Understanding Internal Capital Markets and Corporate Policies

NARCIS (Netherlands)

Cremers, M.; Huang, R.; Sautner, Z.

2009-01-01

This study looks inside a large retail-banking group to understand how corporate politics affect internal capital allocation. The group consists of a headquarters organization and about 150 member banks which own the headquarters. Our data is from the firm’s managerial accounting system and covers

GOVERNMENT INTERVENTIONS IN THE VENTURE CAPITAL MARKET HOW JEREMIE AFFECTS THE HUNGARIAN VENTURE CAPITAL MARKET?

Directory of Open Access Journals (Sweden)

Fazekas Balazs

2014-07-01

Full Text Available JEREMIE (Joint European Resources for Micro to Medium Enterprises program was implemented as a part of the EU cohesion policy in the framework of 2007-2013 programming period. The primary objective of the program was to enhance the financing prospects of SME’s through structural funds that provide financial engineering instruments like loan, guarantee and venture capital. This paper focuses on the effects of JEREMIE on Hungary’s venture capital market. Since 2010, 28 JEREMIE backed venture capital funds were founded in four rounds and 130 billion HUF capital was allocated into these funds with the contribution of Hungarian government. A well-established venture capital market can boost entrepreneurship and innovation, therefore economic growth which is the foundation of government involvement. On the other hand, there is an extensive literature highlighting the limits and possible drawbacks of the active role of public sector in the venture capital market. There is a consensus in the literature that in the long run the extensive role of government in venture capital industry is counterproductive. Substituting market participants by government agencies will hardly result in a competitive and efficient market. However, temporarily as a catalyst public sector can contribute to the development of venture capital market. Direct government intervention supportable temporarily only in the infancy of the industry. The primary objective of every program must be to develop the market to the level where it becomes self-sustaining. This way the success of these programs must not be measured only by the amount of invested capital, financial performance of venture capital funds and venture capital backed companies. Raising private sector awareness and the progress of necessary institutions are also the criteria of a successful program. During the design and implementation of venture capital agendas these aspects must be taken into consideration. This

Longevity risks and capital markets: The 2010-2011 update

OpenAIRE

Blake, David; Courbage, Christophe; MacMinn, Richard; Sherris, Michael

2011-01-01

This Special Issue of Geneva Papers on Risk and Insurance - Issues and Practice contains 10 contributions to the academic literature all dealing with longevity risk and capital markets. Draft versions of the papers were presented at Longevity Six: The Sixth International Longevity Risk and Capital Markets Solutions Conference that was held in Sydney on 9-10 September 2010. It was hosted by the Australian Institute for Population Ageing Research, the Australian School of Business and the Unive...

External relationships and marketing practices in Serbian firms: The intangible capital perspective

Directory of Open Access Journals (Sweden)

Mitić Sanja

2015-01-01

Full Text Available This paper presents selected results of research on intangible capital in Serbian firms. The results are part of a broader research project, based on a survey of a sample of Serbian firms. The focus of the project is the various forms of intangible capital, and in this paper we analyse whether and to what degree firms build up their brand capital and increase marketing competencies, and what kind of external relationships they experience. The results provide the first insight into the development of the marketing resources of Serbian firms and show that this element of intangibles is gradually improving but still is at a low level. We find significant differences in the use of marketing resources between firms in regard to their size, international market experience, and ownership type. A more significant development of brand capital, external relationships, and marketing innovations and competencies is found in larger firms, firms with considerable international business experience compared to firms primarily oriented to the domestic market, and in foreign-owned firms. After identifying the strengths and weaknesses of marketing practices in Serbian enterprises we suggest some measures for overcoming the analyzed constraints in order to improve firms’ market positioning, especially in foreign markets.[Projekat Ministarstva nauke Republike Srbije, br. 179062

Foreign IPO capital market choice: Understanding the institutional fit of corporate governance

OpenAIRE

Moore, C. B.; Bell, R. G.; Filatotchev, I.; Rasheed, A. A.

2012-01-01

While product market choices were central to strategy formulation for firms in the past, the integration of financial markets makes the choice of capital markets an equally important strategic decision. We advance a comparative institutional perspective to explain capital market choice by firms making an IPO in a foreign market. Based on a sample of 103 and 99 foreign IPOs in the US and UK respectively during the period 2002-2006, we find that internal governance characteristics (founder CEO,...

The offense of capital market manipulation

Directory of Open Access Journals (Sweden)

Laura MANEA

2012-01-01

Full Text Available The novelty and use of current technology in stock exchange trading operations are just a few reasons for which the capital market domain is a controversial one, and the number of crimes already committed in the financial market raises the issue of securing the supply-demand relationship of capital and capital investment protection. If in the Community law there is no incrimination of market abuse, Romanian legislature sanctioned the capital market manipulation as criminal acts committed intentionally in order to discourage such practices and also to increase the confidence of investors in the financial market

Social and cultural capital in project marketing service firms: Danish architectural firms on the German market

DEFF Research Database (Denmark)

Skaates, Maria Anne; Tikkanen, Henrikki; Alajoutsijärvi, Kimmo

2002-01-01

This article analyses the marketing activities of three Danish architectural firms in Germany during the 1990s from a perspective that is new to project marketing, in that the Bourdivan concepts of social and cultural capital are applied to the offerings and activities of firms. In architecture...... provide support for our claim that the accumulation of social and cultural capital is crucial to acquiring architectural projects, while also indicating that cultural and social capital are internationally transferable to a limited extent only. This in turn suggests that national construction industries...

Manufacturing Capital Lingers in the Stock Market

Institute of Scientific and Technical Information of China (English)

吴程涛; 段铸; 张景宇; 张曙光

2008-01-01

Pressured by a slowdown in exports, cost increases and dwindling returns to manufacturing investments, China’s manufacturing capital has begun to shift to the real-estate and stock markets. As a matter of fact, the stock market had already felt a shock a couple of years ago when top domestic manufacturers like Midea, Gree, TCL and LMZ started to invest their idle capital in the real-estate and stock markets. Investments of manufacturing capital in both the real estate and stock markets have increased fluid capital and pushed up the value of both markets. Booms in both markets have in turn guaranteed investment returns of manufacturing capital, which further increased the stock market valuations of manufacturing capital. Such a cycle has created interest chains between listed manufacturers, the stock market and the real-estate market. Along with the ups and downs of the stock and real-estate markets, manufacturing capital now faces a dilemma: to escape or to persist? Where should it escape? When can the markets be profitable again? Just like the classic Shakespearean question: to be or not to be, that is the question.

RETROSPECTIVE OF FINANCIAL REPORTING ON CAPITAL MARKET

OpenAIRE

Diana Muresan

2012-01-01

The purpose of this paper is to develop a conceptual framework for the evolution offinancial reporting on capital market. Due to the worlwide changes, the role of financial reportingin capital market is constantly growing. Financial reporting analyzed through market perspective isstrongly correlated with issues like: capital allocation, financial statements, internationalaccounting standards and informational valences. Capital market research emphasizes the need forqualitative and transparent...

ANALYSIS OF THE CAPITAL MARKET IN CROATIA

Directory of Open Access Journals (Sweden)

Maja Buljat

2015-12-01

Full Text Available The financial crisis that began in 2008 in the USA turned into a global economic crisis in a short time. As such, it had a big impact on the financial stability of Croatia, primarily on capital market. Capital market includes securities trading, primarily stocks and bonds, whose market value is influenced by the market capitalization of capital market and vice versa. Macro economically, market capitalization had an influence on the fall in the value of the entire capital market, and micro economically, it had an influence on the fall of the prices of stocks, bonds and other financial instruments of companies. The volume of trade decreased, but there was an increase in the number of transactions. In other words, people traded more and in smaller quantities. Therefore, the risk increased, and investors became more cautious.

THE ANALYSIS OF CAPITAL MARKET INTEGRATION IN ASEAN REGION BY USING THE OGARCH APPROACH

Directory of Open Access Journals (Sweden)

Robiyanto Robiyanto

2017-04-01

Full Text Available Capital market integration is a topic that attracts a lot of research interests in regional and international capital markets. Unfortunately, the various studies that have been done tend to use analytical tools that have not been able to conclude the degree of capital market integration quantitatively, hence a study that is able to measure the degree of capital market integration quantitatively is required. This study investigated the capital markets integration in ASEAN by using the Orthogonal Generalized Autoregressive Conditional Heteroscedasticity (OGARCH method which could provide the degree of integration quantitatively. Capital markets studied were Indonesia Stock Exchange, Kuala Lumpur Stock Exchange, Thailand Stock Exchange, Singapore Stock Exchange and Philippines Stock Exchange during period of January 2001 – December 2016. The result of this study was there was a co-movement among ASEAN capital markets studied, but not all these ASEAN capital markets were fully integrated. This study also found that Indonesia Stock Exchange, Kuala Lumpur Stock Exchange, Stock Exchange Thailand, and Singapore Stock Exchange were integrated but Philippines Stock Exchange was not. The Philippines Stock Exchange tended to be segmented rather than integrated.

International Comparisons on Internal Labor Markets and Corporate Performance

Directory of Open Access Journals (Sweden)

Joonmo Cho

2003-12-01

Full Text Available This paper presents an analytical framework which demonstrates how the structures of corporate internal labor markets are formed within the broader labor and capital market context in the U.S. and Japan. This framework is then used to evaluate labor markets within Korean companies and to identify points of change which might promote greater efficiency. Prior to the Asian economic crisis, Korean conglomerates had large, closed internal labor markets. However, in the aftermath of the crisis, they have pursued structural downsizing and moved to open their labor markets. The empirical evidence introduced in this paper affirms the argument that the first step toward creating a flexible labor market in Korea should begin with establishing an efficient corporate governance structure. This implies that a simple switch from the Japanese paradigm for human resource management to an Anglo-American model or vice-versa may not improve internal labor market performance unless the change is accompanied by a solution to the problems posed by the minority controlling structure of Korean companies. The implications of this study for guiding policy in developing countries having labor market rigidities and underdeveloped corporate governance is clear. Capital market structure and corporate governance systems may provide an appropriate starting point for the development of any policies aimed at building an efficient human resource management system and a flexible labor market.

South Korea's Experience with International Capital Flows

OpenAIRE

Marcus Noland

2005-01-01

South Korea%u2019s experience is unparalleled in its combination of sustained prosperity, capital controls, and financial crisis. Over several decades, South Korea experienced rapid sustained growth in the presence of capital controls. These controls and the de-linking of domestic and international financial markets were an essential component of the country's state-led development strategy. As the country developed, opportunities for easy technological catch-up eroded, requiring more sophist...

The Effect of the European Monetary Union on International Capital Markets

Directory of Open Access Journals (Sweden)

Chae-Shick Chung

1998-12-01

Full Text Available This thesis analyzed the influence of the Economic and Monetary Union (EMU which is predicted to appear publicly on January 1999 over the international financial environment, aiming at discussing the countermeasure that Korea should take to this external environment. The inexistence of exchange risk in Europe which brought by the appearance of the single currency accelerated the flow of capital within this area, and it is predicted that the financial institutions in this area will be rearranged. It is predicted that the appearance of Euro will contribute to the development of the company bond market greatly. It is estimated that the company bond of “high-risk, high-return” including the junk bond which is unsuitable for investment will be activated, but the sound financial policy which was taken to stabilizing the Euro will greatly shrink the national debt market. At present, US dollar plays a dominant role in aspects of foreign exchange trade, international settlement, asset investment, governmental reserve assets, etc., but it is predicted that the international currency system will be polarized with the appearance of Euro. In the year 1999 in which EMU established, it is predicted that Euro will keep its stability by cooperating with the US policy, and it won’t greatly affect the private and governmental assets of other countries including Asian countries. However, the appearance of Euro might weaken the function of Yen which is another main currency further, so there is analysis that Japan will positively promote the internationalization of Yen.

The financing and growth of firms in China and India : evidence from capital markets

OpenAIRE

Didier, Tatiana; Schmukler, Sergio L.

2013-01-01

This paper studies the extent to which firms in China and India use capital markets to obtain financing and grow. Using a unique data set on domestic and international capital raising activity and firm performance, it finds that the expansion of financial market activity since the 1990s has been more limited than what the aggregate figures suggest. Relatively few firms raise capital. Even ...

Opening the black box: internal capital markets and managerial power in conglomerates

NARCIS (Netherlands)

Glaser, M.; Lopez-de-Silanes, F.; Sautner, Z.

2010-01-01

How do firms allocate capital internally across units? Do more powerful and better connected managers inside a conglomerate get larger capital allocations? To answer these questions, we put together a unique five-year business-unit panel data set on planned and actual capital allocations inside a

12 CFR 932.5 - Market risk capital requirement.

Science.gov (United States)

2010-01-01

... estimates the market value of the Bank's assets and liabilities, off-balance sheet items, and derivative... 12 Banks and Banking 7 2010-01-01 2010-01-01 false Market risk capital requirement. 932.5 Section... CAPITAL STANDARDS FEDERAL HOME LOAN BANK CAPITAL REQUIREMENTS § 932.5 Market risk capital requirement. (a...

Global capital markets: An updated profile

Directory of Open Access Journals (Sweden)

Filipović Miroslava

2007-01-01

Full Text Available More than two decades after the beginning of the financial revolution globalization of capital flows still attracts considerable attention, from both practitioners and academics. The aim of this paper is to contribute to understanding of some aspects of the global capital scene, as well as to emphasize certain developments which might illustrate its changing profile. Several fundamental perspectives profile the global capital market. A quantitative review provides a sense of sheer volumes, trends, origins and destinations of capital flows; an assessment of the global capital market’s degree of integration follows. The emergence of new (types of actors is another important aspect of the global processes, while illustrations of new market products and emerging segments may add new perspectives on the profile of the global capital market. Finally, the paper concludes with a brief overview of digitalization of the financial supply chain.

"Contagion" between the emerging and developed capital markets: empirical evidence and reflections on the international portfolio diversification

Directory of Open Access Journals (Sweden)

Wagner Moura Lamounier

2008-10-01

Full Text Available In this research, we analyzed the short and long term interdependence and relationship between the stock indices of the major emerging capital markets and the major developed markets for the period 1995-2005. The aim was to verify the existence and the dynamics of the “contagion” between the markets, or if the occurrence of crises and changes in the behavior of a market would have impacts on the behavior of the others. In the development of the work, we applied the methodology of the Vector Error Correction Model (VEC. We found the presence of cointegrating relationships between the markets analyzed, but was able to see that, despite being cointegrated markets, investors could benefit from international diversification of portfolios. That’s because the speed of adjustment of the long-term ratio of cointegration between the markets was low for the period analyzed. Accordingly, investors would have the opportunity to reduce risk by diversifying their portfolios.

Stock Market Integration: Are Risk Premiums of International Assets Equal?

Directory of Open Access Journals (Sweden)

Kusdhianto Setiawan

2014-02-01

Full Text Available This paper studies previous research on capital market integration and applies a simple international capital asset pricing model by considering the incompleteness in market integration and heteroscedasticity of the market returns. When we disregarded those two factors, we found that stock markets were integrated and the law of one price on risk premiums prevails. However, when the factors were considered, the markets were just partially integrated.

The Impact of the Asian Crisis on International Financial Markets

Directory of Open Access Journals (Sweden)

Sang-Uck Loh

1998-12-01

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

THE IMPORTANCE OF CAPITAL MARKET IN ECONOMY

Directory of Open Access Journals (Sweden)

Alin Marius Andrieş

2009-12-01

Full Text Available All participants in capital markets are asking how to finance investments or to invest money available. The answer to these questions depends on the situation you have: deficit or surplus capital. This article addresses issues concerning the place and role of capital market within the financial markets and in financing investments, trying to highlight the growing importance of this subsystem, shown both to economic agents and to all categories of investors.

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

Science.gov (United States)

Li, Leon

2018-02-01

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

Did capital market convergence lower the effectiveness of monetary policy?

NARCIS (Netherlands)

Jansen, P.W.

2009-01-01

International capital market convergence reduces the ability for monetary authorities to set domestic monetary conditions. Traditionally, monetary policy transmission is channelled through the short-term interest rate. Savings and investment decisions are effected through the response of the bond

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

Directory of Open Access Journals (Sweden)

Bernard Adjekophori

2016-07-01

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

MANDATORY TAKEOVER BIDS ON ROMANIAN CAPITAL MARKET

Directory of Open Access Journals (Sweden)

Cristian GHEORGHE

2017-05-01

Full Text Available The Romanian Capital Market Law (Law no 297/2004 lays down rules regarding public offers (to buy or sell of securities admitted to trading on a regulated market. Such offers are not unknown in the general framework of companies’ regulations, i.e. Company Law no 31/1990. Actually a public limited liability company (joint stock company can use a public subscriptions (offering shares for sale to raise the registered capital for incorporation of the company or to increase the company’s share capital already established. But all such operations are voluntary decisions. The founders or the shareholders of the company are those who decide to launch a public subscriptions. Capital Market Law comes with something new and at least peculiar at first sight: mandatory takeover bid, meaning a mandatory public offer made by an offeror to the holders of the securities of a company (offeree to acquire all or some of those securities. Can someone be forced to buy securities on the regulated market? The Capital Market Law responds affirmatively, but only if such takeover bid follows or has as its objective the acquisition of control of the offeree company in accordance with national law. The takeover bid remains under supervision and authorization of the national authority of the Capital Market (FSA – Financial Supervisory Authority.

Gauging the investment potential of international real estate markets

OpenAIRE

Lee, Stephen L.

2005-01-01

Investing in real estate markets overseas means venturing into the unknown, where you meet unfamiliar political and economic environments, unstable currencies, strange cultures and languages, and so although the advantages of international diversification might appear attractive, the risks of international investment must not be overlooked. However, capital markets are becoming global markets, and commercial real estate markets are no exception, accordingly despite the difficulties posed by v...

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

Directory of Open Access Journals (Sweden)

Leon Li

2018-02-01

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

THE MARKET VALUE OF HUMAN CAPITAL: AN EMPIRICAL ANALYSIS

Directory of Open Access Journals (Sweden)

NEAGU OLIMPIA

2012-12-01

Full Text Available There is a general consensus that human capital is a major determinant of economic growth. Reflections on how human capital is related to growth can be extended by viewing on the market value of the human capital. The concept of the market value of human capital reflects the efficiency of allocation and utilisation of the human capital in the economy. To measure this efficiency the concept of the market value of human capital is explained and developed in the present paper. The aim of the paper is to introduce the concept of market value of human capital and the specific objectives are targeted to define his content, to propose a method for estimating it and to provide calculations of it for OECD countries. The concept of human capital is complex and multifaceted one, consisting of: native human capital (biological, educational capital, health capital and social skills (Neagu, 2010. Clearly, human capital is intangible, a stock that is not directly observable as physical capital. Therefore, the estimation of human capital must be constructed indirectly. The stock of human capital in economy creates economic value, expressed through the economic output per capita. In order to estimate this economic value we have to find an appropriate proxy for the human capital stock producing that value. In the purpose of our paper, we consider that the economic value of human capital can be estimated by calculating the aggregate value created by the active human capital in the economy. In this view, GDP per person employed is a relevant estimation of value created by the employed labour force. The aggregate value is created by the employed persons with different educational level. The market value of human capital is calculated by dividing the GDP per person employed to the human capital stocks active in the economy. The human capital stock depends on educational costs ( on primary, seconadry, tertiary education as a the share of GDP per capita weighted by the

INDIAN CAPITAL MARKET REVIEW: ISSUES, DIMENSIONS AND PERFORMANCE ANALYSIS

Directory of Open Access Journals (Sweden)

Mohd. Shamim Ansari

2012-12-01

Full Text Available The purpose of an efficient capital market is to mobilize funds from those who have it and route each them to those who can utilize it in the best possible way. India’s financial market is multi-facet but not balanced. It has state of art equity market but relatively less developed and immature corporate bond market. The Indian capital market in the recent year has undergone a lot of innovation in term regulation and mode of operation. A well developed corporate bond market is also essential for financial system stability, efficiency and overall economic growth. However, If we look at the scenario of capital market in India we find that Indian households have traditionally preferred parking their surpluses in bank deposits, government savings schemes and less than 10% of their investments in financial assets in shares, debentures and mutual funds. The Indian capital market has recently put the worst behind and moved towards strong growth. In this back drop the present paper aims to (i identify various grey points of Indian capital market; (ii Evaluated how it performed during post financial crisis period; and (iii suggests necessary policy reforms for a relatively mature capital market.

FINANCIAL INTERMEDIARIES’ ACTIVITY ON ROMANIAN CAPITAL MARKET

Directory of Open Access Journals (Sweden)

Dumitru-Cristian OANEA

2014-11-01

Full Text Available The financial shifts encountered in the last decade, increase the importance of capital markets in emerging countries, which is also Romania’s case. The banking system was for a long period of time the main source of liquidity for the economy. Meanwhile, the situation is changing due to the importance that capital market has in financing the economy. Through this paper we analyze the transactions’ evolution made by financial intermediaries on Romanian capital market, by highlighting the Societies for Financial Services and Investments (SSIF. Based on this evolution, we identified the main significant differences and similarities between the SSIFs existing on the market.

THE MARKET VALUE OF HUMAN CAPITAL: AN EMPIRICAL ANALYSIS

OpenAIRE

NEAGU OLIMPIA

2012-01-01

There is a general consensus that human capital is a major determinant of economic growth. Reflections on how human capital is related to growth can be extended by viewing on the market value of the human capital. The concept of the market value of human capital reflects the efficiency of allocation and utilisation of the human capital in the economy. To measure this efficiency the concept of the market value of human capital is explained and developed in the present paper. The aim of the pap...

Self-consistency in Capital Markets

Science.gov (United States)

Benbrahim, Hamid

2013-03-01

Capital Markets are considered, at least in theory, information engines whereby traders contribute to price formation with their diverse perspectives. Regardless whether one believes in efficient market theory on not, actions by individual traders influence prices of securities, which in turn influence actions by other traders. This influence is exerted through a number of mechanisms including portfolio balancing, margin maintenance, trend following, and sentiment. As a result market behaviors emerge from a number of mechanisms ranging from self-consistency due to wisdom of the crowds and self-fulfilling prophecies, to more chaotic behavior resulting from dynamics similar to the three body system, namely the interplay between equities, options, and futures. This talk will address questions and findings regarding the search for self-consistency in capital markets.

Credit Market Development and Human Capital Accumulation

OpenAIRE

Ho, Wai-Hong

2008-01-01

In a two period overlapping generations economy with asymmetric information, we investigate the interaction between credit market development and human capital accumulation. As is typical, young borrowers supply their endowed unit of labor time to earn wage income which is used as internal funds. In contrast to conventional setups, young lenders distribute theirs between acquiring education and working for earnings. Through identifying the risk types of borrowers by a costly screening tech...

An introduction to capital markets products, strategies, participants

CERN Document Server

Chisholm, Andrew M

2002-01-01

This comprehensive resource provides a complete introduction to global capital markets by explaining key instruments used in markets and their practical applications. An Introduction to Capital Marketsassumes no starting knowledge of the subject and begins with a general overview of the structure of the capital markets industry. Readers will quickly learn about swaps applications, options trading strategies, and much more. This introduction to financial markets offer valuable insights for anyone interested in the theory, practice, products, and applications within this field.

12 CFR Appendix E to Part 225 - Capital Adequacy Guidelines for Bank Holding Companies: Market Risk Measure

Science.gov (United States)

2010-01-01

...) The organization must have a risk control unit that reports directly to senior management and is...-based capital ratio numerator. Section 4. Internal Models (a) General. For risk-based capital purposes... techniques adequately measure associated market risk. 10 An organization's internal model may use any...

Capital Market Implications of Corporate Disclosure: German Evidence

Directory of Open Access Journals (Sweden)

Michael Grüning

2011-04-01

Full Text Available This paper investigates the relationship between annual report disclosure, market liquidity, and capital cost for firms registered on the Deutsche Börse. Disclosure is comprehensively measured using the innovative Artificial Intelligence Measurement of Disclosure (AIMD. Results show that annual report disclosure enhances market liquidity by changing investors’ expectations and inducing portfolio adjustments. Trading frictions are negatively associated with disclosure. The study provides evidence for a capital-costreduction effect of disclosure based on the analysis of investors’ return requirements and market values. Altogether, no evidence is found that the information processing at the German capital market is structurally different from other markets.

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.

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...

R - evolution in Time Series Analysis Software Applied on R - omanian Capital Market

Directory of Open Access Journals (Sweden)

Ciprian ALEXANDRU

2014-06-01

Full Text Available Worldwide and during the last decade, R has developed in a balanced way and nowadays it represents the most powerful tool for computational statistics, data science and visualization. Millions of data scientists use R to face their most challenging problems in topics ranging from economics to engineering and genetics. In this study, R was used to compute data on stock market prices in order to build trading models and to estimate the evolution of the quantitative financial market. These models were already applied on the international capital markets. In Romania, the quantitative modeling of capital market is available only for clients of trading brokers because the time series data are collected for the commercial purpose; in that circumstance, the statistical computing tools meet the inertia to change. This paper aims to expose a small part of the capability of R to use mix-and-match models and cutting-edge methods in statistics and quantitative modeling in order to build an alternative way to analyze capital market in Romania over the commercial threshold.

Farmers' involvement in capital markets investment as an alternative ...

African Journals Online (AJOL)

... markets investment were significantly associated with their investment in the capital market. The study recommended that agricultural extension agents should be mobilised to develop and disseminate information on the capital markets to farmers. Stock brokers should also visit farmer groups for enlightenment campaigns.

Capital market financing, firm growth, and firm size distribution

OpenAIRE

Didier Brandao,Tatiana; Levine,Ross Eric; Schmukler,Sergio L.

2015-01-01

How many and which firms issue equity and bonds in domestic and international markets, how do these firms grow relative to non-issuing firms, and how does firm performance vary along the firm size distribution? To evaluate these questions, a new data set is constructed by matching data on firm-level capital raising activity with balance sheet data for 45,527 listed firms in 51 countries. T...

TOWARDS THE CAPITAL MARKET UNION

Directory of Open Access Journals (Sweden)

Iulian PANAIT

2015-06-01

Full Text Available This paper discusses the main characteristics of the proposed Capital Markets Union in Europe, as they are introduced by the European Commission and various authors, and emphasises some important advantages and disadvantages of this project for the developing and frontier markets in UE, especially for Romania.

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

OpenAIRE

Felicia Ramona Birău

2012-01-01

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

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.

A study of the logical model of capital market complexity theories

Institute of Scientific and Technical Information of China (English)

无

2006-01-01

Analyzes the shortcomings of the classic capital market theories based on EMH and discloses the complexity essence of the capital market. Considering the capital market a complicated, interactive and adaptable dynamic system, with complexity science as the method for researching the operation law of the capital market, this paper constructs a nonlinear logical model to analyze the applied realm, focal point and interrelationship of such theories as dissipative structure theory, chaos theory, fractal theory, synergetics theory, catastrophe theory and scale theory, and summarizes and discusses the achievements and problems of each theory.Based on the research, the paper foretells the developing direction of complexity science in a capital market.

International capital flows and investment volatility in selected sub-Saharan African countries

Directory of Open Access Journals (Sweden)

William Brafu-Insaidoo

2011-07-01

Full Text Available The study examines the impact of foreign capital flows on investment volatility in emerging and frontier market economies in sub-Saharan Africa. In particular, the study attempts to answer the question of whether different components of foreign capital inflows explain investment volatility. Theory suggests that increased cross-border capital mobility increases investment volatility due to the possibility of substituting foreign for domestic investments. Empirical literature does not, however, provide any clear evidence in support of this theory. By using the dynamic panel data analysis, this study tests the hypothesis that increased capital flows increases investment volatility and the study established that international capital flows reduce investment volatility.

Cyclical Effects of Bank Capital Buffers with Imperfect Credit Markets: international evidence

OpenAIRE

A. R. Fonseca; F. González; L. Pereira da Silva

2010-01-01

This paper analyzes the cyclical effects of bank capital buffers using an international sample of 2,361 banks from 92 countries over the 1990-2007 period. We find that capital buffers reduce the bank credit supply but – through what could be “monitoring or signaling effects” – have also an expansionary effect on economic activity by reducing lending and deposit rate spreads. This influence on lending and deposit rate spreads is more pronunced in developing countries and during downturns. The ...

Benchmarking a Transition Economy Capital Market

Directory of Open Access Journals (Sweden)

A. Keller

2007-09-01

Full Text Available As the centrally planned communist nations of Central Europe lacked liquid and efficient capital markets,financial systems architecture became instrumental to their transition into market economies. Now, afteralmost 17 years of operations, it is time to take a snapshot of one of these economies and compare it to a welldeveloped capital market. This study is the first to provide a quantifiable comparison of the quality of thecapital markets of a fully developed and a transition economy; namely Euronext France [Euronext] and theWarsaw Stock Exchange [WSE]. Using intraday data for the Euronext market and the WSE it is shown thatwhile overall liquidity is certainly much greater in Euronext, range based intra-day volatility is significantlylower in the WSE. For stocks with the highest market capitalisation the WSE has lower transaction costs inthe first [largest] decile than Euronext. These results indicate that while the established market is significantlymore liquid in terms of average trade size and trade numbers it does not always offer lower transaction costsor volatility. This is a new result as most contributions to the literature argue that an emerging market within atransition economy will suffer from excess volatility.

EVOLUTION OF THE ROMANIAN CAPITAL MARKET IN THE LAST FOUR YEARS

Directory of Open Access Journals (Sweden)

SORIN CLAUDIU RADU

2012-10-01

Full Text Available The effects of the great recession have also been felt in Romania and the domestic capital market, component of the European financial market, has suffered from the negative evolutions of the world’s economy, fallowing the downward trend of the external markets since the crisis started. Considering the economic situation as of 2008, the Romanian capital market was faced with a small number of transactions, a decreased stock capitalization and low level of credibility, massive diminishment of liquidities, capital withdrawal on the financial market and significant depreciation of stock exchange indicators. This paper aims at presenting the evolution of the capital market in Romania for the last four years, pinpointing several strategic directions that are meant to support the domestic stock exchange and place them in the European stock exchanges top.

Political Capital in a Market Economy

Science.gov (United States)

Nee, Victor; Opper, Sonja

2010-01-01

This research applies a transaction-focused institutional analysis to compare the value of political capital in different institutional domains of China's market economy. Our results show that the value of political capital is associated with institutional domains of the economy in which agents can use political connections to secure advantages.…

The impact of capital markets on the economic growth in South Africa

Directory of Open Access Journals (Sweden)

Queen Sarah Khetsi

2015-03-01

Full Text Available Capital markets are institutions that actively play a role in the development of an economy. This study investigates the impact of capital markets on economic growth in South Africa from 1971-2013. The results indicated that there is a positive relationship between economic growth and capital markets in South Africa. Furthermore, the country should focus on factors that contribute to the development of capital markets, such as the development of financial institutions. The study contributes to the existing body of empirical literature with regards to economic growth and capital markets, especially with reference to stock markets as South Africa has one of the largest stock markets (JSE in the world.

13 CFR 108.10 - Description of the New Markets Venture Capital Program.

Science.gov (United States)

2010-01-01

... Venture Capital Program. 108.10 Section 108.10 Business Credit and Assistance SMALL BUSINESS ADMINISTRATION NEW MARKETS VENTURE CAPITAL (âNMVCâ) PROGRAM Introduction to Part 108 § 108.10 Description of the New Markets Venture Capital Program. The New Markets Venture Capital (“NMVC”) Program is a...

Globalization, capital market and economic development in Nigeria

Directory of Open Access Journals (Sweden)

Olanrewaju Adewole Adediran

2015-01-01

Full Text Available This article examines the economic integration caused by globalization and effect of capital market in Nigeria context. It establishes the type of relationship and level of significance of globalization and capital market on the economic development. Globalization concept is framed as import plus export divided by growth ratio. The capital market was determined in terms of proxy (by GDP by price index. The growth ratio assessed the level of development using econometric model. The results suggest that sound economic reform and financial policies are necessary to achieve sustainable development in Nigeria. However, there is need to increase exports, reduce imports and control exchange rate for Nigeria to achieve sustainable economic development.

