WorldWideScience

Sample records for markets empirical evidence

  1. Market power in the Nordic electricity wholesale market: A survey of the empirical evidence

    International Nuclear Information System (INIS)

    Fridolfsson, Sven-Olof; Tangeras, Thomas P.

    2009-01-01

    We review the recent empirical research assessing market power on the Nordic wholesale market for electricity, Nord Pool. The studies find no evidence of systematic exploitation of system level market power on Nord Pool. Local market power arising from transmission constraints seems to be more problematic in some price areas across the Nordic countries. Market power can manifest itself in a number of ways that have so far escaped empirical scrutiny. We discuss investment incentives, vertical integration and buyer power, as well as withholding of base-load (nuclear) capacity.

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

    OpenAIRE

    Cappers, Peter

    2009-01-01

    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 ...

  3. 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.

  4. Demand response in U.S. electricity markets: Empirical evidence

    International Nuclear Information System (INIS)

    Cappers, Peter; Goldman, Charles; Kathan, David

    2010-01-01

    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. (author)

  5. 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.

  6. Are stock market returns related to the weather effects? Empirical evidence from Taiwan

    Science.gov (United States)

    Chang, Tsangyao; Nieh, Chien-Chung; Yang, Ming Jing; Yang, Tse-Yu

    2006-05-01

    In this study, we employ a recently developed econometric technique of the threshold model with the GJR-GARCH process on error terms to investigate the relationships between weather factors and stock market returns in Taiwan using daily data for the period of 1 July 1997-22 October 2003. The major weather factors studied include temperature, humidity, and cloud cover. Our empirical evidence shows that temperature and cloud cover are two important weather factors that affect the stock returns in Taiwan. Our empirical findings further support the previous arguments that advocate the inclusion of economically neutral behavioral variables in asset pricing models. These results also have significant implications for individual investors and financial institutions planning to invest in the Taiwan stock market.

  7. Principles Involving Marketing Policies: An Empirical Assessment

    OpenAIRE

    JS Armstrong; Randall L. Schultz

    2005-01-01

    We examined nine marketing textbooks, published since 1927, to see if they contained useful marketing principles. Four doctoral students found 566 normative statements about pricing, product, place, or promotion in these texts. None of these stateinents were supported by empirical evidence. Four raters agreed on only twenty of these 566 statements as providing meaningful principles. Twenty marketing professors rated whether the twenty meaningful principles were correct, supported by empirical...

  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. 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.

  10. 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.

  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. Labor market deregulation and globalization: empirical evidence from OECD countries

    OpenAIRE

    Potrafke , Niklas

    2010-01-01

    Abstract This paper empirically investigates the influence of globalization on various aspects of labor market deregulation. I employ the data set by Bassanini and Duval (2006) on labor market institutions in OECD countries and the KOF index of globalization. The data set covers 20 OECD countries in the 1982?2003 period. The results suggest that globalization did neither influence the unemployment replacement rate, the unemployment benefit length, public expenditures on ALMP, the t...

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

    OpenAIRE

    Lee, Cheng Hsun George

    2006-01-01

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

  14. Clustered Pricing in the Corporate Loan Market: Theory and Empirical Evidence

    OpenAIRE

    Bajoori, Elnaz; Nandeibam, Shasikanta; Chaudhry, Sajid Mukhtar

    2016-01-01

    Existing theories explaining security price clustering as well as clustering in the retail depositand mortgage markets are incompatible with the clustering in the corporate loan market. Wedevelop a new theoretical argument that the attitude of the lender toward the uncertaintyabout the quality of the borrower leads to the clustering of spreads. Our empirical resultssupport these arguments and we find that clustering increases with the degree of uncertaintybetween the lender and the borrower. ...

  15. 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.

  16. Politics and the Stock Market ; Evidence from Germany

    OpenAIRE

    Jörg Döpke; Christian Pierdzioch

    2004-01-01

    We analyze the interaction of stock market movements and politics in Germany. In contrast to the empirical evidence available for the U.S., we do not find that German stock market returns tend to be higher during liberal than during conservative governments. Also in contrast to results for the U.S., we find no evidence for an election cycle in German stock market returns. However, estimated popularity functions and VARs suggest that stock market returns have had an impact on the popularity of...

  17. 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...

  18. Cycles in deregulated electricity markets: Empirical evidence from two decades

    International Nuclear Information System (INIS)

    Arango, Santiago; Larsen, Erik

    2011-01-01

    In this article, we discuss the 'cycle hypothesis' in electricity generation, which states that the introduction of deregulation in an electricity system might lead to sustained fluctuations of over- and under-capacity. The occurrence of cycles is one of the major threats for electricity markets as it affects the security of supply, and creates uncertainty in both the profitability of electricity companies and in consumer prices. We discuss the background for these cycles using analogies with other capital-intensive industries, along with evidence from the analysis of behavioral simulation models as well as from experimental electricity markets. Using data from the oldest deregulated markets we find support for the hypothesis in the case of the English and Chilean markets, based on an autocorrelation analysis. Evidence from the Nordpool market is more ambiguous, although we might be observing the first half of a cycle in generation capacity. Comparing a simulation of the English market performed in 1992 with the actual performance we can observe that the qualitative behavior of the model is consistent with the actual evolution. Finally, we discuss possible mechanisms for damping cycles in electricity generation, such as mothballing, capacity payments, and reliability markets. - Research highlights: → We explore the emergence of cycles in the electricity generation capacity after deregulation. → We discuss the reason for cycles in generation capacity and compare different theories. → Analysis of England and Chile data show strong indications that cycles have emerged.

  19. Technical evidence for assessing the performance of markets affecting energy efficiency

    International Nuclear Information System (INIS)

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

    1994-01-01

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

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

    OpenAIRE

    Richard M. Levich

    1983-01-01

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

  1. An empirical analysis of price expectations formation: Evidence from the crude oil reserves acquisitions market

    International Nuclear Information System (INIS)

    Vielhaber, L.M.

    1991-01-01

    Reasons for the recent scant empirical attention to price expectations theory are twofold. First, except for futures markets and the occasional expectations survey, price expectations are rarely documented. Second, results of empirical tests of rational expectations are fundamentally flawed by the subjective input of the researcher. Subjectivity taints the results of the test, first, in the form of model specification and, second, in the form of the identification of the relevant information set. This study addresses each of these shortcomings. First, crude oil price expectations are recovered in the market for reserves by using a standard engineering model commonly used in reserves evaluation. Second, the crude oil futures market is used to estimate an index of information. This index circumvents the need to subjectively identify the elements of the information set, removing a key source of subjective input. The results show that agents involved in the crude oil reserves acquisitions market form expectations of futures prices in a way that does not conform with the adaptive expectations model

  2. The price of correlation risk:evidence from Chinese stock market

    Institute of Scientific and Technical Information of China (English)

    Yiwen Deng; Chen Liu; Zhenlong Zheng

    2014-01-01

    Purpose-The purpose of this paper is to study how the market correlation changes in Chinese stock market and how the market correlation affects stock returns.Design/methodology/approach-The authors first examine the relationship between the market correlation and the market return.Then,the authors run formal multiple regressions to see whether correlation risk is priced in security returns.Findings-The authors find that market correlation increases when the market index falls down.Though market correlation risk is partly influenced by macroeconomic shocks,volatility risk,liquidity risk and higher moment risk,market correlation contains unique information that measures the benefit investors gain from diversification strategies.The market correlation risk is negatively priced.This conclusion remains valid even if the authors have considered the influence of other risk factors and the impact of conditional information.Research limitations/implications-Subjected to the limited history of the Chinese stock market,the authors cannot use more accurate and specific empirical methodology to fulfill the empirical research.And this renders further study.Originality/value-This research provides empirical evidence in a new data sample and it sheds lights on correlation strategies for institutional investors in China.

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

    OpenAIRE

    Jerman, Damjana; Završnik, Bruno

    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...

  4. 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.

  5. Stock Market Volatility Dynamics around National Elections : Empirical Evidence from Asian Countries

    OpenAIRE

    Hong, Kon Wah

    2015-01-01

    This paper investigates a sample of 8 Asian countries to test whether the stock market volatility would be induced higher during national election periods. Our empirical findings show the country-specific component of variance in election periods can easily reach up to 43% higher than the no election periods. It indicates that the investors are shocked with the election outcomes and investors’ sentiments are affected by the political events, no matter how well the preparation is made by inves...

  6. Empirical analysis of the constituent factors of internal marketing orientation at Spanish hotels

    OpenAIRE

    Robledo, José Luis Ruizalba; Arán, María Vallespín

    2014-01-01

    This study, which draws upon specialized literature and empirical evidence, aims to characterize the underlying structure of the construct ‘Internal Marketing Orientation’ (IMO). As a consequence six underlying factors are identified: exchange of values, segmentation of the internal market, internal communication, management concern, implementation of management concern and training. It also evaluates the degree of Spanish hotels’ IMO, classifying them into three different groups according to...

  7. The interdependence of major european stock markets: evidence for Greece

    OpenAIRE

    Καινούργιος, Δημήτριος Φ.; Σαμίτας, Αριστείδης Γ.

    2003-01-01

    This paper provides new evidence on the relationship between the Greek "blue chip" stock market and the six relative European markets by applying cointegration tests. The time period examined is 1998 to 2000, which marks the entry of Greece to the European Exchange Rates Mechanism II. The empirical results indicate that the Athens Stock Exchange has no considerable links, except for one case, with any other European developed markets examined. These findings have some significa...

  8. 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

  9. Motives and chances of firm diversification: theory and empirical evidence

    International Nuclear Information System (INIS)

    Briglauer, W.

    2001-11-01

    It is beyond controversy that the majority of the largest companies in the industrialized countries perform to a certain extent product diversification strategies. Tying up to this finding the underlying work firstly deals with alternative theoretical and empirical definitions of corporate diversification. Subsequently the theoretical part mainly elaborates an industrial economic framework for categorizing motives of firm diversification. Despite of some inevitable degree of arbitrariness, a relatively widespread and sufficient categorization can be presented. With regards to the relevant economic literature most explanations of product diversification can be classified appropriately. Observing diversification activities one would prima facie infer a positive relationship between product diversification and firm performance, but both, theory and empirical evidence, yield ambiguous results. The empirical part provides a list of existing studies, classified according to the theoretical categorization. In an overview some stylised facts are filtered and discussed consecutively. Most notably, it was found that related diversification strategies significantly outperform strategies of unrelated diversification. At the end of the empirical section econometric methods are applied to agricultural and industrial economic (relating to telecommunication markets) data sets. For the agricultural studies a significantly positive relationship between product diversification and firm performance was found. In contrast no significant results were obtained for the telecommunication markets. (author)

  10. 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.

  11. 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.

  12. An Empirical Assessment of the Relationship of Marketing ...

    African Journals Online (AJOL)

    An Empirical Assessment of the Relationship of Marketing Communication Mix and Performance of ... Marketing efficiency of a communication mix as well as analyzing the effect of using a ... EMAIL FREE FULL TEXT EMAIL FREE FULL TEXT

  13. Differences in Dynamic Brand Competition Across Markets: An Empirical Analysis

    OpenAIRE

    Jean-Pierre Dubé; Puneet Manchanda

    2005-01-01

    We investigate differences in the dynamics of marketing decisions across geographic markets empirically. We begin with a linear-quadratic game involving forward-looking firms competing on prices and advertising. Based on the corresponding Markov perfect equilibrium, we propose estimable econometric equations for demand and marketing policy. Our model allows us to measure empirically the strategic response of competitors along with economic measures such as firm profitability. We use a rich da...

  14. 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.

  15. Is green energy expensive? Empirical evidence from the Spanish electricity market

    International Nuclear Information System (INIS)

    Ciarreta, Aitor; Espinosa, Maria Paz; Pizarro-Irizar, Cristina

    2014-01-01

    Renewable energy promotion and its cost are at the heart of the energy policy debate in many countries. The question from an economic perspective is how expensive the promotion of renewable sources through price-based incentive schemes is. This paper addresses this issue empirically. We analyze the Spanish electricity market during the period 2008–2012, where renewable energy production rose by 57%. To determine how expensive it was, we first measure the savings due to the spot price reduction driven by the merit order effect and, second, we compute the amount paid as incentives to green energy by the electricity system; the difference between the two is the net cost of green energy to the electricity markets. We present aggregate results for renewable sources as a whole, as well as individual results for each technology. We show that at the initial stages, when renewable capacity was low, green energy promotion paid for itself (2008–2009); however, from 2010 on, when renewable production reached a relatively high level, it started to impose a positive net cost on the system. Finally, we found substantial differences among technologies: wind energy implied the lowest net cost, while solar photovoltaic was the most expensive. - Highlights: • The combination of feed-in tariffs and premiums has been an effective instrument in the promotion of renewable electricity in Spain. • Significant reduction of the daily market price due to RES-E. • Considering the subsidies to RES-E this energy might seem rather expensive for the Spanish electricity system since 2010. • Substantial differences among technologies: wind energy implied the lowest net cost, while solar photovoltaic was the most expensive

  16. 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...

  17. Caste Discrimination and Transaction Costs in the Labor Market: Evidence from Rural North India

    OpenAIRE

    Takahiro Ito

    2007-01-01

    This paper is an empirical attempt to quantify caste-based discrimination in thelabor market using household data taken from rural North India. In the regressionanalysis, transaction costs associated with entry into the labor market and reservationwages are estimated simultaneously along with market wages. The estimation resultsprovide evidence of the existence of transaction costs in the labor market anddiscrimination against backward classes with regard to access to regular employment. Inli...

  18. Marketing-oriented strategy concept and its empirical testing with large sawmills.

    OpenAIRE

    Niemelä, Juha S.

    1993-01-01

    The objectives of this study are both theoretical and empirical. On the theoretical level strategy concept, its operationalization and measurement are analyzed and clarified. On the empirical level marketing strategies and competitive strategies are described by country, and the study also identifies the strategic marketing decisions characterizing different countries or competitive strategies. Furthermore, the relationships between strategies and marketing structures and functions are analyz...

  19. An empirical and model study on automobile market in Taiwan

    Science.gov (United States)

    Tang, Ji-Ying; Qiu, Rong; Zhou, Yueping; He, Da-Ren

    2006-03-01

    We have done an empirical investigation on automobile market in Taiwan including the development of the possession rate of the companies in the market from 1979 to 2003, the development of the largest possession rate, and so on. A dynamic model for describing the competition between the companies is suggested based on the empirical study. In the model each company is given a long-term competition factor (such as technology, capital and scale) and a short-term competition factor (such as management, service and advertisement). Then the companies play games in order to obtain more possession rate in the market under certain rules. Numerical simulation based on the model display a competition developing process, which qualitatively and quantitatively agree with our empirical investigation results.

  20. Does the Internet Accelerate the Integration of Domestic Markets? Evidence from China

    Institute of Scientific and Technical Information of China (English)

    Lijuan Xie; Wenwei Ai; Hao Zhang

    2016-01-01

    This paper employs a hybrid methodology that combines case study and econometric research to examine the impact of the Internet on domestic market integration.There is not much research on this issue in the literature.From the multi-case analysis,this paper firstly obtains two main indications which are clear yet contrary to each other about how the Internet influences the market integration process.To be specific,although the Internet has both the ability and the potential to promote market integration,it is not always effective and could even harm this process due to several constraints.Using a provincial-level panel dataset from 2007 to 2013 in China,this paper empirically investigates whether the Intemet plays a positive role in the market integration process.Contradictory to common expectations,we do not find any empirical evidence that the Internet accelerates the integration of domestic markets.Thus,when compared with taking advantage of Internet tools,manmade obstacles to market integration that exist in current trading systems and business models deserve more attention.

  1. Are information disclosure mandates effective? Evidence from the credit card market

    OpenAIRE

    Elizondo, Alan; Seira, Enrique

    2014-01-01

    Consumer protection in financial markets in the form of information disclosure is high on governments agendas, despite the fact that the empirical evidence on its effectiveness is scarce. To measure the impact of Truth-in-Lending-Act-type disclosures on default and indebtedness, as well as of debiasing warning messages and social comparison information, we implement a randomized control trial in the credit card market for a large population of indebted cardholders. We find that providing sali...

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

    OpenAIRE

    Boris Snoj; Vladimir Gabrijan; Borut Milfelner

    2010-01-01

    The concept of internal marketing has been discussed in marketing literature for over 30 years. Despite this fact there is little theoretical and empirical evidence of the way in which the internal market orientation impacts market and financial performance. On the other hand, there is considerable empirical evidence concerning the impact of the external market orientation on market and financial performance. Consequently, very few research projects have dealt with the impact of both market o...

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

    Directory of Open Access Journals (Sweden)

    Sibel Çelik

    2013-01-01

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

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

    DEFF Research Database (Denmark)

    Strandskov, Jesper; Hundahl, Lone; Laursen, Christina

    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 strategies exist. Also there is a lack of empirical evidence which examines a wide range of strategic...... marketing strategies, (2) places these clusters in a strategic typology in order to better understand their position in the marketplace, and (3) analyses these strategic marketing types in terms of performance outcomes and differences in corporate attitudes and goals. 3. The meat processing sector in Europe....... 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...

  5. Practice and effectiveness of internal corporate governance mechanisms in Saudi Arabia Stock Market: A review of empirical evidence

    Directory of Open Access Journals (Sweden)

    Marai Awidat

    2017-01-01

    Full Text Available The aim of this paper is to shed light on the Saudi corporate governance code, its practices and effectiveness. To do so, the paper conducted a detailed review of the articles of the code related to internal corporate governance mechanisms and the previous studies regarding its effectiveness in Saudi stock market context. The main finding is that the provisions of Saudi corporate governance code are adequate. Annual reports (2009-2014 show an increase in the level of the compliance by listed companies, indicating that the code is achieving its aims. However, the empirical evidence seems to suggest that the code has an insignificant impact on company's performance and mitigating earnings management. The main reasons behind that are the following: the code is still in its early stages, there is weak legal enforcement, and there are also some social, cultural, and economic factors. Therefore, the code needs more time for good practice and improvement to achieve its purposes.

  6. 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

  7. The Risk-Return Profiles Of Global Portfolios: Some Evidence From Asia-Pacific And European Equity Markets

    OpenAIRE

    H. Christine Hsu

    2011-01-01

    As world financial markets are integrated, national stock markets tend to move together. Empirical evidence on correlations among equity markets worldwide suggests an increasing interdependence between most national markets in recent years. This is disconcerting, to say the least, to investors and portfolio managers seeking risk diversification via global equity investing. The objective of this study is to investigate whether there is still room for global portfolio diversification from the U...

  8. Choice of Foreign Market Entry Mode - Cognitions from Empirical and Theoretical Studies

    OpenAIRE

    Zhao, Xuemin; Decker, Reinhold

    2004-01-01

    This paper analyzes critically five basic theories on market entry mode decision with respect to existing strengths and weaknesses and the results of corresponding empirical studies. Starting from conflictions both in theories and empirical studies dealing with the entry mode choice problem we motivate a significant need of further research in this important area of international marketing. Furthermore we provide implications for managers in practice and outline emerging trends in market entr...

  9. 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.

  10. Expert opinion vs. empirical evidence

    OpenAIRE

    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 sp...

  11. An Empirical Investigation of Risk-Return Relations in Chinese Equity Markets: Evidence from Aggregate and Sectoral Data

    OpenAIRE

    Thomas C. Chiang; Yuanqing Zhang

    2018-01-01

    This paper investigates the risk-return relations in Chinese equity markets. Based on a TARCH-M model, evidence shows that stock returns are positively correlated with predictable volatility, supporting the risk-return relation in both aggregate and sectoral markets. Evidence finds a positive relation between stock return and intertemporal downside risk, while controlling for sentiment and liquidity. This study suggests that the U.S. stress risk or the world downside risk should be priced int...

  12. The effect of marketing expenses on car sales – an empirical analysis

    Directory of Open Access Journals (Sweden)

    Tudose Mihaela Brînduşa

    2017-01-01

    Full Text Available The paper assesses empirically the relationship between marketing expenditures and sales in a highly competitive industry, namely automotive, by analyzing the marketing expending of Automobile Dacia S.A. The first part of the paper presents the state-of-the-art and discusses the studies previously conducted which focus on the structure, dynamic and the impact of marketing expenses, while the second part consists in an empirical analysis conducted on Automobile Dacia S.A. marketing spending. The results of the study show that the company managed to increase its’ market share by adopting differentiated marketing for each geographical area. Although the research revealed that the allocation percentage from sales for marketing spending is relatively low (5-6%, the analysis conducted on the cost per unit sold reveals a share of 3% on marketing spending.

  13. 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.

  14. An empirical test of spatial competition in the audit market

    NARCIS (Netherlands)

    Numan, W.A.; Willekens, M.M.T.A.

    2012-01-01

    This study empirically examines the effects of competition through differentiation on audit pricing. Based on prior economic theory on differentiated-product markets (e.g., Hotelling, 1929; Tirole, 1988), we hypothesize that audit fees are affected by an auditor's relative location in a market

  15. Cascading effect of contagion in Indian stock market: Evidence from reachable stocks

    Directory of Open Access Journals (Sweden)

    Rajan Sruthi

    2017-12-01

    Full Text Available The financial turbulence in a country percolates to another along the trajectories of reachable stocks owned by foreign investors. To indemnify the losses originating from the crisis country, foreign investors dispose of shares in other markets triggering a contagion in an unrelated market. This paper provides empirical evidence for the stock market crisis that spreads globally through investors owning international portfolios, with special reference to the global financial crisis of 2008–09. Using two-step Limited Information Maximum Likelihood estimation and Murphy-Topel variance estimate, the results show that reachability plays a crucial role in the transposal of distress from one country to another, explaining investor-induced contagion in the Indian stock market.

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

    African Journals Online (AJOL)

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

  18. Volatility in the Housing Market: Evidence on Risk and Return in theLondon Sub-market

    Directory of Open Access Journals (Sweden)

    Steve Cook

    2017-10-01

    Full Text Available The impact of volatility in housing market analysis is reconsidered via examinaton ofthe risk-return relationship in the London housing market is examined. In addition to providing thefirst empirical results for the relationship between risk (as measured by volatility and returns forthis submarket, the analysis offers a more general message to empiricists via a detailed and explicitevaluation of the impact of empirical design decisions upon inferences. In particular, the negativerisk-return relationship discussed frequently in the housing market literature is examined and shown todepend upon typically overlooked decisions concerning components of the empirical framework fromwhich statistical inferences are drawn.

  19. Stock Market Reactions to Fiscal Policy Shocks: Empirical Evidence ...

    African Journals Online (AJOL)

    This study sets out to investigate the effect of fiscal policy on stock market performance in Nigeria. Specifically, the study examines if shocks in government expenditure and government debt affects stock market performance. The period of the study is from 1981-2012. Following the VAR estimates, the variance ...

  20. Stock Market Reactions To Fiscal Policy Shocks: Empirical Evidence ...

    African Journals Online (AJOL)

    This study sets out to investigate the effect of fiscal policy on stock market performance in Nigeria. Specifically, the study examines if shocks in government expenditure and government debt affects stock market performance. The period of the study is from 1981-2012. Following the VAR estimates, the variance ...

  1. A note on risk aversion and labour market outcomes: further evidence from German survey data

    OpenAIRE

    Pfeifer, Christian

    2008-01-01

    Using the large-scale German Socio-Economic Panel, this note reports direct empirical evidence for significant correlations between risk aversion and labour market outcomes (full-time employment, temporary agency work, fixed-term contracts, employer change, quits, training, wages, and job satisfaction).

  2. 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.

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

    OpenAIRE

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

    2009-01-01

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

  4. Modeling the Dynamics and Spillovers of the Health Labor Market: Evidence from China’s Provincial Panel Data

    Directory of Open Access Journals (Sweden)

    Bin Zhu

    2018-01-01

    Full Text Available Health workforce misdistribution is a major challenge faced by almost all countries. A more profound understanding of the dynamics of the health labor market provides evidence for policy makers to balance health workforce distribution with solid evidence. However, one major deficit of existing theoretical and empirical studies is that they often ignore the intra-regional spillovers of the health labor market. This study builds a theoretical “supply–demand–spillover” model that considers both intra-regional supply and demand-side factors, and inter-regional spillovers, hence providing a theoretical reference point for further in-depth studies. Using spatial econometric panel models, the effect of all determinants and spillovers were empirically measured based on a Chinese panel data set, shedding light on health workforce policies in China.

  5. An empirical typology of energy services based on a well-developed market: France

    International Nuclear Information System (INIS)

    Duplessis, Bruno; Adnot, Jérôme; Dupont, Maxime; Racapé, François

    2012-01-01

    The investigation is an attempt to apply a set of consistent and official definitions of energy services (ES), energy efficiency services (EES) and energy performance contracting (EPC) on a well-developed market: France. After defining the historical context of the French market the authors describe the types of offers that are presently made and that fall within the definition of energy services. There are many classic and novel factors for the success of energy services. For instance, the energy services market is now partly structured by the CEE scheme, the French ‘white certificates’ or ‘energy certificates scheme’. Also the grid problems lead to new services. The companies active on the market are described as a result of an empirical survey of ES market in France. This empirical survey of ES market in France includes estimates of the number of companies and of their turnover both for ES and EES. Examples and case studies are developed as a background. - Highlights: ► We apply a consistent and official set of definitions of energy services (ES). ► French ES market is structured by historical ES and shaped by recent evolutions. ► French ES market is now partly structured by white certificates and grid management. ► We describe the companies active on French market through an empirical survey. ► We have estimated French market size (actors and turnover) both for ES and EES.

  6. An Empirical Investigation of Risk-Return Relations in Chinese Equity Markets: Evidence from Aggregate and Sectoral Data

    Directory of Open Access Journals (Sweden)

    Thomas C. Chiang

    2018-03-01

    Full Text Available This paper investigates the risk-return relations in Chinese equity markets. Based on a TARCH-M model, evidence shows that stock returns are positively correlated with predictable volatility, supporting the risk-return relation in both aggregate and sectoral markets. Evidence finds a positive relation between stock return and intertemporal downside risk, while controlling for sentiment and liquidity. This study suggests that the U.S. stress risk or the world downside risk should be priced into the Chinese stocks. The paper concludes that the risk-return tradeoff is present in the GARCH-in-mean, local downside risk-return, and global risk-return relations.

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

    Directory of Open Access Journals (Sweden)

    KiHoon Hong

    2016-07-01

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

  8. The Empirical Evidence on Government Bond Market Integration in East Asia

    Directory of Open Access Journals (Sweden)

    Lian Liu

    2016-03-01

    Full Text Available This research intends to investigate the progress made in East Asian bond market integration thus far. Price-based measures (AAD indicator and beta-convergence measure, quantity-based measures and econometric techniques (co-integration test, error correction model based Granger causality test are employed in the analysis. Even though East Asian government bond markets have become more integrated since 2001, the differentials among the markets still remain significantly high. The bond market integration process seems slow. The convergence of bond markets sped up in 2003 and after the 2008 world financial crisis, implying the important role of government policies in integrating the regional bond markets. East Asian bond market integration may need more government-directed measures.

  9. 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

  10. 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.

  11. 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.

  12. 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.

  13. 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.

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

    Directory of Open Access Journals (Sweden)

    Boris Snoj

    2010-11-01

    Full Text Available The concept of internal marketing has been discussed in marketing literature for over 30 years. Despite this fact there is little theoretical and empirical evidence of the way in which the internal market orientation impacts market and financial performance. On the other hand, there is considerable empirical evidence concerning the impact of the external market orientation on market and financial performance. Consequently, very few research projects have dealt with the impact of both market orientations on the performance of companies. In this paper a structural model was constructed, consisting of the internal market orientation, external market orientation, market performance and financial performance. With the help of the structural equation model the hypothesis that the internal market orientation is a significant predecessor of the external market orientation was confirmed. The external market orientation was found to significantly influence market as well as financial performance.

  15. Some empirical evidence on the relationship between inventory management and social responsibility

    Directory of Open Access Journals (Sweden)

    Khaled Elsayed

    2013-09-01

    Full Text Available Despite the crucial role that inventory plays in supply chain management (SCM, research that examines the relationship between inventory and corporate social responsibility (CSR is rare. This is surprising given the evidence that inventory represents a huge source of cost, a matter that is often reported as a major impediment in practicing social responsibility in SCM. As such, this paper fills this gape in literature by examining directly the effect of inventory management on CSR. Maximum-likelihood ordered logistic regression was performed on a sample of 38 Egyptian listed firms during the period from 2007 to 2010. The results demonstrate that inventory management exerts a positive and significant coefficient on CSR. Further analysis shows that inventory management cannot be safely dropped from model of analysis. Rather, inventory management does add something unique in explaining differences in CSR. For practitioners interested in optimizing their firms’ values, thinking in managing supply chain imperatives, and specially inventory, in terms of social responsibility may guide them to build up a stock of reputational capital that can be used, in turn, to increase the cost of their rivals. This study, to the best of knowledge, is the first one that offers empirical evidence regarding the effect of inventory management on CSR. Moreover, the paper adds to both SCM and CSR literature by providing empirical evidence from Egypt as an emerging market, where much of the existing evidence reflects experience from developed countries.

  16. 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

  17. 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.

  18. Do emerging markets matter in the world oil pricing system? Evidence of imported crude by China and India

    International Nuclear Information System (INIS)

    Hong Li; Lin Xiaowen, Sharon

    2011-01-01

    This paper provides empirical evidence on the changing structure of world oil price system by identifying an additional driver-emerging market factor. We choose China and India as a representative of emerging markets to examine if the quantity of crude oil imported by China and India is significant in the existing oil pricing system (. Our data starts from January 2002 and ends in March 2010, which includes the oil shock of 2007-2008. We utilize cointegration and error correction model framework developed by and in the analysis. Our results indicate that demand from emerging markets has become a significant factor in the world oil pricing system since 2003. This result is significant as it lends empirical support to the widely held conjecture that the oil shock of 2007-2008 is a demand-led shock (). Our result also has significant policy implications that go beyond the oil shock. The emerging market factor is there to stay and reflects the changing power between emerging and developed economies in the world economic system as a result of decades of fast economic development in the former. It will certainly influence policy issues related to oil and beyond. - Highlights: → We test the existing oil price modelling with data from 2002-2010. → We find evidence of structural breaks in the world oil pricing model. → We find that emerging market factor is a new driver in the world oil pricing system since 2003. → The emerging market factor lends empirical support to 'consumption-led' conjecture of oil shock. → New factor reflects significant changes of oil demand landscape following shifting economic power.

