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Ashton, John Kevin. "Add-on goods, contingent services and product bundling." Review of Behavioral Finance 8, no. 2 (November 14, 2016): 94–113. http://dx.doi.org/10.1108/rbf-11-2015-0046.
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Purpose The study examines influence of behavioural economic theories of add-on goods and contingent charges on the regulation of two touchstone markets in the UK. These markets, the payment protection insurance (PPI) market and the market for overdrafts can both be characterised as add-on goods, have displayed excessive levels of profitability and been the focus of continuing and substantial public mis-trust. Despite these similarities, the regulatory treatment of these two markets has been very different. The purpose of this paper is to explore the context of these cases and examine why these differences in regulatory reporting have developed. Design/methodology/approach The research questions are examined through a detailed review of the regulatory reporting in the UK PPI and overdraft market. This review of over 20 regulatory reports, numerous enforcement actions, associated legal proceedings and related international evidence is employed to determine commonalities and differences in the regulatory actions proposed, motives adopted and success of these regulatory processes. Findings It is reported the dynamic and fragmented regulatory structure, multiple policy agendas and a successful legal intervention have all influenced how these financial services markets have been regulated and behavioural economic concepts applied. In particular aspects of overdraft markets remain challenging to address as it is still possible to exclude competition within aftermarkets. The regulatory intervention into PPI markets by contrast addressed concerns raised by add-on good theory and amended the form of distribution underlying this market more directly and successfully. Originality/value There have been numerous excellent reviews of behavioural economics and finance published on a diversity of topics. Despite such a wide coverage, a relatively under-researched aspect of this literature remains the application of these relatively new theoretical insights within markets and how these have influenced regulatory practice. This review of regulatory reporting addresses this gap in the literature through considering two of the most problematic financial services markets of the last decade in the UK.
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Petrosky-Nadeau, Nicolas, and Etienne Wasmer. "The Cyclical Volatility of Labor Markets under Frictional Financial Markets." American Economic Journal: Macroeconomics 5, no. 1 (January 1, 2013): 193–221. http://dx.doi.org/10.1257/mac.5.1.193.
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We provide a dynamic extension of an economy with search on credit and labor markets (Wasmer and Weil 2004). Financial frictions create volatility. They add an additional, almost acyclical, entry cost to procyclical job creation costs, thus increasing the elasticity of labor market tightness to productivity shocks by a factor of five to eight, compared to a matching economy with perfect financial markets. We characterize a dynamic financial multiplier that is increasing in total financial costs and minimized under a credit market Hosios-Pissarides rule. Financial frictions are an element of the solution to the volatility puzzle. (JEL C78, E24, E32, E44, G21, J63)
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Mu, Sixu, Guangdong Huang, Ping Li, and Yun Hou. "A Study on Volatility Spillovers among International Stock Markets during the Russia-Ukraine Conflict." Discrete Dynamics in Nature and Society 2022 (October 26, 2022): 1–8. http://dx.doi.org/10.1155/2022/4948444.
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This paper analyzes the dynamic time-frequency volatility spillovers among the international stock markets during the Russian-Ukraine conflict. We use the VAR-based connectedness framework to calculate the volatility spillovers. Results show that (1) the trend of the total spillover is consistent with the time of the Russian-Ukraine conflict; (2) Russian stock market is the primary source and net exporter of risk; (3) the Russian government has effectively controlled the further spread of risk through policy adjustments; and (4) Russian stock market may generate long-run volatility spillovers among the international stock market. We add research related to the impact of the Russia-Ukraine conflict on international stock markets by analyzing the results of the volatility spillovers.
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Kosfeld, Michael, and Ulrich Schüwer. "Add-on Pricing in Retail Financial Markets and the Fallacies of Consumer Education*." Review of Finance 21, no. 3 (November 17, 2016): 1189–216. http://dx.doi.org/10.1093/rof/rfw051.
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Khallaf, Ashraf, and Terrance R. Skantz. "The Effects of Information Technology Expertise on the Market Value of a Firm." Journal of Information Systems 21, no. 1 (March 1, 2007): 83–105. http://dx.doi.org/10.2308/jis.2007.21.1.83.
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Based on 96 CIO appointments during 1987–1998, Chatterjee et al. (2001) conclude that newly created CIO positions add value to the firm. This paper reexamines that conclusion by using the market's reaction to existing position appointments to benchmark the market's reaction to newly created position appointments. Based on 461 CIO appointments to new and existing CIO positions during 1987–2002, we find no significant difference in the market's reaction to the two types of announcements over the entire sample period. This finding holds when we allow for the market's perception of the value of information technology to shift over time. We also find evidence that the market penalizes firms that fail to move quickly enough to obtain potential strategic advantages from new CIO positions, consistent with first mover advantages. Finally, consistent with Ang et al. (2003) who examine CEO appointments, we find that markets discriminate among newly appointed CIOs in that CIO quality characteristics are associated as expected with the market's reaction to appointment announcements.
