WorldWideScience

Sample records for marketing efficiency gains

  1. The Gains from Improved Market Efficiency

    DEFF Research Database (Denmark)

    Persson, Karl Gunnar; Ejrnæs, Mette

    faster, violations of the law of one price become smaller and hence less persistent. There were also significant gains from improved market efficiency but that improvement took place after the information ‘regime’ shifted from pre-telegraphic communication to a regime with swift transmission...... of information in an era which developed a sophisticated commercial press and telegraphic communication. Improved market efficiency probably stimulated trade more than falling transport costs......This paper looks at the gains from improved market efficiency in long-distance grain trade in the second half of the 19th century when violations of the law of one price were reduced due to improved information transmission. Two markets, a major export centre, Chicago, and a major importer...

  2. The gain from improved market efficiency

    DEFF Research Database (Denmark)

    Ejrnæs, Mette; Persson, Karl Gunnar

    2010-01-01

    demand as well as excess supply, which triggered off the tâtonnement process. Over time, adjustments to equilibrium, as measured by the half-life of a shock, became faster and violations of the law of one price become smaller. There were significant gains from improved market efficiency, which took place......This article looks at the gains from improved market efficiency in long-distance grain trade in the second half of the nineteenth century, when violations of the law of one price were reduced due to improved information transmission. Two markets, a major export centre, Chicago, and a major importer......, Liverpool, are analysed. We show that the law of one price equilibrium was an ‘attractor equilibrium'. The implication is that prices converged to that equilibrium in a tâtonnement process. Because of asymmetrically timed information between markets separated by long distances there were periods of excess...

  3. Security of supply in electricity markets: Improving cost efficiency of supplying security and possible welfare gains

    DEFF Research Database (Denmark)

    Klinge Jacobsen, Henrik; Grenaa Jensen, Stine

    2012-01-01

    In liberalised markets the ability to maintain security of electricity supply is questioned because security is characterised as a public good. We discuss if this property can be modified with changing technology. Furthermore, we examine if construction of markets for security can be justified...... by possible welfare gains. From a welfare perspective it is possible that security levels are too high and obtained with too high costs. Adjusting the effort so that marginal cost for securing supply is at similar levels in generation capacity and in network maintenance could increase welfare even without...... the need to construct markets. Secondarily, a consumer defined average level of security might improve welfare. Finally, different willingness to pay among customers and construction of advanced markets might increase welfare further. We argue that several cost and welfare improvements can be achieved...

  4. Efficiency gains, bounds, and risk in finance

    NARCIS (Netherlands)

    Sarisoy, Cisil

    2015-01-01

    This thesis consists of three chapters. The first chapter analyzes efficiency gains in the estimation of expected returns based on asset pricing models and examines the economic implications of such gains in portfolio allocation exercises. The second chapter provides nonparametric efficiency bounds

  5. Market efficiency in foreign exchange markets

    Science.gov (United States)

    Oh, Gabjin; Kim, Seunghwan; Eom, Cheoljun

    2007-08-01

    We investigate the relative market efficiency in financial market data, using the approximate entropy(ApEn) method for a quantification of randomness in time series. We used the global foreign exchange market indices for 17 countries during two periods from 1984 to 1998 and from 1999 to 2004 in order to study the efficiency of various foreign exchange markets around the market crisis. We found that on average, the ApEn values for European and North American foreign exchange markets are larger than those for African and Asian ones except Japan. We also found that the ApEn for Asian markets increased significantly after the Asian currency crisis. Our results suggest that the markets with a larger liquidity such as European and North American foreign exchange markets have a higher market efficiency than those with a smaller liquidity such as the African and Asian markets except Japan.

  6. Gains from an integrated market for tradable renewable energy credits

    International Nuclear Information System (INIS)

    Mozumder, Pallab; Marathe, Achla

    2004-01-01

    Decoupling the environmental attributes of renewable energy (RE) generation from the physical unit of energy is an innovative mechanism for marketing green or renewable power. The introduction of 'Tradable Renewable Energy Credits' (TRECs) allows the green power attributes of energy to be sold or traded separately from the physical unit of energy. Since the green power certificate system removes potential locational and physical bottlenecks, both suppliers and consumers gain flexibility in the marketplace. The TREC is also an efficient tool to meet 'Renewable Portfolio Standard' (RPS) required by different states in the US. This paper discusses the RPS requirements for different states and examines the implications of an integrated TREC market. It offers a competitive setting to the consumers to pay for renewable energy and a cost effective tool to support renewable energy generation [Grace and Wiser, 2002]. This paper also highlights some practical difficulties that should be addressed in order to establish an efficient integrated TREC market

  7. 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.

  8. 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

  9. 'Normal' markets, market imperfections and energy efficiency

    International Nuclear Information System (INIS)

    Sanstad, A.H.; Howarth, R.B.

    1994-01-01

    The conventional distinction between 'economic' and 'engineering' approaches to energy analysis obscures key methodological issues concerning the measurement of the costs and benefits of policies to promote the adoption of energy-efficient technologies. The engineering approach is in fact based upon firm economic foundations: the principle of lifecycle cost minimization that arises directly from the theory of rational investment. Thus, evidence that so-called 'market barriers' impede the adoption of cost-effective energy-efficient technologies implies the existence of market failures as defined in the context of microeconomic theory. A widely held view that the engineering view lacks economic justification, is based on the fallacy that markets are 'normally' efficient. (author)

  10. Carbon trading thickness and market efficiency

    International Nuclear Information System (INIS)

    Montagnoli, Alberto; De Vries, Frans P.

    2010-01-01

    This note tests for the efficient market hypothesis (EMH) in the market for CO 2 emission allowances in Phase I and Phase II of the European Union Emissions Trading Scheme (EU ETS). As usually is the case in emerging and non-competitive markets such as the EU ETS, trading often not occurs on a frequent basis. This has adverse implications for both the gains from permit trade as well as biases the EMH tests. Variance ratio tests are employed to adjust for the thin trading effect. The results indicate that Phase I - the trial and learning period - was inefficient, whereas the first period under Phase II shows signs of restoring market efficiency. (author)

  11. 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.

  12. 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.

  13. Detective quantum efficiency gains compared with speed gains for hypersensitized astronomical plates

    International Nuclear Information System (INIS)

    Kaye, A.L.

    1977-01-01

    It is reasonable to assume that gains in detective quantum efficiency (DQE) are far better criteria for assessing the performance of hypersensitizing techniques than gains in speed. It is shown here that gains in speed can be misleading, for some methods of hypersensitization give plates of increased speed but reduced detective quantum efficiency. (author)

  14. The Market Efficiency of the Stock Market in India

    OpenAIRE

    Rahman, Sahnawaz

    2011-01-01

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

  15. Fuel cells make gains in power generation market

    International Nuclear Information System (INIS)

    Anon.

    1996-01-01

    The ultra-low emission, highly efficient natural gas-fueled fuel cell system is beginning to penetrate the electric power generation market in the US and abroad as the fuel cell industry lowers product costs. And, even as the current market continues to grow, fuel cell companies are developing new technology with even higher levels of energy efficiency. The paper discusses fuel cell efficiency, business opportunities, work to reduce costs, and evolving fuel cell technology

  16. 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

  17. A study of market efficiency in the stock market, forex market and bullion market in India

    OpenAIRE

    Sarker, Debnarayan; Ghosh, Bikash Kumar

    2007-01-01

    This study suggests that, run test, which are based on signs of indices / rates, do not reject efficient market hypothesis in the case of all the three markets, whereas VR tests, which capture the variation in permanent component of the series as a ratio to the total variation, reject the efficient market hypothesis in the case of the gold markets. Efficient market hypothesis in the case of Stock markets, Forex markets and Silver markets cannot be rejected based on VR tests. Since VR tests a...

  18. 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

  19. Efficiency and deregulation of the electricity market in Singapore

    International Nuclear Information System (INIS)

    Youngho Chang; Tuan Hin Tay

    2006-01-01

    This study examines production efficiency of electricity generation in the New Electricity Market of Singapore (NEMS), where deregulation is currently proceeding. Singapore is reliant on foreign direct investments and exports so competition from countries with lower costs such as China and India is exerting pressure on the government to reduce the costs of doing business here. Electricity cost is one of these. Deregulation is believed to be able to bring about lower electricity costs due to the various efficiency gains possible. This study concerns itself mainly with production efficiency and attempts to calculate possible production efficiency gains by using linear programming model. Production-efficiency gains are quantified by the base case scenario of continued regulation versus four counterfactual deregulation scenarios. The results indicate that cost gains could be about eight per cent of current production cost, and this is possibly a lower-bound estimate. However, whether the purported efficiency gains are realized is to be seen as the deregulation proceeds. (author)

  20. Efficiency and deregulation of the electricity market in Singapore

    International Nuclear Information System (INIS)

    Chang, Youngho; Hin Tay, Tuan

    2006-01-01

    This study examines production efficiency of electricity generation in the New Electricity Market of Singapore (NEMS), where deregulation is currently proceeding. Singapore is reliant on foreign direct investments and exports so competition from countries with lower costs such as China and India is exerting pressure on the government to reduce the costs of doing business here. Electricity cost is one of these. Deregulation is believed to be able to bring about lower electricity costs due to the various efficiency gains possible. This study concerns itself mainly with production efficiency and attempts to calculate possible production efficiency gains by using linear programming model. Production-efficiency gains are quantified by the base case scenario of continued regulation versus four counterfactual deregulation scenarios. The results indicate that cost gains could be about eight per cent of current production cost, and this is possibly a lower-bound estimate. However, whether the purported efficiency gains are realized is to be seen as the deregulation proceeds

  1. 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 ...

  2. 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

  3. Capital Market Theories: Market Efficiency Versus Investor Prospects

    OpenAIRE

    Kathleen Hodnett; Heng-Hsing Hsieh

    2012-01-01

    This paper reviews the development of capital market theories based on the assumption of capital market efficiency, which includes the efficient market hypothesis (EMH), modern portfolio theory (MPT), the capital asset pricing model (CAPM), the implications of MPT in asset allocation decisions, criticisms regarding the market portfolio and the development of the arbitrage pricing theory (APT). An alternative school of thought proposes that investors are irrational and that their trading behav...

  4. 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.

  5. 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

  6. 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.

  7. Market conditions affecting energy efficiency investments

    International Nuclear Information System (INIS)

    Seabright, J.

    1996-01-01

    The global energy efficiency market is growing, due in part to energy sector and macroeconomic reforms and increased awareness of the environmental benefits of energy efficiency. Many countries have promoted open, competitive markets, thereby stimulating economic growth. They have reduced or removed subsidies on energy prices, and governments have initiated energy conservation programs that have spurred the wider adoption of energy efficiency technologies. The market outlook for energy efficiency is quite positive. The global market for end-use energy efficiency in the industrial, residential and commercial sectors is now estimated to total more than $34 billion per year. There is still enormous technical potential to implement energy conservation measures and to upgrade to the best available technologies for new investments. For many technologies, energy-efficient designs now represent less than 10--20% of new product sales. Thus, creating favorable market conditions should be a priority. There are a number of actions that can be taken to create favorable market conditions for investing in energy efficiency. Fostering a market-oriented energy sector will lead to energy prices that reflect the true cost of supply. Policy initiatives should address known market failures and should support energy efficiency initiatives. And market transformation for energy efficiency products and services can be facilitated by creating an institutional and legal structure that favors commercially-oriented entities

  8. 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.

  9. 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.

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

    OpenAIRE

    MOBEEN Ur Rehman; WAQAS Bin Khidmat

    2013-01-01

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

  11. 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)

  12. 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)

  13. Efficiency of Crobex and Crobex10 Stock Market Indicies

    Directory of Open Access Journals (Sweden)

    Armin Habibovic

    2017-12-01

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

  14. 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.

  15. 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...

  16. 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

  17. 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.

  18. 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.

  19. 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...

  20. Efficiency Gains and Myopic Antitrust Authority in a Dynamic Merger Game

    OpenAIRE

    MOTTA, Massimo; VASCONCELOS, Helder

    2003-01-01

    This Paper models a sequential merger formation game with endogenous efficiency gains in which every merger has to be submitted for approval to the Antitrust Authority (AA). Two different types of AA are studied: first, a myopic AA, which judges a given merger without considering that subsequent mergers may occur; and, second, a forward-looking AA, which anticipates the ultimate market structure a given merger will lead to. By contrasting the decisions of these two types of AA, merger policy ...

  1. Market competition and efficient cooperation

    NARCIS (Netherlands)

    Brandts, J.; Riedl, A.M.

    2016-01-01

    We use laboratory experiments to study the causal effects of favorable and unfavorable competitive market experience on cooperation in a subsequent social dilemma game. The issues we study are part of the broader topic of whether there are behavioral spillovers between different spheres of social

  2. 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...

  3. Commodity futures and market efficiency

    Czech Academy of Sciences Publication Activity Database

    Krištoufek, Ladislav; Vošvrda, Miloslav

    2014-01-01

    Roč. 42, č. 1 (2014), s. 50-57 ISSN 0140-9883 R&D Projects: GA ČR GA402/09/0965 Grant - others:GA ČR(CZ) GAP402/11/0948 Program:GA Institutional support: RVO:67985556 Keywords : commodities * efficiency * entropy * long-term memory * fractal dimension Subject RIV: AH - Economics Impact factor: 2.708, year: 2014 http://library.utia.cas.cz/separaty/2013/E/kristoufek-0420811.pdf

  4. 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.

  5. 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.

  6. 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

  7. 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.

  8. 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.

  9. 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.

  10. 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...

  11. In Tight Employment Market, Career Services Gain Clout

    Science.gov (United States)

    Lipka, Sara

    2008-01-01

    Today, more and more students and parents are asking whether college is about getting education or getting a job. The stakes these days are especially high. Tuition and student-loan debt have risen to record levels, while the economy has slowed. In a competitive market, a college degree is no longer the golden ticket to a professional career. Due…

  12. 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.

  13. 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)

  14. 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.)

  15. Mexico solar market: shortterm pain brings long-term gains

    International Nuclear Information System (INIS)

    Lacey, S.

    2016-01-01

    Mexico is installed solar PV capacity is currently at less than 1 GW and in all probability, only 2 to 3 GW will be added by 2020. Until recently, Mexico represented the most promising solar market in Latin America. But the strong growth expected for the country is now much less certain. In fact, solar installation figures in 2016 could be 36% lower than those projected last year. So what has happened? As GTM Research has documented, solar project developers and financiers are dealing with a completely new set of rules for selling solar electricity into Mexico energy market. Those new rules are causing some confusion and, as such, activity has slowed down. (Author)

  16. Using internal communication as a marketing strategy: gaining physician commitment.

    Science.gov (United States)

    Heine, R P

    1990-01-01

    In the ambulatory care industry, increased competition and promotional costs are pressuring managers to design more creative and effective marketing strategies. One largely overlooked strategy is careful monitoring of the daily communication between physicians and ambulatory care staff providing physician services. Satisfying physician communication needs is the key to increasing physician commitment and referrals. This article outlines the steps necessary to first monitor, then improve the quality of all communication provided to physicians by ambulatory care personnel.

  17. 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.

  18. 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.

  19. 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

  20. 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.

  1. 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...

  2. Association between Stock Market Gains and Losses and Google Searches.

    Science.gov (United States)

    Arditi, Eli; Yechiam, Eldad; Zahavi, Gal

    2015-01-01

    Experimental studies in the area of Psychology and Behavioral Economics have suggested that people change their search pattern in response to positive and negative events. Using Internet search data provided by Google, we investigated the relationship between stock-specific events and related Google searches. We studied daily data from 13 stocks from the Dow-Jones and NASDAQ100 indices, over a period of 4 trading years. Focusing on periods in which stocks were extensively searched (Intensive Search Periods), we found a correlation between the magnitude of stock returns at the beginning of the period and the volume, peak, and duration of search generated during the period. This relation between magnitudes of stock returns and subsequent searches was considerably magnified in periods following negative stock returns. Yet, we did not find that intensive search periods following losses were associated with more Google searches than periods following gains. Thus, rather than increasing search, losses improved the fit between people's search behavior and the extent of real-world events triggering the search. The findings demonstrate the robustness of the attentional effect of losses.

  3. 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...

  4. 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

  5. Enhancing Efficiency of Water Supply – Product Market Competition versus Trade

    OpenAIRE

    Reto Foellmi; Urs Meister

    2004-01-01

    This paper analyses and compares potential efficiency gains induced by the introduction of product market competition and cross boarder trade in the piped water market. We argue that due to the specific circumstances in the water sector product market competition, i.e. competition by common carriage is not expected to be very intensive. The connection of networks could alternatively be used for cross boarder trade between neighboured water utilities. We show that competition by common carriag...

  6. 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.

  7. 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.

  8. Efficiency gains depend on using ambitious techniques, experts say

    International Nuclear Information System (INIS)

    Kishewitsch, S.

    2006-01-01

    Recent energy efficiency developments in Ontario were reviewed. Meetings between the Ministry of Municipal Affairs and Housing as well as the Ministry of Energy and the Ontario Power Authority (OPA) were outlined, as well as conferences and consultations organized by the Sierra Club. It was suggested that the OPA's planning assumption of a 5 per cent reduction in demand through conservation over the next 20 years is too modest, and a range of 20 to 30 per cent efficiency was recommended. Proposed amendments to Ontario's Building Code to increase energy efficiency requirements for homes, commercial buildings and large residential buildings were reviewed. It was suggested that an informed building industry can achieve 75 per cent energy reductions, and that Ontario needs to dedicate the same degree and quantity of expertise and funding to energy efficiency that it expects to apply when building a nuclear power plant, in proportion to delivered energy results. Details of demand side management programs in California were outlined. In was noted that California decoupled utility profits from sales in 1985, which has allowed utilities to profit from conservation. In addition to these programs, California utilities are now installing smart meters that will provide information on water and natural gas consumption. The meters will have a programmable thermostat to allow room temperature to rise by 2 degrees C during normal afternoons and 4 degrees C on critical peak days. The utilities will be able to dump the entire air conditioning load for the state during emergencies. It was concluded that there is a great deal of room to improve the way compensation is made available in both supply and efficiency in Ontario. 4 figs

  9. 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...

  10. 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.

  11. 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…

  12. Temporal adaptation enhances efficient contrast gain control on natural images.

    Directory of Open Access Journals (Sweden)

    Fabian Sinz

    Full Text Available Divisive normalization in primary visual cortex has been linked to adaptation to natural image statistics in accordance to Barlow's redundancy reduction hypothesis. Using recent advances in natural image modeling, we show that the previously studied static model of divisive normalization is rather inefficient in reducing local contrast correlations, but that a simple temporal contrast adaptation mechanism of the half-saturation constant can substantially increase its efficiency. Our findings reveal the experimentally observed temporal dynamics of divisive normalization to be critical for redundancy reduction.

  13. 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

  14. 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

  15. 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.

  16. 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.

  17. 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...