  19. Measuring market performance in restructured electricity markets: An empirical analysis of the PJM energy market

    Science.gov (United States)

    Tucker, Russell Jay

    2002-09-01

    Today the electric industry in the U.S. is transitioning to competitive markets for wholesale electricity. Independent system operators (ISOs) now manage broad regional markets for electrical energy in several areas of the U.S. A recent rulemaking by the Federal Energy Regulatory Commission (FERC) encourages the development of regional transmission organizations (RTOs) and restructured competitive wholesale electricity markets nationwide. To date, the transition to competitive wholesale markets has not been easy. The increased reliance on market forces coupled with unusually high electricity demand for some periods have created conditions amenable to market power abuse in many regions throughout the U.S. In the summer of 1999, hot and humid summer conditions in Pennsylvania, New Jersey, Maryland, Delaware, and the District of Columbia pushed peak demand in the PJM Interconnection to record levels. These demand conditions coincided with the introduction of market-based pricing in the wholesale electricity market. Prices for electricity increased on average by 55 percent, and reached the $1,000/MWh range. This study examines the extent to which generator market power raised prices above competitive levels in the PJM Interconnection during the summer of 1999. It simulates hourly market-clearing prices assuming competitive market behavior and compares these prices with observed market prices in computing price markups over the April 1-August 31, 1999 period. The results of the simulation analysis are supported with an examination of actual generator bid data of incumbent generators. Price markups averaged 14.7 percent above expected marginal cost over the 5-month period for all non-transmission-constrained hours. The evidence presented suggests that the June and July monthly markups were strongly influenced by generator market power as price inelastic peak demand approached the electricity generation capacity constraint of the market. While this analysis of the

  20. Empirical studies on the cross-section of corporate bond and stock markets

    NARCIS (Netherlands)

    van Zundert, Jeroen

    2018-01-01

    This dissertation contains five empirical studies on the efficiency of corporate bond and stock markets. In Chapter 2, the pricing of interest rate risk in the stock market is analyzed. Over the long run, 1927 to 2015, the price of bearing interest rate risk is positive as expected, but there is

  1. 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.

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

    NARCIS (Netherlands)

    Vinkenburg, C.J.; Weber, T.

    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

  3. EMPIRICAL DISTRIBUTION OF STOCK RETURNS OF SOUTHEAST EUROPEAN EMERGING MARKETS

    Directory of Open Access Journals (Sweden)

    Aleksandar Naumoski

    2017-06-01

    Full Text Available The assumption that equity returns follow the normal distribution, most commonly made in financial economics theory and applications, is strongly rejected by empirical evidence presented in this paper. As it was found in many other studies, we confirm that stock returns follow a leptokurtic distribution and skewness, which in most of the Southeast European (SEE markets is negative. This paper investigates further whether there is any distribution that may be considered an optimal fit for stock returns in the SEE region. Using daily, weekly and monthly data samples for a period of five years from ten Southeast European emerging countries, we applied the Anderson-Darling test of Goodness-of-fit. We strongly rejected the aforementioned assumption of normality for all considered data samples and found that the daily stock returns are best fitted by the Johnson SU distribution whereas for the weekly and monthly stock returns there was not one predominant, but many distributions that can be considered a best fit.

  4. Speculative Carryover: An Empirical Examination of the U.S. Refined Copper Market

    OpenAIRE

    Walter N. Thurman

    1988-01-01

    This article develops and estimates an empirically tractable model of equilibrium storage. The method bridges the gap between theoretical rational expectations models and applied commodity market work. The application to the U.S. refined copper market provides estimates of structural supply and demand, rational price forecasts, and the risk of copper storage that is consistent with modern portfolio theory.

  5. Milk marketing under cooperative and non-cooperative marketing channels: Evidence from west Bengal

    Directory of Open Access Journals (Sweden)

    Sarker Debnarayan

    2010-01-01

    Full Text Available The present study is an attempt to empirically investigate the price spread, marketing costs, marketing margins, marketing efficiency, and profit efficiency among market middlemen under cooperative and non-cooperative marketing channels in the domestic trade market of liquid milk in West Bengal. One of the important findings of this study is that, although the inter-market (and intramarket price variation for liquid milk under the cooperative marketing agency in not far from uniformity, and all marketing agencies under cooperative channels receive much lower abnormal profit per unit of milk as compared with non-cooperative channels, the former fails to provide much economic benefit, either to the producer or to the consumer, because of the burden of much higher fixed cost per unit of liquid milk.

  6. 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.

  7. 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...

  8. Do Market Regulation and Financial Imperfections Affect Firm Size? New Empirical Evidence

    OpenAIRE

    Raquel Fonseca; Natalia Utrero González

    2004-01-01

    This paper investigates the importance that market regulation and financial imperfections have in firm size. We analyse institutions affecting labour market as Employment Protection Laws (EPL) and Product Market Regulation (PMR). Moreover, we study the effects of these institutions on firm growth. We use data from 29 industrial sectors across 15 developed countries. We find that market regulations related to financial imperfections help to explain differences in firm structure across countries.

  9. Appropriability, Technological Opportunity, Market Demand, and Technical Change - Empirical Evidence from Switzerland

    OpenAIRE

    Harabi, Najib

    1992-01-01

    The purpose of this paper is to analyze both theoretically and empirically those factors which underlay the - empirically observable - inter-industry differences in technical progress. At the theoretical level economists agree more and more that technical progress can be explained at the industry level by the following three factors: (1) the technological opportunities, (2) the appropriability conditions, meaning the ability to capture and protect the results of technical innovations and (3) ...

  10. 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…

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

    Science.gov (United States)

    Tran, Henry; Young, I. Phillip

    2013-01-01

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

  12. Market orientation and business performance: Evidence from franchising industry

    OpenAIRE

    Leea, Yong-Ki; Kim, S. H.; Seo, M. K.; Hight, S. K

    2015-01-01

    This paper examines the relationships between top management factors, franchisor market orientation, competitive strategy, and business performance within the context of Korean franchisor companies. 156 food-service franchise firms provide the basis for this empirical investigation. Findings show that top management factors such as management emphasis and risk aversion can lead to market orientation. Franchisor market orientation was found to lead differentiation and cost strategies, which, i...

  13. 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.

  14. Anomalies and Investor Sentiment: Empirical Evidences in the Brazilian Market

    Directory of Open Access Journals (Sweden)

    Gustavo Correia Xavier

    2017-10-01

    Full Text Available This study examined the relationship between investor sentiment and value anomalies in Brazil. In addition, it analyzed if pricing deviations caused by investors with optimistic views are different from those caused by pessimistic investors. The sample included all non-financial firms listed on the B3 (Brasil, Bolsa, Balcão stock exchange from July 1999 to June 2014. We used the Principal Component Analysis multivariate technique to capture the component common to four different proxies for investor sentiment. The study empirically tested the index series and its variation on the return series of Long-Short portfolios of 12 anomaly-based strategies. The study found that the measure of the sentiment index had a partial explanatory power for the anomalies only when included in the CAPM. Yet, when using the index sentiment changes as an explanatory variable, the study found a relationship with future returns, robust to all risk factors. Thus, it is possible to relate investor sentiment index to anomaly-based portfolio returns. When analyzing average returns after optimistic and pessimistic periods, the values we found in our empirical test were not statistically significant enough to infer the possible existence of short-sale constraints.

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

    Directory of Open Access Journals (Sweden)

    Dr. Melita Charitou

    2013-07-01

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

  16. 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.

  17. 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.

  18. 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.

  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. 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

  1. [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.

  2. 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.

  3. Seasonality in cocoa spot and forward markets: empirical evidence

    OpenAIRE

    Sarfo, S.; Geman, Hélyette

    2012-01-01

    This paper first describes the main features of supply and demand in cocoa spot markets. A state- variable model is proposed to describe the random evolution of cocoa forward curves over time, which essentially adapts to agricultural commodities, introduced by Borovkova and Geman (2006) for energy. In contrast to most of the literature on the subject, the first state variable is not the spot price, as it combines seasonal and stochastic features and may not be observable, instead, the average...

  4. 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

  5. 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.

  6. Intra- and Inter-Regional Return and Volatility Spillovers Across Emerging and Developing Markets: Evidence from Stock Indices and Stock Index Futures

    OpenAIRE

    Yarovaya, Larisa; Brzeszczynski, Janusz; Lau, Marco Chi Keung

    2016-01-01

    We provide empirical evidence on the patterns of intra- and inter-regional transmission of information across 10 developed and 11 emerging markets in Asia, the Americas, Europe and Africa using both stock indices and stock index futures. The main transmission channels are examined in the period from 2005 to 2014 through the analysis of return and volatility spillovers around the most recent crises based on the generalized vector autoregressive framework. Our findings demonstrate that markets ...

  7. A framework for studying relationship marketing dyads

    NARCIS (Netherlands)

    Lindgreen, A.

    2001-01-01

    Although coined more than 15 years ago, relationship marketing remains an ambiguous concept with plenty of rhetoric but few publications on empirical evidence in support of a relationship marketing paradigm shift. A research project is currently studying marketing dyads in the international food

  8. 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

  9. 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

    2018-01-01

    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 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.

  10. Ownership unbundling of gas transmission networks. Empirical evidence

    Energy Technology Data Exchange (ETDEWEB)

    Growitsch, Christian [Koeln Univ. (Germany). Energiewirtschaftliches Inst.; Stronzik, Marcus [Scientific Institute for Infrastructure and Communication Services (WIK), Bad Honnef (Germany)

    2011-07-15

    The European Commission has intensively discussed the mandatory separation of natural gas transmission from production and services. However, economic theory is ambiguous on the price effects of vertical separation. In this paper, we empirically analyse the effect of ownership unbundling of gas transmission networks as the strongest form of vertical separation on the level of end-user prices. Therefore, we apply different dynamic estimators as system GMM and the bias-corrected least-squares dummy variable or LSDVC estimator on an unbalanced panel out of 18 EU countries over 19 years, allowing us to avoid the endogeneity problem and to estimate the long-run effects of regulation. We introduce a set of regulatory indicators as market entry regulation, ownership structure, vertical separation and market structure and account for structural and economic country specifics. Among these different estimators, we consistently find that ownership unbundling has no impact on natural gas end-user prices, while the more modest legal unbundling reduces them significantly. Furthermore, third-party access, market structure and privatisation show significant influence with the latter leading to higher price levels.

  11. The Unemployment-Stock Market Relationship in South Africa: Evidence from Symmetric and Asymmetric Cointegration Models

    Directory of Open Access Journals (Sweden)

    Andrew Phiri

    2017-09-01

    Full Text Available In this study, we examine linear and nonlinear cointegration and causal relations between unemployment and stock market returns in South Africa using quarterly data collected between 1994:Q1 and 2016:Q1. Our empirical results reveal significant cointegration effects between the time series in both linear and nonlinear models, even though both frameworks ultimately reject the notion of any causal relations between the variables. Collectively, our study rejects the notion of unemployment being a good predictor for stock market returns and neither do developments in the stock market have any effect on the unemployment rate. Such evidence advocates for weak-form efficiency in the JSE equity prices whereby unemployment data cannot help investors to predict the movement of future share prices and further suggests that policymakers cannot rely on stock market development as an avenue towards lowering the prevailingly high levels of unemployment as set in current macroeconomic policy objectives.

  12. 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.

  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. 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

  15. Examining evidence of ‘shift-contagion’ in African stock markets: A CoVaR-copula approach

    Directory of Open Access Journals (Sweden)

    Gideon Boako

    2017-12-01

    Full Text Available This paper examines for the first time contagion to African stock markets with particular attention to the quantification of, and testing for the impact of (extreme downside movements in foreign exchange and developed stock markets on the (extreme downside risks in Africa stock markets. Using data of weekly periodicity, the empirical analysis captured the pre, during (both turmoil and acute, and post periods of the 2007–2009 global financial crisis. We analyzed contagion by comparing (extreme downside cumulative mean distribution conditional value-at-risk (CoVaR values for African stock markets for successive periods and tested for significance of contagion using the Kolmogorov–Smirnoff (KS bootstrap technique. We used the KS statistic to test the hypothesis of equality or no systemic impact between the conditional African stock market return quantiles (for different successive sub-samples. CoVaR values are computed from four copula specifications — Gaussian, Student-t, Gumbel and Rotated Gumbel. By situating the empirical analysis within the shift-contagion thesis, we found evidence of contagion from some exchange rate and developed equity markets to African stocks only in the acute and the post-crisis periods. The findings are consistent with the view that global shocks propagation to developing markets may stagger during crisis and intensify post-crisis. A practical implication from the results is that given the relatively scarce resources and levels of technological know-how available to African governments, efforts to wean the continent’s equity markets from adverse effects of global market crashes should be geared towards plans and programmes to mitigate the shocks not at the early stages but latter stages, where the effects to Africa could be pronouncedly felt.

  16. THE MARKET ORIENTATION AND PERFORMANCE RELATIONSHIP: THE EMPIRICAL LINK IN PRIVATE UNIVERSITIES

    Directory of Open Access Journals (Sweden)

    Sefnedi Sefnedi

    2017-03-01

    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 overall private uni­ver­sity per­formance in Kopertis X. It was based on an empirical investigation of private universities located in In­do­nesia’s provinces of West Sumatera, Riau, Jambi, and Kepulauan Riau. 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 and followed by competitor orientation, and inter-functional coordination.

  17. 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)

  18. 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)

  19. Switching benefits and costs in competitive health insurance markets: A conceptual framework and empirical evidence from the Netherlands.

    Science.gov (United States)

    Duijmelinck, Daniëlle M I D; Mosca, Ilaria; van de Ven, Wynand P M M

    2015-05-01

    Competitive health insurance markets will only enhance cost-containment, efficiency, quality, and consumer responsiveness if all consumers feel free to easily switch insurer. Consumers will switch insurer if their perceived switching benefits outweigh their perceived switching costs. We developed a conceptual framework with potential switching benefits and costs in competitive health insurance markets. Moreover, we used a questionnaire among Dutch consumers (1091 respondents) to empirically examine the relevance of the different switching benefits and costs in consumers' decision to (not) switch insurer. Price, insurers' service quality, insurers' contracted provider network, the benefits of supplementary insurance, and welcome gifts are potential switching benefits. Transaction costs, learning costs, 'benefit loss' costs, uncertainty costs, the costs of (not) switching provider, and sunk costs are potential switching costs. In 2013 most Dutch consumers switched insurer because of (1) price and (2) benefits of supplementary insurance. Nearly half of the non-switchers - and particularly unhealthy consumers - mentioned one of the switching costs as their main reason for not switching. Because unhealthy consumers feel not free to easily switch insurer, insurers have reduced incentives to invest in high-quality care for them. Therefore, policymakers should develop strategies to increase consumer choice. Copyright © 2014 Elsevier Ireland Ltd. All rights reserved.

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

    Directory of Open Access Journals (Sweden)

    Cieślik Andrzej

    2015-09-01

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

  1. An Empirical Study Of User Acceptance Of Online Social Networks Marketing

    Directory of Open Access Journals (Sweden)

    Olumayowa Mulero

    2013-07-01

    Full Text Available The explosion of Internet usage has drawn the attention of researchers towards online Social Networks Marketing (SNM. Research has shown that a number of the Internet users are distrustful and indecisive, when it comes to the use of social networks marketing system. Therefore, there is a need for researchers to identify some of the factors that determine users’ acceptance of social networks marketing using Technology Acceptance Model (TAM. This study extended the Technology Acceptance Model theoretical framework to predict consumer acceptance of social networks marketing within Western Cape Province of South Africa. The research model was tested using data collected from 470 questionnaires and analysed using linear regression. The results showed that user intentions to use SNM are strongly and positively correlated with user acceptance of using SNM systems. Empirical results confirmed that perceived credibility and perceived usefulness are the strongest determinant in predicting user intentions to use SNM system.

  2. 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.

  3. 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.

  4. Book Review: Market Liquidity: Theory, Evidence, and Policy

    DEFF Research Database (Denmark)

    Boscan, Luis

    2014-01-01

    Review of: Market Liquidity: Theory, Evidence, and Policy / by Thierry Foucault, Marco Pagano and Ailsa Röell. Oxford University Press. April 2013.......Review of: Market Liquidity: Theory, Evidence, and Policy / by Thierry Foucault, Marco Pagano and Ailsa Röell. Oxford University Press. April 2013....

  5. 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.

  6. Fundamental uncertainty and stock market volatility

    NARCIS (Netherlands)

    Arnold, I.J.M.; Vrugt, E.B.

    2008-01-01

    We provide empirical evidence on the link between stock market volatility and macroeconomic uncertainty. We show that US stock market volatility is significantly related to the dispersion in economic forecasts from participants in the Survey of Professional Forecasters over the period 1969 to 1996.

  7. Explaining foreign ownership by comparative and competitive advantage. Empirical evidence.

    OpenAIRE

    Bellak, Christian

    1999-01-01

    This paper provides empirical evidence on the determinants of foreign ownership in manufacturing industries. Foreign ownership, according to the theory of international production, is the result of the combination of comparative and competitive advantage. An adequate examination of the ownership structure of an industry requires the ability to establish empirically the extent to which international competitiveness of firms rests on comparative and competitive advantage. Analysis is based on a...

  8. Stock market volatility and macroeconomic uncertainty

    NARCIS (Netherlands)

    Arnold, I.J.M.; Vrugt, E.B.

    2006-01-01

    This paper provides empirical evidence on the link between stock market volatility and macroeconomic uncertainty. We show that US stock market volatility is significantly related to the dispersion in economic forecasts from SPF survey participants over the period from 1969 to 1996. This link is much

  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. Trade Openness, Market Competition, and Inflation: Some Sectoral Evidence from OECD Countries

    OpenAIRE

    Mahir Binici; Yin-Wong Cheung; Kon S. Lai

    2011-01-01

    This study evaluates the role market competition plays in determining inflation based on sector-level data from OECD countries. In theory, trade openness can affect inflation through changes in market competitiveness and productivity. Nonetheless, previous empirical studies often fail to account for productivity effects, and their results may overstate the role of market competition. This study shows that inflation decreases with greater market competitiveness even after controlling for produ...

  11. Firm productivity, pollution, and output: theory and empirical evidence from China.

    Science.gov (United States)

    Tang, Erzi; Zhang, Jingjing; Haider, Zulfiqar

    2015-11-01

    Using a theoretical model, this paper argues that as firm productivity increases, there is a decrease in firm-level pollution intensity. However, as productivity increases, firms tend to increase their aggregate output, which requires the use of additional resources that increase pollution. Hence, an increase in productivity results in two opposing effects where increased productivity may in fact increase pollution created by a firm. We describe the joint effect of these two mechanisms on pollution emissions as the "productivity dilemma" of pollution emission. Based on firm-level data from China, we also empirically test this productivity dilemma hypothesis. Our empirical results suggest that, in general, firm productivity has a positive and statistically significant impact on pollution emission in China. However, the impact of productivity on pollution becomes negative when we control for increases in firm output. The empirical evidence also confirms the positive influence of productivity on output, which suggests that the main determinant of pollution is the firm's output. The empirical results provide evidence of the existence of, what we describe as, the productivity dilemma of pollution emission.

  12. Innovation, Integration and Product Proliferation - Empirical Evidence for the Agri-Food Industry

    OpenAIRE

    Karantininis, Kostas; Sauer, Johannes; Furtan, William Hartley

    2008-01-01

    While mergers, both horizontal and vertical, have been shaping the landscape of the agri-food industry in Europe, the implications of the changing market structure on the level of innovation has not been studied yet. In this paper we deal with the link between innovation and market structure using the empirical example of the Danish agri-food industry. The purpose of this paper is two-fold. First we test for the importance of vertical integration on innovation. While there exist several studi...

  13. ICT Pathways to Poverty Reduction: Empirical Evidence from East ...

    International Development Research Centre (IDRC) Digital Library (Canada)

    2014-01-14

    Jan 14, 2014 ... This book provides new empirical evidence on access to and use of ... English · Français ... Overall, the study concluded that ICTs make a difference to the ... staff of development agencies working on livelihoods for the poor.

  14. Macroeconomic and financial market volatilities: an empirical evidence of factor model

    OpenAIRE

    Wei-Choun Yu

    2008-01-01

    In this paper, we provide two empirical findings. First, exploring 140 monthly macroeconomic and financial variables and applying the principal components method, we find 12 static factors and 8 dynamic factors from 1959 to 2005 in the US. Second, we find the real factor and interest rate factor have been less volatile since the mid 1980s. The price factor and foreign exchange factor, in contrast, became more volatile in the late 1990s. The rest of the factors show no obvious pattern. We find...

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

    KAUST Repository

    Dudebout, Nicolas; Shamma, Jeff S.

    2014-01-01

    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.

  16. 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.

  17. How big is the gig? Assessing the preliminary evidence on the effects of digitalization on the labor market

    OpenAIRE

    Eichhorst, Werner; Hinte, Holger; Rinne, Ulf; Tobsch, Verena

    2016-01-01

    This paper assesses the importance of digitalization in Germany and other developed countries with a particular attention to the potential or actual impact it may have on the labor market. Referring to available empirical evidence, we document the already developing transformation of occupations and forms of employment and the role of the platform economy, including the phenomenon of solo self-employment. We then derive current and future challenges for social protection and suggest some idea...

  18. 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.

  19. Illiquidity Premia in the Equity Options Market

    DEFF Research Database (Denmark)

    Christoffersen, Peter; Goyenko, Ruslan; Jacobs, Kris

    2018-01-01

    constructed from intraday effective spreads for a large panel of U.S. equities, and they are robust to different empirical implementations. Our findings are consistent with evidence that market makers in the equity options market hold large and risky net long positions, and positive illiquidity premia...

  20. Why competitors matter for market orientation

    DEFF Research Database (Denmark)

    Sørensen, Hans Eibe

    2009-01-01

    and empirically tests two novel symmetric component measures of customer orientation and competitor orientation. Academicians are provided with insights with respect to the content and symmetry of component measures of the market orientation construct and their relation to firm performance. Furthermore, business......  Purpose - This paper investigates whether it is meaningful to decompose market orientation into customer orientation and competitor orientation and what possible implications this decomposition may have for researchers and business practitioners.   Design - Through a review of existing market...... - Empirical evidence reveals that, while competitor orientation is positively related to a firm's market share, a customer orientation is detrimental to a firm's return on assets for firms in less competitive environments.   Research implications and limitations - The study advocates moving beyond ‘global...

  1. Green Power Marketing - from Niches to Mass Markets

    International Nuclear Information System (INIS)

    Wuestenhagen, Rolf

    2000-01-01

    In the process of liberalization of the electricity market the customers are now in a position to participate in the decision on how their electricity is produced. In particular, many consumers have a preference for renewable energies. For the producers, marketing of 'eco-power' is an opportunity to achieve sustainable competitive advantage. However, the market share of these products is still quite small today, and 'eco-power' is usually marketed as an expensive niche product. From the perspective of sustainable development these niches are a necessary but not sufficient step. In this book, ways are discussed which could lead to a mass-market penetration of eco-power products. A theoretical analysis is combined with empirical evidence derived from the eco-power market in Germany, Switzerland, Great Britain and the U.S. as well as with a comparison with other market segments [de

  2. 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.

  3. Banking Regulation and Determinants of Banks’ Profits: Empirical Evidence from Turkey

    Directory of Open Access Journals (Sweden)

    Mahmut ERDOGAN

    2016-05-01

    Full Text Available The crises that are frequently observed in the banking industries of emerging markets which affect banks’ profits necessitate regulations and supervision of these markets. This paper investigates the determinants of Turkish banks’ profits and the effects of the regulations implemented in this industry on profits. In this research, 468 firm year observations for 36 Turkish banks for the period 1995-2007 were used and analyzed with Prais-Winsten regression method. The empirical findings of the study show positive and statistically significant relations between capital, size, offbalance sheet transactions, liquidity and loans and performance and negative and statistically significant relations between quality of loans, concentration and performance.

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

    OpenAIRE

    Lim, Pei Mun

    2011-01-01

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

  5. 2014-2015 Offshore Wind Technologies Market Report

    Energy Technology Data Exchange (ETDEWEB)

    Smith, Aaron

    2015-11-18

    This presentation provides an overview of progress toward offshore wind cost reduction in Europe and implications for the U.S. market. The presentation covers an overview of offshore wind developments, economic and performance trends, empirical evidence of LCOE reduction, and challenges and opportunities in the U.S. market.

  6. Relationship between Crude Palm Oil (CPO) Futures prices and Selected Southeast Asia Equity Market-Empirical Evidence

    OpenAIRE

    Siaw, Louis Kai Ying

    2015-01-01

    The relationship between commodities market and equities market has been known to have a negative correlation close to no correlation and generally have no volatility spillover exists between both of the markets. Therefore, there is diversification benefit as while one market is going down, another market is going up to offset the losing position in the down market. Besides that, non-volatility spillover exists between the market will also presents no spillover variance of one market to anoth...

  7. How should firms develop and or change their marketing competencies when developing relationships with consumers online?

    OpenAIRE

    Maklan, Stan

    2004-01-01

    An empirical study is reported which attempts both to improve marketing practice whilst developing key aspects of marketing and resource-based theory. The thesis describes how firms can develop marketing competencies to exploit emerging online marketing technology and business opportunities. In doing so, the thesis provides empirical evidence that opens up what is widely acknowledged in the literature as "the black box of resources". Specifically, it explores the way marketing ...

  8. An examination of consumer profiles across brands in emerging markets

    DEFF Research Database (Denmark)

    Truong, Oanh; Faulkner, Margaret; Mueller Loose, Simone

    2012-01-01

    There is generalised evidence that consumer profiles seldom differ between brands across many product categories in developed markets. However, market segmentation based on consumer characteristics continues to be a common marketing tactic, especially in international marketing context. This study...... markets. Deviations are found across whisky brands, which are related to brand distribution and affordability. These potentially constitute boundary conditions for the discovered empirical generalisations. The key implication for marketing practitioners is that market segmentation using consumer...... examines consumer profiles in emerging markets to see if any difference exists. We examined 190 brands in nine different emerging markets across two product categories: hair care and whisky. In general, our findings are in-line with earlier empirical results – consumer profiles seldom differ in emerging...

  9. 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.

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

    Science.gov (United States)

    Shen, C.; Haven, E.

    2017-12-01

    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.

  11. The Role of Empirical Evidence for Transferring a New Technology to Industry

    Science.gov (United States)

    Baldassarre, Maria Teresa; Bruno, Giovanni; Caivano, Danilo; Visaggio, Giuseppe

    Technology transfer and innovation diffusion are key success factors for an enterprise. The shift to a new software technology involves, on one hand, inevitable changes to ingrained and familiar processes and, on the other, requires training, changes in practices and commitment on behalf of technical staff and management. Nevertheless, industry is often reluctant to innovation due to the changes it determines. The process of innovation diffusion is easier if the new technology is supported by empirical evidence. In this sense our conjecture is that Empirical Software Engineering (ESE) serves as means for validating and transferring a new technology within production processes. In this paper, the authors report their experience of a method, Multiview Framework, defined in the SERLAB research laboratory as support for designing and managing a goal oriented measurement program that has been validated through various empirical studies before being transferred to an Italian SME. Our discussion points out the important role of empirical evidence for obtaining management commitment and buy-in on behalf of technical staff, and for making technological transfer possible.

  12. The Book-to-Market Anomaly in the Chinese Stock Markets

    Directory of Open Access Journals (Sweden)

    Kin-Yip Ho

    2015-09-01

    Full Text Available This paper examines the existence of value premium in the Chinese stock markets and empirically provides its explanation. Our results suggest that the value premium does exist in the Chinese markets, and investor sophistication is significant in explaining its existence. In particular, there is supporting evidence that the value premium could be driven by individual investors, whereas stocks that are mostly held by institutional investors are value-premium free. We briefly discuss the implications of our findings.

  13. Social media: The new tool in firms’ marketing strategies

    OpenAIRE

    Geirinhas, Guilherme Guerra Abrantes

    2014-01-01

    In this work project we discuss the advantages and disadvantages of social media as a marketing tool. Four international cases were analyzed to provide anecdotal evidence of how social and viral marketing have been used by four firms in very different industries. We reviewed empirical evidence on the topic to discuss the main components of viral marketing. We concluded that positive (electronic) word of mouth, short response time and seeding through high network value customers are the main d...

  14. What should we mean by empirical validation in hypnotherapy: evidence-based practice in clinical hypnosis.

    Science.gov (United States)

    Alladin, Assen; Sabatini, Linda; Amundson, Jon K

    2007-04-01

    This paper briefly surveys the trend of and controversy surrounding empirical validation in psychotherapy. Empirical validation of hypnotherapy has paralleled the practice of validation in psychotherapy and the professionalization of clinical psychology, in general. This evolution in determining what counts as evidence for bona fide clinical practice has gone from theory-driven clinical approaches in the 1960s and 1970s through critical attempts at categorization of empirically supported therapies in the 1990s on to the concept of evidence-based practice in 2006. Implications of this progression in professional psychology are discussed in the light of hypnosis's current quest for validation and empirical accreditation.

  15. Economics for marketing revisited

    DEFF Research Database (Denmark)

    Costa, Ana I. A.; Pires, Cesaltina Pacheco

    This paper aims to provide evidence supporting the following: that recent theoretical, empirical and methodological advances in microeconomics are decisive to the progress of marketing science. That such a notion is not yet mainstream and uncontroversial, we contend, is more due to insufficient k...