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Gruber-Muecke, Tina, and Katharina Maria Hofer. "Market orientation, entrepreneurial orientation and performance in emerging markets." International Journal of Emerging Markets 10, no. 3 (July 20, 2015): 560–71. http://dx.doi.org/10.1108/ijoem-05-2013-0076.
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Purpose – The purpose of this paper is to examine how market-oriented and entrepreneurial-oriented behaviour drives firm performance in an emerging markets context. Design/methodology/approach – Using data from 170 Austrian exporters to Central and Eastern Europe, the authors test a conceptual model including market-oriented and entrepreneurial-oriented practices as predictors of performance. Findings – Results indicate that both market-orientated and entrepreneurial-oriented strategies have positive performance effects in emerging markets. Research limitations/implications – A limitation is that firms were not examined longitudinally, as this is a cross-sectional study. Future research may include longitudinal studies or focus on other markets/regions. Practical implications – Firms are encouraged to adopt a market-oriented and entrepreneurial-oriented strategy to achieve better results in international, emerging market operations. Originality/value – The authors add to the emerging economy research literature by studying the relevance of market orientation and entrepreneurial orientation in determining firm performance in emerging markets. Furthermore, this study supports the generalizability of findings from an advanced to an emerging economies research setting.
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Shimko, D. C. "CAN RISK MANAGEMENT ADD VALUE?" APPEA Journal 35, no. 1 (1995): 740. http://dx.doi.org/10.1071/aj94050.
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Proper risk management reduces risk, but does it necessarily add value for corporate shareholders? Modigliani and Miller argued in 1958 that the answer is 'no' in a perfect market setting. How risk management adds value in an imperfect markets setting is shown. In particular, the corporate risk management decision is linked to the leverage decision to measure the impact of risk reduction on shareholder value. A quantitative model is developed and is applied to five public commodity companies to calculate the value increase due to optimal risk management and leverage. Finally, the practical aspects of implementing a joint risk management and capital structure program are discussed.
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Arias, Edgar, Henry Quesada, and Robert L. Smith. "Competitive strategies for international marketing of hardwood products based on the mining of open questionnaire data." BioResources 15, no. 4 (August 31, 2020): 7872–92. http://dx.doi.org/10.15376/biores.15.4.7872-7892.
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International markets for U.S. forest products continue to make a significant contribution to the national economy; sustaining growth in production and job creation as demand from domestic markets is still yet to match that observed during the early 2000s. In this context, industry, government, and academia remain focused on procuring better market shares in foreign markets. The goal of this research is to help hardwood mills to improve their understanding of the needs of potential clients abroad and thus helping them to develop a competitive advantage. An exploratory study based on text mining of questionnaire data was conducted following a competitive criteria-based model on the major foreign markets for U.S. hardwood products. From a sample of buyers attending trade shows in Asia and Europe, this work has identified a series of factors for manufacturers to consider in future export ventures. It was determined that price and quality play multiple roles in developing a competitive advantage. Color-consistency and an adequate stock of the right mix of species are considered minimum requirements to compete in those markets. In contrast, certain time-compression dimensions are perceived as opportunities to add value and, therefore, to stay ahead of the competition.
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Tudor, Cristiana, and Andrei Anghel. "The Financialization of Crude Oil Markets and Its Impact on Market Efficiency: Evidence from the Predictive Ability and Performance of Technical Trading Strategies." Energies 14, no. 15 (July 24, 2021): 4485. http://dx.doi.org/10.3390/en14154485.
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Oil price forecasts are of crucial importance for many policy institutions, including the European Central Bank and the Federal Reserve Board, but projecting oil market evolutions remains a complicated task, further exacerbated by the financialization process that characterizes the crude oil markets. The efficiency (in Fama’s sense) of crude oil markets is revisited in this research through the investigation of the predictive ability of technical trading rules (TTRs). The predictive ability and trading performance of a plethora of TTRs are explored on the crude oil markets, as well as on the energy sector ETF XLE, while taking a special focus on the turbulent COVID-19 pandemic period. We are interested in whether technical trading strategies, by signaling the right timing of market entry and exits, can predict oil market movements. Research findings help to confidently conclude on the weak-form efficiency of the WTI crude oil and the XLE fund markets throughout the 1999–2021 period relative to the universe of TTRs. Moreover, results attest that TTRs do not add value to the Brent market beyond what may be expected by chance over the pre-pandemic 1999–2019 period, confirming the efficiency of the market before 2020. Nonetheless, research findings also suggest some temporal inefficiency of the Brent market during the 1 and ¼ years of pandemic period, with important consequences for energy markets’ practitioners and issuers of policy. Research findings further imply that there is evidence of a more intense financialization of the WTI crude oil market, which requires tighter measures from regulators during distressed markets. The Brent oil market is affected mainly by variations in oil demand and supply at the world level and to a lesser degree by financialization and the activity of market practitioners. As such, we conclude that different policies are needed for the two oil markets and also that policy issuers should employ distinct techniques for oil price forecasting.
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Borghesi, Richard. "THE EFFECT OF CONTRACT STRUCTURE ON PREDICTION MARKET PRICE BIASES." Journal of Prediction Markets 3, no. 3 (December 17, 2012): 1–12. http://dx.doi.org/10.5750/jpm.v3i3.464.
