WorldWideScience

Sample records for markets empirical evidence

  1. Market Power in the Nordic Wholesale Electricity Market: A Survey of the Empirical Evidence

    OpenAIRE

    Fridolfsson, Sven-Olof; Tangerås, Thomas

    2008-01-01

    We review the recent empirical research concerning market power on the Nordic wholesale market for electricity, Nord Pool. There is no evidence of blatant and systematic exploitation of system level market power on Nord Pool. However, generation companies seem from time to time able to take advantage of capacity constraints in transmission to wield regional market power. Market power can manifest itself in a number of ways which have so far escaped empirical scrutiny. We discuss investment in...

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

    Energy Technology Data Exchange (ETDEWEB)

    Cappers, Peter; Goldman, Charles; Kathan, David

    2009-06-01

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

  3. Oil Price and Stock Market: Empirical Evidence from Nigeria

    Directory of Open Access Journals (Sweden)

    Olayinka Olufisayo Akinlo

    2014-06-01

    Full Text Available This paper examined the relationship between changes in oil prices and stock market growth over the period 1981-2011 using vector error correction modeling approach. The results suggest a long run relationship between oil price, exchange rate and stock market growth. A unidirectional causality runs from oil price change to stock market development. The impulse response function shows that oil price has a temporary positive impact on stock market. The VDC shows that stock market development to be very much dependent on shock on oil price change. Keywords: oil price, stock market, VECM, Nigeria Normal 0 14 false false false IT X-NONE X-NONE /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Tabella normale"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-qformat:yes; mso-style-parent:""; mso-padding-alt:0cm 5.4pt 0cm 5.4pt; mso-para-margin:0cm; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:11.0pt; font-family:"Calibri","sans-serif"; mso-ascii-font-family:Calibri; mso-ascii-theme-font:minor-latin; mso-fareast-font-family:"Times New Roman"; mso-fareast-theme-font:minor-fareast; mso-hansi-font-family:Calibri; mso-hansi-theme-font:minor-latin; mso-bidi-font-family:"Times New Roman"; mso-bidi-theme-font:minor-bidi;}

  4. Interpreting the empirical evidence on illegal gun market dynamics.

    Science.gov (United States)

    Braga, Anthony A; Wintemute, Garen J; Pierce, Glenn L; Cook, Philip J; Ridgeway, Greg

    2012-10-01

    Thousands of Americans are killed by gunfire each year, and hundreds of thousands more are injured or threatened with guns in robberies and assaults. The burden of gun violence in urban areas is particularly high. Critics suggest that the results of firearm trace data and gun trafficking investigation studies cannot be used to understand the illegal supply of guns to criminals and, therefore, that regulatory and enforcement efforts designed to disrupt illegal firearms markets are futile in addressing criminal access to firearms. In this paper, we present new data to address three key arguments used by skeptics to undermine research on illegal gun market dynamics. We find that criminals rely upon a diverse set of illegal diversion pathways to acquire guns, gun traffickers usually divert small numbers of guns, newer guns are diverted through close-to-retail diversions from legal firearms commerce, and that a diverse set of gun trafficking indicators are needed to identify and shut down gun trafficking pathways.

  5. IPO timing determinants: empirical evidence on the Polish capital market

    Directory of Open Access Journals (Sweden)

    Tomáš Meluzín

    2013-01-01

    Full Text Available This paper examines the determinants influencing the IPO timing by enterprises under the conditions in force on the Polish capital market. In the study we asked CFOs Polish enterprises divided into two groups to formulate their insights in the area of IPO timing. The first group consisted of the entities that have previously executed an initial public offering, the second one included the entities that have not executed an IPO (but considered doing so in the past or were candidates for doing it in the future. The survey results can be summarised as follows. First, in choosing an opportune time for an IPO, both subsamples of companies take into considerations the current need of external equity capital for continuing their growth. Second, managers also take advantage of macroeconomic development and effort conducting IPOs when present and projected state of the national and global economy is favorable. Overall stock market conditions, conditions in the business sector and investors´ interest in the business sector were identified as determinants of IPOs timing with a very strong support. Finally, Polish CFOs attach less importance to the interest that other companies operating in the same type of business may have in IPOs. The interest that firms from other business sectors may have in going public does not have an appreciable effect on timing as well.

  6. EMPIRICAL EVIDENCE ON THE RELATIONSHIP BETWEEN MERGERS AND ACQUISITIONS AND THE ROMANIAN STOCK MARKET

    Directory of Open Access Journals (Sweden)

    Iamandi Irina Eugenia

    2010-12-01

    Full Text Available Based on empirical studies and theoretical evidence, the paper investigates the relationship between mergers and acquisitions in Romania and Romanian stock market, described by the BET and BET-C indexes. By using the Granger causality test for the number of mergers and acquisitions, the research results suggest that, for the market and period considered, one way and both ways relationships are present.

  7. HERDING BEHAVIOR UNDER MARKETS CONDITION: EMPIRICAL EVIDENCE ON THE EUROPEAN FINANCIAL MARKETS

    Directory of Open Access Journals (Sweden)

    Moatemri Ouarda

    2013-01-01

    Full Text Available This study presents four main contributions to the literature of behavior herding. Firstly, it extends the behavioral researches of herding of the investors on a developed market and mainly on a European market as a whole. Secondly, we are interested in examination of herding behavior at the level of sectors by using data at the levels of companies. Thirdly, this document estimates the implications of herding behavior in terms of returns, volatility and volume of transaction. Fourthly, the herding behavior is revealed as well during the period of the recent global financial crisis in 2007-2008 and of Asian crisis. Our results reveal a strong evidence of herding behavior sharply contributed to a bearish situation characterized by a strong volatility and a trading volume. The repercussion of herding during the period of the recent financial crisis is clearly revealed for the sectors of the finance and the technology.

  8. 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.

  9. The Model Of Contemporary Marketing Practices (Cmp) In The Russian Market: Evidence From Empirical Research

    OpenAIRE

    Vera A. Rebiazina; Olga A. Tretyak

    2014-01-01

    Previous research has shown that emerging markets represent a significant part of the world economy and are expanding their share. However, they are still not well examined in the marketing field. Russia is especially neglected in the academic discussion of overall marketing strategy. Previous research indicates that the model of “Contemporary marketing practices” (CMP) is commonly used as a classification scheme of marketing practices both in developed and developing markets. This article ex...

  10. How can the regulator show evidence of (no) risk selection in health insurance markets? Conceptual framework and empirical evidence.

    Science.gov (United States)

    van de Ven, Wynand P M M; van Vliet, René C J A; van Kleef, Richard C

    2017-03-01

    If consumers have a choice of health plan, risk selection is often a serious problem (e.g., as in Germany, Israel, the Netherlands, the United States of America, and Switzerland). Risk selection may threaten the quality of care for chronically ill people, and may reduce the affordability and efficiency of healthcare. Therefore, an important question is: how can the regulator show evidence of (no) risk selection? Although this seems easy, showing such evidence is not straightforward. The novelty of this paper is two-fold. First, we provide a conceptual framework for showing evidence of risk selection in competitive health insurance markets. It is not easy to disentangle risk selection and the insurers' efficiency. We suggest two methods to measure risk selection that are not biased by the insurers' efficiency. Because these measures underestimate the true risk selection, we also provide a list of signals of selection that can be measured and that, in particular in combination, can show evidence of risk selection. It is impossible to show the absence of risk selection. Second, we empirically measure risk selection among the switchers, taking into account the insurers' efficiency. Based on 2-year administrative data on healthcare expenses and risk characteristics of nearly all individuals with basic health insurance in the Netherlands (N > 16 million) we find significant risk selection for most health insurers. This is the first publication of hard empirical evidence of risk selection in the Dutch health insurance market.

  11. Investor’s Sentiments and Stock Market Volatility: an empirical evidence from emerging stock market

    Directory of Open Access Journals (Sweden)

    Mobeen Ur Rehman

    2013-05-01

    Full Text Available The concept of efficient market hypothesis has prevailed the financial markets for a long time which says that the prices of the securities reflect all available information. This approach was mainly followed by the rational investors but with the passage of time, the concept of behavioral finance emerged due to some of the major global financial crashes. This concept states that there are investors trading in the market making decisions on the basis of sentiments not on any fundamental information. Such class of traders is called the noise traders and they are mainly responsible for any disruption in the returns of the securities. In this paper we will try to find whether these sentiments of the investors affect the returns of the securities listed on the Karachi stock exchange. We will use the investor sentiment index that uses the six proxies the data on which has been collected mainly from the Karachi stock exchange. Volatility of the stock market returns will be calculated and regressed with the sentimental equation discussed above as the independent variable. This study will help us to find out the extent to which these sentiments influence the stock market returns in weak form efficient market and also it will help us to identify the presence of such irrational noise traders in our financial market.

  12. Price formation and intertemporal arbitrage within a low-liquidity framework. Empirical evidence from European natural gas markets

    Energy Technology Data Exchange (ETDEWEB)

    Nick, Sebastian

    2013-08-15

    In this study, the informational efficiency of the European natural gas market is analyzed by empirically investigating price formation and arbitrage efficiency between spot and futures markets. Econometric approaches are specified that explicitly account for nonlinearities and the low liquidity framework of the considered gas hubs. The empirical results reveal that price discovery takes place on the futures market, while the spot price subsequently follows the futures market price. Furthermore, there is empirical evidence of significant market frictions hampering intertemporal arbitrage. UK's NBP seems to be the hub at which arbitrage opportunities are exhausted most efficiently, although there is convergence in the degree of intertemporal arbitrage efficiency over time at the hubs investigated.

  13. The scale-dependent market trend: Empirical evidences using the lagged DFA method

    Science.gov (United States)

    Li, Daye; Kou, Zhun; Sun, Qiankun

    2015-09-01

    In this paper we make an empirical research and test the efficiency of 44 important market indexes in multiple scales. A modified method based on the lagged detrended fluctuation analysis is utilized to maximize the information of long-term correlations from the non-zero lags and keep the margin of errors small when measuring the local Hurst exponent. Our empirical result illustrates that a common pattern can be found in the majority of the measured market indexes which tend to be persistent (with the local Hurst exponent > 0.5) in the small time scale, whereas it displays significant anti-persistent characteristics in large time scales. Moreover, not only the stock markets but also the foreign exchange markets share this pattern. Considering that the exchange markets are only weakly synchronized with the economic cycles, it can be concluded that the economic cycles can cause anti-persistence in the large time scale but there are also other factors at work. The empirical result supports the view that financial markets are multi-fractal and it indicates that deviations from efficiency and the type of model to describe the trend of market price are dependent on the forecasting horizon.

  14. Behavioural processes in marketing channel relationships: Review and integration of empirical evidence

    DEFF Research Database (Denmark)

    Jensen, Nils Bøgelund; Skytte, Hans

    1997-01-01

    This paper reviews the empirical research on behavioural processes in marketing channel relationships. Systematically examining nine international journals, we find 49 papers on behavioural processes. On the basis of the hypothesis tests in the papers, we discuss the results and integrate...

  15. AN INSTITUTIONAL AND NETWORK PERSPECTIVE OF ORGANISATIONAL LEGITIMACY: EMPIRICAL EVIDENCE FROM CHINA′S TELECOMMUNICATIONS MARKET

    Directory of Open Access Journals (Sweden)

    Brian Low

    2010-07-01

    Full Text Available This perspective paper combines institutional and industrial network theory to develop a framework for analysing organisational legitimacy. The main subject, Nokia China, is found to be sensitive to network-legitimating initiatives, with consequences that accommodate multiple, conflicting stakeholders′ interests in China′s politically sensitive and protective telecommunications market. This paper offers new insights into institutional isomorphism that is manifested empirically as incremental conformity to regulative processes, institutional norms and cognitive knowledge and meanings within the environment, thereby extending commonly held views of institutional theory to include organisational legitimacy in industrial networks.

  16. Soccer and stock market risk: empirical evidence from the Istanbul Stock Exchange.

    Science.gov (United States)

    Berument, M Hakan; Ceylan, Nildag Basak

    2013-06-01

    There is an emerging but important literature on the effects of sport events such as soccer on stock market returns. After a soccer team's win, agents discount future events more favorably and increase risk tolerance. Similarly, after a loss, risk tolerance decreases. This paper directly assesses risk tolerance after a sports event by using daily data from the three major soccer teams in Turkey (Beşiktaşç Fenerbahge and Galatasaray). Results provide evidence that risk tolerance increases after a win, but similar patterns were not found after a loss.

  17. Hindsight bias and investment decisions making empirical evidence form an emerging financial market

    Directory of Open Access Journals (Sweden)

    Muntazir Hussain

    2013-05-01

    Full Text Available We studied the hindsight bias and investor decision making by employing the novel approach asset selection effect and sign of return effect. The study investigated the hindsight bias and investor decision making through questionnaires. The respondents are divided into three groups namely bank financial managers, stock market investors and students. The statistical significance of the asset selection effect and sign of return effect is tested by proportional z-test. Furthermore, the correlation of the memory error and recall error is also determined. The overall perceived error (hindsight bias relationship is checked with the confidence in recall and confidence in estimate. We found strong evidence of hindsight bias in all respondents groups and its worst consequence on investment decision making. The bank financial managers were found less exposed to hindsight bias in comparison to stock market investors in asset selection effect. However, in sign of return effect the financial managers were more hindsight biased than the stock market investors. The relationship of hindsight bias and confidence in recall and confidence in estimate also confirms that all the respondents were hindsight biased and more confident in their estimate and less confident in their recall. All the respondents claim that they knew the phenomenon all along are wrong in their estimate. The respondents were unable to learn from previous errors and unable to detect their errors in estimate and recall. This error in prediction leads the investor to bear the risk above their accepted level which is harmful to their wealth.

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

    Directory of Open Access Journals (Sweden)

    Kapil CHOUDHARY

    2010-11-01

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

  19. Assessment of Rice Market Competiveness Using Horizontal Price Transmission: Empirical Evidence from Southern Region of Nigeria

    Directory of Open Access Journals (Sweden)

    S. B. Akpan

    2016-06-01

    Full Text Available The study examined the horizontal price transmission and market integration between the local and foreign rice market in the Southern region of Nigeria. The study used average monthly prices of local and foreign rice in the rural and urban markets from January 2005 to June 2014. The findings show that, prices of local and foreign rice in the rural and urban markets have constant exponential growth rate of 0.60%. The Pearson correlation coefficient revealed a strong positive relationship between prices of local and foreign rice in both rural and urban markets. The cross-product Granger causality test revealed bidirectional relationship between prices of local and foreign rice in the region. The results of the cross co-integration test revealed the presence of co-integration between prices of the two products. The coefficients of the price variable in the cross co-integration equations for the local and foreign rice markets converge to the law of one price which connotes instantaneous price adjustment and competitiveness. The result of the cross - product error correction model also confirmed the existence of the short run market integration between the two markets. The study established the fact that, price of local rice competes favorably with its foreign counter part and thus a perfect substitute especially in the rural area. Based on the finding, it is recommended that, short term policies should be used to intervene in the rice sub sector in the region. Policies aimed at boosting local production of rice should be encouraged, while value additions in the domestic produced rice should be pursuit vigorously.

  20. Seasonality in Equity Rising on Stock Markets. Windows of Opportunity? Empirical Evidence from China, India, Brazil and South Africa

    OpenAIRE

    2013-01-01

    Empirical research has underlined high variability cases of equity-raising through the placing of shares in the primary market in the course of time, considering both new enterprises��� quotations, and increases for the already- quoted ones in regulated markets. Different periods and markets at different development stages have been taken in exam, resulting in the discovery of high concentration of such operations in specific time-slots. Focusing on China, India, Brazil and South Africa’s sto...

  1. Stock Market Efficiency and Size of the Firm: Empirical Evidence from Pakistan

    Directory of Open Access Journals (Sweden)

    Ikram ul Haq

    2014-03-01

    Full Text Available The purpose of this paper is to examine the relationship between firm size and excess stock returns in Pakistani market. We construct a set of 10 portfolios based on size i.e., market capitalization, total assets and sales for the period between 2007 and 2011, and analyze the annual stock returns by using sorting and Fama & Macbeth model. The results of the study indicate a prominent size effect where smaller firm or size portfolios are found to have a greater average annual excess returns than bigger firm or size portfolios during the period under analysis. We find that small firms have significantly greater excess returns than larger firms. The study has strong implications for mutual funds managers, investment analysts as well as small investors who are continuously at a lookout for the trading strategies that beat the market.

  2. Corporate sustainability and asset pricing models: empirical evidence for the Brazilian stock market

    Directory of Open Access Journals (Sweden)

    Vitor Gonçalves de Azevedo

    2016-01-01

    Full Text Available Abstract The paper investigates the impact of corporate sustainability on asset prices. For that purpose, we develop a novel corporate sustainability factor and test the extent to which this factor is priced in an augmented four-factor version of the traditional Fama & French (1993 asset pricing model. The corporate sustainability factor is based on a zero-investment portfolio which is long in stocks with high sustainability and short in stocks with low sustainability. We use data on the Brazilian stock market to estimate alternative model specifications with different combinations of four explanatory variables: the corporate sustainability premium, the market risk factor premium, the size factor premium and the book-to-market factor premium. Our results indicate that corporate sustainability is priced and helps to explain the variability in the cross-section of expected stock returns.

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

    NARCIS (Netherlands)

    Engelen, Peter-Jan; Kabir, Rezaul

    2006-01-01

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

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

    Directory of Open Access Journals (Sweden)

    Radosław Kurach

    2013-06-01

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

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

    NARCIS (Netherlands)

    Engelen, Peter-Jan; Kabir, Mohammed Rezaul

    2006-01-01

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

  6. Capital Market, Financial Deepening and Nigeria’s Economic Growth: Empirical Evidence

    Directory of Open Access Journals (Sweden)

    Raymond Osi Alenoghena

    2014-08-01

    Full Text Available This study investigates the contributions of capital market and financially deepening to economic growth in Nigeria over the period of 1981 to 2012.  The analysis involves examining the stochastic characteristics of each time series variable by testing their stationarity using Augmented Dickey-Fuller (ADF test and estimates the error correction mechanism model. The study revealed that Stock Market Capitalization, Narrow Money Diversification (involving credit to the private sector and Interest Rate significantly impacted the promotion of economic growth of the country during the period of study. Though, other measures of liquidity represented by Financial Development (FID and Monetization Ratio (MTR were not significant in explaining the trend in economic growth, they exhibited very strong coefficients in the process. The study recommends that Government and other stakeholders in the economy should take measures further to improve the liquidity of the financial market to enhance overall economic efficiency in the country. In addition to proper monetary policy management, the study further recommends that concrete steps be taken to improve the activities of the Nigerian stock market.

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

    NARCIS (Netherlands)

    Engelen, P.J.; Kabir, M.R.

    2001-01-01

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

  8. How does auditors’ work stress affect audit quality? Empirical evidence from the Chinese stock market

    Directory of Open Access Journals (Sweden)

    Huanmin Yan

    2016-12-01

    Full Text Available With reference to the Job Demands–Control Model, we empirically examine the effect of auditors’ work stress on audit quality using a sample of Chinese A-share listed companies and their signature auditors from 2009 to 2013. The results show that (1 there is generally no pervasive deterioration in audit quality resulting from auditors’ work stress; (2 there is a significant negative association between work stress and audit quality in the initial audits of new clients; and (3 the perception of work stress depends on auditors’ individual characteristics. Auditors from international audit firms and those in the role of partner respond more strongly to work stress than industry experts. Auditors tend to react more intensively when dealing with state-owned companies. We suggest that audit firms attach more importance to auditors’ work stress and rationalize their allocation of audit resources to ensure high audit quality.

  9. Empirical evidence on risk aversion for individual romanian capital market investors

    Directory of Open Access Journals (Sweden)

    Cristian PAUN

    2008-05-01

    Full Text Available The evolution of stock prices is influenced by the expectations of investors regarding the earning prospects associated to each listed company. One of the key elements of investment decision is the positive relationship between risk and return. Risky securities are preferred to less risky ones only if there is a higher pay-off in the long run that could compensate the investors. The previous studies proved that expected return direct correlated with risk and, due to the presence of risk aversion, this relationship is assumed to be positive one. Risk premium is determined by a lot of factors including risk aversion. The intensity of risk aversion and the evolution of it during a specific period of time are very important for any market. This study proposed an analysis of risk aversion that is based on a specific survey and it is very useful for comparative analysis with other similar studies developed on the case of other emerging markets (from EU or outside EU.

  10. Asset Pricing Model and the Liquidity Effect: Empirical Evidence in the Brazilian Stock Market

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    Otávio Ribeiro de Medeiros

    2011-09-01

    Full Text Available This paper is aims to analyze whether a liquidity premium exists in the Brazilian stock market. As a second goal, we include liquidity as an extra risk factor in asset pricing models and test whether this factor is priced and whether stock returns were explained not only by systematic risk, as proposed by the CAPM, by Fama and French’s (1993 three-factor model, and by Carhart’s (1997 momentum-factor model, but also by liquidity, as suggested by Amihud and Mendelson (1986. To achieve this, we used stock portfolios and five measures of liquidity. Among the asset pricing models tested, the CAPM was the least capable of explaining returns. We found that the inclusion of size and book-to-market factors in the CAPM, a momentum factor in the three-factor model, and a liquidity factor in the four-factor model improve their explanatory power of portfolio returns. In addition, we found that the five-factor model is marginally superior to the other asset pricing models tested.

  11. The Value Relevance of IFRS in the UAE Banking Industry: Empirical Evidence from Dubai Financial Market, 2008-2013

    OpenAIRE

    2014-01-01

    The objective of this paper is to examine the value relevance of accounting information for the banks listed in the Dubai Financial Market (DFM) for the period 2008 - 2013. Empirical tests are based on the return and the price models. Overall, the results show that accounting information is associated with market valuation. The earnings are positive and significantly related to stock prices and stock returns. Moreover results indicate that value relevance of accounting information has changed...

  12. Selected Macroeconomic Variables and Stock Market Movements: Empirical evidence from Thailand

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    Joseph Ato Forson

    2014-06-01

    Full Text Available This paper investigates and analyzes the long-run equilibrium relationship between the Thai stock Exchange Index (SETI and selected macroeconomic variables using monthly time series data that cover a 20-year period from January 1990 to December 2009. The following macroeconomic variables are included in our analysis: money supply (MS, the consumer price index (CPI, interest rate (IR and the industrial production index (IP (as a proxy for GDP. Our findings prove that the SET Index and the selected macroeconomic variables are cointegrated at I (1 and have a significant equilibrium relationship over the long run. Money supply demonstrates a strong positive relationship with the SET Index over the long run, whereas the industrial production index and consumer price index show negative long-run relationships with the SET Index. Furthermore, in non-equilibrium situations, the error correction mechanism suggests that the consumer price index, industrial production index and money supply each contribute in some way to restore equilibrium. In addition, using Toda and Yamamoto’s augmented Granger causality test, we identify a bi-causal relationship between industrial production and money supply and unilateral causal relationships between CPI and IR, IP and CPI, MS and CPI, and IP and SETI, indicating that all of these variables are sensitive to Thai stock market movements. The policy implications of these findings are also discussed.

  13. Stock Market Reaction to Terrorist Attacks: Empirical Evidence from a Front Line State

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    Muhammad Tahir Suleman

    2012-03-01

    Full Text Available The world financial markets have reacted in a highly consistent pattern to the incident of 9/11 in the United States, suicide blasts at night clubs at Bali in 2002, the Madrid and London train bombings in 2004-2005 and a series of continuous blasts and suicide attacks in Pakistan. In this study, we examined the effect of terrorist attack news on returns and volatility for the Karachi Stock Exchange. We employ the EGARCH model proposed by Engle and Ng (1993as it allows good and bad news to have a different impact on volatility. Our results indicate that terrorist attack news has negative impact on the returns of all the sector indices. However, news of these events increased the volatility of KSE100 index and financial sector index. Further it is concluded that the results of oil and gas, and industry are not statistically significant in response to terrorist attack news, indicating that such type of news does not affect the volatility of these two sectors. Moreover, volatility asymmetry is negative in all of the sectors including KSE100 confirming leverage effect.

  14. Seasonality in Equity Rising on Stock Markets. Windows of Opportunity? Empirical Evidence from China, India, Brazil and South Africa

    Directory of Open Access Journals (Sweden)

    Bellonia Antonella

    2013-08-01

    Full Text Available Empirical research has underlined high variability cases of equity-raising through the placing of shares in the primary market in the course of time, considering both new enterprises��� quotations, and increases for the already- quoted ones in regulated markets. Different periods and markets at different development stages have been taken in exam, resulting in the discovery of high concentration of such operations in specific time-slots. Focusing on China, India, Brazil and South Africa’s stock markets trends between 2003 and 2011, the research aims to verify if: a The collected capitals are concentrated in years of high share indexes’ levels; b The collected capitals increase in presence of high market average’s price-earnings.

  15. Control Mechanism and Value of Firm: Empirical Evidence from Indonesia Capital Market

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    Christian Herdinata

    2013-04-01

    Full Text Available This research discusses about the roles of institutional ownership and leverage as control mechanism over agency conflict and how it affects corporate performance. Agency conflict is a result of expropriation via tunneling on asset utilization. This study uses panel data with a sample of 136 companies in Indonesia between 2001-2012. Simultaneous model testing using Three Stage Least Square estimation technique is also used in this study. Results suggest that institutional ownership and leverage have a non-linear effect on asset utilization. Institutional ownership can be used as a control mechanism at higher levels of ownership. However, when the ownership surpasses certain level, institutional owners will be able to conduct expropriation through tunneling. Low-level leverage will result in expropriation through tunneling by institutional owners. On the other hand, higher level of leverage makes it possible to use leverage as control mechanism. This study also suggests that there is a substitutional correlation between the implementation of control mechanism and leverage. This research also proves that the effect of control mechanism on asset utilization will improve corporate performance. This research does not specifically investigate the proportions of institutional ownership and leverage as borderline threshold which shows that the two variables can be used as control mechanism. It also implies that the control mechanism over agency conflict which happens as a result of expropriation through tunneling can be done using institutional ownership and leverage. Institutional ownership and leverage must, in this case, be conducted properly to-wards asset utilization so that it can improve corporate performance. This research provides evidence and solutions for agency conflicts that happen as a result of expropriation through tunneling. This study also contributes to the agency theory testing model by using simultaneous equation and considering non

  16. Control Mechanism and Value of Firm: Empirical Evidence from Indonesia Capital Market

    Directory of Open Access Journals (Sweden)

    Christian Herdinata

    2013-04-01

    Full Text Available This research discusses about the roles of institutional ownership and leverage as control mechanism over agency conflict and how it affects corporate performance. Agency conflict is a result of expropriation via tunneling on asset utilization. This study uses panel data with a sample of 136 companies in Indonesia between 2001-2012. Simultaneous mo-del testing using Three Stage Least Square estimation technique is also used in this study. Results suggest that institutional ownership and le-verage have a non-linear effect on asset utilization. Institutional ownership can be used as a control mechanism at higher levels of ownership. However, when the ownership surpasses certain level, institutional owners will be able to conduct expropriation through tunneling. Low-level leverage will result in expropriation through tunneling by institutional owners. On the other hand, higher level of leverage makes it possible to use leverage as control mechanism. This study also sug-gests that there is a substitutional correlation between the implementation of control mechanism and leverage. This research also proves that the effect of control mechanism on asset utilization will improve corporate performance. This research does not specifically investigate the proportions of institutional ownership and leverage as borderline threshold which shows that the two variables can be used as control mechanism. It also implies that the control mechanism over agency conflict which happens as a result of expropriation through tunneling can be done using institutional ownership and leverage. Institutional ownership and leverage must, in this case, be conducted properly towards asset utilization so that it can improve corporate performance. This research provides evidence and solutions for agency conflicts that happen as a result of expropriation through tunneling. This study also contributes to the agency theory testing model by using simultaneous equation and considering

  17. 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

  18. Realism And Empirical Evidence

    CERN Document Server

    Schmelzer, I

    1997-01-01

    We define realism using a slightly modified version of the EPR criterion of reality. This version is strong enough to show that relativity is incomplete. We show that this definition of realism is nonetheless compatible with the general principles of causality and canonical quantum theory as well as with experimental evidence in the (special and general) relativistic domain. We show that the realistic theories we present here, compared with the standard relativistic theories, have higher empirical content in the strong sense defined by Popper's methodology.

  19. An empirical study of marketing communications effectiveness in Slovenian market

    OpenAIRE

    Damjana Jerman; Bruno ZavršniK

    2017-01-01

    This paper deals with the value or more specifically, the contribution of marketing communications strategy to effectiveness of marketing communications and hypothesizes that marketing communications strategy correlate with the effectiveness of marketing communications. The paper consists of two parts: the theoretical framework for the role of marketing communications strategy for the effectiveness of the marketing communications and the empirical analysis, based on the primary data collected...

  20. AN EMPIRICAL STUDY OF MARKETING COMMUNICATIONS EFFECTIVENESS IN SLOVENIAN MARKET

    OpenAIRE

    Damjana Jerman; Bruno ZavršniK

    2014-01-01

    This paper deals with the value or more specifically, the contribution of marketing communications strategy to effectiveness of marketing communications and hypothesizes that marketing communications strategy correlate with the effectiveness of marketing communications. The paper consists of two parts: the theoretical framework for the role of marketing communications strategy for the effectiveness of the marketing communications and the empirical analysis, based on the primary data collected...

  1. Central bank transparency, private information and the predictability of monetary policy in the financial markets : theoretical, experimental and empirical evidence

    NARCIS (Netherlands)

    Middeldorp, M.H.

    2010-01-01

    Central banks worldwide have become considerably more communicative about their policies and forecasts. An important reason is that democratic societies expect such transparency from public institutions. Central bankers, supported by a significant body of empirical research, also believe that sharin

  2. Central bank transparency, private information and the predictability of monetary policy in the financial markets : theoretical, experimental and empirical evidence

    NARCIS (Netherlands)

    Middeldorp, M.H.

    2010-01-01

    Central banks worldwide have become considerably more communicative about their policies and forecasts. An important reason is that democratic societies expect such transparency from public institutions. Central bankers, supported by a significant body of empirical research, also believe that

  3. Assessment Of Market Facilities And Locational Effects On Adjoining Neighborhoods In Nigerian Urban Centers Empirical Evidence From Akure Nigeria

    Directory of Open Access Journals (Sweden)

    Adeyinka S. A.

    2015-08-01

    Full Text Available There is the need for people to buy and sell and transact their businesses in a way that life can go on normally. This study examined the markets facilities level and locational effects on adjoining neighbourhoods in Akure Township. Both primary and secondary data types were employed in the study primary data were collected through the administration of questionnaire on traders and patronsbuyers in the markets and residents of adjoining neighbourhoods and personal observation. Secondary data were collected from government publications. Data collected were analysed using descriptive statistical methods which included frequency counts and Likerts scale to analyse the satisfaction of traders and patrons on the facilities in the markets and severity of locational effects on residents of adjoining neighbourhoods. Findings from the study showed that facilities such as parking spaces fire extinguishers circulation spaces within the markets trading spaces safe area for children perimeter fencing and loading and off-loading bay were inadequately provided. While on-street display of goods traffic congestion air pollution on-street parking due to inadequate parking spaces were the severely perceived locational effects. The study concluded that facilities in the markets were inadequate and that markets constitute nuisances to the adjoining areas. It hereby recommends that markets in the study area be provided with the required level of facilities to prevent future urban problems.

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

    Directory of Open Access Journals (Sweden)

    Wagner Moura Lamounier

    2008-10-01

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

  5. AN EMPIRICAL STUDY OF MARKETING COMMUNICATIONS EFFECTIVENESS IN SLOVENIAN MARKET

    Directory of Open Access Journals (Sweden)

    Damjana Jerman

    2014-01-01

    Full Text Available This paper deals with the value or more specifically, the contribution of marketing communications strategy to effectiveness of marketing communications and hypothesizes that marketing communications strategy correlate with the effectiveness of marketing communications. The paper consists of two parts: the theoretical framework for the role of marketing communications strategy for the effectiveness of the marketing communications and the empirical analysis, based on the primary data collected. The concept of the marketing communication effectiveness assumes that there are variables that can have a positive influence on the effectiveness of marketing communications, which incorporates facets of the marketing communication strategy and bidirectional communications. The results suggest that Slovenian organisations which design and implement marketing communication strategy, also have more effective marketing communications. The development of marketing communications strategy was correlated with increased effectiveness of marketing communications in their organisation. Managerial implications are discussed along with directions for further research.

  6. Measuring performance in off-patent drug markets: a methodological framework and empirical evidence from twelve EU Member States.

    Science.gov (United States)

    Kanavos, Panos

    2014-11-01

    This paper develops a methodological framework to help evaluate the performance of generic pharmaceutical policies post-patent expiry or after loss of exclusivity in non-tendering settings, comprising five indicators (generic availability, time delay to and speed of generic entry, number of generic competitors, price developments, and generic volume share evolution) and proposes a series of metrics to evaluate performance. The paper subsequently tests this framework across twelve EU Member States (MS) by using IMS data on 101 patent expired molecules over the 1998-2010 period. Results indicate that significant variation exists in generic market entry, price competition and generic penetration across the study countries. Size of a geographical market is not a predictor of generic market entry intensity or price decline. Regardless of geographic or product market size, many off patent molecules lack generic competitors two years after loss of exclusivity. The ranges in each of the five proposed indicators suggest, first, that there are numerous factors--including institutional ones--contributing to the success of generic entry, price decline and market penetration and, second, MS should seek a combination of supply and demand-side policies in order to maximise cost-savings from generics. Overall, there seems to be considerable potential for faster generic entry, uptake and greater generic competition, particularly for molecules at the lower end of the market.

  7. Organizational Flexibility for Hypercompetitive Markets : Empirical Evidence of the Composition and Context Specificity of Dynamic Capabilities and Organization Design Parameters

    NARCIS (Netherlands)

    N.P. van der Weerdt (Niels)

    2009-01-01

    textabstractThis research project, which builds on the conceptual work of Henk Volberda on the flexible firm, empirically investigates four aspects of organizational flexibility. Our analysis of data of over 1900 firms and over 3000 respondents shows (1) that several increasing levels of

  8. Organizational Flexibility for Hypercompetitive Markets : Empirical Evidence of the Composition and Context Specificity of Dynamic Capabilities and Organization Design Parameters

    NARCIS (Netherlands)

    N.P. van der Weerdt (Niels)

    2009-01-01

    textabstractThis research project, which builds on the conceptual work of Henk Volberda on the flexible firm, empirically investigates four aspects of organizational flexibility. Our analysis of data of over 1900 firms and over 3000 respondents shows (1) that several increasing levels of organizatio

  9. Evaluation of relationship marketing in Islamic banks in the UAE: Empirical evidence based on sensitivity analysis algorithm

    Directory of Open Access Journals (Sweden)

    Chris I. Enyinda

    2014-06-01

    Full Text Available The recorded success of a number of Islamic banks during the recent global financial crisis has indeed attracted the attention of a number of conventional commercial banks. Because these conventional banks are now operating Islamic windows, Islamic banks must focus their efforts on building relationship marketing that is grounded in the principles of Shariah to retain and attract prospective customers. This paper proposes the analytic hierarchy process (AHP sensitivity analysis methodology to test the stability or robustness of the priority ranking of relationship marketing tactics. It used AHP-based questionnaire survey to evaluate the relative importance of factors accounting for relationship marketing success of Islamic banks. Relationship managers consider customer loyalty as the most important end-result of relationship marketing, followed by competitive advantage, customer satisfaction, and financial performance. Based on the performance sensitivity analysis, the overall priority of the alternative course actions accounting for relationship marketing success was robust (stable to the changes in the importance of all the major objectives.

  10. Expert opinion vs. empirical evidence

    Science.gov (United States)

    Herman, Rod A; Raybould, Alan

    2014-01-01

    Expert opinion is often sought by government regulatory agencies when there is insufficient empirical evidence to judge the safety implications of a course of action. However, it can be reckless to continue following expert opinion when a preponderance of evidence is amassed that conflicts with this opinion. Factual evidence should always trump opinion in prioritizing the information that is used to guide regulatory policy. Evidence-based medicine has seen a dramatic upturn in recent years spurred by examples where evidence indicated that certain treatments recommended by expert opinions increased death rates. We suggest that scientific evidence should also take priority over expert opinion in the regulation of genetically modified crops (GM). Examples of regulatory data requirements that are not justified based on the mass of evidence are described, and it is suggested that expertise in risk assessment should guide evidence-based regulation of GM crops. PMID:24637724

  11. Practice management: observations, issues, and empirical evidence.

    Science.gov (United States)

    Wong, H M; Braithwaite, J

    2001-02-01

    The primary objective of this study is to provide objective, empirical, evidence-based practice management information. This is a hitherto under-researched area of considerable interest for both the practitioner and educator. A questionnaire eliciting a mix of structured and free text responses was administered to a random sample of 480 practitioners who are members of the American Academy of Periodontology. Potential respondents not in private practice were excluded and the next listed person substituted. The results provide demographic and descriptive information about some of the main issues and problems facing practice managers, central to which are information technology (IT), financial, people management, and marketing. Human resource and marketing management appear to represent the biggest challenges. Periodontists running practices would prefer more information, development, and support in dealing with IT, finance, marketing, and people management. The empirical evidence reported here suggests that although tailored educational programs on key management issues at both undergraduate and postgraduate levels have become ubiquitous, nevertheless some respondents seek further training opportunities. Evidence-based practice management information will be invaluable to the clinician considering strategic and marketing planning, and also for those responsible for the design and conduct of predoctoral and postdoctoral programs.

  12. Empirical study of recent Chinese stock market

    Science.gov (United States)

    Jiang, J.; Li, W.; Cai, X.; Wang, Qiuping A.

    2009-05-01

    We investigate the statistical properties of the empirical data taken from the Chinese stock market during the time period from January, 2006 to July, 2007. By using the methods of detrended fluctuation analysis (DFA) and calculating correlation coefficients, we acquire the evidence of strong correlations among different stock types, stock index, stock volume turnover, A share (B share) seat number, and GDP per capita. In addition, we study the behavior of “volatility”, which is now defined as the difference between the new account numbers for two consecutive days. It is shown that the empirical power-law of the number of aftershock events exceeding the selected threshold is analogous to the Omori law originally observed in geophysics. Furthermore, we find that the cumulative distributions of stock return, trade volume and trade number are all exponential-like, which does not belong to the universality class of such distributions found by Xavier Gabaix et al. [Xavier Gabaix, Parameswaran Gopikrishnan, Vasiliki Plerou, H. Eugene Stanley, Nature, 423 (2003)] for major western markets. Through the comparison, we draw a conclusion that regardless of developed stock markets or emerging ones, “cubic law of returns” is valid only in the long-term absolute return, and in the short-term one, the distributions are exponential-like. Specifically, the distributions of both trade volume and trade number display distinct decaying behaviors in two separate regimes. Lastly, the scaling behavior of the relation is analyzed between dispersion and the mean monthly trade value for each administrative area in China.

  13. The implications of financial performance on stock exchange indicators of listed companies: empirical evidence for the Romanian capital market

    Directory of Open Access Journals (Sweden)

    Iulia-Oana ȘTEFAN(BELCIC-ȘTEFAN

    2016-08-01

    Full Text Available This paper examines and quantifies the implications of financial indicators of performance on the share return of companies listed on Bucharest Stock Exchange. These implications are even more relevant as the Romanian capital market could benefit from increased visibility with its reclassification as an emerging capital market in the near future. The research is conducted at the level of 33 companies listed on BSE for the time frame 2011-2013, building a multiple linear regression model that quantifies the variation in price to book value depending on the evolution of nine financial indicators of performance out of a total of 38 such possible indicators. Correcting the effects of serial correlation within the model led to its respecification resorting to the generalized differences procedure. The value of the R-squared coefficient of determination for the processed model is 0.543, eight of the nine independent variables being significant at the 1% level. The 0 probability associated to the F-test as well as its value confirm that the regression equation is globally significant. Also, all the assumptions for validating the estimated model are confirmed, both general ones, characteristic to the multiple linear regression procedure, and, in particular, according to the specific set of data under processing. The applied usefulness of the regression model is valued in the next step of the research, that of testing the effectiveness of the Romanian capital market, after which it was found that the influence of financial performance indicators was already incorporated into the market price since the end of the reporting period.

  14. Competing in the Higher Education Market: Empirical Evidence for Economies of Scale and Scope in German Higher Education Institutions

    OpenAIRE

    Olivares, Maria; Wetzel, Heike

    2011-01-01

    Since the late 1990s, the European higher education system has had to face deep structural changes. With the public authorities seeking to create an environment of quasi-markets in the higher education sector, the increased competition induced by recent reforms has pushed all publicly financed higher education institutions to use their resources more efficiently. Higher education institutions increasingly now aim at differentiating themselves from their competitors in terms of the range of ou...

  15. Does the EU sugar policy reform increase added sugar consumption? An empirical evidence on the soft drink market.

    Science.gov (United States)

    Bonnet, Céline; Requillart, Vincent

    2011-09-01

    Whereas National Health authorities recommend a decrease in the consumption of 'added' sugar, a reform on the sugar market will lead to a 36% decrease of the sugar price in the EU. Using French data on soft drinks purchases, this paper investigates the anticipated impact of this reform on the consumption of sugar-sweetened beverages. The reform of the EU sugar policy leads to a decrease in regular soft drink prices by 3% and varies across brands. To assess substitution within this food category, we use a random-coefficients logit model that takes into account a large number of differentiated products and heterogeneity in consumers' behavior. Results suggest that price changes would lead to an increase in market shares of regular products by 7.5% and to substitutions between brands to the benefit of products with the highest sugar content. On the whole, it would raise consumption of regular soft drinks by more than 1 litre per person per year and consumption of added sugar by 124 g per person per year, this increase being larger in households composed of overweight and obese individuals.

  16. EVALUATING MEASURES OF MARKET RISK IN CIRCUMSTANCES OF GLOBAL FINANCIAL CRISIS – EMPIRICAL EVIDENCE FROM FIVE COUNTRIES

    Directory of Open Access Journals (Sweden)

    Ivica Terzić

    2013-06-01

    Full Text Available The purpose of this paper is to evaluate performance of value-at-risk (VaR produced by two risk models: historical simulation and Risk Metrics. We perform three backtest: unconditional coverage, independence and conditional coverage. We present results on both VaR 1% and VaR 5% on a one-day horizon for the following indices: S&P 500, DAX, SAX, PX and Belex 15. Our results show that Historical simulation 500 days rolling window approach satisfies unconditional coverage for all tested indices, while Risk Metrics has many rejection cases. On the other hand Risk Metrics model satisfies independence backtest for three indices, while Historical simulation has rejected more times. Based on our strong criteria to accept accuracy of VaR models only if both unconditional coverage and independence properties are satisfied, results indicate that during the crisis period all tested VaR models underestimate the true level of market risk exposure.

  17. Cibo, Cultura, Paesaggio. Strategie di marketing territoriale per la Valdaso: presupposti teorici ed evidenze empiriche / Food, culture, landscape. Territorial marketing strategies for Valdaso: theoretical assumptions and empirical evidence

    Directory of Open Access Journals (Sweden)

    Concetta Ferrara

    2013-08-01

    Full Text Available Partendo dal dibattito, supportato dall’Unesco, sul valore culturale delle tradizioni alimentari e delle produzioni locali tipiche, l’elaborato avanza alcune proposte per un programma di sviluppo sostenibile per la valle del fiume Aso, un’area delle Marche meridionali che individua nella campagna e nelle produzioni agricole tradizionali i suoi principali tratti distintivi. Dopo aver fatto luce sui temi del valore di produzione del patrimonio culturale e del made in Italy e sulle potenzialità dei prodotti place specific, il contributo rivolge l’attenzione alle peculiarità e risorse del territorio della Valdaso, mediante il ricorso combinato agli strumenti della desk e della field research, ponendo particolare attenzione al tema della percezione e della consapevolezza, presso chi vive e opera in Valdaso, del valore del “made in Valdaso”. L’elaborato si conclude con la definizione di una serie di proposte di marketing territoriale orientate al trinomio  “Cibo-Cultura-Paesaggio”, individuando, quindi, nei prodotti tipici locali un elemento trainante di sviluppo e dimostrando che il successo di un territorio dipende dalla capacità di individuare le strategie più congeniali alle sue specificità.  Starting from the debate, supported by UNESCO, on the cultural value of gastronomic traditions and local products, this paper aims to propose some guidelines for a sustainable development plan for Valdaso, an Italian area located in the South of the Marche region. Countryside landscape and traditional local food are two strong elements of this place identity. After highlighting the meaning of “production value” and “Made in Italy” and the potential of place-specific products in terms of identity construction, this essay tries to identify the Valdaso’s most distinctive characters and assets, through desk and field research, with a particular focus on the perception and awareness of “made in Valdaso” by local people and

  18. Empirical Studies on Sovereign Fixed Income Markets

    NARCIS (Netherlands)

    J.G. Duyvesteyn (Johan)

    2015-01-01

    markdownabstractAbstract This dissertation presents evidence of five studies showing that sovereign fixed income markets are not always price efficient. The emerging local currency debt market has grown to a large size of more than 1.5 trill ion US Dollars at the end of 2012. The factors

  19. Empirical Studies on Sovereign Fixed Income Markets

    NARCIS (Netherlands)

    J.G. Duyvesteyn (Johan)

    2015-01-01

    markdownabstractAbstract This dissertation presents evidence of five studies showing that sovereign fixed income markets are not always price efficient. The emerging local currency debt market has grown to a large size of more than 1.5 trill ion US Dollars at the end of 2012. The factors that

  20. Oil prices and speculative bubbles: empirical evidence from WTI markets; Precos do petroleo e bolhas especulativas: algumas evidencias para o mercado de WTI

    Energy Technology Data Exchange (ETDEWEB)

    Cavalcante, Mileno [Universidade Federal do Ceara (UFC), Fortaleza, CE (Brazil). Curso de Pos-Graduacao em Economia; PETROBRAS S.A., Rio de Janeiro, RJ (Brazil)

    2008-07-01

    The purpose of this work is to gather some evidence about the relationship between crude prices and speculation in oil futures and options markets focusing on WTI markets. In order to shed some light on this link, a brief characterization of what a speculative bubble is and how it works is given. It is also shown that the major reason behind the great inflow of capital into oil derivatives markets is that they became much more attractive to investors than other financial markets (i.e. stocks and bonds) between 2000 and 2007. The reasoning behind the speculative bubble argument is stated and a brief discussion about the strategies commercials and non-commercials adopted in WTI futures and options markets during 1995-2007 period is made. We confront this reasoning with the evidence from the non-commercial net positions and WTI prices from 2003 to 2007 and make some econometric tests for the hypotheses that changes in these positions affect prices and for the presence of a speculative bubble in WTI markets. Our analysis shows no clear linkage between oil prices and non-commercials net positions in the way the 'bubble theory' argues and points to a possible problem of asymmetric information in the oil markets. (author)

  1. Evidências empíricas: arbitragem no mercado brasileiro com fundos ETFs Empirical evidence: arbitrage with Exchange-traded Funds (ETFs on the brazilian market

    Directory of Open Access Journals (Sweden)

    Yuri Sampaio Maluf

    2013-04-01

    Full Text Available De acordo com a literatura de gestão de risco, a diversificação contribui para a mitigação do risco. Neste sentido, os fundos de índice Exchange Traded Funds (ETF, recém-introduzidos no mercado brasileiro, permitem sua fácil execução. Dentro deste contexto, o presente artigo investiga a eficiência do processo de valuation das cotas do fundo iShare Ibovespa com relação ao seu valor justo. Para isto, primeiramente é empregada uma análise das séries temporais de alta frequência do ETF e Ibovespa, seguido de simulações de estratégias que contemplem ágios/deságios entre as séries dos ativos, sem e com custos de transação. A fim de evitar efeitos de Data-Snooping nos resultados das operações, foi aplicado um Bootstrap para séries temporais. No primeiro momento os resultados apontam para uma ineficiência do apreçamento das cotas, visto que a incorporação de ágios/deságios na estratégia produziu retornos de 172,5% acima de seu índice. No segundo, verifica-se que mesmo com a introdução dos custos operacionais, os ganhos ainda assim apresentam ineficiência. Entretanto, a partir da técnica de Bootstrap, os resultados não apontaram para retornos excedentes, o que pode ser atribuído meramente ao fenômeno de Data-Snooping. Os resultados evidenciam, portanto, a inviabilidade dos agentes em auferir rendimentos anormais a partir de divergências entre os valores da cota do ETF e seu respectivo índice, o que indica uma eficiência nas precificações das cotas do fundo iShare Ibovespa.According to risk management literature, diversification helps mitigate risk. Index funds, known as exchange-traded funds (ETFs, which were recently introduced into the Brazilian market, make diversification straightforward to accomplish. This paper investigates the efficiency of the valuation process of the Ibovespa iShares with respect to the fair value of the shares. For this purpose, a high-frequency time series analysis of ETFs and

  2. 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.

  3. Empirical Evidence for Narrative Structure.

    Science.gov (United States)

    Gee, James Paul; Grosjean, Francois

    1984-01-01

    Used experimental tasks--spontaneous telling of a story, reading, and parsing--to determine whether empirical data reflect narrative structure of stories. It was concluded that spontaneous pausing reflects the narrative structure and can be used as a guide to constructing theories of narrative structure and deciding between competing theories.…

  4. Empirical Study of the Risks in Shenzhen Stock Market

    Institute of Scientific and Technical Information of China (English)

    ZUO Xiao-de; GAO Wei-cun

    2001-01-01

    This paper conducts an empirical research on the system risks of the Shenzhen Stock Market using Capital Asset Pricing Model. The typical composition stocks on Shenzhen Stock Market in 1998 are taken as samples.

  5. AN EMPIRICAL STUDY OF MARKETING COMMUNICATIONS EFFECTIVENESS IN SLOVENIAN MARKET

    National Research Council Canada - National Science Library

    Damjana Jerman; Bruno ZavršniK

    2014-01-01

    This paper deals with the value or more specifically, the contribution of marketing communications strategy to effectiveness of marketing communications and hypothesizes that marketing communications...

