Efficiency and Competition in the Malaysian Banking Market: Foreign versus Domestic Banks

Directory of Open Access Journals (Sweden)

Rossazana Ab-Rahim

2017-08-01

Full Text Available The aim of this paper is to investigate efficiency performance of Malaysian banking market using data envelopment analysis approach in the context of the increasing presence of foreign banks. Specifically, two measures of efficiency are constructed, cost and profit efficiency by utilizing bank-level data of Malaysian commercial banks, over the period 2003 to 2014. The results obtained show the domestic banks are more efficient than the foreign banks counterparts for both measures of efficiency. Next, the Lerner Index approach is employed to measure competition and finally, Granger causality tests are undertaken to answer the question, does competition foster efficiency? The results of causality tests support a positive effect of competition on cost and profit efficiency of Malaysian banks. With regard to the financial liberalization, the findings imply that higher competitive pressure may be offset the market power of individual banks; however, eventually it will results in efficiency gains of Malaysian banks.

Market efficiency in the emerging securitized real estate markets

OpenAIRE

Schindler, Felix

2010-01-01

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

Exchange rates, market efficiency and purchasing power parity: Long-run tests for the Latin American currencies

OpenAIRE

Edgar Ortiz; Alejandra Cabello; Raúl de Jesús; Robert Johnson

2005-01-01

In efficient markets current prices reflect all available information. Past prices do not contain any useful information for predicting future prices or for realizing extraordinary gains. This principle, known as the weak hypothesis of informational market efficiency, has been incorporated into Purchasing Power Parity (PPP) theory to overcome its limitations in the intertemporal analysis of exchange rate adjustments to inflationary trends. Overall, recent studies dealing with exchange rates f...

Efficient Market Hypothesis: Some Evidences from Emerging European Forex Markets

Directory of Open Access Journals (Sweden)

Anoop S Kumar

2014-06-01

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

Assessing the efficiency of US electricity markets

International Nuclear Information System (INIS)

Arciniegas, I.; Barrett, C.; Marathe, A.

2003-01-01

The recent California's energy crisis has raised doubts about the benefits of energy deregulation. While it is true that the California electricity market is in turmoil, other electricity markets like the Pennsylvania-NewJersey-Maryland (PJM) are doing fine. This paper assesses the mark of efficiency reached by the electricity markets in California, New York, and PJM. It also compares the degree of efficiency across markets (forward vs. real time) and across time. No significant differences between the California and PJM electricity markets were discovered in the year of California's energy crisis (2000) using the co-integration tests. This research suggests that differences in price behavior between these two markets during 2000 did not arise from differences in efficiency. According to our analysis and measures of efficiency, PJM and California electricity markets are more efficient than the New York market. Also, as these markets become more mature over time, their efficiency level goes up. We also found evidence that a multi-settlement scheduling system leads to higher efficiency. (author)

The Efficiency Of Ukraine’s Stock Market

Directory of Open Access Journals (Sweden)

Adilya Batroshyna

2006-03-01

Full Text Available The article is devoted to the study of the efficiency of Ukraine’s stock market based on the efficient market hypothesis (EMH which assumes that the price of a financial instrument completely reflects all the information about a given asset. Depending on the variety of information, weak, semi-strong and strong forms of market efficiency are applied The testing of market efficiency is based on verifying the hypothesis against actual statistical data. The study uses four statistical methods. The values of the stock index are used as source data, since the index can be interpreted as a hypothetical security (share, the price of which fluctuates all the time. This article demonstrates that Ukraine’s stock market on the whole is a weak form of market efficiency. It explains the specific strategies for a market with a weak form of efficiency and offers recommendations on the continued development of Ukraine’s stock market.

The Economic Efficiency of Financial Markets

Science.gov (United States)

Wang, Yougui

In this paper, we investigate the economic efficiency of markets and specify its applicability to financial markets. The statistical expressions of supply and demand of a market are formulated in terms of willingness prices. By introducing probability of realized exchange, we also formulate the realized market surplus. It can be proved that only when the market is in equilibrium the realized surplus can reach its maximum value. The market efficiency can be measured by the ratio of realized surplus to its maximum value. For a financial market, the market participants are composed of two groups: producers and speculators. The former brings the surplus into the market and the latter provides liquidity to make them realized.

Gold, currencies and market efficiency

Science.gov (United States)

Kristoufek, Ladislav; Vosvrda, Miloslav

2016-05-01

Gold and currency markets form a unique pair with specific interactions and dynamics. We focus on the efficiency ranking of gold markets with respect to the currency of purchase. By utilizing the Efficiency Index (EI) based on fractal dimension, approximate entropy and long-term memory on a wide portfolio of 142 gold price series for different currencies, we construct the efficiency ranking based on the extended EI methodology we provide. Rather unexpected results are uncovered as the gold prices in major currencies lay among the least efficient ones whereas very minor currencies are among the most efficient ones. We argue that such counterintuitive results can be partly attributed to a unique period of examination (2011-2014) characteristic by quantitative easing and rather unorthodox monetary policies together with the investigated illegal collusion of major foreign exchange market participants, as well as some other factors discussed in some detail.

Determinants of marketing efficiency of yam market in Umuahia ...

African Journals Online (AJOL)

Determinants of marketing efficiency of yam market in Umuahia North Local Government Area of Abia ... The study analyzed the determinants of yam marketing in Umuahia North Local ... EMAIL FREE FULL TEXT EMAIL FREE FULL TEXT

Benefits for whom? Energy efficiency within the efficient market

International Nuclear Information System (INIS)

Chello, Dario

2015-01-01

How should the lack of an efficient energy market affect the design of energy efficiency policies and their implementation? What the consequences of an inefficient energy market on end users’ behaviour? This article tries to give an answer to such questions, by considering the decision making of domestic users following a few fundamental concepts of behavioural economics. The mechanism of price formation in the market, with particular reference to the internal energy market in Europe, will be examined and we will show that price remains the inflexible attribute in making an energy choice. Then, some conclusions will be addressed to policy makers on how to overcome the barriers illustrated.

The efficiency of natural gas futures markets

International Nuclear Information System (INIS)

Mazighi, A.E.H.

2003-01-01

Recent experience with the emergence of futures markets for natural gas has led to many questions about the drivers and functioning of these markets. Most often, however, studies lack strong statistical support. The objective of this article is to use some classical statistical tests to check whether futures markets for natural gas (NG) are efficient or not. The problem of NG market efficiency is closely linked to the debate on the value of NG. More precisely, if futures markets were really efficient, then: 1) spot prices would reflect the existence of a market assessment, which is proof that speculation and the manipulation of prices are absent; 2) as a consequence, spot prices could give clear signals about the value of NG; and 3) historical series on spot prices could serve as ''clean'' benchmarks in the pricing of NG in long-term contracts. On the whole, since the major share of NG is sold to power producers, the efficiency of futures markets implies that spot prices for NG are driven increasingly by power prices. On the other hand, if futures markets for natural gas fail the efficiency tests, this will reflect: 1) a lack of liquidity in futures markets and/or possibilities of an excess return in the short term; 2) a pass-through of the seasonality of power demand in the gas market; 3) the existence of a transitory process, before spot markets become efficient and give clear signals about the value of NG. Using monthly data on three segments of the futures markets, our findings show that efficiency is almost completely rejected on both the International Petroleum Exchange in London (UK market) and the New York Mercantile Exchange (US market). On the NYMEX, the principle of ''co-movement'' between spot and forward prices seems to be respected. However, the autocorrelation functions of the first differences in the price changes show no randomness of price fluctuations for three segments out of four. Further, both the NYMEX and the IPE fail, with regard to the

Market Efficiency within the German Stock Market: A Comparative Study of the Relative Efficiencies of the DAX, MDAX, SDAX and ASE Indices

OpenAIRE

Starcevic, Admin; Rodgers, Timothy

2011-01-01

It can be implied from the efficient market hypothesis that the more transparent a market is, then the more likely that the market will be efficient. This paper is a study of whether the different transparency standards applied to the different indices quoted on the German stock market have any impact on their relative efficiencies. It is found that the differences in transparency standards do have an impact on market efficiency. The case for a higher level of market efficiency in res...

Role of market information in gaining public acceptance

International Nuclear Information System (INIS)

Berman, A.B.

1992-01-01

The nuclear energy industry challenge to gain acceptance for its next generation of nuclear power plants is immense. If not the majority, then a vocal minority, has doubts about the technology, its need, or those who implement it. Perceptions about the nuclear industry are complex. These are due to the difficulty in understanding the technology itself, the trade-offs of benefits against repercussions, and well-publicized plant problems. The industry requires a continual flow of actionable and comprehensive market information as input for decision making. The cost of implementing misdirected strategies is high. If not sensitive to public needs, the cost is opposition to nuclear development based on faulty or unsubstantiated reasoning. This paper addresses the required market information flow. It is suggested that a market information system is necessary for timely and usable information to ensure understanding of industry developmental efforts

Is the Economic andTesting the Efficient Markets Hypothesis on the Romanian Capital Market

Directory of Open Access Journals (Sweden)

Dragoș Mînjină

2013-11-01

Full Text Available Informational efficiency of capital markets has been the subject of numerous empirical studies. Intensive research of the field is justified by the important implications of the knowledge of the of informational efficiency level in the financial practice. Empirical studies that have tested the efficient markets hypothesis on the Romanian capital market revealed mostly that this market is not characterised by the weak form of the efficient markets hypothesis. However, recent empirical studies have obtained results for the weak form of the efficient markets hypothesis. The present decline period of the Romanian capital market, recorded on the background of adverse economic developments internally and externally, will be an important test for the continuation of recent positive developments, manifested the level of informational efficiency too.

FOREIGN EXCHANGE MARKET EFFICIENCY. EMPIRICAL RESULTS FOR THE USD/EUR MARKET

OpenAIRE

Katarzyna Anna Czech,; Adam Waszkowski

2012-01-01

The aim of the paper is to verify whether the USD/EUR exchange rate market is efficient. The fundamental parity condition for testing foreign exchange market efficiency is represented by the uncovered interest-rate parity (UIP). Therefore, the UIP hypothesis verification accounts for the crucial part of the paper. The efficiency of the USD/EUR market is tested by applying the conventional UIP regression approach and orthogonality test of the forward rate forecast error. The results show that ...

Is the stock market efficient?

Science.gov (United States)

Malkiel, B G

1989-03-10

A stock market is said to be efficient if it accurately reflects all relevant information in determining security prices. Critics have asserted that share prices are far too volatile to be explained by changes in objective economic events-the October 1987 crash being a case in point. Although the evidence is not unambiguous, reports of the death of the efficient market hypothesis appear premature.

FOREIGN EXCHANGE MARKET EFFICIENCY. EMPIRICAL RESULTS FOR THE USD/EUR MARKET

Directory of Open Access Journals (Sweden)

Katarzyna Anna Czech

2012-10-01

Full Text Available The aim of the paper is to verify whether the USD/EUR exchange rate market is efficient. The fundamental parity condition for testing foreign exchange market efficiency is represented by the uncovered interest-rate parity (UIP. Therefore, the UIP hypothesis verification accounts for the crucial part of the paper. The efficiency of the USD/EUR market is tested by applying the conventional UIP regression approach and orthogonality test of the forward rate forecast error. The results show that it is hard to say definitely that USD/EUR foreign exchange market is inefficient. The slope coefficient in UIP regression occurs to be negative, which implies the failure of uncovered interest-rate parity. However, there are no foundations to reject the UIP hypotheses in the time of financial crisis of 21st century. Moreover, the article presents that the forward forecast error is not orthogonal to both its lagged value and the interest rate differential. Thus, the semi-strong foreign exchange market efficiency hypothesis is rejected for the USD/EUR market.

An analysis of stock market efficiency: Developed vs Islamic stock markets using MF-DFA

Science.gov (United States)

Rizvi, Syed Aun R.; Dewandaru, Ginanjar; Bacha, Obiyathulla I.; Masih, Mansur

An efficient market has been theoretically proven to be a key component for effective and efficient resource allocation in an economy. This paper incorporates econophysics with Efficient Market Hypothesis to undertake a comparative analysis of Islamic and developed countries’ markets by extending the understanding of their multifractal nature. By applying the Multifractal Detrended Fluctuation Analysis (MFDFA) we calculated the generalized Hurst exponents, multifractal scaling exponents and generalized multifractal dimensions for 22 broad market indices. The findings provide a deeper understanding of the markets in Islamic countries, where they have traces of highly efficient performance particularly in crisis periods. A key finding is the empirical evidence of the impact of the ‘stage of market development’ on the efficiency of the market. If Islamic countries aim to improve the efficiency of resource allocation, an important area to address is to focus, among others, on enhancing the stage of market development.

Energy efficiency, market failures, and government policy

International Nuclear Information System (INIS)

Levine, M.D.; Koomey, J.G.; McMahon, J.E.; Sanstad, A.H.; Hirst, E.

1994-03-01

This paper presents a framework for evaluating engineering-economic evidence on the diffusion of energy efficiency improvements. Four examples are evaluated within this framework. The analysis provides evidence of market failures related to energy efficiency. Specific market failures that may impede the adoption of cost-effective energy efficiency are discussed. Two programs that have had a major impact in overcoming these market failures, utility DSM programs and appliance standards, are described

Economic-efficiency considerations in restructuring electric markets

Energy Technology Data Exchange (ETDEWEB)

Hill, L.J.

1996-12-01

In response to the Energy Policy Act of 1992 and the Federal Energy Regulatory Commission`s subsequent rulemaking on transmission access, many states are exploring options to restructure their electric industries. In their deliberations on restructuring, policymakers should consider (1) the reliability of the electric system; (2) income-distribution effects on ratepayers and utilities; (3) social consequences such as effects on energy conservation, renewable energy, and the environment; and (4) economic efficiency. We address economic-efficiency considerations in this study. Economic efficiency is important because it is one of the primary reasons that policymakers should consider restructuring in the first place: improving the electric-industry`s efficiency lowers costs and, hence, electric prices. In this study, we look at the sources of (in)efficiency in existing and proposed electric markets with the objective of guiding policymakers to design efficient electric markets. The advantages of a competitive market are well known: it leads to lower costs for the utility, lower prices for consumers, more product choices, better customer service, and often the need for less regulation by federal and state agencies. In the short run, firms who cannot produce at the market-clearing price are forced to leave the industry, ensuring that customers have the lowest price possible. In the long run, competition promotes innovation and lower costs. The physical and institutional characteristics of the U.S. electric industry, however, could be impediments to attaining efficiently run, competitive markets. Because of these characteristics, there are multiple sources of efficiencies and inefficiencies in existing electric markets, and there will be multiple sources in restructured ones. The objective of policymakers should not be to trade one set of inefficiencies in existing electric markets for another set in restructured markets.

Economic-efficiency considerations in restructuring electric markets

International Nuclear Information System (INIS)

Hill, L.J.

1996-12-01

In response to the Energy Policy Act of 1992 and the Federal Energy Regulatory Commission's subsequent rulemaking on transmission access, many states are exploring options to restructure their electric industries. In their deliberations on restructuring, policymakers should consider (1) the reliability of the electric system; (2) income-distribution effects on ratepayers and utilities; (3) social consequences such as effects on energy conservation, renewable energy, and the environment; and (4) economic efficiency. We address economic-efficiency considerations in this study. Economic efficiency is important because it is one of the primary reasons that policymakers should consider restructuring in the first place: improving the electric-industry's efficiency lowers costs and, hence, electric prices. In this study, we look at the sources of (in)efficiency in existing and proposed electric markets with the objective of guiding policymakers to design efficient electric markets. The advantages of a competitive market are well known: it leads to lower costs for the utility, lower prices for consumers, more product choices, better customer service, and often the need for less regulation by federal and state agencies. In the short run, firms who cannot produce at the market-clearing price are forced to leave the industry, ensuring that customers have the lowest price possible. In the long run, competition promotes innovation and lower costs. The physical and institutional characteristics of the U.S. electric industry, however, could be impediments to attaining efficiently run, competitive markets. Because of these characteristics, there are multiple sources of efficiencies and inefficiencies in existing electric markets, and there will be multiple sources in restructured ones. The objective of policymakers should not be to trade one set of inefficiencies in existing electric markets for another set in restructured markets

TECHNICAL ANALYSIS OF EFFICIENT MARKET HYPOTHESIS IN A FRONTIER MARKET

OpenAIRE

MOBEEN Ur Rehman; WAQAS Bin Khidmat

2013-01-01

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

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

OpenAIRE

OPREAN Camelia; BRATIAN Vasile

2012-01-01

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

Behavioural finance perspectives on Malaysian stock market efficiency

Directory of Open Access Journals (Sweden)

Jasman Tuyon

2016-03-01

Full Text Available This paper provides historical, theoretical, and empirical syntheses in understanding the rationality of investors, stock prices, and stock market efficiency behaviour in the theoretical lenses of behavioural finance paradigm. The inquiry is guided by multidisciplinary behavioural-related theories. The analyses employed a long span of Bursa Malaysia stock market data from 1977 to 2014 along the different phases of economic development and market states. The tests confirmed the presence of asymmetric dynamic behaviour of prices predictability as well as risk and return relationships across different market states, risk states and quantiles data segments. The efficiency tests show trends of an adaptive pattern of weak market efficiency across various economic phases and market states. Collectively, these evidences lend support to bounded-adaptive rational of investors' behaviour, dynamic stock price behaviour, and accordingly forming bounded-adaptive market efficiency.

Energy taxation in a small, open economy: Social efficiency gains versus industrial concerns

International Nuclear Information System (INIS)

Bjertnaes, Geir H.; Faehn, Taran

2008-01-01

Welfare analyses of energy taxes typically show that systems with uniform rates perform better than differentiated systems, especially if revenue can be recycled by cutting taxes that are more distortionary. However, in practical policy, efficiency gains must be traded off against industrial concerns. Presumably, energy-dependent industries of small, open economies will suffer relatively more if taxed. This computable general equilibrium (CGE) study examines the social costs of compensating the energy-intensive export industries in Norway for their profit losses from imposing the same electricity tax on all industries. The costs are surprisingly modest. This is explained by the role of the Nordic electricity market, which is still limited enough to respond to national energy tax reforms. Thus, an electricity price reduction partly neutralizes the direct impact of the tax on profits. In addition, we examine the effects of different compensation schemes and find significantly lower compensation costs when the scheme is designed to release productivity gains. (author)

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

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Mahmoud Shaban

2014-03-01

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

Market efficiency in the European carbon markets

International Nuclear Information System (INIS)

Charles, Amélie; Darné, Olivier; Fouilloux, Jessica

2013-01-01

In this paper, we study the relationship between futures and spot prices in the European carbon markets from the cost-of-carry hypothesis. The aim is to investigate the extent of efficiency market. The three main European markets (BlueNext, EEX and ECX) are analyzed during Phase II, covering the period from March 13, 2009 to January, 17, 2012. Futures contracts are found to be cointegrated with spot prices and interest rates for several maturities in the three CO 2 markets. Results are similar when structural breaks are taken into account. According to individual and joint tests, the cost-of-carry model is rejected for all maturities and CO 2 markets, implying that neither contract is priced according to the cost-of-carry model. The absence of the cost-of-carry relationship can be interpreted as an indicator of market inefficiency and may bring arbitrage opportunities in the CO 2 market. - Highlights: • We study the cost-of-carry hypothesis in the European carbon markets during Phase 2. • We apply cointegration tests with and without structural breaks on several maturities. • We find that futures contracts are cointegrated with spot prices and interest rates. • The cost-of-carry model is rejected for all maturities and carbon markets

Decomposition of potential efficiency gains from hospital mergers in Greece.

Science.gov (United States)

Flokou, Angeliki; Aletras, Vassilis; Niakas, Dimitris

2017-12-01

This paper evaluates the technical efficiency of 71 Greek public hospitals and examines potential efficiency gains from 13 candidate mergers among them. Efficiency assessments are performed using bootstrapped Data Envelopment Analysis (DEA) whilst merger analysis is conducted by applying the Bogetoft and Wang methodology which allows the overall potential merger gains to be decomposed into three main components of inefficiency, namely technical (or learning), scope (or harmony) and scale (or size) effects. Thus, the analysis provides important insights not only on the magnitude of the potential total efficiency gains but also on their sources. The overall analysis is conducted in the context of a complete methodological framework where methods for outlier detection, returns to scale identification, and bias corrections for DEA estimations are also applied. Mergers are analyzed under the assumptions of constant, variable and non-decreasing returns to scale in an input oriented DEA model with three inputs and three outputs. The main finding of the study indicates that almost all mergers show substantial potential room for efficiency improvement, which is mainly attributed to the pre-merger technical inefficiencies of the individual hospitals and therefore it might be possible to be achieved without the need of implementing full-scale mergers. The same -though, at a lower extent- applies to the harmony effect whilst the size effect shows marginal or even negative gains.

Efficient integration of renewable energies in the German electricity market

International Nuclear Information System (INIS)

Nabe, C.A.

2006-01-01

can be found. The indirect integration of renewable energies in the market results in additional transaction costs due to additional load profile transformations. The revision of the German electricity feed-in law of 2004 includes measures to reduce these inefficiencies, but the principle of indirect integration is maintained. Based on the results of the analysis, adaptations of the market structure are proposed: A direct commercialisation of electricity on the market by owners of renewable energy systems as well as a centralisation and integration of short-term coordination tasks in one institution. The main tasks of this organisation include the execution of the day-ahead, intra-day and ancillary service market as well as the network congestion management. Further research is necessary to quantify achievable efficiency gains by the proposed measures as well as the effects on the structure of electricity prices. (orig.)

Time-zero efficiency of European power derivatives markets

International Nuclear Information System (INIS)

Peña, Juan Ignacio; Rodriguez, Rosa

2016-01-01

We study time-zero efficiency of electricity derivatives markets. By time-zero efficiency is meant a sequence of prices of derivatives contracts having the same underlying asset but different times to maturity which implies that prices comply with a set of efficiency conditions that prevent profitable time-zero arbitrage opportunities. We investigate whether statistical tests, based on the law of one price, and trading rules, based on price differentials and no-arbitrage violations, are useful for assessing time-zero efficiency. We apply tests and trading rules to daily data of three European power markets: Germany, France and Spain. In the case of the German market, after considering liquidity availability and transaction costs, results are not inconsistent with time-zero efficiency. However, in the case of the French and Spanish markets, limitations in liquidity and representativeness are challenges that prevent definite conclusions. Liquidity in French and Spanish markets should improve by using pricing and marketing incentives. These incentives should attract more participants into the electricity derivatives exchanges and should encourage them to settle OTC trades in clearinghouses. Publication of statistics on prices, volumes and open interest per type of participant should be promoted. - Highlights: •We test time-zero efficiency of derivatives power markets in Germany, France and Spain. •Prices in Germany, considering liquidity and transaction costs, are time-zero efficient. •In France and Spain, limitations in liquidity and representativeness prevent conclusions. •Liquidity in France and Spain should improve by using pricing and marketing incentives. •Incentives attract participants to exchanges and encourage them to settle OTC trades in clearinghouses.

ECONOMIC AND ACCOUNTING INFORMATION AND STOCK MARKET EFFICIENCY

Directory of Open Access Journals (Sweden)

Simona – Florina SĂLIȘTEANU

2014-05-01

Full Text Available The purpose of this paper is to explore and to analyse the relations between financial accounting information and stock market efficiency. As we know, accounting contributes to the efficiency of the stock market by producing primordial information for the investors. On the other side, an efficient market facilitates the role of accounting by providing a reliable estimate of the value of many assets that needs to be evaluated. This article examines the importance of the financial accounting information for the efficiency of stock market, and also analyses whether and how the structure, the characteristics and publication of the information, impacts the prices and transactions volumes.

Efficiency of European emissions markets: Lessons and implications

International Nuclear Information System (INIS)

Krishnamurti, Chandrasekhar; Hoque, Ariful

2011-01-01

While prior studies have shown that emission rights and futures contracts on emission rights are efficiently priced, there are no studies on the efficiency of the options market. Therefore, this study fills the gap. We examine empirical evidence regarding the efficiency of the options market for emissions rights in Europe. We employ the put-call parity approach to test the efficiency of options on emission rights traded in the European market. This implies that firms can trade options on emission rights in addition to other existing strategies in order to manage their greenhouse gas emissions. - Highlights: → Efficiency of the European options market for emissions. → Design implications for the development of emissions trading schemes in other countries. → Governance issues pertaining to emissions trading.

Considerations about the Informational Efficiency of Financial Markets

OpenAIRE

Oprean Camelia; Bratu Renate

2012-01-01

The paper proposes a critical analysis, based on consistency criteria, regarding the controversed current state of the informational efficiency theory of the capital market (Efficient Market Hypothesis). Nowadays, after several decades of research and thousands of studies, economists have not yet reached a consensus about the existence of efficient financial markets in terms of information. In the problematized approaches regarding the treated subject, one can find the inquiries on the validi...

A Modern Approach to the Efficient-Market Hypothesis

OpenAIRE

Gabriel Frahm

2013-01-01

Market efficiency at least requires the absence of weak arbitrage opportunities, but this is not sufficient to establish a situation where the market is sensitive, i.e., where it "fully reflects" or "rapidly adjusts to" some information flow including the evolution of asset prices. By contrast, No Weak Arbitrage together with market sensitivity is sufficient and necessary for a market to be informationally efficient.

Does Automation Improve Stock Market Efficiency? Evidence from Ghana

OpenAIRE

Mensah, Justice T.; Pomaa-Berko, Maame; Adom, Philip Kofi

2012-01-01

As a burgeoning capital market in an emerging economy, automation of the stock market is regarded as a major step towards integrating the financial market as a conduit for economic growth. The automation of the Ghana Stock Exchange (GSE) in 2008 is expected among other things to improve the efficiency of the market. This paper therefore investigates the impact of the automation on the efficiency of the GSE within the framework of the weak-form Efficient Market Hypothesis (EMH) using daily mar...

Market Efficiency and Real Efficiency: The Connect and Disconnect via Feedback Effects

OpenAIRE

Liyan Yang; Itay Goldstein

2014-01-01

We study a model to explore the (dis)connect between market efficiency and real efficiency when real decision makers learn information from the market to guide their actions. We emphasize two channels that determine whether the two efficiency concepts are aligned. The "externality channel" says that individual learning outcomes may not always map into real efficiency because the presence of externality causes real decision makers to overuse the price information. The "(mis)match channel" emph...

Isobars and the Efficient Market Hypothesis

OpenAIRE

Kristýna Ivanková

2010-01-01

Isobar surfaces, a method for describing the overall shape of multidimensional data, are estimated by nonparametric regression and used to evaluate the efficiency of selected markets based on returns of their stock market indices.

Efficient Market Hypothesis: Some Evidences from Emerging European Forex Markets

OpenAIRE

Anoop S Kumar; Bandi Kamaiah

2014-01-01

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

Mean-Variance Efficiency of the Market Portfolio

OpenAIRE

Rafael Falcão Noda; Roy Martelanc; José Roberto Securato

2014-01-01

The objective of this study is to answer the criticism to the CAPM based on findings that the market portfolio is far from the efficient frontier. We run a numeric optimization model, based on Brazilian stock market data from 2003 to 2012. For each asset, we obtain adjusted returns and standard deviations such that (i) the efficient frontier intersects with the market portfolio and (ii) the distance between the adjusted parameters and the sample parameters is minimized. We conclude that the a...

Determinants of marketing efficiency for sweetpotato in Nasarawa ...

African Journals Online (AJOL)

Determinants of marketing efficiency for sweetpotato in Nasarawa State and ... The study was conducted to assess the determinants of sweet potato marketing efficiency in Nasarawa State and FCT. ... EMAIL FULL TEXT EMAIL FULL TEXT

Herding, minority game, market clearing and efficient markets in a simple spin model framework

Science.gov (United States)

Kristoufek, Ladislav; Vosvrda, Miloslav

2018-01-01

We present a novel approach towards the financial Ising model. Most studies utilize the model to find settings which generate returns closely mimicking the financial stylized facts such as fat tails, volatility clustering and persistence, and others. We tackle the model utility from the other side and look for the combination of parameters which yields return dynamics of the efficient market in the view of the efficient market hypothesis. Working with the Ising model, we are able to present nicely interpretable results as the model is based on only two parameters. Apart from showing the results of our simulation study, we offer a new interpretation of the Ising model parameters via inverse temperature and entropy. We show that in fact market frictions (to a certain level) and herding behavior of the market participants do not go against market efficiency but what is more, they are needed for the markets to be efficient.

Production Efficiency and Market Orientation in Food Crops in North West Ethiopia: Application of Matching Technique for Impact Assessment.

Directory of Open Access Journals (Sweden)

Habtamu Yesigat Ayenew

Full Text Available Agricultural technologies developed by national and international research institutions were not benefiting the rural population of Ethiopia to the extent desired. As a response, integrated agricultural extension approaches are proposed as a key strategy to transform the smallholder farming sector. Improving Productivity and Market Success (IPMS of Ethiopian Farmers project is one of the development projects initiated by integrating productivity enhancement technological schemes with market development model. This paper explores the impact of the project intervention in the smallholder farmers' wellbeing.To test the research hypothesis of whether the project brought a significant change in the input use, marketed surplus, efficiency and income of farm households, we use a cross-section data from 200 smallholder farmers in Northwest Ethiopia, collected through multi-stage sampling procedure. To control for self-selection from observable characteristics of the farm households, we employ Propensity Score Matching (PSM. We finally use Data Envelopment Analysis (DEA techniques to estimate technical efficiency of farm households.The outcome of the research is in line with the premises that the participation of the household in the IPMS project improves purchased input use, marketed surplus, efficiency of farms and the overall gain from farming. The participant households on average employ more purchased agricultural inputs and gain higher gross margin from the production activities as compared to the non-participant households. The non-participant households on average supply less output (measured both in monetary terms and proportion of total produce to the market as compared to their participant counterparts. Except for the technical efficiency of production in potato, project participant households are better-off in production efficiency compared with the non-participant counterparts.We verified the idea that Improving Productivity and Market

THE STEEL EUROPEAN STOCK MARKET EFFICIENCY

Directory of Open Access Journals (Sweden)

Viorica CHIRILA

2015-12-01

Full Text Available Testing the hypothesis of informational efficiency is a permanent preoccupation of researchers because the theories and the models of modern finance are based on it. This paper presents the results obtained after testing the efficiency hypothesis, in the weak form, for the European stock market of the companies that belong to the economic steel sub-sector. Following the use of both linear and non-linear tests of autocorrelation of returns we can conclude that the European stock market in the economic steel sub-sector is inefficient from an informational point of view and the investors in these stocks may obtain better results than those of the European market in general.

Impact of stand diameter and product markets on revenue gains from multiproduct harvesting

Science.gov (United States)

John E. Baumgras; Chris B. LeDoux

1988-01-01

Data from 113 sample thinning plots and a microcomputer program called APTHIN were used to demonstrate the impact of mean stand diameter and product markets on revenue gains from multiproduct versus single-product pulpwood harvests in poletimber and small sawtimber stands of Appalachian hardwoods. The analysis of revenue gains included product mix as a function of the...

EFFICIENCY OF FOREIGN EXCHANGE MARKETS: A DEVELOPING COUNTRY PERSPECTIVE

OpenAIRE

Guneratne Banda Wickremasinghe

2004-01-01

This study tests weak and semi-strong form efficiency of the foreign exchange market in Sri Lanka using six bilateral foreign exchange rates during the recent float. Weak-form efficiency is examined using unit root tests while semi-strong form efficiency is tested using co- integration and Granger causality tests and variance decomposition analysis. Results indicate that the Sri Lankan foreign exchange market is consistent with the weak -form of the Efficient Market Hypothesis. However, the r...

Is there stock market efficiency in Malaysia?

OpenAIRE

Sui Suyin, Crystal

2007-01-01

This study is tests the Malaysian stock exchange, the Kuala Lumpur Stock Exchange (KLSE) for any evidences of efficiency. The approach to carrying out the tests is discussed in careful detail whilst still considering the other aspects of the study. The Efficient Market Hypothesis is explained in detailed as well a discussion on the vast debate concerning the EMH, which includes literature that support and do not support the concept of an efficient market. This debate is situated vitally aroun...

EFFICIENCY OF FOREIGN EXCHANGE MARKETS: A DEVELOPING COUNTRY PERSPECTIVE

Directory of Open Access Journals (Sweden)

Guneratne B Wickremasinghe

2005-01-01

Full Text Available This study tests weak and semi-strong form efficiency of the foreign exchange market in Sri Lanka during the recent float using six bilateral exchange rates. Weak-form efficiency is examined using unit root tests while semi-strong form efficiency is tested using co-integration, Granger causality tests and variance decomposition analysis. Results indicate that the Sri Lankan foreign exchange market is consistent with the weak-form of the efficient market hypothesis (EMH. However, the results provide evidence against the semi-strong version of the EMH. These results have important implications for government policy makers and participants in the foreign exchange market of Sri Lanka.

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.

determinants of marketing efficiency of yam market in umuahia north

African Journals Online (AJOL)

The results show that yam business in the study area is profitable. A ... desired goals through the provision of time, place, ... encouraging specialization, generation of foreign ... products. An efficient market is that in which the marketing costs are sufficient enough to cover ... food production with little or no consideration given.

On the efficiency of sovereign bond markets

Science.gov (United States)

Zunino, Luciano; Fernández Bariviera, Aurelio; Guercio, M. Belén; Martinez, Lisana B.; Rosso, Osvaldo A.

2012-09-01

The existence of memory in financial time series has been extensively studied for several stock markets around the world by means of different approaches. However, fixed income markets, i.e. those where corporate and sovereign bonds are traded, have been much less studied. We believe that, given the relevance of these markets, not only from the investors', but also from the issuers' point of view (government and firms), it is necessary to fill this gap in the literature. In this paper, we study the sovereign market efficiency of thirty bond indices of both developed and emerging countries, using an innovative statistical tool in the financial literature: the complexity-entropy causality plane. This representation space allows us to establish an efficiency ranking of different markets and distinguish different bond market dynamics. We conclude that the classification derived from the complexity-entropy causality plane is consistent with the qualifications assigned by major rating companies to the sovereign instruments. Additionally, we find a correlation between permutation entropy, economic development and market size that could be of interest for policy makers and investors.

A BEHAVIORAL FINANCE PERSPECTIVE OF THE EFFICIENT MARKET HYPOTHESIS

OpenAIRE

Camelia Oprean

2012-01-01

Nowadays, a central theme in the finance and economic theory is market efficiency. After several decades of research, economists have not yet reached a consensus about the existence of efficient financial markets in terms of information. In the problematized approaches regarding the treated subject, one can find the inquiries on the validity of assumptions underlying the informational efficiency theory of the financial market. The emerging discipline of behavioral economics and finance has ch...

Forward reliability markets: Less risk, less market power, more efficiency

International Nuclear Information System (INIS)

Cramton, Peter; Stoft, Steven

2008-01-01

A forward reliability market is presented. The market coordinates new entry through the forward procurement of reliability options - physical capacity bundled with a financial option to supply energy above a strike price. The market assures adequate generating resources and prices capacity from the bids of competitive new entry in an annual auction. Efficient performance incentives are maintained from a load-following obligation to supply energy above the strike price. The capacity payment fully hedges load from high spot prices, and reduces supplier risk as well. Market power is reduced in the spot market, since suppliers enter the spot market with a nearly balanced position in times of scarcity. Market power in the reliability market is addressed by not allowing existing supply to impact the capacity price. The approach, which has been adopted in New England and Colombia, is readily adapted to either a thermal system or a hydro system. (author)

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

OpenAIRE

OPREAN Camelia

2012-01-01

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

Intercultural marketing: Culture and its influence on the efficiency of Facebook marketing communication

Directory of Open Access Journals (Sweden)

Copuš Lukáš

2017-06-01

Full Text Available The paper deals with intercultural marketing, which is a combination of two different phenomena - marketing and culture. The first objective of the paper lies in providing theoretical definitions of the above-mentioned areas. Subsequently, the aim is to analyse marketing communication of the selected automotive companies and determine its efficiency on social media within the context of cultural differences and cultural forms as their manifestations. A considerable amount of literature has been published on intercultural marketing, but only a few studies have concentrated on the connection with modern communication tools – i.e. social media. The data come from a research conducted online focused on Facebook. In total 2606 posts on twenty Facebook profiles of selected automotive companies were analysed. Our findings show that the use of standardization and adaptation is not related to the efficiency of marketing communication of individual Facebook profiles. One of the factors that determine the efficiency is cultural specifics visible by cultural forms which were interpreted for each selected culture. The contribution and the originality of this paper lies in providing theoretical and practical information about cultural differences on social media not only for marketing managers operating in different cultures, but also for researchers interested in intercultural marketing.

Analysis of the Russian Market for Building Energy Efficiency

Energy Technology Data Exchange (ETDEWEB)

Lychuk, Taras; Evans, Meredydd; Halverson, Mark A.; Roshchanka, Volha

2012-12-01

This report provides analysis of the Russian energy efficiency market for the building sector from the perspective of U.S. businesses interested in exporting relevant technologies, products and experience to Russia. We aim to help U.S. energy efficiency and environmental technologies businesses to better understand the Russian building market to plan their market strategy.

Analysis of the efficiency-integration nexus of Japanese stock market

Science.gov (United States)

Rizvi, Syed Aun R.; Arshad, Shaista

2017-03-01

This paper attempts a novel approach in analysing the Japanese economy through a dual-dimension analysis of its stock market, examining the efficiency and market integration. Taking a period of 24 years, this study employs MFDFA and MGARCH to understand how the efficiency and integration of the stock market faired during different business cycle phases of the Japanese economy. The results showed improving efficiency over the time period. For the case of market integration, our findings conform to recent literature on business cycles and stock market integration that every succeeding recession creates a break into integration levels resulting in a decrease.

Structure And Efficiency Of Timber Markets

Science.gov (United States)

Brian C. Murray; Jeffrey P. Prestemon

2003-01-01

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

Testing the Informational Efficiency on the Romanian Financial Market

Directory of Open Access Journals (Sweden)

Bogdan Dima

2006-01-01

Full Text Available The classical models of portfolio selection could not be applied on a market were the efficient market hypothesis is not valid (at least in a "weak" sense. The aim of this paper is to enlighten the difficulties of portfolio construction in a financial market with institutional and structural deficiencies, like the Romanian one, and to propose an alternative approach to the problem. The main features of our analysis are: 1 an empirical test for the efficient market hypothesis in the Romanian financial market case; 2 a critical distinction between the concept of "risk" and the concept of "incertitude"; 3 the use of the individual yield/risk ratio versus the market one as a selection variable; 4 the renouncement at the use in the selection procedure of an "non-risky" asset; 5 an example of the proposed selection procedure. The output of this approach could be resumed by the thesis that, even in a situation when the financial market is affected by severe disfunctions, there is a possibility to build an "optimal" portfolio based on a yield-risk arbitrage inside an efficiency frontier and to obtain a "good" schema of an financial placement, in spite of the limited possibilities for a efficient portfolio management.

