model is appropriate in the analysis of systemic risk and contagion in financial markets, identification of systemically important firms and estimation of market loss when the initial failures occur. This paper suggests a new direction in the modeling of contagion in the financial markets, in particular that the effects of new kinds of financial exposure are clarified. This paper's idea and analytical results may also be useful for the financial policy makers, portfolio managers and the firms to conduct their investment in the right direction.

  11. Asset Structure Impact on Capital Structure of Capital Market-Listed Firms in Indonesia and Malaysia

    Directory of Open Access Journals (Sweden)

    Zainal Abidin Sahabuddin

    2017-07-01

    Full Text Available Debt was able to be used by firm as source of funds for investment-related activities,especially when the amount of retained earnings was not sufficient to cover the amount of investment needed. Naturally, the use of debt definitely caused the agency conflict between firm shareholders and debt holders. To reduce this conflict, the existence of fixed assets as collateral was needed when firm decided to borrow money from debt holders.The purpose of this study was to prove the agency theory perspective by testing an impact of asset structure on capital structure of firms. The population of this study was the firms listed on Indonesia Stock Exchange and Malaysian Stock Exchange. The firms as sample were taken from the population by conducting stratified random sampling method. The pooled data regression model was used as the data analysis method. This result of this study showed that asset structure had the positive impact on capital structure. It meant the causal relationship between asset structure and capital structure happened and was supported by the agency theory perspective.

  12. Analysis of the Market Structure and Shift-effects in North China Ports

    Directory of Open Access Journals (Sweden)

    Manlu Liu, Doctoral Student

    2016-09-01

    Full Text Available This study divides the foreign trade traffic of major North China ports into export and import cargoes for the past 10 years. Then, the concentration ratios and shift effects are analyzed in order to determine their relationships with the ports’ competition structures. Here, the HHI, a BCG matrix analysis, and the shift effects are applied as study methods. The results indicate that the oligopoly market structure of major North China ports has gradually decreased. Furthermore, the concentration ratios of import cargoes are higher than those of export cargoes, indicating that competition to attract import cargoes will intensify. Therefore, the effects of the South Korea–China FTA mean that the competition structures of these ports with regard to export and import cargoes are highly likely to be differentiated further over time.

  13. Price and Structure Risks Consideration when Selecting a Marketing Strategy for an Agricultural Enterprise

    Directory of Open Access Journals (Sweden)

    Shiyan Dmytro V.

    2013-11-01

    Full Text Available The goal of the article lies in development and approval of the indicator of complex assessment of the level of price and structure risks of agricultural enterprises with the further goal of selecting a marketing strategy. It was established in the result of the study that agricultural enterprises with a high price and structure risk ratio have high indicators of economic efficiency compared to the groups with a low value of this indicator. At the same time, major enterprises (mostly agro-holdings at a certain stage, which corresponds with the set critical size of the area or livestock, have a possibility to diversify production and, consequently, reduce the price and structure risk ratio. Further studies would deal with establishing groups of agricultural enterprises on the basis of differences in economic efficiency by selected criteria (profitability of realisation of products, profit per 1 hectare and crop capacity and livestock productivity, that result not from the territorial and geographical location, but from specific features of formation of the market of agrarian products of Ukraine.

  14. The polycentric structure of local labour markets in Mexico City's Metropolitan Area

    Directory of Open Access Journals (Sweden)

    José María Casado Izquierdo

    2012-11-01

    Full Text Available Commuting data at a district level and an algorithm designed to delineate self–contained areas show that Mexico City Metropolitan Area (MCMA was organized in 2007 in twelve local labour market areas. Although six exployment subcenters were identified, the MCMA is still clearly dominated by its Central Business District (CBD, being located the remaining five subcenters close to the CBD. Assessment of this spatial structure is not a positive one: diminishing co–location, decrease in speed and increase in commuting time and distance. Nevertheless, the rising percentage of intra–district commuting is a positive sign, even if this trend is not uniform throughout the metropolitan area.

  15. Agglomeration externalities, market structure and employment growth in high-tech industries: Revisiting the evidence

    Directory of Open Access Journals (Sweden)

    Cieślik Andrzej

    2015-09-01

    Full Text Available In this paper we revisit the existing empirical evidence on the effects of various agglomeration externalities and the market structure on employment growth in the high-tech industries of the European Economic Area (EEA. Our study is based on the dynamic panel dataset of two-digit NACE rev 1.1. industries in 285 regions of the European Economic Area for the period 1995-2007. We find that employment growth is negatively related to competition, while localization and urbanization externalities do not seem to affect growth.

  16. Market structure, excess capacity and price movement: implications for the world oil market in the 1990s

    International Nuclear Information System (INIS)

    Iwayemi, A.

    1992-01-01

    World Oil Market developments, since the second half of the 1980s, have demonstrated again the conventional wisdom in economics that competitive production and pricing strategies have among producers, when the industry is characterized by significant excess capacity, in exerting strong downward pressure on the price. The magnitude and speed of the price falls depends not only on the size and utilization of the available excess capacity, but also on the perception of the markets as regards the degree of the imbalance between demand and supply. The impact of output competition on oil revenues in the short run depends on the magnitude of the price elasticity of demand. The most vivid illustration of this phenomenon is captured by the experience of 1986, when competition for market share among oil producers, despite the existence of about 20 per cent excess capacity, culminated in a sharp drop in price, with only a marginal improvement in demand. (author)

  17. Consumer beliefs and health plan performance: it's not whether you are in an HMO but whether you think you are.

    Science.gov (United States)

    Reschovsky, James D; Hargraves, J Lee; Smith, Albert F

    2002-06-01

    Surveys that rate how persons enrolled in HMOs and other types of health coverage feel about their health care are used to bolster claims that HMOs provide inferior quality care, providing justification for patient protection legislation. This research illustrates that the conventional wisdom regarding inferior care in HMOs may color how people assess their health care in surveys, resulting in survey findings biased toward showing HMOs provide inferior care and reinforcing existing stereotypes. Using merged data from the Community Tracking Study Household and Insurance Followback surveys, we identify privately insured persons who correctly and incorrectly know what kind of health plan they are covered by. Nearly a quarter misidentified their type of health coverage. Differences between responses by HMO and non-HMO enrollees to questions covering satisfaction with health care and physician choice, the quality of the last physician's visit, and patient trust in their physician shrink or disappear when we control for beliefs about what type of plan they are covered by. Results suggest that researchers and policy makers should be cautious about using consumer surveys to assess the relative quality of care provided under different types of health insurance.

  18. Structural changes in the German pharmaceutical market: price setting mechanisms based on the early benefit evaluation.

    Science.gov (United States)

    Henschke, Cornelia; Sundmacher, Leonie; Busse, Reinhard

    2013-03-01

    In the past, free price setting mechanisms in Germany led to high prices of patented pharmaceuticals and to increasing expenditures in the pharmaceutical sector. In order to control patented pharmaceutical prices and to curb increasing pharmaceutical spending, the Act for Restructuring the Pharmaceutical Market in Statutory Health Insurance (AMNOG) came into effect on 1st January 2011. In a structured dossier, pharmaceutical manufacturers have to demonstrate the additional therapeutic benefit of the newly approved pharmaceutical compared to its appropriate comparator. According to the level of additional benefit, pharmaceuticals will be subject to price negotiations between the Federal Association of Statutory Health Insurance Funds and the pharmaceutical company concerned (or assigned to a reference price group in case of no additional benefit). Therefore, the health care reform is a first step to decision making based on "value for money". The process of price setting based on early benefit evaluation has an impact on the German as well as the European pharmaceutical markets. Therefore, these structural changes in Germany are of importance for pricing decisions in many European countries both from a political point of view and for strategic planning for pharmaceutical manufacturers, which may have an effect on insured patients' access to pharmaceuticals. Copyright © 2012 Elsevier Ireland Ltd. All rights reserved.

  19. Mesoscopic Community Structure of Financial Markets Revealed by Price and Sign Fluctuations.

    Science.gov (United States)

    Almog, Assaf; Besamusca, Ferry; MacMahon, Mel; Garlaschelli, Diego

    2015-01-01

    The mesoscopic organization of complex systems, from financial markets to the brain, is an intermediate between the microscopic dynamics of individual units (stocks or neurons, in the mentioned cases), and the macroscopic dynamics of the system as a whole. The organization is determined by "communities" of units whose dynamics, represented by time series of activity, is more strongly correlated internally than with the rest of the system. Recent studies have shown that the binary projections of various financial and neural time series exhibit nontrivial dynamical features that resemble those of the original data. This implies that a significant piece of information is encoded into the binary projection (i.e. the sign) of such increments. Here, we explore whether the binary signatures of multiple time series can replicate the same complex community organization of the financial market, as the original weighted time series. We adopt a method that has been specifically designed to detect communities from cross-correlation matrices of time series data. Our analysis shows that the simpler binary representation leads to a community structure that is almost identical with that obtained using the full weighted representation. These results confirm that binary projections of financial time series contain significant structural information.

  20. Mesoscopic Community Structure of Financial Markets Revealed by Price and Sign Fluctuations.

    Directory of Open Access Journals (Sweden)

    Assaf Almog

    Full Text Available The mesoscopic organization of complex systems, from financial markets to the brain, is an intermediate between the microscopic dynamics of individual units (stocks or neurons, in the mentioned cases, and the macroscopic dynamics of the system as a whole. The organization is determined by "communities" of units whose dynamics, represented by time series of activity, is more strongly correlated internally than with the rest of the system. Recent studies have shown that the binary projections of various financial and neural time series exhibit nontrivial dynamical features that resemble those of the original data. This implies that a significant piece of information is encoded into the binary projection (i.e. the sign of such increments. Here, we explore whether the binary signatures of multiple time series can replicate the same complex community organization of the financial market, as the original weighted time series. We adopt a method that has been specifically designed to detect communities from cross-correlation matrices of time series data. Our analysis shows that the simpler binary representation leads to a community structure that is almost identical with that obtained using the full weighted representation. These results confirm that binary projections of financial time series contain significant structural information.

  1. Can the dynamics of the term structure of petroleum futures be forecasted? Evidence from major markets

    International Nuclear Information System (INIS)

    Skiadopoulos, George; Chantziara, Thalia

    2008-01-01

    We investigate whether the daily evolution of the term structure of petroleum futures can be forecasted. To this end, the principal components analysis is employed. The retained principal components describe the dynamics of the term structure of futures prices parsimoniously and are used to forecast the subsequent daily changes of futures prices. Data on the New York Mercantile Exchange (NYMEX) crude oil, heating oil, gasoline, and the International Petroleum Exchange (IPE) crude oil futures are used. We find that the retained principal components have small forecasting power both in-sample and out-of-sample. Similar results are obtained from standard univariate and vector autoregression models. Spillover effects between the four petroleum futures markets are also detected. (author)

  2. Review of the Structure of Bulk Power Markets Grid of the Future White Paper

    Energy Technology Data Exchange (ETDEWEB)

    Kirby, B.J.

    2000-05-02

    This paper is intended to provide an understanding of the needs of a restructured electricity market and some of the market methods and systems that have developed to address those needs. Chapter 2 discusses the historic market framework of vertically integrated utilities. Chapter 3 introduces the changes to the vertically integrated utility brought about by restructuring. It discusses generation and transmission planning, control and the regulatory process. It also summarizes reliability, security and adequacy. Chapter 4 discusses the basic structures of generation and transmission markets along with transmission-congestion contracts (TCCs) and transmission pricing principles. A discussion is given of the 12 ancillary services needed to reliably operate the power system. Chapter 4 also deals with the role of transmission in opening up markets to competition. In California increments (incs) and decrements (decs) are bid to overcome price differences in different zones caused by congestion. In PJM, any member can purchase Fixed Transmission Rights (FTRs) which allows the member to ''collect rent'' on congested lines and essentially obtain a hedge against congestion. There has been a worrisome slowdown in the growth of the transmission system in the United States since about the mid 70's. However, there are methods for providing incentives for construction of new transmission using tariffs. The California and PJM transmission planning processes are outlined. The Federal Energy Regulatory Commission (FERC) has recently issued a proposed rulemaking on Regional Transmission Organizations (RTOs) which stated that the traditional methods of grid management are showing signs of strain and may be inadequate to support efficient and reliable transmission operations. Chapter 5 provides examples of market implementations and a discussion of the price spikes seen in the Midwest in the summers of 1998 and 1999. An examination of six restructured market

  3. An opportunity for HMOs to use marketing to increase enrollee satisfaction.

    Science.gov (United States)

    Dwore, R B; Murray, B P; Parsons, R P; Gustafson, G

    2001-01-01

    To identify the combination of marketing components (i.e., service, price, access, and promotion) of commercial health maintenance organizations (HMOs) that are related to overall enrollee satisfaction. The researchers focus on factors that commercial HMOs control directly--specifically, health care organization and financing. Descriptive (mail order). This study uses national data provided by a major health benefits consulting firm, which collected data from a 1997 calendar year mail survey of HMO administrators. The administrators responded to an extensive survey, which tapped selected HMO marketing-mix components and the percentage of surveyed members who indicated satisfaction with their HMOs. To test hypotheses, researchers treated marketing-mix components as independent variables and enrollee satisfaction as the dependent variable. This study found statistically significant relationships between overall satisfaction and HMO providers' quality; access, particularly to specialists and out-of-network providers; waiting times for physician services; customer service; and disease prevention/health promotion programs. The researchers did not find significant relationships between overall satisfaction and accreditation by the National Committee for Quality Assurance (NCQA), the presence of physician gatekeepers, numbers of providers, or financial indicators. The relationship between overall satisfaction and utilization was mixed. This study's findings are largely consistent with the literature, consumer- and professional-group position papers, and the President's Advisory Commission on Consumer Protection and Quality in the Health Care Industry. HMOs can use marketing as a way to address problems and pursue opportunities identified by enrollees. As these findings demonstrate, certain features of HMO design are more appealing to patients. By focusing on these preferences, HMOs can adopt a responsive market orientation that gives rise to more effective marketing mixes

  4. Are South East Asia Countries Capital Markets Characterized by Nonlinear Structures? An Investigation from Indonesia, Philippine and Singapore Capital Market Indices

    Directory of Open Access Journals (Sweden)

    Minarnita Yanti Verawati Bakara

    2014-11-01

    Full Text Available This research paper tries to detect the nonlinear structure in the South East Asia Countries Capital Markets. The capital markets of three South East Asia Countries are chosen: Indonesia, Philippine, and Singapore. Daily return data of Capital Markets composite indices are observed: Straits Times Index (STI of Singapore Exchange from January 04, 1985 to December 31, 2007, Pilipino Stock Exchange Index (PSEi of Philippines Stock Exchange from March 1, 1990 to December 31, 2007 and Jakarta Composite Index (JCI of Indonesia Stock Exchange from January 05, 1988 to December 31, 2007.Should nonlinearity be found, the outcomes of each observation are compared to analyze the implications of each country in global, regional and local position of their competition in the continuously changing world of interdependency environment. The implications of nonlinearity finding in the three ASEAN countries capital markets to the current issues of AFAS on Financial Services, Harmonization among ASEAN countries capital markets in the ASEAN region and ASEAN integration and liberalization on Financial Services are analyzed.BDS statistic and R/S Analysis as our tools for nonlinearity testing are applied. Nonlinearity evidences in Jakarta Composite Index, Pilipino Stock Exchange Index and Straits Times Index are found.

  5. Optimizing the structure of financial resources of industrial enterprises in the market economy mechanism

    Directory of Open Access Journals (Sweden)

    A. Vlasov

    2015-01-01

    Full Text Available The article deals with the optimization of the structure of financial resources of industrial enterprises in the market economy mechanism. The slowdown of the Russian economy force companies to promote more accurate system financial planning its activities. In modern economic conditions the company's performance is largely dependent on the ability of management to more accurately predict financial flows, as well as more accurately predict the financial and human resources to ensure solvency of the enterprise, thus more competent to form the strategy of development of the organization.Goal / task. The aim of the article the search for the optimal structure of financial resources of industrial enterprises in the market economy mechanism and to develop proposals for the sustainable development of the enterprise. The task of this article is to investigate the structure of financial resources of the enterprise, in a deteriorating economic situation that must be considered in the sustainable development of industrial enterprises.Methodology. In conducting this study the main sources of the original data were the materials of the state statistics, the works of famous economists. The basis of the methodological developments based on comparative methods of analysis.Results. Given the concept of optimizing the structure of financial resources of the industrial enterprises. It shows the influence of external and internal factors affecting the stability of the industrial enterprises. Highlighted the impact of the economic situation on the role of these factors.Conclusions / significance. In the current economic conditions of the state and the new economic realities, it is necessary to focus to industrial enterprises to conduct an effective economic policy, thereby improving the financial stability of the enterprise.

  6. The term structure of interest rates and macroeconomic factors: Evidence from Indian financial market

    Directory of Open Access Journals (Sweden)

    K. Hassan Shareef

    2017-12-01

    Full Text Available The term structure of interest rate per-se is not impeccable for explaining the behavior of the future economic conditions and hence incorporating macro factors in the term structure model is more tractable. The study uses monthly data of macro factors for a period of eighteen years from April 1998 to May 2016. Using structural vector auto regression estimates, Granger causality/block exogeneity wald test along with impulse response functions and forecast error variance decomposition analysis the study tests the proportion of term structure attributable to macro-economic shocks. The findings of the study show that short term rates are mainly influenced by the fiscal deficit present in emerging economies while long term rates get affected when market participants revise their expectation on yields. In addition, the output growth of the country is mainly depended on long and short rates and exchange rate fluctuations have a significant role in the fiscal deficit of the country. Keywords: Term structure of interest rates, Inflation, Output growth, NEER, Monetary policy rate, JEL Classification: E43, E31, E2

  7. OECD Structural Analysis Databases: Sectoral Principles in the Study of Markets for Goods and Services

    Directory of Open Access Journals (Sweden)

    Marina D. Simonova

    2015-01-01

    Full Text Available This study focuses on the characteristics of the information database of the OECD structural business statistics in the analysis of markets of goods and services, and macroeconomic trends. The system of indicators of structural statistics is presented in OECD publications and on-line access to a wide range of users. Collected data sources generated by the OECD offices are based on the national statistical offices of country-members, Russia and the BRICS. Data on the development of economic sectors are calculated according to the methodology of individual countries, regional and international standards: annual national accounts of countries, annual industry and business surveys, methodology of short-term indicators, statistics of international trade in goods. Data are aggregated on the basis of complex indicators statements of the enterprises' questionnaire and business surveys. Information system of structural statistics which is available and continuously updated, has certain features. It is composed of several subsystems: Structural Statistics on Industry and Services, EU entrepreneurship statistics, Indicators of Industry and Services, International Trade in Commodities Statistics. The grouping of industries is based on the International standard industrial classification of all economic activities (ISIC. Classification of foreign trade flows is made in accordance with the Harmonized system of description and coding of goods. The structural statistics databases comprise four classes of industries' grouping according to the technology intensity. The paper discusses the main reasons for the non-comparability of data in the subsystems in certain time intervals.

  8. Rating Migration and Bond Valuation: Decomposing Rating Migration Matrices from Market Data via Default Probability Term Structures

    Directory of Open Access Journals (Sweden)

    Brian BARNARD

    2017-09-01

    Full Text Available The study builds on previous research that decomposes rating category default probability term structures from rating category interest rate term structures, and proposes a method to decompose rating migration matrices from market data, via decomposed default probability term structures. To investigate the power and accuracy of the proposed method, it was examined to what extent an existing, known rating migration matrix could again be surfaced by the method. Overall, the results are more than satisfactory, and the method promises to be accurate. Although not considered here, the main objective is the application of the method to market data. The outcome should be insightful in itself, and can be used to evaluate historical rating migration matrices commonly devised by rating agencies, and to form a better understanding of the default probability term structures embedded in market data.

  9. Investor structure and the price-volume relationship in a continuous double auction market: An agent-based modeling perspective

    Science.gov (United States)

    Zhang, Wei; Bi, Zhengzheng; Shen, Dehua

    2017-02-01

    This paper investigates the impact of investor structure on the price-volume relationship by simulating a continuous double auction market. Connected with the underlying mechanisms of the price-volume relationship, i.e., the Mixture of Distribution Hypothesis (MDH) and the Sequential Information Arrival Hypothesis (SIAH), the simulation results show that: (1) there exists a strong lead-lag relationship between the return volatility and trading volume when the number of informed investors is close to the number of uninformed investors in the market; (2) as more and more informed investors entering the market, the lead-lag relationship becomes weaker and weaker, while the contemporaneous relationship between the return volatility and trading volume becomes more prominent; (3) when the informed investors are in absolute majority, the market can achieve the new equilibrium immediately. Therefore, we can conclude that the investor structure is a key factor in affecting the price-volume relationship.

  10. Modified DFA and DCCA approach for quantifying the multiscale correlation structure of financial markets

    Science.gov (United States)

    Yin, Yi; Shang, Pengjian

    2013-12-01

    We use multiscale detrended fluctuation analysis (MSDFA) and multiscale detrended cross-correlation analysis (MSDCCA) to investigate auto-correlation (AC) and cross-correlation (CC) in the US and Chinese stock markets during 1997-2012. The results show that US and Chinese stock indices differ in terms of their multiscale AC structures. Stock indices in the same region also differ with regard to their multiscale AC structures. We analyze AC and CC behaviors among indices for the same region to determine similarity among six stock indices and divide them into four groups accordingly. We choose S&P500, NQCI, HSI, and the Shanghai Composite Index as representative samples for simplicity. MSDFA and MSDCCA results and average MSDFA spectra for local scaling exponents (LSEs) for individual series are presented. We find that the MSDCCA spectrum for LSE CC between two time series generally tends to be greater than the average MSDFA LSE spectrum for individual series. We obtain detailed multiscale structures and relations for CC between the four representatives. MSDFA and MSDCCA with secant rolling windows of different sizes are then applied to reanalyze the AC and CC. Vertical and horizontal comparisons of different window sizes are made. The MSDFA and MSDCCA results for the original window size are confirmed and some new interesting characteristics and conclusions regarding multiscale correlation structures are obtained.

  11. African marketing boards under structural adjustment : the experience of Sub-Saharan Africa during the 1980s

    NARCIS (Netherlands)

    Laan, van der H.L.; Haaren, van W.T.M.