  6. Threat, Intimidation, and Student Financial Market Knowledge: An Empirical Study

    Science.gov (United States)

    Ford, Matthew W.; Devoto, Steve; Kent, Daniel W.; Harrison, Todd

    2007-01-01

    Threat emanating from financial markets may intimidate college students to some degree. In this article, the authors considered the influence of such intimidation on student financial market knowledge. They hypothesized a negative relationship between intimidation and market knowledge. An empirical study of over 150 undergraduate business school…

  7. Threat, Intimidation, and Student Financial Market Knowledge: An Empirical Study

    Science.gov (United States)

    Ford, Matthew W.; Devoto, Steve; Kent, Daniel W.; Harrison, Todd

    2007-01-01

    Threat emanating from financial markets may intimidate college students to some degree. In this article, the authors considered the influence of such intimidation on student financial market knowledge. They hypothesized a negative relationship between intimidation and market knowledge. An empirical study of over 150 undergraduate business school…

  8. African American Homeschooling Practices: Empirical Evidence

    Science.gov (United States)

    Mazama, Ama

    2016-01-01

    Despite a significant increase in scholarly interest for homeschooling, some of its most critical aspects, such as instructional daily practices, remain grossly understudied. This essay thus seeks to fill that void by presenting empirical evidence regarding the homeschooling practices of a specific group, African Americans. Most specifically, the…

  9. An Investigation of Technology Avoidance Effect into Higher Education Environments: Some Empirical Evidence of Marketing Students' Background and Their Use of Personal Computers Outside the Academic Culture

    Science.gov (United States)

    Spais, George S.; Vasileiou, Konstantinos Z.

    2008-01-01

    The major objective of this study was to test a research hypothesis in order to explain the technology avoidance effect in higher educational environments. We addressed the core research themes of our study using a survey. Our intention was to test marketing students' perceptions in order to investigate the potent influence of a climate of…

  10. THE ASSORTMENT STRUCTURE AND THE PRICE LEVELS AS A FACTOR OF MARKETING CHANNEL COMPETITIVENESS–EMPIRICAL EVIDENCE FROM THE REPUBLIC OF SERBIA

    Directory of Open Access Journals (Sweden)

    Jelena Končar

    2016-12-01

    Full Text Available In this paper, the authors point out the differences in the structure of the product assortment of retailers who show their offers on the Web, with the aim of proving that the structure of the assortment may be a factor of marketing channel competitiveness that the consumers recognize and that makes them opt for a certain marketing channel. On the same basis we aim to compare the prices of representative product categories, in order to determine the impact of prices on marketing channel competitiveness, without taking other factors of channel competitiveness into consideration. Based on the conducted research, we can conclude that having a number of categories of products in the assortment presents a competitive advantage for the retailer in the traditional marketing channel since retailers with electronic sales have a more diverse assortment in their retail store than online. Compared to “pure play” electronic retailers, the structure of assortment measured in number of categories of products that are on offer in e-stores is not significantly different between “pure play” and “bricks and clicks” electronic retailers. On the other hand, if we look at the price levels, there is a difference in prices of product categories on websites of “brick and click” retailers since prices in retail stores are higher than prices in the traditional retail store of the same retailer. However, offers on the website of “pure play” electronic retailers are higher compared to “brick and click” retailers.

  11. An Empirical Measure for Labor Market Density

    NARCIS (Netherlands)

    P.A. Gautier (Pieter); C.N. Teulings (Coen)

    2000-01-01

    textabstractIn this paper we derive a structural measure for labor market density based on the Ellison and Glasear (1997) index for industry concentration''. This labor market density measure serves as a proxy for the number of workers that can reach a certain work area within a reasonal amount of t

  12. How to compete in the higher education market? - Empirical evidence for economies of scale and scope of German higher education institutions

    OpenAIRE

    Olivares, Maria; Wetzel, Heike

    2011-01-01

    Since the late 1990s, the European higher education system has had to face deep structural changes. With the public authorities seeking to create an environment of quasi-markets in the higher education sector, the increased competition induced by recent reforms has pushed all publicly financed higher education institutions to use their resources more efficiently. Higher education institutions increasingly now aim at differentiating themselves from their competitors in terms of the range of ou...

  13. Empirical Rationality in the Stock Market

    DEFF Research Database (Denmark)

    Raahauge, Peter

    2003-01-01

    for this empiricalrationality on part of the agent, the resulting empirical model assignslikelihood to the data actually observed, unlike in the unmodified rational expectationscase. A Lucas (1978)-type asset pricing model which incorporatesempirical rationality is constructed and estimated using U.S. stock data...

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

    NARCIS (Netherlands)

    G.J. de Zwart (Gerben)

    2008-01-01

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

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

    NARCIS (Netherlands)

    G.J. de Zwart (Gerben)

    2008-01-01

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

  16. AN EMPIRICAL ANALYSIS OF HONEYBEE POLLINATION MARKETS

    OpenAIRE

    Rucker, Randal R.; Thurman, Walter N.; Burgett, Michael

    2001-01-01

    Pollination by honeybees plays an important role in modern agriculture. Some crops are greatly dependent on honeybees (almonds, apples, avocados, blueberries, and cherries are examples) while the yields and quality of other crops are significantly enhanced by honeybee pollination. The importance of understanding pollination markets has increased recently due to changes brought on by the twin scourges of Varroa and tracheal mites. Both are infestations of feral and domestic bees that imply gre...

  17. Competition in the German pharmacy market: an empirical analysis.

    Science.gov (United States)

    Heinsohn, Jörg G; Flessa, Steffen

    2013-10-10

    Pharmaceutical products are an important component of expenditure on public health insurance in the Federal Republic of Germany. For years, German policy makers have regulated public pharmacies in order to limit the increase in costs. One reform has followed another, main objective being to increase competition in the pharmacy market. It is generally assumed that an increase in competition would reduce healthcare costs. However, there is a lack of empirical proof of a stronger orientation of German public pharmacies towards competition thus far. This paper analyses the self-perceptions of owners of German public pharmacies and their orientation towards competition in the pharmacy markets. It is based on a cross-sectional survey (N = 289) and distinguishes between successful and less successful pharmacies, the location of the pharmacies (e.g. West German States and East German States) and the gender of the pharmacy owner. The data are analysed descriptively by survey items and employing bivariate and structural equation modelling. The analysis reveals that the majority of owners of public pharmacies in Germany do not currently perceive very strong competitive pressure in the market. However, the innovativeness of the pharmacist is confirmed as most relevant for net revenue development and the profit margin. Some differences occur between regions, e.g. public pharmacies in West Germany have a significantly higher profit margin. This study provides evidence that the German healthcare reforms aimed at increasing the competition between public pharmacies in Germany have not been completely successful. Many owners of public pharmacies disregard instruments of active customer-orientated management (such as customer loyalty or an offensive position and economies of scale), which could give them a competitive advantage. However, it is clear that those pharmacists who strive for systematic and innovative management and adopt an offensive and competitive stance are quite

  18. Competition in the German pharmacy market: an empirical analysis

    Science.gov (United States)

    2013-01-01

    Background Pharmaceutical products are an important component of expenditure on public health insurance in the Federal Republic of Germany. For years, German policy makers have regulated public pharmacies in order to limit the increase in costs. One reform has followed another, main objective being to increase competition in the pharmacy market. It is generally assumed that an increase in competition would reduce healthcare costs. However, there is a lack of empirical proof of a stronger orientation of German public pharmacies towards competition thus far. Methods This paper analyses the self-perceptions of owners of German public pharmacies and their orientation towards competition in the pharmacy markets. It is based on a cross-sectional survey (N = 289) and distinguishes between successful and less successful pharmacies, the location of the pharmacies (e.g. West German States and East German States) and the gender of the pharmacy owner. The data are analysed descriptively by survey items and employing bivariate and structural equation modelling. Results The analysis reveals that the majority of owners of public pharmacies in Germany do not currently perceive very strong competitive pressure in the market. However, the innovativeness of the pharmacist is confirmed as most relevant for net revenue development and the profit margin. Some differences occur between regions, e.g. public pharmacies in West Germany have a significantly higher profit margin. Conclusions This study provides evidence that the German healthcare reforms aimed at increasing the competition between public pharmacies in Germany have not been completely successful. Many owners of public pharmacies disregard instruments of active customer-orientated management (such as customer loyalty or an offensive position and economies of scale), which could give them a competitive advantage. However, it is clear that those pharmacists who strive for systematic and innovative management and adopt an

  19. Solidarity in competitive markets for supplementary health insurance: an empirical analysis

    OpenAIRE

    Francesco Paolucci; Femmeke Prinsze; Pieter JA Stam; Wynand PMM van de Ven

    2006-01-01

    Many countries are considering the option of reducing the share of mandatory health insurance (MHI) and to increasingly rely on voluntary (supplementary) health insurance (VHI) schemes to cover health care expenditures. It is well-known that competitive markets for VHI tend to risk-rated premiums. After discussing the determinants of riskrating in competitive VHI markets, we provide empirical evidence of the potential reduction of (risk-) solidarity caused by the transfer of benefits from MHI...

  20. Empirical Study on Arbitrage Opportunities in China Copper Futures Market

    Institute of Scientific and Technical Information of China (English)

    2007-01-01

    No-arbitrage bound is established with no-arbitrage theory considering all kinds of trade costs, different deposit and loan interest rate, margin and tax in fuuaes markets. The empirical results find that there are many lower bound arbitrage opportunities in China copper futures market from August 8th, 2003 to August 16th, 2005. Concretely, no-arbitrage opportunity is dominant and lower bound arbitrage is narrow in normal market segment. Lower bound arbitrage almost always exists with huge magnitude in inverted market segment. There is basically no-arbitrage in normal market because spot volume is enough, so that upper or lower bound arbitrage can be realized. There is mostly lower bound arbitrage in inverted market because spot volume is lack.

  1. Results of Chilean water markets: Empirical research since 1990

    Science.gov (United States)

    Bauer, Carl J.

    2004-09-01

    Chile's free-market Water Code turned 20 years old in October 2001. This anniversary was an important milestone for both Chilean and international debates about water policy because Chile has become the world's leading example of the free-market approach to water law and water resources management, the textbook case of treating water rights not merely as private property but also as a fully marketable commodity. The predominant view outside of Chile is that Chilean water markets and the Chilean model of water management have been a success, and this perception has encouraged other countries to follow Chile's lead in water law reform. Much of the debate about Chilean water markets, however, has been based more on theoretical or political beliefs than on empirical study. This paper reverses that emphasis by reviewing the evolution of empirical research about these markets since 1990, when Chile returned to democratic government after 16 years of military rule. During the period since 1990, understanding of how Chilean water markets have worked in practice has gradually improved. There have been two major trends in this research: first, a gradual shift from exaggerated claims of the markets' success toward more balanced assessments of mixed results and, second, a heavy emphasis on the economics of water rights trading with very little attention given to the Water Code's impacts on social equity, river basin management, environmental protection, or resolution of water conflicts. The analysis in this study is qualitative and interdisciplinary, combining law, economics, and institutions.

  2. Taking behavioralism seriously: some evidence of market manipulation.

    Science.gov (United States)

    Hanson, J D; Kysar, D A

    1999-05-01

    Over the last ten to fifteen years, economists and legal scholars have become increasingly interested in and sensitive to behavioralist insights. In a companion article, Jon Hanson and Douglas Kysar argued that those scholars have nevertheless given short shrift to what is, at least for policymaking purposes, perhaps the most important lesson of the behavioralist research: individuals' perceptions and preferences are highly manipulable. According to Hanson and Kysar, one theoretical implication of that insight for products liability law is that manufacturers and marketers will manipulate the risk perceptions of consumers. Indeed, to survive in a competitive market, manufacturers and marketers must do so. In this Article, Hanson and Kysar present empirical evidence of market manipulation--a previously unrecognized source of market failure. The Article begins by surveying the extensive qualitative and quantitative marketing research and consumer behavioral studies that discern and influence consumer perceptions. It then provides evidence of market manipulation by reviewing common practices in everyday market settings, such as gas stations and supermarkets, and by examining familiar marketing approaches, such as environmentally oriented and fear-based advertising. Although consumers may be well-aware of those practices and approaches, they appear to be generally unaware of the extent to which those tactics are manipulative. The Article then focuses on the industry that has most depended upon market manipulation: the cigarette industry. Through decades of sophisticated marketing and public relations efforts, cigarette manufacturers have heightened consumer demand and lowered consumer risk perceptions. Because consumers are aware that smoking may pose significant health risks, the tobacco industry's success in manipulating risk perceptions constitutes especially strong evidence of the power of market manipulation. The Article concludes by arguing that the evidence of

  3. Empirical Study on the Multifractal Phenomenon of Chinese Stock Market

    Institute of Scientific and Technical Information of China (English)

    魏宇; 黄登仕

    2003-01-01

    Many recent researches with empirical data have demonstrated that financial data have multifractal properties. To study the properties of Chinese stock market, the Shanghai Stock Exchange Composite Index (SSECI) from January 1999 to July 2001 (a quotation taken every 5 min) is analyzed using multifractal theories, and it is found that the return volatility correlations are of power-laws with a non-unique scaling exponent. It is verified that Chinese stock market is quite similar to foreign financial markets in terms of multifractal properties.

  4. Stock market volatility using GARCH models: Evidence from South Africa and China stock markets

    OpenAIRE

    Cheteni, Priviledge

    2016-01-01

    This study looks into the relationship between stock returns and volatility in South Africa and China stock markets. A Generalized Autoregressive Conditional Heteroscedasticity (GARCH) model is used to estimate volatility of the stock returns, namely, the Johannesburg Stock Exchange FTSE/JSE Albi index and the Shanghai Stock Exchange Composite Index. The sample period is from January 1998 to October 2014. Empirical results show evidence of high volatility in both the JSE market, and the Shang...

  5. Computational mate choice: theory and empirical evidence.

    Science.gov (United States)

    Castellano, Sergio; Cadeddu, Giorgia; Cermelli, Paolo

    2012-06-01

    The present review is based on the thesis that mate choice results from information-processing mechanisms governed by computational rules and that, to understand how females choose their mates, we should identify which are the sources of information and how they are used to make decisions. We describe mate choice as a three-step computational process and for each step we present theories and review empirical evidence. The first step is a perceptual process. It describes the acquisition of evidence, that is, how females use multiple cues and signals to assign an attractiveness value to prospective mates (the preference function hypothesis). The second step is a decisional process. It describes the construction of the decision variable (DV), which integrates evidence (private information by direct assessment), priors (public information), and value (perceived utility) of prospective mates into a quantity that is used by a decision rule (DR) to produce a choice. We make the assumption that females are optimal Bayesian decision makers and we derive a formal model of DV that can explain the effects of preference functions, mate copying, social context, and females' state and condition on the patterns of mate choice. The third step of mating decision is a deliberative process that depends on the DRs. We identify two main categories of DRs (absolute and comparative rules), and review the normative models of mate sampling tactics associated to them. We highlight the limits of the normative approach and present a class of computational models (sequential-sampling models) that are based on the assumption that DVs accumulate noisy evidence over time until a decision threshold is reached. These models force us to rethink the dichotomy between comparative and absolute decision rules, between discrimination and recognition, and even between rational and irrational choice. Since they have a robust biological basis, we think they may represent a useful theoretical tool for

  6. An empirical study on information spillover effects between the Chinese copper futures market and spot market

    Science.gov (United States)

    Liu, Xiangli; Cheng, Siwei; Wang, Shouyang; Hong, Yongmiao; Li, Yi

    2008-02-01

    This study employs a parametric approach based on TGARCH and GARCH models to estimate the VaR of the copper futures market and spot market in China. Considering the short selling mechanism in the futures market, the paper introduces two new notions: upside VaR and extreme upside risk spillover. And downside VaR and upside VaR are examined by using the above approach. Also, we use Kupiec’s [P.H. Kupiec, Techniques for verifying the accuracy of risk measurement models, Journal of Derivatives 3 (1995) 73-84] backtest to test the power of our approaches. In addition, we investigate information spillover effects between the futures market and the spot market by employing a linear Granger causality test, and Granger causality tests in mean, volatility and risk respectively. Moreover, we also investigate the relationship between the futures market and the spot market by using a test based on a kernel function. Empirical results indicate that there exist significant two-way spillovers between the futures market and the spot market, and the spillovers from the futures market to the spot market are much more striking.

  7. Pricing-to-market or hysteresis? An empirical investigation of German exports

    OpenAIRE

    Penkova, Emilia

    2005-01-01

    The paper initiates a new area of research: both concepts of hysteresis and pricing-to-market are simultaneously investigated in relation to German exports into Belgium, France, Italy, UK, Spain and Sweden over the period 1975 to 1994 at 4-digit ISIC level. There is abundant empirical evidence that German exports price-to-market. Part of this observed limited exchange rate pass-through, however, might be due to hysteresis as well. A dynamic panel estimation is undertaken, a new concept 'prici...

  8. Market Reactions to Actual Open-Market Share Repurchases - A non-US empirical study

    DEFF Research Database (Denmark)

    Thinggaard, Frank

    2002-01-01

    with less attention by financial analysts and thus presumably with more general information asymmetry between management and the market. However, contrary to US evidence variables intended to capture intangible assets, idle cash, and prior period profitability are not significant in explaining the market......This study finds that announcements of actual open-market share repurchases are greeted positively by investors in Denmark. In line with US evidence the results of multiple regression analyses indicate that the the market reacts significantly more positively to repurchase announcements by firms...

  9. Momentum Investment Strategy : (An Empirical Study of the Canadian Stock Market and the Swedish Stock Market)

    OpenAIRE

    Ludvigsson, Anita

    2008-01-01

    Abstract Market efficiency is a highly debated topic within the academic research field of finance. Several studies have presented that the return on stocks may be predictable by employing the momentum investment strategy, which contradicts the Efficient Market Hypothesis in exchange market. There is extensive international evidence, on an academic level that the momentum investment strategy yields positive abnormal returns when short-term periods are considered. This paper examines the profi...

  10. Market Reactions to Actual Open-Market Share Repurchases - A non-US empirical study

    DEFF Research Database (Denmark)

    Thinggaard, Frank

    2002-01-01

    with less attention by financial analysts and thus presumably with more general information asymmetry between management and the market. However, contrary to US evidence variables intended to capture intangible assets, idle cash, and prior period profitability are not significant in explaining the market...

  11. Empirical Evidence from Kaduna State, Nigeria

    African Journals Online (AJOL)

    Michael Madukwe

    public extension agency owned by State government and mass media. ... creating awareness and facilitating the adoption of these innovations. ... fisheries, women are mainly involved in processing and marketing (Uchola 2000 .... decision among Farmers in Markurdi, Benue State. ... agriculture and social research.

  12. Stock returns predictability and the adaptive market hypothesis in emerging markets: evidence from India.

    Science.gov (United States)

    Hiremath, Gourishankar S; Kumari, Jyoti

    2014-01-01

    This study addresses the question of whether the adaptive market hypothesis provides a better description of the behaviour of emerging stock market like India. We employed linear and nonlinear methods to evaluate the hypothesis empirically. The linear tests show a cyclical pattern in linear dependence suggesting that the Indian stock market switched between periods of efficiency and inefficiency. In contrast, the results from nonlinear tests reveal a strong evidence of nonlinearity in returns throughout the sample period with a sign of tapering magnitude of nonlinear dependence in the recent period. The findings suggest that Indian stock market is moving towards efficiency. The results provide additional insights on association between financial crises, foreign portfolio investments and inefficiency. G14; G12; C12.

  13. On the Empirical Evidence of Mutual Fund Strategic Risk Taking

    NARCIS (Netherlands)

    Goriaev, A.P.; Nijman, T.E.; Werker, B.J.M.

    2001-01-01

    We reexamine empirical evidence on strategic risk-taking behavior by mutual fund managers.Several studies suggest that fund performance in the first semester of a year influences risk-taking in the second semester.However, we show that previous empirical studies implicitly assume that idiosyncratic

  14. Managerial Career Patterns: A Review of the Empirical Evidence

    Science.gov (United States)

    Vinkenburg, Claartje J.; Weber, Torsten

    2012-01-01

    Despite the ubiquitous presence of the term "career patterns" in the discourse about careers, the existing empirical evidence on (managerial) career patterns is rather limited. From this literature review of 33 published empirical studies of managerial and similar professional career patterns found in electronic bibliographic databases, it is…

  15. On the Empirical Evidence of Mutual Fund Strategic Risk Taking

    NARCIS (Netherlands)

    Goriaev, A.P.; Nijman, T.E.; Werker, B.J.M.

    2001-01-01

    We reexamine empirical evidence on strategic risk-taking behavior by mutual fund managers.Several studies suggest that fund performance in the first semester of a year influences risk-taking in the second semester.However, we show that previous empirical studies implicitly assume that idiosyncratic

  16. Empirical agent-based land market: Integrating adaptive economic behavior in urban land-use models

    NARCIS (Netherlands)

    Filatova, Tatiana

    2015-01-01

    This paper introduces an economic agent-based model of an urban housing market. The RHEA (Risks and Hedonics in Empirical Agent-based land market) model captures natural hazard risks and environmental amenities through hedonic analysis, facilitating empirical agent-based land market modeling. RHEA i

  17. Models of expected returns on the brazilian market: Empirical tests using predictive methodology

    Directory of Open Access Journals (Sweden)

    Adriano Mussa

    2009-01-01

    Full Text Available Predictive methodologies for test of the expected returns models are largely diffused on the international academic environment. However, these methods have not been used in Brazil in a systematic way. Generally, empirical studies proceeded with Brazilian stock market data are concentrated only in the first step of these methodologies. The purpose of this article was test and compare the models CAPM, 3-factors and 4-factors using a predictive methodology, considering two steps – temporal and cross-section regressions – with standard errors obtained by the techniques of Fama and Macbeth (1973. The results indicated the superiority of the 4-fators model as compared to the 3-fators model, and the superiority of the 3- factors model as compared to the CAPM, but no one of the tested models were enough on the explanation of the Brazilian stock returns. Contrary to some empirical evidences, that do not use predictive methodology, the size and momentum effect seem do not exist on the Brazilian capital markets, but there are evidences of the value effect and the relevance of the market for explanation of expected returns. These finds rise some questions, mainly caused by the originality of the methodology on the local market and by the fact that this subject is still incipient and polemic on the Brazilian academic environment.

  18. On the integration of financial markets: How strong is the evidence from five international stock markets?

    Science.gov (United States)

    Bentes, Sónia R.

    2015-07-01

    This paper examines the integration of financial markets using data from five international stock markets in the context of globalization. The theoretical basis of this study relies on the price theory and the Law of One Price, which was adjusted to the framework of financial markets. When price levels are nonstationary, cointegration and the error correction model constitute a powerful tool for the empirical examination of market integration. The error correction model provides a fully dynamic framework that allows to separating the long and the short run effects of the integration process. A dataset encompassing the daily stock price series of the PSI 20 (Portugal), IBEX 35 (Spain), FTSE 100 (UK), NIKKEI 225 (Japan) and SP 500 (US) indices from January 4th 1999 to September 19th 2014 is employed. The results highlight that these five stock markets are linked together by just one long-run relationship, although short-run movements are also present, which causes distinct deviations from the long-run equilibrium relationship. Endogeneity prevails in the system as a whole. While market integration in the sense of the Law of One Price holds, pairwise full price transmission has limited evidence. The results therefore show that stock market price movements are highly nonlinear and complex.

  19. Market Liquidity, Analysts Coverage, and Ownership Concentration: Evidence From ASE

    Directory of Open Access Journals (Sweden)

    Majd Iskandrani

    2016-06-01

    Full Text Available This research investigates the association between analyst coverage, ownership concentration and market liquidity in Amman Stock Exchange (ASE. Using a unique dataset about information asymmetry, several proxies related to the information asymmetry are used to clarify certain aspects of market liquidity. In a sample of 131 companies with comprehensive data collected from company guides and Datastream, information asymmetry measured by analysts’ coverage is found to be an important determinant of market liquidity. In particular, market liquidity is lower where firms have larger analysts coverage and where firms are denoted with high degree of ownership concentration. The effect of analysts coverage is, however, found to be more marked in firms with high levels of ownership concentration. The study provides theoretical and empirical improvement of market liquidity literature towards an understanding of the information asymmetry proxies in ASE. Policymakers, after the 2007-2009 scandal have formed governance codes that highlight the importance of disclosure requirements as key responsibility of financial analysts. The link between analysts coverage and market liquidity established in this research provides evidence for insider investors on the roles and potential effectiveness of analysts in carrying this responsibility.

  20. MARKETING SYSTEM OF MARINE FISH IN BANGLADESH: AN EMPIRICAL STUDY

    OpenAIRE

    Islam, M. Serajul; Miah, Tofazzal Hossain; Haque, Md. Mojammel

    2000-01-01

    This paper was designed to investigate the present status of marine fish marketing aiming to determine marketing costs, margins and profits of marketing intermediaries both in domestic and export marketing. Primary data were collected by survey method wherein various market intermediaries were interviewed from selected districts for eliciting information at various stages of marine fish marketing. The study revealed that marketing margin as well as marketing profit both were relatively higher...

  1. Intraday volatility spillovers between spot and futures indices: Evidence from the Korean stock market

    Science.gov (United States)

    Kang, Sang Hoon; Cheong, Chongcheul; Yoon, Seong-Min

    2013-04-01

    This study provides empirical evidence of the relationship between spot and futures markets in Korea. In particular, the study focuses on the volatility spillover relationship between spot and futures markets by using three high-frequency (10 min, 30 min, and 1 h time-scales) intraday data sets of KOSPI 200 spot and futures contracts. The results indicate a strong bi-directional causal relationship between futures and spot markets, suggesting that return volatility in the spot market can influence that in the futures market and vice versa. Thus, the results indicate that new information is reflected in futures and spot markets simultaneously. This bi-directional causal relationship provides market participants with important guidance on understanding the intraday information transmission between the two markets. Thus, on a given trading day, there may be sudden and sharp increases or decreases in return volatility in the Korean stock market as a result of positive feedback and synchronization of spot and futures markets.

  2. Evidence-Based Marketing for Academic Librarians

    Directory of Open Access Journals (Sweden)

    Yoo-Seong Song

    2006-03-01

    Full Text Available Objective - In developing marketing strategies for the Business & Economics Library (BEL at the University of Illinois at Urbana-Champaign (UIUC, a survey was designed to answer the following questions: - Should BEL develop marketing strategies differently for East Asian business students? - What services do graduate business students want to receive from BEL? - With whom should BEL partner to increase visibility at the College of Business? Marketing research techniques were used to gather evidence upon which BEL could construct appropriate marketing strategies. Methods - A questionnaire was used with graduate business students enrolled at UIUC. The survey consisted of four categories of questions: 1 demographics, 2 assessment of current library services, 3 desired library services, and 4 research behavior. The data were analyzed using desriptive statistics and hypothesis testing to answer the three research questions. Results - East Asian business students showed similar assessment of current services as non-East Asian international business students. Survey results also showed the graduate business students had low awareness of current library services. The Business Career Services Office was identified as a co-branding partner for BEL to increase its visibility. Conclusion - A marketing research approach was used to help BEL make important strategic decisions before launching marketing campaigns to increase visibility to graduate business students at UIUC. As a result of the survey, a deeper understanding of graduate business students' expectations and assessment of library services was gained. Students' perceptions became a foundation that helped shape marketing strategies for BEL to increase its visibility at the College of Business. Creating marketing strategies without concrete data and analysis is a risky endeavor that librarians, not just corporate marketers, should avoid.

  3. Evidence-Based Theory of Market Manipulation And Application: The Malaysian Case

    OpenAIRE

    Heong, Yin Yun

    2010-01-01

    According to Part IX Division 1 in Securities Industry Act 1983 of Malaysia Law, stock market manipulation is defined as unlawful action taken either direct or indirectly by any person, to affect the price of securities of the corporation on a stock market in Malaysia for the purpose which may include the purpose of inducing other persons. Extending the framework of Allen and Gale (1992), the Author presents a theory based on the empirical evidence from prosecuted stock market manipulation ca...

  4. Evidence-Based Theory of Market Manipulation And Application: The Malaysian Case

    OpenAIRE

    Heong, Yin Yun

    2010-01-01

    According to Part IX Division 1 in Securities Industry Act 1983 of Malaysia Law, stock market manipulation is defined as unlawful action taken either direct or indirectly by any person, to affect the price of securities of the corporation on a stock market in Malaysia for the purpose which may include the purpose of inducing other persons. Extending the framework of Allen and Gale (1992), the Author presents a theory based on the empirical evidence from prosecuted stock market manipulation ca...

  5. Growth-finance nexus: Empirical evidence from India

    OpenAIRE

    Tanzeem HASNAT; Shahid ASHRAF; Umer J. BANDAY

    2016-01-01

    The relationship between financial development and economic growth has attracted considerable attention of policymakers and researchers alike. The present study aims to empirically examine the relationship between economic growth and financial development in the post-reform period, from 1992-1993 to 2014-2015. The period witnessed reforms towards financial liberalisation like deregulation of interest rates, lowering reserve requirements, removal of financial markets imperfectio...

  6. Growth-finance nexus: Empirical evidence from India

    OpenAIRE

    Tanzeem HASNAT; Ashraf, Shahid; Umer J. BANDAY

    2016-01-01

    The relationship between financial development and economic growth has attracted considerable attention of policymakers and researchers alike. The present study aims to empirically examine the relationship between economic growth and financial development in the post-reform period, from 1992-1993 to 2014-2015. The period witnessed reforms towards financial liberalisation like deregulation of interest rates, lowering reserve requirements, removal of financial markets imperfectio...

  7. On the Data Mining Technology Applied to Active Marketing Model of International Luxury Marketing Strategy in China— An Empirical Analysis

    OpenAIRE

    Qishen Zhou; Shanhui Wang; Zuowei Yin

    2013-01-01

     This paper emphasizes the importance of active marketing in the customer relationship management. Especially, the data mining technology is applied to establish an active marketing model to empirically analyze the condition of the AH Jewelry Company. Michael Porter's Five Forces Model is employed to assess and calculate the similarity in the active marketing model. Then, the questionnaire analysis on the customer relationship management model is carried out to explain the target market and t...

  8. How Do Hospitals Respond to Market Entry? Evidence from a Deregulated Market for Cardiac Revascularization.

    Science.gov (United States)

    Li, Suhui; Dor, Avi

    2015-08-01

    Regulatory entry barriers to hospital service markets, namely Certificate of Need (CON) regulations, are enforced in many US states. Policy makers in other states are considering reinstating CON policies in tandem with service expansions mandated under the Affordable Care Act. Although previous studies examined the volume effects of CON, demand responses to actual entry into local hospital markets are not well understood. In this paper, we empirically examine the demand-augmenting, demand-redistribution, and risk-allocation effects of hospital entry by studying the cardiac revascularization markets in Pennsylvania, a state in which dynamic market entry occurred after repeal of CON in 1996. Results from interrupted time-series analyses indicate demand-augmenting effects for coronary artery bypass graft (CABG) and business-stealing effects for percutaneous coronary intervention (PCI) procedures: high entrant market share mitigated the declining incidence of CABG, but it had no significant effect on the rising trend in PCI use, among patients with coronary artery disease. We further find evidence that entry by new cardiac surgery centers tended to sort high-severity patients into the more invasive CABG procedure and low-severity patients into the less invasive PCI procedures. These findings underscore the importance of considering market-level strategic responses by hospitals when regulatory barriers are rescinded.

  9. Market Efficiency in the Crude Oil Futures Market - an Empirical Study after the Shale Oil Revolution

    OpenAIRE

    Lade, Ragne Myrhol

    2016-01-01

    This thesis has studied efficiency in the crude oil futures market for WTI and the Brent Blend for a period including the “shale oil revolution”. The main objective was to provide new information by investigating a period in time not much explored in already published articles. Furthermore, the thesis sought to close a gap of earlier empirical studies performed, by combining the two crude oil types and including up to 6 months maturities for futures contracts, while at the same time having a ...

  10. Efficient industry configurations in downstream gas markets. An empirical assessment

    Energy Technology Data Exchange (ETDEWEB)

    Casarin, Ariel A. [IAE Escuela de Direccion y Negocios, Universidad Austral, Buenos Aires (Argentina)

    2007-03-15

    This paper examines the production technology of the downstream gas industry in order to provide some useful insights into its efficient structure by looking at the optimal size of firms and the productive efficiency reasons for and against their vertical integration. The analysis is based on a restricted cost function model estimated using firm level data for Argentina and Great Britain. The findings provide evidence for the presence of vertical diseconomies between stages. Results indicate that a single transmitter is able to produce the industry's output at lower costs for large market sizes and that several regional firms are able to operate without sacrificing scale economies if gas distribution is integrated with supply. The findings also indicate that a gas retailer experiences constant returns to scale when it supplies a large customer base. Liberalisation could thus result in oligopolistic industry configurations. (Author)

  11. Empirical evidence for policy in telecommunication, copyright & broadcasting

    NARCIS (Netherlands)

    Poort, J.P.

    2015-01-01

    This dissertation contains nine articles with an empirical focus in copyright, telecommunication, and broadcasting. These articles address different research questions and employ a variety of methodological approaches. They all share an economic foundation and the aim to contribute to evidence based

  12. A Review of Empirical Evidence on Scaffolding for Science Education

    Science.gov (United States)

    Lin, Tzu-Chiang; Hsu, Ying-Shao; Lin, Shu-Sheng; Changlai, Maio-Li; Yang, Kun-Yuan; Lai, Ting-Ling

    2012-01-01

    This content analysis of articles in the Social Science Citation Index journals from 1995 to 2009 was conducted to provide science educators with empirical evidence regarding the effects of scaffolding on science learning. It clarifies the definition, design, and implementation of scaffolding in science classrooms and research studies. The results…

  13. The Impact of Market Maker Competition on Market Quality: Evidence from an Options Exchange

    Directory of Open Access Journals (Sweden)

    Angelo Aspris

    2012-12-01

    Full Text Available This paper examines the dynamic relationship between competition, liquidity provision, and market structure. By examining the entry and exit of market makers in the Australian Options market, this study empirically analyses the issue of market maker competition. Results indicate that market maker entry depends on a broad range of profit, risk and market concentration characteristics, but free market maker movement does not explicitly result in a competitive market structure. This study also finds that the degree of market concentration additionally affects the marginal impact of market maker entry (exit, but the effect is significantly more pronounced for the most liquid classes of options. The implication of this finding is pertinent to market regulators since market maker competition may not necessarily contribute to enhancing market quality for less liquid securities.

  14. PATENTS AND RESEARCH INVESTMENTS: ASSESSING THE EMPIRICAL EVIDENCE

    Science.gov (United States)

    Budish, Eric; Roin, Benjamin N.; Williams, Heidi L.

    2016-01-01

    A well-developed theoretical literature — dating back at least to Nordhaus (1969) — has analyzed optimal patent policy design. We re-present the core trade-off of the Nordhaus model and highlight an empirical question which emerges from the Nordhaus framework as a key input into optimal patent policy design: namely, what is the elasticity of R&D investment with respect to the patent term? We then review the — surprisingly small — body of empirical evidence that has been developed on this question over the nearly half century since the publication of Nordhaus's book. PMID:27239058

  15. Empirical dynamics of emerging financial markets during the global mortgage crisis

    Directory of Open Access Journals (Sweden)

    Rahmi Erdem Aktuğ

    2015-03-01

    Full Text Available Focusing on five major emerging markets, I investigate the interactions between credit default swap premiums, foreign exchange rates, local currency government bond spreads, and national stock market returns over the period 4/2/2007 to 8/27/2009. Empirical analysis indicates that bond markets, along with foreign exchange markets, were very dominant in the price discovery process during a common distressed period.

  16. Contagion or Real Linkages? Some Evidence from China's Emerging Parallel Markets

    Institute of Scientific and Technical Information of China (English)

    Ali M. Kutan

    2007-01-01

    This paper empirically tests the existence of contagion using data on China's five parallel markets with different entry barriers for foreign capital. Taking the 1997 stock market crash as our experiment and using data on A, B and H shares, red chips and American depository receipts, the present paper tests whether these China-backed market returns respond differently to foreign shocks during the pre-1997 and post-1997 crash period.Evidence suggests that the contagion effects are stronger in markets with fewer entry barriers.An important implication of our findings is that countries vulnerable to contagion could be justified to impose some limits on capital flows.

  17. Promoting innovation in small markets: Evidence from the market for rare and intractable diseases.

    Science.gov (United States)

    Iizuka, Toshiaki; Uchida, Gyo

    2017-07-01

    In many medical care markets with limited profit potential, firms often have little incentive to innovate. These include the market for rare diseases, "neglected" tropical diseases, and personalized medicine. Governments and not-for-profit organizations promote innovation in such markets but empirical evidence on the policy effect is limited. We study this issue by analyzing the impact of a demand-side policy in Japan, which reduces the cost sharing of patients with some rare and intractable diseases and attempts to establish and promote the treatment of those diseases. Using clinical trials data taken from public registries, we identify the effect of the policy using a difference-in-difference approach. We find that the demand-side policy increased firms' incentive to innovate: firm-sponsored clinical trials increased 181% (0.16 per disease per year) when covered by the policy. This result indicates that the demand-side policy can be an important part of innovation policies in markets with limited profit potential. Copyright © 2017 Elsevier B.V. All rights reserved.

  18. Crop Diversification and Child Health: Empirical Evidence From Tanzania

    OpenAIRE

    Lovo, Stefania; Veronesi, Marcella

    2014-01-01

    Malnutrition is recognized as a major issue among low-income households in developing countries with long-term implications for economic development. Recently, crop diversification has been recognized as a strategy to improve nutrition and health, and as a risk coping strategy used by farmers in the face of climate change. However, there is no systematic empirical evidence on the role played by crop diversification in improving human health. We use the Tanzania National Panel Survey to invest...

  19. Models of social entrepreneurship: empirical evidence from Mexico

    OpenAIRE

    Wulleman, Marine; Hudon, Marek

    2015-01-01

    This paper seeks to improve the understanding of social entrepreneurship models based on empirical evidence from Mexico, where social entrepreneurship is currently booming. It aims to supplement existing typologies of social entrepreneurship models. To that end, building on Zahra et al. (2009) typology it begins by providing a new framework classifying the three types of social entrepreneurship. A comparative case study of ten Mexican social enterprises is then elaborated using that framework...

  20. Empirical Research on the Market Power and Earnings Manageent--Empirical Evidence from Chinese Listed Corporation%产品市场势力与盈余管理实证研究--来自中国上市公司的经验证据

    Institute of Scientific and Technical Information of China (English)

    潘勇

    2013-01-01

      Earnings management is an important topic in the field of Accounting Research,which reflects the fairness of corporate financial reporting.Lots of research focused on the motivation of earnings management,the earnings management metrics and the relations between earnings management and corporate governance,but there are less Literature studying the influence of the product market competition on the earnings management.In view of this,we use the Chinese listed corporation data from the Shanghai and Shenzhen Stock Market between 2010 and 2011,studying the issues of earnings management at the perspective of the product market power.Empirical analysis shows that:listed companies with a strong market power tend to trade-off a low level of earnings management.%  盈余管理是会计研究领域的一个重要课题,它反映企业财务报告的公允性。目前对盈余管理问题的研究大量集中在盈余管理动机、盈余管理衡量以及盈余管理与公司治理关系等领域,而对盈余管理与产品市场竞争关系的研究较少。结合产业组织理论和盈余管理理论,采用2010—2011年间沪深 A 股非金融类上市公司横截面数据,从产品市场势力的视角对上市公司盈余管理问题进行实证研究。研究发现,产品市场势力强的上市公司趋向于选择低程度的盈余管理。

  1. STANDARDIZATION OR ADAPTATION IN COSMETICS WEBSITES MARKETING ? AN EMPIRICAL STUDY.

    Directory of Open Access Journals (Sweden)

    Anca Constantinescu-Dobra

    2011-06-01

    Full Text Available The websites marketing is becoming an important tool both for multinationals and SMEs, in their effort to internationalizing their business.This study focuses on the international opportunities that are present within the European markets. The paper aims at identifying the degree of websites marketing standardization vs. adaptation, as a marketing tool for cosmetic products. Moreover, the study examines in a comparative manner the standardization strategy of multinationals and small and medium enterprises (SMEs, leaders in European markets, for different cosmetic cathegories.The evaluation of online advertising standardization is based on the modified Model for Testing Advertising Standardization, developed by Whitelock and Chung. The web sites degree of localizations areanalyzed based upon 98 criteria, as resulted from an adapted methodology of ProfNet Institut fur Internet Marketing, Munster (Germany. The sample includes the 101 leaders from European markets.The research outcomes reflect a standardized websites marketing policy for SMEs and localized for multinationals. Also, for perfumes, dental care products and toiletry, European cosmetic leaders implementstandardized websites marketing policies and balanced for the other cosmetics categories. The hypothesis concerning a strong correlation between standardization and handling dimension was supported.

  2. The Role of Guanxi Networks in Vegetable Supply Chains: Empirical Evidence from P.R. China

    NARCIS (Netherlands)

    Lu Hualiang,; Trienekens, J.H.; Omta, S.W.F.; Feng, S.

    2009-01-01

    This study attempts to empirically investigate how the concepts of relationship marketing affect market performance in Chinese vegetable sector. We interviewed 167 vegetable farmers and 84 processing and exporting companies to test our conceptual relationship model. Results demonstrate that personal

  3. Beating the market with small portfolios: Evidence from Brazil

    Directory of Open Access Journals (Sweden)

    André A.P. Santos

    2015-01-01

    Full Text Available Optimal portfolios with a restriction on the number of assets, also referred to as cardinality-constrained portfolios, have been receiving attention in the literature due to its popularity among market practitioners and retail investors. In most cases, however, the interest is in proposing efficient optimization methods to solve the problem, with little or no attention to the characteristics of the resulting portfolio such as risk-adjusted performance and turnover. We address this question by implementing a tractable reformulation of the cardinality-constrained version of the minimum variance portfolio. We analyze the out-of-sample performance of cardinality-constrained portfolios according to alternative criteria and check the robustness of the results for portfolios with alternative number of assets and under alternative re-balancing frequencies. Our empirical application for the Brazilian equities market shows that cardinality-constrained minimum variance portfolios with very few assets, e.g. 3 stocks, can deliver statistically lower portfolio risk and higher Sharpe ratios in comparison to the market index. Similar results are obtained for constrained portfolios with 5 and 10 assets and under daily, weekly, and monthly re-balancing frequencies. Our evidence indicates that it is possible to obtain better risk-adjusted performance with fewer securities in the portfolio by using an improved allocation scheme.

  4. Efficient Market Hypothesis: Some Evidences from Emerging European Forex Markets

    National Research Council Canada - National Science Library

    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...

  5. STOCK MARKET DEVELOPMENT AND ECONOMIC GROWTH AN EMPIRICAL ANALYSIS

    Directory of Open Access Journals (Sweden)

    Vazakidis Athanasios

    2012-01-01

    Full Text Available This study investigated the causal relationship between stock market development and economic growth for Greece for the period 1978-2007 using a Vector Error Correction Model (VECM. Questions were raised whether stock market development causes economic growth taking into account the negative effect of interest rate on stock market development. The purpose of this study was to investigate the short-run and the long-run relationship between the examined variables applying the Johansen co-integration analysis. To achieve this objective unit root tests were carried out for all time series data in their levels and their first differences. Johansen co-integration analysis was applied to examine whether the variables are co-integrated of the same order taking into account the maximum eigenvalues and trace statistics tests. Finally, a vector error correction model was selected to investigate the long-run relationship between stock market development and economic growth. A short-run increase of economic growth per 1% induced an increase of stock market index 0.41% in Greece, while an increase of interest rate per 1% induced a relative decrease of stock market index per 1.42% in Greece. The estimated coefficient of error correction term was statistically significant and had a negative sign, which confirmed that there was not any problem in the long-run equilibrium between the examined variables. The results of Granger causality tests indicated that there is a unidirectional causality between stock market development and economic growth with direction from economic growth to stock market development and a unidirectional causal relationship between economic growth and interest rate with direction from economic growth to interest rate. Therefore, it can be inferred that economic growth has a direct positive effect on stock market development while interest rate has a negative effect on stock market development and economic growth respectively.

  6. Market Maker V Automated Order Book Markets: UK Evidence

    OpenAIRE

    Creswell, Phil

    2003-01-01

    The London Stock Exchange operates two separate trading platforms for UK equities: an automated limit order book (SETS) and a multiple dealer market (SEAQ). This paper examines the relative efficiency of the different market structures, by comparing the spread experienced by traders in each market.

  7. Libor and Swap Market Models for the Pricing of Interest Rate Derivatives : An Empirical Analysis

    NARCIS (Netherlands)

    de Jong, F.C.J.M.; Driessen, J.J.A.G.; Pelsser, A.

    2000-01-01

    In this paper we empirically analyze and compare the Libor and Swap Market Models, developed by Brace, Gatarek, and Musiela (1997) and Jamshidian (1997), using paneldata on prices of US caplets and swaptions.A Libor Market Model can directly be calibrated to observed prices of caplets, whereas a

  8. Instruments of the Marketing Mix in Non-Governmental Organizations – the Results of Empirical Research

    OpenAIRE

    Kwak, Wioletta

    2015-01-01

    The aim of the article is to present the instruments of the marketing mix of NGOs in light of empirical research. Marketing mix is the set of instruments for the implementation of marketing strategies of the organization. The paper presents selected results of research on the role of marketing strategies of non-profit organizations in creating value for stakeholders. In the literature one can find different concepts of “marketing mix”, for example, “4P”, “5P”, “7P”, “4C”. The survey results a...

  9. The Role of Students’ Emotional Intelligence: Empirical Evidence

    Directory of Open Access Journals (Sweden)

    Natalio Extremera Pacheco

    2004-11-01

    Full Text Available Emotional intelligence (EI has attracted great interest in the field of education as a vehicle to improve the socioemotional development of students. The first publications that appeared made a great number of claims about the positive influence of emotional intelligence in the classroom. The only problem was that not all these claims were coupled with empirical research to show, on the one hand, the predictive level of EI, and on the other hand, the actual role of EI in different areas of life. It has been only recently that the effect of a high level of EI exercises on people has been investigated. The object of this article is to examine the most relevant empirical research done within the educational setting, in order to collect the existing evidence for the influence of EI, evaluated by different instruments, in the personal, social and scholastic functioning of students.

  10. China's Land Market Auctions: Evidence of Corruption?

    Science.gov (United States)

    Cai, Hongbin; Henderson, J Vernon; Zhang, Qinghua

    2013-01-01

    This paper studies the urban land market in China in 2003-2007. In China, all urban land is owned by the state. Leasehold use rights for land for (re)development are sold by city governments and are a key source of city revenue. Leasehold sales are viewed as a major venue for corruption, prompting a number of reforms over the years. Reforms now require all leasehold rights be sold at public auction. There are two main types of auction: regular English auction and an unusual type which we call a "two stage auction". The latter type of auction seems more subject to corruption, and to side deals between potential bidders and the auctioneer. Absent corruption, theory suggests that two stage auctions would most likely maximize sales revenue for properties which are likely to have relatively few bidders, or are "cold", which would suggest negative selection on property unobservables into such auctions. However, if such auctions are more corruptible, that could involve positive selection as city officials divert hotter properties to a more corruptible auction form. The paper finds that, overall, sales prices are lower for two stage auctions, and there is strong evidence of positive selection. The price difference is explained primarily by the fact that two stage auctions typically have just one bidder, or no competition despite the vibrant land market in Chinese cities.

  11. Financial market volatility and inflation uncertainty: An empirical investigation

    OpenAIRE

    Döpke, Jörg; Pierdzioch, Christian

    1999-01-01

    Using monthly data for Germany from 1968 through 1998, the relationship betweenfluctuations of prices in financial markets and inflation is analyzed. The results of Granger-causality tests reveal that stock market has no predictive power volatility for inflation uncertainty, et vice versa. Regarding the subsequent volatility of short-term and of long-term interest rate. In contrast, inflation uncertainty provides some information. The hypothesis of a causality running from the volatility of t...

  12. Real estate market efficiency:Evidence from Chinese cities

    Institute of Scientific and Technical Information of China (English)

    郑思齐; 刘洪玉; 孙冰

    2004-01-01

    The price in an efficient market can adjust to new information instantaneously to eliminate any arbitrage opportunities. Such a phenomenon is not always observed in the real estate market because of its unique characteristics, which include fixed location, heterogeneity and low transaction frequency. Using housing and office market data of some major cities in China, this paper examines the return and risk characteristics in these markets and assesses market efficiency. It finds that a number of instruments, including lagged quarterly and annual excess returns and, to some extent, the measure of the deviation of price from the intrinsic value, predict future returns. Therefore, weak form and semi-strong form efficiency can both be rejected in these real estate markets. These empirical findings suggest that there is slow price adjustment in real estate markets in China, which may be attributed to inefficient information transmission systems and long searching time in the markets.

  13. Phillips and Wage Curves: Empirical Evidence from Bosnia and Herzegovina

    Directory of Open Access Journals (Sweden)

    Edo Omerčević

    2014-01-01

    Full Text Available This study is an empirical examination of the existence and characteristics of the Phillips curve and the wage curve in Bosnia and Herzegovina. The findings indicate that there is no evidence of the existence of the short-term Phillips curve. Instead, the data suggests that in the short-term an increase in inflation leads to an increase in unemployment. The estimated wage curves indicate that only increases in real payment increase employment. The conclusion of this study is that increases in inflation might have a negative short-term impact on the level of employment in Bosnia and Herzegovina.

  14. Empirical Examination of Fundamental Indexation in the German Market

    Science.gov (United States)

    Mihm, Max; Locarek-Junge, Hermann

    Index Funds, Exchange Traded Funds and Derivatives give investors easy access to well diversified index portfolios. These index-based investment products exhibit low fees, which make them an attractive alternative to actively managed funds. Against this background, a new class of stock indices has been established based on the concept of “Fundamental Indexation”. The selection and weighting of index constituents is conducted by means of fundamental criteria like total assets, book value or number of employees. This paper examines the performance of fundamental indices in the German equity market. For this purpose, a backtest of five fundamental indices is conducted over the last 20 years. Furthermore the index returns are analysed under the assumption of an efficient as well as an inefficient market. Index returns in efficient markets are explained by applying the three factor model for stock returns of Fama and French (J Financ Econ 33(1):3-56, 1993). The results show that the outperformance of fundamental indices is partly due to a higher risk exposure, particularly to companies with a low price to book ratio. By relaxing the assumption of market efficiency, a return drag of capitalisation weighted indices can be deduced. Given a mean-reverting movement of prices, a direct connection between market capitalisation and index weighting leads to inferior returns.