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Prediction markets add value when they produce unbiased forecasts. However, several prior studies find persistent biases when examining prediction market sides contracts. Sides contracts represent bets on whether the score differential between two teams in a contest will be greater or less than a stated value. We propose that inferences generated from examining Tradesports’ sides contracts may be problematic because they are framed exclusively with respect to favorites. If a favorite-longshot (or reverse favorite-longshot) bias causes these deviations from rationality, it may be that non-sports-related (e.g., internal corporate) prediction markets assets do not suffer from the same shortcomings. To evaluate the generalizability of prior findings, we contrast the price efficiency of Tradesports’ sides and totals contracts. In totals wagers, traders take a position on whether the combine score of both teams in a game will be above or below a stated value. We find that the fundamental structural differences between totals contracts and sides contracts partly determine differences in price efficiencies. Relative to those in the sides market, some price biases in the totals market are significantly smaller in magnitude, and others are absent altogether. Results indicate that contract structure plays a significant role in the ability of prediction markets to produce unbiased estimates.
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Donders, Isabella, and Carles Barriocanal. "The Influence of Markets on the Nutrition Transition of Hunter-Gatherers: Lessons from the Western Amazon." International Journal of Environmental Research and Public Health 17, no. 17 (August 30, 2020): 6307. http://dx.doi.org/10.3390/ijerph17176307.
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For many centuries, hunter-gatherer societies relied on subsistence practices and traditional diets. However, forces of globalization have increased market involvement, thereby fueling the nutrition transition of hunter-gatherer societies. We review the academic literature on market involvement of hunter-gatherer societies in the Western Amazon and its consequences on diet, health and well-being. First, we elaborate on four main determinants of market involvement (accessibility, monetary income, wild meat trade and social capital), showing how each determinant draws individuals toward or away from markets. Thereafter, we discuss how these determinants alter diet, health and well-being. Our results add to the understanding of the complex relations between market involvement, dietary change, health and well-being of indigenous societies. Furthermore, they bring to light that additional research is needed on the topic to support decision-makers and help preserve indigenous values.
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Soenjoto, Wening Purbatin Palupi, and Septiyan Hudan Fuadi. "Kapitalisasi Isu Syariah Terhadap Pergerakan Ekonomi Di Pasar Nasional Dan Global." Journal of Sharia Economics 2, no. 1 (June 5, 2020): 16–28. http://dx.doi.org/10.35896/jse.v2i1.85.
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This study aims to determine the effect of the capitalization of sharia issues on economic movements in national and global markets and try to answer the problem formulation, namely: first, it can describe capitalization of sharia issues that are starting to develop in sharia economic movements in national and global markets. Second: can describe the process of negotiation (interaction) carried out by producers who use sharia issues in trade. Third: can find the implications of the meaning of the results of research and solutions that can add studies related to sharia issues in the economy in national and global markets so that it can be further investigated by subsequent researchers. The method used in this study is a qualitative method with descriptive analysis. Research subjects are informants who provide research data through interviews, surveys and documentation with triangulation data processing techniques to obtain valid research results. Based on the results of the study, it was concluded that the capitalization of sharia issues could affect national and global market movements
Keywords: Capitalization, Sharia Issues, Sharia Economy, National Market, Global Market
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Aziz, Mukhriz Izraf Azman, Adilah Azhari, and M. Ashraful Mobin. "DETECTING ASSET PRICE BUBBLES DURING THE COVID-19 CRISIS AND ITS IMPLICATIONS: EVIDENCE FROM THE STOCK AND OIL MARKET." Vol. 17, Number 2, 2022 17, No.2 (June 27, 2022): 91–114. http://dx.doi.org/10.32890/ijbf2022.17.2.4.
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This study investigates whether the COVID-19 pandemic has caused asset price bubbles in the stock and oil markets in the United States and Malaysia. More specifically, the study seeks to detect the onset and end of possible speculative bubbles and their causes in these markets. It also examines the existence of a contagion effect between the stock and oil markets during the Covid-19 pandemic. To achieve these objectives, the study used the Generalized SADF (GSADF) developed by Phillips et al. (2015) in order to check for existence of bubbles within the time frame from January 1, 2020, to April 24,2020. This technique allows one to look for the occurrence of multiple bubbles during the sample period with great precision. The findings showed that five out of the six equities, including the oil price indices had multiple bubbles. Evidence was also obtained which linked the explosive activity episodes between the crude oil market and the US stock markets from the start and end point of each bubble event. These findings add not only to the literature on the existence of bubbles in the financial and energy markets during the initial outbreak of COVID-19, but also to the significance of the negative impact of pandemics on bubble contagion effects under extreme market conditions.
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Herrero, Marta. "Selling National Value at the Auction Market: The London and Dublin Markets for Irish Art." Cultural Sociology 5, no. 1 (March 2011): 139–53. http://dx.doi.org/10.1177/1749975510380624.