    1990-01-01

    Sum.: The economic policy of structural adjustment, which was initiated in most African countries during the 1980s, posed a serious threat to agricultural marketing boards in sub-Saharan Africa. Two elements of structural adjustment were particularly ominous: 'privatization' threatened the continued

  12. The Evolving Market Structure of the U.S. Residential Solar PV Installation Industry, 2000-2016

    Energy Technology Data Exchange (ETDEWEB)

    OShaughnessy, Eric J. [National Renewable Energy Lab. (NREL), Golden, CO (United States)

    2018-01-16

    This study uses data on over 900,000 solar PV installations to summarize the evolving market structure of the U.S. residential solar PV installation industry. Over 8,000 companies have installed residential PV systems in the United States. The vast majority of these installers are small local companies. At the same time, a subset of national-scale high-volume PV installation companies hold high market shares. This study examines the factors behind these trends in market concentration, including the role of customer financing options.

  13. Currency co-movement and network correlation structure of foreign exchange market

    Science.gov (United States)

    Mai, Yong; Chen, Huan; Zou, Jun-Zhong; Li, Sai-Ping

    2018-02-01

    We study the correlations of exchange rate volatility in the global foreign exchange(FX) market based on complex network graphs. Correlation matrices (CM) and the theoretical information flow method (Infomap) are employed to analyze the modular structure of the global foreign exchange network. The analysis demonstrates that there exist currency modules in the network, which is consistent with the geographical nature of currencies. The European and the East Asian currency modules in the FX network are most significant. We introduce a measure of the impact of individual currency based on its partial correlations with other currencies. We further incorporate an impact elimination method to filter out the impact of core nodes and construct subnetworks after the removal of these core nodes. The result reveals that (i) the US Dollar has prominent global influence on the FX market while the Euro has great impact on European currencies; (ii) the East Asian currency module is more strongly correlated than the European currency module. The strong correlation is a result of the strong co-movement of currencies in the region. The co-movement of currencies is further used to study the formation of international monetary bloc and the result is in good agreement with the consideration based on international trade.

  14. Studying illicit drug trafficking on Darknet markets: Structure and organisation from a Canadian perspective.

    Science.gov (United States)

    Broséus, J; Rhumorbarbe, D; Mireault, C; Ouellette, V; Crispino, F; Décary-Hétu, D

    2016-07-01

    Cryptomarkets are online marketplaces that are part of the Dark Web and mainly devoted to the sale of illicit drugs. They combine tools to ensure anonymity of participants with the delivery of products by mail to enable the development of illicit drug trafficking. Using data collected on eight cryptomarkets, this study provides an overview of the Canadian illicit drug market. It seeks to inform about the most prevalent illicit drugs vendors offer for sale and preferred destination countries. Moreover, the research gives an insight into the structure and organisation of distribution networks existing online. In particular, we provide information about how vendors are diversifying and replicating across marketplaces. We inform on the number of listings each vendor manages, the number of cryptomarkets they are active on and the products they offer. This research demonstrates the importance of online marketplaces in the context of illicit drug trafficking. It shows how the analysis of data available online may elicit knowledge on criminal activities. Such knowledge is mandatory to design efficient policy for monitoring or repressive purposes against anonymous marketplaces. Nevertheless, trafficking on Dark Net markets is difficult to analyse based only on digital data. A more holistic approach for investigating this crime problem should be developed. This should rely on a combined use and interpretation of digital and physical data within a single collaborative intelligence model. Copyright © 2016 Elsevier Ireland Ltd. All rights reserved.

  15. Information structures in economics studies in the theory of markets with imperfect information

    CERN Document Server

    Nermuth, Manfred

    1982-01-01

    This book is intended as a contribution to the theory of markets with imperfect information. The subject being nearly limitless, only certain selected topics are discussed. These are outlined in the Introduction (Ch. 0). The remainder of the book is divided into three parts. All results of economic significance are contained in Parts II & III. Part I introduces the main tools for the analysis, in particular the concept of an information structure. Although most of the material presented in Part I is not original, it is hoped that the detailed and self-contained exposition will help the reader to understand not only the following pages, but also the existing technical and variegated literature on markets with imperfect information. The mathematical prerequisites needed, but not explained in the text rarely go beyond elementary calculus and probability theory. Whenever more advanced concepts are used, I have made an effort to give an intuitive explanation as well, so that the argument can also be followed o...

  16. Pricing of Surgeries for Colon Cancer: Patient Severity and Market Factors

    Science.gov (United States)

    Dor, Avi; Koroukian, Siran; Xu, Fang; Stulberg, Jonah; Delaney, Conor; Cooper, Gregory

    2012-01-01

    Study Objective Examine effects of HMO penetration, hospital competition, and patient severity on the uptake of laparoscopic colectomy and its price relative to open surgery for colon cancer. Methods We used 2002-2007 the MarketScan Database to identify admissions for privately insured colorectal cancer patients undergoing laparoscopic or open partial colectomy (n=1,035 and n=6,389, respectively). Patient and health plan characteristics were retrieved from these data; HMO market penetration rates and an index of hospital market concentration, Herfindahl-Hirschman Index (HHI), were derived from national databases. Logistic and logarithmic regressions were used to examine the odds of having laparoscopic colectomy, effect of covariates on colectomy prices, and the differential price of laparoscopy. Results Adoption of laparoscopy was highly sensitive to market forces, with a 10% increase in HMO penetration leading to a 10.3% increase in the likelihood of undergoing laparoscopic colectomy (Adjusted Odds Ratio (AOR): 1.109, 95% Confidence Interval: 1.062, 1.158), and a 10% increase in HHI resulting in 6.6% lower likelihood (AOR: 0.936 (0.880, 0.996)). Price models indicated that the price of laparoscopy was 7.6% lower than for open surgery (transformed coefficient (Coeff): 0.927 (0.895, 0.960)). A 10% increase in HMO penetration was associated with 1.6% lower price (Coeff: 0.985 (0.977, 0.992)), while a 10% increase in HHI was associated with 1.6% higher price (Coeff: 1.016 (1.006, 1.027), p Impact Laparoscopic surgery may result in cost savings, while market pressures contribute to its adoption. PMID:22569703

  17. Pricing of surgeries for colon cancer: patient severity and market factors.

    Science.gov (United States)

    Dor, Avi; Koroukian, Siran; Xu, Fang; Stulberg, Jonah; Delaney, Conor; Cooper, Gregory

    2012-12-01

    This study examined effects of health maintenance organization (HMO) penetration, hospital competition, and patient severity on the uptake of laparoscopic colectomy and its price relative to open surgery for colon cancer. The MarketScan Database (data from 2002-2007) was used to identify admissions for privately insured colorectal cancer patients undergoing laparoscopic or open partial colectomy (n = 1035 and n = 6389, respectively). Patient and health plan characteristics were retrieved from these data; HMO market penetration rates and an index of hospital market concentration, the Herfindahl-Hirschman index (HHI), were derived from national databases. Logistic and logarithmic regressions were used to examine the odds of having laparoscopic colectomy, effect of covariates on colectomy prices, and the differential price of laparoscopy. Adoption of laparoscopy was highly sensitive to market forces, with a 10% increase in HMO penetration leading to a 10.9% increase in the likelihood of undergoing laparoscopic colectomy (adjusted odds ratio = 1.109; 95% confidence interval [CI] = 1.062, 1.158) and a 10% increase in HHI resulting in 6.6% lower likelihood (adjusted odds ratio = 0.936; 95% CI = 0.880, 0.996). Price models indicated that the price of laparoscopy was 7.6% lower than that of open surgery (transformed coefficient = 0.927; 95% CI = 0.895, 0.960). A 10% increase in HMO penetration was associated with 1.6% lower price (transformed coefficient = 0.985; 95% CI = 0.977, 0.992), whereas a 10% increase in HHI was associated with 1.6% higher price (transformed coefficient = 1.016; 95% CI = 1.006, 1.027; P prices. Moreover, laparoscopic surgery may result in cost savings, while market pressures contribute to its adoption. Copyright © 2012 American Cancer Society.

  18. A Two-Sided Market Model of Optimal Price Structure for Instant Messenger

    Directory of Open Access Journals (Sweden)

    Jun Xu

    2013-01-01

    Full Text Available Instant messenger (IM is one of the most popular Internet applications all over the world. This paper examines the pricing problem of IM based on two-sided market model. IM serves as a two-sided platform, which gets both Internet users and advertisers on board. This paper concludes that IM operator adopts a heavily skewed price structure that favors IM users both under monopolistic case and under horizontal differentiated duopolistic case. When advertising revenue is large enough relatively to marginal cost for serving IM users, IM users can enjoy free service provided by IM operators. The competitive equilibrium of duopolistic case is not necessarily symmetric when advertisers choose singlehoming. Even in the symmetric equilibrium platform would rather deter all advertisers.

  19. Deconstructing Solar Photovoltaic Pricing: The Role of Market Structure, Technology, and Policy

    Energy Technology Data Exchange (ETDEWEB)

    Gillingham, Kenneth [Yale Univ., New Haven, CT (United States); Deng, Hao [Yale Univ., New Haven, CT (United States); Wiser, Ryan [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States); Darghouth, Naim [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States); Nemet, Gregory [Univ. of Wisconsin, Madison, WI (United States); Barbose, Galen [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States); Rai, Varun [Univ. of Texas, Austin, TX (United States); Dong, C. G. [Univ. of Texas, Austin, TX (United States)

    2014-12-15

    Solar photovoltaic (PV) system prices in the United States display considerable heterogeneity both across geographic locations and within a given location. Such heterogeneity may arise due to state and federal policies, differences in market structure, and other factors that influence demand and costs. This paper examines the relative importance of such factors on equilibrium solar PV system prices in the United States using a detailed dataset of roughly 100,000 recent residential and small commercial installations. As expected, we find that PV system prices differ based on characteristics of the systems. More interestingly, we find evidence suggesting that search costs and imperfect competition affect solar PV pricing. Installer density substantially lowers prices, while regions with relatively generous financial incentives for solar PV are associated with higher prices.

  20. Evaluating The Financial Consequences of Different Financing Structure for Nuclear Power Project under Malaysian Market

    International Nuclear Information System (INIS)

    Muhammed Zulfakar Zolkaffly; Faisal Izwan Abdul Rashid; Siti Syarina Mat Sali; Fairuz Suzana Mohd Chachuli; Mohd Azmi Sidid Omar

    2016-01-01

    Full text: In 2010, Malaysia through the Economic Transformation Programme (ETP) has initiated an effort to explore nuclear energy as an option for electricity generation post-2020 in order to meet country's growing energy demand and diversify its energy mix. To date, Malaysia is focusing its efforts on the preparatory activities, pending to make decision to embark on nuclear power project. The development of nuclear power plants is a major undertaking for any country which that requires huge financial implications and commitments. On this note, this paper aims at evaluating the financial consequences of different financing structure for nuclear power project under Malaysian market condition, based on two key financial indicators, namely, Net Present Value (NPV) and Internal Rate of Return (IRR). The computer model FINPLAN developed by the IAEA was used to perform this study. The result shows that different financing structure significantly affect the sensitivity of NPV and IRR, that may be of interest to the investors in exploring viable financing structure for nuclear power project development. (author)

  1. Structure of the US gas market, regulation and pricing of the third party access to the network

    International Nuclear Information System (INIS)

    David, L.; Mirabel, F.

    2000-06-01

    The opening of the US natural gas market to competition is followed by deep changes in the implemented regulations for an efficient organization and operation of the gas industry. The transformations of the industrial structures and the strategic behavior of the actors characterize the mutations of the gas markets in the USA. The aim of this paper is to transcribe in a synthetic form the characteristics of the gas market in North America and to model the structure of the industry in this sector opened to competition in its back-end. Two main questions are analyzed: the role and position of the former monopoly (utility) in this back-end market (should the local distribution companies continue to sell gas to end users?), and what kind of regulation should be implemented by the authorities in order to avoid the former monopoly to use its market power and make excessive profits. The analysis is made in two steps: the first part explains the hypotheses of the analysis using the characteristics of the North American market. It presents the general framework of the model and explains the two 'regulatory scenarios' retained in the study. The main steps of the resolution of the model are detailed in the second part. (J.S.)

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

    Science.gov (United States)

    Shao, Xiao; Chai, Li H.

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

  3. Market structure and competition in the healthcare industry : Results from a transition economy.

    Science.gov (United States)

    Lábaj, Martin; Silanič, Peter; Weiss, Christoph; Yontcheva, Biliana

    2018-02-14

    The present paper provides first empirical evidence on the relationship between market size and the number of firms in the healthcare industry for a transition economy. We estimate market-size thresholds required to support different numbers of suppliers (firms) for three occupations in the healthcare industry in a large number of distinct geographic markets in Slovakia, taking into account the spatial interaction between local markets. The empirical analysis is carried out for three time periods (1995, 2001 and 2010) which characterise different stages of the transition process. Our results suggest that the relationship between market size and the number of firms differs both across industries and across periods. In particular, we find that pharmacies, as the only completely liberalised market in our dataset, experience the largest change in competitive behaviour during the transition process. Furthermore, we find evidence for correlation in entry decisions across administrative borders, suggesting that future market analysis should aim to capture these regional effects.

  4. Factor Structure and Market Integration under Two-Factor Monopolistic Competition Model

    Directory of Open Access Journals (Sweden)

    Evgeny Vladimirovich Zhelobodko

    2013-09-01

    Full Text Available The authors study the impact of trade liberalization on the market of a differentiated good and consumers’ welfare. The economy involves two factors of production: labor and capital. The researchers find that consumers always gain from trade liberalization. The article also establishes that the behavior of equilibrium price is independent of factor endowments’ structure in the countries involved into trade. The equilibrium price decreases (increases, remains unchanged under trade liberalization if and only if the inverse demand elasticity is increasing (decreasing, constant with respect to the individual consumption level. Furthermore, firms’ size which are measured as output increases (decreases when autarky changes to free trade if and only if the country is relatively richer (poorer in capital than its trading partner, regardless of the demand-side properties of the economy. Finally, the behavior of capital price (which equals firms’ profits in equilibrium is more complicated in the general case, but can be fully characterized for two limiting cases: (i when the structure of factor endowments in both countries is the same, and (ii when the Foreign country is a periphery country, i.e. it has zero endowment of capital

  5. Relation between financial market structure and the real economy: comparison between clustering methods.

    Science.gov (United States)

    Musmeci, Nicoló; Aste, Tomaso; Di Matteo, T

    2015-01-01

    We quantify the amount of information filtered by different hierarchical clustering methods on correlations between stock returns comparing the clustering structure with the underlying industrial activity classification. We apply, for the first time to financial data, a novel hierarchical clustering approach, the Directed Bubble Hierarchical Tree and we compare it with other methods including the Linkage and k-medoids. By taking the industrial sector classification of stocks as a benchmark partition, we evaluate how the different methods retrieve this classification. The results show that the Directed Bubble Hierarchical Tree can outperform other methods, being able to retrieve more information with fewer clusters. Moreover,we show that the economic information is hidden at different levels of the hierarchical structures depending on the clustering method. The dynamical analysis on a rolling window also reveals that the different methods show different degrees of sensitivity to events affecting financial markets, like crises. These results can be of interest for all the applications of clustering methods to portfolio optimization and risk hedging [corrected].

  6. Relation between financial market structure and the real economy: comparison between clustering methods.

    Directory of Open Access Journals (Sweden)

    Nicoló Musmeci

    Full Text Available We quantify the amount of information filtered by different hierarchical clustering methods on correlations between stock returns comparing the clustering structure with the underlying industrial activity classification. We apply, for the first time to financial data, a novel hierarchical clustering approach, the Directed Bubble Hierarchical Tree and we compare it with other methods including the Linkage and k-medoids. By taking the industrial sector classification of stocks as a benchmark partition, we evaluate how the different methods retrieve this classification. The results show that the Directed Bubble Hierarchical Tree can outperform other methods, being able to retrieve more information with fewer clusters. Moreover,we show that the economic information is hidden at different levels of the hierarchical structures depending on the clustering method. The dynamical analysis on a rolling window also reveals that the different methods show different degrees of sensitivity to events affecting financial markets, like crises. These results can be of interest for all the applications of clustering methods to portfolio optimization and risk hedging [corrected].

  7. Factor structure of essential social skills to be salespersons in retail market: implications for psychiatric rehabilitation.

    Science.gov (United States)

    Cheung, Leo C C; Tsang, Hector W H

    2005-12-01

    This study continued the effort to apply social skills training to increase vocational outcomes of people with severe mental illness. We planned to identify factor structure of essential social skills necessary for mental health consumers who have a vocational preference to work as salesperson in retail market. Exploratory factor analysis of the results of a 26-item questionnaire survey suggested a five-factor solution: social skills when interacting with customers, problem-solving skills, knowledge and attitudes, flexibility, and skills for conflict prevention, which accounted for 65.1% of the total variance. With the factor solution, we developed a job-specific social skills training program (JSST) to help consumers who want to be salespersons. The structure and session design followed the basic format of a typical social skills training program. The way this JSST is to be used with the work-related social skills training model previously developed by the corresponding author to produce better vocational outcomes of consumers is suggested.

  8. Managed care market share and cesarean section rates in the United States: is there a link?

    Science.gov (United States)

    Hueston, W J; Sutton, A

    2000-11-01

    After peaking during the early 1980s, cesarean section rates in the United States have been falling for the last decade. At the same time, managed care enrollment has increased dramatically. This study examines whether managed care penetration in local markets is associated with lower cesarean section rates in those geographic area. A cross-sectional comparison of cesarean section rates and health maintenance organization (HMO) market penetration in 61 selected metropolitan areas in the United States was conducted. National birth certificate data for 1996 were used to calculate crude and race-adjusted cesarean section rates for residents in each area. No relationship between overall cesarean section rates in the metropolitan areas and managed care penetration was observed. Subanalyses of racial groups demonstrated the existence of a weak association between managed care penetration and cesarean section rates for white women (21.2% for the highest quartile of HMO penetration, compared with 19.1% for the lowest quartile; P = .03), but not for African-Americans or other minorities. Managed care penetration in a market may have an association with cesarean section rates for white women, but the strength of this relationship is small. Even if managed care delivery systems reduce cesarean section rates in their own populations, this change is likely to have only a small impact on overall cesarean rates. HMO penetration is unlikely to influence national cesarean section rates, nor does it appear to explain state variations in these rates.

  9. The Competitive Market Structure of the U.S. Lodging Industry and its Impact on the Financial Performance of Hotel Brands

    OpenAIRE

    Matovic, Dragan

    2002-01-01

    The primary objective of this study was to explore the relationship among various market structure constructs (consisting of barriers to entry, competition, growth, and market share) and their potential impact on financial performance. By applying theoretical underpinnings from the disciplines of marketing, strategy and industrial organization economics, and adapting them to the unique characteristics of the U.S. lodging industry, the above constructs were linked to produce the Lodging Market...

  10. Lagged life cycle structures for food products: Their role in global marketing, their determinants and some problems in their estimation

    DEFF Research Database (Denmark)

    Baadsgaard, Allan; Gede, Mads Peter; Grunert, Klaus G.

    cycles for different product categories may be lagged (type II lag) because changes in economic and other factors will result in demands for different products. Identifying lagged life cycle structures major importance in global marketing of food products. The problems in arriving at such estimates...

  11. Importance, Cohesion and Structural Equivalence in the Evolving Citation Network of the International Journal of Research in Marketing

    NARCIS (Netherlands)

    Pieters, R.; Baumgartner, H.; Vermunt, J.K.; Bijmolt, T.H.A.

    1998-01-01

    The citation network of the International Journal of Research in Marketing (IJRM) is examined from 1981 to 1995. We propose a model that contains log-linear and logmultiplicative terms to estimate simultaneously the importance, cohesion, and structural equivalence of journals in the network across

  12. Research problems and trends of the pharmaceutical market Sudan as social oriented structure of the country

    OpenAIRE

    Олена Миколаївна Євтушенко; Осама Абузаїд Мохамед Нур Ахмед

    2016-01-01

    Aim: The research object was the definition of problems and tendencies of pharmaceutical market development of Sudan as the country which in recent years tries to pull through the consequence of political and economic crisis and to build the socially oriented model of the state.Methods: In the researches it has been used the marketing and economic analysis methods as well as the historical, logical, comparative and graphic methods.Results: The authors represented the marketing analysis result...

  13. Structural changes and out-of-sample prediction of realized range-based variance in the stock market

    Science.gov (United States)

    Gong, Xu; Lin, Boqiang

    2018-03-01

    This paper aims to examine the effects of structural changes on forecasting the realized range-based variance in the stock market. Considering structural changes in variance in the stock market, we develop the HAR-RRV-SC model on the basis of the HAR-RRV model. Subsequently, the HAR-RRV and HAR-RRV-SC models are used to forecast the realized range-based variance of S&P 500 Index. We find that there are many structural changes in variance in the U.S. stock market, and the period after the financial crisis contains more structural change points than the period before the financial crisis. The out-of-sample results show that the HAR-RRV-SC model significantly outperforms the HAR-BV model when they are employed to forecast the 1-day, 1-week, and 1-month realized range-based variances, which means that structural changes can improve out-of-sample prediction of realized range-based variance. The out-of-sample results remain robust across the alternative rolling fixed-window, the alternative threshold value in ICSS algorithm, and the alternative benchmark models. More importantly, we believe that considering structural changes can help improve the out-of-sample performances of most of other existing HAR-RRV-type models in addition to the models used in this paper.

  14. Network access charges, vertical integration, and property rights structure - experiences from the German electricity markets

    International Nuclear Information System (INIS)

    Growitsch, C.; Wein, T.

    2005-01-01

    After the deregulation of the German electricity markets in 1998, the German government opted for a regulatory regime called negotiated third party access, which would be subject to ex-post control by the federal cartel office. Network access charges for new competitors are based on contractual arrangements between energy producers and industrial consumers. As the electricity networks are incontestable natural monopolies, the local and regional network operators are able to set (monopolistic) charges at their own discretion, restricted only by the possible interference of the federal cartel office (Bundeskartellamt). In this paper we analyze if there is evidence for varying charging behaviour depending on the supplier's economic independence (structure of property rights) or its level of vertical integration. For this purpose, we hypothesise that incorporated and vertically integrated suppliers set different charges than independent utility companies. Multivariate estimations show a relation between network access charges and the network operator's economic independence as well as level of vertical integration: on the low voltage level for an estimated annual consumption of 1700 kW/h, vertically integrated firms set-in accordance with our hypothesis-significantly lower access charges than vertically separated suppliers, whereas incorporated network operators charge significantly higher charges compared to independent suppliers. These results could not have been confirmed for other consumptions or voltage levels. (author)

  15. The structure of the electricity market in the Federal Republic of Germany

    International Nuclear Information System (INIS)

    Schiffer, H.W.