Testing the Informational Efficiency on the Romanian Financial Market

Directory of Open Access Journals (Sweden)

Aurora Murgea

2006-03-01

Full Text Available The classical models of portfolio selection could not be applied on a market were the efficient market hypothesis is not valid (at least in a “weak” sense. The aim of this paper is to enlighten the difficulties of portfolio construction in a financial market with institutional and structural deficiencies, like the Romanian one, and to propose an alternative approach to the problem. The main features of our analysis are: 1 an empirical test for the efficient market hypothesis in the Romanian financial market case; 2 a critical distinction between the concept of “risk” and the concept of “incertitude”; 3 the use of the individual yield/risk ratio versus the market one as a selection variable; 4 the renouncement at the use in the selection procedure of an “non-risky” asset; 5 an example of the proposed selection procedure. The output of this approach could be resumed by the thesis that, even in a situation when the financial market is affected by severe disfunctions, there is a possibility to build an “optimal” portfolio based on a yield-risk arbitrage inside an efficiency frontier and to obtain a “good” schema of an financial placement, in spite of the limited possibilities for a efficient portfolio management.

Analysis of the efficiency of the Iberian power futures market

International Nuclear Information System (INIS)

Capitan Herraiz, Alvaro; Rodriguez Monroy, Carlos

2009-01-01

Market efficiency is analysed for the Iberian Power Futures Market and other European Power Markets, as well as other fuel markets through evaluation of ex-post Forward Risk Premium. The equilibrium price from compulsory call auctions for distribution companies within the framework of the Iberian Power Futures Market is not optimal for remuneration purposes as it seems to be slightly upward biased. In the period considered (August 2006-July 2008), monthly futures contracts behave similarly to quarterly contracts. Average risk premia have been positive in power and natural gas markets but negative in oil and coal markets. Different hypotheses are tested regarding increasing volatility with maturity and regarding Forward Risk Premium variations (decreasing with variance of spot prices during delivery period and increasing with skewness of spot prices during delivery period). Enlarged data sets are recommended for stronger test results. Energy markets tend to show limited levels of market efficiency. Regarding the emerging Iberian Power Futures Market, price efficiency is improved with market development of all the coexistent forward contracting mechanisms and with further integration of European Regional Electricity Markets. (author)

The Efficient Market Hypothesis: Is It Applicable to the Foreign Exchange Market?

OpenAIRE

Nguyen, James

2004-01-01

The study analyses the applicability of the efficient market hypothesis to the foreign exchange market by testing the profitability of the filter rule on the spot market. The significance of the returns was validated by comparing them to the returns from randomly generated shuffled series via bootstrap methods. The results were surprising. For the total period (1984-2003) small filter rules could deliver significant returns indicating an inefficient foreign exchange market. However, once the ...

The new natural gas futures market - is it efficient?

International Nuclear Information System (INIS)

Herbert, J.H.

1993-01-01

Aspects of the natural gas futures market are discussed. In particular, the efficiency of the natural gas futures market is evaluated using a regression equation. It is found that the market has behaved more like an inefficient market than an efficient one. A variety of tests are applied to the estimated equation. These tests suggest that the estimated equation provides a good summary of the relationship between spot and futures prices for the time period. In addition, the equation is found to produce accurate forecasts. (Author)

Generalized Hurst exponent approach to efficiency in MENA markets

Science.gov (United States)

Sensoy, A.

2013-10-01

We study the time-varying efficiency of 15 Middle East and North African (MENA) stock markets by generalized Hurst exponent analysis of daily data with a rolling window technique. The study covers a time period of six years from January 2007 to December 2012. The results reveal that all MENA stock markets exhibit different degrees of long-range dependence varying over time and that the Arab Spring has had a negative effect on market efficiency in the region. The least inefficient market is found to be Turkey, followed by Israel, while the most inefficient markets are Iran, Tunisia, and UAE. Turkey and Israel show characteristics of developed financial markets. Reasons and implications are discussed.

Mean-Variance Efficiency of the Market Portfolio

Directory of Open Access Journals (Sweden)

Rafael Falcão Noda

2014-06-01

Full Text Available The objective of this study is to answer the criticism to the CAPM based on findings that the market portfolio is far from the efficient frontier. We run a numeric optimization model, based on Brazilian stock market data from 2003 to 2012. For each asset, we obtain adjusted returns and standard deviations such that (i the efficient frontier intersects with the market portfolio and (ii the distance between the adjusted parameters and the sample parameters is minimized. We conclude that the adjusted parameters are not significantly different from the sample parameters, in line with the results of Levy and Roll (2010 for the USA stock market. Such results suggest that the imprecisions in the implementation of the CAPM stem mostly from parameter estimation errors and that other explanatory factors for returns may have low relevance. Therefore, our results contradict the above-mentioned criticisms to the CAPM in Brazil.

Hurst exponent and prediction based on weak-form efficient market hypothesis of stock markets

Science.gov (United States)

Eom, Cheoljun; Choi, Sunghoon; Oh, Gabjin; Jung, Woo-Sung

2008-07-01

We empirically investigated the relationships between the degree of efficiency and the predictability in financial time-series data. The Hurst exponent was used as the measurement of the degree of efficiency, and the hit rate calculated from the nearest-neighbor prediction method was used for the prediction of the directions of future price changes. We used 60 market indexes of various countries. We empirically discovered that the relationship between the degree of efficiency (the Hurst exponent) and the predictability (the hit rate) is strongly positive. That is, a market index with a higher Hurst exponent tends to have a higher hit rate. These results suggested that the Hurst exponent is useful for predicting future price changes. Furthermore, we also discovered that the Hurst exponent and the hit rate are useful as standards that can distinguish emerging capital markets from mature capital markets.

How did China's foreign exchange reform affect the efficiency of foreign exchange market?

Science.gov (United States)

Ning, Ye; Wang, Yiming; Su, Chi-wei

2017-10-01

This study compares the market efficiency of China's onshore and offshore foreign exchange markets before and after the foreign exchange reform on August 11, 2015. We use the multifractal detrended fluctuation analysis of the onshore and offshore RMB/USD spot exchange rate series as basis. We then find that the onshore foreign exchange market before the reform has the lowest market efficiency, which increased after the reform. The offshore foreign exchange market before the reform has the highest market efficiency, which dropped after the reform. This finding implies the increased efficiency of the onshore foreign exchange market and the loss of efficiency in the offshore foreign exchange market. We also find that the offshore foreign exchange market is more efficient than the onshore market and that the gap shrank after the reform. Changes in intervention of the People's Bank of China since the reform is a possible explanation for the changes in the efficiency of the foreign exchange market.

Nonlinearity and intraday efficiency tests on energy futures markets

International Nuclear Information System (INIS)

Wang, Tao; Yang, Jian

2010-01-01

Using high frequency data, this paper first time comprehensively examines the intraday efficiency of four major energy (crude oil, heating oil, gasoline, natural gas) futures markets. In contrast to earlier studies which focus on in-sample evidence and assume linearity, the paper employs various nonlinear models and several model evaluation criteria to examine market efficiency in an out-of-sample forecasting context. Overall, there is evidence for intraday market inefficiency of two of the four energy future markets (heating oil and natural gas), which exists particularly during the bull market condition but not during the bear market condition. The evidence is also robust against the data-snooping bias and the model overfitting problem, and its economic significance can be very substantial. (author)

Nonlinearity and intraday efficiency tests on energy futures markets

Energy Technology Data Exchange (ETDEWEB)

Wang, Tao [Department of Economics, Queens College and the Graduate Center, The City University of New York, Flushing, NY 11367 (United States); Yang, Jian [The Business School, PO Box 173364, University of Colorado Denver, Denver, CO 80217-3364 (United States)

2010-03-15

Using high frequency data, this paper first time comprehensively examines the intraday efficiency of four major energy (crude oil, heating oil, gasoline, natural gas) futures markets. In contrast to earlier studies which focus on in-sample evidence and assume linearity, the paper employs various nonlinear models and several model evaluation criteria to examine market efficiency in an out-of-sample forecasting context. Overall, there is evidence for intraday market inefficiency of two of the four energy future markets (heating oil and natural gas), which exists particularly during the bull market condition but not during the bear market condition. The evidence is also robust against the data-snooping bias and the model overfitting problem, and its economic significance can be very substantial. (author)

Market efficiency and the favorite-longshot bias

DEFF Research Database (Denmark)

Feddersen, Arne

2017-01-01

Considerable attention has been devoted to the presence of favourite-longshot boas in sports betting markets where favourites are ‘under-bet’ with odds that are superior to those predicted under fully efficient markets. Underdogs are ‘under-bet’ with odds that are even more unfair than those...

Marketing System and Efficiency of Indian Major Carps in India

OpenAIRE

Kumar, B. Ganesh; Datta, K.K.; Reddy, G. Vidya Sagar; Menon, Muktha

2010-01-01

The Kolleru Lake area (KLA) in Andhra Pradesh being a predominant centre for carp culture is known as the ‘Carp Pocket of India’. This paper has described the highly efficient fish marketing system prevalent in the KLA and has compared it with the marketing of Indian Major Carps (IMC) in other major aquaculture states like West Bengal and Orissa and marine states like Maharashtra and Tamil Nadu. The marketing channels, market intermediaries, price spread and marketing efficiency have been...

Efficiency measurement of cashew nut marketing in Enugu State ...

African Journals Online (AJOL)

Efficiency measurement of cashew nut marketing in Enugu State, Nigeria. ... were the multiple regression analysis to measure the profit function of cashew nut marketing inputs, Marketing margin, Lorenz curve, ... AJOL African Journals Online.

Pulse Combustor Driven Pressure Gain Combustion for High Efficiency Gas Turbine Engines

KAUST Repository

Lisanti, Joel

2017-02-01

The gas turbine engine is an essential component of the global energy infrastructure which accounts for a significant portion of the total fossil fuel consumption in transportation and electric power generation sectors. For this reason there is significant interest in further increasing the efficiency and reducing the pollutant emissions of these devices. Conventional approaches to this goal, which include increasing the compression ratio, turbine inlet temperature, and turbine/compressor efficiency, have brought modern gas turbine engines near the limits of what may be achieved with the conventionally applied Brayton cycle. If a significant future step increase in gas turbine efficiency is to be realized some deviation from this convention is necessary. The pressure gain gas turbine concept is a well established new combustion technology that promises to provide a dramatic increase in gas turbine efficiency by replacing the isobaric heat addition process found in conventional technology with an isochoric process. The thermodynamic benefit of even a small increase in stagnation pressure across a gas turbine combustor translates to a significant increase in cycle efficiency. To date there have been a variety of methods proposed for achieving stagnation pressure gains across a gas turbine combustor and these concepts have seen a broad spectrum of levels of success. The following chapter provides an introduction to one of the proposed pressure gain methods that may be most easily realized in a practical application. This approach, known as pulse combustor driven pressure gain combustion, utilizes an acoustically resonant pulse combustor to approximate isochoric heat release and thus produce a rise in stagnation pressure.

IS THERE A RELATIONSHIP BETWEEN COUNTRY CLASSIFICATION AND MARKET EFFICIENCY?: A GLOBAL INVESTIGATION

Directory of Open Access Journals (Sweden)

Berna KIRKULAK ULUDAĞ

2017-01-01

Full Text Available The objective of this paper is to test the Efficient Market Hypothesis (EMH for countries at different economic development levels. The FTSE Country Classification was used to reveal the economic development of 17 developed and 12 emerging markets. The sampling period is between 2005 and 2013. In order to test market efficiency, Portmanteau Q test, the runs test, the single and multiple variance ratio (VR tests were used. The results show that the weak-form market efficiency is becoming prevalent in the Advanced Emerging markets. The striking finding of the paper presents that the market efficiency is associated with the market evolution. As the economies and markets of countries evolve and meet the criteria for promotion to upper country classification, they become weak-form efficient. Further, the findings reveal the facts that the markets which suffer from severe financial and political crises, or belong to low ranked emerging markets are unlikely to be efficient.

Efficiency of crude oil markets: Evidences from informational entropy analysis

International Nuclear Information System (INIS)

Ortiz-Cruz, Alejandro; Rodriguez, Eduardo; Ibarra-Valdez, Carlos; Alvarez-Ramirez, Jose

2012-01-01

The role of crude oil as the main energy source for the global economic activity has motivated the discussion about the dynamics and causes of crude oil price changes. An accurate understanding of the issue should provide important guidelines for the design of optimal policies and government budget planning. Using daily data for WTI over the period January 1986–March 2011, we analyze the evolution of the informational complexity and efficiency for the crude oil market through multiscale entropy analysis. The results indicated that the crude oil market is informationally efficient over the scrutinized period except for two periods that correspond to the early 1990s and late 2000s US recessions. Overall, the results showed that deregulation has improved the operation of the market in the sense of making returns less predictable. On the other hand, there is some evidence that the probability of having a severe US economic recession increases as the informational efficiency decreases, which indicates that returns from crude oil markets are less uncertain during economic downturns. - Highlights: ► Entropy concepts are used to characterize crude oil prices. ► An index of market efficiency is introduced. ► Except for periods of economic recession, the crude oil market is informationally efficient.

US natural gas markets: how efficient are they?

International Nuclear Information System (INIS)

Herbert, J.H.; Kreil, Erik

1996-01-01

In this communication we discuss some key features of the natural gas cash and futures markets for natural gas in the USA. We also summarize some important and interesting problems in these markets. For example, the market does not appear to be informationally efficient throughout the USA. This lack of efficiency has been addressed by the establishment of a second futures contract market. There is also a very active unregulated derivatives market in which options and swaps are bought and sold. Although the market has changed significantly to better respond to changes in market conditions there are still problems in the way that pipeline space is allocated by pipeline companies, who still own the pipe, to those companies that have rights to this space. There are also problems in that prices for gas and transport are not transparent to many buyers and sellers. Moreover, there are also important idiosyncracies and industry practices that impede progress. None the less, the different parts of the industry with different interests and expertise and the regulatory authority continue to work at crafting rules to improve business behaviour and performance. (Author)

New directions for hospital strategic management: the market for efficient care.

Science.gov (United States)

Chilingerian, J A

1992-01-01

An analysis of current trends in the health care industry points to buyers seeking high quality, yet efficient, care as an emerging market segment. To target this market segment, hospitals must be prepared to market the efficient physicians. In the coming years, hospitals that can identify and market their best practicing providers will achieve a competitive advantage.

Analysis of Effectiveness of Modern Information and Communication Technologies on Maize Marketing Efficiency in Selected Markets of Malawi

OpenAIRE

Tione, S. E.; Katengeza, Samson P.; Mangisoni, Julius H.

2013-01-01

Developing countries have been promoting initiatives that aim at reducing information asymmetry among market players especially smallholder farmers. Using co-integration error correction models, the study assessed effectiveness of modern Information and Communication Technologies (ICT) based market interventions in improving maize market efficiency in Malawi. Considering that efficient markets are integrated markets when price difference is only a factor of transaction costs, Threshold Autore...

Market liberalization in the European Natural Gas Market. The importance of capacity constraints and efficiency differences

Energy Technology Data Exchange (ETDEWEB)

Brakman, S. [University of Groningen, Faculty of Economics, Department of International Economics and Business, P.O. Box 800, 9700 AV Groningen (Netherlands); Van Marrewijk, C.; Van Witteloostuijn, A. [Utrecht University, Utrecht School of Economics, Janskerkhof 12, 3512 BL Utrecht (Netherlands)

2009-06-15

In the European Union, energy markets are increasingly being liberalized. A case in point is the European natural gas industry. The general expectation is that more competition will lead to lower prices and higher volumes, and hence higher welfare. This paper indicates that this might not happen for at least two reasons. First, energy markets, including the market for natural gas, are characterized by imperfect competition and increasing costs to develop new energy sources. As a result, new entrants in the market are less efficient than incumbent firms. Second, energy markets, again including the market for natural gas, are associated with capacity constraints. Prices are determined in residual markets where the least efficient firms are active. This is likely to lead to price increases, rather than decreases.

Energy Efficiency, Building Productivity and the Commercial Buildings Market

Energy Technology Data Exchange (ETDEWEB)

Jones, D.W.

2002-05-16

The energy-efficiency gap literature suggests that building buyers are often short-sighted in their failure to apply life-cycle costing principles to energy efficient building technologies, with the result that under investment in these advanced technology occurs. This study examines the reasons this behavior may occur, by analyzing the pressures that market forces place on purchasers of buildings. Our basic conclusion is that the fundamental manner in which the buildings sector does business creates pressures to reduce initial capital outlays and to hedge against a variety of risks, including the ability of building owners to capture benefits from energy efficiency. Starting from the position that building buyers' willingness to pay drives choices over building attributes, we examine basic market principles, the structure of the buildings market, including the role of lenders, and policies that promote penetration of energy efficient technologies. We conclude that greater attention to buyers, and to the incentives and constraints they face, would promote a better understanding of building investment choices and contribute to better policies to promote the penetration of these technologies into markets.

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

OpenAIRE

Kopytin, Mikhail; Kazantsev, Evgeniy

2013-01-01

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

Demonstration Of 3D Effects With High Gain And Efficiency In A UV FEL Oscillator

International Nuclear Information System (INIS)

Benson, Stephen; Biallas, George; Blackburn, Keith; Boyce, James; Bullard, Donald; Coleman, James; Dickover, Cody; Douglas, David; Ellingsworth, Forrest; Evtushenko, Pavel; Hernandez-Garcia, Carlos; Gould, Christopher; Gubeli, Joseph; Hardy, David; Jordan, Kevin; Klopf, John; Kortze, James; Legg, Robert; Marchlik, Matthew; Moore, Steven; Neil, George; Powers, Thomas; Sexton, Daniel; Shinn, Michelle; Tennant, Christopher; Walker, Richard; Watson, Anne; Williams, Gwyn; Wilson, Frederick; Zhang, Shukui

2011-01-01

We report on the performance of a high gain UV FEL oscillator operating on an energy recovery linac at Jefferson Lab. The high brightness of the electron beam leads to both gain and efficiency that cannot be reconciled with a one-dimensional model. Three-dimensional simulations do predict the performance with reasonable precision. Gain in excess of 100% per pass and an efficiency close to 1/2NW, where NW is the number of wiggler periods, is seen. The laser mirror tuning curves currently permit operation in the wavelength range of 438 to 362 nm. Another mirror set allows operation at longer wavelengths in the red with even higher gain and efficiency.

Entry, concentration and market efficiency: A simulation of the PJM energy market

Science.gov (United States)

Harvill, Terry

The rapid and substantial expansion of the PJM energy market during 2004 and 2005 provides a unique opportunity to test the theory of market concentration and its effect on market efficiency. With ten years of operational experience, the PJM energy market is uniquely suited to test the theories of market concentration and efficiency in a natural experiment. This research tests the hypothesis that, for a given number of generating units in the industry, system marginal price will be a decreasing function of the number of owners or generators controlling the units (i.e., the industry concentration ratio). Market simulations are utilized to assess price-cost markups in the PJM energy market during three distinct periods of expansion: (1) pre-Commonwealth Edison integration, (2) pre-American Electric Power (AEP), Dayton Power and Light (DPL), Duquesne Light (Duquesne), and Dominion Virginia Power (Dominion) integration, and (3) post-AFT, DPL. Duquesne, and Dominion Integration. The results of the market simulations for the May 1 to August 31 periods for 2003, 2004, and 2005, indicate that the performance of the market improved with the addition of new market participants in 2004 and 2005. The results of the simulation indicate that the load-weighted Lerner index decreased to -3.70 percent in 2005 from 0.92 percent in 2003. Clearly, the addition of Commonwealth Edison in 2004 significantly increased constraints within the PJM energy market and likely impacted the observed prices in PJM during 2004 due to the lack of a significant link to the other PJM market participants. This deficiency was address in 2005 with the addition of American Electric Power. The market simulations also highlight the prevalence of computed negative markups in the simulation results. Many of the off-peak periods in particular are characterized by negative markups where the expected marginal cost exceeds the observed price. Unit commitment constraints are believed to largely account for these

A MULTINATIONAL COMPANY PROBLEM: INFILTRATING INTO THE CLUSTERS TO GAIN COMPETITIVE EDGE IN THE TRADITIONAL MARKETS

Directory of Open Access Journals (Sweden)

Murat KOC

2014-07-01

Full Text Available This paper is concerned with one of the main challenges of the Multinational Companies which they face in the traditional and thus in local markets. Multinational Companies aims to gain competitive advantage through differentiation in terms of their globalization strategy. However, in the local markets where the organic relationship of firms are more designed in local habits, and markets react with stable consumer behaviors, it gets harder to enter into market and drive a competitive edge. This paper aims to understand the reasons of this challenge, the analysis of resistance of traditional markets, successful sample breaking into local market and the strategy around it.

Measuring the Impact of Road Rehabilitation on Spatial Market Efficiency in Maize Markets in Mozambique

DEFF Research Database (Denmark)

Cirera, Xavier; Arndt, Channing

2008-01-01

to the existing literature in three ways. First, a unique data set, where road rehabilitation episodes between market pairs are identified, is developed. Second, special care is devoted to estimation of transaction costs due to the sensitivity of the PBM model to the quality of transaction costs estimates......This article analyzes the impact of road rehabilitation on the spatial market efficiency of maize markets in Mozambique. We estimate a modified version of the Parity Bounds Model (PBM) that allows us to test the impact of road rehabilitation on spatial efficiency. This article seeks to contribute....... Finally, as opposed to most existing literature that focuses on relatively distant markets, the article focuses on spatially closed markets. We find that maize markets tend to be segmented due to high transport costs. Following road rehabilitation, inefficiency and average absolute price differentials...

Highly efficient multifunctional metasurface for high-gain lens antenna application

Science.gov (United States)

Hou, Haisheng; Wang, Guangming; Li, Haipeng; Guo, Wenlong; Li, Tangjing

2017-07-01

In this paper, a novel multifunctional metasurface combining linear-to-circular polarization conversion and electromagnetic waves focusing has been proposed and applied to design a high-gain lens antenna working at Ku band. The multifunctional metasurface consists of 15 × 15 unit cells. Each unit cell is composed of four identical metallic layers and three intermediate dielectric layers. Due to well optimization, the multifunctional metasurface can convert the linearly polarized waves generated by the source to circularly polarized waves and focus the waves. By placing a patch antenna operating at 15 GHz at the focal point of the metasurface and setting the focal distance to diameter ratio ( F/ D) to 0.34, we obtain a multifunctional lens antenna. Simulated and measured results coincide well, indicating that the metasurface can convert linearly polarized waves to right-handed circularly polarized waves at 15 GHz with excellent performances in terms of the 3 dB axial ratio bandwidth of 5.3%, realized gain of 16.9 dB and aperture efficiency of 41.2%. Because of the advantages of high gain, competitive efficiency and easy fabrication, the proposed lens antenna has a great potential application in wireless and satellite communication.

Empirical evaluation of the efficiency of the Iberian power futures market

Directory of Open Access Journals (Sweden)

Álvaro Capitán Herráiz

2008-12-01

Full Text Available Market efficiency is analysed for the Iberian Power Futures Market and other European Power Markets, as well as other fuel markets through evaluation of ex-post Forward Risk Premium. The equilibrium price from compulsory call auctions for distribution companies within the framework of the Iberian Power Futures Market is not optimal for remuneration purposes as it seems to be slightly upward biased, though such a premium is not significant (only around 2% above the average of Settlement Prices. In the period considered (August 2006 to September 2008, monthly futures contracts behave similarly to quarterly contracts. Average risk premia have been positive in power and natural gas markets but negative in oil and coal markets. Different hypotheses are tested regarding increasing volatility with maturity and regarding Forward Risk Premium correlations (negative with variance of spot prices during delivery period and positive with skewness of spot prices during delivery period. Enlarged data sets are recommended for stronger test results. Energy markets tend to show limited levels of market efficiency. Regarding the emerging Iberian Power Futures Market, price efficiency is improved with market development and with further integration of European Regional Power Markets.

Testing the evolution of crude oil market efficiency: Data have the conn

International Nuclear Information System (INIS)

Zhang, Bing; Li, Xiao-Ming; He, Fei

2014-01-01

Utilising a time-varying GAR (1)-TGARCH (1,1) model with different frequency data, we investigate the weak-form efficiency of major global crude oil spot markets in Europe, the US, the UAE and China for the period from December 2001 to August 2013. Our empirical results with weekly data indicate that all four markets have reached efficiency with few brief inefficient periods during the past decade, whereas the daily crude oil returns series suggest intermittent and inconsistent efficiency. We argue that the weekly Friday series fit the data better than the average series in autocorrelation tests. The evidence suggests that all four markets exhibit asymmetries in return-volatility reactions to different information shocks and that they react more strongly to bad news than to good news. The 2008 financial crisis has significantly affected the efficiency of oil markets. Furthermore, a comovement phenomenon and volatility spillover effects exist among the oil markets. Policy recommendations consistent with our empirical results are proposed, which address three issues: implementing prudential regulations, establishing an Asian pricing centre and improving transparency in crude oil spot markets. - Highlights: • We adopt a time-varying model to test the weak-form efficiency of crude oil markets. • Weekly oil returns series have been extremely efficient during the past decade. • Daily oil returns series have presented intermittent and inconsistent efficiency. • Oil markets react asymmetrically to different information shocks. • Policy recommendations are proposed according to the degree of efficiency

Optimizing Product Attributes to Gain Competitive Advantage in Markets for Hardwood Lumber

Science.gov (United States)

Robert J. Bush; Philip A. Araman

1990-01-01

One of the ways in which wood-based companies can gain competitive advantage is to concentrate on a particular segment of the market for their products. By meeting the needs of this segment better than its competitors, a company can create switching costs, develop customer loyalty, and the increase profit margins. This article describes a study that was conducted that...

Efficient Allocation of Reserve Costs in RTO Markets

Energy Technology Data Exchange (ETDEWEB)

Kirsch, Laurence D.; Morey, Mathew J.

2006-10-15

RTOs' make-whole payments for generation commitment are needed partly because of flaws in the design of reserve markets. Markets might be made more efficient with greater locational differentiation in reserve prices and incorporation of make-whole payments into reserve prices. (author)

Crude oil options market found to be efficient

International Nuclear Information System (INIS)

Anon.

1992-01-01

This paper reports that the U.S. crude oil options market operates efficiently and does not overreact. The authors, with the JFK School of Government, studied the crude oil options market under a Department of Energy grant. The current market was created in November 1986 when the New York Mercantile Exchange introduced an options contract for delivery of West Texas intermediate crude futures. it has grown greatly since then

WEAK EFFICIENCY ON THE STOCK EXCHANGE MARKET: AN EMPIRICAL STUDY ON ISE

Directory of Open Access Journals (Sweden)

SİBEL DUMAN ATAN

2013-06-01

Full Text Available Markets which returns of share certificate are reflected completely whole information, describe as effective. In a weak-form efficiency market, all past price activity were reflected with current price and it isn’t obtaining an above the normal return to use with past price activity in markets. In this paper, we aim to provide the efficiency level of ISE market using fifteen minutes and session frequency data for the 03 January 2003 – 30 December 2005 period. In order to test the efficiency of ISE we use firstly ADF and KPSS unit root tests and secondly ELW fractionally integrated estimator developed by Shimotsu and Philips (2005. According to application we found that ISE is weakly efficient market.

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

Bitcoin Piyasalarının Etkinliği, Likiditesi ve Oynaklığı - Efficiency, Liquidity and Volatility of Bitcoin Markets

Directory of Open Access Journals (Sweden)

Şahnaz KOÇOĞLU

2016-06-01

Full Text Available Bitcoin is a virtual money and a new payment system which is not regulated by a central authority. Bitcoin became popular quickly and gained the ability of affecting the real economy. Being used extensively and seen as an investment tool, Bitcoin created its own market, users and investors. This study aims to shed light on Bitcoin market. To understand what Bitcoin is, the history of Bitcoin was summarized firstly and the Bitcoin system and how the protocol works was explained. Then Efficiency, Liquidity and Volatility of the Bitcoin Markets were analyzed. We concluded that the pricing of Bitcoin is too complicated; and the Bitcoin market is still vulnerable to many risks and speculation.

Analysis of Marketing Channels and Price Effect to Rice Marketing Efficiency in Aceh, Indonesia

OpenAIRE

Yunus, Mukhlis; Syahputra, Hendra

2013-01-01

The objective of this study is to empirically explore the influence of marketing channels and price to rice marketing efficiency in Aceh Province, Indonesia. Six hundreds farmers' households from six districts of rice production base in Aceh were selected for the samples and analysed using the structural equation modelling (SEM). This study has been successfully documented how inefficient was the marketing of rice in Aceh because the farmers still tended to choose higher level of marketing ch...

Efficiency improvement opportunities in TVs: Implications for market transformation programs

International Nuclear Information System (INIS)

Park, Won Young; Phadke, Amol; Shah, Nihar; Letschert, Virginie

2013-01-01

Televisions (TVs) account for a significant portion of residential electricity consumption and global TV shipments are expected to continue to increase. We assess the market trends in the energy efficiency of TVs that are likely to occur without any additional policy intervention and estimate that TV efficiency will likely improve by over 60% by 2015 with savings potential of 45 terawatt-hours [TW h] per year in 2015, compared to today’s technology. We discuss various energy-efficiency improvement options and evaluate the cost effectiveness of three of them. At least one of these options improves efficiency by at least 20% cost effectively beyond ongoing market trends. We provide insights for policies and programs that can be used to accelerate the adoption of efficient technologies to further capture global energy savings potential from TVs which we estimate to be up to 23 TW h per year in 2015. - Highlights: • We analyze the impact of the recent TV market transition on TV energy consumption. • We review TV technology options that could be realized in the near future. • We assess the cost-effectiveness of selected energy-efficiency improvement options. • We estimate global electricity savings potential in selected scenarios. • We discuss possible directions of market transformation programs

Factors Affecting the Efficiency of Maize Marketing in Vandeikya ...

African Journals Online (AJOL)

Factors Affecting the Efficiency of Maize Marketing in Vandeikya Local Government Area of Benue State, Nigeria. ... Two hundred maize marketers were selected from Vandeikya Local Area (LGA) of ... EMAIL FULL TEXT EMAIL FULL TEXT

Marketing the Eco-Efficiency of a Finnish Product in Russia

OpenAIRE

Sattarova, Asiia

2016-01-01

The purpose of this qualitatitive research was to find the way for a Finnish company to market the eco-efficient characteristics as an advantage of their products and bring the message effectively to their consumers in Russia. The core objective was to create a strategic marketing plan; the goal was to work out an efficient strategy, practical marketing steps and effective solutions. The first theory part focused on the comparison of general eco-awareness in Europe and Russia. The part rev...

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

OpenAIRE

Rashid, Abdul; Husain, Fazal

2009-01-01

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

Product market integration, rents and wage inequality

DEFF Research Database (Denmark)

Andersen, Torben M.; Sørensen, Allan

"protection" and "specialization" rents. In particular, wage inequality among similar workers (residual wage inequality) may be U-shaped, at first decreasing and then increasing in the process of product market integration. Consequently, there may be gains in both the efficiency and the equity dimension until......Globalization in the form of product market integration affects labour markets and produces winners and losers. While there are aggregate gains, it is in general ambiguous how inequality is affected. We explore this issue in a Ricardian model and show that it depends on the balance between...

Uncertainty, loss aversion, and markets for energy efficiency

International Nuclear Information System (INIS)

Greene, David L.

2011-01-01

Increasing energy efficiency is critical to mitigating greenhouse gas emissions from fossil-fuel combustion, reducing oil dependence, and achieving a sustainable global energy system. The tendency of markets to neglect apparently cost-effective energy efficiency options has been called the 'efficiency gap' or 'energy paradox.' The market for energy efficiency in new, energy-using durable goods, however, appears to have a bias that leads to undervaluation of future energy savings relative to their expected value. This paper argues that the bias is chiefly produced by the combination of substantial uncertainty about the net value of future fuel savings and the loss aversion of typical consumers. This framework relies on the theory of context-dependent preferences. The uncertainty-loss aversion bias against energy efficiency is quantifiable, making it potentially correctible by policy measures. The welfare economics of such policies remains unresolved. Data on the costs of increased fuel economy of new passenger cars, taken from a National Research Council study, illustrate how an apparently cost-effective increase in energy efficiency would be uninteresting to loss-averse consumers.

Gold, currencies and market efficiency

Czech Academy of Sciences Publication Activity Database

Krištoufek, Ladislav; Vošvrda, Miloslav

2016-01-01

Roč. 449, č. 1 (2016), s. 27-34 ISSN 0378-4371 R&D Projects: GA ČR(CZ) GBP402/12/G097 Institutional support: RVO:67985556 Keywords : Efficient market hypothesis, * Gold * Currencies, * Fractal dimension * Entropy * Long-Term memory Subject RIV: AH - Economics Impact factor: 2.243, year: 2016 http://library.utia.cas.cz/separaty/2016/E/kristoufek-0455876.pdf

Premium Efficiency Motors And Market Penetration Policy

Energy Technology Data Exchange (ETDEWEB)

Benhaddadi, Mohamed; Olivier, Guy

2010-09-15

This paper illustrates the induced enormous energy saving potential, permitted by using high-efficiency motors. Furthermore, the most important barriers to larger high-efficiency motors utilization are identified, and some incentives recommendations are given to overcome identified impediments. The authors consider that there is a strong case to enhance incentives policies for larger market penetration. The US Energy Policy Act and the Canadian Energy Efficient Act have lead to North American leadership on motor efficiency implementation. North America is not on the leading edge for energy saving and conservation. Motor efficiency is an exception that should be at least maintained.

Frontiers of finance: evolution and efficient markets.

Science.gov (United States)

Farmer, J D; Lo, A W

1999-08-31

In this review article, we explore several recent advances in the quantitative modeling of financial markets. We begin with the Efficient Markets Hypothesis and describe how this controversial idea has stimulated a number of new directions of research, some focusing on more elaborate mathematical models that are capable of rationalizing the empirical facts, others taking a completely different tack in rejecting rationality altogether. One of the most promising directions is to view financial markets from a biological perspective and, specifically, within an evolutionary framework in which markets, instruments, institutions, and investors interact and evolve dynamically according to the "law" of economic selection. Under this view, financial agents compete and adapt, but they do not necessarily do so in an optimal fashion. Evolutionary and ecological models of financial markets is truly a new frontier whose exploration has just begun.

Inherent Efficiency, Security Markets, and the Pricing of Investments Strategies

NARCIS (Netherlands)

Zou, L.; Kin, L.

2000-01-01

This paper applies the dichotomous theory of choice by Zou (2000a) tothe analysis of investmentstrategies and security markets. Issues concerning individualoptimality, (approximate) arbitrage,capital market equilibrium, and Pareto efficiency are studied undervarious market conditions. Among the main

Experiential Learning of the Efficient Market Hypothesis: Two Trading Games

Science.gov (United States)

Park, Andreas

2010-01-01

In goods markets, an equilibrium price balances demand and supply. In a financial market, an equilibrium price also aggregates people's information to reveal the true value of a financial security. Although the underlying idea of informationally efficient markets is one of the centerpieces of capital market theory, students often have difficulties…

Efficiency of financial transmission rights markets in centrally coordinated periodic auctions

International Nuclear Information System (INIS)

Adamson, Seabron; Noe, Thomas; Parker, Geoffrey

2010-01-01

Electricity market design in the United States is increasingly dominated by locational marginal pricing (LMP) of energy and transmission. LMP markets are typically coupled with periodic auctions of financial transmission rights (FTRs) to hedge transmission price risks. While LMP designs offer considerable advantages, forward price discovery in these markets requires participants to form efficient expectations on spot congestion price differences. In this paper, we examine trends in the efficiency of one of the early LMP markets, the New York Independent System Operator (NYISO), analyzing a panel data set of over 9000 contracts over a six-year period beginning September 2000. We show that NYISO FTR markets were inefficient in their early years, but that market participants learned to predict forward prices and thus efficiency improved for FTRs not solely within the New York City/Long Island sub-region. FTRs within this sub-region, which has a number of special characteristics, remain relatively inefficient. (author)

Promoting the market and system integration of renewable energies through premium schemes—A case study of the German market premium

International Nuclear Information System (INIS)

Gawel, Erik; Purkus, Alexandra

2013-01-01

With the share of renewable energies within the electricity sector rising, improving their market and system integration is of increasing importance. By offering plant operators a premium on top of the electricity market price, premium schemes represent an option to increase the alignment of renewable electricity production with market signals, and have been implemented by several EU member states. This paper examines the case study of the German market premium scheme adopted in 2012. Building on an evaluation of early experiences, we discuss whether the market premium contributes to the aims of market and/or system integration (effectiveness), and what potential efficiency gains and additional costs of “administering integration” are associated with it (efficiency). While exposing renewables to price risks is not the scheme’s purpose, it has successfully increased participation in direct marketing. However, risks of overcompensating producers for marketing and balancing costs are high, and the benefits of gradually leading plant operators towards the market are questionable. Incentives for demand-oriented production are established, but they seem insufficient particularly in the case of intermittent renewable energy sources. To conclude, we provide an outlook on alternative designs of premium schemes, and discuss whether they seem better suited for addressing the challenges ahead. - Highlights: • Premium schemes are used to align renewable energy sources (RES) with market signals. • We examine the effectiveness and efficiency of the German market premium scheme. • Participation in direct marketing has increased, but so have support costs. • For intermittent RES, incentives for demand-oriented production are insufficient. • Efficiency gains from exposing RES to market risks entail several trade-offs

US stock market efficiency over weekly, monthly, quarterly and yearly time scales

Science.gov (United States)

Rodriguez, E.; Aguilar-Cornejo, M.; Femat, R.; Alvarez-Ramirez, J.

2014-11-01

In financial markets, the weak form of the efficient market hypothesis implies that price returns are serially uncorrelated sequences. In other words, prices should follow a random walk behavior. Recent developments in evolutionary economic theory (Lo, 2004) have tailored the concept of adaptive market hypothesis (AMH) by proposing that market efficiency is not an all-or-none concept, but rather market efficiency is a characteristic that varies continuously over time and across markets. Within the AMH framework, this work considers the Dow Jones Index Average (DJIA) for studying the deviations from the random walk behavior over time. It is found that the market efficiency also varies over different time scales, from weeks to years. The well-known detrended fluctuation analysis was used for the characterization of the serial correlations of the return sequences. The results from the empirical showed that interday and intraday returns are more serially correlated than overnight returns. Also, some insights in the presence of business cycles (e.g., Juglar and Kuznets) are provided in terms of time variations of the scaling exponent.