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This article explores how nationality is articulated as a form of art value in the art market, where art is defined in two related ways: instrumentally, in terms of its economic value, and culturally, by defining its meaning and significance. Focusing on the auction market of Irish art in London and in Dublin, and drawing upon interviews with auctioneers in both capitals, it investigates how nationality is produced and marketed as a form of cultural value for Irish art, comparing the specific dynamics of this process in both London and Dublin auction markets. Whilst the findings in this article agree with existing literature on the economic and cultural forms of art value prevalent in art markets, they add to the literature by arguing that the cultural, national element of value-making for Irish art is very pronounced.
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Christopher, Faith Mwende, Amos Njuguna, and Peter Kiriri. "Early Results on Depth of the Nascent Kenyan Derivative Market." International Journal of Financial Research 12, no. 3 (February 10, 2021): 345. http://dx.doi.org/10.5430/ijfr.v12n3p345.
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Despite their importance in hedging against risk and reducing price uncertainty, derivative markets remain undeveloped or absent in many African countries. This paper describes market depth using key trends observed in the Kenyan derivatives market for the first 30 weeks of trading using mixed methods. Market depth was measured by the number of open interests of 142 trading days (30 weeks. The market was described using trend analysis, tests of means, and thematic analysis. The results revealed a market highly dominated by one company's single stock futures (Safaricom Plc), whose overall trade was 68% of the 6179 open contracts. Further, the market has strong weekly swings fluctuating from no trade to a high of 326 and a weekly average of 206 contracts. The market segment of single stock futures is significantly deeper than that of equity index futures. The qualitative study attributed the results to limited knowledge on derivatives amongst investors, unclear market policies, few derivatives products, and skepticism associated with developing financial markets. The Nairobi Securities Exchange (NSE) is advised to intensify investor education, introduce market makers, add new derivatives products, and transform the Nairobi Securities Exchange Clearing House into a full Central Counterparty (CCP) structure to accelerate market depth. This will create a pathway to market depth through efficiency and reduction of operational risks.
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Sunstein, Cass R. "Why Markets Don't Stop Discrimination." Social Philosophy and Policy 8, no. 2 (1991): 22–37. http://dx.doi.org/10.1017/s0265052500001114.
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Markets, it is sometimes said, are hard on discrimination. An employer who finds himself refusing to hire qualified blacks and women will, in the long run, lose out to those who are willing to draw from a broader labor pool. Employer discrimination amounts to a self-destructive “taste” – self-destructive because employers who indulge that taste add to the costs of doing business. Added costs can only hurt. To put it simply, bigots are weak competitors. The market will drive them out.On this account, the persistence of employment discrimination on the basis of race and sex presents something of a puzzle. And if markets are an ally of equality and a foe of employment discrimination, perhaps discrimination persists because of something other than markets. Perhaps labor unions are to blame; perhaps the real culprit is the extensive federal regulation of the employment market, including minimum-wage and maximum-hour laws and unemployment compensation. If competitive markets drive out discrimination, the problem for current federal policy lies not in the absence of aggressive anti-discrimination law, but instead in the absence of truly competitive markets.If this account is correct, the prescription for the future of anti-discrimination law is to seek ways to free up employers from the wide range of governmental disabilities – including, in fact, anti-discrimination law itself. The argument seems to be bolstered by the fact that some groups subject to past and present prejudice – most notably, Jews and Asian-Americans – have made substantial progress in employment at least in part because of the operation of competitive markets.
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Veiga, André, and E. Glen Weyl. "Product Design in Selection Markets *." Quarterly Journal of Economics 131, no. 2 (February 24, 2016): 1007–56. http://dx.doi.org/10.1093/qje/qjw007.
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Abstract In selection markets, where the cost of serving consumers is heterogeneous and noncontractible, nonprice product features allow a firm to sort profitable from unprofitable consumers. An example of this “sorting by quality” is the use of down payments to dissuade borrowers who are unlikely to repay. We study a model in which consumers have multidimensional types and a firm offers a single product of endogenous quality, as in Spence (1975) . These two ingredients generate a novel sorting incentive in a firm’s first-order condition for quality, which is a simple ratio. The denominator is marginal consumer surplus, a measure of market power. The numerator is the covariance, among marginal consumers, between marginal willingness to pay for quality and cost to the firm. We provide conditions under which this term is signed and contrast the sorting incentives of a profit-maximizer and a social planner. We then use this characterization to quantify the importance of sorting empirically in subprime auto lending, analytically sign its impact in a model of add-on pricing, and calibrate optimal competition policy in health insurance markets.
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Charpe, Matthieu, Peter Flaschel, Florian Hartmann, and Christopher Malikane. "Segmented Labor Markets and the Distributive Cycle: A Roadmap towards Inclusive Growth." Economics Research International 2014 (April 30, 2014): 1–15. http://dx.doi.org/10.1155/2014/218353.