  15. Trading Mechanisms and Market Quality: Evidence from the London Stock Exchange

    Directory of Open Access Journals (Sweden)

    E. Giouvris

    2013-06-01

    Full Text Available Over the last years we have witnessed sweeping changes in trading systems all over the world. Those changes provided academics with an opportunity to look into the microstructure of different markets. Most empirical work in the area has concentrated on comparing changes in liquidity, volatility, trading volume and asymmetric information under different trading settings. Informational efficiency and spread sensitivity to volatility has been neglected however. This paper looks into informational efficiency and spread sensitivity to volatility under different trading settings namely a dealership, an order driven market and a hybrid market. We use FTSE100 and FTSE250 stocks as our sample. The evidence shows that order driven markets respond faster to information compared to dealerships and that spread is more sensitive to volatility in a dealership than in an order driven market. The degree of informational efficiency as well as spread sensitivity to volatility is the same between a dealership and a hybrid market.

  16. 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.

  17. The Empirical Analysis of the Dynamic Prices Relationship between Cotton Spot Market and Futures Market in Xinjiang

    Institute of Scientific and Technical Information of China (English)

    2011-01-01

    The thesis analyzes the causal relationship between the cotton spot,and the tendency and impact of prices of futures markets in Xinjiang by using ADF test,co-integration analysis,Granger causality test and other econometric methods in order to discuss the interacted relationship between futures market prices of cotton and spot market prices since the futures of cotton in Xinjiang go public.The results of empirical analysis show that the spot market prices of cotton and the futures market prices in Xinjiang fluctuate prominently in the short run and tend to counterpoise in the long run;the futures market of cotton plays the role of leading the spot market prices of cotton in Xinjiang,while the spot market prices of cotton in Xinjiang impacts little on the futures market prices.The corresponding countermeasures are put forward.The government should continuously perfect the construction of the futures market of cotton in Xinjiang,so as to exert the function of price discovery and the function of hedging,and promote the development of cotton industry in Xinjiang.

  18. Exchange rates and transition economies' export prices: Is there evidence for pricing-to-market behavior?

    OpenAIRE

    Penkova, Emilia

    2005-01-01

    The paper tests for potential pricing-to-market for a wide range of export industries in selected transition economies, namely Poland, Hungary and Bulgaria, at the four-digit level over the period 1990-1998. Panel estimation is undertaken and a fixed-effects linear model is estimated. The empirical evidence reported here offers new evidence for transition economies that have not been investigated before. Given the industries sampled, more price discrimination across destination is observed in...

  19. Poster Sessions in Marketing Education: An Empirical Examination

    Science.gov (United States)

    Stegemann, Nicole; Sutton-Brady, Catherine

    2009-01-01

    Poster sessions provide a creative and stimulating alternative to traditional assessment methods in marketing. Poster sessions, as a means of assessment, have long been used in science fields. This article presents the successful implementation of poster sessions as a means of assessment in a postgraduate unit of study. Poster sessions in…

  20. Marketing Journal Coauthorships: An Empirical Analysis of Coauthor Behavior

    Science.gov (United States)

    Brown, Christopher L.; Chan, Kam C.; Lai, Pikki

    2006-01-01

    The objective of this article is to study the bargaining behavior of coauthors in multiauthored marketing papers. The literature argues that the order of author names sends a signal about their relative contribution to the article, and the signal is muted when the names are in alphabetical order. In addition, other things being the same, the…

  1. Marketing Journal Coauthorships: An Empirical Analysis of Coauthor Behavior

    Science.gov (United States)

    Brown, Christopher L.; Chan, Kam C.; Lai, Pikki

    2006-01-01

    The objective of this article is to study the bargaining behavior of coauthors in multiauthored marketing papers. The literature argues that the order of author names sends a signal about their relative contribution to the article, and the signal is muted when the names are in alphabetical order. In addition, other things being the same, the…

  2. Poster Sessions in Marketing Education: An Empirical Examination

    Science.gov (United States)

    Stegemann, Nicole; Sutton-Brady, Catherine

    2009-01-01

    Poster sessions provide a creative and stimulating alternative to traditional assessment methods in marketing. Poster sessions, as a means of assessment, have long been used in science fields. This article presents the successful implementation of poster sessions as a means of assessment in a postgraduate unit of study. Poster sessions in…

  3. Dragon-kings: mechanisms, statistical methods and empirical evidence

    CERN Document Server

    Sornette, D; 10.1140/epjst/e2012-01559-5

    2012-01-01

    This introductory article presents the special Discussion and Debate volume "From black swans to dragon-kings, is there life beyond power laws?" published in Eur. Phys. J. Special Topics in May 2012. We summarize and put in perspective the contributions into three main themes: (i) mechanisms for dragon-kings, (ii) detection of dragon-kings and statistical tests and (iii) empirical evidence in a large variety of natural and social systems. Overall, we are pleased to witness significant advances both in the introduction and clarification of underlying mechanisms and in the development of novel efficient tests that demonstrate clear evidence for the presence of dragon-kings in many systems. However, this positive view should be balanced by the fact that this remains a very delicate and difficult field, if only due to the scarcity of data as well as the extraordinary important implications with respect to hazard assessment, risk control and predictability.

  4. THE MARKET VALUE OF HUMAN CAPITAL: AN EMPIRICAL ANALYSIS

    Directory of Open Access Journals (Sweden)

    NEAGU OLIMPIA

    2012-12-01

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

  5. ARE THERE GOODWIN EMPLOYMENT-DISTRIBUTION CYCLES? INTERNATIONAL EMPIRICAL EVIDENCE

    Directory of Open Access Journals (Sweden)

    Mario García Molina

    2010-12-01

    Full Text Available Goodwin´s predator-prey model predicts clockwise cycles in the employment-distribution space. Qualitative evidence is provided in favour of nonlinear dynamic behaviour for a sample of 67 countries, some of which have cycles similar to those predicted by the model. Predicted centres lie outside actual circles. The kind of cycle (clockwise, counter clockwise or atypical appears to be related to the kind of capitalism of the country. Countries with Market or European capitalism, as well as transition economies, do not tend to have demand cycles; developing countries with a Mediterranean capitalism do not tend to have Goodwin cycles.

  6. Dissecting cross-impact on stock markets: an empirical analysis

    Science.gov (United States)

    Benzaquen, M.; Mastromatteo, I.; Eisler, Z.; Bouchaud, J.-P.

    2017-02-01

    The vast majority of market impact studies assess each product individually, and the interactions between the different order flows are disregarded. This strong approximation may lead to an underestimation of trading costs and possible contagion effects. Transactions in fact mediate a significant part of the correlation between different instruments. In turn, liquidity shares the sectorial structure of market correlations, which can be encoded as a set of eigenvalues and eigenvectors. We introduce a multivariate linear propagator model that successfully describes such a structure, and accounts for a significant fraction of the covariance of stock returns. We dissect the various dynamical mechanisms that contribute to the joint dynamics of assets. We also define two simplified models with substantially less parameters in order to reduce overfitting, and show that they have superior out-of-sample performance.

  7. Empirical investigation of stock price dynamics in an emerging market

    Science.gov (United States)

    Palágyi, Zoltán; Mantegna, Rosario N.

    1999-07-01

    We study the development of an emerging market - the Budapest Stock Exchange - by investigating the time evolution of some statistical properties of heavily traded stocks. Moving quarter by quarter over a period of two and a half years we analyze the scaling properties of the standard deviation of intra-day log-price changes. We observe scaling using both seconds and ticks as units of time. For the investigated stocks a Levy shape is a good approximation to the probability density function of tick-by-tick log-price changes in each quarter: the index of the distribution follows an increasing trend, suggesting it could be used as a measure of market efficiency.

  8. Dissecting cross-impact on stock markets: An empirical analysis

    CERN Document Server

    Benzaquen, Michael; Eisler, Zoltan; Bouchaud, Jean-Philippe

    2016-01-01

    The vast majority of recent studies in market impact assess each product individually, and the interactions between their order flows are disregarded. This strong approximation may lead to an underestimation of trading costs and possible contagion effects. Transactions mediate a significant part of the interaction between different instruments. In turn, liquidity shares the sectorial structure of market correlations, which can be encoded as a set of eigenvalues and eigenvectors. We introduce a multivariate linear propagator model that successfully describes such a structure, and reproduces well the response and a significant fraction of the covariance matrix of returns. We explain in detail the various dynamical mechanisms that contribute to these quantities. We also define two simplified models with substantially less parameters to reduce overfitting, and show that they have superior out-of-sample performance.

  9. 股利政策的股东财富效应:来自中国股市的经验证据%Shareholder wealth effect of dividend policy:Empirical evidence from the Chinese securities market

    Institute of Scientific and Technical Information of China (English)

    易颜新; 柯大钢; 张晓

    2007-01-01

    Based on the special separated equity management structure of the listed companies in China and using a sample of the listed companies with distributed dividend in 2003 and 2004.this Paper tests the shareholder wealth effects of dividend policy in Chinese separated equity market.Results show that shareholders of non.circulating stock get a high return rate by cash dividends,and circulating shareholders obtain a high short-term return rate by stock dividends.%基于我国上市公司股权分置的特殊治理结构,以2003-2004年所有分配股利的上市公司为样本,实证检验我国上市公司股利政策的股东财富效应,发现:分配现金股利使非流通股股东实现高回报率,而流通股股东获得股票股利的较高短期收益率.

  10. Capital Market Implications of Corporate Disclosure: German Evidence

    Directory of Open Access Journals (Sweden)

    Michael Grüning

    2011-04-01

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

  11. An empirical analysis on the effects of marketing communications on market share adjustment

    Directory of Open Access Journals (Sweden)

    Somayeh Hozouri

    2014-01-01

    Full Text Available During the past few years, there has been growing competition between two primary sources of mobile service providers including Hamrah Aval and Irancell in Iran. The competition is so tight that both service providers have spent significant amount of money on marketing planning. Therefore, it is necessary to find important factors influencing on better marketing planning. This paper presents an investigation to analyze the effects of marketing communications on market share adjustment. The proposed study of this paper has used principle component analysis and it has detected four factors environment issues, marketing organization, market development and relationship oriented.

  12. The Relationship between the Proportion of Uninformed Traders and the Stock Market Crash---Empirical Evidence from the Panel Data of A-share Stock Market in China%非知情交易者比例与股市暴跌之间的关系--基于中国A股面板数据的实证研究

    Institute of Scientific and Technical Information of China (English)

    陈洁; 巴曙松

    2014-01-01

    根据Barlevy和Versonesi(2003)理论模型,股市暴跌是由理性的非知情交易者所引起的。基于2005~2010年沪深两市A股个股交易数据,运用EKOP模型和面板数据回归模型,检验知情交易概率与2008年中国股市暴跌之间的关系。实证结果显示滞后一期的知情交易概率PIN值越小,当期股票收益分布越往左偏。即知情交易者在所有交易者中所占的比例越低,非知情交易者在所有交易者中所占的比例越高,股票收益分布越往左偏,收益面临暴跌的机率越大。%According to the theoretical models of Barlevy and Versonesi ( 2003 ) ,stock mar-ket crash is caused by rational uninformed traders. Based on the trade data of individual A-share stocks in Shanghai and Shenzhen Stock Markets Exchanges from 2005 to 2010 ,and by using EKOP model and panel data regression model,the paper tests the relationship between the proba-bility of informed trade and the stock market crash in 2008 . Empirical results show that the smaller of the PIN value of the informed trade probability with one phase lag,the stock return distribution at present phase tends to the left side. That is,the lower the probability of informed traders or the higher the probability of the uninformed traders within all the traders,the stock return distribution tends more to the left side,and the probability of income crash tends to be higher.

  13. An Empirical Study on Corporate Governance and Market Valuation in China

    Institute of Scientific and Technical Information of China (English)

    BAI Chong-En; LIU Qiao; LU Joe; SONG Frank M.; ZHANG Junxi

    2006-01-01

    This paper empirically studies the relationship between the governance mechanisms and the market valuation of publicly listed firms in China.The authors construct measures for corporate governance mechanisms and measures of market valuation for all publicly listed firms on the two stock markets in China by using data from the firm's annual reports.They then investigate how the market-valuation variables are affected by the corporate governance variables while controlling for a number of factors commonly considered in market valuation analysis.A corporate governance index is also constructed to summarize the information contained in the corporate governance variables.The index is found to have statistically and economically significant effects on market valuation.The analysis indicates that investors pay a significant premium for well-governed firms in China,benefiting firms that improve their governance mechanisms.

  14. The effects of crisis on the interbank markets and sovereign risk: empirical investigations

    OpenAIRE

    Temizsoy, A.

    2016-01-01

    The 2007-2008 global financial turmoil is the most severe crisis since the Great Depression. Starting with the sub-prime defaults in the United States, it quickly spills over into other markets leading to the collapses of many financial institutions, worldwide banks bailouts, downturns in asset prices and also to sovereign debt crises. The aim of this thesis is to empirically investigate the repercussions of this financial crisis on interbank market and sovereign risk. In Chapter one, we ...

  15. An Empirical Analysis Of Stock Returns And Volatility: The Case Of Stock Markets From Central And Eastern Europe

    Directory of Open Access Journals (Sweden)

    Okičić Jasmina

    2015-04-01

    Full Text Available The main goal of this paper is to investigate the behaviour of stock returns in the case of stock markets from Central and Eastern Europe (CEE, focusing on the relationship between returns and conditional volatility. Since there is relatively little empirical research on the volatility of stock returns in underdeveloped stock markets, with even fewer studies on markets in the transitional economies of the CEE region, this paper is designed to shed some light on the econometric modelling of the conditional mean and volatility of stock returns from this region. The results presented in this paper provide confirmatory evidence that ARIMA and GARCH processes provide parsimonious approximations of mean and volatility dynamics in the case of the selected stock markets. There is overwhelming evidence corroborating the existence of a leverage effect, meaning that negative shocks increase volatility more than positive shocks do. Since financial decisions are generally based upon the trade-off between risk and return, the results presented in this paper will provide valuable information in decision making for those who are planning to invest in stock markets from the CEE region.

  16. Whole-body cryotherapy: empirical evidence and theoretical perspectives

    Science.gov (United States)

    Bleakley, Chris M; Bieuzen, François; Davison, Gareth W; Costello, Joseph T

    2014-01-01

    Whole-body cryotherapy (WBC) involves short exposures to air temperatures below −100°C. WBC is increasingly accessible to athletes, and is purported to enhance recovery after exercise and facilitate rehabilitation postinjury. Our objective was to review the efficacy and effectiveness of WBC using empirical evidence from controlled trials. We found ten relevant reports; the majority were based on small numbers of active athletes aged less than 35 years. Although WBC produces a large temperature gradient for tissue cooling, the relatively poor thermal conductivity of air prevents significant subcutaneous and core body cooling. There is weak evidence from controlled studies that WBC enhances antioxidant capacity and parasympathetic reactivation, and alters inflammatory pathways relevant to sports recovery. A series of small randomized studies found WBC offers improvements in subjective recovery and muscle soreness following metabolic or mechanical overload, but little benefit towards functional recovery. There is evidence from one study only that WBC may assist rehabilitation for adhesive capsulitis of the shoulder. There were no adverse events associated with WBC; however, studies did not seem to undertake active surveillance of predefined adverse events. Until further research is available, athletes should remain cognizant that less expensive modes of cryotherapy, such as local ice-pack application or cold-water immersion, offer comparable physiological and clinical effects to WBC. PMID:24648779

  17. [Empirical evidence for the use of anticonvulsants in personality disorders].

    Science.gov (United States)

    Sieberer, M; Emrich, H M

    2009-03-01

    There is a common practice of polypharmacy and an increased use of mood stabilizers in personality disorders (PD). This paper reviews all randomized controlled trials (RCTs) of anticonvulsants to evaluate the evidence base supporting their use in treatment of PD. German and English language literature cited in Medline and published between 1970 and 2008 was searched using the following terms: Borderline/personality disorder, anticonvulsant, mood stabilizer, carbamazepine, felbamate, gabapentin, lamotrigine, levetiracetam, oxcarbazepine, phenytoine, pregabalin, tiagabine, topiramate, and valproate. Twelve RCTs were identified which included anticonvulsants in treatment of personality disorders. The anticonvulsants valproate and topiramate appeared to have the most empirical support for having a favorable effect on symptoms of borderline personality disorder. Evidence for the use of other anticonvulsants in patients with PD is sparse. Valproate and topiramate, probably also lamotrigine, carbamazepine, and oxcarbazepine as well, were useful in treating symptoms of affective dysregulation and impulsive aggression in PD. However, further RCTs of anticonvulsants are greatly needed as clinical use of these agents has risen without sufficient evidence supporting their efficacy and safety in personality disorders.

  18. ACCOUNTING POLICIES AND FINANCIAL ANALYSIS INTERDEPENDENCES - EMPIRICAL EVIDENCE

    Directory of Open Access Journals (Sweden)

    Nino Serdarević

    2011-06-01

    Full Text Available This paper presents empirical evidence on applied analysis interdependences with created accounting policies and estimates within Bosnia and Herzegovina (BIH private commercial entities, in specific, targeting practice oriented relevance of financial indicators, non-financial indicators, enterprise resource planning and management account-ting insight frequencies. Recently, standard setters (International Accounting Standards Board and International Federation of Accountants have published outcomes of an internationally organized research on financial reports usefulness, recommending enforced usage of enterprise relevant information, non-financial indicators and risks implications in assets and liabilities positions. These imply litigation and possible income smoothening. In regard to financial reporting reliability, many authors suggest accounting conservatism as a measure to compose risk assessment and earnings response ratio. Author argues that recently suggested financial management measures involving cash and assets management, liquidity ratios and turns do not directly imply accounting information quality, prior computed within applied accounting conservatism.

  19. Crude oil price shocks and stock returns. Evidence from Turkish stock market under global liquidity conditions

    Energy Technology Data Exchange (ETDEWEB)

    Berk, Istemi [Koeln Univ. (Germany). Energiewirtschaftliches Inst.; Aydogan, Berna [Izmir Univ. of Economics (Turkey). Dept. of International Trade and Finance

    2012-09-15

    The purpose of this study is to investigate the impacts of crude oil price variations on the Turkish stock market returns. We have employed vector autoregression (V AR) model using daily observations of Brent crude oil prices and Istanbul Stock Exchange National Index (ISE- 1 00) returns for the period between January 2, 1990 and November 1, 2011. We have also tested the relationship between oil prices and stock market returns under global liquidity conditions by incorporating a liquidity proxy variable, Chicago Board of Exchange's (CBOE) S and P 500 market volatility index (VIX), into the model. Variance decomposition test results suggest little empirical evidence that crude oil price shocks have been rationally evaluated in the Turkish stock market. Rather, it was global liquidity conditions that were found to account for the greatest amount of variation in stock market returns.

  20. Competition and quality indicators in the health care sector: empirical evidence from the Dutch hospital sector.

    Science.gov (United States)

    Croes, R R; Krabbe-Alkemade, Y J F M; Mikkers, M C

    2017-01-03

    There is much debate about the effect of competition in healthcare and especially the effect of competition on the quality of healthcare, although empirical evidence on this subject is mixed. The Netherlands provides an interesting case in this debate. The Dutch system could be characterized as a system involving managed competition and mandatory healthcare insurance. Information about the quality of care provided by hospitals has been publicly available since 2008. In this paper, we evaluate the relationship between quality scores for three diagnosis groups and the market power indicators of hospitals. We estimate the impact of competition on quality in an environment of liberalized pricing. For this research, we used unique price and production data relating to three diagnosis groups (cataract, adenoid and tonsils, bladder tumor) produced by Dutch hospitals in the period 2008-2011. We also used the quality indicators relating to these diagnosis groups. We reveal a negative relationship between market share and quality score for two of the three diagnosis groups studied, meaning that hospitals in competitive markets have better quality scores than those in concentrated markets. We therefore conclude that more competition is associated with higher quality scores.

  1. Is the efficiency of stock market correlated with multifractality? An evidence from the Shanghai stock market

    Science.gov (United States)

    Gu, Rongbao; Shao, Yanmin; Wang, Qingnan

    2013-01-01

    In this paper, we propose an efficiency index and multifractality degree for financial markets, and investigate the dynamics of the relationship between the two indices for the Shanghai stock market employing the technique of rolling window. By using the DCCA cross-correlation coefficient, we find that, for the Shanghai stock market, the increase in the degree of market multifractality can lead to a lower degree of market efficiency before the equity division reforms, whereas it can result in a lower degree of market efficiency in the short-term and a higher degree of market efficiency in the long-term after the equity division reforms. This finding reflects the process of development of the Shanghai stock market and also provides strong evidence which supports Liu’s argument that the increase in the degree of market complexity can improve the market efficiency Liu (2009) [1].

  2. The dynamic interdependence of international financial markets: An empirical study on twenty-seven stock markets

    Science.gov (United States)

    Zhang, Xingwei; Zheng, Xiaolong; Zeng, Daniel Dajun

    2017-04-01

    In this paper, we aim to investigate the dynamic interdependence of international financial markets. Based on the data regarding daily returns of each market during the period 2006-2015 from Yahoo finance, we mainly focus on examining 27 markets from three continents, including Asia, America and Europe. By checking the dynamic interdependence between those markets, we find that markets from different continents have strong correlation at specific time shift. We also obtain that markets from different continents not only have a strong linkage with others at same day, but at a delay of one day, especially between Asia, Europe and Asia, America. In addition, we further analyze the time-varying influence strength between each two continents and observe that this value has abnormal changes during the financial crisis. These findings can provide us significant insights to understand the underlying dynamic interdependency of international financial markets and further help us make corresponding reasonable decisions.

  3. Empirical Study Utilizing QFD to Develop an International Marketing Strategy

    Directory of Open Access Journals (Sweden)

    Cassandra Elrod

    2015-08-01

    Full Text Available Customer expectations can be extremely nebulous. This research identifies the demographic segmentations and their respective expectations for the spa market. Interviews were conducted and a subsequent questionnaire was employed to gather the voice of the customer and assess the expectations of spa clientele. All of the data was collected from luxury spas in Hawaii, and consisted of respondents from all over the world. Results of the survey suggest that while men want more tangible benefits of a spa, women prefer the experiential qualities of peace and rejuvenation. Additionally, those of lower to middle income focus on the atmosphere more than wealthier clients, who are looking for more long term spa benefits, such as a more youthful appearance.

  4. What is the optimum social marketing mix to market energy conservation behaviour: an empirical study.

    Science.gov (United States)

    Sheau-Ting, Low; Mohammed, Abdul Hakim; Weng-Wai, Choong

    2013-12-15

    This study attempts to identify the optimum social marketing mix for marketing energy conservation behaviour to students in Malaysian universities. A total of 2000 students from 5 major Malaysian universities were invited to provide their preferred social marketing mix. A choice-based conjoint analysis identified a mix of five social marketing attributes to promote energy conservation behaviour; the mix is comprised of the attributes of Product, Price, Place, Promotion, and Post-purchase Maintenance. Each attribute of the mix is associated with a list of strategies. The Product and Post-purchase Maintenance attributes were identified by students as the highest priority attributes in the social marketing mix for energy conservation behaviour marketing, with shares of 27.12% and 27.02%, respectively. The least preferred attribute in the mix is Promotion, with a share of 11.59%. This study proposes an optimal social marketing mix to university management when making decisions about marketing energy conservation behaviour to students, who are the primary energy consumers in the campus. Additionally, this study will assist university management to efficiently allocate scarce resources in fulfilling its social responsibility and to overcome marketing shortcomings by selecting the right marketing mix. Copyright © 2013 Elsevier Ltd. All rights reserved.

  5. AUDIT MARKET CONCENTRATION – EVIDENCE FROM CROATIA

    Directory of Open Access Journals (Sweden)

    Sanja Sever Mališ

    2015-12-01

    Full Text Available Statutory audit is designated to protect the public interest and has a significant impact on the overall economy. There are concerns that the Big Four audit firms have become too dominant and that the collapse of one of these firms would disrupt the whole financial system. In terms of revenues received, the total market share of the Big Four audit firms for listed companies exceeds 90% in a vast majority of European Union Member States. Prior studies have shown that high audit market concentration limits the choice of auditor for large companies and sets a high barrier of entry for mid-tier audit firms, while the effect on audit quality and audit fees is still unclear. Therefore, the regulators are considering reforms to dilute the Big Four’s dominance and improve competition in the audit market. The paper reviews the proposed and implemented measures that are the most common, together with their advantages and drawbacks. In addition, the characteristics of the audit market in Croatia are investigated, with a focus on market concentration measured by standard measures such as the Concentration rate, the Herfindahl Hirschman Index and the Gini coefficient. According to market shares based on total clients’ assets and revenues, the audit market for listed companies is moderately to highly concentrated, with a decrease in the five-year period (2013 compared to 2008.

  6. Determinants of Market Share of For-Profit Hospitals: An Empirical Examination

    Directory of Open Access Journals (Sweden)

    Seungchul Lee

    2017-10-01

    Full Text Available This study estimates the effects of a prospective payment system on the growth of for-profit hospitals. The empirical results show that the proportion of patient care paid for by Medicare managed care has a positive, statistically significant relationship with the market share of for-profit hospitals. Medicare managed care reimburses health care providers prospectively, and a larger portion of prospective reimbursements is received by for-profit hospitals, whose market share consequently increases. In addition, the proportion of patients with Medi-Cal and third party managed care has a positive, statistically significant relationship with the market share of for-profit hospitals.

  7. On the Data Mining Technology Applied to Active Marketing Model of International Luxury Marketing Strategy in China— An Empirical Analysis

    Directory of Open Access Journals (Sweden)

    Qishen Zhou

    2013-09-01

    Full Text Available  This paper emphasizes the importance of active marketing in the customer relationship management. Especially, the data mining technology is applied to establish an active marketing model to empirically analyze the condition of the AH Jewelry Company. Michael Porter's Five Forces Model is employed to assess and calculate the similarity in the active marketing model. Then, the questionnaire analysis on the customer relationship management model is carried out to explain the target market and target customer groups of AH Jewelry Company. The cluster analysis and principal component analysis (PCA are applied as data mining tool to investigate factors and problems that influence marketing effect of the AH Jewelry Company. The analysis results show that it becomes a key problem to enhance the customer loyalty and retain the customers under the changeable consumption environment. Data mining technology can help to analyze the historical data to produce the clients set which is most closed to the customer behaviors, and regards the most interesting information as the recommendation to the customers. Hence, marketing optimization strategy could be proposed as reference to manage the luxury marketing.

  8. An Empirical Analysis of the Effect of Stock Market Crisis on Economic Growth: The Nigerian Case

    Directory of Open Access Journals (Sweden)

    Omowunmi Felicia Olokoyo

    2011-08-01

    Full Text Available Stock market crashes are social phenomena where external economic events combine with crowd behavior and psychology in a positive feedback loop where selling by some market participants drives more market participants to sell. This study empirically established the relationship between stock market crisis and Nigeria’s economic growth and also showed the relationship between stock market price crash and the crisis itself. In this light, this paper examined the interactive influence of movements in the major indicators of the performance of the Nigerian Stock Exchange Market such as the Market Capitalization (MK, All Share Index (ASI, Number of Deals (NOD, Volume and Value of Stock (VV, Total Number of New Issues (TNI and Inflation (INFR on the Nigerian Gross Domestic Product (GDP using data from 1985-2009. To achieve the two objectives stated above, the Ordinary Least Square (OLS method was employed. To correct for the OLS result biasness the log was applied to GDP and MK and also AR(1 was introduced to the first model. The result shows that stock market crisis has a highly significant effect on Nigeria’s economic growth. The result also shows a significant relationship between stock market price crash and the market crisis itself. It is therefore recommended that in the face of the ongoing crisis in the global stock market, the Nigerian stock market authorities should aim at making the market meet a world class standard. Also, all the sectors of the economy should act in a collaborative manner such that optimum benefits can be realized from their economic activities in the Nigeria market even in the hub of global crisis.

  9. Horizontal Price Transmission in Agricultural Markets: Fundamental Concepts and Open Empirical Issues

    Directory of Open Access Journals (Sweden)

    Giulia Listorti

    2012-05-01

    Full Text Available Following the dramatic changes experienced by the prices of agricultural commodities in 2007-2008, the analysis of horizontal price transmission mechanisms in agricultural markets has attracted renewed interest. In particular, this has led to the emergence of new challenges for the empirical analysis. How to model the increasing volatility and non linear behaviour of prices, to assess the impact of the policy responses to market turbulence, and how to account for the increasing interconnections between agricultural and non-agricultural commodity markets are amongst the most investigated issues. Building on a common analytical framework, this paper discusses and reviews the most recent methodological developments and empirical contributions in the field.

  10. Whole-body cryotherapy: empirical evidence and theoretical perspectives

    Directory of Open Access Journals (Sweden)

    Bleakley CM

    2014-03-01

    Full Text Available Chris M Bleakley,1 François Bieuzen,2 Gareth W Davison,1 Joseph T Costello3 1Sport and Exercise Science Research Institute, Faculty of Life and Health Sciences, University of Ulster, Newtownabbey, Northern Ireland; 2Research Department, Laboratory of Sport, Expertise and Performance, French National Institute of Sport (INSEP, Paris, France; 3School of Exercise and Nutrition Sciences and Institute of Health and Biomedical Innovation, Queensland University of Technology, Brisbane, Australia Abstract: Whole-body cryotherapy (WBC involves short exposures to air temperatures below –100°C. WBC is increasingly accessible to athletes, and is purported to enhance recovery after exercise and facilitate rehabilitation postinjury. Our objective was to review the efficacy and effectiveness of WBC using empirical evidence from controlled trials. We found ten relevant reports; the majority were based on small numbers of active athletes aged less than 35 years. Although WBC produces a large temperature gradient for tissue cooling, the relatively poor thermal conductivity of air prevents significant subcutaneous and core body cooling. There is weak evidence from controlled studies that WBC enhances antioxidant capacity and parasympathetic reactivation, and alters inflammatory pathways relevant to sports recovery. A series of small randomized studies found WBC offers improvements in subjective recovery and muscle soreness following metabolic or mechanical overload, but little benefit towards functional recovery. There is evidence from one study only that WBC may assist rehabilitation for adhesive capsulitis of the shoulder. There were no adverse events associated with WBC; however, studies did not seem to undertake active surveillance of predefined adverse events. Until further research is available, athletes should remain cognizant that less expensive modes of cryotherapy, such as local ice-pack application or cold-water immersion, offer comparable

  11. Reciprocity in Online Markets: Empirical Studies of Auction and Barter Markets

    Science.gov (United States)

    Ye, Shun

    2013-01-01

    My dissertation seeks to understand how reciprocity affects transaction outcomes and mechanism design in online markets. The first essay examines negative reciprocity illustrated as feedback-revoking behavior in the eBay auction market, focusing on its impact and implications for reputation system design. I utilize the biggest policy change of…

  12. Regulatory risk and market reactions. Empirical evidence from Germany

    Energy Technology Data Exchange (ETDEWEB)

    Kobialka, Marek; Rammerstorfer, Margarethe [Inst. for Corporate Finance, Vienna Univ. of Economics and Business, Vienna (Austria)

    2009-07-01

    In this article we measure the effects of events on risk and return and analyze the persistence of the influencing variables on German energy companies. Therefore, we refer to event-study methods by means of the Capital Asset Pricing Model, GARCH-Modeling and Kalman filters. We find that the discussed events do not affect all companies in an equal manner. Moreover, we show that the impact on risk and returns is not persistent and does not lead to an increase in the overall systematic risk for the considered utility operators in Germany. (orig.)

  13. Review of U.S. ESCO industry market trends: An empirical analysis of project data

    Energy Technology Data Exchange (ETDEWEB)

    Goldman, Charles A.; Hopper, Nicole C.; Osborn, Julie G.; Singer, Terry E.

    2003-03-01

    This article summarizes a comprehensive empirical analysis of U.S. Energy Service Company (ESCO) industry trends and performance. We employ two parallel analytical approaches: a comprehensive survey of firms to estimate total industry size and a database of {approx}1500 ESCO projects, from which we report target markets and typical project characteristics, energy savings and customer economics. We estimate that industry investment for energy-efficiency related services reached US $2 billion in 2000 following a decade of strong growth. ESCO activity is concentrated in states with high economic activity and strong policy support. Typical projects save 150-200 MJ/m2/year and are cost-effective with median benefit/cost ratios of 1.6 and 2.1 for institutional and private sector projects. The median simple payback time is 7 years among institutional customers; 3 years is typical in the private sector. Reliance on DSM incentives has decreased since 1995. Preliminary evidence suggests that state enabling policies have boosted the industry in medium-sized states. ESCOs have proven resilient in the face of restructuring and will probably shift toward selling ''energy solutions,'' with energy efficiency part of a package. We conclude that a private sector energy-efficiency services industry that targets large commercial and industrial customers is viable and self-sustaining with appropriate policy support both financial and non-financial.

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

    Energy Technology Data Exchange (ETDEWEB)

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

    2015-05-15

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

  15. DOES STOCK MARKET DEVELOPMENT PLAY ANY ROLE IN THE EFFECT OF FDI ON ECONOMIC GROWTH IN NIGERIA? AN EMPIRICAL INVESTIGATION

    Directory of Open Access Journals (Sweden)

    Oziengbe Scott Aigheyisi

    2016-09-01

    Full Text Available The objective of the paper is to investigate whether stock market development plays any role in the effect of foreign direct investment (FDI on economic growth in Nigeria. Using annual time series data that span the period from 1981 to 2014, and employing the fully modified ordinary least squares (FMOLS estimation technique, the empirical evidence indicates that FDI, domestic investment and stock market development positively and significantly affect economic growth, but the effect of the interaction between stock market development and FDI on economic growth is negative and significant, indicating that the Nigerian bourse is not yet fully developed to engender positive growth effect of FDI. The study further finds that government consumption expenditure and trade openness adversely affect the growth of the country’s real GDP per capita. Recommendations of the paper include efforts by the government to design and implement programmes and policies aimed at enhancing the attractiveness of the country to foreign and local investors, efforts by capital market regulators to enhance stock market efficiency, reduction of government consumption expenditures and import control.

  16. The Empirical Evidence for Telemedicine Interventions in Mental Disorders.

    Science.gov (United States)

    Bashshur, Rashid L; Shannon, Gary W; Bashshur, Noura; Yellowlees, Peter M

    2015-12-01

    This research derives from the confluence of several factors, namely, the prevalence of a complex array of mental health issues across age, social, ethnic, and economic groups, an increasingly critical shortage of mental health professionals and the associated disability and productivity loss in the population, and the potential of telemental health (TMH) to ameliorate these problems. Definitive information regarding the true merit of telemedicine applications and intervention is now of paramount importance among policymakers, providers of care, researchers, payers, program developers, and the public at large. This is necessary for rational policymaking, prudent resource allocation decisions, and informed strategic planning. This article is aimed at assessing the state of scientific knowledge regarding the merit of telemedicine interventions in the treatment of mental disorders (TMH) in terms of feasibility/acceptance, effects on medication compliance, health outcomes, and cost. We started by casting a wide net to identify the relevant studies and to examine in detail the content of studies that met the eligibility criteria for inclusion. Only studies that met rigorous methodological criteria were included. Necessary details include the specific nature and content of the intervention, the research methodology, clinical focus, technological configuration, and the modality of the intervention. The published scientific literature on TMH reveals strong and consistent evidence of the feasibility of this modality of care and its acceptance by its intended users, as well as uniform indication of improvement in symptomology and quality of life among patients across a broad range of demographic and diagnostic groups. Similarly, positive trends are shown in terms of cost savings. There is substantial empirical evidence for supporting the use of telemedicine interventions in patients with mental disorders.

  17. Capital Market Implications of Corporate Disclosure: German Evidence

    OpenAIRE

    Grüning, Michael

    2011-01-01

    This paper investigates the relationship between annual report disclosure, market liquidity, and capital cost for firms registered on the Deutsche Börse. Disclosure is comprehensively measured using the innovative Artificial Intelligence Measurement of Disclosure (AIMD). Results show that annual report disclosure enhances market liquidity by changing investors’ expectations and inducing portfolio adjustments. Trading frictions are negatively associated with disclosure. The study provides evid...

  18. Sensitivity of trading intensity to optimistic and pessimistic beliefs: Evidence from the French stock market

    Directory of Open Access Journals (Sweden)

    Abderrazak Dhaoui

    2014-10-01

    Full Text Available In this paper, we will offer some evidence indicating that investor sentiment plays a central role in explaining trading intensity and market trend changes. Based on both econometric and fuzzy logic approaches, the empirical findings show that pessimistic sentiment has a particularly significant impact on the French financial market trend. Moreover, the results suggest that the impact of pessimism on asset returns exceeds that of optimism as a direct indicator of investor's beliefs. Indirect indicators of agent sentiment present more smoothed effects on these two market components. Our results indicate that incorporating psychological factors in macro-financial models leads to better supervision and control of the main drivers of the markets.

  19. Institutions and the finance–growth nexus: Empirical evidence from MENA countries

    Directory of Open Access Journals (Sweden)

    Kaouthar Gazdar

    2015-09-01

    Full Text Available This paper investigates the effect of institutional quality on the finance–growth nexus. To this end, an empirical model with linear interaction between financial development and institutional quality is estimated. Our main findings show that, while most indicators of financial development have a significantly negative effect on economic growth, the sign of the coefficients of interaction variables are significantly positive. This provides strong evidence that institutional quality mitigates the negative effect of financial development on economic growth. Looking to the subcomponents of our institutional index, our findings show a development of the banking sector in a country with an important score in Law and Order, Bureaucracy and Investment Profile facilitate growth. Also, countries, with an important score of investment profile, can benefit from stock market development in terms of economic growth. These results suggest that, in order to benefit from financial development, financial systems in MENA countries must be embedded within a sound institutional framework.

  20. Analysis the Impact of XBRL in China’s Capital Market Using Methods of Empirical Research

    Directory of Open Access Journals (Sweden)

    Hongming Chen

    2013-02-01

    Full Text Available XBRL is a financial reporting language, which is based on XML. Since 2003 we have tried to use financial reporting based on XBRL for listed company disclosure in China. This study mainly stands on the perspective of small investors, using empirical research methods to investigate whether XBRL reduced the level of information asymmetry in China’s capital market or not and further explaining XBRL promotes the rational allocation of resources in China's capital market and provided a guarantee for China's capital market having a rapid and stable development. This study generalizes the significance of the application of XBRL in China capital market, while its challenges have also been summarized. The main significance of this study is finding more “deminders” for the universal application of XBRL in China.

  1. Using Empirical Data to Estimate Potential Functions in Commodity Markets: Some Initial Results

    Science.gov (United States)

    Shen, C.; Haven, E.

    2017-07-01

    This paper focuses on estimating real and quantum potentials from financial commodities. The log returns of six common commodities are considered. We find that some phenomena, such as the vertical potential walls and the time scale issue of the variation on returns, also exists in commodity markets. By comparing the quantum and classical potentials, we attempt to demonstrate that the information within these two types of potentials is different. We believe this empirical result is consistent with the theoretical assumption that quantum potentials (when embedded into social science contexts) may contain some social cognitive or market psychological information, while classical potentials mainly reflect `hard' market conditions. We also compare the two potential forces and explore their relationship by simply estimating the Pearson correlation between them. The Medium or weak interaction effect may indicate that the cognitive system among traders may be affected by those `hard' market conditions.

  2. An empirical analysis of the multimarket contact theory in pharmaceutical markets.

    Science.gov (United States)

    Coronado, Javier; Jiménez-Martín, Sergi; Marín, Pedro L

    2014-07-01

    Multimarket contact theory predicts that firms will optimally reduce prices in markets where collusive prices are sustainable and allocate the slack of the corresponding incentive compatibility to increase prices in markets where collusion is not sustainable. Binding price caps in collusive markets will have different effects over the multimarket contact mechanism depending on the severity of the cap. Setting a price cap close to the unregulated case will increase the size of the redistribution of market power whereas stronger regulation will even reduce prices in unregulated markets. Therefore, price regulations aiming at capping prices in a specific market will also affect markets that are not subject to specific mandatory price regulations. We find evidence of the theory predictions using information for nine OECD countries for pharmaceutical markets. Unregulated US markets are shown to respond to the redistribution effect; Canadian markets, known to be subject to soft price regulations, with respect to the former, are shown to be consistent with a stronger redistribution effect. EU markets and Japan are either consistent with the effect of a medium regulation or strong regulation. In this last case multimarket contact cannot explain prices, and these are expected to be lower compared to the unregulated benchmark.

  3. Strategic regulatory entry deterrence: an empirical test in the ophthalmic market.

    Science.gov (United States)

    Haas-Wilson, D

    1989-12-01

    This paper provides an empirical test of the theory of strategic regulatory entry deterrence--the theory that subgroups of firms within an industry will use the regulatory process to increase rivals' costs and thereby deter rivals' entry. The results suggest that the commercial practice restrictions present in the ophthalmic industry deterred chain optical firms' entry into the market. This result in combination with earlier findings that the restrictions increase optometrists' prices suggests that cost-raising strategies can be used to disadvantage rivals or drive them out of the market without the need to lower price.

  4. Has microblogging changed stock market behavior? Evidence from China

    Science.gov (United States)

    Jin, Xi; Shen, Dehua; Zhang, Wei

    2016-06-01

    This paper examines the stock market behavior for a long-lived subset of firms in Shanghai and Shenzhen CSI 300 Index (CSI 300 Index) both before and after the establishment of firms' Microblogging in Sina Weibo. The empirical results show a significant increase in the relative trading volume as well as the decreases in the daily expected stock return and firm-level volatility in the post-Sina Weibo period. These findings suggest that Sina Weibo as an alternative information interaction channel has changed the information environment for individual stock, enhanced the speed of information diffusion and therefore changed the overall stock market behavior.

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

    Science.gov (United States)

    Cajueiro, Daniel O.; Tabak, Benjamin M.

    2004-11-01

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

  6. [Empirical study of the market orientation of veterinarians in The Netherlands].

    Science.gov (United States)

    Schuurmans, A J; Smidts, A

    1990-04-01

    Linked to the theoretical framework of marketing in the veterinary practice, as explained in Schuurmans and Smidts (1) pp. 1-10 and Schuurmans and Smidts (2), an empirical research project has been undertaken. This research gives insight into the extent to which practices base their services on a marketing orientation. By means of telephone inquiries among a sample of 166 veterinarians, this was investigated. The research shows that veterinarians think more in a product-oriented way than in a market-oriented way, and they do not use all the opportunities a marketing orientation could bring to their services. This expresses itself, among others by not using market segmentation, by the inadequate use of the marketing mix elements communication and distribution, and by the fact that the opportunities of the marketing information system are hardly applied. By means of further research in individual practices it might be possible to give concrete advise fit for that practice. Research among the clients of the veterinarians might, beside many other kinds of research, also give valuable insights.

  7. An empirical analysis of the systematic liquidity risk in the spanish stock market

    OpenAIRE

    Miralles Marcelo, José Luis; Miralles Quirós, María del Mar

    2004-01-01

    The main object of this study is to construct a liquidity risk factor and analyze its impact on asset pricing for the Spanish stock market over the 1994-2002 period. We generated this factor using the Fama and French (1993) orthogonal approach and analyzed if it must be included as an augmented variable on the stochastic discount factor. Moreover, and because of the absence of consensus in empirical research about the most appropriate liquidity measure, we applied the illiquidity ratio, propo...

  8. Climate Change and Maize Production: Empirical Evidence from ...

    African Journals Online (AJOL)

    Michael Madukwe

    yield reduction due to drought stress (Bolonos and Edmeades, 1993). Drought at ... series data pose several challenges as empirical work, including causality tests of. Granger and Sims .... Central Bank of Nigeria Statistical Bulletin Volume 18.

  9. Relações dinâmicas entre retornos de índices de mercados acionários: Evidências empíricas através de abordagens multivariadas. Dynamic relations between stock markets index returns: Empirical evidence through multivariate approaches.

    Directory of Open Access Journals (Sweden)

    Antônio André Cunha Callado

    2010-02-01

    Full Text Available O objetivo deste artigo foi identificar a estrutura e padrões de relações existentes entre os retornos dos índices de diversos mercados acionários. Para a realização do estudo, foram utilizados 12 índices, pertencentes a diversos mercados acionários (Alemanha, Argentina, Austrália, Brasil, Estados Unidos, França, Hong Kong, ͍ndia, Indonésia, Inglaterra, Japão e México. Os dados relativos às séries históricas das cotações dos índices de mercado inseridos nesta investigação são relativos aos valores registrados ao final do pregão do período entre 27 de julho de 2006 e 19 de Março de 2007. Para atingir o objetivo proposto, foram utilizadas três abordagens metodológicas multivariadas complementares: a análise de agrupamentos, o escalonamento multidimensional e a análise fatorial. Os resultados obtidos revelam evidências que corroboram padrões de relacionamento baseados na localização geográfica dos mercados acionários investigados.The objective of this article was to identify both the structure and the standards of relations between stock markets returns. To accomplish this study, twelve indexes were investigated (Germany, Argentina, Australia, Brazil, United States of America, France, Hong Kong, India, Indonesia, England, Japan and Mexico. The data related to the time series of each stock returns investigated were from July, 27th of 2006 and March, 19th of 2007. To aim the objective proposed, three complementary multivariate methodological approaches were utilized: cluster analysis, the multidimensional scaling and the factor analysis. The procedures were carried out through the aid of the statistical application STATISTICA for Windows. The results showed some evidence that corroborate standards of relations based on geographic location of these markets investigated.

  10. The Effects of Water Markets: Evidence from the Rio Grande.

    Science.gov (United States)

    Debaere, P.; Li, T.

    2016-12-01

    The Effects of Water Markets: Evidence from the Rio GrandePeter Debaere, University of Virginia Tianshu Li, University of Virginia The Rio Grande water market is one of the oldest water markets in the United States. Employing techniques from the social sciences, we present the first difference-in-difference analysis of the actual impact of water markets on production. We compare from 1954 to 2012 the crop composition in counties in the Rio Grande water market with those in their neighboring control counties before and after the water market was established in 1971. We provide evidence that water markets can facilitate a shift from crops that are on average more to ones that are less water intensive, or, alternatively, from crops that are on average less to ones that are more productive in terms of $ generated per unit of water. In addition, we find that such reallocations are especially prevalent in times of drought. Our findings supports water markets as a tool to manage water more effectively, which is one of the main challenges of an increasingly water-strapped world.

  11. The changing trend in marketing of financial services: an empirical study on bank performance in Nigeria

    Directory of Open Access Journals (Sweden)

    Abiodun Eniola Alao

    2014-07-01

    Full Text Available The long years of marketing practices in the Nigerian banking industry has recorded low level standards relative to global standard practice. The effect on the overall industry performance measurable basically in terms of customer satisfaction, customer loyalty and brand equity has been on the negativity. In some cases, banks overall performance level was never assessed based on customer orientation, value and other customer related measures rather on some quick financial indicators. This poor orientation towards marketing has rather become a forgone especially in the banking area of financial services in Nigeria. This study was therefore conducted to examine the changing trend towards embracing marketing philosophy and the extent of the banks’ performance level in response to changing expectations of customers. Theoretical issues relating marketing, customer philosophy, financial marketing, customer loyalty, satisfaction, and brand equity were explored to establish the key performance variables and the existing relationships amongst them. Empirical study was equally carried out with the use of questionnaire, administered on randomly selected banks’ customers and management staff. Data collected were analyzed on the basis of critical measures which include customer awareness, market sensitivity to financial delivery, customer profile and sophistication through the use of Spearman Rank Correlation Coefficient. The result among other things shows that there is a significant relationship between the new trend towards marketing orientation, financial services in the banking industry and performance level. Based on this study, we recommend improved marketing performance and training to enhance service delivery, customer satisfaction, and customer loyalty across all banks in the geographical places of the Nigerian financial markets.

  12. Price Transmission Process in Vertical Markets: an Empirical Analysis of Onion Markets in Tamil Nadu State (India

    Directory of Open Access Journals (Sweden)

    Srinivasulu Rajendran

    2015-02-01

    Full Text Available The objective of the paper is to examine price transmission process between wholesale and retail markets by adopting Asymmetric Price Transmission (APT Model.  The paper has taken a case of Onion ((Allium cepa L. wholesale and retail markets in Tamil Nadu state, India.   The paper used wholesale and retail prices data from secondary sources.  The results show that high margin at retail and wholesale levels of prices points to possibility of distortion in prices which may lead to an asymmetric process in the vertical market. The speed and magnitude of price changes and also the type of asymmetry in the vertical market system has identified the presence of both positive and negative asymmetry. With respect to speed, where the markets have shown negative asymmetry, there is evidence of retail prices responding much faster to decrease in wholesale prices than to increases in wholesale prices. Where a positive asymmetry holds, the result is the opposite. Keywords: Vegetables, Asymmetry, Efficiency, Market Integration and Symmetry 

  13. Corruption and Stock Market Development: New Evidence from GCC Countries

    Directory of Open Access Journals (Sweden)

    Moaz Alsherfawi Aljazaerli

    2016-06-01

    Full Text Available The theoretical relationship between corruption and stock market development has been debated quite extensively in the literature, yet the evidence on the impact of corruption on stock market development remains contradictory and ambiguous. This paper investigates the impact of corruption, as measured by Corruption Perception Index (CPI published by Transparency International, on stock market development focusing exclusively on Gulf Cooperation Council (GCC countries with its special characteristics of combining richness with relatively high level of corruption. Results from an estimation of alternative regression models on a panel of six GCC countries over the period 2003–2011, through which CPI is legitimately comparable, confirms a positive impact of corruption on stock market development, where the latter is measured by market capitalization. This is consistent with the view that corruption greases the wheels of economy by expediting transactions and allowing private firms to overcome governmentally imposed inefficiencies.

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

    Science.gov (United States)

    Wong, H S

    1996-04-01

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

  15. 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.

  16. 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.