  18. Using Sustainability Engineering to Gain Universal Sustainability Efficiency

    Directory of Open Access Journals (Sweden)

    Aleksandras Vytautas Rutkauskas

    2012-05-01

    Full Text Available The present article is an attempt to perceive the universal sustainability observable in an individual country or region, where the religious, political, social-demographic, economic, environmental, creative, technological and investment subsystems are revealed not only through the vitality of spiritual and material existence media, but rather through the signs of the development of these subsystems as self-assembled units through the erosion of their interaction. The problem of optimal allocation of investment resources among the separate sustainability’s subsystems was addressed by means of expert methods and techniques of portfolio methodology which will enable the achievement of the enshrined universal sustainability standards. A country-specific index composition of sustainability subsystems’ indices was chosen as the universal sustainability index for the specific country. The index in its dynamics is perceived as a random process. While projecting its state and evaluating its power, i.e., the impact of the subsystem efficiency in a particular moment, this power is measured by the level of the index and the reliability or guarantee of an appropriate level. To solve the problem of investment resources allocation, the idea of Markowitz Random Field was invoked in order to reach the maximum power of sustainability index while applying the technical solution—the so-called “GoldSim” system. Engineering is a methodology that aspires to reveal the core attributes of complex systems and instruments in order to manage the possibility to influence these properties for the systems. Experimental expert evaluation and case study is performed on Lithuanian data.

  19. 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...

  20. 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...

  1. 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...

  2. Recent Genetic Gains in Nitrogen Use Efficiency in Oilseed Rape

    Science.gov (United States)

    Stahl, Andreas; Pfeifer, Mara; Frisch, Matthias; Wittkop, Benjamin; Snowdon, Rod J.

    2017-01-01

    Nitrogen is essential for plant growth, and N fertilization allows farmers to obtain high yields and produce sufficient agricultural commodities. On the other hand, nitrogen losses potentially cause adverse effects to ecosystems and to human health. Increasing nitrogen use efficiency (NUE) is vital to solve the conflict between productivity, to secure the demand of a growing world population, and the protection of the environment. To ensure this, genetic improvement is considered to be a paramount aspect toward ecofriendly crop production. Winter oilseed rape (Brassica napus L.) is the second most important oilseed crop in the world and is cultivated in many regions across the temperate zones. To our knowledge, this study reports the most comprehensive field-based data generated to date for an empirical evaluation of genetic improvement in winter oilseed rape varieties under two divergent nitrogen fertilization levels (NFLs). A collection of 30 elite varieties registered between 1989 and 2014, including hybrids and open pollinated varieties, was tested in a 2-year experiment in 10 environments across Germany for changes in seed yield and seed quality traits. Furthermore, NUE was calculated. We observed a highly significant genetics-driven increase in seed yield per-se and, thus, increased NUE at both NFLs. On average, seed yield from modern open-pollinated varieties and modern hybrids was higher than from old open-pollinated varieties and old hybrids. The annual yield progress across all tested varieties was ~35 kg ha−1 year−1 at low nitrogen and 45 kg ha−1 year−1 under high nitrogen fertilization. Furthermore, in modern varieties an increased oil concentration and decreased protein concentration was observed. Despite, the significant effects of nitrogen fertilization, a surprisingly low average seed yield gap of 180 kg N ha−1 was noted between high and low nitrogen fertilization. Due to contrary effects of N fertilization on seed yield per-se and seed

  3. 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.

  4. 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.

  5. Using public relations/marketing communications to gain a competitive advantage in the US power market

    Energy Technology Data Exchange (ETDEWEB)

    Katzman, L.R. [Full Spectrum Communications, Loudonville, NY (United States)

    1996-12-31

    For many industries throughout the United States, deregulation will make or break a company. In the power generation and transmission arena, deregulation is currently underway. Many utilities and power generation equipment suppliers alike are being forced to compete very differently in this new market due to legislative changes. Also, as many companies reorganize, cut costs and downsize, public relations and marketing communications (PR/marcom) is often one of the first programs to be cut. This paper will offer some solid public relationships that can enhance a company`s image, help it generate sales leads and assist it in staying healthy in this competitive power area. Also provided will be a discussion of marketing communications and why PR/marcom efforts should not be discarded but stepped up during downsizing.

  6. 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)

  7. 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)

  8. 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.

  9. 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 ...

  10. 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.

  11. 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...

  12. Energy Efficiency Market Report 2013: Market Trends and Medium-Term Prospects

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    2013-07-01

    Energy efficiency has been referred to as a ''hidden fuel'', one that extends energy supplies, increases energy security, lowers carbon emissions and generally supports sustainable economic growth. Yet it is hiding in plain sight: in 2011, investments in the energy efficiency market globally were at a similar scale to those in renewable energy or fossil-fuel power generation. The Energy Efficiency Market Report provides a practical basis for understanding energy efficiency market activities, a review of the methodological and practical challenges associated with measuring the market and its components, and statistical analysis of energy efficiency and its impact on energy demand. It also highlights a specific technology sector in which there is significant energy efficiency market activity, in this instance appliances and ICT. The report presents a selection of country case studies that illustrate current energy efficiency markets in specific sectors, and how they may evolve in the medium term. The energy efficiency market is diffuse, varied and involves all energy-consuming sectors of the economy. A comprehensive overview of market activity is complicated by the challenges associated with quantifying the components of the market and the paucity of comparable reported data. This report underscores how vital high-quality and timely energy efficiency data is to understanding this market.

  13. 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...

  14. 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)

  15. Market Efficiency and Behavioral Biases in the WNBA Betting Market

    Directory of Open Access Journals (Sweden)

    Rodney J. Paul

    2014-04-01

    Full Text Available The betting market for the Women’s National Basketball Association (WNBA is a thin financial market, which does not attract much interest from sports bettors. Given these characteristics, it is possible that profitable wagering strategies could exist for informed bettors of the WNBA. Using betting data on the WNBA from 2007–2012, we find that simple betting strategies do not earn statistically significant returns. WNBA bettors are like NBA bettors; however, in that they strongly prefer the best teams, particularly when they are on the road. Despite this clear bias, betting against the most popular public wagers is not found to earn statistically significant profits.

  16. 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.

  17. 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 ...

  18. 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.

  19. 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.

  20. 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)

  1. 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...

  2. Financial markets theory equilibrium, efficiency and information

    CERN Document Server

    Barucci, Emilio

    2017-01-01

    This work, now in a thoroughly revised second edition, presents the economic foundations of financial markets theory from a mathematically rigorous standpoint and offers a self-contained critical discussion based on empirical results. It is the only textbook on the subject to include more than two hundred exercises, with detailed solutions to selected exercises. Financial Markets Theory covers classical asset pricing theory in great detail, including utility theory, equilibrium theory, portfolio selection, mean-variance portfolio theory, CAPM, CCAPM, APT, and the Modigliani-Miller theorem. Starting from an analysis of the empirical evidence on the theory, the authors provide a discussion of the relevant literature, pointing out the main advances in classical asset pricing theory and the new approaches designed to address asset pricing puzzles and open problems (e.g., behavioral finance). Later chapters in the book contain more advanced material, including on the role of information in financial markets, non-c...

  3. 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.

  4. 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.

  5. 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)

  6. 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)

  7. 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.

  8. 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 ...

  9. 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...

  10. 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...

  11. 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

  12. 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.

  13. 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.

  14. 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)

  15. 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...

  16. 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

  17. 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...

  18. 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

  19. 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.

  20. 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 ...

  1. 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

  2. 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.

  3. 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.

  4. 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.

  5. 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.

  6. 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...

  7. 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.

  8. 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...

  9. 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),

  10. 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 ...

  11. Efficiency Wages in Heterogenous Labour Markets

    OpenAIRE

    Pavel Ryska; Jan Prùša

    2011-01-01

    In this paper we tackle two shortcomings of present efficiency wage models. Firstly, they do not fully account for labour heterogeneity, thus implying that high-effort and low-effort units of labour are interchangeable. Secondly, building on this assumed homogeneity of labour, the models derive involuntary unemployment from effort decisions of workers, which are patently voluntary. We offer a consistent reformulation of the theory: Each of the effort or quality levels is regarded as a separat...

  12. 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...

  13. 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...

  14. 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.

  15. 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

  16. 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.

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

    Directory of Open Access Journals (Sweden)

    Mahmoud Shaban

    2014-03-01

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

  18. 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.

  19. 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].

  20. 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...

  1. 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

  2. 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.

  3. 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

  4. 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

  5. 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

  6. 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.

  7. 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...

  8. 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:...

  9. 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.

  10. 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)

  11. 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...

  12. 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.

  13. 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

  14. 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)

  15. 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.

  16. 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.

  17. 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.

  18. 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

  19. 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.

  20. 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.

  1. 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

  2. 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.

  3. 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)

  4. 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...

  5. 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...

  6. 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...

  7. 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...

  8. 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.

  9. 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

  10. 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.

  11. 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.

  12. 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...

  13. 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.

  14. 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.

  15. 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

  16. 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)

  17. 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

  18. 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.

  19. 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).

  20. 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)

  1. 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)

  2. 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.

  3. 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

  4. 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 ...

  5. 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).

  6. 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.

  7. 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.

  8. Stock-market efficiency in thin-trading markets : the case of the Vietnamese stock market

    NARCIS (Netherlands)

    Truong Dong Loc, [No Value; Lanjouw, Ger; Lensink, Robert

    2010-01-01

    This article reviews developments in the Stock Trading Centre (STC) in Ho Chi Minh City, Vietnam, the main stock market in the country, since its start in 2000. It presents information about developments in the number of stocks traded, trading activity and stock-price developments. This article

  9. Stock Market Efficiency in Thin Trading Markets: The Case of the Vietnamese Stock Market

    NARCIS (Netherlands)

    Dong Loc, T.; Lanjouw, G.; Lensink, B.W.

    2010-01-01

    This article reviews developments in the Stock Trading Centre (STC) in Ho Chi Minh City, Vietnam, the main stock market in the country, since its start in 2000. It presents information about developments in the number of stocks traded, trading activity and stock-price developments. This article

  10. 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.

  11. 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

  12. 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....

  13. 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.

  14. 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)

  15. 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

  16. 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

  17. 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.

  18. Energy efficiency versus gains in consumer amenities—An example from new cars sold in Sweden

    International Nuclear Information System (INIS)

    Sprei, Frances; Karlsson, Sten

    2013-01-01

    Technological developments that increase energy efficiency result in net energy-saving benefits, provided the increased efficiency is not offset by enhanced consumer amenities. This paper analyzes the technology development/consumer amenities trade-off for new cars sold in Sweden between 1975 and 2010. We combine lessons learned from the policies in place and interviews with key actors in the car-purchasing process with statistical modeling of trends in vehicle attributes and technological development. Until 2007, consumer amenities were continuously enhanced, offsetting most of the efficiency gains of technological development; there was no strong policy push toward energy efficiency. In recent years, two major shifts have occurred. First, there has been a shift in the majority of new cars sold, from gasoline-powered engines to diesel engines. Flex-fuel vehicles have also contributed to a decline in the sales-share of pure gasoline engines. The observed shift of fuels, especially to flex-fuels, has been encouraged by policies. Second, after 2007 there have been major technological improvements, while attributes related to consumer amenities have remained flat, reversing the trends so that 77% of the technological development resulted in actual reduction of specific fuel consumption. EU targets, tax reforms, and consumer awareness have contributed to this trend change. - Highlights: ► Trade-offs between consumer amenities and fuel consumption of new cars in Sweden. ► Methods: Statistical modeling, policy analysis and interviews. ► Until 2007 a majority of technological development is offset by consumer amenities. ► After 2005 a shift from gasoline to diesel and flex-fuels takes place. ► Policy change and environmental awareness result in a reversion of trends.

  19. 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...

  20. Market Failure In African Agricultural Marketing Systems: An Econometric Testing And Analysis Of Market Efficiency

    OpenAIRE

    Gbolahan S. Osho

    2011-01-01

    The last few years have seen substantial revivals of interest in the determinants of economic growth in Africa, especially in the Sub-Saharan Africa. This paper provides an econometric model that help to examine the impact of market share, interest rate and non-economic factors such as external shocks, structural adjustment policies on the GDP of Sub-Saharan Africa. Economic development data covering the period of 1970 to 2004 was used in estimation with ordinary least square (OLS). The resul...

  1. 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.

  2. Impact of cumulative gain in expertise on the efficiency of handmade cloning in cattle.

    Science.gov (United States)

    Gerger, R P C; Rossetto, Rafael; Ribeiro, E S; Ortigari, Ivens; Zago, Fabiano Carminatti; Aguiar, L H; Costa, U M; Lopes, Rui Fernando Félix; Ambrósio, Carlos Eduardo; Miglino, Maria Angélica; Rodrigues, José Luiz; Forell, Fabiana; Bertolini, Luciana Relly; Bertolini, Marcelo

    2017-06-01

    The aim of this study was to determine the effects of the cumulative gain in expertise in carrying out handmade cloning (HMC) procedures on embryo yield and pregnancy outcome in cattle. Results from in vitro and in vivo embryo development after HMC during three periods of 7 months, separated by 3-month intervals, were compiled and designated as P1, P2 and P3. Blastocyst yield, morphological quality and stage of development, and pregnancy per embryo transfer (ET) on Day 30 of gestation were compared. Zona-intact oocytes were activated chemically in each experiment replicate, and development of parthenogenetic blastocysts was used as a control measurement of oocyte quality and in vitro culture conditions. A total of 21,231 cumulus-oocyte complexes (COCs) were in vitro-matured, with 5,432, 10,721 and 5078 COCs used in 16, 18 and 10 replicates for P1, P2 and P3, respectively. Cloned blastocyst yields on Day 7 increased from 15.5% (124/798) in P1 to 21.6% (309/1428) and 36.6% (280/764) in P2 and P3, respectively. No differences were observed in blastocyst development of parthenogenetic embryos, which average 30.0, 37.6, and 36.4% in P1, P2, and P3, respectively. A 10-fold higher probability of obtaining cloned blastocysts at more advanced stages of development and of higher morphological grade was seen during P3 compared with P1. Pregnancy per ET on Day 30 also increased with gain in expertise, being 6.7% (2/30), 20.8% (10/48) and 40.0% (24/60) for P1, P2 and P3, respectively. The relative efficiency for the establishment of pregnancies (per total COC) increased from 0.04% (1:2716) in P1 to 0.22% (1:460) in P2, reaching 0.47% (1:212) in P3. Results demonstrated a gradual improvement in in vitro and in vivo embryo development over time after establishment of HMC procedures in the laboratory, highlighting the importance of gaining experience and technical skills on the overall cloning efficiency. Copyright © 2017 Elsevier Inc. All rights reserved.

  3. Who Gains, who loses? : the impact of market liberalisation on rural households in Northwestern Kenya

    NARCIS (Netherlands)

    Mose, L.O.

    2007-01-01

    Keywords:Market liberalisation, rural households, traders,Kenya, market integration, cointegration analysis, difference-in-difference approach, farmer response.Most countries

  4. 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

  5. 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.

  6. 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.

  7. 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.)

  8. 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)

  9. 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.

  10. 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

  11. New Results on Gain-Loss Asymmetry for Stock Markets Time Series

    Science.gov (United States)

    Grudziecki, M.; Gnatowska, E.; Karpio, K.; Orłowski, A.; Załuska-Kotur, M.

    2008-09-01

    A method called investment horizon approach was successfully used to analyze stock markets of many different countries. Here we apply a version of this method to study characteristics of the Polish Pioneer mutual funds. We decided to analyze Pioneer because of its longest involvement in investing on the Polish market. Moreover, it apparently manages the biggest amount of money among all similar institutions in Poland. We compare various types of Pioneer mutual funds, characterized by different financial instruments they invest in. Previously, investment horizon approach produced different characteristics of emerging markets as opposed to mature ones, providing a possible way to quantify stock market maturity. Here we generalize the above mentioned results for mutual funds of various types.

  12. 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 ...

  13. Convergent Evolution towards High Net Carbon Gain Efficiency Contributes to the Shade Tolerance of Palms (Arecaceae.

    Directory of Open Access Journals (Sweden)

    Ren-Yi Ma

    Full Text Available 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, which is given by the maximum photosynthetic rate to dark respiration rate ratio. Leaf mass per area, maximum photosynthetic rate, dark respiration and N and P concentrations were measured in 80 palm species grown in a common garden, and combined with data of 30 palm species growing in their native habitats. Compared to other species from the global leaf economics data, dicotyledonous broad-leaved trees in tropical rainforest or other monocots in the global leaf economics data, palms possessed consistently higher CGEn, achieved by lowered dark respiration and fairly high foliar P concentration. Combined phylogenetic analyses of evolutionary signal and trait evolution revealed convergent evolution towards high CGEn in palms. We conclude that high CGEn is an evolutionary strategy that enables palms to better adapt to shady environments than coexisting dicot tree species, and may convey advantages in competing with them in the tropical forest understory. These findings provide important insights for understanding the evolution and ecology of palms, and for understanding plant shade adaptations of lower rainforest strata. Moreover, given the dominant role of palms in tropical forests, these findings are important for modelling carbon and nutrient cycling in tropical forest ecosystems.

  14. 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.

  15. 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.

  16. 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

  17. The market for environmental efficient technology; Markedet for miljoeeffektiv teknologi

    Energy Technology Data Exchange (ETDEWEB)

    Engbo Rasmussen, Peter; Madsen, Peter G. [COWI (Denmark)

    2006-08-31

    As part of governmental preparation of a Danish action plan for environmental efficient technology, COWI has made an analysis of the global market for technological solutions to important environmental challenges. The analysis focuses on technology for solving environmental challenges connected with climate changes, exploitation of water resources as well as pollution that poses a threat to health including air pollution and chemicals. The Analysis is based on reports made in Denmark, significant export countries, the European Union and different international organizations e.g. OECD and the International Energy Agency. This report presents results of the analysis. Due to the fact that the analysis was completed late in 2005 it is solely based on data and reports known at the time. (BA)

  18. Transformations in gas shipping : Market structure and efficiency

    NARCIS (Netherlands)

    Engelen, Steve; Dullaert, Wout

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

  19. Energy use, efficiency gains and emission abatement in transitional industrialised economies. Poland and the Baltic states

    Energy Technology Data Exchange (ETDEWEB)

    Salay, Juergen

    1999-05-01

    This thesis is a study of how energy use and air pollution in Poland, Estonia, Latvia and Lithuania have been affected by the economic transition after 1989. It consists of six articles, which examine three different aspects of these changes. The first group of articles analyses the structure of energy use in the Baltic states (Article 1) and Poland (Articles 2 and 3) at the outset of transition. The results show that these countries had a primary energy consumption per GDP which was two to three times higher than in developed market economics because of a more energy intensive structure of the economy and higher specific energy intensities in many sectors of the economy. They also had significantly higher levels of air pollution per primary energy consumption and GDP because of a heavy reliance on fossil fuels, an energy intensive economy and an ineffective control of emissions. The deep fall in energy consumption during the first phase of transition was due to a sharp drop in industrial output and higher fuel prices. In the Baltic states, part of the fall in energy consumption was the result of shortfalls in the supply of oil and gas from Russia. The second group of articles (Articles 4 and 5) examines changes in electricity production, fuel consumption, generation efficiency and sulphur dioxide (SO{sub 2}) emissions in the Polish power industry between 1988 and 1997. The results show that SO{sub 2} emissions dropped by 45 per cent between 1988 and 1997. The drop in emissions was partly the result of a fall in economic activity and electricity production in the early 1990s. Other reasons were more important. One reason was the restructuring of the power industry, during which hard budget constraints were introduced and the price of coal was raised. Another reason for the fall in emissions was the reorganisation and stricter enforcement of environmental protection. Together, these reforms created strong incentives for power plants to switch to high-quality coal

  20. Efficiency, Competition, and Welfare in African Agricultural Markets

    OpenAIRE

    Bergquist, Lauren Falcao

    2017-01-01

    African agricultural markets are characterized by large variation in prices across regions and over the course of the season, suggesting poor market integration. This thesis explores the barriers that prevent various market actors from engaging in ecient arbitrage. Using exper- imental evidence and original survey data, I test for the existence of market failures that may limit integration and measure the ecacy of potential remedies to these market failures. In the first chapter, I quantify t...