    1989-01-01

    The power industry in the Federal Republic of Germany can be subdivided into the three subareas of public electricity supply, industrial power generation, and electricity supply to the Federal Railways. The most important sector, public electricity supply, is organized in private companies. Its special characteristics are its decentralized, pluralistic structure. The public electricity supply sector is made up of approximately 1000 firms, half of which only have a market share of approx. 1%, however. 89% of the total deliveries of useful electricity come from the 91 largest companies; the 26 biggest firms are responsible for 64% of the total deliveries of useful electricity. In terms of electricity generation, the two largest firms contribute 43%, the 25 largest, 72%, and the 116 largest, 99%. The firms in the public electricity supply sector contributed well over 80% of the total electricity production in 1988 of approx. 425 billion kWh. Since its origins late in the past century, the public power industry has been arranged in a comprehensive network of agreements restricting competition. At the distribution level, for instance, the supply regions of the electricity utilities are divided up by agreements excluding competition, so-called demarcation agreements. (orig.) [de

  16. The impact of hospital market structure on patient volume, average length of stay, and the cost of care.

    Science.gov (United States)

    Robinson, J C; Luft, H S

    1985-12-01

    A variety of recent proposals rely heavily on market forces as a means of controlling hospital cost inflation. Sceptics argue, however, that increased competition might lead to cost-increasing acquisitions of specialized clinical services and other forms of non-price competition as means of attracting physicians and patients. Using data from hospitals in 1972 we analyzed the impact of market structure on average hospital costs, measured in terms of both cost per patient and cost per patient day. Under the retrospective reimbursement system in place at the time, hospitals in more competitive environments exhibited significantly higher costs of production than did those in less competitive environments.

  17. Structural problems of the heating oil economy pose a challenge to natural gas marketing

    International Nuclear Information System (INIS)

    Zeller, U.

    1995-01-01

    The Swiss heating market is characterised by hard crowding-out competition. New energy carriers are entering the market while at the same time the demand declines. Natural gas is conquering one field of application after another and since years has steadily been increasing its share of the market. The corresponding loss of territory on the part of heating oil dealers has until now not been so tangible because it was compensated by a phase of growing demand during the past few years. If the current trend continues, then overcapacities in heat distribution and energy supply are to be expected for the future. The market will become especially difficult for heating oil dealers, as their decreasing overall share in the market will no longer be compensated by a growth in market volume, their former crutch for keeping up scales. The fight for market shares is therefore expected to become a great deal harder and have a direct impact on the natural gas economy. Commissioned by the Swiss gas industry, the Research Institute for Trade and Sales of St. Gallen University has made a study of the Swiss heating oil market. (orig.) [de

  18. Structure Characteristics of the International Stock Market Complex Network in the Perspective of Whole and Part

    Directory of Open Access Journals (Sweden)

    Guangxi Cao

    2017-01-01

    Full Text Available International stock market forms an abstract complex network through the fluctuation correlation of stock price index. Past studies of complex network almost focus on single country’s stock market. Here we investigate the whole and partial characteristics of international stock market network (ISMN (hereinafter referred to as ISMN. For the analysis on the whole network, we firstly determine the reasonable threshold as the basic of the following study. Robustness is applied to analyze the stability of the network and the result shows that ISMN has robustness against random attack but intentional attack breaks the connection integrity of ISMN rapidly. In the partial network, the sliding window method is used to analyze the dynamic evolution of the relationship between the Chinese (Shanghai stock market and the international stock market. The connection between the Chinese stock market and foreign stock markets becomes increasingly closer, and the links between them show a significant enhancement especially after China joined the WTO. In general, we suggest that transnational investors pay more attention to some significant event of the stock market with large degree for better risk-circumvention.

  19. OPTIMIZATION OF THE STRUCTURE OF MARKETING ACTIVITIES OF THE PROJECT "THE OPENING CAMPAIGN OF THE UNIVERSITY"

    Directory of Open Access Journals (Sweden)

    Олег Владимирович ЛОГИНОВ

    2015-05-01

    The main types of marketing activities and the main categories of the target audience are determined. Model's optimality criterion is the forecast of enrollment of students. Optimality criterion is based on the effectiveness of marketing activities, taking into account the specificity of the reaction of various categories of the target audience.

  20. The 1993 timber assessment market model: structure, projections, and policy simulations.

    Science.gov (United States)

    Darius M. Adams; Richard W. Haynes

    1996-01-01

    The 1993 timber assessment market model (TAMM) is a spatial model of the solidwood and timber inventory elements of the U.S. forest products sector. The TAMM model provides annual projections of volumes and prices in the solidwood products and sawtimber stumpage markets and estimates of total timber harvest and inventory by geographic region for periods of up to 50...

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

    Science.gov (United States)

    Chen, Yu-Chuan

    2016-01-01

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

  2. Competitive bidding for health insurance contracts: lessons from the online HMO auctions.

    Science.gov (United States)

    Gupta, Alok; Parente, Stephen T; Sanyal, Pallab

    2012-12-01

    Healthcare is an important social and economic component of modern society, and the effective use of information technology in this industry is critical to its success. As health insurance premiums continue to rise, competitive bidding may be useful in generating stronger price competition and lower premium costs for employers and possibly, government agencies. In this paper, we assess an endeavor by several Fortune 500 companies to reduce healthcare procurement costs for their employees by having HMOs compete in open electronic auctions. Although the auctions were successful in generating significant cost savings for the companies in the first year, i.e., 1999, they failed to replicate the success and were eventually discontinued after two more years. Over the past decade since the failed auction experiment, effective utilization of information technologies have led to significant advances in the design of complex electronic markets. Using this knowledge, and data from the auctions, we point out several shortcomings of the auction design that, we believe, led to the discontinuation of the market after three years. Based on our analysis, we propose several actionable recommendations that policy makers can use to design a sustainable electronic market for procuring health insurance.

  3. Hospital prices and market structure in the hospital and insurance industries.

    Science.gov (United States)

    Moriya, Asako S; Vogt, William B; Gaynor, Martin

    2010-10-01

    There has been substantial consolidation among health insurers and hospitals, recently, raising questions about the effects of this consolidation on the exercise of market power. We analyze the relationship between insurer and hospital market concentration and the prices of hospital services. We use a national US dataset containing transaction prices for health care services for over 11 million privately insured Americans. Using three years of panel data, we estimate how insurer and hospital market concentration are related to hospital prices, while controlling for unobserved market effects. We find that increases in insurance market concentration are significantly associated with decreases in hospital prices, whereas increases in hospital concentration are non-significantly associated with increases in prices. A hypothetical merger between two of five equally sized insurers is estimated to decrease hospital prices by 6.7%.

  4. Increasing Labor Market Participation and Reducing Structural Unemployment in Rural and Urban Areas of Europe. Case Study – Romania

    Directory of Open Access Journals (Sweden)

    Mihaela Roberta STANEF

    2012-03-01

    Full Text Available Member States ought to integrate the flexicurity values approved by the European Council into their labor market policies and apply them, making full use of European Social Fund sustain with a view to growing labor market participation and fighting segmentation and inactivity, gender inequality, at the same time as reducing structural unemployment. Actions to improve flexibility and security should be both balanced and mutually strengthen. Member States must consequently initiate a combination of flexible and reliable employment contracts, active labor market policies, effective lifelong learning, policies to promote labor mobility, and adequate social security systems to secure professional transitions accompanied by clear privileges and responsibilities for the unemployed to dynamically seek work.

  5. Features of the Institutional Structure of the Polish Stock Market under Conditions of Transformational Changes in the Global Financial Environment

    Directory of Open Access Journals (Sweden)

    Goncharenko Nataliia I.

    2017-03-01

    Full Text Available Under modern conditions of transformational changes in the global financial environment, the international stock market acquires stable features of activization of investment activity, formation of a large network of professional participants in the stock market and its multi-level institutional structure, expansion of the range of trade in securities, access of economic entities of different countries to financial resources and diversification of mechanisms of concentration, etc. There conducted a study of peculiarities of the institutional structure of the Polish stock market in the context of transformational changes in the global economic system. The factors influencing the volume of capitalization of the Warsaw Stock Exchange are analyzed; the dependence of the capitalization of the Exchange on foreign portfolio investments in shares of Polish issuers is revealed. Based on the results of own calculations of multiple correlation coefficients, the level of dependence between capital stock market indicators and assets of such financial institutions in Poland as investment and open pension funds, insurance companies is determined, and a significant interconnection of assets of investment and open pension funds and insurance companies is revealed. The obtained results can become a basis for institutional investors in the process of making effective decisions on expanding the range of trading in securities.

  6. Market Power in Laboratory Emission Permit Markets

    International Nuclear Information System (INIS)

    Godby, R.

    2002-01-01

    Many proposals suggesting the use of markets to control pollution assume markets will be competitive. When markets do not exhibit competitive characteristics, however, should they still be expected to result in efficiency improvement relative to traditional approaches? This paper employs experimental economic methods to examine the effect of market structure on the use of marketable emissions permits. Results indicate that in a market with one dominant firm and a number of fringe firms, strategic manipulation occurs repeatedly in the laboratory as predicted by market power models, undermining the allocative and dynamic efficiency benefits such markets offer. When firms compete in a downstream product market dominated by the same single firm, market efficiency can actually be reduced with the implementation of permit markets. Final market efficiencies reflect initial endowments and are influenced by competitive conditions elsewhere in the economy, indicating that policy-makers should carefully consider whether markets are appropriate in such circumstances

  7. Structural determinants of electric vehicle market growth : a National Center for Sustainable Transportation research report.

    Science.gov (United States)

    2017-02-01

    Zero emission vehicles (ZEV) and plug-in electric vehicles (PEV) are critical technologies to attain deep reductions in greenhouse gases from transportation. PEV markets, however, have grown more slowly than anticipated by many observers. In this stu...

  8. Strategic thinking about nuclear energy: implications of the emerging market structure in electric generation

    International Nuclear Information System (INIS)

    Bodde, D.L.

    1998-01-01

    Global environmental concerns provide strong motivation for electric generating technologies that reduce greenhouse gas emissions. By itself however, this incentive is probably not sufficient to reverse the long-term decline in the market share of nuclear energy. This is because the power plants now offered by the nuclear vendors mesh poorly with the needs of competitive generating markets. Where managers of generating companies are held accountable to share owners in a competitive environment, the nuclear power plants now offered in the market for new generating capacity are at a distinct disadvantage. As much of the world moves toward the competitive model, this disadvantage will become increasingly limiting. An alternative nuclear power plant concept and fuel cycle is needed, a radical departure from current practice, designed with the competitive marketplace in mind. To accomplish this, a new kind of institution is required: multinational in scope, oriented toward the market, and able to master the politics of the fuel cycle. (author)

  9. Application of stochastic differential geometry to the term structure of interst rates in developed markets

    Energy Technology Data Exchange (ETDEWEB)

    Taranenko, Y.; Barnes, C.

    1996-12-31

    This paper deals with further developments of the new theory that applies stochastic differential geometry (SDG) to dynamics of interest rates. We examine mathematical constraints on the evolution of interest rate volatilities that arise from stochastic differential calculus under assumptions of an arbitrage free evolution of zero coupon bonds and developed markets (i.e., none of the party/factor can drive the whole market). The resulting new theory incorporates the Heath-Jarrow-Morton (HJM) model of interest rates and provides new equations for volatilities which makes the system of equations for interest rates and volatilities complete and self consistent. It results in much smaller amount of volatility data that should be guessed for the SDG model as compared to the HJM model. Limited analysis of the market volatility data suggests that the assumption of the developed market is violated around maturity of two years. Such maturities where the assumptions of the SDG model are violated are suggested to serve as boundaries at which volatilities should be specified independently from the model. Our numerical example with two boundaries (two years and five years) qualitatively resembles the market behavior. Under some conditions solutions of the SDG model become singular that may indicate market crashes. More detail comparison with the data is needed before the theory can be established or refuted.

  10. SATISFACTION OF RETAIL INVESTORS ON THE STRUCTURAL EFFICIENCY OF THE MARKET: EVIDENCE FROM A DEVELOPING COUNTRY CONTEXT

    Directory of Open Access Journals (Sweden)

    Mamunur Rashid

    2009-01-01

    Full Text Available Satisfied investors are a necessary element of the stock market. They help to finance rapid expansion in developing countries. This study explores the components of market structure that contribute to the satisfaction level of retail investors. Around 300 retail investors from 25 randomly selected brokerage houses registered with the Dhaka Stock Exchange, Bangladesh were surveyed using a structured questionnaire. Analyses reveal that most investors were young and inexperienced but educated, with shortages of skills and income. The investors put the strongest emphasis on effective investment analysis, followed by ease of the transaction process, effective information management and timely risk management. The trading experience of these investors was used as a moderating variable to investigate the impact of demographic variables and found to be insignificant. The study suggests the importance of effective regulation, disclosure requirements to ensure a supply of quality information, investor education and technology driven trading in brokerage houses for overall investor satisfaction.

  11. In-Depth Review of the Investment Climate and Market Structure in the Energy Sector. Armenia

    International Nuclear Information System (INIS)

    2004-08-01

    Since gaining independence in 1991, Armenia is committed to the principles of democracy and market economy. Armenia has made encouraging progress on liberalisation and selected structural reforms compared with other economies of the region. The economy has been growing strongly, reaching double-digit rates in recent years. Inflation has remained low, while the authorities have managed to substantially reduce the fiscal deficit. The current account deficit also declined significantly in 2002. Armenia formally joined the WTO in February 2003. The Armenian government is strongly committed to attracting foreign investment in order to generate and sustain economic growth. Armenia has set up a non-discriminatory legislative framework for foreign investors, and offers them several investment incentives, including a temporary tax exemption and protection against legislative changes after the investment has been made. Another reassuring trend is the gradual reduction of the negative current account balance, a feature that until recently used to be attributed to the growth of the import substituting sectors of the economy, but is now resulting from the substantial growth of the export-oriented sectors as evidenced by an increase in exports in 2003 by 34.2% over 2002 levels and by the decrease of the foreign trade deficit as related to GDP from 31.2% in 1999 to 21.1% in 2003. The private sector, which is now up and running, dominates the economy and produces about 80% of GDP. It is particularly heartening that this state-of-affairs is supported not only by the establishment of new enterprises, but also by the rehabilitation of enterprises that had been pronounced beyond hope by many experts. The mainstays of Armenia's investment policies are: 'open door' policies vis-a-vis foreign investment, national treatment (of investors), equal terms for economic activities, protection of foreign investors. The investment policy implemented by the Government does bear fruit, as evidenced

  12. STRUCTURE OF THE FRESH ONION MARKET IN THE SPRING SEASON: A FOCUS ON TEXAS AND ITS COMPETITION

    OpenAIRE

    Fuller, Stephen W.; Capps, Oral, Jr.; Bello, Haruna; Shafer, Carl E.

    1991-01-01

    A structural model of the spring onion economy is developed to analyze forces affecting the onion-producing sector in Texas. Spring onion prices in Texas are influenced by own shipments, shipments from storage stocks, and variety. Texas's decline in market share is largely the result of expanded late summer (storage) onion production. A decline in the U.S. real tariff and a weakening of the real exchange rate (pesos/$) encouraged onion imports from Mexico during the study period. However, thi...

  13. Market structure, industrial organisation and technological development: the case of the Japanese electronics-based nc-machine tool industry.

    OpenAIRE

    Watanabe, S

    1983-01-01

    ILO pub-WEP pub. Working paper on the impact of market structure and business organization on technological change in the automatic control machine tool industry in Japan - based on a 1982 sample survey of 40 industrial enterprises, discusses research and development trends, demand, production, subcontracting, competition, etc.; investigates the impact of electronics Innovation on small scale industry, the international division of labour and on developing countries. Bibliography and graphs.

  14. In-Depth Review of the Investment Climate and Market Structure in the Energy Sector. Uzbekistan

    International Nuclear Information System (INIS)

    2005-01-01

    Uzbekistan is an independent republic since 1991. Uzbekistan has a presidential form of government. It has observer status in the WTO since 1994. After years of relatively weak economic performance, the Uzbek government adopted - in close cooperation with the IMF - a programme of macro-economic and structural reforms in 2004. It resulted in a GDP growth of more than 7 percent and a current account surplus exceeding USD 1 billion. In addition, a uniform exchange rate has been introduced for the local currency 'soum' and by 2005 current transaction convertibility has almost been achieved. In 2005, the Uzbek government expects a GDP growth rate of 7 percent. The main driver of sustainable economic development are hydrocarbon resources, mainly natural gas. They offer great potential for Uzbekistan's further economic development. Uzbekistan has set up a legal framework to attract foreign direct investment. Huge amounts of FDI are needed to develop and modernize the energy sector, including a substantial reduction of its high energy intensity. However, up to 2004 FDI inflows have been very modest (FDI inward stock stood at USD 917 million, and FDI annual inflows at USD 70 million in 2003). Among the main reasons for the relatively low attractiveness of the Uzbek energy sector for foreign investors in the past have been the pervasive state ownership allowing for only minority foreign shareholdings, nonpayment problems, non-cost reflective energy prices, non-independence of the energy regulator, and a legislation, which has been perceived by some as vague and unpredictable. The Uzbek government is aware of these shortcomings, and from 2003-2004 important steps have been taken to improve the situation, such as the initiation of price adjustments and the active implementation of a metering programme. The Uzbek government now regards privatisation as a main vehicle to attract more FDI. Currently, however, the energy sector is still controlled by the state. Foreign investors

  15. Marketing plan

    OpenAIRE

    Jantunen, Essi; Hellman, Annika

    2012-01-01

    The aim of this bachelor’s thesis was to draw up an efficient marketing plan for Pohjolan Vihreä Polku Oy, which offers meeting and nature activity services. The company was in a process of conversion and needed a structured marketing plan. The objectives of the company were perceived through severe research. The main purposes of the marketing plan were to raise the visibility of the company and increase its clientele. The proposed marketing actions are also to be used to improve the company’...

  16. The impact of power market structure on the pass-through of CO2 emissions trading costs to electricity prices. A theoretical approach

    International Nuclear Information System (INIS)

    Sijm, J.; Chen, Yihsu; Hobbs, B.F.

    2009-06-01

    This paper analyses the impact of power market structure on the pass-through rate (PTR) of CO2 emissions trading costs on electricity prices from a theoretical point of view, including graphical illustrations and mathematical proofs. Market structure refers in particular to the number of firms active in the market as well as to the shape of the power demand and supply curves. In addition, it analyses the impact of other power market related factors on the PTR of carbon costs to electricity prices, notably the impact of ET-induced changes in the merit order of power generation technologies or the impact of pursuing other market strategies besides maximising generators' profits, such as maximising market shares or sales revenues of power companies. It shows that each of these factors can have a significant impact on the rate of passing-through carbon costs to electricity prices

  17. The impact of power market structure on CO2 cost pass-through to electricity prices under quantity competition. A theoretical approach

    International Nuclear Information System (INIS)

    Sijm, J.; Chen, Y.; Hobbs, B.F.

    2012-01-01

    We present a theoretical analysis of the impact of power market structure on the pass-through rate (PTR) of CO2 emissions trading (ET) costs on electricity prices. Market structure refers in particular to the number of firms active in the market and the intensity of oligopolistic competition as measured by the conjectural variation, as well as to the functional form of the power demand and supply curves. In addition, we analyse briefly the impact of other power market-related factors on the PTR of carbon costs to electricity prices. These include in particular the impact of ET-induced changes in the merit order of power generation technologies and the impact of pursuing other market strategies besides maximising generator profit, such as maximising market shares or sales revenues of power companies. Each of these factors can have a significant impact on the rate of passing-through carbon costs to electricity prices.

  18. The impact of power market structure on the pass-through of CO2 emissions trading costs to electricity prices. A theoretical approach

    Energy Technology Data Exchange (ETDEWEB)

    Sijm, J. [ECN Policy Studies, Petten (Netherlands); Chen, Yihsu [Merced School of Engineering, University of California, Merced, CA (United States); Hobbs, B.F. [Department of Geography and Environmental Engineering, Johns Hopkins University, Baltimore, Maryland (United States)

    2009-06-15

    This paper analyses the impact of power market structure on the pass-through rate (PTR) of CO2 emissions trading costs on electricity prices from a theoretical point of view, including graphical illustrations and mathematical proofs. Market structure refers in particular to the number of firms active in the market as well as to the shape of the power demand and supply curves. In addition, it analyses the impact of other power market related factors on the PTR of carbon costs to electricity prices, notably the impact of ET-induced changes in the merit order of power generation technologies or the impact of pursuing other market strategies besides maximising generators' profits, such as maximising market shares or sales revenues of power companies. It shows that each of these factors can have a significant impact on the rate of passing-through carbon costs to electricity prices.

  19. Combining Internet monitoring processes, packaging and isotopic analyses to determine the market structure: example of Gamma Butyrolactone.

    Science.gov (United States)

    Pazos, Diego; Giannasi, Pauline; Rossy, Quentin; Esseiva, Pierre

    2013-07-10

    The Internet is becoming more and more popular among drug users. The use of websites and forums to obtain illicit drugs and relevant information about the means of consumption is a growing phenomenon mainly for new synthetic drugs. Gamma Butyrolactone (GBL), a chemical precursor of Gamma Hydroxy Butyric acid (GHB), is used as a "club drug" and also in drug facilitated sexual assaults. Its market takes place mainly on the Internet through online websites but the structure of the market remains unknown. This research aims to combine digital, physical and chemical information to help understand the distribution routes and the structure of the GBL market. Based on an Internet monitoring process, thirty-nine websites selling GBL, mainly in the Netherlands, were detected between January 2010 and December 2011. Seventeen websites were categorized into six groups based on digital traces (e.g. IP addresses and contact information). In parallel, twenty-five bulk GBL specimens were purchased from sixteen websites for packaging comparisons and carbon isotopic measurements. Packaging information showed a high correlation with digital data confirming the links previously established whereas chemical information revealed undetected links and provided complementary information. Indeed, while digital and packaging data give relevant information about the retailers, the supply routes and the distribution close to the consumer, the carbon isotopic data provides upstream information about the production level and in particular the synthesis pathways and the chemical precursors. A three-level structured market has been thereby identified with a production level mainly located in China and in Germany, an online distribution level mainly hosted in the Netherlands and the customers who order on the Internet. Copyright © 2013 Elsevier Ireland Ltd. All rights reserved.