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The paper builds on the Goodwin (1967) model which describes the distributive cycle of capitalist economies whereby mass unemployment is generated periodically through the conflict about income distribution between capital and labor. We add to this model a segmented labor market structure with fluid, latent, and stagnant components. The model exhibits a unique balanced growth path which depends on the speeds with which workers are pushed into or out of the labor market segments. We investigate the stability properties of this growth path with segmented labor markets and find that, though there is a stabilizing inflation barrier term in the wage Phillips curve, the interaction with the latent and stagnant portions of the labor market generates potentially (slowly) destabilizing forces if policy measures are absent that regulate these labor markets. We then introduce an activating labor market policy, where government in addition acts as employer of last resort thereby eliminating the stagnant portion of the labor market, whilst erecting benefit systems that partially sustain the incomes of workers that have to leave the floating/latent labor market of the private sector of the economy. We show that such policies guarantee the macrostability of the economy’s balanced growth path.
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Bolek, Monika, Piotr Pietraszewski, and Rafał Wolski. "Companies' growth vs. growth opportunity: Evidence from the regular and alternative stock markets in Poland." Acta Oeconomica 71, no. 2 (June 23, 2021): 279–307. http://dx.doi.org/10.1556/032.2021.00014.
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AbstractThe article discusses the ability of potential growth measures calculated basing on market share prices to predict the future growth of the companies listed on the primary and alternative exchange markets in Poland. Analysing the Polish exchange market and dividing the sample of companies due to the markets they are listed – the Warsaw Stock Exchange Main Market or the NewConnect Alternative Market – brought conclusive results. Company growth measured as the growth of total assets, equity, sales and, what is the most important, earnings per share, is related to the growth opportunity measures and other factors taken into account in the tested models. The differences between the results for the two separate markets are evident and the relationship between growth opportunity measures and the future growth seems to be stronger for larger companies listed on the main market, while the NewConnect smaller companies’ growth is less predictable. We add to the theory of the growth prediction a modified approach by sampling companies according to the exchange they are listed that helps to solve the companies’ “growth puzzle” and supplement the growth theory in the field of factors affecting this process in different growth stages. The originality of the paper is reflected in the modified approach to the problem and distinguishing the stages of development of the company taking into account the Polish stock market.
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Filipovic, Miroslava. "Global capital markets: An updated profile." Panoeconomicus 54, no. 2 (2007): 197–217. http://dx.doi.org/10.2298/pan0702197f.
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More than two decades after the beginning of the financial revolution globalization of capital flows still attracts considerable attention, from both practitioners and academics. The aim of this paper is to contribute to understanding of some aspects of the global capital scene, as well as to emphasize certain developments which might illustrate its changing profile. Several fundamental perspectives profile the global capital market. A quantitative review provides a sense of sheer volumes, trends, origins and destinations of capital flows; an assessment of the global capital market?s degree of integration follows. The emergence of new (types of) actors is another important aspect of the global processes, while illustrations of new market products and emerging segments may add new perspectives on the profile of the global capital market. Finally, the paper concludes with a brief overview of digitalization of the financial supply chain.
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Walters, S. Alan, Kurt T. Range, Bradley H. Taylor, and Wanki Moon. "Consumer Attitudes for Asian Vegetables in Direct Markets." HortTechnology 18, no. 3 (January 2008): 500–505. http://dx.doi.org/10.21273/horttech.18.3.500.
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Because the demand for Asian vegetables is rapidly increasing in the United States, these crops may provide local market growers new revenue opportunities with high returns per acre. However, consumer attitudes and purchasing habits regarding Asian vegetable crops are poorly understood. Therefore, consumers were surveyed in two direct-market venues (on-farm and farmers market) to measure their familiarity and preferences for Asian vegetables. Attributes that may influence buying decisions such as purchase frequency, consumption behavior, and knowledge of preparation and use were measured. Respondents were generally not familiar with fresh Asian vegetables. Although greater than 80% consumed less than 5 lb per year and less than once per month, the consumers surveyed expressed a strong interest to learn more about these vegetables. Consumers purchased Asian vegetables most often at supermarkets (29.4%) and restaurants (28.1%), and much less at local direct markets (12.5%). Results also indicated that Asians as well as consumers with higher income levels were most likely to consume these vegetables. Thirty-eight percent of consumers strongly indicated that the availability of recipes for various Asian vegetables at direct markets would increase the likelihood for purchase; thus, the opportunity exists to add these vegetables to local production and marketing systems, if recipes were made available at the point-of-purchase.
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Ilie, Florin. "Considerations Regarding Financial Risk Management in Order to Maximize Earnings During the Coronavirus Pandemic." Scientific Bulletin 25, no. 1 (June 1, 2020): 26–32. http://dx.doi.org/10.2478/bsaft-2020-0004.
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AbstractThis paper addresses a very topical issue, given by the world of financial investments and especially by the period of great uncertainty that we are going through. It is rightly said that it is the simplest and most enjoyable thing to be an investor when the market grow/hikes/rises. Differences between investors occur when feelings of fear and panic become widespread and flood the stock markets. Are we now in a period of sharp declines in the world’s financial markets or is it just a correction? Experimenting with new asset classes, identifying the huge opportunities that the market has to offer, the correct management of risks and possible earnings are some of the most important aspects in the context of getting the highest possible earnings. This paper focuses on risk management in order to maximize earnings during a large-scale crisis, such as the current global situation generated by coronavirus or how you can add value to the investor spirit in your portfolio.