  1. 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.

  2. Through Internal Control System, Jatirogo Organic Coconut Sugar Farmers Gained Access to the Export Market

    OpenAIRE

    Setyowati, Theresia Eko

    2014-01-01

    By founding Jatirogo organic coconut sugar ICS, 1,554 farmer members now have stronger bargaining power in marketing organic coconut sugar. Jatirogo organic coconut sugar ICS has succeeded to export its organic gula semut. By obtaining international certifications (EU Regulation, NOP-USDA, and JAS), KSU Jatirogo sends organic gula semut to various countries, such as the United States, Australia, and European and Asian countries, by collaborating with KSU Jatirogo and exporting companies. ...

  3. Is Historical Cost Accounting a Panacea? Market Stress, Incentive Distortions, and Gains Trading

    OpenAIRE

    Ellul, Andrew; Jotikasthira, Chotibhak; Lundblad, Christian T; Wang, Yihui

    2015-01-01

    This paper explores the trading incentives of financial institutions induced by the interaction between regulatory accounting rules and capital requirements by investigating insurance companies’ trading behavior during the recent financial crisis. According to insurance regulation, life insurers have a greater degree of flexibility to hold downgraded instruments at historical cost, whereas property and casualty insurers are forced to re-mark many of their downgraded securities to market price...

  4. Exogenous factors and market value: an appraisal model of capital gains in urban redevelopment programs in public/ private partnerships

    Directory of Open Access Journals (Sweden)

    Francesco Calabrò

    2013-08-01

    Full Text Available The proposed article aims to illustrate an experimental model applicable, in the planning stage, to an appraisal of the capital gains in a residential requalification in public/ private partnership. The model develops a method using a conventional cost value through a multicriteria model which evaluates the influence of qualitative exogenous variables to the market value of the property. The aim is to develop a synthetic procedure, transparent, shared and easy to use by the public authorities, in determining the total benefits associated with urban transformations, in order to achieve a fair sharing of profits between public and private entities.

  5. 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

  6. 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.

  7. Gaining Leverage Over Vendor Lock to Improve Acquisition Performance and Cost Efficiencies

    Science.gov (United States)

    2014-04-30

    Virginia Wydler, MITRE Corporation Open Systems Architecture License Rights: A New Era for the Public– Private Market -Place Nickolas Guertin, DASN RDT...if only one vendor can replace or upgrade those key components, that de facto monopolist may be able to exert excess negotiating leverage over...instead of sole source subcontractor procurement. The Program Office should have the prime vendor to provide a full market research data in accordance

  8. 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.

  9. THE ALLOCATIVE EFFICIENCY OF LAND RENTAL MARKETS IN TRANSITION AGRICULTURE

    OpenAIRE

    Vranken, Liesbet; Mathijs, Erik

    2001-01-01

    This paper examines the functioning of the Hungarian land rental market. The allocative inefficiency of the land rental market is determined by calculating the marginal value productivity of land and using rental prices. Regional differences in allocative inefficiency are then correlated with demographic and socio-economic variables and with labor market-related factors.

  10. TURKISH TRADE POLICY AND THE EFFICIENCY OF TURKISH COTTON MARKETS

    OpenAIRE

    Schmitz, Troy G.

    1999-01-01

    Turkish cotton markets are affected by import duties, export taxes, and a range of domestic subsidies. The degree of economic inefficiency arising from these government policies is estimated through the use of two partial equilibrium models, one for the Aegean market and another for the non-Aegean market. The welfare implications of these policies are also explored.

  11. 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...

  12. Stochastic congestion management in power markets using efficient scenario approaches

    International Nuclear Information System (INIS)

    Esmaili, Masoud; Amjady, Nima; Shayanfar, Heidar Ali

    2010-01-01

    Congestion management in electricity markets is traditionally performed using deterministic values of system parameters assuming a fixed network configuration. In this paper, a stochastic programming framework is proposed for congestion management considering the power system uncertainties comprising outage of generating units and transmission branches. The Forced Outage Rate of equipment is employed in the stochastic programming. Using the Monte Carlo simulation, possible scenarios of power system operating states are generated and a probability is assigned to each scenario. The performance of the ordinary as well as Lattice rank-1 and rank-2 Monte Carlo simulations is evaluated in the proposed congestion management framework. As a tradeoff between computation time and accuracy, scenario reduction based on the standard deviation of accepted scenarios is adopted. The stochastic congestion management solution is obtained by aggregating individual solutions of accepted scenarios. Congestion management using the proposed stochastic framework provides a more realistic solution compared with traditional deterministic solutions. Results of testing the proposed stochastic congestion management on the 24-bus reliability test system indicate the efficiency of the proposed framework.

  13. 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.

  14. Gaining Efficiency of Computational Experiments in Modeling the Flight Vehicle Movement

    Directory of Open Access Journals (Sweden)

    I. K. Romanova

    2017-01-01

    Full Text Available The paper considers one of the important aspects to gain efficiency of conducted computational experiments, namely to provide grid optimization. The problem solution will ultimately create a more perfect system, because just a multivariate simulation is a basis to apply optimization methods by the specified criteria and to identify problems in functioning of technical systems.The paper discusses a class of the moving objects, representing a body of revolution, which, for one reason or another, endures deformation of casing. Analyses using the author's techniques have shown that there are the following complex functional dependencies of aerodynamic characteristics of the studied class of deformed objects.Presents a literature review on new ways for organizing the calculations, data storage and transfer. Provides analysing the methods of forming grids, including those used in initial calculations and visualization of information. In addition to the regular grids, are offered unstructured grids, including those for dynamic spatial-temporal information. Attention is drawn to the problem of an efficient retrieval of information. The paper shows a relevant capability to run with large data volumes, including an OLAP technology, multidimensional cubes (Data Cube, and finally, an integrated Date Mining approach.Despite the huge number of successful modern approaches to the solution of problems of formation, storage and processing of multidimensional data, it should be noted that computationally these tools are quite expensive. Expenditure for using the special tools often exceeds the cost of directly conducted computational experiments as such. In this regard, it was recognized that it is unnecessary to abandon the use of traditional tools and focus on a direct increase of their efficiency. Within the framework of the applied problem under consideration such a tool was to form the optimal grids.The optimal grid was understood to be a grid in the N

  15. 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.

  16. 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

  17. The market penetration of energy-efficiency programs

    Energy Technology Data Exchange (ETDEWEB)

    Berry, L.

    1990-04-01

    The focus of this report is on one source of resource planning uncertainty: the expected market penetration of DSM (Demand Site Management) programs. Its purpose is to help refine planning assumptions and reduce uncertainty about the market penetration of utility DSM programs by: (1) investigating concepts and definitions of market penetration, (2) reviewing data that characterize patterns of variation (including ranges, averages and maximum levels) in program participation rates, (3) identifying the factors that affect participation, and (4) reviewing the structure and data requirements of models that forecast market penetration. 84 refs., 14 figs., 16 tabs.

  18. 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

  19. 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.

  20. The potential for energy efficiency gains in the Canadian commercial building sector: A stochastic frontier study

    International Nuclear Information System (INIS)

    Buck, J.; Young, D.

    2007-01-01

    The achievement of energy efficiency in commercial buildings is a function of the activities undertaken, the technology in place, and the extent to which those technologies are used efficiently. We study the factors that affect efficient energy use in the Canadian commercial sector by applying a stochastic frontier approach to a cross-section of Canadian commercial buildings included in the Commercial and Institutional Building Energy Use Survey (CIBEUS). Structural and climate-control features of the buildings as well as climatic conditions are assumed to determine the location of the frontier, while management-related variables including such factors as ownership type and activities govern whether or not the maximally attainable efficiency along the frontier is achieved. Our results indicate that although, on average, buildings appear to be fairly efficient, certain types of operations are more likely than others to exhibit energy efficiencies that are significantly worse than average. These results, along with those related to the effects of physical characteristics on the stochastic efficiency frontier, suggest that there is scope for focused policy initiatives to increase energy efficiency in this sector

  1. Using Twitter Data to Gain Insights into E-cigarette Marketing and Locations of Use: An Infoveillance Study

    Science.gov (United States)

    Kim, Annice E; Hopper, Timothy; Simpson, Sean; Nonnemaker, James; Lieberman, Alicea J; Hansen, Heather; Porter, Lauren

    2015-01-01

    Background Marketing and use of electronic cigarettes (e-cigarettes) and other electronic nicotine delivery devices have increased exponentially in recent years fueled, in part, by marketing and word-of-mouth communications via social media platforms, such as Twitter. Objective This study examines Twitter posts about e-cigarettes between 2008 and 2013 to gain insights into (1) marketing trends for selling and promoting e-cigarettes and (2) locations where people use e-cigarettes. Methods We used keywords to gather tweets about e-cigarettes between July 1, 2008 and February 28, 2013. A randomly selected subset of tweets was manually coded as advertising (eg, marketing, advertising, sales, promotion) or nonadvertising (eg, individual users, consumers), and classification algorithms were trained to code the remaining data into these 2 categories. A combination of manual coding and natural language processing methods was used to indicate locations where people used e-cigarettes. Additional metadata were used to generate insights about users who tweeted most frequently about e-cigarettes. Results We identified approximately 1.7 million tweets about e-cigarettes between 2008 and 2013, with the majority of these tweets being advertising (93.43%, 1,559,508/1,669,123). Tweets about e-cigarettes increased more than tenfold between 2009 and 2010, suggesting a rapid increase in the popularity of e-cigarettes and marketing efforts. The Twitter handles tweeting most frequently about e-cigarettes were a mixture of e-cigarette brands, affiliate marketers, and resellers of e-cigarette products. Of the 471 e-cigarette tweets mentioning a specific place, most mentioned e-cigarette use in class (39.1%, 184/471) followed by home/room/bed (12.5%, 59/471), school (12.1%, 57/471), in public (8.7%, 41/471), the bathroom (5.7%, 27/471), and at work (4.5%, 21/471). Conclusions Twitter is being used to promote e-cigarettes by different types of entities and the online marketplace is more

  2. Using Twitter Data to Gain Insights into E-cigarette Marketing and Locations of Use: An Infoveillance Study.

    Science.gov (United States)

    Kim, Annice E; Hopper, Timothy; Simpson, Sean; Nonnemaker, James; Lieberman, Alicea J; Hansen, Heather; Guillory, Jamie; Porter, Lauren

    2015-11-06

    Marketing and use of electronic cigarettes (e-cigarettes) and other electronic nicotine delivery devices have increased exponentially in recent years fueled, in part, by marketing and word-of-mouth communications via social media platforms, such as Twitter. This study examines Twitter posts about e-cigarettes between 2008 and 2013 to gain insights into (1) marketing trends for selling and promoting e-cigarettes and (2) locations where people use e-cigarettes. We used keywords to gather tweets about e-cigarettes between July 1, 2008 and February 28, 2013. A randomly selected subset of tweets was manually coded as advertising (eg, marketing, advertising, sales, promotion) or nonadvertising (eg, individual users, consumers), and classification algorithms were trained to code the remaining data into these 2 categories. A combination of manual coding and natural language processing methods was used to indicate locations where people used e-cigarettes. Additional metadata were used to generate insights about users who tweeted most frequently about e-cigarettes. We identified approximately 1.7 million tweets about e-cigarettes between 2008 and 2013, with the majority of these tweets being advertising (93.43%, 1,559,508/1,669,123). Tweets about e-cigarettes increased more than tenfold between 2009 and 2010, suggesting a rapid increase in the popularity of e-cigarettes and marketing efforts. The Twitter handles tweeting most frequently about e-cigarettes were a mixture of e-cigarette brands, affiliate marketers, and resellers of e-cigarette products. Of the 471 e-cigarette tweets mentioning a specific place, most mentioned e-cigarette use in class (39.1%, 184/471) followed by home/room/bed (12.5%, 59/471), school (12.1%, 57/471), in public (8.7%, 41/471), the bathroom (5.7%, 27/471), and at work (4.5%, 21/471). Twitter is being used to promote e-cigarettes by different types of entities and the online marketplace is more diverse than offline product offerings and

  3. 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.)

  4. 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

  5. 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...

  6. 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...

  7. 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...

  8. 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...

  9. 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.

  10. Efficiency of Foreign Exchange Markets and Measures of Turbulence

    OpenAIRE

    Jacob A. Frenkel; Michael L. Mussa

    1980-01-01

    Since the move to generalized floating in1973, exchange rates between major currencies have displayed large fluctuations. This turbulence of foreign exchange rates is an important concern of government policy and its explanation is a challenge for theories of foreign exchange market behavior. In Section I of this paper, we document the extent of turbulence in foreign exchange markets by examining (i) the magnitude of short-run variations in exchange rates relative to other measures of economi...

  11. Martingales, the Efficient Market Hypothesis, and Spurious Stylized Facts

    OpenAIRE

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

    2007-01-01

    The condition for stationary increments, not scaling, detemines long time pair autocorrelations. An incorrect assumption of stationary increments generates spurious stylized facts, fat tails and a Hurst exponent H_s=1/2, when the increments are nonstationary, as they are in FX markets. The nonstationarity arises from systematic uneveness in noise traders' behavior. Spurious results arise mathematically from using a log increment with a 'sliding window'. We explain why a hard to beat market de...

  12. IS CAPM AN EFFICIENT MODEL? ADVANCED VERSUS EMERGING MARKETS

    Directory of Open Access Journals (Sweden)

    Iulian IHNATOV

    2015-10-01

    Full Text Available CAPM is one of the financial models most widely used by the investors all over the world for analyzing the correlation between risk and return, being considered a milestone in financial literature. However, in recently years it has been criticized for the unrealistic assumptions it is based on and for the fact that the expected returns it forecasts are wrong. The aim of this paper is to test statistically CAPM for a set of shares listed on New York Stock Exchange, Nasdaq, Warsaw Stock Exchange and Bucharest Stock Exchange (developed markets vs. emerging markets and to compare the expected returns resulted from CAPM with the actually returns. Thereby, we intend to verify whether the model is verified for Central and Eastern Europe capital market, mostly dominated by Poland, and whether the Polish and Romanian stock market index may faithfully be represented as market portfolios. Moreover, we intend to make a comparison between the results for Poland and Romania. After carrying out the analysis, the results confirm that the CAPM is statistically verified for all three capital markets, but it fails to correctly forecast the expected returns. This means that the investors can take wrong investments, bringing large loses to them.

  13. 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)

  14. 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.

  15. Decomposing productivity growth allowing efficiency gains and price-induced technical progress

    NARCIS (Netherlands)

    Oude Lansink, A.G.J.M.; Silva, E.; Stefanou, S.

    2000-01-01

    Time- and firm-specific output technical efficiency measures are generated within a price-induced technological change framework. The firm-specific production frontier incorporates past prices as an argument encouraging innovation and a time trend to account for exogenous technical change. The

  16. Efficiency gains of photovoltaic system using latent heat thermal energy storage

    NARCIS (Netherlands)

    Tan, Lippong; Date, Abhijit; Fernandes, Gabriel; Singh, Baljit; Ganguly, Sayantan

    This paper presents experimental assessments of the thermal and electrical performance of photovoltaic (PV) system by comparing the latent heat-cooled PV panel with the naturally-cooled equivalent. It is commonly known that the energy conversion efficiency of the PV cells declines with the increment

  17. Gain in computational efficiency by vectorization in the dynamic simulation of multi-body systems

    Science.gov (United States)

    Amirouche, F. M. L.; Shareef, N. H.

    1991-01-01

    An improved technique for the identification and extraction of the exact quantities associated with the degrees of freedom at the element as well as the flexible body level is presented. It is implemented in the dynamic equations of motions based on the recursive formulation of Kane et al. (1987) and presented in a matrix form, integrating the concepts of strain energy, the finite-element approach, modal analysis, and reduction of equations. This technique eliminates the CPU intensive matrix multiplication operations in the code's hot spots for the dynamic simulation of the interconnected rigid and flexible bodies. A study of a simple robot with flexible links is presented by comparing the execution times on a scalar machine and a vector-processor with and without vector options. Performance figures demonstrating the substantial gains achieved by the technique are plotted.

  18. Efficient power allocation for fixed-gain amplify-and-forward relaying in rayleigh fading

    KAUST Repository

    Zafar, Ammar

    2013-06-01

    In this paper, we study power allocation strategies for a fixed-gain amplify-and-forward relay network employing multiple relays. We consider two optimization problems for the relay network: 1) optimal power allocation to maximize the end-to-end signal-to-noise ratio (SNR) and 2) minimizing the total consumed power while maintaining the end-to-end SNR over a threshold value. We assume that the relays have knowledge of only the channel statistics of all the links. We show that the SNR maximization problem is concave and the power minimization problem is convex. Hence, we solve the problems through convex programming. Numerical results show the benefit of allocating power optimally rather than uniformly. © 2013 IEEE.

  19. 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

  20. 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.

  1. 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...

  2. 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

  3. 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...

  4. 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.

  5. 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.

  6. Efficient market hypothesis in emerging markets: Panel data evidence with multiple breaks and cross sectional dependence

    OpenAIRE

    Abd Halim Ahmad; Siti Nurazira Mohd Daud; W.N.W. Azman-Saini

    2010-01-01

    The purpose of this paper is to re-examine whether mean reversion property hold for 15 emerging stock markets for the period 1985 to 2006. Utilizing a panel stationarity test that is able to account for multiple structural breaks and cross sectional dependence, we find that the emerging stock markets follow a random walk process. However, further analysis on individual series show that the majority of stock prices in emerging markets are governed by a mean reverting process. This result, whic...

  7. 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

  8. 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.

  9. 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.

  10. 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.

  11. 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.

  12. Regulating the Dutch pharmaceutical market: improving efficiency or controlling costs?

    NARCIS (Netherlands)

    Wolf, de P.; Brouwer, W.B.F.; Rutten, F.H.

    2005-01-01

    In this paper, we describe the Dutch pharmaceutical market, which is heavily regulated by the government. Through the regulation of prices and promoting prudent use, the Dutch government tries to bring down the cost of pharmaceuticals, which increases every year at a higher rate than total health

  13. Whole Foods Market Improves Energy Efficiency in New Construction

    Energy Technology Data Exchange (ETDEWEB)

    None

    2013-03-01

    Whole Foods Market partnered with the U.S. Department of Energy (DOE) to develop and implement solutions to reduce annual energy consumption in new stores by at least 50% versus requirements set by ASHRAE/ANSI/IESNA Standard 90.1-20041 as part of DOE’s Commercial Building Partnership (CBP) program.

  14. Energy and environmental efficiency in competitive power markets

    International Nuclear Information System (INIS)

    Warwick, W.M.