12 CFR Appendix B to Part 3 - Risk-Based Capital Guidelines; Market Risk Adjustment

Science.gov (United States)

2010-01-01

...) The bank must have a risk control unit that reports directly to senior management and is independent... management systems at least annually. (c) Market risk factors. The bank's internal model must use risk.... Section 4. Internal Models (a) General. For risk-based capital purposes, a bank subject to this appendix...

DOMESTIC VS INTERNATIONAL RISK DIVERSIFICATION POSSIBILITIES IN SOUTHEASTERN EUROPEAN STOCK MARKETS

Directory of Open Access Journals (Sweden)

Sinisa Bogdan

2016-12-01

Full Text Available Modern portfolio theory is one of the most important investment decision tools in finances. In 1952 Harry Markowitz set the foundations of the Modern portfolio theory, since than this theory was a backbone of many studies that dealt with investment decisions. This research applies mean-variance portfolio optimization on the international Southeastern Europe and domestic Croatian stock market exchange. Aim of this research is to compare risk diversification possibilities on the Southeastern European capital markets and on the Croatian Capital market. By analyzing nine stock market indices in the Southeastern Europe and twenty stocks from Zagreb Stock Exchange in the period of 36 months, results clearly show that internationally diversified portfolios offer better portfolio risk reduction than domestically diversified portfolios. Lowest achieved risk in international portfolio outperformed lowest achieved risk in domestic portfolio. Since risk is lower, returns are also much lower compared to domestic stock portfolios. Results of this research also report that domestic stock portfolios outperformed international portfolios at the risk level equal or higher than 0,97%, for the same risk, domestic portfolios offer greater returns.

MODEL OF SHARIA PRINCIPLES INTEGRATION IN THE APPLICATION OF CAPITAL MARKET LAW

Directory of Open Access Journals (Sweden)

Desy Nurkristia Tejawati

2017-09-01

Full Text Available Indonesia is a country which most of the population is islamic, so of course in the life of the economy should be based on existing principles of sharia. At present, it must be admitted that the principles of sharia have grown in various fields of economy, including Banking, Insurance, and Capital Markets. However, in the Capital Market, although some of its instruments have been found in the Capital Market, the redulation is very minimal. This research is aimed at assisting Financial Services Authority in implementing Roadmap of Sharia Capital Market starting 2015 to 2019 to find a concept of Capital Market Law in accordance with Sharia Principles, so that Sharia Principles can be applied in isolation and different from Market Law regulation Conventional Capital that has been done. Research is a normative juridical research because it focuses on the rules of legislation using empirical data. The approach used is the approach of legislation and concept approach. Sharia Capital Market is a place for investors and emitents whose business field is not contrary to Sharia principles to conduct buying and selling activities in a way that uses the principles of sharia. The implementation of Sharia principles in Shariah Capital Market is in the business field of issuers, contracts used, and there are also arrangements related to Sharia Capital Market Experts.

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.

Islamic Financial Engineering : Comparative Study Agreements in Islamic Capital Market in Malaysia and Indonesia

Directory of Open Access Journals (Sweden)

Adhitya Ginanjar

2014-03-01

Full Text Available Objective –The objective of this paper is to provide a discussion Islamic Financial Engineering which practice between Indonesian Capital Market and Malaysian capital market. This paper also investigate whether regulator could effectively take a role in materializing demands for Islamic securities and whether regulator declaration is more convincing than sharia compliance declaration between IDX and KLSE.Methods - We use descriptive analytic and literature study to see the background, market response caused by regulatory for Islamic Financial Engineering. We also analyze Islamic capital market regulatory from middle east countries.Results - We find that Islamic Capital Market in KLSE (Malaysian Capital Market more higher growth than IDX (Indonesia Capital Market because of Islamic Capital Regulatory in KLSE much easier to improve Islamic Financial Engineering from conventional schemes.Conclusion - This finding could explain why Islamic Capital Market in KLSE is still growing rapidly and IDX will adjust their Islamic Capital Market Regulatory to compete with regional Islamic Capital Market.Keywords : Islamic Financial Engineering, Risk, Return, Derivative, Hedging, Option, Forward, Hybrid  contract

THE IMPACT OF ACCESSION TO THE EUROPEAN UNION ON THE ROMANIAN CAPITAL MARKET

OpenAIRE

Dragoş Mînjină; Andrei Stănculescu

2007-01-01

The accession to the European Union has had a significant impact on the Romanian capital market. In this paper are presented some aspects of the capital market which are influenced by the mentioned event, such as a harmonized legislation with EU legislation and restructured capital market architecture. In order to synthesize the accession effect on the Romanian capital market, we have analyzed the specific market indicators (such as market value, turnover, market indexes etc.), computed for t...

Capital Markets Union for Europe

DEFF Research Database (Denmark)

Ringe, Georg

2015-01-01

The merits of the “Capital Markets Union” project lie with its political importance, rather than its legal coherence or significance. Despite a number of substantial flaws, the initiation of this project comes at the right time. The Commission first and foremost sends a political message to the UK...... and other non-Euro Member States, as well as a commitment to the Single Market....

MAPPING EUROPEAN CAPITAL MARKETS TENDENCIES

Directory of Open Access Journals (Sweden)

Andreea Avadanei

2011-01-01

Full Text Available The scope of this paper is to analyze the main tendencies influencing European capitalmarkets development. In order to point out their implications, we structured our study onfour chapters. The first one illustrates the consolidation of stock exchanges at the Europeanlevel; the seconds presents some considerations about the deregulation/re-regulation of EUcapital markets; the third section highlights the globalization implications on their evolutionand the fourth one indicates the effects of financial innovation. The progressive integrationof European capital markets over the past decade contributed to the lowering of capital costas a result of increased risk diversification opportunities and reduced transaction costs dueto the specialization of financial system provisions. Moreover, the expansion of thesemarkets improved firms financing decisions, leading to an increased share of non-bankfunding sources.

Credit Rating Agencies, Financial Regulations and the Capital Markets

NARCIS (Netherlands)

K. Shahzad (Khurram)

2013-01-01

textabstractThis thesis studies the role of credit rating agencies (CRAs) in capital markets, and the effects of two important regulatory decisions that are taken to improve the quality of information available to the capital markets. In particular, this thesis examines a) the importance of credit

GOVERNMENT INTERVENTIONS IN THE VENTURE CAPITAL MARKET HOW JEREMIE AFFECTS THE HUNGARIAN VENTURE CAPITAL MARKET?

OpenAIRE

Fazekas Balazs

2014-01-01

JEREMIE (Joint European Resources for Micro to Medium Enterprises) program was implemented as a part of the EU cohesion policy in the framework of 2007-2013 programming period. The primary objective of the program was to enhance the financing prospects of SME’s through structural funds that provide financial engineering instruments like loan, guarantee and venture capital. This paper focuses on the effects of JEREMIE on Hungary’s venture capital market. Since 2010, 28 JEREMIE backed venture c...

The development of capital market and bank risk: The case of Iran

Directory of Open Access Journals (Sweden)

Navid Babak Jamshidi

2017-01-01

Full Text Available This paper is an attempt to investigate about relationship between the development of capital market and bank risk in Tehran Stock Exchange. Three hypotheses were presented in this research. This is a descriptive- correlative research. Multi-variable regression was used in this research. According to results of this research, there is a significant relationship between the development of capital market and bank risk. Additionally, there is significant relationship between Beta, income variety, and market value and capital market development. Also, due to effective role of bank in Iran economy bridge market, it is possible to point out its effective role in capital market. Results of this research confirm this claim. It is suggested to stakeholders and users of banking information and capital market to pay attention to bank risks regard their decision-making.

Can capital markets create incentives for pollution control?

International Nuclear Information System (INIS)

Lanoie, Paul; Roy, Maite; Laplante, Benoit

1998-01-01

It has been observed that upon trading-off the costs and benefits of pollution control, profit-maximizing firms may choose not to invest their resources in pollution abatement since the expected penalty imposed by regulators falls considerably short of the investment cost. Regulators have recently embarked on a deliberate strategy to release information to markets (investors and consumers) regarding firms' environmental performance in order to enhance incentives for pollution control. In this paper, we analyze the role that capital markets may play to create such incentives. Evidence drawn from American and Canadian studies indicates that capital markets react to the release of information, and that large polluters are affected more significantly by such release than smaller polluters. This result appears to be a function of the regulator's willingness to undertake strong enforcement actions as well as the possibility for capital markets to rank and compare firms with respect to their environmental performance

Evaluation of Effect of Global Economic Meltdown on Capital Market Performance

Directory of Open Access Journals (Sweden)

ONAOLAPO ADEKUNLE RAHMAN

2013-07-01

Full Text Available The recent financial crisis that loomed the global economy was considered more inclusive than any other period of financial turmoil in the past 60 years. This paper evaluates the implications of the global economic meltdown on the Nigerian Capital Market Performance using the market capitalization of the Nigerian Stock Exchange as a major indicator. When the global economic meltdown came, it poses a recession on the Market Capitalization and the volume of share index of the Nation. This study depends entirely on secondary data in form of annual aggregate time series data of Market capitalization (dependent variable, exchange rate, interest rate, inflation rate, market share index with Dummy variable to represent the period of economic crisis. Ordinary least square of multiple regressions was used to analyze the data into econometric model while F-statistics was used to test for the formulated hypothesis. This study depicts that the global economic meltdown has a negative effect on the Capital Market Performance. It was therefore recommended that the Federal government and the regulatory agencies (CBN, NSE, SEC etc. should come up with intervention and fiscal policies that will suppress these effects and jumpstart the capital market and that the policies should be properly implemented and monitored.

DISPUTE RESOLUTION AND MEDIATION ON CAPITAL MARKET

Directory of Open Access Journals (Sweden)

CRISTIAN GHEORGHE

2011-04-01

Full Text Available Capital Market is usually depicted as a place for experts, for people with high trading skills. This is a half truth. There are entities established and functioning under strict scrutiny of Romanian National Securities Commission (RNSC, in compliance with Capital Market Law and regulations. There are also the investors, in many cases individuals involved in shares/financial instruments trade. In both cases disputes can rise. Disputes are inevitable a part of human interaction, hence the need for dispute resolution. First option is the judicial court system. Alternative dispute resolution comprises arbitration and mediation. Arbitration is an alternative choice to provide simpler, speedier and more accessible justice than ordinary courts as well as expertise in matters that are technical in nature and require special knowledge to adjudicate upon. Capital Market environment provides an institutional arbitration court for all participants, including investors. In many cases the agreement executed between participants under RNSC scrutiny The other option for settling disputes outside the court is mediation. Mediation can provide a much cheaper and quick extrajudicial resolution of disputes in commercial matters without time consuming procedures and rigid rules. Agreements resulting from mediation are more likely to be complied with voluntarily and are more likely to foster the commercial relationship between the parties. The interaction between investors and brokerage houses is based on investment services agreement concluded by parties. This is the usual framework for disputes between parties and the usual “landscape” for mediation on capital market.

Capital Market Development: A Spur to Economic Growth in Nigeria

Directory of Open Access Journals (Sweden)

Ismail O. Fasanya

2013-10-01

Full Text Available This paper examines the relationship between capital market development and Nigeria’s economic growth using data covering the range of 1981 to 2010 using a Johansen Cointegration technique to test for long run relationship among the variables under study. The empirical findings from the research work suggest that the capital market is an essential catalyst for economic growth and is on the average and beneficial to the economy. However, the high costs of raising capital and structural imbalances in the market as well as inconsistent government policies may distorts the speedy growth of the market and thus, limit its positive impact on the economy.

The Islamic Capital Market Response to the Real Earnings Management

Directory of Open Access Journals (Sweden)

Rita Yuliana

2017-06-01

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

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

Directory of Open Access Journals (Sweden)

Uwuigbe Uwalomwa

2016-05-01

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

Capital Market Integration in ASEAN Countries: Special Investigation of Indonesian Towards the Big Four

Directory of Open Access Journals (Sweden)

Barli Suryanta

2012-01-01

Full Text Available ASEAN already proposed financial integration through capital market integration based on ASEAN Economics Community (AEC 2020 treaty in order to aim comprehensive ASEAN economic integration. The objective of this study is to occur the capacity of Indonesian in terms of integrating its capital market towards the big four i.e., Singaporean, Malaysian, Philippines, and Thailand.  Vector Auto-regression (VAR analysis is utilized to investigate Indonesian market returns co-movement and dynamic link with ASEAN 4. The conclusion of this study, there is neither co-movement nor strong dynamic link between Indonesian capital market with those of Singaporean, Malaysian, Philippines, and Thailand. Keywords: ASEAN Capital market integration, Indonesian Capital Market, ASEAN 4 Capital Market, VAR Framework.

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.

Firm-Specific Marketing Capital and Job Satisfaction of Marketers: Evidence from Vietnam

Science.gov (United States)

Nguyen, Tho D.; Nguyen, Trang T. M.

2011-01-01

Purpose: Based on the resource-based view of the firm, this study aims to examine antecedents and outcomes of firm-specific marketing capital pool invested by marketers in a transition market, Vietnam. Design/methodology/approach: A sample of 528 marketers in Ho Chi Minh City was surveyed to test the theoretical model. Structural equation…

THE SUCCESS OF EMERGING CAPITAL MARKETS IN DETERMINING ECONOMIC GROWTH

Directory of Open Access Journals (Sweden)

Ion POHOAŢĂ

2014-06-01

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

Intellectual capital: approaches to analysis as an object of the internal environment of an economic entity

Directory of Open Access Journals (Sweden)

O. E. Ustinova

2017-01-01

Full Text Available Intellectual capital is of strategic importance for a modern company. At the same time, its effective management, including a stimulating and creative approach to solving problems, will help to increase the competitiveness and development of economic entities. The article considers intellectual capital as an object of analysis of the internal environment. In the context of the proposed approaches to its study, its impact on the development of the company is also considered. The intellectual capital has a special significance and influence on internal processes, since on each of them the intellectual component allows to achieve a positive synergetic effect from the interaction of different objects. In more detail, it is proposed to consider it in terms of the position of the company it occupies on the market, the principles of its activities, the formation of marketing policies, the use of resources, methods and means of making managerial decisions, and the organizational culture formed. For the analysis of the state of the internal environment, the main approaches are proposed, in which the intellectual capital is considered, among them: methods for analyzing cash flows, economic efficiency and financial feasibility of the project, analysis of the consolidated financial flow by group of objects, assessment of the potential of the business entity, technology of choice of investment policy, technology Selection of incentive mechanisms. In this regard, it is advisable to analyze the company's internal environment from the position of influencing its state of intellectual capital. The scheme of interaction of intellectual capital and objects of an estimation of an internal environment of the managing subject is offered. The results of this study should be considered as initial data for the further development of the economic evaluation of the influence of intellectual capital on the competitiveness of companies.

Capital Market Integration and Consumption Risk Sharing over the Long Run

DEFF Research Database (Denmark)

Rangvid, Jesper; Santa-Clara, Pedro; Schmeling, Maik

integration. We also calculate the welfare costs of imperfect capital market integration and risk sharing and find that these costs vary a lot over time. Finally, we show that consumption risk sharing is higher during times of crises, i.e. at times when marginal utility is high and risk sharing is most......We empirically investigate time variation in capital market integration and consumption risk sharing using data for 16 countries from 1875 to 2012. We show that there has been considerable variation over time in the degrees of capital market integration and consumption risk sharing and that higher...... capital market integration forecasts more consumption risk sharing in the future. This finding is robust is to controlling for trade openness and exchange rate volatilities. Hence, financial integration seems to drive consumption risk sharing whereas we find no evidence that risk sharing forecasts market...

Migration, income redistribution, and international capital mobility

OpenAIRE

Meckl, Jürgen

1994-01-01

This paper studies income-redistribution effects from labor migration in a small open economy under alternative assumptions on the international mobility of capital. Our principal result is that induced international capital flows dampen or may even reverse redistribution effects. However, as long as the location of capital is unaffected by migration redistribntion effects may be greater if some of the capital is foreign owned, depending on whether labor and capital are friends or enemies. On...

76 FR 1889 - Risk-Based Capital Guidelines: Market Risk

Science.gov (United States)

2011-01-11

... ``three-pillar'' framework that includes (i) risk-based capital requirements for credit risk, market risk... incremental risk capital requirement to capture default and credit quality migration risk for non... (advanced approaches rules) (collectively, the credit risk capital rules) \\8\\ by requiring any bank subject...

Social capital and mango marketing in Odo-oba and Fiditi markets of ...

African Journals Online (AJOL)

This study evaluated the role of social capital in marketing of mango fruits in order to improve the marketing services and efficiency of the marketers in Oyo State, Nigeria. Primary data for the study were collected using structured questionnaire. Descriptive statistics and least square regression were used to analyze ...

THE IMPORTANCE OF STATE’S ROLE IN THE HUNGARIAN VENTURE CAPITAL MARKET

Directory of Open Access Journals (Sweden)

Jenő Konecsny

2011-07-01

Full Text Available The presence of state also has an indirect and direct effect on the developement of the Hungarian venture capital market. Indirect effect is realized through the law legislation and the direct one by the operate of the different venture capital firms and funds which invest public financial sources. The main purpose of the direct intervention is to finance the under-capitalized small and medium-sized start-up companies with equity. The paper examines the Hungarian venture capital market from the aspect of state intervention. It starts with an European overview which summarizes the common and different attributes of state’s role in the venture capital market between several European countries. The paper focuses on the Hungarian situation, it describes concisely the effect and efficiency of the governmental instructions which were taken for the legislation of the venture capital market. Using the results of a previous research the paper also examines the characteristics of the direct instructions. The paper decribes briefly the main details of the publicprivate initiative called JEREMIE-program, which started on the Hungarian venture capital market in the recent past.

Social capital and transaction costs in millet markets.

Science.gov (United States)

Jacques, Damien Christophe; Marinho, Eduardo; d'Andrimont, Raphaël; Waldner, François; Radoux, Julien; Gaspart, Frédéric; Defourny, Pierre

2018-01-01

In sub-Saharan Africa, transaction costs are believed to be the most significant barrier that prevents smallholders and farmers from gaining access to markets and productive assets. In this study, we explore the impact of social capital on millet prices for three contrasted years in Senegal. Social capital is approximated using a unique data set on mobile phone communications between 9 million people allowing to simulate the business network between economic agents. Our approach is a spatial equilibrium model that integrates a diversified set of data. Local supply and demand were respectively derived from remotely sensed imagery and population density maps. The road network was used to establish market catchment areas, and transportation costs were derived from distances between markets. Results demonstrate that accounting for the social capital in the transaction costs explained 1-9% of the price variance depending on the year. The year-specific effect remains challenging to assess but could be related to a strengthening of risk aversion following a poor harvest.

The effect of marketing innovation, market orientation, and social capital on competitive advantage and marketing performance: A study in MSMEs of embroidery Central Java Province

Directory of Open Access Journals (Sweden)

Ag. Sunarno Handoyo

2015-12-01

Full Text Available This study deals with marketing innovation, market orientation, and social capital in affecting the competitive advantage and marketing performance in Micro, Small, and Medium Enterprises (MSMEs of embroidery in Central Java Province. In this respect, this study tried to test and analyze the effect of marketing innovation, market orienta-tion, and social capital on competitive advantage and marketing performance in Micro, Small, and Medium Enterprises (MSMEs of embroidery in Central Java Province. The samples are 150 respondents as the owners of the embroidery business in Central Java Province. The technical analysis used is Structure Equations Modeling with AMOS Software version 22. The results show that: (1 marketing innovation has significant effect on competitive advantage; (2 market orientation has significant effect on competi-tive advantage; (3 social capital has significant effect on competitive advantage; (4 competitive advantage has significant effect on marketing performance; (5 marketing innovation has significant effect on marketing performance; (6 market orientation has significant effect on marketing performance; (7 social capital has no significant effect on marketing performance. The implication of this study is that the MSMEs of embroidery could improve marketing performance by increasing marketing innovation, market orientation, social capital and competitive advantage. This study also shows that competitive advantage is an intervening variable on marketing performance.

CHARACTERISTICS OF INVESTMENT PORTFOLIOS PASSIVE MANAGEMENT STRATEGY ON THE CAPITAL MARKET

Directory of Open Access Journals (Sweden)

MIHAELA SUDACEVSCHI

2013-05-01

Full Text Available The strategies of investment portfolios management on the capital market involves a range of transactions with different financial securities, aimed at optimizing the results. On a developed and efficient capital market, with a high liquidity level, portfolio management primarly depends on investor’s targeted level of return and the risk profile of the investor. Passive strategy of investment portfolios management is applied especially by risk aversion investors, who are taking into account all existing risks in the capital market and seeking to preserve the value of investments, rather than increasing its value. This strategy presume that the investor has no information about the prices and the return of securities that would make him to give to his investment portfolio a different structure from the structure of capital market portfolio. Therefore, he will seek a return level equal to the return on the market portfolio, minimizing the portfolio risk up to eliminating the specific risk.

The EU Capital Markets Union and Financial Stability

Directory of Open Access Journals (Sweden)

Kravchuk Igor S.

2017-06-01

Full Text Available The aim of the article is to study the processes of formation of the EU Capital Markets Union in the context of their influence on stability of the markets and the financial system as a whole. In the course of analyzing the project for the building of a single capital market with respect to financial stability, there determined its positive aspects as well as threats and challenges associated with simplification of information requirements to the prospectus of public offering of securities, low liquidity and higher volatility of the equity markets of small and medium-sized businesses, reduction of the regulatory requirements to investment firms (securities traders, correction of prudential norms for infrastructure investments of banking institutions and insurance companies, introduction of a simple, transparent and standard securitization, a secondary market for distressed banking assets, and a potential spread of financial instability at cross-border investments in securities.

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

Capital Market Integration and Consumption Risk Sharing over the Long Run

DEFF Research Database (Denmark)

Rangvid, Jesper; Santa-Clara, Pedro; Schmeling, Maik

2016-01-01

capital market integration forecasts more consumption risk sharing in the future. This finding is robust to controlling for trade openness and exchange rate volatility as alternative drivers of risk sharing. Finally, we calculate the welfare costs of imperfect consumption risk sharing and find......We empirically investigate time variation in capital market integration and consumption risk sharing using data for 16 countries from 1875 to 2012. We show that there has been considerable variation over time in the degrees of capital market integration and consumption risk sharing and that higher...

Prof. Wu Xiaoqiu:China Is Striving for the World's Most Developed Capital Market

Institute of Scientific and Technical Information of China (English)

Sun Yongjian; Zhang Yue

2007-01-01

@@ China's capital market is a hot issue in the new year. The best strategy to develop the Chinese capital market in the coming 15 to 20 years was discussed in the China Capital Market Forum, which was held in China at Renmin University on January 13. Government officials, scholars, and entrepreneurs commented that by 2020, the Chinese capital market will develop into one of the best capital markets in the world,not only in terms of size, but also asset quality, liquidity and dynamic trade. Is this a realistic goal? What steps should we take to pursue this target? With these questions in mind, after the forum, China's Foreign Trade interviewed Prof. Wu Xiaoqiu, Vice President of Renmin University of China,and the Director of the Finance & Securities Institute of Renmin University.

THE ISSUE OF ASYMMETRIC INFORMATION UPON THE CAPITAL MARKET

Directory of Open Access Journals (Sweden)

Olga Pleşco

2013-07-01

Full Text Available The capital market has an important role at the micro and macro economical level, having the capacity to mobilize resources and to place them in a productive manner. The relation between accounting and capital market started to be analyzed from the middle of XXth century, when the investors started to ask more details about the companies’ activity and not just general accounting values. The certainty is nowadays a part of the cost of information which is consciously assumed by the users differently in pre-crisis and crisis time. Informational asymmetry plays a double role through the participants on the capital market: positive one for those who use the lack of information of others with economic responsibility and negative when information holders use them to affect the other participants or users. This paper seeks to examine the impact of financial information on the level of the capital value of the companies in order to evaluate the influence and to establish the measures that must be applied to reduce the asymmetries between different users of that information.

Derivative Securities on Romanian Capital Market

Directory of Open Access Journals (Sweden)

Ramona Maria GOGONCEA

2011-12-01

Full Text Available This study aimed to investigate whether the world wide agreed models of valuation of derivates may be properly applied to the Romanian capital market, obtaining reliable results for decision makers. The most common valuation models take into account market data such as, interest and exchange rates, volatilities and the price of the underlying instrument. The procedures for valuation must clearly define the nature of the market data to be taken into consideration (for example the zero-coupon curve for the valuation of swaps and the independent reference base to be used (Reuters at a given time, bid/offer or mid price, broker. In order to be able to obtain the results, I based my study on a self-developed software which can calculate the price and characteristics for different types of derivatives securities once the primary data are filled in. I compared the results obatined usig the valuation models with the actual prices on the Romanian capital market. I expected that the results obtained to be more accurate as the parameters used in the calculation models properly reflect market data as at that date being as widely as possible.. These assumptions were only supported for certain value orientations. In conclusion, explanations for these results are given and limitations for this study are discussed. Also, suggestions for future research are presented in the final part of the article.

Did capital market convergence lower the effectiveness of the interest rate as a monetary policy tool?

NARCIS (Netherlands)

Jansen, Pieter W.

2006-01-01

International capital market convergence reduces the ability for monetary authorities to set domestic monetary conditions. Traditionally, monetary policy transmission is channelled through the short-term interest rate. Savings and investment decisions are effected through the response of the bond

Impact from the blockchain technology on the Nordic capital market

OpenAIRE

Victoria, Karlsson Lundström

2016-01-01

This master thesis explores how the blockchain technology might affect the capital market, a market with an established role in our current society. This exploration is conducted by a literature study and an interview study with participants within the capital market, in order to gather several opinions and experiences of the technology. The blockchain technology is a registration technology that provides a high degree of security and the possibility to cut of intermediaries. These are two su...

The Capital Market and Performance of the Nigerian Economy: A ...

African Journals Online (AJOL)

A vibrant capital market plays a crucial role in promoting the growth and development of the economy. This study examined the performance of the capital market and its impact on the economic growth of Nigeria. Using a time series data covering a period of 26 years (1985–2010) and employing the econometric tool of ...

Management, marketing concept and intellectual capital

Directory of Open Access Journals (Sweden)

Mihajlović Dragan

2009-01-01

Full Text Available The aim of this work describes the strong influence the development of the management theory to the complex nature of modern marketing concept and intellectual capital. Often, in the contemporary conversation we hear the word organizational behavior that is closely related to the concept of modern business philosophy and importance of human capital. Sudden development of human thought in the beginning of the twentieth century has a great impact on all areas of social life, and specially on the promotion of all areas of business and the impact of the application of marketing, its development and implementation as a basis for achieving global competitiveness. Changes caused by the development of management in the business have led to the interactive relationship between organizations and consumers, but also to the development of relations within the organization between employees. .

Market capitalization of the trucking industry sector, 2005

Science.gov (United States)

2006-08-01

This report focuses on the market valuation of the overall trucking industry sector and each segment within it. In the past, while the focus has been on stock price appreciation or depreciation, this report emphasizes market capitalization returns. S...

Mercury Retrograde Effect in Capital Markets: Truth or Illusion?

Directory of Open Access Journals (Sweden)

Murgea Aurora

2016-06-01

Full Text Available From the most ancient times, the astrological beliefs have played an important role in human history, thinking, world-views, language and other elements of social culture. The practice of relating the movement of celestial bodies to events in financial markets is relatively newer but despite the inconsistency between financial astrology and standard economic or financial theory, it seems to be largely spread among capital market traders. This paper evaluates one of the astrological effects on the capital market, more precisely the Mercury retrograde effect on US capital market. Despite the fact that it is just an optical illusion the astrological tradition says that Mercury retrograde periods are characterized by confusion and miscommunications. The trades could be less effective, the individuals more prone to make mistakes so there is a long-held belief that it is better to avoid set plans during Mercury retrograde, signing contracts, starting new ventures or open new stock market positions. The main findings of this study are lower return’s volatilities in the Mercury retrograde periods, inconsistent with the astrologic theories assumptions but consistent with the idea that trader’s beliefs in Mercury retrograde effect could change the market volatility exactly in the opposite sense than the predicted one.

Tax Neutrality on International Capital Investments

Directory of Open Access Journals (Sweden)

Gizem KAPUCU

2017-07-01

Full Text Available The tax policies which states follow with regard to developing technology and capital investments with raising mobility due to globalism are need to be discussed in its legal basis. The principle of tax neutrality has the aim of being legal foundation for these policies. According to this, the neutrality principle in taxation of international capital investments is provided with two measures, namely; not effecting the investment decision and not discriminate between investments. In this paper, initially focused on the conceptual framework and the foundations of the tax neutrality principle and later capital export neutrality and capital import neutrality are considered and explained with regard to international capital movements. Moreover, conformity and diversion to the principle of the current situation and regulations in OECD, EU and Turkey are examined.

Social capital and transaction costs in millet markets

Directory of Open Access Journals (Sweden)

Damien Christophe Jacques

2018-01-01

Full Text Available In sub-Saharan Africa, transaction costs are believed to be the most significant barrier that prevents smallholders and farmers from gaining access to markets and productive assets. In this study, we explore the impact of social capital on millet prices for three contrasted years in Senegal. Social capital is approximated using a unique data set on mobile phone communications between 9 million people allowing to simulate the business network between economic agents. Our approach is a spatial equilibrium model that integrates a diversified set of data. Local supply and demand were respectively derived from remotely sensed imagery and population density maps. The road network was used to establish market catchment areas, and transportation costs were derived from distances between markets. Results demonstrate that accounting for the social capital in the transaction costs explained 1–9% of the price variance depending on the year. The year-specific effect remains challenging to assess but could be related to a strengthening of risk aversion following a poor harvest.

Allocation of emission permits with leakage through capital markets

International Nuclear Information System (INIS)

Maestad, Ottar

2007-01-01

This paper analyses how tradable emission permits should be allocated to firms when capital is internationally mobile. When international environmental problems are attempted solved through uncoordinated policies between countries, it might be desirable for the home country to issue free emission permits in proportion to the use of capital in order to prevent leakage through international capital movements. The desirability of free emission permits will however be reduced if capital also can be employed in a domestic non-polluting sector. In this case, it may even be optimal to tax the use of capital in the polluting sector. It is also shown that it is always optimal to subsidise the use of capital in the polluting sector if the use of labour is taxed at an optimal rate. Finally, leakage does not affect the optimal domestic emission limit as long as appropriate capital subsidies and labour taxes are implementeed. (author)

RISKS AND CONTRADICTORY OF INTERNATIONAL CAPITAL FLOWS IN BANKING

Directory of Open Access Journals (Sweden)

V. Shevchenko

2014-03-01

Full Text Available The content of the international capital flows are studied, its contradictor influence on global and national processes. Some theoretical approaches on contradictory impact of capital flows. The major risks of international capital flows in banking sector are determined including financial, currency, assets value decrease, credit rating etc. The capital flows reversal flows are explained. The modern changes of international capital flows to banking sector of Ukraine are discovered.

Interdependencies Between the Capital Market and the Monetary Policy Decisions

Directory of Open Access Journals (Sweden)

Claudia Guni

2010-12-01

Full Text Available The declared scope of this work is to highlight the main correlations between the monetary and the capital market, including identifying the adequate objective of monetary policy which might positively influence over the offer on the capital market. The main target of the monetary market consists in the stability of the prices. The link between monetary policy and stock market is extremely important. The stock prices are sensible to economical conditions. Moreover, these prices rapidly change, thus there is a chance for a deviation from the fundamental value, with side-effects for economy.

Financial Investment Management: Testing the Market Model on the Romanian Capital Market during the Post Financial Crisis

Directory of Open Access Journals (Sweden)

Radu CIOBANU

2011-06-01

Full Text Available This article presents an analysis of the decision of investing in the capital market in Romania during 2009-2010, in the context of overcoming the global financial crisis. In the first part of the paper, we have made a brief presentation of the simplified model of market analysis introduced in the specialized literature by William Sharpe, the respective model representing the starting point in our study. The purpose of the present study is to emphasize how the evolutions of the financial securities rates listed on the Bucharest Stock Exchange could be explained based on the evolution of BET Romanian capital market index. Although the study over this phenomenon has begun in the middle of the last century, every day new studies appear that are either coming in addition to the already existing ones or are bringing a new approach regarding the financial theory. The novelty of the present study conducted by us resides in the highlighting of the evolutions of the financial securities rates during July 2009 – December 2010 periods. The second part of the paper presents the results of a study conducted on the Romanian capital market, emphasizing the correlations between the most important securities on the Romanian capital market, as parts of BET index and market index. The aim is to check whether during this period the evolution of the financial securities’ return can be explained more or less by the return of the capital market.