  20. Structuring Tensions and Key Relations of Montreal Seasonal Food Markets in the Sustainability Transition of the Agri-Food Sector

    Directory of Open Access Journals (Sweden)

    René Audet

    2017-02-01

    Full Text Available In cities across the world, local food networks aim to make food systems more sustainable and secure for all. As part of that effort, some of these networks also seek to introduce social innovation in the mode of selling food, namely as a way to initiate a broader transition of the sector. Based on two years of action research conducted together with promoters of Montreal’s seasonal markets, this article offers an account of the co-constructed narrative of a transition of the agri-food sector. On the one hand, transition theory anticipates that the transition to sustainability of the agri-food sector would depend on the protection and empowerment of innovative ‘niches’ that are facing the locked-in structure of the agri-food ‘sociotechnical regime’. Yet, on the other hand, the seasonal markets do not fit well in this portrait: they are shown to evolve at the intersection of the sociotechnical regime and innovative niches. For this reason, they are subject to regime rules and become difficult to protect as an entity. As such, seasonal markets face ‘structuring tensions’ that generate both practical dilemmas and innovative solutions in their modes of organization. These solutions, however, rely on webs of resources and supports that constitute ‘key relations’ for unlocking the agri-food regime rules. It is through managing these tensions and relations that the seasonal markets end up reconfiguring social and material relations and providing solutions for food security and a more sustainable food system. Therefore, we argue that the structuring tension and key relation concepts are useful for understanding the dynamics of social innovation in the transition to sustainability in food systems.

  1. A sustainable energy market design for Germany. A capacity market with decentralized demand structure; Der Leistungsmarkt mit dezentraler Nachfrage. Ein zukunftsfaehiges Energiemarktdesign fuer Deutschland

    Energy Technology Data Exchange (ETDEWEB)

    Ecke, Julius; Herrmann, Nicolai [enervis energy advisors GmbH, Berlin (Germany)

    2013-09-01

    The German energy policy debate is currently focusing on different design options for a capacity mechanism. With VKU and BDEW, two leading associations in which almost all German energy market actors are represented, have positioned themselves in favor of a decidedly market-based capacity mechanism. The position of the VKU is based on the study ''A sustainable energy market design for Germany'', which was presented in March 2013. The following article describes the state of the energy market design debate in Germany and summarizes the proposed market design resulting from the VKU study. (orig.)

  2. An outline of the Dutch Waste sector and its market structure; Een verkenning van de Nederlandse afvalbranche en haar marktstructuur

    Energy Technology Data Exchange (ETDEWEB)

    Reezigt, M.J.A.

    2009-03-15

    The research question of this study is: is the current situation in the waste industry in the Netherlands reason to implement new regulations to improve the market in this sector? After the introduction and a view on the governmental policy follows a survey of the market and an overview of recent developments in the industry. Then follows an elaboration of the specific sub-sectors. These are separately analyzed on the basis of the SCP-model (Structure-Conduct-Performance framework) of Bain (1951), which provides information about the structural elements of the sector specific markets [Dutch] De onderzoeksvraag van deze studie luidt: geeft de huidige situatie in de afvalbranche aanleiding om tot nieuwe reguleringen over te gaan ter bevordering van de marktwerking in deze branche? Na de inleiding en een blik op het overheidsbeleid volgt een verkenning van de markt en een overzicht van recente ontwikkelingen binnen de branche. Vervolgens wordt dieper ingegaan op de specifieke deelsectoren. Deze worden los van elkaar geanalyseerd aan de hand van het SGR-model (Structuur-Gedrag-Resultaatschema) van Bain (1951), wat informatie verschaft over de structuurelementen van de sectorspecifieke markten.

  3. Carbon-dioxide emissions trading and hierarchical structure in worldwide finance and commodities markets.

    Science.gov (United States)

    Zheng, Zeyu; Yamasaki, Kazuko; Tenenbaum, Joel N; Stanley, H Eugene

    2013-01-01

    In a highly interdependent economic world, the nature of relationships between financial entities is becoming an increasingly important area of study. Recently, many studies have shown the usefulness of minimal spanning trees (MST) in extracting interactions between financial entities. Here, we propose a modified MST network whose metric distance is defined in terms of cross-correlation coefficient absolute values, enabling the connections between anticorrelated entities to manifest properly. We investigate 69 daily time series, comprising three types of financial assets: 28 stock market indicators, 21 currency futures, and 20 commodity futures. We show that though the resulting MST network evolves over time, the financial assets of similar type tend to have connections which are stable over time. In addition, we find a characteristic time lag between the volatility time series of the stock market indicators and those of the EU CO(2) emission allowance (EUA) and crude oil futures (WTI). This time lag is given by the peak of the cross-correlation function of the volatility time series EUA (or WTI) with that of the stock market indicators, and is markedly different (>20 days) from 0, showing that the volatility of stock market indicators today can predict the volatility of EU emissions allowances and of crude oil in the near future.

  4. The Managerial Labor Market and the Governance Role of Shareholder Control Structures in the UK

    NARCIS (Netherlands)

    Renneboog, L.D.R.; Trojanowski, G.

    2002-01-01

    We simultaneously analyze two mechanisms of the managerial labor market: CEO turnover and monetary remuneration schemes.Sample selection models and hazard analyses applied to a random sample of 250 firms listed on the London Stock Exchange over a six-year pre-Cadbury period show that managerial

  5. Towards a single European electricity market : A structured approach to regulatory mode decision-making

    NARCIS (Netherlands)

    De Jong, H.M.

    2009-01-01

    This study focuses on the processes through which the rules and regulations that govern European electricity markets - and inherently, their integration process - are established. So far, European policy makers have largely followed a 'trial-and-error' approach to finding an appropriate regulatory

  6. Analogical Reasoning as a Decision Support Principle for Weakly-Structured Marketing Problems

    NARCIS (Netherlands)

    N.A.P. Althuizen (Niek)

    2006-01-01

    textabstractVeel marketing problemen zijn zwak-gestructureerd. Vanuit de psychologie weten we dat analoog redeneren een effectieve manier is om dit soort problemen op te lossen. Dat wil zeggen: één van de eerste dingen die een manager zal doen wanneer hij geconfronteerd wordt met een dergelijk

  7. Phosphate Production Reduction Decree of the Netherlands : impact on markets, environment and dairy farm structure

    NARCIS (Netherlands)

    Jongeneel, Roel; Daatselaar, Co; Leeuwen, van Myrna; Silvis, Huib

    2017-01-01

    This research has been commissioned by the Ministry of Economic Affairs. Wageningen Economic Research, an independent research institute, has been asked to assess the market impacts and environmental impacts of the PPRD. The following research questions were defined: Assess the impacts of the PPRD

  8. Growth, Structure and Firm Dynamics in Grain Markets: The Case of ...

    African Journals Online (AJOL)

    Optiplex 7010 Pro

    market, firms faced with a U-shaped average cost curve will grow until they reach the ... Regulation and institutional challenges may also deter firm owners from making .... owners/managers account for only 10% of the grain traders. Women ...

  9. Between Structure and Agency: Contextualizing School Leaders' Strategic Responses to Market Pressures

    Science.gov (United States)

    Jabbar, Huriya

    2016-01-01

    School choice is expected to place pressure on schools to improve to attract and retain students. However, little research has examined how competition for students actually operates in socially embedded education markets. Economic approaches tend to emphasize individual actors' choices and agency, an undersocialized perspective, whereas…

  10. Structural stability of the market model after the Three Mile Island accident

    International Nuclear Information System (INIS)

    Chen, C.R.

    1984-01-01

    This article examines the stability of alpha and beta in the market model resulting from the Three Mile Island accident. The data consist of weekly returns on 70 utility stocks. Both a dummy variable test and the Fisher F statistics are utilized to test for stability. In addition to the individual stocks, the 70 utilities are partioned into two portfolios for the test: nuclear and non-nuclear. The main conclusions are: for the non-nuclear portfolio, no change is observed; for the nuclear portfolio, alpha fell and beta rose (the impact, however, is transitory and insignificant); and the behavior of the residuals suggests that the result is consistent with an efficient market. 17 references, 3 tables

  11. Analysis of the Structure of Job Offers on the Czech Labour Market

    Directory of Open Access Journals (Sweden)

    Martínek Tomáš

    2014-09-01

    Full Text Available Labour market development is an important macro-economic indicator of every national economy. Labour supply in particular fields should reflect on demands of employers on newly recruited employees. These demands can be analysed by studying published job offers. This analysis of Czech labour market is conducted based on the aggregated statistical data collected by an on-demand application. The studied data sample covers more than 60% of all the job offers published in the Czech Republic. The situation in respective occupational fields is compared with aggregate nation-wide average as well as with data from other fields. Results show distinct differences in absolute quantity of offers, compensations to employees offered as well as qualification requirements.

  12. EXPLAINING CORPORATE STRUCTURE:THE MD MATRIX, PRODUCT DIFFERENTIATION AND SIZE OF MARKET

    OpenAIRE

    Alessandro Sembenelli; Laura Rondi; Stephen W. Davies

    1995-01-01

    Conventional explanations of diversification and multinationality both point to the existence of intangible assets as a driving force. Using a new database of leading EU firms in 100 NACE 3-digit industries, we devise a classificatory scheme which allows us to analyze multinationality and diversification jointly. We find that product differentiation and home market primary industry size constraints impact differently on different types of diversified firms. For instance, it appears that the c...

  13. Welfare versus market access : the implications of tariff structure for tariff reform

    OpenAIRE

    James E. Anderson; J. Peter Neary

    2004-01-01

    We show that the effects of tariff changes on welfare and import volume can be fully characterised by their effects on the generalised mean and variance of the tariff distribution. Using these tools, we derive new results for welfare- and market-access-improving tariff changes, which imply two "cones of liberalisation" in price space. Because welfare is negatively but import volume positively related to the generalised variance, the cones do not intersect, which poses a dilemma for trad...

  14. A new method of measuring stock market manipulation through structural equation modeling (SEM)

    OpenAIRE

    Maxim, Maruf Rahman; Ashif, Abu Sadat Muhammad

    2017-01-01

    This paper proposes a new model of measuring a latent variable, stock market manipulation. The model bears close resemblance with the literature on economic well-being. It interprets the manipulation of a stock as a latent variable, in the form of a multiple indicators and multiple causes (MIMIC) model. This approach exploits systematic relations between various indicators of manipulation and between manipulation and multiple causes, which allows it to identify the determinants of manipulatio...

  15. Labour Market Implications of a Compressed Wage Structure when Education and Training are Endogenous

    DEFF Research Database (Denmark)

    Malchow-Møller, Nikolaj; Rose Skaksen, Jan

    2003-01-01

    market. While institutional wage compressiondecreases the incentives of individuals to become educated, itincreases the incentives of firms to invest in training. As a result, thenet effects of wage compression on the aggregate human capital leveland GDP are ambiguous. Moreover, with wage compression......, a skillbiasedtechnological change may cause wage inequality to decrease.Keywords: Wage compression, training, education, inequality, institutions,skill-biased technological change.JEL: I21, J31, J5, O33....

  16. Psychometrics Of Hotel Service Quality: Comparative Factor Structures Of Alternative Market Segments

    OpenAIRE

    Mark I. Alpert; Rajagopal Raghunathan

    2011-01-01

    When different market segments are encountered, can the same instrument be used to understand and predict the determinants of customer perceptions of service quality, satisfaction and retention? This paper analyzes a national sample of over 18,000 U.S. customer surveys regarding hotel experiences in a range of properties from budget to near-luxury accommodations. Its purpose is to examine the dimensionality of customer satisfaction for business vs. pleasure travelers, and male vs. female gues...

  17. Increasing Wage Gap, Spatial Structure and Market Access: Evidence from Swedish Micro Data

    OpenAIRE

    Nabavi, Pardis

    2015-01-01

    The new economic geography predicts that the wage gap will increase with accessibility to markets but does not consider the impact of spatial proximity. In contrast, urban economic theory explains wage differences by density without accounting for accessibility. Using a rich Swedish micro-panel, we empirically examine the two rival theories for males and females separately, controlling for individual, firm and regional characteristics. The regression results indicate that wage dispersion is c...

  18. Advertising and the Evolution of Market Structure in the US Car Industry

    OpenAIRE

    Geroski, Paul A; Mazzucato, Mariana

    2001-01-01

    This paper focuses on a single simple stylized fact which stands out from the post-war history of the US car industry, namely that industry concentration fell just at the same time as industry advertising expenditures rose sharply. Since both events were almost certainly caused by the entry and market penetration of (largely) foreign owned car producers, this stylized fact raises interesting questions about whether – and if so, how – advertising affects entry. We use a model of consumer switc...

  19. Variance Analysis of Wind and Natural Gas Generation under Different Market Structures: Some Observations

    Energy Technology Data Exchange (ETDEWEB)

    Bush, B.; Jenkin, T.; Lipowicz, D.; Arent, D. J.; Cooke, R.

    2012-01-01

    Does large scale penetration of renewable generation such as wind and solar power pose economic and operational burdens on the electricity system? A number of studies have pointed to the potential benefits of renewable generation as a hedge against the volatility and potential escalation of fossil fuel prices. Research also suggests that the lack of correlation of renewable energy costs with fossil fuel prices means that adding large amounts of wind or solar generation may also reduce the volatility of system-wide electricity costs. Such variance reduction of system costs may be of significant value to consumers due to risk aversion. The analysis in this report recognizes that the potential value of risk mitigation associated with wind generation and natural gas generation may depend on whether one considers the consumer's perspective or the investor's perspective and whether the market is regulated or deregulated. We analyze the risk and return trade-offs for wind and natural gas generation for deregulated markets based on hourly prices and load over a 10-year period using historical data in the PJM Interconnection (PJM) from 1999 to 2008. Similar analysis is then simulated and evaluated for regulated markets under certain assumptions.

  20. Time and frequency structure of causal correlation networks in the China bond market

    Science.gov (United States)

    Wang, Zhongxing; Yan, Yan; Chen, Xiaosong

    2017-07-01

    There are more than eight hundred interest rates published in the China bond market every day. Identifying the benchmark interest rates that have broad influences on most other interest rates is a major concern for economists. In this paper, a multi-variable Granger causality test is developed and applied to construct a directed network of interest rates, whose important nodes, regarded as key interest rates, are evaluated with CheiRank scores. The results indicate that repo rates are the benchmark of short-term rates, the central bank bill rates are in the core position of mid-term interest rates network, and treasury bond rates lead the long-term bond rates. The evolution of benchmark interest rates from 2008 to 2014 is also studied, and it is found that SHIBOR has generally become the benchmark interest rate in China. In the frequency domain we identify the properties of information flows between interest rates, and the result confirms the existence of market segmentation in the China bond market.

  1. Effect of cement kiln dust and gamma irradiation on the ultrasonic parameters of HMO borate glasses

    Energy Technology Data Exchange (ETDEWEB)

    Abd elfadeel, G. [Physics Department, Faculty of Science, Al-Azhar University, Assiut 71524 (Egypt); Saddeek, Yasser B., E-mail: ysaddeek@gmail.com [Physics Department, Faculty of Science, Al-Azhar University, Assiut 71524 (Egypt); Mohamed, Gehan Y. [Experimental Nuclear Physics Department, Nuclear Research Center, Atomic Energy Authority, Post Office No. 13759, Cairo (Egypt); Mostafa, A.M.A. [Physics Department, Faculty of Science, Al-Azhar University, Assiut 71524 (Egypt); Shokry Hassan, H. [Advanced Technology and New Materials Research Institute, City of Scientific Research and Technology Applications, New Borg El-Arab City, Alexandria 21934 (Egypt)

    2017-03-01

    Glass samples with the chemical formula x CKD—(100 − x) (5Na{sub 2}O–65 B{sub 2}O{sub 3}–9 Bi{sub 2}O{sub 3}–21PbO), (0 ⩽ x ⩽ 32 mol%) were prepared. The density and the ultrasonic estimations of the investigated glasses were analyzed at room temperature before and after the impact of two dosages of gamma irradiation to study the effect of both CKD and gamma radiation. It was found that the density, and the ultrasonic parameters are sensitive to the variety of the content of CKD and the effect of γ-radiation. Replacement of oxides with higher atomic weights such as Bi{sub 2}O{sub 3} and PbO by CKD decreases the density. Analysis of the behavior of the ultrasonic parameters demonstrates that creation of CaO{sub 6} and SiO{sub 4} on one hand and an alternate transformation between BO{sub 4} and BO{sub 3} structural units, on the other hand, affect the increase of the ultrasonic velocities and the elastic moduli. Moreover, the density and the ultrasonic parameters decrease somewhat with the increase of the doses of γ-irradiation. The variations of the previous physical parameters can be referred to the creation of radiation imperfections, which occupied the voids inside the glass structure.

  2. Effect of cement kiln dust and gamma irradiation on the ultrasonic parameters of HMO borate glasses

    Science.gov (United States)

    Abd elfadeel, G.; Saddeek, Yasser B.; Mohamed, Gehan Y.; Mostafa, A. M. A.; Shokry Hassan, H.

    2017-03-01

    Glass samples with the chemical formula x CKD-(100 - x) (5Na2O-65 B2O3-9 Bi2O3-21PbO), (0 ⩽ x ⩽ 32 mol%) were prepared. The density and the ultrasonic estimations of the investigated glasses were analyzed at room temperature before and after the impact of two dosages of gamma irradiation to study the effect of both CKD and gamma radiation. It was found that the density, and the ultrasonic parameters are sensitive to the variety of the content of CKD and the effect of γ-radiation. Replacement of oxides with higher atomic weights such as Bi2O3 and PbO by CKD decreases the density. Analysis of the behavior of the ultrasonic parameters demonstrates that creation of CaO6 and SiO4 on one hand and an alternate transformation between BO4 and BO3 structural units, on the other hand, affect the increase of the ultrasonic velocities and the elastic moduli. Moreover, the density and the ultrasonic parameters decrease somewhat with the increase of the doses of γ-irradiation. The variations of the previous physical parameters can be referred to the creation of radiation imperfections, which occupied the voids inside the glass structure.

  3. Indigenous Social Capital in Traditional Agro-Food Marketing Systems: The Role of Trust in Governance Structure Selection in the Philippine Highlands

    OpenAIRE

    Milagrosa, Aimee; Slangen, Louis H.G.

    2006-01-01

    The decision-making of indigenous Ibaloi and Kankanaey growers in seven highland communities of Benguet, Cordillera region Philippines was captured in three models. The models explain factors affecting their selection of primary transacting partners. The farmers three main primary marketing links are commissioners, wholesalers and contractors. Commissioner-led governance structures are market-based and the relationship is motivated by profit. Wholesaler-led governance structures are partly-ma...

  4. Sustainable Corporate Social Media Marketing Based on Message Structural Features: Firm Size Plays a Significant Role as a Moderator

    Directory of Open Access Journals (Sweden)

    Moon Young Kang

    2018-04-01

    Full Text Available Social media has been receiving attention as a cost-effective tool to build corporate brand image and to enrich customer relationships. This phenomenon calls for more attention to developing a model that measures the impact of structural features, used in corporate social media messages. Based on communication science, this study proposes a model to measure the impact of three essential message structural features (interactivity, formality, and immediacy in corporate social media on customers’ purchase intentions, mediated by brand attitude and corporate trust. Especially, social media platforms are believed to provide a good marketing platform for small and medium enterprises (SMEs by providing access to huge audiences at a very low cost. The findings from this study based on a structural equation model suggest that brand attitude and corporate trust have larger impacts on purchase intention for SMEs than large firms. This implies that SMEs with little to no presence in the market should pay more attention to building corporate trust and brand attitude for their sustainable growth.

  5. Integration of the market of the European Community and the change of the industrial structure; EC shijo togo to sangyo kozo no henka

    Energy Technology Data Exchange (ETDEWEB)

    Nakamura, T; Uno, K; Tanimoto, T; Yamashita, T [Osaka Sangyo University, Osaka (Japan). Institute for Industrial Research

    1994-11-22

    This paper describes progress of the cooperation as to the integration of EC market and the change of industrial structure. For the structural change in the industry and economy accompanied by the integration of EC, effects of the Maastricht Treaty on the economic structure of EC are described. It is considered that the EC countries are affected by the political and economical restrictions due to the agreement of this treaty. For the change in the distribution structure accompanied by the integration of EC, obstruction factors of the deregulation of EC transportation market are especially investigated. Differences in the distribution capacity, various regulations and standards, and labor condition among individual countries are pointed out as the obstruction factors. For the unity of Germany and its economical and administrative influence, various problems are pointed out as to the economical confusion, progress in the de-nationalization of enterprises, management of real estate and land, etc. For the structural change in the road freight market in the member nations of EC, the structure of road freight market is made clear for the previous West Germany before the integration of European market. It is confirmed that the internationalization of the German domestic market is being promoted.

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

    NARCIS (Netherlands)

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

    2003-01-01

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

  7. Beneficiary price sensitivity in the Medicare prescription drug plan market.

    Science.gov (United States)

    Frakt, Austin B; Pizer, Steven D

    2010-01-01

    The Medicare stand-alone prescription drug plan (PDP) came into existence in 2006 as part of the Medicare prescription drug benefit. It is the most popular plan type among Medicare drug plans and large numbers of plans are available to all beneficiaries. In this article we present the first analysis of beneficiary price sensitivity in the PDP market. Our estimate of elasticity of enrollment with respect to premium, -1.45, is larger in magnitude than has been found in the Medicare HMO market. This high degree of beneficiary price sensitivity for PDPs is consistent with relatively low product differentiation, low fixed costs of entry in the PDP market, and the fact that, in contrast to changing HMOs, beneficiaries can select a PDP without disrupting doctor-patient relationships.

  8. The Effect of Emission Permits and Pigouvian Taxes on Market Structure

    Energy Technology Data Exchange (ETDEWEB)

    Bunuel, M.

    2001-07-01

    Differently from Pigouvian taxes and direct regulation, tradable emission permits can decrease competition in a polluting industry under certain circumstances. Assume a potential entrant who can buy every permit. When permits are given free to current polluters, monopolization occurs if not every polluter foresees it. If foreseen, polluters want to free ride on the entrant's market power, but entry can still occur, although not with certainty. Considering a symmetric, mixed-strategy equilibrium with unconditional bids, the probability of entry decreases as the number of polluters increase. When permits are sold initially, monopolization occurs without more requirements than polluters being financially constrained. (Author)

  9. Two oil spills: interrelatedness of socioeconomic structure and impact on seafood marketing systems

    Energy Technology Data Exchange (ETDEWEB)

    Rosenblum, I

    1978-01-01

    Little research has been done, to date, on the socioeconomic effects of oil spills. The socioeconomic investigations which were carried out in connection with the ''Saint Peter'' oil spill off the Colombian/Ecuadorian coast, and the ''Urquiola'' oil spill at La Coruna harbor in north-western Spain have provided an opportunity to document different effects on the seafood marketing systems in the two communities. The differences of the impact of the oil spills permitted an insight into the interrelatedness of socioeconomic factors both with respect to the effects produced and the degree of success of the corrective measures where such were implemented.