    1995-02-01

    For years the electric utility industry operated as a regulated monopoly, largely immune to market forces except those of competing fuels. That era came to an end with the Public Utilities Regulatory Policy Act (PURPA) of 1974, which created a market for non-utility generated power. Within twenty years, non-regulated, non-utility generators had become the primary supplier of new energy resources. Their market power is matched by their political power, as evidenced in the Energy Policy Act of 1994 (EPAct), which requires open access to utility transmission lines to facilitate inter-utility bulk power sales. The conventional wisdom is that active wholesale power markets with competition among alternative generators will lead to lower power-development costs and cheaper retail power prices. The trend towards alternative bulk power sources at low prices intersects with large retail power customers' interest in accessing alternative power supplies. In most cases, these alternatives to local utilities are at a lower cost than retail rates. For the most part, proponents of generation competition have remained silent about potential environmental consequences. However, skeptics of increased competition, including major environmental groups, cite environmental impacts among their concerns. This report examines these concerns

  15. The Relative Efficiency of Active Labour Market Policies

    DEFF Research Database (Denmark)

    Vikström, Johan; Rosholm, Michael; Svarer, Michael

    We re-analyze the effects of a Danish active labour market program social experiment, that included a range of sub-treatments, including monitoring, job search assistance and training. Previous studies have shown that the overall effect of the experiment is positive. We apply newly developed non...

  16. Status and progress of the market for energy efficiency services

    International Nuclear Information System (INIS)

    Tsanev, Ts.; Baev, D.; Kolev, V.

    2005-01-01

    For the realization of the energy efficiency policy in Bulgaria, some real steps have been performed, such as the development of the Energy Strategy of Bulgaria, 10-year Programme for energy economy and 3-year action plan. The Energy efficiency law and the corresponding regulations have been adopted. More attractive forms for the crediting of energy efficiency projects were offered. Form the beginning of 2005, the EBRD credit line for such projects is in use. The Bulgarian fund for energy efficiency has been also established

  17. 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.

  18. 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.

  19. 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)

  20. 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...

  1. 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...

  2. Efficiency of Management and Marketing Strategies within The Dental Office

    OpenAIRE

    Oprea Valentin BUSU; Elena Cristina ANDREI

    2017-01-01

    This article is based on research about the management and marketing strategies within the dental office and how we can better understand its importance. One of the major problems faced by dentists today is the management of the dental office. Certainly, from the outside, individuals perceive the dentist's office as a simple medical unit in which medical staff operate. However, people living in the field face each day multiple problems of both medical and bureaucratic nature. For the dentist/...

  3. Branded smart phone applications: an efficient marketing strategy?

    OpenAIRE

    Vaddé, Mathilde

    2012-01-01

    Advertising through smart phone applications is one of the fastest growing categories in advertising nowadays. Branded game-apps on mobile phones have several very innovative and attractive aspects, they physically engage their customers into a game, creating on a first level an entertainment but mainly they are advertising their products and the brand’s name. Many studies have been written on gaming, customer engagement and marketing strategies, but only few studies has been written on the c...

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

    KAUST Repository

    Zafar, Ammar

    2012-06-01

    In this report, 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 while keeping the signal-to-noise-ratio (SNR) above a certain threshold. In the dual problem of power allocation, the end-to-end SNR is maximized under individual and global power constraints. Closed-form expressions for the optimal source and relay powers and the Lagrangian multiplier are obtained. Numerical results show that the optimal power allocation with partial CSI provides comparable performance as optimal power allocation with full CSI at low SNR.

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

    KAUST Repository

    Zafar, Ammar

    2012-09-16

    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 while keeping the signal-to-noise-ratio (SNR) above a certain threshold. In the dual problem of power allocation, the end-to-end SNR is maximized under individual and global power constraints. Closed-form expressions for the optimal source and relay powers and the Lagrangian multiplier are obtained. Numerical results show that the optimal power allocation with partial CSI provides comparable performance as optimal power allocation with full CSI at low SNR. © 2012 IEEE.

  6. 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.

  7. 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.

  8. 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

  9. 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…

  10. 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

  11. 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.

  12. How private car purchasing trends offset efficiency gains and the successful energy policy response

    International Nuclear Information System (INIS)

    O Gallachoir, Brian P.; Howley, Martin; Cunningham, Stephen; Bazilian, Morgan

    2009-01-01

    In 2006, energy-related CO 2 emissions from transport energy in Ireland were 168% above 1990 levels. Private cars were responsible for approx 45% of transport energy demand in 2006 (excluding fuel tourism). The average annual growth of new cars between 1990 and 2006 was 5.2%. This paper focuses on these new cars entering the private car fleet, in particular the purchasing trend towards larger size cars. This has considerably offset the improvements in the technical efficiency of individual car models. The analysis was carried out on the detailed data of each individual new vehicle entering the fleet in 2000-2006. The average CO 2 emissions per kilometre for new petrol cars entering the Irish fleet grew from 166 to 168 g CO 2 /km from 2000 to 2005 and reduced to 164 in 2006. For diesel cars the average reduced from 166 in 2000 to 161 in 2006. The paper also discusses how a recent change in vehicle registration taxation and annual motor tax had a significant impact purchasing trends by supporting lower emission vehicles. Cars with emissions up to 155 g CO 2 /km represented 41% of new private cars sold in Ireland in 2007 compared with 84% during the period July-November 2008.

  13. 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.

  14. 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.

  15. Accuracy and simultaneous selection gains for N-stress tolerance and N-use efficiency in maize tropical lines

    Directory of Open Access Journals (Sweden)

    Leandro de Freitas Mendonça

    Full Text Available ABSTRACT Maize plants can be N-use efficient or N-stress tolerant. The first have high yields in favorable environments but is drastically affected under stress conditions; whereas the second show satisfactory yields in stressful environments but only moderate ones under optimal conditions. In this context, our aim was to assess the possibility of selecting tropical maize lines that are simultaneously N-stress tolerant and N-use efficient and check for differences between simultaneous selection statistical methods. Sixty-four tropical maize lines were evaluated for Nitrogen Agronomic Efficiency (NAE and Low Nitrogen Tolerance (LNTI response indices and two per se selection indices, Low Nitrogen Agronomic Efficiency (LNAE and Harmonic Mean of Relative Performance (HMRP. We performed eight selection scenarios: LNAE; HMRP; Additive index; Mulamba-Mock index; and Independent culling levels. The last three was predicted by REML/BLUP single-trait and multi-trait using genotypic values of NAE and LNTI. The REML/BLUP multi-trait analysis was superior to the single-trait analysis due to high unfavorable correlation between NAE and LNTI. However, the accuracy and genotypic determination coefficient of NAE and LNTI were too low. Thus, neither single- nor multi-trait analysis achieved a good result for simultaneous selection nor N-use efficiency nor N-stress tolerance. LNAE obtained satisfactorily accurate values and genotypic determination coefficient, but its performance in selection gain was worse than HMRP, particularly in terms of N-use efficiency. Therefore, because of the superior performance in accuracy, genotypic determination coefficient and selection, HMRP was considered the best simultaneous selection methodology of the scenarios tested for N-use efficiency and N-stress tolerance.

  16. Market efficiency, competition, and communication in electric power markets. Experimental results

    International Nuclear Information System (INIS)

    Chapman, D.; Mount, T.D.; Vossler, C.A.; Barboni, V.; Thomas, R.J.; Zimmerman, R.D.

    2004-01-01

    Economic theory gives no clear indication of the minimum number of producers necessary for a market to define competitive price-quantity equilibria, which approximate price equal to marginal cost. Previous work and Federal Energy Regulatory Commission (FERC) guidelines generally suggest that 6-10 suppliers may be workably competitive. Our experiments with PowerWeb suggest that a higher number of suppliers may be necessary to approximate competitive market solutions, this in the absence of any communication among producers. As communications rules are altered to parallel differing types of antitrust enforcement, market results with 24 participants approach pure monopoly values

  17. 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...

  18. 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 ...

  19. 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.

  20. 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.

  1. 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.

  2. Efficiency of Management and Marketing Strategies within The Dental Office

    Directory of Open Access Journals (Sweden)

    Oprea Valentin BUSU

    2017-12-01

    Full Text Available This article is based on research about the management and marketing strategies within the dental office and how we can better understand its importance. One of the major problems faced by dentists today is the management of the dental office. Certainly, from the outside, individuals perceive the dentist's office as a simple medical unit in which medical staff operate. However, people living in the field face each day multiple problems of both medical and bureaucratic nature. For the dentist/manager, the dental office is perceived as a dual-purpose unit: providing oro-dental care and earning profit.

  3. 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...

  4. 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.

  5. 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.

  6. 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...

  7. Multiple imputation using linked proxy outcome data resulted in important bias reduction and efficiency gains: a simulation study.

    Science.gov (United States)

    Cornish, R P; Macleod, J; Carpenter, J R; Tilling, K

    2017-01-01

    When an outcome variable is missing not at random (MNAR: probability of missingness depends on outcome values), estimates of the effect of an exposure on this outcome are often biased. We investigated the extent of this bias and examined whether the bias can be reduced through incorporating proxy outcomes obtained through linkage to administrative data as auxiliary variables in multiple imputation (MI). Using data from the Avon Longitudinal Study of Parents and Children (ALSPAC) we estimated the association between breastfeeding and IQ (continuous outcome), incorporating linked attainment data (proxies for IQ) as auxiliary variables in MI models. Simulation studies explored the impact of varying the proportion of missing data (from 20 to 80%), the correlation between the outcome and its proxy (0.1-0.9), the strength of the missing data mechanism, and having a proxy variable that was incomplete. Incorporating a linked proxy for the missing outcome as an auxiliary variable reduced bias and increased efficiency in all scenarios, even when 80% of the outcome was missing. Using an incomplete proxy was similarly beneficial. High correlations (> 0.5) between the outcome and its proxy substantially reduced the missing information. Consistent with this, ALSPAC analysis showed inclusion of a proxy reduced bias and improved efficiency. Gains with additional proxies were modest. In longitudinal studies with loss to follow-up, incorporating proxies for this study outcome obtained via linkage to external sources of data as auxiliary variables in MI models can give practically important bias reduction and efficiency gains when the study outcome is MNAR.

  8. 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.

  9. 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.

  10. 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.

  11. Efficiency and profit in the NYISO transmission congestion contract market

    Energy Technology Data Exchange (ETDEWEB)

    Hadsell, Lester; Shawky, Hany A.

    2009-11-15

    Evidence of speculator profit and TCC price less than congestion charges suggests that additional competition in the TCC auction should be encouraged as a way to increase efficiency and lower the price of this ''insurance'' for hedgers. (author)

  12. Market-Based Housing Finance Efficiency in the Czech Republic

    Czech Academy of Sciences Publication Activity Database

    Sunega, Petr; Lux, Martin

    2007-01-01

    Roč. 7, č. 3 (2007), s. 241-273 ISSN 1461-6718 R&D Projects: GA ČR GA403/06/0915 Institutional research plan: CEZ:AV0Z70280505 Keywords : housing finance * transition economies * finance efficiency Subject RIV: AO - Sociology, Demography

  13. 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

  14. 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.

  15. 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

  16. LINKING MARKETING AND HUMAN RESOURCES RECRUITMENT TO OBTAIN ORGANIZATIONAL EFFICIENCY

    Directory of Open Access Journals (Sweden)

    Nicoleta Valentina FLOREA

    2010-01-01

    Full Text Available In times of rapid change and technical change, in a complex and dynamic environment, organizations must strive for superiority, in order to survive and to serve the clients who want more quality and lower price. Corporate leaders and human resources strategists have to take up this challenge of changing work attitudes across the organization. This involves guiding, leading, enabling and motivating people. This article is looking at aligning marketing with recruitment efforts, to obtain organizational performance. Anticipating customers’ needs, the organization develop specific plans of recruitment, selection and retention of those candidates who satisfy these needs at the highest level. Only anticipating and retaining those “right people at the right time”, an organization may obtain success into a global, dynamic and changing environment.

  17. Market efficiency, cross hedging and price forecasts: California's natural-gas markets

    International Nuclear Information System (INIS)

    Woo, C.K.; Olson, A.; Horowitz, I.

    2006-01-01

    An extensive North American pipeline grid that physically integrates individual natural-gas markets, in conjunction with economic ties binding the California markets to those at Henry Hub, Louisiana and the New York mercantile exchange via an array of financial instruments, suggests that the spot prices at Henry Hub will impact those in California. We verify the suggestion via a partial-adjustment regression model, thus affirming that California traders can exploit the cross-hedging opportunities made available to them via market integration with Henry Hub, and that they can accurately forecast the price they will have to pay to meet future demand based solely on the price of futures at Henry Hub and the price of a California natural-gas basis swaps contract. (author)

  18. 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 ...

  19. 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.

  20. 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)

  1. 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.

  2. 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?

  3. 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.

  4. 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.

  5. 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.

  6. 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.

  7. 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

  8. 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.

  9. 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...

  10. 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.

  11. 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...

  12. 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...

  13. 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

  14. 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.

  15. 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.

  16. 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.

  17. 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.

  18. 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)

  19. 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)

  20. 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.

  1. 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....

  2. 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....

  3. 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.

  4. 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.

  5. 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.

  6. 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...

  7. 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 ...

  8. 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 ...

  9. Genetic and phenotypic relationships of serum leptin concentration with performance, efficiency of gain, and carcass merit of feedlot cattle.

    Science.gov (United States)

    Nkrumah, J D; Keisler, D H; Crews, D H; Basarab, J A; Wang, Z; Li, C; Price, M A; Okine, E K; Moore, S S

    2007-09-01

    Leptin is the hormone product of the obese gene that is synthesized and predominantly expressed by adipocytes. This study estimated the genetic variation in serum leptin concentration and evaluated the genetic and phenotypic relationships of serum leptin concentration with performance, efficiency of gain, and carcass merit. There were 464 steers with records for serum leptin concentration, performance, and efficiency of gain and 381 steers with records for carcass traits. The analyses included a total of 813 steers, including those without phenotypic records. Phenotypic and genetic parameter estimates were obtained using SAS and ASREML, respectively. Serum leptin concentration was moderately heritable (h2 = 0.34 +/- 0.13) and averaged 13.91 (SD = 5.74) ng/mL. Sire breed differences in serum leptin concentration correlated well with breed differences in body composition. Specifically, the serum leptin concentration was 20% greater in Angus-sired steers compared with Charolais-sired steers (P 0.10). Serum leptin concentration was correlated phenotypically with ultrasound backfat (r = 0.41; P < 0.001), carcass 12th-rib fat (r = 0.42; P < 0.001), ultrasound marbling (r = 0.25; P < 0.01), carcass marbling (r = 0.28; P < 0.01), ultrasound LM area (r = -0.19; P < 0.01), carcass LM area (r = -0.17; P < 0.05), lean meat yield (r = -0.38; P < 0.001), and yield grade (r = 0.32; P < 0.001). The corresponding genetic correlations were generally greater than the phenotypic correlations and included ultrasound backfat (r = 0.76 +/- 0.19), carcass 12th-rib fat (r = 0.54 +/- 0.23), ultrasound marbling (r = 0.27 +/- 0.22), carcass marbling (r = 0.76 +/- 0.21), ultrasound LM area (r = -0.71 +/- 0.19), carcass LM area (r = -0.75 +/- 0.20), lean meat yield (r = -0.59 +/- 0.22), and yield grade (r = 0.39 +/- 0.26). Serum leptin concentration can be a valuable tool that can be incorporated into appropriate selection programs to favorably improve the carcass merit of cattle.

  10. 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.

  11. 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

  12. 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...

  13. Gaining trust in emerging markets. Principles of FiBL projects and its cooperation in South East Europe

    OpenAIRE

    Schneider, Monika

    2006-01-01

    FiBL principles, working approach - Respond to local partners requests - Market oriented approach - Promote sustainability of local partners, set up of institutional framework for organic sector development, to develop service provider - Knowledge transfer to local institutions - Long term cooperation

  14. Enhancing the efficiency of constrained dual-hop variable-gain AF relaying under nakagami-m fading

    KAUST Repository

    Zafar, Ammar

    2014-07-01

    This paper studies power allocation for performance constrained dual-hop variable-gain amplify-and-forward (AF) relay networks in Nakagami- $m$ fading. In this context, the performance constraint is formulated as a constraint on the end-to-end signal-to-noise-ratio (SNR) and the overall power consumed is minimized while maintaining this constraint. This problem is considered under two different assumptions of the available channel state information (CSI) at the relays, namely full CSI at the relays and partial CSI at the relays. In addition to the power minimization problem, we also consider the end-to-end SNR maximization problem under a total power constraint for the partial CSI case. We provide closed-form solutions for all the problems which are easy to implement except in two cases, namely selective relaying with partial CSI for power minimization and SNR maximization, where we give the solution in the form of a one-variable equation which can be solved efficiently. Numerical results are then provided to characterize the performance of the proposed power allocation algorithms considering the effects of channel parameters and CSI availability. © 2014 IEEE.

  15. Is the Internet making markets more efficient? The evidence according to price indicators in Spain

    OpenAIRE

    Sabaté i Garriga, Ferran; Cañabate Carmona, Antonio; Cobo Valeri, Erik; García, Dominie

    2009-01-01

    It has been theorized that low search costs associated with e-commerce imply greater levels of efficiency relative to the conventional retail channels. Multiple empirical studies confirm this hypothesis concerning price level, although the evidence is mixed relative to price dispersion. This article empirically compares the efficiency of the Internet with the conventional retail channel through 4 price indicators for the CD market. The results, based on 1,603 prices collected in Spain, are su...

  16. 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...

  17. 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.

  18. 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.

  19. 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.

  20. 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...

  1. 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.

  2. 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)

  3. 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

  4. 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.

  5. 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)

  6. Testing Weak-Form Efficiency of The Chinese Stock Market and Hong Kong Stock Market

    OpenAIRE

    Lei, Zhuolin

    2012-01-01

    This study examines the random walk hypothesis to determine the validity of weak-form efficiency for Shanghai, Shenzhen and Hong Kong Stock Exchanges. Daily returns from 2001-2010 for Shanghai A and B shares, Shenzhen A and B shares and Hong Kong Hang Seng Index are used in this study. The random walk hypothesis is examined by using four statistical methods, namely a serial correlation test, an Augmented Dickey-Fuller Unit Root test, a runs test and a variance ratio test. The empirical re...

  7. Case Studies in the Field of Marketing Education: Learner Impact, Case Performance, and Cost Efficiency

    Science.gov (United States)

    Spais, George S.

    2005-01-01

    The major objective of this study is to identify a methodology that will help educators in marketing to efficiently manage the design, impact, and cost of case studies. It is my intention is to examine the impact of case study characteristics in relation to the degree of learner involvement in the learning process. The author proposes that…

  8. 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

  9. Management of efficient use of energy and energy efficiency markets in Europe

    International Nuclear Information System (INIS)

    Lutz, Wolfang F.

    1999-01-01

    The present paper is based on the study S ystematization of European Legal, regulatory, and Institutional Frameworks for the Efficient Use of Energy , conducted in the framework of the project entitled Building up the Institutional and Regulatory Design to Consolidate Modernization of Energy Policies in the Countries of Latin America: Efficient Use of energy, implemented by the United Nations Economic Commission for Latin America and the Caribbean, in cooperation with the Synergy Programme of the European Commission of the Directorate General of Energy. (The author)

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

    Science.gov (United States)

    Landell-Mills, Natasha

    2002-08-15

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

  11. 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.

  12. 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.

  13. 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

  14. 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.

  15. 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.

  16. 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.

  17. Market Analysis and Consumer Impacts Source Document. Part III. Consumer Behavior and Attitudes Toward Fuel Efficient Vehicles

    Science.gov (United States)

    1980-12-01

    This source document on motor vehicle market analysis and consumer impacts consists of three parts. Part III consists of studies and reviews on: consumer awareness of fuel efficiency issues; consumer acceptance of fuel efficient vehicles; car size ch...

  18. 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.

  19. 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.

  20. 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.