  17. Evidence of multi-affinity in the Japanese stock market

    Science.gov (United States)

    Katsuragi, Hiroaki

    2000-04-01

    Fluctuations of the Japanese stock market (Tokyo Stock Price Index: TOPIX) are analyzed using a multi-affine analysis method. In the research to date, only some simulated self-affine models have shown multi-affinity. In most experiments using observations of self-affine fractal profiles, multi-affinity has not been found. However, we find evidence of multi-affinity in fluctuations of the Japanese stock market (TOPIX). The qth-order Hurst exponent Hq varies with changes in q. This multi-affinity indicates that there are plural mechanisms that affect the same time scale as stock market price fluctuation dynamics.

  18. Organizational Performance, Marketing Strategy, and Financial Strategic Alignment: an Empirical Study on Iranian Pharmaceutical Firms

    Directory of Open Access Journals (Sweden)

    Mehdi Mohammadzadeh

    2013-08-01

    Full Text Available Background:Strategic Functional-level planning should be aligned with business level and other functional strategies of a company. It is presumed that assimilating the strategies could have positive contribution to business performance, in this regard alignment between marketing strategy and financial strategy seems to be the most important strategies being studied. An empirical work in generic pharmaceutical manufacturing companies for evaluating effect of alignment between these two functions on organizational performance was developed in this paper.Methods:All Iranian pharmaceutical generic manufactures listed in Tehran stock market have been tested for period of five years between 2006--2010 and their marketing strategies were determined by using Slater and Olson taxonomy and their financial strategies have been developed by calculating total risk and total return of sample companies for five years based on rate of risk and return in the frame of a 2 x 2 matrix. For the business performance three profitability indices including Q-Tubin (Rate of market value to net asset value, ROA (Return on Asset, ROE (Return on Equity have been tested. For analysis, a series of one-way ANOVAs as a collection of statistical models within marketing strategies considering financial strategy as independent variable and the three performance measures as dependent variables was used.Results:Results show strategic alignment between financial and marketing has significant impact on profitability of company resulting in arise of all three profitability indices. Q tubing's rate were 2.33,2.09,2.29,2.58 and rate of ROA were 0.21,0.194,0.25,0.22 and rate of ROE were 0.44,0.46,0.45,0.42 for matched strategy types, respectively the rates shown here are more than average meaning that specific type of marketing strategy is fitted with specific type of financial strategy.Conclusion:Managers should not consider decisions regarding marketing strategy independently of their

  19. Organizational performance, Marketing strategy, and Financial strategic alignment: an empirical study on Iranian pharmaceutical firms.

    Science.gov (United States)

    Mohammadzadeh, Mehdi; Aarabi, Sied Mohammad; Salamzadeh, Jamshid

    2013-08-02

    Strategic Functional-level planning should be aligned with business level and other functional strategies of a company. It is presumed that assimilating the strategies could have positive contribution to business performance, in this regard alignment between marketing strategy and financial strategy seems to be the most important strategies being studied. An empirical work in generic pharmaceutical manufacturing companies for evaluating effect of alignment between these two functions on organizational performance was developed in this paper. All Iranian pharmaceutical generic manufactures listed in Tehran stock market have been tested for period of five years between 2006-2010 and their marketing strategies were determined by using Slater and Olson taxonomy and their financial strategies have been developed by calculating total risk and total return of sample companies for five years based on rate of risk and return in the frame of a 2 × 2 matrix. For the business performance three profitability indices including Q-Tubin (Rate of market value to net asset value), ROA (Return on Asset), ROE (Return on Equity) have been tested. For analysis, a series of one-way ANOVAs as a collection of statistical models within marketing strategies considering financial strategy as independent variable and the three performance measures as dependent variables was used. Results show strategic alignment between financial and marketing has significant impact on profitability of company resulting in arise of all three profitability indices. Q tubing's rate were 2.33,2.09,2.29,2.58 and rate of ROA were 0.21,0.194,0.25,0.22 and rate of ROE were 0.44,0.46,0.45,0.42 for matched strategy types, respectively the rates shown here are more than average meaning that specific type of marketing strategy is fitted with specific type of financial strategy. Managers should not consider decisions regarding marketing strategy independently of their financial strategy.

  20. Organizational performance, Marketing strategy, and Financial strategic alignment: an empirical study on Iranian pharmaceutical firms

    Science.gov (United States)

    2013-01-01

    Background Strategic Functional-level planning should be aligned with business level and other functional strategies of a company. It is presumed that assimilating the strategies could have positive contribution to business performance, in this regard alignment between marketing strategy and financial strategy seems to be the most important strategies being studied. An empirical work in generic pharmaceutical manufacturing companies for evaluating effect of alignment between these two functions on organizational performance was developed in this paper. Methods All Iranian pharmaceutical generic manufactures listed in Tehran stock market have been tested for period of five years between 2006–2010 and their marketing strategies were determined by using Slater and Olson taxonomy and their financial strategies have been developed by calculating total risk and total return of sample companies for five years based on rate of risk and return in the frame of a 2 × 2 matrix. For the business performance three profitability indices including Q-Tubin (Rate of market value to net asset value), ROA (Return on Asset), ROE (Return on Equity) have been tested. For analysis, a series of one-way ANOVAs as a collection of statistical models within marketing strategies considering financial strategy as independent variable and the three performance measures as dependent variables was used. Results Results show strategic alignment between financial and marketing has significant impact on profitability of company resulting in arise of all three profitability indices. Q tubing’s rate were 2.33,2.09,2.29,2.58 and rate of ROA were 0.21,0.194,0.25,0.22 and rate of ROE were 0.44,0.46,0.45,0.42 for matched strategy types, respectively the rates shown here are more than average meaning that specific type of marketing strategy is fitted with specific type of financial strategy. Conclusion Managers should not consider decisions regarding marketing strategy independently of their financial

  1. Empirical methods for systematic reviews and evidence-based medicine

    NARCIS (Netherlands)

    van Enst, W.A.

    2014-01-01

    Evidence-Based Medicine is the integration of best research evidence with clinical expertise and patient values. Systematic reviews have become the cornerstone of evidence-based medicine, which is reflected in the position systematic reviews have in the pyramid of evidence-based medicine. Systematic

  2. Entrepreneurship Education in Schools: Empirical Evidence on the Teacher's Role

    Science.gov (United States)

    Ruskovaara, Elena; Pihkala, Timo

    2015-01-01

    Different approaches and methodologies for entrepreneurship education have been introduced for schools. However, a better theoretical and empirical understanding of the antecedents of entrepreneurship education is needed. The authors analyze what entrepreneurship education practices are used in schools and what role the school and the teacher are…

  3. Entrepreneurship Education in Schools: Empirical Evidence on the Teacher's Role

    Science.gov (United States)

    Ruskovaara, Elena; Pihkala, Timo

    2015-01-01

    Different approaches and methodologies for entrepreneurship education have been introduced for schools. However, a better theoretical and empirical understanding of the antecedents of entrepreneurship education is needed. The authors analyze what entrepreneurship education practices are used in schools and what role the school and the teacher are…

  4. Forecasting Electricity Market Risk Using Empirical Mode Decomposition (EMD—Based Multiscale Methodology

    Directory of Open Access Journals (Sweden)

    Kaijian He

    2016-11-01

    Full Text Available The electricity market has experienced an increasing level of deregulation and reform over the years. There is an increasing level of electricity price fluctuation, uncertainty, and risk exposure in the marketplace. Traditional risk measurement models based on the homogeneous and efficient market assumption no longer suffice, facing the increasing level of accuracy and reliability requirements. In this paper, we propose a new Empirical Mode Decomposition (EMD-based Value at Risk (VaR model to estimate the downside risk measure in the electricity market. The proposed model investigates and models the inherent multiscale market risk structure. The EMD model is introduced to decompose the electricity time series into several Intrinsic Mode Functions (IMF with distinct multiscale characteristics. The Exponential Weighted Moving Average (EWMA model is used to model the individual risk factors across different scales. Experimental results using different models in the Australian electricity markets show that EMD-EWMA models based on Student’s t distribution achieves the best performance, and outperforms the benchmark EWMA model significantly in terms of model reliability and predictive accuracy.

  5. Back to the Future Betas: Empirical Asset Pricing of US and Southeast Asian Markets

    Directory of Open Access Journals (Sweden)

    Jordan French

    2016-07-01

    Full Text Available The study adds an empirical outlook on the predicting power of using data from the future to predict future returns. The crux of the traditional Capital Asset Pricing Model (CAPM methodology is using historical data in the calculation of the beta coefficient. This study instead uses a battery of Generalized Auto Regressive Conditional Heteroskedasticity (GARCH models, of differing lag and parameter terms, to forecast the variance of the market used in the denominator of the beta formula. The covariance of the portfolio and market returns are assumed to remain constant in the time-varying beta calculations. The data spans from 3 January 2005 to 29 December 2014. One ten-year, two five-year, and three three-year sample periods were used, for robustness, with ten different portfolios. Out of sample forecasts, mean absolute error (MAE and mean squared forecast error (MSE were used to compare the forecasting ability of the ex-ante GARCH models, Artificial Neural Network, and the standard market ex-post model. Find that the time-varying MGARCH and SGARCH beta performed better with out-of-sample testing than the other ex-ante models. Although the simplest approach, constant ex-post beta, performed as well or better within this empirical study.

  6. Credit Market Development and Economic Growth an Empirical Analysis for United Kingdom

    Directory of Open Access Journals (Sweden)

    Athanasios Vazakidis

    2011-01-01

    Full Text Available Problem statement: This study investigated the causal relationship between credit market development and economic growth for UK for the period 1975-2007 using a Vector Error Correction Model (VECM. Questions were raised whether economic growth spurs credit market development taking into account the negative effect of inflation rate on credit market development. This study aimed to investigate the short-run and the long-run relationship between bank lending, gross domestic product and inflation rate applying the Johansen cointegration analysis. Approach: To achieve this objective classical and panel unit root tests were carried out for all time series data in their levels and their first differences. Johansen cointegration analysis was applied to examine whether the variables are cointegrated of the same order taking into account the maximum eigenvalues and trace statistics tests. Finally, a vector error correction model was selected to investigate the long-run relationship between economic growth and credit market development. Results: A short-run increase of economic growth per 1% induces an increase of bank lending 0.006%, while an increase of inflation rate per 1% induces a relative decrease of bank lending per 1.05% in UK. The estimated coefficient of error correction term is statistically significant and has a negative sign, which confirms that there is not any problem in the long-run equilibrium between the examined variables. Conclusion: The empirical results indicated that there is a unidirectional causal relationship between economic growth and credit market development with direction from economic growth to credit market development and a bilateral causality between inflation and credit market development for United Kingdom. Bank development is determined by the size of bank lending directed to private sector at times of low inflation rates leading to higher economic growth rates.

  7. The different impact of conventional interest rates on Islamic stock market, Islamic banking and Islamic insurance: evidence from Malaysia

    OpenAIRE

    Othman, Arshad Nuval; Masih, Mansur

    2014-01-01

    This paper seeks to close the gap of the lack of empirical evidence surrounding the different impact of conventional interest rates on Islamic finance components – Islamic stock markets, Islamic banking and Islamic insurance (called takaful). Such evidence remains imperative in order for the Islamic finance system to formulate effective countermeasures against changes in conventional interest rates. Using Malaysia as a case in point, this paper employs time-series techniques to establish long...

  8. Day-of-the-week and Size Effects in Emerging Markets: Evidence From Chile Day-of-the-week and Size Effects in Emerging Markets: Evidence From Chile

    Directory of Open Access Journals (Sweden)

    Eduardo Walker

    2000-03-01

    Full Text Available This paper studies empirical regularities of daily log returns for the years 1989 through 1996, using aggregate indexes and quintiles rated by size, for a specific emerging market: the case of Chile. Within the context of the existing literature on emerging markets, this study's contributions are the following: First, earlier studies use aggregate indexes. This one extends the samples and also considers more detailed information, which gives a better representation of individual stock behavior. Second, non-parametric statistical tests are used as a complements of classical ones. The study's main result shows important day-of-the-week effects on average returns and traded volumes, but not on variances. These results, obtained with both classical and non-parametric methods, are valid for aggregate indexes, quintiles and sub-periods. We also find a seasonal pattern in the size-effect, which it is significantly positive on Fridays and significantly negative on Mondays. In the case of this emerging market, the evidence is inconsistent with the hypothesis that the weekend effect is due to small-investor-portfolio-adjustment-on-Mondays. Unless there is a reason to believe that bad news is put off to the weekend (and good news to Fridays especially in the case of smaller firms, the seasonal size-effect and the absence of effects in variances also contradict this hypothesis. There is stronger evidence that favors the hypothesis that investors comply with weekly investment plans, as proposed herein. Other results confirm that daily returns in the Chilean stock market behave very much like the more developed countries', although the different effects (size-, kurtosis and autocorrelation are more pronounced. This is also true for the size-based quintiles. Results are also consistent with those obtained by other authors that analyze emerging market monthly index returns. This paper studies empirical regularities of daily log returns for the years 1989

  9. Selection Bias in Educational Transition Models: Theory and Empirical Evidence

    DEFF Research Database (Denmark)

    Holm, Anders; Jæger, Mads

    Most studies using Mare’s (1980, 1981) seminal model of educational transitions find that the effect of family background decreases across transitions. Recently, Cameron and Heckman (1998, 2001) have argued that the “waning coefficients” in the Mare model are driven by selection on unobserved...... the United States, United Kingdom, Denmark, and the Netherlands shows that when we take selection into account the effect of family background variables on educational transitions is largely constant across transitions. We also discuss several difficulties in estimating educational transition models which...... variables. This paper, first, explains theoretically how selection on unobserved variables leads to waning coefficients and, second, illustrates empirically how selection leads to biased estimates of the effect of family background on educational transitions. Our empirical analysis using data from...

  10. Financial Liberalization and Economic Growth in Nigeria: An Empirical Evidence

    OpenAIRE

    Anthony Orji; Jonathan E. Ogbuabor; Onyinye I. Anthony-Orji

    2015-01-01

    The liberalization thesis has generated a lot of debate in theoretical and empirical literature. In this paper we construct an index of financial liberalization from 1981 to 2012 to investigate its impact on economic growth in Nigeria using the McKinnon–Shaw framework. The ordinary least squares methodology and cointegration analysis are adopted in the study. The result reveals that financial liberalization (FINDEX) and private investment (PINV) have significant positive impact on economic gr...

  11. Credit risk determinants analysis: Empirical evidence from Chinese commercial banks

    OpenAIRE

    LU, ZONGQI

    2013-01-01

    Abstract In order to investigate the potential determinants of credit risk in Chinese commercial banks, a panel dataset includes 342 bank-year observations from 2003 to 2012 in Chinese commercial banks are used to quantify the relationship between the selected variables and Chinese bank’s credit risk. Based on several robust test, the empirical results suggest the inflation rate and loan loss provision is significantly positive to Chinese commercial banks’ credit risk, on the other hand, m...

  12. On perishability and Vertical Price Transmission: empirical evidences from Italy

    OpenAIRE

    Fabio Gaetano Santeramo; Stephan von Cramon-Taubadel

    2017-01-01

    Studies on the causes for asymmetries in vertical price transmission date back to decades ago, but the attention of theorists and empirical economists is still vivid. In particular the role of perishability is not fully defined. We investigate the vertical price transmission for a heterogeneous group of fruits and vegetables that differ for their degree of perishability. The error correction model we estimate allows to conclude that asymmetries in vertical price transmission tend to vanish fo...

  13. On perishability and Vertical Price Transmission: empirical evidences from Italy

    Directory of Open Access Journals (Sweden)

    Fabio Gaetano Santeramo

    2017-01-01

    Full Text Available Studies on the causes for asymmetries in vertical price transmission date back to decades ago, but the attention of theorists and empirical economists is still vivid. In particular the role of perishability is not fully defined. We investigate the vertical price transmission for a heterogeneous group of fruits and vegetables that differ for their degree of perishability. The error correction model we estimate allows to conclude that asymmetries in vertical price transmission tend to vanish for perishable products.

  14. Factors affecting adoption of mobile banking in Pakistan: Empirical Evidence

    Directory of Open Access Journals (Sweden)

    Abdul Kabeer Kazi

    2016-01-01

    Hyderabad of the province Sindh, in Pakistan using judgement sampling method. This study empirically concluded that consumers’ intention to adopt mobile banking services was significantly influenced by social influence, perceived risk, perceived usefulness, and perceived ease of use. The most significant positive impact was of social influence on consumers’ intention to adopt mobile banking services. The paper concluded with discussion on results, and several business implications for the banking industry of Pakistan.

  15. Innovation and productivity: empirical evidence for Brazilian industrial enterprises

    Directory of Open Access Journals (Sweden)

    Luciana Carvalho

    Full Text Available Abstract The aim of this paper is to carry out an empirical investigation into the relationship between innovation and the productive performance of Brazilian businesses measured by Work Productivity and Total Factor Productivity. Data taken from the Research of Innovation and estimated cross section models and panel data was used. The results suggest that innovation produces an incipient impact on competition in the national industry, reflected in the small magnitude of coefficients associated with the diverse indicators of innovation.

  16. Corporate Governance and Firm Value: Empirical Evidence in Malaysia

    OpenAIRE

    Tan, Mabel Yunn Ru

    2009-01-01

    Well governed firms have been noted to have higher firm performance. However, this is still an empirical question in the context of Malaysia. This paper aims to examine the effect of corporate governance practices on firm value among 151 public listed companies on Bursa Malaysia Main Board between 2006 and 2008. We use the overall governance practice scores (CGS) to measure the level of compliance carried out by the sample firms. The results find that better corporate governance is highly cor...

  17. Segmented Labor Markets: A Review of the Theoretical and Empirical Literature and Its Implication for Educational Planning.

    Science.gov (United States)

    Carnoy, Martin

    The study reviews orthodox theories of labor markets, presents new formulations of segmentation theory, and provides empirical tests of segmentation in the United States and several developing nations. Orthodox labor market theory views labor as being paid for its contribution to production and that investment in education and vocational training…

  18. 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.

  19. Self-Organized Criticality and Stock Market Dynamics: an Empirical Study

    Energy Technology Data Exchange (ETDEWEB)

    M. Bartolozzi; D. B. Leinweber; A. W. Thomas

    2004-05-01

    The Stock Market is a complex self-interacting system, characterized by an intermittent behavior. Periods of high activity alternate with periods of relative calm. In the present work we investigate empirically about the possibility that the market is in a self-organized critical state (SOC). A wavelet transform method is used in order to separate high activity periods, related to the avalanches of sandpile models, from quiescent. A statistical analysis of the filtered data show a power law behavior in the avalanche size, duration and laminar times. The memory process, implied by the power law distribution, of the laminar times is not consistent with classical conservative models for self-organized criticality. We argue that a ''near-SOC'' state or a time dependence in the driver, which may be chaotic, can explain this behavior.

  20. Marketing evidence-based practice: what a CROC™!

    Science.gov (United States)

    Boyington, Alice R; Ferrall, Sheila M; Sylvanus, Terry

    2010-10-01

    Nurses should be engaged in evidence-based practice (EBP) to ensure that nursing care is efficient and effective. This article describes one cancer center's use of the Marketing Mix framework to educate staff nurses with the CROC™: Clinging Rigidly to Outdated Care campaign. As a result of the campaign, five EBP projects have been initiated in the cancer center.

  1. Securitization and Lending Standards : Evidence from the Wholesale Loan Market

    NARCIS (Netherlands)

    Kara, A.; Marques-Ibanez, D.; Ongena, S.

    2011-01-01

    We investigate the effect of securitization activity on banks’ lending standards using evidence from pricing behavior on the syndicated loan market. We find that banks more active at originating asset-backed securities are also more aggressive on their loan pricing practices. This suggests that secu

  2. Securitization and Lending Standards : Evidence from the Wholesale Loan Market

    NARCIS (Netherlands)

    Kara, A.; Marques-Ibanez, D.; Ongena, S.

    2011-01-01

    We investigate the effect of securitization activity on banks’ lending standards using evidence from pricing behavior on the syndicated loan market. We find that banks more active at originating asset-backed securities are also more aggressive on their loan pricing practices. This suggests that

  3. Insurance Market Activity and Economic Growth: Evidence from Nigeria

    Directory of Open Access Journals (Sweden)

    Philip Chimobi Omoke

    2012-04-01

    Full Text Available The focus of this study is to empirically assess insurance market activities in Nigeria withthe view to determining its impact on economic growth. The period of study was 1970- 2008, thestudy made use of insurance density measures (premium per capita as a measure for insurancemarket activity and real GDP for economic growth. It also employed control variables such asinflation and savings rate as other determinants ofgrowth. The Johansen cointegration and vectorerror correction approach was used to estimate therelationship between the variables. All thevariables used were stationary at first differenceand the result showed a long term relationshipexisting among the variables. The hallmark findingof this study is that the insurance sector did notreveal any positively and significant affect on economic growth in Nigeria within the period of study.The result shows a low insurance market activity inNigeria and that Nigerians have not fully embracethe insurance industry despite its importance to the growth of theeconomy.

  4. Mediating and Marketing Factors Influence the Prescription Behavior of Physicians: An Empirical Investigation

    Directory of Open Access Journals (Sweden)

    Rizwan Raheem Ahmed

    2016-02-01

    Full Text Available The authors present general review of the literature and the results of an empirical research on the subject. A cross-sectional questionnaire-based survey was conducted, being answered by 350 respondents: mix of graduate and post graduate doctors of private and public hospitals of Karachi City, and pharmaceutical personnel (mix of sales and marketing of national and multinational pharmaceutical companies operating in Pakistan. To test hypothesis, structural equation modelling (SEM was employed using AMOS 7 software package. As data are normally distributed, maximum likelihood method of estimation was used. Factorial ANOVA also enables us to examine the interaction effect between the factors. The results from factorial ANOVA test all the hypotheses of model, and results were declared significant at p <0.05. Findings are interesting as they establish association between variables (scientific literatures, promotional material, regular follow up, CMEs & conferences, personalized activities and prescription behavior of doctors mediated by strong phenomenon of medical representative PR and brand image of a company/product in changing the prescription behavior of doctors. Based on the results of this study, the pharmaceutical companies can device better marketing strategies keeping in view of these mediating effects. The article presents only two mediating and five marketing factors, whereas, more marketing and mediating variables can be added and tested, so, in future this gape can be overcome by other researchers. Moreover, a larger sample size could be applied and the scope of study can be enhanced.

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

    Directory of Open Access Journals (Sweden)

    Maryam Safaei

    2012-08-01

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

  6. Determinants of firm entries: empirical evidence for Slovenia

    Directory of Open Access Journals (Sweden)

    Dijana Močnik

    2010-02-01

    Full Text Available We empirically investigate the determinants of new firm formations on Slovenian data set for the 6-year period across statistical regions. Analyzed are the relationships of the determinants classified into five groups: demand, unemployment, industrial restructuring, local financial capital, and knowledge concentration. We find a positive and significant impact of GDP p.c., unemployment rate, productivity growth and a negative relationship for employment density. Results show that some regions have significantly worse conditions for start-up firms than others. Practical implications of this study would allow policy makers to better understand the dynamics in new firm formations.

  7. Determinants of Economic Growth: Empirical Evidence from Russian Regions

    Directory of Open Access Journals (Sweden)

    Svetlana Ledyaeva

    2008-06-01

    Full Text Available A modification of Barro and Sala-i-Martin empirical framework of growth model is specified to examine determinants of per capita growth in 74 Russian regions during period of 1996-2005. We utilize both panel and cross-sectional data. Results imply that in general regional growth in 1996-2005 is explained by the initial level of region's economic development, the 1998 financial crisis, domestic investments, and exports. Growth convergence between poor and rich regions in Russia was not found for the period studied.

  8. Ratio Versus Regression Analysis: Some Empirical Evidence in Brazil

    Directory of Open Access Journals (Sweden)

    Newton Carneiro Affonso da Costa Jr.

    2004-06-01

    Full Text Available This work compares the traditional methodology for ratio analysis, applied to a sample of Brazilian firms, with the alternative one of regression analysis both to cross-industry and intra-industry samples. It was tested the structural validity of the traditional methodology through a model that represents its analogous regression format. The data are from 156 Brazilian public companies in nine industrial sectors for the year 1997. The results provide weak empirical support for the traditional ratio methodology as it was verified that the validity of this methodology may differ between ratios.

  9. The Determinants of Banking Performance: Empirical evidence from Tunisian Listed Banks

    Directory of Open Access Journals (Sweden)

    Khalfaoui Hamdi

    2015-06-01

    Full Text Available This paper aims to identify the determinants of performance of the Tunisian banking sector. The results found, following an empirical study using panel data of Tunisian banks listed on the stock market over the period 2000-2013, show that credit risk, liquidity, total assets and disclosure of information relating to credit are the main determinants of banking performance.

  10. The Rise of Obesity in Transition: Theory and Empirical Evidence from Russia

    NARCIS (Netherlands)

    Huffman, S.K.; Rizov, M.I.

    2010-01-01

    This paper integrates theoretical and empirical models to study the rise of human obesity in Russia during the transition from a planned to a market economy. To test our hypotheses we use recent individual-level data from the Russian Longitudinal Monitoring Survey for 1995 and 2004 capturing represe

  11. Superstar Exporters: An Empirical Investigation of Strategic Interactions in Danish Export Markets

    DEFF Research Database (Denmark)

    Ciliberto, Federico; Jäkel, Ina Charlotte

    , product and destination. We also obtain detailed information on applied, preferential tariff protection from the MAcMap-HS6 database. We find evidence of strong negative competitive effects of entry: in the absence of strategic competitive effects, firms would be 54.3 percentage points more likely...... to export to a given market. Next, we run two counterfactual exercises. We show that failing to account for the strategic interaction among superstar exporters leads to: (i) overstating the probability that firms would start exporting to a market following tariff elimination by 8 percentage points; and, (ii...

  12. Empirical Essays on the Labor Market Outcomes of PhD Graduates

    DEFF Research Database (Denmark)

    Pedersen, Heidi Skovgaard

    During the past decade, policy makers have accentuated the need for more PhDs to drive innovation and use their research skills to push the technological frontier. The public sector in Denmark has financially supported a doubling of the number of enrolled PhD students based on a strong belief...... that PhDs accelerate growth. A major objective has been to direct more PhDs to the industry to use their skills to monetize knowledge. However, we have limited evidence on how PhDs are absorbed into the labor market, how the market values PhD labor, and how PhDs value the possibility to work...

  13. 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.

  14. Factors affecting adoption of mobile banking in Pakistan: Empirical Evidence

    Directory of Open Access Journals (Sweden)

    Abdul Kabeer Kazi

    2013-07-01

    Full Text Available In this research paper we investigated the determinants likely to influence the adoption of mobile banking services, with a special focus on under banked/unbanked low-income population of Pakistan. For this purpose, Technology Acceptance Model (TAM was used, with additional determinants of perceived risk and social influence. We designed a questionnaire for this research; data was collected by surveying 372 respondents from the two largest cities (Karachi and Hyderabad of the province Sindh, in Pakistan. This study empirically concluded that consumers’ intention to adopt mobile banking services was significantly influenced by social influence, perceived risk, perceived usefulness, and perceived ease of use. The most significant positive influence was of social influence on consumers’ intention to adopt mobile banking services. The paper concluded with discussion on results, and several business implications for the banking industry of Pakistan.

  15. AN EMPIRICAL EXAMINATION OF ENTREPRENEURIAL ORIENTATION. EVIDENCE FROM ROMANIA

    Directory of Open Access Journals (Sweden)

    Alexandru CONSTANGIOARA

    2014-06-01

    Full Text Available In order to achieve the desired performances and the increased value added to the final consumer, organizations need not only to integrate their core businesses and align them to business strategy but also to develop essential entrepreneurial competences. After presenting the dimensions of entrepreneurial orientation and their specificity in a supply chain, we propose an empirical research using a working dataset of 64 firms from various industries to analyze the Romanian entrepreneurial supply chains. Structural equations are employed to estimate the complex relationships between organizational performances and entrepreneurial orientation in supply chains at national level. Results show that entrepreneurial orientation influences organizational competences only in the framework of the supply chain management strategic approach to operational excellence.

  16. The growth of business firms: theoretical framework and empirical evidence.

    Science.gov (United States)

    Fu, Dongfeng; Pammolli, Fabio; Buldyrev, S V; Riccaboni, Massimo; Matia, Kaushik; Yamasaki, Kazuko; Stanley, H Eugene

    2005-12-27

    We introduce a model of proportional growth to explain the distribution P(g)(g) of business-firm growth rates. The model predicts that P(g)(g) is exponential in the central part and depicts an asymptotic power-law behavior in the tails with an exponent zeta = 3. Because of data limitations, previous studies in this field have been focusing exclusively on the Laplace shape of the body of the distribution. In this article, we test the model at different levels of aggregation in the economy, from products to firms to countries, and we find that the predictions of the model agree with empirical growth distributions and size-variance relationships.

  17. Fiscal Deficits and Stock Prices in India: Empirical Evidence

    Directory of Open Access Journals (Sweden)

    Pooja Joshi

    2015-08-01

    Full Text Available The study aims at examining how fiscal deficits affect the performance of the stock market in India by using annual data from 1988–2012. The study makes use of Ng-Perron unit root tests to check the non-stationarity property of the series; the Auto Regressive Distributed Lag (ARDL bounds test and a Vector Error Correction Model (VECM for testing both short and long run dynamic relationships. The variance decomposition (VDC is used to predict the exogenous shocks of the variables. The findings of the bounds test reveal that the estimated equation and the series are co-integrated. The ARDL results suggest a long run negative relationship exists between budget deficit and stock prices and do not show any significant relationship in the short run. The VECM result shows that fiscal deficits influence the stock price only in the short run. The results of the Variance Decomposition show that stock price movement in the long run is mostly explained by shocks of fiscal deficits. The study implies that the government must adopt appropriate macroeconomic policies to reduce budget deficit, which will result in stock market growth and in turn will lead to the financial development of the country.

  18. Rationale for hedging initiatives: Empirical evidence from the energy industry

    Science.gov (United States)

    Dhanarajata, Srirajata

    Theory offers different rationales for hedging including (i) financial distress and bankruptcy cost, (ii) capacity to capture attractive investment opportunities, (iii) information asymmetry, (iv) economy of scale, (v) substitution for hedging, (vi) managerial risk aversion, and (vii) convexity of tax schedule. The purpose of this dissertation is to empirically test the explanatory power of the first five theoretical rationales on hedging done by oil and gas exploration and production (E&P) companies. The level of hedging is measured by the percentage of production effectively hedged, calculated based on the concept of delta and delta-gamma hedging. I employ Tobit regression, principal components, and panel data analysis on dependent and raw independent variables. Tobit regression is applied due to the fact that the dependent variable used in the analysis is non-negative. Principal component analysis helps to reduce the dimension of explanatory variables while panel data analysis combines/pools the data that is a combination of time-series and cross-sectional. Based on the empirical results, leverage level is consistently found to be a significant factor on hedging activities, either due to an attempt to avoid financial distress by the firm, or an attempt to control agency cost by debtholders, or both. The effect of capital expenditures and discretionary cash flows are both indeterminable due possibly to a potential mismatch in timing of realized cash flow items and hedging decision. Firm size is found to be positively related to hedging supporting economy of scale hypothesis, which is introduced in past literature, as well as the argument that large firm usually are more sophisticated and should be more willing and more comfortable to use hedge instruments than smaller firms.

  19. An empirical investigation of spatial differentiation and price floor regulations in retail markets for gasoline

    Science.gov (United States)

    Houde, Jean-Francois

    In the first essay of this dissertation, I study an empirical model of spatial competition. The main feature of my approach is to formally specify commuting paths as the "locations" of consumers in a Hotelling-type model of spatial competition. The main consequence of this location assumption is that the substitution patterns between stations depend in an intuitive way on the structure of the road network and the direction of traffic flows. The demand-side of the model is estimated by combining a model of traffic allocation with econometric techniques used to estimate models of demand for differentiated products (Berry, Levinsohn and Pakes (1995)). The estimated parameters are then used to evaluate the importance of commuting patterns in explaining the distribution of gasoline sales, and compare the economic predictions of the model with the standard home-location model. In the second and third essays, I examine empirically the effect of a price floor regulation on the dynamic and static equilibrium outcomes of the gasoline retail industry. In particular, in the second essay I study empirically the dynamic entry and exit decisions of gasoline stations, and measure the impact of a price floor on the continuation values of staying in the industry. In the third essay, I develop and estimate a static model of quantity competition subject to a price floor regulation. Both models are estimated using a rich panel dataset on the Quebec gasoline retail market before and after the implementation of a price floor regulation.

  20. Biofuels policy and the US market for motor fuels: Empirical analysis of ethanol splashing

    Energy Technology Data Exchange (ETDEWEB)

    Walls, W.D., E-mail: wdwalls@ucalgary.ca [Department of Economics, University of Calgary, 2500 University Drive NW, Calgary, Alberta, T2N 1N4 (Canada); Rusco, Frank; Kendix, Michael [US GAO (United States)

    2011-07-15

    Low ethanol prices relative to the price of gasoline blendstock, and tax credits, have resulted in discretionary blending at wholesale terminals of ethanol into fuel supplies above required levels-a practice known as ethanol splashing in industry parlance. No one knows precisely where or in what volume ethanol is being blended with gasoline and this has important implications for motor fuels markets: Because refiners cannot perfectly predict where ethanol will be blended with finished gasoline by wholesalers, they cannot know when to produce and where to ship a blendstock that when mixed with ethanol at 10% would create the most economically efficient finished motor gasoline that meets engine standards and has comparable evaporative emissions as conventional gasoline without ethanol blending. In contrast to previous empirical analyses of biofuels that have relied on highly aggregated data, our analysis is disaggregated to the level of individual wholesale fuel terminals or racks (of which there are about 350 in the US). We incorporate the price of ethanol as well as the blendstock price to model the wholesaler's decision of whether or not to blend additional ethanol into gasoline at any particular wholesale city-terminal. The empirical analysis illustrates how ethanol and gasoline prices affect ethanol usage, controlling for fuel specifications, blend attributes, and city-terminal-specific effects that, among other things, control for differential costs of delivering ethanol from bio-refinery to wholesale rack. - Research Highlights: > Low ethanol prices and tax credits have resulted in discretionary blending of ethanol into fuel supplies above required levels. > This has important implications for motor fuels markets and vehicular emissions. > Our analysis incorporates the price of ethanol as well as the blendstock price to model the wholesaler's decision of whether or not to blend additional ethanol into gasoline at any particular wholesale city

  1. Are crude oil markets multifractal? Evidence from MF-DFA and MF-SSA perspectives

    Science.gov (United States)

    He, Ling-Yun; Chen, Shu-Peng

    2010-08-01

    In this article, we investigated the multifractality and its underlying formation mechanisms in international crude oil markets, namely, Brent and WTI, which are the most important oil pricing benchmarks globally. We attempt to find the answers to the following questions: (1) Are those different markets multifractal? (2) What are the dynamical causes for multifractality in those markets (if any)? To answer these questions, we applied both multifractal detrended fluctuation analysis (MF-DFA) and multifractal singular spectrum analysis (MF-SSA) based on the partition function, two widely used multifractality detecting methods. We found that both markets exhibit multifractal properties by means of these methods. Furthermore, in order to identify the underlying formation mechanisms of multifractal features, we destroyed the underlying nonlinear temporal correlation by shuffling the original time series; thus, we identified that the causes of the multifractality are influenced mainly by a nonlinear temporal correlation mechanism instead of a non-Gaussian distribution. At last, by tracking the evolution of left- and right-half multifractal spectra, we found that the dynamics of the large price fluctuations is significantly different from that of the small ones. Our main contribution is that we not only provided empirical evidence of the existence of multifractality in the markets, but also the sources of multifractality and plausible explanations to current literature; furthermore, we investigated the different dynamical price behaviors influenced by large and small price fluctuations.

  2. THE BRDE AND ECONOMIC GROWTH OF PARANÁ: EMPIRICAL EVIDENCE

    Directory of Open Access Journals (Sweden)

    Augusta Pelinski Raiher

    2014-05-01

    Full Text Available This paper analyzes the importance of credit provided by Bank of Regional Development of Southern (BRDE in Paraná State, Brazil. to induce growth economic Paraná's regional from three angles: growth of the Gross Domestic Product (GDP , the impact on the expansion of foreign markets via exports and its impact on generation employment in different economic activities. The space of the analysis were the microregions of Paraná State and the period of analysis was the first decade of this century (2003 and 2009. The results demonstrated that is extremely relevant the participation of BRDE's resources in generating employment and income in the Paraná State, that is, in the induction of growth regional.

  3. Ambiguity aversion and household portfolio choice puzzles: Empirical evidence*

    Science.gov (United States)

    Dimmock, Stephen G.; Kouwenberg, Roy; Mitchell, Olivia S.; Peijnenburg, Kim

    2017-01-01

    We test the relation between ambiguity aversion and five household portfolio choice puzzles: nonparticipation in equities, low allocations to equity, home-bias, own-company stock ownership, and portfolio under-diversification. In a representative US household survey, we measure ambiguity preferences using custom-designed questions based on Ellsberg urns. As theory predicts, ambiguity aversion is negatively associated with stock market participation, the fraction of financial assets in stocks, and foreign stock ownership, but it is positively related to own-company stock ownership. Conditional on stock ownership, ambiguity aversion is related to portfolio under-diversification, and during the financial crisis, ambiguity-averse respondents were more likely to sell stocks. PMID:28458446

  4. Ambiguity aversion and household portfolio choice puzzles: Empirical evidence.

    Science.gov (United States)

    Dimmock, Stephen G; Kouwenberg, Roy; Mitchell, Olivia S; Peijnenburg, Kim

    2016-03-01

    We test the relation between ambiguity aversion and five household portfolio choice puzzles: nonparticipation in equities, low allocations to equity, home-bias, own-company stock ownership, and portfolio under-diversification. In a representative US household survey, we measure ambiguity preferences using custom-designed questions based on Ellsberg urns. As theory predicts, ambiguity aversion is negatively associated with stock market participation, the fraction of financial assets in stocks, and foreign stock ownership, but it is positively related to own-company stock ownership. Conditional on stock ownership, ambiguity aversion is related to portfolio under-diversification, and during the financial crisis, ambiguity-averse respondents were more likely to sell stocks.

  5. Access pricing for transmission networks: Hypotheses and empirical evidence

    Energy Technology Data Exchange (ETDEWEB)

    Martoccia, Maria [Decision Technology Centre, London (United Kingdom)

    1999-08-01

    The sectors characterised by the use of transmission or transport networks as inputs of production (electricity, gas, telecommunications) have long been considered as natural monopolies. Thanks to the technological innovations which have modified the economics of production (as in electricity generation) or that have driven the development of high value added services (as in telecommunications), the boundaries of the old natural monopolies have been eroded by the presence of operators potentially able to compete in national and international markets. The objective is to delineate, by analysing the more significant theoretical contributions and some of the restructuring experiences of the sector in question, the possible regulatory solutions which, in the perspective of a `European market` for electricity, makes the management and the expansion of the transmission networks adequate for the `open access` of national electricity sectors. The analysis of some mature experiences, such as in Chile, Argentina, the UK and Norway, in the second section, will offer a useful support to this evaluation. The regulatory solution here adopted will be analysed, in particular, with reference to the two main problems outlined above: on the one hand, the problem of providing through prices the necessary information about the opportunities of using the transmission assets; and on the other hand, the problem of defining an efficient incentive mechanism for the behaviour of the monopolist (the owner of the transmission assets). Finally, by considering the limits found in the solutions explored in these models, we will try, in the third section, to delineate the evolution that the regulation of the analysed sectors could follow, in an attempt to make the optimal solution defined in the first section consistent with the imperfections of the real scenarios. (EHS)

  6. Empirical evidence of study design biases in randomized trials

    DEFF Research Database (Denmark)

    Page, Matthew J.; Higgins, Julian P. T.; Clayton, Gemma

    2016-01-01

    Objective: To synthesise evidence on the average bias and heterogeneity associated with reported methodological features of randomized trials. Design: Systematic review of meta-epidemiological studies. Methods: We retrieved eligible studies included in a recent AHRQ-EPC review on this topic (late...

  7. An empirical analysis of freight rate and vessel price volatility transmission in global dry bulk shipping market

    Directory of Open Access Journals (Sweden)

    Lei Dai

    2015-10-01

    Full Text Available Global dry bulk shipping market is an important element of global economy and trade. Since newbuilding and secondhand vessels are often traded as assets and the freight rate is the key determinant of vessel price, it is important for shipping market participants to understand the market dynamics and price transmission mechanism over time to make suitable strategic decisions. To address this issue, a multi-variate GARCH model was applied in this paper to explore the volatility spillover effects across the vessel markets (including newbuilding and secondhand vessel markets and freight market. Specifically, the BEKK parameterization of the multi-variate GARCH model (BEKK GARCH was proposed to capture the volatility transmission effect from the freight market, newbuilding and secondhand vessel markets in the global dry bulk shipping industry. Empirical results reveal that significant volatility transmission effects exist in each market sector, i.e. capesize, panamax, handymax and handysize. Besides, the market volatility transmission mechanism varies among different vessel types. Moreover, some bilateral effects are found in the dry bulk shipping market, showing that lagged variances could affect the current variance in a counterpart market, regardless of the volatility transmission. A simple ratio is proposed to guide investors optimizing their portfolio allocations. The findings in this paper could provide unique insights for investors to understand the market and hedge their portfolios well.

  8. Taxation of Insolvent Companies: Empirical Evidence in Portugal

    Directory of Open Access Journals (Sweden)

    Ana Cristina dos Santos Arromba Dinis

    2016-04-01

    Full Text Available This article discusses the issue of taxation of insolvent companies in Portugal, particularly regarding the Portuguese tax on revenue of legal entities (IRC. For this purpose, first, some considerations on the legal framework of insolvent companies are woven and, second, their tax regime is analyzed. Then, a brief review of the main studies that, in the international context, analyze and debate major issues derived from the tax regime of insolvent companies is conducted, particularly in Brazil, Spain, United States, and Italy. Finally, there are the results of an empirical study conducted in Portugal, in 2013, which evaluates and compares the opinions of insolvency administrators (IA, the tax and customs authority (TA, and court magistrates (CM, in order to contribute to a better solution concerning business taxation under this regime. Respondents (IA, TA, CM demonstrate objective thinking about the fact they believe it is very important that the Portuguese Code of Insolvency and Business Recovery (CIRE and the Portuguese Code of Tax on Revenue of Legal Entities (CIRC are modified, now to make clear whether the settlement of property ownership of an insolvent estate is liable to the IRC, then to assign a chapter specifically devoted to the subject of taxation on insolvency in Portugal.

  9. Grasping intentions: from thought experiments to empirical evidence

    Directory of Open Access Journals (Sweden)

    Cristina eBecchio

    2012-05-01

    Full Text Available Skepticism has been expressed concerning the possibility to understand others’ intentions by simply observing their movements: Since a number of different intentions may have produced a particular action, motor information – it has been argued - might be sufficient to understand what an agent is doing, but not her remote goal in performing that action. Here we challenge this conclusion by showing that in the absence of contextual information, intentions can be inferred from body movement. Based on recent empirical findings, we shall contend that: i intentions translate into differential kinematic patterns; ii observers are especially attuned to kinematic information and can use early differences in visual kinematics to anticipate the intention of an agent in performing a given action; iii during interacting activities, predictions about the future course of others’ actions tune online action planning; iv motor activation during action observation subtends a complementary understanding of what the other is doing. These findings demonstrate that intention understanding is deeply rooted in social interaction: by simply observing others’ movements, we might know what they have in mind to do and how we should act in response.

  10. Growth of Copper Production: Determinants and Empirical Evidence

    Directory of Open Access Journals (Sweden)

    Teodoro M. Santos

    2001-12-01

    Full Text Available From the 1950s to 1980, the copper mining industry exhibited a phenomenal growth rate. However, beginning in the early 1980s through 1997, growth rate turned negative without any sign of reversal. In order to restore the important role the industry used to play in the economy, policy makers, and decision makers must understand the factors responsible for the rapid growth from the 1950s until 1980 and the equally rapid decline during the 1980s and the 1990s.Growth of the copper mining industry is examined within the framework of a production function to identify the determinants of growth and their roles. The explanatory variables of growth are: copper resources, risk capital or investments, development in the world’s copper market, technology, human capital in mining, and domestic social, legal, and political environment. Except for copper resources, which has been supportive of positive growth, all the variables have components that supported the growth of the copper mining industry during the 1950s-1980s period and contributed to its decline thereafter.Availability of foreign capital, introduction of bulk mining technology, favorable copper prices and demand, and a conducive domestic social, political, and legal environment were responsible for the impressive growth experienced during the period from the 1950s to 1980. On the other hand, lack of foreign investment, declining market demand and prices, inadequate experience of local executives in the functions of top technical and managerial positions after 1974, arbitrary fiscal policies, lack of mining laws from 1986 to 1995, contradictory laws thereafter, and an uncertain domestic political, social, and legal environment caused the negative growth rates in the 1980s and 1990s. The 1995 Mining Code, which allows 100 percent foreign investments in mining under the financial and technical assistance mode of mineral disposition, could have revived the industry after 1995 were it allowed to

  11. Measuring intangibles' productivity. Empirical evidence from Spanish firms

    OpenAIRE

    Oliveras, Ester; Castillo, David

    2008-01-01

    As companies and shareholders begin to note the potential repercussions of intangible assets upon business results, the inability of the traditional financial statement model to reflect these new ways of creating business value has become evident. Companies have widely adopted new management tools, covering in this way the inability of the traditional financial statement model to reflect these new ways of creating business value. However, there are few prior studies measuring on a quantifiabl...

  12. It's personal: biology instructors prioritize personal evidence over empirical evidence in teaching decisions.

    Science.gov (United States)

    Andrews, Tessa C; Lemons, Paula P

    2015-03-02

    Despite many calls for undergraduate biology instructors to incorporate active learning into lecture courses, few studies have focused on what it takes for instructors to make this change. We sought to investigate the process of adopting and sustaining active-learning instruction. As a framework for our research, we used the innovation-decision model, a generalized model of how individuals adopt innovations. We interviewed 17 biology instructors who were attempting to implement case study teaching and conducted qualitative text analysis on interview data. The overarching theme that emerged from our analysis was that instructors prioritized personal experience-rather than empirical evidence-in decisions regarding case study teaching. We identified personal experiences that promote case study teaching, such as anecdotal observations of student outcomes, and those that hinder case study teaching, such as insufficient teaching skills. By analyzing the differences between experienced and new case study instructors, we discovered that new case study instructors need support to deal with unsupportive colleagues and to develop the skill set needed for an active-learning classroom. We generated hypotheses that are grounded in our data about effectively supporting instructors in adopting and sustaining active-learning strategies. We also synthesized our findings with existing literature to tailor the innovation-decision model.

  13. Does Missing Classes Decelerate Student Exam Performance Progress? Empirical Evidence and Policy Implications

    Science.gov (United States)

    Lin, Tin-Chun

    2014-01-01

    A total of 389 business students in undergraduate introductory microeconomics classes in spring 2007, 2009, and 2011, and fall 2012 participated in an exam performance progress study. Empirical evidence suggested that missing classes decelerates and hampers high-performing students' exam performance progress. Nevertheless, the evidence does…

  14. Empirical evidence in consumer law cases: what are 'up to' claims up to?

    NARCIS (Netherlands)

    Luzak, J.; Heiderhoff, B.; Schulze, R.

    2016-01-01

    In this contribution I argue that in certain consumer law cases providing empirical evidence is necessary and that specific standards of proof should then apply. Only through analysing evidence of actual consumer behaviour as well as of trader’s commercial practices courts and enforcement authoritie

  15. Do Biases in Probability Judgment Matter in Markets? Experimental Evidence

    OpenAIRE

    1987-01-01

    Microeconomic theory typically concerns exchange between individuals or firms in a market setting. To make predictions precise, individuals are usually assumed to use the laws of probability in structuring and revising beliefs about uncertainties. Recent evidence, mostly gathered by psychologists, suggests probability theories might be inadequate descriptive models of individual choice. (See the books edited by Daniel Kahneman et al., 1982a, and by Hal Arkes and ...

  16. An Empirical Study on Public Debt's Determinants: Evidence from Romania

    Directory of Open Access Journals (Sweden)

    Marilen Gabriel PIRTEA

    2013-02-01

    Full Text Available The need for coordinating economic and budgetary policies in the Economic and Monetary Union, the awareness that pile of high public debt threatens future generations, increasing tax burden on a globalized market and the impact of population aging process on public finances has led to controversial opinions. Continuously borrowing resources and maintaining them consistently over time means to have a sustainable public debt, an important objective of any state fiscal policy. A sustainable public debt is the result of trade and monetary policy and budgetary decisions. The national debt is at the center of the current crisis of the Peripheral European countries. The objective of the paper is to provide a better understanding of public debt dynamics in Romania in the period 2000 to 2011. We decompose the changes in public debt to GDP ratio into macroeconomic components attributable to primary fiscal deficits, real interest rate, real GDP growth, and to the variations on foreign currency denominated debt. The research findings suggest that the reaction of the public debt to GDP ratio to the real growth rate of the output increased after the financial crisis. The real interest rate on government bonds remained a significant determinant of public debt in the entire sample period. Also, we find little effectiveness of monetary policy as an automatic stabilizer through the entire sample period.

  17. Sleep and academic success: mechanisms, empirical evidence, and interventional strategies.

    Science.gov (United States)

    Gruber, Reut; Wiebe, Sabrina T; Wells, Samantha Ashley; Cassoff, Jamie; Monson, Eva

    2010-12-01

    Mounting evidence indicates that sleep is beneficial for learning, memory, attention, and academic success. However, the importance of sleep in these contexts has rarely been addressed in programs aimed at optimizing academic performance. This review aims to describe the role that sleep plays in processes pertaining to academic achievement. We first describe the basic sleep processes and their role with respect to cognitive and behavioral/emotional systems important for academic performance. We next review studies conducted to assess the association between sleep and academic performance, concluding by describing interventional programs being used to optimize sleep in the context of academic success.