  10. Two oil spills: interrelation between the socioeconomic structure and impact on seafood marketing systems

    Energy Technology Data Exchange (ETDEWEB)

    Rosenblum, I

    1979-01-01

    Little research has been done, to date, on the socioeconomic effects of oil spills. The socioeconomic investigations which were carried out in connection with the Saint Peter oil spill off the Colombian/Ecuadorian coast, and the Urquiola oil spill at La Coruna harbor in north-western Spain have provided an opportunity to document different effects on the seafood marketing systems in the two communities. The differences of the impact of the oil spills permitted an insight into the interrelation between socioeconomic factors both with respect to the effects produced and the degree of success of the corrective measures where such were implemented.

  11. The structure of Canada's uranium industry and its future market prospects

    International Nuclear Information System (INIS)

    1981-01-01

    Production of uranium in Canada began in the 1940s to supply the needs of US weapons development. After 1966 a growing demand for uranium for nuclear power production stimulated exploration, and since then the health of the Canadian uranium industry has been tied to the state of the nuclear power industry. Uranium exploration in Canada is carried out mainly by private enterprise, although the federal and two provincial governments compete through crown corporations. Seven companies produce ore, and six have processing plants. Expansion is underway at several existing operations, and some new projects are underway. The industry is strongly dependent on export markets; only about 15 percent of Canadian production is used in the country. There is one uranium refinery which produces UO 2 powder for CANDU reactor fuel and UF 6 for export. The uranium hexafluoride facility is being expanded. Federal government policy affects the uranium industry in the fields of regulation, ownership, safeguards, protection of the domestic industry, and international marketing. The short-term outlook for the industry is deteriorating, with declining uranium prices, but prospects seem considerably brighter in the longer term. Canada has about 12 percent of the world's uranium reserves, and is the second-largest producer. Discovery potential is believed to be excellent

  12. The effects of behavioral and structural assumptions in artificial stock market

    Science.gov (United States)

    Liu, Xinghua; Gregor, Shirley; Yang, Jianmei

    2008-04-01

    Recent literature has developed the conjecture that important statistical features of stock price series, such as the fat tails phenomenon, may depend mainly on the market microstructure. This conjecture motivated us to investigate the roles of both the market microstructure and agent behavior with respect to high-frequency returns and daily returns. We developed two simple models to investigate this issue. The first one is a stochastic model with a clearing house microstructure and a population of zero-intelligence agents. The second one has more behavioral assumptions based on Minority Game and also has a clearing house microstructure. With the first model we found that a characteristic of the clearing house microstructure, namely the clearing frequency, can explain fat tail, excess volatility and autocorrelation phenomena of high-frequency returns. However, this feature does not cause the same phenomena in daily returns. So the Stylized Facts of daily returns depend mainly on the agents’ behavior. With the second model we investigated the effects of behavioral assumptions on daily returns. Our study implicates that the aspects which are responsible for generating the stylized facts of high-frequency returns and daily returns are different.

  13. Natural gas marketing II

    International Nuclear Information System (INIS)

    Anon.

    1988-01-01

    This book covers all aspects of gas marketing, from the basic regulatory structure to the latest developments in negotiating agreements and locating markets. Topics include: Federal regulation of the gas industry; Fundamentals of gas marketing contracts; FERC actions encouraging competitive markets; Marketing conditions from the pipelines' perspective; State non-utility regulation of natural gas production, transportation, and marketing; Natural gas wellhead agreements and tariffs; Natural gas processing agreements; Effective management of producer's natural gas contracts; Producer-pipeline litigation; Natural gas purchasing from the perspective of industrial gas users; Gas marketing by co-owners: problems of disproportionate sales, gas balancing, and accounting to royalty owners; Alternatives and new directions in marketing

  14. PS3-18: Use of Antidepressant and Anti-Anxiety Medications Among Breast Cancer Survivors in a HMO

    Science.gov (United States)

    Avila, Chantal; Haque, Reina; Quinn, Virginia; Schottinger, Joanne; Fisher, Alice

    2010-01-01

    Background: Almost 200,000 U.S. women are diagnosed each year with breast cancer and over 40,000 women will die of the disease. In addition to the medical and functional consequences of the diagnosis and treatment, women experience worry, persistent anxiety, fear and depressive disorders. Overall, 30% of women diagnosed with breast cancer suffer significant distress at some point in their illness trajectory. National health organizations including the Institute of Medicine and National Cancer Institute call for treatment of common symptoms among breast cancer patients such as depression and anxiety. To date, there are only limited reports on the prevalence of treatment, and even fewer studies have examined potential differences by race/ethnicity, age, or tumor characteristics. Aim: To describe the prevalence of pharmacotherapy for depressive symptoms/anxiety among patients diagnosed with breast cancer in a large HMO. Methods: We identified all women diagnosed with primary breast cancer between 2000–2006 (n=10,408) who had been members of Kaiser Permanente Southern California (KPSC) for 1+ years prior to diagnosis. KPSC is a nonprofit comprehensive prepaid health plan serving 3.2 million socioeconomically diverse members. Data was obtained from the KPSC SEER-affiliated cancer registry and automated clinical, pharmacy, and membership databases. We examined patient and tumor characteristics associated with new use of pharmacotherapy for depression/anxiety. Univariate odds ratios (OR) and 95% confidence intervals (CI) were estimated using logistic regression. Results: We found 35% of women (3,611 of 10,408) were newly prescribed either anti-depressant or anti-anxiety medications within a year of breast cancer diagnosis. Younger women (e.g., OR=1.44, CI=1.28–1.63 for 40–49 year olds v. 60–69) and women with higher stage (e.g., OR=3.40, CI=2.87–4.04 for Stage 3 v. Stage 0) were more likely to be prescribed these medications, while African-American (OR=0.81, CI

  15. Effects of global financial crisis on network structure in a local stock market

    Science.gov (United States)

    Nobi, Ashadun; Maeng, Seong Eun; Ha, Gyeong Gyun; Lee, Jae Woo

    2014-08-01

    This study considers the effects of the 2008 global financial crisis on threshold networks of a local Korean financial market around the time of the crisis. Prices of individual stocks belonging to KOSPI 200 (Korea Composite Stock Price Index 200) are considered for three time periods, namely before, during, and after the crisis. Threshold networks are constructed from fully connected cross-correlation networks, and thresholds of cross-correlation coefficients are assigned to obtain threshold networks. At the high threshold, only one large cluster consisting of firms in the financial sector, heavy industry, and construction is observed during the crisis. However, before and after the crisis, there are several fragmented clusters belonging to various sectors. The power law of the degree distribution in threshold networks is observed within the limited range of thresholds. Threshold networks are fatter during the crisis than before or after the crisis. The clustering coefficient of the threshold network follows the power law in the scaling range.

  16. The structural role of weak and strong links in a financial market network

    Science.gov (United States)

    Garas, A.; Argyrakis, P.; Havlin, S.

    2008-05-01

    We investigate the properties of correlation based networks originating from economic complex systems, such as the network of stocks traded at the New York Stock Exchange (NYSE). The weaker links (low correlation) of the system are found to contribute to the overall connectivity of the network significantly more than the strong links (high correlation). We find that nodes connected through strong links form well defined communities. These communities are clustered together in more complex ways compared to the widely used classification according to the economic activity. We find that some companies, such as General Electric (GE), Coca Cola (KO), and others, can be involved in different communities. The communities are found to be quite stable over time. Similar results were obtained by investigating markets completely different in size and properties, such as the Athens Stock Exchange (ASE). The present method may be also useful for other networks generated through correlations.

  17. Integration of the market of the European community and the change of the industrial structure. EC shijo togo to sangyo kozo no henka

    Energy Technology Data Exchange (ETDEWEB)

    Tanimoto, T; Uno, K; Nakamura, T; Yamashita, S [Osaka Sangyo University, Osaka (Japan). Institute for Industrial Research

    1992-11-20

    This paper considers problems in the change of the industrial structure as a result of the EC market integration, and the change of the physical distribution structure, mainly in cargo transportation. The market integration is being moved forward mainly on liberalization of flows in people, materials, and currencies, but the material flow liberalization has not progressed noticeably because of difficulty in deregulations. Changes in the transportation structure on the whole in the EC countries would not see a complete removal of barriers supported by the transportation licensing system because of issues in protecting domestic transportation markets and sharing the road expenses, even if the tariff barrier has been removed as a result of the market integration. Amid the predictions on deregulated legislations and intensified competition associated with the integration, the French trucking industry is indicated of its direction toward a two-layer structure comprising large-scale enterprises and medium-to-small companies. The German unification created problems in transferring from the socialistic command economy to the capitalistic market economy. The paper gives considerations on the real state of affairs in the privatization policy of the people-owned enterprises in the former East Germany, and its economic and managerial problems that should be solved amid the large-area EC market integration based on the mutualism over and above the economic system transition.

  18. Market structure, price rigidity, and performance in the Indonesian food and beverages industry

    NARCIS (Netherlands)

    Setiawan, M.

    2012-01-01

    Keywords: industrial concentration, price rigidity, technical efficiency, price-cost margin, Structure-Conduct-Performance (SCP), new empirical industrial organization (NEIO), Indonesian food and beverages industry, Data Envelopment Analysis (DEA), system of equations

  19. the structure of labour market and demand for hired labour for oil

    African Journals Online (AJOL)

    DEPT OF AGRICULTURAL ENGINEERING

    Descriptive statistics and the ordinary least square regres- sion techniques have been ... Keywords: structure of labour, hired labour, oil palm production, demand elasticities ...... Migration and Envi- ... to the International Labour Organization,.

  20. Cost Characteristics of Telecom Networks and their Implications for Market Structures

    DEFF Research Database (Denmark)

    Falch, Morten

    1997-01-01

    The paper analyses the cost structure of telecom operators and test the hypotheses of economies of scale and economies of density. The impact of new technologies and the regulatory implications are analysed.......The paper analyses the cost structure of telecom operators and test the hypotheses of economies of scale and economies of density. The impact of new technologies and the regulatory implications are analysed....

  1. Estimating Price Volatility Structure in Iran’s Meat Market: Application of General GARCH Models

    Directory of Open Access Journals (Sweden)

    Z. Rasouli Birami

    2016-10-01

    Full Text Available Introduction: Over the past few years, the price volatility of agricultural products and food markets has attracted attention of many researchers and policy makers. This growing attention was started from the food price crisis in 2007 and 2008 when major agricultural products faced accelerated price increases and then rapidly decreased. This paper focused on the price volatility of major commodities related to three market levels of Iran’s meat market, including hay (the input level, calf and sheep (the wholesale level and beef and mutton (the retail level. In particular, efforts will made to find more appropriate models for explaining the behavior of volatility of the return series and to identify which return series are more volatile. The effects of good and bad news on the volatility of prices in each return series will also be studied. Materials and Methods: Different GARCH type models have been considered the best for modeling volatility of return series. Nonlinear GARCH models were introduced to capture the effect of good and bad news separately. The paper uses some GARCH type models including GARCH, Exponential GARCH (EGARCH, GJR-GARCH, Threshold GARCH (TGARCH, Simple Asymmetric GARCH (SAGARCH, Power GARCH (PGARCH, Non-linear GARCH (NGARCH, Asymmetric Power GARCH (APGARCH and Non-linear Power GARCH (NPGARCH to model the volatility of hay, calf, sheep, beef and mutton return series. The data on hay, calf, sheep, and beef and mutton monthly prices are published by Iran’s livestock support firm. The paper uses monthly data over the sample period of the May 1992 to the March 2014. Results and Discussion: Descriptive statistics of the studied return series show evidence of skewness and kurtosis. The results here show that all the series has fat tails. The significant p-values for the Ljung-Box Q-statistics mean that the auto-correlation exists in the squared residuals. The presence of unit roots in the return series is confirmed by the

  2. Market-based control strategy for long-span structures considering the multi-time delay issue

    Science.gov (United States)

    Li, Hongnan; Song, Jianzhu; Li, Gang

    2017-01-01

    To solve the different time delays that exist in the control device installed on spatial structures, in this study, discrete analysis using a 2 N precise algorithm was selected to solve the multi-time-delay issue for long-span structures based on the market-based control (MBC) method. The concept of interval mixed energy was introduced from computational structural mechanics and optimal control research areas, and it translates the design of the MBC multi-time-delay controller into a solution for the segment matrix. This approach transforms the serial algorithm in time to parallel computing in space, greatly improving the solving efficiency and numerical stability. The designed controller is able to consider the issue of time delay with a linear controlling force combination and is especially effective for large time-delay conditions. A numerical example of a long-span structure was selected to demonstrate the effectiveness of the presented controller, and the time delay was found to have a significant impact on the results.

  3. BACKTESTING VALUE AT RISK MODELS IN THE PRESENCE OF STRUCTURAL BREAK ON THE ROMANIAN AND HUNGARIAN STOCK MARKETS

    Directory of Open Access Journals (Sweden)

    Cociuba Mihail Ioan

    2014-07-01

    Full Text Available Transactions on financial markets are associated with variability, risk and uncertainty, so quantification of risk has a great importance. Beside Standard Deviation and Variance, one of the most involved risk measure methods is Value-at-Risk (VaR. In this study, we use daily return for the stock index from Romania (BET and Hungary (BUX for the 01:2007 - 02:2013 periods in order to test the influence of structural breaks on the VaR metrics. We find out that the ARCH phenomenon is present, so we use the GARCH family models. The structural breaks in the series mean and variance are identified using the Zivot-Andrews test and PELT algorithm, the structural break dates are captured using dummy variables in the GARCH models (struc-GARCH, the selection of models is done using the informational criterion [Akaike, Schwarz, Log-likelihood]. The results of present research show a greater volatility associated with a higher risk level in case of Romanian stock index. The stock market indices return follows a negatively skewed and leptokurtic distributions forms either in two cases, so is unspecific a normal distribution. After applying above mentioned tests we can conclude that there are eight structural breaks in BET index returns variance and there are five breakpoints in case of BUX. The breakpoints in mean show very closely results in time, for BET in February 2009 and for BUX March 2009. Backtesting VaR models are done by measuring the number of times the loss is greater than the VaR forecast. The first step for unconditional coverage testing consists in comparing of fraction of VaR violation for a particular risk model. The independence testing it is very important tool in back-testing, because it is not the same that the VaR violations are differentiated in time or there are clustered in some certain period. By checking the independence test, we have the possibility to discover and reject the model with clustered hit sequence. Testing the influence

  4. Is a National Pork Marketing Cooperative Viable? A Case Study of Pork America within the Context of Structural Change in the US Pork Industry

    OpenAIRE

    Gehrke, Brad C.; Matson, James

    2000-01-01

    After World War II, livestock slaughter decentralized and livestock producers increased direct sales to packers. As a result, livestock producers have been less likely than other agricultural producers to use cooperatives to market their farm production. Between 1994 and 1998, less than 15 percent of livestock and wool production was marketed through cooperatives compared with 80 percent of milk production and 40 to 50 percent of grains and oilseeds. Recent structural change in the livestock ...

  5. 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).

  6. Deregulation, market structure and gas prices in the Canadian Natural Gas Industry

    International Nuclear Information System (INIS)

    Uhler, R.S.

    1992-01-01

    During the course of the development of the natural gas industry in Canada, gas purchase and sales markets have evolved from being relatively free of regulation to being highly regulated and back again. Though pipeline transport charges were regulated, the pipeline companies, or their subsidiaries, owned the gas that they transported and price and other provisions of purchase and sales contracts were freely negotiated with the producers at one end and distributing utilities or industrial users at the other end. The Western Accord of 1985 set the process of deregulation of the Canadian natural gas industry in motion. On November 1, 1986, natural gas prices in interprovincial trade were deregulated in that domestic natural gas prices were to be freely negotiated. Although not stated explicitly, government policy is to permit export prices to be freely negotiated so long as they do not fall below domestic prices. The deregulation process has dramatically changed the relationship between buyers and sellers. Of particular importance is that deregulation has permitted companies to negotiate gas purchase contracts directly with producers with the pipeline company acting solely as a gas transporter. The purpose of this paper is to examine the forces that have led to shorter term contracts and to examine the likely effect of these contract terms on reservoir development investment incentives. 5 refs., 3 figs

  7. The use of the natural-gas pipeline infrastructure for hydrogen transport in a changing market structure

    International Nuclear Information System (INIS)

    Haeseldonckx, Dries; D'haeseleer, William

    2007-01-01

    In this paper, the transport and distribution aspects of hydrogen during the transition period towards a possible full-blown hydrogen economy are carefully looked at. Firstly, the energetic and material aspects of hydrogen transport through the existing natural-gas (NG) pipeline infrastructure is discussed. Hereby, only the use of centrifugal compressors and the short-term security of supply seem to constitute a problem for the NG to hydrogen transition. Subsequently, the possibility of percentwise mixing of hydrogen into the NG bulk is dealt with. Mixtures containing up to 17 vol% of hydrogen should not cause difficulties. As soon as more hydrogen is injected, replacement of end-use applications and some pipelines will be necessary. Finally, the transition towards full-blown hydrogen transport in (previously carrying) NG pipelines is treated. Some policy guidelines are offered, both in a regulated and a liberalised energy (gas) market. As a conclusion, it can be stated that the use of hydrogen-natural gas mixtures seems well suited for the transition from natural gas to hydrogen on a distribution (low pressure) level. However, getting the hydrogen gas to the distribution grid, by means of the transport grid, remains a major issue. In the end, the structure of the market, regulated or liberalised, turns out not to be important. (author)

  8. Marketing health care to employees: the structure of employee health care plan satisfaction.

    Science.gov (United States)

    Mascarenhas, O A

    1993-01-01

    Providing cost-contained comprehensive quality health care to maintain healthy and productive employees is a challenging problem for all employers. Using a representative panel of metropolitan employees, the author investigates the internal and external structure of employee satisfaction with company-sponsored health care plans. Employee satisfaction is differentiated into four meaningful groups of health care benefits, whereas its external structure is supported by the traditional satisfaction paradigms of expectation-disconfirmation, attribution, and equity. Despite negative disconfirmation, employees register sufficiently high health care satisfaction levels, which suggests some useful strategies that employers may consider implementing.

  9. Determinants of Regional Female Labour Market Participation in the Netherlands : A Spatial Structural Equation Modeling Approach

    NARCIS (Netherlands)

    Liu, An; Noback, Inge

    2011-01-01

    The paper analyses the determinants of female labour participation. Structural equation modelling is used to handle theoretical concepts and to solve the typical problem of multicollinearity. The proposed methodology is applied to a dataset for the year 2002 made up of a sample of 278 municipalities

  10. The impact of cooperative structure and firm culture on market orientation and performance

    NARCIS (Netherlands)

    Kyriakopoulos, K.; Meulenberg, M.T.G.; Nilsson, J.

    2004-01-01

    Abstract Building on recent advances in cooperative literature and practice, we conceive two key organizational features of cooperatives: cooperative structure (in terms of control, ownership, and cost/pricing policies resulting in traditional and re-engineered co-ops) as well as entrepreneurial

  11. the structure of labour market and demand for hired labour for oil

    African Journals Online (AJOL)

    DEPT OF AGRICULTURAL ENGINEERING

    Keywords: structure of labour, hired labour, oil palm production, demand ... age and sex of labour or employment status (i.e. ..... Work which by its nature or circumstances in which it is carried out is likely to harm the health, safety or morals of.

  12. Marketing Planning: Feeniks Koulu

    OpenAIRE

    Raut, Biranjan

    2013-01-01

    Degree Thesis “Marketing Planning: Feeniks Koulu” demonstrates structured marketing planning process with the help of case company “Feeniks Koulu”. The central idea of Thesis is to come up with systematic marketing plan following structured process. Thesis employs qualitative research methodology following inductive reasoning approach. Thesis, initiates by outlining theoretical planning methods, which then is materialized into marketing plan with the help of empirical research. Discussion and...

  13. Fine structure of spectral properties for random correlation matrices: an application to financial markets.

    Science.gov (United States)

    Livan, Giacomo; Alfarano, Simone; Scalas, Enrico

    2011-07-01

    We study some properties of eigenvalue spectra of financial correlation matrices. In particular, we investigate the nature of the large eigenvalue bulks which are observed empirically, and which have often been regarded as a consequence of the supposedly large amount of noise contained in financial data. We challenge this common knowledge by acting on the empirical correlation matrices of two data sets with a filtering procedure which highlights some of the cluster structure they contain, and we analyze the consequences of such filtering on eigenvalue spectra. We show that empirically observed eigenvalue bulks emerge as superpositions of smaller structures, which in turn emerge as a consequence of cross correlations between stocks. We interpret and corroborate these findings in terms of factor models, and we compare empirical spectra to those predicted by random matrix theory for such models.

  14. Fine structure of spectral properties for random correlation matrices: An application to financial markets

    Science.gov (United States)

    Livan, Giacomo; Alfarano, Simone; Scalas, Enrico

    2011-07-01

    We study some properties of eigenvalue spectra of financial correlation matrices. In particular, we investigate the nature of the large eigenvalue bulks which are observed empirically, and which have often been regarded as a consequence of the supposedly large amount of noise contained in financial data. We challenge this common knowledge by acting on the empirical correlation matrices of two data sets with a filtering procedure which highlights some of the cluster structure they contain, and we analyze the consequences of such filtering on eigenvalue spectra. We show that empirically observed eigenvalue bulks emerge as superpositions of smaller structures, which in turn emerge as a consequence of cross correlations between stocks. We interpret and corroborate these findings in terms of factor models, and we compare empirical spectra to those predicted by random matrix theory for such models.

  15. An Empirical Examination of Ownership Structure, Earnings Management and Growth Opportunities in Mexican Market

    Directory of Open Access Journals (Sweden)

    Juan Manuel San Martín Reyna

    2013-07-01

    Full Text Available This paper analyses the influence of ownership structure, board and leverage on the earnings management when companies either face, or do not face, profitable growth opportunities for a sample of 90 listed Mexican firms during the period 2005-2009. The results confirm the relevance of debt and board of directors in terms of earnings management by showing a positive relationship between earnings management and both board of directors and leverage in the presence of growth opportunities. In contrast, this relationship becomes negative when firms have no profitable investment projects. The results also demonstrate the relevance of controlling shareholders on earnings management under a growth opportunity setting.Therefore, our results show that ownership structure, composition and size of board and leverage play a dual role: reduce the earnings management when there are no investments projects, but impact positively in presence of growth opportunities.