Sector strength and efficiency on developed and emerging financial markets

Science.gov (United States)

Fiedor, Paweł

2014-11-01

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

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

OpenAIRE

Syed Aun R. Rizvi; Shaista Arshad

2016-01-01

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

Testing market informational efficiency of Constanta port operators

Science.gov (United States)

Roşca, E.; Popa, M.; Ruscă, F.; Burciu, Ş.

2015-11-01

The Romanian capital market is still an emergent one. Following the mass- privatization process and the private investments, three of the most important handling and storage companies acting in Constantza Port (OIL Terminal, Comvex and SOCEP) are listed on Romanian Stock Exchange. The paper investigates their evolution on the market, identifying the expected rate of return and the components of the shares risk (specific and systematic). Also, the price evolution could be analyzed through the informational efficiency which instantly reflects the price relevance. The Jarque-Bera normality test regarding the shares return rate distribution and the Fama test for the informational efficiency are completed for each company. The market price model is taken into consideration for price forecasting, computing the return rate auto-correlations. The results are subject of interpretation considering additional managerial and financial information of the companies’ activity.

Biodiversity gains from efficient use of private sponsorship for flagship species conservation.

Science.gov (United States)

Bennett, Joseph R; Maloney, Richard; Possingham, Hugh P

2015-04-22

To address the global extinction crisis, both efficient use of existing conservation funding and new sources of funding are vital. Private sponsorship of charismatic 'flagship' species conservation represents an important source of new funding, but has been criticized as being inefficient. However, the ancillary benefits of privately sponsored flagship species conservation via actions benefiting other species have not been quantified, nor have the benefits of incorporating such sponsorship into objective prioritization protocols. Here, we use a comprehensive dataset of conservation actions for the 700 most threatened species in New Zealand to examine the potential biodiversity gains from national private flagship species sponsorship programmes. We find that private funding for flagship species can clearly result in additional species and phylogenetic diversity conserved, via conservation actions shared with other species. When private flagship species funding is incorporated into a prioritization protocol to preferentially sponsor shared actions, expected gains can be more than doubled. However, these gains are consistently smaller than expected gains in a hypothetical scenario where private funding could be optimally allocated among all threatened species. We recommend integrating private sponsorship of flagship species into objective prioritization protocols to sponsor efficient actions that maximize biodiversity gains, or wherever possible, encouraging private donations for broader biodiversity goals. © 2015 The Author(s) Published by the Royal Society. All rights reserved.

Efficiency Tests in Foreign Exchange Market

Directory of Open Access Journals (Sweden)

Yi Hsien Lee

2012-01-01

Full Text Available The main purpose of the paper is applying filter rules to examine the efficiency of foreign exchange. This paper uses three strategies of filter rules (buy long, sell short, buy long and sell short strategies to test the performance of the transaction for EUR, JPY, GBP. The findings show that people will obtain more return by taking buy long/ sell short strategies of filter rules without considering transaction cost. However, the transaction of these three foreign exchange rate (EUR, JPY, GBP will be more efficient by considering transaction cost. The results imply the foreign exchange market is efficient for the EUR, JPY and GBP.

Gain-P: A new strategy to increase furrow irrigation efficiency

International Nuclear Information System (INIS)

Schmitz, G.H.; Wohling, T.; Paly, M. D.; Schutze, N.

2007-01-01

The new methodology GAIN-P combines Genetic Algorithms, Artificial Intelligence techniques and rigorous Process modeling for substantially improving irrigation efficiency. The new strategy simultaneously identifies optimal values of both scheduling and irrigation parameters for an entire growing season and can be applied to irrigation systems with adequate or deficit water supply. In this contribution, GAIN-P is applied to furrow irrigation tackling the more difficult subject of the more effective deficit irrigation. A physically -based hydrodynamic irrigation model is iteratively coupled with a 2D subsurface flow model for generating a database containing all realistically feasible scenarios of water application in furrow irrigation. It is used for training a problem-adapted artificial neural network based on self-organized maps, which in turn portrays the inverse solution of the hydrodynamic furrow irrigation model and thus enormously speeds up the overall performance of the complete optimization tool. Global optimization with genetic algorithm finds the schedule with maximum crop yield for the given water volume. The impact of different irrigation schedules on crop yield is calculated by the coupled furrow irrigation model which also simulates soil evaporation, precipitation and root water uptake by the plants over the whole growing seasons, as well as crop growth and yield. First results with the new optimization strategy show that GAIN-P has a high potential to increase irrigation efficiency. (author)

Labour Market Programmes and the Equity-Efficiency Trade-Off

DEFF Research Database (Denmark)

Filges, Trine; Kennes, John; Larsen, Birthe

2011-01-01

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

Electrodynamical Model of Quasi-Efficient Financial Markets

Science.gov (United States)

Ilinski, Kirill N.; Stepanenko, Alexander S.

The modelling of financial markets presents a problem which is both theoretically challenging and practically important. The theoretical aspects concern the issue of market efficiency which may even have political implications [1], whilst the practical side of the problem has clear relevance to portfolio management [2] and derivative pricing [3]. Up till now all market models contain "smart money" traders and "noise" traders whose joint activity constitutes the market [4, 5]. On a short time scale this traditional separation does not seem to be realistic, and is hardly acceptable since all high-frequency market participants are professional traders and cannot be separated into "smart" and "noisy." In this paper we present a "microscopic" model with homogenuous quasi-rational behaviour of traders, aiming to describe short time market behaviour. To construct the model we use an analogy between "screening" in quantum electrodynamics and an equilibration process in a market with temporal mispricing [6, 7]. As a result, we obtain the time-dependent distribution function of the returns which is in quantitative agreement with real market data and obeys the anomalous scaling relations recently reported for both high-frequency exchange rates [8], S&P500 [9] and other stock market indices [10, 11].

The no-arbitrage efficiency test of the OMX Index option market

DEFF Research Database (Denmark)

Hou, Ai Jun; Wiktorsson, Magnus; Zhao, RuiZhi

2012-01-01

In this paper, we test the market efficiency of the OMXS30 Index option market. The market efficiency definition is the absence of arbitrage oppor- tunity in the market. We first check the arbitrage opportunity by examining the boundary conditions and the Put-Call-Parity that must be satisfied...... in the market. Then a variance based efficiency test is performed by establish- ing a risk neutral portfolio and re-balance the initial portfolio in different trading strategies. In order to choose the most appropriate model for option price and hedging strategies, we calibrate several most applied models, i.......e. the BS, Merton, Heston, Bates model and Affine Jump Diffusion models. Our results indicate that the AJD model significantly outperforms other models in the option price forecast and the trading strategies. The bound- ary and the PCP test and the dynamic hedging strategy results evidence...

Technical Efficiency Evaluation of Market Age and Enterprise Size ...

African Journals Online (AJOL)

Technical Efficiency Evaluation of Market Age and Enterprise Size for Broiler Production in Imo State, Nigeria. ... Open Access DOWNLOAD FULL TEXT Subscription ... Key words: Broiler Production, Technical Efficiency and Scale of Operation ...

Certification and brand identity for energy efficiency in competitive energy services markets

Energy Technology Data Exchange (ETDEWEB)

Prindle, W.R.; Wiser, R.

1998-07-01

Resource commitments for energy efficiency from electricity companies are disappearing rapidly as the regulated Integrated Resource Planning and Demand-Side Management paradigms that fostered them give way to competitive power markets in a restructuring electricity industry. While free-market advocates claim that energy efficiency needs will be taken care of by competitive energy service providers, there is no assurance that efficiency will compete effectively with the panoply of other energy-related (and non-energy-related) services that are beginning to appear in early market offerings. This paper reports the results of a feasibility study for a certification and brand identity program for energy efficiency geared to competitive power markets. Funded by the Energy Foundation, this study involved a survey and personal interviews with stakeholders, plus a workshop to further the discussion. Stakeholders include independent power marketers and energy service companies, utility affiliate power marketers and energy service companies, government agencies, trade associations, non-profit organizations, equipment manufacturers, and consultants. The paper summarizes the study's findings on such key issues as: Whether a brand identity concept has a critical mass of interest and support; how qualification and certification could work in such a program; how a brand identity could be positioned in the market; how an efficiency brand identity could co-brand with renewable power branding programs and other green marketing efforts; and the resources and components needed to make such a program work on a national scale.

Price limits and stock market efficiency: Evidence from rolling bicorrelation test statistic

International Nuclear Information System (INIS)

Lim, Kian-Ping; Brooks, Robert D.

2009-01-01

Using the rolling bicorrelation test statistic, the present paper compares the efficiency of stock markets from China, Korea and Taiwan in selected sub-periods with different price limits regimes. The statistical results do not support the claims that restrictive price limits and price limits per se are jeopardizing market efficiency. However, the evidence does not imply that price limits have no effect on the price discovery process but rather suggesting that market efficiency is not merely determined by price limits.

Evaluating Competition in the Loan and Deposit Market using the ...

African Journals Online (AJOL)

kirstam

Key words: Competition, loan and deposit market, Boone indicator approach, Zimbabwe ... Performance measurement is a framework for assessing the effect of government ... resource wastage and to lower the market prices of financial products (Berger & ..... costs are more efficient and gain more market share or profits.

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.

Improving energy efficiency: Strategies for supporting sustained market evolution in developing and transitioning countries

Energy Technology Data Exchange (ETDEWEB)

Meyers, S.

1998-02-01

This report presents a framework for considering market-oriented strategies for improving energy efficiency that recognize the conditions of developing and transitioning countries, and the need to strengthen the effectiveness of market forces in delivering greater energy efficiency. It discusses policies that build markets in general, such as economic and energy pricing reforms that encourage competition and increase incentives for market actors to improve the efficiency of their energy use, and measures that reduce the barriers to energy efficiency in specific markets such that improvement evolves in a dynamic, lasting manner. The report emphasizes how different policies and measures support one another and can create a synergy in which the whole is greater than the sum of the parts. In addressing this topic, it draws on the experience with market transformation energy efficiency programs in the US and other industrialized countries.

Nonparametric Efficiency Testing of Asian Stock Markets Using Weekly Data

OpenAIRE

CORNELIS A. LOS

2004-01-01

The efficiency of speculative markets, as represented by Fama's 1970 fair game model, is tested on weekly price index data of six Asian stock markets - Hong Kong, Indonesia, Malaysia, Singapore, Taiwan and Thailand - using Sherry's (1992) non-parametric methods. These scientific testing methods were originally developed to analyze the information processing efficiency of nervous systems. In particular, the stationarity and independence of the price innovations are tested over ten years, from ...

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

Directory of Open Access Journals (Sweden)

Syed Aun R. Rizvi

2016-03-01

Full Text Available Much research has been undertaken in the Efficient Market Hypothesis (EMH over the preceding two decades. With Asian countries emerging as a global powerhouse in terms of regional economics, the interest in their stock markets has picked up recently. Asian markets traditionally comprised of many emerging markets are generally assumed to be more volatile and speculative in nature. Based on this crux, we focus specifically on the response of these markets efficiency to major crisis. In recent years, the Asian markets have experienced a phenomenal boom in attracting foreign capital inflow, with Singapore evolving into a global financial hub in terms of banking and financial services. Scepticism and cautious nature raises the question of whether these stock markets are efficient enough for further investment and development. Our study is unique in nature, as we focus on the efficiency of these market in response to crisis periods, comparing it with their pre-crisis period, both in shorter term of 1 year as well as longer term of 5 years post and pre crisis period. Taking Malaysia, Indonesia, Singapore and South Korea owing to their economic and financial development, we use MF-DFA to derive efficiency measure for comparative analysis with its own past. The findings put forth a notion of generally a deteriorating and negative impact of the Asian financial crisis, while the sub-prime crisis impact varies based on the economic structure of the economies. The findings concur with the mainstream literature and similar studies for other countries and region.

Analysis of the Chinese Market for Building Energy Efficiency

Energy Technology Data Exchange (ETDEWEB)

Yu, Sha [Pacific Northwest National Lab. (PNNL), Richland, WA (United States); Evans, Meredydd [Pacific Northwest National Lab. (PNNL), Richland, WA (United States); Shi, Qing [Pacific Northwest National Lab. (PNNL), Richland, WA (United States)

2014-03-20

China will account for about half of the new construction globally in the coming decade. Its floorspace doubled from 1996 to 2011, and Chinese rural buildings alone have as much floorspace as all of U.S. residential buildings. Building energy consumption has also grown, increasing by over 40% since 1990. To curb building energy demand, the Chinese government has launched a series of policies and programs. Combined, this growth in buildings and renovations, along with the policies to promote green buildings, are creating a large market for energy efficiency products and services. This report assesses the impact of China’s policies on building energy efficiency and on the market for energy efficiency in the future. The first chapter of this report introduces the trends in China, drawing on both historical analysis, and detailed modeling of the drivers behind changes in floorspace and building energy demand such as economic and population growth, urbanization, policy. The analysis describes the trends by region, building type and energy service. The second chapter discusses China’s policies to promote green buildings. China began developing building energy codes in the 1980s. Over time, the central government has increased the stringency of the code requirements and the extent of enforcement. The codes are mandatory in all new buildings and major renovations in China’s cities, and they have been a driving force behind the expansion of China’s markets for insulation, efficient windows, and other green building materials. China also has several other important policies to encourage efficient buildings, including the Three-Star Rating System (somewhat akin to LEED), financial incentives tied to efficiency, appliance standards, a phasing out of incandescent bulbs and promotion of efficient lighting, and several policies to encourage retrofits in existing buildings. In the third chapter, we take “deep dives” into the trends affecting key building components

Creating markets for efficient technologies by establishment of strategic niche markets

International Nuclear Information System (INIS)

Wene, Clas-Otto; Nilsson, Hans

2003-01-01

Creation of markets for more efficient technologies requires careful targeting of actors that have an interest in driving the process further. Such will both reduce the resources needed and make use of the actors self-interest for development and thus uphold the learning process. This is done by identification of strategic niche markets (SNM) where those suppliers and users, that have the biggest interest and benefit of the change will act. Both the identification and the development is a dynamic process that is better designed and operated by use of a triangulation method introduced by the IEA in its recent work

Measuring efficiency of international crude oil markets: A multifractality approach

Science.gov (United States)

Niere, H. M.

2015-01-01

The three major international crude oil markets are treated as complex systems and their multifractal properties are explored. The study covers daily prices of Brent crude, OPEC reference basket and West Texas Intermediate (WTI) crude from January 2, 2003 to January 2, 2014. A multifractal detrended fluctuation analysis (MFDFA) is employed to extract the generalized Hurst exponents in each of the time series. The generalized Hurst exponent is used to measure the degree of multifractality which in turn is used to quantify the efficiency of the three international crude oil markets. To identify whether the source of multifractality is long-range correlations or broad fat-tail distributions, shuffled data and surrogated data corresponding to each of the time series are generated. Shuffled data are obtained by randomizing the order of the price returns data. This will destroy any long-range correlation of the time series. Surrogated data is produced using the Fourier-Detrended Fluctuation Analysis (F-DFA). This is done by randomizing the phases of the price returns data in Fourier space. This will normalize the distribution of the time series. The study found that for the three crude oil markets, there is a strong dependence of the generalized Hurst exponents with respect to the order of fluctuations. This shows that the daily price time series of the markets under study have signs of multifractality. Using the degree of multifractality as a measure of efficiency, the results show that WTI is the most efficient while OPEC is the least efficient market. This implies that OPEC has the highest likelihood to be manipulated among the three markets. This reflects the fact that Brent and WTI is a very competitive market hence, it has a higher level of complexity compared against OPEC, which has a large monopoly power. Comparing with shuffled data and surrogated data, the findings suggest that for all the three crude oil markets, the multifractality is mainly due to long

An Application on Merton Model in the Non-efficient Market

Science.gov (United States)

Feng, Yanan; Xiao, Qingxian

Merton Model is one of the famous credit risk models. This model presumes that the only source of uncertainty in equity prices is the firm’s net asset value .But the above market condition holds only when the market is efficient which is often been ignored in modern research. Another, the original Merton Model is based on assumptions that in the event of default absolute priority holds, renegotiation is not permitted , liquidation of the firm is costless and in the Merton Model and most of its modified version the default boundary is assumed to be constant which don’t correspond with the reality. So these can influence the level of predictive power of the model. In this paper, we have made some extensions on some of these assumptions underlying the original model. The model is virtually a modification of Merton’s model. In a non-efficient market, we use the stock data to analysis this model. The result shows that the modified model can evaluate the credit risk well in the non-efficient market.

Valuing Residential Energy Efficiency in Two Alaska Real Estate Markets: A Hedonic Approach

Science.gov (United States)

Pride, Dominique J.

Alaska households have high home energy consumption and expenditures. Improving the energy efficiency of the housing stock can reduce home energy consumption, thereby reducing home energy expenditures and CO2 emissions. Improving the energy efficiency of a home may also increase its transaction price if the energy efficiency improvements are capitalized into the value of the home. The relationship between energy efficiency and transaction prices in the Fairbanks and Anchorage, Alaska residential real estate markets is examined. Using a hedonic pricing framework and difference-in-differences analysis, the impact of the Alaska Home Energy Rebate program on the transaction prices of single-family homes in the Fairbanks and Anchorage housing markets from 2008 through 2015 is examined. The results indicate that compared to homes that did not complete the program, homes that completed the program sell for a statistically significant price premium between 15.1% and 15.5% in the Fairbanks market and between 5% and 11% in the Anchorage market. A hedonic pricing framework is used to relate energy efficiency ratings and transaction prices of homes in the Fairbanks and Anchorage residential real estate markets from 2008 through 2015. The results indicate that homes with above-average energy efficiency ratings sell for a statistically significant price premium between 6.9% and 17.5% in the Fairbanks market and between 1.8% and 6.0% in the Anchorage market.

Testing the weak-form efficiency of the WTI crude oil futures market

Science.gov (United States)

Jiang, Zhi-Qiang; Xie, Wen-Jie; Zhou, Wei-Xing

2014-07-01

The weak-form efficiency of energy futures markets has long been studied and empirical evidence suggests controversial conclusions. In this work, nonparametric methods are adopted to estimate the Hurst indexes of the WTI crude oil futures prices (1983-2012) and a strict statistical test in the spirit of bootstrapping is put forward to verify the weak-form market efficiency hypothesis. The results show that the crude oil futures market is efficient when the whole period is considered. When the whole series is divided into three sub-series separated by the outbreaks of the Gulf War and the Iraq War, it is found that the Gulf War reduced the efficiency of the market. If the sample is split into two sub-series based on the signing date of the North American Free Trade Agreement, the market is found to be inefficient in the sub-periods during which the Gulf War broke out. The same analysis on short-time series in moving windows shows that the market is inefficient only when some turbulent events occur, such as the oil price crash in 1985, the Gulf war, and the oil price crash in 2008.

Term Structure Examination of Indonesian Money Market: Some Efficiency Issue

Directory of Open Access Journals (Sweden)

Anggoro Budi Nugroho

2012-01-01

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

Are the global REIT markets efficient by a new approach?

Directory of Open Access Journals (Sweden)

Fang Hao

2013-01-01

Full Text Available This study uses a panel KSS test by Nuri Ucar and Tolga Omay (2009, with a Fourier function based on the sequential panel selection method (SPSM procedure proposed by Georgios Chortareas and George Kapetanios (2009 to test the efficiency of REIT markets in 16 countries from 28 March 2008 to 27 June 2011. A Fourier approximation often captures the behavior of an unknown break, and testing for a unit root increases its power to do so. Moreover, SPSM can determine the mix of I(0 and I(1 series in a panel setting to clarify how many and which are random walk processes. Our empirical results demonstrate that REIT markets are efficient in all sampled countries except the UK. Our results imply that investors in countries with efficient REIT markets can adopt more passive portfolio strategies.

Operational gain : measuring the capture of genetic gain ...

African Journals Online (AJOL)

The concept of operational gain is more than the weighted average of the genetic quality of planted hectares, and encompasses tree breeding efficiencies, propagation efficiencies, matching of species and genotype to site, plant use efficiency and early measures of stand density and growth. To test the operational gain ...

Efficiency in health public services provision and market failure

Directory of Open Access Journals (Sweden)

Carlos Arturo Meza Carvajalino

2006-07-01

Full Text Available This document studies the theoretical foundations, the different controversies regarding the health service and the conceptions adopted from the hypotheses related to the market efficiency in the provision of a public service and the consequent market failures. The author thinks that when the health public service was delegated to the market in Colombia they originated failures in the competition, externalities, preference goods and services, asymmetry and redistribution, among the most relevant ones.

Game Theory Study on Distributors' Alliance to Gain Competitive Advantage in Marketing Channel

Institute of Scientific and Technical Information of China (English)

ZHAO Shi-ying; CHEN Jie; WANG Fang-hua

2005-01-01

Using the Cournot Game Model, this paper has analyzed the motivation of the distributors' alliance to gain competitive advantage in marketing channel. At first, this paper separately analyzed the advantage of alliance in the situation of oneshort game and infinitely repeated game, then, based on the analysis of distributors' betrayal of the alliance under infinitely repeated game, the conditions to maintain the distributors alliance are put forward and discussed.

A golden age or a false dawn? Energy efficiency in UK competitive energy markets

International Nuclear Information System (INIS)

Eyre, N.

1998-01-01

Liberalisation of energy markets may affect the prospects for energy efficiency in a variety of ways. Downward pressure on prices will reduce incentives for efficiency and the end of a supply monopoly makes more difficult mandating demand side management programmes. On the other hand, the removal of price controls could end some regulatory disincentives, and liberalisation enables suppliers to market energy efficiency bundled with energy units. The overall effects of liberalisation for energy efficiency are therefore complex. This paper focuses on the effects of liberalisation on those characteristics of energy markets which underpin long-term energy inefficiency. These barriers to energy efficiency have been shown to arise from fundamental features of traditional utility markets - notably centralisation, commoditization and the complexity of demand side investment. The extent to which these will be altered in liberalised markets in the UK is considered. It is concluded that some important market imperfections are not addressed by competition in the supply of energy commodities. However, more fundamental changes may in the longer term encourage more differentiation in supply markets, in which there could be higher priority for energy efficiency. The policy measures which might encourage the process are discussed. (author)

Does automation improve stock market efficiency in Ghana ...

African Journals Online (AJOL)

The automation of the Ghana Stock Exchange (GSE) in 2008, among other reforms, was expected to improve the efficiency of the market. The extent of this truism has, however, not been empirically established for the GSE. In this study, we attempt to assess the impact of the automation on the efficiency of the GSE within the ...

Swedish market entry strategy utilizing Internet marketing: the utilization of Internet marketing in a cost effective and efficient way to market a virtual world

OpenAIRE

Möller, Per

2010-01-01

The purpose of this thesis is to review published literature both printed and electronic on the subject of Internet marketing. This will aid to provide guidance on how a newly started virtual world company would be able to conduct as cost effective and efficient Internet marketing as possible with focus on entering the Swedish market. The theory part of the thesis will review the most relevant technologies and marketing concepts for the commissioner of this work. The empirical part of the the...

Refrigerator efficiency in Ghana: Tailoring an appliance market transformation program design for Africa

International Nuclear Information System (INIS)

Van Buskirk, Robert; Ben Hagan, Essel; Ofosu Ahenkorah, Alfred; McNeil, Michael A.

2007-01-01

In some cases, a simple replication of developed country appliance efficiency labels and standards may not be completely feasible in Ghana, Africa. Yet by creatively modifying the developed country appliance efficiency market transformation model, it should be possible to achieve dramatic energy use reductions. As was true in developed countries in the previous two decades, refrigeration efficiency improvements provide the greatest energy savings potential in the residential electricity sector in Ghana. Although Ghana, like many African countries may impose standards on imports since Ghana does not have manufacturing facilities for appliances in country. This approach may hurt some consumers who patronize a very diverse market of used appliances imported from Europe. We discuss how meeting the challenges of the Ghanaian market will require modification of the usual energy efficiency labeling and standards paradigm. But once a refrigerator market transformation is accomplished in Ghana, we estimate an average energy savings potential of 550 kWh/refrigerator/year, and a monetary savings of more than $35/refrigerator/year. We discuss how this modified refrigerator efficiency market transformation may occur in the Ghanaian context. If successful, this market transformation is likely to be an example for many other African countries

Market barriers to energy efficiency: A critical reappraisal of the rationale for public policies to promote energy efficiency

Energy Technology Data Exchange (ETDEWEB)

Golove, W.H.; Eto, J.H. [Lawrence Berkeley National Lab., CA (United States). Energy and Environment Div.

1996-03-01

This report reviews current perspectives on market barriers to energy efficiency. Ratepayer-funded utility energy-efficiency programs are likely to change in scope, size, and nature as the deregulation process proceeds; the authors research focuses on understanding to what extent some form of future intervention may be warranted and how they might judge the success of particular interventions, especially those funded by ratepayers. They find that challenges to the existence of market barriers have, for the most part, failed to provide a testable alternative explanation for evidence suggesting that there is a substantial ``efficiency gap`` between a consumer`s actual investments in energy efficiency and those that appear to be in the consumer`s own interest. They then suggest that differences of opinion about the appropriateness of public policies stem not from disputes about whether market barriers exist, but from different perceptions of the magnitude of the barriers, and the efficacy and (possibly unintended) consequences of policies designed to overcome them. They conclude that there are compelling justifications for future energy-efficiency policies. Nevertheless, in order to succeed, they must be based on a sound understanding of the market problems they seek to correct and a realistic assessment of their likely efficacy. This understanding can only emerge from detailed investigations of the current operation of individual markets.

Dynamic Asset Allocation and the Informational Efficiency of Markets.

OpenAIRE

Grossman, Sanford J

1995-01-01

Markets have an allocational role; even in the absence of news about payoffs, prices change to facilitate trade and allocate resources to their best use. Allocational price changes create noise in the signal extraction process, and markets where such trading is important are markets in which we may expect to find a failure of informational efficiency. An important source of allocational trading is the use of dynamic trading strategies caused by the incomplete equitization of risks. Incomplete...

Efficiency of bitter kola marketing in Abia State, Nigeria | Iheke ...

African Journals Online (AJOL)

Efficiency of bitter kola marketing in Abia State, Nigeria. ... The goal of marketing of agricultural products is to ensure that consumers get satisfaction from the entire process of production, as well as ... EMAIL FULL TEXT EMAIL FULL TEXT

Stochastic frontier model approach for measuring stock market efficiency with different distributions.

Science.gov (United States)

Hasan, Md Zobaer; Kamil, Anton Abdulbasah; Mustafa, Adli; Baten, Md Azizul

2012-01-01

The stock market is considered essential for economic growth and expected to contribute to improved productivity. An efficient pricing mechanism of the stock market can be a driving force for channeling savings into profitable investments and thus facilitating optimal allocation of capital. This study investigated the technical efficiency of selected groups of companies of Bangladesh Stock Market that is the Dhaka Stock Exchange (DSE) market, using the stochastic frontier production function approach. For this, the authors considered the Cobb-Douglas Stochastic frontier in which the technical inefficiency effects are defined by a model with two distributional assumptions. Truncated normal and half-normal distributions were used in the model and both time-variant and time-invariant inefficiency effects were estimated. The results reveal that technical efficiency decreased gradually over the reference period and that truncated normal distribution is preferable to half-normal distribution for technical inefficiency effects. The value of technical efficiency was high for the investment group and low for the bank group, as compared with other groups in the DSE market for both distributions in time-varying environment whereas it was high for the investment group but low for the ceramic group as compared with other groups in the DSE market for both distributions in time-invariant situation.

Stochastic frontier model approach for measuring stock market efficiency with different distributions.

Directory of Open Access Journals (Sweden)

Md Zobaer Hasan

Full Text Available The stock market is considered essential for economic growth and expected to contribute to improved productivity. An efficient pricing mechanism of the stock market can be a driving force for channeling savings into profitable investments and thus facilitating optimal allocation of capital. This study investigated the technical efficiency of selected groups of companies of Bangladesh Stock Market that is the Dhaka Stock Exchange (DSE market, using the stochastic frontier production function approach. For this, the authors considered the Cobb-Douglas Stochastic frontier in which the technical inefficiency effects are defined by a model with two distributional assumptions. Truncated normal and half-normal distributions were used in the model and both time-variant and time-invariant inefficiency effects were estimated. The results reveal that technical efficiency decreased gradually over the reference period and that truncated normal distribution is preferable to half-normal distribution for technical inefficiency effects. The value of technical efficiency was high for the investment group and low for the bank group, as compared with other groups in the DSE market for both distributions in time-varying environment whereas it was high for the investment group but low for the ceramic group as compared with other groups in the DSE market for both distributions in time-invariant situation.

The efficiency of the crude oil markets: Evidence from variance ratio tests

Energy Technology Data Exchange (ETDEWEB)

Charles, Amelie, E-mail: acharles@audencia.co [Audencia Nantes, School of Management, 8 route de la Joneliere, 44312 Nantes (France); Darne, Olivier, E-mail: olivier.darne@univ-nantes.f [LEMNA, University of Nantes, IEMN-IAE, Chemin de la Censive du Tertre, 44322 Nantes (France)

2009-11-15

This study examines the random walk hypothesis for the crude oil markets, using daily data over the period 1982-2008. The weak-form efficient market hypothesis for two crude oil markets (UK Brent and US West Texas Intermediate) is tested with non-parametric variance ratio tests developed by [Wright J.H., 2000. Alternative variance-ratio tests using ranks and signs. Journal of Business and Economic Statistics, 18, 1-9] and [Belaire-Franch J. and Contreras D., 2004. Ranks and signs-based multiple variance ratio tests. Working paper, Department of Economic Analysis, University of Valencia] as well as the wild-bootstrap variance ratio tests suggested by [Kim, J.H., 2006. Wild bootstrapping variance ratio tests. Economics Letters, 92, 38-43]. We find that the Brent crude oil market is weak-form efficiency while the WTI crude oil market seems to be inefficiency on the 1994-2008 sub-period, suggesting that the deregulation have not improved the efficiency on the WTI crude oil market in the sense of making returns less predictable.

The efficiency of the crude oil markets. Evidence from variance ratio tests

International Nuclear Information System (INIS)

Charles, Amelie; Darne, Olivier

2009-01-01

This study examines the random walk hypothesis for the crude oil markets, using daily data over the period 1982-2008. The weak-form efficient market hypothesis for two crude oil markets (UK Brent and US West Texas Intermediate) is tested with non-parametric variance ratio tests developed by [Wright J.H., 2000. Alternative variance-ratio tests using ranks and signs. Journal of Business and Economic Statistics, 18, 1-9] and [Belaire-Franch J. and Contreras D., 2004. Ranks and signs-based multiple variance ratio tests. Working paper, Department of Economic Analysis, University of Valencia] as well as the wild-bootstrap variance ratio tests suggested by [Kim, J.H., 2006. Wild bootstrapping variance ratio tests. Economics Letters, 92, 38-43]. We find that the Brent crude oil market is weak-form efficiency while the WTI crude oil market seems to be inefficiency on the 1994-2008 sub-period, suggesting that the deregulation have not improved the efficiency on the WTI crude oil market in the sense of making returns less predictable. (author)

The efficiency of the crude oil markets. Evidence from variance ratio tests

Energy Technology Data Exchange (ETDEWEB)

Charles, Amelie [Audencia Nantes, School of Management, 8 route de la Joneliere, 44312 Nantes (France); Darne, Olivier [LEMNA, University of Nantes, IEMN-IAE, Chemin de la Censive du Tertre, 44322 Nantes (France)

2009-11-15

This study examines the random walk hypothesis for the crude oil markets, using daily data over the period 1982-2008. The weak-form efficient market hypothesis for two crude oil markets (UK Brent and US West Texas Intermediate) is tested with non-parametric variance ratio tests developed by [Wright J.H., 2000. Alternative variance-ratio tests using ranks and signs. Journal of Business and Economic Statistics, 18, 1-9] and [Belaire-Franch J. and Contreras D., 2004. Ranks and signs-based multiple variance ratio tests. Working paper, Department of Economic Analysis, University of Valencia] as well as the wild-bootstrap variance ratio tests suggested by [Kim, J.H., 2006. Wild bootstrapping variance ratio tests. Economics Letters, 92, 38-43]. We find that the Brent crude oil market is weak-form efficiency while the WTI crude oil market seems to be inefficiency on the 1994-2008 sub-period, suggesting that the deregulation have not improved the efficiency on the WTI crude oil market in the sense of making returns less predictable. (author)

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

Directory of Open Access Journals (Sweden)

Normas Awang

2012-07-01

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

Economic innovation and efficiency gains as the driving force for accelerating carbon dioxide emissions

Science.gov (United States)

Garrett, T. J.

2012-12-01

It is normally assumed that gains in energy efficiency are one of the best routes that society has available to it for stabilizing future carbon dioxide emissions. For a given degree of economic productivity less energy is consumed and a smaller quantity of fossil fuels is required. While certainly this observation is true in the instant, it ignores feedbacks in the economic system such that efficiency gains ultimately lead to greater energy consumption: taken as a global whole, they permit civilization to accelerate its expansion into the energy reserves that sustain it. Here this argument is formalized from a general thermodynamic perspective. The core result is that there exists a fixed, time-independent link between a very general representation of global inflation-adjusted economic wealth (units currency) and civilization's total capacity to consume power (units energy per time). Based on 40 years of available statistics covering more than a tripling of global GDP and a doubling of wealth, this constant has a value of 7.1 +/- 0.01 Watts per one thousand 2005 US dollars. Essentially, wealth is power. Civilization grows by dissipating power in order to sustain all its current activities and to incorporate more raw material into its existing structure. Growth of its structure is related to economic production, so more energy efficient economic production facilitates growth. Growth is into the reserves that sustain civilization, in which case there is a positive feedback in the economic system whereby energy efficiency gains ultimately "backfire" if their intended purpose is to reduce energy consumption and carbon dioxide emissions. The analogy that can be made is to a growing child: a healthy child who efficiently incorporates food into her structure grows quickly and is able to consume more in following years. Economically, an argument is made that, for a range of reasons, there are good reasons to refer to efficiency gains as economic "innovation", both for

Technical evidence for assessing the performance of markets affecting energy efficiency

International Nuclear Information System (INIS)

Koomey, J.G.; Sanstad, A.H.

1994-01-01

This paper focuses on the empirical basis for skepticism about the effectiveness of the market mechanism in promoting cost-effective energy efficiency improvements. It presents a framework for evaluating engineering economic evidence on the diffusion of energy-efficiency improvements, and then presents a series of examples within this framework that provide evidence for the existence of market imperfections related to energy efficiency. It concludes with a challenge to economists, policy analysts, and technologists to take this empirical evidence seriously and sponsor further collaborative research in this area. (author)

Mechanisms for efficient investments and optimal zones in regional power market

Directory of Open Access Journals (Sweden)

Andročec Ivan

2014-01-01

Full Text Available The paper is result of research different cross-border electricity trading mechanisms impact. Focus is on investments in generation and transmission power system facilities in regional market. Assumptions include efficient market coupling mechanism (with more bidding zones, use of additional investment indicators (like social welfare and congestion cost and security of supply issues (capacity mechanisms. There is discussion on cost benefits analysis for particular market participants and there is possibility of risk reduction for regional power system expansion. It is shown current state-of-the-art, problems and trends in solving some aspects of market integration and investment issues. In some cases smaller and well defined bidding areas are absolutely essential in order to ensure system security and economic efficiency. There is no single criterion for power system expansion but it is possible to use combination of incentive schemes and possible through one index for cross-border trade. Risk management for cross-border electricity trading through several areas needs to be upgraded with use of financial transmission rights like weighted average area prices, respectively. Regional power system security is closely associated with timely investments in energy supply in line with economic development and environmental needs. Security of supply indicator is deriving an estimation of security of supply improvement from the market based simulation results when a generation or transmission investment project is implemented. All researched makes market integration and investments in Europe more efficient and gives more correct signals to market participants in regional market.

An algorithm for testing the efficient market hypothesis.

Directory of Open Access Journals (Sweden)

Ioana-Andreea Boboc

Full Text Available The objective of this research is to examine the efficiency of EUR/USD market through the application of a trading system. The system uses a genetic algorithm based on technical analysis indicators such as Exponential Moving Average (EMA, Moving Average Convergence Divergence (MACD, Relative Strength Index (RSI and Filter that gives buying and selling recommendations to investors. The algorithm optimizes the strategies by dynamically searching for parameters that improve profitability in the training period. The best sets of rules are then applied on the testing period. The results show inconsistency in finding a set of trading rules that performs well in both periods. Strategies that achieve very good returns in the training period show difficulty in returning positive results in the testing period, this being consistent with the efficient market hypothesis (EMH.

An algorithm for testing the efficient market hypothesis.

Science.gov (United States)

Boboc, Ioana-Andreea; Dinică, Mihai-Cristian

2013-01-01

The objective of this research is to examine the efficiency of EUR/USD market through the application of a trading system. The system uses a genetic algorithm based on technical analysis indicators such as Exponential Moving Average (EMA), Moving Average Convergence Divergence (MACD), Relative Strength Index (RSI) and Filter that gives buying and selling recommendations to investors. The algorithm optimizes the strategies by dynamically searching for parameters that improve profitability in the training period. The best sets of rules are then applied on the testing period. The results show inconsistency in finding a set of trading rules that performs well in both periods. Strategies that achieve very good returns in the training period show difficulty in returning positive results in the testing period, this being consistent with the efficient market hypothesis (EMH).

The relation between energy efficiency and general objectives

International Nuclear Information System (INIS)

Holmberg, John; Naessen, Jonas; Sprei, Frances

2006-09-01

Three overall objectives for energy efficiency programs are discussed: Reduction of negative externalities, esp. climatic change; Phase-out of nuclear power while limiting electricity imports; and creating welfare gains by correcting market failures of energy efficiency programs (rebound effects)

Models for electricity market efficiency and bidding strategy analysis

Science.gov (United States)

Niu, Hui

This dissertation studies models for the analysis of market efficiency and bidding behaviors of market participants in electricity markets. Simulation models are developed to estimate how transmission and operational constraints affect the competitive benchmark and market prices based on submitted bids. This research contributes to the literature in three aspects. First, transmission and operational constraints, which have been neglected in most empirical literature, are considered in the competitive benchmark estimation model. Second, the effects of operational and transmission constraints on market prices are estimated through two models based on the submitted bids of market participants. Third, these models are applied to analyze the efficiency of the Electric Reliability Council Of Texas (ERCOT) real-time energy market by simulating its operations for the time period from January 2002 to April 2003. The characteristics and available information for the ERCOT market are considered. In electricity markets, electric firms compete through both spot market bidding and bilateral contract trading. A linear asymmetric supply function equilibrium (SFE) model with transmission constraints is proposed in this dissertation to analyze the bidding strategies with forward contracts. The research contributes to the literature in several aspects. First, we combine forward contracts, transmission constraints, and multi-period strategy (an obligation for firms to bid consistently over an extended time horizon such as a day or an hour) into the linear asymmetric supply function equilibrium framework. As an ex-ante model, it can provide qualitative insights into firms' behaviors. Second, the bidding strategies related to Transmission Congestion Rights (TCRs) are discussed by interpreting TCRs as linear combination of forwards. Third, the model is a general one in the sense that there is no limitation on the number of firms and scale of the transmission network, which can have

Analysis of Effectiveness of Modern Information and Communication Technologies on Maize Marketing Efficiency in Lilongwe and Dedza Districts and Selected Markets of Malawi

OpenAIRE

Tione, Sarah Ephridah

2011-01-01

Government of Malawi has been promoting initiatives like Malawi Agriculture Commodity Exchange (MACE) that aim at reducing information asymmetry among market players especially smallholder farmers. Using co-integration error correction models, the study assessed effectiveness of modern ICT based market interventions on improving maize marketing efficiency in Malawi. Considering that efficient markets are integrated markets when price difference is only a factor of transaction costs, TAR model...