  16. Boris Hirsch: Monopsonistic Labour Markets and the Gender Pay Gap. Theory and Empirical Evidence. Heidelberg: Springer-Verlag 2010.

    Directory of Open Access Journals (Sweden)

    Andrea Jochmann-Döll

    2011-03-01

    Full Text Available Der mögliche Beitrag monopsonistischer Arbeitsmarktmodelle zur Erklärung der geschlechterbezogenen Entgeltlücke (Gender Pay Gap steht im Zentrum der Dissertation von Boris Hirsch. Nach den Theorien des räumlichen und des dynamischen Monopsons sind Unternehmen deshalb in der Lage, geringere Entgelte an Frauen zu zahlen, weil deren Arbeitsangebot auf Unternehmensebene weniger elastisch ist und sie bei einem Arbeitsplatzwechsel höhere Verluste in Kauf nehmen müssen. Die Ausnutzung der Monopsonmacht und die mit dem Robinson’schen Ansatz beschreibbare Diskriminierung durch die Unternehmen führten zu unterschiedlichen Entgelten zwischen Frauen und Männern. Die von Hirsch getroffenen theoretischen Annahmen werden für den deutschen Arbeitsmarkt empirisch bestätigt; durch sie lässt sich mindestens ein Drittel des Gender Pay Gap erklären.The possible contribution of monopsonistic job market models to the explanation of the gender-based payment gap (Gender Pay Gap is at the center of Boris Hirsch’s dissertation. According to the theories of the regional and the dynamic monopson, companies are able to pay women lower wages because their labor supply on the company level is less flexible and because they have to accept higher losses in the case of a job change. The companies’ abuse of the monopsonistic power and the discrimination, which can be explained with the Robinson approach, lead to unequal wages between men and women. Hirsch’s theoretical hypotheses are validated empirically for the German employment market; with them, at least a third of the Gender Pay Gap can be explained.

  17. 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.

  18. 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.

  19. Factors Affecting Quality of Audit; Empirical Evidence from Iran ...

    African Journals Online (AJOL)

    This study examines factors affecting quality of audit using empirical evidence from Iran Quality of audit was seen as the degree to which an audit report is free from deficiencies and distortions which show up later on. The quality of an audit was measured in terms of an auditor's ability to report financial distortions willingly ...

  20. The stock selection problem: Is the stock selection approach more important than the optimization method? Evidence from the Danish stock market

    OpenAIRE

    Grobys, Klaus

    2011-01-01

    Passive investment strategies basically aim to replicate an underlying benchmark. Thereby, the management usually selects a subset of stocks being employed in the optimization procedure. Apart from the optimization procedure, the stock selection approach determines the stock portfolios' out-of-sample performance. The empirical study here takes into account the Danish stock market from 2000-2010 and gives evidence that stock portfolios including small companies' stocks being estimated via coin...

  1. An empirical study of the information premium on electricity markets

    International Nuclear Information System (INIS)

    Benth, Fred Espen; Biegler-König, Richard; Kiesel, Rüdiger

    2013-01-01

    Due to the non-storability of electricity and the resulting lack of arbitrage-based arguments to price electricity forward contracts, a significant time-varying risk premium is exhibited. Using EEX data during the introduction of emission certificates and the German “Atom Moratorium” we show that a significant part of the risk premium in electricity forwards is due to different information sets in spot and forward markets. In order to show the existence of the resulting information premium and to analyse its size we design an empirical method based on techniques relating to enlargement of filtrations and the structure of Hilbert spaces. - Highlights: ► Electricity is non-storable and the classical spot–forward-relationship is invalid. ► Future information will cause an information premium for forward contracts. ► We model this premium mathematically using enlargement of filtrations. ► We develop a statistical method testing for the information premium empirically. ► We apply the test to the 2nd phase of the EUETS and the German “Atom Moratorium”

  2. Modelling short and long-term risks in power markets: Empirical evidence from Nord Pool

    International Nuclear Information System (INIS)

    Nomikos, Nikos K.; Soldatos, Orestes A.

    2010-01-01

    In this paper we propose a three-factor spike model that accounts for different speeds of mean reversion between normal and spiky shocks in the Scandinavian power market. In this model both short and long-run factors are unobservable and are hence estimated as latent variables using the Kalman filter. The proposed model has several advantages. First, it seems to capture in a parsimonious way the most important risks that practitioners face in the market, such as spike risk, short-term risk and long-term risk. Second, it explains the seasonal risk premium observed in the market and improves the fit between theoretical and observed forward prices, particularly for long-dated forward contracts. Finally, closed-form solutions for forward contracts, derived from the model, are consistent with the fact that the correlation between contracts of different maturities is imperfect. The resulting model is very promising, providing a very useful policy analysis and financial engineering tool to market participants for risk management and derivative pricing particularly for long-dated contracts.

  3. Why Do Markets Crash? Bitcoin Data Offers Unprecedented Insights.

    Science.gov (United States)

    Donier, Jonathan; Bouchaud, Jean-Philippe

    2015-01-01

    Crashes have fascinated and baffled many canny observers of financial markets. In the strict orthodoxy of the efficient market theory, crashes must be due to sudden changes of the fundamental valuation of assets. However, detailed empirical studies suggest that large price jumps cannot be explained by news and are the result of endogenous feedback loops. Although plausible, a clear-cut empirical evidence for such a scenario is still lacking. Here we show how crashes are conditioned by the market liquidity, for which we propose a new measure inspired by recent theories of market impact and based on readily available, public information. Our results open the possibility of a dynamical evaluation of liquidity risk and early warning signs of market instabilities, and could lead to a quantitative description of the mechanisms leading to market crashes.

  4. Evolving Importance of Securities Market to Ensure Economic Growth: Evidence from Armenia

    Directory of Open Access Journals (Sweden)

    Salnazaryan Ashot

    2017-12-01

    Full Text Available This research aims to reveal the importance of securities market in ensuring economic growth in Armenia. In order to make the research more substantial, we also examined the impact of other financial market segments, such as insurance market and credit market, on the economic growth. To estimate the relationship between financial market segments and economic growth, an empirical research was conducted using correlation and regression techniques. The research reveals that the most significant impact on the economic growth among Armenian financial market segments has the credit market of Armenia. There is no significant relationship between economic growth and insurance, as well as corporate securities market. It is pointed out in the research, that the evolving importance of the role of securities market in the economic growth is not yet demonstrated in Armenia, which, perhaps, results from the absence of interaction between securities market and economy in Armenia.

  5. 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.

  6. Are Foreign Institutional Investors Good for Emerging Markets?

    OpenAIRE

    Frenkel, Michael; Menkhoff, Lukas

    2003-01-01

    Portfolio flows channeled via institutional investors were the most dynamic capital flows to emerging markets in the 1990s. We use an asymmetric information framework to derive five propositions, to integrate empirical evidence and to suggest policy implications. Opaque information in emerging markets hinders foreign market entrants. Moreover, following financial opening, institutional investors can worsen the position of local investors due to unintentionally creating unbalanced diversificat...

  7. 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.

  8. Falling Standards of Education in Nigeria: An Empirical Evidence in ...

    African Journals Online (AJOL)

    Falling Standards of Education in Nigeria: An Empirical Evidence in Delta State of Nigeria. ... Open Access DOWNLOAD FULL TEXT ... the results are often devastating leading especially to poor quality output and wastage which in ... annual budget, inculcation of the tenets of traditional education, and utilization of research ...

  9. Empirical Evidence or Intuition? An Activity Involving the Scientific Method

    Science.gov (United States)

    Overway, Ken

    2007-01-01

    Students need to have basic understanding of scientific method during their introductory science classes and for this purpose an activity was devised which involved a game based on famous Monty Hall game problem. This particular activity allowed students to banish or confirm their intuition based on empirical evidence.

  10. 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.

  11. 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.

  12. Market reaction to grouping equities in stock markets: An empirical analysis on Borsa Istanbul

    Directory of Open Access Journals (Sweden)

    Yilmaz Yildiz

    2017-12-01

    Full Text Available The main aim of this study is to investigate the market reaction to stock grouping announcements in Borsa Istanbul which requires stocks to be classified into groups “A”, “B” and “C” according to their market capitalization and floating rates. By utilizing event study analysis, our results suggest that grouping announcements have significant effect on stock prices and trading volume. The event day positive (negative relationship between abnormal return and volume for the upgraded (downgraded stocks supports the downward sloping demand curve hypothesis. Moreover, findings also suggest that stocks which are upgraded to Group A are exposed to more attention which is in line with the attention hypothesis. The reverse is valid for the downgraded firms. We find no evidence of price reversals and long-term symmetrical liquidity effect which lead us to reject price pressure and liquidity hypotheses. Finally, we reach controversial evidence for the information hypothesis. Keywords: Equity grouping, Regulation, Price and volume effects, Jel Classification: G11, G12, G14

  13. Calendar anomalies in the Russian stock market

    Directory of Open Access Journals (Sweden)

    Guglielmo Maria Caporale

    2017-03-01

    Full Text Available This research note investigates whether or not calendar anomalies (such as the January, day-of-the-week and turn-of-the-month effects characterize the Russian stock market, which could be interpreted as evidence against market efficiency. Specifically, OLS, GARCH, EGARCH and TGARCH models are estimated using daily data for the MICEX market index over the period Sept. 1997–Apr. 2016. The empirical results show the importance of taking into account transactions costs (proxied by the bid-ask spreads: once these are incorporated into the analysis, calendar anomalies disappear, and therefore, there is no evidence of exploitable profit opportunities based on them that would be inconsistent with market efficiency.

  14. The Exempt Market in Canada: Empirics, Observations and Recommendations

    Directory of Open Access Journals (Sweden)

    Vijay Jog

    2015-03-01

    Full Text Available There is a massive and vital capital market at work in Canada — possibly bigger than rough estimates have so far suggested — and it is one for which several market regulators are preparing new rules. Yet the remarkable thing is how little we know about it. Data about the so-called exempt market are so lacking that were regulators in Ontario and the other provinces contemplating new exempt-market regulations to proceed, they would be creating policies based on anecdotal, incomplete and, potentially, incorrect evidence. Even estimating the size of the Canadian exempt market has been an inexact science, given the incomplete data, but we can estimate that it provides in excess of $100 billion in gross capital flow every year, and that amount continues to grow. While it may be natural to assume that the exempt market is used primarily by small and medium-sized enterprises, it seems it is primarily used by the financial services industry. These institutions appear to rely on the exempt market to raise potentially short-term debt capital relatively free of particularly burdensome information-disclosure requirements. Unfortunately, we are forced to rely here again on deductions based on limited evidence: So incomplete are the data about the exempt market that we lack even complete information on the type of issuers, investors and securities, or the volume and duration of the securities and the level of redemptions. The exempt market exists for important reasons: it is a way out of the regulatory conundrum, wherein the regulator’s mandate to protect investors, through significant requirements for information disclosure, can put too large a burden on certain issuers. That is why it is essential that any new regulations are developed using a thorough understanding of how it operates. Yet the reality is that it is impossible to evaluate how individual investors and small firms are using the exempt market, or their experience in it. This is

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

    Science.gov (United States)

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

    2018-02-14

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

  16. 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

  17. 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

  18. Measuring the gradualist approach to internationalization: Empirical evidence from the wine sector.

    Science.gov (United States)

    Clavel San Emeterio, Mónica; Fernández-Ortiz, Rubén; Arteaga-Ortiz, Jesús; Dorta-González, Pablo

    2018-01-01

    The objective of this paper is to fill a gap in the literature on internationalization, in relation to the absence of objective and measurable performance indicators for the process of how firms sequentially enter external markets. To that end, this research develops a quantitative tool for use as a performance indicator of gradualness for firms entering external markets at a sectoral level. The performance indicator is based on firms' export volumes, number of years operating in the export market, geographic areas targeted for export and when exports began to each area. The indicator is tested empirically in the wine sector. The main contribution of this study is the creation of a reliable international priority index, which can serve more widely as a valuable tool because of its potential use in other industry sectors and geographic areas, and which would allow the analysis of how geographically differentiated internationalization strategies develop.

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

    National Research Council Canada - National Science Library

    Austin, Andrew; Gravelle, Jane G

    2007-01-01

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

  20. Why Do Markets Crash? Bitcoin Data Offers Unprecedented Insights.

    Directory of Open Access Journals (Sweden)

    Jonathan Donier

    Full Text Available Crashes have fascinated and baffled many canny observers of financial markets. In the strict orthodoxy of the efficient market theory, crashes must be due to sudden changes of the fundamental valuation of assets. However, detailed empirical studies suggest that large price jumps cannot be explained by news and are the result of endogenous feedback loops. Although plausible, a clear-cut empirical evidence for such a scenario is still lacking. Here we show how crashes are conditioned by the market liquidity, for which we propose a new measure inspired by recent theories of market impact and based on readily available, public information. Our results open the possibility of a dynamical evaluation of liquidity risk and early warning signs of market instabilities, and could lead to a quantitative description of the mechanisms leading to market crashes.

  1. Why Do Markets Crash? Bitcoin Data Offers Unprecedented Insights

    Science.gov (United States)

    Donier, Jonathan; Bouchaud, Jean-Philippe

    2015-01-01

    Crashes have fascinated and baffled many canny observers of financial markets. In the strict orthodoxy of the efficient market theory, crashes must be due to sudden changes of the fundamental valuation of assets. However, detailed empirical studies suggest that large price jumps cannot be explained by news and are the result of endogenous feedback loops. Although plausible, a clear-cut empirical evidence for such a scenario is still lacking. Here we show how crashes are conditioned by the market liquidity, for which we propose a new measure inspired by recent theories of market impact and based on readily available, public information. Our results open the possibility of a dynamical evaluation of liquidity risk and early warning signs of market instabilities, and could lead to a quantitative description of the mechanisms leading to market crashes. PMID:26448333

  2. 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

  3. Contractual Incompleteness, Unemployment, and Labour Market Segmentation

    DEFF Research Database (Denmark)

    Altmann, Steffen; Falk, Armin; Grunewald, Andreas

    2014-01-01

    This article provides evidence that involuntary unemployment, and the segmentation of labour markets into firms offering "good" and "bad" jobs, may both arise as a consequence of contractual incompleteness.We provide a simple model that illustrates how unemployment and market segmentation may...... jointly emerge as part of a market equilibrium in environments where work effort is not third-party verifiable. Using experimental labour markets that differ only in the verifiability of effort, we demonstrate empirically that contractual incompleteness can cause unemployment and segmentation. Our data...

  4. “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.

  5. Monetary Policy and Financial Asset Prices: Empirical Evidence from Pakistan

    Directory of Open Access Journals (Sweden)

    Imran Umer Chhapra

    2018-03-01

    Full Text Available Monetary transmission mechanism assumed to be significantly influenced by the effect of policy decisions on financial markets. However, various previous studies have come up with different outcomes. The purpose of this study is to examine the impact of monetary policy on different asset classes (shares and bonds in Pakistan. This study using stock price and bond yield as dependent variable and discount rate, money supply, inflation, and exchange rate are independent variables. Data of all variables have collected from 2010 to 2016, and Vector Autoregressive (VAR technique has applied. The empirical results indicate that there is an impact of monetary policy components on both stock and bond market as an increase in policy rate causes decline in stocks prices and bonds yields. The findings of this study will help the potential investors in making long-term (in general and short-term (in particular investment strategies concerning monetary policy.DOI: 10.15408/sjie.v7i2.7099

  6. 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…

  7. Experimentel Evidence of Discrimination in the Labour Market

    DEFF Research Database (Denmark)

    Dahl, Malte Rokkjær; Krog, Niels

    , there is limited evidence on the way gender and ethnicity interact across different occupations. By randomly assigning gender and ethnicity, this study suggests that ethnic discrimination is strongly moderated by gender: minority males are consistently subject to a much larger degree of discrimination than......This paper presents evidence of ethnic discrimination in the recruitment process from a field experiment conducted in the Danish labour market. In a correspondence experiment, fictitious job applications were randomly assigned either a Danish or Middle Eastern-sounding name and sent to real job...... openings. In addition to providing evidence on the extent of ethnic discrimination in the Danish labour market, the study offers two novel contributions to the literature more generally. First, because a majority of European correspondence experiments have relied solely on applications with male aliases...

  8. Practitioner accounts and knowledge production: an analysis of three marketing discourses

    OpenAIRE

    Ardley, Barry Charles; Quinn, Lee

    2014-01-01

    Responding to repeated calls for marketing academicians to connect with marketing actors, we offer an empirically-sourced discourse analysis of the ways in which managers portray their practices. Focusing on the micro-discourses and narratives that marketing actors draw upon to represent their work we argue that dominant representations of marketing knowledge production present a number of critical concerns for marketing theory and marketing education. We also evidence that the often promoted...

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

    Science.gov (United States)

    2007-07-24

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

  10. Is the world oil market 'one great pool'? A test

    International Nuclear Information System (INIS)

    Rodriguez, A.E.; Williams, M.D.

    1993-01-01

    In a recent paper (Weiner, 1991) it was argued that crude oil markets are regionalized, thus challenging the assertion that the world oil market is homogeneous. This argument bears on the effectiveness of various energy policies. It is argued that these policies should be analyzed using constructs such as antitrust markets, rather than in relation to an ad-hoc definition of regionalization like that used by Weiner. Regionalization and geographic antitrust markets, empirics, and policy implications of regional markets are discussed. By drawing clear parallels between the concept of regionalization and antitrust markets, it is shown that: due to Wiener's flawed methodological and empirical approach, it is not clear that crude oil markets are, in fact, regional; and policies that appear at first glance to require regional markets to be effective, may be explained even in a unified world market. Strong evidence is found in support of a unified world oil market. Some policy implications in the area of import taxes are discussed. 35 refs., 1 tab

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

    Directory of Open Access Journals (Sweden)

    Dayal Talukder

    2014-01-01

    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.

  12. 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

  13. 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

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

    NARCIS (Netherlands)

    Frambach, Ruud T.; Barkema, Harry G.; Nooteboom, Bart; Wedel, Michel

    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 of innovations in addition to adopter-side variables. The empirical study focused on the adoption of electronic banking in the Dutch business market. A

  15. Gamification as a strategy of internal marketing

    Directory of Open Access Journals (Sweden)

    José Luis Ruizalba Robledo

    2013-12-01

    Full Text Available Purpose: Theoretical analysis of the phenomenon of gamification and its possible application as a tool for internal marketing, in order to increase job satisfaction and commitment through engagement.Design/methodology/approach: Firstly, review of the literature on gamification and its background within game social reality. Secondly, presentation of several business cases where gamification has been applied.Findings: Focusing the subject of gamification within the field of internal marketing. In addition, a theoretical model of gamification as a tool to improve some consequences on employees’ behavior, such as job satisfaction and commitment through engagement, is proposed,. Various specific hypotheses for future research are proposed based on this model..Practical implications: Because of the situation of research on internal marketing and gamification, practical implications cannot be deduced in the short term, although they may arise as long as there is empirical evidence of its usefulness.Social implications: Currently there is no empirical evidence to infer social implications.Originality/value: Gamification is a very recent phenomenon that has been scarcely studied.

  16. Emotional Competence in Children with Autism: Diagnostic Criteria and Empirical Evidence

    Science.gov (United States)

    Begeer, Sander; Koot, Hans M.; Rieffe, Carolien; Terwogt, Mark Meerum; Stegge, Hedy

    2008-01-01

    The diagnostic criteria of autism spectrum disorders (ASD) include emotional impairments. However, scientific evidence for these impairments is varied and subtle. In this contribution, recent empirical studies that examined the emotional competence in children and adolescents with ASD are reviewed. Four aspects of emotional competence that are…

  17. A review and integration of socio-political processes in marketing channel relationships

    DEFF Research Database (Denmark)

    Jensen, Nils Bøgelund; Skytte, Hans

    , and all issues from 1980 until the summer of 1996 were systematically examined for empirical contributions to understanding marketing channel relationships. This, and some further articles, which turned up by reviewing references in the articles, resulted in a total of 92 papers on the subject. This paper......, influence strategies, adaptation, trust and commitment are seen as important aspects of marketing channel relationships. 3. The review is split into two sections. One, which focuses on the behavioural processes and one which focuses on the sentiment processes. For each category the relevant empirical papers......1. The objective of the paper is to review the empirical contributions to understanding socio-political processes in marketing channels. The results of the study will be used as a starting point for our own studies. Nine leading international journals were used to review the empirical evidence...

  18. Board diversity in the perspective of financial distress: Empirical evidence from the Netherlands

    Directory of Open Access Journals (Sweden)

    Bernard Santen

    2009-07-01

    Full Text Available This paper analyses the relationship between board diversity (in gender and in nationality and financial distress. A summary of the theory behind board diversity precedes an overview of the empirical evidence on the relationship between diversity and company performance. The paper presents empirical research on the relationship between a negative performance measure, financial distress, and diversity on the board. The results show a positive relationship between the presence of foreign non-executive directors and financial distress. It is suggested that this is caused by negative communication and misunderstandings. No relationship is found between the gender of a director and financial distress. On a micro-level, the data do not show evidence for the glass cliff hypothesis.

  19. 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...... greatest benefits. Our aim was to explore the underpinnings of OBE: its historical origins, theoretical basis, and empirical evidence of its effects in order to answer the question: How can predetermined learning outcomes influence undergraduate medical education? This literature review had three...... components: A review of historical landmarks in the evolution of OBE; a review of conceptual frameworks and theories; and a systematic review of empirical publications from 1999 to 2010 that reported data concerning the effects of learning outcomes on undergraduate medical education. OBE had its origins...

  20. STOCK MARKET AND TAX REVENUE COLLECTION IN MALAYSIA: EVIDENCE FROM COINTEGRATION AND CAUSALITY TESTS

    OpenAIRE

    Roshaiza Taha

    2013-01-01

    This study empirically examined the relationship between stock market performance and taxation in Malaysia over the period 1980 to 2008. The Gregory Hansen methodology was utilized to examine which tax collected by Malaysia’s Government most impacted stock market performance in Malaysia. The results show that stock market performance contributes most to the changes in company tax revenue as compared to personal taxes and real property gain taxes. In addition, the analysis detects a signific...

  1. FAVAR Analysis of Foreign Investment with Capital Market Predictors: Evidence on Nigerian and Selected African Stock Exchanges

    Directory of Open Access Journals (Sweden)

    David Umoru

    2018-03-01

    Full Text Available Econometrically, we analyzed role of selected African stock exchanges in welcoming FDI inflows by estimating time-varying factor augmented vector auto-regression (FAVAR model for 2006:Q1 to 2017:Q4. Our results support FDI being massively influenced by movements in two stock market predictors namely, stock market's size, that is, total market value of stock market's listed shares calculated by multiplying a stock market’s shares listed by current market price of one share and stock market liquidity which is total value of traded shares relative to the size of the economy. By empirical inference, African stock exchanges exhibit inordinate turnover ratio and so these markets are exceedingly liquid. Particularly, transactions at stock exchange are significant indicators for foreign investors and total market value of listed shares in stock markets is linked positively with FDI inflow into Africa. The empirical finding is that viable African stock exchanges are attractive indicator of market concentration and high investment profile in Africa. The study so remarked the requisite to advance the stock exchange in order to boost funds accumulation for investment drive. Also, African governments should project and implement stock market-friendly procedures acceptable to maximize welfares of spillover effects of FDI.

  2. "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.

  3. Review of US ESCO industry market trends: an empirical analysis of project data

    International Nuclear Information System (INIS)

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

    2005-01-01

    This comprehensive empirical analysis of US energy service company (ESCO) industry trends and performance employs two parallel analytical approaches: a survey of firms to estimate total industry size, and a database of ∼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/m 2 /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 (SPT) 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 appropriate policy support - both financial and non-financial - can 'jump-start' a viable private-sector energy-efficiency services industry that targets large institutional and commercial/industrial customers

  4. Review of US ESCO industry market trends: an empirical analysis of project data

    International Nuclear Information System (INIS)

    Goldman, C.A.; Hopper, N.C.; Osborn, J.G.

    2005-01-01

    This comprehensive empirical analysis of US energy service company (ESCO) industry trends and performance employs two parallel analytical approaches: a survey of firms to estimate total industry size, and a database of ∼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/m 2 /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 (SPT) 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. ECSOs 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 appropriate policy support - both financial and non-financial - can 'jump-start' a viable private-sector energy-efficiency services industry that targets large institutional and commercial/industrial customers. (author)

  5. Empirical approach to endorsement marketing and consumer fanaticism of telecom firms Nigeria’s Rivers State

    Directory of Open Access Journals (Sweden)

    Joy E. Akahome

    2017-10-01

    Full Text Available The paper is an empirical investigation of the relationship between endorsement marketing and consumer fanaticism of telecom firms in Rivers State. A sample of 200 customers of selected telecom firms was surveyed and 196 copies of the questionnaire were returned and valid after data collation and cleaning for analysis using Pearson’s Product Moment Correlation with the aid of SPSS version 21.0. Based on findings, the paper concludes that celebrity-product-fit has a strong relationship with consumer fanaticism of telecom firms in Rivers State. Amongst the recommendations is that more investment should be made on endorsement marketing activities as it enhances consumers’ brand recognition.

  6. 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.

  7. Immigration Restrictions as Active Labor Market Policy: Evidence from the Mexican Bracero Exclusion

    OpenAIRE

    Clemens, Michael A.; Lewis, Ethan Gatewood; Postel, Hannah M.

    2017-01-01

    An important class of active labor market policy has received little rigorous impact evaluation: immigration barriers intended to improve the terms of employment for domestic workers by deliberately shrinking the workforce. Recent advances in the theory of endogenous technical change suggest that such policies could have limited or even perverse labor-market effects, but empirical tests are scarce. We study a natural experiment that excluded almost half a million Mexican 'bracero' seasonal ag...

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

    Science.gov (United States)

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

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

  9. Empirical studies of market microstructure

    NARCIS (Netherlands)

    Spierdijk, L.

    2003-01-01

    In efficient markets, security prices move in response to the release of new information. Since transactions contain information, trading itself causes traders and market makers to update their beliefs and prices to be revised. The main part of this thesis (Chapters 2, 3, and 4) is devoted to the

  10. An empirical investigation on factors influencing customer selection of ADSL services

    Directory of Open Access Journals (Sweden)

    Naser Azad

    2013-06-01

    Full Text Available In this paper, we present an empirical investigation on various factors affecting ADSL service selection in city of Tehran, Iran. The proposed model of this paper uses a standard questionnaire and distributes it among randomly selected customers who have some experiences on internet based ADSL products. The study implements factor analysis as well as weighted regression technique to perform the study. There are eight hypotheses associated with the proposed study of this paper, which indicates the effects of product marketing, place and time of marketing mix, process-marketing mix, productivity and quality of marketing mix, people, promotion and education and physical evidence on customer choice. The results of factor analysis have confirmed the impacts of the first four factors but the effects of the other factor were not confirmed. In other words, the results of the survey have indicated that product marketing, place and time of marketing mix, process-marketing mix and productivity and quality of marketing mix influence customer choice. However, the other four components including people, promotion, price and physical evidence do not play essential role on customer choice.

  11. Limited Commitment Models of the Labour Market

    OpenAIRE

    Jonathan Thomas; Tim Worrall

    2007-01-01

    We present an overview of models of long-term self-enforcing labour con- tracts in which risk-sharing is the dominant motive for contractual solutions. A base model is developed which is sufficiently general to encompass the two-agent problem central to most of the literature, including variable hours. We consider two-sided limited commitment and look at its implications for aggregate labour market variables. We consider the implications for empirical testing and the available empirical evide...

  12. Joint route planning under varying market conditions

    NARCIS (Netherlands)

    Cruijssen, Frans; Bräysy, Olli; Dullaert, Wout; Fleuren, Hein; Salomon, Marc

    2007-01-01

    Purpose - To provide empirical evidence on the level of savings that can be attained by joint route planning and how these savings depend on specific market characteristics. Design/methodology/approach - Joint route planning is a measure that companies can take to decrease the costs of their

  13. 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

  14. AN APPROACH TO THE EXTERNAL ASSESSMENT THROUGH EMPIRICAL EVIDENCE

    Directory of Open Access Journals (Sweden)

    Ismael Sanz Labrador

    2015-06-01

    Full Text Available This article presents the empiral evidences of standardized evaluations and explores the aspects of such evaluations more interesting to the educational community, and investigates the effects in implementing those exams on the performance of students. Furthermore, it is analyzed the relationship between external evaluations and teaching to the test , it is seen how it affects the introduction of these evaluations in student learning and their performance in international assessments of different characteristics, and the effect it produces in schools located in disadvantaged areas.

  15. 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.

  16. The Stock Market, Profit and Investment

    OpenAIRE

    Olivier Blanchard; Changyong Rhee; Lawrence Summers

    1990-01-01

    Should managers, when making investment decisions, follow the signals given by the stock market even if those do not coincide with their own assessments of fundamental value? This paper reviews the theoretical arguments and examines the empirical evidence, constructing and using a new US time series of data on the q ratio from 1900 to 1988. We decompose q - - the ratio of the market value of corporate capital to its replacement cost - - into the product of two terms, reflecting "fundamentals"...

  17. Effects of Daylight Saving Time changes on stock market volatility: a reply.

    Science.gov (United States)

    Berument, Hakan; Dogan, Nukhet

    2011-12-01

    There is a rich array of evidence that suggests that changes in sleeping patterns affect an individual's decision-making processes. A nationwide sleeping-pattern change happens twice a year when the Daylight Saving Time (DST) change occurs. Kamstra, Kramer, and Levi argued in 2000 that a DST change lowers stock market returns. This study presents evidence that DST changes affect the relationship between stock market return and volatility. Empirical evidence suggests that the positive relationship between return and volatility becomes negative on the Mondays following DST changes.

  18. 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......) overstating the probability that firms would stop exporting to a market if tariffs were imposed by 7.5 percentage points. We also show that competitive effects vary across export markets and competitors. This heterogeneity in the competitive effects implies that there exist multiple equilibria, both...