  1. Considering the Marketing of Higher Education: The Role of Student Learning Gain as a Potential Indicator of Teaching Quality

    Science.gov (United States)

    Polkinghorne, Martyn; Roushan, Gelareh; Taylor, Julia

    2017-01-01

    The marketization of higher education has ensured that students have become consumers. As a result, students are demanding increased levels of information regarding potential university courses so that they can make informed decisions regarding how best to invest their money, time and opportunity. A comparison of the teaching quality delivered on…

  2. 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).

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

    OpenAIRE

    Omay, Nazli C.; Karadagli, Ece C.

    2010-01-01

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

  4. 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

  5. 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)

  6. 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)

  7. 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.

  8. Efficiency enhancement of slow-wave electron-cyclotron maser by a second-order shaping of the magnetic field in the low-gain limit

    Energy Technology Data Exchange (ETDEWEB)

    Liu, Si-Jia; Zhang, Yu-Fei; Wang, Kang [School of Science, Beijing University of Chemical Technology, Beijing 100029 (China); Li, Yong-Ming [Information Science and Engineering College, XinJiang University, Urumqi XinJiang 830046 (China); Jing, Jian, E-mail: jingjian@mail.buct.edu.cn [School of Science, Beijing University of Chemical Technology, Beijing 100029 (China)

    2017-03-15

    Based on the anomalous Doppler effect, we put forward a proposal to enhance the conversion efficiency of the slow-wave electron cyclotron masers (ECM) under the resonance condition. Compared with previous studies, we add a second-order shaping term in the guild magnetic field. Theoretical analyses and numerical calculations show that it can enhance the conversion efficiency in the low-gain limit. The case of the initial velocity spread of electrons satisfying the Gaussian distribution is also analysed numerically.

  9. Economic analysis of the influence of milk market concentration on procurement efficiency in the defense system

    Directory of Open Access Journals (Sweden)

    Mihajlović Milan

    2016-01-01

    Full Text Available Increasing efficiency during realization of procurements in the defence system imposes the requirement to analyze the market, in order to detect all of its characteristics and to make conclusions which would benefit during planning of budgetary assets by one comprehensive process. Procuring milk and milk products represents a significant part of defence system's procurements which represents that a significant segment of the consumer standard of the Serbian Army, which implies the interest of authors to point to the significance of the concentration of the supply branch on the realization of procurements on the example of this market. The aim of this paper is to display the state and actual trends on the market of production and processing of milk, define methodological framework and point to the intensity and terms of competition and their influence on procurement criteria, especially price in the defence system of the Republic of Serbia.

  10. 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

  11. 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

  12. ANALYSIS OF MARKETING TOOLS AND ACTIVITIES WITHIN EDUCATIONAL SERVICES ORGANIZATIONS, IN ORDER TO INCREASE THEIR EFFICIENCY

    Directory of Open Access Journals (Sweden)

    Barbu Andreea Mihaela

    2012-07-01

    Full Text Available Romanian education, which is an important pillar for human resource forming process and the basis for economic development, suffered a lot of changes in the last decades. The main factors that have influenced the undergraduate and university training programs are the political and social-cultural ones. Educational services organizations are facing various challenges as: creating and maintaining a good institutional image, managing all types of resources efficiently, motivating the academic personnel, satisfying the community needs and supporting the public policy. The marketing tools and activities help these entities to improve the educational programs and adapt them to the individual needs of the clients, to keep under control the production costs, which are limited by the small public budget and to perform and promote these services efficiently, leading to an increased organizational performance. The paper begins by presenting the current situation of higher education in Romania, underlining the fierce competition among the universities, the increased market potential and the financing sources. It continues by mentioning the advantages of strategic marketing planning for universities, as superior results and effectiveness, improved decision making and multiple benefits for the people involved. The paper reveals also the characteristics of segmenting and positioning on higher education market and the specific of marketing mix. Thereby, educational product is more easily adapted to customer needs when it is designed in collaboration with existing and future students, their parents, with other universities in the field or even with graduates. Students themselves can contribute to the increase the quality of their education. Price may be a factor of choice when future student chooses to pursue a university course, especially in those situations where the price does not include only the payment of annual fees for education. Distribution takes into

  13. 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.

  14. 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

  15. 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

  16. 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

  17. 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.

  18. 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).

  19. The effect of market orientation on performance efficiency of the hotel industry

    OpenAIRE

    Bahram Kheiri; Shirin Khosrozadeh; Shima Pezeshki

    2014-01-01

    This research assesses how the value of the customer perspective, market orientation and competitive advantages will affect organizational efficiency in hotel industry. All the two to five stars hotel of Tehran, Hamedan, Mashhad and Mazandaran province were selected as the population of this research via census method, which is a total of 206 hotels. Structural equation modeling was used to test eleven hypotheses. Research findings show that if hoteliers to understand the value of their custo...

  20. 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.

  1. Empirical Studies of Exchange Rates: Price Behavior, Rate Determinationand Market Efficiency

    OpenAIRE

    Richard M. Levich

    1983-01-01

    Theoretical and empirical research completed over the last decade has dramatically increased our understanding of exchange rate behavior. The major insight to come from this decade of research is that foreign exchange is a financial asset. In an asset pricing framework, current exchange rates reflect the expected values of future exogenous variables. The purpose of this paper is to survay the empirical evidence on exchange rate behavior, market efficiency and related topics. Section 2 present...

  2. The relative efficiency of market-based environmental policy instruments with imperfect compliance

    OpenAIRE

    Rousseau, Sandra; Proost, Stef

    2004-01-01

    This paper examines to what extent incomplete compliance of environmental regulation mitigates the distortions caused by pre-existing labour taxes. We study the relative cost efficiency of three market-based instruments: emission taxes, tradable permits and output taxes. In a first-best setting and given that monitoring and enforcement is costless, we find that the same utility levels can be reached with and without incomplete compliance. However, allowing for violations makes the policy i...

  3. A research of the development of electricity and natural gas markets and the experiences gained from implementation of the electricity and natural gas market laws

    International Nuclear Information System (INIS)

    Lewis, P.E.; Pakkanen, M.; Naervae, T.; Hernesniemi, L.; Partanen, J.; Viljainen, S.; Honkapuro, S.; Tahvanainen, K.; Jylhae, R.

    2007-01-01

    In the beginning of 2005 several changes in the electricity and natural gas market law came into effect. This report examines the influence and impact of these changes on the behaviour and development of these markets, looking at the role and position of both the energy industry and customers. The report combines existing data with new research data collected during spring and summer 2006. Whilst the recency of the law changes, along with the simultaneous impact of other market variables limits the salience of any impact, the report nevertheless provides clear and interesting conclusions. In the electricity market, one major legislative change that came into force in the beginning of 2005 concerned the supervision of the reasonableness of electricity distribution pricing. According to the newly adopted ex ante regulation principles, the regulatory authority now determines the guidelines for reasonable pricing prior the start of a predefined regulatory period. So far, the price development under the new regulatory system has been positive since, on average, the customers have experienced price decreases over the past year and a half. However, final conclusions on the overall price development are possible only after the second regulation period that ends in 2011. In general, the new regulatory system has improved the predictability of regulation but there are also some problems, namely the low level of regulated returns and the practically non-existent incentives for preventative maintenance of the distribution network, caring for the electricity quality and service level improvements. Even if the changes in the electricity market law are generally seen as a positive step forward, they have not had (and were not expected) a radical impact on e.g. electricity prices. Regarding electricity prices the most significant law changes comprise more extensive unbundling, the obligation to publish offer (competitive) price information and the limitation of 'obligation to

  4. 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.

  5. Designing energy efficiency services successfully. Market development for EEDL; Energieeffizienzdienstleistungen erfolgreich gestalten. Marktentwicklung fuer EEDL

    Energy Technology Data Exchange (ETDEWEB)

    Irrek, Wolfgang [Hochschule Ruhr West, Bottrop (Germany). Energiemanagement und Energiedienstleistungen; Suerkemper, Felix; Thema, Johannes [Wuppertal Institut fuer Klima, Umwelt, Energie GmbH, Wuppertal (Germany); Renner, Gisela

    2013-02-18

    It certainly often is not easy to earn money with services to enhance the energy efficiency and to conserve energy. The development of the product portfolio as well as the development of the business area is exciting, but also extremely challenging. Between the years 2009 and 2012, the project Change Best being sponsored in the course of the program 'Intelligent Energy Europe' from the European Commission had supported 38 companies from 16 EU Member States in the accomplishment of possible difficulties in the development and market launching of new energy efficiency services.

  6. 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].

  7. Effects of the MILA in the efficiency of the colombian, peruvian, and chilean stock market portfolios

    Directory of Open Access Journals (Sweden)

    Jorge M. Uribe Gil

    2014-12-01

    Full Text Available This work explored the effect in terms of portfolio efficiency (in means and variance of the implementation of the Latin American Integrated Market (MILA, for the term in Spanish. The analysis was based on the construction of a Sharpe ratio with monthly frequency, with daily data, for the stock indexes from the three countries involved (Chile, Peru, and Colombia, with special emphasis on the results found for the Colombian market. It was found that the agreement has yet to produce a structural change in the series that measures the evolution of the stock market in Colombia, which during the study period has only presented a endogenous structural break, associated to the change in posture in the monetary policy by the Bank of the Republic (Central Bank for the first quarter of 2006. The Chilean and Peruvian stock markets did not show that the agreement produced a structural change in the series of the Sharpe ratios. The results found for the three countries may be because the MILA is still an incipient market and because transaction volumes are low

  8. 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

  9. 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.

  10. 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

  11. 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...

  12. 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.

  13. 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.

  14. 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.

  15. The impact of wind forecast errors on the efficiency of the Ontario electricity market

    International Nuclear Information System (INIS)

    Ng, H.

    2008-01-01

    Ontario's Independent System Operator (IESO) is currently involved in a number of wind projects in the province, and has developed both a resource commitment and dispatch timeline in relation to increased wind power penetration in the Ontario electricity grid. This presentation discussed the impacts of wind forecast errors on the province's electricity market. Day-ahead planning is used to commit fossil fuels and gas resources, while 3-hours ahead planning is used to commit generation in real time. Inter-ties are committed 1 hour ahead of dispatch. Over-forecasts for wind can cause market prices to increase in real-time, or cause markets to miss opportunities to schedule cheaper imports. The inefficient scheduling caused by overforecasts can also lead to exports not being purchases at high enough prices. Under-forecasts can cause market prices to decrease, and may cause imports to be scheduled that would not have been economic at lower prices. The scheduling difficulties related to under-forecasting can cause markets to miss opportunities to schedule efficient exports. Wind facility forecast errors typically improve closer to real-time. One-hour ahead wind forecast errors can reach approximately 12 per cent. The annual costs of overforecasting are under $200,000. Underforecasting costs are usually less than $30,000. The costs of the wind forecasting inefficiencies are relatively small in the $10 billion electricity market. It was concluded that system operators will continue to track forecast errors and inefficiencies as wind power capacity in the electric power industry increases. tabs., figs

  16. Transmission cost allocation for an efficient tariff action of electricity in a liberalised market

    International Nuclear Information System (INIS)

    Bassi, C.; Caldon, R.; Lorenzoni, A.

    1999-01-01

    The work is focused on the evaluation of the costs of an electricity transmission system operator and on their allocation among the users of the grid in liberalized market. After a recall of the goals of an efficient tariff for transmission, an original method for the cost allocation is proposed called ZI. Based on the marginal cost approach, this method could be the base for setting an efficient transmission tariff that at the same time covers costs and stimulates efficient behaviours. The performances of such an approach have been tested on a real 47 bus grid and ZI tariffs have been compared to the traditional postage stamp ones, highlighting the strong differences between them [it

  17. Is the Internet making markets more efficient? The evidence according to price indicators in Spain

    Directory of Open Access Journals (Sweden)

    Ferran Sabate

    2009-04-01

    Full Text Available It has been theorized that low search costs associated with e-commerce imply greater levels of efficiency relative to the conventional retail channels. Multiple empirical studies confirm this hypothesis concerning price level, although the evidence is mixed relative to price dispersion. This article empirically compares the efficiency of the Internet with the conventional retail channel through 4 price indicators for the CD market. The results, based on 1,603 prices collected in Spain, are surprising. The conventional channel shows greater efficiency for both posted and final prices. These findings together with the coincident results of other reviewed studies would suggest key factors related to the development of e-commerce. Implications of the study and future considerations are discussed.

  18. An investigation of Forex market efficiency based on detrended fluctuation analysis: A case study for Iran

    Science.gov (United States)

    Abounoori, Esmaiel; Shahrazi, Mahdi; Rasekhi, Saeed

    2012-06-01

    The efficient market hypothesis (EMH) states that asset prices fully reflect all available information. As a result, speculators cannot predict the future behavior of asset prices and earn excess profits at least after adjusting for risk. Although initial tests of the EMH were performed on stock market data, the EMH was soon applied to other markets including foreign exchange (FX). This study uses the detrended fluctuation analysis (DFA) technique to test 01:12:2005-18:04:2010 Iranian Rial/US Dollar exchange rate time series data to see if it can be explained by the weak form of the EMH. Moreover, to determine changes in the degree of inefficiency over time, the whole period has been divided into four subperiods. The study shows that the Iranian Forex market (the Rial/Dollar case) is weak-form inefficient over the whole period and in each of the subperiods. However, the degree of inefficiency is not constant over time. The findings suggest that profitable risk-adjusted trades could be made using past data.

  19. An efficient fast response and high-gain solar-blind flexible ultraviolet photodetector employing hybrid geometry

    Science.gov (United States)

    Hussain, Amreen A.; Pal, Arup R.; Patil, Dinkar S.

    2014-05-01

    We report high performance flexible hybrid ultraviolet photodetector with solar-blind sensitivity using nanocomposite film of plasma polymerized aniline-titanium dioxide. A facile solvent-free plasma technique is used to synthesize superior quality hybrid material with high yield. The hybrid photodetector exhibited high photoconductive gain of the order of ˜105 and fast speed with response and recovery time of 22.87 ms and 34.23 ms. This is an excellent result towards getting a balance in the response speed and photoconductive gain trade-off of the photodetectors reported so far. In addition, the device has the advantages of enhanced photosensitivity ((Ilight - Idark)/Idark) of the order of ˜102 and high responsivity of ˜104 AW-1. All the merits substantiates that, to prepare hybrid material, plasma based method holds potential to be an easy way for realizing large scale nanostructured photodetectors for practical applications.

  20. Transforming the energy efficiency market in California: Key findings, lessons learned and future directions from California's market effects studies

    International Nuclear Information System (INIS)

    Vine, Edward

    2013-01-01

    In the last three years, the California Institute for Energy and Environment (CIEE), along with the California Public Utilities Commission (CPUC), managed three market effects studies that were funded by the CPUC. This paper summarizes the key findings from these studies that focused on compact fluorescent lamps (CFLs), residential new construction (RNC), and high bay lighting (HBL), with a particular focus on changes to California's market effects evaluation protocol and lessons learned during the evaluation of market effects. This paper also summarizes the key results from a survey that was conducted by CIEE in February 2011 to determine what additional studies should be conducted in the evaluation of market effects. - Highlights: • We summarize three market effects studies and provide lessons learned. • Collect baseline market data as early as possible and throughout program lifecycle. • Estimate market effects throughout a program's lifecycle. • Require hypothesis testing as part of the evaluation. • Include elements of market effects evaluation in other program evaluations

  1. Supporting energy efficiency and renewable energy in liberalized markets: the new incentive frameworks

    International Nuclear Information System (INIS)

    Finon, D.; Menanteau, Ph.

    2003-01-01

    This article compares the old and new action principles in the area of energy efficiency and renewable energies, and reviews the new types of instruments implemented in the competitive environment of some pioneer countries. It is usually viewed that energy industry liberalization limits the direct capacity of action by states that used to rely on public monopolies. Actually, all it takes is some clarification of the historical operator's and agent's obligations, and some adjustment of action method to the competition environment. To do so, the same duties need to be imposed on agents, whether directly or indirectly, and the financing methods for the cost of actions need to be adjusted so as not to distort competition. Systems may also be considered that combine quantity duties (duty to achieve or duty to perform) and market mechanisms; as is the case with quotas accompanied by 'green' and very recently 'white' certificate markets for gas and power savings. (authors)

  2. Energy efficiency and energy service companies in restructured markets: international experience

    International Nuclear Information System (INIS)

    Limaye, Dilip R.

    1999-01-01

    There has been considerable recent activity related to restructuring of the energy supply industries. Restructuring usually involves introducing competition into some elements of the ESI (energy supply industries). In some countries the privatization of the government-owned utility businesses is another key element of industry restructuring. The introduction of competition and privatization in the energy market is likely to realign the roles of the industry players (generators, transmission businesses) distribution 'wires' businesses, and retail suppliers) relative to customers. A key challenge faced by policy-makers is to define the appropriate roles and activities of the public and private sector to assure that economically justifiable levels of sustainable energy services are offered in the marketplace. This paper reviews the mechanisms adopted to implement energy efficiency services in a number of countries that have restructured their energy markets, and develops a framework for assessing, comparing and discussing potential new mechanisms. The paper identifies two types of EE mechanisms. (The author)

  3. The Hurst exponent over time: testing the assertion that emerging markets are becoming more efficient

    Science.gov (United States)

    Cajueiro, Daniel O.; Tabak, Benjamin M.

    2004-05-01

    This paper is concerned with the assertion found in the financial literature that emerging markets are becoming more efficient over time. To verify whether this assertion is true or not, we propose the calculation of the Hurst exponent over time using a time window with 4 years of data. The data used here comprises the bulk of emerging markets for Latin America and Asia. Our empirical results show that this assertion seems to be true for most countries, but it does not hold for countries such as Brazil, The Philippines and Thailand. Moreover, in order to check whether or not these results depend on the short term memory and the volatility of returns common in such financial asset return data, we filter the data by an AR-GARCH procedure and present the Hurst exponents for this filtered data.

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

    Directory of Open Access Journals (Sweden)

    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.

  5. Different Prices for Identical Products? Market Efficiency and the Virtual Location in B2C E-Commerce

    OpenAIRE

    Häring, Julia

    2003-01-01

    This paper analyses market efficiency and the role of the virtual location in digital markets using a data set containing more than 23,000 price observations from the online market for contact lenses as well as detailed information about online retailer and product characteristics. The data allow to implement and test the concept of virtual location. The empirical results reveal evidence for lower prices and less price dispersion among e-retailers in comparison to hybrid retailers, which supp...

  6. 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.

  7. 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.