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Tian, Fang, Greys Sošić, and Laurens Debo. "Manufacturers’ Competition and Cooperation in Sustainability: Stable Recycling Alliances." Management Science 65, no. 10 (October 2019): 4733–53. http://dx.doi.org/10.1287/mnsc.2018.3178.
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Rather than organizing disposal of consumer-generated waste themselves, many states and countries have passed legislation that makes producers responsible for the proper disposal (i.e., recycling) of the products that they bring to the market. We study the stability of producers’ strategies emerging under such legislation. In our paper, the producers compete with multiple differentiated products in consumer markets but may consider cooperating when recycling those products to benefit from economies of scale. Products made by different producers or sold in different markets might still be considered for joint recycling. Our main questions are when and whether firm-based recycling strategies (i.e., separately recycling products falling under same brand) or market-based recycling strategies (i.e., separately recycling products falling in the same product category) emerge as stable outcomes. To that end, we analyze a series of simple producer-market configurations. We first look at an asymmetric market model with two producers making three products in two markets, and then, we look at a symmetric market model with two producers competing with four products in two markets. Our results show that, with intense market competition and differentiated market sizes, producers may recycle their products on their own without cooperating with others. In some instances, they can add a product from their competitor to their recycling mix. Because these outcomes are never socially optimal, they may reduce social welfare and require government intervention. Otherwise, with less intense competition or more equitable market shares, all-inclusive (market-based) recycling is the most common stable outcome with high (low) scale economies, and the firms’ independent choices might lead to social optima. This paper was accepted by Serguei Netessine, operations management.
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ÖNER, Dr Muhammed Hadin. "The Determinants of Sukuk Markets: Evidence from Participation banks in Türkiye." Gaziantep University Journal of Social Sciences 21, no. 4 (October 19, 2022): 2223–38. http://dx.doi.org/10.21547/jss.1110830.
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Sukuk is the fastest growing interest-free financial instrument in the Islamic finance market in recent years. The development of sukuk, an asset-backed securitization, and the analysis of barriers to it have been the subject of many international academic studies recently. The purpose of this article is to determine the effects on the sukuk issued by participation banks in Turkey. In this context, the parameters on the sukuk issued by participation banks in the 2015Q1-2021Q4 periods were analyzed by panel data method. Data on the variables of Gross Domestic Product (GDP), exchange rate, interest rate, unemployment, inflation, profit share rates, foreign direct investments, stock market, public expenditures, exports, participation bank size and banking sector size used in the analysis. TKBB), Turkish Statistical Institute (TUIK) and Electronic Data Distribution System (EVDS) of the Central Bank of the Republic of Turkey. According to the results of the analysis, it was concluded that the relevant parameters affected the development of the sukuk markets positively and negatively. The study is one of the most comprehensive studies in which the parameters affecting the sukuk markets in Turkey are discussed and it is aimed to add to the literature.
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Bolek, Cezary, and Monika Bolek. "Covid-19 cases influencing the Stock Exchange indices on the example of BIST100 in Turkey, NASDAQ in the USA and WIG in Poland." Finanse i Prawo Finansowe 2, no. 34 (June 20, 2022): 7–25. http://dx.doi.org/10.18778/2391-6478.2.34.01.
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The purpose of the article/hypothesis: The goal of this paper is to show differences between markets’ reactions to a number of Covid-19 new cases. Stock exchanges and their indices from Turkey, the USA and Poland are analyzed during the first year of the global pandemic. The hypothesis that there are significant differences between markets regarding the reaction to new Covid-19 cases is tested in this research paper.
Methodology: BIST100 Index representing the Istanbul Stock Exchange in Turkey, NASDAQ Composite representing NASDAQ Exchange in the USA and WIG Index representing the Warsaw Stock Exchange in Poland are analyzed in relation to Covid-19 new cases. The correlation analysis with delays of markets’ reactions and panel data OLS regression models are tested with rates of return as dependent variables.
Results of the research: The findings show the immediate negative influence of new cases rates of change on the stock indices rates of return, although there are some differences and similarities between correlation coefficients, especially when the delays in reactions are taken into consideration. The Turkish exchange was reacting immediately to the rates of change of new Covid-19 cases, the US exchange needed more time to adjust, while in Poland the correction was detected after investors’ over-reaction in the first two weeks. The significant difference between the Polish and US markets regarding the correlation is confirmed indicating that the reactions on the global market were not identical. What the findings add to the literature is the evidence of differences and similarities between markets representing different religions, continents, and cultures.
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Chen, Laichi. "The Rise of the East Asian Gaming Industry: A Value-Added Chain Among the East Asian Game Companies During 2000–2010." Global Media and China 7, no. 1 (February 11, 2022): 24–42. http://dx.doi.org/10.1177/20594364221074422.