Effects of capital markets development on economic growth of Western Balkan countries

Directory of Open Access Journals (Sweden)

MSc. Artor Nuhiu

2011-12-01

Full Text Available Through this research paper we have tried to elaborate the issue whether capital market development is an alternative towards economic growth and economic prosperity of developing countries in general, the Western Balkan countries in particular. The focus of the paper is to study the effects of proper functioning of capital markets and their im-pact on increasing the level of savings, capital investments and in locating relevant resources for long-term financing of the economy. The research paper presents positive and negative arguments, linking the establishment and development of a capital market and its impact on economic development of developing countries, particularly Western Balkan countries.

The International Politics of Harmonization: The Case of Capital Market Regulation

OpenAIRE

Simmons, Beth

2001-01-01

The vast expansion of international nancial activity over the last decade has been a central fact of international economic life. Balance-of-payments statistics indicate that cross-border transactions in bonds and equities among the G-7 countries rose from less than 10 percent of gross domestic product (GDP) in 1980 to over 140 percent in 1995. International bond and equity markets have reached staggering proportions: by the end of 1997, portfolio holdings of equity and long-term debt securit...

Empirical Analysis of the Impact of Capital Market on Economic ...

African Journals Online (AJOL)

The Nigerian capital market had not been performing effectively in terms of providing long term capital needed by firms to finance capital projects. This cast doubts on its ability to meaningfully enhance the growth of the economy against the apriori expectations amidst different reforms that were introduced by the government ...

A Proposta de Valor e o Capital Humano: práticas estratégicas de marketingValue Proposition and Human Capital: strategic marketing practicesPropuesta de Valor y Capital Humano: prácticas estratégicas de marketing

Directory of Open Access Journals (Sweden)

SCHARF, Edson Roberto

2012-06-01

Full Text Available RESUMOUma das práticas de marketing adotada pelas organizações para ser mais eficiente diante do excesso de comunicação publicitária é a proposta de valor ao consumidor. Para o desenvolvimento desse processo, o capital humano é uma das possibilidades. Nesse sentido, o objetivo foi identificar se há a aplicação do constructo “capital humano” nas fases de conceituação e de desenvolvimento da proposta de valor das organizações estudadas. O conjunto social foi composto de executivos de marketing das melhores empresas do país para se trabalhar. Foram adotadas as abordagens qualitativa e quantitativa de pesquisa, com a técnica de análise de conteúdo e o método Análise Hierárquica do Processo, respectivamente. Os resultados do procedimento exploratório demonstraram que a totalidade das empresas entende o capital humano como atributo fundamental no desenvolvimento da proposta de valor e que a valorização da marca ocorre tendo como um dos principais pilares o capital humano. Os resultados do procedimento descritivo confirmaram o capital humano como um dos conceitos para a proposição de valor, embora esse processo de conceituação frequentemente seja alterado pelos parceiros estratégicos na etapa de desenvolvimento.ABSTRACTOne of the marketing practices adopted by organizations to be more efficient in face of the excess of advertising is the value proposition to consumers. The adoption of human capital is one of the options. To such end, the aim of this study was to confirm the use of the ‘human capital’ construct in both the conceptualization and development of the value proposition stages. The social group was comprised of marketing executives working for companies regarded as the best companies to work for. The results of the exploratory procedure showed that all companies understand that human capital is a key attribute in order to develop value proposition and that brand value takes place having human capital as

Interning and Investing: Rethinking Unpaid Work, Social Capital, and the “Human Capital Regime”

Directory of Open Access Journals (Sweden)

Sophie Hope

2015-09-01

Full Text Available For young workers, interning is a strategy for speculating on one’s asset portfolio. Students and graduates undertake internships as a way of maintaining their self-appreciation and avoiding depreciation in a “human capital regime.” In this article, we explore the specific example of interning in the creative industries as the self-management of human capital vis-à-vis the human capital theses. Taking three cultural objects and recent representations of the issue of unpaid internships—Intern magazine, an advert for a “volunteering opportunity” student placement, and testimonies from interns—we analyze how unpaid work in the creative industries and the neoliberal version of human capital entrepreneurship can be seen as embodied by interns.

Integration of Capital Markets from Central and Eastern Europe: Implications for EU Investors

Directory of Open Access Journals (Sweden)

Alexandra HOROBET

2014-04-01

Full Text Available Our paper investigates the extent of capital market co-movements between three emerging markets Czech Republic, Hungary and Poland and three developed markets from the European Union – Austria, France and Germany. We test whether an increase in correlations between the six markets took place in recent years, as revealing higher integration of capital markets in the region. We find a statistically significant positive trend in cross-market correlations between 1999 and 2008, before the emergence of the global financial crisis. Movements in national stock markets are not fully synchronized, but increases in market volatilities lead to increases in cross-country correlations. There is a long-term relationship between some of these countries capital markets, and information is transmitted from one market to the other. Our findings confirm previous studies and lead to the conclusion that stock markets from Central and Eastern Europe became more integrated with the developed markets in European Union.

Successful implementation effect of insurance services in money and capital financial markets

Directory of Open Access Journals (Sweden)

Nemat Tahmasebi

2016-11-01

Full Text Available One of the most important sectors of the economy of each country is capital market. Economic growth can lead to the development and prosperity of the capital market. On the other hand to achieve the desired economic development, without existence of effective financial institutions and appropriate equipment of financial resources, it is impossible. In this regard, efficient financial systems through seeking information about investment opportunities, integrate and mobilize savings, monitoring investments and exert corporate governance can facilitate the exchange of goods and services, distribution and risk management, reducing transaction costs and data analysis may lead to better allocation of resources and ultimately economic growth. Insurance companies and generally insurance industry in each country is the most important and active financial institutions operating in the financial market especially capital markets in addition to securing economic activity could have basic role in mobility of financial markets and providing funds to invest in the economic activity through the provision of insurance services. In this study, successful financial services of insurance and investment funds in insurance companies such as Dana, Alborz, and Asia have been studied in Tehran. According to the hypothesis, there is a significant correlation between successful implementation of insurance services and money and capital financial markets. There is a significant correlation between different types of insurance services (institution-building, instrument making, and general insurance policies and money and capital financial markets.

Developing a Model of the Efficient Management of Reserve Capital of an Endowment Insurance Company in the Ukrainian Market

Directory of Open Access Journals (Sweden)

Kapustian Volodymir O.

2017-06-01

Full Text Available The article is concerned with developing a model of the effective management of reserve capital of an endowment insurance company or so-called endowment life insurance. Such companies are powerful actors at the international market, operate with considerable capital and are effective as active investors in different areas. The main features of functioning of endowment insurance companies, as well as the factors that guarantee the sustainable development of insurance companies in both the global and Ukrainian markets, were considered. The principles of management of financial resources of insurance companies were studied. An elaborated model of management of current and reserve capital has been provided, the mechanism for establishing and operating the insurance company’s current capital, taking into account the process of income of insurance premiums and the payment of dividends on poles, has been described. An analysis of the largest endowment insurance companies in the Ukrainian market was carried out. Based on the analysis, the recommended discount rate has been calculated for the model proposed in the article.

An Evaluation of Indonesian Capital Market Co-integration with ASEAN 4 to Enter the ASEAN Capital Market Integration in Accordance to ASEAN Economic Community (AEC 2020 Scheme: Should Indonesia Enter or Postpone?

Directory of Open Access Journals (Sweden)

Barli Suryanta

2014-08-01

Full Text Available Association of South East Asian Nations (ASEAN Economic Community (AEC 2020 has already been declared on 7 October 2003 by ASEAN Concord II in Bali, Indonesia. In general, AEC was designed to prepare ASEAN countries for ASEAN economic integration within the next 10-15 year. ASEAN Free Trade  Area (AFTA  had  actually  been  launched since 1992 though was not comprehensive enough and kept ASEAN only partially integrated. To overcome it, ASEAN proposed  inancial  integration  through  capital market  integration based on AEC commitment in order to reach comprehensive ASEAN economic integration. Indonesia is one of the  ASEAN  members  that  is  linked  by AEC  2020.  The  purpose  of  this paper is to evaluate Indonesian capital market co-integration in entering the ASEAN capital market integration compared to those of ASEAN 4. To examine the notion of the Indonesian capital  market  integration  within ASEAN  region, cointegration model  is  utilised  to  igure out co-integration between Indonesian stock market indices and ASEAN 4, i.e., Singapore, Malaysia, Philippines and Thailand. In addition, Vector Auto-regression (VAR model is also utilised to examine Indonesian market returns co-movement and dynamic link with ASEAN 4.  The  conclusions  of  this  research,  i.e.  co-integration  between  Indonesian  capital  market with  Singaporean,  Malaysian,  Philippines,  and  Thailand  does  not  exist;  there  is  neither co-movement  nor  strong  dynamic  link  between  Indonesian  capital  market  with  those  of Singaporean, Malaysian, Philippines, and Thailand. This paper also recommends Indonesia to postpone the integration of its capital market into the integrated ASEAN capital market. ";} // -->activate javascript

Testing the Relationship between Interest Rates Volatility and Market Capitalization: the case of Mauritius

Directory of Open Access Journals (Sweden)

Edesiri Godsday Okoro

2014-12-01

Full Text Available This paper tests the relationship between interest rates volatility and market capitalization in Mauritius. Using annual time series data sourced from the Financial Services Commission Annual Statistical Bulletin of Mauritius during the period 2006 through 2010, data of interest rates volatility and market capitalization were estimated in a non-linear model using the Vector Auto-regression technique. The study found that interest rates volatility has significant effect on the level of market capitalization although a negative effect. This implies a negative relationship between interest rates volatility and market capitalization. Thus, if market capitalization is affected by interest rates, then the economy becomes highly susceptible to volatile external distress. This indicates some dangers for the economic survival of Mauritius. It was on this note that we recommended an effective policy aimed at stabilizing macroeconomic variable like interest rates, focusing at the same time on alternative measures of promoting market capitalization if aggregate economic growth must be harnessed. Policymakers should design the optimal policy mix that would help the nation cope efficiently with the economic and social costs of the external distress accompanying higher and dwindling interest rates in Mauritius.

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

Science.gov (United States)

2010-01-01

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

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.

Thought and Behavior Contagion in Capital Markets

OpenAIRE

Hirshleifer, David; Teoh, Siew Hong

2008-01-01

Prevailing models of capital markets capture a limited form of social influence and information transmission, in which the beliefs and behavior of an investor affects others only through market price, information transmission and processing is simple (without thoughts and feelings), and there is no localization in the influence of an investor on others. In reality, individuals often process verbal arguments obtained in conversation or from media presentations, and observe...

Volatility of Capital Flows to Emerging Economies

Directory of Open Access Journals (Sweden)

Katia Rocha

2013-09-01

Full Text Available The paper proposes a panel model to the determinants of capital flow volatility to a group of 18 emerging market economies (EME in the period of 2000 to 2011. It studies the robustness of the model regarding different volatility measures; analyses several types of gross capital inflow; focusing the role of government institutional quality and the development of domestic financial system (banks, insurance companies, and capital markets – stocks, bonds and derivatives. The EME analyzed represented roughly 95% of the Emerging Markets Bond Index Global – EMBIG in January 2013, being the biggest destination to international capital flow to EME according to the report of the Bank for International Settlements - BIS (2009. The main conclusion suggests that a reduction of capital flow volatility can be achieved by the adoption of policies that improve government institutional quality and promote development, stability and efficiency of the domestic financial system.

Internal marketing for engaging employees on the corporate responsibility journey

Directory of Open Access Journals (Sweden)

Isabel Sanchez-Hernandez

2012-07-01

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

Internal marketing for engaging employees on the corporate responsibility journey

Directory of Open Access Journals (Sweden)

Isabel Sanchez-Hernandez

2012-06-01

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

The effect of marketing innovation, market orientation, and social capital on competitive advantage and marketing performance: A study in MSMEs of embroidery Central Java Province

OpenAIRE

Ag. Sunarno Handoyo

2015-01-01

This study deals with marketing innovation, market orientation, and social capital in affecting the competitive advantage and marketing performance in Micro, Small, and Medium Enterprises (MSMEs) of embroidery in Central Java Province. In this respect, this study tried to test and analyze the effect of marketing innovation, market orienta-tion, and social capital on competitive advantage and marketing performance in Micro, Small, and Medium Enterprises (MSMEs) of embroidery in Central Java Pr...

Capital Market-Driven Corporate Finance

OpenAIRE

Malcolm Baker

2009-01-01

Much of empirical corporate finance focuses on sources of the demand for various forms of capital, not the supply. Recently, this has changed. Supply effects of equity and credit markets can arise from a combination of three ingredients: investor tastes, limited intermediation, and corporate opportunism. Investor tastes when combined with imperfectly competitive intermediaries lead prices and interest rates to deviate from fundamental values. Opportunistic firms respond by issuing securities ...

International marketing of the CANDU system

International Nuclear Information System (INIS)

Jenikov, J.D.

1980-01-01

In any major capital acquistion it is necessary to consider how and when payment is to be made before deciding to buy. This applies to buyers of nuclear power plants as well. Financing is sometimes the deciding factor in the selection process. In international sales export financing is involved with all its added complications. Financing in the billion dollar range must be arranged, with repayment over 25 years. Several partners usually join to form a syndicate of banks to handle loans of this magnitude. Interntional financing competition is stiff, and negotiations take years to complete. Suggestions as to how Canada can offer more competitive financial packages in the international market are offered. (LL)

Testing weak form efficiency on the capital markets in Serbia

Directory of Open Access Journals (Sweden)

Kršikapa-Rašajski Jovana

2016-01-01

Full Text Available Weak-form efficient market hypothesis assumes that participants on the financial markets are not able to achieve above-average returns based on historical prices. In order to establish the presence of a weak-form market efficiency in the Serbian market, the analysis incorporates daily data of the two most prominent indices on the Belgrade Stock Exchange, BELEX 15 and BELEX LINE, since their inception until 31 December 2014. Results obtained by the analysis and testing indicate that the capital market in Serbia can not be considered sufficiently efficient, more precisely it indicates that postulates assumed by the weak-form market efficiency are not fully met. Taking into account that the capital market in Serbia is still underdeveloped, primarily because of the small volumes, turnover and types of securities which are traded on the market, as well as the fact that it is not sufficiently regulated and transparent, lack of investors is noticeable. Consequently, analysis presented in this paper indicates a weak sustainability of the efficient market hypothesis in Serbia.

Capital Markets, Infrastructure Investment and Growth in the Asia Pacific Region

Directory of Open Access Journals (Sweden)

Michael Regan

2017-02-01

Full Text Available This paper examines the relationship between infrastructure investment activity, capital market development, the role of public institutions and economic development in the Asia Pacific. It adopts a review approach drawing on empirical evidence over recent decades. Infrastructure is shown to be an important asset class playing a central role in a nation’s output, growth, productivity and microeconomic performance. Infrastructure investment also requires investment and predictions of a widening gap in the future supply of infrastructure in the Asia Pacific will require new forms of capital from both traditional and new sources including wider use of private participation, institutional investment, asset recycling and revenue bonds. Capital market development is also necessary to raise long-term local currency finance and evidence suggests that progress with regional capital market integration is slow and a continuing reform agenda is required. The dividend for regional countries is the prospect of higher levels of economic growth with infrastructure investment, capital market development, and foreign direct investment shown to have a strong and positive association with growth. A crucial link in this association identified in the review is the part played by national and regional institutions in improving the efficiency with which infrastructure is managed and providing promising ground for further research where the importance of these links can be researched in greater depth.

Internet finance: Digital currencies and alternative finance liberating the capital markets

Directory of Open Access Journals (Sweden)

Kim Wales

2015-09-01

Full Text Available This article discusses how the sudden shift in policy reform and innovation has the potential to liberate the financial markets. The economic potential of internet finance is beginning to take hold across the capital markets as industries like Peer – to – Peer Lending, Equity and Debt based Crowdfunding and virtual currencies and cryptocurrencies which are types of digital currency are quickly transforming the way businesses are being financed. From borrowing and lending, buying and selling securities, to conducting wire transfers internationally, these innovations are creating a new class and generation of investors will source investments opportunities. Helping institutions and governments assess risks and manage performance in order to determine where to deploy capital; and showing signs of lessening the inequality gap. Following the neolithic agricultural revolution and the industrial revolution, this new revolution will enable more people to access financial services in less traditional ways, especially the unbanked world with its huge potential. These new financial opportunities, such as peer – to - peer (P2P lending, will be discussed and examined, and we will stress how they can allow people to bypass current barriers in the global economy. We conclude by arguing that all these developments, energized by the efforts of innovators and entrepreneurs, have the potential to radically transform the world in which we live, while promoting the core values of industrialized societies including democracy, capital formation, sustainability, and equality without solely relying on tax increases

FAIR VALUE IMPLICATIONS ON ROMANIAN CAPITAL MARKET

OpenAIRE

Ciprian-Dan COSTEA

2014-01-01

Fair value generated intense debate during the last years, as the financial turmoil influenced many economies and capital markets, including the Romanian ones, too. Some researchers and professionals consider fair value in charge with the financial crisis and they ask for historical cost accounting basis for financial reporting. Fair value has its supporters, too. They consider that fair value reflects the effects of changes in market conditions when they take place, and accounting informatio...

Entrepreneurs’ human and social capital

DEFF Research Database (Denmark)

Shayegheh Ashourizadeh, Shayegheh; Rezaei, Shahamak; Schøtt, Thomas

2014-01-01

Abstract: It is widely acknowledged that entrepreneurs’ human capital in form of education and social capital in form of networking are mutually beneficial and also that both human and social capital benefit their performance. Here, the hypothesis is that human and social capital, in combination......, provide added value and jointly add a further boost to performance, specifically if the form of exporting. Global Entrepreneurship Monitor provides data on 52,946 entrepreneurs, who reported on exporting and networking for advice. Hierarchical linear modelling shows that human capital promotes social...... capital, that human capital and social capital (specifically networking in the international environment, work-place, professions and market, but not in the private sphere) both benefit export directly and that human capital amplifies the benefit of social capital, especially through international...

Relationship between the international marketing research and the international marketing information system

OpenAIRE

Grubor Aleksandar

2004-01-01

Real and complete understanding relationship between the international marketing research and the international marketing information system requires recognizing essentials of the both concept. The international marketing research constitutes a process with coherent phases, whereas the international marketing information system is a part of integrated company's information system. Approach to learning relationship between the international marketing research and the international marketing in...

Academic Researchers on the Project Market in the Ethos of Knowledge Capitalism

Science.gov (United States)

Brunila, Kristiina; Hannukainen, Kristiina

2017-01-01

How knowledge capitalism retools the scope of academic research and researchers is an issue which this article ties to the project market in the ethos of knowledge capitalism. In Finland, academic research has been forced to apply for funding in project-based activities reflecting European Union policies. The project market, which in this article…

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 ...

Corporate Governance, Sustainability and Capital Markets Orientation

OpenAIRE

Daniela M. Salvioni; Francesca Gennari

2014-01-01

Generally accepted principles of effective corporate governance have taken hold in the context of different models of governance, whose implementation is also linked to the share structure of the companies and to the dynamics of risk’s capital markets. Global companies need a global approach in the acquisition of consensus and financial resources, first of all through a correct development of the corporate governance activities and promoting a market-driven management inspired by long-term su...

Relationship between the international marketing research and the international marketing information system

Directory of Open Access Journals (Sweden)

Grubor Aleksandar

2004-01-01

Full Text Available Real and complete understanding relationship between the international marketing research and the international marketing information system requires recognizing essentials of the both concept. The international marketing research constitutes a process with coherent phases, whereas the international marketing information system is a part of integrated company's information system. Approach to learning relationship between the international marketing research and the international marketing information system is distinguish in domestic than in the foreign expert literature.

The Educational Asset Market: A Finance Perspective on Human Capital Investment

DEFF Research Database (Denmark)

Christiansen, Charlotte; Nielsen, Helena Skyt

2002-01-01

on type and level of education enables us to focus on the shared features between human capital and stock investments. An innovative finance-labor approach is applied to study the educational asset market. A risk-return trade-off is revealed which is not directly related to the length of education.......Like the stock market, the human capital market consists of a wide range of assets, i.e. educations. Each young individual chooses the educational asset that matches his preferred combination of risk and return in terms of future income. A unique register-based data set with exact information...

Learning organizations, internal marketing, and organizational commitment in hospitals.

Science.gov (United States)

Tsai, Yafang

2014-04-04

Knowledge capital is becoming more important to healthcare establishments, especially for hospitals that are facing changing societal and industrial patterns. Hospital staff must engage in a process of continual learning to improve their healthcare skills and provide a superior service to their patients. Internal marketing helps hospital administrators to improve the quality of service provided by nursing staff to their patients and allows hospitals to build a learning culture and enhance the organizational commitment of its nursing staff. Our empirical study provides nursing managers with a tool to allow them to initiate a change in the attitudes of nurses towards work, by constructing a new 'learning organization' and using effective internal marketing. A cross-sectional design was employed. Two hundred questionnaires were distributed to nurses working in either a medical centre or a regional hospital in Taichung City, Taiwan, and 114 valid questionnaires were returned (response rate: 57%). The entire process of distribution and returns was completed between 1 October and 31 October 2009. Hypothesis testing was conducted using structural equation modelling. A significant positive correlation was found between the existence of a 'learning organization', internal marketing, and organizational commitment. Internal marketing was a mediator between creating a learning organization and organizational commitment. Nursing managers may be able to apply the creation of a learning organization to strategies that can strengthen employee organizational commitment. Further, when promoting the creation of a learning organization, managers can coordinate their internal marketing practices to enhance the organizational commitment of nurses.

Conference on EU Capital Markets Union: Contents and Discontents

NARCIS (Netherlands)

N. Dorn (Nicholas)

2015-01-01

markdownabstract__Abstract__ In February 2015 the Commission published its Green Paper on Capital Markets Union (CMU) and an Action Plan will follow later in 2015. The consultation period ends in May, so June/July is a good time to take stock. In terms of its intentions for market structure, CMU

ANALYZING FAT-TAILED DISTRIBUTIONS IN EMERGING CAPITAL MARKETS

Directory of Open Access Journals (Sweden)

FELICIA RAMONA BIRĂU

2013-05-01

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

The role of reserves and production in the market capitalization of oil and gas companies

International Nuclear Information System (INIS)

Ewing, Bradley T.; Thompson, Mark A.

2016-01-01

We examine the role proved reserves and production play in the market capitalization of publicly traded oil and gas companies engaged in the exploration and production of hydrocarbons. The paper provides two important contributions to the literature. First, we extend the existing research by utilizing the method of Robust Least Squares to estimate a multivariate market capitalization model that controls for firm type. Second, we document the impacts that oil and gas reserves to production ratios have on market capitalization. This is a key finding in the context of discounted net cash flow models and the findings suggest there is an optimal tradeoff between current and future production, given current volumes of reserves, the latter of which is valued positively by the market. Moreover, this optimal tradeoff or the optimal profit-maximizing intertemporal production choice is unique to the type of hydrocarbon being considered. Additionally, our findings highlight the importance of capital structure in the heavily capital intensive oil and gas industry. The results from this research should benefit both oil and gas companies and investors. Specifically, the results provide new and robust information as to the empirical relationships between key determinants of oil and gas company market valuations. - Highlights: • We utilized Robust Least Squares to estimate a multivariate market capitalization model. • There is a differential impact that oil and gas reserves to production ratios have on market capitalization. • The optimal profit-maximizing intertemporal production choice is unique to the type of hydrocarbon being considered. • Results provide new information as to the relationships between key determinants of oil and gas company market valuations.

The Concept of Efficient Capital Market

Directory of Open Access Journals (Sweden)

Vlad Costică

2017-01-01

Full Text Available The efficient market capital was defined in 1939 by the American economist Eugene Famma which started from the fact that the information, which is essential for determining the price of a financial asset, has an asymmetric distribution in the market, and therefore there are different decisions sale / purchase of one and the same security title. The asymmetric information distorts the value by later incorporating it in the price. A price that does not reflect accurately the characteristics of the issuer has the effect of reducing the expected real return of the seller or buyer. The only factor that should affect future expectations is the investor's attitude towards risk.

Comparative Study between Capital Asset Pricing Model and Arbitrage Pricing Theory in Indonesian Capital Market during Period 2008-2012

Directory of Open Access Journals (Sweden)

Leo Julianto

2015-09-01

Full Text Available For decades, there were many models explaining the returns earned emerged in order to fulfil the curiosity had by human. Since then, various studies and empirical findings in many countries’ stock market showedthat the empirical findings of market return explanation and the return of assets meet the different results in both clarify of model and identification of significant determinant variables.Therefore, many comparative studies between models were accomplished. In this study, the author attempts to do comparative study between two models, APT and CAPM, in Indonesian Capital Market during period 2008 until 2012.  Besides, the author also attempts to find how much inflation, interest rate, and exchange rate describe the returns earned in each sector existed in Indonesia Capital Market. As the result, the author find out that CAPM has bigger explanation power than APT in Indonesian Capital Market during period 2008-2012. Besides, the author also found that among macroeconomic factors, there are only two macroeconomic factors that can affect certain samples significantly.  They are change in BI rate, which affect AALI, ANTM, ASII, TLKM, UNTR, and change in exchange rate, which affect INDF and TLKM significantly.

Risk Financing for Schools: The Capital Markets Approach.

Science.gov (United States)

Rudolph, Richard G.

1988-01-01

The capital markets approach is an alternative means of risk financing whereby a school system establishes and controls its own insurance company and makes systematic contributions to pay for expected and anticipated losses and their associated costs. (MLF)

INVESTMENT FUNDS ON ROMANIAN CAPITAL MARKET

Directory of Open Access Journals (Sweden)

Cristian GHEORGHE

2014-05-01

Full Text Available National laws governing collective investment undertakings were updated as a result of European secondary law modernization with a view to approximating the conditions of competition between those undertakings at Community level, while at the same time ensuring more effective and more uniform protection for unit-holders. Such coordination intended to facilitate the removal of the restrictions on the free movement of units of UCITS in the internal market. For the purposes of internal regulation UCITS means an undertaking: (a with the sole object of collective investment in transferable securities or in other liquid financial assets of capital raised from the public and which operate on the principle of risk-spreading; and (b with units which are, at the request of holders, repurchased or redeemed, directly or indirectly, out of those undertakings’ assets. The UCITS may be constituted in accordance with contract law (as common funds managed by management companies, trust law (as unit trusts, or statute (as investment companies. Key investor information should be provided as a specific document to investors, before the subscription of the UCITS, in order to help them to reach informed investment decisions. Investment funds enjoy in Romania a new regulatory framework: the contract of common society hosted by new Civil Code and the new Emergency Ordinance regarding UCITS.

THE PROCESS OF EVALUATING PRIMARY FINANCIAL ASSETS ON THE CAPITAL MARKET

Directory of Open Access Journals (Sweden)

Ionel Eduard Ionescu

2013-12-01

Full Text Available The capital market is where supply meets demand and stocks, bonds, future contracts and other stock products are circulated. This study intends to argue for the importance of financial instruments on the capital market, and especially their evaluating process. On such a market, the moment when an investor decides to buy or sell a portfolio is very important. Hence the numerous questions that an investor is faced with: should I buy today? Should I wait? What will be the price trend the following days? In order to be able to handle any situation, it is necessary to carry out calculations on the evaluation indicators of financial instruments.

When does International Capital Mobility Require Tax Coordination?

NARCIS (Netherlands)

Rodrik, D.; van Ypersele, T.P.M.C.

1999-01-01

Basic economic theory identifies a number of efficiency gains that derive from international capital mobility. But just as with free trade in goods, there is no guarantee that capital mobility makes everyone better o¤. Consequently, capital mobility may be politically unsustainable even though it

WOMEN ENTREPRENEURSHIP: EFFECT OF SOCIAL CAPITAL, INNOVATION AND MARKET KNOWLEDGE

Directory of Open Access Journals (Sweden)

BANAFSHEH DASTOURIAN

Full Text Available ABSTRACT Women entrepreneurship plays a key role in the economic growth. This study investigates the mediatory role of innovation concerning the effect of social capital on entrepreneurship. The sample population included 130 female entrepreneurs in Ilam province, Iran. Using questionnaire as the main means of data collection, the correlation among variables of entrepreneurship, innovation, social capital and market knowledge was evaluated. Data analysis was performed by structural equation modeling in LISREL software. The findings showed that social capital and innovation had a positive and significant effect on entrepreneurship. However, the impact of social capital on innovation was not confirmed.

Successful implementation effect of insurance services in money and capital financial markets

OpenAIRE

Nemat Tahmasebi

2016-01-01

One of the most important sectors of the economy of each country is capital market. Economic growth can lead to the development and prosperity of the capital market. On the other hand to achieve the desired economic development, without existence of effective financial institutions and appropriate equipment of financial resources, it is impossible. In this regard, efficient financial systems through seeking information about investment opportunities, integrate and mobilize savings, monitoring...

Temporal causal relationship between stock market capitalization, trade openness and real GDP: evidence from Thailand

OpenAIRE

Jiranyakul, Komain

2014-01-01

This study examines both short-run and long-run causal relationship between stock market capitalization, trade openness and economic growth in Thailand. Quarterly data over the period from the first quarter of 1993 to the fourth quarter of 2013 are used in the analysis. The results from this study show that there exists a unidirectional long-run causality running from stock market capitalization and trade openness to real GDP. In the short run, stock market capitalization does not causes econ...

An Empirical Analysis of the Impact of Capital Market Activities on ...

African Journals Online (AJOL)

An Empirical Analysis of the Impact of Capital Market Activities on the Nigerian Economy. ... Others include the expansion of the stock market in terms of depth and breadth and the attraction of foreign direct investment and foreign portfolio investment into the Nigerian economic landscape. Keywords: Nigeria, Market ...

Rethinking the economics of capital mobility and capital controls

Directory of Open Access Journals (Sweden)

Thomas I. Palley

2009-09-01

Full Text Available This paper reexamines the issue of international financial capital mobility, which is today's economic orthodoxy. Discussion is often framed in terms of the impossible trinity. That framing distorts discussion by representing capital mobility as having equal significance with sovereign monetary policy and control over exchange rates. It also distorts discussion by ignoring possibilities for coordinated monetary policy and exchange rates, and for managed capital flows. The case for capital mobility rests on neo-classical economic efficiency arguments and neo-liberal political arguments. The case against capital mobility is based on Keynesian macroeconomic inefficiency arguments, neo-Walrasian market failure arguments, and neo-Marxian arguments regarding distortion of the social structure of accumulation. Close examination shows the case for capital mobility to be extremely flimsy, pointing to the ideological dimension behind today's policy orthodoxy.

HOW DOES THE JEREMIE PROGRAM AFFECT THE HUNGARIAN VENTURE CAPITAL MARKET?

Directory of Open Access Journals (Sweden)

Zsuzsanna Széles

2011-01-01

Full Text Available In the 2007-2013 EU's budgetary period a new program was introduced for SMEs. JEREMIE - Joint European Resources for Micro to medium Enterprises - offers to EU Member States and regions the possibility to invest some of their EU structural funds allocations in revolving funds and so recycle financial resources in order to enhance and accelerate investments in enterprises. The market for venture capital and private equity is relatively small in Central and Eastern Europe, but has matured during the past decade and yields are better than in Western Europe. In 2009 Hungary got the first notification for the venture capital part of the JEREMIE program, and started to organize the channel to distribute this renewable source for Hungarian start-up and innovative (from micro to medium enterprises. 2010 was the first year of the “JEREMIE venture capital funds” in Hungary. There are no tangible results yet, but a snapshot could be taken about how this program affects the Hungarian venture capital market.