  8. Measuring capital market efficiency: long-term memory, fractal dimension and approximate entropy

    Czech Academy of Sciences Publication Activity Database

    Krištoufek, Ladislav; Vošvrda, Miloslav

    2014-01-01

    Roč. 87, č. 7 (2014), "162-1"-"162-9" ISSN 1434-6028 R&D Projects: GA ČR(CZ) GBP402/12/G097 EU Projects: European Commission(XE) FP7/2007-2013 Program:FP7 Institutional support: RVO:67985556 Keywords : Statistical and Nonlinear Physics * fractal dimension * stock market efficiency Subject RIV: AH - Economics Impact factor: 1.345, year: 2014 http://library.utia.cas.cz/separaty/2014/E/kristoufek-0431151.pdf

  9. Improving the efficiency of R&D and the market diffusion of energy technologies

    CERN Document Server

    Bradke, Harald; Som, Oliver; Mannsbar, Wilhelm; Cremer, Clemens; Dreher, Carsten; Edler, Jakob; Ebersberger, Bernd; Radgen, Peter; Ruhland, Sascha; Krebs, Alexandra

    2009-01-01

    Is there a chance that public or private research and development institutions can improve the efficiency of the R&D process? This book gives a positive answer by designing an integrated concept of the science technology cycle and the innovation system of each technology. The position of a new technology in the sciencetechnology cycle is identified by several indicators from patent analysis, citations and market information data. The innovation system supports the search for a comprehensive understanding of all important stakeholders of an innovation, possible obstacles and related policies. T

  10. Efficiency Improvement Opportunities for Personal Computer Monitors. Implications for Market Transformation Programs

    Energy Technology Data Exchange (ETDEWEB)

    Park, Won Young [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States); Phadke, Amol [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States); Shah, Nihar [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States)

    2012-06-29

    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 display efficiency will likely improve by over 40% by 2015 compared to today’s technology. We evaluate the cost effectiveness of a key technology which further improves efficiency beyond this level by at least 20% and find that its adoption is cost effective. We assess the potential for further improving efficiency taking into account the recent development of universal serial bus (USB) powered liquid crystal display (LCD) monitors and find that the current technology available and deployed in USB powered monitors has the potential to deeply 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 capture global energy saving potential from PC monitors which we estimate to be 9.2 terawatt-hours [TWh] per year in 2015.

  11. Ensuring effective and efficient forward gas markets: a report to the DTI [Department of Trade and Industry

    International Nuclear Information System (INIS)

    2005-01-01

    This Report was commissioned by the DTI to: review the workings of the UK forward market for gas; analyse forward prices seen over recent months; identify any material imperfections in the forward market; assess how the situation is likely to develop as a matter of course; and to bring forward recommendations capable of being implemented in the near-term as to how any such imperfections could be addressed. The task was approached from two directions: First, we brought to bear a wide range of technical methods, theoretical considerations and yardsticks that have been developed over many years of study of competitive commodity markets and forward markets worldwide. Using the analytic tools appropriate to the task, we processed the extensive data available on the UK gas market from the last decade to form a range of technical conclusions on the dynamics of the market. In parallel with this quantitative exercise, we interviewed 30 different market participants of widely varying profiles and market roles. The report is in two parts: Part A, in which we describe forward markets and their characteristics in general; analyse the workings of the UK gas forward market and identify issues that arise from the events of the past 12 months; and consider in detail whether market distortions are present as a consequence of the actions of any of the categories of market participants, or the structure of the gas market itself. We then consider forward price formation: first, in respect of whether forward prices for forthcoming winters can be justified as reflecting buyers' rational valuations for hedges; and second, in respect of the extreme events of October 2004 which have thus far lacked a compelling explanation. Part B, in which we consider the drivers of forward market prices, the outlook for their evolution in the medium term and the consequences of this for the market; and then make recommendations to improve the efficiency of the forward market in the near-term and end

  12. Is the Market Portfolio Efficient? A New Test to Revisit the Roll (1977) versus Levy and Roll (2010) Controversy

    OpenAIRE

    Marie Brière; Bastien Drut; Valérie Mignon; Kim Oosterlinck; Ariane Szafarz

    2011-01-01

    Levy and Roll (Review of Financial Studies, 2010) have recently revived the debate related to the market portfolio's efficiency suggesting that it may be mean-variance efficient after all. This paper develops an alternative test of portfolio mean-variance efficiency based on the realistic assumption that all assets are risky. The test is based on the vertical distance of a portfolio from the efficient frontier. Monte Carlo simulations show that our test outperforms the previous mean-variance ...

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

    Directory of Open Access Journals (Sweden)

    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.

  14. Efficiency of selection methods for increased ratio of pupal-larval to adult-larval weight gains in Tribolium.

    Science.gov (United States)

    Campo, J L; Cobos, P

    1994-01-12

    Four lines of Tribolium castaneum were selected in each of three replicates for increased ratio of (pupal-larval) to (adult-larval) weight gains, using selection for increased (pupal-larval) weight gain (PL), selection for decreased (adult-larval) weight gain (AL), direct selection for the ratio (R) and linear selection index of larval, pupal and adult weights (I), respectively, for four generations. Linear index was calculated with economic weights of m(2) -m(3) , m(3) -m(1) and m(1) -m(2) , respectively, with m(1) , m(2) and m(3) being the means for larval, pupal and adult weights. Selection to increase the ratio is considered to be a method to maximize the mean response in (adult-larval) weight while controlling the response in (pupal-adult) weight, and as a form of antagonistic selection to increase the weight gain during a given age period relative to the gain at another age period. Larval, pupal and adult weights were measured at 14, 21 and 28 days after adult emergence, respectively. The selected proportion was 20 % in all lines. The response observed for the ratio differed significantly among lines (p adulto-peso de larva en Tribolium Cuatro líneas de Tribolium castaneum fueron seleccionadas en cada una de tres repeticiones para incrementar el cociente (peso de pupa-peso de larva)/(peso de adulto-peso de larva); la línea PL fue seleccionada para aumentar la diferencia (peso de pupa-pesp de larva), la línea AL fue seleccionada para disminuir la diferencia (peso de adulto-peso de larva), fa línea R fue seleccionada directamente para el cociente, y la línea I fue seleccionada por medio de un índice lineal basado en los pesos de larva, pupa y adulto, durante cuatro generaciones. El índice lineal se calculó con pesos económicos de (m(2) -m(3) ), (m(3) -m(1) ), y (m(1) -m(2) ) respectivamentee, siendo m(1) , m(2) , y m(3) los valores medios para el peso de larva, pupa y adulto. La selección para aumentar el cociente indicado es un método para maximizar

  15. Gaining efficiency and resolution in soft X-ray emission spectrometers thanks to directly illuminated CCD detectors

    International Nuclear Information System (INIS)

    Dinardo, M.E.; Piazzalunga, A.; Braicovich, L.; Bisogni, V.; Dallera, C.; Giarda, K.; Marcon, M.; Tagliaferri, A.; Ghiringhelli, G.

    2007-01-01

    The back-illuminated charge coupled devices (CCD) are suitable for soft X-ray photon detection. Their nominal performances suggest that they can boost both efficiency and resolving power of X-ray spectrometers based on diffraction gratings and two-dimensional position sensitive detectors. We tested the performances of two commercially available CCDs, intended to replace a more traditional microchannel plate (MCP) detector. Our tests show that the devices have excellent performances in terms of dark current, response linearity, detection efficiency and spatial resolution. We observed that the CCDs have better efficiency (more than 10 times) and better resolution (∼3 times) than the MCP. Moreover we found an intrinsic limit for the spatial resolution, which is almost independent of the detector pixel size and is estimated around 25 μm

  16. Contract market power and its impact on the efficiency of the electricity sector

    International Nuclear Information System (INIS)

    Serra, Pablo

    2013-01-01

    This paper analyzes the pro-competitive effects of financial long-term contracts in oligopolistic electricity markets. This is done in a model that incorporates the main features of the industry: non-storable production, time-varying price-elastic demand, and sequential investment and production decisions. The paper considers contracts for difference that have as reference price the average spot price. Assuming that the spot market coordinator sets competitive prices, the paper shows that installed capacity increases with the quantity of energy contracted, reaching the welfare-maximizing capacity when energy contracted equals this same level. Next, the paper studies the case where the quantity of energy contracted is endogenous and contracts are traded before capacity decisions are taken. Regarding purchasers of contracts, two polar cases are considered: either they are price-taker speculators or they are an aggregation of consumers that auctions a long (buy) contract for a given energy quantity. In the former case the strike price equals the reference price, i.e., arbitrage is perfect, and the quantity of energy contracted falls short of the efficient level. In turn, in the latter case, the strike price equals the average efficient spot price. Moreover, an aggregation of all consumers would choose to auction the social optimum quantity. - Highlights: • The paper analyzes the pro-competitive impact of contracts for difference. • The reference price of contracts is the average spot price. • Installed capacity increases with total quantity of energy contracted. • Social welfare is maximized when energy contracted equals the efficient capacity. • An aggregation of all consumers would choose to auction the efficient quantity

  17. Exact solution of a modified El Farol's bar problem: Efficiency and the role of market impact

    Science.gov (United States)

    Marsili, Matteo; Challet, Damien; Zecchina, Riccardo

    2000-06-01

    We discuss a model of heterogeneous, inductive rational agents inspired by the El Farol Bar problem and the Minority Game. As in markets, agents interact through a collective aggregate variable - which plays a role similar to price - whose value is fixed by all of them. Agents follow a simple reinforcement-learning dynamics where the reinforcement, for each of their available strategies, is related to the payoff delivered by that strategy. We derive the exact solution of the model in the “thermodynamic” limit of infinitely many agents using tools of statistical physics of disordered systems. Our results show that the impact of agents on the market price plays a key role: even though price has a weak dependence on the behavior of each individual agent, the collective behavior crucially depends on whether agents account for such dependence or not. Remarkably, if the adaptive behavior of agents accounts even “infinitesimally” for this dependence they can, in a whole range of parameters, reduce global fluctuations by a finite amount. Both global efficiency and individual utility improve with respect to a “price taker” behavior if agents account for their market impact.

  18. Energy efficiency and the liberalized market - new approaches in national climate protection policy

    International Nuclear Information System (INIS)

    Hennicke, P.

    2000-01-01

    The paper initially explains the rationale of energy policy-based governmental intervention in the liberalized electricity market ('the need for political governance'). It is shown why there is a 'demand for intelligent regulatory policy' in Germany's energy sector, despite, or rather as a consequence of the deregulation of the energy markets, and refers e.g. to a parliamentary paper of the Bundestag, (BTDrs. 14/2656, p. 9). The author continues with selecting and defining, from the stock of conceivable appropriate action and regulatory instruments, the corner stones of action plans and the range of instruments, specifically designed for the sector and the target groups, that will accelerate market penetration of the energy efficiency policies ('governance functions'). The author also shows that, due to the significance of regulatory and structurizing impacts, as well as resulting consequences to the leading paradigms of policy of this Government (opting out of nuclear power, global climate change), the electricity industry is just the right branch of industry to serve as a ''national demonstration project'' on the way towards sustainable development. (orig./CB) [de

  19. Towards the Estimation of an Efficient Benchmark Portfolio: The Case of Croatian Emerging Market

    Directory of Open Access Journals (Sweden)

    Dolinar Denis

    2017-04-01

    Full Text Available The fact that cap-weighted indices provide an inefficient risk-return trade-off is well known today. Various research approaches evolved suggesting alternative to cap-weighting in an effort to come up with a more efficient market index benchmark. In this paper we aim to use such an approach and focus on the Croatian capital market. We apply statistical shrinkage method suggested by Ledoit and Wolf (2004 to estimate the covariance matrix and follow the work of Amenc et al. (2011 to obtain estimates of expected returns that rely on risk-return trade-off. Empirical findings for the proposed portfolio optimization include out-of-sample and robustness testing. This way we compare the performance of the capital-weighted benchmark to the alternative and ensure that consistency is achieved in different volatility environments. Research findings do not seem to support relevant research results for the developed markets but rather complement earlier research (Zoričić et al., 2014.

  20. Art investment in South Africa: Portfolio diversification and art market efficiency

    Directory of Open Access Journals (Sweden)

    Ferdi Botha

    2016-09-01

    Full Text Available Art has been suggested as a good way to diversify investment portfolios during times of financial uncertainty. The argument is that art exhibits different risk and return characteristics to conventional investments in other asset classes. The new Citadel art price index offered the opportunity to test this theory in the South African context. Moreover, this paper tests whether art prices are efficient. The Citadel index uses the hedonic regression method with observations drawn from the top 100, 50 and 20 artists by sales volume, giving approximately 29 503 total auction observations. The Index consists of quarterly data from the period 2000Q1 to 2013Q3. A vector autoregression of the art price index, Johannesburg stock exchange all-share index, house price index, and South African government bond index were used. Results show that, when there are increased returns on the stock market in a preceding period and wealth increases, there is a change in the Citadel art price index in the same direction. No significant difference was found between the house price index and the art price index, or between the art and government bond price indices. The art market is also found to be inefficient, thereby exacerbating the risk of investing in art. Overall, the South African art market does not offer the opportunity to diversify portfolios dominated by either property, bonds, or shares.

  1. Energy Efficiency Sector in Russia. Market Survey of Equipment and Services

    International Nuclear Information System (INIS)

    2006-02-01

    The aim of the present Survey is to give an insight of energy efficiency (EE) in Russia and to assess the demand for EE equipment and services in the energy sector. In the Survey the term 'Energy Efficiency' means the efficient generation, distribution and consumption of heat and power. The main EE measures are classified as recovery of sources of energy, measuring and controlling systems, optimal use of the equipment, modernisation, in-house energy generation and renewable energy sources. Chapter 3 gives an overview of the current situation of the Russian energy sector. The term 'energy sector' is used in the context of generation, distribution and consumption of heat and power. The infrastructure and the ownership of the energy sector are examined. In this chapter special attention is paid to the Power Sector Reform and how the Reform affects the development of EE in the Russian energy sector. Chapter 4 describes the current situation in EE, giving the reasons of inefficiency in energy use and possible solutions for improving. Chapter 5 presents a market research of equipment that could make a great input into EE development. The research has shown that the most promising opportunities for suppliers of EE equipment lie in the heat sector (generation, distribution, consumption). This chapter also describes the development of ESCOs (Energy Service Companies) in Russia. Chapter 6 gives an overview of domestic and foreign capital available to finance EE development. According to conventional market based incentives, end users invest into increasing their profits more intensively than into projects aiming at energy saving. That is mostly because energy is relatively cheap in Russia and the federal governmental policy does not stimulate EE development either. Chapter 7 on the market approach advises on steps that have to be taken and risks that need to be avoided in order to enter the Russian market successfully. It warns of the possible pitfalls on this way. Chapter 8

  2. The relationship between blood metabolites and hormones with intake, gain, and efficiency in beef cattle consuming forage then concentrate diets

    Science.gov (United States)

    The objective of this experiment was to determine if selected blood metabolites and hormones are related to DMI, ADG, and efficiency in cattle consuming a variety of diets. Approximately 50-d postweaning, a group of crossbred heifers (n=76) were fed a forage-based diet containing (DM basis) 69.8% co...

  3. Efficiency gain of solid oxide fuel cell systems by using anode offgas recycle - Results for a small scale propane driven unit

    Science.gov (United States)

    Dietrich, Ralph-Uwe; Oelze, Jana; Lindermeir, Andreas; Spitta, Christian; Steffen, Michael; Küster, Torben; Chen, Shaofei; Schlitzberger, Christian; Leithner, Reinhard

    The transfer of high electrical efficiencies of solid oxide fuel cells (SOFC) into praxis requires appropriate system concepts. One option is the anode-offgas recycling (AOGR) approach, which is based on the integration of waste heat using the principle of a chemical heat pump. The AOGR concept allows a combined steam- and dry-reforming of hydrocarbon fuel using the fuel cell products steam and carbon dioxide. SOFC fuel gas of higher quantity and quality results. In combination with internal reuse of waste heat the system efficiency increases compared to the usual path of partial oxidation (POX). The demonstration of the AOGR concept with a 300 Wel-SOFC stack running on propane required: a combined reformer/burner-reactor operating in POX (start-up) and AOGR modus; a hotgas-injector for anode-offgas recycling to the reformer; a dynamic process model; a multi-variable process controller; full system operation for experimental proof of the efficiency gain. Experimental results proof an efficiency gain of 18 percentage points (η·POX = 23%, η·AOGR = 41%) under idealized lab conditions. Nevertheless, further improvements of injector performance, stack fuel utilization and additional reduction of reformer reformer O/C ratio and system pressure drop are required to bring this approach into self-sustaining operation.

  4. Two Paths to Transforming Markets through Public Sector EnergyEfficiency: Bottom Up versus Top Down

    Energy Technology Data Exchange (ETDEWEB)

    Van Wie McGrory, Laura; Coleman, Philip; Fridley, David; Harris,Jeffrey; Villasenor Franco, Edgar

    2006-05-10

    The evolution of government purchasing initiatives in Mexicoand China, part of the PEPS (Promoting an Energy-efficient Public Sector)program, demonstrates the need for flexibility in designingenergy-efficiency strategies in the public sector. Several years ofpursuing a top-down (federally led) strategy in Mexico produced fewresults, and it was not until the program was restructured in 2004 tofocus on municipal-level purchasing that the program gained momentum.Today, a new partnership with the Mexican federal government is leadingto an intergovernmental initiative with strong support at the federallevel. By contrast, the PEPS purchasing initiative in China wassuccessfully initiated and led at the central government level withstrategic support from international experts. The very different successtrajectories in these two countries provide valuable lessons fordesigning country-specific public sector energy-efficiency initiatives.Enabling conditions for any successful public sector purchasinginitiative include the existence of mandatory energy-efficiencyperformance standards, an effective energy-efficiency endorsementlabeling program, an immediate need for energy conservation, a simplepilot phase (focusing on a limited number of strategically chosenproducts), and specialized technical assistance. Top-down purchasingprograms are likely to be more successful where there is high-levelpolitical endorsement and a national procurement law in place, supportedby a network of trained purchasers. Bottom-up (municipally led)purchasing programs require that municipalities have the authority to settheir own purchasing policies, and also benefit from existing networks ofcities, supported by motivated municipal leaders and trained purchasingofficials.

  5. Market failures, consumer preferences, and transaction costs inenergy efficiency purchase decisions

    Energy Technology Data Exchange (ETDEWEB)

    Sathaye, Jayant; Murtishaw, Scott

    2004-11-23

    Several factors limit the energy savings potential and increase the costs of energy-efficient technologies to consumers. These factors may usefully be placed into two categories; one category is what economists would define as market failures and the other is related to consumer preferences. This paper provides a conceptual framework for understanding the roles of these factors, and develops a methodology to quantify their effects on costs and potentials of two energy efficient end uses - residential lighting and clothes washers. It notes the significant roles played by the high implicit cost of obtaining information about the benefits of the two technologies and the apparent inability to process and utilize information. For compact fluorescent lamps, this report finds a conservative estimate of the cost of conserved energy of 3.1 cents per kWh. For clothes washers, including water savings reduces the cost of conserved energy from 13.6 cents to 4.3 cents per equivalent kWh. Despite these benefits, market share remains low. About 18 million tons of CO2 could be saved cost effectively from 2005 sales of these two technologies alone. The paper also notes that trading of carbon emissions will incur transaction costs that will range from less than 10 cents per metric ton of CO2 for larger size projects and programs to a few dollars per metric ton of carbon for the smaller ones.

  6. Livestock Marketing.

    Science.gov (United States)

    Futrell, Gene; And Others

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

  7. 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

  8. Green signalling effects in the market for energy-efficient residential buildings

    International Nuclear Information System (INIS)

    Fuerst, Franz; Oikarinen, Elias; Harjunen, Oskari

    2016-01-01

    Highlights: • Energy efficiency (EE) levels are hypothesised to affect house transaction prices. • We estimate a hedonic model using Energy Performance Certificates from Finland. • A price premium is found for the most energy-efficient properties. • The empirical results are suggestive of a green signalling effect. • Demand for EE high performers appears to be segmented from lower tiers. - Abstract: Empirical evidence from recent studies suggests that the price premium on energy-efficient buildings is potentially higher than the pure capitalisation of energy savings but the empirical evidence on the size of the non-savings components is scant. This study aims to fill this research gap by investigating whether the mandatory energy efficiency ratings for residential properties imply benefits that go beyond energy savings. Using a sample of several thousand apartment transactions from Helsinki, Finland, we first test if higher ratings were significantly associated with higher prices. In addition to a large number of property and neighbourhood characteristics, this dataset contains information on building-level energy usage which allows us to distinguish between the cost savings effect of energy consumption and the value of more intangible factors associated with the energy label. The hedonic model yields a statistically significant 3.3% price premium for apartments in the top three energy-efficiency categories and 1.5% when a set of detailed neighbourhood characteristics are included. When maintenance costs containing energy usage costs are added, a robust and significant price premium of 1.3% persists whereas no differentiation is found for the medium and lower rating categories. These findings may be indicative of energy-efficient buildings having signalling value – and therefore an additional incentive to invest in such buildings – for ‘green’ consumers. However, a favourable energy rating did not appear to speed up the sales process in the

  9. 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.