  18. Inter-temporal CAPM: an empirical test with Brazilian market data

    Directory of Open Access Journals (Sweden)

    Octavio Portolano Machado

    2013-07-01

    Full Text Available This paper examines the empirical validity of the Inter-temporal Capital Asset Pricing Model (ICAPM with Brazilian market data. The Bali and Engle (2010 methodology is used with the estimation of conditional covariances between stock portfolio returns and pricing factors. The covariances are then used as explanatory variables in the pricing equation. The results validate the model for the 1988 to 2012 period. The estimated risk aversion coefficient is positive and significant, and the relevant pricing factors are interest rates, inflation and gold prices; the reverse is true in the case of the exchange rate. Breaking up the sample period into sub-periods indicates that major events (changes in economic regimes and the 2008 crisis are capable of modifying the associations observed and reducing the model’s validity.

  19. PROMOTING RURAL DESTINATION BUCOVINA VIA FACEBOOK. AN EMPIRICAL IDENTIFICATION OF SUPPORTING ONLINE MARKETING INITIATIVES

    Directory of Open Access Journals (Sweden)

    Pavel STANCIU

    2016-09-01

    Full Text Available The villages of Bucovina possess a particular charm, mainly through the orthodox churches with heritage value, the deep spiritual character sent both to local communities and tourists, the architecture based on wood handicraft, the manner in which traditions, local customs and crafts are still preserved, the multicultural character, and, not least, the outstanding hospitality of the hosts.Continuous improvement of performance in rural tourism refers to an integrated approach of specific elements in the destination Bucovina, online marketing becoming more present in everyday practice of small entrepreneurs in local tourism. From an empirical point of view, promotion of rural tourism on Facebook and YouTube represents an easy initiative accessible to the general public, which has the ability to create the foundation of a competitive tourism.

  20. Alternative Specifications for the Lévy Libor Market Model: An Empirical Investigation

    DEFF Research Database (Denmark)

    Skovmand, David; Nicolato, Elisa

    This paper introduces and analyzes specications of the Lévy Market Model originally proposed by Eberlein and Özkan (2005). An investigation of the term structure of option implied moments rules out the Brownian motion and homogeneous Lévy processes as suitable modeling devices, and consequently...... a variety of more appropriate models is proposed. Besides a diffusive component the models have jump structures with low or high frequency combined with constant or stochastic volatility. The models are subjected to an empirical analysis using a time series of data for Euribor caps. The results...... of the estimation show that pricing performances are improved when a high frequency jump component is incorporated. Specifically, excellent results are achieved with the 4 parameter Sato-Variance Gamma model, which is able to fit an entire surface of caps with an average absolute percentage pricing error of less...

  1. Evidence of multifractality from emerging European stock markets.

    Science.gov (United States)

    Caraiani, Petre

    2012-01-01

    We test for the presence of multifractality in the daily returns of the three most important stock market indices from Central and Eastern Europe, Czech PX, Hungarian BUX and Polish WIG using the Empirical Mode Decomposition based Multifractal Detrended Fluctuation Analysis. We found that the global Hurst coefficient varies with the q coefficient and that there is multifractality evidenced through the multifractal spectrum. The exercise is replicated for the sample around the high volatility period corresponding to the last global financial crisis. Although no direct link has been found between the crisis and the multifractal spectrum, the crisis was found to influence the overall shape as quantified through the norm of the multifractal spectrum.

  2. Evidence of multifractality from emerging European stock markets.

    Directory of Open Access Journals (Sweden)

    Petre Caraiani

    Full Text Available We test for the presence of multifractality in the daily returns of the three most important stock market indices from Central and Eastern Europe, Czech PX, Hungarian BUX and Polish WIG using the Empirical Mode Decomposition based Multifractal Detrended Fluctuation Analysis. We found that the global Hurst coefficient varies with the q coefficient and that there is multifractality evidenced through the multifractal spectrum. The exercise is replicated for the sample around the high volatility period corresponding to the last global financial crisis. Although no direct link has been found between the crisis and the multifractal spectrum, the crisis was found to influence the overall shape as quantified through the norm of the multifractal spectrum.

  3. The Market Orientation and Performance Relationship: An Empirical Study in Private Universities

    Directory of Open Access Journals (Sweden)

    Sefnedi Sefnedi

    2017-06-01

    Full Text Available This study examines the empirical link between three dimensions of market orientation, namely, student orientation, competitor orientation and inter-functional coordination, and private university performance in Kopertis X. The study was based on an empirical investigation of private universities located in Indonesia’s provinces of West Sumatera, Riau, Jambi, and Riau Islands. The primary data for the study were collected from a self-administered mail survey of 237 questionnaires from the private university resulting in a sample of 114 usable responses being returned. From the application of the multiple regression analysis it was concluded that all three dimensions of market orientation had a significant impact on private university performance. Student orientation as a predictor variable is the strongest predictor of private university performance then followed by competitor orientation, and inter-functional coordination. Bahasa Indonesia Abstrak: Penelitian ini menguji hubungan empiris antara tiga dimensi orientasi pasar, yaitu, orientasi mahasiswa, orientasi pesaing dan koordinasi antar-fungsional dan kinerja perguruan tinggi swasta di Kopertis X. Penelitian ini didasarkan pada penyelidikan empiris pada universitas swasta yang berada di provinsi Sumatera Barat, Riau, Jambi, dan Kepulaian Riau. Data primer dikumpulkan dari survei dimana dari 237 kuesioner yang disebarkan pada universitas swasta, diperoleh 114 kuesioner yang dikembalikan dan dapat digunakan sebagai sampel. Berdasarkan hasil analisis regresi berganda dapat disimpulkan bahwa ketiga dimensi orientasi pasar memiliki dampak yang signifikan terhadap kinerja perguruan tinggi swasta. Orientasi mahasiswa sebagai variabel prediktor terkuat terhadap kinerja perguruan tinggi swasta kemudian diikuti oleh orientasi pesaing, dan koordinasi antar-fungsional.

  4. Empirical Essays on the Labor Market Outcomes of PhD Graduates

    DEFF Research Database (Denmark)

    Pedersen, Heidi Skovgaard

    that PhDs accelerate growth. A major objective has been to direct more PhDs to the industry to use their skills to monetize knowledge. However, we have limited evidence on how PhDs are absorbed into the labor market, how the market values PhD labor, and how PhDs value the possibility to work...... in the private sector. The dissertation investigates determinants of labor market decisions among recent cohorts of PhDs in Denmark to assess how the increasing number of PhDs is absorbed into the economy. Based on econometric models, it examines what factors trigger individual career decisions and supply...... opportunities. The researcher career path has surely evolved as society’s visions for PhDs’ utility in the search for knowledge, and this has led to more diverse career paths. The dissertation sheds light on how career choices are formed in the current labor market structure that new PhDs encounter early...

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

    Directory of Open Access Journals (Sweden)

    Željana Aljinović Barać

    2012-12-01

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

  6. Evidence of Adverse Selection in Iranian Supplementary Health Insurance Market

    Directory of Open Access Journals (Sweden)

    Gh Mahdavi

    2012-07-01

    Full Text Available Background: Existence or non-existence of adverse selection in insurance market is one of the important cases that have always been considered by insurers. Adverse selection is one of the consequences of asymmetric information. Theory of adverse selection states that high-risk individuals demand the insurance service more than low risk individuals do.Methods: The presence of adverse selection in Irans supplementary health insurance market is tested in this paper. The study group consists of 420 practitioner individuals aged 20 to 59. We estimate two logistic regression models in order to determine the effect of individual's characteristics on decision to purchase health insurance coverage and loss occurrence. Using the correlation between claim occurrence and decision to purchase health insurance, the adverse selection problem in Iranian supplementary health insurance market is examined.Results: Individuals with higher level of education and income level purchase less supplementary health insurance and make fewer claims than others make and there is positive correlation between claim occurrence and decision to purchase supplementary health insurance.Conclusion: Our findings prove the evidence of the presence of adverse selection in Iranian supplementary health insurance market.

  7. The institutional determinants of CEO compensation: An international empirical evidence

    Directory of Open Access Journals (Sweden)

    Fakhfakh, H.

    2011-01-01

    Full Text Available Corporate governance literature suggests that the relationship between CEO effort and outcomes such as firm performance is highly uncertain due to the influence of numerous organizational and environmental contingencies that are outside CEOs’ control. The major focus of this study is to determine whether institutional factors explain cross-sectional differences in CEO pay structure and sensitivity to performance and luck. Thus, we address three ultimate questions; Are CEOs rewarded for luck? Does institutional features matter for CEO pay for luck? How do systematic incentive effect is sensitive to luck’s nature? Ordinary Least Squares (OLS and Instrumental Variables (I.V. estimations based on a sample of 300 publicly traded firms covering four countries from the Anglo-American and Euro-Continental corporate governance models between 2004 and 2008 show that the answers to the two first questions are a surrounding yes. Robustness check tests relying to the third question provide evidence that pay for luck is asymmetric. That is, executives are rewarded for good luck but they are safe of bad luck.

  8. Empirical evidence of senescence in adult damselflies (Odonata: Zygoptera).

    Science.gov (United States)

    Sherratt, T N; Laird, R A; Hassall, C; Lowe, C D; Harvey, I F; Watts, P C; Cordero-Rivera, A; Thompson, D J

    2010-09-01

    1. Age-dependent increases in mortality have been documented in a variety of species of insect under laboratory conditions. However, while strong statistical evidence has been presented for senescence in vertebrate populations in the wild, we know little about the rate and shape of senescence in wild populations of insects. 2. Odonates (damselflies and dragonflies) provide excellent candidate species for evaluating demographic senescence as they are large enough to be marked individually and they are easily re-sighted without recapture. The prevailing opinion - based entirely on qualitative examination of the declines in log numbers alive with time since marking - is that odonates exhibit age-independent daily survivorship. 3. Here, we examine mark-recapture data on the Azure Damselfly Coenagrion puella over two consecutive seasons. For the first time, we evaluate and compare the fit of quantitative models that not only account for weather-dependent daily variation in daily re-sighting rates, but also age-dependent variation in daily survivorship. 4. Models with age-dependent declines in daily survivorship provide a more parsimonious explanation for the data than similar models without these age-dependent effects. In general, models in which mortality increases in an exponential (Gompertz) fashion explain the mark-recapture sequences more efficiently than a range of alternative models, including those in which mortality increases as a power function (Weibull) or reaches a plateau (logistic). These results are indicative of a general senescent decline in physiological functioning, which is particularly marked after 15 days as a mature adult. 5. Weather (temperature, sun and precipitation) and initial mite load influenced the probability of daily re-sighting. Weather and mite load also influenced daily survivorship, but their effects differed between seasons. 6. Overall, fitting models with age as an explicit covariate demonstrates that odonates do indeed senesce

  9. Innovation Forms and Firm Export Performance: Empirical Evidence from ECA Countries

    Directory of Open Access Journals (Sweden)

    Andrzej Cieślik

    2017-06-01

    Full Text Available Objective: The main objective of this paper is to verify empirically the relationship between various forms of innovation and export performance of firms from European and Central Asian (ECA countries. Research Design & Methods: In our empirical approach we refer to the self-selection hypothesis derived from the Melitz (2003 model which proposed the existence of a positive relationship between firm productivity and the probability of exporting. We argue that innovation activities should be regarded as a key element that can increase the level of firm productivity. We focus our analysis on four forms of innovation activities: product, process, marketing, organizational and managerial innovation. The empirical implementation of our analytical framework is based on the probit model, applied to the fifth edition of the BEEPS firm level dataset covering 2011-2014. Findings: Our empirical results indicate that the probability of exporting is positively related to both product and process innovations. The marketing and managerial innovations do not seem to affect positively export performance of firms from ECA countries. Implications & Recommendations: It is recommended to develop innovation supporting mechanisms that would target both product and process innovations rather than other forms of innovation in the ECA countries. Contribution & Value Added: The originality of this work lies in the use of the multi-country firm level dataset that allows distinguishing between various forms of innovations in the ECA countries.

  10. WEALTH EFFECT OF INTERNATIONAL INVESTMENT ANNOUNCEMENTS: EVIDENCE FROM DEVELOPING MARKET

    Directory of Open Access Journals (Sweden)

    Bany Ariffin Amin Noordin

    2006-01-01

    Full Text Available This research provides evidence on the efficiency of one of the fastest developing and largest emerging securities market (Kuala Lumpur Stock Exchange, KLSE in the Asia Pacific rim with respect to foreign investment announcements. Specifically, our study focuses on international investment announcements made in 1990 through 2000 for firms listed on the main board of the KLSE of Malaysia. The result shows that the announcements of foreign investment produce a significant positive daily abnormal return surrounding the event period. This implies that foreign investment announcements made by listed Malaysian firms do contain new relevant information which may creates market movements. At the same time, since the reaction is significantly positive, this implies that investors generally favor the international investment efforts of Malaysian firms listed at KLSE. In addition, it is also discovered that the economic development of the target country does influence the wealth creation process.

  11. Effectiveness of Digital Marketing in the Challenging Age: An Empirical Study

    OpenAIRE

    Afrina Yasmin; Sadia Tasneem; Kaniz Fatema

    2015-01-01

    Marketers are faced with new challenges and opportunities within this digital age. Digital marketing is the utilization of electronic media by the marketers to promote the products or services into the market. The main objective of digital marketing is attracting customers and allowing them to interact with the brand through digital media. This article focuses on the importance of digital marketing for both marketers and consumers. We examine the effect of digital marketing on the firms’ sa...

  12. Vertical integration and product market competition: Evidence from the Spanish local TV industry

    OpenAIRE

    Gil, Ricard

    2011-01-01

    This paper empirically examines the relation between product market competition and vertical integration in the Spanish local TV industry. For this reason, I use a data set of Spanish local TV stations that provides station level information on vertical integration and product market competition, as well as other station and market characteristics, for the years 1996, 1999 and 2002. During this period, changes in regulation in this industry had a strong impact on the level of market competiti...

  13. Asset Market Linkages in a Regime Switching Environment: Evidence from Commodity and Stock Markets in India

    Directory of Open Access Journals (Sweden)

    Shelly Singhal

    2016-10-01

    Full Text Available Time series models investigating the linkages between various asset markets (Commodity and Equity in India have assumed a symmetric and linear relationship between them. They examine these interrelationships by assuming the presence of a uniform economic state. However the returns from commodity futures and stock market do not show a continuous trend but exhibit time varying behaviour i.e. the returns of stocks might be higher in a certain economic condition and it may fall as the economic environment changes due to financial crises, oil price rise, rupee depreciation etc. Similarly the return of commodities is also subject to variation with the changing economic conditions due to which the basic assumptions of stationary and linearity of time series models gets refuted. Therefore, this paper empirically examines the interrelationships between commodity futures (Energy, Metal and Agriculture and stock markets in dynamic economic states by employing Markov Regime Switching model proposed by Hamilton (2005 which has the capability of capturing temporal asymmetries and nonlinear dynamics of time series. For each market a composite index indicating the overall movement and performance of a particular investment asset has been considered. In order to provide robust results this paper uses daily data from 2006 to 2014 which significantly represents different states in the Indian Economy. The result of the study confirms the impact of economic environment on Indian commodity and stock markets and validates the presence of two distinct regimes: a “tranquil regime” representing the state of economic expansion and a “crisis regime” representing the state of economic decline. Additionally, the result confirms that commodities and stock markets oscillate between high and low volatility regimes and this movement is different across different commodity class (Energy, Metal and Agriculture. In a portfolio, when commodity futures are combined with stock

  14. Role of Information Professionals in Knowledge Management Programs: Empirical Evidence from Canada

    Directory of Open Access Journals (Sweden)

    la Ajiferuke

    2003-01-01

    Full Text Available The implementation of a knowledge management program in an organization has the potential of im-proving customer services, quickly bringing new products to market, and reducing cost of business operations. Information technologies are often used in knowledge management programs in informing clients and employees of latest innovation/development in the business sector as well as sharing knowledge among the employees. The key professionals involved in knowledge management programs are information technologists and human resource managers but the information professionals also have a role to play as they are traditionally known as good managers of explicit knowledge. Hence, the aim of this study is to provide empirical evidence of the role of information professionals in knowledge management programs. 386 information professionals working in Canadian organizations were selected from the Special Libraries Association's Who's Who in Special Libraries 2001/2002, and a questionnaire with a stamped self-addressed envelope for its return was sent to each one of them. 63 questionnaires were completed and returned, and 8 in-depth interviews conducted. About 59% of the information professionals surveyed are working in organizations that have knowledge management programs with about 86% of these professionals being involved in the programs. Factors such as gender, age, and educational background (i.e. highest educational qualifications and discipline did not seem to have any relationship with involvement in knowledge management programs. Many of those involved in the programs are playing key roles, such as the design of the information architecture, development of taxonomy, or con-tent management of the organization's intranet. Others play lesser roles, such as providing information for the intranet, gathering competitive intelligence, or providing research services as requested by the knowledge management team.

  15. Consumer Perceived Risk, Attitude and Online Shopping Behaviour; Empirical Evidence from Malaysia

    Science.gov (United States)

    Ariff, Mohd Shoki Md; Sylvester, Michele; Zakuan, Norhayati; Ismail, Khalid; Mat Ali, Kamarudin

    2014-06-01

    The development of e-commerce has increased the popularity of online shopping worldwide. In Malaysia, it was reported that online shopping market size was RM1.8 billion in 2013 and it is estimated to reach RM5 billion by 2015. However, online shopping was rated 11th out of 15 purposes of using internet in 2012. Consumers' perceived risks of online shopping becomes a hot topic to research as it will directly influence users' attitude towards online purchasing, and their attitude will have significant impact to the online purchasing behaviour. The conceptualization of consumers' perceived risk, attitude and online shopping behaviour of this study provides empirical evidence in the study of consumer online behaviour. Four types of risks - product risk, financial, convenience and non-delivery risks - were examined in term of their effect on consumers' online attitude. A web-based survey was employed, and a total of 300 online shoppers of a Malaysia largest online marketplace participated in this study. The findings indicated that product risk, financial and non-delivery risks are hazardous and negatively affect the attitude of online shoppers. Convenience risk was found to have positive effect on consumers' attitude, denoting that online buyers of this site trusted the online seller and they encountered less troublesome with the site. It also implies that consumers did not really concern on non-convenience aspect of online shopping, such as handling of returned products and examine the quality of products featured in the online seller website. The online buyers' attitude was significantly and positively affects their online purchasing behaviour. The findings provide useful model for measuring and managing consumers' perceived risk in internet-based transaction to increase their involvement in online shopping and to reduce their cognitive dissonance in the e-commerce setting.

  16. Adoption of a service innovation in the business market : An empirical test of supply-side variables

    NARCIS (Netherlands)

    Frambach, RT; Nooteboom, B; Wedel, M; Barkema, H.W.

    The objective of this article is to assess the influence of variables over which suppliers have control (supply-side variables) on the adoption gf innovations in addition to adopter-side variables. The empirical study focused on the adoption of electronic banking in the Dutch business market. A

  17. Adoption of a service innovation in the business market : An empirical test of supply-side variables

    NARCIS (Netherlands)

    Frambach, RT; Nooteboom, B; Wedel, M; Barkema, H.W.

    1998-01-01

    The objective of this article is to assess the influence of variables over which suppliers have control (supply-side variables) on the adoption gf innovations in addition to adopter-side variables. The empirical study focused on the adoption of electronic banking in the Dutch business market. A quan

  18. Country risk premium: theoretical determinants and empirical evidence for latin american countries

    Directory of Open Access Journals (Sweden)

    Selmo Aronovich

    1999-12-01

    Full Text Available This paper investigates the behavior of the country risk premium for Argentina, Brazil and Mexico, from June 1997 to September 1998. It shows that the level of country risk premium is determined by different factors: the US dollar bond market structure; restrictions on the acquisition of emerging market bonds imposed by developed nations regulators; the credit risk measured by the notion of implied risk-neutral probability default; the different ways agents react to country risk due to asymmetric and imperfect information. The empirical investigation shows: the worse the country credit rating, the greater is the impact on international borrowing cost, which implies that negative expectations have greater impact on lower rated Latin American nations' bonds; country risk yield spreads overreacted to changes in the US dollar interest rates in the sample period.Este artigo investiga o comportamento do conceito de prêmio de risco-país para Argentina, Brasil e México, de junho de 1997 até setembro de 1998. Mostra-se que tal prêmio é determinado pelos seguintes fatores: a estrutura do mercado de títulos de dívida em dólares norte-americanos; as restrições à aquisição de títulos de dívida impostas por agentes reguladores de países desenvolvidos; o risco de crédito mensurado pelo conceito de probabilidade de inadimplência risco-nêutra implícita; o modo como os agentes reagem à informação assimétrica ou imperfeita. A evidência empírica revela que: quanto pior a classificação de risco de crédito, maior é o impacto esperado sobre as condições de captação externa, implicando que expectativas desfavoráveis afetam de forma mais acentuada países com baixa classificação de crédito; o valor do spread representativo do risco-país mostrou-se superelástico à variação da taxa de juros de longo prazo do Tesouro norte-americano no período da amostra.

  19. Expert opinion vs. empirical evidence: the precautionary principle applied to GM crops.

    Science.gov (United States)

    Herman, Rod A; Raybould, Alan

    2014-01-01

    Expert opinion is often sought by government regulatory agencies when there is insufficient empirical evidence to judge the safety implications of a course of action. However, it can be reckless to continue following expert opinion when a preponderance of evidence is amassed that conflicts with this opinion. Factual evidence should always trump opinion in prioritizing the information that is used to guide regulatory policy. Evidence-based medicine has seen a dramatic upturn in recent years spurred by examples where evidence indicated that certain treatments recommended by expert opinions increased death rates. We suggest that scientific evidence should also take priority over expert opinion in the regulation of genetically modified crops (GM). Examples of regulatory data requirements that are not justified based on the mass of evidence are described, and it is suggested that expertise in risk assessment should guide evidence-based regulation of GM crops.

  20. Are There Smaller Leverage Effects in Less-Developed Markets? Evidence from an Oil Exporting Country

    Directory of Open Access Journals (Sweden)

    Mosayeb Phalavani

    2010-01-01

    Full Text Available Problem statement: This study uses daily data from the Tehran Stock Market (TSM to illustrate the nature of stock market volatility in an undeveloped and young stock market. Although most studies suggest that a negative shock to stock prices will generate more volatility than a positive shock of equal magnitude but there is no evidence of asymmetric effect in TSM. Determine the nature of stock market volatility in an oil exporting country. Approach: Trading in Tehran Stock Market (TSM is based on orders sent by the brokers. The data consist of 2375 daily observations of the closing value of the Tehran stock market from 3/30/1998 to 5/04/2007. Our empirical finding shows that the unconditional variance is 0.18 but visual inspections of the time series suggests that volatility of the stock return rate displays the clustering phenomenon associated with GARCH processes. Results: The estimation and test results for all models suggest that the leverage effect term, γ, is not significant at 5% level. Although, in Asym. CARCH model based on normal distribution for errors, the estimated coefficient on the asymmetry term is -0.066 with a z-statistics of -1.749 recognized as significant at 10% level, but it has the wrong sign. It seems that good news and bad news has the same effect on stock prices in TSM, a result that is contradictory to other studies for developed countries. Conclusion: The estimated models containing TARCH, EGARCH, asymmetric CARCH and PARCH with different assumptions on error distributions suggest no strong and significant asymmetric effect. There are some reasons for this finding: (1 In Iran with Islamic laws, debt contracts are illegal or at least not enforced and Iranian firms do not have any financial leverage. As a result, we would expect to find smaller leverage effects in volatility in Iran than in the United States, for example. In deed the institutional differences with western financial markets manifest themselves in

  1. Does Access to Finance Lower Firms’ Cost of Capital? Empirical Evidence from International Manufacturing Data

    NARCIS (Netherlands)

    Lashitew, Addisu A.

    2011-01-01

    Lack of access to finance is argued to be one of the most binding constraints for firm growth. There is, however, limited empirical evidence on the relationship between access to finance and the cost of capital. This paper uses international manufacturing data to analyze the effect of access to fina

  2. Does Access to Finance Lower Firms’ Cost of Capital? Empirical Evidence from International Manufacturing Data

    NARCIS (Netherlands)

    Lashitew, Addisu A.

    2011-01-01

    Lack of access to finance is argued to be one of the most binding constraints for firm growth. There is, however, limited empirical evidence on the relationship between access to finance and the cost of capital. This paper uses international manufacturing data to analyze the effect of access to fina

  3. Outcome (competency) based education: an exploration of its origins, theoretical basis, and empirical evidence

    DEFF Research Database (Denmark)

    Mørcke, Anne Mette; Dornan, Tim; Eika, Berit

    2013-01-01

    and professional attributes as ‘‘competencies’’. OBE has been adopted by consensus in the face of weak empirical evidence. OBE, which has been advocated for over 50 years, can contribute usefully to defining requisite knowledge and skills, and blueprinting assessments. Its applicability to more complex aspects...

  4. A Systematic Literature Review of Empirical Evidence on Computer Games and Serious Games

    Science.gov (United States)

    Connolly, Thomas M.; Boyle, Elizabeth A.; MacArthur, Ewan; Hainey, Thomas; Boyle, James M.

    2012-01-01

    This paper examines the literature on computer games and serious games in regard to the potential positive impacts of gaming on users aged 14 years or above, especially with respect to learning, skill enhancement and engagement. Search terms identified 129 papers reporting empirical evidence about the impacts and outcomes of computer games and…

  5. Does risk management contribute to IT project success? A meta-analysis of empirical evidence

    NARCIS (Netherlands)

    de Bakker, K.F.C.; Boonstra, A.; Wortmann, J.C.

    2010-01-01

    The question whether risk management contributes to IT project success is considered relevant by people from both academic and practitioners' communities already for a long time. This paper presents a meta-analysis of the empirical evidence that either supports or opposes the claim that risk managem

  6. Competition and quality indicators in the health care sector : Empirical evidence from the Dutch hospital sector

    NARCIS (Netherlands)

    Croes, Ramsis; Krabbe, Yvonne; Mikkers, Misja

    2017-01-01

    There is much debate about the effect of competition in healthcare and especially the effect of competition on the quality of healthcare, although empirical evidence on this subject is mixed. The Netherlands provides an interesting case in this debate. The Dutch system could be characterized as a

  7. Competition and quality indicators in the health care sector: empirical evidence from the Dutch hospital sector

    NARCIS (Netherlands)

    Croes, R.R.; Krabbe-Alkemade, Y.J.F.M.; Mikkers, M.C.

    2017-01-01

    textabstractThere is much debate about the effect of competition in healthcare and especially the effect of competition on the quality of healthcare, although empirical evidence on this subject is mixed. The Netherlands provides an interesting case in this debate. The Dutch system could be

  8. Changes in Anatomy Instruction and USMLE Performance: Empirical Evidence on the Absence of a Relationship

    Science.gov (United States)

    Cuddy, Monica M.; Swanson, David B.; Drake, Richard L.; Pawlina, Wojciech

    2013-01-01

    Anatomy instruction has evolved over the past two decades as many medical schools have undergone various types of curricular reform. To provide empirical evidence about whether or not curricular changes impact the acquisition and retention of anatomy knowledge, this study investigated the effect of variation in gross anatomy course hours,…

  9. The Political Economy of International Emission Trading Scheme Choice: Empirical Evidence

    DEFF Research Database (Denmark)

    Boom, J.T.; Svendsen, Gert Tinggaard

    2000-01-01

    The Kyoto Protocol allows emissions trading. It does however not specify how this is to take place and the discussion on the design of an emissions trading scheme is ongoing. In this paper, we give some empirical evidence on the preference of industry and environmental organizations...

  10. Learning Analytics and Educational Data Mining in Practice: A Systematic Literature Review of Empirical Evidence

    Science.gov (United States)

    Papamitsiou, Zacharoula; Economides, Anastasios A.

    2014-01-01

    This paper aims to provide the reader with a comprehensive background for understanding current knowledge on Learning Analytics (LA) and Educational Data Mining (EDM) and its impact on adaptive learning. It constitutes an overview of empirical evidence behind key objectives of the potential adoption of LA/EDM in generic educational strategic…

  11. Gathering Empirical Evidence Concerning Links between Computer Aided Design (CAD) and Creativity

    Science.gov (United States)

    Musta'amal, Aede Hatib; Norman, Eddie; Hodgson, Tony

    2009-01-01

    Discussion is often reported concerning potential links between computer-aided designing and creativity, but there is a lack of systematic enquiry to gather empirical evidence concerning such links. This paper reports an indication of findings from other research studies carried out in contexts beyond general education that have sought evidence…

  12. A Systematic Literature Review of Empirical Evidence on Computer Games and Serious Games

    Science.gov (United States)

    Connolly, Thomas M.; Boyle, Elizabeth A.; MacArthur, Ewan; Hainey, Thomas; Boyle, James M.

    2012-01-01

    This paper examines the literature on computer games and serious games in regard to the potential positive impacts of gaming on users aged 14 years or above, especially with respect to learning, skill enhancement and engagement. Search terms identified 129 papers reporting empirical evidence about the impacts and outcomes of computer games and…

  13. The Political Economy of International Emission Trading Scheme Choice: Empirical Evidence

    DEFF Research Database (Denmark)

    Boom, J.T.; Svendsen, Gert Tinggaard

    2000-01-01

    The Kyoto Protocol allows emissions trading. It does however not specify how this is to take place and the discussion on the design of an emissions trading scheme is ongoing. In this paper, we give some empirical evidence on the preference of industry and environmental organizations...

  14. Learning Analytics and Educational Data Mining in Practice: A Systematic Literature Review of Empirical Evidence

    Science.gov (United States)

    Papamitsiou, Zacharoula; Economides, Anastasios A.

    2014-01-01

    This paper aims to provide the reader with a comprehensive background for understanding current knowledge on Learning Analytics (LA) and Educational Data Mining (EDM) and its impact on adaptive learning. It constitutes an overview of empirical evidence behind key objectives of the potential adoption of LA/EDM in generic educational strategic…

  15. Parenthood and Happiness: A Review of Folk Theories versus Empirical Evidence

    Science.gov (United States)

    Hansen, Thomas

    2012-01-01

    This paper reviews and compares folk theories and empirical evidence about the influence of parenthood on happiness and life satisfaction. The review of attitudes toward parenthood and childlessness reveals that people tend to believe that parenthood is central to a meaningful and fulfilling life, and that the lives of childless people are…

  16. Mostly Heterosexual as a Distinct Sexual Orientation Group: A Systematic Review of the Empirical Evidence

    Science.gov (United States)

    Savin-Williams, Ritch C.; Vrangalova, Zhana

    2013-01-01

    We reviewed empirical evidence regarding whether mostly heterosexual exists as a sexual orientation distinct from two adjacent groups on a sexual continuum--exclusively heterosexual and substantially bisexual. We addressed the question: Do mostly heterosexuals show a unique profile of sexual and romantic characteristics that distinguishes them as…

  17. Empirical Evidences in Citation-Based Search Engines: Is Microsoft Academic Search dead?

    OpenAIRE

    Orduna-Malea, Enrique; Ayllon, Juan Manuel; Martin-Martin, Alberto; Lopez-Cozar, Emilio Delgado

    2014-01-01

    The goal of this working paper is to summarize the main empirical evidences provided by the scientific community as regards the comparison between the two main citation based academic search engines: Google Scholar and Microsoft Academic Search, paying special attention to the following issues: coverage, correlations between journal rankings, and usage of these academic search engines. Additionally, selfelaborated data is offered, which are intended to provide current evidence about the popul...

  18. Can Big Data Help Predict Financial Market Dynamics?: Evidence from the Korean Stock Market

    Directory of Open Access Journals (Sweden)

    Dong-Jin Pyo

    2017-06-01

    Full Text Available This study quantifies the dynamic interrelationship between the KOSPI index return and search query data derived from the Naver DataLab. The empirical estimation using a bivariate GARCH model reveals that negative contemporaneous correlations between the stock return and the search frequency prevail during the sample period. Meanwhile, the search frequency has a negative association with the one-week- ahead stock return but not vice versa. In addition to identifying dynamic correlations, the paper also aims to serve as a test bed in which the existence of profitable trading strategies based on big data is explored. Specifically, the strategy interpreting the heightened investor attention as a negative signal for future returns appears to have been superior to the benchmark strategy in terms of the expected utility over wealth. This paper also demonstrates that the big data-based option trading strategy might be able to beat the market under certain conditions. These results highlight the possibility of big data as a potential source-which has been left largely untapped-for establishing profitable trading strategies as well as developing insights on stock market dynamics.

  19. Decomposing intraday dependence in currency markets: evidence from the AUD/USD spot market

    Science.gov (United States)

    Batten, Jonathan A.; Ellis, Craig A.; Hogan, Warren P.

    2005-07-01

    The local Hurst exponent, a measure employed to detect the presence of dependence in a time series, may also be used to investigate the source of intraday variation observed in the returns in foreign exchange markets. Given that changes in the local Hurst exponent may be due to either a time-varying range, or standard deviation, or both of these simultaneously, values for the range, standard deviation and local Hurst exponent are recorded and analyzed separately. To illustrate this approach, a high-frequency data set of the spot Australian dollar/US dollar provides evidence of the returns distribution across the 24-hour trading ‘day’, with time-varying dependence and volatility clearly aligning with the opening and closing of markets. This variation is attributed to the effects of liquidity and the price-discovery actions of dealers.

  20. Fixed Income Market Efficiency: Evidence from Kenya's 10-Year ...

    African Journals Online (AJOL)

    market. Using the ARFIMA-FIGARCH model the statistical properties of yield changes and ... efficiency of the market in pricing fixed income securities. ... niche market for credit specialists into a mainstream asset class, whereby emerging market ... Promoting capital market development in Kenya has become an important ...

  1. If It Works for Pills, Can It Work for Skills? Direct-to-Consumer Social Marketing of Evidence-Based Psychological Treatments.

    Science.gov (United States)

    Friedberg, Robert D; Bayar, Hasan

    2017-06-01

    The emergence of evidence-based psychological treatments (EVPTs) is a scientific success story, but unfortunately the application of these empirically supported procedures has been slow to gain ground in treatment-as-usual settings. This Open Forum commentary argues that direct-to-consumer (DTC) marketing, which has worked well in communicating the advantages of various medicines, should perhaps be considered for use in social marketing of EVPTs. DTC marketing of pharmaceuticals is a long-standing advertising strategy in the United States. In fact, DTC marketing of psychotropic medicines is quite a success story. The authors recommend various strategies for using marketing science to devise DTC advertising of EVPTs, discuss previous research on DTC campaigns, and describe initiatives launched in the United Kingdom and Europe to promote EVPTs. Suggestions for evaluating and regulating DTC marketing of EVPTs are included. Finally, the potential for DTC marketing of EVPTs to increase mental health literacy and reduce health disparities is explored.

  2. Evidence-based Nursing Education - a Systematic Review of Empirical Research.

    Science.gov (United States)

    Reiber, Karin

    2011-01-01

    The project "Evidence-based Nursing Education - Preparatory Stage", funded by the Landesstiftung Baden-Württemberg within the programme Impulsfinanzierung Forschung (Funding to Stimulate Research), aims to collect information on current research concerned with nursing education and to process existing data. The results of empirical research which has already been carried out were systematically evaluated with aim of identifying further topics, fields and matters of interest for empirical research in nursing education. In the course of the project, the available empirical studies on nursing education were scientifically analysed and systematised. The over-arching aim of the evidence-based training approach - which extends beyond the aims of this project - is the conception, organisation and evaluation of vocational training and educational processes in the caring professions on the basis of empirical data. The following contribution first provides a systematic, theoretical link to the over-arching reference framework, as the evidence-based approach is adapted from thematically related specialist fields. The research design of the project is oriented towards criteria introduced from a selection of studies and carries out a two-stage systematic review of the selected studies. As a result, the current status of research in nursing education, as well as its organisation and structure, and questions relating to specialist training and comparative education are introduced and discussed. Finally, the empirical research on nursing training is critically appraised as a complementary element in educational theory/psychology of learning and in the ethical tradition of research.This contribution aims, on the one hand, to derive and describe the methods used, and to introduce the steps followed in gathering and evaluating the data. On the other hand, it is intended to give a systematic overview of empirical research work in nursing education. In order to preserve a holistic

  3. Empirical study on flow experience in China tourism e-commerce market

    Directory of Open Access Journals (Sweden)

    Jianling Wang

    2015-04-01

    Full Text Available Purpose: While tourism e-commerce develops rapidly in China, these channels are truly new to both web providers and web consumers, understanding the nature of these media attaches greater importance. This study investigates the mediation effects of flow experience on the relationship between motivation and behavior intention in tourism e-commerce.Design/methodology/approach: Based on the technology acceptance model, an empirical study is designed to test this relationship.we estimated the measurement model with 13 manifest indicators and 4 latent constructs by CFA to assess the reliability and validity of the construct measures, then tested hypotheses by OLS regression and a formal three-step mediation procedure.Findings: Overall, the results reveal that trust is incorporated in motivation and play it’s role together with other motivations; telepresence and concentration are confirmed in flow experience, and both partially mediated the relationship.Research limitations/implications: This study demonstrates that to improve consumers’ usage adoption, marketers should pay much attention to not only consumers’ motivation but also the areas such as flow experience.Originality/value: This study takes flow experience as a new perspective to explore china tourism e-commerce, estimates its measurement and tests its roles between motivation and behavior intention.

  4. Empirical properties of inter-cancellation durations in the Chinese stock market

    Science.gov (United States)

    Gu, Gao-Feng; Xiong, Xiong; Zhang, Wei; Zhang, Yong-Jie; Zhou, Wei-Xing

    2014-03-01

    Order cancellation process plays a crucial role in the dynamics of price formation in order-driven stock markets and is important in the construction and validation of computational finance models. Based on the order flow data of 23 liquid stocks traded on the Shenzhen Stock Exchange in 2003, we investigate the empirical statistical properties of inter-cancellation durations in units of events defined as the waiting times between two consecutive cancellations. The inter-cancellation durations for both buy and sell orders of all the stocks favor a q-exponential distribution when the maximum likelihood estimation method is adopted; In contrast, both cancelled buy orders of 9 stocks and cancelled sell orders of 4 stocks prefer Weibull distribution when the nonlinear least-square estimation is used. Applying detrended fluctuation analysis (DFA), centered detrending moving average (CDMA) and multifractal detrended fluctuation analysis (MF-DFA) methods, we unveil that the inter-cancellation duration time series process long memory and multifractal nature for both buy and sell cancellations of all the stocks. Our findings show that order cancellation processes exhibit long-range correlated bursty behaviors and are thus not Poissonian.

  5. Empirical properties of inter-cancellation durations in the Chinese stock market

    Directory of Open Access Journals (Sweden)

    Gao-Feng eGu

    2014-03-01

    Full Text Available Order cancellation process plays a crucial role in the dynamics of price formation in order-driven stock markets and is important in the construction and validation of computational finance models. Based on the order flow data of 23 liquid stocks traded on the Shenzhen Stock Exchange in 2003, we investigate the empirical statistical properties of inter-cancellation durations in units of events defined as the waiting times between two consecutive cancellations. The inter-cancellation durations for both buy and sell orders of all the stocks favor a $q$-exponential distribution when the maximum likelihood estimation method is adopted; In contrast, both cancelled buy orders of 9 stocks and cancelled sell orders of 4 stocks prefer Weibull distribution when the nonlinear least-square estimation is used. Applying detrended fluctuation analysis (DFA, centered detrending moving average (CDMA and multifractal detrended fluctuation analysis (MF-DFA methods, we unveil that the inter-cancellation duration time series process long memory and multifractal nature for both buy and sell cancellations of all the stocks. Our findings show that order cancellation processes exhibit long-range correlated bursty behaviors and are thus not Poissonian.

  6. GSM Marketing Service Providers Operations and Customers Satisfaction in Nigeria: An Empirical Investigation

    Directory of Open Access Journals (Sweden)

    Adebisi Sunday Abayomi

    2011-06-01

    Full Text Available This study has been carried out on the GSM arm of the Nigerian Telecomunication sectorto primarily investigate the level of satisfaction that the subscribers of GSM service providers haveenjoyed in the seven years of operations in Nigeria. In testing this empirically, MTN, GLOBACOMand ZAIN were selected as case studies. 600 questionnaires were administered on the subscribers ofthese GSM service providers in the Six States of the South-Western Nigeria using the purposivesampling technique. In analyzing the collated data, three hypotheses were tested with the use ofPercentages, T-test, F-test, [at 95% confidence limit], Cross-tabulation [using the ‘Eta’ Directionalmeasure] and statistical charts. The results from the SPSS 16 output rejected the Null hypotheses.This further indicated that, the various factors that determined the level of subscribers’ satisfactionwere statistically significant. The study therefore concluded that, subscribers in Nigeria aredissatisfied with the services of their service providers hence, the need for the regulatory body; NCCto ensure that subscribers interests are protected. The study then suggested that,, the GSM serviceproviders should reposition themselves to give adequate value to subscribers money incommensuration with their own gains from the Nigeria Telecommunications market.

  7. Determinants of Financing Decisions in Innovative Firms: A Review on Theoretical Backgrounds and Empirical Evidence

    Directory of Open Access Journals (Sweden)

    Mihaela Diaconu

    2016-01-01

    Full Text Available We review some of the main aspects highlighted in the literature on financing innovation. Thetheoretical background related to the distinctive features of innovative firms impacting theirfinancing decisions and the empirical evidence is reviewed. The growing literature on the financingof innovation shows that the theoretical and empirical work are not always constant across thevarious samples and situations faced by firms as a result of generating new findings. We highlightthe interaction between financing choices for innovation and changing internal and externalcondition firms operate.

  8. A Survey on Agricultural Trade Policies in Bangladesh: theoretical Insights and empirical Evidence

    Directory of Open Access Journals (Sweden)

    D. Talukder

    2014-06-01

    Full Text Available The purpose of this paper is to review the theoretical insights and empirical evidence on agricultural trade policies and their impacts on the Bangladesh’s economy, with a view to presenting both, the positive and negative effects of trade liberalization. Theoretically, while advocates of trade liberalization argue that free trade is an engine of growth and protection leads to wasteful use of resources, critics argue that openness has its costs and sometimes it could be detrimental to the economic development. The empirical evidence in Bangladesh was consistent with the ongoing debate on the effects of trade liberalization on economic development. The evidence remained mixed and loaded with criticisms on the grounds of choice of liberalization determinants, model specifications and methodology, as well as other measurement shortcomings. The review suggests that the literature is inconclusive and outcomes are largely case-specific

  9. Market Competition in Products,the Corporate Governance and the Social Responsibility Information Disclosure——Empirical Evidence from Social Responsibility Bulletin of Chinese Listed Companies%产品市场竞争、公司治理与社会责任信息披露——来自中国上市公司社会责任报告的经验证据

    Institute of Scientific and Technical Information of China (English)

    张正勇

    2012-01-01

    以往对中国上市公司社会责任信息披露的研究均以年报为样本,本文首次以中国A股上市公司2008~2010年社会责任报告为样本(共1150个观测值),考察了产品市场竞争、公司治理与社会责任信息披露之间的关系。研究结果表明,公司治理结构的合理安排能够对社会责任信息披露产生一定的促进作用,而产品市场竞争则对部分公司治理机制产生了替代或互补的效应。本文的实证结论表明,在中国目前的制度背景下,要提升社会责任信息披露水平,保护利益相关者利益,需要进一步完善上市公司治理机制。与此同时,在中国上市公司治理机制面临诸多问题,而相应的改革进展迟缓的情况下,通过降低进入壁垒等方式加强产品市场竞争,也可以有效地提高公司的社会责任信息披露水平。%Previous study on social responsibility information disclosure in Chinese listed companies was all based on information in annual reports.This paper makes an empirical analysis based on the sample of 1150 taken from 2008 and 2010 Social Responsibility Reports in Chinese listed companies.This paper empirically explored the relationship between the market competition,the corporate governance,and the social responsibility information disclosure.The results of this study show that the reasonable arrangements for the structure of corporate governance can promote the social responsibility information disclosure,and the market competition in products plays the role of mutual complement or substitution in terms of the governance mechanism of certain companies.This empirical evidences indicate that in order to upgrade the quality of social responsibility information disclosure and protect stakeholder's interest,it is necessary to continue the perfection of the governance structure of listed companies,that there exist many problems in the governance in Chinese listed companies.

  10. 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

    Full Text Available Purpose: Collusion is a common behavior of oligarch enterprises aiming to get an advantage in market competition. The purpose of the thesis is to use the empirical research methods to explore positive or negative effects that the electricity generation manufacturers’ collusion has caused at the macro level of Market Economy and the micro level of enterprises’ behaviors. Design/methodology/approach: The designed research model in the thesis is an extension of Porter’s model (Porter, 1984. It applies a more advanced measurement method, FIML. In the example of price bidding project that started by electricity generation enterprises of China’s power industry, the thesis analyzes the relevant price data of subordinate power plants of China’s five power generation groups in pilots of price bidding Policy. Findings: It is found in the thesis that power generation enterprises are facing collusion issues in the market. To be exact, it is such a situation in which non-cooperative competition and collusion alternate. Under the competition, market is relatively steady, thus forming a lower network price. It is helpful to the development of the whole industry. However, once Cartel is formed, the price will rise and clash with power enterprises and transmission-distribution companies concerning the interests conflicts. At the same time, a higher power price will form in the market, making consumers suffer losses. All of these are bad for industry development. Not only the collusion of power enterprises affects power price but also the market power that caused by long-time Cartel will reduce the market entrant in electricity generation. Market resources are centralized in the hands of Cartel, causing a low effective competition in the market, which has passive effects on users. Implications: The empirical research also indicates that collusion undoubtedly benefits the power enterprises that involved. As a cooperation pattern, collusion can lead to

  11. Is Solow’s Paradox Absent in World Leading Capital Markets? Econometric Evidence

    Directory of Open Access Journals (Sweden)

    Bilal Mehmood

    2014-06-01

    Full Text Available Information technology has transformed the traditional economy into digital economy during this century. Yet there has been debate of Solow’s Paradox in theoretical and empirical literature. Considering its importance, this research examines its impact on Capital Market Activity by using 47 countries of world’s leading capital markets. Market capitalization of listed companies (% of GDP and Stock traded turnover ratio (% have been considered as proxies for capital market activity while Information and Communication Technology expenditure is used as development indicators for ICT. Recently development Pooled Mean Group (PMG approach to cointegration is employed on data of 47 countries capital markets for time span 1990-2012. PMG being a heterogeneous panel estimation technique allows the slope and short run parameters to vary across the countries. Results show the presence of long run relationship between ICT development and capital market activity. Recommendations are made on the basis of empirical findings.

  12. Market Competition Intensity,Managerial Ownership and Dividend Distribution:Empirical Evidence from Chinese Non-financial Listed Companies%市场竞争强度、管理层持股与股利分配--来自中国非金融类上市公司的经验证据

    Institute of Scientific and Technical Information of China (English)

    程柯; 赵卫斌

    2015-01-01

    This paper selects an unbalanced panel data of 1208 Chinese non‐financial companies listed in Shanghai and Shenzhen from 2009 to 2013.Taking into consideration of the mechanism of external market competition ,it tests the effect of managerial ownership on the dividend dis‐tribution(including the quota and tendency) by applying the Tobit model and Probit model.The main evidences indicate as follows :there is an re‐lationship with inverted U‐shape between managerial ownership and dividend payment(or dividend policy) ,which means that ,in a certain range , the higher the management ownership ,the greater tendency and strength of dividend payment ;and once it exceeds a critical value ,its increase‐ment reduces the possibility and the quota of dividend distribution instead ;market competition has significant influences on the relationship be‐tween managerial ownership and dividend payment ,that is ,when market competition intensity increases ,the possibility and quota of dividend dis‐tribution increase with managerial ownership ;and vice versa .%选取2009—2013年中国沪深两市1208家非金融类上市公司为样本,运用Tobit模型和Probit模型,实证检验了管理层持股比例对股利分配(股利分配的额度和倾向性)的治理效应。结果显示:中国上市公司管理层持股与股利分配的关系曲线呈倒U型,即在一定范围内,管理层持股比例越高,上市公司股利发放的倾向性和力度就越大;而管理层持股比例一旦超过某一临界值,管理层持股比例的增加反而会降低股利发放的倾向性和力度;市场竞争对管理层持股的治理效应产生显著影响,体现为当竞争程度相对较高时管理层持股比例越高,则上市公司股利分配的可能性和分配额度越高。

  13. Globalization And Time Varying Prices Of Market And Foreign Exchange Risks: Canadian Evidence

    OpenAIRE

    Sarath Abeysekera; Sergiy Rakhmayil

    2011-01-01

    The paper empirically examines the relationship between stock returns, exchange rate, and market risks for the Canadian stock market operating in an increasingly global environment. Time varying prices of market and currency risks and corresponding risk premia are estimated. We investigate how estimated risk premia in different industry sectors are affected by macroeconomic events associated with globalization. We find that magnitude of shocks is greater, and risk premia at the times of econo...

  14. China’s Land Market Auctions: Evidence of Corruption?

    Science.gov (United States)

    Cai, Hongbin; Henderson, J. Vernon; Zhang, Qinghua

    2013-01-01

    This paper studies the urban land market in China in 2003—2007. In China, all urban land is owned by the state. Leasehold use rights for land for (re)development are sold by city governments and are a key source of city revenue. Leasehold sales are viewed as a major venue for corruption, prompting a number of reforms over the years. Reforms now require all leasehold rights be sold at public auction. There are two main types of auction: regular English auction and an unusual type which we call a “two stage auction”. The latter type of auction seems more subject to corruption, and to side deals between potential bidders and the auctioneer. Absent corruption, theory suggests that two stage auctions would most likely maximize sales revenue for properties which are likely to have relatively few bidders, or are “cold”, which would suggest negative selection on property unobservables into such auctions. However, if such auctions are more corruptible, that could involve positive selection as city officials divert hotter properties to a more corruptible auction form. The paper finds that, overall, sales prices are lower for two stage auctions, and there is strong evidence of positive selection. The price difference is explained primarily by the fact that two stage auctions typically have just one bidder, or no competition despite the vibrant land market in Chinese cities. PMID:25506125

  15. Using Prediction Markets to Track Information Flows: Evidence from Google

    Science.gov (United States)

    Cowgill, Bo; Wolfers, Justin; Zitzewitz, Eric

    Since 2005, Google has conducted the largest corporate experiment with prediction markets we are aware of. In this paper, we illustrate how markets can be used to study how an organization processes information. We show that market participants are not typical of Google’s workforce, and that market participation and success is skewed towards Google’s engineering and quantitatively oriented employees.