  19. The Mechanisms of Market Inefficiency: An Introduction to the New Finance

    OpenAIRE

    Stout, Lynn A.

    2004-01-01

    During the 1970s and early 1980s, the Efficient Capital Market Hypothesis (ECMH) became one of the most widely-accepted and influential ideas in finance economics. More recently, however, the idea of market efficiency has fallen into disrepute as a result of market events and growing empirical evidence of inefficiencies. This essay argues that the weaknesses of the efficient market theory are, and were, apparent from a careful inspection of its initial premises, including the presumptions of ...

  20. 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.

  1. The effectiveness of social marketing interventions for health improvement: what's the evidence?

    Science.gov (United States)

    Gordon, Ross; McDermott, Laura; Stead, Martine; Angus, Kathryn

    2006-12-01

    To review the effectiveness of social marketing interventions designed to improve diet, increase physical activity, and tackle substance misuse. This article describes three reviews of systematic reviews and primary studies that evaluate social marketing effectiveness. All three reviews used pre-defined search and inclusion criteria and defined social marketing interventions as those which adopted six key social marketing principles. The reviews provide evidence that social marketing interventions can be effective in improving diet, increasing exercise, and tackling the misuse of substances like alcohol, tobacco, and illicit drugs. There is evidence that social marketing interventions can work with a range of target groups, in different settings, and can work upstream as well as with individuals. Social marketing provides a very promising framework for improving health both at the individual level and at wider environmental and policy-levels. Problems with research design, lack of conceptual understanding or implementation are valid research concerns.

  2. Micro-Credit and Rural Poverty: An Analysis of Empirical Evidence

    OpenAIRE

    Chavan, P.; Ramakumar, R.

    2003-01-01

    This paper reviews empirical evidence on NGO-led micro-credit programmes in several developing countries, and compares them with state-led poverty alleviation schemes in India. It shows that micro-credit programmes have brought about a marginal improvement in the beneficiaries' income, though technological improvements are lacking due to its emphasis on ‘survival skills'. Also, in Bangladesh the practice of repayment of Grameen Bank loans by making fresh loans from moneylenders has resulted ...

  3. 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.

  4. Empirical Evidence from Kenya

    African Journals Online (AJOL)

    FIRST LADY

    2011-01-18

    Jan 18, 2011 ... Empirical results reveal that consumption of sugar in. Kenya varies ... experiences in trade in different regions of the world. Some studies ... To assess the relationship between domestic sugar retail prices and sugar sales in ...

  5. Does ambiguity aversion survive in experimental asset markets?

    NARCIS (Netherlands)

    Füllbrunn, Sascha; Rau, Holger A.; Weitzel, Utz

    2014-01-01

    Although a number of theoretical studies explain empirical puzzles in finance with ambiguity aversion, it is not a given that individual ambiguity attitudes survive in markets. In fact, despite ample evidence of ambiguity aversion in individual decision making, most studies find no or only limited

  6. High schools and labour market outcomes: Italian graduates

    DEFF Research Database (Denmark)

    Pozzoli, Dario

    2007-01-01

    To provide empirical evidence on differences across high school tracks in early occupational labour market outcome, I estimate how the employment probability, the time before the first job is taken up, and earnings depend on high school type, controlling for student characteristics by a propensit...

  7. 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.

  8. Educational Leaders and Emotions: An International Review of Empirical Evidence 1992-2012

    Science.gov (United States)

    Berkovich, Izhak; Eyal, Ori

    2015-01-01

    The aim of the present article is to review the international evidence about emotional aspects related to educational leaders. The review focuses on empirical studies published in peer-refereed educational journals between 1992 and 2012. First, we address the importance of researching emotions for understanding educational leaders. Next, we…

  9. Financial markets theory equilibrium, efficiency and information

    CERN Document Server

    Barucci, Emilio

    2017-01-01

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

  10. Market distortions and aggregate productivity: Evidence from Chinese energy enterprises

    International Nuclear Information System (INIS)

    Dai, Xiaoyong; Cheng, Liwei

    2016-01-01

    Market distortions can generate resource misallocations across heterogeneous firms and reduce aggregate productivity. This paper measures market distortions and aggregate productivity growth in China's energy sector. We use the wedge between output elasticities and factor shares in revenues to recover a measure of firm-level market distortions. Using data on a large sample of Chinese energy enterprises from 1999 to 2007, our estimations provide strong evidence of the existence of both factor and product market distortions within and across China's various energy industries. The productivity aggregation and decomposition results demonstrate that the estimated aggregate productivity growth (APG) is, on average, 2.595% points per year, of which technological change, resource reallocation, and firm entries and exits account for 1.981, 0.068, and 0.546% points, respectively. The weak contributions of resource reallocation and firm turnover to APG are also found in energy sub-industries, except in the coal industry. Our research suggests that China's energy sector has major potential for productivity gains from resource reallocation through the reduction of market distortions. - Highlights: •We estimate market distortions and productivity growth of China's energy sector. •We use a large sample of Chinese energy enterprises. •There are evidences of the existence of factor and product market distortions. •Aggregate productivity growth is largely driven by firm-level technological change. •China's energy sector can realize productivity gains from resource reallocations.

  11. Evidence of market manipulation in the financial crisis

    OpenAIRE

    Vedant Misra; Marco Lagi; Yaneer Bar-Yam

    2011-01-01

    We provide direct evidence of market manipulation at the beginning of the financial crisis in November 2007. The type of manipulation, a "bear raid," would have been prevented by a regulation that was repealed by the Securities and Exchange Commission in July 2007. The regulation, the uptick rule, was designed to prevent manipulation and promote stability and was in force from 1938 as a key part of the government response to the 1929 market crash and its aftermath. On November 1, 2007, Citigr...

  12. What drives adult personality development? : A comparison of theoretical perspectives and empirical evidence

    NARCIS (Netherlands)

    Specht, J.; Bleidorn, W.; Denissen, J.J.A.; Hennecke, M.; Hutteman, R.; Luhmann, M.; Orth, U.; Reitz, A.K.; Zimmerman, J.

    2014-01-01

    Increasing numbers of empirical studies provide compelling evidence that personality traits change across the entire lifespan. What initiates this continuing personality development and how does this development proceed? In this paper, we compare six theoretical perspectives that offer testable

  13. 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.

  14. 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…

  15. Early Child Disaster Mental Health Interventions: A Review of the Empirical Evidence

    Science.gov (United States)

    Pfefferbaum, Betty; Nitiéma, Pascal; Tucker, Phebe; Newman, Elana

    2017-01-01

    Background: The need to establish an evidence base for early child disaster interventions has been long recognized. Objective: This paper presents a descriptive analysis of the empirical research on early disaster mental health interventions delivered to children within the first 3 months post event. Methods: Characteristics and findings of the…

  16. Judgments under competition and uncertainty : empirical evidence from online poker

    OpenAIRE

    Engelbergs, Jörg

    2010-01-01

    Playing poker has many aspects in common with the making of business decisions. Agents act in a strategically rich, dynamic environment, where they are repeatedly facing competition under uncertain prospects. Their main goal is to maximize their resources. However simple this goal is put down, it is difficult to fulfill. As vast and rich research has shown, heuristics and biases affect human decision-making. This work adds to these findings by providing empirical evidence for behavioral patte...

  17. Pricing and hedging in the VIX derivative market

    NARCIS (Netherlands)

    Kozarski, R.

    2013-01-01

    In course of the analysis, we take advantage of extended market evidence in the model estimation and a more complex design to assess the model pricing and hedging performance. The pursuit of more empirically relevant frameworks pays-off is a more precise pricing. However, instead of developing

  18. 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.

  19. Review of US ESCO industry market trends: an empirical analysis of project data

    Energy Technology Data Exchange (ETDEWEB)

    Goldman, C.A.; Hopper, N.C.; Osborn, J.G. [Lawrence Berkeley National Laboratory, Berkeley, CA (United States). Energy Analysis

    2005-02-01

    This comprehensive empirical analysis of US energy service company (ESCO) industry trends and performance employs two parallel analytical approaches: a 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/m{sup 2}/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 (SPT) 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. ECSOs 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 appropriate policy support - both financial and non-financial - can 'jump-start' a viable private-sector energy-efficiency services industry that targets large institutional and commercial/industrial customers. (author)

  20. Implications of Market Frictions : Serial Correlations in Indexes on the Emerging Stock Markets in Central and Eastern Europe

    Directory of Open Access Journals (Sweden)

    Joanna Olbrys

    2014-01-01

    Full Text Available Implications of market frictions in the context of serial correlations in indexes on the Central and Eastern European (CEE stock markets have been analysed. Market frictions, such as non-trading effects, bid/ask spreads, other transaction costs, etc., may be detected by direct measurement, or by indirect identification. Direct measurement of frictions is difficult as intraday trading data are unavailable in the case of most of the emerging CEE stock markets. Indirect identification may be conducted by detecting some empirical phenomena. One of them is evidence of serial correlations in indexes, the so-called the Fisher effect. We explore the problem of serial correlations in indexes on the eight CEE stock markets using data samples from each CEE market separately, as well as a "common trading window" approach, which is widely applied in the case of databases with multivariate time series. The evidence is that nonsynchronous trading effect II between markets may substantially disrupt the analysis of index returns on a domestic market. Using a synchronized database, one may erroneously conclude that the Fisher effect does not exist, although it is present. (original abstract

  1. An empirical study of real estate stock return behavior on the Nordic markets : – A 2003-2013 study

    OpenAIRE

    Mäki, David; Lundström, Martin

    2013-01-01

    The financial crisis has made the stock markets a very turbulent place. Investors have therefore begun searching for stable and profitable investments. Nordic real estate has for decades steadily increased in value and the stocks of real estate companies are said to be less risky than the market. This has led to a view of them being a safe haven for risk adverse investors. Very few empirical studies have been done on how these supposedly safe stocks actually behave in the Nordic countries. Th...

  2. The impact of telecommunication technologies on competition in services and goods markets: empirical evidence

    Czech Academy of Sciences Publication Activity Database

    Jerbashian, Vahagn; Kochanova, A.

    2017-01-01

    Roč. 119, č. 3 (2017), s. 628-655 ISSN 0347-0520 Grant - others:UK(CZ) GAUK 584612 Institutional support: Progres-Q24 Keywords : product market competition * telecommunication technologies Subject RIV: AH - Economics OBOR OECD: Applied Economics , Econometrics Impact factor: 1.444, year: 2016

  3. 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.

  4. Eating for the better: a social marketing review (2000-2012).

    Science.gov (United States)

    Carins, Julia E; Rundle-Thiele, Sharyn R

    2014-07-01

    The present study sought to identify both the ingredients for success and the potential impediments to social marketing effectiveness for healthy eating behaviour, focusing on studies conducted over the last 10 years. A comprehensive literature review was undertaken examining seventeen databases to identify studies reporting the use of social marketing to address healthy eating. Thirty-four empirical studies were analysed to examine the effectiveness of social marketing interventions to improve healthy eating behaviour using Andreasen's (2002) social marketing benchmark criteria. Statistical analysis was undertaken to quantitatively evaluate whether effectiveness varied between study categories (subsets). Healthy eating empirical studies published from 2000 onwards. Empirical studies that self-identified as social marketing. Sixteen social marketing studies (subset 1) were identified in the review. These were systematic studies which sought to change behaviour through tailored solutions (e.g. use of marketing tools beyond communication was clearly evident) that delivered value to the target audience. For these sixteen studies, the mean number of criteria identified was five. Six studies met all six criteria. Positive change to healthy eating behaviour was found in fourteen of sixteen studies. The sixteen studies that met the definition of social marketing used significantly more of Andreasen's (2002) criteria and were more effective in achieving behavioural change than the eighteen studies in subset 2. Social marketing is an involved process and it is important that studies identifying as social marketing adopt social marketing benchmark criteria. Social marketing when employed to its full extent offers the potential to change healthy eating.

  5. Price discovery in restructured electricity markets

    Energy Technology Data Exchange (ETDEWEB)

    Dempster, Gregory [Hampden-Sydney College, Box 132, Hampden-Sydney, VA 23943 (United States); Isaacs, Justin [Hampden-Sydney College, Hampden-Sydney, VA 23943 (United States); Smith, Narin [Southern Company (United States)

    2008-05-15

    We empirically investigate the degree of integration that existed prior to the cost increases that caused emergency conditions in the Western Systems Coordinating Council (WSCC), particularly California, during the summer of 2000. Evidence from Granger causality tests and common features analysis over the period from December 1994 to September 1999 indicates a moderate degree of integration among these markets. However, price effects throughout the region were often only unidirectional, did not exhibit the characteristics of perfect substitutability, and were significantly influenced by institutional changes in the California market. Most importantly, our research suggests that these markets were not as highly integrated as earlier research had indicated. (author)

  6. Making embeddedness work: social practice institutions in foreign consulting markets

    OpenAIRE

    Johannes Glückler

    2005-01-01

    This paper develops conceptual and empirical evidence for the importance of social practice institutions in the internationalisation process of management-consulting firms. Personal trust and reputation rather than price are examined as key mechanisms of foreign market entry and penetration. Empirical case studies in London, Frankfurt, and Madrid produce three findings. First, enduring client relations and client referrals facilitated most foreign firm entries and the majority of local client...

  7. Long-range correlation and market segmentation in bond market

    Science.gov (United States)

    Wang, Zhongxing; Yan, Yan; Chen, Xiaosong

    2017-09-01

    This paper investigates the long-range auto-correlations and cross-correlations in bond market. Based on Detrended Moving Average (DMA) method, empirical results present a clear evidence of long-range persistence that exists in one year scale. The degree of long-range correlation related to maturities has an upward tendency with a peak in short term. These findings confirm the expectations of fractal market hypothesis (FMH). Furthermore, we have developed a method based on a complex network to study the long-range cross-correlation structure and applied it to our data, and found a clear pattern of market segmentation in the long run. We also detected the nature of long-range correlation in the sub-period 2007-2012 and 2011-2016. The result from our research shows that long-range auto-correlations are decreasing in the recent years while long-range cross-correlations are strengthening.

  8. 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.

  9. 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......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...... 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...

  10. Volatility spillovers in China’s crude oil, corn and fuel ethanol markets

    International Nuclear Information System (INIS)

    Haixia, Wu; Shiping, Li

    2013-01-01

    Price volatility spillovers among China’s crude oil, corn and fuel ethanol markets are analyzed based on weekly price data from September 5, 2003 to August 31, 2012, employing the univariate EGARCH model and the BEKK-MVGARCH model, respectively. The empirical results indicate a higher interaction among crude oil, corn and fuel ethanol markets after September, 2008. In the overall sample period, the results simultaneously provide strong evidence that there exist unidirectional spillover effects from the crude oil market to the corn and fuel ethanol markets, and double-directional spillovers between the corn market and the fuel ethanol market. However, the spillover effects from the corn and fuel ethanol markets to the crude oil market are not significant. -- Highlights: •Employing univariate EGARCH model and BEKK-MVGARCH model, respectively. Unidirectional spillover effects from crude oil market to corn and fuel ethanol markets. •Double-directional spillovers between corn market and fuel ethanol market. •The spillover effects from corn and fuel ethanol markets to crude oil market are not significant. •The empirical results indicate a higher interaction among crude oil, corn and fuel ethanol markets after September, 2008

  11. Unbiasedness and time varying risk premia in the crude oil futures market

    International Nuclear Information System (INIS)

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

    1994-01-01

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

  12. Hot money and China's stock market volatility: Further evidence using the GARCH-MIDAS model

    Science.gov (United States)

    Wei, Yu; Yu, Qianwen; Liu, Jing; Cao, Yang

    2018-02-01

    This paper investigates the influence of hot money on the return and volatility of the Chinese stock market using a nonlinear Granger causality test and a new GARCH-class model based on mixed data sampling regression (GARCH-MIDAS). The empirical results suggest that no linear or nonlinear causality exists between the growth rate of hot money and the Chinese stock market return, implying that the Chinese stock market is not driven by hot money and vice versa. However, hot money has a significant positive impact on the long-term volatility of the Chinese stock market. Furthermore, the dependence between the long-term volatility caused by hot money and the total volatility of the Chinese stock market is time-variant, indicating that huge volatilities in the stock market are not always triggered by international speculation capital flow and that Chinese authorities should further focus on more systemic reforms in the trading rules and on effectively regulating the stock market.

  13. Academic Advising Systems: A Systematic Literature Review of Empirical Evidence

    Directory of Open Access Journals (Sweden)

    Omiros Iatrellis

    2017-12-01

    Full Text Available This paper aims to provide the reader with a comprehensive background for understanding current knowledge on Academic Advising Systems (AAS and its impact on learning. It constitutes an overview of empirical evidence behind key objectives of the potential adoption of AAS in generic educational strategic planning. The researchers examined the literature on experimental case studies conducted in the domain during the past ten years (2008–2017. Search terms identified 98 mature pieces of research work, but inclusion criteria limited the key studies to 43. The authors analyzed the research questions, methodology, and findings of these published papers and categorized them accordingly. The results have highlighted three distinct major directions of the AAS empirical research. This paper discusses the emerged added value of AAS research and highlights the significance of further implications. Finally, the authors set their thoughts on possible uncharted key questions to investigate both from pedagogical and technical considerations.

  14. Competition in electricity spot markets. Economic theory and international experience

    Energy Technology Data Exchange (ETDEWEB)

    Fehr, Nils-Henrik von der; Harbord, David

    1998-09-01

    This publication gives a survey of economic theory and international experience connected to electricity spot markets. The main purpose is to consider the attempts that have been made to apply economic theory and empirical methods to the analysis of electricity markets, and to evaluate them in light of theoretical considerations and empirical evidence. The publication describes in simple terms the basic pool pricing mechanism, and experience with pools in a number of countries. It is worth emphasizing that it is not the purpose to treat in extensive detail the structure of electricity pools around the world. Key factors of the markets in England and Wales, Norway and Australia are described in order to allow for a comparison of design issues and evaluation of competitive performance. 80 refs., 14 figs., 15 tabs.

  15. 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.

  16. Which global stock indices trigger stronger contagion risk in the Vietnamese stock market? Evidence using a bivariate analysis

    OpenAIRE

    Wang Kuan-Min; Lai Hung-Cheng

    2013-01-01

    This paper extends recent investigations into risk contagion effects on stock markets to the Vietnamese stock market. Daily data spanning October 9, 2006 to May 3, 2012 are sourced to empirically validate the contagion effects between stock markets in Vietnam, and China, Japan, Singapore, and the US. To facilitate the validation of contagion effects with market-related coefficients, this paper constructs a bivariate EGARCH model of dynamic conditional correlation coefficients. Using the...

  17. Food and Beverage Marketing in Schools: A Review of the Evidence

    OpenAIRE

    Velazquez, Cayley E.; Black, Jennifer L.; Potvin Kent, Monique

    2017-01-01

    Despite growing interest from government agencies, non-governmental organizations and school boards in restricting or regulating unhealthy food and beverage marketing to children, limited research has examined the emerging knowledge base regarding school-based food and beverage marketing in high-income countries. This review examined current approaches for measuring school food and beverage marketing practices, and evidence regarding the extent of exposure and hypothesized associations with c...

  18. Multifractal features of EUA and CER futures markets by using multifractal detrended fluctuation analysis based on empirical model decomposition

    International Nuclear Information System (INIS)

    Cao, Guangxi; Xu, Wei

    2016-01-01

    Basing on daily price data of carbon emission rights in futures markets of Certified Emission Reduction (CER) and European Union Allowances (EUA), we analyze the multiscale characteristics of the markets by using empirical mode decomposition (EMD) and multifractal detrended fluctuation analysis (MFDFA) based on EMD. The complexity of the daily returns of CER and EUA futures markets changes with multiple time scales and multilayered features. The two markets also exhibit clear multifractal characteristics and long-range correlation. We employ shuffle and surrogate approaches to analyze the origins of multifractality. The long-range correlations and fat-tail distributions significantly contribute to multifractality. Furthermore, we analyze the influence of high returns on multifractality by using threshold method. The multifractality of the two futures markets is related to the presence of high values of returns in the price series.

  19. Empirical Evidence on Time-Varying Hedging Effectiveness of Emissions Allowances under Departures from the Cost-of-Carry Theory

    Directory of Open Access Journals (Sweden)

    Kai Chang

    2013-01-01

    Full Text Available Under departures from the cost-of-carry theory, traded spot prices and conditional volatility disturbed from futures market have significant impacts on futures price of emissions allowances, and then we propose time-varying hedge ratios and hedging effectiveness estimation using ECM-GARCH model. Our empirical results show that conditional variance, conditional covariance, and their correlation between between spot and futures prices exhibit time-varying trends. Conditional volatility of spot prices, conditional volatility disturbed from futures market, and conditional correlation of market noises implied from spot and futures markets have significant effects on time-varying hedge ratios and hedging effectiveness. In the immature emissions allowances market, market participants optimize portfolio sizes between spot and futures assets using historical market information and then achieve higher risk reduction of assets portfolio revenues; accordingly, we can obtain better hedging effectiveness through time-varying hedge ratios with departures from the cost-of-carry theory.

  20. The impact of leverage on stock returns: an empirical test on the Australian stock market

    OpenAIRE

    Thuy Linh, Doan

    2009-01-01

    Asset pricing model is no longer a new topic to theoretical finance but it still maintains researchers’ interest until now. The role of firm characteristics in explaining the stock returns becomes more and more significant in the empirical studies. The Fama French three factor is the most famous model of testing the firm characteristics: size effect and book to market effect on stock returns. However, this model does not include leverage, one of the most important firm characteristics. Starti...

  1. Export Growth and Factor Market Competition: Theory and Some Evidence

    NARCIS (Netherlands)

    J. Emami Namini (Julian); G. Facchini (Giovanni); R.A. Lopez (Ricrado)

    2011-01-01

    textabstractEmpirical evidence suggests that sectoral export growth decreases exporters' survival probability, whereas this is not true for non-exporters. Models with firm heterogeneity in total factor productivity (TFP) predict the opposite. To solve this puzzle, we develop a two{factor framework

  2. An Empirical Analysis of Indirect Network Effects in the Home Video Game Market

    OpenAIRE

    James E. Prieger; Wei-Min Hu

    2006-01-01

    We explore the indirect network effect in the market for home video games. We examine the video game console makers’ strategic choice between increasing demand by lowering console price and by encouraging the growth of software variety. We also explore the existence of an applications barrier to entry in the console market, and find that there is little evidence for such a barrier. Finally, we assess the applicability of the model to out-of-sample situations, to look at whether our model and ...

  3. Production Contracts and the Spot Market Price of Hogs

    OpenAIRE

    Key, Nigel D.

    2010-01-01

    The increasing use of production contracts in the hog sector has reduced the number of spot market transactions, raised concerns about price manipulation and helped to spur legislation requiring price reporting by packers. Using data from the 2002 and 2007 Censuses of Agriculture, this study looks for evidence of market manipulation by examining whether the local prevalence of contracting affects the average price received by independent producers. The empirical approach uses a fixed-effects ...

  4. Water policy reform in Australia: lessons from the Victorian seasonal water market

    OpenAIRE

    Brennan, Donna C.

    2006-01-01

    The nature of the seasonal water market is examined using a theoretical model and empirical evidence from the Victorian market. Drivers of the seasonal opportunity cost of water include the underlying nature of investment in the industry made in the context of risky entitlement yields; and the timing and nature of information regarding seasonal water availability and rainfall. Seasonal water markets facilitate the reallocation of water availability according to this short-run opportunity cost...

  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. 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.

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

    Directory of Open Access Journals (Sweden)

    Dragoș Mînjină

    2013-11-01

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

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

    Directory of Open Access Journals (Sweden)

    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.

  9. Search in the product market and the real business cycle

    OpenAIRE

    Mathä, Thomas Y.; Pierrard, Olivier

    2009-01-01

    Abstract Abstract Empirical evidence suggests that most firms operate in imperfectly competitive markets. We develop a search-matching model between wholesalers and retailers. Firms face search costs and form long-term relationships. Price bargain results in both wholesaler and retailer markups, which depend on firms? relative bargaining power. We simulate the general equilibrium model and explore the role of product market search frictions for business cycles. We conclu...

  10. 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.

  11. Segments of marketers based on a perceived importance of marketing knowledge and skills

    OpenAIRE

    Vesna Žabkar; Maja Hosta

    2009-01-01

    The purpose of this article is to define and empirically verify a range of knowledge and skills which are necessary in order to segment marketers, based on their perceptions of the importance of such marketing knowledge and skills. To empirically verify the importance of marketing knowledge and skills, a 28-item measurement instrument was developed. Responses from 235 marketing vice-presidents, marketing directors, sales directors or company presidents/owners in Slovenia were obtained (an 11....

  12. MtB versus VAIC in measuring intellectual capital: Empirical evidence from Italian listed companies

    OpenAIRE

    Forte, W.; Matonti, G.; Tucker, J.; Nicolo, G.

    2017-01-01

    Purpose – Grounded in the extant theoretical and empirical literature, the purpose of this paper is to compare two of the most employed methods measuring IC value in order to find the most suitable in the context of Italian listed firms. Moreover, this paper also investigates the relationship between Intellectual Capital (IC), measured in terms of the Market to Book (MTB) ratio, and the Value Added Intellectual Coefficient (VAIC), and potential key determinants of IC value including intangibl...

  13. Empirical assessment of market power in the Alberta wholesale electricity market

    International Nuclear Information System (INIS)

    Qu, F.

    2007-01-01

    In the 1990s, many countries began to unbundle regulated electricity monopolies into generation, transmission, distribution and retail companies. Transmission and distribution services remained regulated, but generation and retail services were open for competition. Wholesale and retail electricity markets were created. This paper presented a newly developed competitiveness index specifically for the Alberta market through a simple and standard economic approach. The Alberta Electric Utilities Act came into effect in January 1996. This paper described how the Alberta wholesale electricity market works and demonstrated how to model market power in the electricity market. In this study, power generating companies in Alberta were divided into 2 groups. The first group contained the 5 largest firms called strategic firms, while the other group contained the small generating companies called non-strategic firms or the competitive fringe. In the sample years 2003 and 2004, strategic firms withheld capacity when price was above marginal cost and behaved within the range of competitive pricing. They were more likely to price competitively than to use unilateral market power prices. In addition, firms had higher price-cost margins during the off-peak season. This paper explained in detail the reason for this unusual off-peak pattern. The index to measure a firm's strategic behaviour in the Alberta electricity market was developed according to price-cost margin data where firm-behaviour effect was distinguished from the demand-elasticity effect. It was concluded that policy-makers and regulations should consider the magnitude and source of market power when designing market structure, rules and trading practices. 9 refs., 5 tabs., 2 figs

  14. Market segmentation: Venezuelan ADRs

    Directory of Open Access Journals (Sweden)

    Urbi Garay

    2012-12-01

    Full Text Available The control on foreign exchange 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, the shares in the firm CANTV were, through their American Depositary Receipts (ADRs, partially integrated with the global market. Following the imposition of the exchange controls this integration was lost. Research also documents the spectacular and apparently contradictory rise experienced by the Caracas Stock Exchange during the serious economic crisis of 2003. It is argued that, as it happened in Argentina in 2002, the rise in share prices occurred because the depreciation of the Bolívar in the parallel currency market increased the local price of the stocks that had associated ADRs, which were negotiated in dollars.

  15. Mergers and Acquisitions in the Spanish Banking Industry: some Empirical Evidence.

    OpenAIRE

    Ignacio Fuentes; Teresa Sastre

    1999-01-01

    Since the late eighties, the Spanish banking system has been undergoing major changes that have affected both its structure and the nature of strategic interaction among banking institutions. Various different strategies have been adopted to tackle the demands of this new operating environment, one such strategy having been consolidation via mergers and acquisitions. This paper attempts to provide some empirical evidence on the impact of the consolidation process on the monetary transmission ...

  16. The investor behavior and futures market volatility A theory and empirical study based on the OLG model and high-frequency data

    Institute of Scientific and Technical Information of China (English)

    Yun Wang; Renhai Hua; Zongcheng Zhang

    2011-01-01

    Purpose-The purpose of this paper is to examine whether the futures volatility could attect the investor behavior and what trading strategy different investors could adopt when they meet different information conditions.Design/methodology/approach-This study introduces a two-period overlapping generation model (OLG) model into the future market and set the investor behavior model based on the future contract price,which can also be extended to complete and incomplete information.It provides the equilibrium solution and uses cuprum tick data in SHFE to conduct the empirical analysis.Findings-The two-period OLG model based on the future market is consistent with the practical situation;second,the sufficient information investors such as institutional adopt reversal trading patterns generally;last,the insufficient information investors such as individual investors adopt momentum trading patterns in general.Research limitations/implications-Investor trading behavior is always an important issue in the behavioral finance and market supervision,but the related research is scarce.Practical implications-The conclusion shows that the investors' behavior in Chinese future market is different from the Chinese stock market.Originality/value-This study empirically analyzes and verifies the different types of trading strategies investors could;investors such as institutional ones adopt reversal trading patterns generally;while investors such as individual investors adopt momentum trading patterns in general.

  17. Does the U.S. exercise contagion on Italy? A theoretical model and empirical evidence

    Science.gov (United States)

    Cerqueti, Roy; Fenga, Livio; Ventura, Marco

    2018-06-01

    This paper deals with the theme of contagion in financial markets. At this aim, we develop a model based on Mixed Poisson Processes to describe the abnormal returns of financial markets of two considered countries. In so doing, the article defines the theoretical conditions to be satisfied in order to state that one of them - the so-called leader - exercises contagion on the others - the followers. Specifically, we employ an invariant probabilistic result stating that a suitable transformation of a Mixed Poisson Process is still a Mixed Poisson Process. The theoretical claim is validated by implementing an extensive simulation analysis grounded on empirical data. The countries considered are the U.S. (as the leader) and Italy (as the follower) and the period under scrutiny is very large, ranging from 1970 to 2014.