  10. Impact of ractopamine hydrochloride on growth, efficiency, and carcass traits of finishing pigs in a three-phase marketing strategy.

    Science.gov (United States)

    Gerlemann, G D; Allee, G L; Rincker, P J; Ritter, M J; Boler, D D; Carr, S N

    2014-03-01

    The objectives were to determine the effects of ractopamine hydrochloride (RAC) in a 3-phase marketing strategy. One thousand seven hundred forty pigs were used in 80 single-sex pens in 2 blocks. Each pen housed approximately 22 pigs. Sixteen percent of the total population of pigs was sold during the first marketing period, 18% was sold during the second marketing period, and the remaining 66% was sold during the third marketing period. Data were analyzed as a randomized complete block design of 2 treatments. Pigs in the second marketing group had greater growth performance indicators than pigs in the first marketing group. Over the entire feeding period, pigs fed RAC were 2.73 kg heavier (P marketing period carcasses from pigs fed RAC (89.73 kg) were 2.1% heavier (P = 0.04) and gained 0.19 kg/d more (P = 0.03) carcass weight than carcasses from pigs not fed RAC (87.89 kg). By the end of the second marketing period carcasses from pigs fed RAC (99.00 kg) were 3.1% heavier (P marketing period carcasses from pigs fed RAC (102.75 kg) were 3.7% heavier (P marketing period, but as duration increased differences diminished. Therefore, RAC can provide the expected growth performance benefits when included in the diet for up to 21 d, but HCW advantages continue to increase throughout the entire 35 d feeding period. Even though carcass benefits were not as evident in pigs sold during the first marketing period, advantages (particularly HCW) continued to increase with each marketing period.

  11. 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

  12. 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.

  13. 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.

  14. 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

  15. 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.

  16. Is there Need for more Transparency and Efficiency in Cause-related Marketing?

    Directory of Open Access Journals (Sweden)

    Nina Langen

    2011-02-01

    Full Text Available The popularity of ethical consumption increases. This has motivated firms to increasingly implement Cause-related Marketing (CrM campaigns in Germany. But research reveals that especially German consumers are sceptic with regard to the amount of money spent for the good ‘cause’ by the enterprises. This can be explained by the small share of information provided by CrM campaigns to consumers. In consequence, this can reduce consumers’ willingness to purchase CrM products. Therefore, this study analyses whether the efficiency and transparency of a CrM campaign are important for consumers. The share of money reaching the cause relative to the product price consumers’ pay is taken as a proxy for efficiency while transparency is understood as the open communication of donated amounts on the product by label. A consumer survey conducted in Germany in 2009 reveals that consumers have a great interest in the transparency of a CrM campaign. Furthermore, the study gives evidence that there is a gap between the levels of expected and requested efficiency of CrM donations. Consequently, firms should label the donation amount to meet consumers’ transparency needs. Furthermore, to create a successful CrM campaign companies also have to consider that the amount of money devoted to the good cause is of relevance for consumers.

  17. Storying energy consumption: Collective video storytelling in energy efficiency social marketing.

    Science.gov (United States)

    Gordon, Ross; Waitt, Gordon; Cooper, Paul; Butler, Katherine

    2018-05-01

    Despite calls for more socio-technical research on energy, there is little practical advice to how narratives collected through qualitative research may be melded with technical knowledge from the physical sciences such as engineering and then applied in energy efficiency social action strategies. This is despite established knowledge in the environmental management literature about domestic energy use regarding the utility of social practice theory and narrative framings that socialise everyday consumption. Storytelling is positioned in this paper both as a focus for socio-technical energy research, and as one potential practical tool that can arguably enhance energy efficiency interventions. We draw upon the literature on everyday social practices, and storytelling, to present our framework called 'collective video storytelling' that combines scientific and lay knowledge about domestic energy use to offer a practical tool for energy efficiency management. Collective video storytelling is discussed in the context of Energy+Illawarra, a 3-year cross-disciplinary collaboration between social marketers, human geographers, and engineers to target energy behavioural change within older low-income households in regional NSW, Australia. Copyright © 2018 Elsevier Ltd. All rights reserved.

  18. 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

  19. Analysis of the specificity of improving the efficiency of marketing activities of the enterprises of power

    OpenAIRE

    Grabovskiy, E.; Kostyuk, Y.

    2014-01-01

    In modern market conditions of each company power is interested in the effective management of its marketing activities. In particular, he needs to know how to analyze market opportunities, select the required target markets, to develop an effective marketing complex and successfully manage the implementation of marketing activities. The activity of the enterprises of a food is one of the most important factors giving the integral assessment of the socio-economic level of the society, and und...

  20. Making C4 crops more water efficient under current and future climate: Tradeoffs between carbon gain and water loss

    Science.gov (United States)

    Srinivasan, V.; Pignon, C.

    2017-12-01

    C4 plants have a carbon concentrating mechanism that has evolved under historically low CO2 concentrations of around 200 ppm. However, increases in global CO2 concentrations in recent times (current CO2 concentrations are at 400 ppm and it is projected to be 550 ppm by mid-century) have diminished the relative advantage of C4 plants over C3 plants, which lack the expensive carbon concentrating machinery. Here we show by employing model simulations that under pre-historic CO2 concentrations, C4 plants are near optimal in their stomatal behavior and nitrogen partitioning between carbon concentrating machinery and carboxylation machinery, and they are significantly supra-optimal under current and future elevated CO2 concentrations. Model simulations performed at current CO2 concentrations of 400 ppm show that, under high light conditions, decreasing stomatal conductance by 20% results in a 15% increase in water use efficiency with negligible loss in photosynthesis. Under future elevated CO2 concentrations of 550 ppm, a 40% decrease in stomatal conductance produces a 35% increase in water use efficiency. Furthermore, stomatal closure is shown to be more effective in decreasing whole canopy transpiration compared to canopy top leaf transpiration, since shaded leaves are more supra-optimal than sunlit leaves. Model simulations for optimizing nitrogen distribution in C4 leaves show that under high light conditions, C4 plants over invest in carbon concentrating machinery and under invest in carboxylation machinery. A 20% redistribution in leaf nitrogen results in a 10% increase in leaf carbon assimilation without significant increases in transpiration under current CO2 concentrations of 400 ppm. Similarly, a 40% redistribution in leaf nitrogen results in a 15% increase in leaf carbon assimilation without significant increases in transpiration under future elevated CO2 concentrations of 550 ppm. Our model optimality simulations show that C4 leaves a supra optimal in their

  1. Does Price Transparency Improve Market Efficiency? Implications of Empirical Evidence in Other Markets for the Health Sector

    National Research Council Canada - National Science Library

    Austin, Andrew; Gravelle, Jane G

    2007-01-01

    .... In health care markets consumers often have difficulty finding useful price data. In particular, few consumers have a clear idea of what hospital stays or hospital-based procedures will cost, or understand how hospital charges are determined...

  2. [Reflections about the efficiency criteria for cancer treatments during marketing authorization application].

    Science.gov (United States)

    Jeannin, Noémie; Blois-Da Conceição, Stéphanie; Protière, Christel

    2013-03-01

    Although clear and validated recommendations exist concerning the evaluation of cancer treatments at the international level, the criteria retained to obtain the marketing authorization (MA) are multiple and heterogeneous. This qualitative survey explores the opinion related to the assessment of cancer treatment among the several concerned population. By the way of semi-structured interviews, our aim was to elicit perceptions toward the criteria which should be retained during the process of MA, by patients, oncologists, members of the pharmaceutical industry, health decision-makers and general population. Our survey emphasizes the variability of the significations associated with the criteria of efficiency of cancer treatments according to the characteristics of the respondents. We also have observed some common expectations from patients and oncologists toward the economic and political aspect, but also from the whole respondents toward the importance of the comfort of the patients. Lastly, the necessity to define specific criteria related to clinical cases emerges.

  3. Supporting energy efficiency and renewable energy in liberalized markets: the new incentive frameworks

    International Nuclear Information System (INIS)

    Finon, Dominique; Menanteau, Philippe

    2003-02-01

    This article compares the old and new action principles in the area of energy efficiency and renewable energies, and reviews the new types of instruments implemented in the competitive environment of some pioneer countries. It is usually viewed that energy industry liberalization limits the direct capacity of action by states that used to rely on public monopolies. Actually, all it takes is some clarification of the historical operator's and agent's obligations, and some adjustment of action method to the competition environment. To do so, the same duties need to be imposed on agents, whether directly or indirectly, and the financing methods for the cost of actions need to be adjusted so as not to distort competition. Systems may also be considered that combine quantity duties (duty to achieve or duty to perform) and market mechanisms; as is the case with quotas accompanied by 'green' and very recently 'white' certificate markets for gas and power savings

  4. 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

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

    KAUST Repository

    Zafar, Ammar

    2013-12-01

    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-to-noise-ratio (SNR) above a certain peak value and satisfying the peak power constraints at the source and relay nodes. To achieve this objective, an optimal relay selection and power allocation strategy is derived by solving the power minimization problem. Numerical results show that the derived optimal strategy enhances the energy-efficiency as compared to a benchmark scheme in which both the source and the selected relay transmit at peak power. © 2013 IEEE.

  6. 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)

  7. The effect of dietary garlic supplementation on body weight gain, feed intake, feed conversion efficiency, faecal score, faecal coliform count and feeding cost in crossbred dairy calves.

    Science.gov (United States)

    Ghosh, Sudipta; Mehla, Ram K; Sirohi, S K; Roy, Biswajit

    2010-06-01

    Thirty-six crossbred calves (Holstein cross) of 5 days of age were used to study the effect of garlic extract feeding on their performance up to the age of 2 months (pre-ruminant stage). They were randomly allotted into treatment and control groups (18 numbers in each group). Performance was evaluated by measuring average body weight (BW) gain, feed intake (dry matter (DM), total digestible nutrient (TDN) and crude protein (CP)), feed conversion efficiency (FCE; DM, TDN and CP), faecal score, faecal coliform count and feeding cost. Diets were the same for the both groups. In addition, treatment group received garlic extract supplementation at 250 mg/kg BW per day per calf. Body weight measured weekly, feed intake measured twice daily, proximate analysis of feeds and fodders analysed weekly, faecal scores monitored daily and faecal coliform count done weekly. There was significant increase in average body weight gain, feed intake and FCE and significant decrease in severity of scours as measured by faecal score and faecal coliform count in the treatment group compared to the control group (P Feed cost per kilogramme BW gain was significantly lower in the treatment group compared to control group (P calves for better performance.

  8. Marketing.

    Science.gov (United States)

    Chambers, David W

    2010-01-01

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

  9. A critique on efficient market hypothesis (EMH): Empirical evidence of return anomalies in 12 U.S. industry portfolios

    OpenAIRE

    Lee, Cheng Hsun George

    2006-01-01

    This paper focuses on two major arguments the momentum effect and market-learns hypothesis concerning the validity of the Efficient Market Hypothesis are summarized. Six empirical experiments with 12 U.S. Industry Portfolio are conducted. They not only provide the evidence against some of the EMH assumptions, but also aim to address the formation of return anomalies. Of them, three are designed to assess the validity of EMH with different approaches (White Noise, Effectiveness, Forecastibilit...

  10. 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.

  11. 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)

  12. PROFITABILITY AND MARKETING EFFICIENCY OF MAIZE IN KWANDE LOCAL GOVERNMENT AREA OF BENUE STATE, NIGERIA

    Directory of Open Access Journals (Sweden)

    Zacharias Ternenge Nyiatagher

    2015-12-01

    Full Text Available The paper presents profi tability and marketing effi - ciency of maize in Kwande Local Government Area of Benue State, Nigeria. Stratifi ed random sampling was used to select three hundred (300 maize marketers comprising producers (210, wholesalers (32 and retailers (58 in eight (8 major markets in the study area. Primary data were collected using structured questionnaires. Data were analyzed using descriptive statistics, marketing margin and marketing effi ciency. It was found that maize marketing in the study area was dominated by males (64.7% and young people (55.0% who are energetic enough to withstand the stress involved in the business. The marketing margin of an average maize marketer in the study area was N2,012.00 per 100kg and the percentage marketing margin was 37.2%. This showed that maize marketing in the study area was profi table and 100% retail price paid by the fi nal consumer resulted in farm-to-retail price spread or marketing margin of 37.2%. The marketing effi ciency (0.28 of mai ze in the study area indicated that the marketers were ineffi cient in maize business. It was recommended that government, non-governmental organizations and the rural populace should strive hard to improve the transportation network and the marketers should belong to marketing associations so that they can collectively access loans from rural banking institutions

  13. Econometric models for distinguishing between market-driven and publicly-funded energy efficiency

    International Nuclear Information System (INIS)

    Horowitz, Marvin J.

    2005-01-01

    Central to the problem of estimating energy program benefits is the necessity to differentiate between changes in energy use that would have occurred in the absence of public programs versus declines in energy use that would not have occurred but for public programs. The former changes are often referred to as naturally-occurring or market-driven effects. They occur due to a combination of one or more independent variables, such as changes in prices, incomes, weather, and technology. For a rigorous, scientifically-valid program evaluation, it is essential to first control for these variables before making statistical inferences related to public program effects. This paper describes the economic and statistical issues surrounding quantitative studies of energy use, energy efficiency, and public programs. To illustrate the strengths and weaknesses of different impact evaluation approaches, this paper describes three new studies related to electricity use in the U. S. commercial buildings sector. Specification and estimation of time series and cross section econometric models are discussed, as are their capabilities for obtaining long-run estimates of the net impacts of energy efficiency programs

  14. 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)

  15. Best practice - market mechanisms, transparency and control aid the enforcement of energy-efficient solutions in the market

    International Nuclear Information System (INIS)

    Kaegi, W.; Schaefli, M.; Siegrist, S.; Haessig, W.

    2004-01-01

    This final report for the Swiss Federal Office of Energy (SFOE) presents the results of a study that examined how the immense potential for saving energy in the building area can be tapped. The report examines the question why so-called 'best practice' solutions have not been so successful on the market place and which measures are necessary to make them more popular. In particular, the report looks at thermal solar installations, fan-assisted balanced ventilation systems, windows, insulation and air-water heat pumps. Various factors are examined in detail, including the relationship between market players, their level of knowledge and education, market structures and legal considerations as well as financial viability, preferences and external costs. Measures to be taken are recommended for the educational area as well as for increasing the level of competition in the building sector

  16. Certifying Industrial Energy Efficiency Performance: AligningManagement, Measurement, and Practice to Create Market Value

    Energy Technology Data Exchange (ETDEWEB)

    McKane, Aimee; Scheihing, Paul; Williams, Robert

    2007-07-01

    More than fifteen years after the launch of programs in theU.K. and U.S., industry still offers one of the largest opportunities forenergy savings worldwide. The International Energy Agency (IEA) estimatesthe savings potential from cost-optimization of industrial motor-drivensystems alone at 7 percent of global electricity use. The U.S. Departmentof Energy (USDOE) Industrial Technologies Program estimates 7 percentsavings potential in total US industrial energy use through theapplication of proven best practice. Simple paybacks for these types ofprojects are frequently two years or less. The technology required toachieve these savings is widely available; the technical skills requiredto identify energy saving opportunities are known and transferable.Although programs like USDOE's Best Practices have been highlysuccessful, most plants, as supported by 2002 MECS data, remain eitherunaware or unmotivated to improve their energy efficiency--as evidencedby the 98 percent of US industrial facilities reporting to MECS say thatthey lack a full-time energy manager. With the renewed interest in energyefficiency worldwide and the emergence of carbon trading and newfinancial instruments such as white certificates1, there is a need tointroduce greater transparency into the way that industrial facilitiesidentify, develop, and document energy efficiency projects. Historically,industrial energy efficiency projects have been developed by plantengineers, frequently with assistance from consultants and/or supplierswith highly specialized technical skills. Under this scenario,implementation of energy efficiency improvements is dependent onindividuals. These individuals typically include "champions" within anindustrial facility or corporation, working in cooperation withconsultants or suppliers who have substantial knowledge based on years ofexperience. This approach is not easily understood by others without thisspecialized technical knowledge, penetrates the market fairly slowly

  17. The importance of vehicle costs, fuel prices, and fuel efficiency to HEV market success.

    Energy Technology Data Exchange (ETDEWEB)

    Santini, D. J.; Patterson, P. D.; Vyas, A. D.

    1999-12-08

    Toyota's introduction of a hybrid electric vehicle (HEV) named ''Prius'' in Japan and Honda's proposed introduction of an HEV in the United States have generated considerable interest in the long-term viability of such fuel-efficient vehicles. A performance and cost projection model developed entirely at Argonne National Laboratory (ANL) is used here to estimate costs. ANL staff developed fuel economy estimates by extending conventional vehicle (CV) modeling done primarily under the National Cooperative Highway Research Program. Together, these estimates are employed to analyze dollar costs vs. benefits of two of many possible HEV technologies. We project incremental costs and fuel savings for a Prius-type low-performance hybrid (14.3 seconds zero to 60 mph acceleration, 260 time) and a higher-performance ''mild'' hybrid vehicle, or MHV (11 seconds 260 time). Each HEV is compared to a U.S. Toyota Corolla with automatic transmission (11 seconds 260 time). The base incremental retail price range, projected a decade hence, is $3,200-$3,750, before considering battery replacement cost. Historical data are analyzed to evaluate the effect of fuel price on consumer preferences for vehicle fuel economy, performance, and size. The relationship between fuel price, the level of change in fuel price, and consumer attitude toward higher fuel efficiency is also evaluated. A recent survey on the value of higher fuel efficiency is presented and U.S. commercial viability of the hybrids is evaluated using discount rates of 2090 and 870. Our analysis, with our current HEV cost estimates and current fuel savings estimates, implies that the U.S. market for such HEVS would be quite limited.

  18. Transforming the market for residential windows: design considerations for DOE's Efficient Window Collaborative

    Energy Technology Data Exchange (ETDEWEB)

    Eto, J.; Arasteh, D.; Selkowitz, S.

    1998-08-01

    Market adoption of recent, commercially available technological advances that improve the energy performance of windows will lead to immediate economic and energy savings benefits to the nation. This paper is a scoping study intended to inform the design of a major DOE initiative to accelerate market adoption of these windows in the residential sector. We describe the structure of the US residential window market and the interests of the various market players. We then briefly review five recent market transformation initiatives. Finally, we summarize our findings in a list of considerations we believe will be important for the DOE's initiative to transform the US residential window market.