  16. Herding behaviour and sentiment: Evidence in a small European market

    Directory of Open Access Journals (Sweden)

    Elisabete F. Simões Vieira

    2015-01-01

    Full Text Available This work studies herding behaviour in a small European market, by analysing the stocks that constituted the Portuguese stock PSI-20 index, for the period between 2003 and 2011. The two different approaches used to measure herding intensity led to different results, suggesting that measurements of the herding phenomenon are sensitive to the method used. Consequently, there is a need for further research into the methodology used to test this phenomenon. Additionally, the study analyses the relationship between herd behaviour and investor sentiment, an area that has been little explored. In applying causality tests to the impact of sentiment on herd behaviour, only weak evidence is found that sentiment influences herding.

  17. DOES FRAMING AFFECT RISK ATTITUDE? EXPERIMENTAL EVIDENCE FROM CREDIT MARKET

    Directory of Open Access Journals (Sweden)

    Dmitry Vladimirovich Burakov

    2014-01-01

    Full Text Available In this article we study the effect of framing on the attitude of lenders toward risk over a credit cycle and also review potential causes of negative framing when making decisions. Using an experimental setting, we present evidence of frame of losses’ significant impact on willingness to accept credit risk: In comparison with frame of gains, willingness to accept credit risk increases from 29% in frame of gains up to 77% in frame of losses. Among the main reasons leading to a shift in frames, changes in bargaining power and conflict of interests are proposed. Admitting the existence of negative framing in credit market helps explaining duration of credit crunches and excessive risk taking during the upward phases of credit cycle.

  18. Financial market and growth: Evidence from post-reforms India

    Directory of Open Access Journals (Sweden)

    Prity Sinha

    2015-12-01

    Full Text Available A significant boom occurred in the Indian financial market and growth in the post-liberalization era. This motivates us to analyze the impact of stock market and credit market (two components of financial market for the growth of financial market. This paper attempts to show the linkage between stock and credit markets and their impact on the Indian economy taking the period after post-liberalization. The period of analysis is from 1994 to 2010; we identify the three variables as stationary and find a relationship between the financial market and gross domestic product (GDP and a long-run effect of lagged differences in credit market on GDP. It has been inferred that stock market development has larger and more significant long-run mutual effects on economic growth than credit market development in India.

  19. Markets in Education: An Analytical Review of Empirical Research on Market Mechanisms in Education. OECD Education Working Papers, No. 52

    Science.gov (United States)

    Waslander, Sietske; Pater, Cissy; van der Weide, Maartje

    2010-01-01

    In the last three decennia, many governments have introduced market mechanisms in education. They have done so by enhancing parental choice and encouraging school competition, through policies like abolishing catchment areas, creating voucher programmes and setting up charter schools. These market mechanisms have given rise to fierce debates in…

  20. Good Plan of Improving the Quality of Accounting Information through Establishment Enforcement Mechanism of the Accounting Standards: Empirical Evidence on China~s A-share Market%建立会计准则执行机制:提高会计信息质量之良策——来自中国A股市场的经验证据

    Institute of Scientific and Technical Information of China (English)

    张云; 王智丽; 刘擎

    2012-01-01

    对我国A股市场上市公司进行的经验研究证明,自2007年起推行的新企业会计准则并不能显著改善会计信息质量。利用2008-2010年上市公司违规处罚数据,进一步对我国现有会计准则执行机制主要组成部分—对信息违规披露公司处罚方法的效果进行实证研究发现,现有方法的监管效果并不明显,上市公司财务报表造假问题依然严重。由此得出结论,在改进会计准则的同时,应当建立有效的执行机制,才能从根本上提高会计信息质量。为此,应借鉴英美会计准则执行机制,推进我国会计准则执行机制建设。%Using the data of listed companies of China's A--share market, this article shows that the implement of the new corporate accounting standards started since 2007 does not obviously improve the quality of accounting information. Furthermore, on the basis of the data of listed com- panies which were punished by China Securities Regulatory Commission (CSRC) during 2008- 2010, we conduct the empirical research on the punishment methods' effectiveness to those compa- nies who violate the information disclosure rules, and draw the conclusion that the punishment methods, the main components of our existing accounting standards~ enforcement mechanism, do not have obvious effectiveness, and the fraud problem of financial reports is still severe. Therefore, we need to set up a more effective accounting standards~ enforcement mechanism as we improve the accounting standards, so that we can improve the accounting information quality fundamentally. Lastly, we introduce the American and UK's accounting standards enforeement bodies to provide future reference on setting up our own supervision body.

  1. Relative prices and economic development: an analysis of the empirical evidence

    Directory of Open Access Journals (Sweden)

    P. ERCOLANI

    2013-12-01

    Full Text Available The paper examines empirical evidence on the evolution of relative prices and the long-run differences between countries with different levels of per-capita income. The price indicators employed are derived from national accounts aggregates, with the aim of drawing useful information on the relationship between changes in the structure of production and economic development. After a brief review of the literature, long-term data of eight developed countries is examined, as well as cross-sectional data from 1975 of a large group of countries with different levels of development. Some limitations of previous analyses are then presented and direct indications are advanced to explain the empirical evidence. Finally, the author highlights the consequences that international differences in relative prices entail in the cross-section analysis of the sectoral distribution of production.

  2. Compliance costs caused by agency action? Empirical evidence and implications for tax compliance

    OpenAIRE

    Eichfelder, Sebastian; Kegels, Chantal

    2012-01-01

    The compliance costs of private taxpayers are not only affected by the tax law itself but also by its implementation through the tax authorities. In this paper we analyze the effect of the tax authorities on the burden of complying with tax regulations. Using survey data of Belgian businesses and controlling for potential endogeneity, we find empirical evidence that tax authority behavior is an important cost driver. According to our estimate, a customer-unfriendly tax administration increase...

  3. Capital flows and asset prices: empirical evidence from emerging and developing economies

    OpenAIRE

    Taguchi, Hiroyuki; Sahoo, Pravakar; Nataraj, Geethanjali

    2015-01-01

    This paper aims at providing empirical evidence on the effect of capital flows on asset prices including its channel under different currency regimes, focusing on ten emerging and developing economies in the world with data availability and stationarity for the 2000s, by a generalized impulse response analysis under a vector auto-regression model. The main findings are as  follows. Portfolio capital inflows have a significantly positive effect on stock prices in all sample economies except tw...

  4. Exogenous empirical-evidence equilibria in perfect-monitoring repeated games yield correlated equilibria

    KAUST Repository

    Dudebout, Nicolas

    2014-12-15

    This paper proves that exogenous empirical-evidence equilibria (xEEEs) in perfect-monitoring repeated games induce correlated equilibria of the associated one-shot game. An empirical-evidence equilibrium (EEE) is a solution concept for stochastic games. At equilibrium, agents\\' strategies are optimal with respect to models of their opponents. These models satisfy a consistency condition with respect to the actual behavior of the opponents. As such, EEEs replace the full-rationality requirement of Nash equilibria by a consistency-based bounded-rationality one. In this paper, the framework of empirical evidence is summarized, with an emphasis on perfect-monitoring repeated games. A less constraining notion of consistency is introduced. The fact that an xEEE in a perfect-monitoring repeated game induces a correlated equilibrium on the underlying one-shot game is proven. This result and the new notion of consistency are illustrated on the hawk-dove game. Finally, a method to build specific correlated equilibria from xEEEs is derived.

  5. Bid-Ask Spreads, Trading Volume and Return Volatility: Intraday Evidence from Indian Stock Market

    Directory of Open Access Journals (Sweden)

    Rashmi Ranjan Paital

    2016-01-01

    Full Text Available This paper empirically examines the relationship between stock return volatility, trading volume and bid-ask spread within the scope of mixture of distribution hypothesis (MDH and sequential information arrival hypothesis (SIAH in the Indian stock market using high frequency 5-minute data set over the period of 2 July 2012 to 31 December 2012. This is the first kind of study in India using bid-ask spread as an additional information variable along with trading volume to investigate the relationship with stock return volatility. Our empirical findings provide evidence of a positive contemporaneous relationship between return volatility and trading volume, and also between return volatility and bid-ask spread. Moreover, the results of Granger causality test show that the information content of trading volume and bid-ask spread are useful for predicting stock return volatility. Our results indicate that information arrival to investors tends to follow a sequential rather than a simultaneous process. This finding is consistent with the sequential information arrival hypothesis and contradicts the mixture of distribution hypothesis.

  6. An Empirical Analysis of the Price Discovery Function of Shanghai Fuel Oil Futures Market

    Institute of Scientific and Technical Information of China (English)

    Wang Zhen; Liu Zhenhai; Chen Chao

    2007-01-01

    This paper analyzes the role of price discovery of Shanghai fuel oil futures market by using methods, such as unit root test, co-integration test, error correction model, Granger causality test, impulse-response function and variance decomposition. The results showed that there exists a strong relationship between the spot price of Huangpu fuel oil spot market and the futures price of Shanghai fuel oil futures market. In addition, the Shanghai fuel oil futures market exhibits a highly effective price discovery function.

  7. No evidence of chaos but some evidence of dependence in the US stock market

    Energy Technology Data Exchange (ETDEWEB)

    Serletis, Apostolos E-mail: serletis@ucalgary.ca; Shintani, Mototsugu E-mail: mototsugu.shintani@vanderbilt.edu

    2003-07-01

    This paper uses recent advances in the field of applied econometrics and tools from dynamical systems theory to test for random walks and chaos in the US stock market, using daily observations on the Dow Jones Industrial Average (from January 3, 1928 to October 18, 2000 - a total of 18,490 observations). In doing so, we follow the recent contribution by Whang and Linton [J Econometr 91 (1999) 1] and construct the standard error for the Nychka et al. [J Roy Statist Soc B 54 (1992) 399] dominant Lyapunov exponent, thereby providing a statistical test of chaos. We find statistically significant evidence against low-dimensional chaos and point to the use of stochastic models and statistical inference in the modeling of asset markets.

  8. Social Networks and Factor Markets: Panel Data Evidence from Ethiopia

    DEFF Research Database (Denmark)

    Abay, Kibrom Araya; Kahsay, Goytom Abraha; Berhane, Guush

    2017-01-01

    We investigate the role of an indigenous social network in Ethiopia, the iddir, in facilitating factor market transactions among smallholder farmers. We use detailed longitudinal household survey data and employ fixed effects estimation approaches to identify the effect of iddir membership...... credit source. These results suggest that non-market institutions can play crucial roles in facilitating market transactions....

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

    Science.gov (United States)

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

    2011-01-01

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

  10. Organizational performance, Marketing strategy, and Financial strategic alignment: an empirical study on Iranian pharmaceutical firms

    National Research Council Canada - National Science Library

    Mehdi Mohammadzadeh; Sied Mohammad Aarabi; Jamshid Salamzadeh

    2013-01-01

    .... An empirical work in generic pharmaceutical manufacturing companies for evaluating the effect of alignment between these two functions on organizational performance was developed in this paper...

  11. Impact of quality of evidence on the strength of recommendations: an empirical study

    Directory of Open Access Journals (Sweden)

    Trikalinos Thomas A

    2009-07-01

    Full Text Available Abstract Background Evidence is necessary but not sufficient for decision-making, such as making recommendations by clinical practice guideline panels. However, the fundamental premise of evidence-based medicine (EBM rests on the assumed link between the quality of evidence and "truth" and/or correctness in making guideline recommendations. If this assumption is accurate, then the quality of evidence ought to play a key role in making guideline recommendations. Surprisingly, and despite the widespread penetration of EBM in health care, there has been no empirical research to date investigating the impact of quality of evidence on the strength of recommendations made by guidelines panels. Methods The American Association of Blood Banking (AABB has recently convened a 12 member panel to develop clinical practice guidelines (CPG for the use of fresh-frozen plasma (FFP for 6 different clinical indications. The panel was instructed that 4 factors should play a role in making recommendation: quality of evidence, uncertainty about the balance between desirable (benefits and undesirable effects (harms, uncertainty or variability in values and preferences, and uncertainty about whether the intervention represents a wise use of resources (costs. Each member of the panel was asked to make his/her final judgments on the strength of recommendation and the overall quality of the body of evidence. "Voting" was anonymous and was based on the use of GRADE (Grading quality of evidence and strength of recommendations system, which clearly distinguishes between quality of evidence and strength of recommendations. Results Despite the fact that many factors play role in formulating CPG recommendations, we show that when the quality of evidence is higher, the probability of making a strong recommendation for or against an intervention dramatically increases. Probability of making strong recommendation was 62% when evidence is "moderate", while it was only 23% and 13

  12. Market Power in Power Markets: Evidence from Forward Prices of Electricity

    DEFF Research Database (Denmark)

    Christensen, Bent Jesper; Jensen, Thomas Elgaard; Mølgaard, Rune

    Council (the regulatory government agency) has ruled that Elsam has used its dominant position to obtain excessive spot prices over a period from July 2003 through December 2006. We show that significant forward premia exist, and that they are related both to spot market volatility and misuse of market......We examine the forward market for electricity for indications of misuse of market power, using a unique data set on OTC price indications posted by Elsam A/S, the dominant producer in Western Denmark, which is one of the price areas under the Nordic power exchange Nord Pool. The Danish Competition...... power in the spot market, indicating that misuse of market power in the forward market accompanied that which took place in the spot market, according to this ruling. This is consistent with the hypothesis that Elsam used the forward market to disguise its spot market manipulation. The findings...

  13. An Empirical Study on Marketing Effectiveness Evaluation of Green Food Industry

    Directory of Open Access Journals (Sweden)

    Yazhou Xiong

    2015-06-01

    Full Text Available This study aims to evaluate the marketing effectiveness of green food industry in Hubei Province via fuzzy comprehensive evaluation. Based on the cost basis of analysis of present situation, an evaluation system of marketing effectiveness evaluation on green food industry is established from three aspects, including the industry factor, policy factor and marketing performance factor. And fuzzy comprehensive evaluation method is used to make the quantitative research, analyze the major obstacle to promotion of green marketing. Finally some countermeasures are proposed to promote the marketing effectiveness of green food industry in Hubei Province.

  14. Strategic marketing types: Evidence from the European meat processing industry

    DEFF Research Database (Denmark)

    Strandskov, Jesper; Hundahl, Lone; Laursen, Christina

    of specialisation, vertical integration, international orientation, relationship with the retail sector etc. 4. Based on related literature, two main hypotheses1 are formulated regarding the relationship between strategic marketing types on the one hand and performance and corporate attitudes on the other hand....... Integrating previous definitions and findings on key strategy dimensions, three main marketing strategy components are used in the analysis: Strategic focus/objective marketing targeting and marketing positioning. The variables are split up in the following main groups: Marketing strategy variables, Corporate...

  15. Agricultural commercialization and nutrition revisited: Empirical evidence from three African countries.

    Science.gov (United States)

    Carletto, Calogero; Corral, Paul; Guelfi, Anita

    2017-02-01

    The transition from subsistence to commercial agriculture is key for economic growth. But what are the consequences for nutritional outcomes? The evidence to date has been scant and inconclusive. This study contributes to the debate by revisiting two prevailing wisdoms: (a) market participation by African smallholders remains low; and (b) the impact of commercialization on nutritional outcomes is generally positive. Using nationally representative data from three African countries, the analysis reveals high levels of commercialization by even the poorest and smallest landholders, with rates of market participation as high as 90%. Female farmers participate less, but tend to sell larger shares of their production, conditional on participation. Second, we find little evidence of a positive relationship between commercialization and nutritional status. As countries and international agencies prioritize the importance of nutrition-sensitive agriculture, better understanding of the transmission channels between crop choices and nutritional outcomes should remain a research priority.

  16. It’s Personal: Biology Instructors Prioritize Personal Evidence over Empirical Evidence in Teaching Decisions

    Science.gov (United States)

    Andrews, Tessa C.; Lemons, Paula P.

    2015-01-01

    Despite many calls for undergraduate biology instructors to incorporate active learning into lecture courses, few studies have focused on what it takes for instructors to make this change. We sought to investigate the process of adopting and sustaining active-learning instruction. As a framework for our research, we used the innovation-decision model, a generalized model of how individuals adopt innovations. We interviewed 17 biology instructors who were attempting to implement case study teaching and conducted qualitative text analysis on interview data. The overarching theme that emerged from our analysis was that instructors prioritized personal experience—rather than empirical evidence—in decisions regarding case study teaching. We identified personal experiences that promote case study teaching, such as anecdotal observations of student outcomes, and those that hinder case study teaching, such as insufficient teaching skills. By analyzing the differences between experienced and new case study instructors, we discovered that new case study instructors need support to deal with unsupportive colleagues and to develop the skill set needed for an active-learning classroom. We generated hypotheses that are grounded in our data about effectively supporting instructors in adopting and sustaining active-learning strategies. We also synthesized our findings with existing literature to tailor the innovation-decision model. PMID:25713092

  17. CORPORATE GOVERNANCE AND FIRM VALUE IN EMERGING MARKETS AN EMPIRICAL ANALYSIS OF ADR ISSUING EMERGING MARKET FIRMS

    Directory of Open Access Journals (Sweden)

    Aysun Ficici

    2012-01-01

    Full Text Available This study explores the value implications of good corporate governance for a sample of 54 ADR issuing emerging market firms (EMFs from 9 countries primarily located in the regions of Asia, Eastern Europe and Latin America and the and employs recently constructed company composite corporate governance metric along with some alternative corporate governance measures associated with the origin of the issuing firm. Although the ADR literature primarily focuses on the impact of subscription to US disclosure requirements we contend that company and country specific corporate governance standards play a significant role in the risk reduction and ensuing value capture.  The fundamental inquiry in this study has the following foci: The primary focus is on the impact of corporate governance structures on firm performance as to whether adherence to standards creates market value for ADR issuing EMFs.  Do good corporate governance practices affect the value of EMFs? The secondary focus is concerned with whether the impact of corruption level and legal system in a firm’s home country affect the corporate structures of EMFs thus affecting the market value of firms.  In this study, we utilize Tobin’s q as the measure of firm performance/market value.  Our findings suggest that there is a significant correlation between corporate governance structures of ADR issuing EMFs and their market values and/or performances.  The results also indicate that the level of corruption and legal structures in home countries of EMFs strongly impact the corporate governance structures of these firms and sequentially affect their market values. Therefore, this research further contributes to the scholarly findings and suppositions that corporate structures of firms do create consequences on firm value.

  18. Exchange rate risk and its determinants. : Evidence from international stock markets

    OpenAIRE

    de Oliveira Andersson, Daniela

    2005-01-01

    This paper evaluates if international stock markets are exposed to fluctuation in the exchange rate and whether this exposure is related to exports, imports and inflation. Eight countries are studied: Australia, Belgium, Brazil, Hong Kong, Sweden, Switzerland, the United Kingdom and the United States. The empirical investigation covers the period from 1995 to 2004 and the estimation is conducted using the framework of Patro, D.K., Wald, J.K. and Wu, Y. (2002). The empirical findings show that...

  19. An Empirical Research on Non-Economic Factors That Effects Individuals Stock Market Participation Preferences

    Directory of Open Access Journals (Sweden)

    Ali BAYRAKDAROĞLU

    2015-12-01

    Full Text Available The purpose of this study, understanding the direct participation of depositors in Turkey to stock markets according to some social and behavioral factors. Because of unable to explain stock market and risk free assets market participation differences even with risk premium and low level of stock market participation led us to consider some social factors like financial literacy, risk perception, trust, short and long term market expectations. This study was conducted on 329 students Business Administration department at Faculty of Economics and Administrative Sciences of Muğla Sıtkı Koçman University by using survey technique. The data were analyzed by logistic regression showed that social factors like risk perception, financial literacy, trust to financial institutions, short and long term expectations affects the stock market participation preferences.

  20. Empirically supported treatments in psychotherapy: towards an evidence-based or evidence-biased psychology in clinical settings?

    Directory of Open Access Journals (Sweden)

    Gianluca Castelnuovo

    2010-07-01

    Full Text Available The field of research and practice in psychotherapy has been deeply influenced by two different approaches: the empirically supported treatments (ESTs movement, linked with the evidence-based medicine (EBM perspective and the “Common Factors” approach, typically connected with the “Dodo Bird Verdict”. About the first perspective, since 1998 a list of ESTs has been established in mental health field. Criterions for “well-established” and “probably efficacious” treatments have arisen. The development of these kinds of paradigms was motivated by the emergence of a “managerial” approach and related systems for remuneration also for mental health providers and for insurance companies. In this article ESTs will be presented underlining also some possible criticisms. Finally complementary approaches, that could add different evidence in the psychotherapy research in comparison with traditional EBM approach, are presented.

  1. Stock craze: an empirical analysis of PER in Chinese equity market

    OpenAIRE

    Chen Xiang LIU; Arouri, Mohamed El Hedi

    2008-01-01

    China's Shanghai and Shenzhen stock markets have been on a bullish run since the end of the split-share reform. The sharp gains are raising worries about stock overvaluations. We investigate the determinants of booming stock markets in modelling PER (price-earning ratio) over the available sample period 2000-2007 in Chinese A-share market with co-integration and error correction model specification. These results show that the market is driven primarily by the massive influx of fresh funds ra...

  2. Response Asymmetry in Spillover Volatility: An Empirical Study in the Indonesia and Singapore Stock Market

    Directory of Open Access Journals (Sweden)

    Siti Saadah

    2013-07-01

    Full Text Available Normal 0 false false false EN-US X-NONE X-NONE Following the blueprint of the ASEAN integration 2015, the integration of the financial markets in this region will increase. This study investigates the existence of a volatility spillover from the Singaporean stock market into Indonesia, including its transmission pattern. Singapore, as an advanced country in the ASEAN region, has played an important role as the information leader in the market of this region, so that it is very possible that the shocks in the Singapore’s stock market will be transmitted to another stock market in this region. Using TGARCH (1,1 model specification regarding the data of the daily return of the Indonesia market index (IHSG for the period of January 2008 – August 2012, it is observed that the shock that took place in the Singapore stock market is immediately transmitted to the Indonesia stock market with two important asymmetric patterns. The transmission of the shock from the Singapore stock exchange becomes stronger when this market (1 experiences a negative return, and (2 is in the bearish phase.  Normal 0 false false false EN-US X-NONE X-NONE Stock Returns Volatility in an Emerging Market: The Pakistani Evidence

    OpenAIRE

    Husain, Fazal; UPPAL, Jamshed

    1999-01-01

    This paper examines stock returns volatility in the Pakistani equity market. Using daily stock prices of 36 companies, 8 sector indices, and the general market index, the AutoRegressive Conditional Heteroscedasticity (ARCH) class of models was applied. The analyses suggest that one of the factors causing high serial dependence in stock returns in the Pakistani equity market is the presence of conditional heteroscedasticity or volatility in stock returns and that even after controlling for vol...

  3. Product Innovation and Product Innovation Marketing: Theory and Microeconometric Evidence

    OpenAIRE

    Kaiser, Ulrich

    2001-01-01

    This paper derives a three stage Cournot?oligopoly game for product innovation, expenditure on introducing the product and competition on the product market. Product innovation is assumed to increase consumer utility but is effective only if the innovating firm invests in marketing, so that consumers become aware of the newly developed product. Firms first decide whether or not to conduct product innovation and then determine their expenditure for bringing the new product to the market. In th...

  4. What factors drive interest rate spread of commercial banks? Empirical evidence from Kenya

    Directory of Open Access Journals (Sweden)

    Maureen Were

    2014-12-01

    Full Text Available The paper empirically investigates the determinants of interest rate spread in Kenya's banking sector based on panel data analysis. The findings show that bank-specific factors play a significant role in the determination of interest rate spreads. These include bank size, credit risk as measured by non-performing loans to total loans ratio, return on average assets and operating costs, all of which positively influence interest rate spreads. On the other hand, higher bank liquidity ratio has a negative effect on the spreads. On average, big banks have higher spreads compared to small banks. The impact of macroeconomic factors such as real economic growth is insignificant. The effect of the monetary policy rate is positive but not highly significant. The results largely reflect the structure of the banking industry, in which a few big banks control a significant share of the market.

  5. From Strategic Planning to City Branding: Some Empirical Evidence in Italy

    Directory of Open Access Journals (Sweden)

    Paolo Rizzi

    2010-04-01

    Full Text Available In a globalized world where places compete with each other, the image of the city plays a crucial role to attract tourists and investors, and to make citizens stay with satisfaction and avoid their moving away. By exploring the connections and implications between theory and empirical outcomes of some Italian cities as to its attractiveness for tourists and investors, this paper intends to offer a useful overview both for academicians and practitioners. The purpose is not only to go through the extensive literature on strategic planning place marketing and city branding, but to focus specifically on some Italian cases (Turin, Genoa, Venice, Piacenza, where the application of the above mentionedinstruments has provided interesting results to compare.

  6. Open Innovation: A New Mechanism For Adoption Of Organizational Innovation Empirical Evidence From Algerian Companies

    Directory of Open Access Journals (Sweden)

    Khayra Aichouche

    2016-06-01

    Full Text Available  The aim of this paper is to analyze the relationship between the openness degree of companies and organizational innovation. The openness degree is defined as the use of purposive inflows and outflows of knowledge to accelerate internal Innovation, and to expend markets for external use of innovation (Chesbrough, 2006. The research utilizes causality models and suggests a conceptual schema subsequent to a comprehensive analysis of the literature linked to open innovation field. A sample of 120 managers and employees of Algerian pharmaceutical company is used. The SEM is used to analyze and approve the proposal of the conceptual schema. Results of the empirical research show that open innovation is positively and significantly related to organizational innovation, on the other hand, these results indicate that there is a positive and significant impact of organizational innovation on organizational performance.

  7. Multiple Openings and Competitiveness of Forward Markets: Experimental Evidence.

    Science.gov (United States)

    Ferreira, José Luis; Kujal, Praveen; Rassenti, Stephen

    2016-01-01

    We test the competition enhancing effect of selling forward in experimental Cournot duopoly and quadropoly with multiple forward markets. We find that two forward periods yields competitive outcomes and that the results are very close to the predicted theoretical results for quantity setting duopolies and quadropolies. Our experiments lend strong support to the hypothesis that forward markets are competition enhancing. We then test a new market that allows for endogenously determined indefinitely many forward periods that only close when sellers coordinate on selling a zero amount in a forward market. We find that the outcomes under an endogenous close rule are also very competitive. These results hold for both duopolies and quadropolies.

  8. Dynamic Conditional Correlations in International Stock, Bond and Foreign Exchange Markets: Emerging Markets Evidence

    OpenAIRE

    2009-01-01

    textabstractThe paper models the dynamic conditional correlations in emerging stock, bond and foreign exchange markets using the DCC model of Engle (2002) and the GARCC model of McAleer et al. (2008). The highly restrictive DCC model suggests that the conditional correlations of the overall returns are constant. In contrast, the GARCC model finds that the conditional correlations between bond-bond markets and between stock-stock markets are relatively constant across developed-emerging market...

  9. WHAT IS THE PURPOSE OF ISO 9000 CERTIFICATION? EMPIRICAL EVIDENCE FROM FRENCH MICRO-DATA

    Directory of Open Access Journals (Sweden)

    Sanja Pekovic

    2008-03-01

    Full Text Available The ISO 9000 certification is often associated with quality approach, and activities that are by now widely diffused throughout business. The statistical research shows that quality management practice is one of the most utilized tools because in 1997, more than a third of industrial firms have received the quality certification. Regarded like an investment in a diploma, investment in quality norms can at the same time be a function of improvement of the company's competence and can also make a signal on the market. In our research, we want to understand those two functions of the ISO 9000 certification and to see how they act in the company and on the market. The paper will explore two possible functions of the certification and will analysis the consequences for the firms. The research will use national statistics sources and case research for the empirical investigation to identify the internal characteristics of ISO 9000 adoption. Also, it will use C.O.I database (Organizational Changes and Computerization of 1997 and E.A.E. database (Annual Survey of Industry. In this research, the empirical results show that ISO certification has a part of increase the level of firm's export. Moreover, the firms that have recently adopted the ISO certification invest more in quality than those that have adopted ISO certification more ago. The results show that the firms from same sector of activity "are pushed" to adopt certification. At the end, the results show that, the probability that the firm adopt ISO certification increase with firm's size.

  10. Empirical analysis of university-industry R&D collaboration: Evidence from Pakistan

    Directory of Open Access Journals (Sweden)

    Saqib Mehmood Afzal

    2014-08-01

    Full Text Available University-industry collaboration plays a vital role in nation’s innovation system. This study presents an empirical analysis of R&D collaboration between university and industry. The literature focused on the all those factors including firm size, firm’s innovation activity and openness of the firm affecting university-industry collaboration. Primary data is used and sample contains 15 industrial sectors of Pakistan according to market capitalization at the time of data collection. The empirical results of the study suggest that firm’s size, number of employees and openness of the firm have positive impact on uni-industry collaboration for R&D projects. Whilst annual budget of the firms is found to have negative relationship with R&D collaborations and larger firms are found to be less efficient in taking advantages of R&D collaboration with universities because larger firms have more spending on their fixed costs as they have participated in so many R&D activities.

  11. Industry trade-balance and domestic merger policy : some empirical evidence from the U.S.

    OpenAIRE

    Clougherty, Joseph A.

    2003-01-01

    The literature on antitrust in an open-economy setting is inconclusive with respect to the role played by trade-balance on the tenor of domestic merger policy. Using a panel data set composed of US merger reviews by industrial sector over the 1997-2001 period, I empirically test the impact of sectoral trade balance on the level of antitrust scrutiny. The results suggest that larger trade balances lead to more vigorous antitrust scrutiny; thus, ‘strategic’ merger policy does not appear evident...

  12. INTERNAL AND EXTERNAL DETERMINANTS OF COMMERCIAL BANKS PROFITABILITY: EMPIRICAL EVIDENCE FROM BULGARIA AND ROMANIA

    Directory of Open Access Journals (Sweden)

    FIRTESCU BOGDAN

    2015-07-01

    Full Text Available Our study focuses on commercial banks which are operating in Bulgaria and Romania, two countries whose banking sectors have registered major structural changes in the transition to a market economy and which are showing some similarities. Similar to other EU countries, the financial system from Bulgaria and Romania is dominated by the banking sector, which holds the largest share of total assets. Thus, we can say that health, strength and performance of the banking sector are of major importance for the sustainable economic development of states, but also for efficient transmission of monetary policy decisions on the real economy. The paper aims to identify the key factors that affect bank profitability and to evaluate empirically their contribution to a sample of 29 commercial banks in Bulgaria and Romania, for the period 2003-2012. Our research is based on data from the Bureau Van Dijk database, the World Bank and the European Central Bank and uses panel data estimation techniques. The dependent variable used in our study is the bank profitability, which is measured by two representative indicators the Return on Average Assets (ROAA and Return on Average Equity (ROAE. Regarding the independent variables, our analysis includes capital adequacy, the loan loss reserve rate, cost to income ratio, the ratio of liquid assets to total assets, the interest expenses to deposits ratio, the non-interest income over total gross revenues, bank size, the GDP per capita growth, inflation rate, domestic bank credit to private sector and banking industry concentration. The results of our empirical study shows that among the variables considered, the loan loss reserve rate, the ratio of cost to income, GDP per capita growth and domestic bank credit to the private sector, have a significant impact on bank profitability, results in line with our expectations, but also with the results of other empirical studies.

  13. British Students' Perceptions of Ethical Issues in International Marketing: An Empirical Investigation.

    Science.gov (United States)

    Amin, Sammy G.

    1996-01-01

    A survey investigated 122 British business students' perceptions of ethics in international marketing practices, particularly as they are affected by demographic characteristics. In response to 12 specific scenarios, students indicated relatively liberal attitudes. Implications for global marketing specialists and for business education are…

  14. Modeling market information processing in new product development: An empirical analysis

    NARCIS (Netherlands)

    Veldhuizen, A; Hultink E.J; Griffin, A.

    2006-01-01

    This research explores the antecedents and consequences of market information processing during the development process of new high-tech products. To this end, we develop and test a conceptual model for market information processing in three generic stages of the new product development (NPD) proces

  15. 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.

  16. 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.

  17. Burst and inter-burst duration statistics as empirical test of long-range memory in the financial markets

    Science.gov (United States)

    Gontis, V.; Kononovicius, A.

    2017-10-01

    We address the problem of long-range memory in the financial markets. There are two conceptually different ways to reproduce power-law decay of auto-correlation function: using fractional Brownian motion as well as non-linear stochastic differential equations. In this contribution we address this problem by analyzing empirical return and trading activity time series from the Forex. From the empirical time series we obtain probability density functions of burst and inter-burst duration. Our analysis reveals that the power-law exponents of the obtained probability density functions are close to 3 / 2, which is a characteristic feature of the one-dimensional stochastic processes. This is in a good agreement with earlier proposed model of absolute return based on the non-linear stochastic differential equations derived from the agent-based herding model.

  18. Dynamics of Markets

    Science.gov (United States)

    McCauley, Joseph L.

    2004-06-01

    Standard texts and research in economics and finance ignore the absence of evidence from the analysis of real, unmassaged market data to support the notion of Adam Smith's stabilizing Invisible Hand. In stark contrast, this text introduces a new empirically-based model of financial market dynamics that explains the volatility of prices options correctly and clarifies the instability of financial markets. The emphasis is on understanding how real markets behave, not how they hypothetically 'should' behave.

  19. Market Potential and Development

    OpenAIRE

    Mayer, Thierry

    2008-01-01

    This paper provides evidence on the long-term impact of market potential on economic development. It derives from the New Economic Geography literature a structural estimation where the level of factors' income of a country is related to its export capacity, labelled Market Access (MA) by Redding and Venables (2004), or Real Market Potential (RMP) by Head and Mayer (2004). The empirical part evaluates this market potential for all countries in the world with available trade data over the 1960...

  1. How Organizational Trust Affects the Market Position: The Mediating Role of Innovativeness and Operational Efficiency. Empirical Results

    Directory of Open Access Journals (Sweden)

    Anna Sankowska

    2016-06-01

    Full Text Available This study was conducted in 202 enterprises listed on the Warsaw Stock Exchange and provides documented evidence for a significant indirect impact of organizational trust on their market position through its effect on innovativeness and an improvement on efficiency. These findings contribute to understand how trust inside an organization is translated into market performance. In addition, the reported results suggest a stronger influence of organizational trust on a firm’s market position than on its operational efficiency. The study also indicates that organizational trust, while expressing a climate inside an organization, does not have a direct effect on the market position. Implications for research and practice are provided as well.

  2. Evidence of the overconfidence bias in the Egyptian stock market in different market states

    Directory of Open Access Journals (Sweden)

    Ayman H. Metwally

    2015-11-01

    Full Text Available Traditional finance theories fail to explain several anomalies observed in security markets. High levels of market turnover are among the most challenging market puzzles that have been documented in many security markets. Several studies assert the correlation between past market return and current market turnover. Behavioral finance theories assume that overconfidence bias is the reason behind this relation. Hence, this paper aims to study the impact of overconfidence – a behavioral bias stemming from the second building block of behavioral finance “cognitive psychology” and affecting traders’ beliefs and thereby their trading behavior in form of excessive trading. DeBondt and Tahler (1995. The study tests the overconfidence bias in the Egyptian Stock market during the period from 2002 till 2012 on the aggregate market level trough examining the relation between market returns and market turnover in different market states, seeking to document or deny whether overconfidence bias encourages investors to trade or not . The whole period is divided into four sub periods; two tranquil upward trending (2005-2005 and (2005-2008 and two volatile and down ward trending (financial crisis 2008-2010 and the (Egyptian Revolution Period 2010-2012 A quantitative research using secondary data and applying time series statistical techniques is designed. The research is following Statman et al. (2006 methodology. Time series analysis, which is based on four statistical techniques; mainly Vector Auto Regression, Optimal Lag Selection, Impulse Response Function and Granger Causality Tests are being used. Market Turnover ratios are used as proxies for overconfidence. The research finds a significant impact of past market return on current turnover in lag1, then turns negative in lag 2, and returns back positive in lag3, then remains positive and significant until lag5. This is in line with the overconfidence and self-attribution theory of Denial et al

  3. Bacterial clonal diagnostics as a tool for evidence-based empiric antibiotic selection.

    Science.gov (United States)

    Tchesnokova, Veronika; Avagyan, Hovhannes; Rechkina, Elena; Chan, Diana; Muradova, Mariya; Haile, Helen Ghirmai; Radey, Matthew; Weissman, Scott; Riddell, Kim; Scholes, Delia; Johnson, James R; Sokurenko, Evgeni V

    2017-01-01

    Despite the known clonal distribution of antibiotic resistance in many bacteria, empiric (pre-culture) antibiotic selection still relies heavily on species-level cumulative antibiograms, resulting in overuse of broad-spectrum agents and excessive antibiotic/pathogen mismatch. Urinary tract infections (UTIs), which account for a large share of antibiotic use, are caused predominantly by Escherichia coli, a highly clonal pathogen. In an observational clinical cohort study of urgent care patients with suspected UTI, we assessed the potential for E. coli clonal-level antibiograms to improve empiric antibiotic selection. A novel PCR-based clonotyping assay was applied to fresh urine samples to rapidly detect E. coli and the urine strain's clonotype. Based on a database of clonotype-specific antibiograms, the acceptability of various antibiotics for empiric therapy was inferred using a 20%, 10%, and 30% allowed resistance threshold. The test's performance characteristics and possible effects on prescribing were assessed. The rapid test identified E. coli clonotypes directly in patients' urine within 25-35 minutes, with high specificity and sensitivity compared to culture. Antibiotic selection based on a clonotype-specific antibiogram could reduce the relative likelihood of antibiotic/pathogen mismatch by ≥ 60%. Compared to observed prescribing patterns, clonal diagnostics-guided antibiotic selection could safely double the use of trimethoprim/sulfamethoxazole and minimize fluoroquinolone use. In summary, a rapid clonotyping test showed promise for improving empiric antibiotic prescribing for E. coli UTI, including reversing preferential use of fluoroquinolones over trimethoprim/sulfamethoxazole. The clonal diagnostics approach merges epidemiologic surveillance, antimicrobial stewardship, and molecular diagnostics to bring evidence-based medicine directly to the point of care.

  4. An Empirical Analysis of Stock Market Development and Economic Growth: The Case of Macedonia

    Directory of Open Access Journals (Sweden)

    Lazarov Darko

    2016-12-01

    Full Text Available This paper has two goals. The first goal is to investigate the influence of stock market development on economic growth for a group of 14 transition economies from the Central and South-East European (CSEE region in the period 2002-2012, while the second is to analyze the main characteristics and specificities of the stock market in the Republic of Macedonia. To fulfil the first goal, we apply panel regression models (fixed and random effects and a dynamic panel model (Generalized Method of Moments – GMM, while we use a single country approach and comparative analysis to examine the main characteristics of the Macedonian stock market. The estimated results indicate that stock market development is positive and significantly correlated with economic growth. Additionally, the comparative analysis of the stock market in the Republic of Macedonia suggests that the Macedonian stock market is still underdeveloped and faces a number of challenges before it can enter a new phase of development after the negative impact of the global financial crisis. Those challenges include capital market regional integration and the harmonization of legal and institutional frameworks such as bankruptcy procedures, accounting and reporting standards, public sector regulatory bodies, corporate governance and a liberalized trade regime.

  5. An Empirical Investigation on the Risk-Return Relationship of Carbon Future Market

    Institute of Scientific and Technical Information of China (English)

    LI Ziran; QIAO Han; SONG Nan; ZU Lei

    2016-01-01

    This paper examines the risk-return relationship for the carbon future market during Phases Ⅰ,Ⅱ and Ⅲ of the European Union Emission Trading Scheme (EU ETS).The risk factors derived from the newly developed LSW model,are embedded into a GARCH framework.This new specification is compared with several GARCH-M type models analyzing the risk-return relationship in the carbon market.The results show that the new specification consistently achieves a good fit and possesses superior explanatory power for the European Union Allowance (EUA) data.Some policy suggestions regarding market efficiency are also provided.

  6. Executing A Customer Relationship Management Programme In An Emerging Market: An Empirical Approach

    Directory of Open Access Journals (Sweden)

    Akinyele Samuel

    2013-05-01

    Full Text Available Retail financial services in all markets, including emerging markets, are undergoing major transaction, driven by change, deregulation and customer sophistication. Customer service and specifically relationship management in particular, are crucial to attaining a sustainable competitive advantage in the marketplace. The execution of a one- to- one programme within an emerging economy is the focus of this paper, specifically in the financial services environment. The steps in the execution of customer relationship management (CRM as proposed by Peppers, Rogers and Dorf (1999b are examined and the effect on customer service in an emerging market is investigated. The findings indicates that there are positive associations with these steps and customer service.

  7. Central Bank Transparency and Financial Market: Evidence for the Brazilian Case

    Directory of Open Access Journals (Sweden)

    Helder Ferreira de Mendonça

    2011-03-01

    Full Text Available The main objective of this paper is an empirical analysis concerning the effects caused by Central Bank of Brazil transparency on the Brazilian financial market. Furthermore, a brief review of the literature regarding central bank transparency is presented. The effects of the different dimensions of the monetary authority’s transparency on yield interest are examined. Moreover, the consequences regarding changes in the country risk are considered in this study. The findings denote that the Central Bank of Brazil transparency works as a guide for the future interest rate market and that the different dimensions of transparency contribute to a better market efficiency.

  8. Information environment, market-wide sentiment and IPO initial returns: Evidence from analyst forecasts before listing

    Directory of Open Access Journals (Sweden)

    Hongjun Zhu

    2015-09-01

    Full Text Available Measuring the information environment of firms using analyst (price forecast bias and forecast dispersion before listing, we empirically examine the interactive influence of the information environment and market-wide sentiment on the initial returns of initial public offerings (IPOs. We find the smaller the analyst forecast bias/dispersion, the lower the effect market-wide sentiment has on IPO initial returns. This finding indicates that information asymmetry is a basic reason for noise trading occurs and demonstrates the positive effect of financial analysts during IPOs. In addition, the effect of analyst forecasts is more pronounced during periods of rising markets and when IPO prices are not regulated.

  9. Stock Market Market Crash of 2008: an empirical study of the deviation of share prices from company fundamentals

    OpenAIRE

    Kaizoji, Taisei; Miyano, Michiko

    2016-01-01

    The aim of this study is to investigate quantitatively whether share prices deviated from company fundamentals in the stock market crash of 2008. For this purpose, we use a large database containing the balance sheets and share prices of 7,796 worldwide companies for the period 2004 through 2013. We develop a panel regression model using three financial indicators--dividends per share, cash flow per share, and book value per share--as explanatory variables for share price. We then estimate in...

  10. Institutions and international investments: Evidence from China and other emerging markets

    NARCIS (Netherlands)

    Zhang, Y.

    2011-01-01

    This thesis empirically investigates the underlying factors that explain the new global trade and investment patterns. At the baseline level, three questions on the globalization process of emerging markets are addressed. First, what is the causal linkage among institutions, external trade and forei

  11. Institutions and international investments: Evidence from China and other emerging markets

    NARCIS (Netherlands)

    Zhang, Y.

    2011-01-01

    This thesis empirically investigates the underlying factors that explain the new global trade and investment patterns. At the baseline level, three questions on the globalization process of emerging markets are addressed. First, what is the causal linkage among institutions, external trade and forei

  12. Implied Volatility Futures Trading Activity and Impacts on Asian Stock Market: An Empirical study

    OpenAIRE

    Pham, Duc Nam Trung

    2014-01-01

    This study analyzes impacts of the adoption of a new type of derivatives instrument in the Asian stock market- the implied volatility futures. Furthermore, the analysis is carried on to the preferences of hedging tools in the two pioneering markets in such adoption, Hong Kong and Japan. Unlike other conventional derivatives, the relationship derivatives on volatility and its underlying assets is almost impossible to be modeled, thus creates several difficulties in pricing as well as researchi...

  13. AN EMPIRICAL ANALYSIS OF THE BLACK MARKET EXCHANGE RATE IN IRAN

    OpenAIRE

    Abbas Valadkhani

    2003-01-01

    The Iranian rial has been depreciated on average about 12 per cent per annum during the last four decades. This paper examines the long- and short-run determinants of the black market exchange rate employing the cointegration techniques and the annual time series data from 1960 to 2000. Broadly consistent with previous studies, it is found that the black market exchange rate is cointegrated with inflation, real GDP and the import price index. However, in the short run only high inflation and ...

  14. Social Interaction and Stock Market Participation: Evidence from China

    Directory of Open Access Journals (Sweden)

    Zhifeng Liu

    2014-01-01

    Full Text Available Current research on the impact of social interaction on the stock market participation only involves the traditional way of social interaction, and this paper further investigates the modern social interaction effects on the stock market participation and its activeness. The sample containing 150 Chinese counties is selected, and we apply grouping analysis and linear regression to conclude that social interaction has positive influence on the stock market participation and its activeness. Both traditional and modern social interaction ways affect the stock market participation and its activeness to the similar extent, so modern social interaction is of the same importance. Controlling for the respondents’ age, wealth, and education level, the above conclusion still holds.

  15. Exchange rate movements and export market dynamics: evidence from China

    National Research Council Canada - National Science Library

    Xiaobing Huang

    2017-01-01

    This paper highlights the relationship between foreign exchange rate fluctuations and firms' export market dynamics using a Chinese firm-level production data and a firm-level trade data over the period of 2000-2006...

  16. Multiple Openings and Competitiveness of Forward Markets: Experimental Evidence

    Science.gov (United States)

    Ferreira, José Luis; Kujal, Praveen; Rassenti, Stephen

    2016-01-01

    We test the competition enhancing effect of selling forward in experimental Cournot duopoly and quadropoly with multiple forward markets. We find that two forward periods yields competitive outcomes and that the results are very close to the predicted theoretical results for quantity setting duopolies and quadropolies. Our experiments lend strong support to the hypothesis that forward markets are competition enhancing. We then test a new market that allows for endogenously determined indefinitely many forward periods that only close when sellers coordinate on selling a zero amount in a forward market. We find that the outcomes under an endogenous close rule are also very competitive. These results hold for both duopolies and quadropolies. PMID:27442516

  17. The Value of Institutions for Financial Markets; Evidence From Emerging Markets

    OpenAIRE

    Thomas Stratmann; Bernardin Akitoby

    2009-01-01

    This paper investigates the value of political institutions for financial markets, using panel data from emerging market countries. We test the hypothesis that changes in political institutions, such as improvements in democratic rights and increased government accountability, have a direct effect on sovereign interest rate spreads. We find that financial markets value institutions over and above the economic and fiscal outcomes these institutions shape. Democracy and accountability generally...

  18. Stock Market Indicators and Economic Activity. Some Evidence for Argentina

    OpenAIRE

    Luis N. Lanteri

    2014-01-01

    This paper examines the long-term relationships between the main indicators of stock market and economic activity, in the case of Argentina. The paper employ Granger causality and exogeneity tests based on VEC models (vector error correction), with monthly data covering the period 1993:1-2010:8. The results show that the main stock indexes of Buenos Aires Stock Exchange Market (MERVAL25 and BURCAP) Granger cause to the estimator of economic activity (EMAE) and that these indexes could be cons...

  19. Stock Market Development and Economic Growth. Some Evidence for Argentina

    OpenAIRE

    Luis Lanteri

    2013-01-01

    This paper examines the relationship between stock market development and economic growth in case of Argentina's economy. I apply Granger causality and exogeneity tests based on VEC (vector error correction) models with monthly data covering the period 1993:1-2010:8. The results show that the major stock indices of Buenos Aires Stock Exchange Market (MERVAL25 and BURCAP) Granger cause to the estimator of economic activity (EMAE). In turn, both indices could be considered exogenous variables (...

  20. Market power and contract form: evidence from physician group practices.

    Science.gov (United States)

    Town, Robert; Feldman, Roger; Kralewski, John

    2011-06-01

    We examine how the market power of physician groups affects the form of their contracts with health insurers. We develop a simple model of physician contracting based on 'behavioral economics' and test it with data from two sources: a survey of physician group practices in Minnesota; and the physician component of the Community Tracking Survey. In both data sets we find that increases in groups' market power are associated with proportionately more fee-for-service revenue and less revenue from capitation.

  1. Volatility Informed Trading in the Options Market: Evidence from India

    Directory of Open Access Journals (Sweden)

    Rajesh Pathak

    2015-12-01

    Full Text Available The purpose of this paper is to investigate the trading activity in options market based on information about expected future volatility in spot market. We employ Common Implied Volatility as a measure of expected volatility and options volume and changes in Open Interests as measures of options trading activity. We first test for simultaneous information flow in the two markets using multiple regression technique. Next, we test for information based or hedge based use of options using Trivariate Vector-auto Regression framework. We further consider the classes of options moneyness and the market trends in our analysis to examine if the trader’s preference of options changes with change in description of options intrinsic value and market environment. We use daily closing data of S&P CNX Nifty Index options traded on National Stock Exchange, India. We, for the most part, find negative and significant relationship in contemporaneous regression suggesting active trading by arbitrageurs. A feedback relationship is observed in vector auto regression analysis suggesting that options are traded in India for both information based trading and hedging purposes. We also observe the relationship to be varying when market trends and classes of options moneyness are considered. This indicates that traders are not indifferent in their choice of trading venue when market conditions and factors change. The results of this study are helpful for traders in managing the risk and return of their portfolio based on volatility forecast. This study is distinctive as it examines the scarcely researched area of volatility informed trading in an emerging market set up.

  2. Career Concerns, Inaction, and Market Inefficiency: Evidence from Utility Regulation

    OpenAIRE

    Borenstein, Severin; Busse, Meghan; Kellogg, Ryan

    2010-01-01

    This paper examines how career concerns can generate inefficiencies not only within firms but also in market outcomes. Career concerns may lead agents to avoid actions that, while value-increasing in expectation, could potentially be directly associated with a bad outcome. We apply this theory to natural gas procurement by regulated public utilities and show that career concerns may lead to a reduction in surplus-increasing market transactions during periods when the benefits of trade are lik...