  16. Aircraft-crash-protected steel reactor building roof structure for the European market

    International Nuclear Information System (INIS)

    Posta, B.A.; Kadar, I.; Rao, A.S.

    1996-01-01

    This paper recommends the use of all steel roof structures for the reactor building of European Boiling Water Reactor (BWR) plants. This change would make the advanced US BWR designs more compatible with European requirements. Replacement of the existing concrete roof slab with a sufficiently thick steel plate would eliminate the concrete spelling resulting from a postulated aircraft crash, potentially damaging the drywell head or the spent fuel pool

  17. Research Investments and Market Structure in the Food Processing, Agricultural Input, and Biofuel Industries Worldwide

    OpenAIRE

    Fuglie, Keith O.; Heisey, Paul W.; King, John L.; Day-Rubenstein, Kelly A.; Schimmelpfennig, David E.; Wang, Sun Ling

    2011-01-01

    Meeting growing global demand for food, fiber, and biofuel requires robust investment in agricultural research and development (R&D) from both public and private sectors. This study examines global R&D spending by private industry in seven agricultural input sectors, food manufacturing, and biofuel and describes the changing structure of these industries. In 2007 (the latest year for which comprehensive estimates are available), the private sector spent $19.7 billion on food and agricultural ...

  18. Where Should We Build a Mall? The Formation of Market Structure and Its Effect on Sales

    OpenAIRE

    Chung, Doug Jin; Seo, Kyoungwon; Song, Reo

    2017-01-01

    We estimate a structural model that takes into account the entry decisions of retail stores and their corollary effects on total shopping mall sales. By understanding the endogenous behavior of individual store entry, we provide guidance on location choice for mall developers. We find negative competition effects to dominate within store categories—especially among discount and midscale stores—but positive agglomeration effects to exist across store categories. Although varying by store brand...

  19. HIGH EFFICIENCY STRUCTURAL FLOWTHROUGH ROTOR WITH ACTIVE FLAP CONTROL: VOLUME THREE: MARKET & TEAM

    Energy Technology Data Exchange (ETDEWEB)

    Zuteck, Michael D. [Zimitar, Inc.; Jackson, Kevin L. [Zimitar, Inc.; Santos, Richard A. [Zimitar, Inc.

    2015-05-16

    The Zimitar one-piece rotor primary structure is integrated, so balanced thrust and gravity loads flow through the hub region without transferring out of its composite material. Large inner rotor geometry is used since there is no need to neck down to a blade root region and pitch bearing. Rotor control is provided by a highly redundant, five flap system on each blade, sized so that easily handled standard electric linear actuators are sufficient.

  20. U.S. Cotton Prices and the World Cotton Market: Forecasting and Structural Change

    OpenAIRE

    Isengildina-Massa, Olga; MacDonald, Stephen

    2009-01-01

    The purpose of this study was to analyze structural changes that took place in the cotton industry in recent years and develop a statistical model that reflects the current drivers of U.S. cotton prices. Legislative changes authorized the U.S. Department of Agriculture to resume publishing cotton price forecasts for the first time in 79 years. In addition, systematic problems have become apparent in the forecasting models used by USDA and elsewhere, highlighting the need for an updated review...

  1. Crystalline structure of the marketed form of Rifampicin: a case of conformational and charge transfer polymorphism

    Science.gov (United States)

    de Pinho Pessoa Nogueira, Luciana; de Oliveira, Yara S.; de C. Fonseca, Jéssica; Costa, Wendell S.; Raffin, Fernanda N.; Ellena, Javier; Ayala, Alejandro Pedro

    2018-03-01

    Rifampicin is a semi-synthetic drug derived from rifamycin B, and currently integrates the fixed dose combination tablet formulations used in the treatment of tuberculosis. It is also used in the leprosy polychemotherapy and prophylaxis, which are diseases classified as neglected according to the World Health Organization. Rifampicin is a polymorphic drug and its desirable polymorphic form is labeled as II, being the main goal of this study the elucidation of its crystalline structure. Polymorph II is characterized by two molecules with different conformations in the asymmetric unit and the following lattice parameters: a = 14.0760 (10) Å, b = 17.5450 (10) Å, c = 17.5270 (10) Å, β = 92.15°. Differently to the previously reported structures, a charge transference from the hydroxyl group of the naphthoquinone of one conformer to the nitrogen of the piperazine group of the second conformer was observed. The relevance of the knowledge of this crystalline structure, which is the preferred polymorph for pharmaceutical formulations, was evidenced by analyzing raw materials with polymorphic mixtures. Thus, the results presented in this contribution close an old information gap allowing the complete solid-state characterization of rifampicin.

  2. Market scope

    International Nuclear Information System (INIS)

    2002-01-01

    Nova Scotia's Energy Strategy is aimed at opening the electricity market to wholesale competition, allowing eligible wholesale customers (such as municipal distribution utilities) to buy their electricity from competitive sources. The Nova Scotia Electricity Marketplace Governance Committee (EMGC) is concerned that this will not promote long-term competition because these eligible customers form only a very small fraction (1.6 per cent) of the total electricity demand in the province. This report examines the possible extensions of competition beyond the minimum specified in the Energy Strategy. It also identifies approaches that the EMGC may consider, including other potential levels of competition and their associated issues. The report discussed the issue of implementing wholesale competition as it relates to unbundling of the transmission tariff from the cost of energy supply and from the cost of distribution in retail marketing. The stages of expanding the market scope were also described with reference to large industrial customers, medium industrial and large commercial customers, and small commercial and residential customers. The report states that it is unlikely that the transition to an open access transmission market will need to be reversed, as it is likely to be an essential component of any further development. The EMGC feels it could minimize future transition costs and promote future evolution of competition by recommending for an institutional and market structure that is compatible with a broader competitive market

  3. The Marketing Plan: An Integrative Device for Teaching Marketing Management.

    Science.gov (United States)

    Berdine, W. R.; Petersen, James C.

    1980-01-01

    The importance of the marketing plan is stressed as an integrative device for teaching marketing management, and a structure is presented to assist students in designing a marketing plan. Components of this plan include marketing objectives, targeting market and buying motives, external environment and competition, product, price, and promotion.…

  4. Cigarette purchasing behaviour in Thailand and Malaysia: Comparative analysis of a semi-monopolistic and a free-market structure

    OpenAIRE

    Ross, H.; Driezen, P.; Sirirassamee, B.; Kin, F.

    2009-01-01

    A wide range of cigarette prices can undermine the impact of tobacco tax policy when smokers switch to cheaper cigarettes instead of quitting. In order to better understand this behaviour, we study socio-economic determinants of price/brand choices in two different markets: a semi-monopolistic market in Thailand and a competitive market in Malaysia. The hypothesis that the factors affecting the price/brand choice are different in these two markets is analysed by employing a 2005 survey among ...

  5. 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.

  6. Does Ownership Structure Affect Value? New Evidence From The Spanish Capital Market

    Directory of Open Access Journals (Sweden)

    Antonio Mínguez-Vera

    2003-05-01

    Full Text Available This paper analyzes the influence of ownership structure on firm value. We find a negative relationship between the ownership of shareholders with large blocks, on the one hand, and the degree of control, on the other, with regard to firm value, the second relationship being significant. However, endogenous treatment of these variables then reveals a positive effect for the ownership of the major shareholders on firm value, although the opposite relationship is not significant; and no effect of the degree of control on Tobin's and vice versa. A positive effect is seen when the major shareholders are individuals.

  7. Economic governance in the Chinese PV industry: Structural and individual factors influencing market development

    Directory of Open Access Journals (Sweden)

    Gruss, Laura

    2015-03-01

    Full Text Available Since the beginning of the new millennium, the global production of photovoltaic (PV modules has been experiencing a rapid growth. In 2008, China already had 50 times more producers than in 2001 and three Chinese companies ranked amongst the top 10 PV producers worldwide. However, overcapacities and international trade disputes have challenged the success story of the Chinese PV industry. In order to try to tackle the mechanisms which have fostered the overall development of the Chinese PV industry since the 2000s, I have conducted a qualitative case study on Chinese PV modules producers. Following the logic of a qualitative research design, theories on cluster development have been used as an analytical device for structuring the causal narrative. In a circular research process design, structural factors, such as local growth fetishism and rebalancing, as well as individual factors, such as herd behaviour and wishful thinking, have been identified as drivers along the line of the life cycle of clusters. In this respect, this paper contests the still popular idea of the Chinese central government as the omnipotent and rational director of the Chinese economy and takes the consequences of past decentralization policies as well as bounded rationality into consideration. Since the political emphasis of regional development for global competitiveness had similar policy effects in different countries, the findings call for a context sensitive comparison between industries and countries.

  8. Inferring the interplay between network structure and market effects in Bitcoin

    International Nuclear Information System (INIS)

    Kondor, Dániel; Csabai, István; Szüle, János; Pósfai, Márton; Vattay, Gábor

    2014-01-01

    A main focus in economics research is understanding the time series of prices of goods and assets. While statistical models using only the properties of the time series itself have been successful in many aspects, we expect to gain a better understanding of the phenomena involved if we can model the underlying system of interacting agents. In this article, we consider the history of Bitcoin, a novel digital currency system, for which the complete list of transactions is available for analysis. Using this dataset, we reconstruct the transaction network between users and analyze changes in the structure of the subgraph induced by the most active users. Our approach is based on the unsupervised identification of important features of the time variation of the network. Applying the widely used method of Principal Component Analysis to the matrix constructed from snapshots of the network at different times, we are able to show how structural changes in the network accompany significant changes in the exchange price of bitcoins. (paper)

  9. Inferring the interplay between network structure and market effects in Bitcoin

    Science.gov (United States)

    Kondor, Dániel; Csabai, István; Szüle, János; Pósfai, Márton; Vattay, Gábor

    2014-12-01

    A main focus in economics research is understanding the time series of prices of goods and assets. While statistical models using only the properties of the time series itself have been successful in many aspects, we expect to gain a better understanding of the phenomena involved if we can model the underlying system of interacting agents. In this article, we consider the history of Bitcoin, a novel digital currency system, for which the complete list of transactions is available for analysis. Using this dataset, we reconstruct the transaction network between users and analyze changes in the structure of the subgraph induced by the most active users. Our approach is based on the unsupervised identification of important features of the time variation of the network. Applying the widely used method of Principal Component Analysis to the matrix constructed from snapshots of the network at different times, we are able to show how structural changes in the network accompany significant changes in the exchange price of bitcoins.

  10. In-Depth Review of the Investment Climate and Market Structure in the Energy Sector. Azerbaijan

    International Nuclear Information System (INIS)

    2005-01-01

    Azerbaijan is located at the crossroads of the Middle East, Europe and Asia. It is a republic with a presidential form of government. Azerbaijan was admitted to the Council of Europe in 1991, and is an observer in the WTO since 1997. The country is rich in oil and gas resources, which offer great potential for its future development. Azerbaijan's macroeconomic performance in recent years has been robust. GDP grew at a rate of approximately ten per cent per year, and inflation has been held below two per cent. Extraction and processing of oil and gas-related activities account for more than 30 per cent of GDP, and may increase further in the future. The Azerbaijani currency, the manat, is stable. The consolidated government budget recorded a surplus of 1.5 per cent of GDP in 2001. The external debt ratio continues to be moderate at about 22% of GDP in 2001. Azerbaijan fulfils the conditions of Article VIII of the IMF's Articles of Agreement. Azerbaijan welcomes foreign investment. It has attracted significant amounts of FDI in recent years (total FDI stocks currently stand at USD 3.8 billion), of which more than 65 per cent have flown into the oil and gas sector. Further investments in the range of USD 10 billion are expected in the coming years, mainly in connection with the development of newly discovered oil and gas fields. The Azeri government accords high priority to liberalisation, private sector development and the establishment of a market economy. A number of important steps have been taken in recent years in this direction. In 2001, a new State Oil Fund was set up, to serve as an instrument for economic stability and future economic development. Reform programs aiming at poverty reduction and economic growth were launched under the auspices of the IMF and the World Bank. A new Privatisation Law was adopted in May 2000. The restructuring of the gas sector is under preparation. First steps to privatise the electricity sector have been undertaken. In order to

  11. The Impact of Structural Transformation in the Retail Sector on the Producer and Consumer Market in Bursa

    Directory of Open Access Journals (Sweden)

    Ebru SEÇKİN

    2015-02-01

    Full Text Available There has been transformation of the food retail sector in the last 20 years, accompanied by multi-nationalization of the supermarket sector itself. Modern supply chains comprise the production and trade of high-value produce, usually destined for export to high-income markets or for supermarket retail. Two striking changes in the retail food sector have been the movement of supermarket chains towards specialized wholesalers in the organization of their procurement systems, and the emergence of strict quality and safety standards. Debates on the supermarket revolution and its impact on small farmers continue in the literature. Some writers suggest that small farmers are excluded from modern supply chains because they cannot meet supermarkets’ requirements. However, some writers imply that small farmers are not under threat. In this context, this paper aimed to examine the relationship between buyer and supplier, and reveal the structural and behavioural stresses of the modern supply chain in the context of the pear supply chain in Bursa (Gürsu. There are two research questions: 1 Are small farmers excluded from modern supply chains? 2 Are there differences between farmers in modern and traditional supply chains? The study concluded that there is a dual structure at work, in which traditional and modern supply chains intertwine and operate side by side. The study also found that small farmers are not excluded from the modern supply chain, and that there are no differences between farmers in modern and traditional supply chains.

  12. Marketing strategy adjustments in the ambulatory care center industry: implications for community pharmacy.

    Science.gov (United States)

    Phillips, J H

    1989-01-01

    Each stage of a product's life cycle requires marketing strategy modifications in response to changing demand levels. The purpose of this study was to investigate changes in ambulatory care center (ACC) operational characteristics indicative of product, market, and distribution channel adjustments that could have a competitive impact upon community pharmacy practice. A questionnaire was mailed to a national sample of 325 ACC managers. Evidence of new product feature additions includes increased emphasis on continued care and increased prevalence of prescription drug dispensing. Expansion into new market segments and distribution channels was demonstrated by increased participation in HMO and employer relationships. The observed adjustments in ACC marketing strategies present obvious challenges as well as less obvious opportunities for community pharmacy practice.

  13. Flexibility as a market requirement - The adaptation of the structure and operations of electricity markets to the production of renewable energies

    International Nuclear Information System (INIS)

    Finon, Dominique

    2014-01-01

    Renewable energies are earmarked to take up a very significant share in the output of some of Europe's electricity Systems. The variability of their contribution makes the maintenance of the system's physical equilibrium a veritable challenge, once the share reaches a certain level. Apart from the necessary technical improvements, the transformation of the System first and foremost requires upgrading the way the different energy markets function. (author)

  14. Flexibility as a market requirement - The adaptation of the structure and operations of electricity markets to the production of renewable energies

    International Nuclear Information System (INIS)

    Finon, Dominique

    2014-12-01

    Renewable energies are earmarked to take up a very significant share in the output of some of Europe's electricity Systems. The variability of their contribution makes the maintenance of the system's physical equilibrium a veritable challenge, once the share reaches a certain level. Apart from the necessary technical improvements, the transformation of the System first and foremost requires upgrading the way the different energy markets function

  15. Dynamic international oil markets

    International Nuclear Information System (INIS)

    van der Linde, C.

    1992-01-01

    Dynamic International Oil Market Developments and Structure 1860-1990 discusses the logic of changing market structures of the international oil industry. The market structures have, in the course of time, oscillated between competition and oligopoly, as the oil market expanded, matured, stagnated, and expanded again. This book provides a dynamic interpretation of the intensifying struggle among producer, and consumer governments, and oil companies, over the distribution of economic rents and profits. In particular, it shows the shifting fortunes of the governments and companies as they try to control the recurring capacity constraints between the upstream and downstream sectors, generated by the instability of the oil market. The first part of the book examines market conditions and developments between 1860 and 1990; the second part analyzes market structures after 1945

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

    Directory of Open Access Journals (Sweden)

    Jalal Seifoddini

    2017-09-01

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

  17. Marketing Audit A Systematic and Comprehensive Marketing Examination

    Directory of Open Access Journals (Sweden)

    Abdullah Al Fahad

    2015-07-01

    Full Text Available Abstract-The growing complexity of the current market environment needs a more systematic evaluation process that how organizational marketing performance deals with the dynamic market. This paper point out the benefit of marketing audit to deals with systematic evaluation of plans objectives strategies activities and organizational structure as well as marketing staff. Recent study has portrayed a broader conceptualization of effectiveness of using marketing audit. Through this paper we want to bring into focus the broad and different aspects of marketing audit that can help the organization its strength and weakness. The paper suggests that marketing audit should use as a mechanism to evaluate the entire marketing system.

  18. The Energy Market 2004

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    2004-08-01

    This publication describes the markets for network based energy in a Nordic perspective, with an extension to the EU. The ongoing harmonization of the energy market policy is described in more detail in the sections dealing with energy policy and regulations. The network based energy markets differ in size, ownership structure and competition. The electricity and district heating markets in Sweden were deregulated in 1996. However, the natural gas market is being deregulated in stages, and will be completely open to competition by 2007 at the latest. The rules for promoting competition in trading and production on the network based energy markets have therefore been continually changed. The chapters dealing with the markets describe the effects of deregulation and how the market structures have changed. If a market is to perform well, the consumers must be active. A study performed by 'Elkonkurrensutredningen' (Electricity competition committee) shows that switching to a different supplier involves costs that restrict consumer mobility, and that the consumers are not sufficiently well informed. This publication also describes the development of prices and how the trading prices have developed on the competitive market. The markets for network based energy are in the course of continual development. This report gives a coherents view of the way the markets work and their development from a national monopoly to an open, competitive market. On such a deregulated market, consumers enjoy increased diversity and freedom of choice. This, in turn, has created the conditions for better utilization of resources at the production stage.

  19. The Energy Market 2004

    International Nuclear Information System (INIS)

    2004-01-01

    This publication describes the markets for network based energy in a Nordic perspective, with an extension to the EU. The ongoing harmonization of the energy market policy is described in more detail in the sections dealing with energy policy and regulations. The network based energy markets differ in size, ownership structure and competition. The electricity and district heating markets in Sweden were deregulated in 1996. However, the natural gas market is being deregulated in stages, and will be completely open to competition by 2007 at the latest. The rules for promoting competition in trading and production on the network based energy markets have therefore been continually changed. The chapters dealing with the markets describe the effects of deregulation and how the market structures have changed. If a market is to perform well, the consumers must be active. A study performed by 'Elkonkurrensutredningen' (Electricity competition committee) shows that switching to a different supplier involves costs that restrict consumer mobility, and that the consumers are not sufficiently well informed. This publication also describes the development of prices and how the trading prices have developed on the competitive market. The markets for network based energy are in the course of continual development. This report gives a coherents view of the way the markets work and their development from a national monopoly to an open, competitive market. On such a deregulated market, consumers enjoy increased diversity and freedom of choice. This, in turn, has created the conditions for better utilization of resources at the production stage.

  20. THE ASSORTMENT STRUCTURE AND THE PRICE LEVELS AS A FACTOR OF MARKETING CHANNEL COMPETITIVENESS–EMPIRICAL EVIDENCE FROM THE REPUBLIC OF SERBIA

    Directory of Open Access Journals (Sweden)

    Jelena Končar

    2016-12-01

    Full Text Available In this paper, the authors point out the differences in the structure of the product assortment of retailers who show their offers on the Web, with the aim of proving that the structure of the assortment may be a factor of marketing channel competitiveness that the consumers recognize and that makes them opt for a certain marketing channel. On the same basis we aim to compare the prices of representative product categories, in order to determine the impact of prices on marketing channel competitiveness, without taking other factors of channel competitiveness into consideration. Based on the conducted research, we can conclude that having a number of categories of products in the assortment presents a competitive advantage for the retailer in the traditional marketing channel since retailers with electronic sales have a more diverse assortment in their retail store than online. Compared to “pure play” electronic retailers, the structure of assortment measured in number of categories of products that are on offer in e-stores is not significantly different between “pure play” and “bricks and clicks” electronic retailers. On the other hand, if we look at the price levels, there is a difference in prices of product categories on websites of “brick and click” retailers since prices in retail stores are higher than prices in the traditional retail store of the same retailer. However, offers on the website of “pure play” electronic retailers are higher compared to “brick and click” retailers.

  1. Structural versus behavioral remedies in the deregulation of electricity markets: an experimental investigation motivated by policy concerns

    Czech Academy of Sciences Publication Activity Database

    van Koten, Silvester; Ortmann, A.

    2013-01-01

    Roč. 64, November (2013), s. 256-265 ISSN 0014-2921 R&D Projects: GA MŠk LC542; GA ČR(CZ) GAP402/11/0364 Institutional support: RVO:67985998 Keywords : European electricity markets * economics experiments * forward markets Subject RIV: AH - Economics Impact factor: 1.364, year: 2013

  2. Marketing; Il marketing

    Energy Technology Data Exchange (ETDEWEB)

    Muscigna, M [ENEA, Centro Ricerche Casaccia, S. Maria di Galeria, RM (Italy). Dipt. Innovazione

    1999-07-01

    The report discusses marketing strategies oriented to the organizations and analyzes its critical factors, which determine the success of the organization activity. [Italian] Il rapporto analizza i caratteri delle strategie del marketing orientato all'impresa. Vengono infine analizzati i fattori critici che determinano il successo o l'insuccesso delle scelte aziendali.

  3. Marketing; Il marketing

    Energy Technology Data Exchange (ETDEWEB)

    Muscigna, M. [ENEA, Centro Ricerche Casaccia, S. Maria di Galeria, RM (Italy). Dipt. Innovazione

    1999-07-01

    The report discusses marketing strategies oriented to the organizations and analyzes its critical factors, which determine the success of the organization activity. [Italian] Il rapporto analizza i caratteri delle strategie del marketing orientato all'impresa. Vengono infine analizzati i fattori critici che determinano il successo o l'insuccesso delle scelte aziendali.