Does Bilateral Market and Financial Integration Explains International Co-Movement Patterns1

Directory of Open Access Journals (Sweden)

Mobeen Ur Rehman

2016-05-01

Full Text Available This study aims to explore the relationship between market integration, foreign portfolio equity holding and inflation rates on international stock market linkages between Pakistan and India. To measure stock equity interlinkage, we constructed international co-movement index through rolling beta estimation. Market integration variable between these two countries is constructed using the International Capital Asset Pricing Model (ICAPM. To check the impact of market integration, foreign portfolio equity holding and inflation rate on Pakistan-Indian stock market co-movement, we applied autoregressive distributed lag (ARDL estimation. ARDL estimation is applied due to different stationarity levels of the included variables. The level of convergence speed is measured by the introduction of error correction term (ECT followed by variance decomposition analysis. Results of the study indicated presence of long term relationship among the included variables along with significance variance in bilateral co-movement due to inflation rate differential. The significance of inflation rate differences between these two countries are in accordance with portfolio balance theory stating that investors possess information about the macroeconomic variables thereby readjusting their portfolios for effective diversification.

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.

Immigrant performance in the labour market: bonding and bridging social capital

NARCIS (Netherlands)

Lancee, B.

2012-01-01

To what extent can different forms of social capital help immigrants make headway on the labour market? An answer to this pressing question begins here. Taking the Netherlands and Germany as case studies, the book identifies two forms of social capital that may work to increase employment, income

Analyzing the Stock Markets Role as a Source of Capital Formation in Pakistan

Directory of Open Access Journals (Sweden)

Hakim Ali Kanasro

2011-12-01

Full Text Available This paper is to examine the stock markets role in the capital formation in Pakistan from the period 1st January 2001 to 31st December 2008. This analytical study is based on the data collected from the secondary sources such as State Bank of Pakistan and three stock exchanges; Karachi, Lahore and Islamabad Stock exchanges. The stock market size of capital, number of listed companies and liquidity positions has been examined in the study. The study reveals that Karachi Stock exchange is the oldest and biggest Stock exchange of Pakistan and it is the first mover to adapt institutional developments, new policies and procedures in the business of securities exchange and shares a big role in the capital formation in Pakistan. In recent years all stock exchanges have implemented the advanced technology and fully automated trading systems. This has changed the stock markets role in the capital formation as great boom has been observed during the study period.

Modelling of capital requirements in the energy sector: capital market access. Final memorandum

Energy Technology Data Exchange (ETDEWEB)

1978-04-01

Formal modelling techniques for analyzing the capital requirements of energy industries have been performed at DOE. A survey has been undertaken of a number of models which forecast energy-sector capital requirements or which detail the interactions of the energy sector and the economy. Models are identified which can be useful as prototypes for some portion of DOE's modelling needs. The models are examined to determine any useful data bases which could serve as inputs to an original DOE model. A selected group of models are examined which can comply with the stated capabilities. The data sources being used by these models are covered and a catalog of the relevant data bases is provided. The models covered are: capital markets and capital availability models (Fossil 1, Bankers Trust Co., DRI Macro Model); models of physical capital requirements (Bechtel Supply Planning Model, ICF Oil and Gas Model and Coal Model, Stanford Research Institute National Energy Model); macroeconomic forecasting models with input-output analysis capabilities (Wharton Annual Long-Term Forecasting Model, Brookhaven/University of Illinois Model, Hudson-Jorgenson/Brookhaven Model); utility models (MIT Regional Electricity Model-Baughman Joskow, Teknekron Electric Utility Simulation Model); and others (DRI Energy Model, DRI/Zimmerman Coal Model, and Oak Ridge Residential Energy Use Model).

78 FR 62417 - Regulatory Capital Rules: Regulatory Capital, Implementation of Basel III, Capital Adequacy...

Science.gov (United States)

2013-10-22

..., Standardized Approach for Risk-Weighted Assets, Market Discipline and Disclosure Requirements, Advanced Approaches Risk-Based Capital Rule, and Market Risk Capital Rule AGENCY: Federal Deposit Insurance... Assets, Market Discipline and Disclosure Requirements, Advanced Approaches Risk-Based Capital Rule, and...

The ERICAM model: a proposal for amelioration of nuclear liability by funding on the capital markets

International Nuclear Information System (INIS)

Tyran, J.R.

1995-01-01

The ERICAM model (Environmental Risk Internalization through Capital Markets) includes the capital markets as a source contributing to the coverage of risks due to nuclear activites, thus enhancing the effectiveness and functions of the nuclear liability law. The model proposed will allow higher amounts for compensation and will increase financial security, flow of information, and efficient use of resources. The implementation of the model can be achieved on the financing side by issuing Nuke bonds, linking accident-specific options to government bonds. This will essentially increase the risk coverage compared to present means, and will be a pin-pointed addition to the existing layer system. There are three institutions proposed to act as mediators in the implementation of the model: A government authority to supervise the trade in Nuke bonds. Risk-bearing associations in oder to enhance the model's efficiency, and to reduce transaction costs. Rating agencies that will reduce the expenditure for information. (orig./HP) [de

Of neoliberalism and global health: human capital, market failure and sin/social taxes.

Science.gov (United States)

Reubi, David

2016-10-19

This article tells a different but equally important story about neoliberalism and global health than the narrative on structural adjustment policies usually found in the literature. Rather than focus on macroeconomic structural adjustment policies, this story draws our attention to microeconomic taxation policies on tobacco, alcohol and sugar now widely recognised as the best strategy to control the global non-communicable disease epidemic. Structural adjustment policies are the product of the shift from statist to market-based development models, which was brought about by neoliberal thinkers like Peter Blau and Deepak Lal. In contrast, taxation policies are the result of a different epistemological rupture in international development: the move from economies and physical capital to people and human capital, advocated by Gary Becker and others. This move was part of wider change, which saw Chicago School economists, under the influence of rational choice theory, redefine the object of their discipline, from the study of markets to individual choices. It was this concern with people and their choices that made it possible for Becker and others to identify the importance of price for the demand for tobacco, alcohol and sugar. The same concern also made it easier for them to recognise that there were inefficiencies in the tobacco, alcohol and sugar markets that required government intervention. This story, I suggest, shows that structural adjustment policies and pro-market ideology do not exhaust the relationship between neoliberalism and global health and should not monopolise how we, as political and social scientists, conceive it.

The Capital Market in Nigeria in Historical Perspective | Balogun ...

African Journals Online (AJOL)

Open Access DOWNLOAD FULL TEXT ... Emerging capital markets all over the world have a history and Nigeria is not in any way different. ... this paper considers the establishment and operation of the Securities and Exchange Commission.

Contemporary forms of international movement of capital

Directory of Open Access Journals (Sweden)

Sanja Šovran

2016-11-01

Full Text Available International movement of capital is one of the most important forms of international economic cooperation and achievement of strategic goals of enterprises. It leads to international diversification of business activities, strengthening of competitive advantage, changes in economic structures, employment rates and economic stability of participating countries. The present research addresses the contemporary forms of international movement of capital, with an emphasis on the public-private partnerships and concessions. The creation of different forms of public-private partnerships (PPPs in Serbia gained in importance in the early ‘90s of the 20th century. PPP implies joint activities within the framework of which the public and private sector pool resources, especially financial capital and expertise in order to meet the public needs of local, regional or national significance for adequate resource allocation. This type of partnership between the public and private sector has become an effective way towards a more rational use of limited resources and development of business entities from different sectors. The partnership of the public and private sector is particularly important in the construction and maintenance of transportation and other infrastructure facilities. Concessions represent a special form of public-private partnerships.

Pricing initial public offerings in premature capital markets : the case of Hungary

NARCIS (Netherlands)

Schindele, I.; Perotti, E.C.

2002-01-01

This paper investigates the determinants of underpricing at initial public offerings in theHungarian Initial Public Offerings (IPO) market in 1990-1998, a period of transition from socialist to market economy and immaturity of the domestic capital market. The evidence suggests that political issues

THE ROAD OF ROMANIA FROM FRONTIER TOWARDS EMERGING CAPITAL

Directory of Open Access Journals (Sweden)

BELCIC-ŞTEFAN IULIA-OANA

2015-08-01

Full Text Available In the present study I first present the classification system of states by international financial institutions on economic and financial criteria, then focusing on the classification made by Morgan Stanley Capital International. According to it the capital market in Romania is currently a frontier one, the Financial Surveillance Authority pursuing the reclassification as an emerging capital market by August 2016. The findings of the study indicate this term as unrealistic, for several reasons. Thus, curently on the Romanian stock market there are only two entities out of 3 minimum required, respectively S.N.G.N Romgaz and Fondul Proprietatea, which fully meet the size and liquidity requirements imposed by MSCI in order to be reclassified as an emerging capital market. Also it is mandatory making significant progress regarding the effectiveness of the operational framework, progress made to some extent through Project S.T.E.A.M. (Set of actions Towards Establishing and Acknowledgment of the emerging Market status. On this project, after analyzing the degree of completion of the proposed measures in order to reach the primary and secondary objectives, whose deadlines have expired, according to the schedule provided, we found that only 69% of them were fulfilled. Given these considerations I can state that Romania could be reclassified as an emerging capital market at the earliest starting with 2017.

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

Directory of Open Access Journals (Sweden)

Victor Dragota

2008-10-01

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

Value Relevance dari Intangible Assets Bagi User di Capital Market (suatu Tinjauan Literatur)

OpenAIRE

Muliawati

2014-01-01

Capital market facilitate buying and selling long term securities. There are many parties involved in capital markets include investors, issuers (companies) and regulators. Agency problems arises when there are conflict of interest between the needs of principals (investors) and agents (companies or issuers). This problem is caused by information asymmetry. Financial statements are principal means through which a company communicate its financial information to interested parties. Financial s...

farmers' involvement in capital markets investment as an alternative ...

African Journals Online (AJOL)

DR. TOSIN FASINA

2014-04-02

Apr 2, 2014 ... specifically examined farmers' awareness of the capital markets as well as ... from serving as a source of raising long-term funds, agricultural .... the national level of literacy, which may likely enhance their understanding of the.

HUMAN CAPITAL HETEROGENEITY AND ORGANIZATIONAL PERFORMANCE ANALYSIS: AN EMPIRICAL STUDY ABOUT INTERNATIONAL HOTEL CHAINS IN TURKEY

Directory of Open Access Journals (Sweden)

Ali Halici

2012-01-01

Full Text Available Today, workforce diversity is not only a legal requirement for organizations, but it is also a must to survive in a highly competitive business environment. The prime motive for this study is to investigate the relationship between workforce diversity and perception of discrimination. The basic hypothesis of the study is that as the workforce diversity increases, the perception of discrimination decreases. In order to test the hypothesis, a survey is carried out international hotel chains in Istanbul. There are 19 international hotel chains in Turkey. In this study research is designed to understand human capital heterogeneity pattern of international chains of hotel industry and how this contribute organizational culture strategically that help to manage organizational performance much more efficiently with cross sectional data. Globalization of markets, changing demographics in the labor market, new business strategies requiring team work and the shift from a manufacturing to a service economy are the prime reasons for human capital heterogeneity (HCH. HCH improves the organizational capabilities in terms of flexibility, creativity, problem solving and competitive advantage. Especially in the service sector, in order to gain competitive advantage, organizations need a diverse workforce for both understanding the diverse needs of customers and answering to these needs in a prompt and proper way.

Capital Markets Union and the fintech opportunity

OpenAIRE

Demertzis, Maria; Merler, Silvia; Wolff, Guntram B.

2017-01-01

Complementing Europe's bank-based system with deeper capital markets and more cross-border financial integration promises benefits, but despite long-running debate and policy action, financial system change remains slow. Fintech has the potential to change financial intermediation structures substantially. It could disrupt existing financial intermediation with new business models empowered by intelligent algorithms, big data, cloud computing and artificial intelligence. Lower costs and poten...

Association of market, organizational and financial factors with the number, and types of capital expenditures.

Science.gov (United States)

McCue, Michael J

2011-01-01

Prior literature provides only a descriptive view of the types and numbers of capital expenditures made by hospitals. This study conducted an empirical analysis to assess simultaneously what market, organizational, and financial factors relate to the number of capital projects as well as the specific types: medical equipment, expansion, and maintenance projects. Sampling California hospital capital expenditure data from 2002 to 2007, this study aggregated the number of capital projects by each type of capital investment decision: medical equipment, expansion, and maintenance/renovation per hospital. Using ordinary least squares regression, this study evaluated the association of these factors with these types of capital investment projects. This study found that hospitals capturing a greater share of the market, maintaining high levels of liquidity, and operating with more than 350 beds invested in a greater number of capital projects per hospital as well as medical equipment and expansionary projects per hospital. Within the state of California, the demand for health care services within a hospital market as well as cash and investment reserves were key drivers in the hospital CEOs and boards' decision to increase their capital purchases. The types of purchases included capital outlays related to medical equipment, such as CT scanners, MRIs, and surgical systems, and revenue-generating expansionary projects, such as new bed towers, hospitals wings, operating and emergency rooms, and replacement hospitals from 2002 to 2007.

Companies investments on Private Equity/Venture Capital market

Directory of Open Access Journals (Sweden)

Zbigniew Drewniak

2009-12-01

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

On the role of information disclosures in capital markets

NARCIS (Netherlands)

Jia, Xue

2016-01-01

This dissertation uses economic modelling to explore the value of information disclosures to the firm and investors in capital markets. Specifically, two chapters investigate the interaction between manager’s decisions and the value of information to investors, while another two chapters examine how

Other people’s money: essays on capital market frictions

NARCIS (Netherlands)

Bersem, M.R.C.

2012-01-01

This dissertation investigates capital market frictions across three themes. The first theme is sovereign debt. Recent experience in the EU shows that it can be complex to enforce the repayment promises of states. Furthermore, governments are better informed about their repayment capacity than

Capital mobility in the panel GMM framework: Evidence from EU members

Directory of Open Access Journals (Sweden)

Natalya Ketenci

2015-06-01

Full Text Available This paper examines the level of international capital mobility in European Union members under the Feldstein and Horioka (1980 hypothesis. The validity of the Feldstein-Horioka puzzle is investigated taking into account the impact of the global financial crisis employing the generalized method of moments (GMM estimation technique developed by Hansen (1982. In general, the world countries with time have a tendency to a higher level of capital market openness. According to Feldstein and Horioka (1980, a higher saving-investment correlation is related to lower capital mobility. In this paper, panel data for 27 European countries were used for the period of 1995-2013 on the quarterly basis. The empirical results provide evidence of high capital mobility in EU members, obtaining a low value of a saving retention coefficient. The results of estimations indicate significant dependence of investments on its past values. It is found that the global financial crisis had a deeply negative impact on investment rates in 2007 and for the general period of 2007-2013. The empirical results indicate that the level of capital mobility increased during the global financial crisis, 2007-2013. Thus decrease in investments and increase in the international capital mobility level of European countries during the period of the global financial crisis of 2007-2013, taking into account high risk in the international market, indicates a reallocation of capital from international to regional markets.

International Corporate Debt Market

OpenAIRE

Manuela Geranio; Issam Hallak

2012-01-01

Research on international debt markets has chiefly investigated sovereign debt markets. We suggest a review of the different types of borrowers and the differences in the instruments. In particular we show that syndicated loans are an essential tool of international debt markets to monitor international markets borrowers. We also show by looking at the details of these instruments the mechanisms behind such tools.

International Market Analysis

DEFF Research Database (Denmark)

Sørensen, Olav Jull

2009-01-01

The review presents the book International Market Analysis: Theories and Methods, written by John Kuiada, professor at Centre of International Business, Department of Business Studies, Aalborg University. The book is refreshingly new in its way of looking at a classical problem. It looks at market...... analysis from the point of vie of ways of thinking about markets. Furthermore, the book includes the concept of learning in the analysis of markets og how the way we understand business reality influneces our choice of methodology for market analysis....

Research network on capital markets and financial integration in Europe : results and experience after two years

OpenAIRE

European Central Bank ; Center for Financial Studies (CFS)

2008-01-01

In April 2002 the European Central Bank (ECB) and the Center for Financial Studies (CFS) launched the ECB-CFS Research Network to promote research on “Capital Markets and Financial Integration in Europe”. The ECB-CFS research network aims at stimulating top-level and policy-relevant research, significantly contributing to the understanding of the current and future structure and integration of the financial system in Europe and its international linkages with the United States and Japan. This...

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

Science.gov (United States)

2012-08-30

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

East Asian Capital Markets: Integration and Convergence

Directory of Open Access Journals (Sweden)

Yana Valeryevna Dyomina

2016-09-01

Full Text Available The article examines the interdependence of East Asian stock and bond markets. Hierarchical cluster analysis of bond markets of ten regional countries shows that the most similar ones are the following: Indonesia, Malaysia, the Philippines and Singapore. In 2006-2009 Thailand also belonged with this group, however, since 2010 it is a separate cluster. The second cluster includes Hong Kong, the Republic of Korea and China, the third one - Japan, the fourth one - Vietnam. As for regional equity markets, the study shows that regional stock indices respond to the dynamics of American ones to a greater extent than to the dynamics of each other. In addition, Asian indices’ interconnection is chiefly negative. To assess stock indices’ convergence the author employs cluster analysis which divides 16 studied stock exchanges in 7 different groups. According to the obtained results, the author concludes that integration of regional capital markets is the long-term goal. Besides, markets’ integration will be easier and faster within clusters; inter-cluster mergers will be the next step. The basic problem here arises from the Japanese market, which, in the case of forced or ill-conceived program of events, will absorb all other markets or end up outside the integration processes

INTEREST RATE REGIME AND THE PERFORMANCE OF THE NIGERIAN CAPITAL MARKET

Directory of Open Access Journals (Sweden)

Edirin Jeroh

2015-12-01

Full Text Available This study x-ray’s the interest rates regime in Nigeria as it affects the performance of the Nigerian Capital Market. In order to achieve this objective, relevant data for a period of 33 years spanning from 1981 – 2013 were obtained from the Factbook of the Nigerian Stock Exchange, CBN Statistical Bulletin as well as the annual accounts of quoted firms for the relevant years. The data obtained were analysed with the Ordinary Least Square (OLS technique. The result from our analysis reveal among others that changes in interest rate regimes have majorly influenced the level of the performance of the Nigerian Capital Market. Based on the above, we recommend that capital market regulators and other regulatory agencies should keep an eye on movements in interest rates and the Minimum Rediscount Rate (MRR (now MPR and watch their trend. We also recommend that efforts must be put in place to establish a policy review and reassessment mechanism that would help in assessing the impact of selected policy measures on the economy so that policy makers would know the effectiveness and efficiency of designed policies and be guided in the policy review and development process in the country.

Market and Labour Control in Digital Capitalism

Directory of Open Access Journals (Sweden)

Philipp Staab

2016-11-01

Full Text Available Theorists of post capitalism have recently argued for a more or less inevitable end to capitalism. They assume that private accumulation is systematically blocked by the inability of capitalist corporations to create revenues by setting prices as they lose control over the reproduction of their commodities and that in this process, capitalist labour will eventually disappear. Drawing on a case study of Amazon and thoughts on the policies of other leading digital corporations, we challenge these assumptions. Key corporate players of digitization are trying to become powerful monopolies and have partly succeeded in doing so, using the network effects and scaling opportunities of digital goods and building socio-technical ecosystems. These strategies have led to the development of in part isomorphic structures, hence creating a situation of oligopolistic market competition. We draw on basic assumptions of monopoly capital theory to argue that in this situation labour process rationalization becomes key to the corporation’s competitive strategies. We see the expansion of digital control and the organizational structures applied by key corporate players of the digital economy as evidence for the expansion of capitalist labour, not its reduction.

What Makes International Capital Flows So Volatile?: Push vs. Pull Factors in the Case of Korea

Directory of Open Access Journals (Sweden)

Tae-Joon Kim

2010-12-01

Full Text Available This paper analyzes the determinants of financial capital flows in Korea, which provides an intriguing case for examining the volatility of such flows as an almost fully opened capital market. Our empirical analysis finds both pull and push factors have significantly affected all three types of foreign capital flows- foreign equity investment, foreign bond investment and foreign other-type investment- in Korea, though the relative importance of each factor varies by sample period and type of financial capital. First, the determinants of capital inflows changed substantially following the 1997 currency crisis. The impact of push factors on foreign investment strengthened, rendering the Korean stock and bond market more susceptible to external shocks. Second, the global financial crisis, which increased global financial instability and preference for safe assets, appears to have had a negative effect on other-type investment. However, fThis paper analyzes the determinants of financial capital flows in Korea, which provides an intriguing case for examining the volatility of such flows as an almost fully opened capital market. Our empirical analysis finds both pull and push factors have significantly affected all three types of foreign capital flows- foreign equity investment, foreign bond investment and foreign other-type investment- in Korea, though the relative importance of each factor varies by sample period and type of financial capital. First, the determinants of capital inflows changed substantially following the 1997 currency crisis. The impact of push factors on foreign investment strengthened, rendering the Korean stock and bond market more susceptible to external shocks. Second, the global financial crisis, which increased global financial instability and preference for safe assets, appears to have had a negative effect on other-type investment. However, foreign equity investment showed a quick recovery in the wake of global financial

The efficient market hypothesis of brazilian capital market, 2000-2010: an event study of distribution of dividends

Directory of Open Access Journals (Sweden)

Daniel Moreira Carvalho

2013-11-01

Full Text Available In the semi-strong form of the Efficient Markets Hypothesis - EMH, developed by Fama (1970, 1991, the prices reflect both the past and any information disclosed by companies, making impossible to an investor to get abnormal returns consistently, based on this type of information. In this paper we analyze the price behavior of common shares of 87 listed companies in the BM&FBovespa, in the announcements of 452 events of dividend distribution, occurred between January 2000 and September 2010, in order to identify the EMH in semi-strong form of Brazilian capital market. We used an event study, which evaluates abnormal returns of stocks relative to the market return (Ibovespa. The analysis of the abnormal return in the event window (10 days before and after the dividend distribution announcement showed an upward trend, with significant positive abnormal returns on days t-5, t-3, and t-1 to t+1. The results go in the direction of other studies of national literature and contribute to attest that the Brazilian capital market lacks the semi-strong form of informational efficiency.

International power projections and capital requirements

International Nuclear Information System (INIS)

Ann, H.

1989-01-01

This work is related to the international power projections and capital requirements of all kinds of energy and the share of electricity. It is also related to the so-called greenhouse effect carbon dioxide concentration in atmosphere. (A.C.A.S.)

The mediating effect of financial performance on the relationship between intellectual capital & market share: Evidence from Tehran stock exchange

Directory of Open Access Journals (Sweden)

Seyed Mohamad Fahimi

2017-11-01

Full Text Available Intellectual capital has an important role in this knowledge based economy era. The purpose of this study is to examine the mediating effect of financial performance on the relationship between intellectual capital and market share in the listed Companies in the Tehran Stock Exchange in this study to assess the intellectual capital, the rate of value-added intellectual capital that developed by Pulic (1998 is used. The sample included 99 companies listed in the Tehran Stock Exchange, for a period of five years from 2011 to 2015. The research findings show a significant positive relationship between intellectual capital and market share. Also the results show that there is no mediating effect of financial performance in the relationship between intellectual capital and market share

International Reserves and the Composition of Equity Capital Inflows

OpenAIRE

Xingwang Qian; Andreas Steiner

2012-01-01

We study the effect of central banks' international reserve hoardings on the composition of equity capital inflows, namely the ratio of portfolio equity investment (PEI) to foreign direct investment (FDI). Foreign investors' decisions regarding the location and the type of equity capital investment might be influenced by a country's level of international reserves. In a simple theoretical model, we show that higher reserves, thanks to their ability to lower exchange rate risk, reduce the risk...

Long Term Trend Analysis in the Capital Market – The Case of Serbia

Directory of Open Access Journals (Sweden)

Radukić Snežana

2014-09-01

Full Text Available The paper explores the possibility of making investment decisions in emerging markets by using the trend analysis method on a particular example of the capital market in Serbia. The authors, starting from the common features of technical analysis, have analysed the common share index value in the capital market in Serbia, in the Belgrade Stock Exchange - Belexline from 1 March 2006 to 31 March 2009, by the usage of two moving averages method - Moving Average Convergence Divergence (MACD: an intermediate term of 50 days and a long-term one of 100 days. The above mentioned moving averages identify the establishment of a trend, the cessation of the existing one, a change and an establishment of the new one.

Allocating capital systemwide. Who gets how much and why.

Science.gov (United States)

Albertina, R M; Bakewell, T F

1989-05-01

The maturing of multi-institutional healthcare systems has created a need for systemwide approaches to managing investment in capital expenditures. Historically, hospitals have allocated capital using traditional capital budgeting techniques, including discounted cash flow, net present value, and internal rate of return methodologies. Now systems can use a multifactored model to allocate capital among member hospitals. This approach uses historical and projected financial and statistical information to quantify the risks member hospitals face. At the system level, capital allocation decisions should start with the strategic and financial planning processes. Catholic systems face an additional caveat: The system's mission statement drives the planning processes. Conceptually, the capital allocation plan is an attempt to value each hospital as a going, or viable, concern. From this perspective, value is understood as a function of expected return, the certainty of the return, and the return offered by similar investments in other hospital markets. Despite the many determinants of business and financial risk, much of the variance in asset market value can be explained through five assessment criteria: market demographics, position within the market, historical and projected financial performance, historical utilization, and third-party reimbursement mix.

Market entry and exit by biotech and device companies funded by venture capital.

Science.gov (United States)

Burns, Lawton R; Housman, Michael G; Robinson, Charles A

2009-01-01

Start-up companies in the biotechnology and medical device sectors are important sources of health care innovation. This paper describes the role of venture capital in supporting these companies and charts the growth in venture capital financial support. The paper then uses longitudinal data to describe market entry and exit by these companies. Similar factors are associated with entry and exit in the two sectors. Entries and exits in one sector also appear to influence entry in the other. These findings have important implications for developing innovative technologies and ensuring competitive markets in the life sciences.

ESTIMATING RISK ON THE CAPITAL MARKET WITH VaR METHOD

Directory of Open Access Journals (Sweden)

Sinisa Bogdan

2015-06-01

Full Text Available The two basic questions that every investor tries to answer before investment are questions about predicting return and risk. Risk and return are generally considered two positively correlated sizes, during the growth of risk it is expected increase of return to compensate the higher risk. The quantification of risk in the capital market represents the current topic since occurrence of securities. Together with estimated future returns it represents starting point of any investment. In this study it is described the history of the emergence of VaR methods, usefulness in assessing the risks of financial assets. Three main Value at Risk (VaR methodologies are decribed and explained in detail: historical method, parametric method and Monte Carlo method. After the theoretical review of VaR methods it is estimated risk of liquid stocks and portfolio from the Croatian capital market with historical and parametric VaR method, after which the results were compared and explained.

ROMANIAN DEMOGRAPHIC FACTORS AND THE INVESTMENTS ON CAPITAL MARKET

Directory of Open Access Journals (Sweden)

Petric Ioana Ancuta

2010-07-01

Full Text Available The growing interest for investments in capital markets creates the need for studies focused on monitoring and analysing demographic environment in which the investors operate. Its analysis may represent a starting point for finding out opportunities and threats brought by environment for the evolution of Financial Investment Services Companies in Romania. Our paper starts from the assumption that the behaviour of the investor in financial services is influenced by the demographic factors. We focus on some of them, in a descriptive manner. Specifically, they are: monthly net average incomes, gender, age, employment rate and education level of the population. This study also presents a short case of a Financial Investment Services Company named Target Capital.

Sand in the Wheels of Capitalism

DEFF Research Database (Denmark)

Bersem, Mario; Perotti, Enrico; von Thadden, Ernst-Ludwig

We present a positive theory of capital market frictions that raise the cost of capital for new firms and lower the cost of capital for incumbent firms. Capital market frictions arise from a political conflict across voters who differ in two dimensions: (i) a fraction of voters owns capital......, the rest receives only lab or income; and (ii) voters have different vintages of human capital. We identify young workers as the decisive voter group, with preferences in between capitalists who favor a free capital market, and old workers, who favor restricted capital mobility. We show that capital market...... frictions do not naturally arise in a static framework, or even in a dynamic framework if capital market frictions are reversible. But if capital market frictions can be made to p ersist over time, we show that young workers favor capital market frictions as a way to smo oth income, especially if wealth...

The European internal market and Nordic energy policy

International Nuclear Information System (INIS)

Grohnheit, P.E.; Hoier Nielsen, H.; Soerensen, H.

1992-01-01

The aim was to attempt to clarify the immediate consequences, and potentials for energy policy, for the authorities and supply companies in the Nordic countries in relation to the establishment of the Single Market. Potentials for the development of coordinated electricity supply and natural gas markets, and for cooperative Nordic research and initiatives are examined. Descriptions of conditions in other lands are given. It is stated that decisions on investments must now be taken within an open capital market with other traditions. There is a need for faster technology transfer. It is concluded that it will be difficult to develope trade related to natural gas between all the Nordic countries, but it should increase (also with regard to electricity) between the Nordic countries and their neighbour countries. Regarding electricity supply, lifting of existing rights of monopoly will result in weaker connections between producer and consumer and supply reliability will decrease. Natural gas supply reliability will be strengthened but producers will shoulder more market risks. Fusions will increase but a greater variation of company types and organization forms will develope. Competition will be sharper and prices for electric power could rise. Nordic energy policy will have a more international character, especially with regard to environmental protection. Long-term investment will be encouraged. The Nordic Council of Ministers will need to concentrate on information dissemination related to energy system analyses as a basis for decision-making. Export of Scandinavian hydroelectric power will contribute to international goals for environmental protection. (AB) (45 refs.)

THE APPLICATION OF THE CAPITAL ASSET PRICING MODEL ON THE CROATIAN CAPITAL MARKET

Directory of Open Access Journals (Sweden)

Bojan Tomic

2013-12-01

Full Text Available The paper describes and analyzes the application of the capital asset pricing model (CAPM and the single-index model on the Zagreb stock exchange during the drop in the total trade turnover, and mostly in the trade of equity securities. This model shows through the analysis techniques used to estimate the systematic risk per share compared to the market portfolio. Also, the model quantifies the environment in which a company and its stocks exist, expressing it as risk, or a beta coefficient. Furthermore, with respect to the market stagnation, one can also discuss the usefulness of the model, especially if the quality of the input data is questionable. In this regard, the importance of the proper application and interpretation of the results obtained based on the model during the stagnation of the market, and especially during the stagnation of the trade of equity securities, is gaining even greater importance and significance. On the other hand, the results obtained through the analysis of data point to problems arising during the application of the model. It turns out the main problem of applying the CAPM model is the market index with negative returns during the observation period.

Financial Market Regulation in Germany - Capital Requirements of Financial Institutions

Directory of Open Access Journals (Sweden)

Daniel Karl Detzer

2015-03-01

Full Text Available This paper examines capital adequacy regulation in Germany. The first part reviews capital adequacy regulation from the 1930s up to the financial crisis and identifies two main trends: a gradual softening of the eligibility criteria for equity and increasing reliance on internal risk models. While the first trend has been reversed following the financial crisis, internal risk models still play a central role. Therefore, the second part discusses the problems with the use of internal risk models and discusses the potentials of Basel 2.5 and Basel III to alleviate the identified problems. It is concluded that the relevant problems are not resolved. Therefore, in the final part some suggestions of how the problems could be addressed properly are given.