  18. 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

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

    International Nuclear Information System (INIS)

    Walls, W.D.; Rusco, Frank; Kendix, Michael

    2011-01-01

    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-terminal.

  20. Do flexible labor markets indeed reduce unemployment? A robustness check

    NARCIS (Netherlands)

    Vergeer, R.; Kleinknecht, A.

    2012-01-01

    Nickell et al. (2005) have frequently been cited as empirical evidence that labor market rigidities cause high unemployment. We find that their model is not robust. Leaving their database unchanged and changing three details in their estimation procedure, it turns out that several policy-relevant

  1. Collective animal navigation and migratory culture: from theoretical models to empirical evidence

    Science.gov (United States)

    Dell, Anthony I.

    2018-01-01

    Animals often travel in groups, and their navigational decisions can be influenced by social interactions. Both theory and empirical observations suggest that such collective navigation can result in individuals improving their ability to find their way and could be one of the key benefits of sociality for these species. Here, we provide an overview of the potential mechanisms underlying collective navigation, review the known, and supposed, empirical evidence for such behaviour and highlight interesting directions for future research. We further explore how both social and collective learning during group navigation could lead to the accumulation of knowledge at the population level, resulting in the emergence of migratory culture. This article is part of the theme issue ‘Collective movement ecology’. PMID:29581394

  2. Agglomeration effects in the labour market: an empirical analysis for Italy

    Directory of Open Access Journals (Sweden)

    Marusca De Castris

    2013-05-01

    Full Text Available Extensive and persistent geographic variability of the unemployment rate within the same region has been attributed to various causes. Some theories identify the “thickness” of markets as the source of positive externalities affecting labour market by improving the ability to match the skills requested by firms with those offered by workers. A recent paper by Gan and Zhang (2006 empirically confirms this hypothesis for the US labour markets. Agglomeration can be defined as aggregation of people, basically measured by city size, or as aggregation of firms, measured by cluster size (employment or number of plants. However, the population location and the industrial location are by far more similar in United States than in Europe and in Italy. Our paper aims to evaluate the effects of agglomeration on the local unemployment rate. The new methodological contribution of the study is the identification of both urban and industrial cluster agglomeration effects, using a wide set of control variables. Adjusting the system for the effects of sectorial and size shocks, as well as those relating to geographic structure and policy interventions, the results of our analysis differ from that for the United States. The study stresses the presence of negative and significant urbanisation externalities. We obtain, instead, positive effects concerning the geographic agglomeration of firms, and their thickness, in a specific area. Furthermore, positive and significant effects can be found in local systems with features of a district. Finally, the model distinguishes the negative effects of urban agglomerations (in terms of population density from positive firm’s agglomerations (in terms of density of local units.

  3. Discrimination of tenants with a visual impairment on the housing market: Empirical evidence from correspondence tests.

    Science.gov (United States)

    Verhaeghe, Pieter-Paul; Van der Bracht, Koen; Van de Putte, Bart

    2016-04-01

    According to the social model of disability, physical 'impairments' become disabilities through exclusion in social relations. An obvious form of social exclusion might be discrimination, for instance on the rental housing market. Although discrimination has detrimental health effects, very few studies have examined discrimination of people with a visual impairment. We aim to study (1) the extent of discrimination of individuals with a visual impairment on the rental housing market and (2) differences in rates of discrimination between landowners and real estate agents. We conducted correspondence tests among 268 properties on the Belgian rental housing market. Using matched tests, we compared reactions by realtors and landowners to tenants with and tenants without a visual impairment. The results show that individuals with a visual impairment are substantially discriminated against in the rental housing market: at least one in three lessors discriminate against individuals with a visual impairment. We further discern differences in the propensity toward discrimination according to the type of lessor. Private landlords are at least twice as likely to discriminate against tenants with a visual impairment than real estate agents. At the same time, realtors still discriminate against one in five tenants with a visual impairment. This study shows the substantial discrimination against visually people with an impairment. Given the important consequences discrimination might have for physical and mental health, further research into this topic is needed. Copyright © 2016 Elsevier Inc. All rights reserved.

  4. 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.

  5. The Islamic Inter bank Money Market and a Dual Banking System : The Malaysian Experience

    OpenAIRE

    Bacha, Obiyathulla I.

    2008-01-01

    This paper examines the operation of an Islamic Interbank Money market (IIMM), within a dual banking system. The paper argues that even though an Islamic Money market operates in an interest free environment and trades shariah compliant instruments, many of the risks associated with conventional money markets, including interest rate risk is relevant to an Islamic Money Market operating within a dual banking system. The empirical evidence based on Malaysian data, points to Islamic money marke...

  6. Empirical microeconomics action functionals

    Science.gov (United States)

    Baaquie, Belal E.; Du, Xin; Tanputraman, Winson

    2015-06-01

    A statistical generalization of microeconomics has been made in Baaquie (2013), where the market price of every traded commodity, at each instant of time, is considered to be an independent random variable. The dynamics of commodity market prices is modeled by an action functional-and the focus of this paper is to empirically determine the action functionals for different commodities. The correlation functions of the model are defined using a Feynman path integral. The model is calibrated using the unequal time correlation of the market commodity prices as well as their cubic and quartic moments using a perturbation expansion. The consistency of the perturbation expansion is verified by a numerical evaluation of the path integral. Nine commodities drawn from the energy, metal and grain sectors are studied and their market behavior is described by the model to an accuracy of over 90% using only six parameters. The paper empirically establishes the existence of the action functional for commodity prices that was postulated to exist in Baaquie (2013).

  7. An empirical study about catering theory of dividends: The proof from Chinese stock market

    Directory of Open Access Journals (Sweden)

    Xiaoguang Lu

    2014-05-01

    Full Text Available Purpose: This paper aims to study the remarkable effect of dividends catering in Chinese stock market, and its significance on dividend policy and investment decisions. Is there a significant difference in operation status of companies between issuing cash dividend and those without cash dividend, and which one is the better? Is there a significant difference in income level of stocks between issuing cash dividend and those without cash dividend, which one is the higher? Is the irrational preference of cash dividend detracting along with the development and improvement of securities market? All issues above need the market inspection.Design/methodology/approach: Based on related dividend theories and the empirical data of Chinese securities market, we construct three portfolios including stock dividend, cash dividend and non-dividend. The paper studies the returns from these three kinds of portfolios which is analyzed by the least significant difference method, co-integration model, Sharpe index model, and error correction model, and then finally comes to the conclusions.Findings: The main finding is that there is significant effect of dividends catering in Chinese stock market; the income level of cash dividend portfolio is significantly lower than that of other portfolios; the listed companies issuing stock dividend have a high investment value.Originality/value: Through collecting a lot of data from the year 2004 to 2009 and developing models to analyze, the paper deem that whether the earnings growth or not determines the dividend policy of listed companies, and that stock dividend is the natural choice for those listed companies which have sustainable development advantages.

  8. Manipulation in political stock markets: Preconditions and evidence

    OpenAIRE

    Hansen, Jan; Schmidt, Carsten; Strobel, Martin

    2001-01-01

    Political stock markets (PSM) are sometimes seen as substitutes for opinion polls. On the bases of a behavioral model, specific preconditions were drawn out under which manipulation in PSM can weaken this argument. Evidence for manipulation is reported from the data of two separate PSM during the Berlin 99 state elections.

  9. Magnetic fluorescent ballasts: Market data, market imperfections, and policy success

    Energy Technology Data Exchange (ETDEWEB)

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

    1995-12-01

    Many economists have strongly questioned engineering-economic studies aimed at demonstrating anomalously slow diffusion of energy-efficient technology and the benefits of regulations to promote such technology. One argument against such studies is that standard techniques of engineering-economics are either inappropriate for or are routinely misapplied in assessing the performance of the market for energy efficiency. This paper presents engineering-economic evidence on the diffusion of energy efficiency improvements that takes account of such critiques. The authors examine the engineering and economic characteristics of standard and energy-efficient magnetic ballasts for fluorescent lighting. Efficient magnetic ballasts represented an excellent investment for 99% of the commercial building floor stock, and a moderately good investment for 0.7% of the commercial floor stock. Still, these ballasts were only being adopted in the 1980s at a rate commensurate with the enactment of appliance efficiency standards in various states. In this case, there is solid empirical evidence for skepticism about the effectiveness of the market mechanism in promoting cost-effective energy efficiency improvements as well as evidence of the benefits of regulation to counteract this shortcoming.

  10. Transaction costs and sequential bargaining in transferable discharge permit markets.

    Science.gov (United States)

    Netusil, N R; Braden, J B

    2001-03-01

    Market-type mechanisms have been introduced and are being explored for various environmental programs. Several existing programs, however, have not attained the cost savings that were initially projected. Modeling that acknowledges the role of transactions costs and the discrete, bilateral, and sequential manner in which trades are executed should provide a more realistic basis for calculating potential cost savings. This paper presents empirical evidence on potential cost savings by examining a market for the abatement of sediment from farmland. Empirical results based on a market simulation model find no statistically significant change in mean abatement costs under several transaction cost levels when contracts are randomly executed. An alternative method of contract execution, gain-ranked, yields similar results. At the highest transaction cost level studied, trading reduces the total cost of compliance relative to a uniform standard that reflects current regulations.

  11. Knowledge Management and its Role in Customer Relationship Marketing Campaigns Empirical study of online CRM tools

    OpenAIRE

    Al-Hayaly, Ali

    2015-01-01

    This empirical study aimed at conducting a cross case analysis of a four targeted Web-based CRM companies (Microsoft dynamics, Salesforce.com, Sugarcrm and Oracle on demand), in which this research will recognize the extent of knowledge management implantations used in these selected systems. Then highlighting the enhancement role of knowledge management implantations on these web-based CRM selected systems. Besides conducting the cross mapping the marketing campaigns of these selected system...

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

    Directory of Open Access Journals (Sweden)

    Katarzyna Anna Czech

    2012-10-01

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

  13. 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

  14. 78 FR 18393 - Self-Regulatory Organizations; the NASDAQ Stock Market LLC; Order Granting Approval of a Proposed...

    Science.gov (United States)

    2013-03-26

    ... Financial and Quantitative Analysis, Vol. 44, 1427-1457 (2009) (``Weaver Study''); H. Bessembinder, J. Hao.... Venkataraman & A. Waisburd, ``The Value of the Designated Market Maker'' Journal of Financial and Quantitative... Value of the Specialist: Empirical Evidence from the CBOE'' Journal of Financial Markets, Vol. 9, no. 2...

  15. Mixed and Complex Mixed Migration during Armed Conflict: Multidimensional Empirical Evidence from Nepal.

    Science.gov (United States)

    Williams, Nathalie E

    Historically, legal, policy, and academic communities largely ascribed to a dichotomy between forced and voluntary migration, creating a black and white vision that was convenient for legal and policy purposes. More recently, discussions have begun addressing the possibility of mixed migration, acknowledging that there is likely a wide continuum between forced and voluntary, and most migrants likely move with some amount of compulsion and some volition, even during armed conflict. While the mixed migration hypothesis is well-received, empirical evidence is disparate and somewhat blunt at this point. In this article, I contribute a direct theoretical and causal pathway discussion of mixed migration. I also propose the complex mixed migration hypothesis, which argues that not only do non-conflict related factors influence migration during conflict, but they do so differently than during periods of relative peace. I empirically test both hypotheses in the context of the recent armed conflict in Nepal. Using detailed survey data and event history models, results provide strong evidence for both mixed migration and complex mixed migration during conflict hypotheses. These hypotheses and evidence suggest that armed conflict might have substantial impacts on long-term population growth and change, with significant relevance in both academic and policy spheres.

  16. Erasmus Student Mobility as a Gateway to the International Labour Market?

    NARCIS (Netherlands)

    Van Mol, C.; Gerhards, J.; Hans, S.; Carlson, S.

    2014-01-01

    One of the main rationales of the Erasmus programme, initiated in 1987, is the promotion of the European labour market. Nevertheless, empirical evidence on the links between student mobility, international labour mobility and employability remains relatively limited. In this chapter, I investigate

  17. 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.

  18. 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…

  19. Regional and international market integration of a small open economy

    OpenAIRE

    Sebastian Fossati; Fernando Lorenzo; Cesar M. Rodríguez

    2007-01-01

    This paper studies the relationship between a set of commodity prices in a small open economy like Uruguay and the corresponding international and regional prices. The empirical methodology used is the multivariate cointegration procedure based on maximum likelihood methods introduced by Johansen (1988) as well as estimations of half-life persistence indicators. In the case of cereals, the evidence suggests strong market integration between domestic and regional markets and, to some extent, a...

  20. Cross-border mergers and acquisitions: Mature markets vs. emerging markets—with special reference to the USA and India

    Directory of Open Access Journals (Sweden)

    Geeta Rani Duppati

    2015-12-01

    Full Text Available Due to the differences in the merger waves across markets, the market for cross-border mergers and acquisitions by Indian companies differs in context and situations from those of the mature markets. Post-acquisition performance is critical to the success of companies involved in overseas investments. This paper uses event study methodology to analyse the long-term performance of Indian-acquiring companies by undertaking 30 outward foreign direct investment (OFDI-related deals, during 2000–2008 period. Further, it compares the empirical findings from India with the prior findings from the USA. It is evident from the empirical results that the stock markets reacted positively in the short run following the announcements of the OFDI-related mergers and acquisitions by Indian companies. The empirical findings also showed positive results in the post-acquisition period following the overseas deals.

  1. Financialization at the international level: evidence from emerging market economies

    Directory of Open Access Journals (Sweden)

    Raquel A. Ramos

    Full Text Available Abstract The paper focuses on the manifestations of financialization in the international sphere, which it defines as the increasing magnitude of finance and its decoupling from earlier functions and logic as the speculative motive is strengthened. With financialization the motive of finance is no longer to finance trade and production but to accumulate wealth, which in emerging market economies (EMEs takes place through innovative products and practices that have in common the focus on exchange rate returns, resulting in a strengthened speculative motive. The article reviews the financialization literature highlighting how the different closed-economy aspects impact the international sphere. It conducts empirical analyses based on the financial integration of a country and on the characteristics of its currencies’ FX markets to assess the presence of financialization and its characteristics among EMEs, indicating certain countries where this process is more intense.

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

    OpenAIRE

    Huanmin Yan; Shengwen Xie

    2016-01-01

    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...

  3. Testing efficiency and unbiasedness in the oil market

    International Nuclear Information System (INIS)

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

    1994-03-01

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

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

    Directory of Open Access Journals (Sweden)

    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.

  5. The Inefficient Use of Macroeconomic Information in Analysts' Earnings Forecasts in Emerging Markets

    NARCIS (Netherlands)

    G.J. de Zwart (Gerben); D.J.C. van Dijk (Dick)

    2008-01-01

    textabstractThis paper presents empirical evidence that security analysts do not efficiently use publicly available macroeconomic information in their earnings forecasts for emerging market stocks. Analysts completely ignore forecasts on political stability, while these provide valuable information

  6. Do political or economic factors drive healthcare financing privatisations? Empirical evidence from OECD countries

    NARCIS (Netherlands)

    Wiese, Rasmus

    2013-01-01

    This paper adds new empirical evidence to the political economy literature of economic reform. One of the main contributions of this paper is the development of a novel methodology to identify privatisations. The methodology is a combination of the Bai & Perron structural break filter, and

  7. 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.

    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

  8. Accelerated Internationalization in Emerging Markets: Empirical Evidence from Brazilian Technology-Based Firms

    Directory of Open Access Journals (Sweden)

    Fernanda Ferreira Ribeiro

    2014-04-01

    Full Text Available This paper offers an analysis into the external factors influencing the accelerated internationalization of technology-based firms (TBFs in the context of an emerging country, Brazil. This type of firm is typically called born global and has been reported mainly in high technology sectors and from developed countries. A survey was applied to small and medium Brazilian TBFs. Logistic regression was used to test the research hypotheses. The results suggest that new and small Brazilian technology-based firms, which followed an accelerated internationalization process, are most likely to be integrated into a global production chain. Results also show that TBFs which take more than five years to enter the international market, benefit more from the location in an innovation habitat, the partnerships in the home country, and the pro-internationalization government policies. Therefore, this research contributes to a better understanding of the phenomenon and points to new perspectives of studies.

  9. 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. Copyright © 2014. Published by Elsevier Ireland Ltd.

  10. 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.

  11. Blue Ocean versus Competitive Strategy: Theory and Evidence

    NARCIS (Netherlands)

    A.E. Burke (Andrew); A.J. van Stel (André); A.R. Thurik (Roy)

    2009-01-01

    textabstractBlue ocean strategy seeks to turn strategic management on its head by replacing ‘competitive advantage’ with ‘value innovation’ as the primary goal where firms must create consumer demand and exploit untapped markets. Empirical analysis has been focused on case study evidence and so

  12. Behavioural finance perspectives on Malaysian stock market efficiency

    Directory of Open Access Journals (Sweden)

    Jasman Tuyon

    2016-03-01

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

  13. 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.

  14. 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.

  15. Do acquisitions by electric utility companies create value? Evidence from deregulated markets

    International Nuclear Information System (INIS)

    Kishimoto, Jo; Goto, Mika; Inoue, Kotaro

    2017-01-01

    In the early 1990s, the United Kingdom (the UK) initiated widespread reforms in the electricity industry through a series of market liberalization policies. Several other countries have subsequently followed the lead and restructured their electricity industry. A major outcome of the deregulation effort is the spate of takeovers, both domestic and global, by electric utility companies. With the entry of new players and increasing competition, the business environment of the electricity industry has changed dramatically. This study analyzes the economic impact of mergers and acquisitions (M&As) in the electric utility industry after deregulation. We have examined acquisitions that took place between 1998 and 2013 in the United States, Canada, the UK, Germany, and France. Although previous studies showed no evidence of a positive effect on acquiring firms through M&As, we find that acquisitions by electric utility companies increased the acquiring firms’ share value and improved their operating performance, primarily through efficiency gains after the deregulation. These results are consistent with the empirical evidence and implications presented by Andrade et al. (2001) that M&A created value for the shareholders of the acquiring and target combined firms. - Highlights: • This study examined mergers and acquisitions (M&A) in electric utility industry. • The sample covered M&A between 1998 and 2013 in North America and Europe. • We found M&A significantly increased acquiring firms’ share value and operating performance. • Deregulation policy realized gains for shareholders without incurring costs for consumers.

  16. Making sense in asset markets: Strategies for Implicit Organizations

    Directory of Open Access Journals (Sweden)

    Johannes M. Lehner

    2015-12-01

    Full Text Available While asset markets are traditionally left to economic inquiry, the paper shows that there is both a legal possibility and an incentive for organizing within such markets and for exercising market share-based strategic maneuvering. It proposes, based on sensemaking theory, Implicit Organizations in asset markets to exploit equivocality for momentum trading strategies. An Implicit Organization fulfills the criteria of an organization, while maintaining the image of a perfect market. Its members coordinate via market signals and fixed investment time windows to ensure positive returns to strategic maneuvering in asset markets. In support of hypotheses derived from sensemaking theory, results of empirical studies from two different investment contexts (Xetra and NYSE provide evidence that equivocal analysts’ recommendations predict investment returns after a fixed time period.

  17. 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 for internati...... for international emissions trading scheme. Since they may have an influence on decision makers, their opinion is important. Our conclusion is that both industry and environmental organizations prefer credit trading, although for widely different reasons....

  18. Do political or economic factors drive healthcare financing privatisations? Empirical evidence from OECD countries

    OpenAIRE

    Wiese, Rasmus

    2013-01-01

    This paper adds new empirical evidence to the political economy literature of economic reform. One of the main contributions of this paper is the development of a novel methodology to identify privatisations. The methodology is a combination of the Bai & Perron structural break filter, and validation of the breaks identified by this filter using de jure evidence of reforms. 21 de facto healthcare financing privatisations are identified in a sample of 23 OECD countries. It is analysed which fa...

  19. 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.

  20. Relevant factors for the impact of social media marketing strategies: Empirical study of the internet travel agency sector

    OpenAIRE

    Lebherz, Philipp Robert

    2011-01-01

    Projecte final de carrera fet en col.laboració amb Karlsruher Institut für Technologie English: Final proyect with the topic "relevant factors for the impact of social media marketing strategies - an empirical study of the internet travel agency sector" at Faculty of Informatics and the chair of management. Supervised by Ferran Sabaté and Antonio Cañabate. Student Philipp Lebherz.

  1. 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.

  2. Mobile marketing communications in consumer markets

    OpenAIRE

    Leppäniemi, M. (Matti)

    2008-01-01

    Abstract This dissertation aims to examine the theoretical and empirical foundations of the mobile marketing phenomenon. While numerous studies have yielded important insights into this topic, the existing mobile marketing literature appears to be inconsistent and somewhat fragmented. With the help of two action research projects, interviews of mobile marketing practitioners, and an online survey, this study aims to contribute to our understanding of the nature of mobile marketing communic...

  3. Nonlinear impact of the marketing mix on brand sales performance

    OpenAIRE

    Porto, Rafael Barreiros; Lima, Nolah Schutte da Rocha

    2016-01-01

    The pattern of the impact that marketing activities exert on sales has not been widely examined in the literature. Many studies have adopted restricted linear perspectives, disregarding the empirical evidence. We investigated the nonlinear impact of the marketing mix on the volume of sales, volume of consumers and level of purchasing by each consumer, through a longitudinal study with panel data of brands and consumers simultaneously. We analyzed 121 brands during 13 months, with 793 purchase...

  4. Why competitors matter for market orientation

    DEFF Research Database (Denmark)

    Sørensen, Hans Eibe

    2009-01-01

      Purpose - This paper investigates whether it is meaningful to decompose market orientation into customer orientation and competitor orientation and what possible implications this decomposition may have for researchers and business practitioners.   Design - Through a review of existing market...... orientation research, two of its salient dimensions, customer orientation and competitor orientation, are theoretically investigated. Then, two symmetric component measures are developed and tested on 308 manufacturing firms in a cross-sectional questionnaire survey, supplemented with census data.   Findings...... - Empirical evidence reveals that, while competitor orientation is positively related to a firm's market share, a customer orientation is detrimental to a firm's return on assets for firms in less competitive environments.   Research implications and limitations - The study advocates moving beyond ‘global...

  5. 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.

  6. 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.

  7. Empirical analysis of uranium spot prices

    International Nuclear Information System (INIS)

    Morman, M.R.

    1988-01-01

    The objective is to empirically test a market model of the uranium industry that incorporates the notion that, if the resource is viewed as an asset by economic agents, then its own rate of return along with the own rate of return of a competing asset would be a major factor in formulating the price of the resource. The model tested is based on a market model of supply and demand. The supply model incorporates the notion that the decision criteria used by uranium mine owners is to select that extraction rate that maximizes the net present value of their extraction receipts. The demand model uses a concept that allows for explicit recognition of the prospect of arbitrage between a natural-resource market and the market for other capital goods. The empirical approach used for estimation was a recursive or causal model. The empirical results were consistent with the theoretical models. The coefficients of the demand and supply equations had the appropriate signs. Tests for causality were conducted to validate the use of the causal model. The results obtained were favorable. The implication of the findings as related to future studies of exhaustible resources are: (1) in some cases causal models are the appropriate specification for empirical analysis; (2) supply models should incorporate a measure to capture depletion effects

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

    OpenAIRE

    Katarzyna Anna Czech,; Adam Waszkowski

    2012-01-01

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

  9. Market mood, adaptive beliefs and asset price dynamics

    International Nuclear Information System (INIS)

    Dieci, Roberto; Foroni, Ilaria; Gardini, Laura; He Xuezhong

    2006-01-01

    Empirical evidence has suggested that, facing different trading strategies and complicated decision, the proportions of agents relying on particular strategies may stay at constant level or vary over time. This paper presents a simple 'dynamic market fraction' model of two groups of traders, fundamentalists and trend followers, under a market maker scenario. Market mood and evolutionary adaption are characterized by fixed and adaptive switching fraction among two groups, respectively. Using local stability and bifurcation analysis, as well as numerical simulation, the role played by the key parameters in the market behaviour is examined. Particular attention is paid to the impact of the market fraction, determined by the fixed proportions of confident fundamentalists and trend followers, and by the proportion of adaptively rational agents, who adopt different strategies over time depending on realized profits

  10. How do land rental markets affect household income? Evidence from rural Jiangsu, P.R. China

    NARCIS (Netherlands)

    Zhang, Lan; Feng, Shuyi; Heerink, Nico; Qu, Futian; Kuyvenhoven, Arie

    2018-01-01

    The development of land rental markets in developing countries attracts much attention, but little is known about its impact on household income. This study empirically examines the effects of land rental decisions of farm households on their income and income components, i.e. farm, off-farm and

  11. Information acquisition and behavioral change: a social marketing application.

    Science.gov (United States)

    Golden, L L; Johnson, K

    1991-01-01

    Previous literature provides insight into the importance of beliefs and other intrapersonal variables for health-related information acquisition and behavioral change. The results of an empirical investigation evidence the unique strength of the role of core health beliefs for each of the multi-level measures. Directions for the development of effective marketing strategy are discussed.

  12. Foreign institutional investments in India: An empirical analysis of dynamic interactions with stock market return and volatility

    Directory of Open Access Journals (Sweden)

    Vaishali S. Dhingra

    2016-12-01

    Full Text Available This paper investigates interactions of foreign institutional investments with market returns and market volatility in India using both static and dynamic models based on daily data. The findings of both models show foreign investors as positive feedback traders while investing in the Indian market, and as negative feedback traders during their withdrawal. Using the impulse response functions based on vector autoregression, we find strong evidence that foreign institutional investments destabilise the market, particularly with selling activities, as they significantly increase the volatility.

  13. Status Concern and Relative Deprivation in China: Measures, Empirical Evidence and Economic and Policy Implications

    Science.gov (United States)

    Xi, CHEN

    2017-01-01

    Status concern and feelings of relative deprivation affect individual behaviour and well-being. Traditional norms and the alarming inequality in China have made relative deprivation increasingly intense for the Chinese population. This article reviews empirical literature on China that attempts to test the relative deprivation hypothesis, and also reviews the origins and pathways of relative deprivation, compares its economic measures in the literature and summarises the scientific findings. Drawing from solid empirical evidence, the author discusses the important policy implications on redistribution, official regulations and grassroots sanctions, and relative poverty alleviation. PMID:29033479

  14. Efficiency of European emissions markets: Lessons and implications

    International Nuclear Information System (INIS)

    Krishnamurti, Chandrasekhar; Hoque, Ariful

    2011-01-01

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

  15. 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.

  16. Money: A Market Microstructure Approach

    OpenAIRE

    Krueger, Malte

    2008-01-01

    The current discussion about the future of the financial system draws heavily on a set of theories known as the ‘New Monetary Economics’. The New Monetary Economics predicts that deregulation and financial innovation will lead to a moneyless world. This paper uses a market microstructure approach to show that a common medium of exchange that serves as unit of account will remain a necessary instrument to reduce transaction costs. This finding is supported by empirical evidence from foreign...

  17. 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.

  18. The effect of marketing knowledge management on sustainable competitive advantage: Evidence from banking industry

    Directory of Open Access Journals (Sweden)

    Fatemeh Rezaee

    2017-11-01

    Full Text Available Nowadays, the importance of achieving sustainable organization with competitive advantage in complex environments has many researchers’ interest. So, in this study, we evaluate different views of MKM and its role to reach SCA within banking industry. This research is relatively the scarce empirical study and adds to its originality. The findings offer valuable insights on the generalizability of MKM in a research setting. In fact, the purpose of this study is to empirically test the effect of the marketing knowledge management (MKM on sustainable competitive advantage (SCA within banking industry of Iran. A valid research instrument was utilized to conduct a survey of 150 top- and middle-level managers from Mellat bank of Iran (MBI. With a response rate of 81.3 percent, 122 questionnaires were returned; the number of valid and usable questionnaires was 101. Using exploratory and confirmatory factor analyses, MKM were classified into organizational strategies, culture and performance of senior manager, information technology (IT, research and development (R & D, internal customer (personnel, and external customer (client. Moreover, MBI’ SCA was classified into three dimensions: market, customer, finance. Structural equation modelling was utilized to test the stated hypotheses and model. Statistical support was found for the hypothesized relationships. Moreover it has been shown that MKM maintained the greatest effect on the market centered SCA, while it had the least influence on the customer centered.

  19. The Impact of United States Monetary Policy in the Crude Oil futures market

    Science.gov (United States)

    Padilla-Padilla, Fernando M.

    This research examines the empirical impact the United States monetary policy, through the federal fund interest rate, has on the volatility in the crude oil price in the futures market. Prior research has shown how macroeconomic events and variables have impacted different financial markets within short and long--term movements. After testing and decomposing the variables, the two stationary time series were analyzed using a Vector Autoregressive Model (VAR). The empirical evidence shows, with statistical significance, a direct relationship when explaining crude oil prices as function of fed fund rates (t-1) and an indirect relationship when explained as a function of fed fund rates (t-2). These results partially address the literature review lacunas within the topic of the existing implication monetary policy has within the crude oil futures market.

  20. An Empirical Analysis of IPO Under-Pricing: New Evidence from 2007 NASDAQ Stock Market

    OpenAIRE

    Wang, Zhijie

    2008-01-01

    Initial Public Offering (IPO) has been adopted by most firms when they are process of going public into the stock market. In most cases, the offering price of IPO is systematically lower than its closing price on the first trading day. Because of this, investors can enjoy great benefits by purchasing IPOs on the first trading day and sell them on the second trading day or few trading days later. This phenomenon is called IPO under-pricing and it has been extensively documented in almost every...