  4. In-Depth Review of the Investment Climate and Market Structure in the Energy Sector. Former Yugoslav Republic of Macedonia

    International Nuclear Information System (INIS)

    2006-01-01

    The Republic of Macedonia became an independent country in 1991. It is a country with an economy in transition. Against this background, efforts have been dedicated towards implementing the provisions of the Energy Charter Treaty (ECT), especially in the field of the investment climate and market structure in the energy sector of the Republic of Macedonia. The Republic of Macedonia is a small economy with a gross domestic product representing about 0.01% of the total world output. It is also an open economy, highly integrated into international trade, with a total trade-to-GDP ratio of over 90%. Agriculture and industry have been the two most important sectors of the economy, but the services sector has gained prominence in the past few years. Like most transition economies, problems persist, even as Macedonia takes steps toward reform. A largely obsolete industrial infrastructure has not seen much investment during the transition period. Work force education and skills are competitive, but without adequate job opportunities, many with the best skills seek employment abroad. A low standard of living, high unemployment rate, and relatively low economic growth rate are the central economic problems. The Republic of Macedonia remains committed to pursuing membership in European and global economic structures. It became a full World Trade Organization (WTO) member in April 2003. Following a 1997 cooperation agreement with the European Union (EU), the Republic of Macedonia signed a Stabilization and Association Agreement with the EU in April 2001, giving Macedonia duty-free access to European markets. The Republic of Macedonia has signed Free Trade Agreements with Albania, Bosnia and Herzegovina, Serbia and Montenegro, Bulgaria, Croatia, Ukraine, Slovenia, Turkey, Romania, and the European Free Trade Association countries. It also has signed an Interim Free Trade Agreement with the UN Mission in Kosovo. The major policy objective and priority of the Republic of

  5. Marketing Structure, Problems and Suggestions of Small Ruminant Production in Çamardı District of Niğde Province

    Directory of Open Access Journals (Sweden)

    Arzu Seçer

    2016-02-01

    Full Text Available In Turkey, there are 31.1 million head sheep in 2014. Central Anatolia Region has 8.3% of this total number. Nigde is the most important sheep producer province in this region. In this study it is aimed to determine marketing structure of products obtained from sheep production activities, define problems of it and present solutions for these problems. The main material of the research was consisted of primary data obtained from 39 Akkaraman sheep producers in Çamardı district in Nigde. In the sheep farms, milk production yield was 1374.4 kg per year. As 73.5% of this yield was presented to market, rest of it was used for self-consumption. Milk was generally sold to local traders. In the operations, livestock also was sold. When 89.7% of livestock sold to kasaps 10.3% of it was sold to local traders. It can be said that producers who are the members of cooperatives were very low and 51.3% of the producers stated that cooperatives can be useful for the solutions of marketing problems of sheep products. Main expectations of producers from cooperatives were providing them market alternative, providing easiness for processing of products and leading to increasing numbers and kinds of buyers in the market.

  6. Livestock Marketing.

    Science.gov (United States)

    Futrell, Gene; And Others

    This marketing unit focuses on the seasonal and cyclical patterns of livestock markets. Cash marketing, forward contracting, hedging in the futures markets, and the options markets are examined. Examples illustrate how each marketing tool may be useful in gaining a profit on livestock and cutting risk exposure. The unit is organized in the…

  7. The minimum liquidity deficit and the maturity structure of central banks' open market operations: lessons from the financial crisis

    OpenAIRE

    Eisenschmidt, Jens; Holthausen, Cornelia

    2010-01-01

    This paper studies the relationship between the size of the banking sector’s refinancing needs vis-à-vis the central bank and auction rates in its open market operations in times of financial market stress. In a theoretical model, it is found that marginal rates at central bank auctions may increase if the share of troubled banks becomes too high relative to the total size of the banking sector’s refinancing needs. An empirical analysis then aims at determining the size of open market operati...

  8. The oil market

    International Nuclear Information System (INIS)

    Amic, E.; Lautard, P.

    1999-01-01

    This chapter examines the structure of the oil industry and the impacts of the oil markets on the hedging strategies of the energy consumers, the oil company, and the energy derivatives' provider. An introduction to market perspectives is presented, and the hedging operations in the jet fuel market in the airline sector are discussed. Trading and risk management within an oil company, the derivatives provider, trading derivatives in a multi-dimensional world, locational risks, and the modelling of term structure and the role of storage are considered. Industrial spreads and the role of refining, future market developments and market strategies for crude oil and oil products, and marketing packages and market risk are addressed

  9. Strategic Marketing Developments in Informational Society

    OpenAIRE

    Eleonora Mihaela Constantinescu

    2014-01-01

    The market relation is structurally reshaped in the context of informational society, which causes conceptual, management and technological mutations in marketing. A new marketing paradigm is shaped which causes management transformations through the transition to strategic marketing and changes in the specific communication mechanisms of e-marketing and cyber-marketing.

  10. Sustainability Marketing Commitment

    DEFF Research Database (Denmark)

    Tollin, Karin; Bech Christensen, Lars

    2017-01-01

    sustainability in marketing, processes associated with sustainability marketing commitment, drivers of sustainability marketing at the functional level of marketing, and its organizational context. Using survey data from 269 managers in marketing, covering a broad range of industries in Sweden and Denmark, we...... took a structural modelling approach to examine construct relationships, mediation, and moderation effects. Overall, the findings show that marketing capabilities associated with the innovation of new products, services, and business models constitute a strong driver to leverage sustainability......Corporate sustainability is an important strategy and value orientation for marketing, but scarce research addresses the organizational drivers and barriers to including it in companies’ marketing strategies and processes. The purpose of this study is to determine levels of commitment to corporate...

  11. A Comparative Study of the Structure of Supervising the Financial Markets in Iran and the Selected Countries

    OpenAIRE

    Elham Abasgholi beik; Zahra Zadehnasir

    2014-01-01

    Financial markets are the most important sectors of each country?s economy. Having the desired economic growth rate will be impossible without an efficient institution. The most basic interaction efficiency and proper functioning of a country?s financial regulatory system is a complete and powerful supervision authority and agencies. The results indicate that the majority of countries in addition by having separate supervisory institutions for banking, insurance and stock market, due to be a ...

  12. Cigarette purchasing behaviour in Thailand and Malaysia: comparative analysis of a semi-monopolistic and a free-market structure.

    Science.gov (United States)

    Ross, H; Driezen, P; Sirirassamee, B; Kin, F

    2009-01-01

    A wide range of cigarette prices can undermine the impact of tobacco tax policy when smokers switch to cheaper cigarettes instead of quitting. In order to better understand this behaviour, we study socio-economic determinants of price/brand choices in two different markets: a semi-monopolistic market in Thailand and a competitive market in Malaysia. The hypothesis that the factors affecting the price/brand choice are different in these two markets is analysed by employing a 2005 survey among smokers. This survey provides a unique perspective on market characteristics usually described only in business reports by the tobacco industry. We found that smokers in Thailand have fewer opportunities to trade down to save money on cigarettes, but pay lower prices than smokers in Malaysia, despite Thailand's higher tax rate. The Malaysian market, on the other hand, offers many possibilities to shop around for cheaper cigarettes. Higher income and education increase the price paid per cigarette in both countries, but the impact of these factors is larger in Malaysia. This has implications for sensitivity to cigarette prices. Using tax policy alone should be a more effective tobacco control measure in Thailand as compared to Malaysia. The effectiveness of a tax increase in Malaysia can be improved by adding programmes focusing on smoking cessation among low-income/low-educated smokers.

  13. Market efficiency in the European carbon markets

    International Nuclear Information System (INIS)

    Charles, Amélie; Darné, Olivier; Fouilloux, Jessica

    2013-01-01

    In this paper, we study the relationship between futures and spot prices in the European carbon markets from the cost-of-carry hypothesis. The aim is to investigate the extent of efficiency market. The three main European markets (BlueNext, EEX and ECX) are analyzed during Phase II, covering the period from March 13, 2009 to January, 17, 2012. Futures contracts are found to be cointegrated with spot prices and interest rates for several maturities in the three CO 2 markets. Results are similar when structural breaks are taken into account. According to individual and joint tests, the cost-of-carry model is rejected for all maturities and CO 2 markets, implying that neither contract is priced according to the cost-of-carry model. The absence of the cost-of-carry relationship can be interpreted as an indicator of market inefficiency and may bring arbitrage opportunities in the CO 2 market. - Highlights: • We study the cost-of-carry hypothesis in the European carbon markets during Phase 2. • We apply cointegration tests with and without structural breaks on several maturities. • We find that futures contracts are cointegrated with spot prices and interest rates. • The cost-of-carry model is rejected for all maturities and carbon markets

  14. Person-Centered Care Practices in Long-Term Care in the Deep South: Consideration of Structural, Market, and Administrator Characteristics.

    Science.gov (United States)

    Jacobs, M Lindsey; Snow, A Lynn; Parmelee, Patricia A; Davis, Jullet A

    2018-03-01

    The purpose of this study was to identify structural, market, and administrator factors of nursing homes that are related to the implementation of person-centered care. Administrators of Medicare/Medicaid-certified nursing homes in the Deep South were invited to complete a standardized survey about their facility and their perceptions and attitudes regarding person-centered care practices (PCCPs). Nursing home structural and market factors were obtained from public websites, and these data were matched with administrator data. Consistent with the resource-based theory of competitive advantage, nursing homes with greater resources and more competition were more likely to implement PCCPs. Implementation of person-centered care was also higher in nursing homes with administrators who perceived culture change implementation to be feasible in their facilities. Given that there is a link between resource availability and adoption of person-centered care, future research should investigate the cost of such innovations.

  15. The natural gas market

    International Nuclear Information System (INIS)

    Lagrasta, F.; Kaminski, V.; Prevatt, R.

    1999-01-01

    This chapter presents a brief history of the natural gas market highlighting the changes in the gas market and examining risk management in practice detailing the types of price risks, and the use of hedging using forwards and swaps. Options to manage risk are identified, and the role of risk management in financing, the role of the intermediary, and the market outlook are discussed. Panels describing the market structure, storage and natural gas risk management, the art of risk management, the winter 1995-96 basis blowout, spark spreads, the UK gas market and Europe, and weather derivatives are presented

  16. [Healthcare marketing elements].

    Science.gov (United States)

    Ameri, Cinzia; Fiorini, Fulvio

    2014-01-01

    Marketing puts its foundation on a few key concepts: need-demand, product-service, satisfaction, exchange, market, or business structure manufacturing / supply. The combination of these elements allows you to build an effective marketing strategy. Crucial in this respect is to remember the Porter matrix, which shows that for a correct analysis of the relevant market is necessary to refer to the "five forces at play", ie: customers, competitors, new entrants and substitutes threat. Another key lever for proper marketing oriented approach is the continuous and constant monitoring of the application, anticipating their dissatisfactions.

  17. Structure and operation of the natural gas market in France; La structure et le fonctionnement du marche du gaz naturel en France

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    2007-07-01

    The French natural gas market is organized around six main activities: production, transport, methane terminals, storage, distribution and commercialization. This paper describes the facilities related to each activity: gas fields, pipelines network and distribution systems, terminals capacity and underground storage facilities. The selling activity is opened to competition but the French gas market follows a progressive and controlled opening which will be complete in July 2007. (J.S.)

  18. ANALYSIS OF THE DEGREE AND THE STRUCTURE OF THE USE OF MARKET-ORIENTED ACTIVITIES IN ADULT EDUCATION INSTITUTIONS WITH A DIFFERENT NUMBER OF ENROLLED STUDENTS

    Directory of Open Access Journals (Sweden)

    Zoran Mihanović

    2011-02-01

    Full Text Available In this paper, public and/or nonprofit institutions of adult education in Croatia have been analyzed. The issue of the degree and the structure of the use of market-oriented activities in the mentioned institutions has been raised as the main subject matter of this research. The degree and the relationship will be studied and differences in the use of market-oriented activities in institutions with small and large number of enrolled students will be established. Verification of research objectives is based on measuring two constructs by a specially designed questionnaire. The relationship implied by research objectives will be empirically analyzed and partially confirmed on a random sample of Croatian institutions of adult education. The most important limitation of the research is related to the summarized self-reporting of marketing behavior by the analyzed institutions, which should be addressed by future studies. However, it is expected that the results of this study imply the existence of a relationship between different institutions of adult education with a different number of students and market activities which the mentioned institutions develop within the specific context of adult education ‘industry’. Special considerations should therefore be applied to the universal applicability of the obtained results in other fields of education.

  19. The Design of E-Commerce System in the Shrimp Paste Industry using the Method of Structured Analysis and Design Technique (SADT to Increase Marketing

    Directory of Open Access Journals (Sweden)

    Nurdiansyah Yanuar

    2018-01-01

    Full Text Available The E-Commerce system in the shrimp paste industry is designed to increase the marketing and branding of Payangan shrimp paste. The shrimp paste produced by KUB (Kelompok Usaha Bersama—Business Group and Poklahsar (Kelompok Pengolah Pemasaran—Marketing Processing Group consisting of a number of joint household industries is yet to meet the sales number set. Shrimp paste has several variants, such as the processed one, the raw one and one in the form of powder which constitute the result of the development of maritime research group of Universitas Jember. The target market of the product is both national and international, especially for the powder shrimp paste which is the recent innovation of the maritime research group. It is considered to be a possibility to increase the sales figures and to decrease the marketing costs by optimizing the use of the internet. In order to do so, a system should be design using Structured Analysis and Design Technique (SADT to build an e-commerce application. It is expected that the E-Commerce application can increase the sales of the shrimp paste and reach a wider number of consumers.

  20. MARKETING MIX IN SPORT

    Directory of Open Access Journals (Sweden)

    Srećko Novaković

    2011-03-01

    Full Text Available Marketing mix'' along the term of life cycle has robbed the trademark for the conception of marketing and the market direction of company, corporations and institutions. Essence marketing-mixa is in the simultaneous determining of the target market group of consumer (the buyer or stays the public and specially prepared and the coordinated impact of elements mixa, and this is the product, price, distributions and graduation ceremonies. Given that is mix combinations of verified variables, companies he use in order to would achieve are wished the scope sales on the target market. In the wider context significant influence of environment on the chosen structure marketing-mixa have not only technological, economic and competitive services already and socially-owned, legislative, legal and political services. From those reasons chant the marketing -mixa occasionally replaces expression are coordinated term acts on the market. Elements marketing-mix-and at sport marketings same are as well as at marketings every other activity. They contain the sportively product and the service, appreciate the sport product and services, distribution of sport product and services and the promotion of sport product and services.

  1. Market, Regulation, Market, Regulation

    DEFF Research Database (Denmark)

    Frankel, Christian; Galland, Jean-Pierre

    2015-01-01

    barriers to trade in Europe, realized the free movement of products by organizing progressively several orders of markets and regulation. Based on historical and institutional documents, on technical publications, and on interviews, this article relates how the European Commission and the Member States had......This paper focuses on the European Regulatory system which was settled both for opening the Single Market for products and ensuring the consumers' safety. It claims that the New Approach and Standardization, and the Global Approach to conformity assessment, which suppressed the last technical...... alternatively recourse to markets and to regulations, at the three main levels of the New Approach Directives implementation. The article focuses also more specifically on the Medical Devices sector, not only because this New Approach sector has long been controversial in Europe, and has recently been concerned...

  2. Content Marketing Practices in Finland

    OpenAIRE

    Suuronen, Toni

    2016-01-01

    The purpose of this study is to draw attention to increasingly important business phenomenon of content marketing. This paper defines content marketing, identifies its key elements and phases, and explores content marketing practices. The theorethical part is based on Pam Didner's 4P model that describes the stages of content marketing cycle: plan, produce, promote and perfect. The empirical part of the study is based on semi-structured interviews of seasoned content marketing professionals t...

  3. Inbound marketing

    OpenAIRE

    Popek, Tomáš

    2011-01-01

    In my work I focus on Inbound Marketing, which represents a new perspective on marketing, that has not been given the attention it deserves. It is a combination of existing and proven marketing methods that are used to obtain new customers with minimal marketing costs to the organization. The first section of my work is devoted to defining the concept of Inbound Marketing definitions and explanations. Furthermore, I present a list of instruments used in Inbound Marketing, and showcase the def...

  4. THE MULTILEVEL EDUCATIONAL COMPLEX AS A FACTOR IN THE STABILIZATION OF THE LABOR MARKET AND STRUCTURAL BALANCE

    Directory of Open Access Journals (Sweden)

    Aleksandr S. Senin

    2016-01-01

    Full Text Available This article describes one of the problems of the national economic complex – the problem of the labor market in Russia competent experts. The article provides statistical data describing the level of wages in the sphere of education and medicine. The problems of the labor market and educational complex, recommendations to change the situation in these areas. The presented article shows that the development of the national innovation system in the framework of sustainable development requires consistent evolutionary change of priorities in the areas of research, development, testing and implementation of all types of innovation, including in the development of the educational sector. The purpose of work is to analyze the interaction of the paradoxes of the educational sector and the labor market, the study of occurrence in this connection of new scientifi c problems, considering the prevailing laws and assessing their impact on the current state of the labor market. Methodology. Such analysis techniques were used to complete this article as legal, comparative, Economics and Statistics. Conclusions / relevance. The practical signifi cance of this work lies in the fact that in the article the necessity of adapting education to the needs of modern society. This process causes the search for science-based assessments of the quality of higher education and oversee its development processes. The most important condition for improving the quality of higher education are systematic monitoring and analysis of objective data about the quality of training and preparedness of students.

  5. Overpricing and Hidden Costs of Structured Products for Retail Investors: Evidence from the Danish Market for Principal Protected Notes

    DEFF Research Database (Denmark)

    Jørgensen, Peter Løchte; Nørholm, Henrik; Skovmand, David

    2011-01-01

    The aim of this work is to provide fast and accurate approximation schemes for the Monte Carlo pricing of derivatives in LIBOR market models. Standard methods can be applied to solve the stochastic differential equations of the successive LIBOR rates but the methods are generally slow. Our...

  6. Economics of Metal Markets

    OpenAIRE

    Tilton, J.E.

    1984-01-01

    Simple economic principles can provide useful insights into the behavior of metal markets. In applying these principles, however, the analyst must take into account technology, market structure, government policies, and other institutional factors influencing the nature of metal supply and demand. Knowledge of both economics and the metal markets is essential. One without the other is likely to lead to sterile or even misleading results. In support of the above conclusion, this study exa...

  7. Open Internal Market, or rather dictated market structures? The proposed draft amendment of the internal gas market directive of the EU; Freiheitlicher Binnenmarkt oder diktierte Marktstruktur? Zur neuen Gasrichtlinie der EG

    Energy Technology Data Exchange (ETDEWEB)

    Scholz, R. [Inst. fuer Politik und Oeffentliches Recht der Univ. Muenchen (Germany)

    2001-11-01

    The European Commission recently presented a draft amendment of the directives for establishment of the Internal Market in network energy. The proposed amendment brings up many legal and economic issues. The article discusses the major issue, the 'legal unbundling' of interconnected network energy systems, and focuses on the implications of the proposed amendment for the natural gas pools in Europe. (orig./CB) [German] Der Richtlinienvorschlag wirft eine Fuelle rechtlicher wie wirtschaftlicher Probleme auf, in deren Mittelpunkt der Komplex des sog. 'Legal Unbundling', d.h. entsprechender Entflechtungsregelungen gegenueber den integrierten Energieversorgungsunternehmen, steht. Nachstehend wird dieses neue Regelungsvorhaben in seiner speziellen Ausrichtung auf den Gasmarkt innerhalb des EU kommentiert. (orig./CB)

  8. The Marketing Audit as a Method of the Evaluation of the Marketing Plan

    Science.gov (United States)

    Vaňa, Kamil; Černá, Ľubica

    2012-12-01

    The growing complexity of the current market environment needs a more systematic evaluation process of the organizational marketing performance to deal with the dynamic market. This paper deals with marketing audit as a comprehensive assessment of all angles of marketing operation in an organization and also deals with systematic evaluation of plans, objectives, strategies, activities and organizational structure as well as marketing staff.

  9. The Marketing of Cultural Values

    Directory of Open Access Journals (Sweden)

    Ionel Enache

    2015-01-01

    Full Text Available The current, fast and unpredictable changes required a rapid transformation of Marketing. Marketing 3.0 can be the solution. Marketing 3.0 is a cultural and social marketing, a marketing of high values: moral, legal, esthetic and a marketing of superior needs: peace, justice, spiritual accomplishments, all globally approached. The goal of Marketing 3.0 is to convince all commercial and cultural structures to get involved in creating the Millennium Development Goals (MDGs: eradicating poverty, access to education, promoting the equality of the sexes, reducing infantile mortality, improving maternal health, fighting diseases, ensuring environment sustainability.

  10. Electricity market dynamics: Oligopolistic competition

    International Nuclear Information System (INIS)

    Gutierrez-Alcaraz, G.; Sheble, Gerald B.

    2006-01-01

    Presently, electricity markets are characterized by a small number of suppliers with distributed resources. These market suppliers can easily be identified because their geographic location is known. Essentially, two or three of them compete for leading the market whereas the rest of them follow. Hence, it is necessary to study the market structure as ologopolistic competition rather than perfect competition. This paper studies market producer decisions in a dynamic sequential framework by using discrete event system simulation (DESS) also known as discrete control theory. Two-player ologopolistic market structure is presented in this paper. (author)

  11. Post-Discharge Bleeding after Percutaneous Coronary Intervention and Subsequent Mortality and Myocardial Infarction: Insights from the HMO Research Network-Stent Registry

    Science.gov (United States)

    Valle, Javier A.; Shetterly, Susan; Maddox, Thomas M.; Ho, P. Michael; Bradley, Steven M.; Sandhu, Amneet; Magid, David; Tsai, Thomas T.

    2016-01-01

    Background Bleeding following hospital discharge from percutaneous coronary intervention (PCI) is associated with increased risk of subsequent myocardial infarction (MI) and death, however the timing of adverse events following these bleeding events is poorly understood. Defining this relationship may help clinicians identify critical periods when patients are at highest risk. Methods and Results All patients undergoing PCI from 2004–2007 who survived to hospital discharge without a bleeding event were identified from the HMO Research Network-Stent Registry. Post-discharge rates and timing of bleeding-related hospitalizations, MI and death were defined. We then assessed the association between post-discharge bleeding-related hospitalizations with death and MI using Cox proportional hazards models. Among 8,137 post-PCI patients surviving to hospital discharge without in-hospital bleeding, 391 (4.8%) suffered bleeding-related hospitalization after discharge, with the highest incidence of bleeding-related hospitalizations occurring within 30 days of discharge (n=79, 20.2%). Post-discharge bleeding-related hospitalization after PCI was associated with subsequent death or MI (hazard ratio [HR] 3.09; 95% confidence interval [CI] 2.41–3.96), with the highest risk for death or MI occurring in the first 60 days after bleeding-related hospitalization (HR 7.16, CI 3.93–13.05). Conclusions Approximately 1 in 20 post-PCI patients are readmitted for bleeding, with the highest incidence occurring within 30 days of discharge. Patients suffering post-discharge bleeding are at increased risk for subsequent death or MI, with the highest risk occurring within the first 60 days following a bleeding-related hospitalization. These findings suggest a critical period after bleeding events when patients are most vulnerable for further adverse events. PMID:27301394

  12. Future Electricity Markets

    DEFF Research Database (Denmark)

    Pinson, Pierre

    2015-01-01

    The changing face of energy production in Europe necessitates a rethink in the way that electricity markets are structured. The ‘5s’ (Future Electricity Markets) project is a multi-disciplinary project that is looking to challenge the current approach to the design and operation of electricity...