Bookworms and Party Animals: An Artificial Labour Market with Human and Social Capital Accumulation

Science.gov (United States)

Farhat, Daniel

2014-01-01

Data show that educated workers earn higher wages and are unemployed less often. Some researchers believe that education improves a worker's productivity (or "human capital"), making them more desirable on the job market, while others believe that it improves a worker's network (or "social capital"), giving them more…

THE ROLE OF SOCIALLY RESPONSIBLE MARKETING IN THE REPRODUCTION OF THE HUMAN CAPITAL AND REDUCTION OF ITS FIKTIVIZATION PROCESSES

Directory of Open Access Journals (Sweden)

Olena Brintseva

2017-12-01

Full Text Available The urgency of the research. Before the modern person at different stages of reproduction of the human capital, there are many calls and risks that need to be considered and also to adapt to consequences of their action. Target setting. Use of marketing tools is rather a perspective direction of improvement of processes of the human capital reproduction. However, improvement of these processes is promoted by only socially responsible marketing. Uninvestigated parts of general matters defining. Almost unexplored are questions of use of marketing tools in the realization of processes of reproduction of the human capital. The purpose of the paper is to study the use of marketing tools for more effective implementation of reproduction processes of human capital at different stages. The issue of reproduction of human capital is considered in such areas: education, health, and social and labour sphere. Methodology. The paper is based on a critical analysis of scientific researches in the sphere of socially responsible marketing and processes of reproduction of human capital. These issues are researched by Blagov Yu.E., Carroll A., Hrishnova O.A., Kotler P., Lantos J., Lambin J., Libanova E.M., Mishchuk H.Yu., and others. Results. Issues of the human capital reproduction are considered in the following spheres: education, healthcare, and social and labour sphere. It is defined that in modern conditions, social responsibility has to become a basis for the creation of all system of the public relations and cover all stages of reproduction of the human capital. Socially irresponsible marketing leads to the formation, accumulation, and distribution of the fictitious human capital and other its unproductive forms. Practical implications. Now reproduction of the human capital in Ukraine is rather strongly influenced by fiktivization processes connected with the distribution of its unproductive forms. In this context, socially irresponsible marketing of

CORPORATE SOCIAL RESPONSIBILITY AS A FACTOR OF ACCUMULATION OF NOVEL FORMS OF CAPITAL IN THE CONTEMPORARY MARKET ECONOMY

Directory of Open Access Journals (Sweden)

N. Grazhevska

2018-03-01

Full Text Available The role and importance of corporate social responsibility (CSR is highlighted as an important factor of accumulation of intellectual, social, reputational and cultural capital, ensuring the global competitiveness of modern market economies. The world experience of CSR development in the context of increasing the level of trust in society, accumulation and effective implementation of social capital is analyzed. The peculiarities of CSR development in Ukraine are emphasized, and the state priority actions are grounded in order to promote social responsibility of the business as a factor of accumulation of new forms of capital, namely: institutionally-organizational arrangement of effective interaction of private business and state, state encouragement of private business to implement CSR by providing tax privileges and benefits, informational support for CSR development, promotion of corporate social responsibility principles, spreading the ideas of CSR among employees, customers, communities, deepening of business cooperation with universities and research institutions towards adapting international best practices and training in the field of CSR.

Turmoil on the International Oil Markets. Getting Used to Production Capacity Constraints

International Nuclear Information System (INIS)

Ten Kate, W.; Van Geuns, L.

2009-01-01

In 2008 the world experienced a prelude to the new realities of the international oil market. These new realities include a tight balance between supply and demand, the rapidly increased cost of the marginal barrel and the extreme price volatility. This price volatility has driven prices up $50 a barrel in the space of 5 months, only to drop $50 in 2 months after the July 14 peak of $147 a barrel when consumers began to seriously drop out of the market and inventories were drawn down. After the extreme downward correction, the crisis on the international capital markets led to dim expectations about economic growth for the rest of the year and 2009, and this also played a role. However, prices are expected to rebound again, reflecting the fundamental upward shift of oil prices from an average of about $70-80 a barrel to about $110-120 a barrel. This fundamental upward shift is due to a combination of so-called 'underground' and 'above ground' conditions. The 'underground' problems include the size, depth and geological complexities of new oil fields that are driving up the cost per barrel. These complex oil fields need to be taken into production, since 'above ground' problems limit International Oil Companies' (IOCs) ability to access the lower-cost oil in producing countries. The 'above ground' problems slow the pace of development of medium-cost oil in the largest producing countries in the Middle East and Russia. Despite the expectation of a continued demand for oil, oil exporting countries are concerned about the security of demand, and adapt their development plans accordingly. Moreover, with the increased prices of the last few years and the resulting increase in oil revenues, the management of the monetarised oil wealth has become a concern as well. The value of the dollar has been slipping and oil exporting countries tried to match this depreciation by increasing oil prices. China's rise as an important manufacturer in the world, with the accompanying

Social capital and localised learning

DEFF Research Database (Denmark)

Lorenzen, Mark

2007-01-01

  This conceptual paper analyses why social capital is important for learning and economic development, how it is created and its geography. It argues that with the rise of globalisation and learning-based competition, social capital is becoming valuable because it organises markets, lowering...... business firms' costs of co-ordinating and allowing them flexibly to connect and reconnect. The paper defines social capital as a matrix of various social relations, combined with particular normative and cognitive social institutions that facilitate co-operation and reciprocity, and suggests that social...... capital is formed at spatial scales lower than the national or international, because the density of matrices of social relations increases with proximity. The paper also offers a discussion of how national and regional policies may be suited for promoting social capital....

Credit Rating As a Factor of Stability in the Global Capital Market

Directory of Open Access Journals (Sweden)

Ismail Musabegović

2014-12-01

Full Text Available Credit rating has an outstanding importance on the capital market. Opinions and assessments of rating agencies help us to improve growth, stability and efficiency of international and domestic markets, which now include over 80 trillion dollars of rated bonds and other securities with the fixed income. The contribution of the credit agencies to the market stability and efficiency is reflected in their ability to provide accurate, clear and reliable assessments of the solvency of participants on the financial markets. An adequate and proper risk assessment of securities contributes to stability. In order to achieve a given goal and to satisfy its purpose, the assessments should be based on a fundamental understanding of the key components of the credit risk. Also, in order to ensure a reliable framework for making investment decisions, the rating agencies are obliged to offer and to provide a wide range of securities, which are based on a global comparability of rating symbols and onthe support given by the credit rating assignment committee and by the other relevant decision making bodies. Markets for structured products could not have developed without the quality assurance provided by CRAs. When analyzing a securitization program CRAs examine legal and structural protections provided to investors. Since the globalization is an inevitable phenomenon in today’s world the importance of the credit rating becomes more noticeable. On the other hand, the rating agencies have an obligation to reanalyze their decision making models in order to contribute tothe reliability of the evaluation.

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

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

Directory of Open Access Journals (Sweden)

Antoniade-Ciprian ALEXANDRU

2011-07-01

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

Transnational Academic Capitalism in the Arab Gulf: Balancing Global and Local, and Public and Private, Capitals

Science.gov (United States)

Findlow, Sally; Hayes, Aneta L.

2016-01-01

This article contributes to the emerging theoretical construct of what has been called "transnational academic capitalism", characterised by the blurring of traditional boundaries between public, private, local, regional and international, and between market-driven and critically transformative higher education visions. Here we examine…

Forms of international movement of capital with special emphasis on the PPP and concessions

Directory of Open Access Journals (Sweden)

Šovran Sanja

2016-01-01

Full Text Available The state has always cooperated with the private sector in order to implement various activities in the best interest of public. The first models of public-private partnerships (PPP appeared at the time of the Roman Empire in the context of public works in construction of public baths, markets and ports. Contemporary international movement of capital is a phenomenon that has existed for over a century. When discussing the PPP in modern day terms, the expansion of private involvement in the public sector starts in the 1970s and the 1980s of the previous century, in public infrastructure projects and in most developed economies. The primary purpose of these arrangements is to reduce expenditures in state budgets, but also to achieve faster and better execution of work, reduce risk and efficiently manage the projects. This paper will briefly present the evolution of PPPs and concessions, with an emphasis on understanding money and capital throughout the evolution of PPP, contemporary forms of movement of capital, as well as equity in terms of globalization. The subject of this paper are also examples of the important PPPs and concessions from the construction of the Suez Canal until today.

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

The role of higher education institutions in shaping the intellectual capital in light of marketing innovation

Directory of Open Access Journals (Sweden)

Lidia Białoń

2013-09-01

Full Text Available The systemic approach implied by marketing innovation requires professional shaping of the intellectual capital. Innovation marketing shall fulfill its role on the basis of 5 i’s principle. Fulfillment of those tasks requires specialists, thoroughly trained in marketing, management and in the theoretical foundations for innovative activity. The higher education institutions are responsible for preparing such specialists. The fundamental problems lie both in constructing adequate curricula and in training the instructors for using them in class. On the one hand, such program should derive from the logic of the processes of innovation; on the other it should draw from the rules of marketing and management. The necessary level and structure of the intellectual capital demands precise adaptation of such programs to consolidated actions within marketing innovation.

Pension risk management in a developing economy:lessons from the nigerian capital market

Directory of Open Access Journals (Sweden)

Onafalujo Akin k.

2010-12-01

Full Text Available The killer risk in any pension scheme is the failure of pension asset sufficiency to meet the promised benefits to retirees. A Pension Risk Management aims at ex ante arrangement to protect retirees’ standard of living. Nigeria introduced pension reforms in 2004 fatefully at the same time when extensive reforms were made in the banking sector. Prior to the Act being passed, there was a major proposition that pension funds should not be invested in Nigerian capital market. This paper reviews pension risks of the new DCS (Defined Contributory Scheme and the implications of investing pension fund in the capital market of a developing economy. A trend analysis was performed on market index and capitalization and a simulated pension asset was subjected to pension risks. Despite the asset allocation guideline on investments by the Pension Commission, there is certainly uncertainty concerning guaranteeing pension payments in future due to unmanaged pension risks. This paper suggests investment policy should accompany a DCS based on the risk appetite of workers, minimum guarantee of returns on investment of pension assets and a range of interest rates for actuarially determined annuities. Further studies may examine wither PFAs should operate as closed end or open end mutual funds.

An Investigation of Marketing Educators' Approach to Teaching International Marketing in the Introductory Marketing Course.

Science.gov (United States)

Zimmer, Robert J.; And Others

1996-01-01

A survey of 122 college teachers of marketing courses investigated the extent and methods of their inclusion of international marketing into the course curriculum. Findings suggest that, among those teaching international marketing, how they acquired their international knowledge had a significant effect on how they taught international marketing.…

Labour Market Intermediaries: A Corrective to the Human Capital Paradigm (Mis)matching Skills and Jobs?

Science.gov (United States)

Dobbins, Tony; Plows, Alexandra

2017-01-01

The orthodox supply-side human capital theory (HCT) paradigm is inadequate for understanding and adjusting to labour market volatility in UK regional economies like Wales. This article explores the role of regional labour market intermediaries (LMIs) in matching supply (skills) and demand (job opportunities) in regional labour markets. Some LMIs…

Health care capital market and product market constraints and the role of the chief financial officer.

Science.gov (United States)

Wheeler, J R; Smith, D G

2001-01-01

To understand better the financial management practices and strategies of modern health care organizations, we conducted interviews with chief financial officers (CFOs) of several leading health care systems. The constraints imposed on health care systems by both capital and product markets has made the role of the CFO a challenge.

Internal Markets for Innovation

DEFF Research Database (Denmark)

Wolfram, Pierre; Brem, Alexander

2014-01-01

of R&D to affiliated companies in the same business group. The challenges are analysed for affiliates in order to engage themselves in group-internal markets, for instance to avoid bottlenecks in the product development or to improve their technological knowledge. To research this phenomenon, a case...... study is accomplished by investigating a Multinational company whose affiliates are self-reliant and horizontally diversified. Mixed methods are applied by having structured depth interviews with the responsible R&D managers as well as by sending a survey out to associated project managers. The study...... indicates that the organizational complexity, infrastructures within the business group and the impact of external market structures play an essential role for the usage and effectiveness of group-internal markets. Hence, the insights offer valuable clues why internal markets have advantages...

78 FR 76973 - Regulatory Capital Rules: Regulatory Capital, Implementation of Basel III, Capital Adequacy...

Science.gov (United States)

2013-12-20

... Discipline and Disclosure Requirements, Advanced Approaches Risk-Based Capital Rule, and Market Risk Capital..., 2013, a document adopting a final rule that revises its risk-based and leverage capital requirements... risk-based and leverage capital requirements for banking organizations. An allowance for additional...

Capital Market Research in Accounting: Evidence from The Tehran Stock Exchange

OpenAIRE

Mohammad Namazi; Amin Nazemi; Mohamat Sabri Hassan

2009-01-01

The major purpose of this study is to classify and analyse capital market research conducted in the Tehran Stock Exchange Market (TSEM). Similar to Namazi and Nazemi’s (2005) review of Finance Studies on the TSEM in 1991–2003, we review, classify and analyse the significant Accounting Studies related to the TSEM. Consequently, by both employing content analysis and archival methodology and considering academic accounting courses and programs established by the Ministry of Science, Researc...

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

OpenAIRE

R. Stephen Elliott; Mark Schaub

2011-01-01

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

Marketing CANDU internationally

International Nuclear Information System (INIS)

Langstaff, J.H.

1980-06-01

The market for CANDU reactor sales, both international and domestic, is reviewed. It is reasonable to expect that between five and ten reactors can be sold outside Canada before the end of the centry, and new domestic orders should be forthcoming as well. AECL International has been created to market CANDU, and is working together with the Canadian nuclear industry to promote the reactor and to assemble an attractive package that can be offered abroad. (L.L.)

THEORETICAL-METHODOLOGICAL IMPORTANCE OF INTERNATIONAL LISTING OF STOCKS FOR INVESTORS AND EMITENTS

Directory of Open Access Journals (Sweden)

I. Mazur

2018-03-01

Full Text Available In the conditions of globalization of the economic environment, the integration processes of the international capital markets are intensifying, which envisages the possibility of placing securities in foreign markets. This gives some benefits to national investors and issuers. These benefits include: scaling up the attraction of investors' financial resources; strengthening of the business reputation and issuer's credit rating; Successful placement of shares in the international market contributes to the increase of profits. International listing of shares increases the prestige and image of the issuer. The main motivation of most companies entering the foreign capital markets is only financial - they plan to increase their capital in the markets of highly developed countries and increase the liquidity of their shares. International listing provides new markets for more active securities that do not require detailed reporting and have significant liquidity. In some cases, the introduction of international listing increases the value of the company's shares. As a rule, this happens more often in the US, when the market value of shares is higher than that existing on the issuer's market. Moreover, the fact of an increase in the number of investors who buys company shares increases the liquidity of shares, narrowing the spread. That is, the main motive for stock quotes abroad is to increase the value of its capital and liquidity of shares, which will eventually give an opportunity to attract additional capital. All this contributes to the growth of the number of national companies that market their shares on foreign stock exchanges. Investigated double listingof shares of companies; discloses the conditions under which the international listing of shares of companies becomes one of the most appropriate ways of financing business; the influence of international listing of companies' shares on the liquidity of shares in the domestic market, increase

Scared away? Discouraged borrowers and Capital market information

DEFF Research Database (Denmark)

Christensen, Jesper Lindgaard; Hain, Daniel S.

2014-01-01

of discouraged borrowers. Implications Implications entail missed opportunities for firms, which in turn is likely to have deterrent effects on overall investments and economic growth. Financial institutions will miss out on business opportunities but will also have difficulties in fine-tuning their credit......We do the first study on discouraged borrowers in Denmark to firstly investigate the extent of this phenome-non in Denmark. Secondly, we test if characteristics of firms (age, size, innovativeness, industry) impact their likelihood of being discouraged from entering the capital markets. Thirdly...

Individual Consequences of Internal Marketing

Directory of Open Access Journals (Sweden)

Naghi Remus Ionut

2015-07-01

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

Funding Continuum for Private Business Owners: Evidence from the Pepperdine Private Capital Markets Project Survey

OpenAIRE

Maretno A. Harjoto; John K. Paglia

2011-01-01

The Pepperdine Private Capital Markets Project survey for business owners, administered during the spring of 2010, reveals an increasingly important role of friends and family (Friends/Family) to provide capital for privately-held businesses. Examining business owners’ perceptions of their sources of capital reveals that, overall, business owners prefer Friends/Family and angel financing as well as asset-based lenders and banks (ABL/Bank). Business owners consider Friends/Family financing to ...

Cost of Capital in Price-regulated Companies: the Case of Estonia

Directory of Open Access Journals (Sweden)

Priit Sander

2013-01-01

Full Text Available In case of price-regulated companies it is the role of appropriate government agencies to introduce clear, internally consistent, theoretically sound, and unambiguous methodology for finding the regulative cost of capital. The aim of the paper is to describe and analyze the cost of capital estimation methodology for regulated companies in Estonia and discuss some issues arising in applying this methodology. The current paper focuses on two topical issues associated with the estimation of regulative cost of capital in Estonia: estimation of market risk premium and inclusion of currency risk premium into the cost of capital. Current turmoil in financial markets has increased investors’ risk aversion as well as level of risks.

IMPACT OF ROMANIA'S INTEGRATION INTO EUROPEAN UNION ON THE CAPITAL MARKET IN ROMANIA

OpenAIRE

Leonardo Badea

2007-01-01

The present paper intends to study the development of the stock exchange market in Romania stating as marks, two simple things, namely: the progress of the stock exchange market before and after January 1, 2007, and also the progress of the stock exchange markets in the neighboring states after 2004. For this study, the mathematical calculus of the stock exchange index variation and the stock exchange capitalization is followed. The results have a direct link with the macroeconomic situation ...

Legal aspects on the role of trust in the capitals market

Directory of Open Access Journals (Sweden)

David Andrés Aguirre Soriano

2013-07-01

Full Text Available This article aims at the analysis of the role of the trustee in the capitals market, who becomes protagonist by participating as institutional investor, issuer of values and through investment trusts and management of securitization processes; these figures will be analyzed in the present paper.

PORTFOLIO OPTIMIZATION ON CROATIAN CAPITAL MARKET

Directory of Open Access Journals (Sweden)

Sinisa Bogdan

2013-12-01

Full Text Available Purpose of this paper was to research portfolio optimization problem on Croatian capital market using Markowitz theory. Research systematically investigated the selection of securities, and defined the importance of using fundamental analysis when selecting the best combination of securities. Since fundamental analysis involves a large number of indicators, this paper selected key indicators that enable a complete and quick securities review on the market. This paper clarifies diversification effect and influence of the correlation coefficient on diversification. Two basic types of assets (stocks and cash funds have been chosen to build the optimal portfolio. Cash funds were selected because they represent a form of risk-free investment, while stocks were chosen because of the high level of return which they achieve. At the end of paper, optimal portfolio was calculated with an excellent yield of 1.82% and deviation of 5.77% on a monthly basis which corresponds to the minimum deviation of the selected stocks. Calculated optimal portfolio achieves better expected value than investing in stock index CROBEX, which for the same period achieves the expected result of -0.02%.

Financial potential of migrants’ capital in Ukraine

Directory of Open Access Journals (Sweden)

I.М. Krupka

2015-06-01

Full Text Available In today’s globalized world, labor migration is an important source of remittances and other transfers of migrants to their homeland, which expands the country’s capacity for the development of the national economy and financial markets in particular. Due to the transformational changes in the domestic economy in the 1990th many citizens became migrant workers and their remittances now exceed foreign direct investment in the country. Until 2013 remittances in Ukraine were mainly coming through the banking system, but recently the dominant role is being played by international payment systems, as well as quite a significant amount is incoming by informal channels. In order to increase the role of formal financial market infrastructure in providing capital inflows of migrants first of all the cost of transfer must be reduced.Unfortunately, the capital of Ukrainian migrant workers is directed primarily at the consumer market, real estate market, as well as the shadow economy. The investment focus has actually only investments in real estate and private business (own entrepreneurship. Migrant workers invest in those areas of the economy that are the least compliant to investment and bank lending standards. At the same time, migrants almost do not use capital to purchase shares and bonds, but use it actively to invest in such financial market tool as deposits. Regardless of significant efforts by the Government of Ukraine to attract funds in the state budget by selling different variations of bonds a notable success in modern conditions was not achieved. Nowadays remittances have enabled us to soften financial instability, balance of payments deficit; to strengthen the exchange rate of the national currency and they also have the positive impact on international credit ratings of Ukraine. However, the effectiveness of government policy to direct remittances into investment is very low, and it actualizes the search of effective tools to realize

THE EFFECT OF REVENUE AND MARKET SEGMENTATION LEVEL TOWARDS VENTURE CAPITAL INVESTMENT IN MOBILE APPLICATION BUSINESS

Directory of Open Access Journals (Sweden)

Dennis Adrian

2014-05-01

Full Text Available The development of mobile applications has mushroomed in local and foreign industries. This provides a tremendous opportunity for developers. For technopreneur developer, the capital to run the business is one of the biggest problems despite the fact that they may have great competence in the field. The fact that the business has big potential market in Indonesia has invited investors from local and overseas to invest as venture capital. However, due to the lack of knowledge on building collaboration with the investors and on understanding the market and investor needs in a long term, the developer finds difficulties to grow its business and to compete with bigger competitors. The research intends to seek the influence in selecting the level of revenue and market segmentation to support the investment decisions in the business of mobile applications, so that the mobile application developer is able to monetize their business to attract investors to invest in the venture capital.

VOLUNTARY DISCLOSURE OF CASH FLOWS INFORMATION AND COMPANY'S CHARACTERISTICS: EVIDENCE FROM THE CROATIAN CAPITAL MARKET

Directory of Open Access Journals (Sweden)

Željana Aljinović Barać

2012-12-01

Full Text Available This paper focuses on the voluntary disclosure of cash flows information of Croatian large companies whose shares are listed on the Zagreb Stock Exchange, with the aim to identify characteristics of companies that provide extensive disclosures. In order to conduct the research and test the likelihood that company publicly announces wealth of information about cash flows, three groups of company’s features are defined as variables: accounting data, capital market information and company’s qualitative characteristics. Verification of empirical evidence was provided through the sample of Croatian listed companies using logistic regression analysis. Obtained results indicate that despite the desire of the regulatory authorities that capital market investors receive all relevant information, companies voluntarily disclose information about cash flows very rarely. Those companies are young (i.e. their shares are listed on an organized securities market for a short time and profitable, with growing net income and growing cash flow from operating activities and usually use indirect method for operating cash flow report. The provision of features of Croatian companies that voluntary disclose cash flow information can be found as contribution of our research, because this topic in a cases of macro-oriented accounting system economies, i.e. bank oriented economies with emerging capital market is still unexplored.

Coping with Capital Inflows; Experiences of Selected European Countries

OpenAIRE

David Vávra; Inci Ötker; Barry Topf; Zbigniew Polanski

2007-01-01

This paper reviews the experiences of a number of European countries in coping with capital inflows. It describes the nature of the inflows, their implications for macroeconomic and financial stability, and the policy responses used to cope with them. The experiences suggest that as countries become more integrated with international financial markets, there is little room to regulate capital flows effectively. The most effective ways to deal with capital inflows would be to deepen the financ...

Influence of the prudential supervision over the capitalization of the Romanian insurance market

Directory of Open Access Journals (Sweden)

Laura Elly NAGHI

2013-02-01

Full Text Available In a decade when all activities are globalized, including insurance, the recent focus of the supervisory authorities became the leveling of the legal framework concerning the solvency requirements of the companies acting on the market (as a consequence of the 2008 crisis, much more acute in USA than in Europe, where Basel Agreement decreased the fall of the banking sector. The present paper analyses the way in which the main solvency regimes applied at international level influence the equity of the insurance companies, especially the increase in the solvency capital required by the supervisors, taking into consideration the risk profile of the company. Moreover, the paper provides a blueprint of the methods to ensure the financial stability of the national industry, in order to respond adequately to systemic and systematic risks.

The application of the CAPM model on selected shares on the Croatian capital market

Directory of Open Access Journals (Sweden)

Zrinka Tolušić

2014-12-01

Full Text Available The Capital Asset Pricing Model is a model that describes the relationship between risk, expected return and valuation of securities. The theoretical and practical value of this model has proved unquestionable, but under ideal circumstances. The theory has been utilized by numerous researchers and it confirms the linear relationship between risk and return under the CAPM (Capital Asset Pricing Model model showing that greater exposure to risk provides higher returns. However, empirical research showed there were numerous factors that CAPM model did not take into account since it is based on assumptions which exist in reality, but are invisible. Therefore, it is very interesting to study the application of the CAPM model on selected shares on the Croatian capital market and analyze the possibilities of its application in discovering the misvalued shares. Share price changes on the Croatian capital market suggest there are some unknown factors that also influence share valuation. There is no doubt that the fundamental analysis of shares is not sufficient for evaluating the real share value in light of various invisible elements and all available information available which affect their value as well.

International Sport Events: Improving Marketing

Directory of Open Access Journals (Sweden)

Margarita Kerzaitė

2014-04-01

Full Text Available The report and the article will be a comprehensive analysis ofthe needs to improve the international sport events marketing.Highlighting the role of international sport events in contemporarysociety and the challenges in the context of globalization,comparing opinions of various authors about aspects of classificationand the benefits for host country. The article and the reportreveals the main existing problem encountered in organizinginternational sport events, estimated perspectives for solutionof this problem. Summarizes the international sport eventsopportunities, basically modernize marketing tools according tothe marketing mix correction based on systematic synthesis ofmarketing concepts and adaptation/standardization needs, themost important factors in the marketing mix for the excretion ofthe main marketing objectives. The article is based on the latestscientific literature analysis.

International business theory and marketing theory

OpenAIRE

Soldner, Helmut

1984-01-01

International business theory and marketing theory : elements for internat. marketing theory building. - In: Marketing aspects of international business / Gerald M. Hampton ... (eds.). - Boston u.a. : Kluwer, 1984. - S. 25-57

Stock Splits and Liquidity for Two Major Capital Markets from Central–Eastern Europe

Directory of Open Access Journals (Sweden)

Józef Rudnicki

2012-12-01

Full Text Available In the stock market there occur some events that contradict the efficient market hypothesis therefore they are called anomalies. One of the mysterious corporate events which has attracted the attention of numerous researchers is a stock split. I perform the review of implications of splitting the stock for market liquidity of companies listed on the Warsaw Stock Exchange and the Vienna Stock Exchange. I use event study, in particular Market model method and Market adjusted return method, to inspect the behavior of abnormal changes in daily trading volume for stock splits performed between 2000 through 2011 over a short run and assuming a longer time interval. Moreover, I juxtapose the results for both stock exchanges to examine whether the stock split phenomenon for two major capital markets from this part of Europe can be better explained by means of existing theories on stock splits. The research is aimed at analyzing the implications of the split for market liquidity, i.e. whether there occurs an immediate effect following the split as well as whether this corporate event improves the level of market liquidity over long run. Furthermore, the goal of the paper is to investigate whether the investors can cash in on the stock split, more specifically, whether they can profit from lower transaction costs. I document a significant growth in the market liquidity of stock splitting firms over 36 months following the split for both capital markets what is indicative of lower transaction costs for investors. The 1–percent significant results are consistent with the liquidity hypothesis on stock splits.

The Impact of Capital Structure on Stock Returns: International Evidence

Directory of Open Access Journals (Sweden)

Reza TAHMOORESPOUR

2015-03-01

Full Text Available This study examines the relationship between capital structure and stock returns of firms in the following eight countries in the Asia Pacific regionfor a period of 22 years from 1990 to 2012. The methodology is Panel Regression. The results indicate that the effect of capital structure depends on the nature of industry as well as market. In Australia, China, and Korea, return of companies in the Basic Material industry have negative relationship with debt to common equity. Long term debt to common equity positively affects the return of firms in Australia and Korea in the Basic Material industry.

Financial innovation in the public real estate market : How to exploit arbitrage opportunities in public real estate pricing due to investment approach differences between the real estate market and the capital market

OpenAIRE

Gejler, Jacob

2013-01-01

As the stock market is volatile and often short-term, there is a high demand for safe investments outside the stock market and institutional investors like pension funds, insurance companies and asset managers are increasingly searching for low-risk investments that can deliver safe returns.   Alternative investments, like real estate, are a popular way to invest institutional capital. However, debates whether pension savers should have the right to transfer their pension capital without rest...

THE FINANCIAL CRISIS AND THE EMERGING MARKETS

Directory of Open Access Journals (Sweden)

LORENA POPESCU DUDUIALĂ

2014-06-01

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

Intellectual Capital

DEFF Research Database (Denmark)

Bukh, Per Nikolaj; Christensen, Karina Skovvang

2015-01-01

Intellectual capital (IC) consists of human capital, organizational capital, and relational capital, and their relationships. It has been said to be important to explain the difference between market value and book value of a firm, but measurement of IC is more likely to be important because...

Capital gains

International Nuclear Information System (INIS)

Blishen, C.

1997-01-01

This article examines African and Middle East oil and natural gas project financing. Capital markets financing, Ras Laffan's project bonds, capital market issues in Saudi Arabia, the movement toward gas and away from oil, and Islamic opportunities are discussed, African and Middle East oil and gas projects are listed. (UK)

International venture capital perspective

International Nuclear Information System (INIS)

Carter, D.

2004-01-01

'Full text:' The emerging fuel cell industry is characterized by global cooperation and partnerships in commercial, technical, and financial aspects. In this talk, we would like to provide observations about international venture capital focused on fuel cells globally. The talk will refer to experiences Conduit Ventures has had with its portfolio companies and other investors in various countries. We discuss our approach to working with portfolio companies who are geographically remote from our main office in London. We also discuss the process of making investment decisions on possible investments in various countries. The talk will conclude with insights and 'lessons learned' which may be of interest to fellow members of Fuel Cells Canada. (author)

Earnings of the internationally educated nurses in the U.S. labor market.

Science.gov (United States)

Walani, Salimah R

2013-01-01

Internationally educated registered nurses comprise 5.4% of the U.S. nursing workforce. These nurses perceive unequal treatment in the workplace. However, studies comparing their wages to U.S.-educated registered nurses are limited and inconclusive. It is unclear whether there is a wage differential in the U.S. labor market. The aims of this study were to determine if there is a difference in the wages of internationally and U.S.-educated nurses and to determine the extent to which the wage gap relates to differences in the human capital, employment, and demographic characteristics of the two groups. The 2008 National Sample Survey of Registered Nurses data were used for this secondary data analysis study. The sample included 988 internationally educated nurses and 21,715 U.S.-educated nurses. Multiple regression and Oaxaca decomposition were used to find predictors of log hourly wages. Internationally educated nurses earned 5% higher log hourly wages, controlling for human capital, employment, and demographic characteristics. Male gender, working in a metropolitan area, hospital job, union representation, higher nursing experience, and higher education exerted significant positive effects on hourly wages. Oaxaca decomposition showed that 67% of the wage differential was because of the differences in the characteristics of two groups. If there is any form of discrimination against internationally educated nurses in the United States, it does not translate into wage inequality. Predictors of economic success should be explored in future research.

INVESTIGATING FINANCIAL INNOVATION AND EUROPEAN CAPITAL MARKETS. THE CASE OF CATASTROPHE BONDS AND LISTED REINSURANCE COMPANIES

Directory of Open Access Journals (Sweden)

CONSTANTIN LAURA-GABRIELA

2014-12-01

Full Text Available Focusing on the financial innovation – stock market interconnections, the present research studies the association between the insurance-linked market activity of European (reinsurance companies and their evolution on the capital markets. With the aim of emphasizing the connections from the perspective of the stock performance and their risk, the empirical analysis is based on vector autoregression (VAR and Granger causality analyses. The proposed examination is further developed by considering both impulse response functions and variance decomposition insights. The proxies of the catastrophe bond market, as financial innovation, there are employed both the size and the number of catastrophe bonds transactions, while the stock returns and their standard deviation stand for representatives of the evolution of the reinsurance companies on the capital markets in terms of financial performance and risk. The main results confirm other studies, suggesting that the effects of issuing cat bonds on the ceding companies is reflected rather in terms of stocks’ risk diminishing

INVESTIGATING FINANCIAL INNOVATION AND EUROPEAN CAPITAL MARKETS. THE CASE OF CATASTROPHE BONDS AND LISTED REINSURANCE COMPANIES

Directory of Open Access Journals (Sweden)

CONSTANTIN LAURA-GABRIELA

2014-12-01

Full Text Available Focusing on the financial innovation – stock market interconnections, the present research studies the association between the insurance-linked market activity of European (reinsurance companies and their evolution on the capital markets. With the aim of emphasizing the connections from the perspective of the stock performance and their risk, the empirical analysis is based on vector autoregression (VAR and Granger causality analyses. The proposed examination is further developed by considering both impulse response functions and variance decomposition insights. The proxies of the catastrophe bond market, as financial innovation, there are employed both the size and the number of catastrophe bonds transactions, while the stock returns and their standard deviation stand for representatives of the evolution of the reinsurance companies on the capital markets in terms of financial performance and risk. The main results confirm other studies, suggesting that the effects of issuing cat bonds on the ceding companies is reflected rather in terms of stocks’ risk diminishing.

Relationship marketing and internal marketing : a theoretical perspective

OpenAIRE

2014-01-01

M.Comm. (Business Management) Marketing as field of study has developed as a vibrant and evolutionary management function over a number of decades. In the 1950's the primary focus was on consumer goods. In the ensuing three decades industrial marketing, societal orientation and the marketing of services respectively, came to the fore. It is anticipated that relationship marketing will increasingly capture the attention of marketers in the 1990's. Relationship marketing addresses internal m...