Regression Tests and the Efficiency of Fixed Odds Betting Markets

NARCIS (Netherlands)

Koning, Ruud H.

The informational content of odds posted in sports betting market has been an ongoing topic of research. In this paper, I test whether fixed odds betting markets in soccer are informationally efficient. The contributions of the paper are threefold: first, I propose a simple yet flexible statistical

The Warsaw Stock Exchange: A Test of Market Efficiency

OpenAIRE

Barry Gordon; Libby Rittenberg

1995-01-01

This paper analyzes the behavior of the Warsaw Stock Exchange in light of the efficient market hypothesis (EMH) and alternative models of market inefficiency. Following a brief history of the Warsaw Stock Exchange and a discussion of EMH and the Shiller (1991) critique, the Polish stock market is examined in terms of the extent to which the assumptions of EMH are met and in terms of the actual behavior of stock prices for the period of 1 June 1993 to 27 July 1994. The analysis suggests that E...

THE EFFICIENT MARKET HYPOTHESIS REVISITED: EVIDENCE FROM THE FIVE SMALL OPEN ASEAN STOCK MARKETS

OpenAIRE

QAISER MUNIR; KOK SOOK CHING; FUMITAKA FUROUKA; KASIM MANSUR

2012-01-01

The efficient market hypothesis (EMH), which suggests that returns of a stock market are unpredictable from historical price changes, is satisfied when stock prices are characterized by a random walk (unit root) process. A finding of unit root implies that stock returns cannot be predicted. This paper investigates the stock prices behavior of five ASEAN (Association of Southeast Asian Nations) countries i.e., Indonesia, Malaysia, Philippines, Singapore and Thailand, for the period from 1990:1...

Efficiently Inefficient Markets for Assets and Assets Management

DEFF Research Database (Denmark)

Garleanu, Nicolae; Heje Pedersen, Lasse

We consider a model where investors can invest directly or search for an asset manager, information about assets is costly, and managers charge an endogenous fee. The efficiency of asset prices is linked to the efficiency of the asset management market: if investors can find managers more easily......, more money is allocated to active management, fees are lower, and asset prices are more efficient. Informed managers outperform after fees, uninformed managers underperform after fees, and the net performance of the average manager depends on the number of "noise allocators." Finally, we show why large...

The Efficiency of the Chinese Commodity Futures Markets: Development and Empirical Evidence

Institute of Scientific and Technical Information of China (English)

Yu Xin; Gongmeng Chen; Michael Firth

2006-01-01

This study investigates the efficiency of the Chinese metal futures (i.e. copper and aluminum) traded on China's Shanghai Futures Exchange. First, we thoroughly analyze the development of China's commodity futures markets, which provides a fundamental background. Then we examine the random walk and unbiasedness hypotheses for two metal futures during 1999-2004. Based on the empirical evidence, we argue that China's copper and aluminum futures markets are efficient, and that they aid the process of price discovery because futures prices can be considered as unbiased predictors of future spot prices. We attribute this efficiency to the regulatory changes made in 1999 and the increased financial skills and acumen of the participants in the market.

Does Adoption of Management Standards Deliver Efficiency Gain in Firms’ Pursuit of Sustainability Performance? An Empirical Investigation of Chinese Manufacturing Firms

Directory of Open Access Journals (Sweden)

Xiaoling Wang

2016-07-01

Full Text Available Building on longitudinal data from 73 Chinese manufacturing firms during 2009–2012, we assess whether and how firms gain higher efficiency in achieving their sustainability goals by adopting management practice standards (ISO 9001, ISO 14001, and/or OHSAS 18001. We propose four pathways for firms to gain sustainability efficiency in their certification journey: participation, qualitative integration, quantitative expansion, and temporal accumulation. Our results confirm that firms certifying management standards gain higher efficiency in pursuing their sustainability goals than firms without these standards. We also find some support for increased efficiency effect in firms with diverse management systems over firms with only a single certificate in 2011. Finally, our results highlight the experiential and temporal accumulation effect of such efficiency gains, that is, firms with prior certification experience or having a longer certification history demonstrate higher efficiency gains in pursuing their sustainability goals.

A multifractal detrended fluctuation analysis of financial market efficiency: Comparison using Dow Jones sector ETF indices

Science.gov (United States)

Tiwari, Aviral Kumar; Albulescu, Claudiu Tiberiu; Yoon, Seong-Min

2017-10-01

This study challenges the efficient market hypothesis, relying on the Dow Jones sector Exchange-Traded Fund (ETF) indices. For this purpose, we use the generalized Hurst exponent and multifractal detrended fluctuation analysis (MF-DFA) methods, using daily data over the timespan from 2000 to 2015. We compare the sector ETF indices in terms of market efficiency between short- and long-run horizons, small and large fluctuations, and before and after the global financial crisis (GFC). Our findings can be summarized as follows. First, there is clear evidence that the sector ETF markets are multifractal in nature. We also find a crossover in the multifractality of sector ETF market dynamics. Second, the utilities and consumer goods sector ETF markets are more efficient compared with the financial and telecommunications sector ETF markets, in terms of price prediction. Third, there are noteworthy discrepancies in terms of market efficiency, between the short- and long-term horizons. Fourth, the ETF market efficiency is considerably diminished after the global financial crisis.

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

Directory of Open Access Journals (Sweden)

Oktay TAŞ

2010-06-01

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

Price convergence and information efficiency in German natural gas markets

International Nuclear Information System (INIS)

Growitsch, Christian; Stronzik, Marcus; Nepal, Rabindra

2012-01-01

In 2007, Germany changed network access regulation in the natural gas sector and introduced a so-called entry-exit system. The re-regulation's spot market effects remain to be examined. We use cointegration analysis and a state space model with time-varying coefficients to study the development of natural gas spot prices in the two major trading hubs in Germany and the interlinked Dutch spot market. To analyse information efficiency in more detail, the state space model is extended to an error correction model. Overall, our results suggest a reasonable degree of price convergence between the corresponding hubs. However, allowing for time-variant adjustment processes, the remaining price differentials are only partly explained by transportation costs, indicating capacity constraints. Nonetheless, market efficiency in terms of information processing has increased considerably among Germany and The Netherlands.

Semi-strong informational efficiency in the Polish foreign exchange market

OpenAIRE

Luksz Goczek

2015-01-01

During the financial crisis a notion that the Polish exchange rate is not determined effectively was very dominant, because of a contagion effect of the global financial crisis on the Polish economy. In addition, many foreign exchange market analysts explained developments in the Polish exchange market trough a hypothesis that the Polish zloty exchange rate follows other exchange rates. This contradicts market efficiency as this would lead to profitable arbitrage possibility based on past inf...

Efficient integration of renewable energies in the German electricity market; Effiziente Integration erneuerbarer Energien in den deutschen Elektrizitaetsmarkt

Energy Technology Data Exchange (ETDEWEB)

Nabe, C.A.

2006-07-01

can be found. The indirect integration of renewable energies in the market results in additional transaction costs due to additional load profile transformations. The revision of the German electricity feed-in law of 2004 includes measures to reduce these inefficiencies, but the principle of indirect integration is maintained. Based on the results of the analysis, adaptations of the market structure are proposed: A direct commercialisation of electricity on the market by owners of renewable energy systems as well as a centralisation and integration of short-term coordination tasks in one institution. The main tasks of this organisation include the execution of the day-ahead, intra-day and ancillary service market as well as the network congestion management. Further research is necessary to quantify achievable efficiency gains by the proposed measures as well as the effects on the structure of electricity prices. (orig.)

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.

Rekonsiliasi Perseteruan antara Efficient Market Hypothesis dan Behavioral Finance melalui Perspektif Neuroeconomics

Directory of Open Access Journals (Sweden)

Satia Nur Maharani

2014-08-01

Full Text Available Behavioral finance evaluation on Efficient Market Hypothesis causes debates among scientists supporting both theories. This article describes a comprehensive debate between rational behavior perspective on the Efficient Market Hypothesis with irrational behavior on behavioral finance, and how neuroeconomics shed some light on these two perspectives. This article gives a wider range of colors to represent investors behavior that is very complex, and encourage the growth of new generations of related theory of capital markets through interdisciplinary collaboration. Findings indicated that neuroeconomics perspective identified economic behavior through psychological functions.

The price of energy efficiency in the Spanish housing market

International Nuclear Information System (INIS)

Ayala, Amaia de; Galarraga, Ibon; Spadaro, Joseph V.

2016-01-01

The housing sector is a substantial consumer of energy, and therefore a focus for energy savings efforts. The Energy Performance of Buildings Directive (EPBD), introduced in 2002 and revised in 2010, is a key instrument to increase the energy performance of buildings across the European Union. Following the implementation of the EPBD into Spanish law, all properties offered for sale or rented out in Spain are required to have an Energy Performance Certificate (EPC). Given that the implementation of the EPC scheme for new, existing and advertised properties is still very low in Spain, unlike other European housing markets, the Spanish one lacks market data on energy efficiency (EE) labels and their impact on housing price. To overcome this gap, we determine the EE ratings of a sample of 1507 homes across Spain on the basis of information collected previously through household surveys. This allowed us to answer the question of whether or not, and to what extent, Spanish housing markets capitalise the value of EE. We apply the hedonic-price technique and observe that more energy efficient dwellings have a price-premium between 5.4% and 9.8% compared to those with the same characteristics but lower EE level. - Highlights: •The Spanish housing market lacks data on energy efficiency (EE) labels. •We determine the EE ratings of a sample of 1507 homes across Spain. •Homes labelled A, B and C account for less than 10% of the housing stock. •Energy efficient dwellings have a price-premium between 5.4% and 9.8%, ceteris paribus.

Transport Modeling Analysis to Test the Efficiency of Fish Markets in Oman

Directory of Open Access Journals (Sweden)

Khamis S. Al-Abri

2009-01-01

Full Text Available Oman’s fish exports have shown an increasing trend while supplies to the domestic market have declined, despite increased domestic demand caused by population growth and income. This study hypothesized that declining fish supplies to domestic markets were due to inefficiency of the transport function of the fish marketing system in Oman. The hypothesis was tested by comparing the observed prices of several fish species at several markets with optimal prices. The optimal prices were estimated by the dual of a fish transport cost- minimizing linear programming model. Primary data on market prices and transportation costs and quantities transported were gathered through a survey of a sample of fish transporters. The quantity demanded at market sites was estimated using secondary data. The analysis indicated that the differences between the observed prices and the estimated optimal prices were not significantly different showing that the transport function of fish markets in Oman is efficient. This implies that the increasing trend of fish exports vis-à-vis the decreasing trend of supplies to domestic markets is rational and will continue. This may not be considered to be equitable but it is efficient and may have long-term implications for national food security and have an adverse impact on the nutritional and health status of the rural poor population. Policy makers may have to recognize the trade off between the efficiency and equity implications of the fish markets in Oman and make policy decisions accordingly in order to ensure national food security.

Testing the Weak-Form Market Efficiency of the Euronext Wheat

Directory of Open Access Journals (Sweden)

Mihai Cristian Dinică

2015-03-01

Full Text Available Using a trading system based on various simple moving average crossings, the paper examines the weak-form market efficiency of the wheat traded at the Euronext exchange. After optimizing over the sample period, the best strategy is selected and then applied over the out-of-sample period. The profitability of this strategy is then compared with the simple buy and hold strategy. The methodology is then repeated for different sub-samples in order to check the results’ robustness. The results show that the weak-form market efficiency hypothesis cannot be rejected for the wheat case.

Differences in regulation and efficiency on the electricity market. A preliminary study in the Market Design program

International Nuclear Information System (INIS)

Bergendahl, Goeran; Lindblom, Ted; Olsson, Sven-Olof; Sandoff, Anders

2001-05-01

This paper reports the outcome of a pilot study focusing on corporate governance and mechanism design issues concerning the electricity industry. With respect to the on-going deregulation, enlargement and internationalisation of electricity markets, especial emphasis is put on exploring the importance of the regulatory environment for accomplishing overall market efficiency. Throughout this preliminary study a central assumption has been that the actors on electricity markets are trying to maximise profits under conditions of uncertainty and asymmetric information. This means that transaction costs should be taken into consideration when studying and analysing the efficiency of electricity markets. Accordingly, the theoretical framework of this paper is resting largely on information theories, like 'Transaction Cost Economics', 'Agency Theory', 'Public Choice and Regulation' and 'Information Economics'. The pilot study consists of three parts. The first part is focusing on the development of a relevant theoretical framework. This part is demonstrating important pricing principles and regulatory incentives for accomplishing an efficient electricity market and, thus, a fair competition between electricity actors, i.e. power companies and other traders of electricity. In such a market design we have distinguished three cornerstones: 1. Marginal cost based electricity pricing, both for energy and capacity. 2. Long-range planning of production and transmission expansions. 3. Transparent transmission pricing and open access to all regional and local transmission grids. The following areas are examples of theoretical research issues that are of a particular interest in practice: The production and transmission of electricity is characterised by considerable economies of scale. The financing of new production and transmission capacity is, however, hard to manage with internal funding when electricity prices are based on marginal costs. What methods or (pricing) strategies

A scoping study on energy-efficiency market transformation by California Utility DSM Programs

Energy Technology Data Exchange (ETDEWEB)

Eto, J.; Prahl, R.; Schlegel, J.

1996-07-01

Market transformation has emerged as a central policy objective for future publicly-funded energy-efficiency programs in California. California Public Utilities Commission (CPUC) Decision 95-12-063 calls for public funding to shift to activities designed to transform the energy-efficiency market. The CPUC envisions that funding {open_quotes}would only be needed for specific and limited periods of time to cause the market to be transformed{close_quotes}. At the same time, the CPUC also acknowledges that {open_quotes}there are many definitions of market transformation{close_quotes} ... and does {open_quotes}not attempt to refine those definitions today{close_quotes}. We argue that a definition of market transformation is essential. The literature is now replete with definitions, and an operational definition is needed for the CPUC to decide on which programs should be supported with public funds. The CPUC decision initially indicated a preference for programs that do not provide financial assistance 4-efficiency programs that rely on financial assistance to customers. However, energy customers have traditionally accounted for a substantial portion of California utility`s DSM programs, so the CPUC`s direction to use ratepayer funds to support programs that will transform the market raises critical questions about how to analyze what has happened in order to plan effectively for the future: Which utility energy-efficiency programs, including those that provide financial assistance to customers, have had market transforming effects? To what extent do current regulatory rules and practices encourage or discourage utilities from running programs that are designed to transform the market? Should the rules and programs be modified, and, if so, how, to promote market transformation?

TESTING THE EFFICIENT MARKET HYPOTHESIS ON THE ROMANIAN CAPITAL MARKET

OpenAIRE

Daniel Stefan ARMEANU; Sorin-Iulian CIOACA

2014-01-01

The Efficient Market Hypothesis (EMH) is one of the leading financial concepts that dominated the economic research over the last 50 years, being one of the pillars of the modern economic science. This theory, developed by Eugene Fama in the `70s, was a landmark in the development of theoretical concepts and models trying to explain the price evolution of financial assets (considering the common assumptions of the main developed theories) and also for the development of some branches in the f...

Testing efficiency and unbiasedness in the oil market

International Nuclear Information System (INIS)

Moosa, I.A.; Al-Loughani, N.

1994-03-01

This paper presents some empirical evidence on speculative efficiency or unbiasedness in the crude oil futures market and some related issues. On the basis of monthly observations on spot and futures prices of the WTI crude oil, several tests are carried out on the relevant hypotheses. The evidence suggests that futures prices are neither unbiased nor efficient forecasters of spot prices. Furthermore, a GARCH-M(1,1) model reveals the existence of a time-varying risk premium. (author)

Testing the Efficiency of the Foreign Exchange Spot Market in Iran

OpenAIRE

Borhan-Azad, Lida

2006-01-01

This dissertation aimed at testing the efficiency of the foreign exchange market of Iran in the weak and semi-strong form using data on the black market spot exchange rates between Iranian currency (i.e., Rial) and four major foreign currencies including US Dollar, German Mark/Euro, UK Pound and Japanese Yen. The weak form efficiency is examined by unit root tests including Augmented Dickey-Fuller (1979, 1981) (ADF) test and Phillips-Perron (1988) (PP) test. The results of these tests are con...

Testing the financial market informational efficiency in emerging states

OpenAIRE

Camelia Oprean

2012-01-01

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

Essays on the efficient integration of renewable energies into electricity markets

Energy Technology Data Exchange (ETDEWEB)

Obermueller, Frank

2018-01-09

The dissertation ''Essay on the Efficient Integration of Renewable Energies into Electricity Markets'' consists of five research articles which shed light on the efficient integration of renewable energies into electricity markets. A major share of renewable energies has characteristics which differ from classical conventional generation technologies. The uncertain weather-dependent characteristics in combination with almost-zero marginal generation costs raise new challenges to some parts of the electricity system. On the other side, the promotion of renewable energies seems promising to achieve the Energy Transition targets and reduce Germany's CO{sub 2}-emissions. This becomes relevant in the light of the 2015 UN Climate Change Conference which negotiated the Paris Agreement to tackle climate change, e.g. by the restriction of global warming to a maximum of 2 C, and translate to CO{sub 2}-reduction efforts, especially for the carbon-dioxide intense electricity sectors. The five research papers focusing on different aspects and potential inefficiencies of the renewable energy market integration. The focus can roughly be separated into temporal and regional efficiency examinations. The temporal efficiency is subject to paper 1, paper 2 and paper 3. The regional efficiency is subject to paper 5 which is based on the preliminary findings and the generated dataset in paper 4.

Essays on the efficient integration of renewable energies into electricity markets

International Nuclear Information System (INIS)

Obermueller, Frank

2018-01-01

The dissertation ''Essay on the Efficient Integration of Renewable Energies into Electricity Markets'' consists of five research articles which shed light on the efficient integration of renewable energies into electricity markets. A major share of renewable energies has characteristics which differ from classical conventional generation technologies. The uncertain weather-dependent characteristics in combination with almost-zero marginal generation costs raise new challenges to some parts of the electricity system. On the other side, the promotion of renewable energies seems promising to achieve the Energy Transition targets and reduce Germany's CO 2 -emissions. This becomes relevant in the light of the 2015 UN Climate Change Conference which negotiated the Paris Agreement to tackle climate change, e.g. by the restriction of global warming to a maximum of 2 C, and translate to CO 2 -reduction efforts, especially for the carbon-dioxide intense electricity sectors. The five research papers focusing on different aspects and potential inefficiencies of the renewable energy market integration. The focus can roughly be separated into temporal and regional efficiency examinations. The temporal efficiency is subject to paper 1, paper 2 and paper 3. The regional efficiency is subject to paper 5 which is based on the preliminary findings and the generated dataset in paper 4.

Global financial crisis and weak-form efficiency of Islamic sectoral stock markets: An MF-DFA analysis

Science.gov (United States)

Mensi, Walid; Tiwari, Aviral Kumar; Yoon, Seong-Min

2017-04-01

This paper estimates the weak-form efficiency of Islamic stock markets using 10 sectoral stock indices (basic materials, consumer services, consumer goods, energy, financials, health care, industrials, technology, telecommunication, and utilities). The results based on the multifractal detrended fluctuation analysis (MF-DFA) approach show time-varying efficiency for the sectoral stock markets. Moreover, we find that they tend to show high efficiency in the long term but moderate efficiency in the short term, and that these markets become less efficient after the onset of the global financial crisis. These results have several significant implications in terms of asset allocation for investors dealing with Islamic markets.

Crude oil market efficiency and modeling. Insights from the multiscaling autocorrelation pattern

International Nuclear Information System (INIS)

Alvarez-Ramirez, Jose; Alvarez, Jesus; Solis, Ricardo

2010-01-01

Empirical research on market inefficiencies focuses on the detection of autocorrelations in price time series. In the case of crude oil markets, statistical support is claimed for weak efficiency over a wide range of time-scales. However, the results are still controversial since theoretical arguments point to deviations from efficiency as prices tend to revert towards an equilibrium path. This paper studies the efficiency of crude oil markets by using lagged detrended fluctuation analysis (DFA) to detect delay effects in price autocorrelations quantified in terms of a multiscaling Hurst exponent (i.e., autocorrelations are dependent of the time scale). Results based on spot price data for the period 1986-2009 indicate important deviations from efficiency associated to lagged autocorrelations, so imposing the random walk for crude oil prices has pronounced costs for forecasting. Evidences in favor of price reversion to a continuously evolving mean underscores the importance of adequately incorporating delay effects and multiscaling behavior in the modeling of crude oil price dynamics. (author)

Crude oil market efficiency and modeling. Insights from the multiscaling autocorrelation pattern

Energy Technology Data Exchange (ETDEWEB)

Alvarez-Ramirez, Jose [Departamento de Ingenieria de Procesos e Hidraulica, Universidad Autonoma Metropolitana-Iztapalapa, Apartado Postal 55-534, Mexico D.F., 09340 (Mexico); Departamento de Economia, Universidad Autonoma Metropolitana-Iztapalapa, Apartado Postal 55-534, Mexico D.F., 09340 (Mexico); Alvarez, Jesus [Departamento de Ingenieria de Procesos e Hidraulica, Universidad Autonoma Metropolitana-Iztapalapa, Apartado Postal 55-534, Mexico D.F., 09340 (Mexico); Solis, Ricardo [Departamento de Economia, Universidad Autonoma Metropolitana-Iztapalapa, Apartado Postal 55-534, Mexico D.F., 09340 (Mexico)

2010-09-15

Empirical research on market inefficiencies focuses on the detection of autocorrelations in price time series. In the case of crude oil markets, statistical support is claimed for weak efficiency over a wide range of time-scales. However, the results are still controversial since theoretical arguments point to deviations from efficiency as prices tend to revert towards an equilibrium path. This paper studies the efficiency of crude oil markets by using lagged detrended fluctuation analysis (DFA) to detect delay effects in price autocorrelations quantified in terms of a multiscaling Hurst exponent (i.e., autocorrelations are dependent of the time scale). Results based on spot price data for the period 1986-2009 indicate important deviations from efficiency associated to lagged autocorrelations, so imposing the random walk for crude oil prices has pronounced costs for forecasting. Evidences in favor of price reversion to a continuously evolving mean underscores the importance of adequately incorporating delay effects and multiscaling behavior in the modeling of crude oil price dynamics. (author)

Methodology for predicting market transformation due to implementation of energy efficiency standards and labels

International Nuclear Information System (INIS)

Mahlia, T.M.I.

2004-01-01

There are many papers that have been published on energy efficiency standards and labels. However, a very limited number of articles on the subject have discussed the transformation of appliance energy efficiency in the market after the programs are implemented. This paper is an attempt to investigate the market transformation due to implementation of minimum energy efficiency standards and energy labels. Even though the paper only investigates room air conditioners as a case study, the method is also applicable for predicting market transformation for other household electrical appliances

Fractal stock markets: International evidence of dynamical (in)efficiency

Science.gov (United States)

Bianchi, Sergio; Frezza, Massimiliano

2017-07-01

The last systemic financial crisis has reawakened the debate on the efficient nature of financial markets, traditionally described as semimartingales. The standard approaches to endow the general notion of efficiency of an empirical content turned out to be somewhat inconclusive and misleading. We propose a topological-based approach to quantify the informational efficiency of a financial time series. The idea is to measure the efficiency by means of the pointwise regularity of a (stochastic) function, given that the signature of a martingale is that its pointwise regularity equals 1/2 . We provide estimates for real financial time series and investigate their (in)efficient behavior by comparing three main stock indexes.

75 FR 27341 - Increasing Market and Planning Efficiency Through Improved Software; Notice of Technical...

Science.gov (United States)

2010-05-14

..., ramp rates, and network topology), flexible dispatch, settlement calculations, transmission switching... Market and Planning Efficiency Through Improved Software; Notice of Technical Conference To Discuss Increasing Market and Planning Efficiency Through Improved Software May 7, 2010. Take notice that Commission...

Efficient pricing and investment in electricity markets with intermittent resources

International Nuclear Information System (INIS)

Chao, Hung-po

2011-01-01

Facing growing technological and environmental challenges, the electricity industry needs effective pricing mechanism to promote efficient risk management and investment decisions. In a restructured electricity market with competitive wholesale prices and traditionally regulated retail rates, however, there are technical and institutional barriers that prevent dynamic pricing with price responsive demand. In regions with limited energy storage capacity, intermittent renewable resources present special challenges. This could adversely affect the effectiveness of public policies causing inefficient investments in energy technologies. In this paper, we present an updated economic model of pricing and investment in restructured electricity market and use the model in a simulation study for an initial assessment of renewable energy strategy and alternative pricing mechanisms. A key objective of the study is to shed light on the policy issues so that effective decisions can be made to improve efficiency. - Highlights: → Renewable resources present special challenges in regions with limited energy storage capacity. → This paper presents an updated economic model of pricing and investment in restructured electricity market. → A simulation study assesses renewable energy strategy and alternative pricing mechanisms. → The study results inform policy decisions to improve efficient investments in energy technologies.

More efficiency due to the liberalization of the market for electricity

International Nuclear Information System (INIS)

Huisman, R.; Huurman, C.I.

2004-01-01

The market for electricity in the Netherlands has become more efficient due to the liberalization. This can be deducted from the fact that prices at the so-called imbalance market have risen. Producers of electricity are stimulated to better estimate the demand for electricity [nl

Labour Market Programmes and the Equity-Efficiency Trade-off

DEFF Research Database (Denmark)

Filges, Trine; Kennes, John; Larsen, Birthe

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

Labour Market Programmes and the Equity-Efficiency Trade-off

DEFF Research Database (Denmark)

Kennes, John; Larsen, Birthe; Tranæs, Torben

2005-01-01

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

The efficiency and equity of marketable permits for CO2 emissions

International Nuclear Information System (INIS)

Rose, A.; Stevens, B.

1993-01-01

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

E-Based Market Intelligence. A management information system for the market for energy-efficient buildings; E-Based Market Intelligence. Ein Managementinformationssystem zum Markt fuer energieeffizientes Bauen

Energy Technology Data Exchange (ETDEWEB)

Kaiser, Iris

2012-11-01

The dynamics of market trends is ever-increasing; in consequence, it is getting increasingly difficult to recognize market structures and forecast trends in the markets. Misinterpretations will often lead to wrong strategic decisions, and business chances will be lost if market potentials are not recognized. The publication uses the example of the market for energy-efficient buildings to show how market intellegence, i.e. relevant knowledge about markets, can be developed with free data obtained in the internet and used intelligently.

Market Returns and Weak-Form Efficiency: the case of the Ghana Stock Exchange

OpenAIRE

Frimpong, Joseph Magnus; Oteng-Abayie, Eric Fosu

2007-01-01

This paper examines the weak-form efficient market hypothesis (EMH) in the case of the Ghana Stock Exchange (GSE) an emerging market. Daily returns from the Databank Stock Index (DSI) over a 5-year period 1999-2004 were used for the exercise. Random walk (RW) and GARCH(1,1) models are used as the basis for our analysis. The GSE DSI returns series exhibit volatility clustering, an indication of inefficiency on the GSE. The weak-form efficient market (random walk) hypothesis was rejected for t...

Testing market efficiency of crude palm oil futures to European participants

OpenAIRE

Liu, Xing

2009-01-01

Palm oil is the most consumed and traded vegetable oils in the EU and the world. Increasing non-food uses for vegetable oils in especially feedstock of biofuels in recent years have caused the price volatility to rise in both EU and global market. The most efficient pricing of crude palm oil (CPO) is to found on Bursa Malaysia (BMD), and it provides by far the world’s most liquid palm oil contract. The goal of this study is to investigate CPO futures market efficiency of BMD for the European ...

Public sector leadership: Transforming the market for efficient products and services

Energy Technology Data Exchange (ETDEWEB)

Harris, Jeffrey [Lawrence Berkeley National Laboratory, CA (United States); Aebischer, Bernard [Swiss Federal Inst. of Technology, Zurich (Switzerland); Glickman, Joan [Federal Energy Management Program, Washington, DC (United States); Magnin, Gerard [Energie-Cites, Besancon (France); Meier, Alan [International Energy Agency, Paris (France); Viegand, Jan [Jan Viegand Analysis and Information, Copenhagen (Denmark)

2005-07-01

The public sector represents a significant share of all economic activity (15-25%) in Europe's industrial and transition economies. Government agencies, often the largest energy users and the biggest buyers of energy-using equipment, have significant potential to reduce energy use in their facilities and operations, while also saving taxpayer dollars and avoiding emissions of air pollutants and greenhouse gases. Public sector leadership can be the first step toward market transformation, as government creates entry markets and sets an example for other sectors to adopt efficient technologies and practices. While public sector energy efficiency has not been highlighted in EU or IEA policy compilations, many government agencies from the national to the municipal level have acted to reduce their own energy use, stimulate market demand, and provide an example to others through intergovernmental networking. Several EU projects have addressed the use of government buying power to help commercialize new technologies and to increase the market share of efficient appliances. However, additional steps are needed in order to establish public sector energy efficiency as a core element of energy and climate change policy in Europe. Based on a selected review of public sector energy efficiency activities in the EU we define five program categories: Policies and targets (energy/cost savings; pollution/CO{sub 2} reductions; measurement and verification; tracking and reporting); Public buildings (energy-saving retrofit and operation of existing facilities, as well as sustainability in new construction); Energy-efficient government procurement; Efficiency and renewable energy use in public infrastructure (transit, roads, water, and other public services); Information, training, incentives, and recognition of leadership by agencies and individuals; We discuss examples of program success, lessons learned, and future initiatives to strengthen these activities through increased

Public sector leadership: Transforming the market for efficient products and services

International Nuclear Information System (INIS)

Harris, Jeffrey; Aebischer, Bernard; Glickman, Joan; Magnin, Gerard; Meier, Alan; Viegand, Jan

2005-01-01

The public sector represents a significant share of all economic activity (15-25%) in Europe's industrial and transition economies. Government agencies, often the largest energy users and the biggest buyers of energy-using equipment, have significant potential to reduce energy use in their facilities and operations, while also saving taxpayer dollars and avoiding emissions of air pollutants and greenhouse gases. Public sector leadership can be the first step toward market transformation, as government creates entry markets and sets an example for other sectors to adopt efficient technologies and practices. While public sector energy efficiency has not been highlighted in EU or IEA policy compilations, many government agencies from the national to the municipal level have acted to reduce their own energy use, stimulate market demand, and provide an example to others through intergovernmental networking. Several EU projects have addressed the use of government buying power to help commercialize new technologies and to increase the market share of efficient appliances. However, additional steps are needed in order to establish public sector energy efficiency as a core element of energy and climate change policy in Europe. Based on a selected review of public sector energy efficiency activities in the EU we define five program categories: Policies and targets (energy/cost savings; pollution/CO 2 reductions; measurement and verification; tracking and reporting); Public buildings (energy-saving retrofit and operation of existing facilities, as well as sustainability in new construction); Energy-efficient government procurement; Efficiency and renewable energy use in public infrastructure (transit, roads, water, and other public services); Information, training, incentives, and recognition of leadership by agencies and individuals; We discuss examples of program success, lessons learned, and future initiatives to strengthen these activities through increased recognition

A Case Study in Market Transformation for Residential Energy Efficiency Programs

Energy Technology Data Exchange (ETDEWEB)

Building Technologies Office

2017-09-01

This case study describes how the Midwest Energy Efficiency Alliance (MEEA) partnered with gas and electric utilities in Iowa to establish the Iowa residential heating, ventilation, and air conditioning System Adjustment and Verified Efficiency (HVAC SAVE) program, taking it to scale improving the performance and energy efficiency of HVAC systems, growing businesses, and gaining consumer trust.

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.

Market Efficiency of Oil Spot and Futures: A Stochastic Dominance Approach

NARCIS (Netherlands)

H.H. Lean (Hooi Hooi); M.J. McAleer (Michael); W.-K. Wong (Wing-Keung)

2010-01-01

textabstractThis paper examines the market efficiency of oil spot and futures prices by using a stochastic dominance (SD) approach. As there is no evidence of an SD relationship between oil spot and futures, we conclude that there is no arbitrage opportunity between these two markets, and that both

Coupled effects of market impact and asymmetric sensitivity in financial markets

Science.gov (United States)

Zhong, Li-Xin; Xu, Wen-Juan; Ren, Fei; Shi, Yong-Dong

2013-05-01

By incorporating market impact and asymmetric sensitivity into the evolutionary minority game, we study the coevolutionary dynamics of stock prices and investment strategies in financial markets. Both the stock price movement and the investors’ global behavior are found to be closely related to the phase region they fall into. Within the region where the market impact is small, investors’ asymmetric response to gains and losses leads to the occurrence of herd behavior, when all the investors are prone to behave similarly in an extreme way and large price fluctuations occur. A linear relation between the standard deviation of stock price changes and the mean value of strategies is found. With full market impact, the investors tend to self-segregate into opposing groups and the introduction of asymmetric sensitivity leads to the disappearance of dominant strategies. Compared with the situations in the stock market with little market impact, the stock price fluctuations are suppressed and an efficient market occurs. Theoretical analyses indicate that the mechanism of phase transition from clustering to self-segregation in the present model is similar to that in the majority-minority game and the occurrence and disappearance of efficient markets are related to the competition between the trend-following and the trend-aversion forces. The clustering of the strategies in the present model results from the majority-wins effect and the wealth-driven mechanism makes the market become predictable.

77 FR 19280 - Increasing Market and Planning Efficiency Through Improved Software; Notice of Technical...

Science.gov (United States)

2012-03-30

... concerns that current system data quality might not allow for an AC optimal power flow model to be properly... Market and Planning Efficiency Through Improved Software; Notice of Technical Conference: Increasing Real-Time and Day- Ahead Market Efficiency Through Improved Software Take notice that Commission staff will...

PRODUCT EFFICIENCY IN THE SPANISH AUTOMOBILE MARKET

Directory of Open Access Journals (Sweden)

González, Eduardo

2013-01-01

Full Text Available This paper evaluates product efficiency in the Spanish automobile market. We use non parametric frontier techniques in order to estimate product efficiency scores for each model. These scores reflect the minimum price for which each car could be sold, given the bundle of tangible features it offers in comparison to the best-buy models. Unlike previous research, we use discounted prices which have been adjusted by car dealerships to meet sale targets. Therefore, we interpret the efficiency scores as indicators of the value of the intangible features of the brand. The results show that Audi, Volvo, Volkswagen and Mercedes offer the greatest intangible value, since they are heavily overpriced in terms of price/product ratios. Conversely, Seat, Kia, Renault and Dacia are the brands that can be taken as referent in terms of price/product ratios.

DETERMINANTS OF MARKETING EFFICIENCY FOR PACKAGED WATER IN IMO STATE, NIGERIA: MAXIMIZING FIRMS ASSETS TO IMPROVE CONSUMER WELFARE

Directory of Open Access Journals (Sweden)

Ogbonnaya Ukeh OTEH

2014-10-01

Full Text Available Competition is necessary for enhanced customer welfare and efficiency. This study focused on marketing efficiency of packaged water in Imo state Nigeria. It specifically examined the socio-economic profile of the respondents; levels of marketing efficiency of packaged water and its determinants. The study employed purposive and multistage sampling technique in the selection of location and respondents respectively from whom information were elicited. Analytically, descriptive statistics, schematic diagram and OLS multiple regression models were used. Results showed that the respondents were predominantly married male adults, with average household size of 7 persons. They were fairly educated and experienced in the business. The study further revealed that age, education, household size and income were the major determinants of marketing efficiency of packaged water marketing in the area. The result also showed that net income, marketing cost, and marketing margin were higher in urban area, which implies that marketer in semi-urban areas were operating below optimum efficiency levels. This study therefore suggested the need to incorporate integrated logistics management and marketing strategies as a measure to reduce unnecessary marketing costs; capacity enhancement programmes for marketers and improvement in infrastructural development as a means of addressing marketing efficiency and customer welfare.

Energy-efficient appliance labeling in China: Lessons for successful labeling programs in varied markets

Energy Technology Data Exchange (ETDEWEB)

Lin, Jiang; Townend, Jeanne; Fridley, David; McNeil, Gary; Silva, Tony; Clark, Robin

2002-08-20

Appliance ownership and production has increased dramatically in China in the past two decades. From extremely low levels in 1980, China's appliance industry has become one of the largest in the world, with sales topping U.S. $14.4 billion in 2000. In 1981, less than 1 percent of urban Chinese households owned a refrigerator; by 1998, that number had increased to over 75 percent. This dramatic increase in sales and ownership leads to an excellent opportunity to impact energy consumption in China by affecting the energy efficiency of appliances being bought and sold. In general, Chinese consumers value energy efficiency and are knowledgeable about the operating costs of major appliances. However, the Chinese marketplace does not provide information that consumers trust about the energy consumption of specific products. Thus, several interdependent organizations have emerged in China to provide information and market supports for energy efficiency. This paper describes the appliance market in China and the evolution of its standards and labeling programs and the agencies that implement them. It discusses the authors' work with these organizations in developing energy efficiency criteria and supporting an energy efficiency endorsement labeling program in China. It describes how the authors have used their experience with ENERGY STAR{reg_sign} and other programs in the U.S. to work with China to develop a successful program specific to Chinese conditions, with a particular emphasis on refrigerators. It then gives the author's market assessment of the Chinese refrigerator market and recommendations for a successful labeling program and transferable lessons for developing energy efficiency labeling programs in varied markets. This paper is based on the authors' market research, their support in setting energy efficiency criteria in China, interviews with Chinese manufacturers, retailers, and sales staff, and the development and implementation of

Energy prices, multiple structural breaks, and efficient market hypothesis

Energy Technology Data Exchange (ETDEWEB)

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

2009-04-15

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

Energy prices, multiple structural breaks, and efficient market hypothesis

International Nuclear Information System (INIS)

Lee, Chien-Chiang; Lee, Jun-De

2009-01-01

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

Promotion and communication through e-mail marketing campaigns

Directory of Open Access Journals (Sweden)

Raluca Dania TODOR

2017-07-01

Full Text Available The main purpose of this article is to try to emphasize the e-mail marketing campaigns importance and efficiency and the way they increase the interaction between a company and potential customers and to increase their interest in a company’s products and services and finally trigger the buying decision. Also the present paper’s aim is to exemplify how business can gain benefits by using marketing automation tools like e-mail marketing campaigns which is considered nowadays a form of direct marketing which is less expensive than the traditional direct marketing alternatives.