  1. CONSIDERATIONS ON THE ROLE OF FINANCIAL MARKETS IN ECONOMIC GROWTH

    Directory of Open Access Journals (Sweden)

    Carmen ALBU

    2014-06-01

    Full Text Available Generally accepted in economic literature, the financial market has a positive impact on growth in a modern economy. Nevertheless, due to the global crises starting in 2008, a number of authors are questioning today about this assertion. Among them, there are authors which are attributing as initial impulse to the crisis an exaggerated expansion of financial market (and non-covered on the real side of economy. In this study, based on economic literature and empirical evidences, we are presentig few considerations regarding the development of financial market during last decades and its role on economic growth.

  2. 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

  3. 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

  4. Exploring Integrated Marketing Communications, Brand Awareness, and Brand Image in Hospitality Marketing: A Cross-Cultural Approach

    Directory of Open Access Journals (Sweden)

    Maja Šerić

    2016-12-01

    Full Text Available Purpose – The purpose of this paper is to assess customer perceptions of integration of marketing communications, brand awareness, and brand image in hospitality. Moreover, cross-cultural differences are considered when evaluating all the concepts, since national culture can have a considerable impact on customer behavior. Design/Methodology/Approach – After a literature review of the examined concepts, the results of an empirical study are presented and discussed. The empirical investigation was carried out by approaching 475 guests of upscale Croatian hotels. The SPSS software was employed for data analysis. Findings and implications – The results indicate that hotel guests assessed integrated marketing communications fairly highly. Brand image also reached relatively high scores, while the level of awareness of the brand was more moderate. Significant differences in perceptions among three delimited groups according to their national culture were found. The findings suggest that hotel managers should increase brand awareness and consider cross-cultural differences when implementing their business strategies. Limitations – A greater number of hotel guests according to their national culture should be approached to obtain more representative subsamples. Originality – The contribution of this work lies in examining three key marketing variables from the consumer point of view and under a cross-cultural approach. In particular, there has been little empirical evidence on IMC perceptions from the consumer perspective and hardly any considering the cultural background of the respondents. The contribution is also made to the hotel environment, as the variables were examined from the cross-cultural perspective, an issue that was completely neglected in the literature on hospitality marketing to date.

  5. Comparing Public, Private, and Market Schools: The International Evidence

    Science.gov (United States)

    Coulson, Andrew J.

    2009-01-01

    Would large-scale, free-market reforms improve educational outcomes for American children? This question cannot be reliably answered by looking exclusively at domestic evidence, much less by looking exclusively at existing "school choice" programs. Though many such programs have been implemented around the United States, none has created…

  6. Effects of Monetary Shocks on Exchange Rate: Empirical Evidence from India

    Directory of Open Access Journals (Sweden)

    Sharma Chandan

    2017-08-01

    Full Text Available This paper examines the effect of monetary policy shocks on exchange rate in a Multiple Indicator Approach (MIA framework. This study has employed a monetary policy index of key monetary policy instruments in India (Bank rate, Cash Reserve Ratio, Repo and Reverse Repo rates. The study finds the empirical evidence for puzzling behavior of price level and exchange rate. Both price and exchange rate increase initially in response to a contractionary policy shock. Policy shocks affect output, inflation and exchange rate to an appreciable extent over a forecasting horizon of one year.

  7. 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.

  8. The importance of socio-economic context for social marketing models for improving reproductive health: Evidence from 555 years of program experience

    Directory of Open Access Journals (Sweden)

    Rahaim Stephen

    2005-01-01

    Full Text Available Abstract Background Over the past two decades, social marketing programs have become an important element of the national family planning and HIV prevention strategy in several developing countries. As yet, there has not been any comprehensive empirical assessment to determine which of several social marketing models is most effective for a given socio-economic context. Such an assessment is urgently needed to inform the design of future social marketing programs, and to avoid that programs are designed using an ineffective model. Methods This study addresses this issue using a database of annual statistics about reproductive health oriented social marketing programs in over 70 countries. In total, the database covers 555 years of program experience with social marketing programs that distribute and promote the use of oral contraceptives and condoms. Specifically, our analysis assesses to what extent the model used by different reproductive health social marketing programs has varied across different socio-economic contexts. We then use random effects regression to test in which socio-economic context each of the models is most successful at increasing use of socially marketed oral contraceptives and condoms. Results The results show that there has been a tendency to design reproductive health social marketing program with a management structure that matches the local context. However, the evidence also shows that this has not always been the case. While socio-economic context clearly influences the effectiveness of some of the social marketing models, program maturity and the size of the target population appear equally important. Conclusions To maximize the effectiveness of future social marketing programs, it is essential that more effort is devoted to ensuring that such programs are designed using the model or approach that is most suitable for the local context.

  9. The importance of socio-economic context for social marketing models for improving reproductive health: evidence from 555 years of program experience.

    Science.gov (United States)

    Meekers, Dominique; Rahaim, Stephen

    2005-01-27

    Over the past two decades, social marketing programs have become an important element of the national family planning and HIV prevention strategy in several developing countries. As yet, there has not been any comprehensive empirical assessment to determine which of several social marketing models is most effective for a given socio-economic context. Such an assessment is urgently needed to inform the design of future social marketing programs, and to avoid that programs are designed using an ineffective model. This study addresses this issue using a database of annual statistics about reproductive health oriented social marketing programs in over 70 countries. In total, the database covers 555 years of program experience with social marketing programs that distribute and promote the use of oral contraceptives and condoms. Specifically, our analysis assesses to what extent the model used by different reproductive health social marketing programs has varied across different socio-economic contexts. We then use random effects regression to test in which socio-economic context each of the models is most successful at increasing use of socially marketed oral contraceptives and condoms. The results show that there has been a tendency to design reproductive health social marketing program with a management structure that matches the local context. However, the evidence also shows that this has not always been the case. While socio-economic context clearly influences the effectiveness of some of the social marketing models, program maturity and the size of the target population appear equally important. To maximize the effectiveness of future social marketing programs, it is essential that more effort is devoted to ensuring that such programs are designed using the model or approach that is most suitable for the local context.

  10. 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.

  11. Market mechanisms for compensating hazardous work: a critical analysis

    International Nuclear Information System (INIS)

    Shakow, D.

    1984-01-01

    Adam Smith's theory that the marketplace can compensate workers for social inequities (i.e., hazards, boredom, etc.) in the work place is applied to the nuclear industry. The author argues that market mechanisms are unlikely to ensure adequate compensation for work-related hazards. He summarizes and critiques the neoclassical compensating-wage hypothesis, then reviews empirical evidence in support of the hypothesis in light of an alternative hypothesis derived from the literature on labor market segmentation. He challenges the assumption of perfect labor mobility and perfect information. A promising direction for further research would be a structural analysis of the emerging market for temporary workers. 13 references, 2 figures

  12. Benefit and risk information in prescription drug advertising: review of empirical studies and marketing implications.

    Science.gov (United States)

    Kopp, S W; Bang, H K

    2000-01-01

    As pharmaceutical companies began to advertise prescription drugs directly to consumers as well as to physicians, understanding the impact of benefit and risk information in drug advertising on physicians and consumers has become more critical. This paper reviews previous empirical studies that examined the content of benefit and risk information in drug advertising and its potential effects on physicians' subsequent prescribing behaviors. It also reviews studies that investigated how consumers process information on a drug's efficacy and side effects. Based on the findings of these studies, implications are discussed for effective marketing information development as well as for government regulation.

  13. The role of power exchanges for the creation of a single European electricity market: market design and market regulation

    International Nuclear Information System (INIS)

    Boisseleau, F.

    2004-01-01

    the literature are presented as a starting point for the analysis in part 1 of the thesis. In part 2 power exchanges are considered as marketplaces with a specific type of functioning, which in turn involves interaction from participants. Finally the concrete output of these interactions is analyzed using empirical observations to estimate the level of competition on power exchanges. Part 3 of the thesis begins with an empirical estimation of the level of integration of European electricity markets. The level of integration is estimated using an econometric test based on power exchanges prices. Such an analysis shows a low level of market integration at the European level. In the next step of the analysis an attempt is made to explain the reasons for such low market integration. The hypothesis developed is that the actual wholesale market design at the European level lacks efficient transmission pricing. We then present some different theoretical approaches to transmission pricing (Nodal/Zonal) and an analysis of actual successful examples of integrated markets (PJM, Nord pool). We conclude by providing some empirical evidence of inefficient transmission pricing in Europe. Finally we argue that the creation of an integrated market requires design at the European level rather than national market design

  14. Do Sound Public Finances Require Fiscal Rules or Is Market Pressure Enough?

    DEFF Research Database (Denmark)

    Bergman, Michael; Hutchison, Michael M.; Hougaard Jensen, Svend E.

    This paper discusses the balance between market pressure and fiscal rules in order to keep public finances on a sustainable path. We provide empirical evidence on market assessments of sovereign default risk to economic news, announcements of national austerity programs, EU programs designed...... to support government finances, and banking fragility emanating from several countries in the euro area affected by the European sovereign debt crisis. We find that, in general, the quality of market signals is an insufficient indicator alone to accurately guide the conduct of fiscal policy, particularly...

  15. Do Sound Public Finances Require Fiscal Rules Or Is Market Pressure Enough?

    DEFF Research Database (Denmark)

    Bergman, Ulf Michael; Hutchison, Michael; Jensen, Svend E. Hougaard

    This paper discusses the balance between market pressure and fiscal rules in order to keep public finances on a sustainable path. We provide empirical evidence on market assessments of sovereign default risk to economic news, announcements of national austerity programs, EU programs designed...... to support government finances, and banking fragility emanating from several countries in the euro area affected by the European sovereign debt crisis. We find that, in general, the quality of market signals is an insufficient indicator alone to accurately guide the conduct of fiscal policy, particularly...

  16. 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.

  17. 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.

  18. Multifractals in Western Major STOCK Markets Historical Volatilities in Times of Financial Crisis

    Science.gov (United States)

    Lahmiri, Salim

    In this paper, the generalized Hurst exponent is used to investigate multifractal properties of historical volatility (CHV) in stock market price and return series before, during and after 2008 financial crisis. Empirical results from NASDAQ, S&P500, TSE, CAC40, DAX, and FTSE stock market data show that there is strong evidence of multifractal patterns in HV of both price and return series. In addition, financial crisis deeply affected the behavior and degree of multifractality in volatility of Western financial markets at price and return levels.

  19. Which global stock indices trigger stronger contagion risk in the Vietnamese stock market? Evidence using a bivariate analysis

    Directory of Open Access Journals (Sweden)

    Wang Kuan-Min

    2013-01-01

    Full Text Available This paper extends recent investigations into risk contagion effects on stock markets to the Vietnamese stock market. Daily data spanning October 9, 2006 to May 3, 2012 are sourced to empirically validate the contagion effects between stock markets in Vietnam, and China, Japan, Singapore, and the US. To facilitate the validation of contagion effects with market-related coefficients, this paper constructs a bivariate EGARCH model of dynamic conditional correlation coefficients. Using the correlation contagion test and Dungey et al.’s (2005 contagion test, we find contagion effects between the Vietnamese and four other stock markets, namely Japan, Singapore, China, and the US. Second, we show that the Japanese stock market causes stronger contagion risk in the Vietnamese stock market compared to the stock markets of China, Singapore, and the US. Finally, we show that the Chinese and US stock markets cause weaker contagion effects in the Vietnamese stock market because of stronger interdependence effects between the former two markets.

  20. Are Graduate Students Rational? Evidence from the Market for Biomedical Scientists

    Science.gov (United States)

    Blume-Kohout, Margaret E.; Clack, John W.

    2013-01-01

    The U.S. National Institutes of Health (NIH) budget expansion from 1998 through 2003 increased demand for biomedical research, raising relative wages and total employment in the market for biomedical scientists. However, because research doctorates in biomedical sciences can often take six years or more to complete, the full labor supply response to such changes in market conditions is not immediate, but rather is observed over a period of several years. Economic rational expectations models assume that prospective students anticipate these future changes, and also that students take into account the opportunity costs of their pursuing graduate training. Prior empirical research on student enrollment and degree completions in science and engineering (S&E) fields indicates that “cobweb” expectations prevail: that is, at least in theory, prospective graduate students respond to contemporaneous changes in market wages and employment, but do not forecast further changes that will arise by the time they complete their degrees and enter the labor market. In this article, we analyze time-series data on wages and employment of biomedical scientists versus alternative careers, on completions of S&E bachelor's degrees and biomedical sciences PhDs, and on research expenditures funded both by NIH and by biopharmaceutical firms, to examine the responsiveness of the biomedical sciences labor supply to changes in market conditions. Consistent with previous studies, we find that enrollments and completions in biomedical sciences PhD programs are responsive to market conditions at the time of students' enrollment. More striking, however, is the close correspondence between graduate student enrollments and completions, and changes in availability of NIH-funded traineeships, fellowships, and research assistantships. PMID:24376573

  1. Is Sectorial Diversification a Solution to Unemployment. Evidence from EU Regions

    NARCIS (Netherlands)

    Longhi, S.; Nijkamp, P.; Traistaru, I.

    2005-01-01

    There is a growing interest in the academic and policy making communities in understanding the effects of sectoral specialisation on labour market performance. The existing empirical evidence, mainly based on US data, generally finds a positive correlation between sectoral specialisation and labour

  2. The economics of renewable electricity market integration. An empirical and model-based analysis of regulatory frameworks and their impacts on the power market

    Energy Technology Data Exchange (ETDEWEB)

    Nicolosi, Marco

    2012-07-01

    As power systems increase in complexity due to higher shares of intermitting RES-E, so increase the requirements for power system modeling. This thesis shows empirically, with examples from Germany and Texas, that the increasing RES-E share strongly affects current power market operation. The markets further create price signals, which lead to system adaptations in the long-run. To get an estimate of the adaptation effects, 'The High Temporal Resolution Electricity Market Analysis Model' (THEA) has been developed. In a first application for the ERCOT market in Texas, particular model attributes are tested and compared to some complexity reducing approaches, i.e. the reduction of temporal resolution and the reduction of operational constraints. In both cases, the results show significant differences compared to the results when the full spectrum of THEA's capabilities is utilized. The ERCOT case study additionally shows that the adaptation to RES-E in an isolated, mainly thermal-based power system is quite severe. Market signals which underline this conclusion are the severely reduced value of wind energy, the increasing curtailment and the strong shift towards peak-oriented generating capacities. The second application of THEA models the German power market with its interconnected markets. This analysis increases the complexity significantly by modeling a well interconnected system, increasing the amount of different RES-E technologies and adding CAES investment options. In order to assess the impact on the different system component's supply, demand and grid infrastructure, specific measures are applied to compare several scenarios. Each scenario represents a policy option, which either reduces or increases the flexibility of the power system. The scenario comparisons capture the effects of a lower RES-E share, a larger baseload capacity fleet, higher interconnector capacities, various RES-E support scheme designs and the capability of RES-E to

  3. 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…

  4. 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.

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

    International Nuclear Information System (INIS)

    Lim, Kian-Ping; Brooks, Robert D.

    2009-01-01

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

  6. 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…

  7. EMPIRICAL TESTING OF MODIFIED BLACK-SCHOLES OPTION PRICING MODEL FORMULA ON NSE DERIVATIVE MARKET IN INDIA

    Directory of Open Access Journals (Sweden)

    Ambrish Gupta

    2013-01-01

    Full Text Available The main objectives of this paper are to incorporate modification in Black-Scholes option pricing model formula by adding some new variables on the basis of given assumption related to risk-free interest rate, and also shows the calculation process of new risk-free interest rate on the basis of modified variable. This paper also identifies the various situations in empirical testing of modified and original Black-Scholes formula with respect to the market value on the basis of assumed and calculated risk-free interest rate.

  8. The Market Efficiency of the Stock Market in India

    OpenAIRE

    Rahman, Sahnawaz

    2011-01-01

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

  9. Effects of top management involvement in integrated marketing communications

    Directory of Open Access Journals (Sweden)

    Nina Hočevar

    2007-12-01

    Full Text Available There is scarce empirical evidence in the academic literature of how top management involvement influences the degree of integrated marketing communications. At the same time, some authors believe that this relationship should be explored more extensively.In this paper we present one possible approach to investigating the relationship between top management involvement and the degree of integrated marketing communications. Our research established that a greater involvement of top management in marketing communications could be associated with a higher degree of IMC. Investigating the relationship between management and IMC is indeed at a very early stage. We suggest that this study has provided a basis for future research on the relationship between top management involvement in marketing communications and the degree of IMC.

  10. Marketable pollution permits with uncertainty and transaction costs

    International Nuclear Information System (INIS)

    Montero, Juan-Pablo

    1998-01-01

    Increasing interest in the use of marketable permits for pollution control has become evident in recent years. Concern regarding their performance still remains because empirical evidence has shown transaction costs and uncertainty to be significant in past and existing marketable permits programs. In this paper we develop theoretical and numerical models that include transaction costs and uncertainty (in trade approval) to show their effects on market performance (i.e., equilibrium price of permits and trading volume) and aggregate control costs. We also show that in the presence of transaction costs and uncertainty the initial allocation of permits may not be neutral in terms of efficiency. Furthermore, using a numerical model for a hypothetical NO x trading program in which participants have discrete control technology choices, we find that aggregate control costs and the equilibrium price of permits are sensitive to the initial allocation of permits, even for constant marginal transaction costs and certainty

  11. Does certificate of need law enhance competition in inpatient care market? An empirical analysis.

    Science.gov (United States)

    Paul, Jomon A; Ni, Huan; Bagchi, Aniruddha

    2017-06-29

    This article investigates the impact of Certificate of Need (CON) laws on competition in the inpatient care market. One of the major criticisms of these laws is that it may hinder competition in the health care market, which can lead to higher prices. However, from a theoretical standpoint, CON laws could also promote competition by limiting excessive expansion from incumbents. Our main conclusion is that CON laws by and large enhanced competition in the inpatient market during the period of our study. This indicates that the effects of CON laws to hinder predatory behavior could dominate its effects of preventing new entrants into the inpatient care market. We do not find statistically significant evidence to reject the exogeneity assumption of either CON laws or their stringency in our study. We also find factors such as proportion of population aged 18-44, proportion of Asian American population, obesity rate, political environment, etc., in a state significantly impact competition. Our findings could shed some light to public policy makers when deciding the appropriate health programs or legislative framework to promote health care market competition and thereby facilitate quality health care.

  12. Impact of agricultural technology adoption on market participation in the rural social network system

    NARCIS (Netherlands)

    Mekonnen Melesse, Tigist

    2017-01-01

    This paper provides empirical evidence regarding the impact of agricultural technologies on smallholders’ output market participation. The analysis is based on Farmer Innovation Fund impact evaluation survey collected by the World Bank in 2010-2012 covering 2,675 households in Ethiopia. Endogenous

  13. The Measurement of Central Bank Autonomy; Survey of Models, Indicators, and Empirical Evidence

    OpenAIRE

    Bernard J Laurens; Marco Arnone; Jean-François Segalotto

    2006-01-01

    This paper presents a survey of the literature on the measurement of central bank autonomy. We distinguish inputs that constitute the building blocks in the literature, and the literature that builds on them. Issues including sensitivity analysis, robustness, and endogeneity are discussed. The review shows that empirical evidence regarding the beneficial effects of central bank autonomy is substantial, although some technical issues still remain for further research. In particular, central ba...

  14. The Effect of Private Benefits of Control on Minority Shareholders: A Theoretical Model and Empirical Evidence from State Ownership

    Directory of Open Access Journals (Sweden)

    Kerry Liu

    2017-06-01

    Full Text Available Purpose: The purpose of this paper is to examine the effect of private benefits of control on minority shareholders. Design/methodology/approach: A theoretical model is established. The empirical analysis includes hand-collected data from a wide range of data sources. OLS and 2SLS regression analysis are applied with Huber-White standard errors. Findings: The theoretical model shows that, while private benefits are generally harmful to minority shareholders, the overall effect depends on the size of large shareholder ownership. The empirical evidence from government ownership is consistent with theoretical analysis. Research limitations/implications: The empirical evidence is based on a small number of hand-collected data sets of government ownership. Further studies can be expanded to other types of ownership, such as family ownership and financial institutional ownership. Originality/value: This study is the first to theoretically analyse and empirically test the effect of private benefits. In general, this study significantly contributes to the understanding of the effect of large shareholder and corporate governance.

  15. 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.

  16. 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

  17. Linking agent-based models and stochastic models of financial markets.

    Science.gov (United States)

    Feng, Ling; Li, Baowen; Podobnik, Boris; Preis, Tobias; Stanley, H Eugene

    2012-05-29

    It is well-known that financial asset returns exhibit fat-tailed distributions and long-term memory. These empirical features are the main objectives of modeling efforts using (i) stochastic processes to quantitatively reproduce these features and (ii) agent-based simulations to understand the underlying microscopic interactions. After reviewing selected empirical and theoretical evidence documenting the behavior of traders, we construct an agent-based model to quantitatively demonstrate that "fat" tails in return distributions arise when traders share similar technical trading strategies and decisions. Extending our behavioral model to a stochastic model, we derive and explain a set of quantitative scaling relations of long-term memory from the empirical behavior of individual market participants. Our analysis provides a behavioral interpretation of the long-term memory of absolute and squared price returns: They are directly linked to the way investors evaluate their investments by applying technical strategies at different investment horizons, and this quantitative relationship is in agreement with empirical findings. Our approach provides a possible behavioral explanation for stochastic models for financial systems in general and provides a method to parameterize such models from market data rather than from statistical fitting.

  18. Electricity markets evolution with the changing generation mix: An empirical analysis based on China 2050 High Renewable Energy Penetration Roadmap

    International Nuclear Information System (INIS)

    Zou, Peng; Chen, Qixin; Yu, Yang; Xia, Qing; Kang, Chongqing

    2017-01-01

    Highlights: • How electricity markets are evolving with the changing generation mix is studied. • China 2050 High Renewable Energy Penetration Roadmap are empirically analysed. • A multi-period Nash-Cournot model is established to study the market equilibrium. • Energy storages are analysed and compared to reveal their impacts on the equilibrium. - Abstract: The power generation mix are significantly changing due to the growth of stricter energy policies. The renewables are increasingly penetrating the power systems and leading to more clean energy and lower energy prices. However, they also require much more flexibilities and ancillary services to handle their uncertainties and variabilities. Thus, the requirements for regulation and reserve services may dramatically increase while the supplies of these services, which are mainly from the traditional thermal plants, remain almost invariant. This changing situation will cause higher regulation and reserve prices and impact the profit models and revenue structures of the traditional plants. How electricity markets are actually evolving with the changing generation mix? Can enough backup power plants be given adequate economic incentives and thus remained with the increasing renewables and the decreasing energy prices and productions? Can de-carbonization be fully performed in power systems? To explicitly answer the question, this paper uses a multi-period Nash-Cournot equilibrium model to formulate the evolution of power markets incorporating different types of generators, including thermal units, hydro units, wind farms, solar stations and energy storage systems. The price changes in the co-optimized energy, regulation and reserve markets, and the profit changes of various generators are studied. And the variabilities and uncertainties of renewable generation sources are considered in dynamically determining the requirements of regulation and reserve services. Based on the China 2050 High Renewable Energy

  19. 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

  20. Market Concentration Rate and Market Performance of China’s Swine Industry

    Institute of Scientific and Technical Information of China (English)

    Jia ZHANG; Yucheng HE

    2016-01-01

    Empirical study on market concentration rate and market performance of China’s Swine Industry indicates that higher market concentration rate brings higher overall performance of swine industry. There exists no obvious causal relation between market concentration rate and market performance,but market performance is highly correlated with market concentration rate. The improvement in performance of swine industry is dependent on further optimization of market concentration rate and other factors.

  1. Platform Criminalism: The 'Last-Mile' Geography of the Darknet Market Supply Chain

    OpenAIRE

    Dittus, Martin; Wright, Joss; Graham, Mark

    2017-01-01

    Does recent growth of darknet markets signify a slow reorganisation of the illicit drug trade? Where are darknet markets situated in the global drug supply chain? In principle, these platforms allow producers to sell directly to end users, bypassing traditional trafficking routes. And yet, there is evidence that many offerings originate from a small number of highly active consumer countries, rather than from countries that are primarily known for drug production. In a large-scale empirical s...

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

    Directory of Open Access Journals (Sweden)

    Zhaoquan Jian

    2015-04-01

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

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

    Directory of Open Access Journals (Sweden)

    MILOŞ LAURA RAISA

    2012-12-01

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

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

    OpenAIRE

    Nabavi, Pardis

    2015-01-01

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

  5. International Asset Pricing, Currency Risk and Integration of Markets

    Directory of Open Access Journals (Sweden)

    Sema BAYRAKTAR

    2014-11-01

    Full Text Available This study attempts to test the conditional version of the international asset-pricing model proposed in Bayraktar (2000, 2009 by using a parsimonious multivariate GARCH process. The theoretical model, contrary to previous empirical studies that have used random selection of currency risks, determines which currencies should be included in an empirical test, thus avoids this kind of random selection bias. The results from both full and sub-samples regressions provide some weak evidence for the existence of exchange rate risks, thus partially support the theory. However, exchange rate risks' premia are found considerably smaller than that of market risk.

  6. 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

  7. An empirical study on the institutional factors of energy conservation and emissions reduction: Evidence from listed companies in China

    International Nuclear Information System (INIS)

    Zhang, Zhaoguo; Jin, Xiaocui; Yang, Qingxiang; Zhang, Yi

    2013-01-01

    Corporate excessive energy consumption and emissions are negative externality problems, with the basic countermeasure of establishing a series of institutional programs to promote corporate energy conservation and emissions reduction. This paper analyzes the influence of institutional factors such as laws, tax policies, credit policies, government subsidies, media supervision and marketization degree on corporate energy conservation and emissions reduction from the institutional perspective. The data, from 84 listed Chinese chemical and steel companies from 2006 to 2010, was analyzed using both a fixed effect model and the generalized method of moments (GMM) model. The empirical results demonstrate that these institutional factors positively affect corporate energy conservation and emissions reduction. Specifically, four factors – tax policies, government subsidies, credit policies and media supervision – have a significant positive relationship with corporate energy conservation and emissions reduction; whereas laws and marketization degree exhibit no significant effects. The research findings are theoretically and practically significant to the Chinese government with regard to improving the institutional environment and promoting corporate energy conservation and emissions reduction. - Highlights: ► Theoretical analysis of the influence of institutional factors based on NIE. ► Empirical analysis of the influence of institutional factors on ECER by regression. ► Economic measures and public opinions have positive influence on ECER in China. ► Laws and the degree of marketization have weak influence on ECER in China

  8. Language, copyright and geographic segmentation in the EU Digital Single Market for music and film

    OpenAIRE

    Estrella Gomez Herrera; Bertin Martens

    2015-01-01

    The EU seeks to create a seamless online Digital Single Market for media products such as digital music and film. The territoriality of the copyright regime is often perceived as an obstacle that induces geographical segmentation. This paper provides empirical evidence on the extent of market segmentation in the EU on the supply and demand side and measures the contribution of several drivers of this market segmentation. We use data from the Apple iTunes country stores in 27 EU Member States ...

  9. 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…

  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. Why borrowers pay premiums to larger lenders: Empirical evidence from sovereign syndicated loans

    OpenAIRE

    Hallak, Issam

    2002-01-01

    All other terms being equal (e.g. seniority), syndicated loan contracts provide larger lending compensations (in percentage points) to institutions funding larger amounts. This paper explores empirically the motivation for such a price design on a sample of sovereign syndicated loans in the period 1990-1997. I find strong evidence that a larger premium is associated with higher renegotiation probability and information asymmetries. It hardly has any impact on the number of lenders though. Thi...

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

    Directory of Open Access Journals (Sweden)

    Veronika Tchesnokova

    Full Text Available 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.

  13. Efficiency of crude oil markets: Evidences from informational entropy analysis

    International Nuclear Information System (INIS)

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

    2012-01-01

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

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

    International Nuclear Information System (INIS)

    Rammerstorfer, Margarethe; Wagner, Christian

    2009-01-01

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

  15. Patent indicators: a window to pharmaceutical market success.

    Science.gov (United States)

    Guo, Yang; Hu, Yuanjia; Zheng, Mingli; Wang, Yitao

    2013-07-01

    Pharmaceutical success in the market is the best reward for pharmaceutical investors undergoing the lengthy, costly and risky process of pharmaceutical Research and Development (R&D). Drugs with high market revenues trigger fierce competition between pharmaceutical enterprises, as is demonstrated by the increasing Mergers & Acquisitions (M&A) cases focusing on seizing the best-selling products. On the other hand, patents, as the best shield for innovative drugs against generic drugs, become a powerful weapon for pharmaceutical enterprises to win the substantial returns generated by market exclusivity. Patents seem to be directly responsible for the commercial success of new medicines. In this context, it is of great significance to find out the empirical associations between pharmaceutical commercial success and patents. By comprehensively analysing 127 drugs marketed in the USA and their 621 American patents, this article identifies the evidence to link various patent indicators with pharmaceutical sales in actual market.

  16. 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.

  17. Co-Marketing Capability and its Impact on Marketing Allinace Performance

    OpenAIRE

    Schögel, Marcus; Herhausen, Dennis

    2010-01-01

    The aim of this paper is to conceptualize co-marketing capability (CMC) and to explore its relationship to marketing alliance performance. Drawing on a literature review, in-depth interviews with marketing alliance managers and consulting experience concerning co-marketing alliances, we established a multidimensional model of CMC. Using data from 287 chief marketing officers, we empirically show that the identified CMC is an important source of competitive advantage in terms of marketing alli...

  18. The Impact of Interfirm Relationships on Investment: Evidence from the Polish Dairy Sector

    NARCIS (Netherlands)

    Dries, L.K.E.; Swinnen, J.

    2010-01-01

    Financial constraints and credit market imperfections are a major constraint on investment, growth and poverty reduction in transition and developing countries. This paper analyses the impact on investments of financial assistance programs as part of interfirm relationships. Our empirical evidence

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

    International Nuclear Information System (INIS)

    Serletis, Apostolos; Shintani, Mototsugu

    2003-01-01

    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

  20. 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.