Fractality Evidence and Long-Range Dependence on Capital Markets: a Hurst Exponent Evaluation

Science.gov (United States)

Oprean, Camelia; Tănăsescu, Cristina

2014-07-01

Since the existence of market memory could implicate the rejection of the efficient market hypothesis, the aim of this paper is to find any evidence that selected emergent capital markets (eight European and BRIC markets, namely Hungary, Romania, Estonia, Czech Republic, Brazil, Russia, India and China) evince long-range dependence or the random walk hypothesis. In this paper, the Hurst exponent as calculated by R/S fractal analysis and Detrended Fluctuation Analysis is our measure of long-range dependence in the series. The results reinforce our previous findings and suggest that if stock returns present long-range dependence, the random walk hypothesis is not valid anymore and neither is the market efficiency hypothesis.

Stock Market Integration Measurement: Investigation of Malaysia and Singapore Stock Markets

OpenAIRE

B. K. Yeoh; Z. Arsad; C. W. Hooy

2010-01-01

This paper tests the level of market integration between Malaysia and Singapore stock markets with the world market. Kalman Filter (KF) methodology is used on the International Capital Asset Pricing Model (ICAPM) and the pricing errors estimated within the framework of ICAPM are used as a measure of market integration or segmentation. The advantage of the KF technique is that it allows for time-varying coefficients in estimating ICAPM and hence able to capture the varying degree of market int...

Knowing What Others Know: Common Knowledge, Accounting, and Capital Markets

OpenAIRE

Shyam NMI Sunder

2001-01-01

The concept of common knowledge concerning higher orders of knowledge has seen exciting new developments in the fields of philosophy, game theory, statistics, economics and cognitive science in the recent decades. Even though information lies at the heart of accounting and capital markets research, these new developments have remained at the periphery of these fields. Common knowledge thinking may significantly advance our understanding of financial reporting, analysis, securities valuation, ...

The Determinants of International Capital Movements and an Analysis in the Context of Foreign Direct Investments: A Case of Turkey

Directory of Open Access Journals (Sweden)

Oğuzhan AYDEMİR

2015-07-01

Full Text Available Foreign direct investments being an important part of the international capital movements are evaluated as the investments making in the form of reestablishing a factory in a foreign country, becoming a partner with an existing company or purchasing an established company. Foreign direct investments make a major contribution to economic development in connection with employment, technology, business information, integration with international markets and generating a sound competition environment. In view of the results which foreign direct investments give to national economy; determining the economic factors as to which national economy foreign direct investments would prefer is of great importance in terms of providing foreign capital inflows with continuity. In this regard; the factors determining foreign direct investments are estimated and the relationship between these factors and direct foreign capital inflows is analyzed in this study. As a result of the study; it is seen that gross domestic product (GDP, trade openness, unit labor cost and inflation are the economic determinants of foreign direct investments. Separately it is concluded that GDP, trade openness and unit labor cost have a positive effect on foreign direct investments and that there is negative relationship between inflation and foreign direct investments.

LINGUISTIC CAPITAL AND PERMANENT EDUCATION

Directory of Open Access Journals (Sweden)

Cornelia DUMITRU

2006-06-01

Full Text Available The Europe of Knowledge means shifting to a new stage of identifying, redefining and satisfying the exigencies related to human capital. Among the basic competencies, the language ones shall play a more important role for all age groups, and all categories of jobs and professions in the economic, social and cultural fields due to the emergence of the virtual society and economy. Market internationalisation, as well as the strong outspread of English in all fields led to the emergence of the “working language” making it “strict requirement” from the perspective of the qualitative attributes of human capital. At the same time, from the viewpoint of the human capital, “English is not enough” for sustainable development at regional and international level.

The role of financial market performance in hospital capital investment.

Science.gov (United States)

Reiter, Kristin L; Song, Paula H

2011-01-01

Many not-for-profit hospitals hold large portfolios of financial investments, making them vulnerable to fluctuations in market performance. This article examines the association of bond and equity market performance with investment in property, plant, and equipment by 194 not-for-profit general hospitals in California over the period 1997 to 2006. The study combines retrospective panel data from the California Office of Statewide Health Planning and Development with year-end returns on the S&P 500 and ten-year US Treasury bonds. Using fixed-effects regression, we find a significant positive association between S&P 500 performance and hospitals' capital investment; investment is not correlated with ten-year Treasury bond performance.

PENGUATAN KERANGKA HUKUM TERKAIT PENYELESAIAN SENGKETA PASAR MODAL SYARIAH PADA PENGADILAN AGAMA / Strengthening Legal Framework For Sharia Capital Market Dispute Resolution In Religious Court

Directory of Open Access Journals (Sweden)

Mul Irawan

2016-11-01

Full Text Available Dari sudut pandang syariah, pasar modal adalah produk muamalah. Transaksi dalam pasar modal diperbolehkan sepanjang tidak terdapat transaksi yang bertentangan dengan ketentuan yang telah digariskan oleh syariah. Perkembangan pasar modal syariah di Indonesia yang sedemikian pesat, akan turut meningkatkan jumlah dan ragam potensi masalah hukum yang mungkin terjadi di pasar modal syariah. Setidaknya, diperlukan dua upaya hukum dalam penguatan kerangka hukum pasar modal syariah, yaitu pertama, upaya preventif yang dapat meminimalisir terjadinya masalah-masalah hukum, seperti perlunya pembentukan regulasi yang merujuk kepada syariah Islam agar tercipta kestabilan dan suasana kondusif bagi penegakan hukum di pasar modal syariah, Kedua, upaya penyelesaian sengketa pasar modal syariah dilakukan melalui dukungan terhadap pengadilan agama sebagai satu-satunya lembaga peradilan yang memiliki kewenangan absolut dalam menyelesaikan perkara perdata pasar modal syariah, perlunya peningkatan kompetensi hakim dan aparatur pengadilan agama serta perlunya pedoman, yurisprudensi dan referensi sebagai rujukan dalam penyelesaian sengketa pasar modal syariah di Indonesia.   According to the sharia point of view, sharia capital market is muamalah product. Capital market transactions are allowed as long as it does conflict with the terms outlined by sharia. The rapid development of Indonesia sharia capital market results in the increasing number and variety of potential legal problems. It takes two legal efforts in strengthening the legal framework for sharia capital market. First, preventive measures to minimize the legal issues occurrence, such as the establishment of islamic law regulations in order to produce stability and good atmosphere of sharia capital market law enforcement. Second, efforts in sharia capital market mediation which is done through support the religious court as the only judicial institutions having the absolute authority in resolving sharia

Pengaruh Intellectual Capital terhadap Market Value pada Perusahaan Telekomunikasi yang Terdaftar di Bursa Efek Indonesia Tahun 2006-2011

OpenAIRE

Psp, Doni Diwaf; Efni, Yulia; Wijaya, Errin Yani

2014-01-01

This study examined the effect of Intellectual Capital (IC) on financial performance. the variable is the Human Capital Efficiency (HCE), Structural Capital Efficiency (SCE) and Customer Capital Efficiency (CCE) to variable Market to Book Value (MB).The population on this research is the entire of telecommunications sector companies that have go public and listed on the Indonesia Stock Exchange (IDX) during the period of 2006-2011. The sampling technique used was a saturated sampling (census)...

SPILLOVER EFFECTS OF PENSION FUNDS ON CAPITAL MARKETS. THE EU-15 COUNTRIES CASE

Directory of Open Access Journals (Sweden)

MILOŞ LAURA RAISA

2012-12-01

Full Text Available The paper aims at providing new empirical evidence for the connection between pension reform and domestic stock market development, in the case of the old member states of European Union. We seek to measure the impact of private pension funds’ assets on the capital market development, using a panel data regression and after controlling for other explanatory variables. As predicted in the literature, the results show a positive connection.

Stem cell industry update: 2012 to 2016 reveals accelerated investment, but market capitalization and earnings lag.

Science.gov (United States)

Ng, Mitchell; Song, Simon; Piuzzi, Nicolas S; Ng, Kenneth; Gwam, Chukwuweike; Mont, Michael A; Muschler, George F

2017-10-01

Treatments based on stem cells have long been heralded for their potential to drive the future of regenerative medicine and have inspired increasing medical and business interest. The stem cell therapy market has been expanding since 2012, but earnings and profitability still lag the broader health care sector (compounded annual growth rate in annual financing of 31.5% versus 13.4%, respectively). On the basis of historical financial data, approximately $23 billion has been invested in stem cell companies since 1994, with more than 80% of this raised from 2011 through 2016. This reflects a marked acceleration in capital investment, as companies began late-stage clinical trials, initiate partnerships or are acquired by large pharmaceutical companies. All of these data reflect a field that is emerging from infancy, which will demand more time and capital to mature. This update is relevant to researchers, clinicians and investors who wish to quantify the potential in this field. Copyright © 2017 International Society for Cellular Therapy. Published by Elsevier Inc. All rights reserved.

MODERN TRENDS OF DEVELOPMENT OF INTERNATIONAL DERIVATIVES MARKET

Directory of Open Access Journals (Sweden)

V. Shelydko

2014-09-01

Full Text Available Article is devoted to analysis of structure and peculiarities of development of the international derivatives market. The history of formation of the international derivatives market is investigated. The nature, functions and advantages of use of derivatives, and also their role in the modern international securities market are defined. Classification of financial derivatives is considered. Product lines of financial derivatives are analyzed. The regional structure of the international derivatives market and dynamics of its development are investigated. The comparative characteristic of volumes and structure of exchange and over-the-counter segments of international derivatives market are carried out. Dynamics and structure of international markets of interest-bearing derivatives and currency derivatives are analyzed. The fundamental trends of development of the modern international derivatives market are defined.

Determinants of capital structure.

Science.gov (United States)

McCue, M J; Ozcan, Y A

1992-01-01

This study analyzes the determinants of hospital capital structure in a new market setting that are created by the financial pressures of prospective payment and the intense price competition among hospitals. Using California data, the study found hospital system affiliation, bed size, growth rate in revenues, operating risk, and asset structure affected both short- and long-term debt borrowings. In addition, percentage of uncompensated care, profitability, and payer mix influenced short-term borrowings while market conditions and ownership affected long-term borrowings. Most significant of all is the finding that smaller hospitals tend to borrow more, possibly because they cannot generate funds internally.

IMPLEMENTATION THROUGH INTERNAL MARKETING

OpenAIRE

Luigi Dumitrescu

2009-01-01

The paper takes into consideration the role of internal marketing in enhancing and sustaining a company’s ability to compete: · much new thinking and practice in strategic marketing is concerned with managing relationships: with the customer, and with partners in strategic alliances. However, a further aspect of relationship management and relationship marketing is the relationship with the employees and managers, upon whose skills, commitment and performance the success of a marketing strate...

Tax Incentive, Public Share Proportion, and Firm Performance: Evidence from Indonesian Capital Market

Directory of Open Access Journals (Sweden)

Vierly Ananta Upa

2012-01-01

Full Text Available Indonesian government has changed the taxation law in 2007. The regulation revealed thatcompanies listed on capital market can obtain reduced income tax rate by 5 percent. Decrease inincome tax rates is granted to domestic corporate taxpayers listed on capital market that have publicownership over 40 percent of the total paid shares and the shares owned by at least 300 parties. Thepurpose of this research is to analyze the effectiveness of government regulation (PP No. 81 of 2007.This research used companies listed on Indonesia Stock Exchange (IDX which have right offeringin 2009-2010 as a sample. Sample selection is performed based on purposive sampling method. Theresult indicates that government regulation related to tax incentives, which was aimed to increasethe proportion of public ownership, is still less effective. In addition, this study also showed that theproportion of public ownership has no significant effect on firm performance

Some comments on Hurst exponent and the long memory processes on capital markets

Science.gov (United States)

Sánchez Granero, M. A.; Trinidad Segovia, J. E.; García Pérez, J.

2008-09-01

The analysis of long memory processes in capital markets has been one of the topics in finance, since the existence of the market memory could implicate the rejection of an efficient market hypothesis. The study of these processes in finance is realized through Hurst exponent and the most classical method applied is R/S analysis. In this paper we will discuss the efficiency of this methodology as well as some of its more important modifications to detect the long memory. We also propose the application of a classical geometrical method with short modifications and we compare both approaches.

Capital flows, bazookas and unconventional monetary policy : Essays in international financial stability

NARCIS (Netherlands)

Frost, Jonathon Jeffrey

2015-01-01

Do international capital flows make countries more or less vulnerable to financial crises? Should countries shield their economies from stress with capital controls? ‎Once a crisis hits, should the public sector launch large-scale support programs ("bazookas")? And if the central bank decides to

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

Directory of Open Access Journals (Sweden)

Alexander Maune

2017-06-01

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

Reconfiguring the Financial Markets

Directory of Open Access Journals (Sweden)

Ion Bucur

2009-12-01

Full Text Available The debut of the new millennium is marked by the increased economic and social imbalances. An important task of economic science is to identify the causes and factors that contributed to the radical transformation of the unfolding conditions of economic activity. The existence of different perspectives to approach the new realities may offer greater opportunities for decrypting the conditions that generated so far unknown developments, as well as for shaping solutions to promote new paths of progress and civilization. The defining with profound implications on the economy and society is represented by the globalization. From this perspective, we have analysed the new dimensions of capital accumulation and economic growth in the context of deregulation and liberalization of the international capital movements. In this context, we have noticed the increasing influence of the financial markets on the economy, the tendency to remove the finances from the real economy requirements, the growing role of external financing using more volatile capital goods, increased competition regarding the access to financing, the significant increase of power of the international capital markets whose characteristic is represented by the increased instability, the implications of the investors’ obsession with an excessive profitableness of their own funds and the expansion of using sophisticated financial products. Realities of today’s financial markets, which are the subject of numerous studies and analysis, have contributed to the association of the arguments that are contesting the thesis on the virtues of self-regulation markets and promoting a new paradigm, within which finances should subordinate the requirements of a balanced and sustained economic growth.

The Formation of International Marketing Strategy of Company’s Entry Into the External Market

Directory of Open Access Journals (Sweden)

Shtal Tetiana V.

2018-01-01

Full Text Available The article is aimed at substantiating the theoretical and practical aspects of formation of the international marketing strategy of company’s entry into the external market. The concept of «strategy of the company» was considered in detail on the basis of studying works of the well-known foreign and domestic scientists. The use of terms of «strategic marketing» and of «marketing strategy» in the researches of many domestic and foreign economists was analyzed. The most common marketing strategies of company’s entry into the external markets have been grouped and characterized. Based on the study of a number of statements by the leading Ukrainian scientists on international marketing, a definition of strategy of international marketing has been made. The algorithm of formation of the international marketing strategy of company at the external market has been developed. The stages of the process of forming the strategy of international marketing at the company’s entry into the external market have been generalized. The directions of assessment of the international marketing activity of company according to the efficiency of development of marketing strategies at the external market have been suggested.

Integrating internal communications, human resource management and marketing concepts into the new internal marketing philosophy

OpenAIRE

Sinčić, Dubravka; Pološki Vokić, Nina

2007-01-01

Successful companies attach great importance to human resource management and internal communications, because they are aware of the value of those activities and of strategic advantage they can bring to the organization. They should also realize that it is necessary to live internal marketing philosophy, if they stream to offer quality products and services to both markets: internal and external. The idea of satisfied employees for the benefit of satisfied customers is accepted and developed...

Changes in the International Wine Market

OpenAIRE

Vlahović, Branislav; Puškarić, Anton; Tomašević, Dejan

2013-01-01

Knowing international market is a basis for segmentation and making right and timely marketing decisions regarding wine export. In this piece, we have analized the international wine market, and determined changes in international turnover, with largest importers and exporters for the period of 2001 - 2011. The average wine export in the world was 8,4 tons, with a growth tendency of 5,0% per year. Converted in money, the average export amounted to 22 billion US Dollars, which makes wine one o...

The role of higher education institutions in shaping the intellectual capital in light of marketing innovation

OpenAIRE

Lidia Białoń

2013-01-01

The systemic approach implied by marketing innovation requires professional shaping of the intellectual capital. Innovation marketing shall fulfill its role on the basis of 5 i’s principle. Fulfillment of those tasks requires specialists, thoroughly trained in marketing, management and in the theoretical foundations for innovative activity. The higher education institutions are responsible for preparing such specialists. The fundamental problems lie both in constructing adequate curricula and...

Law Review of Islamic Capital Market Role to Support Sustainable Economic Development

Directory of Open Access Journals (Sweden)

Helza Nova Lita

2014-03-01

Full Text Available Objective - The objective of this paper is to assess on how the rule of Islamic capital markets to support   sustainable economic development and what kind of instruments can be developed.Method – The method used in this research is the study of normative juridical approach to legislation and the concept of Islamic economics through literature review.Result – Issuer's business activities related to support for environmentally friendly business activities are part of the implementation of sharia principles despite the provisions of the implementation of Islamic finance through a decision has not been stated . All types of instruments issued by issuers of sharia in Indonesia should be consistent with Islamic economic values, including the commitment to enforcement of environmentally friendly business activities.Conclusion – This finding suggests to strengthen the legal instruments in the issuer's issuance of Islamic instruments in the form of regulations issued by the Securities and Exchange Commission  and through the National Fatwa Council of Sharia.Keywords : Islamic Capital Markets, sustainable economic development, friendly environment

Commoditization of the international teleradiology market.

Science.gov (United States)

McLean, Thomas

2007-04-01

Telemedicine improves access to medical care. However, telemedicine will also increase market volatility because of its ability to stimulate price competition and the insidious way it shifts liability for providing medical services. To cope with increased volatility, other economic sectors have evolved commodities markets by making greater use of standardized forward/future contracts. In the past, the need for medical services to be produced and consumed locally and a lack of an objective definition for medical quality, prohibited the use of forward contracts for health-care services. However, telemedicine, and the increasing use of statistical definitions of medical quality now make standardized forward contracts for health-care services conceivable. Commoditization of teleradiology would offer several advantages including increasing market transparency, a mechanism for ensuring medical quality, and a means for bringing capital into the health-care sector. To reap the benefits of a commodities market in teleradiology, the key will be for market stakeholders to overcome their fear of the unknown in order to organize a central exchange.

Limited Capital Market Participation and Human Capital Risk

OpenAIRE

Jonathan Berk; Johan Walden

2010-01-01

The non-tradability of human capital is often cited for the failure of traditional asset pricing theory to explain agents' portfolio holdings. In this paper we argue that the opposite might be true --- traditional models might not be able to explain agent portfolio holdings because they do not explicitly account for the fact that human capital does trade (in the form of labor contracts). We derive wages endogenously as part of a dynamic equilibrium in a production economy. Risk is shared in l...

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

OpenAIRE

Alieva, D.

2012-01-01

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

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.

INVESTIGATING FINANCIAL INNOVATION AND EUROPEAN CAPITAL MARKETS. THE CASE OF CATASTROPHE BONDS AND LISTED REINSURANCE COMPANIES

OpenAIRE

CONSTANTIN LAURA-GABRIELA; CERNAT-GRUICI BOGDAN; IAMANDI IRINA-EUGENIA

2014-01-01

Focusing on the financial innovation – stock market interconnections, the present research studies the association between the insurance-linked market activity of European (re)insurance companies and their evolution on the capital markets. With the aim of emphasizing the connections from the perspective of the stock performance and their risk, the empirical analysis is based on vector autoregression (VAR) and Granger causality analyses. The proposed examination is further develope...

INTERNATIONAL GOVERNMENT SECURITIES: SPECIFIC FUNCTIONING

Directory of Open Access Journals (Sweden)

N. Versal

2013-11-01

Full Text Available It’s disclosed the features of the international government securities market during 1993 – 2012: main players are the developed countries (Western Europe, Canada, USA with the increasing role of developing countries; debt crises have the negative impact as on the development of the international government securities market, but also on the international capital market as a whole; debt crises are not a spontaneous phenomenon, and usually occur as a result of inadequate growth in GDP increasing government debt.

Internationalization's effect on marketing learning: a study of Syrian firms

OpenAIRE

Ibeh, Kevin; Kasem, L.

2014-01-01

The aim of the present study is to understand the effects of international expansion on firms’ acquisition of marketing learning. This study’s focus on marketing learning complements previous research on the impact of internationalization on the development of foreign-market and technological knowledge. The research finds that the scope of a firm’s international activities, perception of gaps in marketing knowledge, and external social capital positively influence firms’ acquisition of market...

Evidence of fueling of the 2000 new economy bubble by foreign capital inflow: implications for the future of the US economy and its stock market

Science.gov (United States)

Sornette, Didier; Zhou, Wei-Xing

2004-02-01

Previous analyses of a large ensemble of stock markets have demonstrated that a log-periodic power law (LPPL) behavior of the prices constitutes a qualifying signature of speculative bubbles that often land with a crash. We detect such a LPPL signature in the foreign capital inflow during the bubble on the US markets culminating in March 2000. We detect a weak synchronization and lag with the NASDAQ LPPL pattern. We propose to rationalize these observations by the existence of positive feedback loops between market-appreciation/increased-spending/increased-deficit-of-balance-of-payment/larger-foreign-surplus/increased-foreign-capital-inflows and so on. Our analysis suggests that foreign capital inflow has been following rather than causing the bubble. We then combine a macroeconomic analysis of feedback processes occurring between the economy and the stock market with a technical analysis of more than 200 years of the DJIA to investigate possible scenarios for the future, three years after the end of the bubble and deep into a bearish regime. We conclude that the low interest rates and depreciating dollar are the indispensable ingredients for a lower sustainable burden of the global US debt structure and for allowing the slow rebuilding of an internationally competitive economy. This will probably be accompanied by a weak stock market on the medium term as the growing Federal deficit is consuming a large part of the foreign surplus dollars and the stock market is remaining a very risky and unattractive investment. Notwithstanding strong surge of liquidity in recent months orchestrated by the Federal Reserve, this macroeconomic analysis which incorporates an element of collective behavior is in line with our recent analyses of the bearish market that started in 2000 in terms of a LPPL “anti-bubble”. We project this LPPL anti-bubble to continue at least for another year. On the short term, increased availability of liquidity (M1) and self-fulfilling bullish

Regulating capital flows in emerging markets: The IMF and the global financial crisis

Directory of Open Access Journals (Sweden)

Kevin P. Gallagher

2017-12-01

Full Text Available In the wake of the financial crisis the International Monetary Fund (IMF began to publicly express support for what have traditionally been referred to as ‘capital controls’. This paper empirically examines the extent to which the change in IMF discourse on these matters has resulted in significant changes in actual IMF policy advice. By creating and analyzing a database of IMF Article IV reports, we examine whether the financial crisis had an independent impact on IMF support for capital controls. We find that the IMF’s level of support for capital controls has increased as a result of the crisis and as the vulnerabilities associated with capital flows accentuate.

INVESTMENTS IN BONDS ON ROMANIA’S CAPITAL MARKET

Directory of Open Access Journals (Sweden)

ILIE RĂSCOLEAN

2010-01-01

Full Text Available Capital market, both the primary and secondary record financial transactions not only through property titles, but also issues debt securities, designed to attract monetary funds in the form of loans or medium term. Bonds are securities, consisting of a long-term debt on a company giving the holder of Bonds (Bondholders claim equal rights, corresponding nominal value of the bond. Bonds can be bought either in the public offering period, from banks or corporations Brokerage Financial Services Distributors, or from the stock through a brokerage firm by a procedure similar to that for action. Investing in bonds also entails risks, among which include the risk of default, interest rate risks and currency risks.

RESEARCH ON THE INTERNATIONAL ACCOUNTING HARMONIZATION PROCESS

Directory of Open Access Journals (Sweden)

Tatiana Danescu

2016-12-01

Full Text Available During the last decades, the need of harmonization of the financial reporting frameworks has become more acute, mostly because the capital markets are not restricted anymore by country borders and capital movement has outlined the phenomenon of globalization and internationalism. A significant step in harmonizing the financial reporting was done in the process of normalization through different sets of rules and principles, recognized and applied in many states are the International Financial Reporting Standards (IFRS. The process of international recognition of these standards continues along with conceptual development which is based on epistemological research on specific markets, industries, economies open to international capital flows. In this context it becomes of interest to identify and understand generally accepted and applied accounting elements which carry forward the accounting harmonization process along with factors and circumstances that create diversity in nationally applied financial reporting frameworks.

Bank capital management : International evidence

NARCIS (Netherlands)

De Jonghe, O.G.; Öztekin, Ö.

We examine the dynamic behavior of bank capital using a global sample of 64 countries during the 1994-2010 period. Banks achieve deleveraging through active capital management (equity growth) rather than asset liquidation. In contrast, they achieve leveraging through passive capital management

International market research at the Mayo Clinic.

Science.gov (United States)

Hathaway, M; Seltman, K

2001-01-01

Mayo Clinic has a long international history and has been providing care to international patients since its inception. Despite its history and reputation, however, the marketing staff continues to monitor the international market to gauge the level of awareness, reputation, and attractiveness of Mayo Clinic around the world. Here's a look at how one institution has used word-of-mouth marketing to maintain its global reputation.

Global stock market in 1990-s

Directory of Open Access Journals (Sweden)

Moshenskyi S.Z.

2017-08-01

Full Text Available The 1990s became a period of long-term recovery, the main driving force of which was the high-tech companies of the so-called «new economy», mainly associated with information technology and Internet at the global stock market. Such innovations have led to unrealistic expectations of the profitability of new companies from the sale of goods and services on the Internet. This became a prerequisite for a speculative boom in equity markets in developed financial systems. The boom intensified the mass privatization of state-owned enterprises in UK, Germany, France and some other countries. The capitalization of the global stock market increased more than ten times although the world GDP grew only 2.5 times during two decades, from 1980 to 2000. Though the stock market is the source of capital only in the countries with the Anglo-American model of financial markets (for countries of continental Europe and Japan such sources are bank loans, stock markets increased in all countries with developed financial systems. The systematic analysis of such key indicators as market capitalization and liquidity is required for an objective assessment of such rise in stock markets. But statistical information at stock markets is often not systematized and fragmentary. Therefore, the author (based on the official statistics of such international financial organizations as the Organization for Economic Co-operation and Development and the World Federation of Exchanges has calculated and systematically analyzed capitalization and liquidity as the main indicators of the stock market for the largest countries with developed financial systems (USA, Great Britain, Germany, France, Japan. The paper displays the differences in the mechanisms of attraction of capital determined by the different models of financial markets (decentralized Anglo-American and centralized European as well as the features of the composition of the main investors in the world stock markets.

Ad hoc public disclosure obligations of public companies on the capital market

Directory of Open Access Journals (Sweden)

Marjanski Vladimir

2012-01-01

Full Text Available The author gives a comprehensive analysis of the obligations of public companies regarding the provision of periodical (ad hoc information to the public on the capital market. Ad hoc disclosure is to achieve a number of aims. It is one of the devices to secure the market's functional abilities. By means of regularly fulfilling this obligation, the market is provided with all the relevant information necessary to form adequate prices of market materials - i.e. securities and other financial instruments (the function of market protection. Investors are thus being able to aptly respond to modified circumstances and deliver investment decisions whether to buy or sell market materials the price of which are being changed (the function of investor protection. Due to the fact that the duty of ad hoc disclosure encompasses the obligation to reveal insider information directly affecting the emitter, ad hoc disclosure serves as a preventive measure, i.e. as a protection against illicit trade with insider information (the function of prevention against the abuse of insider information.

The Impossible Trinity and Capital Flows in East Asia

OpenAIRE

Stephen Grenville

2011-01-01

The Impossible Trinity doctrine still holds a powerful sway over policymakers, advisors (particularly the International Monetary Fund [IMF]) and academia. In East Asia over the past decade, however, most countries have been able to maintain open capital markets, monetary policy independence, and a fair degree of management over their exchange rates. This is because the Impossible Trinity model does not fit the actual circumstances very closely. Capital flows are dominated by factors other ...

51 The Role of Stock Market Development on Economic Growth in ...

African Journals Online (AJOL)

User

2012-01-24

Jan 24, 2012 ... An International Multidisciplinary Journal, Ethiopia ... study measures the relationship between stock market development indices ... The stock market capitalization ratio was used as a ... market performance and economic growth. ... With well-functional financial sector or banking sector, stock markets can.

INTERNAL MARKETING STRATEGY IN A HIGHER EDUCATION INSTITUTION

Directory of Open Access Journals (Sweden)

Aléssio Bessa Sarquis

2017-02-01

Full Text Available Internal marketing comprises the set of strategies to enable internally compliance of the organization's marketing promises. This study examines the use of internal marketing strategies in a higher education institution in the process of implementing a new educational model. This is one case study with qualitative and exploratory approach. The data collection techniques used were interviews and document analysis, interpreted through content analysis. The results show that the most commonly used strategies are: implementation of employee training programs; development of materials / guidance handouts; creating web blog; and the application of internal research. The testimonies indicate that the internal marketing strategies contributed to the implementation of new educational model, but there is dissatisfaction among managers with the internal marketing program of the institution.

The system of marketing information in research of attractiveness on international markets

Directory of Open Access Journals (Sweden)

Prygara О.

2013-02-01

Full Text Available The peculiarities of forming the system of marketing information for the analysis of international market attractiveness are viewed in an article. It is stated that this system should include wide range of indicators. The author introduces a multilevel system of characteristics of attractiveness analysis on the international markets. This system consists of megalevel – world level; macrolevel – country level; mezolevel – branch level; microlevel – firm level. Sources of information which can be used for the research of international market attractiveness are viewed in the article.

Clustering as an Organizational Response to Capital Market Inefficiency: Evidence from Microenterprises in Ethiopia

NARCIS (Netherlands)

Ali, M.A.; Peerlings, J.H.M.; Zhang, X.

2014-01-01

Absence of a well-developed capital market has been listed as a key obstacle to industrialization in developing countries in the development literature. In this paper, we show that industrial clusters, through specialization and division of labor, can ease the financial constraints of

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

International Nuclear Information System (INIS)

Donovan, Charles; Nuñez, Laura

2012-01-01

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

Scope of Internal Marketing in B2B Companies

OpenAIRE

Nigam, Niharika

2007-01-01

Abstract Previous studies have focused on "internal marketing" from services marketing perspective. There is, therefore, a great dearth of in-depth research on its application to other business types. This research attempts to find the scope of internal marketing in B2B companies. The purpose of this research is to closely examine the elements, their linkage, tools and applications of Internal marketing when applied to B2B settings. Internal marketing, the application of marketing managem...

Optimal pricing of a conspicuous product during a recession that freezes capital markets

NARCIS (Netherlands)

Caulkins, J.P.; Feichtinger, G.; Grass, D.; Hartl, R.F.; Kort, P.M.; Seidl, A.

2011-01-01

This paper considers the problem of how to price a conspicuous product when the economy is in a recession that disrupts capital markets. A conspicuous product in this context is a luxury good for which demand is increasing in brand image. Brand image here means the ability of a consumer to impress

Social Capital and Stock Market Participation via Technologies: The Role of Households’ Risk Attitude and Cognitive Ability

Directory of Open Access Journals (Sweden)

Ya-Fang Cheng

2018-06-01

Full Text Available This article reviews the relation between social capital and stock market participation via new technology. Its purpose is to acquire a thorough understanding of the structural, relational, and cognitive aspects of social capital’s influences and to recommend further empirical research ideas to the existing body of knowledge on household finance. It discusses the consideration of modern and highly technological platforms such as the internet stock market exchange platforms and applications. The stock market participation puzzle remains unsolved despite the progress in explaining the economic rationality behind investors decision making through behavioral finance. Furthermore, the researchers develop four propositions which can expound the existing relationship between social capital dimensions such as the structural, relational, and cognitive aspects and stock market participation of households. Doing so, we discuss the roles of risk attitude and the influence of cognitive ability such as financial awareness, financial literacy, and IQ (intelligence quotient to enhance the existing body of knowledge. Practically, this article adds valuable ideas in solving the issue of limited participation not just in the stock market but in other financial markets through reflecting on the sociological and (green technological concepts. Lastly, the implications for sustainable financial markets are elaborated.