  19. Ensuring capacity adequacy during energy transition in mature power markets: a social efficiency comparison of scarcity pricing and capacity mechanism

    International Nuclear Information System (INIS)

    Petitet, Marie; Finon, Dominique; Janssen, Tanguy

    2016-01-01

    This paper analyses how a capacity market mechanism can address security of supply objectives in the case of an energy transition scenario which combines both high energy efficiency efforts which stabilise demand in a context of mature markets and rapid increase of renewables share. The exogenous entry of variable renewables introduces a new challenge in matter of security of supply during peak hours. To analyse this situation, power markets are simulated on the long term with a model based on System Dynamics modelling which integrates both new investment and closure decisions. This last trait is an originality of the model which is very relevant to study market maturity. The addition of a capacity mechanism in a market architecture with price cap is compared to scarcity pricing in different situations. Simulations are performed for two different cases: a case without any exogenous closure of existing power plants and a case with exogenous retirements which create a need of new investments. Under the assumption of a risk-neutral investor, the results indicate that compared to an energy-only market with price cap set at euro 3,000/MWh, energy-only with scarcity pricing and capacity mechanism are two efficient market designs to reach an acceptable level of loss of load. Besides, the results highlight that the advantage of one design on the other in terms of social efficiency depends on the future scenarios which are simulated. Moreover, the results illustrates that the three market designs lead to different level of risk for peaking units, suggesting that including risk aversion is a relevant further step in the modelling. (authors)

  20. Does Price Transparency Improve Market Efficiency? Implications of Empirical Evidence in Other Markets for the Health Sector

    Science.gov (United States)

    2007-07-24

    subsidies to support such services were increased. Innovative providers, however, may find ways to expand access to health care by the indigent using...Microstructure of Stock Markets,” Institut d’Économie Industrielle (IDEI) working paper #253, Toulouse, France, May 28, 2004; and Ananth Madhavan

  1. 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.

  2. Markets for energy efficiency: Exploring the implications of an EU-wide 'Tradable White Certificate' scheme

    International Nuclear Information System (INIS)

    Mundaca, Luis

    2008-01-01

    Recent developments in European energy policy reveal an increasing interest in implementing the so-called 'Tradable White Certificate' (TWC) schemes to improve energy efficiency. Based on three evaluation criteria (cost-effectiveness, environmental effectiveness and distributional equity) this paper analyses the implications of implementing a European-wide TWC scheme targeting the household and commercial sectors. Using a bottom-up model, quantitative results show significant cost-effective potentials for improvements (ca. 1400 TWh in cumulative energy savings by 2020), with the household sector, gas and space heating representing most of the TWC supply in terms of eligible sector, fuel and energy service demand, respectively. If a single market price of negative externalities is considered, a societal cost-effective potential of energy savings above 30% (compared to the baseline) is observed. In environmental terms, the resulting greenhouse gas emission reductions are around 200 Mt CO 2-eq by 2010, representing nearly 60% of the EU-Kyoto-target. From the qualitative perspective, several embedded ancillary benefits are identified (e.g. employment generation, improved comfort level, reduced 'fuel poverty', security of energy supply). Whereas an EU-wide TWC increases liquidity and reduces the risks of market power, autarky compliance strategies may be expected in order to capture co-benefits nationally. Cross subsidies could occur due to investment recovery mechanisms and there is a risk that effects may be regressive for low-income households. Assumptions undertaken by the modelling approach strongly indicate that high effectiveness of other policy instruments is needed for an EU-wide TWC scheme to be cost-effective

  3. Demand Constraints and New Demands: Regulations, Markets and Institutions Efficiency (A Case Study for Cape Verde

    Directory of Open Access Journals (Sweden)

    Bernardo Reynolds Pacheco de Carvalho

    2014-08-01

    Full Text Available Economic efficiency is a key issue in economic research and for policy design, and certainly for food security challenges. In the food system dynamics the understanding of changes and trends is crucial to improve our capacity to deal with the objectives of sustainable development and quality of life. Food system efficiency evaluation is necessary with regard to production and consumption efficiencies as well as market and governance dilemmas. Regulations and institutional efficiency are crucial aspects that are frequently forgotten, and efforts should be made to improve the capacity to deal with those methodological needs. In many situations, in the real world, data and measurements are difficult or even impossible to get in numeric or quantitative terms. Frequently, a qualitative evaluation is the only way to proceed, but measurements and numeric references are still important, mainly when changes over time are central to the research. The actual paper follows a structural food system model (WFSE – World Food Security Equation and a general equilibrium approach (ICI model – induced changes and innovation model to show in a country case study (Cape Verde the important role of markets and institutions as compared to regulation practices directed to improve economic efficiency subject to demand behavior. Cape Verde is a very challenging country with regard to the food security status (where natural resources are very poor for agricultural production but with great success in global and macro terms in the last 10 years. The main problems nowadays are clearly at local level. The present research tries to highlight the global achievements and explore local assessment efforts on food consumption conditions. A specific region is studied, in the island of Santo Antão, one of the most important production regions. Three different production systems were compared mainly with regard to their respective influence on consumption habits, incomes and

  4. 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

  5. Korea's emission trading scheme and policy design issues to achieve market-efficiency and abatement targets

    International Nuclear Information System (INIS)

    Park, Hojeong; Hong, Won Kyung

    2014-01-01

    In 2008, the government of Republic of Korea (Korea) announced the national abatement target aiming at 30% reductions from the Business-as-Usual projections by 2020. Accordingly, the Emission Trading Scheme (ETS) will be implemented from 2015 onwards. As ETS performance substantially depends on the structural design, it is critically important to examine the details of Korean ETS for the achievement of cost effectiveness and concurrent development of an active emission trading market. This paper addresses several policy design issues for this purpose. After providing an overview on the current framework of Korean ETS, we propose ways to achieve flexibility, consistency and market efficiency of the program in consideration of the preexisting policies. Issues in policy design are discussed by focusing on allowance allocation, market stabilization measures and price mechanism in the emission and energy markets in Korea. This paper will serve as a practical guideline for establishing sustainable and market-efficient Korean ETS that can be compatible with the international standards as in the EU ETS. - Highlights: • Emission Trading Scheme (ETS) will be implemented from 2015 in Korea to reduce CO 2 . • ETS performance substantially depends on structural design. • We provide policy overview on the current framework of Korean ETS. • Several policy design issues are discussed for developing policy consistency. • We focus on allowance allocation, allowance reserve and market stabilization measures

  6. MARKETING TECHNOLOGIES AS AN INSTRUMENT FOR EFFICIENT DEVELOPMENT OF DOMESTIC ENTERPRISES

    Directory of Open Access Journals (Sweden)

    V. Svyatnenko

    2014-09-01

    Full Text Available The paper investigates the essence and characteristics of marketing technologies, necessity of their use in domestic enterprises in conditions of competition. The problems of interpretation of the term "marketing techniques", their species and main characteristics are examined. The aim of the article is to research roles marketing technologies in ensuring the effective development of domestic enterprises in modern conditions.

  7. Stimulation of marketing channels of innovations participants as the way of increasing its management efficiency

    OpenAIRE

    L.О. Syhyda

    2012-01-01

    In article participants of distribution marketing channel are defined. Variants of manufacturer stimulation carrying out are separated. Stages of stimulation process in marketing channel are offered. Methods of stimulation carrying out in marketing channels of traditional and innovative production are defined.

  8. An Emperical Analysis of Co-Movements in High- and Low-Frequency Metrics for Financial Market Efficiency

    NARCIS (Netherlands)

    D.M. Rösch (Dominik); A. Subrahmanyam (Avanidhar); M.A. van Dijk (Mathijs)

    2014-01-01

    textabstractSeveral high- and low-frequency metrics for financial market efficiency have been proposed in distinct lines of research. We explore the joint dynamics of these metrics. High-frequency metrics co-move across individual stocks, and also co-move with lower-frequency metrics based on

  9. Analysis of efficiency and marketing trends cost optimization in enterprises of baking branch

    Directory of Open Access Journals (Sweden)

    Lukan О.М.

    2017-06-01

    Full Text Available Today, at the bakery industry, little attention is paid to marketing activities. Limited financial resources and the lack of a comprehensive assessment of the effectiveness of marketing activities leads to a reduction in marketing budgets and a decrease in the profitability of the enterprise as a whole. Therefore, despite the complexity of conducting an analysis of the cost effectiveness of marketing activities, in market conditions it is necessary to control the level of costs and the formation of optimal marketing budgets. In the work it is determined that the main direction of marketing activity evaluation is the analysis of the cost effectiveness for its implementation. A scientific-methodical approach to the analysis of the effectiveness of marketing costs in the bakery industry is suggested. The analysis of the cost effectiveness of marketing activities on the basis of the assumption that marketing costs are a factor variable determining the patterns of changes in the values of the resulting indicators of financial and economic activities of the enterprise, such as net income from sales of products, gross profit, financial results from operating activities and net profit (losses. The main directions of optimization of marketing activities at bakery enterprises are given.

  10. Genetic variance and covariance and breed differences for feed intake and average daily gain to improve feed efficiency in growing cattle.

    Science.gov (United States)

    Retallick, K J; Bormann, J M; Weaber, R L; MacNeil, M D; Bradford, H L; Freetly, H C; Hales, K E; Moser, D W; Snelling, W M; Thallman, R M; Kuehn, L A

    2017-04-01

    Feed costs are a major economic expense in finishing and developing cattle; however, collection of feed intake data is costly. Examining relationships among measures of growth and intake, including breed differences, could facilitate selection for efficient cattle. Objectives of this study were to estimate genetic parameters for growth and intake traits and compare indices for feed efficiency to accelerate selection response. On-test ADFI and on-test ADG (TESTADG) and postweaning ADG (PWADG) records for 5,606 finishing steers and growing heifers were collected at the U.S. Meat Animal Research Center in Clay Center, NE. On-test ADFI and ADG data were recorded over testing periods that ranged from 62 to 148 d. Individual quadratic regressions were fitted for BW on time, and TESTADG was predicted from the resulting equations. We included PWADG in the model to improve estimates of growth and intake parameters; PWADG was derived by dividing gain from weaning weight to yearling weight by the number of days between the weights. Genetic parameters were estimated using multiple-trait REML animal models with TESTADG, ADFI, and PWADG for both sexes as dependent variables. Fixed contemporary groups were cohorts of calves simultaneously tested, and covariates included age on test, age of dam, direct and maternal heterosis, and breed composition. Genetic correlations (SE) between steer TESTADG and ADFI, PWADG and ADFI, and TESTADG and PWADG were 0.33 (0.10), 0.59 (0.06), and 0.50 (0.09), respectively, and corresponding estimates for heifers were 0.66 (0.073), 0.77 (0.05), and 0.88 (0.05), respectively. Indices combining EBV for ADFI with EBV for ADG were developed and evaluated. Greater improvement in feed efficiency can be expected using an unrestricted index versus a restricted index. Heterosis significantly affected each trait contributing to greater ADFI and TESTADG. Breed additive effects were estimated for ADFI, TESTADG, and the efficiency indices.

  11. Energize New York -- Residential Energy Efficiency Market Transformation in New York

    Energy Technology Data Exchange (ETDEWEB)

    Bregman, Thomas M.

    2013-12-31

    Energize New York (ENY) is focused on addressing known barriers to widespread energy efficiency (EE) adoption by property owners. In simple terms ENY works to; 1) increase homeowner trust by using known and trusted community leaders to communicate their own positive experiences with EE and ENY, 2) reduce friction points by integrating support staff and creative use of technology that ease a homeowner’s way forward through the EE upgrade process, 3) increase homeowner knowledge and trust of specific EE benefits through access to the ENY energy coach, 4) provide information on available financing options that show benefits (e.g. positive cash flow), and 5) provide tools and mechanisms that give homeowners greater comfort in evaluating and selecting the right contractor. These five fundamental program aspects are supported by a hyper-local communications and outreach model and a “lead by example” philosophy that requires community leaders to step forward and model energy efficiency behavior by example. In the communities where the program has successfully engaged local leadership and “trusted community sources” there has been a significant increase in the uptake of energy efficiency work. Quantitatively this growth translated into an increase of 240% in completed Home Performance projects from the two year pre-pilot period (2009-10) to the two year post-pilot period (2012-13). Additionally, the program has seen measureable increases in the output and performance of contractors who are members of the Energize Comfort Corps, a program innovation which included a subset of the NYSERDA approved and Building Performance Institute accredited home performance contractors. This innovation, launched in the later stages of the pilot, is paired with the Energize Contractor Ratings Index (CRI) and helps frame the provider market by giving homeowners a mechanism to provide and receive feedback on their contractor experience. The data incorporated into the CRI along with

  12. Capital gains

    International Nuclear Information System (INIS)

    Blishen, C.

    1997-01-01

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

  13. 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

  14. A high-gain and high-efficiency X-band triaxial klystron amplifier with two-stage cascaded bunching cavities

    Science.gov (United States)

    Zhang, Wei; Ju, Jinchuan; Zhang, Jun; Zhong, Huihuang

    2017-12-01

    To achieve GW-level amplification output radiation at the X-band, a relativistic triaxial klystron amplifier with two-stage cascaded double-gap bunching cavities is investigated. The input cavity is optimized to obtain a high absorption rate of the external injection microwave. The cascaded bunching cavities are optimized to achieve a high depth of the fundamental harmonic current. A double-gap standing wave extractor is designed to improve the beam wave conversion efficiency. Two reflectors with high reflection coefficients both to the asymmetric mode and the TEM mode are employed to suppress the asymmetric mode competition and TEM mode microwave leakage. Particle-in-cell simulation results show that a high power microwave with a power of 2.53 GW and a frequency of 8.4 GHz is generated with a 690 kV, 9.3 kA electron beam excitation and a 25 kW seed microwave injection. Particularly, the achieved power conversion efficiency is about 40%, and the gain is as high as 50 dB. Meanwhile, there is insignificant self-excitation of the parasitic mode in the proposed structure by adopting the reflectors. The relative phase difference between the injected signals and the output microwaves keeps locked after the amplifier becomes saturated.

  15. The French market of solutions for active energy efficiency. Energy, central home automation systems, consumption monitoring software, distributed load shedding, energy performance contract... which tools will stand out?

    International Nuclear Information System (INIS)

    2012-12-01

    This article presents the content of a market study which aimed at proposing an overview of solutions for energy efficiency and at assessing their impact on energy consumption, at identifying the growth dynamics of three market segments (assisted efficiency, automated efficiency and contract-based efficiency), at comparing the posture and strategies of the different actors present on this market (energy providers, equipment manufacturers, pure players, NTIC...), at identifying actors who are in the best position to benefit market development, and at imagining tomorrow's supply for energy efficiency. The report addresses the definition of active energy efficiency, the rationale of its development, the European regulatory and legal context, the strengthening of regulatory and environmental constraints in France, the three different market segments (examples, opportunities), and the competition context

  16. Enhancing efficient functioning of the nordic electricity market. Summary and conclusions

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    2005-02-01

    In September 2004, Nordic Council of Ministers (NCM) in their meeting in Akureyri, Iceland, assessed the state of the Nordic electricity market. The Ministers acknowledged that the market has proved it is well functioning in many respects, however, further development of the Nordic electricity market is needed, i.e. towards a regional market without borders. The Nordic Transmission System Operators (TSOs) were asked to study how a further co-ordination of the system responsibility, a joint organizing and financing of the grid investments and a handling of peak load situations can be established in the Nordic countries. In this report, the main focus is on market-related tasks within system responsibility that are market-related and may have an effect on the functioning of the market. The report covers the following issues: definition of the system responsibility and role of TSOs, harmonization of operational rules and practices in order to improve functioning of the market, TSOs' collaboration in disturbances and shortage situations and joint Nordic transmission investments. Furthermore, the report summarizes the concrete actions taken by the TSOs in strengthening of the market mechanisms in peak load situations. (BA)

  17. Enhancing efficient functioning of the nordic electricity market. Summary and conclusions

    International Nuclear Information System (INIS)

    2005-02-01

    In September 2004, Nordic Council of Ministers (NCM) in their meeting in Akureyri, Iceland, assessed the state of the Nordic electricity market. The Ministers acknowledged that the market has proved it is well functioning in many respects, however, further development of the Nordic electricity market is needed, i.e. towards a regional market without borders. The Nordic Transmission System Operators (TSOs) were asked to study how a further co-ordination of the system responsibility, a joint organizing and financing of the grid investments and a handling of peak load situations can be established in the Nordic countries. In this report, the main focus is on market-related tasks within system responsibility that are market-related and may have an effect on the functioning of the market. The report covers the following issues: definition of the system responsibility and role of TSOs, harmonization of operational rules and practices in order to improve functioning of the market, TSOs' collaboration in disturbances and shortage situations and joint Nordic transmission investments. Furthermore, the report summarizes the concrete actions taken by the TSOs in strengthening of the market mechanisms in peak load situations. (BA)

  18. Essential oils improved weight gain, growth and feed efficiency of young dairy calves fed 18 or 20% crude protein starter diets.

    Science.gov (United States)

    Kazemi-Bonchenari, M; Falahati, R; Poorhamdollah, M; Heidari, S R; Pezeshki, A

    2018-01-17

    The objective was to evaluate interactions between starter protein (180 vs. 200 g/kg, DM basis) and a mixture of essential oils (EOs; containing thymol, eugenol, vanillin, limonene and guaiacol) on growth, metabolic and ruminal functions of Holstein dairy calves. In a completely randomized 2 × 2 factorial design, 48 calves, 3 days old (averaging BW 42.7 ± 1.9 kg), were allocated into groups fed the following diets: (i) 180 g/kg CP with no EO (180P-NEO); (ii) 180 g/kg CP with EO (180P-EO); (iii) 200 g/kg CP with no EO (200P-NEO); and (iv) 200 g/kg CP with EO (200P-EO). The EO was supplemented as 1 g/kg of starter DM. Calves were fed ad libitum starter diet and were weaned at day 59 of age, but diets continued until day 80. There were no interactive effects of CP and EO on intake and growth. Pre-weaning feed efficiency tended to be increased for 200P-EO (p = .09). Average daily gain and feed efficiency during pre-weaning period as well as weaning weight were increased (p calves-fed EO (p = .05) and was lower in those fed 180P vs. 200P (p feed efficiency of dairy calves, irrespective of dietary protein content. © 2018 Blackwell Verlag GmbH.

  19. 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 ...

  20. Economic efficiency of countries' clinical review processes and competitiveness on the market of human experimentation.

    Science.gov (United States)

    Ippoliti, Roberto

    2013-01-01

    Clinical research is a specific phase of pharmaceutical industry's production process in which companies test candidate drugs on patients to collect clinical evidence about safety and effectiveness. Information is essential to obtain manufacturing authorization from the national drug agency and, in this way, make profits on the market. Considering this activity, however, the public stakeholder has to face a conflict of interests. On the one side, there is society's necessity to make advances in medicine and, of course, to promote pharmaceutical companies' investments in this specific phase (new generation). On the other side, there is the duty to protect patients involved in these experimental treatments (old generation). To abide by this moral duty, a protection system was developed through the years, based on two legal institutions: informed consent and institutional review board. How should an efficient protection system that would take human experimentation into account be shaped? Would it be possible for the national protection system of patients' rights to affect the choice of whether to develop a clinical trial in a given country or not? Looking at Europe and considering a protection system that is shaped around institutional review boards, this article is an empirical work that tries to give answers to these open questions. It shows how a protection system that can minimize the time necessary to start a trial can positively affect pharmaceutical clinical research, that is, the choice of pharmaceutical companies to start innovative medical treatments in a given country. Copyright © 2013 International Society for Pharmacoeconomics and Outcomes Research (ISPOR). Published by Elsevier Inc. All rights reserved.