On the economic analysis of problems in energy efficiency: Market barriers, market failures, and policy implications

International Nuclear Information System (INIS)

Sanstad, A.H.; Koomey, J.G.; Levine, M.D.

1993-01-01

In his recent paper in The Energy Journal, Ronald Sutherland argues that several so-called ''market barriers'' to energy efficiency frequently cited in the literature are not market failures in the conventional sense and are thus irrelevant for energy policy. We argue that Sutherland has inadequately analyzed the idea of market barrier and misrepresented the policy implications of microeconomics. We find that economic theory, correctly interpreted, does not provide for the categorical dismissal of market barriers. We explore important methodological issues underlying the debate over market barriers, and discuss the importance of reconciling the findings of non-economic social sciences with the economic analysis of energy demand and consumer decision-making. We also scrutinize Sutherland's attempt to apply finance theory to rationalize high implicit discount rates observed in energy-related choices, and find this use of finance theory to be inappropriate

On the economic analysis of problems in energy efficiency: Market barriers, market failures, and policy implications

Energy Technology Data Exchange (ETDEWEB)

Sanstad, A.H.; Koomey, J.G.; Levine, M.D.

1993-01-01

In his recent paper in The Energy Journal, Ronald Sutherland argues that several so-called ``market barriers`` to energy efficiency frequently cited in the literature are not market failures in the conventional sense and are thus irrelevant for energy policy. We argue that Sutherland has inadequately analyzed the idea of market barrier and misrepresented the policy implications of microeconomics. We find that economic theory, correctly interpreted, does not provide for the categorical dismissal of market barriers. We explore important methodological issues underlying the debate over market barriers, and discuss the importance of reconciling the findings of non-economic social sciences with the economic analysis of energy demand and consumer decision-making. We also scrutinize Sutherland`s attempt to apply finance theory to rationalize high implicit discount rates observed in energy-related choices, and find this use of finance theory to be inappropriate.

The benefits of integrating European electricity markets

International Nuclear Information System (INIS)

Newbery, David; Strbac, Goran; Viehoff, Ivan

2016-01-01

The European Commission's Target Electricity Model (TEM) aims to integrate EU electricity markets. This paper estimates the potential benefit of coupling interconnectors to increase the efficiency of trading day-ahead, intra-day and balancing services across borders. Further gains are possible by eliminating unscheduled flows and avoiding the curtailment of renewables with better market design. In the short run the gains could be as high as €3.9 billion/yr, more than 100% of the current gains from trade. About one-quarter of this total comes from day-ahead coupling and another third from shared balancing. If shared balancing is so valuable, completing the TEM becomes more urgent, and regulators should ensure these gains are paid to interconnectors to make the needed investment in the cross-border links more commercially profitable. - Highlights: •The benefits from day-ahead market coupling are €1 bn/yr. •Intra-day and balancing benefits add a further €1.3 bn/yr. •Total benefits including removing unscheduled flows could be €3.4 bn/yr. •Sharing balancing and reserves is high priority. •Rewarding interconnectors for all services reduces barriers to expansion.

EVALUATION OF SPORTS MARKETING EFFICIENCY IN ARAB COUNTRIES

Directory of Open Access Journals (Sweden)

GEBRIL MOHAMED R.

2012-01-01

Full Text Available Abstract:Purposes of this Study are evaluating the efficiency of sports marketing in the organizations of some Arab countries through the following sub-goals:1-Identify the philosophy of sports organizations towards sports marketing.2- Identify the extent and existence of an organizational unit to perform specialized functions for sports marketing activity.3- Determine the extent of the use effective marketing methods in sporting organizations in order to get the material and technical support required to implement the plans and programs.Research sample consisted of officials, members of boards of directors, and managers of sports bodies' in some Arab countries (Egypt, United Arab Emirates, Bahrain, and Qatar. Two hundred forty Seven board members from Egypt (N 101, United Arab Emirates (N 76, Bahrain (N 40, and Qatar (N30 were involved in the investigation. The Subjects were administered a Questionnaire developed by the researchers.The most important results are Research sample differed (clubs -sporting associations - the Olympic Committee Arab countries (Egypt - Emirates - Bahrain - Qatar in philosophy toward sport marketing. Sample search (clubs -sporting associations - the Olympic Committee Arab countries (Egypt - Emirates - Bahrain - Qatar agree on the sport marketing methods used sporting organizations. There are a difference among sample search sports organizations (clubs - Olympic Committee in Arab countries (Egypt - Emirates - Bahrain - Qatar and there are agreement by the sports federations in marketing efficiency. The most importance Recommendations are :1.Need to add sports fields of investment to create the appropriate field to become sports areas for attracting investment.2.Guarantee the right of return sporting bodies in competitions organized through the radio and television.3.Establishment channels of sports economic. 4.Exempt contributions businessmen and sponsor and the players from taxes.5.Use the name and logo and flag

The market and consumer welfare effects of mid-level ethanol blends in the US fuel market

International Nuclear Information System (INIS)

Gallagher, Paul W.; Sleper, Daniel

2016-01-01

This study examines the prospect that a consumer-driven market could eventually replace the myriad regulations and demand quotas in the US ethanol and gasoline fuel market. Given efficient households that minimize the cost of operating automobiles, recent vehicle technology that improves blended fuel substitution, and typical market conditions of the last five years, blended fuels with 20% ethanol concentration could occupy a volume of 82.2 billion gallons in a 138.3 billion gallon gasoline market. The consumer welfare gain associated with blended fuel is $15.9 billion annually for US consumers, or about $1000 over the life of a vehicle. The ethanol demand associated with a voluntary blended fuel market is 16.4 BGY, slightly more than the conventional component of the Renewable Fuels Standard. It is time to replace the corn RFS with a free market. But an active competition policy in the fuel marketing system may also be required. Intervention for the impending Biomass Ethanol Industry, such as a subsidy or an exemption a carbon tax, may also be in order. - Highlights: • Competiveness of 20% ethanol blends replacing gasoline is examined. • Households can reduce costs by $1000 over vehicle life with ethanol blend. • Blended fuel could gain a 60% share in a voluntary US gasoline market. • US ethanol supply in a voluntary market would match current mandated output.

Efficiency gains in Danish district heating. Is there anything to learn from benchmarking?

DEFF Research Database (Denmark)

Munksgaard, Jesper; Pade, Lise-Lotte; Fristrup, P.

2005-01-01

Facing a market structure of independent heating systems and cost-of-service regulation the regulator considers ways to create incentives for increasing efficiency in heat production.One way is to implement benchmark regulation. The aim of this paper is twofold: (1) To investigate the potential f...

Energy-Efficient Power Allocation for Fixed-Gain Amplify-and-Forward Relay Networks with Partial Channel State Information

KAUST Repository

Zafar, Ammar; Alouini, Mohamed-Slim; Chen, Yunfei; Radaydeh, Redha M.

2012-01-01

In this letter, energy-efficient transmission and power allocation for fixed-gain amplify-and-forward relay networks with partial channel state information (CSI) are studied. In the energy-efficiency problem, the total power consumed is minimized

Super-Efficient Refrigerator Program (SERP) evaluation volume 2: Preliminary impact and market transformation assessment

Energy Technology Data Exchange (ETDEWEB)

Lee, A.D.; Conger, R.L.

1996-08-01

The Super Efficient Refrigerator Program (SERP) is a collaborative utility program intended to transform the market for energy-efficient and environmentally friendly refrigerators. It is one of the first examples of a large-scale {open_quotes}market transformation{close_quotes} energy efficiency program. This report documents the preliminary impact and market transformation evaluation of SERP ({open_quotes}the Program{close_quotes}). Pacific Northwest National Laboratory (PNNL) conducted this evaluation for the U.S. Department of Energy. This study focuses on the preliminary impact evaluation and market transformation assessment, but also presents limited process evaluation information. It is based on interviews with refrigerator dealers and manufacturers, interviews with utility participants, industry data, and information from the Program administrators. Results from this study complement those from prior process evaluation also conducted by PNNL. 42 refs., 5 figs., 4 tabs.

A two-stage value chain model for vegetable marketing chain efficiency evaluation: A transaction cost approach

OpenAIRE

Lu Hualiang

2006-01-01

We applied a two-stage value chain model to investigate the effects of input application and occasional transaction costs on vegetable marketing chain efficiencies with a farm household-level data set. In the first stage, the production efficiencies with the combination of resource endowments, capital and managerial inputs, and production techniques were evaluated; then at the second stage, the marketing technical efficiencies were determined under the marketing value of the vegetables for th...

On the economic analysis of problems in energy efficiency: Market barriers, market failures, and policy implications

Energy Technology Data Exchange (ETDEWEB)

Sanstad, A.H.; Koomey, J.G.; Levine, M.D.

1993-01-01

In his recent paper in The Energy Journal, Ronald Sutherland argues that several so-called market barriers'' to energy efficiency frequently cited in the literature are not market failures in the conventional sense and are thus irrelevant for energy policy. We argue that Sutherland has inadequately analyzed the idea of market barrier and misrepresented the policy implications of microeconomics. We find that economic theory, correctly interpreted, does not provide for the categorical dismissal of market barriers. We explore important methodological issues underlying the debate over market barriers, and discuss the importance of reconciling the findings of non-economic social sciences with the economic analysis of energy demand and consumer decision-making. We also scrutinize Sutherland's attempt to apply finance theory to rationalize high implicit discount rates observed in energy-related choices, and find this use of finance theory to be inappropriate.

WEAK EFFICIENCY AND LINEAR REGRESSION OF CENTRAL AND EASTERN EUROPEAN MARKETS

Directory of Open Access Journals (Sweden)

Davtyan Azat

2013-07-01

Those findings can be used for deeper investigation of market efficiency by highlighting convergence processes of CEE countries with EU old member states. Also effective capital allocation channels, institutional foundations of markets and strengthening of corporate governance should be highlighted. Finally, the outcomes of my paper will be useful for researchers in the field of finance.

The Forbes 400, the Pareto power-law and efficient markets

Science.gov (United States)

Klass, O. S.; Biham, O.; Levy, M.; Malcai, O.; Solomon, S.

2007-01-01

Statistical regularities at the top end of the wealth distribution in the United States are examined using the Forbes 400 lists of richest Americans, published between 1988 and 2003. It is found that the wealths are distributed according to a power-law (Pareto) distribution. This result is explained using a simple stochastic model of multiple investors that incorporates the efficient market hypothesis as well as the multiplicative nature of financial market fluctuations.

The Role of Marketing Research in Improving the Efficiency of Enterprise’s Relationships with Partners

Directory of Open Access Journals (Sweden)

Us Maryna I.

2017-04-01

Full Text Available The article is aimed at analyzing the role of marketing research in the activity of enterprise and determining whether it is possible to improve relationships with partners on the basis of using the results obtained. The main trends and directions of the marketing research on the formation and development of the enterprise's relationships with partners have been defined. The advantages of organizing a comprehensive marketing study by different directions of researching market and its actors were considered. The difficulty in formation of a single overall indicator and a source of efficiency of partnerships is that each actor is aimed at achieving its own efficiency. In turn, achieving the individual efficiency that each partner receives from the interaction, depends on the efficiency of performance of the entire system of partnerships that can be controlled through marketing research. A prospective direction for further research will be defining the characteristics and methods of collecting the primary information necessary for the organization and assessment of the interaction of enterprise with competitors.

Efficiently Inefficient Markets for Assets and Asset Management

DEFF Research Database (Denmark)

Garleanu, Nicolae; Pedersen, Lasse Heje

We consider a model where investors can invest directly or search for an asset manager, information about assets is costly, and managers charge an endogenous fee. The efficiency of asset prices is linked to the efficiency of the asset management market: if investors can find managers more easily......, more money is allocated to active management, fees are lower, and asset prices are more efficient. Informed managers outperform after fees, uninformed managers underperform after fees, and the net performance of the average manager depends on the number of "noise allocators." Small investors should...... be passive, but large and sophisticated investors benefit from searching for informed active managers since their search cost is low relative to capital. Hence, managers with larger and more sophisticated investors are expected to outperform....

Testing the Weak Form Efficiency of Karachi Stock Exchange

Directory of Open Access Journals (Sweden)

Muhammad Arshad Haroon

2012-12-01

Full Text Available In an efficient market, share prices reflect all available information. The study of efficient market hypothesis helps to take right decisions related to investments. In this research,weak form efficiency has been tested of Karachi Stock Exchange—KSE covering the period of 2nd November 1991 to 2nd November 2011. Descriptive statistics indicated the absence of weak form efficiency while results of non-parametric tests, showed consistency as well. We employed non-parametric tests were KS Goodness-of-Fit test,run test and autocorrelation test to find out serial independency of the data. Results prove that KSE is not weak-form-efficient. This happens because KSE is an emerging market and there, it has been observed that information take time to be processed. Thus it can besaid that technical analysis may be applied to gain abnormal returns.

New Source Review and coal plant efficiency gains: How new and forthcoming air regulations affect outcomes

International Nuclear Information System (INIS)

Adair, Sarah K.; Hoppock, David C.; Monast, Jonas J.

2014-01-01

Forthcoming carbon dioxide (CO 2 ) regulations for existing power plants in the United States have heightened interest in thermal efficiency gains for coal-fired power plants. Plant modifications to improve thermal efficiency can trigger New Source Review (NSR), a Clean Air Act requirement to adopt of state-of-the-art pollution controls. This article explores whether existing coal plants would likely face additional pollution control requirements if they undertake modifications that trigger NSR. Despite emissions controls that are or will be installed under the Mercury and Air Toxics Standards (MATS) and Clean Air Interstate Rule (CAIR) or its replacement, 80% of coal units (76% of capacity) that are expected to remain in operation are not projected to meet the minimum NSR requirements for at least one pollutant: nitrogen oxides or sulfur dioxide. This is an important consideration for the U.S. Environmental Protection Agency and state policymakers as they determine the extent to which CO 2 regulation will rely on unit-by-unit thermal efficiency gains versus potential flexible compliance strategies such as averaging, trading, energy efficiency, and renewable energy. NSR would likely delay and add cost to thermal efficiency projects at a majority of coal units, including projects undertaken to comply with forthcoming CO 2 regulation. - Highlights: • We explore the status of the U.S. coal-fired fleet relative to New Source Review (NSR) requirements. • Modifications to improve thermal efficiency can trigger NSR. • Thermal efficiency gains may also be an important strategy for forthcoming CO 2 regulation. • 80% Of non-retiring coal-fired units are projected not to meet minimum NSR requirements. • NSR is an important consideration for the design of CO 2 regulations for existing plants

An analysis of the efficiency of the foreign exchange market in Kenya

OpenAIRE

Sifunjo E. Kisaka; Wainaina Gituro; Pokhariyal Ganesh; Ngugi W. Rose

2008-01-01

This study examined the Efficiency Market hypothesis in its weak form using run tests, unit root tests and the Ljung-Box Q-statistics. The motivation was to determine whether foreign exchange rate returns follow a random walk. The data covered the period starting January 1994 to June 2007 for the daily closing spot price of the Kenya shillings per US dollar exchange rate. The main finding of this study is that the foreign exchange rate market is not efficient. The results showed that most of ...

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

OpenAIRE

Henry Mynhardt; Inna Makarenko; Alex Plastun

2017-01-01

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

On the Efficient Market Hypothesis of Stock Market Indexes: The Role of Non-synchronous Trading and Portfolio Effects

OpenAIRE

Ortiz, Roberto; Contreras, Mauricio; Villena, Marcelo

2015-01-01

In this article, the long-term behavior of the stock market index of the New York Stock Exchange is studied, for the period 1950 to 2013. Specifically, the CRSP Value-Weighted and CRSP Equal-Weighted index are analyzed in terms of market efficiency, using the standard ratio variance test, considering over 1600 one week rolling windows. For the equally weighted index, the null hypothesis of random walk is rejected in the whole period, while for the weighted market value index, the null hypothe...

Robust Approach to Verifying the Weak Form of the Efficient Market Hypothesis

Science.gov (United States)

Střelec, Luboš

2011-09-01

The weak form of the efficient markets hypothesis states that prices incorporate only past information about the asset. An implication of this form of the efficient markets hypothesis is that one cannot detect mispriced assets and consistently outperform the market through technical analysis of past prices. One of possible formulations of the efficient market hypothesis used for weak form tests is that share prices follow a random walk. It means that returns are realizations of IID sequence of random variables. Consequently, for verifying the weak form of the efficient market hypothesis, we can use distribution tests, among others, i.e. some tests of normality and/or some graphical methods. Many procedures for testing the normality of univariate samples have been proposed in the literature [7]. Today the most popular omnibus test of normality for a general use is the Shapiro-Wilk test. The Jarque-Bera test is the most widely adopted omnibus test of normality in econometrics and related fields. In particular, the Jarque-Bera test (i.e. test based on the classical measures of skewness and kurtosis) is frequently used when one is more concerned about heavy-tailed alternatives. As these measures are based on moments of the data, this test has a zero breakdown value [2]. In other words, a single outlier can make the test worthless. The reason so many classical procedures are nonrobust to outliers is that the parameters of the model are expressed in terms of moments, and their classical estimators are expressed in terms of sample moments, which are very sensitive to outliers. Another approach to robustness is to concentrate on the parameters of interest suggested by the problem under this study. Consequently, novel robust testing procedures of testing normality are presented in this paper to overcome shortcomings of classical normality tests in the field of financial data, which are typical with occurrence of remote data points and additional types of deviations from

Achieving energy efficiency in restructured markets, implications for IRP

International Nuclear Information System (INIS)

Giraldo, J.M.M.

1997-01-01

The shift of the focus of the vertically integrated model to the new unbundled models of organization to attain a ''new competitive'' Electricity Supply Industry brings new subjects into IRP (Integrated Resource Planning) study. The decision centralization on new capacity additions is being substituted by market mechanisms, changing the implementation of the IRP regarding both the construction of new capacity and the DSM. The implication for DSM is that, without a central planning process, it will not be possible to carry out IRP. In some countries they are implementing policies tending to create a more favourable attitude towards energy efficiency, in products and services. The conventional programmes of Demand-Side Management are being redesigned as added-value services to conserve or create market quota through Market Transformation mechanisms, such as Technology Procurement. (author)

The Prerequisites for Implementing and Ensuring the Efficiency of Marketing Audit at the Publishing and Printing Enterprises

Directory of Open Access Journals (Sweden)

Bezpalko Iryna R.

2017-03-01

Full Text Available The article is aimed at defining the prerequisites for necessity of successful and efficient implementation of the practice of marketing audit at the domestic publishing and printing enterprises. It has been determined that in the highly competitive market of the publishing and printing services, as well as systemic problems of the domestic market, marketing audit can be an efficient tool for analysis and control on the definition of problems in the system for management of marketing activities of the publishing and printing enterprise, preventive identifying non-conformity of their status with requirements of the market environment, as well as developing recommendations on how to reduce such non-conformity. Determining and accounting external and internal factors that cause impact on quality and efficiency of marketing audit of entities in the publishing and printing market is the basis for development of the organizational-economic mechanism for implementation of such audit and possibilities for its active implementation in the domestic market conditions.

Capital Gains Taxation and House Price Fluctuations

DEFF Research Database (Denmark)

Fuest, Clemens; Nielsen, Søren Bo

2004-01-01

Recent years have seen large swings in house prices in many countries. Motivated by housing price variations, proposals for taxing capital gains on housing have repeatedly been put forth. The idea seems to be that such taxes would curb the redistribution occurring between those owning houses...... and those trying to get into the market for owner-occupied housing. Our paper shows that at least in simple settings, a tax on real capital gains on housing will only lead to even bigger price swings and will not be able to redistribute between people appearing on either side of the housing market.......Keywords: capital gains tax, housing market, price fluctuationsJEL-Classification: H23, H24, R 31.Addresses:...

Day-to-Day Market Power and Efficiency in Tradable Mobility Credits

Directory of Open Access Journals (Sweden)

Ye Tian

2015-09-01

Full Text Available An active transportation and demand management framework focusing on tradable mobility credits (TMC is integrated into an agent-based modeling and simulation (ABMS platform. In this framework, it is conceived that an auction market within which mobility credits can be transferred between buyers and sellers is constructed in general. The idea of ABMS is extensively incorporated to mimic system users’ daily route choices as well as market-related micro-economical decision making process under TMC circumstance. Users are able to form individual propensities towards available bid/ask choices by reinforcement learning principles. The integrated platform offers a brand new insight view of microscopic aspect of the daily operations of credit transfer market, which has hardly been obtained by prior analytical models. Day-to-day traffic dynamics and market dynamics can be captured. Besides, market MOEs, including convergence, stability, efficiency and relative market powers of buyers and sellers under different market policies are investigated.

Evaluation of risk strategy and market efficiency in the International coal market: A case study of the Japanese coking coal market

International Nuclear Information System (INIS)

Wang, T.

1992-01-01

Market efficiency and buyers' risk strategy in the Japanese coking import market are examined. The Japanese coal market is found to be inefficient. Japanese buyers traditionally have purchased coals from the United States at a high price and, since the second half of the 1980's, have paid the highest average price to Canadian producers. Given the abundant low cost Australian coals, this purchasing pattern does not meet the cost minimization criteria for efficiency. This is explained mainly by the buyers' risk management strategy. To more accurately examine price differentiation, the complexity of coal quality is considered first. A statistical method is used to estimate comparison of supply regions and a detailed investigation on market conduct is based on quality-adjusted prices, which are assumed to represent the prices of homogeneous coals. Although various reasons are used by researchers to explain Japanese buyers power, this study finds vertical integration of the Japanese companies to be the most important factor creating that power. A detailed survey of vertical integration is made. Finally, a monetary value of the risk premium is estimated by using the partial elasticity of substitution. Total payments by Japanese coking coal buyers for risk premiums are estimated. These represent the extra dollars paid by the Japanese to US and Canadian coal producers for purchasing their coals instead of Australian coals

The Efficiency of the European Non-Life Insurance: CEO Power, Macroeconomic, and Market Characteristics Impact

Directory of Open Access Journals (Sweden)

Walid Bahloul

2016-03-01

Full Text Available A numbers of studies focusing on the determinant of the insurance market efficiency have increased in the last decade. In fact, many factors, like the CEO’s power, can influence the efficiency in the insurance firm. The purpose of this research is to analyze the relationship between efficiency, measured by the cost function using the stochastic frontier approach (SFA methodologies, and the market structure, as well as the macroeconomic variables. In addition, it focuses on identifying the impact of the integration of the CEO power variable in the cost function on this relation. The result shows that after the consideration of the CEO power score in the cost efficiency, the relation between insurance efficiency and the determinant of market development, as well as the domestic economy, has changed and become more significant. The result also shows that the firms become more efficient and more profitable with a higher concentration ratio and this is in accordance with the structure-conduct-performance (SCP theory.

ECONOMIC AND SOCIAL OPERATIONAL EFFICIENCY OF MARKET DISTRIBUTION OF INCOME: APPROACHES TO EVALUATION

Directory of Open Access Journals (Sweden)

Z. Halushka

2015-03-01

Full Text Available This article provides a comparison between scientific approaches to understanding the economic and social efficiency of market income distribution. Based on multidisciplinary approaches the essence of the concepts of fairness and efficiency in the distribution; explored approaches to combining efficiency and equity used in policy income distribution at different levels of management; the possible social and economic consequences of ineffective regulation of income in today’s economy. The analysis is based on comparing the four concepts of justice that are considered socially efficient. Considered: utilitarian, formulated by J. Bentham; egalitarian, which provides for equal distribution; market (liberal approach – to polar egalitarian and roulzianskyy that treats justice as fairness, approaches. Based on the generalization of existing approaches analyzed method of estimating social justice in the distribution and the possibility of its application. The structure of the article includes the following sections: 1.Views on terms of efficiency and equity in the distribution of resources and income; 2. Classical and modern approaches to combining efficiency and equity in the distribution; 3. Conflicts combination of the principles of fairness and efficiency in the distribution of incomes policy. The authors also noted that the uneven distribution of income acts as an objective reality, and the question is to prevent dangerous indicators of this unevenness. Market income distribution does not guarantee every person an acceptable level of income. The causes of irregularity are: differences in abilities, mental as well as physical; differences in possession of the property, in the educational level and group reasons associated with luck, chance, surprise win more. This is a definite social injustice market. State, taking a significant share of responsibility for maintaining a basic human right to a dignified life, organizes redistribution.

Reforming minute reserve policy in Germany. A step towards efficient markets?

International Nuclear Information System (INIS)

Rammerstorfer, Margarethe; Wagner, Christian

2009-01-01

The present paper provides an empirical assessment of the effects associated with the reorganization of minute reserve markets in Germany. As the aim of the regulator is to assure a competitive market with transparent pricing, we analyze whether the recent policy reform has had an impact on the dynamics of minute reserve prices. Our results show that the level and volatility of positive and negative minute reserve prices decreased substantially. Furthermore, we provide evidence that the degree of integration between reserve and spot markets has increased. Overall, prices reacted to the policy change in a manner that is in line with the regulator's objective. The reform can thus be viewed as a step towards an efficient reserve market. (author)

Gaining competitive advantage in the gas boilers market of Vojvodina through integrated marketing communications

Directory of Open Access Journals (Sweden)

Jovičić Dragoljub

2015-01-01

Full Text Available Since the appearance of marketing and implementation of marketing concept in practice, the importance of the marketing mix, through which organizations adapt their offer to targeted customer segments, was emphasized . Regardless of the fact that the product is commonly referred to as the basic (key instrument of the marketing mix, in the last ten years, due to the rapid and strong development of science, technology, especially information technology, business and society in general, integrated marketing communications (IMK are becoming increasingly important, without which organizations can not even begin, or end, any significant marketing activity. In this context, the aim of the authors of this study was to investigate the importance of integrated marketing communications on the placement of gas boilers, i.e. on the market share of individual producers in the market of Vojvodina, which also represents the basic hypothesis of the research. Research results confirmed the basic hypothesis as well as an extraordinary influence of IMK to the market share of producers in the placement of gas boilers. Supplementary hypothesis was not confirmed, advertising is not a key promotional instrument. Thanks to the specific characteristics, primarily the high technical complexity of gas boilers, a key promotional instrument are education and training of sales and installation staff in the marketing channels, which operate on the market of Vojvodina.

An approach for evaluating the market effects of energy efficiency programs

International Nuclear Information System (INIS)

Vine, E.; Prahl, R.; Meyers, S.; Turiel, I.

2010-01-01

This paper presents work currently being carried out in California on evaluating market effects. We first outline an approach for conducting market effect studies that includes the six key steps that were developed in study plans: (1) a scoping study that characterizes a particular market, reviews relevant market effects studies, develops integrated market and program theories, and identifies market indicators; (2) analysis of market evolution, using existing data sources; (3) analysis of market effects, based on sales data and interviews with key market actors; (4) analysis of attribution; (5) estimation of energy savings; and (6) assessment of sustainability (i.e., the extent to which any observed market effects are likely to persist in the absence or reduction of public intervention, and thus has helped to transform the market). We describe the challenges in conducting this type of analysis (1) selecting a comparison state(s) to California for a baseline, (2) availability and quality of data (limiting analyses), (3) inconsistent patterns of results, and (4) conducting market effects evaluations at one point in time, without the benefit of years of accumulated research findings, and then provide some suggestions for future research on the evaluation of market effects. With the promulgation of market transformation programs, the evaluation of market effects will be critical. We envision that these market effects studies will help lay the foundation for the refinement of techniques for measuring the impacts of programs that seek to transform markets for energy efficiency products and practices.

The climate change/energy efficiencies market in the People's Republic of China

Energy Technology Data Exchange (ETDEWEB)

NONE

2000-10-01

The People's Republic of China was one of the one hundred and fifty five countries that signed the United Nations Framework Convention for Climate Change (UNFCCC) at the United Nations Conference on Environment and Development (UNCED) held in Brazil in June 1992. In December 1992, China ratified the UNFCCC. The Administrative Centre for China's Agenda 21 was created to implement the UNFCCC and a working group comprising representatives from fourteen government departments was formed. The objective of the group, led by the State Development Planning Commission, is to administer activities regarding climate change and its impacts. Joint Implementation (JI) and the Clean Development Mechanism (CDM) concepts are included in the Kyoto protocol. China considers that there is a risk that developed countries might overuse CDM and JI to achieve their target instead of working towards reducing greenhouse gases emissions. Environmental degradation remains a problem in China despite great strides made in pollution control. The power sector is the largest polluter since 80 per cent of the electricity is generated by coal-fired power plants. Strong market demand for climate change and energy efficiencies technologies and equipment is ensured by increased investment in environmental pollution control and extensive environmental protection legislation. It is expected that the market for air pollution control equipment will increase by 50 per cent over the next two years, and an increase of 16 per cent over the same period is expected in the vehicle emissions control equipment market. Japanese, German, and American firms are all competing for a slice of the environmental market in China, as well as some domestic firms. The inconsistent application of laws, regulations and import practices at all levels of government might create access problems. The ultimate decision-making authority is sometimes difficult to figure out. Canadian companies wishing to gain access to the

High efficiency targets for high gain inertial confinement fusion

International Nuclear Information System (INIS)

Gardner, J.H.; Bodner, S.E.

1986-01-01

Rocket efficiencies as high as 15% are possible using short wavelength lasers and moderately high aspect ratio pellet designs. These designs are made possible by two recent breakthroughs in physics constraints. First is the development of the Induced Spatial Incoherence (ISI) technique which allows uniform illumination of the pellet and relaxes the constraint of thermal smoothing, permitting the use of short wavelength laser light. Second is the discovery that the Rayleigh-Taylor growth rate is considerably reduced at the short laser wavelengths. By taking advantage of the reduced constraints imposed by nonuniform laser illumination and Rayleigh-Taylor instability, pellets using 1/4 micron laser light and initial aspect ratios of about 10 (with in flight aspect ratios of about 150 to 200) may produce energy gains as high as 200 to 250

High-efficiency targets for high-gain inertial confinement fusion

International Nuclear Information System (INIS)

Gardner, J.H.; Bodner, S.E.

1986-01-01

Rocket efficiencies as high as 15% are possible using short wavelength lasers and moderately high aspect ratio pellet designs. These designs are made possible by two recent breakthroughs in physics constraints. First is the development of the induced spatial incoherence (ISI) technique, which allows uniform illumination of the pellet and relaxes the constraint of thermal smoothing, permitting the use of short wavelength laser light. Second is the discovery that the Rayleigh--Taylor growth rate is considerably reduced at short laser wavelengths. By taking advantage of the reduced constraints imposed by nonuniform laser illumination and Rayleigh--Taylor instability, pellets using (1)/(4) μm laser light and initial aspect ratios of about 10 (with in flight aspect ratios of about 150--200) may produce energy gains as high as 200--250

The SEAD global efficiency medal competition: accelerating market transformation for efficient televisions

Energy Technology Data Exchange (ETDEWEB)

Ravi, Kavita [US Department of Energy, Washington, DC (United States); Bennich, Peter [Swedish Energy Agency (Sweden); Cockburn, John [Natural Resources Canada, Ottawa (Canada); Doi, Naoko [Institute of Energy Economics (Japan); Garg, Sandeep [United Nations Development Programme, New York, NY (United States); Garnaik, S.P. [ICF International (India); Holt, Shane [Energy and Tourism, Canberra (Australia); Walker, Mike [Food and Rural Affairs (United Kingdom); Westbrook-Trenholm, Elizabeth [Natural Resources, Canada, Ottawa (Canada). Office of Energy Efficiency; Lising, Anna [Collaborative Labeling and Appliance Standards Program (United States); Pantano, Steve [Collaborative Labeling and Appliance Standards Program (United States); Khare, Amit [Collaborative Labeling and Appliance Standards Program (United States); Park, Won Young [Lawrence Berkeley National Lab., CA (United States)

2013-10-15

The Global Efficiency Medal competition, a cornerstone activity of the Super-efficient Equipment and Appliance Deployment (SEAD) Initiative, is an awards program that encourages the production and sale of super-efficient products. SEAD is a voluntary multinational government collaboration of the Clean Energy Ministerial (CEM). This winner-takes-all competition recognizes products with the best energy efficiency, guides early adopter purchasers towards the most efficient product choices and demonstrates the levels of energy efficiency achievable by commercially available and emerging technologies. The first Global Efficiency Medals were awarded to the most energy-efficient flat panel televisions; an iconic consumer purchase. SEAD Global Efficiency Medals were awarded to televisions that have proven to be substantially more energy efficient than comparable models available at the time of the competition (applications closed in the end of May 2012). The award-winning TVs consume between 33 to 44 percent less energy per 2 unit of screen area than comparable LED-backlit LCD televisions sold in each regional market and 50 to 60 percent less energy than CCFL-backlit LCD TVs. Prior to the launch of this competition, SEAD conducted an unprecedented international round-robin test (RRT) to qualify TV test laboratories to support verification testing for SEAD awards. The RRT resulted in increased test laboratory capacity and expertise around the world and ensured that the test results from participating regional test laboratories could be compared in a fair and transparent fashion. This paper highlights a range of benefits resulting from this first SEAD awards competition and encourages further investigation of the awards concept as a means to promote energy efficiency in other equipment types.

The influence of liquidity on informational efficiency: The case of the Thai Stock Market

Science.gov (United States)

Bariviera, Aurelio Fernández

2011-11-01

The presence of long-range memory in financial time series is a puzzling fact that challenges the established financial theory. We study the effect of liquidity on the efficiency (measured by the Hurst’s exponent) of the Thai Stock Market. According to our study, we find that: (i) the R/S method could generate spurious long-range dependence, giving the DFA method more reliable estimates of the Hurst’s exponent and (ii) there is a weak relationship between market capitalization and the efficiency of the market, and that the latter is not significantly affected by the presence of foreign investors.

Energy and protein feed-to-food conversion efficiencies in the US and potential food security gains from dietary changes

Science.gov (United States)

Shepon, A.; Eshel, G.; Noor, E.; Milo, R.

2016-10-01

Feeding a growing population while minimizing environmental degradation is a global challenge requiring thoroughly rethinking food production and consumption. Dietary choices control food availability and natural resource demands. In particular, reducing or avoiding consumption of low production efficiency animal-based products can spare resources that can then yield more food. In quantifying the potential food gains of specific dietary shifts, most earlier research focused on calories, with less attention to other important nutrients, notably protein. Moreover, despite the well-known environmental burdens of livestock, only a handful of national level feed-to-food conversion efficiency estimates of dairy, beef, poultry, pork, and eggs exist. Yet such high level estimates are essential for reducing diet related environmental impacts and identifying optimal food gain paths. Here we quantify caloric and protein conversion efficiencies for US livestock categories. We then use these efficiencies to calculate the food availability gains expected from replacing beef in the US diet with poultry, a more efficient meat, and a plant-based alternative. Averaged over all categories, caloric and protein efficiencies are 7%-8%. At 3% in both metrics, beef is by far the least efficient. We find that reallocating the agricultural land used for beef feed to poultry feed production can meet the caloric and protein demands of ≈120 and ≈140 million additional people consuming the mean American diet, respectively, roughly 40% of current US population.

Air pollution policies in Europe: efficiency gains from integrating climate effects with damage costs to health and crops

International Nuclear Information System (INIS)

Tollefsen, Petter; Rypdal, Kristin; Torvanger, Asbjorn; Rive, Nathan

2009-01-01

Emissions of air pollutants cause damage to health and crops, but several air pollutants also have an effect on climate through radiative forcing. We investigate efficiency gains achieved by integrating climate impacts of air pollutants into air quality strategies for the EU region. The pollutants included in this study are SO 2 , NH 3 , VOC, CO, NO x , black carbon, organic carbon, PM 2.5 , and CH 4 . We illustrate the relative importance of climate change effects compared to damage to health and crops, as well as monetary gains of including climate change contributions. The analysis considers marginal abatement costs and compares air quality and climate damage in Euros. We optimize abatement policies with respect to both climate and health impacts, which imply implementing all measures that yield a net benefit. The efficiency gains of the integrated policy are in the order of 2.5 billion Euros, compared to optimal abatement based on health and crop damage only, justifying increased abatement efforts of close to 50%. Climate effect of methane is the single most important factor. If climate change is considered on a 20- instead of a 100-year time-scale, the efficiency gain almost doubles. Our results indicate that air pollution policies should be supplemented with climate damage considerations.

The market value of energy efficiency: What have we learned? What do we still need to learn?

International Nuclear Information System (INIS)

Lee, D.; Nevin, R.; Farhar, B.C.

1998-01-01

The Environmental Protection Agency (EPA) and the Department of Energy (DOE) at the National Energy Renewable Laboratory (NREL) are investigating the market value of energy efficiency in residential homes. The demonstrated market value for energy efficiency is crucial to the success of EPA's ENERGY STAR Homes Program, providing market information to builders who are deciding whether to construct ENERGY STAR Homes, to lenders who may want to understand the performance of mortgages for energy-efficient homes, and to home owners seeking returns on additional investments in energy-efficient homes. The paper discusses the current dilemma facing the ENERGY STAR Homes Program and the need to demonstrate the value of energy efficiency. The paper presents a brief literature review of past studies on the market value of energy efficiency, as well as a recent analysis on the American Housing Survey. this study suggests that property values increase by $20 to $24 for every $1 reduction in annual fuel bill. Finally, the paper concludes with a summary of a joint research project between EPA and NREL on the market value of ENERGY STAR Homes, and the potential implications of this research

EFFICIENT MARKETING OF BLUEBERRIES IN MISSISSIPPI AND LOUISIANA

OpenAIRE

Muhammad, Safdar; Allen, Albert J.

2000-01-01

Fresh blueberries are sold through a marketing cooperative of the blueberry industry in Mississippi and Louisiana. Blueberry producers have numerous alternatives in assembling blueberries, and the cooperative needs to know the costs of different systems for assembling berries in order to provide better services to its members. The main objective of this study was to determine an efficient system for handling blueberries in Mississippi and Louisiana. Sixteen models with different combinations ...

Gold and oil futures markets: Are markets efficient?