The Role of Social and Cultural Capital in the Project Marketing "Milieu"

DEFF Research Database (Denmark)

Skaates, Maria Anne

1999-01-01

The selling of projects is unique in relation to other areas of industrial marketing in three respects: (1) the demand for projects is discontinuous, (2) each individual project is unique e.g. technically and financially as well as (3) complex in terms of the number of actors involved and their m......The selling of projects is unique in relation to other areas of industrial marketing in three respects: (1) the demand for projects is discontinuous, (2) each individual project is unique e.g. technically and financially as well as (3) complex in terms of the number of actors involved...... and their modes of cooperation (Tikkanen, 1998:264). On the basis of these characteristics, the role of social and cultural capital (Bourdieu, 1989) in the marketing of projects is discussed....

Relationship-oriented cultures, corruption, and international marketing success

OpenAIRE

Chandler, JD; Graham, JL

2010-01-01

This study explores the general problems associated with marketing across international markets and focuses specifically on the role of corruption in deterring international marketing success. The authors do this by introducing a broader conceptualization of corruption. The dimensions of corruption and their importance in explaining the exporters' successes in international markets are developed empirically. Partial Least Squares formative indicators are used in a comprehensive model includin...

Markets and authorities

DEFF Research Database (Denmark)

Lorentzen, Jochen; Cecco, Marcello de

This text addresses the relationship between market authority and political authority - a favourite theme of Susan Strange, to whom the book is dedicated. From a survey of the bias against capital liberalization in economic thought to an analysis of the US role in global monetary affairs, it disc......This text addresses the relationship between market authority and political authority - a favourite theme of Susan Strange, to whom the book is dedicated. From a survey of the bias against capital liberalization in economic thought to an analysis of the US role in global monetary affairs......, it discusses how and why free capital flows contribute to the instability of the global capitalist system. The contributors analyse the history of international capital flows to make sense of contemporary global investments and what they mean for global polity and the economy. They argue over the challenges...... welfare states. They also advance various mechanisms through which they believe greater stability and equity could be introduced into the global financial system and the world economy....

Drivers for An International Biofuels Market

International Nuclear Information System (INIS)

Slingerland, S.; Van Geuns, L.

2005-12-01

This paper explores geopolitical and economic drivers for an international biofuels market. It is concluded that the biofuels market so far is primarily regionally oriented and policy driven. However, as demand is expected to increase in the years to come and demand and production do not coincide geographically, an international market is soon expected to arise. How quickly this market will develop is determined by several geopolitical and economic factors. Important geopolitical factors are in particular security of supply and risk abatement considerations, the contents of future emission reduction agreements, and the interaction with in new parties and policies such as those in the agricultural sector. Key economic factors are the prices of primary biomass and petroleum, as well as technological development influencing the price of conversion of biomass to end-use applications. International certification is likely to play a key role in determining whether or not this market will develop in an ecologically sound way.

Comparison of the theoretical and practical approaches to funding through the IPO way in the Czech capital market

Directory of Open Access Journals (Sweden)

Tomáš Meluzín

2008-01-01

Full Text Available Funding development of the company through the “Initial Public Offering” has a high representation globally, the Czech Republic unlike, and belongs to traditional methods of raising funds necessary for development of business in the developed capital markets. In the United States of America, Japan and in the Western Europe countries the method of company funding through IPO has been applying for several decades already. The first public stock offerings began to be applied in these markets in higher volumes from the beginning of the 60th of the last century. From that period importance of IPO goes up globally and the initial public stock offerings begin to be applied more and more even in the Central and Eastern European countries. In the conditions of the Czech capital market it is possible to identify only few companies, who attempted to funding through the IPO way at present. Greater part of the Czech companies still undergo the debit funding for financing their further development, namely in the form of bank loans. At the same time it is necessary to take into account, that the debit financing starts, thanks to so-called mortgage crisis in the USA, causing problems and mark up. Admittance of a stakeholder into the company is not convenient for all and thus IPO represents an interesting option of how to acquire a no arrear capital. The aim of this article is to determine the IPO concept, analyse its development at the world stockholder markets, describe the reasons for IPO implementation according to the contemporary professional literature and compare it with the approaches to this particular form of funding with companies that have already implemented IPO at the Czech capital market.

The international market in TECNATOM and its national market

International Nuclear Information System (INIS)

Hervas, J.; Ortega, J.

2002-01-01

The international markets have now turned into a standard activities within the current actions of Tecnatom, as it is shown by the fact that through the last decade Tecnatom has been executed several projects in the 80% of the countries with NPP in operation, using methods which have been validated by different international customers and regulatory bodies. The international market trajectory during the last decade is characterised by a continuous increment of the international activities in 1992-2001 period, reaching its maximum production in 1998, with more than 45% of the Tecnatom's sales volume, During the last three years, this trajectory has been stabilised in the 35% of the total. Facing the next years, Tecnatom has the firm intention to carry on developing an intense commercial activity based on the increasing and updating of its technological capabilities in order to boost its current leadership within the foreign market. This purpose is not only aimed to the nuclear sector but it is extended to other industrial synergic sectors, mainly the aeronautical sector. (Author)

When the financial markets start coughing, office markets quickly catch a cold

Directory of Open Access Journals (Sweden)

Sabine Dörry

2011-11-01

Full Text Available “Where does property ‘fit’ into the dynamics of value creation under contemporary capitalism?” and “What about the economics of property?”, only recently did Christophers (2010: 94 address these questions to his fellow geographers. With Towers of Capital, Lizieri has now presented a long overdue book, which insightfully investigates the multifaceted – though primarily economic – phenomena of office markets, specifically in international financial centres (IFCs, and their strong entanglement...

Capital mobility, tax competition, and lobbying for redistributive capital taxation

OpenAIRE

Lorz, Jens Oliver

1996-01-01

This paper analyzes the impact of international capital mobility on redistributive capital taxation and on lobbying activities by interest groups. It employs a model where different capital endowments lead to a conflict between households concerning their most preferred capital tax rate. Three main results are derived: First, redistributive source based capital taxes or subsidies decline as international tax competition intensifies. Second, lobbying activities of certain interest groups may e...

Access to finance for innovation: the role of venture capital and the stock market

NARCIS (Netherlands)

Bogliacino, F.; Lucchese, M.

2011-01-01

Financial constraints for young and small firms can prevent them from contributing to innovation and the creation of new jobs. The paper analyzes two of the several institutional mechanisms implemented to overcome that hurdle: the development of the venture capital market and access to the stock

Evaluation of conflict hazard and financial risk in the E7 economies’ capital markets

Directory of Open Access Journals (Sweden)

Ümit Hacıoğlu

2013-06-01

Full Text Available The purpose of this research is to examine the interaction between financial stress and conflict risk having impacts on fi nancial instruments in capital markets within an interdisciplinary frame. The Fuzzy TOPSIS method is applied in order to analyse effects of conflict hazard on capital markets and fi nancial instruments in the E7 economies and to demonstrate the best possible ranks of the E7 economies based on performance evaluation criteria. In order to obtain the dynamics of data as to develop a suffi cient reference bases for expert opinions, conflict hazard index and fi nancial stress index have been structured. The empirical results confirm that there is strong relation between fi nancial stress index and confl ict hazard index for the E7 economies. The fundamental conclusion demonstrates the effects of the financial and conflict risks for the stock selection in the E7 economies by the criteria derived from the Financial Stress Index and Confl ict Risk Index.

Staged Financing in Venture capital market.

OpenAIRE

Damania, Priti

2009-01-01

The report shows the venture capital decision making in staged financing from a real option perspective. The report also describes entrepreneur-venture capital relationship from a prisoner's dilemma approach.

Analysis of the Relevance of Information Content of the Value Added Statement in the Brazilian Capital Markets

Directory of Open Access Journals (Sweden)

Márcio André Veras Machado

2015-04-01

Full Text Available The usefulness of financial statements depends, fundamentally, on the degree of relevance of the information they disclose to users. Thus, studies that measure the relevance of accounting information to the users of financial statements are of some importance. One line of research within this subject is in ascertaining the relevance and importance of accounting information for the capital markets: if a particular item of accounting information is minimally reflected in the price of a share, it is because this information has relevance, at least at a certain level of significance, for investors and analysts of the capital markets. This present study aims to analyze the relevance, in the Brazilian capital markets, of the information content of the Value Added Statement (or VAS - referred to in Brazil as the Demonstração do Valor Adicionado, or DVA. It analyzed the ratio between stock price and Wealth created per share (WCPS, using linear regressions, for the period 2005-2011, for non-financial listed companies included in Melhores & Maiores ('Biggest & Best', an annual listing published by Exame Magazine in Brazil. As a secondary objective, this article seeks to establish whether WCPS represents a better indication of a company's result than Net profit per share (in this study, referred to as NPPS. The empirical evidence that was found supports the concept that the VAS has relevant information content, because it shows a capacity to explain a variation in the share price of the companies studied. Additionally, the relationship between WCPS and the stock price was shown to be significant, even after the inclusion of the control variables Stockholders' equity per share (which we abbreviate in this study to SEPS and NPPS. Finally, the evidence found indicates that the market reacts more to WCPS (Wealth created per share than to NPPS. Thus, the results obtained give some indication that, for the Brazilian capital markets, WCPS may be a better proxy

Spontaneity and international marketing performance

OpenAIRE

Souchon, Anne L.; Hughes, Paul; Farrell, Andrew M.; Nemkova, Ekaterina; Oliveira, Joao S.

2016-01-01

The file attached to this record is the author's final peer reviewed version. The Publisher's final version can be found by following the DOI link. Purpose – The purpose of this paper is to ascertain how today’s international marketers can perform better on the global scene by harnessing spontaneity. Design/methodology/approach – The authors draw on contingency theory to develop a model of the spontaneity – international marketing performance relationship, and identify three potential m...

The contribution of international trade to economic growth through human capital accumulation: Evidence from nine Asian countries

Directory of Open Access Journals (Sweden)

Mirajul Haq

2014-12-01

Full Text Available This study is an attempt to test the hypothesis “international trade contributes to economic growth through its effects on human capital accumulation.” To assess the hypothesis empirically, we employed the extended Neo-Classical growth model that reflects some features of the endogenous growth models. We thus ended up with a model in which the change in human capital is sensitive to change in trade policies. Unlike conventional approaches, the model serves to assess and determine the impact of international trade on the accumulation of human capital. The empirical analysis estimates dynamic panel growth equations by using a data-set of nine Asian countries, over the period 1972–2012. The overall evidence substantiates the fact that in countries under consideration, international trade enhances the accumulation of human capital and contributes to economic growth positively through human capital accumulation.

Siparex hits target with '146m for third mid-market fund

CERN Multimedia

2003-01-01

Sigefi Private Equity has reached its target final closing of '146m ($155m) for its third mid-market buy-out and expansion capital fund. International investors contributed 26% of the capital including commitments from CERN, Switzerland (1 paragraph).

Foreign investment, international mergers and the 1993 capital income tax reform in Finland

OpenAIRE

Hannu Piekkola

1995-01-01

Foreign direct investment in Finland and the 1993 Finnish Capital Income Tax Reform are examined in this article. Under territorial taxation, the most common form of international double taxation relief; the tax reform will encourage new capital investment. New capital investment from the US, which applies worldwide taxation, would be mildly discouraged, and FDI in the form of mergers and acquisitions largely discouraged. In the UK and Japan, the worldwide principle only covers tax rates. Thu...

Is there any relation between intellectual capital and the capital structure of a company? The case of Polish listed companies

Directory of Open Access Journals (Sweden)

Monika Bolek

2016-09-01

Full Text Available This study investigates the relationship of the intellectual capital of a company (proxied by its intangible assets, with leverage and equity and capital structure. Our empirical results indicate that there is a negative relation between the intellectual capital (intangible assets of a company and its leverage based on the Warsaw Stock Exchange main market and NewConnect alternative market. Moreover, the equity capital is found positively related to the level of intangibles in each of the two markets. These results support the thesis that intellectual capital (intangible assets influences the capital structure of a company.

Corporate social capital, market orientation, organizational learning and service innovation performance: An empirical survey in the Pearl river delta of China

Directory of Open Access Journals (Sweden)

Zhaoquan Jian

2015-04-01

Full Text Available Purpose: Service innovation performance (SIP is an important driver of growth and wealth of service firms in wide range of industries. Yet, few research studies have been done to explore the influencing factors. The purpose of this study intends to identify the impacts of corporate social capital, market orientation and organizational learning on service innovation in the Pearl River Delta of China.Design/methodology/approach: The paper mainly adopted the empirical research. A Structure Equation Model containing an intermediary variable was established to explore the relationships of SIP.Findings and Originality/value: The main findings of the research support some of the propositions: (1 Both corporate social capital, market orientation and organizational learning have distinct positive impact on service innovation performance; (2 Corporate social capital, market orientation has a positive effect on organizational learning respectively, and (3 organizational learning plays a mediating role between the corporate social capital, market orientation and service innovation performance.Research limitations/implications: The research object of this paper has been restricted to the enterprises in Pearl River Delta of China. By contrast, variables and theories all come from western research, which was not adequate in explaining some results in the context of China. Given the limited theoretical and empirical research to service innovation, future research studies might widen their examinations to include other potential factors.Practical implications: This study has significant implications to enterprises. The results of this study suggest that enterprises should establish the social networks accommodated by the development of organization. In addition, more attention should be paid to focus on market orientation to enhance the ability to respond to changes in the market environment. It’s particularly necessary to strengthen organizational learning to

Creating the optimized international marketing mix

Directory of Open Access Journals (Sweden)

Grubor Aleksandar

2005-01-01

Full Text Available In the international practice of Serbian companies still dominant approach is based on traditional foreign trade approach, which in the significant dimension ballast effective inclusion of domestic companies in the contemporary business. Such practice is a result of the modality of international trading evolved and stimulated recently including long lasting period of self managing socialism-business as well international orientation in trading was originated by the state support, which procured in the edification of so-called national corporations as a chief exporter. Long-time existing of that modality of the international trading procured in the shrinking and limitation possibilities for comprehensive development of the international orientation of domestic i.e local companies, which is an argument of objectively difficult international position of Serbian firms in the moment. Paper discuss different issues including assessment that incoming presence of regional or international investors on the domestic market will proffer possibilities for enhancement a domestic management and marketing know - how among others. So, this is a way how local management circles could make substantial progress in creating the optimized international marketing mix within domestic companies following on-going business experience.

Determinants of Board Interlocking in the Brazilian Capital Market

Directory of Open Access Journals (Sweden)

Flávio Ribeiro

2016-10-01

Full Text Available The objective in this article was to identify the main determinants of Board Interlocking in the Brazilian capital market. As the theoretical structure, the Agency theory and Corporate Governance, the Resource Dependence theory and the Board of Administrators and the Characteristics of Board Interlocking. The sample consists of 58 Brazilian companies that participate in the Bovespa Index (Ibovespa. An empirical analytic study was undertaken. With regard to the objectives, it is characterized as exploratory and, with regard to the procedures, a documentary research was undertaken. The data on the Boards of Administrators were collected from the Reference Forms available on the website of the São Paulo Stock Exchange (BM&FBOVESPA. The results found demonstrate the generalized presence of Board Interlocking in these companies, normally associated with four factors: (1 economic group formation; (2 governmental control; (3 formation of pension funds; and (4 presence of professionals with acknowledged market experience. The results also suggest that the first three factors give rise to long-lasting links and that these connections are hard to break. On the other hand, the links established through professionals with market experience tend to be more unstable because the presence of these professionals is highly demanded to serve on the board of different companies.

[European integration and health policies: repercussions of the internal European Market on access to health services].

Science.gov (United States)

Guimarães, Luisa; Giovanella, Lígia

2006-09-01

This article explores the health policy repercussions of countries' regional integration into the European Union. The aim is to review the regulation of access in other countries, with the conclusion of the single European market and the free circulation of persons, services, goods, and capital. The article begins by reviewing the various forms of integration and describes the expansion and institutionalization of Community agencies. The repercussions of European integration on health policies and regulation of access are analyzed. Market impacts on health result from Treaty directives and internal policy adjustments to free circulation. Health services access is gradually regulated and granted by rulings. Projects along borders illustrate the dynamics where differences are used to achieve comprehensive care. In the oldest integration experience, the market regulation has generated intentional and non-intentional impacts on the health policies of member states, regardless of the organizational model. Knowledge and analysis of this experience signals challenges for the Southern Cone Common Market (Mercosur) and adds to future debates and decisions.

The influence of internal marketing on employee engagement

Directory of Open Access Journals (Sweden)

Alenka Mekiš

2016-06-01

Full Text Available Research Question: To what extent the internal marketing dimensions influence employee engagement? Purpose: This study aims at investigating the relationship between internal marketing and employee engagement in the case of the Slovenian company. Method: Using empirical data based on a survey among employees in Slovenian company this paper utilized exploratory factor analysis and regression analysis to examine the effects of internal marketing dimensions on employee engagement. Results: The results showed that two dimensions positively and significantly influence the employee engagement, namely “empathy and attention in leadership” and “work quality and awards”. Organization: The results have significant managerial implications suggesting that organizations should put the focus on internal marketing in order to enhance employee engagement. The latter is considered as an important element in achieving business excellence. Society: It is argued that internal marketing affects the important entity of society, namely employees. In addition, it could be advocated that employee engagement ultimately improve employee well-being. Originality: Although prior studies have found the evidence that internal marketing positively influences employee engagement, this paper further elaborates the research phenomenon through the lenses of business excellence. Limitations/Future Research: One research opportunity is to examine the factors (i.e. antecedents that drive or hinder the internal marketing. Furthermore, the relationship between internal marketing and employee engagement could be mediated by several factors. Future studies should search for possible mediators and moderators (e.g. job satisfaction in this relation. Increase in sample size would also improve the generalizability of the findings.

Internal and external market orientation as organizational resources - consequences for market and financial performance

OpenAIRE

Boris Snoj; Vladimir Gabrijan; Borut Milfelner

2010-01-01

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 o...

The economics of international coal markets

Energy Technology Data Exchange (ETDEWEB)

Paulus, Moritz

2012-07-13

In the scope of four related essays this thesis analyses the Chinese domestic coal sector and coal trade policies and their respective impact on international steam coal trade economics. In particular, the thesis investigates the role of domestic transport infrastructure investment policies as well as Chinese coal export and import controls and the potential exertion of market power through such trade instruments. For this purpose, several spatial equilibrium models have been developed that enable simulation runs to compare different policy scenarios. These models also permit ex-post analyses to empirically test hypotheses of non-competitive market conduct of individual players under the assumption of Cournot behaviour. These model-based analyses yield, among others, the following findings: If coal is converted into electricity early in the Chinese energy supply chain, worldwide marginal costs of supply are substantially lower than if coal is transported via railway. This can reduce China's dependence on international imports significantly. Allocation of welfare changes, particularly in favour of Chinese consumers while rents of international producers decrease. If not only seaborne trade but also interactions and feedbacks between domestic coal markets and international trade markets are accounted for, trade volumes and prices of a China - Indonesia duopoly fit the real market outcome best in 2008. Real Chinese export quotas have been consistent with simulated exports under a Cournot-Nash strategy. Uncertainties with regard to future Chinese coal demand and coal sector policies generate significant costs for international investors and lead to a spatial and temporal reallocation of mining and infrastructure investments. The potential exertion of Chinese demand side market power would further reduce the overall investment activity of exporters.

The economics of international coal markets

International Nuclear Information System (INIS)

Paulus, Moritz

2012-01-01

In the scope of four related essays this thesis analyses the Chinese domestic coal sector and coal trade policies and their respective impact on international steam coal trade economics. In particular, the thesis investigates the role of domestic transport infrastructure investment policies as well as Chinese coal export and import controls and the potential exertion of market power through such trade instruments. For this purpose, several spatial equilibrium models have been developed that enable simulation runs to compare different policy scenarios. These models also permit ex-post analyses to empirically test hypotheses of non-competitive market conduct of individual players under the assumption of Cournot behaviour. These model-based analyses yield, among others, the following findings: If coal is converted into electricity early in the Chinese energy supply chain, worldwide marginal costs of supply are substantially lower than if coal is transported via railway. This can reduce China's dependence on international imports significantly. Allocation of welfare changes, particularly in favour of Chinese consumers while rents of international producers decrease. If not only seaborne trade but also interactions and feedbacks between domestic coal markets and international trade markets are accounted for, trade volumes and prices of a China - Indonesia duopoly fit the real market outcome best in 2008. Real Chinese export quotas have been consistent with simulated exports under a Cournot-Nash strategy. Uncertainties with regard to future Chinese coal demand and coal sector policies generate significant costs for international investors and lead to a spatial and temporal reallocation of mining and infrastructure investments. The potential exertion of Chinese demand side market power would further reduce the overall investment activity of exporters.

INTERNATIONAL MARKETING ACTIVITIES OF MULTINATIONAL COMPANIES IN CONDITIONS OF INSTABILITY

OpenAIRE

N. V. Lyasnikov; Yu. V. Lyasnikova

2016-01-01

This article describes the conceptual basis for the formation of international marketing, the characteristic of the main exit strategies on the world market, revealed features of international marketing that national companies are obliged to take into account the examples of international marketing strategies of international companies such as Apple, Google, Nike, the Russian company Natura Siberica.The purpose of this paper is to analyze the international marketing activities of multinationa...

Capitalizing on Children's Spirituality: Parental Anxiety, Children as Consumers, and the Marketing of Spirituality

Science.gov (United States)

Mercer, Joyce Ann

2006-01-01

Children's spirituality has become a significant for-profit enterprise in North American consumer culture. This article explores the marketing of children's spirituality as an aspect of the larger construction of children as consumers in the context of late globalized capitalism. Playing off of parental anxieties over the need to avail their…

77 FR 52887 - Regulatory Capital Rules: Standardized Approach for Risk-Weighted Assets; Market Discipline and...

Science.gov (United States)

2012-08-30

... Discipline and Disclosure Requirements; Proposed Rule #0;#0;Federal Register / Vol. 77 , No. 169 / Thursday... Assets; Market Discipline and Disclosure Requirements AGENCY: Office of the Comptroller of the Currency... Approach NPR) includes proposed changes to the agencies' general risk-based capital requirements for...

Response bias in international marketing research

NARCIS (Netherlands)

de Jong, M.G.

2006-01-01

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

International Education, the Formation of Capital and Graduate Employment: Chinese Accounting Graduates' Experiences of the Australian Labour Market

Science.gov (United States)

Blackmore, Jill; Gribble, Cate; Rahimi, Mark

2017-01-01

Since the late 1970s, international education has steadily gained in popularity in China. An emerging middle class seeks to strengthen its position in China's rapidly stratifying society under its socialist market economy with the shift from wealth creation for all to wealth concentration for a few. Previously, a foreign qualification was…

Discerning urban spiritualities: Tahrir Square, Occupy Wall Street and the idols of global market capitalism

Directory of Open Access Journals (Sweden)

Calvyn C. du Toit

2015-03-01

Full Text Available Discernment might be said to be a process of searching for meaning in the light of an (un articulated Absolute. This search takes place in the tension between the private and public spheres of life, mostly mitigated by a community. Intermediate communities, such as churches or social movements, construct symbolic spirituality systems for its adherers to search for meaning in the light of an (unarticulated Absolute. The urban events of Occupy Wall Street and Tahrir Square also step into the tension between the public and private spheres of life, creating a (temporary symbolic spirituality system for its adherers. These events were attempts to construct alternatives to the meta-narrative of global market capitalism. As events attempting to symbolise an urban spirituality, Tahrir Square and Occupy Wall Street dissipated rapidly, effecting rather little change at the heart of global market capitalism. This article theorises a possible reason for these urban spiritualities� dissipation, namely an overlap with global market capitalism�s idols of instant gratification and technology.Interdisciplinary Implications: Viewing Occupy Walls Street and Tahrir Square as symbolic systems of spirituality further strengthens theological urban discourse whilst adding weight to viewing mass movements as spiritualities attempting discernment.

Nuclear fuel cycle: international market, international constraints and international cooperation

International Nuclear Information System (INIS)

Imai, R.

1977-01-01

Some of the constraints on the nuclear fuel cycle are ones arising from economic and financial reasons, those caused by uranium resources and their distribution, those arising from technical reasons, issues of public acceptance, and those quite independent of normal industrial considerations, but caused by elements of international politics. The nuclear fuel cycle and the international market, matters of nuclear non-proliferation, and international cooperation are discussed

The Flexible Acceleration Mechanism of China’s Capital Adjustment with the Goal of Consumption-Driven Sustainable Growth

Directory of Open Access Journals (Sweden)

Peng Su

2018-03-01

Full Text Available China has had an investment-led growth pattern that is unsustainable. It is struggling to shift to a consumption-driven economy, and capital adjustment is crucial to the transition. In response, the principal objective of this study is to analyze the internal market mechanism of China’s capital adjustment. Due to the imperfections of the market, we use the flexible acceleration model, which we put in an IS (Investment – Saving equation–LM (Liquidity preference – Money supply equation framework in order to reflect the guiding role of demand. The results show that the flexible acceleration model fits China’s investment well, and the demand-oriented market mechanism of capital adjustment has been formed; however, China’s market adjustment ability is not strong. The adjustment coefficient is only 0.22, and shows a decreasing trend. So, in the capital optimization process, relying on the market alone is not realistic. Furthermore, the calculated replacement rate is up to 0.429, which indicates that China’s capital is less efficient, and there are duplicated assets, idle assets, and wasted investments. The error correction model’s results show that the impact of the interest rate on the investments is not significant in the short term, so the existence of invalid capital is more likely to stem from the soft budget constraints, which require attention.

Developing International Marketing for a Geopark Packaged Tour for the Hong Kong market

OpenAIRE

Chen, Jing; Wong, Hoi Ki

2012-01-01

The development of international tourism does not only show in the increasing number of international tourists but also in the diversified and specialized destinations. The thesis commissioner is Rokua Geopark in Oulu, Finland who is cooperating with other Nordic geoparks in developing international marketing of a Nordic geopark tour for Hong Kong market. The objective of the thesis is to find out possible marketing mix operations and also the features of potential customer group for the ...

Capitated chronic disease management programs: a new market for pharmaceutical companies.

Science.gov (United States)

Cave, D G

1995-01-01

With corporatism of the medical care delivery system, the pharmaceutical industry is searching for new ways to market prescription drug product lines. A new strategy focuses on developing chronic disease management programs. In doing so, pharmaceutical companies work with clinical leaders of HMOs or large physician groups on disease management guidelines to reduce practice pattern variations and improve the quality of patient care. In addition, pharmaceutical companies capitate payment to physicians treating chronic disease patients to give them financial incentives to comply with the disease management guidelines.

The International Business Research Agenda: Recommendations from Marketing Practitioners.

Science.gov (United States)

Lundstrom, William J.; White, D. Steven; Schuster, Camille P.

1997-01-01

A survey of 250 American Marketing Association members investigated which international business research topics were seen as having high utility or importance. It also identified five latent factors (global market expansion; international marketing management; management issues in an international context; quality, values, and expectations;…

EARNINGS MANAGEMENT AND ECONOMIC CRISES IN THE BRAZILIAN CAPITAL MARKET

Directory of Open Access Journals (Sweden)

Aldy Fernandes da Silva

2014-05-01

Full Text Available The 2008 economic crisis challenged accounting, either demanding recognition and measurement criteria well adjusted to this scenario or even questioning its ability to inform appropriately entities’ financial situation before the crisis occurred. So, our purpose was to verify if during economic crises listed companies in the Brazilian capital market tended to adopt earnings management (EM practices. Our sample consisted in 3,772 firm-years observations, in 13 years – 1997 to 2009. We developed regression models considering discretionary accruals as EM proxy (dependent variable, crisis as a macroeconomic factor (dummy variable of interest, ROA, market-to-book, size, leverage, foreign direct investment (FDI and sector as control variables. Different for previous EM studies two approaches were used in data panel regression models and multiple crises were observed simultaneously. Statistics tests revealed a significant relation between economic crisis and EM practices concerning listed companies in Brazil in both approaches used.

Essays in international market segmentation

NARCIS (Netherlands)

Hofstede, ter F.

1999-01-01

The primary objective of this thesis is to develop and validate new methodologies to improve the effectiveness of international segmentation strategies. The current status of international market segmentation research is reviewed in an introductory chapter, which provided a number of

The link between capital structure and banking sector performance in an emerging economy

Directory of Open Access Journals (Sweden)

Refilwe Maduane

2016-11-01

Full Text Available South African banks are small compared to the international standards and this necessitates them to remain efficient and competitive at both national and international levels. Such competitiveness shelter them from global competitors wishing to enter into the South African market. Putting in mind the critical role played by banks in the economic development of every country, managers in the banking industry should ensure they make sound financial decisions in order to remain profitable and competitive amidst challenges of the debt-equity choice. This study seeks to determine the influence of capital structure on profitability of banks listed at the Johannesburg stock exchange (JSE using the random effect regression model. Empirical studies that studies the impact of capital structure on profitability of the banking sector in emerging markets and Africa are very scant. The few empirical studies that focused on the banking sector are yet to focus on African and to agree on the relationship between capital structure and profitability. It is against these reasons that the current study chose to investigate how profitability of South African banks is affected by their capital structure. The study found out that capital structure is a key determinant of profitability of banks in South Africa. As such, the study recommends that optimal capital policies need to be pursued if banks are to not only to increase profitability but ensure long term stability and sound performance

Understanding the cost of capital of logistics service providers: an empirical investigation of multiple contingency variables

OpenAIRE

Lampe, Kerstin; Hofmann, Erik

2014-01-01

The article analyzes the influence of company-, industry- and market-related variables on the cost of capital of logistics service providers, as well as on their systematic risk. Financial information has become more and more important in strategic decision making (especially in the international context); in addition of being a measure of performance, the cost of capital is an important variable for logistics service providers in decisions about investing capital and developing the appropria...

International capital tax evasion and the foreign tax credit puzzle

OpenAIRE

Kimberley A. Scharf

2001-01-01

This paper examines the role of international tax evasion for the choice of an optimal foreign tax credit by a capital exporting region. Since a foreign tax credit raises the opportunity cost of concealing foreign source income, it can be employed to discourage evasion activity. The existence of international tax evasion possibilities could thus help rationalize a choice of tax credit in excess of a deduction-equivalent credit level. Our analysis shows that, in general the optimal credit will...

Social capital in relation to the foreign market entry and post-entry operations of family SMEs

OpenAIRE

Kontinen, T.; Ojala, A.

2011-01-01

Scholars in the discipline of international entrepreneurship have mainly studied rapidly internationalizing firms. However, the majority of entrepreneurial firms are family-owned businesses (85% of all firms in the EU and the USA). Research on family business has focused on the importance of bonding social capital whereas, despite its importance, bridging social capital has not so far attracted much attention. It has been argued that bridging social capital plays an important role in firms' i...

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

DEFF Research Database (Denmark)

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

2016-01-01

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

International oil market: instability and restructuring

Energy Technology Data Exchange (ETDEWEB)

Ayoub, A

1988-12-01

The three phenomena which today dominate the international oil market are: 1. the downward price trend since 1981 and the uncertainty about medium and long term price evolution; 2. chronic price instability in the short term; 3. the trend toward new forms of vertical integration and concentration which are now stabilizing a market confronted by a weakening OPEC and free markets which are volatile. The new market restructuring the present period for the international oil sector as a transition period, with the following characteristics: 1. an evident convergence in the motivations of the major oil companies and of a number of OPEC countries, to see a certain stability restored in the oil market based on vertical integration and concentration; 2. markets cannot be stabilized by political agreements between the states, but only by reciprocal financial implications and participations between companies according to the rules of the business world; 3. the market as a whole will still continue for a certain time to be governed by the OPEC-free market pair, with alternating domination by one or the other according to the economic situation. Nevertheless, the longer the market continues to be unstable, the more the trend toward concentration and integration will intensify.

Liquidity and International Trade

OpenAIRE

Rodriguez-Lopez, Antonio

2016-01-01

This paper introduces a framework to study the links between the supply of liquid assets for the financial market and the international allocation of economic activity. Private assets’ liquidity properties - their usefulness as collateral or media of exchange in financial transactions - affect assets’ values and interest rates, with consequences on firm entry, production, aggregate productivity, and total market capitalization. In a closed economy, the liquidity market increases the size and ...