  3. The Announcement Effect: Evidence from Open Market Desk Data

    OpenAIRE

    Jorda, Oscar; Demiralp, Selva; Liu, Holly; Williams, Jeffrey

    2003-01-01

    This paper investigates the ability of the Federal Reserve to manipulate the overnight rate without open market operations (which Demiralp and Jorda (2000) term the announcement effect), using high-frequency, open-market-desk data. Using similar data, Hamilton (1997) takes advantage of forecast errors in the Treasury balance to compute the elasticity of the federal funds rate to these errors and thus to obtain a measure of the liquidity effect. Similarly, one can view daily deviations of the ...

  4. The announcement effect: Evidence from open market desk data

    OpenAIRE

    Jorda, Oscar; Demiralp, Selva; Liu, Holly; Williams, Jeffrey

    2001-01-01

    This paper investigates the ability of the Federal Reserve to manipulate the overnight rate without open market operations (which Demiralp and Jorda (2000) term the announcement effect), using high-frequency, open-market-desk data. Using similar data, Hamilton (1997) takes advantage of forecast errors in the Treasury balance to compute the elasticity of the federal funds rate to these errors and thus to obtain a measure of the liquidity effect. Similarly, one can view daily deviations of the ...

  5. THE INTEGRATION OF PIGMEAT MARKETS IN THE EU. EVIDENCE FROM A REGULAR MIXED VINE COPULA

    Directory of Open Access Journals (Sweden)

    Vasilis GRIGORIADIS

    2016-04-01

    Full Text Available The objective of this work is to investigate the degree of integration of national pigmeat markets in the EU. This is pursued using monthly wholesale prices from seven major markets and the statistical tool of mixed R-vine copulas. The empirical results suggest that the markets considered do not constitute a great pool in which prices move, boom, and crash together. The markets of Belgium, Germany, and the Netherlands exhibit a higher degree of integration relative to the others, whereas the Italian market exhibits a lower degree of integration. Also, there is an indication that, in certain cases, the benefits of free trade may be unequally distributed between the trading partners.

  6. The role of confidence in the evolution of the Spanish economy: empirical evidence from an ARDL model

    Directory of Open Access Journals (Sweden)

    Pablo Castellanos García

    2014-12-01

    Full Text Available The aim of this paper is to verify the existence and to determine the nature of long-term relationships between economic agents’ confidence, measured by the Economic Sentiment Index (ESI, with some of the "fundamentals" of the Spanish economy. In particular, by modeling this type of relations, we try to determine whether confidence is a dependent (explained or independent (explanatory variable. Along with confidence, in our model we incorporate variables such as risk premium of sovereign debt, financial market volatility, unemployment, inflation, public and private debt and the net lending/net borrowing of the economy. For the purpose of obtaining some empirical evidence on the exogenous or endogenous character of the above mentioned variables an ARDL (Autoregressive-Distributed Lag model is formulated. The model is estimated with quarterly data of the Spanish economy for the period 1990-2012. Our findings suggest that: (a unemployment is the dependent variable, (b there is an inverse relationship between ESI in Spain and unemployment; and (c the Granger causality goes from confidence to unemployment.

  7. Why do women choose or reject careers in academic medicine? A narrative review of empirical evidence.

    Science.gov (United States)

    Edmunds, Laurel D; Ovseiko, Pavel V; Shepperd, Sasha; Greenhalgh, Trisha; Frith, Peggy; Roberts, Nia W; Pololi, Linda H; Buchan, Alastair M

    2016-12-10

    Women are under-represented in academic medicine. We reviewed the empirical evidence focusing on the reasons for women's choice or rejection of careers in academic medicine. Using a systematic search, we identified 52 studies published between 1985, and 2015. More than half had methodological limitations and most were from North America. Eight main themes were explored in these studies. There was consistent evidence for four of these themes: women are interested in teaching more than in research; participation in research can encourage women into academic medicine; women lack adequate mentors and role models; and women experience gender discrimination and bias. The evidence was conflicting on four themes: women are less interested in research than men; women lose commitment to research as their education and training progress; women are deterred from academic careers by financial considerations; and women are deterred by concerns about work-life balance. Inconsistency of findings across studies suggests significant opportunities to overcome barriers by providing a more enabling environment. We identified substantial gaps in the scientific literature that could form the focus of future research, including shifting the focus from individuals' career choices to the societal and organisational contexts and cultures within which those choices are made; extending the evidence base to include a wider range of countries and settings; and testing the efficacy of interventions.

  8. Implied Volatility of Interest Rate Options: An Empirical Investigation of the Market Model

    DEFF Research Database (Denmark)

    Christiansen, Charlotte; Hansen, Charlotte Strunk

    2002-01-01

    We analyze the empirical properties of the volatility implied in options on the 13-week US Treasury bill rate. These options have not been studied previously. It is shown that a European style put option on the interest rate is equivalent to a call option on a zero-coupon bond. We apply the LIBOR...

  9. Implied Volatility of Interest Rate Options: An Empirical Investigation of the Market Model

    DEFF Research Database (Denmark)

    Christiansen, Charlotte; Hansen, Charlotte Strunk

    2002-01-01

    We analyze the empirical properties of the volatility implied in options on the 13-week US Treasury bill rate. These options have not been studied previously. It is shown that a European style put option on the interest rate is equivalent to a call option on a zero-coupon bond. We apply the LIBOR...

  10. Firms and Financial Markets : Empirical Studies on the Informational Value of Dividends, Governance and Financial Reporting

    NARCIS (Netherlands)

    H.C. van Beusichem (Henry)

    2016-01-01

    textabstractThis dissertation contains three empirical studies that contribute to our understanding of dividend, governance and transparency policies of Dutch listed firms. The first study describes the dividend policy decisions of Dutch firms in the twentieth century. The fraction of dividend-payin

  11. Firms and Financial Markets : Empirical Studies on the Informational Value of Dividends, Governance and Financial Reporting

    NARCIS (Netherlands)

    H.C. van Beusichem (Henry)

    2016-01-01

    textabstractThis dissertation contains three empirical studies that contribute to our understanding of dividend, governance and transparency policies of Dutch listed firms. The first study describes the dividend policy decisions of Dutch firms in the twentieth century. The fraction of

  12. Firms and financial markets: empirical studies on the information value of dividends, governance and financial reporting

    NARCIS (Netherlands)

    van Beusichem, Herman Clasinus

    2016-01-01

    This dissertation contains three empirical studies that contribute to our understanding of dividend, governance and transparency policies of Dutch listed firms. The first study describes the dividend policy decisions of Dutch firms in the twentieth century. The fraction of dividend-paying firms has

  13. Evidence on the Efficient Market Hypothesis from 44 Global Financial Market Indexes

    Directory of Open Access Journals (Sweden)

    Huijian Dong

    2013-01-01

    Full Text Available This paper employs Granger causality tests to identify the impacts of historical information from global financial markets on their current levels in 30-day windows. The dataset consists primarily of the daily index levels of the (1 open, (2 closed, (3 intraday high, (4 intraday low, and (5 trading volume series for the world’s 37 most influential equity market indexes, two crude oil prices, a gold price, and four major money market prices in the United States are used as control groups. Our results indicate a persistent impact of historical information from global markets on their current levels, and this impact duplicates itself in a cyclical pattern consistently over decades. Such persistence in the patterns causes some market indexes to be upgraded to global or regional market leaders. These findings can be interpreted as constituting violations of the weak-form efficient market hypothesis. The results also reveal recursive impacts of information in these markets and the existence of an information digestion effect.

  14. Interdependence between Islamic capital market and money market: Evidence from Indonesia

    Directory of Open Access Journals (Sweden)

    Imam Wahyudi

    2014-03-01

    Full Text Available This study investigate VAR Toda–Yamamoto causality test between macroeconomic variables and Islamic financial market. The purpose of this study is to analyze the information content of Islamic capital market and money market return with respect to macroeconomic and global factors. Using bivariate method, we found that Islamic capital market index (JII has more content information than Islamic money market index (SBIS. The exchange rate and VIX index significantly affected JII. Otherwise, only VIX index have been found to significantly affect SBIS. Using multivariate method, JII has more content information (exchange rate, world oil price, China's economic growth, and VIX index than SBIS (SBI rate, inflation rate, and VIX index. Contradiction in these findings indicates the presence of (i interaction between the macroeconomic variables, (ii interaction between the financial market and the macroeconomic variables, and (iii interaction between the Islamic capital market and money market. Further, by considering these interactions, JII more suitable for use as a barometer of fiscal policies in Indonesia, while SBIS suitable for monetary policies.

  15. Correlation between agricultural markets in dynamic perspective-Evidence from China and the US futures markets

    Science.gov (United States)

    Jia, Rui-Lin; Wang, Dong-Hua; Tu, Jing-Qing; Li, Sai-Ping

    2016-12-01

    Emerging as the earliest futures markets, agricultural futures markets play an important role in risk aversion and price discovery. With the integration of global economy, the linkage between domestic and international futures markets becomes closer than ever. By using the thermal optimal path (TOP) method, this paper selects soybean, corn and wheat as the representatives to study the dynamic lead-lag relationship between the Chinese and American markets in both returns and volatility. The results indicate that: (1) For the futures return, different kinds of agricultural futures lead-lag relationship between China and the US varied before 2014 both in direction and order in different time periods. However, China leads the US for all the three kinds we study after 2014. (2) Agricultural commodities subject to less import restrictions and government regulations in China such as soybean are more susceptible to the fluctuations from the international markets. On the other hand, lower foreign trade openness and more government regulation species such as wheat are less affected by fluctuations from outside. (3) The volatility transmission from the US to China wheat futures market takes longer time than soybean, which suggests that China's soybean futures market is more closely linked to the international agricultural futures market than wheat.

  16. An empirical investigation on factors influencing choice of foreign market by media firms

    Directory of Open Access Journals (Sweden)

    Ali Akbar Farhangi

    2014-02-01

    Full Text Available This study examines a number of factors suggested in the literature as important determinants of the foreign market selection. Key strategic factors are determined as four groups: host-country characteristics, firm-specific factors, competitive situation and content adaptation. In this study, multiple regression and path analysis are used. To test the model with modeling techniques, the necessary data from 29 media firms were used. It is based on a questionnaire, which has provided several insights into market selection elements. Our findings indicate that all components of the host country, exporting companies, competitive situation and the content adaptation could influence positively the selection of foreign market. The results also indicate that the adaptation of content was the most effective in choosing a foreign market. In addition, cross-cultural adaptation is an important component in selection of foreign markets. The results also suggest that the causal relationships between the independent variables are positive and significant, while the relationship between the content adaptation and the competitive situation has not been confirmed.

  17. An empirical study on market timing theory: A case study of Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Hadi Nasiri

    2012-09-01

    Full Text Available One of the most important issues in financing corporate is to find appropriate method to make a wise selection between getting loans and increasing the number of shares. There are different theories for making appropriate financing methods. The primary purpose of this paper is to investigate this issue based on market timing theory. The proposed model of this paper chooses selective companies from Tehran Stock Exchange. The proposed model of this paper uses regression analysis on two different models. The primary purpose of the first model given in this paper is to study the effect of market timing theory. In this part of survey, we measure the effect of the ratio of market value to book value on the sources of financing firms though increase in equities. Based on the results, we can conclude that as the ratio of market value to book value increases, firms tend to increase their equity though an increase to the number of shares. The first hypothesis of this paper is confirmed. The second model is associated with the relationship with mean ratio of market value on weighted book value and Leverage and the results of this paper do not confirm such relationship.

  18. Investor sentiment, optimism and excess stock market returns. Evidence from emerging markets

    Directory of Open Access Journals (Sweden)

    Karolina Daszynska-Zygadlo

    2014-12-01

    Full Text Available We test the existence of a contemporaneous relationship between sentiment/optimism indexes and returns at the aggregate market level in eight emerging markets, namely: Brazil, China, India, Mexico, Poland, Republic of South Africa, Russia and Turkey. We use sentiment and optimism Thomson Reuters MarketPsych Indexes that are based on scanning media coverage for relevant text reflecting particular moods and opinions. We find that there is a positive relationship between investor sentiment index / investor optimism index and the excess stock market returns in Brazil and China, respectively. We also notice that excess returns are more sensitive to changes in investors moods during periods of negative sentiment/optimism index values in four out of eight researched markets, namely: Brazil, China, India and Mexico. Additionally, this relationship we find positive.

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

    Science.gov (United States)

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

    2017-05-01

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

  20. Bank Income Diversification from Stock Market Perspective: Evidence from ASEAN+3

    Directory of Open Access Journals (Sweden)

    Agnes Helena Natalia

    2016-02-01

    Full Text Available This paper empirically examines the effect of banks' revenue diversification on the stock-based return and risk measures using data on the ASEAN-5, and addition from China, Japan, and South Korea banking sector. This paper use panel Fixed Effect and robustness test with Random Effect and TSLS. We use non-interest income share as a measure for revenue diversification. We find that revenue diversification has no effect on bank market value but significantly decrease bank total risks. When non-interest income is decomposed, we find that fee-income business has significant positive effect on bank value. Furthermore, it’s important to see characteristic of banks that do diversification, such as bank size and capital. Overall, we give evidence that banks, especially which have big size and good condition on capital, could increase their value and lower their risk by doing diversification in income through non-interest income, especially with fee income and other non-interest income. Normal 0 false false false EN-US X-NONE X-NONE

  1. Stock Market Development, Bank Concentration, Ownership Structure, and Bank Performance: Evidence from Turkey

    Directory of Open Access Journals (Sweden)

    Hasan AYAYDIN

    2014-09-01

    Full Text Available Abstract. Using the the Two-Step Generalized Method of Moments (GMM described by Arellano and Bond (1991 for dynamic panels, this paper analyzes the profitability of 25 commercial banks in Turkey over the period from 2003 to 2011.Our profitability determinants include bank-specific characteristics as well as industry-specific and macroeconomic factors, some of which have not been considered in previous studies. We conclude that the high bank profitability during these years is associated with a large percentage of loans in total assets, a low proportion of liquid asset, good efficiency and a low doubtful assets ratio. In addition, higher capital ratios also increase the bank’s return, but only when return on assets and return on equities is used as the profitability measure. We find evidence of economies of scale in the Turkish banking sector. Empirical results show that there is a negative relationship between financial development and profitability. We find also there is a positive relationship between bank concentration and bank performance in Turkish banking industry, consisting with the structure-conduct-performance (SCP hypothesis. The results also suggest that there is a negative relation between the foreign ownership and profitability, indicating that foreign banks do not in general make relatively higher profit, at least during the period under the consideration.Keywords: Banking profitability, Stock markets, Concentration, Ownership, Turkey, GMMJEL classification: G21, C32, E44.

  2. MARKET CHANGES, BUSINESS CYCLES AND FLUCTUATIONS IN ELECTRICITY PRICES - EU EVIDENCE FROM GERMANY AND SLOVENIA

    Directory of Open Access Journals (Sweden)

    France Križanič

    2013-01-01

    Full Text Available This article deals with interesting oscillation pattern in electricity prices during the period of EU electric power supply liberalization process, its transition from infrastructure to market activity and during last economic crisis, when at first prices declined significantly, to be raised afterward and start to decline again during the last recession. Using empirical evidence from Germany and Slovenia and based on short theoretical background we try to explain how can such strong oscillations occur and what we can expect in the future? It was discovered that such oscillations can be connected with business cycles dynamic, only that electricity prices oscillations proved to be even stronger unless a major technological breakthrough occurs in the way energy is produced or spent. Economic growth affects electricity prices even in relative terms, causes growth in prices with respect to inflation and vice versa. To conclude, we can expect relative growth of electric power prices together with economic recovery in the near future, but growth should be moderately slower than growth of real GDP.

  3. An empirical survey to measure the impact of different factors on the success of electronic marketing

    Directory of Open Access Journals (Sweden)

    Saeed Sehhat

    2012-10-01

    Full Text Available Internet marketing plays an important role in today business enterprises. Today, many invest more and more to increase their abilities on providing better services on the internet. In this paper, we study the impact of five factors namely awareness from the site, site attractiveness, promotional effectiveness, effectiveness and Shopping impacts and effectiveness and loyalty on the success of electronic marketing. We have distributed a questionnaire consists of various questions and distributed them among 984 people and received 595 in Likert scale. The Cronbach alphas for all five sets of questions were well above the minimum desired level. We implement a multi regression function and the results confirm that all five mentioned factors impact the sales of e-marketing, significantly.

  4. Impact of Green Marketing on Purchase Intention: An Empirical Study from Pakistan

    OpenAIRE

    Muhammad Rizwan; Arslan Aslam; Mujeeb ur Rahman; Naqash Ahmad; Usman Sarwar; Tehseen Asghar

    2013-01-01

    The purpose of this study is to know the role of green perceived value, green risk and green trust on purchase intention of green product. This study applies four basic concepts of green market i.e green perceived value, green perceived risk, green perceived trust and green purchase intention. In addition, this study emphasizes this use of green marketing in different big firms all over the world. There was a survey upon this research with the help of questionnaire taking the view of the peop...

  5. Relationships between oil price shocks and stock market: An empirical analysis from China

    Energy Technology Data Exchange (ETDEWEB)

    Cong Ronggang [Center for Energy and Environmental Policy Research, Institute of Policy and Management (IPM), Chinese Academy of Sciences (CAS), P.O. Box 8712, Beijing 100080 (China); Graduate School of the Chinese Academy of Sciences, Beijing 100080 (China); Wei Yiming [Center for Energy and Environmental Policy Research, Institute of Policy and Management (IPM), Chinese Academy of Sciences (CAS), P.O. Box 8712, Beijing 100080 (China)], E-mail: ymwei@deas.harvard.edu; Jiao Jianlin [Hefei University of Science and Technology, Hefei 230009 (China); Fan Ying [Center for Energy and Environmental Policy Research, Institute of Policy and Management (IPM), Chinese Academy of Sciences (CAS), P.O. Box 8712, Beijing 100080 (China)

    2008-09-15

    This paper investigates the interactive relationships between oil price shocks and Chinese stock market using multivariate vector auto-regression. Oil price shocks do not show statistically significant impact on the real stock returns of most Chinese stock market indices, except for manufacturing index and some oil companies. Some 'important' oil price shocks depress oil company stock prices. Increase in oil volatility may increase the speculations in mining index and petrochemicals index, which raise their stock returns. Both the world oil price shocks and China oil price shocks can explain much more than interest rates for manufacturing index.

  6. Relationships between oil price shocks and stock market: An empirical analysis from China

    Energy Technology Data Exchange (ETDEWEB)

    Cong, Rong-Gang [Center for Energy and Environmental Policy Research, Institute of Policy and Management (IPM), Chinese Academy of Sciences (CAS), P.O. Box 8712, Beijing 100080 (China); Graduate School of the Chinese Academy of Sciences, Beijing 100080 (China); Wei, Yi-Ming; Fan, Ying [Center for Energy and Environmental Policy Research, Institute of Policy and Management (IPM), Chinese Academy of Sciences (CAS), P.O. Box 8712, Beijing 100080 (China); Jiao, Jian-Lin [Hefei University of Science and Technology, Hefei 230009 (China)

    2008-09-15

    This paper investigates the interactive relationships between oil price shocks and Chinese stock market using multivariate vector auto-regression. Oil price shocks do not show statistically significant impact on the real stock returns of most Chinese stock market indices, except for manufacturing index and some oil companies. Some 'important' oil price shocks depress oil company stock prices. Increase in oil volatility may increase the speculations in mining index and petrochemicals index, which raise their stock returns. Both the world oil price shocks and China oil price shocks can explain much more than interest rates for manufacturing index. (author)

  7. Relationships between oil price shocks and stock market: An empirical analysis from China

    DEFF Research Database (Denmark)

    Cong, Ronggang; Wei, Yi-Ming; Jiao, Jian-Ling

    2008-01-01

    This paper investigates the interactive relationships between oil price shocks and Chinese stock market using multivariate vector auto-regression. Oil price shocks do not show statistically significant impact on the real stock returns of most Chinese stock market indices, except for manufacturing...... index and some oil companies. Some “important” oil price shocks depress oil company stock prices. Increase in oil volatility may increase the speculations in mining index and petrochemicals index, which raise their stock returns. Both the world oil price shocks and China oil price shocks can explain...

  8. Impact of Green Marketing on Purchase Intention: An Empirical Study from Pakistan

    OpenAIRE

    Muhammad Rizwan; Arslan Aslam; Mujeeb ur Rahman; Naqash Ahmad; Usman Sarwar; Tehseen Asghar

    2013-01-01

    The purpose of this study is to know the role of green perceived value, green risk and green trust on purchase intention of green product. This study applies four basic concepts of green market i.e green perceived value, green perceived risk, green perceived trust and green purchase intention. In addition, this study emphasizes this use of green marketing in different big firms all over the world. There was a survey upon this research with the help of questionnaire taking the view of the peop...

  9. Volatility Spillovers between Stock and Currency Markets: Evidence from Emerging Eastern Europe

    OpenAIRE

    Elena Fedorova; Kashif Saleem

    2010-01-01

    The purpose of this study is threefold. First, we look at the linkages between Eastern European emerging equity markets and Russia. Second, we investigate the relationships between the currency markets of Poland, Hungary, Russia, and the Czech Republic. Finally, we examine the interdependence between Emerging Eastern European and Russian equity and currency markets. We estimate a bivariate GARCH-BEKK model proposed by Engle and Kroner (1995) using weekly returns. We find evidence of direct li...

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

    Energy Technology Data Exchange (ETDEWEB)

    Lim, Kian-Ping [Labuan School of International Business and Finance, Universiti Malaysia Sabah (Malaysia); Department of Econometrics and Business Statistics, Monash University, P.O. Box 1071, Narre Warren, Victoria 3805 (Australia); Brooks, Robert D. [Department of Econometrics and Business Statistics, Monash University, P.O. Box 1071, Narre Warren, Victoria 3805 (Australia)], E-mail: Robert.brooks@buseco.monash.edu.au

    2009-05-15

    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.

  11. Empirical Evidence of Fiscal Policy Impact on Endogenous Models of Economic Growth - the Case of Albania

    Directory of Open Access Journals (Sweden)

    Olta Milova

    2014-02-01

    Full Text Available According to Mankiw (2000, fiscal policy in major macroeconomic models adversely affects the behavior of private agents as consumers and firms and they affect economic growth through investment and savings decisions. Increasing government spending will increase the aggregate demand for goods and services and money demand in the money market leading to an increase of interest rates while markets tend towards equilibrium. The increased interest rates affect negatively the level of private investment. To assess the effect of fiscal policy on economic growth generally are used the endogenous growth models, which include technological progress as an integrated part of this model. These models were called endogenous because they were taking into account long-term economic growth and were using endogenous mechanisms to explain its main source which is the technological progress. Endogenous growth models developed by Barro (1990, Mendosa, Milesi-Ferreti and Asea (1997 or even by other economists, predict that the fiscal policy can affect the level of product and the long run economic growth. This conclusion is analysed in the theory of Barro (1990, which extends the model by including the fiscal policy. The Barro’s model is the model used in this paper to analyse the effect of the fiscal policy on economic growth in the case of Albania. The empirical work shows that all the variables, except inflation which according to theoretical expectations should have a negative effect, affect positively the economic growth. This positive relation between these variables can be explained by investments in infrastructure and other priority sectors that the government has done during all this period.

  12. EVIDENCE ON THE NEXUS BETWEEN ELECTRICITY CONSUMPTION AND ECONOMIC GROWTH THROUGH EMPIRICAL INVESTIGATION OF UGANDA

    Directory of Open Access Journals (Sweden)

    Mamofokeng MOTLOKOA

    2015-06-01

    Full Text Available This paper empirically examines the electricity consumption -economic growth nexus in Uganda for the period 1982 to 2013, with a view to contributing to the body of literature on this topic and informing energy policy design in Uganda. Using capital stock as an intermittent variable in the causality framework, the paper employs Johansen-Juselius (1988, 1995 multivariate cointegration and VECM based Granger causality tests and finds a bidirectional causality between electricity consumption and economic growth in the long-term and distinct causal flow from economic growth to electricity consumption in the short-run, and short-term and long-term Granger causality from capital stock to economic growth, with short-run feedback in the opposite direction. Therefore, it implies that firstly, the Government of Uganda (GoU can implement conservation policies only through reducing energy intensity and promoting efficient energy use to avoid decline in output and secondly, that the GoUshould intensify its efforts towards capital accumulation in order to realize sustainable economic growth. Lastly, the empirical evidence that electricity consumption influences some short-term capital accumulation supports the GoU’s efforts to allow private sector investment in the electricity sector in an effort to increase electricity supply.

  13. Climate change and the collapse of the Akkadian empire: Evidence from the deep sea

    Energy Technology Data Exchange (ETDEWEB)

    Cullen, H.M.; Menocal, P.B. de; Hemming, S.; Hemming, G.; Brown, F.H.; Guilderson, T.; Sirocko, F.

    2000-04-01

    The Akkadian empire ruled Mesopotamia from the headwaters of the Tigris-Euphrates Rivers to the Persian Gulf during the late third millennium B.C. Archeological evidence has shown that this highly developed civilization collapsed abruptly near 4,170 {+-} 150 calendar yr B.P., perhaps related to a shift to more arid conditions. Detailed paleoclimate records to test this assertion from Mesopotamia are rare, but changes in regional aridity are preserved in adjacent ocean basins. The authors document Holocene changes in regional aridity using mineralogic and geochemical analyses of a marine sediment core from the Gulf of Oman, which is directly downwind of Mesopotamian dust source areas and archeological sites. Results document a very abrupt increase in eolian dust and Mesopotamian aridity, accelerator mass spectrometer radiocarbon dates to 4,025 {+-} 125 calendar yr B.P., which persisted for {approximately} 300 yr. Radiogenic (Nd and Sr) isotope analyses confirm that the observed increase in mineral dust was derived from Mesopotamian source areas. Geochemical correlation of volcanic ash shards between the archeological site and marine sediment record establishes a direct temporal link between Mesopotamian aridification and social collapse, implicating a sudden shift to more arid conditions as a key factor contributing to the collapse of the Akkadian empire.

  14. Religious Europe, Russia and Serbia: Past and present (Arguments of empirical evidence: The case of Europe

    Directory of Open Access Journals (Sweden)

    Blagojević Mirko

    2008-01-01

    Full Text Available The author has envisaged to publish three articles in three issues of "Philosophy and Society" magazine in which, relying on the empirical scientific evidence, plans to reveal the scope and level of religiousness in some European countries, then to study the case of Russia in a separate text and finally to analyze religiousness of people in Serbia and their attachment to the church and religion. This sequence of publication has its own logics looking forward to the empirical research called "European Values Study" - a longitudinal and international comparative survey of human values - in almost all European countries including, for the first time, Serbia in 2008, the author first aims to present results of previous sociological research which are representative for the area of Europe, and then for the Orthodox area in the country with the highest number of Orthodox believers in the world. Therefore, in the last article the author will be able to compare the religious situation in Serbia not only with the (non-religious Europe but the (non-religious Orthodox Russia as well.

  15. Commentary on Andrew Coulson's "Comparing Public, Private, and Market Schools: The International Evidence"

    Science.gov (United States)

    Wolfram, Gary; Coulson, Andrew J.

    2009-01-01

    In this article, the authors comment on Andrew Coulson's "Comparing Public, Private, and Market Schools: The International Evidence." The authors believe that Coulson's paper is a very interesting review of the literature on the ability of market-produced education to outperform government-produced education. Coulson's response on this commentary…

  16. Dimensioning the Elephant: An Empirical Analysis of the IPv4 Number Market

    NARCIS (Netherlands)

    Mueller, M.; Kuerbis, B.; Asghari, H.

    2012-01-01

    One of the most important but least-studied aspects of Internet policy is the emergence of a trading market for previously allocated Internet number blocks. Without unique Internet protocol numbers for the networks and devices attached, the Internet simply doesn’t work. The original Internet

  17. Interest Rate Variations and Stock Market Capitalization in Nigeria: An Empirical Analysis

    Directory of Open Access Journals (Sweden)

    Edirin Jeroh

    2012-10-01

    Full Text Available In most economies, variations in interest rates have become a prominent feature both in the long-run and short-run. This study thus examines by means of robust analysis, the effect of the variations in interest rates on the level of stock market capitalization in Nigeria for a period of 29 years (1981 – 2009. Data was obtained from the statistical bulletin of the Central Bank of Nigeria (CBN for the relevant years. The analysis of the data obtained was done with the Ordinary Least Square (OLS method. The results from the study showed that variations in interest rate significantly affect the level of stock market capitalization, thereby suggesting that there is a significant relationship between interest rate variation and the level of stock market capitalization in Nigeria for the period under study. Based on the above, it was recommended that the Government of Nigeria and the appropriate monetary authorities should continue to give serious attention to policies geared towards lending rate in the country, if a desired level of market capitalization must be achieved.

  18. University-Industry Collaboration from a Relationship Marketing Perspective: An Empirical Analysis in a Spanish University

    Science.gov (United States)

    Frasquet, Marta; Calderon, Haydee; Cervera, Amparo

    2012-01-01

    Building relationships between universities and industry bodies is of prime importance for creating value for universities' stakeholders. This paper focuses on relationships in relation to undergraduate internship programmes in the Social Sciences. Using the relationship marketing approach, we analyze this type of collaboration of firms with a…

  19. Mean reversion in international stock markets : An empirical analysis of the 20th century

    NARCIS (Netherlands)

    Spierdijk, L.; Bikker, J.A.; van den Hoek, P.

    2012-01-01

    This paper analyzes mean reversion in the stock markets of 18 OECD countries during the years 1900-2009. In this period it takes stock prices about 18.5 years, on average, to absorb half of a shock. However, using a rolling-window approach we establish large fluctuations in the speed of mean reversi

  20. Dimensioning the Elephant: An Empirical Analysis of the IPv4 Number Market

    NARCIS (Netherlands)

    Mueller, M.; Kuerbis, B.; Asghari, H.

    2012-01-01

    One of the most important but least-studied aspects of Internet policy is the emergence of a trading market for previously allocated Internet number blocks. Without unique Internet protocol numbers for the networks and devices attached, the Internet simply doesn’t work. The original Internet Protoco

  1. University-Industry Collaboration from a Relationship Marketing Perspective: An Empirical Analysis in a Spanish University

    Science.gov (United States)

    Frasquet, Marta; Calderon, Haydee; Cervera, Amparo

    2012-01-01

    Building relationships between universities and industry bodies is of prime importance for creating value for universities' stakeholders. This paper focuses on relationships in relation to undergraduate internship programmes in the Social Sciences. Using the relationship marketing approach, we analyze this type of collaboration of firms with a…

  2. An Empirical Study of the Factors Influencing Consumer Behaviour in the Electric Appliances Market

    Directory of Open Access Journals (Sweden)

    Małgorzata Łatuszyńska

    2012-08-01

    Full Text Available This study contributes to a deeper understanding of the impact of different factors on consumer buying behaviour. It analyses the relationship between several independent variables, such as cultural, social, personal, psychological and marketing mix factors, and consumer behaviour (as the dependent variable in the electric appliances market. The purpose of this study is to determine the factors affecting consumer preferences and behaviour in the electric appliances market in Iraq. The data employed to analyse the factors influencing consumers’ purchase decision-making processes were obtained through a questionnaire that was conducted in December 2011 in Basra, a city in southern Iraq. The major findings of the study indicated that, overall, the set of independent variables are weakly associated with the dependent variable. However, the in-depth analysis found that social factors, physical factors, and marketing mix elements are strongly associated with consumer buying behaviour. These analyses make it possible to discover consumer decision-making rules. The results may assist producers and retailers in understanding consumer behaviour and improving consumer satisfaction.

  3. An Empirical Analysis of Search Engine Advertising: Sponsored Search in Electronic Markets

    OpenAIRE

    Anindya Ghose; Sha Yang

    2009-01-01

    The phenomenon of sponsored search advertising--where advertisers pay a fee to Internet search engines to be displayed alongside organic (nonsponsored) Web search results--is gaining ground as the largest source of revenues for search engines. Using a unique six-month panel data set of several hundred keywords collected from a large nationwide retailer that advertises on Google, we empirically model the relationship between different sponsored search metrics such as click-through rates, conve...

  4. Strategic Marketing of Made-in-Nigeria Goods and Consumer's Acceptance in Nigeria. An Empirical Analysis of Textile Products

    Directory of Open Access Journals (Sweden)

    Ph. D. Sunday Abayomi Adebisi

    2011-05-01

    Full Text Available This study was conceived with the intention of the author to appraise and assess the viability, acceptability and challenges inherent with the marketability of product Made-in-Nigeria products among the Nigerian populace. Investigations were carried out on Textiles Consumers’ perceptions of the quality of Made-in-Nigeria products; possible motivation behind Nigeria attitudes towards domestically produced textile products and relationship between consumer attitudes and satisfaction with product made-in-Nigeria. Survey study was carried out through questionnaire administration on 120 respondents; using purposive sampling technique to select the three popular markets in Lagos (Yaba, Oshodi and Eko to gather the required data for empirical analysis. The population of this study were the textile products consumers in Lagos State where Textiles customers were randomly sampled in each of these markets. Ordinary Least Square method (OLS, t-test, f-statistics, coefficient of determination (R2 and Durbin Watson Statistics were used to estimate the data. The results showed: (a significant relationship between product quality and desire to buy made-in-Nigeria at 0.05 level (r = .984, P<0.05; (b a significant, high positive relationship between the perceived cost of individual purchases and the satisfaction derived from made -in-Nigeria goods ( r = .961 and (c a correlation coefficient of 0.979, for cultural believes and buying behaviour of Nigerians. The results necessitated the formulation of required strategies for implementation in concluding the study

  5. Empirical evidence for tidal spin-up in transiting planetary systems

    CERN Document Server

    Pont, Frederic

    2008-01-01

    Most transiting planets orbit very close to their parent star, causing strong tidal forces between the two bodies. Tidal interaction can modify the dynamics of the system through orbital alignment, circularisation and synchronisation, and orbital decay by exchange of angular moment. Evidence for tidal circularisation in close-in giant planet is well-known. Here we review the evidence for tidal spin-up of the parent stars due to the pull of tidal forces towards spin-orbit synchronisation. We find suggestive empirical evidence for such a process in the present sample of transiting planetary systems. The corresponding angular momentum exchange would imply that some planets have spiralled towards their star by substantial amounts since the dissipation of the protoplanetary disc. We show that this could quantitatively account for the observed mass-period relation of close-in gas giants. Finally, we discuss how this scenario can be further tested and point out some consequences for theoretical studies of tidal inte...

  6. How Local Market Pressures Shape Leadership Practices: Evidence from Chile

    Science.gov (United States)

    Carrasco, Alejandro; Fromm, Germán

    2016-01-01

    Chile is well known worldwide for its extensive use of market-driven mechanisms in education. Using a case study strategy in three schools, this paper shows that "universal" voucher system and mixed provision (co-existence of subsidised private and state-funded schools) policies are reshaping school management practices. The paper draws…

  7. New evidence on the effectiveness of foreign exchange market intervention

    NARCIS (Netherlands)

    C.G. Koedijk (Kees); B. Mizrach (Bruce); Ph.A. Stork (Philip); C.G. de Vries (Casper)

    1995-01-01

    textabstractThis paper compares foreign exchange market intervention in case there is no uncertainty about the extent of an imperfectly sustainable target zone and where there is uncertainty. A well-known example of the first case was the European Monetary System between 1979 and 1992. An example of

  8. Financial innovation and bank behavior : Evidence from credit markets

    NARCIS (Netherlands)

    Norden, L.; Silva Buston, C.F.; Wagner, W.B.

    2014-01-01

    This paper investigates whether, and through which channel, the active use of credit derivatives changes bank behavior in the credit market, and how this channel was affected by the crisis of 2007–2009. Our principal finding is that banks with larger gross positions in credit derivatives charge sign

  9. Historical Business Cycles and Market Integration: Evidence from Comovement

    NARCIS (Netherlands)

    Uebele, Martin

    2009-01-01

    This thesis addresses historical business cycles and market integration in Europe and America in the 19th and 20th centuries. For the analysis of historical business cycles, the widely used methodology of historical national accounting is complemented with a dynamic factor model that allows for usin

  10. Historical Business Cycles and Market Integration: Evidence from Comovement

    NARCIS (Netherlands)

    Uebele, Martin

    2009-01-01

    This thesis addresses historical business cycles and market integration in Europe and America in the 19th and 20th centuries. For the analysis of historical business cycles, the widely used methodology of historical national accounting is complemented with a dynamic factor model that allows for

  11. Markets versus Monopolies in Education: The Historical Evidence.

    Science.gov (United States)

    Coulson, Andrew

    1996-01-01

    Historical data are presented to show that teachers and schools are affected by the financial incentives of the systems in which they operate. Economic pressures have forced schools in competitive markets to meet the needs of families, while centralized bureaucratic systems have been coercive and pedagogically stagnant. (Author/SLD)

  12. Evaluation of Urban Infrastructure Investment Efficiency: Empirical Evidence from Heilongjiang Province, China

    Directory of Open Access Journals (Sweden)

    Xiaodong Yang

    2015-01-01

    Full Text Available The rapid growth of urban infrastructure investment in China has brought with it some serious problems that cannot be ignored, such as low investment efficiency and faulty investment decision-making. Therefore, based on the latest research findings related to infrastructure efficiency evaluation theory and evaluation methods, this paper uses empirical evidence from Heilongjiang province to analyze urban infrastructure investment efficiency. To analyze investment efficiency in the province, a new infrastructure investment efficiency evaluation model is developed known as the SDEA-Malmquist model. The model reveals that urban infrastructure investment projects in Heilongjiang province are relatively effective and stable but that the efficiency of such investments varies according to the city in which they are made. Overall efficiency is consistent with the TFC (total final consumption index, but the index fluctuates within a narrow range between cities due to technological differences.

  13. Property Rights, the Information Disclosure of Corporate Social Responsibility and Market Reaction -- the Empirical Evidence from Chinese Listed Companies%企业产权,社会责任信息披露与市场反应——来自我国上市公司的经验证据

    Institute of Scientific and Technical Information of China (English)

    张胜; 张雯; 于富生

    2012-01-01

    With the development of society, corporate social responsibility has become a hot topic. In china, corporate social responsibility has been researched and concerned since the 1980s. In recent years, the government and community pay more attention to corporate social responsibility. Therefore, it is very important to strengthen the research on corporate social responsibility. In previous studies, scholars have discussed the motivation, influencing factors, and the impact to enterprise value of information disclosure on corporate social responsibility. However, about the impact corporate social responsibility on enterprise value, scholars haven't taken corporate ownership into account. The degree of government intervention may be different in different kinds of corporate ownership, so there may be different market reaction to information disclosure of corporate social responsibility between state-owned and non-state-owned enterprises. To deeply study the impact to enterprise value from information disclosure of corporate social responsibility, we distinguish enterprises to state-owned enterprises and non-state-owned enterprises. In addi- tion, in order to study the influence factors of market reaction to the information disclosure of corporate social re- sponsibility, we take political connections into account additionally. In this paper, using A-share companies listed in Shanghai and Shenzhen Stock Exchange as research sample, we study the market reaction to the information disclosure of rights perspective, and the influencing factors to the market corporate social responsibility from different property reaction. The results show that, compared to those companies that didn't disclose social responsibility information, companies that disclosed social responsibility have smaller cumulative abnormal return. And this phenomenon exists in state-owned enterprises, but doesn't exist in non-state-owned enterprises. Further more, using those listed companies that disclosed

  14. Empirical evidences of owners’ managerial behaviour - the case of small companies

    Science.gov (United States)

    Lobontiu, G.; Banica, M.; Ravai-Nagy, S.

    2017-05-01

    In a small firm, the founder or the owner-manager often leaves his or her own personal “stamp” on the way things are done, finding solutions for the multitude of problems the firm faces, and maintaining control over the firm’s operations. The paper aims to investigate the degree to which the owner-managers are controlling the operations of their firm on a day-to-day basis or even getting involved into the management of the functional areas. Our empirical research, conducted on a sample of 200 small and medium-sized enterprises (SME) from the North-Western Romania, Maramures (NUTS3 level - RO114), shows that owner-managers tend to be all-powerful, making decisions based on their experience. Furthermore, the survey highlights the focus of owner-managers on two functional areas, namely the production, and sales and marketing. Finally, the correlation analysis states that in the case of small firms, the owner-manager is more involved in managing the functional areas of the firm, as compared to the medium-ones.

  15. Re-Thinking the Role of Compensation in Urban Land Acquisition: Empirical Evidence from South Asia

    Directory of Open Access Journals (Sweden)

    Craig Johnson

    2013-06-01

    Full Text Available Planned efforts to relocate human populations often entail protracted struggles over the terms on which local populations may be compensated for the loss of land, assets and livelihoods. In many instances, compensation has been established on the basis of historical market value, which in effect excludes stakeholders (e.g., encroachers, landless laborers, sharecroppers, etc. whose livelihoods are adversely affected by land acquisition. Establishing ways of recognizing and compensating the loss of informal land and livelihood is therefore a pressing policy priority. This paper explores the challenge of compensating losses incurred as a result of rapid urban land acquisition in the Indian State of West Bengal. Drawing upon 6 months of empirical field research, it explores (1 the ways in which national and local development authorities have structured processes of land acquisition in areas surrounding Kolkata; (2 the rights and entitlements that have been used in compensating losses incurred as a result of land acquisition; (3 the degree to which local populations have been incorporated into this process; and (4 the extent to which public policy may be used in strengthening the rights of vulnerable populations to basic forms of entitlement, such as housing, employment, and social assistance.

  16. Market Power in Power Markets: Evidence from Forward Prices of Electricity

    DEFF Research Database (Denmark)

    Christensen, Bent Jesper; Jensen, Thomas Elgaard; Mølgaard, Rune

    We examine the forward market for electricity for indications of misuse of market power, using a unique data set on OTC price indications posted by Elsam A/S, the dominant producer in Western Denmark, which is one of the price areas under the Nordic power exchange Nord Pool. The Danish Competitio...... are consistent across forward premium regressions and structural forward pricing models.......We examine the forward market for electricity for indications of misuse of market power, using a unique data set on OTC price indications posted by Elsam A/S, the dominant producer in Western Denmark, which is one of the price areas under the Nordic power exchange Nord Pool. The Danish Competition...... Council (the regulatory government agency) has ruled that Elsam has used its dominant position to obtain excessive spot prices over a period from July 2003 through December 2006. We show that significant forward premia exist, and that they are related both to spot market volatility and misuse of market...

  17. 自愿减排碳交易市场价格影响因素实证研究——以美国芝加哥气候交易所(CCX)为例%Empirical Research on Price Impact Factors of Carbon Exchange of Voluntary Market: Evidence from CCX of USA

    Institute of Scientific and Technical Information of China (English)

    陈晓红; 胡维; 王陟昀

    2013-01-01

    我国“十二五”规划提出建设自愿减排碳交易市场,良好的交易机制是碳交易市场健康发展的基础.为探求价格形成这一交易机制的核心问题,本文以自愿减排市场碳交易价格影响因素为研究对象,从供给、需求和市场影响三个方面进行了理论分析,并以美国芝加哥气候交易所为实证对象,采用面板回归和AR(1)-GARCH(1,1)模型分析方法,利用该交易所2003年~2010年碳金融工具的交易价格和相关影响因素的数据样本开展实证研究.研究发现,芝加哥气候交易所第一阶段合约配额价格影响因素主要是配额供需,且随时间推移不同年份产品的影响度有增强趋势.第二阶段能源价格影响最大,且天然气价格是最主要的影响因素.研究结果对我国自愿减排市场的建设提供了有益的参考.%China's twelfth five-year plan proposes that the establishment of volunteer emission reduction (VER) carbon market and good trading mechanism is required to underlie sustainable development of the market.This paper focuses on the influential factors of exchange price to discover price formation which is the core issue of exchange mechanism.First,theoretical analysis from three aspects including supply,demand and market effect is conducted.Then,the samples of carbon securities ' exchange price (2003-2010) in the Chicago Climate Exchange (CCX) are used to check impact factors by AR(1)-GARCH (1,1)model with panel regression.The research result shows that the primary impact factor of pricing in phase Ⅰ is quota supply and demand,and there is an upward tendency in the effect degree of different products.In phase Ⅱ energy price has a great effect and gas price becomes a significant factor.The result offers a good reference to the construction of voluntary carbon market in China.

  18. Windonomics. Empirical essays on the economics of wind power in the Nordic electricity market

    Energy Technology Data Exchange (ETDEWEB)

    Mauritzen, Johannes

    2012-07-01

    From the introduction: The following chapters in this dissertation take up three topics surrounding the interaction of wind power investment in Denmark and the functioning of the deregulated Nordic electricity market. The first two chapters take up the issue of how wind power a affects prices in the deregulated market. I find that electricity price variation in the spot market is lower in days with more wind power. In the following chapter I extend this analysis to see how wind power in Denmark affects prices in neighbouring hydro power dominated Norway. I find that wind power affects the magnitude of trade between the countries asymmetrically - dependent on the net direction of trade. I also find that wind power has a slight but statistically significant negative effect on prices in Norway, likely due to a slackening of hydro power producers supply constraints. The last chapter starts with the observation that most turbines are scrapped in order to make room for a newer turbine. An opportunity cost that comes from the interaction of scarce land resources, technological change and government policy is then a dominant reason for the scrapping of wind turbines. This leads to the implication that turbines located on windier, better situated land have a higher risk of being scrapped. Policy is also shown to have a strong and in some respects unexpected effect on scrappings. Over the last two decades two major trends have taken place in power markets around the world. The first has been a movement towards market based power systems. Vertically integrated power companies have been split into component generation, transmission and retailing companies. Generation and retailing have been opened to competition. Increasingly, regulated prices and bilateral trade are being replaced by regulated markets that establish prices through auction mechanisms. The second trend has been investment in renewable and intermittent energy sources - notably wind power. What started as

  19. Further evidence on the determinants of regional stock market integration in Latin America

    Directory of Open Access Journals (Sweden)

    Khaled Guesmi

    2013-12-01

    Full Text Available This paper employs a conditional version of the International Capital Asset Pricing Model (ICAPM to investigate the determinants of regional integration of stock markets in the Latin America over the period 1996-2008. This model allows for three sources of time-varying risks: common regional market risk, exchange rate risk and local market risk. In particular, exchange rate risk exposure is not only measured by bilateral exchange rates against the US dollar as in previous studies, but also by the real effective exchange rate index. At the empirical level, we make use of the asymmetric multivariate DCC-GARCH of Engle and Sheppard (2006 process to simultaneously estimate the ICAPM for four major Latin American emerging countries (Argentina, Brazil, Chile and Mexico. Our findings show that the degrees of trade openness and stock market development are among themost important drivers of regional integration in the Latin America context whatever the measure of the exchange rate risk.

  20. The Effects of Prior Outcomes on Risky Choice: Evidence from the Stock Market

    Directory of Open Access Journals (Sweden)

    Fenghua Wen

    2014-01-01

    Full Text Available How do prior outcomes affect the risk choice? Research on this can help people to understand investors’ dynamic decisions in financial market. This paper puts forward a new value function. By analyzing the new value function, we find that the prior gains and losses have an impact on the form of value function and the current investors’ risk attitude. Then the paper takes the behavior of the whole stock market as the research object, adopts aggregative index number of 14 representative stocks around the world as samples, and establishes a TVRA-GARCH-M model to investigate the influences of prior gains and losses on the current risk attitude. The empirical study indicates that, at the whole market level, prior gains increase people’s current willingness to take risk assert; that is to say, the house money effect exists in the market, while people are more risk aversion following prior losses.

  1. For-profit status and industry evolution in health care markets: evidence from the dialysis industry.

    Science.gov (United States)

    Wilson, Nathan E

    2016-12-01

    This paper examines why for-profit dialysis providers have displaced non-profit providers over the last 25 years. Using detailed data on individual markets' evolutions, I find that for-profit facilities were quicker to enter growing markets and slower to exit declining ones than non-profit facilities. Moreover, for-profit providers' presence in a market had a larger impact on the exit and entry behavior of competitors. These results suggest that for-profit dialysis providers have an advantage in static competition relative to non-profit providers, and that this-rather than lower entry costs-explains their increasing prominence. Additional empirical analyses indicate that for-profits' advantage cannot solely be attributed to efficiencies related to membership in a large, multi-facility chain. This further suggests that managerial incentives have had an economically significant impact on long-run market structure in this industry.

  2. Multifractal analysis of SSEC in Chinese stock market: A different empirical result from Heng Seng index

    Science.gov (United States)

    Wei, Yu; Huang, Dengshi

    2005-09-01

    In this paper, high frequency (per 5 min) data of Shanghai Stock Exchange Composite index (SSEC) from January 1999 to July 2001 is analyzed by multifractal. We find that the correlation of the parameters of the multifractal spectra with the variation of daily return Z in SSEC is noticeably different from that in previous studies of Heng Seng index in Hong Kong stock market [Sun et al., Phys. A 291 (2001) 553-562; Sun et al., Phys. A 301 (2001) 473-482]. So, we suppose that there may not be a universal rule for the dependence of the parameters of the multifractal spectra with daily return of a stock index. Then, we construct a new measurement of market risk based on multifractal spectra, and test its ability of predicting index fluctuations with a more thorough method than that in Sun et al. [Phys. A 301 (2001) 473-482].

  3. Mandatory labels, taxes and market forces: An empirical evaluation of fat policies.

    Science.gov (United States)

    Allais, Olivier; Etilé, Fabrice; Lecocq, Sébastien

    2015-09-01

    The public-health community views mandatory Front-of-Pack (FOP) nutrition labels and nutritional taxes as promising tools to control the growth of food-related chronic diseases. This paper uses household scanner data to propose an ex-ante evaluation and comparison of these two policy options for the fromage blanc and dessert yogurt market. In most markets, labelling is voluntary and firms display fat labels only on the FOP of low-fat products to target consumers who do not want to eat fat. We here separately identify consumer preferences for fat and for FOP fat labels by exploiting an exogenous difference in legal labelling requirements between these two product categories. Estimates of demand curves are combined with a supply model of oligopolistic price competition to simulate policies. We find that a feasible ad valorem fat tax dominates a mandatory FOP-label policy from an economic perspective, but both are equally effective in reducing average fat purchases.