Energy Technology Data Exchange (ETDEWEB)

Narayan, Paresh Kumar; Zheng, Xinwei [School of Accounting, Economics and Finance, Faculty of Business and Law, Deakin University, 221 Burwood Highway, Burwood, Victoria 3125 (Australia); Narayan, Seema [School of Economics Finance and Marketing, RMIT University, Melbourne (Australia)

2010-10-15

In this paper we examine the long-run relationship between gold and oil spot and futures markets. We draw on the conceptual framework that when oil price rises, it creates inflationary pressures, which instigate investments in gold as a hedge against inflation. We test for the long-run relationship between gold and oil futures prices at different maturity and unravel evidence of cointegration. This implies that: (a) investors use the gold market as a hedge against inflation and (b) the oil market can be used to predict the gold market prices and vice versa, thus these two markets are jointly inefficient, at least for the sample period considered in this study. (author)

Gold and oil futures markets: Are markets efficient?

International Nuclear Information System (INIS)

Narayan, Paresh Kumar; Zheng, Xinwei; Narayan, Seema

2010-01-01

In this paper we examine the long-run relationship between gold and oil spot and futures markets. We draw on the conceptual framework that when oil price rises, it creates inflationary pressures, which instigate investments in gold as a hedge against inflation. We test for the long-run relationship between gold and oil futures prices at different maturity and unravel evidence of cointegration. This implies that: (a) investors use the gold market as a hedge against inflation and (b) the oil market can be used to predict the gold market prices and vice versa, thus these two markets are jointly inefficient, at least for the sample period considered in this study. (author)

A Mulit-State Model for Catalyzing the Home Energy Efficiency Market

Energy Technology Data Exchange (ETDEWEB)

Blackmon, Glenn

2014-03-25

The RePower Kitsap partnership sought to jump-start the market for energy efficiency upgrades in Kitsap County, an underserved market on Puget Sound in Washington State. The Washington State Department of Commerce partnered with Washington State University (WSU) Energy Program to supplement and extend existing utility incentives offered by Puget Sound Energy (PSE) and Cascade Natural Gas and to offer energy efficiency finance options through the Kitsap Credit Union and Puget Sound Cooperative Credit Union (PSCCU). RePower Kitsap established a coordinated approach with a second Better Buildings Neighborhood Program project serving the two largest cities in the county – Bainbridge Island and Bremerton. These two projects shared both the “RePower” brand and implementation team (Conservation Services Group (CSG) and Earth Advantage).

Hydro-Quebec and energy efficiency

International Nuclear Information System (INIS)

1990-01-01

There is growing awareness that energy efficiency is both profitable and environmentally beneficial. In this year's Development Plan, Hydro-Quebec is proposing an Energy Efficiency Project made up of marketing programs designed for all markets throughout the final decade of the 20th century. This Project will have two aspects: energy efficiency and consumption management. Hydro-Quebec aims to reach an energy-efficiency level of 12.9 terawatt hours per year by 1999, fully 55% of its 23-terawatt hour potential. Over the next 10 years the utility intends to spend $1.8 billion for this purpose. Cumulative anticipated energy savings should be in the vicinity of 70 terawatt hours for the coming decade, and more than 130 terawatt hours for the first decade of the next century. Of the overall goal of 12.9 terawatt hours for Horizon 1999, energy savings of 9.0 terawatt hours should be the direct result of this year's proposed marketing programs, and will account for the bulk of anticipated investments. The remaining 3.9 terawatt hours will be gained as customers acquire better electrical appliance and accessory (household appliances, home insulation) buying habits

GLOBAL FINANCIAL CRISIS AND UNIT-LINKED INSURANCE MARKETS EFFICIENCY: EMPIRICAL EVIDENCE FROM CENTRAL AND EASTERN EUROPEAN COUNTRIES

Directory of Open Access Journals (Sweden)

Botoş Horia Mircea

2012-12-01

Full Text Available This paper empirically investigates the impact of the Global financial crisis on the efficiency of four Central and Eastern European emerging unit-linked insurance markets, applying the automatic variance ratio (AVR test of Kim (2009 and variance ratio tests using ranks and signs by Wright (2000 for entire, pre-crisis and crisis periods. This study contributes to the existing literature on efficient market hypothesis with several distinct features: it provides a systematic review of the weak-form market efficiency literature that examines return predictability of the daily ING unit-linked funds prices; also the article aims at monitoring any improvement in the degree of efficiency in time and also examines the relative efficiency of unit-linked insurance markets in pre-crisis and crisis periods. Unit linked insurance are life insurance policies with investment component. In the literature there are few studies investigating the effects of a financial crisis on the potential of predictability and implicitly on the degree of efficiency of financial markets. The occurrence of a market crash or financial crisis is a possible contributing factor of market inefficiency. Most of the studies are focused on the Asian crisis in 1997: Holden et al. (2005 examined the weak-form efficiency of eight emerging Asian stock markets using VR tests before, during and after the Asian crisis; Kim and Shamsuddin (2008 used three different types of multiple VR tests for nine Asian stock markets; the findings reported by Lim et al. (2008 are consistent with those reported by Cheong et al. (2007, in which the highest inefficiency occurs during the crisis period. Todea and Lazar (2010 investigated the effects of the Global crisis on the relative efficiency of ten CEE stock markets, using Generalized Spectral test of Escanciano and Velasco (2006. Wright (2000 proposes the alternative non-parametric variance ratio tests using ranks and signs of return and demonstrates that

How to Increase the Efficiency and Reach of Email Marketing: Case Onninen Finland

OpenAIRE

Nuutinen, Sami

2015-01-01

This thesis took an analytical and practical approach on email marketing, and studied it from the perspective of the case study company Onninen. The aim was at finding out how to increase the efficiency and reach of email marketing at the case company. The case company, Onninen, is a large Finnish distributor of HVACR, steel, and electrical goods. Email marketing can be one of the most effective tools for marketers to invest in. In order to find solutions to the aforementioned aim of the...

Assessment of Market Efficiency in Argentina, Brazil and Chile: an Event Study of Mergers and Acquisitions

Directory of Open Access Journals (Sweden)

Mario Domingues Simões

2012-04-01

Full Text Available This paper presents an investigation into the relationship between the announcement of mergers and acquisitions, the existence of positive abnormal returns for shares of these firms, and market efficiency in Argentina, Brazil and Chile. Statistically significant Standardized Abnormal Returns were present in the event announcement and the following days in Argentina and Chile and on the event day in Brazil, confirming value creation signaling. Furthermore, the significance of abnormal returns in the event window, namely in the 5 days following the event in Argentina and Chile and the absence of such in Brazil suggests a more efficient market exists in Brazil, in keeping with the semi-strong market efficiency hypothesis. The absence of semi-strong efficient market behavior could prove valuable to investors who could use a window of a few days after the event announcement to accumulate abnormal returns, provided the appropriate research into news of possible mergers or acquisitions has been made.

Risk management and market efficiency on the Midwest Independent System Operator electricity exchange

Science.gov (United States)

Jones, Kevin

Midwest Independent Transmission System Operator, Inc. (MISO) is a non-profit regional transmission organization (RTO) that oversees electricity production and transmission across thirteen states and one Canadian province. MISO also operates an electronic exchange for buying and selling electricity for each of its five regional hubs. MISO oversees two types of markets. The forward market, which is referred to as the day-ahead (DA) market, allows market participants to place demand bids and supply offers on electricity to be delivered at a specified hour the following day. The equilibrium price, known as the locational marginal price (LMP), is determined by MISO after receiving sale offers and purchase bids from market participants. MISO also coordinates a spot market, which is known as the real-time (RT) market. Traders in the real-time market must submit bids and offers by thirty minutes prior to the hour for which the trade will be executed. After receiving purchase and sale offers for a given hour in the real time market, MISO then determines the LMP for that particular hour. The existence of the DA and RT markets allows producers and retailers to hedge against the large fluctuations that are common in electricity prices. Hedge ratios on the MISO exchange are estimated using various techniques. No hedge ratio technique examined consistently outperforms the unhedged portfolio in terms of variance reduction. Consequently, none of the hedge ratio methods in this study meet the general interpretation of FASB guidelines for a highly effective hedge. One of the major goals of deregulation is to bring about competition and increased efficiency in electricity markets. Previous research suggests that electricity exchanges may not be weak-form market efficient. A simple moving average trading rule is found to produce statistically and economically significant profits on the MISO exchange. This could call the long-term survivability of the MISO exchange into question.

The efficient market hypothesis: problems with interpretations of empirical tests

Directory of Open Access Journals (Sweden)

Denis Alajbeg

2012-03-01

Full Text Available Despite many “refutations” in empirical tests, the efficient market hypothesis (EMH remains the central concept of financial economics. The EMH’s resistance to the results of empirical testing emerges from the fact that the EMH is not a falsifiable theory. Its axiomatic definition shows how asset prices would behave under assumed conditions. Testing for this price behavior does not make much sense as the conditions in the financial markets are much more complex than the simplified conditions of perfect competition, zero transaction costs and free information used in the formulation of the EMH. Some recent developments within the tradition of the adaptive market hypothesis are promising regarding development of a falsifiable theory of price formation in financial markets, but are far from giving assurance that we are approaching a new formulation. The most that can be done in the meantime is to be very cautious while interpreting the empirical evidence that is presented as “testing” the EMH.

Energy efficiency standards and innovation

Science.gov (United States)

Morrison, Geoff

2015-01-01

Van Buskirk et al (2014 Environ. Res. Lett. 9 114010) demonstrate that the purchase price, lifecycle cost and price of improving efficiency (i.e. the incremental price of efficiency gain) decline at an accelerated rate following the adoption of the first energy efficiency standards for five consumer products. The authors show these trends using an experience curve framework (i.e. price/cost versus cumulative production). While the paper does not draw a causal link between standards and declining prices, they provide suggestive evidence using markets in the US and Europe. Below, I discuss the potential implications of the work.

Examining the Islamic stock market efficiency: Evidence from nonlinear ESTAR unit root tests

Directory of Open Access Journals (Sweden)

Rahmat Heru Setianto

2015-04-01

Full Text Available This paper empirically examines the efficient market hypothesis (EMH in the Islamic stock market namely Jakarta Islamic Index by emphasizing on the random walk behavior and nonlinearity. In the first step, we employ Brock et al. (1996 test to examine the presence of nonlinear behavior in Jakarta Islamic Index. The evidence of nonlinear behavior in the indices, motivate us to use nonlinear ESTAR unit root test procedure recently developed by Kapetanios et al. (2003 and Kruse (2011. The nonlinear unit root test procedure fail to rejects the null hypothesis of unit root for the indices, suggesting that Jakarta Islamic Index characterized by random walk process supporting the theory of efficient market hypothesis. In addition, Lumsdaine and Papel (LP test identified significant structural breaks in the index series.

Water Market-scale Agricultural Planning: Promoting Competing Water Resource Use Efficiency Through Agro-Economics

Science.gov (United States)

Delorit, J. D.; Block, P. J.

2017-12-01

Where strong water rights law and corresponding markets exist as a coupled econo-legal mechanism, water rights holders are permitted to trade allocations to promote economic water resource use efficiency. In locations where hydrologic uncertainty drives the assignment of annual per-water right allocation values by water resource managers, collaborative water resource decision making by water rights holders, specifically those involved in agricultural production, can result in both resource and economic Pareto efficiency. Such is the case in semi-arid North Chile, where interactions between representative farmer groups, treated as competitive bilateral monopolies, and modeled at water market-scale, can provide both price and water right allocation distribution signals for unregulated, temporary water right leasing markets. For the range of feasible per-water right allocation values, a coupled agricultural-economic model is developed to describe the equilibrium distribution of water, the corresponding market price of water rights and the net surplus generated by collaboration between competing agricultural uses. Further, this research describes a per-water right inflection point for allocations where economic efficiency is not possible, and where price negotiation among competing agricultural uses is required. An investigation of the effects of water right supply and demand inequality at the market-scale is completed to characterize optimal market performance under existing water rights law. The broader insights of this research suggest that water rights holders engaged in agriculture can achieve economic benefits from forming crop-type cooperatives and by accurately assessing the economic value of allocation.

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

Directory of Open Access Journals (Sweden)

Anna Elagina

2015-06-01

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

Martingales, nonstationary increments, and the efficient market hypothesis

Science.gov (United States)

McCauley, Joseph L.; Bassler, Kevin E.; Gunaratne, Gemunu H.

2008-06-01

We discuss the deep connection between nonstationary increments, martingales, and the efficient market hypothesis for stochastic processes x(t) with arbitrary diffusion coefficients D(x,t). We explain why a test for a martingale is generally a test for uncorrelated increments. We explain why martingales look Markovian at the level of both simple averages and 2-point correlations. But while a Markovian market has no memory to exploit and cannot be beaten systematically, a martingale admits memory that might be exploitable in higher order correlations. We also use the analysis of this paper to correct a misstatement of the ‘fair game’ condition in terms of serial correlations in Fama’s paper on the EMH. We emphasize that the use of the log increment as a variable in data analysis generates spurious fat tails and spurious Hurst exponents.

An Efficiency Assessment among Empirically Defined Labor Markets for Determining Pay for Teachers

Science.gov (United States)

Tran, Henry; Young, I. Phillip

2013-01-01

Fundamental to updating a fixed-rate salary schedule for teachers is the reliance on a relevant labor market containing comparisons to other school districts--that is, object school districts, which can be chosen from a policy or empirical/efficiency perspective. As such, four relevant markets having roots in neoclassical economic…

Cooperative procurement: market transformation for energy efficient products

Energy Technology Data Exchange (ETDEWEB)

Ostertag, K.; Dreher, C.

1999-07-01

Cooperative procurement is a variation of public purchasing which may be used as an instrument to transform the market and stimulate innovation enhancing environmental performance. The core of the procedure is the following: Coordinated by a central agency a group of buyers - public administrations, but also private companies, associations, etc. - gets together and jointly formulates a catalogue of performance requirements for a specific product truly suiting their preferences. This catalogue may contain (combinations of) requirements not yet available on the market and includes energy efficiency and/or environmental performance among other preferences important to the users. On the basis of the product requirements the buyer group launches a call for tenders, evaluates the bids received from the manufacturers and commits to buying the winning product. Thus, a market is provided for the most successful innovators in a given area of technology. The paper discusses the effectiveness of cooperative procurement as a policy instrument in the context of innovation theory and learning curves and it presents some empirical results on the feasibility of the transfer of this policy instruments to a wider range of European countries and/or to the European level. (orig.)

Has the 2008 financial crisis affected stock market efficiency? The case of Eurozone

Science.gov (United States)

Anagnostidis, P.; Varsakelis, C.; Emmanouilides, C. J.

2016-04-01

In this paper, the impact of the 2008 financial crisis on the weak-form efficiency of twelve Eurozone stock markets is investigated empirically. Efficiency is tested via the Generalized Hurst Exponent method, while dynamic Hurst exponents are estimated by means of the rolling window technique. To account for biases associated with the finite sample size and the leptokurtosis of the financial data, the statistical significance of the Hurst exponent estimates is assessed through a series of Monte-Carlo simulations drawn from the class of α-stable distributions. According to our results, the 2008 crisis has adversely affected stock price efficiency in most of the Eurozone capital markets, leading to the emergence of significant mean-reverting patterns in stock price movements.

Fibercore AstroGain fiber: multichannel erbium doped fibers for optical space communications

Science.gov (United States)

Hill, Mark; Gray, Rebecca; Hankey, Judith; Gillooly, Andy

2014-03-01

Fibercore have developed AstroGainTM fiber optimized for multichannel amplifiers used in optical satellite communications and control. The fiber has been designed to take full advantage of the photo-annealing effect that results from pumping in the 980nm region. The proprietary trivalent structure of the core matrix allows optimum recovery following radiation damage to the fiber, whilst also providing a market leading Erbium Doped Fiber Amplifier (EDFA) efficiency. Direct measurements have been taken of amplifier efficiency in a multichannel assembly, which show an effective photo-annealing recovery of up to 100% of the radiation induced attenuation through excitation of point defects.

Market efficiency of oil spot and futures: A mean-variance and stochastic dominance approach

Energy Technology Data Exchange (ETDEWEB)

Lean, Hooi Hooi [Economics Program, School of Social Sciences, Universiti Sains Malaysia (Malaysia); McAleer, Michael [Econometric Institute, Erasmus School of Economics, Erasmus University Rotterdam, and, Tinbergen Institute (Netherlands); Wong, Wing-Keung, E-mail: awong@hkbu.edu.h [Department of Economics, Hong Kong Baptist University (Hong Kong)

2010-09-15

This paper examines the market efficiency of oil spot and futures prices by using both mean-variance (MV) and stochastic dominance (SD) approaches. Based on the West Texas Intermediate crude oil data for the sample period 1989-2008, we find no evidence of any MV and SD relationships between oil spot and futures indices. This infers that there is no arbitrage opportunity between these two markets, spot and futures do not dominate one another, investors are indifferent to investing spot or futures, and the spot and futures oil markets are efficient and rational. The empirical findings are robust to each sub-period before and after the crises for different crises, and also to portfolio diversification.

Market efficiency of oil spot and futures. A mean-variance and stochastic dominance approach

Energy Technology Data Exchange (ETDEWEB)

Lean, Hooi Hooi [Economics Program, School of Social Sciences, Universiti Sains Malaysia (Malaysia); McAleer, Michael [Econometric Institute, Erasmus School of Economics, Erasmus University Rotterdam (Netherlands); Wong, Wing-Keung [Department of Economics, Hong Kong Baptist University (China); Tinbergen Institute (Netherlands)

2010-09-15

This paper examines the market efficiency of oil spot and futures prices by using both mean-variance (MV) and stochastic dominance (SD) approaches. Based on the West Texas Intermediate crude oil data for the sample period 1989-2008, we find no evidence of any MV and SD relationships between oil spot and futures indices. This infers that there is no arbitrage opportunity between these two markets, spot and futures do not dominate one another, investors are indifferent to investing spot or futures, and the spot and futures oil markets are efficient and rational. The empirical findings are robust to each sub-period before and after the crises for different crises, and also to portfolio diversification. (author)

Market efficiency of oil spot and futures: A mean-variance and stochastic dominance approach

International Nuclear Information System (INIS)

Lean, Hooi Hooi; McAleer, Michael; Wong, Wing-Keung

2010-01-01

This paper examines the market efficiency of oil spot and futures prices by using both mean-variance (MV) and stochastic dominance (SD) approaches. Based on the West Texas Intermediate crude oil data for the sample period 1989-2008, we find no evidence of any MV and SD relationships between oil spot and futures indices. This infers that there is no arbitrage opportunity between these two markets, spot and futures do not dominate one another, investors are indifferent to investing spot or futures, and the spot and futures oil markets are efficient and rational. The empirical findings are robust to each sub-period before and after the crises for different crises, and also to portfolio diversification.

A Study on Market Efficiency of Selected Commodity Derivatives Traded on NCDEX During 2011

Science.gov (United States)

Sajipriya, N.

2012-10-01

The study aims at testing the weak form of Efficient Market Hypothesis in the context of an emerging commodity market - National Commodity Derivatives Exchange (NCDEX), which is considered as the prime commodity derivatives market in India. The study considered daily spot and futures prices of five selected commodities traded on NCDEX over 12 month period (the futures contracts originating and expiring during the period January 2011 to December 2011) The five commodities chosen are Pepper, Crude palm Oil, steel silver and Chana as they account for almost two-thirds of the value of agricultural commodity derivatives traded on NCDEX. The results of Run test indicate that both spot and futures prices are weak form efficient

Herding, minority game, market clearing and efficient markets in a simple spin model framework

Czech Academy of Sciences Publication Activity Database

Krištoufek, Ladislav; Vošvrda, Miloslav

2017-01-01

Roč. 54, č. 1 (2017), s. 148-155 ISSN 1007-5704 R&D Projects: GA ČR(CZ) GBP402/12/G097 EU Projects: European Commission(XE) 612955 - FINMAP Institutional support: RVO:67985556 Keywords : Ising model * Efficient market hypothesis * Monte Carlo simulation Subject RIV: AH - Economics OBOR OECD: Applied Economics, Econometrics Impact factor: 2.784, year: 2016 http://library.utia.cas.cz/separaty/2017/E/kristoufek-0474986.pdf

Impacts of market and organizational characteristics on hospital efficiency and uncompensated care.

Science.gov (United States)

Hsieh, Hui-Min; Clement, Dolores G; Bazzoli, Gloria J

2010-01-01

Hospitals have confronted a difficult financial environment given many factors, including expansion of managed care, changes in public policy, growing market competition for certain services, and growth in the number of uninsured. Policy makers have expressed concern that hospitals may forgo providing care to the indigent as a means to reduce costs and become more efficient when faced with financial pressures. This article examined the effects of environmental pressures on two dimensions of hospital performance: hospital efficiency and uncompensated care provision. Longitudinal data for the Commonwealth of Virginia from 1998 to 2004 were analyzed. Data Envelopment Analysis and bivariate probit were used to examine the factors associated with efficiency and uncompensated care. The results indicated that a positive relationship between hospital efficiency and uncompensated care provision exists. That is, hospitals that are categorized as efficient are likely to provide more uncompensated care. We also found that hospitals tended to provide more uncompensated care when increased demand for these services occurred in a market. Increases in Medicare or Medicaid patient share reduced the provision of uncompensated care. In relation to hospital efficiency, the results indicated that HMO penetration and Medicaid patient share reduced hospital efficiency. This study found that efficient hospitals tend to provide more uncompensated care over time. The findings also suggest that hospitals alter their efficiency and provision of uncompensated care in response to a number of environmental pressures, but it may depend on the type of pressures or uncertainties encountered.

Analisis Efficient Market Hypothesis (EMH) di Bursa Saham Syariah, 2005:1 – 2008:11

OpenAIRE

Cahyadin, Malik; Milandari, Devi Oktaviana

2009-01-01

Study on sharia stocks exchange takes an important place and consideration since transactions and financial activities within a stocks exchange market will determine the mode of market itself and will have impact on economic activities in a country where the market is established. This paper is mainly focused to oversee sharia stocks exchanges in Indonesia, United States, Saudi Arabia, and Malaysia using efficient market hypothesis (EHM) method. Data used in this study were collected from mon...

Analisis Efficient Market Hypothesis (EMH) Di Bursa Saham Syariah, 2005:1 – 2008:11

OpenAIRE

Cahyadin, Malik; Milandari, Devi Oktaviana

2009-01-01

Study on sharia stocks exchange takes an important place and consideration since transactions and financial activities within a stocks exchange market will determine the mode of market itself and will have impact on economic activities in a country where the market is established. This paper is mainly focused to oversee sharia stocks exchanges in Indonesia, United States, Saudi Arabia, and Malaysia using efficient market hypothesis (EHM) method. Data used in this study were collected from mon...

Efficiency improvement opportunities for personal computer monitors. Implications for market transformation programs

Energy Technology Data Exchange (ETDEWEB)

Park, Won Young; Phadke, Amol; Shah, Nihar [Environmental Energy Technologies Division, Lawrence Berkeley National Laboratory, Berkeley, CA (United States)

2013-08-15

Displays account for a significant portion of electricity consumed in personal computer (PC) use, and global PC monitor shipments are expected to continue to increase. We assess the market trends in the energy efficiency of PC monitors that are likely to occur without any additional policy intervention and estimate that PC monitor efficiency will likely improve by over 40 % by 2015 with saving potential of 4.5 TWh per year in 2015, compared to today's technology. We discuss various energy-efficiency improvement options and evaluate the cost-effectiveness of three of them, at least one of which improves efficiency by at least 20 % cost effectively beyond the ongoing market trends. We assess the potential for further improving efficiency taking into account the recent development of universal serial bus-powered liquid crystal display monitors and find that the current technology available and deployed in them has the potential to deeply and cost effectively reduce energy consumption by as much as 50 %. We provide insights for policies and programs that can be used to accelerate the adoption of efficient technologies to further capture global energy saving potential from PC monitors which we estimate to be 9.2 TWh per year in 2015.

Power grid operation in a market environment economic efficiency and risk mitigation

CERN Document Server

2017-01-01

This book examines both system operation and market operation perspectives, focusing on the interaction between the two. It incorporates up-to-date field experiences, presents challenges, and summarizes the latest theoretic advancements to address those challenges. The book is divided into four parts. The first part deals with the fundamentals of integrated system and market operations, including market power mitigation, market efficiency evaluation, and the implications of operation practices in energy markets. The second part discusses developing technologies to strengthen the use of the grid in energy markets. System volatility and economic impact introduced by the intermittency of wind and solar generation are also addressed. The third part focuses on stochastic applications, exploring new approaches of handling uncerta nty in Security Constrained Unit Commitment (SCUC) as well as the reserves needed for power system operation. The fourth part provides ongoing efforts of utilizing transmission facilities ...

Market leadership by example: Government sector energy efficiency in developing countries

Energy Technology Data Exchange (ETDEWEB)

Van Wie McGrory, Laura; Harris, Jeffrey; Breceda, Miguel; Campbell, Stephanie; Sachu, Constantine; della Cava, Mirka; Gonzalez Martinez, Jose; Meyer, Sarah; Romo, Ana Margarita

2002-05-20

Government facilities and services are often the largest energy users and major purchasers of energy-using equipment within a country. In developing as well as industrial countries, government ''leadership by example'' can be a powerful force to shift the market toward energy efficiency, complementing other elements of a national energy efficiency strategy. Benefits from more efficient energy management in government facilities and operations include lower government energy bills, reduced greenhouse gas emissions, less demand on electric utility systems, and in many cases reduced dependence on imported oil. Even more significantly, the government sector's buying power and example to others can generate broader demand for energy-efficient products and services, creating entry markets for domestic suppliers and stimulating competition in providing high-efficiency products and services. Despite these benefits, with the exception of a few countries government sector actions have often lagged behind other energy efficiency policies. This is especially true in developing countries and transition economies - even though energy used by public agencies in these countries may represent at least as large a share of total energy use as the public sector in industrial economies. This paper summarizes work in progress to inventory current programs and policies for government sector energy efficiency in developing countries, and describes successful case studies from Mexico's implementation of energy management in the public sector. We show how these policies in Mexico, begun at the federal level, have more recently been extended to state and local agencies, and consider the applicability of this model to other developing countries.

Marketing approach to the management of the relationship between customer and supplier in the market of engineering

Directory of Open Access Journals (Sweden)

Babenkova Anna V.

2011-02-01

Full Text Available Article is devoted to the development of models of marketing management relationship between customer and supplier in the market of engineering, which is based on the authors' proposal complex relationship marketing - Model 6C-6P. Author presents an algorithm for identifying consumer research their satisfaction with the relationship with the supplier. Considered a key element of management models and central part of the algorithm is a technique developed by the author satisfaction assessment relationship with the supplier, which allows to quantify the main characteristics of inter-firm relationships and gain an understanding of consumer expectations and grievances for the subsequent development of corrective measures to improve the quality of cooperation and as a result on improving the efficiency of the company's b2b market in the long term.

Predictability of Exchange Rates in Sri Lanka: A Test of the Efficient Market Hypothesis

OpenAIRE

Guneratne B Wickremasinghe

2007-01-01

This study examined the validity of the weak and semi-strong forms of the efficient market hypothesis (EMH) for the foreign exchange market of Sri Lanka. Monthly exchange rates for four currencies during the floating exchange rate regime were used in the empirical tests. Using a battery of tests, empirical results indicate that the current values of the four exchange rates can be predicted from their past values. Further, the tests of semi-strong form efficiency indicate that exchange rate pa...

Labor Market Efficiency as One of the Pillars of the Global Competitiveness of an Economy - Conclusions for the Labor Market Regimes of the EU Countries

Directory of Open Access Journals (Sweden)

Izabela Ostoj

2015-04-01

Full Text Available Labor market activity may have an effect on global economy competitiveness. This issue has been described as "labor market efficiency" (LME, which is a constituent of The Global Competitiveness Index published by The World Economic Forum (WEF. The article's purpose is to clarify the phenomenon of LME and explain the mechanisms which help the constituents affect economy competitiveness. The structure of LME points at the meaning of labor market regime, especially after considering the fact that European Union countries operate within various models of regime. The analysis of the LME diversity may help determine what type of labor market regimes are most efficient in enhancing economy competitiveness

Testing the efficiency of the wine market using unit root tests with sharp and smooth breaks

Directory of Open Access Journals (Sweden)

Elie Bouri

2017-12-01

Full Text Available This paper examines the efficient market hypothesis for the wine market using a novel unit root test while accounting for sharp shifts and smooth breaks in the monthly data. We find evidence of structural shifts and nonlinearity in the wine indices. Contrary to the results from conventional linear unit root tests, when we account for sharp shifts and smooth breaks, the unit root null for each of the wine indices has been rejected. Overall, our results suggest that the wine market is inefficient when we incorporate breaks. We provide some practical and policy implications of our findings. Keywords: Wine market, Efficiency, Sharp and smooth breaks, Unit root tests

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

Science.gov (United States)

Ma, Pengcheng; Li, Daye; Li, Shuo

2016-02-01

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

Liberalising European electricity markets: opportunities and risks for a sustainable power sector

International Nuclear Information System (INIS)

Ringel, M.

2003-01-01

The process of liberalising European electricity markets, encompassing a wide range of restructuring activities, has mainly been spurred by the attempt to increase the economic efficiency of the whole sector. This process might be used to trigger a development towards a sustainable power sector by increasing the use of renewable energy sources and enhancing energy efficiency on the supply and demand side. However, by taking a closer look at the current trends of the European electricity markets, it becomes obvious that the liberalisation not only implies opportunities but also risks for the creation of a sustainable power sector. Many of these risks are due to market distortions and imperfections caused by the delay in creating a fully functional single European market. Thus, in the short-term, the market liberalisation tends to constitute more risks than opportunities without government actions to prevent these risks. In the long run, though, the efficiency gains of the sector and the appearance of new market factors are likely to bring forth the opportunities of liberalisation and actively foster a transformation towards a sustainable electricity sector. (author)

Market Power in Laboratory Emission Permit Markets

International Nuclear Information System (INIS)

Godby, R.

2002-01-01

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

Livestock Marketing.

Science.gov (United States)

Futrell, Gene; And Others

This marketing unit focuses on the seasonal and cyclical patterns of livestock markets. Cash marketing, forward contracting, hedging in the futures markets, and the options markets are examined. Examples illustrate how each marketing tool may be useful in gaining a profit on livestock and cutting risk exposure. The unit is organized in the…

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

OpenAIRE

Omay, Nazli C.; Karadagli, Ece C.

2010-01-01

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

Renewable energy and energy efficiency in liberalized European electricity markets

International Nuclear Information System (INIS)

Wohlgemuth, Norbert

2000-01-01

Given the projected growth in global energy demand, renewable energy (RE) and energy efficiency (EE) play a crucial role in the attainment of the environmental dimension of sustainable development. Policy mechanisms to promote RE and EE have been justified on the rationale of market failure, which prevents price signals alone from being sufficient to induce consumers to implement the socially optimal level. The paper shows driving forces for increasing competition in the electricity supply industry and discusses the implication of electricity industry liberalisation on RE/EE activities. Policies of the European Commission to promote RE/EE are presented, including a more detailed description of the experience made in the United Kingdom. Conclusions are that the new market structure may be too short sighted to stimulate RE and EE activities and that the design of policies should be compatible with the new market-orientated structure of the electricity industry. If implemented properly, and compatible with the competitive market organisation, electricity supply liberalisation could pave the way for 'sustainable electricity' in the European Union. (Author)

Efficiency Gain For Bi-Facial Multi-Crystalline Solar Cell With Uncapped Al2O3 And Local Firing-Through Al-BSF

Energy Technology Data Exchange (ETDEWEB)

Cesar, I.; Manshanden, P.; Janssen, G.; Weeber, A.W. [ECN Solar Energy, P.O. Box 1, 1755 ZG Petten (Netherlands); Granneman, E.; Siarheyeva, O. [Levitech BV, Versterkerstraat 10, 1322 AP Almere (Netherlands)

2013-06-15

The p-type bi-facial cell concept, p-PASHA (Passivated on all sides H- pattern), is developed at ECN and employs an uncapped AlOx passivation layer on the rear through which a screen printed H-pattern of aluminium contacts is fired. Here we report a net gain in cell efficiency of 0.2% absolute for the p-PASHA cell vs. industrial reference with the addition of a clean and an ALD step. Even higher gains up to 0.5% abs. are expected after optimization of the cell design and process. Apart from the efficiency gain, the bi-facial cell concept allows for 50-80% reduction in Al paste consumption, the use of thinner wafers, and consists of less processing steps compared to prevalent PERC concepts. The Al2O3 dielectric layer is deposited in the Levitrack, an industrial-type system for high-throughput Atomic Layer Deposition (ALD) developed by Levitech. The efficiency gain is obtained on multi-crystalline wafers, at a rear metal fraction of 40%. Localized IQE mapping, cross-sectional SEM investigation, resistance measurements and 2D simulation relate the efficiency improvement compared to our conventional process to better eutectic and BSF formation at the Al contact edges.

Control of Growth Efficiency in Young Plantation Loblolly Pine and Sweetgum through Irrigation and Fertigation Enhancement of Leaf Carbon Gain; FINAL

International Nuclear Information System (INIS)

L. Samuelson

1999-01-01

The overall objective of this study was to determine if growth efficiency of young plantation loblolly pine and sweetgum can be maintained by intensive forest management and whether increased carbon gain is the mechanism controlling growth efficiency response to resource augmentation. Key leaf physiological processes were examined over two growing seasons in response to irrigation, fertigation (irrigation with a fertilizer solution), and fertigation plus pest control (pine only). Although irrigation improved leaf net photosynthesis in pine and decreased stomatal sensitivity to vapor pressure deficit in sweetgum, no consistent physiological responses to fertigation were detected in either species. After 4 years of treatment, a 3-fold increase in woody net primary productivity was observed in both species in response to fertigation. Trees supplemented with fertigation and fertigation plus pest control exhibited the largest increases in growth and biomass. Furthermore, growth efficiency was maintained by fertigation and fertigation plus pest control, despite large increases in crown development and self-shading. Greater growth in response to intensive culture was facilitated by significant gains in leaf mass and whole tree carbon gain rather than detectable increases in leaf level processes. Growth efficiency was not maintained by significant increases in leaf level carbon gain but was possibly influenced by changes in carbon allocation to root versus shoot processes

Measurements of diversity gain and radiation efficiency of the eleven antenna by using different measurement techniques

DEFF Research Database (Denmark)

Yang, Jian; Pivnenko, Sergey; Laitinen, Tommi

2010-01-01

This paper presents measurement results of diversity gain and radiation efficiency by using three different measurement techniques: reverberation chamber, spherical near-field anechoic chamber, and multi-probe anechoic chamber. The results are measured over a large 2–8 GHz bandwidth which...

基于消费不足的中国效率市场结构分析%Analysis of structure of efficient market of China based on demand deficiency

Institute of Scientific and Technical Information of China (English)

杨永忠; 熊祖辕

2003-01-01

This article thinks efficient market has abundant content, and not merely confine to the efficiency market of the stock. According to level of study, efficient market can divides into micro efficient market, regional efficiency market and macro efficient market. Micro efficient is market of Pareto efficiency, and foundation of efficiency market system. But micro market has space failures and economy, society failures. As to micro market faihures, regional efficiency market is shown as the integration of urban and rural areas market, and macro efficiency market is show as national big market of realization of Analyses of efficient markets is meaningful to China''s deficiency of demand.

Rational expectations, risk and efficiency in energy futures markets

Energy Technology Data Exchange (ETDEWEB)

Serletis, Apostolos (Calgary Univ., AB (CA). Dept. of Economics)

1991-04-01

Conditional on the hypothesis that energy futures markets are efficient or rational, this paper uses Fama's regression approach to measure the information in energy futures prices about future spot prices and time varying premiums. The paper finds that the premium and expected future spot price components of energy futures prices are negatively correlated and that most of the variation in futures prices is variation in expected premiums. (author).

Competition versus Efficiency: What Drives Banks’ Spreads in Italian Banking System?

Directory of Open Access Journals (Sweden)

Luca Giordano

2015-06-01

Full Text Available Economists have long debated the relationships between market structure of banking sector and the profitability. General consensus asserts that more concentrated market is associated with higher profitability: banks with higher market share generally achieve higher profits. This empirical evidence can however hinge on two opposite explanations: in the first case banks increase their market share (via mergers and acquisitions in order to exploit the resulting stronger market power and impose higher prices to their clients; the second explanation tells that more cost-efficient banks are able to lower the prices applied to their clients and therefore to gain new clients and finally enlarge their market share. In both cases there is a positive link between market share and profitability, but in the former what actually plays a crucial role is a non-competitive force (Relative Market Power Hypothesis, henceforth RMP, in the latter the relationship is driven by the greater efficiency of banks which enlarge their market share by reducing prices (X-Efficiency Hypothesis, ESX. We run a 4-years panel data analysis (2008-2011 in order to disentangle the above alternatives hypothesis (RMP versus ESX for the Italian market. First we estimate the cost efficiency for a sample of more than 200 banks by applying the Stochastic Frontier Analysis (SFA. In the second step we regress bank spreads on efficiency scores and market structure variables in order to identify which process leads the price setting of Italian banks. Difference in the legal organization of bank (mutual, cooperative, and commercial banks and type of business relationships established are controlled for.

Procurement for market transformation for energy-efficient products. A study under the SAVE-programme[SAVE = Specific Actions for Vigorous Energy Efficiency

Energy Technology Data Exchange (ETDEWEB)

NONE

1998-07-01

This report summarises the findings from the SAVE study, 'Procurement for Market Transformation for Energy Efficient Products', focusing on the possibility of executing co-operative procurement activities at the European level. The conclusions are based upon findings from 36 market studies carried out in nine European countries regarding four different products: induction motors, solar-energy systems for water heating, office lighting systems, and combined fridge-freezers, as well as practical experience from about 30 procurements carried out by NUTEK in Sweden, and the experience of the IEA DSM Implementing agreement annex III 'Co-operative Procurement of Innovative Technologies'. The study concludes that co-operative procurement is a promising instrument for consideration in combination with other instruments for future energy-efficiency policy at the EU level. By seeking to transform the European market in its totality, the current prevailing differences between national markets can be softened contributing to the completion of a single European market and providing a basis for a more integrated market transformation approach. However, carrying out the process at the EU level is complex and it therefore needs careful designing in order to be successful. A main barrier to measures of this kind being implemented is the lack of experience, and therefore trust in the process as such, which is why further practical experience on both a national and international level is needed. To encourage member states to participate and co-operate whatever the form chosen, the study suggests that concrete and active support from the Commission is an important signalling effect, since the importance of energy efficiency on the political agenda differs considerably between countries that, furthermore, are more or less flexible when it comes to adopting new policy instruments.