Analysis on the Influence of Stock Index Futures on Chinese Stock Market

Institute of Scientific and Technical Information of China (English)

王钊

2014-01-01

As the first product of financial futures in China, CSI 300 Stock Index Futures is a symbol of the continual improvement and development of Chinese capital market system. So it would be bound to generate immeasurable influence on Chinese capital market and financial system. Starting from introducing the relevant summaries of stock index futures, this paper analyzes the influence of the stock index futures on the fluctuation in the international stock market;then, it analyzes influence of the stock index futures on the fluctuation in Chinese stock market, in order to propose some suggestions to the policies for developing Chinese stock index futures.

Offshore Financial Centers in Global Capital Flow

Directory of Open Access Journals (Sweden)

Lutsyshyn Zoriana

2017-12-01

Full Text Available The article is dedicated to investigation of the place and role of offshore financial centers in financial globalization system, and of the reasons for using offshores in assets securitization mechanism. Numerous offshore and other preferential zones enabling to avoid the effective national and governmental tax regime are important attributes of global financial system and redistributive links of world financial flows. At present, around 70 countries and territories offer their offshore services for foreign capital, bank transactions, profitability from activities in financial markets proper. The global offshore business concentrates large amounts often having no relation to the country of origin, the so-called cosmopolitan capital (wandering. Although in the early 80's of the XXth century offshore companies were considered to control approximately 500 billion dollars, it was already in the early 90's that this amount doubled and was estimated as 1 trillion dollars. Today, from ⅓ to half of the world capital turnover goes through offshore business channels, and therefore, almost half of non-resident bank deposits are concentrated in world offshore centers. These are the world financial centers comprising international capital markets that provide for the accumulation and redistribution of world capital. From the process of reproduction (circulation of capital, the world financial centers plunge out the most homogeneous and mobile element — money, and freely manipulating with them, concentrate huge economic power in their hands. The role of world financial centers was also enhanced by the latest achievements in computer science, allowing execution of instant transactions and movement of huge amounts to any point of the world within the shortest possible time. The world financial centers consist not only of powerful banks and financial institutions operating on the international scene, but also have currency, stock and other exchanges as their

Empirical Evidence on the Role of Trading Suspensions in Disseminating New Information to the Capital Market

NARCIS (Netherlands)

Engelen, Peter-Jan; Kabir, Mohammed Rezaul

2006-01-01

This paper examines the effect of temporarily suspending the trading of exchange-listed individual stocks. We evaluate whether regulatory authorities can successfully use the mechanism of trading suspension in forcing companies to disclose new and material information to the capital market. Previous

Capital Structure, Strategic Competition, and Governance

NARCIS (Netherlands)

T.T. Nguyen (Thuy Thu)

2008-01-01

textabstractThis thesis consists of four studies on the interactions of capital structure and product market competition, and on several aspects of governance, firm financing and growth. The first study investigates how competitive behavior and market uncertainty affect the capital structure of a

Human Capital and Organizational Effectiveness

Directory of Open Access Journals (Sweden)

Ioana Julieta Josan

2013-05-01

Full Text Available The new organizational changes caused by social, economic and politic reforms led to a shift in the strategic management of the companies. The growing need for professionals, who know how to generate profits, is growing and increase confidence of partners and clients, find new ideas and adapt to a dynamic market. Therefore, internally, we need an efficient management of human resources to find and retain the most suitable and efficient people which will increase productivity and face the increased acting globally competition. Currently, companies that succeed are the ones that integrate in their business strategy, an important component of development and valuation human capital. The paper aims to analyze and highlight the importance of human capital in the new organizational strategies, focused on achieving a high level of competitiveness, innovation and excellence.

Indeterminacy and Business Fluctuations under Partial Capital Mobility

Directory of Open Access Journals (Sweden)

Jongkyou Jeon

2008-12-01

Full Text Available The paper examines a modified real business cycle model of a small open economy such as the Korean economy. The model economy is assumed to produce output with two types of capital: traded capital and non¡ⓒtraded capital. Domestic individuals can borrow from the world capital market only by using traded capital as collateral, and investment in non¡ⓒtraded capital must be financed by domestic savings. It implies that the capital mobility is partial rather than perfect although domestic residents have free access to the world capital market. By incorporating externalities into the production technology, the model economy is able to generate dynamic path of equilibrium time series solely driven by non¡ⓒfundamental shocks such as animal spirits of investors or self¡ⓒfulfilling expectations if the ratio of traded capital to total capital is sufficiently high. The paper shows that the second moment properties of the Korean aggregate data could be reproduced in a modified real business cycle framework where fluctuations are driven only by non¡ⓒfundamental shocks, not by the disturbances to economic fundamentals such as technology. This requires a high value of traded capital relative to total capital, which means that the domestic capital market must be highly integrated with the world capital market. It implies that there exists some critical level of capital mobility beyond which the business cycles of an open economy becomes highly vulnerable to non¡ⓒfundamental shocks such as self¡ⓒfulfilling expectations.

Government Sponsored Venture Capital: Blessing Or Curse?

Directory of Open Access Journals (Sweden)

Erika Jáki

2017-12-01

Full Text Available Young companies with growth opportunities face serious problems when it comes to financing. The private venture capital (VC market fails to provide sufficient funding for this segment. First, we present the main characteristics of start-up companies and market failures that can lead to government intervention. These failures include asymmetric information embodied in the business plan; high transaction costs of the investment process from the investment decision to the exit; and positive externalities in the economy, as the government prefers other goals than profit realization. Government participation is categorized as direct or indirect intervention. We present international studies showing that indirect government intervention can have both beneficial and negative effects on the vc market. Finally, the Hungarian government’s participation and intervention are evaluated on the domestic VC market.

Capital Structure: Target Adjustment Model and a Mediation Moderation Model with Capital Structure as Mediator

OpenAIRE

Abedmajid, Mohammed

2015-01-01

This study consists of two models. Model one is conducted to check if there is a target adjustment toward optimal capital structure, in the context of Turkish firm listed on the stock market, over the period 2003-2014. Model 2 captures the interaction between firm size, profitability, market value and capital structure using the moderation mediation model. The results of model 1 have shown that there is a partial adjustment of the capital structure to reach target levels. The results of...

Transnational Geographies of Academic Distinction: The Role of Social Capital in the Recognition and Evaluation of "Overseas" Credentials

Science.gov (United States)

Waters, Johanna L.

2009-01-01

This paper examines the role of specific and place-based social capital in the recognition and evaluation of international credentials. Whilst research on labour market segmentation has contributed towards an understanding of the spatial variability of the value of human capital, very little attention has been paid to the ways in which the…

The single European market - a Schumpeterian event?

OpenAIRE

Siebert, Horst

1989-01-01

It is now four years after the White Paper launched the project on the completion of the internal market [Commission, 1985]. 300 steps were packaged and sold in a manner by Delors and Lord Cockfield that "caught on". The basic strategy is simple: abolish or reduce market segmentations that still exist, facilitate free market access, as well as establish the free movement of people, goods, services, and capital (the so-called four freedoms). Will the single European market prove to be an insti...

The internal energy market

International Nuclear Information System (INIS)

1988-01-01

The briefs compile the results of the studies the Commission worked out on the subject on the basis of experiences gained on its own part, on the part of the government and on the part of the market. The briefs are based on the schematic inventory annexed which for each energy sector points out the different existing or potential obstacles to a common energy market the most comprehensive and transparent way possible. Step by step part one and part two discuss the general problems connected with the integration of energy into the internal market, priorities which according to the Commission should be investigated into, and guidelines for such investigations. (orig./UA) [de

Intermarket Technical Research of the U.S. Capital Markets and the Czech Stock Market Performance

Directory of Open Access Journals (Sweden)

Jana Vychytilová

2014-01-01

Full Text Available Globalization of the capital markets increasingly leads the investors to understand the fundamentals and technicals of asset cross-correlations and the global asset allocation seems to be an important task. The paper measures product momentum correlations between the four leading global benchmarks Standard & Poor’s stock index, Thomson Reuters/Jefferies CRB index, 30-Year U.S. Treasury Bond Price index and Dollar Index and between these indices and the Czech stock PX index. Empirical results illustrate that statistically significant correlations between U.S. indices existed over some past period at the 95.0% confidence level. In addition, the significant relation between indices Standard & Poor’s stock index, Thomson Reuters/Jefferies CRB index and the Czech stock market PX during the past fifteen years has been detected. These conclusions were reached from an analysis of monthly data in the United States and the Czech Republic, from January 1999 to April 2014. The empirical results offer beneficial applications not only for investors to diversify their risk but also for policy-makers to allocate resources more efficiently.

International Marketing Developing Publishing Business

Directory of Open Access Journals (Sweden)

Eugenijus Chlivickas

2015-05-01

Full Text Available Lithuanian integration in the financial Eurozone and Lithuanian publishing business development in the European Union and outside it, becomes an important problem requiring a solution. Promoting the dissemination of printed books and literacy in Lithuania and beyond, to properly introduce the achievements of Lithuania in foreign countries, it is important to ensure Lithuanian letter, educational and scientific book publishing development. The article examines the characteristics of the international marketing publishing, the world and Lithuanian state publishing houses on the basis of foreign and Lithuanian scientists theoretical insights about the instruments of international marketing opportunities, developing proposals for publishing business integration of new economic conditions.

A COMPARISON OF BASIC AND EXTENDED MARKOWITZ MODEL ON CROATIAN CAPITAL MARKET

Directory of Open Access Journals (Sweden)

Bruna Škarica

2012-12-01

Full Text Available Markowitz' mean - variance model for portfolio selection, first introduced in H.M. Markowitz' 1952 article, is one of the best known models in finance. However, the Markowitz model is based on many assumptions about financial markets and investors, which do not coincide with the real world. One of these assumptions is that there are no taxes or transaction costs, when in reality all financial products are subject to both taxes and transaction costs – such as brokerage fees. In this paper, we consider an extension of the standard portfolio problem which includes transaction costs that arise when constructing an investment portfolio. Finally, we compare both the extension of the Markowitz' model, including transaction costs, and the basic model on the example of the Croatian capital market.

Incentives, Capital Budgeting, and Organizational Structure

OpenAIRE

Motta, Adolfo de; Ortega Diego, Jaime

2013-01-01

Divisional managers compete for financial resources in what is often referred to as an internal capital market. They also have a common interest in maximizing corporate profits, as this determines the resources available to the firm as a whole. Both goals are powerful motivators but can at times conflict: while the amount of resources available to the firm depends on corporate performance, divisional funding depends upon the division's performance relative to the rest. We propose a model in w...

Identifying spatial segments in international markets

NARCIS (Netherlands)

Ter Hofstede, F; Wedel, M; Steenkamp, JBEM

2002-01-01

The identification of geographic target markets is critical to the success of companies that are expanding internationally. Country borders have traditionally been used to delineate such target markets, resulting in accessible segments and cost efficient entry strategies. However, at present such

Social Capital and Bystander Behavior in Bullying: Internalizing Problems as a Barrier to Prosocial Intervention.

Science.gov (United States)

Jenkins, Lyndsay N; Fredrick, Stephanie Secord

2017-04-01

Theory and research suggests that individuals with greater social capital (i.e., resources and benefits gained from relationships, experiences, and social interactions) may be more likely to be active, prosocial bystanders in bullying situations. Therefore, the goal of the current study was to examine the association of social capital (social support and social skills) with prosocial bystander behavior, and the role of internalizing problems as a potential barrier to this relation among 299 students (45.8% girls, 95% White) in sixth, seventh, and eighth grades. Results indicate a positive relation between social capital and prosocial bystander behavior. In addition, internalizing problems were a significant risk factor that may hinder youth-particularly girls-from engaging in defending behavior. Prosocial bystanders are an essential component to prevent and reduce bullying and further research is needed to better understand how to foster prosocial behavior in bullying situations, perhaps by utilizing social capital, related to school bullying.

Spillovers among regional and international stock markets

Science.gov (United States)

Huen, Tan Bee; Arsad, Zainudin; Chun, Ooi Po

2014-07-01

Realizing the greater risk by the increase in the level of financial market integration, this study investigates the dynamic of international and regional stock markets co-movement among Asian countries with the world leading market, the US. The data utilized in this study comprises of weekly closing prices for four stock indices, that consists of two developing markets (Malaysia and China) and two developed markets (Japan and the US), and encompasses the period from January 1996 to December 2012. Multivariate Generalized Autoregressive Conditional Heteroscedasticity (MGARCH) model with the BEKK parameterization is employed to investigate the mean and volatility spillover effects among the selected stock indices. The results show significant mean spillover not only from the larger developed markets to smaller developing markets but also from the smaller developing markets to larger developed markets. Volatility spillover between the developed markets is found to be smaller than that between the developing markets. Conditional correlations among the stock markets are found to increase over the sample period. The findings of significant mean and volatility spillovers are considered as bad news for international investors as it reduces the benefit from portfolio diversification but act as useful information for investors to be more aware in diversifying their investment or stock selection.

Integrating Internal Branding in Marketing Strategy

OpenAIRE

Slavova Milanka

2013-01-01

Brand is a major asset of the company. Building brand equity requires a lot of efforts in brand positioning and development. In the recent years more attention is given not only to the outward branding activities but to the role of employees in the branding process. Internal branding is an essential part of the marketing strategy and branding decisions as part of the company marketing mix. It ties outward brand promise with creating employees’ brand loyalty. External and internal brand corres...

A strategy of the company performance in the international market

Directory of Open Access Journals (Sweden)

Savić Marko

2014-01-01

Full Text Available The aim of this paper is to determine an appropriate framework of strategic performance of companies in the international market. A company that plans to enter into the international market has to prepare well, has to choose adequate strategy, should have thought-market performance and developed marketing program which follows the activity of company. The choice of the appropriate strategy for company's entry into foreign markets affects the long term stability of the market functions and determines the scope of operations abroad by which the company can successfully develop its own abilities as well as to incur risks and uncertainties. There is a constant change in the environment, and by being aware of the changes, we choose between different options the company is opting for when selecting the international market entry strategy. The company should through the country entry analysis and entry forms; examine options that have greater significance in terms of its strategic objectives at the international market. Selecting the right strategy is the key issue that the company which wants to enter into international market is facing with.

Broilers’ Supply Value Chain in the National Capital Region Delhi: A Case Study of Ghazipur Poultry Market

OpenAIRE

Gangwar, L.S.; Saran, Sandeep; Kumar, Sarvesh

2010-01-01

The marketing of broilers/chicken meat in the National Capital Region (NCR) Delhi has been compared in two distinct kinds of markets, viz. organized (shopping malls, organized multi-product retailers) and unorganized or primarily wet markets (exclusive chicken dressers, poultry meat retailers, etc.). Data have been collected from various functionaries involved in marketing of broilers/poultry meat in the NCR Delhi during the year 2008-09 through primary survey. The most prominent channel in t...

ORGANIZATIONAL CAPITAL THEORY EXPRESSION OF ELECTRONIC HEALTH

Directory of Open Access Journals (Sweden)

Tomas Vedlūga

2017-03-01

Full Text Available Implementation of e-health is a very difficult and complex process in terms of health policy that requires both organizational ability to meet market requirements and well-managed internal communication, which is carried out through organizational capital and high organizational culture and philosophy. This process requires a change in the organizational processes of health care institutions, ensuring the management and use of health information in order to improve the functioning of health care institutions. Scientists emphasize that health care institutions, with a high organizational capital can effectively promote the development of e-health, by consistently improving the quality of health care services and increasing the confidence and sense of security by enhancing the individual‘s ability to become more involved in the health care system. Nevertheless, in Lithuania, the progress of health care institutions in the field of e-health varies significantly, therefore, different tendencies of e-health care indicators tend to be related to organizational capital. Organizational capital covering the various dimensions of social context analysis, and organizational capital theory is a paradigm that attempts to explain the e-health inequalities at the level of organizations. This paper has evaluated the organizational capital theory expression of the e-health level, to identify and analyze organizational capital assessment indices in the field of e-health and modeled organizational capital assessment scheme.

Using internal marketing to improve organizational commitment and service quality.

Science.gov (United States)

Tsai, Yafang; Wu, Shih-Wang

2011-12-01

The purpose of this article was to explore the structural relationships among internal marketing, organizational commitment and service quality and to practically apply the findings. Internal marketing is a way to assist hospitals in improving the quality of the services that they provide while executing highly labour-intensive tasks. Through internal marketing, a hospital can enhance the organizational commitment of its employees to attain higher service quality. This research uses a cross-sectional study to survey nursing staff perceptions about internal marketing, organizational commitment and service quality. The results of the survey are evaluated using equation models. The sample includes three regional hospitals in Taiwan. Three hundred and fifty questionnaires were distributed and 288 valid questionnaires were returned, yielding a response rate of 82.3%. The survey process lasted from 1 February to 9 March 2007. The data were analysed with SPSS 12.0, including descriptive statistics based on demographics. In addition, the influence of demographics on internal marketing, organizational commitment and service quality is examined using one-way anova. The findings reveal that internal marketing plays a critical role in explaining employee perceptions of organizational commitment and service quality. Organizational commitment is the mediator between internal marketing and service quality. The results indicate that internal marketing has an impact on both organizational commitment and service quality. Internal marketing should be emphasized to influence frontline nursing staff, thereby helping to create better organizational commitment and service quality. © 2011 The Authors. Journal of Advanced Nursing © 2011 Blackwell Publishing Ltd.

Earnings volatility and the role of cash flows in the capital markets: Empirical evidence

Directory of Open Access Journals (Sweden)

Dr. Melita Charitou

2013-07-01

Full Text Available The recent global financial crisis brought to the forefront of the capital markets the importance of firm fundamentals and especially, the valuation role of cash flows. In this study, we examine the role of earnings and cash flows in two major capital markets, namely, USA and France. We hypothesize that the relationship between cash flows and security returns improves when earnings are transitory and this robustness is country specific. The dataset consists of more than 37,000 USA and French firm-year observations over an eight-year period. Multivariate statistical regression analysis is undertaken to test the major research hypotheses. Results indicate that when earnings are transitory (unstable, investors pay more attention to cash flows and less attention to earnings, a result indicating that investors penalize firms with unstable earnings. In summary, the evidence provided in this study supports that there are substantial differences in the way investors and financial analysts perceive financial information such as earnings and cash flows in France and USA. These results should be of great importance to the major stakeholders such as investors, creditors, financial analysts, especially after the recent global financial crisis and the collapse of giant organizations worldwide.

Building a castle on sand: effects of mass privatization on capital market creation in transition economies

Czech Academy of Sciences Publication Activity Database

Fungáčová, Zuzana

-, č. 256 (2005), s. 1-51 ISSN 1211-3298 R&D Projects: GA ČR GA402/05/1014 Institutional research plan: CEZ:AV0Z70850503 Keywords : mass privatization * emerging capital markets Subject RIV: AH - Economics http://www.cerge-ei.cz/pdf/wp/Wp256.pdf

International Trade and Labor Market Discrimination

NARCIS (Netherlands)

R. Chisik (Richard); J.E. Namini (Julian Emami)

2016-01-01

textabstractWe embed a competitive search model with labor market discrimination, or nepotism, into a two-sector, two-country framework in order to analyze how labor market discrimination impacts the pattern of international trade and also how trade trade affects discrimination. Discrimination, or

DATA MINING AND APPLICATION OF IT TO CAPITAL MARKETS

Directory of Open Access Journals (Sweden)

Cenk AKKAYA

2011-07-01

Full Text Available Nowadays with the development of technology importance given to knowledge increases gradually. Data mining enables to form forecasts and models regarding future by making use of past data. Any method which helps to discover data can be used as a data mining method. Enterprises gain important competitive advantage by data mining methods. Data mining is used in different fields. In finance field it is a specially used in financial performance applications, guessing the enterprise bankruptcies and failures, determining transaction manipulation, determining financial risk management, determining customer profile and depth management. It can be costly, risky and time consuming for enterprises to gain knowledge. Thus today enterprises use data mining as an innovative competitive mean. The aim of the study is to determine the importance of data mining applications to capital markets.

Market Expansion and Productivity Growth: Do New Domestic Markets Matter As Much As New International Markets?

OpenAIRE

Baldwin, John R.; Yan, Beiling

2012-01-01

This paper asks how market expansion contributes to productivity growth. It investigates whether entry to both new international markets and new domestic markets is associated with greater productivity growth. It also examines whether exit from export markets is necessarily associated with deteriorating performance or whether it too can lead to success when associated with movements to new markets. Finally, the paper examines the strategy of firms that move to new markets after they withdraw ...

Professional Training of Specialists in International Marketing in Poland

Science.gov (United States)

Zukowski, Wojciech

2015-01-01

Polish experience in training specialists in international marketing in the context of globalization and integration processes has been studied. A range of theoretical resources, namely Market Entry Strategy for Poland; the articles dedicated to international marketing and economy development (W. Grzegorczyk, M. Viachevskyi, M. Urbanetst); program…

Neuromarketing and its internal marketing applications

Directory of Open Access Journals (Sweden)

GRAJDIERU (COMAN Ecaterina

2018-01-01

Full Text Available The main objective of this paper is to highlight the potential application of neuromarketing techniques in internal marketing, representing a qualitative and exploratory approach of specialized literature. The research results indicate that there are considerable advantages of using neuroscience research in internal marketing activities such as employee motivation, testing the job attractiveness, choosing the best candidates , promoting employer branding, employee retention and organizational career planning. The new field allows in- depth study of employee behaviour and the drawing up of strategies for their retention

The Market Efficiency of the Stock Market in India

OpenAIRE

Rahman, Sahnawaz

2011-01-01

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

FEATURES OF THE CAPITAL MARKET’S EVOLUTION IN ROMANIA IN THE CONTEXT OF THE TURBULENCES PRODUCED BY THE FINANCIAL CRISIS

Directory of Open Access Journals (Sweden)

Carmen BOGHEAN

2014-12-01

Full Text Available The international financial markets, through the ampleness and speed with which envolve, are in an unprecedented process of change. Through their functioning, the stock markets have always been characterized by a high sensitivity degree to the changes that take place at investors’ level, on the developments and perspectives of the real economy and of the financial system. The international economy is in a continuous reorganization and transition process, with impact on all nations, these being under the necessity of adapting to the rapid changes that occur worldwide. This restructuring process is led by two dynamic and independent forces: the enhancement of the world’s economy globalization process and the emergence and development of the regional economic arrangements. Even if in 2007, through its membership to the European Union the local capital market benefited from substantial funds inflows, the signs of the global financial crisis initiated in the United States became obvious, 2008 being one of the most difficult years. Due to improper risk management, to the rating agencies’ failures in risk assessment, to inappropriate application of the regulation and control, the existing regulatory and supervisory framework failed to prevent the crisis’ occurence. In the context of globalization and integration into the unique capital market of the European Union, we achieved a blueprint of the internal capital market, in order to identify the main issues that it faces, as well as its developments and perspectives.

Gaining internal support for a marketing effort.

Science.gov (United States)

Barron, E

1988-06-01

Franciscan Health System, Chadds Ford, Pa., developed a systemwide marketing initiative to assure positive participation from its internal market segments. In the first of a series, the author outlines the goals, objectives and positioning of the marketing mix used to achieve voluntary involvement from these segments.

An International Marketing Curriculum - Development and Analysis.

Science.gov (United States)

Abboushi, Suhail; Lackman, Conway; Peace, A. Graham

1999-01-01

Describes the process of market-driven curriculum design in the development of an undergraduate International Marketing (IM) major at Duquesne University (Pennsylvania) School of Business Administration. Reports on a market study revealing profiles and IM curriculum design preferences of exporting companies. Discusses the curriculum development,…

International Voluntary Renewable Energy Markets (Presentation)

Energy Technology Data Exchange (ETDEWEB)

Heeter, J.

2012-06-01

This presentation provides an overview of international voluntary renewable energy markets, with a focus on the United States and Europe. The voluntary renewable energy market is the market in which consumers and institutions purchase renewable energy to match their electricity needs on a voluntary basis. In 2010, the U.S. voluntary market was estimated at 35 terawatt-hours (TWh) compared to 300 TWh in the European market, though key differences exist. On a customer basis, Australia has historically had the largest number of customers, pricing for voluntary certificates remains low, at less than $1 megawatt-hour, though prices depend on technology.

Integrating Branding Strategy Across Markets: Building International Brand Architecture

NARCIS (Netherlands)

Douglas, S.P.; Craig, S.; Nijssen, E.J.

2001-01-01

Brands play a critical role in establishing a firm’s visibility and position in international markets. Building a coherent international brand architecture is a key component of the firm’s overall international marketing strategy, because it provides a structure to leverage strong brands into other

Measuring the internal-market orientation in the public sector

Directory of Open Access Journals (Sweden)

Emerson Wagner Mainardes

2015-03-01

Full Text Available The application of internal marketing in organizations has been researched by scholars for nearly three decades, but literature has little empirical research in the public sector. There is a latent debate on the relevance of internal marketing in the public sector, given the need to provide a more effective service to the citizens. Given the possibility that the internal-market orientation is an antecedent of job satisfaction, the objective of this research was to measure the level of internal market orientation in the public sector, and the Military Fire Department of the State of Espírito Santo (MFDESS was surveyed using quantitative research. The instrument for data collection was a structured questionnaire, which follows the model used by Gounaris (2006 in research with employees of a hotel chain in Greece. 522 firefighters were surveyed. The choice of this organization was due to the importance of the service performed and the society visibility, given the direct relationship with life and assets of the taxpayers. Therefore, the level of job satisfaction of firefighters is relevant for the achievement of excellence in their missions. The results showed that firefighters have the perception that there is little internal-market orientation in the Military Fire Department and the level of job satisfaction is low. The research result converged with the literature on the direct relationship of the internal-market orientation with job satisfaction. Furthermore, the research concluded that job satisfaction is influenced by the identification of the exchange of value, segment internal market, job description, management concern and training.

The Genesis of Capitalism

DEFF Research Database (Denmark)

Li, Xing

2004-01-01

 This paper aims to offer a framework of interpreting the “evolution” of capitalism that is reaching every corner of the world and has achieved greater legitimacy than at any time in human history. It covers an interdisciplinary discussion on the development of market capitalism that has been...... characterized by a dual process: unanticipated origin (cultural and historical) and anticipated progress (political economy). The point of departure of this paper is that although the advancement of market capitalism is a process of societal development involving historical, cultural and religious causes...... (historical, divine, spiritual, miraculous), the establishment of capitalism is less the result of a force for cultural and economic dynamism than the realization of a political project. In other words, from being an enterprise within defined geographical boundaries to becoming a global project is first...

Development trends of the international derivatives market

OpenAIRE

Motorniuk, U.; Terebukh, M.; Kharchuk, V.

2016-01-01

The factors forming international derivatives market trends are researched in this article. The history of the formation of the global derivatives market was analyzed, in particular, events which have led to the growth of the derivatives market. Global derivatives market has revealed major changes in its trends and witnessed the gradual transformation of its structure, observed in recent years. Global derivatives market has revealed major changes in its trends and witnessed the gradual transf...

Developing strategies to promote the Iranian international film market

Directory of Open Access Journals (Sweden)

Mahmood Mohammadian

2012-04-01

Full Text Available International film market of Iran (IFM is one of the most important presenters of different films and television programs to be sold in the world market especially in Middle East. The primary purpose of this paper is to investigate different methods to promote this market. The study uses a questionnaire and distributes it among buyers and sales agents of IFM. The results of hypothetic tests prove that the socio-cultural factors are the most important reasons for the participants. Another important criterion promoting sales of movies is different awards from various movie festivals dedicated to moviemakers. The opening date and place of market, publication and publicity are other important criteria influencing sales of movies. The paper illustrates film-marketing mix for film marketers. Indicators, which are important for participants in international film festivals, are also illustrated for international film market holders.

Cultural capital and distinction : Malaysian students and recent graduates of UK international tertiary education

OpenAIRE

Sin, I Lin

2014-01-01

This thesis explores the role of foreign cultural capital, that is, Western knowledge, skills, dispositions and qualifications obtained through various modes of UK international tertiary education in facilitating social reproduction and mobility. The focus is on Malaysian young adults from middle-class backgrounds. It offers a critical exploration of the intricacies and contradictions surrounding the applicability of Bourdieu’s concept of cultural capital in explaining occupati...

ANALYSIS OF THE INDICATORS SPECIFIC TO ENTITIES LISTED ON THE CAPITAL MARKET AND THEIR ROLE IN QUANTIFYING COMPANY PERFORMANCE

Directory of Open Access Journals (Sweden)

Maria Daniela BONDOC

2014-06-01

Full Text Available The paper aims at presenting certain indicators specific to entities listed on the capital market and their analysis based on the financial statements of C.N.T.E.E. Transelectrica S.A., listed on the Bucharest Stock Exchange: growth stock exchange indices (market capitalization, earnings per share, price to book ratio, price to sales ratio, price earnings ratio, cash EPS and dividend stock exchange ratios (dividend per share, dividend yield, and dividend payout ratio. The research methodology involved studying the financial statements of the entity for the 2009-2013 period. The case study method was used to study the evolution of the stock exchange indices and opinions were formulated concerning the performance reflected by the analysed indices.

Evolution of Web-based International Marketing

DEFF Research Database (Denmark)

Rask, Morten

2002-01-01

Companies that have been doing international business do not usually make the transition from traditional marketers to full-blown Web marketers in one sharp step. In our study of Danish firms, we found that in terms of the evolution of their Web strategies, these Danish companies went through three...

Measuring the internal-market orientation in the public sector

OpenAIRE

Emerson Wagner Mainardes; Alexandre dos Santos Cerqueira

2015-01-01

The application of internal marketing in organizations has been researched by scholars for nearly three decades, but literature has little empirical research in the public sector. There is a latent debate on the relevance of internal marketing in the public sector, given the need to provide a more effective service to the citizens. Given the possibility that the internal-market orientation is an antecedent of job satisfaction, the objective of this research was to measure the level of interna...

Bond markets in Africa

Directory of Open Access Journals (Sweden)

Yibin Mu

2013-07-01

Full Text Available African bond markets have been steadily growing in recent years, but nonetheless remain undeveloped. African countries would benefit from greater access to financing and deeper financial markets. This paper compiles a unique set of data on government securities and corporate bond markets in Africa. It then applies an econometric model to analyze the key determinants of African government securities market and corporate bond market capitalization. Government securities market capitalization is directly related to better institutions and interest rate volatility, and inversely related to smaller fiscal deficits, higher interest rate spreads, exchange rate volatility, and current and capital account openness. Corporate bond market capitalization is directly linked to economic size, the level of development of the economy and financial markets, better institutions, and interest rate volatility, and inversely related to higher interest rate spreads and current account openness. Policy implications follow.

Locating Environmental Education between Modern Capitalism and Postmodern Socialism: A Reply to Lucie Sauve.

Science.gov (United States)

Huckle, John

1999-01-01

Claims that structural-adjustment programs, deregulation, and opening of markets may be good for international capital, but such processes increase inequalities, encourage people and countries to over-exploit natural resources, and contribute to reductions in spending on social and environmental welfare. (Author/CCM)

EVALUATION OF THE MODERN TENDENCIES IN THE UKRAINIAN STOCK MARKET DEVELOPMENT

Directory of Open Access Journals (Sweden)

Oleksandr Trofimchuk

2015-11-01

Full Text Available The purpose of the article is to research and critically evaluate the features of functioning and development the stock market in Ukraine. The main point is to substantiate modern tendencies and to find ways of more efficient development of the Ukrainian stock market. Methodology. The research is based on the analysis of the important aspects which characterize stock market development. They are the volume of trading activity that was done on stock exchanges, level of market capitalization, economic concentration, price policy on market services, and control over the insider information use and manipulation identification. Results. On the basis of volume of trading activity that was done on stock exchanges, features of stock market structure are determined. Comparative analysis between the stock market capitalization level of Ukraine and average world index of stock market capitalization is done. The level and dynamic of economic concentration is defined. Features of competition between Ukrainian stock exchanges are analyzed. Great attention in research is paid to problems of control over the insider information use and principles of manipulation identification by stock exchanges. Value/originality. The research showed that main amount of trading operations was done in “shadow” stock market, capitalization level decreased and stock market in Ukraine does not meet international standards of transparency. Further research should be focused on problems of ensuring the effective implementation of the basic principles of competition between market participants. Main point is to provide law mechanisms to increase transparency level of the national stock market and to increase share of organized stock market in Ukraine.

Market value calculation and the solution of circularity between value and the weighted average cost of capital WACC

Directory of Open Access Journals (Sweden)

Ignacio Vélez-Pareja

2009-12-01