  1. Multifractal spectrum analysis of nonlinear dynamical mechanisms in China’s agricultural futures markets

    Science.gov (United States)

    Chen, Shu-Peng; He, Ling-Yun

    2010-04-01

    Based on Partition Function and Multifractal Spectrum Analysis, we investigated the nonlinear dynamical mechanisms in China’s agricultural futures markets, namely, Dalian Commodity Exchange (DCE for short) and Zhengzhou Commodity Exchange (ZCE for short), where nearly all agricultural futures contracts are traded in the two markets. Firstly, we found nontrivial multifractal spectra, which are the empirical evidence of the existence of multifractal features, in 4 representative futures markets in China, that is, Hard Winter wheat (HW for short) and Strong Gluten wheat (SG for short) futures markets from ZCE and Soy Meal (SM for short) futures and Soy Bean No.1 (SB for short) futures markets from DCE. Secondly, by shuffling the original time series, we destroyed the underlying nonlinear temporal correlation; thus, we identified that long-range correlation mechanism constitutes major contributions in the formation in the multifractals of the markets. Thirdly, by tracking the evolution of left- and right-half spectra, we found that there exist critical points, between which there are different behaviors, in the left-half spectra for large price fluctuations; but for the right-hand spectra for small price fluctuations, the width of those increases slowly as the delay t increases in the long run. Finally, the dynamics of large fluctuations is significantly different from that of the small ones, which implies that there exist different underlying mechanisms in the formation of multifractality in the markets. Our main contributions focus on that we not only provided empirical evidence of the existence of multifractal features in China agricultural commodity futures markets; but also we pioneered in investigating the sources of the multifractality in China’s agricultural futures markets in current literature; furthermore, we investigated the nonlinear dynamical mechanisms based on spectrum analysis, which offers us insights into the underlying dynamical mechanisms in

  2. The long memory and the transaction cost in financial markets

    Science.gov (United States)

    Li, Daye; Nishimura, Yusaku; Men, Ming

    2016-01-01

    In the present work, we investigate the fractal dimensions of 30 important stock markets from 2006 to 2013; the analysis indicates that the Hurst exponent of emerging markets shifts significantly away from the standard Brownian motion. We propose a model based on the Hurst exponent to explore the considerable profits from the predictable long-term memory. We take the transaction cost into account to justify why the market inefficiency has not been arbitraged away in the majority of cases. The empirical evidence indicates that the majority of the markets are efficient with a certain transaction cost under the no-arbitrage assumption. Furthermore, we use the Monte Carlo simulation to display "the efficient frontier" of the Hurst exponent with different transaction costs.

  3. Unemployment and External and Internal Labor Market Flexibility: A Comparative View of Europe, Japan, and the United States

    OpenAIRE

    David Kucera

    1998-01-01

    This paper examines the relationship between unemployment and labor market flexibility. The latter is considered in the broadest sense - as it relates to labor markets at large (external flexibility) and to practices within firms (internal flexibility). The first part of the paper addresses the argument that differences in employment performance among the advanced economies result largely from differences in labor market flexibility. Empirical evidence is considered on nominal and real wage f...

  4. 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

  5. Essays on pricing electricity and electricity derivatives in deregulated markets

    Science.gov (United States)

    Popova, Julia

    2008-10-01

    This dissertation is composed of four essays on the behavior of wholesale electricity prices and their derivatives. The first essay provides an empirical model that takes into account the spatial features of a transmission network on the electricity market. The spatial structure of the transmission grid plays a key role in determining electricity prices, but it has not been incorporated into previous empirical models. The econometric model in this essay incorporates a simple representation of the transmission system into a spatial panel data model of electricity prices, and also accounts for the effect of dynamic transmission system constraints on electricity market integration. Empirical results using PJM data confirm the existence of spatial patterns in electricity prices and show that spatial correlation diminishes as transmission lines become more congested. The second essay develops and empirically tests a model of the influence of natural gas storage inventories on the electricity forward premium. I link a model of the effect of gas storage constraints on the higher moments of the distribution of electricity prices to a model of the effect of those moments on the forward premium. Empirical results using PJM data support the model's predictions that gas storage inventories sharply reduce the electricity forward premium when demand for electricity is high and space-heating demand for gas is low. The third essay examines the efficiency of PJM electricity markets. A market is efficient if prices reflect all relevant information, so that prices follow a random walk. The hypothesis of random walk is examined using empirical tests, including the Portmanteau, Augmented Dickey-Fuller, KPSS, and multiple variance ratio tests. The results are mixed though evidence of some level of market efficiency is found. The last essay investigates the possibility that previous researchers have drawn spurious conclusions based on classical unit root tests incorrectly applied to

  6. Empirical analyses of price formation in the German electricity market - the devil is in the details; Empirische Analysen der Preisbildung am deutschen Elektrizitaetsmarkt - der Teufel steckt im Detail.

    Energy Technology Data Exchange (ETDEWEB)

    Ellersdorfer, I.; Hundt, M.; Sun Ninghong; Voss, A. [Stuttgart Univ. (DE). Inst. fuer Energiewirtschaft und Rationelle Energieanwendung (IER)

    2008-05-15

    In view of the dramatic rise in wholesale prices over the past years, model-based empirical analyses of price formation in the electricity markets have become an important basis for the discussion on competition policy in Germany and Europe. Empirical analyses are usually performed on the basis of optimising fundamental models which describe the power supply system of a country in greater or lesser detail, thus making it possible to determine how power plants must be deployed so as to cover the electricity demand at the lowest possible cost. The task of determining the difference between market price and incremental cost, a parameter frequently used in competition analyses, is beset with many difficulties of a methodological or empirical nature. The present study undertakes the first ever systematic quantification of the influence of existing uncertainties on the results of the model calculations.

  7. Some new evidence on the determinants of large- and small-firm innovation

    NARCIS (Netherlands)

    B. van Dijk (Bob); R. den Hertog; A.R. Thurik (Roy); A.J. Menkveld (Bert)

    1997-01-01

    textabstractEmpirical analyses presented by Acs and Audretsch suggest differences in the market structure determinants of innovation between large and small firms in U.S. manufacturing. The evidence they offer is ambiguous. By using data for a different country (The Netherlands), a different measure

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

    OpenAIRE

    Häring, Julia

    2003-01-01

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

  9. Mixture Of Probabilistic Factor Analyzers For Market Risk Measurement: Empirical Evidence From The Tunisian Foreign Exchange Market

    Directory of Open Access Journals (Sweden)

    Mohamed Nidhal Mosbahi

    2017-05-01

    Full Text Available In this paper, we propose a new approach for Basel-Compliant Value-at-Risk (VaR estimation in financial portfolio risk management, which combines Gaussian Mixture Models with probabilistic factor analysis models. This new mixed specification provides an alternative, compact, model to handle co-movements, heterogeneity and intra-frame correlations in financial data. This results in a model which concurrently performs clustering and dimensionality reduction, and can be considered as a reduced dimension mixture of probabilistic factor analyzers. For maximum likelihood estimation we have used an iterative approach based on the Alternating Expectation Conditional Maximization (AECM algorithm. Using a set of historical data in a rolling time window, from the Tunisian foreign exchange market, the model structure as well as its parameters are determined and estimated. Then, the fitted model combined with a modified Monte-Carlo simulation algorithm was used to predict the VaR. Through a Backtesting analysis, we found that this new specification exhibits a good fit to the data compared to other competing approaches, improves the accuracy of VaR prediction, possesses more flexibility, and can avoid serious violations when a financial crisis occurs.

  10. 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...

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

    Science.gov (United States)

    Oprean, Camelia; Tănăsescu, Cristina

    2014-07-01

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

  12. Does the market maker stabilize the market?

    Science.gov (United States)

    Zhu, Mei; Chiarella, Carl; He, Xue-Zhong; Wang, Duo

    2009-08-01

    The market maker plays an important role in price formation, but his/her behavior and stabilizing impact on the market are relatively unclear, in particular in speculative markets. This paper develops a financial market model that examines the impact on market stability of the market maker, who acts as both a liquidity provider and an active investor in a market consisting of two types of boundedly rational speculative investors-the fundamentalists and trend followers. We show that the market maker does not necessarily stabilize the market when he/she actively manages the inventory to maximize profits, and that rather the market maker’s impact depends on the behavior of the speculators. Numerical simulations show that the model is able to generate outcomes for asset returns and market inventories that are consistent with empirical findings.

  13. 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...

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

    NARCIS (Netherlands)

    Croes, Ramsis; Krabbe, Yvonne; Mikkers, Misja

    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

  15. Empirical investigation of purchasing power parity for Turkey: Evidence from recent nonlinear unit root tests

    Directory of Open Access Journals (Sweden)

    Dilem Yıldırım

    2017-06-01

    Full Text Available This study explores the empirical validity of the purchasing power parity (PPP hypothesis between Turkey and its four major trading partners, the European Union, Russia, China and the US. Accounting for the nonlinear nature of real exchange rates, we employ a battery of recently developed nonlinear unit root tests. Our empirical results reveal that nonlinear unit root tests deliver stronger evidence in favour of the PPP hypothesis when compared to the conventional unit root tests only if nonlinearities in real exchange rates are correctly specified. Furthermore, it emerges from our findings that the real exchange rates of the countries having a free trade agreement are more likely to behave as linear stationary processes.

  16. THE HERDING BEHAVIOR ON SMALL CAPITAL MARKETS: EVIDENCE FROM ROMANIA

    Directory of Open Access Journals (Sweden)

    Andreea Pece

    2014-07-01

    Full Text Available The evolution of financial markets is influenced by the speculative bubbles and by the occurance of financial crisis. The speculative bubbles are formed on the markets when take place an unsustainable growth in the price of a financial asset, which leads to a high level of instability and to the rise of financial crashes. One of the cause of speculative bubbles is the herding behavior of investors characterized by trading in the same direction on the market, the same stocks, in the same period of time, or when they ignore the private information and trades similar with other investors, which may lead to incorrect trading decision. The aim of this paper is to test the existence of herding behavior on the Romanian stock market and the impact of the subprime financial crisis on the behavior of investors. We have analyzed the Romanian stock market on sector level by using firm level data. The statistical methodology used in this paper was proposed by Chang et al. (2000 and uses the cross sectional absolute deviation of returns (CSAD as a measure of return dispersion.The results indicate the existence of herding behavior of investors in various sectors, both for upper and lower markets. We also conclude that during the subprime crisis, is no evidence of herding, due to the fact that the impact of the crisis was transmitted globally.

  17. Time-varying predictability in crude-oil markets: the case of GCC countries

    International Nuclear Information System (INIS)

    El Hedi Arouri, Mohamed; Thanh Huong Dinh; Duc Khuong Nguyen

    2010-01-01

    This paper uses a time-varying parameter model with generalized autoregressive conditional heteroscedasticity effects to examine the dynamic behavior of crude-oil prices for the period February 7, 1997-January 8, 2010. Using data from four countries of the Gulf Cooperation Council, we find evidence of short-term predictability in oil-price changes over time, except for several short sub-periods. However, the hypothesis of convergence towards weak-form informational efficiency is rejected for all markets. In addition, we explore the possibility of structural breaks in the time-paths of the estimated predictability indices and detect only one breakpoint, for the oil markets in Qatar and the United Arab Emirates. Our empirical results therefore call for new empirical research to further gauge the predictability characteristics and the determinants of oil-price changes.

  18. Effects of market orientation on business performance : Environmental moderators, effectiveness and efficiency mediators and the role of firm capabilities

    OpenAIRE

    Momrak, Anette Myhre

    2012-01-01

    Market orientation, centered at the very heart of marketing management literature, is argued to influence a firm’s performance, and this relationship has received considerable research attention. It is, however, argued here that to hypothesize and empirically test the direct effect of market orientation on business performance is an inadequate simplification of a very complex causal relationship. Two arguments evident in the literature are adopted in this study: (1) the proposed moderating ro...

  19. Insurance market penetration and economic growth in Eurozone countries: Time series evidence on causality

    Directory of Open Access Journals (Sweden)

    Saurav Dash

    2018-06-01

    Full Text Available This paper examines the causal relationship between insurance market penetration and per capita economic growth in 19 Eurozone countries for the period 1980–2014. We use three different indicators of insurance market penetration (IMP, namely life insurance penetration, non-life insurance penetration, and total (both life and non-life insurance penetration. We particularly emphasize on whether Granger causality exists between these variables both ways, one way, or not at all. Our empirical results perceive both unidirectional and bidirectional causality between IMP and per capita economic growth. However, these results are mostly non-uniform across the Eurozone countries during this selected period. The policy implication is that the economic policies should recognize the differences in the insurance market and per capita economic growth in order to maintain sustainable growth in the Eurozone. Keywords: IMP, Per capita economic growth, Granger causality, Eurozone countries, JEL codes: L96, O32, O33, O43

  20. 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.

  1. 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.

  2. 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.

  3. 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.

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

    International Nuclear Information System (INIS)

    Lorenczik, Stefan; Panke, Timo

    2015-01-01

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

  5. THE INFLUENCE OF CONDITIONS OF THE STOCK MARKET AND MONETARY POLICY ON THE BEHAVIOROF RISK INDICATORS SIZE, BOOK-TO-MARKET RATIO AND MOMENTUM, ON THE BRAZILIAN STOCK MARKET

    Directory of Open Access Journals (Sweden)

    Adriano Mussa

    2011-04-01

    Full Text Available Last years, empirical tests of APT (Arbitrage Pricing Theory models have been intensified on the national and international literature, mainly using firm´s characteristics to construct risk factors in addition to the market beta. The Fama-French 3-factors model and the Carhart 4-factors model are two samples intensively tested of this type of models, with evidences of relative success. On this scenario, it is important to deepen the studies of the factor´s behavior that compose these models. Following the way of international researches, the purpose of this article is to investigate the behavior of the factors: size, book-to-market ratio and momentum, on the Brazilian stock market, in conditions of i up and down markets ii expansive and restrictive monetary policy. The sample was composed by all stocks listed on BOVESPA, from June of 1995 to June of 2007. The methodology was the same used by Fama & French (1993 to construct the portfolios and risk factors. The results indicated that the stock market and monetary environment influence the regularities in the factor´s behavior, on the Brazilian Stock markets.

  6. 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.

  7. Do resources mediate the relationships between the internet and performance in the marketing domain? Testing the role of customer orientation and brand equity

    OpenAIRE

    A. Ordanini; G. Rubera

    2007-01-01

    The adoption of internet solutions for marketing increases over time, but a strong empirical evidence of their effect on performance is still lacking. The paper investigates the links existing between the internet, marketing resources and marketing performance, and test a model where two marketing resources – customer orientation and brand equity – are expected to mediate the relationship between internet technologies and performance. The analysis, based on a sample of 277 service firms an...

  8. 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

  9. Pricing Strategies in the Remanufacturing Market for the Uncertain Market Size in the Second Period

    Directory of Open Access Journals (Sweden)

    Liurui Deng

    2016-01-01

    Full Text Available Our main endeavor is to investigate the effect of the uncertain market size in the second period on the pricing strategies in the remanufacturing market. Observing the previous research, we find that the market size in the second period is always supposed to be certain. However, there is substantial empirical and experimental evidence that the market size in reality deviates from this assumption. In fact, though the market size in the first period is definitized, it is difficult to confirm the change of the market scale in the second period, since this change is affected by all kinds of elements, such as the awareness of environmental protection, some consumers’ psychological factors, and the related governments’ policies. Hence, we pay attention to the case in which the change rate of the market scale in the second period is random variable. We suppose that this rate satisfies uniform distribution on [0,2]. Underlying this assumption, we further provide an insight into the game-playing relationship between original equipment manufacturers (OEMs and remanufacturers. Moreover, we delicately and subtly incorporate the game theory, stochastic analysis, adversarial risk analysis (ARA, and optimization methods into the pricing strategies in the remanufacturing market. Last but not least, considerable efforts and attempts have been made to subtly test the sensitivity of an optimal solution to the different parameters.

  10. 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.

  11. Essays in empirical microeconomics

    NARCIS (Netherlands)

    Péter, A.N.

    2016-01-01

    The empirical studies in this thesis investigate various factors that could affect individuals' labor market, family formation and educational outcomes. Chapter 2 focuses on scheduling as a potential determinant of individuals' productivity. Chapter 3 looks at the role of a family factor on

  12. 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.

  13. Reflection of the Cointegration Relation among the Stock Markets on the Portfolio Choices: An Empirical Application for Fragile Five Countries

    Directory of Open Access Journals (Sweden)

    Gulfen Tuna

    2016-12-01

    Full Text Available The aim of this study is to examine the long-term relationship between each pair of the countries separate from those in the Stock Markets of Fragile Five Countries and determine the optimal portfolio options for each of the BIITS countries according to the pieces of evidence obtained. Thus, the reflection of the concertedness among financial markets to the optimal portfolio options has been studied. Accordingly, long term relationships between each pair of BIITS countries have been investigated with monthly price value between June 2006 and July 2015 by means of Maki Cointegration Test. Optimal portfolio options have been established according to the Markowitz Model considering the long-term relationships between the markets. The pieces of evidence obtained show that lower-risk portfolios than the ones in their own national markets can be established in BIITS countries by applying international diversification

  14. Competition effects of mergers: An event study of the German electricity market

    International Nuclear Information System (INIS)

    Keller, Andreas

    2010-01-01

    This paper investigates the competition effects of the entry of Vattenfall into the German electricity market. While the competition authorities supported the entry by approving Vattenfall's acquisition of three regional utilities, other market participants raised concerns over the emergence of an upcoming oligopoly in the German market for power generation. We contrast the efficiency hypothesis postulating pro-competitive effects of mergers with the market power hypothesis postulating anti-competitive effects. For the analysis of the two opposing hypotheses, we use an event study approach to the stock prices of Vattenfall's competitors in the German market. While we find no empirical evidence for increased market power in the German electricity market due to Vattenfall's mergers, there is some indication for efficiency increases. We therefore cannot oppose the view of the competition authorities predicting an overall positive effect for consumers as a result of Vattenfall's entry into the German electricity market.

  15. Endogenous Women's Autonomy and the Use of Reproductive Health Services: Empirical Evidence from Tajikistan

    OpenAIRE

    Yusuke Kamiya

    2010-01-01

    Though gender equity is widely considered to be a key to improving maternal health in developing countries, little empirical evidence has been presented to support this claim. This paper investigates whether or not and how female autonomy within the household affects women's use of reproductive health care in Tajikistan, where the situation of maternal health and gender equity is worse compared with neighbouring countries. Estimation is performed using bivariate probit models in which woman's...

  16. 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.

  17. Empirical observations of bidding patterns in Australia's National Electricity Market

    International Nuclear Information System (INIS)

    Hu Xinmin; Grozev, George; Batten, David

    2005-01-01

    For more than a decade, electricity industries have been undergoing reform worldwide. However, there are various, sometimes contradictory, conclusions about the performance of these restructured electricity markets. Market performance depends largely on how each market participant responds to the market design -- including market rules, market operational procedures, and information revelation. In this paper, we identify and examine the strategies adopted by generators in Australia's National Electricity Market, based on publicly available data for the period from May 1, 2002 to May 31, 2003. We try to understand and answer some basic questions like how generators respond collectively or individually to changes in market conditions (e.g. load changes) and why they behave in this way. The statistics calculated from the data show that wide variations in the frequency of strategic bidding and rebidding exist; that generators more frequently use capacity offers as a strategic tool than price offers; that large generating units are more likely to use capacity strategies to control market prices; and that generators are capable of responding to changes in market conditions

  18. Empirical observations of bidding patterns in Australia's National Electricity Market

    International Nuclear Information System (INIS)

    Xinmin Hu; Grozev, G.; Batten, D.

    2005-01-01

    For more than a decade, electricity industries have been undergoing reform worldwide. However, there are various, sometimes contradictory, conclusions about the performance of these restructured electricity markets. Market performance depends largely on how each market participant responds to the market design - including market rules, market operational procedures, and information revelation. In this paper, we identify and examine the strategies adopted by generators in Australia's National Electricity Market, based on publicly available data for the period from May 1, 2002 to May 31, 2003. We try to understand and answer some basic questions like how generators respond collectively or individually to changes in market conditions (e.g. load changes) and why they behave in this way. The statistics calculated from the data show that wide variations in the frequency of strategic bidding and rebidding exist; that generators more frequently use capacity offers as a strategic tool than price offers; that large generating units are more likely to use capacity strategies to control market prices; and that generators are capable of responding to changes in market conditions. (author)

  19. Local contexts as activation mechanisms of market development: contemporary art in emerging markets

    NARCIS (Netherlands)

    Komarova, N.; Velthuis, O.

    2018-01-01

    The paper studies how local contexts contribute to the emergence of markets. In particular, it explains how potential entrepreneurs are motivated to become active in establishing new markets. Empirically, the focus is on contemporary art markets in two emerging countries: India and Russia. The paper

  20. Random matrix theory analysis of cross-correlations in the US stock market: Evidence from Pearson’s correlation coefficient and detrended cross-correlation coefficient

    Science.gov (United States)

    Wang, Gang-Jin; Xie, Chi; Chen, Shou; Yang, Jiao-Jiao; Yang, Ming-Yan

    2013-09-01

    In this study, we first build two empirical cross-correlation matrices in the US stock market by two different methods, namely the Pearson’s correlation coefficient and the detrended cross-correlation coefficient (DCCA coefficient). Then, combining the two matrices with the method of random matrix theory (RMT), we mainly investigate the statistical properties of cross-correlations in the US stock market. We choose the daily closing prices of 462 constituent stocks of S&P 500 index as the research objects and select the sample data from January 3, 2005 to August 31, 2012. In the empirical analysis, we examine the statistical properties of cross-correlation coefficients, the distribution of eigenvalues, the distribution of eigenvector components, and the inverse participation ratio. From the two methods, we find some new results of the cross-correlations in the US stock market in our study, which are different from the conclusions reached by previous studies. The empirical cross-correlation matrices constructed by the DCCA coefficient show several interesting properties at different time scales in the US stock market, which are useful to the risk management and optimal portfolio selection, especially to the diversity of the asset portfolio. It will be an interesting and meaningful work to find the theoretical eigenvalue distribution of a completely random matrix R for the DCCA coefficient because it does not obey the Marčenko-Pastur distribution.

  1. Cross-Correlations between Energy and Emissions Markets: New Evidence from Fractal and Multifractal Analysis

    Directory of Open Access Journals (Sweden)

    Gang-Jin Wang

    2014-01-01

    Full Text Available We supply a new perspective to describe and understand the behavior of cross-correlations between energy and emissions markets. Namely, we investigate cross-correlations between oil and gas (Oil-Gas, oil and CO2 (Oil-CO2, and gas and CO2 (Gas-CO2 based on fractal and multifractal analysis. We focus our study on returns of the oil, gas, and CO2 during the period of April 22, 2005–April 30, 2013. In the empirical analysis, by using the detrended cross-correlation analysis (DCCA method, we find that cross-correlations for Oil-Gas, Oil-CO2, and Gas-CO2 obey a power-law and are weakly persistent. Then, we adopt the method of DCCA cross-correlation coefficient to quantify cross-correlations between energy and emissions markets. The results show that their cross-correlations are diverse at different time scales. Next, based on the multifractal DCCA method, we find that cross-correlated markets have the nonlinear and multifractal nature and that the multifractality strength for three cross-correlated markets is arranged in the order of Gas-CO2 > Oil-Gas > Oil-CO2. Finally, by employing the rolling windows method, which can be used to investigate time-varying cross-correlation scaling exponents, we analyze short-term and long-term market dynamics and find that the recent global financial crisis has a notable influence on short-term and long-term market dynamics.

  2. Price dynamics in European petroleum markets

    International Nuclear Information System (INIS)

    Wlazlowski, Szymon; Giulietti, Monica; Binner, Jane; Milas, Costas

    2009-01-01

    This paper analyses horizontal and vertical price dynamics in the EU petroleum markets. The results indicate that the cross-country price differentials have significant impact on the local price adjustments. We investigate the cross-national price spill-overs and find that the extent of the welfare transfer due to asymmetric price transmission, when analysed in a cross-country setting, is less pronounced than claimed in previous contributions in this area. We also find empirical evidence, although indirect, for the politically charged concept of 'fuel tourism', using a pan-European cross-product time series dataset. (author)

  3. An Empirical Taxonomy of Crowdfunding Intermediaries

    OpenAIRE

    Haas, Philipp; Blohm, Ivo; Leimeister, Jan Marco

    2014-01-01

    Due to the recent popularity of crowdfunding, a broad magnitude of crowdfunding intermediaries has emerged, while research on crowdfunding intermediaries has been largely neglected. As a consequence, existing classifications of crowdfunding intermediaries are conceptual, lack theoretical grounding, and are not empirically validated. Thus, we develop an empirical taxonomy of crowdfunding intermediaries, which is grounded in the theories of two-sided markets and financial intermediation. Integr...

  4. Capital Market Integration and Consumption Risk Sharing over the Long Run

    DEFF Research Database (Denmark)

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

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

  5. CO2 trade and market power in the EU electricity sector

    International Nuclear Information System (INIS)

    Tinggaard Svendsen, G.; Vesterdal, M.

    2002-01-01

    The EU commission is planning to launch an emission trading market for greenhouse gases within near future. This to meet its obligations under the United Nations Framework Convention on Climate Change and the Kyoto Protocol. After a theoretical discussion on market power in such a market, wc turn to the empirical evidence which suggests that a reasonable number of sources of C02 emissions in the power sector exists for bollers larger than 25MW. Overall, together with the contestable single market for electricity, the risk of significant strategies behaviour seems negligible. Thus, the electric utility sector seems a suitable testing ground for an EU-scheme of emissions trading. In the longer run, it will be important to broaden the scope of the trading scheme as the inclusion of other sectors will further limit the risk of market power. (au)

  6. CO2 trade and market power in the EU electricity sector

    Energy Technology Data Exchange (ETDEWEB)

    Tinggaard Svendsen, G; Vesterdal, M

    2002-07-01

    The EU commission is planning to launch an emission trading market for greenhouse gases within near future. This to meet its obligations under the United Nations Framework Convention on Climate Change and the Kyoto Protocol. After a theoretical discussion on market power in such a market, wc turn to the empirical evidence which suggests that a reasonable number of sources of C02 emissions in the power sector exists for bollers larger than 25MW. Overall, together with the contestable single market for electricity, the risk of significant strategis behaviour seems negligible. Thus, the electric utility sector seems a suitable testing ground for an EU-scheme of emissions trading. In the longer run, it will be important to broaden the scope of the trading scheme as the inclusion of other sectors will further limit the risk of market power. (au)

  7. Information transmission and market interactions across the Atlantic. An empirical study on the natural gas market

    International Nuclear Information System (INIS)

    Kao, Chung-Wei; Wan, Jer-Yuh

    2009-01-01

    This paper studies the international information transmission and market interactions in the U.S. and U.K. natural gas markets. Three well documented approaches are used to measure the relative importance on the process of price discovery under a quadvariate system. After adjusting the effects of nonsynchronous trading prices, robust results indicate our system that includes spot and futures prices within the two countries are driven by one common factor. Information disseminates efficiently among the four markets concerned. The U.S. futures market dominates as the center for price discovery. The U.K. futures market comes as the second. The spot markets in the U.S. and U.K. are less efficient than their corresponding futures market, where the U.K. spot market contributes the least and almost zero to the price discovery process. Asymmetric volatility spillovers are found in three of the four markets. Volatility in the U.S. futures market increases with positive returns which illustrates the inverse leverage effect in most of the commodity market. Volatilities in the spot markets are negatively related to returns, which is analogous to the traditional leverage effect prevailing in most of the equity stock markets. (author)

  8. The properties of realized volatility and realized correlation: Evidence from the Indian stock market

    Science.gov (United States)

    Gkillas (Gillas), Konstantinos; Vortelinos, Dimitrios I.; Saha, Shrabani

    2018-02-01

    This paper investigates the properties of realized volatility and correlation series in the Indian stock market by employing daily data converting to monthly frequency of five different stock indices from January 2, 2006 to November 30, 2014. Using non-parametric estimation technique the properties examined include normality, long-memory, asymmetries, jumps, and heterogeneity. The realized volatility is a useful technique which provides a relatively accurate measure of volatility based on the actual variance which is beneficial for asset management in particular for non-speculative funds. The results show that realized volatility and correlation series are not normally distributed, with some evidence of persistence. Asymmetries are also evident in both volatilities and correlations. Both jumps and heterogeneity properties are significant; whereas, the former is more significant than the latter. The findings show that properties of volatilities and correlations in Indian stock market have similarities as that show in the stock markets in developed countries such as the stock market in the United States which is more prevalent for speculative business traders.

  9. Causal Relationship Between Islamic Bonds, Oil Price and Precious Metals: Evidence From Asia Pacific

    Directory of Open Access Journals (Sweden)

    Metadjer Widad

    2018-05-01

    Full Text Available Sukuk or Islamic bonds as new “Halal” securities had wildly expanded in Muslim and non-Muslim capital markets. So, this study aims to investigate the causal relationship between Islamic bonds (sukuk, oil and precious metals “silver and gold” prices in Asia pacific. This study used VAR model relying on daily data. The findings of Granger causality test and impulse-responses analysis results provide substantial evidence in favor of the relation between sukuk and the commodity market variables (oil, gold, and silver meanwhile and unlike many empirical studies, don’t we have found that oil doesn’t cause changes in precious metals prices. Therefore, the idea that Islamic financial markets provide diversification benefits and they are safe havens during oil crisis cannot be supported empirically.DOI: 10.15408/aiq.v10i2.7171

  10. 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.

  11. CSR Disclosures in the Mining Industry: Empirical Evidence from Listed Mining Firms in Indonesia

    OpenAIRE

    Rina Asmeri; Tika Alvionita; Ardi Gunardi

    2017-01-01

    Companies that are involved in CSR strive to meet the expectations of stakeholders. Therefore, CSR and CSR reporting are tools of legitimacy to demonstrate its obedience (legitimacy theory). This study aims to look at empirical evidence on the effect of profitability and environmental performance on CSR disclosure. This study examined the target population of mining companies listed on the Indonesian Stock Exchange that included the CSR reporting in the 2010-2014 annual report, obtained a sam...