The adoption of energy efficiency enhancing technologies. Market Performance and Policy Strategies in Case of Heterogeneous Firms

Energy Technology Data Exchange (ETDEWEB)

Verhoef, E.; Nijkamp, P. [Department of Spatial Economics, Free University Amsterdam, Amsterdam (Netherlands)

1997-07-01

The adoption of energy-efficiency enhancing technologies by heterogeneous firms is analyzed. The fact that energy use does not only cause external environmental costs through pollution, but also directly affects the profitability of the firm and hence its behaviour on input and output markets is taken for granted. It is demonstrated that the consideration of such market processes may have important implications for the efficiency of environmental policies concerned with energy use. The analysis focuses in particular on the efficiency of the market-led adoption and diffusion process under various policy regimes. It is shown that the promotion of energy-efficiency enhancing technologies might have unexpected effects in that it could lead to an increase in energy use, while the use of energy taxes might actually reduce the attractiveness of energy-saving technologies. 22 refs.

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

Energy Technology Data Exchange (ETDEWEB)

Nashashibi, H S

1980-10-01

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

Inefficiency in the market for 'Fine Art': how this market inefficiency promotes 'Art Tourism' in South Africa

Directory of Open Access Journals (Sweden)

Peter Baur

2014-01-01

Full Text Available The market for 'Fine Art' is dominated by institutions and auction houses. These act as gatekeepers by monopolising the primary market. The choice of art as an investment vehicle is based on a combination of expected return and subjective preference. The reason for investing in 'Fine Art' is more than purely for financial gain. There are other more intrinsic factors that are considered as part of the investor decision-making process. This market for 'Fine Art' can be considered largely inefficient. Exclusivity, high prices, institutional based indexes and the overall lack of information are by far the greatest drivers of this market inefficiency. 'Art' prices are usually set in the primary market for 'Fine Art' through the auction process and the auction process should also typically reflect an efficient way of creating shared value. However, the auction process in the primary art market is not efficient and does not create shared value as would occur in a typical free market structure. The systems employed by the auction process in the primary art market is a strategy in itself, giving the impression that there is shared value, and thus distorting prices while simultaneously stimulating investor confidence. This becomes apparent when the price for 'Fine Art' does not necessarily reflect the 'true' value of the respective 'Fine Art' being sold. Thus investors may take advantage of this situation, by traveling across international borders to purchase what they would consider valuable art. In effect, art tourism is driven by market inefficiency in the 'Fine Art' market.

Efficient Market Hypothesis in South Africa: Evidence from Linear and Nonlinear Unit Root Tests

Directory of Open Access Journals (Sweden)

Andrew Phiri

2015-12-01

Full Text Available This study investigates the weak form efficient market hypothesis (EMH for five generalized stock indices in the Johannesburg Stock Exchange (JSE using weekly data collected from 31st January 2000 to 16th December 2014. In particular, we test for weak form market efficiency using a battery of linear and nonlinear unit root testing procedures comprising of the classical augmented Dickey-Fuller (ADF tests, the two-regime threshold autoregressive (TAR unit root tests described in Enders and Granger (1998 as well as the three-regime unit root tests described in Bec, Salem, and Carrasco (2004. Based on our empirical analysis, we are able to demonstrate that whilst the linear unit root tests advocate for unit roots within the time series, the nonlinear unit root tests suggest that most stock indices are threshold stationary processes. These results bridge two opposing contentions obtained from previous studies by concluding that under a linear framework the JSE stock indices offer support in favour of weak form market efficiency whereas when nonlinearity is accounted for, a majority of the indices violate the weak form EMH.

The retail market for electric power. Competition and consumer analysis; Denmark; Detailmarkedet for elektricitet. Konkurrence- og forbrugeranalyse

Energy Technology Data Exchange (ETDEWEB)

2011-12-15

The Danish Competition and Consumer Authority has examined the market for electricity to consumers. It is a market that has great importance for the Danish consumers, and it is a market where competition could make a difference for consumers, businesses and the settlement of the Danish climate objectives. An average Danish household spends over DKK 7,000 a year on electricity. Average household expenditures for electricity will probably increase with the electric cars and electric-powered heat pumps will constitute a larger share of the Danish electricity consumption in the future. Simultaneously, the electricity market is difficult to understand for consumers, and there is generally a weak market competition. The analyses in this report show that there is a large untapped potential for economic gains through innovation, increased competition and a more efficient use of resources in the electricity sector. A realization of the potential for economic gains can be beneficial to consumers, businesses and environment. If the potential for economic gains is to be realized, it is necessary to change the regulation of the market. (LN)

Market analysis and market evaluation as well as a creation of a concept for the market observation for selected services within the energy efficiency. Final report; Marktanalyse und Marktbewertung sowie Erstellung eines Konzeptes zur Marktbeobachtung fuer ausgewaehlte Dienstleistungen im Bereich Energieeffizienz. Endbericht

Energy Technology Data Exchange (ETDEWEB)

NONE

2013-07-05

The Directive on energy efficiency and energy services obliges the Member States to reduce the energy consumption by 9 % up to the year 2016 and to promote the market for energy services. The objectives set at different levels for energy efficiency and energy savings can be achieved more effectively and efficiently with functioning markets for energy services, energy audits and measures for improving the energy efficiency. The contribution under consideration deals with the following topics: (a) Sectoral differentiated analysis of markets for energy services, energy audits and other energy efficiency measures; (b) Recommendations and suggestions for further development of the analyzed markets; (c) Development of a concept for the future, regular monitoring of the analyzed markets by the Federal Ministry for Energy Efficiency (Eschborn, Federal Republic of Germany); (d) Development of meaningful key performance indicators; (e) Description and evaluation of beneficial and obstructive factors.

Product Market Integration, Comparative Advantages and Labour Market Performance

DEFF Research Database (Denmark)

Andersen, Torben M.; Rose Skaksen, Jan

2004-01-01

of the specialization gains are similar to anincrease in labour productivity, whereas the labour market reform effectis similar to an increase in the degree of competition in the labourmarket. Wages, employment and welfare increase as a result of furtherproduct market integration. It is interesting to note......In this paper, we set up a two-country general equilibrium modelwhere trade unions have wage bargaining power. We show that adecrease in trade distortions inducing further product market integrationgives rise to specialization gains as well as a labour market reformeffect. The implications...... that the labourmarket reform effect of product market integration is achieved despitean increase in the wage level.JEL Classification: F15, J30, J50.Keywords: Trade frictions, wage formation, employment, welfaregains....

Efficient design of gain-flattened multi-pump Raman fiber amplifiers using least squares support vector regression

Science.gov (United States)

Chen, Jing; Qiu, Xiaojie; Yin, Cunyi; Jiang, Hao

2018-02-01

An efficient method to design the broadband gain-flattened Raman fiber amplifier with multiple pumps is proposed based on least squares support vector regression (LS-SVR). A multi-input multi-output LS-SVR model is introduced to replace the complicated solving process of the nonlinear coupled Raman amplification equation. The proposed approach contains two stages: offline training stage and online optimization stage. During the offline stage, the LS-SVR model is trained. Owing to the good generalization capability of LS-SVR, the net gain spectrum can be directly and accurately obtained when inputting any combination of the pump wavelength and power to the well-trained model. During the online stage, we incorporate the LS-SVR model into the particle swarm optimization algorithm to find the optimal pump configuration. The design results demonstrate that the proposed method greatly shortens the computation time and enhances the efficiency of the pump parameter optimization for Raman fiber amplifier design.

What can price volatility tell us about market efficiency? Conditional heteroscedasticity in historical commodity price series

NARCIS (Netherlands)

Földvári, P.; van Leeuwen, B.

2011-01-01

The development in the working of markets has been an important topic in economic history for decades. The volatility of market prices is often used as an indicator of market efficiency in the broadest sense. Yet, the way in which volatility is estimated often makes it difficult to compare price

Energy-efficient relay selection and optimal power allocation for performance-constrained dual-hop variable-gain AF relaying

KAUST Repository

Zafar, Ammar; Radaydeh, Redha Mahmoud Mesleh; Chen, Yunfei; Alouini, Mohamed-Slim

2013-01-01

This paper investigates the energy-efficiency enhancement of a variable-gain dual-hop amplify-and-forward (AF) relay network utilizing selective relaying. The objective is to minimize the total consumed power while keeping the end-to-end signal

DETERMINANTS OF MARKETING EFFICIENCY FOR PACKAGED WATER IN IMO STATE, NIGERIA: MAXIMIZING FIRMS ASSETS TO IMPROVE CONSUMER WELFARE

OpenAIRE

Ogbonnaya Ukeh OTEH; Etomchi Maria-stella, NJOKU

2014-01-01

Competition is necessary for enhanced customer welfare and efficiency. This study focused on marketing efficiency of packaged water in Imo state Nigeria. It specifically examined the socio-economic profile of the respondents; levels of marketing efficiency of packaged water and its determinants. The study employed purposive and multistage sampling technique in the selection of location and respondents respectively from whom information were elicited. Analytically, descriptive statistics, sche...

Convergent evolution towards high net carbon gain efficiency contributes to the shade tolerance of palms (Arecaceae)

NARCIS (Netherlands)

Ma, Ren Yi; Zhang, Jiao Lin; Cavaleri, Molly A.; Sterck, Frank; Strijk, J.S.; Cao, Kun Fang

2015-01-01

Most palm species occur in the shaded lower strata of tropical rain forests, but how their traits relate to shade adaptation is poorly understood. We hypothesized that palms are adapted to the shade of their native habitats by convergent evolution towards high net carbon gain efficiency (CGEn),

Design of single-layer high-efficiency transmitting phase-gradient metasurface and high gain antenna

Science.gov (United States)

Zhang, Di; Yang, Xiaoqing; Su, Piqiang; Luo, Jiefang; Chen, Huijie; Yuan, Jianping; Li, Lixin

2017-12-01

In this paper, based on rotation phase-gradient principle, a single-layer, high-efficiency transmitting metasurface is designed and applied to high-gain antenna. In the case of circularly polarized incident wave, the PCR (polarization conversions ratio) of the metasurface element is greater than 90% in the band of 9.11-10.48 GHz. The transmitting wave emerges an anomalous refraction when left-handed circularly polarized wave are incident perpendicularly to the 1D phase-gradient metasurface, which is composed of cycle arrangement of 6 units with step value of 30°. The simulated anomalous refraction angle is 40.1°, coincided with the theoretical design value (40.6°). For further application, the 2D focused metasurface is designed to enhance the antenna performance while the left-handed circularly polarized antenna is placed at the focus. The simulated max gain is increased by 12 dB (182%) and the half-power beamwidth is reduced by 74.6°. The measured results are coincided with the simulations, which indicates the antenna has high directivity. The designed single-layer transmission metasurface has advantages of thin thickness (only 1.5 mm), high efficiency and light weight, and will have important application prospects in polarization conversion and beam control.

Testing Efficiency of Derivative Markets: ISE30, ISE100, USD and EURO

OpenAIRE

Akal, Mustafa; Birgili, Erhan; Durmuskaya, Sedat

2012-01-01

This study attempts to develop new market efficiency tests depending on the spot and future prices, or the differences of them alternative to traditional unit root test build on univariate time series. As a result of the autocorrelation, normality and run tests applied to spot and futures prices or differences of them, and Adopted Purchasing Power Parity test based on a regression the future markets of ISE30, ISE100 index indicators, USD and Euro currencies, all of which have been traded dail...

OGJ group earnings show big gain for 1993

International Nuclear Information System (INIS)

Beck, R.J.; Sanders, V.

1994-01-01

Earnings for Oil and Gas Journal's group of 22 large US oil companies advanced sharply last year, increasing 70.9% from 1992. Group profits totaled $16.1 billion, with the gain stemming largely from lack of one time charges that depressed earnings in 1992. Adoption of new accounting rules associated with future postretirement costs caused the 1992 charges. US exploration and production earnings were mixed, tied in part to oil and gas production volumes. Higher gas prices and production helped boost earnings for a number of companies. But the earnings improvement from gas was offset by reduced oil production and prices. Results from non-U.S. E and P also were mixed. Average worldwide crude oil export prices were down from year earlier levels. However, for some companies this was offset by higher production levels and lower exploration costs. Earnings from refining and marketing were improved from 1992 levels, particularly for non-US operations. Lower feedstock costs, especially in the fourth quarter, helped boost earnings in this sector. Refining earnings gains also flowed from lower costs due to restructuring and an accompanying improvement in operating efficiency. The paper discusses world trends, operations and prices, US exploration and production, non-US E and P, US and non-US refining and marketing, petrochemicals, and the forecast for future demand

The Evaluation of Financing Efficiency of China’s Stock Market

Directory of Open Access Journals (Sweden)

Ji-chang Dong

2016-01-01

Full Text Available Financing is the main way for listed companies to obtain funds in China, and it is the “reservoir” which can guarantee enterprises to operate continuously. Financing efficiency can be used to measure the efficiency in using enterprises’ own funds, and it is one of the main indicators which are concerned by the stakeholders of listed companies. This paper mainly researches on the impact of equity financing on the financing efficiency of listed companies as a whole and selects 300 listed companies in the Shanghai and Shenzhen Stock Exchange as decision-making units. Then this paper analyzes the financial data of sample companies in 2008–2014. Finally, it can be concluded that the financing efficiency of listed companies in China is generally low, and the total factor productivity in the stock market continued to decline between 2003 and 2005 and then rose rapidly.

Martingales, detrending data, and the efficient market hypothesis

Science.gov (United States)

McCauley, Joseph L.; Bassler, Kevin E.; Gunaratne, Gemunu H.

2008-01-01

We discuss martingales, detrending data, and the efficient market hypothesis (EMH) for stochastic processes x( t) with arbitrary diffusion coefficients D( x, t). Beginning with x-independent drift coefficients R( t) we show that martingale stochastic processes generate uncorrelated, generally non-stationary increments. Generally, a test for a martingale is therefore a test for uncorrelated increments. A detrended process with an x-dependent drift coefficient is generally not a martingale, and so we extend our analysis to include the class of ( x, t)-dependent drift coefficients of interest in finance. We explain why martingales look Markovian at the level of both simple averages and 2-point correlations. And while a Markovian market has no memory to exploit and presumably cannot be beaten systematically, it has never been shown that martingale memory cannot be exploited in 3-point or higher correlations to beat the market. We generalize our Markov scaling solutions presented earlier, and also generalize the martingale formulation of the EMH to include ( x, t)-dependent drift in log returns. We also use the analysis of this paper to correct a misstatement of the ‘fair game’ condition in terms of serial correlations in Fama's paper on the EMH. We end with a discussion of Levy's characterization of Brownian motion and prove that an arbitrary martingale is topologically inequivalent to a Wiener process.

Sensory Gain Outperforms Efficient Readout Mechanisms in Predicting Attention-Related Improvements in Behavior

Science.gov (United States)

Ester, Edward F.; Deering, Sean

2014-01-01

Spatial attention has been postulated to facilitate perceptual processing via several different mechanisms. For instance, attention can amplify neural responses in sensory areas (sensory gain), mediate neural variability (noise modulation), or alter the manner in which sensory signals are selectively read out by postsensory decision mechanisms (efficient readout). Even in the context of simple behavioral tasks, it is unclear how well each of these mechanisms can account for the relationship between attention-modulated changes in behavior and neural activity because few studies have systematically mapped changes between stimulus intensity, attentional focus, neural activity, and behavioral performance. Here, we used a combination of psychophysics, event-related potentials (ERPs), and quantitative modeling to explicitly link attention-related changes in perceptual sensitivity with changes in the ERP amplitudes recorded from human observers. Spatial attention led to a multiplicative increase in the amplitude of an early sensory ERP component (the P1, peaking ∼80–130 ms poststimulus) and in the amplitude of the late positive deflection component (peaking ∼230–330 ms poststimulus). A simple model based on signal detection theory demonstrates that these multiplicative gain changes were sufficient to account for attention-related improvements in perceptual sensitivity, without a need to invoke noise modulation. Moreover, combining the observed multiplicative gain with a postsensory readout mechanism resulted in a significantly poorer description of the observed behavioral data. We conclude that, at least in the context of relatively simple visual discrimination tasks, spatial attention modulates perceptual sensitivity primarily by modulating the gain of neural responses during early sensory processing PMID:25274817

Energy efficiency programs for niche markets: The Labs21 program as an exemplar

Energy Technology Data Exchange (ETDEWEB)

Wirdzek, Phillip; Lintner, William; Mathew, Paul; Carlisle, Nancy

2004-06-01

Most federal programs that promote energy efficiency and environmental sustainability in the building industry focus on the larger market segments such as offices, residential buildings, etc. Niche markets such as laboratories are often overlooked and beyond the scope of such programs, for at least two reasons: (a) by definition, niche markets are a relatively small ''wedge'' of the overall energy consumption ''pie''; and (b) laboratories have health and safety concerns, complex flexibility requirements and are perceived to be less amenable to broadly applicable strategies. Nevertheless, laboratories and other ''high-tech'' buildings demand the attention of the energy efficiency and sustainable design community for several reasons: (1) They are a growing segment of the building sector. (2) They are very energy and resource intensive laboratories on average are four to six times as energy intensive as office buildings, and five to ten times as expensive to build. (3) There are significant opportunities for efficiency and conservation, especially when compared to other buildings. In this paper, we describe how the Labs21 program, a joint program of the US EPA and US DOE, is structured to meet these needs recognizing that laboratories require very specialized engineering and design knowledge not addressed in academia or industry, and not readily shared to a level commensurate with the needs of this building sector. While Labs21 is focused on one niche market, we also highlight some experiences from this program applicable to other specialized building types.

Energy efficiency and performance indicators of European electricity market

Directory of Open Access Journals (Sweden)

Constantin DUGULEANĂ

2015-06-01

Full Text Available The electric power system plays a vital role in the development of every country, ensuring the “fuel” which feeds its economic motor. The efficient functioning of this motor is essential for economy. The efficiency and the performances of electric power systems are reflected on the living level of population, through the money spent and the satisfaction level of their needs. The continuity of power distribution process, the good communication between the suppliers and consumers, the promptitude of interventions, the environment protection - all these are aspects characterizing the performance level of power distribution systems. The paper analyzes the evolution of quality indicators of power distribution systems both for countries’ level and for population on European market of electricity.

Driving Extreme Efficiency to Market

Science.gov (United States)

Garbesi, Karina

2014-03-01

The rapid development of extremely energy efficient appliances and equipment is essential to curtail catastrophic climate disruption. This will require the on-going development of products that apply all best-practices and that take advantage of the synergies of hybridization and building integration. Beyond that, it requires the development of new disruptive technologies and concepts. To facilitate these goals, in 2011 the Lawrence Berkeley National Laboratory and the U.S. Department of Energy launched the Max Tech and Beyond Design Competition for Ultra-Low-Energy-Use Appliances and Equipment. Now in its third year, the competition supports faculty-lead student design teams at U.S. universities to develop and test new technology prototypes. This talk describes what the competition and the Max Tech Program are doing to drive such rapid technology progress and to facilitate the entry to the market of successful Max Tech prototypes. The talk also initiates a discussion of physicists' unique role in driving that technology progress faster and farther. Emerging Technologies, Building Technologies Office, U.S. Department of Energy.

Optimization of E r-density profile for efficient pumping and high signal gain in Erbium-doped fiber amplifiers

International Nuclear Information System (INIS)

Arzi, E.; Hassani, A.; Esmaili Seraji, F.

2000-01-01

Recently, the Erbium-Doped Fiber Amplifier has been shown to have a great potentiality in Fiber-Optics Communication. A model is suggested for calculating the E r-density profile, using the propagation and rate equations of a homogeneous two-level laser medium in Erbium-Doped Fiber Amplifier, such that efficient pumping and high signal gain is achieved for different fiber waveguide structure. The result of this numerical calculation shows that the gain, compared with the gain of the existing Erbium-Doped Fiber Amplifier, is higher by a factor of 3.5. This model is applicable in all active waveguides and any other dopant as well

Technical and Economic Efficiency of Palm Oil Marketing in the Niger Delta Region of Southern Nigeria

OpenAIRE

Nkasiobi Silas Oguzor

2013-01-01

This study examined the structural performance and productive efficiency of palm oil marketing in some selected States in Southern Nigeria. Eighty districts were selected in the Niger Delta Area and data were collected from 1000 palm oil sellers randomly selected in these towns. The tools of analysis were marketing margin, Lorenz curve and Gini coefficient to measure the structural performance while the productive efficiency was measured with the use of the production function analysis using ...

Photomultiplier gain stabilisation

International Nuclear Information System (INIS)

Le Baud, P.; Sautiez, B.

1958-07-01

By the control and adjustment of magnetic deflection applied to the electron beam of a photomultiplier it has proved possible to flatten the gain curve, forming plateaux at levels dependent upon the voltage at intake. It should be possible to add this simple device to most photomultipliers on the market today. (author) [fr

Business strategies, profitability and efficiency of production

Directory of Open Access Journals (Sweden)

S. Alarcón

2013-02-01

Full Text Available The strategy choices of market-oriented companies are a topic now under wide investigation in the analysis of business performance antecedents. The purpose of this study is to examine the outcomes of the combination of three different organizational strategies (market orientation, innovativeness and entrepreneurial orientation on business performance indicators. Models using profitability and efficiency indicators are proposed with the specific aim of obtaining a deeper analysis of the relative roles played by each. The empirical work takes place in the agro-food industry in the Ebro Valley, one of Spain’s most competitive regions. The estimates from profitability quantile and truncated regressions of the efficiency scores reveal that market orientation has a positive effect on economic and productivity performance. The impact of pro-active, innovation-seeking, and risk-averse entrepreneurship is nevertheless more debatable, despite some influence of these entrepreneurial styles on observed performance values. This enables conclusions regarding the possibility of combining a market-oriented business culture with innovation and entrepreneurial activity with a view to obtaining business performance gains.

Evidence of increment of efficiency of the Mexican Stock Market through the analysis of its variations

Science.gov (United States)

Coronel-Brizio, H. F.; Hernández-Montoya, A. R.; Huerta-Quintanilla, R.; Rodríguez-Achach, M.

2007-07-01

It is well known that there exist statistical and structural differences between the stock markets of developed and emerging countries. In this work, and in order to find out if the efficiency of the Mexican Stock Market has been changing over time, we have performed and compared several analyses of the variations of the Mexican Stock Market index (IPC) and Dow Jones industrial average index (DJIA) for different periods of their historical daily data. We have analyzed the returns autocorrelation function (ACF) and used detrended fluctuation analysis (DFA) to study returns variations. We also analyze the volatility, mean value and standard deviation of both markets and compare their evolution. We conclude from the overall result of these studies, that they show compelling evidence of the increment of efficiency of the Mexican Stock Market over time. The data samples analyzed here, correspond to daily values of the IPC and DJIA for the period 10/30/1978-02/28/2006.

Impact of energy efficiency gains on output and energy use with Cobb-Douglas production function

International Nuclear Information System (INIS)

Wei Taoyuan

2007-01-01

A special issue of Energy Policy-28 (2000)-was devoted to a collection of papers, edited by Dr. Lee Schipper. The collection included a paper entitled 'A view from the macro side: rebound, backfire, and Khazzoom-Brookes' in which it was argued that the impact of fuel efficiency gains on output (roughly, GDP) is likely to be relatively small by Cobb-Douglas production function. However, an error in the analysis leads to under-estimation of the long-term impact. This paper first provides a partial equilibrium analysis by an alternative method for the same case and then proceeds to an analysis on the issue in a two-sector general equilibrium system. In the latter analysis, energy price is internalized. Both energy use efficiency and energy production efficiency are involved

Inverse Statistics and Asset Allocation Efficiency

Science.gov (United States)

Bolgorian, Meysam

In this paper using inverse statistics analysis, the effect of investment horizon on the efficiency of portfolio selection is examined. Inverse statistics analysis is a general tool also known as probability distribution of exit time that is used for detecting the distribution of the time in which a stochastic process exits from a zone. This analysis was used in Refs. 1 and 2 for studying the financial returns time series. This distribution provides an optimal investment horizon which determines the most likely horizon for gaining a specific return. Using samples of stocks from Tehran Stock Exchange (TSE) as an emerging market and S&P 500 as a developed market, effect of optimal investment horizon in asset allocation is assessed. It is found that taking into account the optimal investment horizon in TSE leads to more efficiency for large size portfolios while for stocks selected from S&P 500, regardless of portfolio size, this strategy does not only not produce more efficient portfolios, but also longer investment horizons provides more efficiency.

Multifractality, efficiency analysis of Chinese stock market and its cross-correlation with WTI crude oil price

Science.gov (United States)

Zhuang, Xiaoyang; Wei, Yu; Ma, Feng

2015-07-01

In this paper, the multifractality and efficiency degrees of ten important Chinese sectoral indices are evaluated using the methods of MF-DFA and generalized Hurst exponents. The study also scrutinizes the dynamics of the efficiency of Chinese sectoral stock market by the rolling window approach. The overall empirical findings revealed that all the sectoral indices of Chinese stock market exist different degrees of multifractality. The results of different efficiency measures have agreed on that the 300 Materials index is the least efficient index. However, they have a slight diffidence on the most efficient one. The 300 Information Technology, 300 Telecommunication Services and 300 Health Care indices are comparatively efficient. We also investigate the cross-correlations between the ten sectoral indices and WTI crude oil price based on Multifractal Detrended Cross-correlation Analysis. At last, some relevant discussions and implications of the empirical results are presented.

Are The ASEAN-5 Foreign Exchange Market Efficient? Evidence From Indonesia, Thailand, Malaysia, Singapore, and Philippines: Post-Global Economic Crisis 2008

Directory of Open Access Journals (Sweden)

Aditya Andika Putra

2016-07-01

Full Text Available Normal 0 false false false IN X-NONE X-NONE This paper examines market efficiency of foreign exchange markets in South East Asia (Indonesia, Thailand, Malaysia, Singapore, and Philippines after the global crisis period 2008. The time span covered by the samples are from 2009 to 2014, with the total number of observations for spot and forward exchange rate data amounting to 1565 data points. This study uses three different approaches to examine efficiency within countries and across countries. The result of this study shows that foreign exchange markets in the ASEAN-5 countries are efficient within countries, but have not been efficient across countries, especially when the country has a bivariate relationship with Thailand's foreign exchange market. The main implication of this study is that investors in the ASEAN-5 market cannot obtain abnormal returns using technical analysis on within countries foreign exchange market. In addition, there is no significant differences for participants in the foreign exchange market whether they are using hedging or not hedging. Normal 0 false false false IN X-NONE X-NONE

Stochastic Dominance and Omega Ratio: Measures to Examine Market Efficiency, Arbitrage Opportunity, and Anomaly

Directory of Open Access Journals (Sweden)

Xu Guo

2017-10-01

Full Text Available Both stochastic dominance and Omegaratio can be used to examine whether the market is efficient, whether there is any arbitrage opportunity in the market and whether there is any anomaly in the market. In this paper, we first study the relationship between stochastic dominance and the Omega ratio. We find that second-order stochastic dominance (SD and/or second-order risk-seeking SD (RSD alone for any two prospects is not sufficient to imply Omega ratio dominance insofar that the Omega ratio of one asset is always greater than that of the other one. We extend the theory of risk measures by proving that the preference of second-order SD implies the preference of the corresponding Omega ratios only when the return threshold is less than the mean of the higher return asset. On the other hand, the preference of the second-order RSD implies the preference of the corresponding Omega ratios only when the return threshold is larger than the mean of the smaller return asset. Nonetheless, first-order SD does imply Omega ratio dominance. Thereafter, we apply the theory developed in this paper to examine the relationship between property size and property investment in the Hong Kong real estate market. We conclude that the Hong Kong real estate market is not efficient and there are expected arbitrage opportunities and anomalies in the Hong Kong real estate market. Our findings are useful for investors and policy makers in real estate.

Can market oriented economic reforms contribute to energy efficiency improvement? Evidence from China

International Nuclear Information System (INIS)

Fan Ying; Liao Hua; Wei Yiming

2007-01-01

Since China accelerated its market oriented economic reforms at the end of 1992, its energy intensity has declined 3.6% annually over 1993-2005. However, its energy intensity declined 4.2% annually during its first reform period 1979-1992. Therefore, can we conclude that the accelerated marketization since the end of 1992 has made no contribution to its energy efficiency improvement? In order to answer this challenging question, we examine the changes of energy own-price elasticity, as well as the elasticities of substitution between energy and non-energy (capital and labor) in China during the periods of 1979-1992 and 1993-2003. Generally, in transition or developing economies, holding the technology and output level fixed, if the energy own-price elasticity (algebraic value) declines or the substitution elasticity between factors rises, they will contribute to energy efficiency improvement. Our empirical study finds that: (1) during 1979-1992, the energy own-price elasticity is positive (0.285), and capital-energy, labor-energy are both Morishima complementary; which indicates a distorted energy price and inefficient allocation; and (2) during 1993-2003, the own-price elasticity for energy is negative (-1.236), and capital-energy and labor-energy are both Morishima substitute. All factor demands become more elastic, and all elasticities of substitution increase. The implication is that the accelerated marketization contributes substantially to energy efficiency improvement since 1993

The climate change/energy efficiencies market in Brazil

International Nuclear Information System (INIS)

2000-03-01

In December 1997, one hundred and sixty countries negotiated the Kyoto Protocol, where a commitment was made by industrialized countries to reduce their greenhouse gas (GHG) emissions by 5.2 per cent below their 1990 level. This objective was to be achieved by 2008 to 2012. The Clean Development Mechanism (CDM) was promoted by Brazil in Kyoto. The CDM defines the mechanism by which investment, technologies and practices from developed countries are implemented in developing country projects. It is then possible to credit the emissions avoided by these projects against the supplier's own commitment to reducing GHG. An essential element of good business practice for the private sector and programs sponsored by the government in Brazil is sound environmental management. The Brazilian Federal Government, research institutes and few leading private companies are concerned with the climate change market. Climate change and environmental efficiency projects in Brazil are frequently funded by international financial institutions (IFIs), namely the World Bank, the Inter-American Development Bank (IDB), and the Canadian International Development Agency (CIDA). International partners who can help in obtaining IFIs funds are sought after by Brazilian companies. Before entering the Brazilian market, Canadian entrepreneurs should examine all aspects of exporting environmental equipment. Some investment in Brazil might be required to achieve long term penetration of the market. Since national companies are offered preferential treatment for obtaining government contracts, a local partner is almost indispensable. The cost of doing business in Brazil might even be increased when considering the import taxes, such as federal excise taxes, state value-added taxes, and the merchant marine tax. Brazil can represent a springboard to the South American markets due to its membership in trade groups like the Mercosul and the Latin American Integration Association (ALADI). 14 refs

Modelling borders of expediency of use of money funds for ensuring efficiency of marketing activity of industrial enterprises

Directory of Open Access Journals (Sweden)

Vereshchahіna Hanna V.

2013-03-01

Full Text Available The article offers improvement of methods of determining the limit exceeding which additional attraction of money funds does not ensure efficiency of marketing activity. These methods are based on the use of theoretical approach based on analysis of change of marginal utility. This approach lies in: 1 the use of the correlation-regression analysis of dependency of change of indicators of efficiency of enterprise activity on change of the volume of resources (money funds directed at conduct of marketing activity; and 2 determination of first derivatives (extreme values, if possible of relevant functions. Practical use of the offered methods allows determination of the maximum volume of investments into the marketing activity required for ensuring its efficiency.

Potential gains from hospital mergers in Denmark.

Science.gov (United States)

Kristensen, Troels; Bogetoft, Peter; Pedersen, Kjeld Moeller

2010-12-01

The Danish hospital sector faces a major rebuilding program to centralize activity in fewer and larger hospitals. We aim to conduct an efficiency analysis of hospitals and to estimate the potential cost savings from the planned hospital mergers. We use Data Envelopment Analysis (DEA) to estimate a cost frontier. Based on this analysis, we calculate an efficiency score for each hospital and estimate the potential gains from the proposed mergers by comparing individual efficiencies with the efficiency of the combined hospitals. Furthermore, we apply a decomposition algorithm to split merger gains into technical efficiency, size (scale) and harmony (mix) gains. The motivation for this decomposition is that some of the apparent merger gains may actually be available with less than a full-scale merger, e.g., by sharing best practices and reallocating certain resources and tasks. Our results suggest that many hospitals are technically inefficient, and the expected "best practice" hospitals are quite efficient. Also, some mergers do not seem to lower costs. This finding indicates that some merged hospitals become too large and therefore experience diseconomies of scale. Other mergers lead to considerable cost reductions; we find potential gains resulting from learning better practices and the exploitation of economies of scope. To ensure robustness, we conduct a sensitivity analysis using two alternative returns-to-scale assumptions and two alternative estimation approaches. We consistently find potential gains from improving the technical efficiency and the exploitation of economies of scope from mergers.

Decomposing price differentials due to ENERGY STARR labels and energy efficiency features in appliances: proxy for market share tracking?

International Nuclear Information System (INIS)

Gardner, John; Skumatz, Lisa A.

2005-01-01

This paper summarizes recent work using statistical methods to examine the portions of the apparent price differences for a variety of appliances that are attributable to efficiency labels or components of efficient measures. The work stems from research examining progress in market transformation. The goal was to monitor market progress in the premium associated with efficient equipment compared to standard equipment - and potentially track these changes (hopefully, according to logic, declining) over time. However, the incremental cost metric is always confounded by the fact that the 'feature bundle' on appliances and lighting is not consistent ( i.e. , many efficient products are loaded up with other, high-end features). Based on work conducted by the authors some years ago, we adapted statistical models to decompose the price differentials for efficient and standard refrigerators, clothes washers, and dish washers. The authors used site visits and web searches to gather data on appliance prices and features for a set of efficient and standard models. The authors first examined apparent (raw) price differentials between efficient and standard models. Then, using regression techniques to control for differences in features on the measures, the differences attributable to various features - and in particular to energy efficient features and logos - were estimated. The results showed that while the apparent (gross) price differences for efficient measures are high, the percentage and dollar differences decrease dramatically when the price differences statistically attributable to other features of the measure are accounted for. The work illustrates a promising approach for three important applications in program planning and evaluation: tracking market progress within and between states or service territories, using a proxy variable that is less expensive and complicated to measure than direct indicators of sales or market share, identifying appropriate levels for

The Compare of Concentration and Efficiency in Banking Industry: Evidence from the OPEC Countries

Directory of Open Access Journals (Sweden)

Mehdi BEHNAME

2012-11-01

Full Text Available The purpose of this paper is studying that whether the profitability from banking industry comes from the market power or it is a result of their high efficiency level. For this act, we have exerted structuralism and Chicago models versus X-and scale efficiency. Our sample covers the banks in the OPEC countries in the period 1995- 2009. The results for all countries in our sample show that X-and scale efficiency have the positive and significant effect on profitability but, concentration variable decreases profitability. Overall the results above support that the market power hypotheses are rejected for the OPEC countries, while efficiency gains appear to have a positive and significant impact on banking profitability.

Use and Perception of Digital Marketing Tools for Micro-Enterprises in Tijuana

OpenAIRE

Jorge Carlos MORGAN MEDINA; Alfredo Mario MEJÍA RAMÍREZ; Carolina PIZANO NORIEGA

2014-01-01

In modern world, big changes are occurring in short time frames, businesses are dealing with information and communication technologies adaptation and updating problems, being such as Internet and Web 2.0. There are different tools that allow efficiency in internal and external communications of the company; when it comes to external communication, digital marketing is gaining more ground and an increasing number of companies invest more in that kind of strategies. Digital marketing as a tool...

Promoting energy-efficient products: GEF experience and lessons for market transformation in developing countries

International Nuclear Information System (INIS)

Birner, Sabrina; Martinot, Eric

2005-01-01

The Global Environment Facility (GEF) has allocated more than $90 million over the past 10 years to eight projects promoting energy-efficient products in developing and transition countries. We review the early experience from these projects and suggest lessons relevant to market transformation programs. Based on GEF project designs, we also propose a menu of generic supply-side and demand-side interventions useful for designing and analyzing market transformation programs. Experience suggests that institutional and policy changes, leading to sustained price reductions and higher market volumes, are important outcomes for market transformation; that market impacts can appear early in programs due to increased expectations and awareness; and that projects can have a catalytic effect. We recommend eight principles for designers of future projects but caution that no single approach guarantees success

Weak Form Efficiency of the Nigerian Stock Market: An Empirical Analysis (1984 – 2009

Directory of Open Access Journals (Sweden)

Pyemo Afego

2012-01-01

Full Text Available This paper examines the weak-form of the efficient markets hypothesis for the Nigerian Stock Exchange (NSE by testing for random walks in the monthly index returns over the period 1984-2009. The results of the non-parametric runs test show that index returns on the NSE display a predictable component, thus suggesting that traders can earn superior returns by employing trading rules. Statistically significant deviations from randomness are also suggestive of sub-optimal allocation of investment capital within the economy. The findings, in general, contradict the weak-form of the efficient markets hypothesis, and a range of policy strategies for improving the allocative capacity and quality of the information environment of the NSE are discussed.

Marketing margins and agricultural technology in Mozambique

DEFF Research Database (Denmark)

Arndt, Channing; Jensen, Henning Tarp; Robinson, Sherman

2000-01-01

of improved agricultural technology and lower marketing margins yield welfare gains across the economy. In addition, a combined scenario reveals significant synergy effects, as gains exceed the sum of gains from the individual scenarios. Relative welfare improvements are higher for poor rural households......Improvements in agricultural productivity and reductions in marketing costs in Mozambique are analysed using a computable general equilibrium (CGE) model. The model incorporates detailed marketing margins and separates household demand for marketed and home-produced goods. Individual simulations...