  13. Crash forecasting in the Korean stock market based on the log-periodic structure and pattern recognition

    Science.gov (United States)

    Ko, Bonggyun; Song, Jae Wook; Chang, Woojin

    2018-02-01

    The aim of this research is to propose an alarm index to forecast the crash of the Korean financial market in extension to the idea of Johansen-Ledoit-Sornette model, which uses the log-periodic functions and pattern recognition algorithm. We discover that the crashes of the Korean financial market can be classified into domestic and global crises where each category requires different window length of fitted datasets. Therefore, we add the window length as a new parameter to enhance the performance of alarm index. Distinguishing the domestic and global crises separately, our alarm index demonstrates more robust forecasting than previous model by showing the error diagram and the results of trading performance.

  14. Tendances Carbone no. 90. The EU ETS' market stability reserve: a marginal long-term structural reform

    International Nuclear Information System (INIS)

    Desai, Zuheir; Alberola, Emilie; Leguet, Benoit

    2014-04-01

    Among the publications of CDC Climat Research, 'Tendances Carbone' bulletin specifically studies the developments of the European market for CO 2 allowances. Beside some statistical figures about energy production/consumption and carbon markets, this issue specifically addresses the following points: - Upsurge in volumes and fall in prices: Nearly 1.1 billion EUA's were traded, i.e. +23%, whereas the average EUA spot price fell by 6% in March 2014. - 2030 climate and energy package: The EU Council will take stock of progress made at its next meeting in June 2014, based on consultations with Member States. - International credits: The EU Commission should approve all international credit entitlements tables before the end of April for the first compliance of the EU ETS in phase 3

  15. Environmental Regulations, Market Structure and Technological Progress in Renewable Energy Technology — A Panel Data Study on Wind Turbines

    OpenAIRE

    Dirk Rübbelke; Pia Weiss

    2011-01-01

    We study the impact of environmental regulations on the patent activities for wind turbines between 1980 and 2008. We explicitly control for energy market liberalisation and take a potential interaction between liberalisation and policy instruments into account. We find a strong and highly significant effect of environmental tax revenues, which we regard as a proxy for the extent to which energy prices changed in favour of renewable energies, as well as foreign demand for wind turbines on inn...

  16. Electricity markets theories and applications

    CERN Document Server

    Lin, Jeremy

    2017-01-01

    Electricity Markets: Theories and Applications offers students and practitioners a clear understanding of the fundamental concepts of the economic theories, particularly microeconomic theories, as well as information on some advanced optimization methods of electricity markets. The authors--noted experts in the field--cover the basic drivers for the transformation of the electricity industry in both the United States and around the world and discuss the fundamentals of power system operation, electricity market design and structures, and electricity market operations. The text also explores advanced topics of power system operations and electricity market design and structure including zonal versus nodal pricing, market performance and market power issues, transmission pricing, and the emerging problems electricity markets face in smart grid and micro-grid environments. The authors also examine system planning under the context of electricity market regime. They explain the new ways to solve problems with t...

  17. Sustainable Marketing

    NARCIS (Netherlands)

    Dam, van Y.K.

    2017-01-01

    In this article, three different conceptions of sustainable marketing are discussed and compared. These different conceptions are referred to as social, green, and critical sustainable marketing. Social sustainable marketing follows the logic of demand-driven marketing management and places the

  18. Etika Marketing Syariah

    Directory of Open Access Journals (Sweden)

    Luqman Nurhisam

    2017-12-01

    Full Text Available Marketing activities (marketing which is the activity of distributing goods and services ranging from producers to the hands of consumers. In this case there are some fundamental questions that encompass marketing activities (marketing; ranging from what is marketed, who is marketing, to how goods and services are marketed through the activities of marketing functions such as purchase, sales, transportation, and so forth. The problem that arises then is, most of the producers/the company with the marketers (marketers who do not consider the moral and ethical aspects of marketing the products they offer, the most important for them is how to make the products they offer acceptable and successful and control the market share. Especially if the marketer is pressed by the target company that must be achieved and the bonus will be obtained, then to achieve the target, not infrequently a marketer doing various ways, to the point of crashing the signs and ethics that have been established in religion. This study aims to analyze how the ethical aspect in the concept and practice in marketing (marketing sharia by the company / producer of goods and services. The research method used in this research is descriptive qualitative analysis, using linguistic or language approach that is describe the concept and structure of marketing language as it is. From this study it can be concluded that the majority of scholars allow the concepts and practices in sharia marketing, seen from the process of creation, the process of bidding, as well as the process of change of value (value in sharia marketing there should be no things that conflict with the principles that exist in sharia. As long as it can be guaranteed, and deviation of principles in sharia does not occur in any transaction inside marketing, it can be allowed in syarak. As well as in the ethical aspect has also fulfilled the spiritual elements that are spiritual based, the divinity is sourced from the

  19. Testing market integration for Kenyan pineapples. | Onyuma ...

    African Journals Online (AJOL)

    The market structure was found to be oligopsonistic in nature with aspects of collusion amongst the urban middlemen and local market traders thus barring further entry by other potential actors. There was little market integration between urban markets and producing markets, and very low or no integration between the ...

  20. A study on the relationship between capital structure and the performance of production market: A case study of firms listed on Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Kobra Sadat Salek Esfahani

    2013-04-01

    Full Text Available One of the most complicated and challenging issues in today's financial managers is the relationship between the components of capital structure in terms of bonds and shares used for financing and share price of their company, and its effects on the macroeconomic variables. This research aims to study the relationship between the capital structure and performance of the production market in some firms listed on Tehran Stock Exchange (TSE. In this research, the index of capital structure is debt ratio and that of production market performance is sales growth and return of assets (ROA. The statistical sample of this research includes 128 companies, which have been active in 11 various industries and listed on TSE over the period 2005-2010. The statistical techniques used to test the hypotheses of this research include correlation coefficient and pooled least squares regression (panel data. Based on the results of our survey, there is a strong and significant relationship between debt ratio and return on assets among the companies listed on TSE and most industries especially based metals at the confidence level of 95%. In contrast, there is no strong and significant relationship between debt ratio and sales growth in the above-mentioned companies and in most industries.

  1. TRICARE Marketing

    Science.gov (United States)

    1999-10-21

    definitive. It stated that: Marketing is much more than advertising or promotion materials. Marketing is a foundation for building a business strategy ; it...objectives, and strategies for marketing TRICARE. However, the Director provided the plan for information; none of the recipients of the plan were...overarching goal and extensively in the marketing strategies section. Specifically, the Marketing Plan states that strategies employed to accomplish

  2. Hospital marketing.

    Science.gov (United States)

    Carter, Tony

    2003-01-01

    This article looks at a prescribed academic framework for various criteria that serve as a checklist for marketing performance that can be applied to hospital marketing organizations. These guidelines are drawn from some of Dr. Noel Capon of Columbia University's book Marketing Management in the 21st Century and applied to actual practices of hospital marketing organizations. In many ways this checklist can act as a "marketing" balanced scorecard to verify performance effectiveness and develop opportunities for innovation.

  3. Internet marketing

    OpenAIRE

    Zelený, Martin

    2009-01-01

    In the bachelor thesis are introduced theoretical concepts of the Internet and marketing, accented the need of marketing mix along with its specifics of the internet environment. Next is interpreted which tools can be used for marketing of firms and which marketing instruments are to be deployed. Final chapter illustrates socio-demographics of Czech internet users along with media market allocation from the perspective of all media as well as in the segment of the Internet.

  4. Money Markets

    OpenAIRE

    Marvin Goodfriend

    2011-01-01

    Money markets offer monetary services and short-term finance in the capital market with the credit support of institutional sponsors. Investors finance money market instruments at low interest because their salability on short notice confers an implicit monetary services yield. Low interest attracts borrowers to money markets. The fragile equilibrium depends on collective confidence in the credit quality of instruments supplied to the market. Federal Reserve monetary and credit policies have ...

  5. Dependence Structures and Systemic Risk of Government Securities Markets in Central and Eastern Europe: A CoVaR-Copula Approach

    Directory of Open Access Journals (Sweden)

    Lu Yang

    2018-01-01

    Full Text Available Abstract: In this study, we proposed a new empirical method by combining generalized autoregressive score functions and a copula model with high-frequency data to model the conditional time-varying joint distribution of the government bond yields between Poland/Czech Republic/Hungary, and Germany. Capturing the conditional time-varying joint distribution of these bond yields allowed us to precisely measure the dependence of the government securities markets. In particular, we found a high dependence of these government securities markets in the long term, but a low dependence in the short term. In addition, we report that the Czech Republic showed the highest dependence with Germany, while Hungary showed the lowest. Moreover, we found that the systemic risk dynamics were consistent with the idea that the global financial crisis not only had spillover effects on countries with weak economic fundamentals (e.g., Hungary, which had the highest systemic risk, but also had contagion effects for both CEEC-3 countries and Germany. Finally, we confirm that three major market events, namely the EU accession, the global financial crisis, and the European debt crisis, caused structural changes to the dynamic correlation.

  6. Scope of strategic marketing

    Directory of Open Access Journals (Sweden)

    Bradley Frank

    2004-01-01

    Full Text Available Marketing is a philosophy that leads to the process by which organizations, groups and individuals obtain what they need and want by identifying value, providing it, communicating it and delivering it to others. The core concepts of marketing are customers needs, wants and values; products, exchange, communications and relationships. Marketing is strategically concerned with the direction and scope of the long-term activities performed by the organization to obtain a competitive advantage. The organization applies its resources within a changing environment to satisfy customer needs while meeting stakeholder expectations. Implied in this view of strategic marketing is the requirement to develop a strategy to cope with competitors, identify market opportunities, develop and commercialize new products and services, allocate resources among marketing activities and design an appropriate organizational structure to ensure the perform once desired is achieved.

  7. Understanding political market orientation

    DEFF Research Database (Denmark)

    Ormrod, Robert P.; Henneberg, Stephan C.

    influences of such behavior. The study includes structural equation modeling to investigate several propositions. While the results show that political parties need to focus on several different aspects of market-oriented behavior, especially using an internal and external orientation as cultural antecedents......This article develops a conceptual framework and measurement model of political market orientation that consists of attitudinal and behavioural constructs. The article reports on perceived relationships among different behavioral aspects of political market orientation and the attitudinal......, a more surprising result is the inconclusive effect of a voter orientation on market-oriented behaviours. The article discusses the findings in the context of the existing literature in political marketing and commercial market orientation....

  8. Marketing fundamentals.

    Science.gov (United States)

    Redmond, W H

    2001-01-01

    This chapter outlines current marketing practice from a managerial perspective. The role of marketing within an organization is discussed in relation to efficiency and adaptation to changing environments. Fundamental terms and concepts are presented in an applied context. The implementation of marketing plans is organized around the four P's of marketing: product (or service), promotion (including advertising), place of delivery, and pricing. These are the tools with which marketers seek to better serve their clients and form the basis for competing with other organizations. Basic concepts of strategic relationship management are outlined. Lastly, alternate viewpoints on the role of advertising in healthcare markets are examined.

  9. Politisk marketing

    DEFF Research Database (Denmark)

    Disciplinen politisk marketing er udbredt i mange vestlige lande. Imidlertid er kendskabet til politisk marketing i Danmark bemærkelsesværdigt lavt. I det lys er denne bog Politisk Marketing: Personer, Partier & Praksis den første bog i Danmark, som -ud fra marketing- indkredser de sidste mange års...... brudflader i dansk politik. Gennem ti bidrag fra forskere og praktikere udskraber forfatterne et DNA for feltet politisk marketing. Kort sagt kan du i denne bog finde svarene på: Hvad er politisk marketing? Hvordan har det udviklet sig? Og hvilke konsekvenser har dette fænomen for vælgere, partier og...

  10. To market, to market

    International Nuclear Information System (INIS)

    Lieberman, J.I.

    1992-01-01

    Senator Lieberman and three fellow members of Congress introduced the CO 2 Offset Policy Efficiency Act (COPE), which incorporates the use of marketable permits to reduce CO 2 emissions. For COPE to be fully effective, however, several key criteria must be met: (1) establishing initial baselines will be critical to ensure that emission reductions are credited properly; (2) accurate plant-by-plant monitoring must be in place to ensure that claimed reductions have actually occurred; (3) the program must include a strong enforcement provision to prevent evasion and to punish violators with substantial automatic fines. COPE imposes a sanction equal to roughly four times the estimated cost of offsets; the sanctions would be paid before enforcement proceedings commence. The urgency and complexity of global warming requires us to break with the past and develop new ways of delaying with pollution, Senator Lieberman feels by giving the market a chance to work on behalf of the environment, the sale of emission allowance will reduce CO 2 emissions in the most-efficient cost-effective way possible

  11. Atmospherics, the marketing concept, and a marketing tool for hospitals.

    Science.gov (United States)

    Fugate, D L

    1991-01-01

    Researchers have demonstrated that the conscious use of atmospheric structuring can induce marketer-desired behaviors in service consumers. This may be particularly relevant to marketers of hospital care since consumer judgments often depend upon peripheral rather than core evidences of quality and satisfaction. Under these circumstances, health care marketers have an obligation to explore the phenomenon of atmospherics and its practical implications in the health care marketing mix.

  12. Research Article Abstracts in Two Subdisciplines of Business--Move Structure and Hedging between Management and Marketing

    Science.gov (United States)

    Li, Qian; Pramoolsook, Issra

    2015-01-01

    The importance of RA abstracts lies in their influence on the readers' decision about whether the accompanying article is worth reading. A number of studies have investigated the move structure of abstracts and have generated several influential models. However, little research has been conducted on subdisciplinary variations in move structure of…

  13. Internal and external market orientation as organizational resources - consequences for market and financial performance

    Directory of Open Access Journals (Sweden)

    Boris Snoj

    2010-11-01

    Full Text Available The concept of internal marketing has been discussed in marketing literature for over 30 years. Despite this fact there is little theoretical and empirical evidence of the way in which the internal market orientation impacts market and financial performance. On the other hand, there is considerable empirical evidence concerning the impact of the external market orientation on market and financial performance. Consequently, very few research projects have dealt with the impact of both market orientations on the performance of companies. In this paper a structural model was constructed, consisting of the internal market orientation, external market orientation, market performance and financial performance. With the help of the structural equation model the hypothesis that the internal market orientation is a significant predecessor of the external market orientation was confirmed. The external market orientation was found to significantly influence market as well as financial performance.

  14. NB market update

    International Nuclear Information System (INIS)

    Marshall, W. K.

    2004-01-01

    The 2004 New Brunswick proclamation introduced several changes to the industry. This paper presents an update of the current New Brunswick electricity market from the perspective of the recently created New Brunswick System Operator (NBSO). A comparison was made between the modified industry and the previous industry structure. Significant changes included: corporate restructuring and market implementation; the formation of the independent system operator; and an increase in Public Utilities Board regulatory authority. The main objectives of the NBSO were reviewed, including its intention to reliably plan and operate the integrated power system as well as facilitating and operating the electricity market. Details of directors and officers were provided along with a list of legislated functions which included entering agreements with transmitters; provision and procurement of ancillary services; maintenance of integrated system; coordination of external activities; participation with standards authorities; planning and development of transmission; and the facilitation of a competitive market. An outline of the NBSO, Transco and Public Utilities Board relationships were presented. Details of the market advisory committee were outlined, with information concerning contracts, operations and services agreements. Transmission and ancillary services were also discussed, as well as issues concerning interruptible load agreements. A chart of the New Brunswick electricity market structure was presented, along with a market overview including details of capacity, ancillary services and suppliers. Market rules and amendments were presented, as well as market participation guides. Details of generation resource adequacy requirements and the imposition of penalties were outlined. Scheduling and dispatch issues were overviewed, as well as settlement processes, inputs and their sources, including settlements for variances. Future development possibilities included an expansion of

  15. Electricity market 2001

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    2001-09-01

    The electricity markets in the Nordic countries have undergone major changes since the electricity market reform work was started in the early 1990s. Sweden, Norway and Finland have had a common electricity market since 1996. The work of also reforming the Danish electricity market was begun in the year 2000. The objective of the electricity market reform is to introduce increased competition, to give the consumers greater freedom of choice and also, by open and expanded trade in electricity, create the conditions for efficient pricing. The Swedish National Energy Administration is the supervisory authority as specified in the Electricity Act, and one of the tasks entrusted to it by the Government is to follow developments on the electricity market and to regularly compile and report current market information. The purpose of the 'Electricity market 2001' publication is to meet the need for generalized and readily accessible information on the conditions on the Nordic market. Iceland is not included in the description. The publication also includes summaries of information from recent years concerning electricity generation and utilization in the Nordic countries, the structure of the electricity market from the players' perspective, trade in electricity in the Nordic countries and in Northern Europe, electricity prices in the Nordic and other countries, and the impact of the electricity sector on the environment. The publication contains data on electricity generation and use during the past years, structure of the electricity market, trade in electricity in the Nordic countries and northern Europe, electricity prices in the Nordic countries and other countries as well as impact of electricity generation system on the environment.

  16. Electricity market 2001

    International Nuclear Information System (INIS)

    2001-09-01

    The electricity markets in the Nordic countries have undergone major changes since the electricity market reform work was started in the early 1990s. Sweden, Norway and Finland have had a common electricity market since 1996. The work of also reforming the Danish electricity market was begun in the year 2000. The objective of the electricity market reform is to introduce increased competition, to give the consumers greater freedom of choice and also, by open and expanded trade in electricity, create the conditions for efficient pricing. The Swedish National Energy Administration is the supervisory authority as specified in the Electricity Act, and one of the tasks entrusted to it by the Government is to follow developments on the electricity market and to regularly compile and report current market information. The purpose of the 'Electricity market 2001' publication is to meet the need for generalized and readily accessible information on the conditions on the Nordic market. Iceland is not included in the description. The publication also includes summaries of information from recent years concerning electricity generation and utilization in the Nordic countries, the structure of the electricity market from the players' perspective, trade in electricity in the Nordic countries and in Northern Europe, electricity prices in the Nordic and other countries, and the impact of the electricity sector on the environment. The publication contains data on electricity generation and use during the past years, structure of the electricity market, trade in electricity in the Nordic countries and northern Europe, electricity prices in the Nordic countries and other countries as well as impact of electricity generation system on the environment

  17. Electricity market 2000

    Energy Technology Data Exchange (ETDEWEB)

    Korsfeldt, T.; Petsala, B.

    2000-08-01

    The electricity markets in the Nordic countries have undergone major changes since the electricity market reform work was started in the early 1990s. Sweden, Norway and Finland have a common electricity market since 1996.The work of also reforming the Danish electricity market was begun in the year 2000. The objective of the electricity market reform is to introduce increased competition,to give the consumers greater freedom of choice and also, by open and expanded trade in electricity, create the conditions for efficient pricing. The Swedish National Energy Administration is the supervisory authority as specified in the Electricity Act, and one of the tasks entrusted to it by the Government is to follow developments on the electricity market and to regularly compile and report current market information. The purpose of the present publication is to meet the need for generalized and readily accessible information on the conditions on the Nordic markets.The publication includes summaries of information from recent years concerning electricity generation and utilization in the Nordic countries, the structure of the electricity market from the players' perspective trade in electricity in the Nordic countries and in Northern Europe, electricity prices in the Nordic and other countries, and the impact of the electricity sector on the environment.

  18. Electricity market 2000

    International Nuclear Information System (INIS)

    Korsfeldt, T.; Petsala, B.

    2000-08-01

    The electricity markets in the Nordic countries have undergone major changes since the electricity market reform work was started in the early 1990s. Sweden, Norway and Finland have a common electricity market since 1996.The work of also reforming the Danish electricity market was begun in the year 2000. The objective of the electricity market reform is to introduce increased competition,to give the consumers greater freedom of choice and also, by open and expanded trade in electricity, create the conditions for efficient pricing. The Swedish National Energy Administration is the supervisory authority as specified in the Electricity Act, and one of the tasks entrusted to it by the Government is to follow developments on the electricity market and to regularly compile and report current market information. The purpose of the present publication is to meet the need for generalized and readily accessible information on the conditions on the Nordic markets.The publication includes summaries of information from recent years concerning electricity generation and utilization in the Nordic countries, the structure of the electricity market from the players' perspective trade in electricity in the Nordic countries and in Northern Europe, electricity prices in the Nordic and other countries, and the impact of the electricity sector on the environment

  19. The electricity market 2003

    International Nuclear Information System (INIS)

    2003-01-01

    The electricity markets in the Nordic countries have undergone major changes since the electricity market reform work was started in the early 1990s. We now have a common Nordic electricity market that includes all of the Nordic countries, with the exception of Iceland. The objective of the electricity market reform is to introduce increased competition, to give consumers greater freedom of choice and also, by open and increased trade in electricity, create the conditions for efficient pricing. The Swedish Energy Agency is the supervisory authority specified in the Electricity Act, and one of the tasks entrusted to it by the Government is to follow developments on the electricity market and regularly compile and report current market information. The purpose of 'The Electricity Market 2003' publication is to meet the need for generalized and easily accessible information on the conditions on the Nordic market. The publication also includes summaries of the information from recent years concerning power generation and utilization in the Nordic countries, the structure of the electricity market from the players' perspective, trade in electricity in the Nordic countries and in northern Europe, electricity prices in the Nordic and other countries, and the impact of the electricity sector on the environment

  20. SPORT MARKETING

    OpenAIRE

    Omer Špirtović; Danilo Aćimović; Ahmet Međedović; Zoran Bogdanović

    2010-01-01

    Word „marketing“ comes from AngloSaxon linguistic domain and implies in a narrow sense the market. Under marketing, we consider certain process, which should create and solve relations of exchange between manufacturers on one side, and consumers on the other. Discussion about sport marketing implies its theoretical definition and generalization, and then its actual definition in sport environment. Sport marketing belongs to business function of sport organization and represents primaly an eco...