  12. 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.

  13. Oil prices, stock markets and portfolio investment. Evidence from sector analysis in Europe over the last decade

    International Nuclear Information System (INIS)

    Hedi Arouri, Mohamed El; Khuong Nguyen, Duc

    2010-01-01

    This article extends the understanding of oil-stock market relationships over the last turbulent decade. Unlike previous empirical investigations, which have largely focused on broad-based market indices (national and/or regional indices), we examine short-term linkages in the aggregate as well as sector by sector levels in Europe using different econometric techniques. Our main findings suggest that the reactions of stock returns to oil price changes differ greatly depending on the activity sector. In the out-of-sample analysis we show that introducing oil asset into a diversified portfolio of stocks allows to significantly improve its risk-return characteristics. (author)

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

    International Nuclear Information System (INIS)

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

    2014-01-01

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

  15. The Impact of Corporate Governance on the Market Value of Financial Institutions - Empirical Evidences from Italy

    OpenAIRE

    Bubbico, Rossana; Giorgino, Marco; Monda, Barbara

    2012-01-01

    This paper analyses how the quality of the corporate governance system impacts on the market value of the financial institutions listed on the Italian Stock Exchange. Implementing a good corporate governance is costly, therefore verifying whether the investment is worth its cost is a relevant issue. Despite the central role that financial institutions play in the real economy, there are few studies that focus specifically on the financial industry; filling this gap in literature is especiall...

  16. Cross-border integration in the European electricity market. Evidence from the pricing behavior of Norwegian and Swiss exporters

    International Nuclear Information System (INIS)

    Balaguer, Jacint

    2011-01-01

    This paper examines the electricity market integration process in two European areas based on the pricing behavior of Norwegian and Swiss exporters. The aim is to gain evidence for the period after the adoption of the 'Second Legislative Package' (2003). The pricing behavior of Norwegian exporters indicates that the wholesale markets for Denmark and Sweden are highly integrated. Moreover, results are fully compatible with the existence of a very competitive marketplace for electricity. This clearly contrasts with the evidence provided by Swiss exporters. In this last case, analysis revealed differences in pricing-to-market behavior between Italy, France and Germany, which indicates that exporters take advantage of international market segmentation and divergences between market structures. This outcome provides a reasonable explanation as to why price differences between countries cannot be fully attributed to transmission costs, as has been claimed in previous research. We also found cross-country convergence in levels of markups and in pricing-to-market behavior of the Swiss exporters for the first part of the period that was analyzed. The evidence is fully consistent with an initial impulse toward market integration originated by reforms implemented at the beginning of the last decade. - Highlights: → We exploit a model based on pricing-to-market behavior. → Price discrimination by Swiss exporters is found. → Nordic electricity markets are found to be already highly integrated. → Market integration was recently improved in continental area. → Results are consistent with reforms under the 'Second Legislative Package'.

  17. Cross-border integration in the European electricity market. Evidence from the pricing behavior of Norwegian and Swiss exporters

    Energy Technology Data Exchange (ETDEWEB)

    Balaguer, Jacint, E-mail: jacint.balaguer@eco.uji.es [Department of Economics, Universitat Jaume I, 12071 Castellon (Spain)

    2011-09-15

    This paper examines the electricity market integration process in two European areas based on the pricing behavior of Norwegian and Swiss exporters. The aim is to gain evidence for the period after the adoption of the 'Second Legislative Package' (2003). The pricing behavior of Norwegian exporters indicates that the wholesale markets for Denmark and Sweden are highly integrated. Moreover, results are fully compatible with the existence of a very competitive marketplace for electricity. This clearly contrasts with the evidence provided by Swiss exporters. In this last case, analysis revealed differences in pricing-to-market behavior between Italy, France and Germany, which indicates that exporters take advantage of international market segmentation and divergences between market structures. This outcome provides a reasonable explanation as to why price differences between countries cannot be fully attributed to transmission costs, as has been claimed in previous research. We also found cross-country convergence in levels of markups and in pricing-to-market behavior of the Swiss exporters for the first part of the period that was analyzed. The evidence is fully consistent with an initial impulse toward market integration originated by reforms implemented at the beginning of the last decade. - Highlights: > We exploit a model based on pricing-to-market behavior. > Price discrimination by Swiss exporters is found. > Nordic electricity markets are found to be already highly integrated. > Market integration was recently improved in continental area. > Results are consistent with reforms under the 'Second Legislative Package'.

  18. Strategic capacity withholding through failures in the German-Austrian electricity market

    International Nuclear Information System (INIS)

    Bergler, Julian; Heim, Sven; Hüschelrath, Kai

    2017-01-01

    In electricity day-ahead markets organized as uniform price auction, a small reduction in supply in times of high demand can cause substantial increases in price. We use a unique data set of failures of generation capacity in the German-Austrian electricity market to investigate the relationship between electricity spot prices and generation failures. Differentiating between strategic and non-strategic failures, we find a positive impact of prices on non-usable marginal generation capacity for strategic failures only. Our empirical analysis therefore provides evidence for the existence of strategic capacity withholding through failures suggesting further monitoring efforts by public authorities to effectively reduce the likelihood of such abuses of a dominant position. - Highlights: • We investigate the relationship between electricity spot prices and generation failures. • Announced (non-strategic) failures are found to decrease with increasing price. • Unannounced (strategic) failures of marginal technologies increase with increasing price. • Our evidence is consistent with the presence of capacity withholding strategies in the German-Austrian electricity market.

  19. The Schumpeterian Entrepreneur: A Review of the Empirical Evidence on the Antecedents, Behavior, and Consequences of Innovative Entrepreneurship

    NARCIS (Netherlands)

    J.H. Block (Jörn); C.O. Fisch (Christian); M. van Praag (Mirjam)

    2016-01-01

    textabstractInnovative entrepreneurship is considered an important pillar for economic development and has sparked a lively discussion in academia and practice alike. Oftentimes, however, the debate is not sufficiently grounded on solid empirical evidence. The academic literature is growing but very

  20. The Schumpeterian entrepreneur: a review of the empirical evidence on the antecedents, behavior and consequences of innovative entrepreneurship

    NARCIS (Netherlands)

    Block, J.O.; Fisch, C.O.; van Praag, M.

    2017-01-01

    Innovative entrepreneurship is considered an important pillar for economic development and has sparked a lively discussion in academia and practice alike. Oftentimes, however, the debate is not sufficiently grounded on solid empirical evidence. The academic literature is growing but very scattered

  1. Big Data and Insurance: Advantageous Selection in European Markets

    Directory of Open Access Journals (Sweden)

    Francesco Corea

    2017-06-01

    Full Text Available Rothschild and Stiglitz (1976 argued that people signal their risk profile through their insurance demand, i.e. individuals with a high risk profile would buy insurance as much as they can, while people who are not going to buy any insurance are the ones with a lower risk profile. This issue is commonly known as adverse selection. Even if their prediction seems to work quite well in a lot of different markets, Cutler et al. (2008 proved that there exist some insurance markets in United States in which the expected result is completely different. In the wake of this study, we provide empirical evidences that there are some European insurance markets in which the low risk profile agents are the ones who buy more insurance.

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

    Directory of Open Access Journals (Sweden)

    Andrew Phiri

    2015-12-01

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

  3. Marketing Mix Implementation in Small Medium Enterprises: A Study of Galeristorey Online Business

    Directory of Open Access Journals (Sweden)

    Rora Puspita Sari

    2017-03-01

    Full Text Available The purpose of this paper is to evaluate the implementation of marketing mix in online business company, whether the online business adopt solely the traditional marketing mix model or the internet factors is also included, since the business platform itself in on social media. Descriptive research and content analysis using interview and observation were used to analyse the marketing mix implementation in Galeristorey online business. Evidence suggested that Galeristorey implemented few elements of the marketing mix both the traditional marketing mix and the online marketing mix. The cause of the limited use of marketing mix elements because of the barriers faced by Galeristorey as an SME. Further researcher may widen the research sample and creates empirical study on the marketing mix implementation of online business that used social media as its main business platform.DOI: 10.15408/etk.v16i1.3950

  4. Empirical evidence for site coefficients in building code provisions

    Science.gov (United States)

    Borcherdt, R.D.

    2002-01-01

    Site-response coefficients, Fa and Fv, used in U.S. building code provisions are based on empirical data for motions up to 0.1 g. For larger motions they are based on theoretical and laboratory results. The Northridge earthquake of 17 January 1994 provided a significant new set of empirical data up to 0.5 g. These data together with recent site characterizations based on shear-wave velocity measurements provide empirical estimates of the site coefficients at base accelerations up to 0.5 g for Site Classes C and D. These empirical estimates of Fa and Fnu; as well as their decrease with increasing base acceleration level are consistent at the 95 percent confidence level with those in present building code provisions, with the exception of estimates for Fa at levels of 0.1 and 0.2 g, which are less than the lower confidence bound by amounts up to 13 percent. The site-coefficient estimates are consistent at the 95 percent confidence level with those of several other investigators for base accelerations greater than 0.3 g. These consistencies and present code procedures indicate that changes in the site coefficients are not warranted. Empirical results for base accelerations greater than 0.2 g confirm the need for both a short- and a mid- or long-period site coefficient to characterize site response for purposes of estimating site-specific design spectra.

  5. Forward-Looking Beta Estimates:Evidence from an Emerging Market

    OpenAIRE

    Onour, Ibrahim

    2008-01-01

    Results in this paper support evidence of time-varying beta coefficients for five sectors in Kuwait Stock Market. The paper indicates banks, food, and service sectors exhibit relatively wider range of variation compared to industry and real estate sectors. Results of time-varying betas invalidate the standard application of Capital Asset Pricing model that assumes constant beta. In terms of risk exposure, banks and industrial sectors reflect higher risk as their average betas exceed the mark...

  6. Stock Market Overreaction and Trading Volume: Evidence from Malaysia

    OpenAIRE

    Ruhani Ali; Zamri Ahmad; Shangkari V. Anusakumar

    2011-01-01

    We investigate the stock market overreaction in Bursa Malaysia from January 2000 to October 2010 using weekly data. We find that winner portfolios tend to have negative returns whereas loser portfolios have positive returns for various holding periods from 1 to 52 weeks. Loser stocks experience more persistent and stronger return reversals than winner stocks. The evidence implies that a lower level of overreaction exists for winner stocks. Overall, a loser-winner portfolio yields highly signi...

  7. Active Market Share: measuring competitiveness in retail energy markets

    International Nuclear Information System (INIS)

    Loomis, D.; Malm, E.

    1999-01-01

    As retail electric and gas markets deregulate, market share measurement becomes critical for marketers, regulators, and incumbent utilities. Yet traditional market share measures miss important features of these network industries. In this paper we model provider choice in network industries and develop two alternate market share measures - The Active Market Share (AMS) and the New Mover Market Share (NMMS), that are based on 'active demand'. These measures are shown to provide more accurate real-time measures of market activity. The NMMS is a special case of the AMS which is easy to measure empirically. Numerical simulations are used to provide comparisons between each measure over time. Both the AMS and NMMS will be important tools for anyone interested in measuring the competitiveness of deregulating markets. (author)

  8. Investor herds and oil prices evidence in the Gulf Cooperation Council (GCC equity markets

    Directory of Open Access Journals (Sweden)

    Talat Ulussever

    2017-09-01

    Full Text Available This paper scrutinizes the effect of crude oil prices on herd behavior among investors in the Gulf Cooperation Council (GCC stock markets. Using firm level data from Saudi Arabia, Qatar, Oman, Kuwait, Bahrain, Dubai and Abu Dhabi stock exchanges, we examine equity return dispersions within industry portfolios and test whether investor herds exist in these markets. We then assess whether crude oil price movements have any effect on the investment behavior of traders in the aforementioned markets. Our findings reveal significant evidence supporting herd behavior in all GCC equity markets with the exception of Oman and Qatar, more consistently during periods of market losses. Furthermore, we find significant oil price effects on herd behavior in these markets, particularly during periods of extreme positive changes in the price of oil. Our findings suggest that investors’ tendency to act as a herd in the said markets is significantly affected by the developments in the oil market.

  9. 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.

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

    OpenAIRE

    Möller, Per

    2010-01-01

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

  11. 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

  12. Computational and empirical simulations of selective memory impairments: Converging evidence for a single-system account of memory dissociations.

    Science.gov (United States)

    Curtis, Evan T; Jamieson, Randall K

    2018-04-01

    Current theory has divided memory into multiple systems, resulting in a fractionated account of human behaviour. By an alternative perspective, memory is a single system. However, debate over the details of different single-system theories has overshadowed the converging agreement among them, slowing the reunification of memory. Evidence in favour of dividing memory often takes the form of dissociations observed in amnesia, where amnesic patients are impaired on some memory tasks but not others. The dissociations are taken as evidence for separate explicit and implicit memory systems. We argue against this perspective. We simulate two key dissociations between classification and recognition in a computational model of memory, A Theory of Nonanalytic Association. We assume that amnesia reflects a quantitative difference in the quality of encoding. We also present empirical evidence that replicates the dissociations in healthy participants, simulating amnesic behaviour by reducing study time. In both analyses, we successfully reproduce the dissociations. We integrate our computational and empirical successes with the success of alternative models and manipulations and argue that our demonstrations, taken in concert with similar demonstrations with similar models, provide converging evidence for a more general set of single-system analyses that support the conclusion that a wide variety of memory phenomena can be explained by a unified and coherent set of principles.

  13. 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.

  14. Systematic reviews of the evidence on the nature, extent and effects of food marketing to children. A retrospective summary.

    Science.gov (United States)

    Cairns, Georgina; Angus, Kathryn; Hastings, Gerard; Caraher, Martin

    2013-03-01

    A 2009 systematic review of the international evidence on food and beverage marketing to children is the most recent internationally comprehensive review of the evidence base. Its findings are consistent with other independent, rigorous reviews conducted during the period 2003-2012. Food promotions have a direct effect on children's nutrition knowledge, preferences, purchase behaviour, consumption patterns and diet-related health. Current marketing practice predominantly promotes low nutrition foods and beverages. Rebalancing the food marketing landscape' is a recurring policy aim of interventions aimed at constraining food and beverage promotions to children. The collective review evidence on marketing practice indicates little progress towards policy aims has been achieved during the period 2003-2012. There is a gap in the evidence base on how substantive policy implementation can be achieved. We recommend a priority for future policy relevant research is a greater emphasis on translational research. A global framework for co-ordinated intervention to constrain unhealthy food marketing which has received high level support provides valuable insight on some aspects of immediate implementation research priorities. Copyright © 2012 Elsevier Ltd. All rights reserved.

  15. Time-Varying Market Integration and Expected Returns in Emerging Markets

    OpenAIRE

    de Jong, Frank; de Roon, Frans

    2001-01-01

    We use a simple model in which the expected returns in emerging markets depend on their systematic risk as measured by their beta relative to the world portfolio as well as on the level of integration in that market. The level of integration is a time-varying variable that depends on the market value of the assets that can be held by domestic investors only versus the market value of the assets that can be traded freely. Our empirical analysis for 30 emerging markets shows that there are stro...

  16. Time Varying Market Integration and Expected Rteurns in Emerging Markets

    OpenAIRE

    Jong, F.C.J.M. de; Roon, F.A. de

    2001-01-01

    We use a simple model in which the expected returns in emerging markets depend on their systematic risk as measured by their beta relative to the world portfolio as well as on the level of integration in that market.The level of integration is a time-varying variable that depends on the market value of the assets that can be held by domestic investors only versus the market value of the assets that can be traded freely.Our empirical analysis for 30 emerging markets shows that there are strong...

  17. Insurance market development: An empirical study of African countries

    Directory of Open Access Journals (Sweden)

    Athenia Bongani Sibindi

    2015-12-01

    Full Text Available The insurance industry plays a very crucial role in an economy by fostering intermediation and by its mechanism of risk bearing. As such it could be argued that the insurance industry fosters economic growth. In this article we analyse the global insurance market development trends, particularly focusing on Africa. Our sample comprise of the 10 African countries namely—South Africa, Angola, Nigeria, Kenya, Mauritius, Namibia, Algeria, Tunisia, Morocco and Egypt. We employ three insurance market development metrics namely; premium volumes, insurance density and insurance penetrations ratios to establish trends in the level of development of global insurance markets. Our results document that the African countries (excluding South Africa have the least developed insurance markets. For most of the countries in our sample, the non-life insurance industry dominates the life-insurance industry. As such, it is imperative that their respective governments put in place measures that will grow their economies inorder to stimulate the development of insurance markets in Africa.

  18. Stock Market Liquidity: Comparative Analysis of Croatian and Regional Markets

    Directory of Open Access Journals (Sweden)

    Vladimir Benić

    2008-12-01

    Full Text Available On the Croatian stock market liquidity has never been in the focus of academic research thus we find it necessary to observe liquidity at the aggregate level. This paper observes multi-dimensional liquidity through the impact of turnover on price change together with several one-dimensional measures. In our empirical research we applythe illiquidity measureto seven different stock markets. We focus on the Croatian stock market as compared to other markets in the Central and Eastern Europe and German market. The results of the research indicate a substantial level of illiquidity in the Croatian and other developing markets.

  19. Market Orientation Impact on Radical and Incremental Marketing Innovation: A Study of Saudi Arabia Hospital Marketing Efforts

    OpenAIRE

    Alshahry Abdullah saeed A; Wang Aimin

    2015-01-01

    We conducted an empirical study to measure influence of market orientation on marketing innovation in hospitals in Saudi Arabia. The sample includes 109 hospital workers that have been identified as having an adequate knowledge of the subject of research. In particular we explain the impact of customer orientation, inter-functional orientation and competitor orientation on marketing innovation. Furthermore the moderating effects of centralization and formalization on those relationships are e...

  20. College Students' Attitudes & Responses toward the Current Economy and Its Implications for Marketing Managers

    Science.gov (United States)

    Gray, Lauren; Lamanette, Michelle; Silva, Alberto; Budden, Michael C.

    2009-01-01

    Since the early months of 2009, the undeniable woes of the economy are being felt by many. With a record number of corporate closings, rising unemployment and the crises in the financial markets, this may prove to be a difficult year for many. This paper uses empirical evidence collected from Southeastern Louisiana University students to learn how…

  1. 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.

  2. 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.

  3. EFFECT OF SOCIAL MEDIA MARKETING ON BRAND EQUITY OF ONLINE COMPANIES

    Directory of Open Access Journals (Sweden)

    Satheeka Kavisekera

    2016-11-01

    Full Text Available Social Media is a prominent marketing tool profoundly used by E-Businesses to draw the attention of the online target audience that could be converted to direct traffic. However, the non-exclusivity of social media has created a unique issue for virtual enterprises that are entirely depending on digital media. The main emphasis of this study is to appreciate the significance of Social Media Marketing in promoting the Brand Equity of E-Commerce enterprises. The empirical study is based on Kapruka.Com; Sri Lanka’s largest online gift shop with the aim of identifying the casual relationship between social media marketing and brand equity. An online questionnaire has been employed to collect the data during the survey. Evident by findings, there is a significant relationship between social media marketing and brand equity of online companies. The study contributes to the marketing practitioners in terms of enhancing the brand value by identifying and exploiting the main attributes of social media marketing.

  4. 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...

  5. Dynamic Model of Islamic Hybrid Securities: Empirical Evidence From Malaysia Islamic Capital Market

    Directory of Open Access Journals (Sweden)

    Jaafar Pyeman

    2016-12-01

    Full Text Available Capital structure selection is fundamentally important in corporate financial management as it influence on mutually return and risk to stakeholders. Despite of Malaysia’s position as one of the major players of Islamic Financial Market, there are still lack of studies has been conducted on the capital structure of shariah compliant firms especially related to hybrid securities. The objective of this study is to determine the hybrid securities issuance model among the shariah compliant firms in Malaysia. As such, this study is to expand the literature review by providing comprehensive analysis on the hybrid capital structure and to develop dynamic Islamic hybrid securities model for shariah compliant firms. We use panel data of 50 companies that have been issuing the hybrid securities from the year of 2004- 2012. The outcomes of the studies are based on the dynamic model GMM estimation for the determinants of hybrid securities. Based on our model, risk and growth are considered as the most determinant factors for issuing convertible bond and loan stock. These results suggest that, the firms that have high risk but having good growth prospect will choose hybrid securities of convertible bond. The model also support the backdoor equity listing hypothesis by Stein (1992 where the hybrid securities enable the profitable firms to venture into positive NPV project by issuing convertible bond as it offer lower coupon rate as compare to the normal debt rate

  6. Empirical Evidence of Stakeholder Management in Sports Clubs: The Impact of the Board of Directors

    OpenAIRE

    Esteve, M.; Di Lorenzo, F.; Inglés, E.; Puig, N.

    2011-01-01

    A major challenge for non-profit sports organizations is how to raise resources from their stakeholders. The present article empirically assesses how the management of stakeholders can affect the resources raised by non-profit sports organizations. The moderating effect of particular characteristics of the Board of Directors is also considered. Evidence is obtained by surveying a large sample of sports clubs from Catalonia, Spain. Results indicate how the quality of relations between sports c...

  7. 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

  8. Oil industry consolidation and refined product prices. Evidence from US wholesale gasoline terminals

    International Nuclear Information System (INIS)

    Kendix, Michael; Walls, W.D.

    2010-01-01

    Our objective in this paper is to quantify the impact of petroleum industry consolidation on refined product prices, controlling for other important factors that could also impact prices. Our empirical analysis focuses on the US petroleum refining industry using data on industry consolidation and wholesale gasoline prices collected over the interval 2000-2008. We match refinery units to wholesale city-terminal gasoline markets, and then estimate pooled cross-section time-series regressions to quantify the impact of petroleum industry consolidation on wholesale gasoline prices at city-specific terminals. The results of the empirical analysis of mergers are mixed, showing that some petroleum industry mergers resulted in statistically significant increases in refined product prices; others resulted in statistically significant declines and still others had no statistical impact at all. Our analysis of the effects of measures of market concentration - one at the level of city-specific wholesale terminals and another at the level of regional spot markets - found evidence that less concentrated markets are associated with lower price levels. (author)

  9. Minority Shareholders' Wealth Effects and Stock Market Development: Evidence from Increase-in-Ownership M&As

    OpenAIRE

    Petmezas, D

    2010-01-01

    This paper examines, using a global M&A data set, the relationship between the target firm’s minority shareholders’ returns and a country’s stock market development in deals in which large shareholders increase their ownership stakes. For the purpose of this study, we use two measures of stock market development: (1) turnover over GDP, and (2) turnover over market capitalization. We provide evidence supporting the view that minority shareholders in target firms gain significantly more in coun...

  10. Innovation in clean coal technologies. Empirical evidence from firm-level patent data

    Energy Technology Data Exchange (ETDEWEB)

    Kruse, Juergen [Koeln Univ. (Germany). Dept. of Economics; Koeln Univ. (Germany). Energiewirtschaftliches Inst.; Wetzel, Heike [Kassel Univ. (Germany). Inst. of Economics

    2016-02-15

    This article empirically analyzes supply-side and demand-side factors expected to a.ect innovation in clean coal technologies. Patent data from 93 national and international patent offices is used to construct new firm-level panel data on 3,648 clean coal innovators over the time period 1978 to 2009. The results indicate that on the supply-side a firm¡¯s history in clean coal patenting and overall propensity to patent positively a.ects clean coal innovation. On the demand-side we find strong evidence that environmental regulation of emissions, that is CO{sub 2}, NO{sub X} and SO{sub 2}, induces innovation in both efficiency improving combustion and after pollution control technologies.

  11. Empirical Evidence from Kaduna State, Nigeria

    African Journals Online (AJOL)

    Michael Madukwe

    Socio Economics and Extension Services Division, National Institute for. Freshwater Fisheries Research (NIFFR), P.M.B 6006, New Bussa. Niger State. .... fisheries, women are mainly involved in processing and marketing (Uchola 2000.

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

    OpenAIRE

    Jian, Zhaoquan; Zhou, Yu Lu

    2015-01-01

    Purpose: Service innovation performance (SIP) is an important driver of growth and wealth of service firms in wide range of industries. Yet, few research studies have been done to explore the influencing factors. The purpose of this study intends to identify the impacts of corporate social capital, market orientation and organizational learning on service innovation in the Pearl River Delta of China.Design/methodology/approach: The paper mainly adopted the empirical research. A Structure Equa...

  13. Time-varying economic dominance in financial markets: A bistable dynamics approach

    Science.gov (United States)

    He, Xue-Zhong; Li, Kai; Wang, Chuncheng

    2018-05-01

    By developing a continuous-time heterogeneous agent financial market model of multi-assets traded by fundamental and momentum investors, we provide a potential mechanism for generating time-varying dominance between fundamental and non-fundamental in financial markets. We show that investment constraints lead to the coexistence of a locally stable fundamental steady state and a locally stable limit cycle around the fundamental, characterized by a Bautin bifurcation. This provides a mechanism for market prices to switch stochastically between the two persistent but very different market states, leading to the coexistence and time-varying dominance of seemingly controversial efficient market and price momentum over different time periods. The model also generates other financial market stylized facts, such as spillover effects in both momentum and volatility, market booms, crashes, and correlation reduction due to cross-sectional momentum trading. Empirical evidence based on the U.S. market supports the main findings. The mechanism developed in this paper can be used to characterize time-varying economic dominance in economics and finance in general.

  14. 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.

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

    OpenAIRE

    NEAGU OLIMPIA

    2012-01-01

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

  16. Towards Sustainable Marketing: Strategy in Slovak Companies

    Directory of Open Access Journals (Sweden)

    Juraj Chebeň

    2015-08-01

    Full Text Available Despite the growing attention that is being paid to sustainability in the literature, little empirical research has been conducted on developing the link between sustainability and marketing strategy and moreover, only a few empirical studies have investigated this issue in Central and Eastern Europe. The conducted empirical survey examines the relationship between marketing strategy and sustainability from the perspective of enterprises in Slovakia. The authors have used binary logistic regression as an evaluation method. The empirical findings are based on 896 responses from different forms of companies in Slovak Republic. The results show that the legal form of a business organization is a relevant determinant of philosophy of sustainability when organization defines a marketing strategy and implements it into corporate strategy. Based on the results it can also be concluded that the environmental aspect of sustainability is determined by the size of organization and the sector of national economy where a company operates, while the social aspect is mainly determined by the share of foreign capital in the ownership structure of an organisation. This study contributes to the European research that studies the relation between sustainability and the marketing strategy by means of an empirical investigation in business organisations in a transition economy such as Slovakia.

  17. Social marketing and the reduction of indoor radon

    International Nuclear Information System (INIS)

    Bierma, T.J.; Swartzman, D.

    1990-01-01

    Indoor radon monitoring and mitigation has apparently been conducted by only a small percentage of private homeowners despite extensive media coverage of the radon issue and public information programs at the federal, state, and local levels. Whether public education programs should be informative or persuasive is an ethical decision. Arguments on each side of the issue are presented. A framework for the development of a persuasive campaign is then presented, suing the concepts of social marketing and the limited empirical evidence available on radon-related behavior. In this paper a four-step process is proposed: identify problem dimensions using focus groups and other methods, confirm dimension for market segmentation using probability samples and factor analysis, implement program and evaluate and revise

  18. Dealing with unemployment: What should be the role of labour market programs?

    Directory of Open Access Journals (Sweden)

    Jeff Borland

    2014-12-01

    Full Text Available This review presents a summary of evidence on outcomes from active labour market programs. Active labour market programs aim to increase the likelihood of employment for individuals who are unemployed or at risk of unemployment. The focus of this review is on studies of active labour market programs in Australia, supplemented with international evidence. An overview and historical background on active labour market programs is provided, as well as an introduction to the empirical methods used to estimate the effect of the programs. Evidence on the effects of the main types of programs – case management, work experience programs and formal education and training – is reviewed, and the main findings are distilled into a set of lessons for policy makers. The review concludes that active labour market programs cannot by themselves have a major impact on the rate of unemployment, but some spending on these programs is justified by outcomes such as increasing the pool of unemployed who are job ready and sharing the burden of unemployment. Job search and wage subsidy programs are suggested to be good ways to assist unemployed who are less disadvantaged. For unemployed with higher levels of disadvantage, priority should be given to programs that create jobs with opportunities for linked training, and that provide a pathway to a permanent job.

  19. Persistent Educational Advantage Across Three Generations: Empirical Evidence for Germany

    Directory of Open Access Journals (Sweden)

    Andrea Ziefle

    2016-12-01

    Full Text Available This article uses survey data from the German Socio-Economic Panel (GSOEP to analyze the persistence of educational attainment across three generations in Germany. I obtain evidence of a robust effect of grandparents' education on respondents' own educational attainment in West Germany, net of parental class, education, occupational status, family income, parents' relationship history, and family size. I also test whether the grandparent effect results from resource compensation or cumulative advantage and find empirical support for both mechanisms. In comparison, the intergenerational association between grandparents' and respondents' education is considerably weaker in East Germany and is also mediated completely by parental education. There are hardly any gender differences in the role of grandparents for respondents’ educational attainment, except for the fact that resource compensation is found to be exclusively relevant for women’s attainment in both West Germany and in East Germany after German reunification and the associated transition to an open educational system.

  20. Moving toward New Horizons for Marketing Education: Designing a Marketing Training for the Poor in Developing and Emerging Markets

    Science.gov (United States)

    Teklehaimanot, Mebrahtu L.; Ingenbleek, Paul T. M.; Tessema, Workneh K.; van Trijp, Hans C. M.

    2017-01-01

    In recent years, marketing education has broadened to poor people in developing and emerging countries. In this article, the authors use four empirical studies that apply well-established training design procedures to design a marketing training program for Ethiopian pastoralists. Because pastoralists operate in extremely remote, traditional, and…