  4. The response of stock prices to dividend news on the Ghana stock market: An empirical assessment

    Directory of Open Access Journals (Sweden)

    Gideon Boako

    2015-04-01

    Full Text Available An important assumption of the signaling hypothesis is that dividend change announcements are positively correlated with share price reactions and future changes in earnings. However, Miller and Modigliani (1961sustains that, dividend policy is irrelevant in arriving at a firm value, if the capital market is perfect. The purpose of this paper is to assess the potency of the dividend irrelevance theory on the Ghana stock market by using the Johansen-Juselius cointegration methodology on daily data of dividends, earnings and stock prices from January 2011 to December 2013. The results establish that equity prices in Ghana are not in sync with dividend announcements. However, the incorporation of earnings in the cointegration model provides varying result. The findings indicate that equity price change movements in Ghana are not responsive to dividend news.

  5. Enterprise Resource Planning Systems and Relationship Marketing Information System for an Empirical Research

    Directory of Open Access Journals (Sweden)

    Cemalettin Demireli

    2014-03-01

    Full Text Available In this study aiming to determine the relation between Enterprise Resource Planning Systems (ERP and Marketing Information Systems (MIS and to determine differences in the effects of ERP usage on Marketing Information Systems in companies that use EPR, with respect to sectors in which companies in question operate, surveys forms which are obtained from literature research, are put to reliability tests, 5-point Likert scale is used in companies, the data obtained are analyzed by using SPSS 20.0 software package and the results are discussed. For this study data is obtained from 81 firms. Frequency, percentage, Kruskall-Wallis tests are used to analyze the data. In this study, it is found that firms operating in food, manufacturing, automotive and information technologies sectors benefit more from ERP than firms operating in other sectors.

  6. 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.

  7. Empirical testing of alternative price spread models in the South African maize market

    OpenAIRE

    Faminow, Merle D.; Laubscher, J. M.

    1991-01-01

    Reduced-form price spread models have been recently utilized by Wohlgenant and Mullen, and Thompson and Lyon to evaluate the economic factors affecting the marketing margins for agricultural products. Drawing on Gardner, Heien, Buse and Brandow, Waugh, Tomek and Robinson, and others they specify alternative retail-farm price spread models and attempt to determine which best fit the data in the context of underlying theoretical rationale. This paper continues in the spirit of Wohlgenant and Mu...

  8. Financial Performance Analysis of Listed Company Merger in View of Factor Analysis Empirical Evidence from Main Board Market%基于因子分析的上市公司并购财务绩效评价——来自主板市场的经验证据

    Institute of Scientific and Technical Information of China (English)

    赵息; 齐建民; 郝静

    2012-01-01

    并购已成为国内外企业扩张规模的一种重要手段,但并购是否有助于并购企业与被并购企业的发展,提高其竞争力?并购绩效问题已经引起越来越多的关注,针对这些问题,本文采用因子分析法进行实证研究,将我国上市公司分为并购方与被并购方两组,对并购前后双方经营业绩变化情况进行了实证检验。%Currently, mergers and acquisitions has become an important mean for domestic and foreign enterprises' expansion. Can M﹩A help the reallocation of resources and improve the competitiveness of enterprises ? M﹠A performances have caught more and more attention. For these problems, we use factor analysis to do empirical research. We divides Chinese listed companies into two groups, acquiring companies and acquired companies, to study the changes in operating performance of them.

  9. Segmenting Medical Market Based on Banking Expectations: Evidence from Iran

    Directory of Open Access Journals (Sweden)

    Azizi Shahriar

    2015-06-01

    Full Text Available This research aims to identify banking expectations of the medical sector as one of the highincome sectors as a basis for segmenting the market. Mixed method (qual ► QUAN design is used in this research. In qualitative phase 28 in-depth interviews with customers in medical sectors were competed. Using content analysis nine major expectations were identified which consisted of 24 sub-expectations. In quantitative phase data were collected by 456 questionnaires. Results revealed that major expectation of medical market are: check related services in the laboratory guild, loans in the pharmacy guild, and speed in the clinic guild. Segmentation showed three distinct segments: traditional, modern and low demanding. The results showed that laboratory and pharmacy guilds were almost similar to each other while the clinic guild had differences in comparison with the two other guilds.

  10. Stock Market Indices and Investment Funds. An Empirical Approach in the Spanish and European Context

    Science.gov (United States)

    Ferruz, Luis; Marco, Isabel; Rivas, Francisco Javier

    This paper analyses changes in the levels of volatility of the Ibex 35 index over the past decade, as a representative index and benchmark for the Spanish equities market and the performance of the leading European stock market indices, Eurotop 100 and Euro Stoxx 50. We also consider the increasing importance and acceptance of mutual funds as the ideal instrument for the financial diversification of investment portfolios. The paper links mutual funds and benchmarks to focus on the analysis of a sample of equity investment funds, comparing their performance in terms of both returns and historical homocedastic volatility over various time periods (250, 100 and 20 days) with that of the most representative indices in the Spanish and European markets using the same parameters. These indices serve as a benchmark against which to assess the extent to which investment in funds is in fact rational in financial terms. We illustrate our approach using a sample of domestically and internationally diversified mutual funds, as well as three benchmarks, the Ibex 35, Eurotop 100 and Euro Stoxx 50 indices. Minimum quadratic linear models are applied to series of daily returns and to volatilities within the homocedastic framework and their correlation.

  11. Liquidity and stock returns-evidence from UK stock market

    OpenAIRE

    Le, Dang Thuy Trang

    2013-01-01

    Liquidity has been acknowledged to affect stock returns due to its importance to investors, financial markets, and listed companies. Although there is abundant literature documenting the liquidity-stock returns relationship, results about this relationship are mixed. This might be due to the reasons that liquidity has various meanings and methods of measurements. The purposes of this study are to provide definition of liquidity in relation to stocks, introduce measures of liquidity and examin...

  12. Strategic marketing types: Evidence from the European meat processing industry

    OpenAIRE

    Strandskov, Jesper; Hundahl, Lone; Laursen, Christina

    1999-01-01

    Executive summary 1. The discovery of a small number of generic strategies or competitive positions that would work equally well across product-markets, businesses and industries, would be an extremely important finding for business practicians. In particular the question of whether or why performance might differ between firms pursuing any strategy type has a strong academic and practical business interest. There is still a need to explore the basic question of whether generic types of marke...

  13. Strategic marketing types: Evidence from the European meat processing industry

    OpenAIRE

    Strandskov, Jesper; Hundahl, Lone; Laursen, Christina

    1999-01-01

    Executive summary 1. The discovery of a small number of generic strategies or competitive positions that would work equally well across product-markets, businesses and industries, would be an extremely important finding for business practicians. In particular the question of whether or why performance might differ between firms pursuing any strategy type has a strong academic and practical business interest. There is still a need to explore the basic question of whether generic types of mark ...

  14. Systematic review of the empirical evidence of study publication bias and outcome reporting bias.

    Directory of Open Access Journals (Sweden)

    Kerry Dwan

    Full Text Available BACKGROUND: The increased use of meta-analysis in systematic reviews of healthcare interventions has highlighted several types of bias that can arise during the completion of a randomised controlled trial. Study publication bias has been recognised as a potential threat to the validity of meta-analysis and can make the readily available evidence unreliable for decision making. Until recently, outcome reporting bias has received less attention. METHODOLOGY/PRINCIPAL FINDINGS: We review and summarise the evidence from a series of cohort studies that have assessed study publication bias and outcome reporting bias in randomised controlled trials. Sixteen studies were eligible of which only two followed the cohort all the way through from protocol approval to information regarding publication of outcomes. Eleven of the studies investigated study publication bias and five investigated outcome reporting bias. Three studies have found that statistically significant outcomes had a higher odds of being fully reported compared to non-significant outcomes (range of odds ratios: 2.2 to 4.7. In comparing trial publications to protocols, we found that 40-62% of studies had at least one primary outcome that was changed, introduced, or omitted. We decided not to undertake meta-analysis due to the differences between studies. CONCLUSIONS: Recent work provides direct empirical evidence for the existence of study publication bias and outcome reporting bias. There is strong evidence of an association between significant results and publication; studies that report positive or significant results are more likely to be published and outcomes that are statistically significant have higher odds of being fully reported. Publications have been found to be inconsistent with their protocols. Researchers need to be aware of the problems of both types of bias and efforts should be concentrated on improving the reporting of trials.

  15. Liquidity and the business cycle: Empirical evidence from the Greek banking sector

    Directory of Open Access Journals (Sweden)

    Vogiazas Sophocles

    2013-01-01

    Full Text Available In the aftermath of the global financial turmoil the negative market sentiment and the challenging macroeconomic environment in Greece have severely affected the banking sector, which faces funding and liquidity challenges, deteriorating asset quality, and weakening profitability. This paper aims to investigate how banks’ liquidity interacted with solvency and the business cycle during the period 2004-2010. To this end a panel of 17 Greek banks is utilized which, in conjunction with cointegrating techniques and one-way static and dynamic panel models, explores the presence and the strength of the relationship between banks’ liquidity and the business cycle, while allowing for the role of banks’ solvency. Addressing the liquidity risk of the Greek banking sector and the liquidity-solvency nexus remains largely an uncharted area. The results generated provide clear-cut evidence on the linkages between banks’ market liquidity and the business cycle, as reflected in the real GDP and the effective exchange rate. Yet the results display a transmission channel that runs from banks’ solvency to liquidity and from country risk to bank risk.

  16. Is gold a hedge or a safe haven?Evidence from inflation and stock market

    Directory of Open Access Journals (Sweden)

    Dee, J.

    2013-03-01

    Full Text Available Gold with special nature has always been regarded as a safe asset. This paper examine whether gold serves as a hedge for stock or/and inflation in China mainland market. Employing improved classic methods, and some new methods, such as quantile regression and binary probit model, our empirical results show, for short-term investors, that gold always cannot hedge stock and inflation risk. But it is actually a good hedge for stock or inflation if you would hold gold for a long time. However, it is regrettable that gold is not a safe haven when investors face with stock and inflation risk in china capital market anyway.

  17. 财务报告信息质量、风险与权益资本成本--来自我国沪深股市的经验证据%Fi nancial Report Informaiton Quality, Risk and Equity Capital Cost:Empirical Evidence from Sh anghai and Shenzhen Stock Market in China

    Institute of Scientific and Technical Information of China (English)

    冯阳

    2015-01-01

    This paper examines the relationship ancong financial reporting quality, corporate information risk and equity capital cost taking the listed companies in Chinese Shanghai and Shenzhen stock markets from 2007 to 2013 as a sample.The results indicate that financial reporting quality is not a systematic risk factor investors need to price, but rather an unsystematic one.Although financial reporting quality reflects uncertainties of the information risk, corporate idiosyncratic risk has not been priced by investors, and does not increase the corporate equity capital cost.%本文以我国沪深股市2007—2013年上市公司为研究对象,检验了财务报告质量、公司信息风险与权益资本成本之间的关系。研究结果表明,财务报告质量并不是投资者需要定价的系统风险因素,而是一种非系统性风险。尽管财务报告质量反映了信息风险的不确定性,但这种公司特定的信息风险并没有被投资者定价,它并不会提高公司的权益资本成本。

  18. 流动性水平、流动性风险对资产收益的影响——来自沪深股市的经验证据%An Analysis on the Effect of Liquidity Level and Liquidity Risk to Asset Return: Empirical Evidence from Chinese Stock Market

    Institute of Scientific and Technical Information of China (English)

    杨朝军; 王灵芝

    2011-01-01

    We study the relationship among liquidity level, liquidity risk and stock's return by use of panel data. The result are: (1) The pooled crossing regression with control variables, the coefficient of liquidity level is notably negative, there is a liquidity premium in Chinese stock market; the change of liquidity has some influence on the return. (2) We construct a VAR model to study the causal relationship among them, and find that there is a bi-directional causality between the change of liquidity and the stock's return.%基于面板数据研究了股票流动性水平、流动性风险与股票收益率之间的关系.研究得到:①包含控制变量的混合截面回归分析结果表明,流动性水平越高收益率越低,即我国股市中存在流动性溢价效应,流动性变化率是影响股票收益率的重要因素.②基于固定效应VAR的因果检验表明,流动性变化率与收益率之间存在双向的因果关系.

  19. A Framework for Using Rural Markets to Analyze Local Food Shortage Resilience and Mitigation Potential in sub-Saharan Africa based on Evidence from Zambia

    Science.gov (United States)

    Montgomery, M. J.; Baylis, K.; Evans, T. P.

    2016-12-01

    Climate change is predicted to have negative impacts on agriculture and food security in many parts of sub-Saharan Africa. Regional and temporal climate variability will disburse these effects, creating opportunities to mitigate food shortages through well-studied international, regional, and national food flows and associated food prices. However, most food products consumed and traded by rural smallhold farmers rely on local market exchanges that take place outside the scope of prevalent regional and national market analysis. There is little empirical evidence on these rural markets outside of their potential for smallholder agribusiness. However, they offer an unopened window into local food supply and the nuances of food movements in rural areas. Our research explores how to analyze the cost and availability of food products in rural markets and their connection with each other, as well as with nearby households' food security. This new approach of using food markets as a unit of analysis necessitates a new framework that groups markets based on a hierarchy of variables relevant to their role as food movers and suppliers. In our research, we collected price and source data for 22 commodities bought and sold within 52 rural markets in 12 districts spatially distributed throughout Zambia. We continue to collect data via phone interviews with 206 traders and market managers within these markets each month. We used this data to develop a typology of stationary rural food markets based on their size in terms of traders and buyers, the diversity of commodities available year-round and seasonally, their price transmission with other markets, and their trading scheme and governance. The result is a dynamic framework with varying weights on each variable that classifies which characteristic of markets under which conditions increase their potential for local food shortage resilience and mitigation. We also allocate for commodity-specific scenarios to allow for modeling

  20. 新能源行业上市公司可持续增长能力研究——来自沪深股市的经验证据%Study of Sustainable Growth Capacity of Listed Companies in New Energy Industry ---Empirical Evidence from Shanghai and Shenzhen Stock Markets

    Institute of Scientific and Technical Information of China (English)

    薛洪岩; 高敏

    2012-01-01

    Sustainable growth is an important and difficuh problem in strategic management of corporate finance, and has attracted wide attention of scholars at home and abroad. Therefore, it is significant to study the sustainable growth of finance. This paper, based on the sustainable growth model of James Van Home, makes an empirical study of sustainable growth capacity of the listed companies in the new energy industry in Shanghai and Shenzhen. The results show that there is a significant difference between sustainable growth rate and real growth rate of the listed companies in the new energy industry. It analyzes key factors influencing the sustainable growth capacity of the listed companies in the new energy industry from a financial perspective, and then puts forward some advice on how enterprises can have the sustainable growth capacity.%可持续增长问题是公司财务战略管理的重要内容和难题,并日益受到国内外学者的广泛关注,研究财务可持续增长问题具有十分重要的意义。基于詹姆斯·范霍恩可持续增长模型,对在沪深上市的新能源行业公司进行了可持续增长能力实证研究。研究表明新能源行业上市公司可持续增长率与实际增长率存在显著差异,并从财务角度分析影响新能源行业上市公司可持续增长能力的关键因素,进而为企业实现可持续增长能力提出了建议。

  1. Impact of climate change on human infectious diseases: Empirical evidence and human adaptation.

    Science.gov (United States)

    Wu, Xiaoxu; Lu, Yongmei; Zhou, Sen; Chen, Lifan; Xu, Bing

    2016-01-01

    Climate change refers to long-term shifts in weather conditions and patterns of extreme weather events. It may lead to changes in health threat to human beings, multiplying existing health problems. This review examines the scientific evidences on the impact of climate change on human infectious diseases. It identifies research progress and gaps on how human society may respond to, adapt to, and prepare for the related changes. Based on a survey of related publications between 1990 and 2015, the terms used for literature selection reflect three aspects--the components of infectious diseases, climate variables, and selected infectious diseases. Humans' vulnerability to the potential health impacts by climate change is evident in literature. As an active agent, human beings may control the related health effects that may be effectively controlled through adopting proactive measures, including better understanding of the climate change patterns and of the compound disease-specific health effects, and effective allocation of technologies and resources to promote healthy lifestyles and public awareness. The following adaptation measures are recommended: 1) to go beyond empirical observations of the association between climate change and infectious diseases and develop more scientific explanations, 2) to improve the prediction of spatial-temporal process of climate change and the associated shifts in infectious diseases at various spatial and temporal scales, and 3) to establish locally effective early warning systems for the health effects of predicated climate change.

  2. The necrophagous fly anthrax transmission pathway: empirical and genetic evidence from wildlife epizootics.

    Science.gov (United States)

    Blackburn, Jason K; Van Ert, Matthew; Mullins, Jocelyn C; Hadfield, Ted L; Hugh-Jones, Martin E

    2014-08-01

    Early studies confirmed Bacillus anthracis in emesis and feces of flies under laboratory conditions, but there is little empirical field evidence supporting the roles of flies in anthrax transmission. We collected samples during outbreaks of anthrax affecting livestock and native and exotic wildlife on two ranches in West Texas (2009-2010). Sampling included animal carcasses, maggots, adult flies feeding on or within several meters of carcasses, and leaves from surrounding vegetation. Microbiology and PCR were used to detect B. anthracis in the samples. Viable B. anthracis and/or PCR-positive results were obtained from all represented sample types. Genetic analysis of B. anthracis samples using multilocus variable number tandem repeat analysis (MLVA) confirmed that each ranch represented a distinct genetic lineage. Within each ranch, we detected the same genotype of B. anthracis from carcasses, maggots, and adult flies. The results of this study provide evidence supporting a transmission cycle in which blowflies contaminate vegetation near carcasses that may then infect additional browsing animals during anthrax outbreaks in the shrubland environment of West Texas.

  3. Solar Radiation Alters Toxicity of Carbofuran: Evidence from Empirical Trials with Duttaphyrnus melanostictus

    Directory of Open Access Journals (Sweden)

    M.R.Wijesinghe

    2011-10-01

    Full Text Available In the present study we investigated the potential of natural solar radiation to alter the toxicity of a commonly used carbamate pesticide, carbofuran, on tadpoles of the Common Asian Toad Duttaphrynus melanostictus. A single exposure trial was conducted over 96 hrs with three concentrations (150, 250 and 500 µgl-1 of photo-irradiated and non-irradiated carbofuran. Results show that photo-irradiation markedly reduced the toxicity of carbofuran as evident by its effects on three end points, i.e. mortality, growth and swimming activity. The mortality of tadpoles exposed to irradiated carbofuran was significantly lower than those exposed to the non-irradiated pesticide. Both treatment and control tadpoles showed a hormetic response for mortality. Tadpoles in irradiated tanks were also larger and more active than those in the control tanks. Photo-altered toxicity was evident at all three tested concentrations. The results of this study therefore signals caution when directly linking results of empirical trials to field scenarios and highlight the necessity to evaluate toxic effects of compounds under variable environmental conditions.

  4. Host specificity in vascular epiphytes: a review of methodology, empirical evidence and potential mechanisms.

    Science.gov (United States)

    Wagner, Katrin; Mendieta-Leiva, Glenda; Zotz, Gerhard

    2015-01-06

    Information on the degree of host specificity is fundamental for an understanding of the ecology of structurally dependent plants such as vascular epiphytes. Starting with the seminal paper of A.F.W. Schimper on epiphyte ecology in the late 19th century over 200 publications have dealt with the issue of host specificity in vascular epiphytes. We review and critically discuss this extensive literature. The available evidence indicates that host ranges of vascular epiphytes are largely unrestricted while a certain host bias is ubiquitous. However, tree size and age and spatial autocorrelation of tree and epiphyte species have not been adequately considered in most statistical analyses. More refined null expectations and adequate replication are needed to allow more rigorous conclusions. Host specificity could be caused by a large number of tree traits (e.g. bark characteristics and architectural traits), which influence epiphyte performance. After reviewing the empirical evidence for their relevance, we conclude that future research should use a more comprehensive approach by determining the relative importance of various potential mechanisms acting locally and by testing several proposed hypotheses regarding the relative strength of host specificity in different habitats and among different groups of structurally dependent flora.

  5. Market efficiency and technical analysis during different market phases: further evidence from Malaysia

    Directory of Open Access Journals (Sweden)

    Safwan Mohd Nor

    2017-08-01

    Full Text Available The profitability of simple technical trading rules remains an interesting topic and has been thoroughly explored in the literature. In this paper, the authors investigate the profitability of two popular moving average (MA rules in the Bursa Malaysia before, during and after the global financial crisis (GFC of 2008-2009. Using variable length MA (VMA and fixed length MA (FMA technical rules, the authors explore if there were differences in their performance during the different market phases, and if swing traders can gain by trading on the basis of these strategies. When practical trading constraints are considered, the authors find that MA rules performed differently during the three market phases. Over time, the forecasting powers of these rules have diluted and they have performed poorly in the most recent subsample. The findings suggest that the Malaysian stock market is gradually becoming more efficient. This outcome can be attributed to the technological advancements and widespread use of exchange traded funds.

  6. A dynamic model of the marriage market-Part 2: simulation of marital states and application to empirical data.

    Science.gov (United States)

    Matthews, A P; Garenne, M L

    2013-09-01

    A dynamic, two-sex, age-structured marriage model is presented. Part 1 focused on first marriage only and described a marriage market matching algorithm. In Part 2 the model is extended to include divorce, widowing, and remarriage. The model produces a self-consistent set of marital states distributed by age and sex in a stable population by means of a gender-symmetric numerical method. The model is compared with empirical data for the case of Zambia. Furthermore, a dynamic marriage function for a changing population is demonstrated in simulations of three hypothetical scenarios of elevated mortality in young to middle adulthood. The marriage model has its primary application to simulation of HIV-AIDS epidemics in African countries.

  7. “Non-Aviation” activities and the introduction of new thinking and ideas in the airport business: Empirical evidence from an Italian case study

    Directory of Open Access Journals (Sweden)

    Vincenzo Fasone

    2012-05-01

    Full Text Available Purpose: This paper aims to describe the main changes occurring in the airport industry with particular attention to the increasing relevance of the non-aviation activities. In fact, during the most recent decades, the airport business has evolved into a dynamic and competitive industry. In order to reduce their deficits airport management policies have progressively favoured the commercial aspects in order to produce greater profit margins. In many countries, greater management elasticity in business administration has occurred, and important modifications have been introduced in the national and international regulations according to a market oriented perspective.Design/methodology/approach: The method used is the case study approach and the analysis utilizes empirical data originating from the airport in Olbia.Findings: Findings show how the choice to invest in the non-aviation sector can be ascribed to the strategic orientation adopted by airport managers.Originality/value: Empirical evidence can highlight certain trends in the industry, whose values can lead to a core definition of the new paths of development for the airport business to follow in the non-aviation dimension, and identifying at the same time innovative business ideas for opening up new market scenarios.

  8. Mean Reversion Expectations and the 1987 Stock Market Crash: An Empirical Investigation

    OpenAIRE

    Eric Hillebrand

    2005-01-01

    After the stock market crash of 1987, Fischer Black proposed a model in which he explained the crash by inconsistencies in the formation of expectations of mean reversion in stock returns. Following this explanation, a model that allows for mean reversion in stock returns is estimated on daily stock index data around the crash of 1987. The results strongly support Black’s hypothesis. Simulations show that on Friday Oct 16, 1987, a crash of 20 percent or more had a probability of more than s...

  9. A Dynamic Analysis of Capital Structure Determinants. Empirical Results for Romanian Capital Market

    Directory of Open Access Journals (Sweden)

    Mihaela Dragota

    2008-04-01

    Full Text Available The analysis of capital structure and its determinants represents an useful approach for the Romanian and foreign investors and for the companies, at the same time. The main conclusion for capital structure analysis was that Romanian listed companies sustained their assets, in this order, on equity, commercial debt and, finally, on financial debt. The four variables used in the regression model are significant. The pecking order theory seemed to be more appropriate for the Romanian capital market, but the signalling theory was not entirely rejected.

  10. Country Risk: An Empirical Approach to Estirnate the Probability of Default in Emergent markets'

    Directory of Open Access Journals (Sweden)

    Gonzalo Camargo

    2004-12-01

    Full Text Available In this paper we have suggested a new methodology to estimate the probability of defaultof a country as a function of other macroeconomics variables. Such methodologyis based in the valuation of the prices in the secondary market of bonds issued by debtorcountries. We have chosen the Brady bonds because their institutional characteristicsdo not depend on the issuer country, which allows us to build a homogeneouspanel. The methodology proposed takes elements of traditional models such as thefunctional structure of the probability and elernents of term structure models. The paperdemonstrates a new way to extract sovereign nsk, implicit in trade bond prices.

  11. Alternative Specifications for the Lévy Libor Market Model: An Empirical Investigation

    DEFF Research Database (Denmark)

    Skovmand, David; Nicolato, Elisa

    This paper introduces and analyzes specications of the Lévy Market Model originally proposed by Eberlein and Özkan (2005). An investigation of the term structure of option implied moments rules out the Brownian motion and homogeneous Lévy processes as suitable modeling devices, and consequently...... of the estimation show that pricing performances are improved when a high frequency jump component is incorporated. Specifically, excellent results are achieved with the 4 parameter Sato-Variance Gamma model, which is able to fit an entire surface of caps with an average absolute percentage pricing error of less...

  12. A MACROPRUDENTIAL SUPERVISION MODEL. EMPIRICAL EVIDENCE FROM THE CENTRAL AND EASTERN EUROPEAN BANKING SYSTEM

    Directory of Open Access Journals (Sweden)

    Trenca Ioan

    2013-07-01

    Full Text Available One of the positive effects of the financial crises is the increasing concern of the supervisors regarding the financial system’s stability. There is a need to strengthen the links between different financial components of the financial system and the macroeconomic environment. Banking systems that have an adequate capitalization and liquidity level may face easier economic and financial shocks. The purpose of this empirical study is to identify the main determinants of the banking system’s stability and soundness in the Central and Eastern Europe countries. We asses the impact of different macroeconomic variables on the quality of capital and liquidity conditions and examine the behaviour of these financial stability indicators, by analyzing a sample of 10 banking systems during 2000-2011. The availability of banking capital signals the banking system’s resiliency to shocks. Capital adequacy ratio is the main indicator used to assess the banking fragility. One of the causes of the 2008-2009 financial crisis was the lack of liquidity in the banking system which led to the collapse of several banking institutions and macroeconomic imbalances. Given the importance of liquidity for the banking system, we propose several models in order to determine the macroeconomic variables that have a significant influence on the liquid reserves to total assets ratio. We found evidence that GDP growth, inflation, domestic credit to private sector, as well as the money and quasi money aggregate indicator have significant impact on the banking stability. The empirical regression confirms the high level of interdependence of the real sector with the financial-banking sector. Also, they prove the necessity for an effective macro prudential supervision at country level which enables the supervisory authorities to have an adequate control over the macro prudential indicators and to take appropriate decisions at the right time.

  13. Influence of Terrorist Activities on Financial Markets: Evidence from KSE

    Directory of Open Access Journals (Sweden)

    Usman Bashir

    2013-05-01

    Full Text Available This paper investigates the influence of terrorist activities taking place in Pakistan on KSE (Karachi Stock Exchange for the period of 01/2005 to 12/2010 using the GARCH & GARCH- EVT to identify the relationship between these two variables, the study establishes that the terrorist activities adversely affect the financial markets and in case of KSE, it is highly significant relation. Reason for the negative relationship exists because of the foremost increase in number of terrorism attacks in Pakistan.

  14. Aviation Accidents and Stock Market Reaction: Evidence from Borsa Istanbul

    Directory of Open Access Journals (Sweden)

    Ender Demir

    2015-03-01

    Full Text Available Behavioral finance literature shows that a variety of mood variables affect the stock prices. Aviation accidents are uncommon that generally cause a high number of casualties. Therefore, they have a strong social repercussion in the country. This negative sentiment driven by bad mood might affect the investment decisions of investors. This study examines the effect of aviation accidents on Borsa Istanbul Index and Borsa Istanbul Transportation Index. Turkish aviation companies had only 5 serious accidents from 1990 to 2013. On the contrary to the previous findings, it is found that the aviation disasters do not have any effect on the stock market.

  15. Short selling and intraday volatility: evidence from the Chinese market.

    Science.gov (United States)

    Zhang, Yongjie; Liu, Keming; Shen, Dehua; Zhang, Wei

    2015-01-01

    The implementation of margin trading and securities lending mechanism offers us a unique circumstance to analyze the impact of short selling regulations in China. We define the addition events as the stocks are included to the designated securities list and therefore can be sold short. By focusing on the 30 trading days around the addition events, the results document statistically significant post-event increase in volatility relative to the overall market and absolute value of trading volume. Specifically, small-cap stocks experience the sharpest increase. The robustness is also performed to validate the results.

  16. Factors contributing to popularity of loyalty programs: evidence from emerging markets

    OpenAIRE

    Wei, Yan; Zhijian, Cui

    2016-01-01

    Using secondary data from multiple sources, this study empirically examines the factors that contribute to the popularity of loyalty programs in the airline and hotel industries in the context of emerging market economies. We find that the number of partners, the number of redemption options, and the threshold for obtaining elite status all positively contribute to a loyalty program’s popularity. However, the award redemption requirement has the opposite effects on a program’s pop...

  17. Analysis of stock market linkages: evidence from the selected CEE markets

    Directory of Open Access Journals (Sweden)

    Michaela Chocholatá

    2013-04-01

    Full Text Available This paper analyses the stock market linkages of the selected Central and Eastern European (CEE markets (Czech Republic – PX, Hungary – BUX and Poland – WIG20 with the Western European stock market represented by the German DAX and studies also the co-movement between the individual CEE countries’ stock markets. The dynamic conditional correlation (DCC models were used to model the co-movements and thereafter in some cases the smooth transition analysis was carried out in order to capture how these correla-tions evolve over time. The analysis was based on weekly data over the sample period Jan-uary 3rd, 1997 – November 29th, 2013 (883 observations. In the first step the asymmetric univariate autoregressive conditional heteroscedasticity model of Glosten, Jagannathan and Runkle (GJR was estimated for individual stock return series. The results of the DCC-GJR models estimated in the next step show almost in all analysed cases the increasing lev-el of conditional correlations. In four cases (BUX_DAX, WIG20_DAX, BUX_PX and PX_WIG20 the DCC series were identified to be nonstationary – I(1 and nonlinear lo-gistic smooth transition regression (LSTR model was used to capture the gradual transi-tion towards greater co-movements and to find out if the increasing level of DCC could be attributed to the accession of these countries into the European Union (EU in May 2004.

  18. Do Markets Cointegrate after Financial Crises? Evidence from G-20 Stock Markets

    Directory of Open Access Journals (Sweden)

    Mahfuzul Haque

    2015-12-01

    Full Text Available The results of the single-equation cointegration tests indicate that patterns of cointegration in the two main and four sub-periods are not homogeneous. Two key findings emerge from the study. First, fewer stock markets cointegrated with S&P 500 during the crisis period than they did during the pre-crisis. In other words, as the 2008 financial crisis deepened, S&P 500 and G-20 stock indices moved towards less cointegration. The decreasing number of cointegrating relationships implies that the U.S. stock markets and other G-20 markets have experienced different driving forces since the start of the U.S. crisis. Second, among those markets that are cointegrated with S&P 500, they happened to be deeply affected by S&P and the shocks emerging from it. The 2007–2009 financial crises can be considered a structural break in the long-run relationship and may have resulted from effective joint intervention/responses taken by members of G-20 nations.

  19. Marketing novel fruit products: Evidence for diverging marketing effects across different products and different countries

    NARCIS (Netherlands)

    Riet, J.P. van 't; Onwezen, M.C.; Bartels, J.; Lans, I.A. van der; Kraszewska, M.

    2016-01-01

    The purpose of this study was to compare the influence of four different marketing claims and price information on consumers’ product choices for novel fruits and novel fruit products, using a choice experiment. In total, 1,652 people in Greece (n = 400), the Netherlands (n = 419), Poland (n = 423),

  20. Dynamic Conditional Correlations in International Stock, Bond and Foreign Exchange Markets: Emerging Markets Evidence

    NARCIS (Netherlands)

    M.S. Hakim (Mohamad); M.J. McAleer (Michael)

    2009-01-01

    textabstractThe paper models the dynamic conditional correlations in emerging stock, bond and foreign exchange markets using the DCC model of Engle (2002) and the GARCC model of McAleer et al. (2008). The highly restrictive DCC model suggests that the conditional correlations of the overall returns

  1. DEBT MATURITY STRUCTURE AND STOCK PRICE CRASH RISK---Empirical Evidence of the China s A-share Markets%公司债务期限结构与股价崩盘风险*--基于中国A股上市公司的实证证据

    Institute of Scientific and Technical Information of China (English)

    李栋栋

    2016-01-01

    Based on the liquidity risk and corporate governance function of short-term debt,this paper investigates the relationship between corporate debt maturity structure and stock price crash risk with the fixed effect model,using listed companies�data of China�s A-share markets from 2004 to 2014.It finds that the higher the proportion of short-term debt,the higher the stock price crash risk,which suggests that the short-term debt does not take an active part in monitoring directors�bad news hording behavior.Further research finds that the positive relationship between short-term debt and stock price crash risk is stronger among SOEs and high level information asymmetry corporations.%基于短期借款的流动性风险和公司治理作用双重特性,本文以中国 A股上市公司2004—2014年的数据为样本,利用固定效应模型,实证检验了公司债务期限结构与股价崩盘风险间的关系。研究发现,在控制其他可能影响股价崩盘风险因素和潜在的内生性问题后,短期借款占比越高,公司股价崩盘风险越高。这说明短期借款并没有发挥积极的治理作用,从而抑制借款偿还流动性风险而导致的管理层负面信息隐藏行为。进一步研究发现,短期借款占比与股价崩盘风险之间的正相关关系在国有企业和信息不对称程度高的公司更加显著。

  2. 产业政策、信息披露与分析师行为--来自深圳A股市场的经验证据%Industrial Policy,Information Disclosure and Analysts’ Behavior:The Empirical Evidence from Shenzhen A-Share Market

    Institute of Scientific and Technical Information of China (English)

    潘亮

    2015-01-01

    信息性质是影响分析师行为的重要因素。信息来源越广,信息质量越高,分析师的跟进数量越多,预测准确度越高,分歧度越小。以2003~2010年深圳A股市场的行业为样本,研究发现,分析师对受到产业政策影响且整体信息披露质量较高的行业兴趣更大,预测准确度较高,但预测分歧度并未因此减小。对处于国家调控行业内的公司,将相应的产业政策与公司公开披露的信息结合分析,才能更加全面地观察到信息性质对分析师行为的影响。%The information property is an important factor which affects analysts ’ behavior.The wider the sources of information,the higher the quality of information,the larger the number of analysts following, the higher the forecast accuracy and the smaller the forecast dispersion.We choose a sample of industries in Shenzhen A-share market for the year 2003 ~2010, the research indicates that analysts have more interest in the industries which are influenced by the industrial policies and whose overall information disclosure quality are higher,and ana-lyst’ s forecast accuracy is higher, but the forecast dispersion does not reduce.To the certain companies within the very industries which are regulated by the country,we should analyze them with the combination of the industrial policy and company public information,only then can we fully observe the influence of information property on ana-lysts’ behavior.

  3. Market segmentation: venezuelan adrs

    OpenAIRE

    Urbi Garay; Maximiliano González

    2012-01-01

    The foreign exchange controls imposed by Venezuela in 2003, constitute a natural experiment that allows researchers to observe the effects of exchange controls on stock market segmentation. This paper provides empirical evidence that, although the Venezuelan capital market as a whole was highly segmented before the controls were imposed, shares in the firm CANTV were, through its American Depositary Receipts (ADRs), partially integrated with the global market. Following the imposition of the ...

  4. Marketing.

    Science.gov (United States)

    Doyle, Peter

    1987-01-01

    Explores the role of marketing in the modern firm and the key tasks of marketing management. Defines the term "marketing" and discusses it as an economic concept. Discusses three key marketing principals. (RKM)

  5. Capital Market Effects of the IFRS Adoption for Separate Financial Statements: Evidence from the Italian Stock Market

    OpenAIRE

    Palea Vera

    2013-01-01

    Using a sample of Italian firms, I investigate whet her separate financial statements are useful to capital market investors and IFRS are more value-relevant than domestic GAAP. I find significant differences in value-relevance between Italian GAAP and IFRS, with IFRS being more informative than Italian GAAP. However, while results are robust for book value, they provide mixed evidence on net income. I also investigate the value-relevance of separate financial statements under IFRS relative t...

  6. Dynamic Correlation between Stock Market Returns and Crude Oil Prices: Evidence from a Developing Economy

    Directory of Open Access Journals (Sweden)

    Emenike O. Kalu

    2015-10-01

    Full Text Available Normal 0 false false false EN-US X-NONE X-NONE Modeling the correlation of assets returns volatilities across different markets or segments of a market has practical value for portfolio selection and diversification, market regulation, and risk management. This paper therefore evaluates the nature of time-varying correlation between volatilities of stock market and crude oil returns in Nigeria using Dynamic Conditional Correlation-Generalised Autoregressive Conditional Heteroscedasticity (DCC-GARCH model. Results from DCC-GARCH (1,1 model show evidence of volatility clustering and persistence in Nigeria stock market and crude oil returns. The results also show that there is no dynamic conditional correlation in ARCH effects between stock market returns and crude oil prices in Nigeria. The results further show that there is strong evidence of time-varying volatility correlation between stock market and crude oil returns volatility. The findings will help shape policy-making in risk management and market regulation in Nigeria.

  7. Contagion in the Brazilian interbank currency exchange market: an empirical analysis

    Directory of Open Access Journals (Sweden)

    Maria Tannuri-Pianto

    2006-06-01

    Full Text Available The risk of contagion is the possibility that the failure of a financial institution affected by an exogenous shock generates the failure of other institutions not initially affected by the shock. As pointed out by Upper and Worms (2002 and others, the domino effect in the payment system depends on the precise pattern of interbank linkages. This paper studies the occurrence of financial contagion after the exogenous failure of an institution authorized to operate in the Brazilian interbank currency market. The data contain information about all the actual transactions that occurred in this market from August 1st, 2000 to October 31st, 2002. The adopted methodology shows the occurrence of contagion propagation in several subsequent rounds after the initial failure. We quantify the number of institutions that breakdown and the financial losses of the market. There is a large increase in the number of failed institutions during the period of the presidential elections in 2002.O risco de contágio é a possibilidade de que a falência de uma instituição financeira afetada por algum choque exógeno gere a falência de outras instituições não afetadas pelo choque inicialmente. Como salienta Upper e Worms (2002 e outros, o efeito dominó no sistema de pagamentos depende do padrão das interligações bancárias. Este artigo estuda a ocorrência de contágio financeiro após a falência exógena de uma instituição autorizada a operar no mercado interbancário de câmbio no Brasil. Os dados contêm informações sobre todas as transações efetivamente realizadas no período 01/08/2000 a 31/10/2002. A metodologia adotada mostra a ocorrência da propagação do contágio após várias rodadas subseqüentes à falência inicial. O artigo quantifica o número de instituições que quebrariam e as perdas financeiras do mercado. Existe um aumento substancial no número de falências durante o período pré-eleitoral em 2002.

  8. What Drives International Competitiveness? An Empirical Test in Emerging Indonesian Market

    Directory of Open Access Journals (Sweden)

    Prasetyo Heru Aries

    2016-12-01

    Full Text Available This study tried to identify factors which drive international sustainable competitive advantage using Indonesian listed-multinational companies. The study began with identifying the terminology for emerging market using a single index model. We then deployed the three measurements for competitive advantage which are return on sales, return on asset and return on equity. Our results showed that all three measurements have the power to explain each competitive factor for Indonesian multinational firm, but statistically, ROA showed as the best proxies. Moreover, eight out of ten hypotheses tested were strongly supported by the data. The study strongly emphasized the importance of knowledge management, local leadership and a factor of location as vital drivers for global competitive advantage. Lastly, the study also stressed the importance of globalizing subsidiaries in order to gain sustainable competitive advantage for the host country.

  9. Mentalizing and its role as a mediator in the relationship between childhood experiences and adult functioning: Exploring the empirical evidence

    Directory of Open Access Journals (Sweden)

    Macintosh Heather Beth

    2013-01-01

    Full Text Available The introduction of the concept of mentalizing into psychoanalytic discourse has provided researchers with an important tool for beginning to understand the mechanisms mediating the relationships between childhood experiences and later psychological functioning. Researchers have made strong statements regarding the strength of this mediational relationship in their movement toward the building of novel and efficacious intervention approaches. The goal of this systematic review was to critically examine the empirical evidence for these statements. Five unique studies were identified that assessed the relationships between the variables of attachment and/or childhood adversity, mentalizing and adult functioning. Some preliminary evidence for the role of mentalizing as an important mediator variable was identified. However, researchers were cautioned to continue to engage in further empirical study to ensure that theoretical explorations do not overstate or move too far beyond the empirical research findings.

  10. Performance of technical trading rules: evidence from Southeast Asian stock markets.

    Science.gov (United States)

    Tharavanij, Piyapas; Siraprapasiri, Vasan; Rajchamaha, Kittichai

    2015-01-01

    This paper examines the profitability of technical trading rules in the five Southeast Asian stock markets. The data cover a period of 14 years from January 2000 to December 2013. The instruments investigated are five Southeast Asian stock market indices: SET index (Thailand), FTSE Bursa Malaysia KLC index (Malaysia), FTSE Straits Times index (Singapore), JSX Composite index (Indonesia), and PSE composite index (the Philippines). Trading strategies investigated include Relative Strength Index, Stochastic oscillator, Moving Average Convergence-Divergence, Directional Movement Indicator and On Balance Volume. Performances are compared to a simple Buy-and-Hold. Statistical tests are also performed. Our empirical results show a strong performance of technical trading rules in an emerging stock market of Thailand but not in a more mature stock market of Singapore. The technical trading rules also generate statistical significant returns in the Malaysian, Indonesian and the Philippine markets. However, after taking transaction costs into account, most technical trading rules do not generate net returns. This fact suggests different levels of market efficiency among Southeast Asian stock markets. This paper finds three new insights. Firstly, technical indicators does not help much in terms of market timing. Basically, traders cannot expect to buy at a relative low price and sell at a relative high price by just using technical trading rules. Secondly, technical trading rules can be beneficial to individual investors as they help them to counter the behavioral bias called disposition effects which is the tendency to sell winning stocks too soon and holding on to losing stocks too long. Thirdly, even profitable strategies could not reliably predict subsequent market directions. They make money from having a higher average profit from profitable trades than an average loss from unprofitable ones.

  11. Exposure to Global Markets, Internal Labour Markets, and Worker Compensation: Evidence from Canadian Microdata

    Directory of Open Access Journals (Sweden)

    Heather Zhang

    2010-01-01

    Full Text Available In this paper we address two bodies of sociological research: the effects of globalization and theories of pay. Most sociological writings on globalization emphasize its negative consequences. Most sociological writings on pay allow no role for productivity but, rather, assert the importance of power in the production of labour market outcomes. In this paper we examine the effects of threeforms of globalization — exporting, foreign ownership, and outsourcing — and include in our analysis institutional features of organizations typically associated with worker power. Using the rich data available in the Workplace and Employee Survey we find: i pay tends to be higher in workplaces that export and are foreign owned; ii employees in more productive workplaces are paid more; iii pay is higher where internal labour markets are present; and iv treating productivityand power as alternative explanations for pay differentials is a mistake.

  12. Does credit for equity investments feedback on stock market volatility? Evidence from an emerging stock market

    OpenAIRE

    Onour, Ibrahim

    2011-01-01

    This paper investigates the causal relationships between volatility in Saudi stock market and banks credit for equity investments. Our finding indicate there is a bi-directional feedback effects between the stock price volatility and banks credit loans. In other words, volatility in private credit for equity investments influence volatility in stock price and vice versa. A policy implication of such result is that regulating private credit loans in banking sector could reduce the upn...

  13. Social media marketing and business competitiveness: evidence from South African tourism SMMEs

    Directory of Open Access Journals (Sweden)

    Patient Rambe

    2017-09-01

    Full Text Available The increasing prominence of social media marketing in advancing the global reach and visibility of products and services is ideal for the South African tourism industry, which depends on local and international visitors for leveraging its business activities and competitiveness. However, what remains under-explored in tourism literature is the depth of integration of social media marketing into the competitive strategies of emerging tourism small, micro and medium enterprises (SMMEs. To address this grey area, this study explored the extent to which tourism SMMEs utilize social media technologies (SMTs to extend their market share and the implications thereof for the competitiveness of their business operations. Drawing on a quantitative approach, a survey was conducted on 234 tourism SMMEs’ owner/managers in the Free State province of South Africa to establish the impact of social media marketing on the competitiveness of their businesses. Evidence suggests that tourism SMMEs employed social media marketing predominantly for online marketing of their products/services, promoting their products/services, attracting existing customers, and sometimes, for integrating it into their marketing strategies. Results of correlation analysis revealed that social media marketing is positively and significantly related to the competitiveness of tourism SMMEs. The recommendations for leveraging the integration of social media marketing into the competitive strategy of the small business are provided.

  14. Applying social marketing in health care: communicating evidence to change consumer behavior.

    Science.gov (United States)

    Evans, W Douglas; McCormack, Lauren

    2008-01-01

    Social marketing uses commercial marketing strategies to change individual and organizational behavior and policies. It has been effective on a population level across a wide range of public health and health care domains. There is limited evidence of the effectiveness of social marketing in changing health care consumer behavior through its impact on patient-provider interaction or provider behavior. Social marketers need to identify translatable strategies (e.g., competition analysis, branding, and tailored messages) that can be applied to health care provider and consumer behavior. Three case studies from social marketing illustrate potential strategies to change provider and consumer behavior. Countermarketing is a rapidly growing social marketing strategy that has been effective in tobacco control and may be effective in countering pharmaceutical marketing using specific message strategies. Informed decision making is a useful strategy when there is medical uncertainty, such as in prostate cancer screening and treatment. Pharmaceutical industry marketing practices offer valuable lessons for developing competing messages to reach providers and consumers. Social marketing is an effective population-based behavior change strategy that can be applied in individual clinical settings and as a complement to reinforce messages communicated on a population level. There is a need for more research on message strategies that work in health care and population-level effectiveness studies.

  15. E-shopping and its relationship with in-store shopping : empirical evidence from the Netherlands and the USA

    NARCIS (Netherlands)

    Farag, Sendy; Krizek, K.J.; Dijst, M.J.

    2006-01-01

    Despite considerable examination of the impact of telecommunications on travel, little empirical evidence sheds light on the impact of e-shopping on travel—a recent and increasingly popular form of telecommunications. This paper analyses determinants of online buying and their relationship with

  16. E-shopping and its relationship with in-store shopping : empirical evidence from the Netherlands and the USA

    NARCIS (Netherlands)

    Farag, Sendy; Krizek, K.J.; Dijst, M.J.

    2006-01-01

    Despite considerable examination of the impact of telecommunications on travel, little empirical evidence sheds light on the impact of e-shopping on travel—a recent and increasingly popular form of telecommunications. This paper analyses determinants of online buying and their relationship with in-s

  17. Do People Overestimate Their Information Literacy Skills? A Systematic Review of Empirical Evidence on the Dunning-Kruger Effect

    Science.gov (United States)

    Mahmood, Khalid

    2016-01-01

    This systematic review has analyzed 53 English language studies that assessed and compared peoples' self-reported and demonstrated information literacy (IL) skills. The objective was to collect empirical evidence on the existence of Dunning-Kruger Effect in the area of information literacy. The findings clearly show that this theory works in this…

  18. E-shopping and its relationship with in-store shopping : empirical evidence from the Netherlands and the USA

    NARCIS (Netherlands)

    Farag, Sendy; Krizek, K.J.; Dijst, M.J.

    2006-01-01

    Despite considerable examination of the impact of telecommunications on travel, little empirical evidence sheds light on the impact of e-shopping on travel—a recent and increasingly popular form of telecommunications. This paper analyses determinants of online buying and their relationship with in-s

  19. THE CONSIDERATION AND PURPOSE OF BORROWING: AN EMPIRICAL EVIDENCE FROM INDONESIA LISTED COMPANIES

    Directory of Open Access Journals (Sweden)

    Ventje Ilat

    2014-01-01

    Full Text Available Debt often graced in most of capital structure of companies, particularly in financial statement and became issues in context of trade off theory and pecking order theory in most studies. Debt usually related with profit matter, because it is always want to be achieved by every companies. It started when companies own equity is insufficient to create investment in company’s assets for making profit, then it make debt is one alternative fund for financing investments aimed at achieving the desired profit. The objective of this study is to give answers as empirical evidence for the questions about why companies need debt and what is the relevance capital structure theory to explain this behavioral tendency in these period of observation. Conducting path analysis with trimming model as method of analysis, the results shows that, degree of operating leverage is negatively significant to debt equity ratio and debt equity ratio is negatively significant to return on equity. The implication of this findings shows the application of pecking order theory, because most of companies depend their funding from internal, which is make them have more stable cash flow and beside that, the consideration of business risk is very important so they keep the capital structure in optimum debt that make them have low probability of bankruptcy.

  20. Literary and Documentary Evidence for Lay Medical Practice in the Roman Republic and Empire.

    Science.gov (United States)

    Draycott, Jane

    2016-01-01

    The majority of surviving ancient medical literature was written by medical practitioners and produced for the purpose of ensuring the effective diagnosis and treatment of their patients, suggesting an audience of medical professionals ranging from instructors to students. This has led historians to concentrate on the professional medical practitioner and their theories, methods and practices, rather than on lay medical practitioners, or even patients themselves. This chapter seeks to redress this imbalance, and examine the ancient literary and documentary evidence for lay medical theories, methods and practices in the Roman Republic and Empire in an attempt to reconstruct the experiences of lay medical practitioners and their patients. The Roman agricultural treatises of Cato, Varro and Columella, papyri and ostraca from Egypt, and tablets from Britain are investigated, and it is established that the individual's personal acquisition of knowledge and expertise, not only from medical professionals and works of medical literature, but also from family members and friends, and through trial and error, was considered fundamental to domestic medical practice.