Energy efficiency business options for industrial end users in Latin American competitive energy markets: The case of Colombia

Science.gov (United States)

Botero, Sergio

2002-01-01

Energy markets today in Latin America and worldwide are being restructured from monopolies, either state-owned or privately-owned, to be more openly competitive and incorporate more participation from the private sector. Thus, the schemes that were formerly developed to foster end use energy efficiency are no longer applicable because they were based on mandatory regulations made with political decisions, without sufficiently considering economic feasibility. A consensus exists that the only way energy efficiency could survive in this new paradigm is by being market oriented, giving better services, and additional options to users. However; there is very little information on what end users prefer, and which options would most satisfy customers. Using Colombia as a case study, this research determines and categorizes the energy efficiency business options for large energy end users that can freely participate in the competitive energy market. The energy efficiency market is understood as a market of services aiming to increase efficiency in energy use. These services can be grouped into seven business options. A survey, following the descriptive method, was sent to energy end users in order to determine their preferences for specific energy efficiency business options, as well as the decision-making criteria taken into account for such options. This data was categorized in ten industry groups. As a conclusion, energy efficiency providers should adapt not only to the economic activity or processes of each customer, but also to the potential business options. It was also found that not all industries consider performance contracting as their most preferred option, as a matter of fact, some industries show much higher preference for conventional business options. Among end users, the divergence in option preferences contrasted with the convergence in decision-making criteria. The decision-making criteria "cost-benefit ratio" overwhelmed all other criterion. End users

Evaluation of the trading development in the Iberian Energy Derivatives Market

International Nuclear Information System (INIS)

Capitán Herráiz, Álvaro; Rodríguez Monroy, Carlos

2012-01-01

The efficiency of the Iberian Energy Derivatives Market in its first five and a half years is assessed in terms of volume, open interest and price. The continuous market shows steady liquidity growth. Its volume is strongly correlated to that of the Over The Counter (OTC) market, the amount of market makers, the enrolment of financial agents and generation companies belonging to the integrated group of last resort suppliers, and the OTC cleared volume in its clearing house. The hedging efficiency, measured through the ratio between the final open interest and the cleared volume, shows the lowest values for the Spanish base load futures as they are the most liquid contracts. The ex-post forward risk premium has diminished due to the learning curve and the effect of the fixed price retributing the indigenous coal fired generation. This market is quite less developed than the European leaders headquartered in Norway and Germany. Enrolment of more traders, mainly international energy companies, financial agents, energy intensive industries and renewable generation companies is desired. Market monitoring reports by the market operator providing post-trade transparency, OTC data access by the energy regulator, and assessment of the regulatory risk can contribute to efficiency gains. - Highlights: ► The continuous traded volumes in the Iberian power futures market grow steadily. ► Those volumes are correlated to OTC volumes and the enrolment of key players. ► Most liquid contracts show the smallest hedging ratio. ► Regulation fixing the coal fired generation price affects spot and forward prices. ► The overall efficiency can grow via market monitoring reports and OTC data access.

Efficiency of metabolizable energy utilization for maintenance and gain and evaluation of Small Ruminant Nutrition System model in Santa Ines sheep

Directory of Open Access Journals (Sweden)

José Gilson Louzada Regadas Filho

2011-11-01

Full Text Available This study was carried out to estimate efficiencies of the utilization of metabolizable energy for maintenance (k m and weight gain (k g and to evaluate the Small Ruminant Nutrition System (SRNS model in predicting dry matter intake and average daily gain of growing Santa Ines sheep. Twenty-four non-castrated Santa Ines sheep, at 50 days of age and with average body weight of 13.00 ± 0.56 kg, respectively, were used. After a 10-day adaptation period, four animals were slaughtered to be used as reference for estimating initial empty body weight and body composition of the other animals. The remaining animals were distributed in a random block design, with the treatments consisting of diets containing different levels of metabolizable energy (2.08, 2.28, 2.47 and 2.69 Mcal/kg of DM, with five replicates. The metabolizable energy use efficiencies for maintenance and for weight gain were calculated from the relationship between the dietary net energy for maintenance and gain and ME concentration in the diets. Evaluation of the SRNS model was performed by adjustment of simple linear regression model between the predicted (independent variable and observed (dependent variable values. The estimated energy use efficiency for maintenance (k m was 0.70; and for gain weight (kg it showed to be inversely proportional to the increase of metabolizable energy concentration in the diet. The dry matter intake predicted by the SRNS model did not statistically differ from that observed, but the model overestimated the average daily gain by 5.18%. Those results can contribute to the construction of a database, which could be condensed into several others in a predictive model of performance and feed planning for sheep reared in Brazil.

Partial information, market efficiency, and anomalous continuous phase transition

International Nuclear Information System (INIS)

Yang, Guang; Zheng, Wenzhi; Huang, Jiping

2014-01-01

It is a common belief in economics and social science that if there is more information available for agents to gather in a human system, the system can become more efficient. The belief can be easily understood according to the well-known efficient market hypothesis. In this work, we attempt to challenge this belief by investigating a complex adaptive system, which is modeled by a market-directed resource-allocation game with a directed random network. We conduct a series of controlled human experiments in the laboratory to show the reliability of the model design. As a result, we find that even under a small information concentration, the system can still almost reach the optimal (balanced) state. Furthermore, the ensemble average of the system’s fluctuation level goes through a continuous phase transition. This behavior means that in the second phase if too much information is shared among agents, the system’s stability will be harmed instead, which differs from the belief mentioned above. Also, at the transition point, the ensemble fluctuations of the fluctuation level remain at a low value. This phenomenon is in contrast to the textbook knowledge about continuous phase transitions in traditional physical systems, namely, fluctuations will rise abnormally around a transition point since the correlation length becomes infinite. Thus, this work is of potential value to a variety of fields, such as physics, economics, complexity science, and artificial intelligence. (paper)

Partial information, market efficiency, and anomalous continuous phase transition

Science.gov (United States)

Yang, Guang; Zheng, Wenzhi; Huang, Jiping

2014-04-01

It is a common belief in economics and social science that if there is more information available for agents to gather in a human system, the system can become more efficient. The belief can be easily understood according to the well-known efficient market hypothesis. In this work, we attempt to challenge this belief by investigating a complex adaptive system, which is modeled by a market-directed resource-allocation game with a directed random network. We conduct a series of controlled human experiments in the laboratory to show the reliability of the model design. As a result, we find that even under a small information concentration, the system can still almost reach the optimal (balanced) state. Furthermore, the ensemble average of the system’s fluctuation level goes through a continuous phase transition. This behavior means that in the second phase if too much information is shared among agents, the system’s stability will be harmed instead, which differs from the belief mentioned above. Also, at the transition point, the ensemble fluctuations of the fluctuation level remain at a low value. This phenomenon is in contrast to the textbook knowledge about continuous phase transitions in traditional physical systems, namely, fluctuations will rise abnormally around a transition point since the correlation length becomes infinite. Thus, this work is of potential value to a variety of fields, such as physics, economics, complexity science, and artificial intelligence.

High-gain (43 dB), high-power (40 W), highly efficient multipass amplifier at 995 nm in Yb:LiYF4

Science.gov (United States)

Manni, Jeffrey; Harris, Dennis; Fan, Tso Yee

2018-06-01

A simple implementation of a multipass amplifier along with the use of a cryogenic Yb:LiYF4 (YLF) gain medium has enabled the demonstration of a bulk amplifier with an unprecedented combination of large-signal gain (43 dB), efficiency (>50% optical), average output power (40 W) and a near-diffraction-limited output beam.

Examining the efficiency and interdependence of US credit and stock markets through MF-DFA and MF-DXA approaches

Science.gov (United States)

Shahzad, Syed Jawad Hussain; Nor, Safwan Mohd; Mensi, Walid; Kumar, Ronald Ravinesh

2017-04-01

This study examines the power law properties of 11 US credit and stock markets at the industry level. We use multifractal detrended fluctuation analysis (MF-DFA) and multifractal detrended cross-correlation analysis (MF-DXA) to first investigate the relative efficiency of credit and stock markets and then evaluate the mutual interdependence between CDS-equity market pairs. The scaling exponents of the MF-DFA approach suggest that CDS markets are relatively more inefficient than their equity counterparts. However, Banks and Financial credit markets are relatively more efficient. Basic Materials (both CDS and equity indices) is the most inefficient sector of the US economy. The cross-correlation exponents obtained through MF-DXA also suggest that the relationship of the CDS and equity sectors within and across markets is multifractal for all pairs. Within the CDS market, Basic Materials is the most dependent sector, whereas equity market sectors can be divided into two distinct groups based on interdependence. The pair-wise dependence between Basic Materials sector CDSs and the equity index is also the highest. The degree of cross-correlation shows that the sectoral pairs of CDS and equity markets belong to a persistent cross-correlated series within selected time intervals.

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

Directory of Open Access Journals (Sweden)

KiHoon Hong

2016-07-01

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

Credit market Jitters in the course of the financial crisis: A permutation entropy approach in measuring informational efficiency in financial assets

Science.gov (United States)

Siokis, Fotios M.

2018-06-01

We explore the evolution of the informational efficiency for specific instruments of the U.S. money, bond and stock exchange markets, prior and after the outbreak of the Great Recession. We utilize the permutation entropy and the complexity-entropy causality plane to rank the time series and measure the degree of informational efficiency. We find that after the credit crunch and the collapse of Lehman Brothers the efficiency level of specific money market instruments' yield falls considerably. This is an evidence of less uncertainty included in predicting the related yields throughout the financial disarray. Similar trend is depicted in the indices of the stock exchange markets but efficiency remains in much higher levels. On the other hand, bond market instruments maintained their efficiency levels even after the outbreak of the crisis, which could be interpreted into greater randomness and less predictability of their yields.

INTERNAL MARKET GOVERNMENT SECURITIES IN PROMOTING THE EFFICIENCY OF DEBT POLICY OF UKRAINE

Directory of Open Access Journals (Sweden)

K. Kuryshchuk

2014-01-01

Full Text Available The article analyzes the effectiveness of debt policy of Ukraine, to its shortcomings and implications for the economy. The evaluation of the domestic government securities market and its impact on the efficiency of debt management.

Proceedings of the Eighth Forum: Croatian Energy Day Energy markets and energy efficiency in transition economy countries'

International Nuclear Information System (INIS)

1999-01-01

Energy efficiency is the sum total of various influential factors resulting from the technical, technological, economic, financial, legislative and organisational conditions that exist in each of the transition countries. It is not possible to achieve an efficient usage of energy as in the Western European countries unless the total efficiency of managing all other resources equals the same level. Therefore, in the preceding period only the most successful companies managed to take considerable steps as regards the enhancement of energy efficiency, i.e. companies present at the European market and equalling the criteria of the their competitors. The problem of energy efficiency can be explained with the help pf a number of factors influencing decision making of a company's management or a citizen. Those factors create a framework of events, i.w. an appropriate or an inappropriate atmosphere for the implementation of the measures to increase energy efficiency. Attitudes for and against certain activities develop in an atmosphere according to which individuals have to make decisions. Non-economic prices, non-existence of tariff systems or systems with socially influenced prices or tariffs, have a demotivating effect on all the activities in the field of energy efficiency. The existing legislation of the transition countries often enough neglects the problem of energy management, relating to either building planning and construction, or network systems, renewable sources or consumption standards at the market. The financial situation is also an important element when dealing with energy efficiency projects; high interest rates and major problems with the insurance of necessary financial funds impede their realisation. The support of expert and consulting institutions is a precondition for a successful choice of measures, and the educational system should take over its extremely important role at each of the education levels. Energy efficiency programmes cannot be

Distributional impacts of state-level energy efficiency policies in regional electricity markets

International Nuclear Information System (INIS)

Sahraei-Ardakani, Mostafa; Blumsack, Seth; Kleit, Andrew

2012-01-01

A number of U.S. states have passed legislation targeting energy efficiency and peak demand reduction. We study one such state, Pennsylvania, within the context of PJM, a regional electricity market covering numerous different states. Our focus is on the distributive impacts of this policy—specifically how the policy is likely to impact electricity prices in different areas of Pennsylvania and in the PJM market more generally. Such spatial differences in policy impacts are difficult to model and the transmission system is often ignored in policy studies. Our model estimates supply curves on a “zonal” basis within regional electricity markets and yields information on price and fuel utilization within each zone. We use the zonal supply curves estimated by our model to study regional impacts of energy-efficiency legislation on utilities both inside and outside of Pennsylvania. For most utilities in Pennsylvania, it would reduce the influence of natural gas on electricity price formation and increase the influence of coal. It would also save 2.1 to 2.8 percent of total energy cost in Pennsylvania in a year similar to 2009. The savings are lower than 0.5 percent in other PJM states and the prices may slightly increase in Washington, DC area. - Highlights: ► We model distributional impacts of energy efficiency and conservation policies. ► We use our model to study the impacts of Pennsylvania act 129. ► We estimate $235 million in annual savings for PA and $275 million for PJM. ► The prices decrease in most of the zones but the impacts are not uniform. ► The influence of coal on electricity prices increases relative to natural gas.

The gains and losses of collusion: An empirical research on the market behaviors of China’s power enterprises

Directory of Open Access Journals (Sweden)

Ruize Gao

2015-05-01

the synergy between relevant companies. However, collusion harms the benefits of other market entities. During the process of enterprises creating common interests cooperatively, collusion may bring harm to the outside industry. Originality/value: According to the empirical research method, the thesis takes China’s power industry for example to carry out research and show the gains and losses of collusion from two levels, namely market economy level and management level.

Well-to-Wheels Greenhouse Gas Emissions Analysis of High-Octane Fuels with Various Market Shares and Ethanol Blending Levels

Energy Technology Data Exchange (ETDEWEB)

Han, Jeongwoo [Argonne National Lab. (ANL), Argonne, IL (United States); Elgowainy, Amgad [Argonne National Lab. (ANL), Argonne, IL (United States); Wang, Michael [Argonne National Lab. (ANL), Argonne, IL (United States); Divita, Vincent [Argonne National Lab. (ANL), Argonne, IL (United States)

2015-07-14

In this study, we evaluated the impacts of producing HOF with a RON of 100, using a range of ethanol blending levels (E10, E25, and E40), vehicle efficiency gains, and HOF market penetration scenarios (3.4% to 70%), on WTW petroleum use and GHG emissions. In particular, we conducted LP modeling of petroleum refineries to examine the impacts of different HOF production scenarios on petroleum refining energy use and GHG emissions. We compared two cases of HOF vehicle fuel economy gains of 5% and 10% in terms of MPGGE to baseline regular gasoline vehicles. We incorporated three key factors in GREET — (1) refining energy intensities of gasoline components for the various ethanol blending options and market shares, (2) vehicle efficiency gains, and (3) upstream energy use and emissions associated with the production of different crude types and ethanol — to compare the WTW GHG emissions of various HOF/vehicle scenarios with the business-as-usual baseline regular gasoline (87 AKI E10) pathway.

Evaluation of a marketing program designed to increase consumer consideration of energy-efficient products in Denver, Colorado

Energy Technology Data Exchange (ETDEWEB)

1978-08-01

A demonstration marketing program to sensitize Denver homeowners to incorporate the energy cost of ownership orientation in their decision process regarding purchase of energy-efficient products is described. Personal interviews with Denver homeowners were conducted. A first survey established a baseline for consumer awareness and acceptance of energy conservation and conservation-related products and provided information which could be utilized in developing marketing strategies related to energy conservation and the concept of energy cost of ownership. A second survey measured shifts in awareness and attitudes which might have occurred as a result of the marketing demonstration program. The methodology and results of the evaluation are discussed in detail. The Denver Test Market Media Campaign conducted through multi-media advertising and public relations campaigns to sensitize the residents to the positive consideraton of energy-efficient products is described. (MCW)

The market for photovoltaic (PV) technology

International Nuclear Information System (INIS)

Frantzis, L.; Vejtasa, K.M.

1993-01-01

This paper describes a study that was intended to provide the Electric Power Research Institute (EPRI) with a market analysis for photovoltaic (PV) technologies under development by EPRI and others. The analysis was to focus on markets and factors leading to significant incremental growth for PV demand, large enough to support more efficient scale PV manufacturing capacity. EPRI anticipates that PV ultimately could provide grid-connected power, however, the 1995--2010 market dynamics are uncertain. The specific objectives of this study, therefore, were to: determine what major future domestic US markets for PV technologies will emerge and provide enough volume to support significant improvements in manufacturing costs through manufacturing economies of scale; provide insight on what is needed to gain acceptance of PV technologies for electric power generation in those major markets; provide insight on when investments in demonstration and manufacturing facilities should be made and what is needed to be successful in each element of the business that these markets could support (e.g., technology development, manufacturing, sales, installation, and service); and provide key insights on the requirements for commercial success of PV in the utility sector

Estimation of combustion flue gas acid dew point during heat recovery and efficiency gain

Energy Technology Data Exchange (ETDEWEB)

Bahadori, A. [Curtin University of Technology, Perth, WA (Australia)

2011-06-15

When cooling combustion flue gas for heat recovery and efficiency gain, the temperature must not be allowed to drop below the sulfur trioxide dew point. Below the SO{sub 3} dew point, very corrosive sulfuric acid forms and leads to operational hazards on metal surfaces. In the present work, simple-to-use predictive tool, which is easier than existing approaches, less complicated with fewer computations is formulated to arrive at an appropriate estimation of acid dew point during combustion flue gas cooling which depends on fuel type, sulfur content in fuel, and excess air levels. The resulting information can then be applied to estimate the acid dew point, for sulfur in various fuels up to 0.10 volume fraction in gas (0.10 mass fraction in liquid), excess air fractions up to 0.25, and elemental concentrations of carbon up to 3. The proposed predictive tool shows a very good agreement with the reported data wherein the average absolute deviation percent was found to be around 3.18%. This approach can be of immense practical value for engineers and scientists for a quick estimation of acid dew point during combustion flue gas cooling for heat recovery and efficiency gain for wide range of operating conditions without the necessity of any pilot plant setup and tedious experimental trials. In particular, process and combustion engineers would find the tool to be user friendly involving transparent calculations with no complex expressions for their applications.

Collective Decision Mechanisms and Efficient Stock Market Allocations: Existence of a Participation Equilibrium.

OpenAIRE

Forsythe, Robert; Suchanek, Gerry L

1984-01-01

The recent literature on economies with an incomplete set of markets has been devoted to the study of the efficiency properties of collective stockholder decision mechanisms for guiding the behavior of firms when the restrictive Ekern-Wilson spanning condition is not satisfied. The results have been essentially negative; a majority voting rule and controlling interest rules will not yield efficient equilibrium allocations in general. However, in a recent paper, Helpman and Razin (1978) sugges...

The evolving design of RTO ancillary service markets

International Nuclear Information System (INIS)

Isemonger, Alan G.

2009-01-01

Although the markets for ancillary services at the North American Independent System Operators are often structured in quite different ways there is an emerging set of core design elements that represent a rough consensus as to what the optimal design configuration for ancillary services should be, albeit with some regional variation. This paper looks back at how the design of ancillary services markets has recently evolved to put this development in context. Thereafter it examines the methods by which ancillary services are procured by highlighting the procurement practices at a number of different Independent System Operators, principally those in California, New York, New England, Texas and the PJM Interconnection, in an attempt to tease out the remaining reasons why the ancillary service markets are still so different. This is important as there are many innovations that are not rooted in regional differences but reflect genuine technical advances and economic efficiency gains and can be replicated across other ISOs to produce more efficient designs, greater reliability and lower costs. (author)

Is WTI crude oil market becoming weakly efficient over time? New evidence from multiscale analysis based on detrended fluctuation analysis

International Nuclear Information System (INIS)

Wang, Yudong; Liu, Li

2010-01-01

This paper extends the work in Tabak and Cajueiro (Are the crude oil markets becoming weakly efficient over time, Energy Economics 29 (2007) 28-36) and Alvarez-Ramirez et al. (Short-term predictability of crude oil markets: a detrended fluctuation analysis approach, Energy Economics 30 (2008) 2645-2656). In this paper, we test for the efficiency of WTI crude oil market through observing the dynamic of local Hurst exponents employing the method of rolling window based on multiscale detrended fluctuation analysis. Empirical results show that short-term, medium-term and long-term behaviors were generally turning into efficient behavior over time. However, in this way, the results also show that the market did not evolve along stable conditions for long times. Multiscale analysis is also implemented based on multifractal detrended fluctuation analysis. We found that the small fluctuations of WTI crude oil market were persistent; however, the large fluctuations had high instability, both in the short- and long-terms. Our discussion is also extended by incorporating arguments from the crude oil market structure for explaining the different correlation dynamics. (author)

ROLES AND EFFICIENCY OF PARTICIPANTS IN PIG MARKETING IN THE NORTHERN PART OF NIGERIA

Directory of Open Access Journals (Sweden)

M Ajala

2007-12-01

Full Text Available This study examines the performance of market participants in pig marketing in Zango-Kataf Local Government Area of Kaduna State, Nigeria. The purpose of the study was to describe the organizational pattern of pig marketing; identify the major problems militating against the marketing efficiency and evaluate the marketing margins of pig at various levels of the marketing channel/chain. The study investigated the pig marketing practices in this area through interviews with producers, rural assemblers, wholesalers, commission agents and retailers. The data collected were analyzed using costs and marketing margins to assess market performance. Empirical findings indicated that the difference (margin between the price received by producers and the retail price of pork and butchers’ sales of by-products was N4,192.40 (US $32.75 per head of pigs. This margin expressed as percentage of the sum of the price paid by pork consumers and by-products merchants was 22% and was shared by the intermediate agents in the marketing chain. Several factors perceived by participants in the market as limiting constraints to pig production and marketing are inadequate abattoir, absence of refrigerators, absence of standard weights and measures, high cost of transportation, lack of access to formal credit sources and lack of good roads. The study recommends the provision of credit facilities, installation of processing plants, use of weights and infrastructural developments in order to increase overall volume of the market.

A High-Gain Reflex-Based Bidirectional DC Charger with Efficient Energy Recycling for Low-Voltage Battery Charging-Discharging Power Control

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Ching-Ming Lai

2018-03-01

Full Text Available This study proposes a high-gain reflex-charging-based bidirectional DC charger (RC-BDC to enhance the battery charging efficiency of light electric vehicles (LEV in a DC-microgrid. The proposed charger topology consists of an unregulated level converter (ULC and a two-phase interleaved buck-boost charge-pump converter (IBCPC, which together provide low ripple and high voltage conversion ratio. As the high-gain RC-BDC charges, the LEV’s battery with reflex charging currents, high battery charging efficiency, and prolonged battery life cycles are achieved. This is possible due to the recovering of negative pulse energy of reflex charging currents to reduce charge dissipations within LEV’s batteries. Derivations of the operating principles of the high-gain RC-BDC, analyses of its topology, and the closed-loop control designs were presented. Simulations and experiments were implemented with battery voltage of 48 V and DC-bus voltage of 400 V for a 500 W prototype. The results verify the feasibility of the proposed concept and were compared with the typical constant-current/constant-voltage (CC/CV charger. The comparison shows that the proposed high gain RC-BDC improves battery charging speed and reduces the battery thermal deterioration effect by about 12.7% and 25%, respectively.

Investigating market efficiency through a forecasting model based on differential equations

Science.gov (United States)

de Resende, Charlene C.; Pereira, Adriano C. M.; Cardoso, Rodrigo T. N.; de Magalhães, A. R. Bosco

2017-05-01

A new differential equation based model for stock price trend forecast is proposed as a tool to investigate efficiency in an emerging market. Its predictive power showed statistically to be higher than the one of a completely random model, signaling towards the presence of arbitrage opportunities. Conditions for accuracy to be enhanced are investigated, and application of the model as part of a trading strategy is discussed.

Market (in)efficiency in valuing electric utilities-The case of Norwegian generating companies

International Nuclear Information System (INIS)

Kjaerland, Frode

2010-01-01

After deregulation of the energy market in Norway, a number of mergers and acquisitions of hydropower generating companies have taken place. However, valuation of these companies has proved controversial. From an ex-post perspective, there is support for the criticism that generation assets have been sold too cheaply. This article presents a simple valuation model providing evidence of how value has evolved. On the basis of these results, we discuss the valuation from an ex ante perspective and in the light of the market efficiency hypothesis of (Fama, 1970) and (Fama, 1991).

Accounting for Marketing: Marketing Performance Through Financial Results

OpenAIRE

Levent KOSAN

2014-01-01

Accounting, especially strategic management accounting, provides significant contributions to companies for decisions in environments of intense competition. Accounting, which has positive effects of company strategy development and management, has become a required facet of marketing, another area that has gained significance. The aim of this study is to assess the contributions of accounting to marketing performance management and other areas related to marketing development and to evaluate...

Mobile marketing

OpenAIRE

KLEČKOVÁ, Zuzana

2013-01-01

The main aim of this thesis was to provide a comprehensive overview of the mobile marketing and analyze selected campaigns of Czech mobile marketing in comparison to world successful campaigns. The research contained studying of available literature about the theme to gain general knowledge about the issue. The theoretical part of the thesis contains predominantly various definitions of mobile marketing and its tools, advantages of these tools and some information about Mobile Marketing Assoc...

Efficiency of the Foreign Exchange Market of Papua New Guinea During the Recent Float

OpenAIRE

Guneratne Banda Wickremasinghe

2004-01-01

This paper examines the validity of the efficient market hypothesis (EMH) for the foreign exchange market of Papua New Guinea (PNG) using data on spot exchange rates for four major foreign currencies during the recent float. The unit root test results indicate that all the four exchange rates are random walks supporting the weak-form of the EMH. However, the Johansen multivariate cointegration test, the Granger causality test and variance decomposition analysis provide evidence that there are...

How Random is the Walk: Efficiency of Indian Stock and Futures Markets

Science.gov (United States)

Basu, Udayan Kumar

Time series of prices of stock and its rates of return has been one of the major areas of study in Econophysics. The price of a stock depends on a number of factors as well as information related thereto, and how quickly and effectively the price of a stock assimilates all such information decides the efficiency of the stock market. Instead of individual stocks, people often study the behaviour of stock indices to get a feel of the market as a whole, and the outcomes of such studies for the Dow Jones Industrial Average (DJIA), the Nasdaq Index and the S & P 500 Index have been listed in a number of articles. In this context, it has also been argued that for a market to be considered sufficiently liquid, correlation between successive price movements and rates of return should be insignificant, because any significant correlation would lead to an arbitrage opportunity that is expected to be rapidly exploited and thus washed out. The residual correlations are those little enough not to be profitable for strategies due to imperfect market conditions. Unless transaction costs or slippages or any other impediment exists, leading to some transactional inefficiency, arbitrages would take place to bring back the markets to a stage of insignifficant correlations [1, 2].

Accessing Secondary Markets as a Capital Source for Energy Efficiency Finance Programs: Program Design Considerations for Policymakers and Administrators

Energy Technology Data Exchange (ETDEWEB)

Kramer, C. [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States); Martin, E. Fadrhonc [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States); Thompson, P. [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States); Goldman, C. [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States)

2015-02-01

Estimates of the total opportunity for investment in cost-effective energy efficiency in the United States are typically in the range of several hundred billion dollars (Choi Granade, et al., 2009 and Fulton & Brandenburg, 2012).1,2 To access this potential, many state policymakers and utility regulators have established aggressive energy efficiency savings targets. Current levels of taxpayer and utility bill-payer funding for energy efficiency is only a small fraction of the total investment needed to meet these targets (SEE Action Financing Solutions Working Group, 2013). Given this challenge, some energy efficiency program administrators are working to access private capital sources with the aim of amplifying the funds available for investment. In this context, efficient access to secondary market capital has been advanced as one important enabler of the energy efficiency industry “at scale.”3 The question of what role secondary markets can play in bringing energy efficiency to scale is largely untested despite extensive attention from media, technical publications, advocates, and others. Only a handful of transactions of energy efficiency loan products have been executed to date, and it is too soon to draw robust conclusions from these deals. At the same time, energy efficiency program administrators and policymakers face very real decisions regarding whether and how to access secondary markets as part of their energy efficiency deployment strategy.

ACCOUNTING FOR MARKETING: MARKETING PERFORMANCE THROUGH FINANCIAL RESULTS

Directory of Open Access Journals (Sweden)

Levent KOSAN

2014-10-01

Full Text Available Accounting, especially strategic management accounting, provides significant contributions to companies for decisions in environments of intense competition. Accounting, which has positive effects of company strategy development and management, has become a required facet of marketing, another area that has gained significance. The aim of this study is to assess the contributions of accounting to marketing performance management and other areas related to marketing development and to evaluate the relationship and synergies between marketing and accounting with comparative examples.

Efficient renewable energy scenarios study for Victoria

International Nuclear Information System (INIS)

Armstrong, Graham

1991-01-01

This study examines the possible evolution of Victorian energy markets over the 1998-2030 period from technical, economic and environmental perspectives. The focus is on the technical and economic potential over the study period for renewable energy and energy efficiency to increase their share of energy markets, through their economic competitiveness with the non-renewables of oil, gas and fossil fulled electricity. The study identifies a range of energy options that have a lower impact on carbon dioxide emissions that current projections for the Victorian energy sector, together with the savings in energy, dollars and carbon dioxide emissions. In addition the macroeconomic implications of the energy paths are estimated. Specifically it examines a scenario (R-efficient renewable) where energy efficiency and renewable energy sources realise their estimated economic potential to displace non-renewable energy over the 1988-2030 period. In addition, a scenario (T-Toronto) is examined where energy markets are pushed somewhat harder, but again on an economic basis, so that what is called the Toronto target of reducing 1988 carbon dioxide (CO 2 ) emissions by 20 per cent by 2005 is attained. It is concluded that over the next forty years there is substantial economic potential in Victoria for significant gains from energy efficiency in all sectors - residential, commercial, industrial and transport - and contributions from renewable energy both in those sectors and in electricity generations. 7 figs., 5 tabs

Economic efficiency or self-sufficiency: alternative strategies for oil consumers?

International Nuclear Information System (INIS)

Heal, D.W.

1992-01-01

The ideal energy source is low cost (efficient) and reliable (secure). The high price and perceived political unreliability of Middle East oil supplies prompted a nearly worldwide trend towards energy self-sufficiency. Gains in energy efficiency, which have been most marked in the OECD, are permanent and, prompted by environmental concern, probably progressive. But the opportunity that is still available to low cost oil suppliers to regain lost markets will only be realized if those supplies are demonstrably reliable. (author)

Compact Fluorescent Lighting in America: Lessons Learned on the Way to Market

Energy Technology Data Exchange (ETDEWEB)

Sandahl, Linda J.; Gilbride, Theresa L.; Ledbetter, Marc R.; Steward, Heidi E.; Calwell, Chris

2006-05-22

This report describes the history of compact fluorescent lamps (CFLs) in America. CFLs were introduced in the 1970s; however, it has taken more than 20 years for them to gain widespread recognition in the U.S. residential lighting market. This report reviews the development of CFLs, efforts to increase market acceptance of them, and barriers to that acceptance. Lessons to be learned from this study of CFLs are identified in hopes of assisting future market introduction efforts for other promising energy-efficient technologies. This report was prepared by the Pacific Northwest National Laboratory for the U.S. Department of Energy’s Office of Building Technologies, Emerging Technologies Program.

Gains of integrating sector-wise pollution regulation

DEFF Research Database (Denmark)

Jacobsen, Lars Bo; Nielsen, Max; Nielsen, Rasmus

2016-01-01

This paper extends the Orani-G Computable General Equilibrium model with an externality market. The externality market is modelled with a limited number of pollution permits that are traded between representative firms in different sectors. The model is applied to identify the gains of a common...... of introducing more coherent regulatory frameworks that include all polluters under the same regulatory system....

How fast do stock prices adjust to market efficiency? Evidence from a detrended fluctuation analysis

Science.gov (United States)

Reboredo, Juan C.; Rivera-Castro, Miguel A.; Miranda, José G. V.; García-Rubio, Raquel

2013-04-01

In this paper we analyse price fluctuations with the aim of measuring how long the market takes to adjust prices to weak-form efficiency, i.e., how long it takes for prices to adjust to a fractional Brownian motion with a Hurst exponent of 0.5. The Hurst exponent is estimated for different time horizons using detrended fluctuation analysis-a method suitable for non-stationary series with trends-in order to identify at which time scale the Hurst exponent is consistent with the efficient market hypothesis. Using high-frequency share price, exchange rate and stock data, we show how price dynamics exhibited important deviations from efficiency for time periods of up to 15 min; thereafter, price dynamics was consistent with a geometric Brownian motion. The intraday behaviour of the series also indicated that price dynamics at trade opening and close was hardly consistent with efficiency, which would enable investors to exploit price deviations from fundamental values. This result is consistent with intraday volume, volatility and transaction time duration patterns.

Increasing electric vehicle policy efficiency and effectiveness by reducing mainstream market bias

International Nuclear Information System (INIS)

Green, Erin H.; Skerlos, Steven J.; Winebrake, James J.

2014-01-01

Plug-in electric vehicles (PEVs) provide an opportunity for reducing energy use and emissions in the transportation sector. Currently, a number of federal policies are in place to incentivize deployment of PEVs to mainstream consumers with demographics and vehicle attribute preferences most common to today's new vehicle purchasers. This article argues that policies intending to give PEVs a foothold in the market should not focus on mainstream consumers and should instead focus on niche markets—specifically carsharing and postal fleets—and early adopters including green consumers. Two arguments can be made in support of eliminating the mainstream market bias of current policies toward a policy of cultivating niche markets. The first is efficiency: so far PEV policies featuring a mainstream market bias have proven to be inefficient and costly. The second is effectiveness: it is becoming increasingly evident that PEV policies would be more effective in achieving potential societal benefits if they focused on early adopters and niche markets using such approaches as strategic niche management, accessible loans and financing, and appropriately targeted incentives. PEV policies focused on early adopters and niche markets would create complementary system effects that will lead to increased PEV market penetration and realization of intended societal benefits. - Highlights: • We argue that U.S. electric vehicle policies are inefficient and ineffective. • We introduce “mainstream consumer bias” as an explanation for policy deficiencies. • We propose an alternative policy agenda to address some of these policy problems. • Proposed policy options include strategic niche management, targeted R and D and incentives, and loans

The market effects of SDG and E's and PG and E's commercial lighting efficiency programs

Energy Technology Data Exchange (ETDEWEB)

Rosenberg, M.; Rufo, M.; Besa, A.; O' Drain, M.

1998-07-01

The paper summarizes the methods and findings of a project to assess the market effects of commercial lighting efficiency programs sponsored by San Diego Gas & Electric and Pacific Gas and Electric. The study focused on effects on the markets for efficient fluorescent lighting components: electronic ballasts, T-8 lamps, and fixtures that integrate those technologies. The research for the project consisted of surveys of representative samples of end-users in the sponsors' service territories and a non-program area in which no utility DSM program had operated, in-depth interviews with manufacturers and other supply side actors in both the sponsor and non-program areas, and review of secondary sources. The study found that the sponsors' programs, as part of a larger national utility effort, had a significant effect on levels of customer demand for efficient ballasts and lamps at the national as well as regional level. The sponsors programs also had important effects on the local markets, such as increased promotion by designers and contractors and very rapid up swings in demand among certain sectors of end-users. Market share for efficient fluorescent components continues to increase in the face of decreased utility program support. This and other evidence suggests that some of the market effects of the sponsors' programs will be durable.

Foreign bank entry, bank efficiency and market power in Central and Eastern European Countries

Czech Academy of Sciences Publication Activity Database

Poghosyan, T.; Poghosyan, Arsen

2010-01-01

Roč. 18, č. 3 (2010), s. 571-598 ISSN 0967-0750 Institutional research plan: CEZ:MSM0021620846 Keywords : foreign bank entry * bank efficiency * market power Subject RIV: AH - Economics Impact factor: 0.536, year: 2010

Test of Weak Form Efficiency: An Empirical Study of the Malaysian Foreign Exchange Market

OpenAIRE

Lim, Pei Mun

2011-01-01

This paper empirically tests the Efficient Market Hypothesis (EMH) in the weak sense for the Malaysian foreign exchange market. The hypothesis is tested using two ways. First is by testing the random walk hypothesis based on individual unit root test and second is by testing the profitability of simple technical trading rules. The study covers the high frequency daily data from January 1997 to December 2010 and the spot exchange rates are quoted as Malaysian Ringgit per unit of US Dollar. Due...

Coeur d’Alene Tribe Benewah Market Energy Efficiency Project Final Technical Report

Energy Technology Data Exchange (ETDEWEB)

Allgood, Tiffany [Coeur d' Alene Tribe, Plummer, ID (United States). Environmental Programs Office, Natural Resources Dept.; Alexie, James [Coeur d' Alene Tribe, Plummer, ID (United States); Nomee, Alfred [Coeur d' Alene Tribe, Plummer, ID (United States)

2017-12-27

The Coeur d’Alene Reservation has been the home of the Coeur d’Alene Tribe since time immemorial and it is fitting that the Tribe’s name in the Coeur d’Alene language is schitsu’umsh, “the ones who were found here.” The Reservation is located in northern Idaho, is approximately 345,000 acres and is comprised of forest land, agricultural land, several streams, Coeur d’Alene Lake and the St. Joe River and a small amount of developed land. The project area was conducted within the boundaries of the Coeur d’Alene Reservation. The population of the Reservation is 6,760 (2010 Census). Currently, there are approximately 2,463 enrolled Coeur d’Alene Tribal members (Coeur d’Alene Tribe Enrollment 2016). The Benewah Market is a Tribally-owned and operated facility located at 1111 B St. Plummer, ID 83851. The Benewah Market is an approximately 23,500 square foot single-story structure. The majority of the building is occupied by a grocery store with a full meat department, deli, and bakery. Approximately 20% of the floor area at the northeast corner is occupied by an Ace Hardware retailer. The largest part of the building is approximately 17,000 square feet, is separately metered and houses the grocery store which was constructed in 1984. The market is the largest full service market serving the Coeur d’Alene Reservation and is the only full service market in a 35-mile radius. The Tribe has benefited greatly from the Benewah Market Energy Efficiency Project and will continue to do so for many years: The health and safety of the food has been improved greatly now that the refrigeration and freezer cases are at a constant and safe temperature on a monitoring and alarm system. There is no longer a thaw and freeze cycle that allows fluctuations in temperature. If the power goes out, there is an immediate alarm and contact so that time may be tracked and food kept safe during an outage. The overall annual energy use in the Benewah Market has dropped by 22

The Effect of Charter School Legislation on Market Share

Directory of Open Access Journals (Sweden)

Simona Kúscová

2004-11-01

Full Text Available Many proponents of school choice use the claim of the market’s capability to enhance efficiency and improve performance to call for its expansion. But no markets are perfectly competitive, and the local market for public goods is filled with institutional arrangements that make it differ from the neoclassical ideal. In this paper, we look at a particular institution—the provisions of charter school legislation—and assess how it affects the ability of charter schools to gain market share. Using data from the 36 states that had passed charter legislation by 2000, and controlling for a variety of other factors, we estimate a model of the effects of various provisions in the charter laws on charter school market share. We find that two such provisions, one concerning the sponsorship of charters and another their funding sources, appear to have a strong effect on the market share of charter schools.

Testing the Week Form Efficiency of Pakistani Stock Market (2000-2010

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Abdul Haque

2011-01-01

Full Text Available This empirical paper tests out the weak form efficiency of Pakistani stock market by examining the weekly index over the period . Return series has a leptokurtic and negatively skewed distribution, which is away from normal distribution as reflected by significant Jarque-Bera statistic. Estimated results of ADF (1979, PP (1988 and KPSS (1992 tests, Ljung-Box Q-Statistic of autocorrelations and runs test of randomness reject the Random Walk Hypothesis (RWH for the returns series. Moreover the results of variance ratio test (Lo and MacKinlay (1988 also reject the RWH and prove the robustness of other estimated results. The rejection of RWH reveals that the Pakistani stock prices are not Weak Form Efficient.

The Potential of the Market for the Kyoto Mechanisms