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From a historical perspective, this paper examines how these Asian game companies developed during the period 2000–2010. This research attempts to discern the relationships among the East Asian game companies when they become both game buyers and providers. Based on the model of the global value chain, suggested by Gereffi and others (2005), the results show that, first, the popularity of online games in the intra-Asian market is based on a collaborative relationship, while Korean and Chinese produced games are successfully operated in other markets. Second, the online game business became segmented in East Asia when game companies, in different markets, with their own advantages, were able to play different roles in order to add value to the modular form of the global value chain. Third, the value chains are not evolving along a single trajectory, if economic interdependence among game suppliers and buyers are further examined.
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Yoon, Bohyun, and Young-Min Choi. "A Study on Alternative Index Strategies in Korean Stock Market." Journal of Derivatives and Quantitative Studies 22, no. 2 (May 31, 2014): 285–308. http://dx.doi.org/10.1108/jdqs-02-2014-b0005.
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There have been several studies of alternative equity index strategies which suggest better investment opportunities with higher risk adjusted return pointing out empirical evidence of inefficient risk-return trade-off implied in the market-cap weighted index. Commercial products based on these strategies, regarded as passive equity strategies, become more popular in the U.S. and European stock markets. We investigates whether these strategies are also valid in Korean stock market and our empirical results add support to their efficacy. From Fama-French 3-factor analysis, we find that the excess return of alternative equity index is attributed to market, size and value factors and it does not show a significantly positive alpha. Even without positive alpha, however, these strategies are valuable to investors in the sense that they offer opportunities to fully exploit size and value premium with long-only portfolios. The advantage of these strategies is more straightforward recalling the fact that rebalancing of Fama-French factor portfolios involves short-sale and high turnover.
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Mashkov, Rotem, and Noam Shoval. "Merchants’ response towards urban tourism development in food markets." International Journal of Tourism Cities 6, no. 4 (August 31, 2020): 1089–110. http://dx.doi.org/10.1108/ijtc-05-2020-0115.
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Purpose In an age when a tourist’s gaze is more involved in the daily lives of locals, it is evident that traditional food markets are being rediscovered as a space for recreation. Yet, the pressure of tourism development may result in retail gentrification to the point of losing the sense of local identity. Focusing on the “boutiquing” process at Mahane Yehuda Market in Jerusalem, this paper aims to measure the physical change in the marketplace, to understand merchants’ attitudes towards tourism development, and to differentiate merchants based on their responses to these changes. Design/methodology/approach Two main research methods were used: comparative mapping of the business mix and in-depth interviews with merchants. The first method was used to characterize the physical change in the market, and the second method was used to examine merchants’ attitudes and responses to tourism development. Findings There has been a significant physical change in the business mix of the market, with displacing mainly of traditional uses. A strong link between the merchants’ responses to tourism development and their stall ownership status has found. Research limitations/implications The limitations of the study lie in its nature as a qualitative study of a case study; there is difficulty in generalizing and drawing universal conclusions. Originality/value Add to existing knowledge regarding merchants’ responses in traditional food markets to tourism development in the context of retail gentrification.
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Güntner, Jochen H. F. "HOW DO INTERNATIONAL STOCK MARKETS RESPOND TO OIL DEMAND AND SUPPLY SHOCKS?" Macroeconomic Dynamics 18, no. 8 (June 7, 2013): 1657–82. http://dx.doi.org/10.1017/s1365100513000084.
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Building on Kilian and Park's (2009) structural VAR analysis of the effects of oil demand and supply shocks on the U.S. stock market, this paper focuses on the differences and commonalities of stock price responses in oil exporting and importing economies in 1974–2011. Structural oil price shocks add to our understanding of the 2008 stock market crash. I find that unexpected reductions in world oil supply do not affect stock returns in any of six OECD countries. Although an increase in global aggregate demand consistently raises oil prices and cumulative real stock returns, the effect is more persistent for oil exporters. Other, e.g., precautionary oil demand shocks have a detrimental impact on stock markets in oil-importing countries, a statistically insignificant effect for Canada, and a significantly positive effect for Norway. Oil price shocks account for a larger share of the variation in aggregate international stock returns than in national stock returns.
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Mudalige, Priyantha, Petko S. Kalev, and Huu Nhan Duong. "Individual and institutional trading volume around firm-specific announcements." International Journal of Managerial Finance 12, no. 4 (August 1, 2016): 422–44. http://dx.doi.org/10.1108/ijmf-01-2016-0007.
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Purpose – The purpose of this paper is to investigate the immediate impact of firm-specific announcements on the trading volume of individual and institutional investors on the Australian Securities Exchange (ASX), during a period when the market becomes fragmented. Design/methodology/approach – This study uses intraday trading volume data in five-minute intervals prior to and after firm-specific announcements to measure individual and institutional abnormal volume. There are 70 such intervals per trading day and 254 trading days in the sample period. The first 10 minutes of trading (from 10.00 to 10.10 a.m.) is excluded to avoid the effect of opening auction and to ensure consistency in the “starting time” for all stocks. The volume transacted during five-minute intervals is aggregated and attributed to individual or institutional investors using Broker IDs. Findings – Institutional investors exhibit abnormal trading volume before and after announcements. However, individual investors indicate abnormal trading volume only after announcements. Consistent with outcomes expected from a dividend washing strategy, abnormal trading volume around dividend announcements is statistically insignificant. Both individual and institutional investors’ buy volumes are higher than sell volumes before and after scheduled and unscheduled announcements. Research limitations/implications – The study is Australian focused, but the results are applicable to other limit order book markets of similar design. Practical implications – The results add to the understanding of individual and institutional investors’ trading behaviour around firm-specific announcements in a securities market with continuous disclosure. Social implications – The results add to the understanding of individual and institutional investors’ trading behaviour around firm-specific announcements in a securities market with continuous disclosure. Originality/value – These results will help regulators to design markets that are less predatory on individual investors.
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Wong, Siu Kei, Ling Li, and Paavo Monkkonen. "International Real Estate Review." International Real Estate Review 22, no. 3 (September 30, 2019): 307–31. http://dx.doi.org/10.53383/100283.
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The profiteering developer is a common figure in debates over housing policy. Governments increasingly use developer profits to justify policies like inclusionary housing. Yet we actually understand little about the competitiveness of housing development. One unresolved question is whether developers use market power to profit when selling new units, especially in highly concentrated markets. We use the case of Hong Kong, where the five largest developers build almost two-thirds of new housing units, to address this question. Using a repeat-sales approach, we find that new condominiums sell at a discount, not a premium. We attribute this lack of market power to the resalable feature of durable goods ¡V the discount is larger when more re-sellers are located nearby ¡V as well as the need for liquidation ¡V the discount is larger when developers have to sell more units simultaneously. Our results suggest that the first-hand market, even in a highly concentrated market, is competitive. They add to a growing body of research work on the role of new housing in affordability, and invite further study of competitiveness in different kinds of housing markets.
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Jagongo, Ambrose, and Ruth Mwaura. "EFFECTS OF MORTGAGE RISK ON MARKET RETURNS OF LISTED COMMERCIAL BANKS IN KENYA." International Journal of Finance and Accounting 7, no. 1 (February 17, 2022): 15–32. http://dx.doi.org/10.47604/ijfa.1469.
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Purpose: The study is focused to determine the effects of mortgage risk on market returns of listed commercial banks in Kenya
Methodology: This study utilised Systematic review research design to locate, assemble and evaluate relevant studies that address the dependent and independent variables.
Findings: The results indicated that the existing studies had a conceptual framework gap as empirical literature does not offer conclusive results on the applicability of the theories in managing mortgage risk and market returns. Previous studies were majorly conducted at a different time period in other markets presenting a geographical gap.
Unique contribution to theory, practice and policy: The study will be beneficial to listed commercial banks in Kenya to adapt effective mortgage risk management strategies to sustain positive market returns. The models developed from this study will aid the government institutions that regulate listed commercial banks in Kenya to develop policies on sustainable mortgage risk management. The study will add new knowledge on mortgage risk management to maximise market returns for listed commercial banks in Kenya.
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Frels, Judy K., Tasadduq Shervani, and Rajendra K. Srivastava. "The Integrated Networks Model: Explaining Resource Allocations in Network Markets." Journal of Marketing 67, no. 1 (January 2003): 29–45. http://dx.doi.org/10.1509/jmkg.67.1.29.18586.
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The last decade has witnessed a shift from a focus on the value created by a single firm and product to an examination of the value created by networks of firms (or product ecosystems) in which assets are comingled with external entities. The authors examine these market-based assets in the context of network markets and propose an Integrated Networks model in which three types of networks—user, complements, and producer—add value or enhance the attractiveness of the associated focal product. The authors empirically test the proposed model by surveying information technology professionals on their resource allocation decisions regarding the Unix and Windows NT operating systems. The findings suggest that the value added by these three networks is significantly and positively associated with resources allocated by business customers to competing products. The results also show that the three networks mediate the relationship between stand-alone product performance and resource allocation.
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Ekoro, Beatrice Okoi, Olajumoke Esther Olanrewaju, Ugbe Maurice-Joel Ugbe, Favour Achi Inyang-Ogim, and Faith Ubi Okoi. "Market traders’ knowledge, attitude, and practices of solid waste disposal in Calabar Municipality, Nigeria: New implications for global health education." International Journal of Population Studies 7, no. 2 (October 25, 2022): 307. http://dx.doi.org/10.36922/ijps.v7i2.307.
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Poor environmental sanitation practices in markets are a serious public health concern, as solid waste poses municipal level and global health risks. Solid wastes also add to the growing issue of global climate change. This study sought to determine the sociodemographic correlates of solid waste disposal knowledge, attitude, and practices among market traders in Calabar Municipality, Nigeria. This was a cross-sectional study of 480 traders across six markets in Calabar Municipality. Data were collected using semi-structured questionnaire and analyzed using descriptive and inferential statistics. Overall, 54% of respondents had good knowledge, 45% had an acceptable attitude, and a significantly low number of respondents (16%) practiced good solid waste disposal. Sociodemographic characteristics that were statistically significant in the bivariate analyses were modeled for the outcomes. The multivariable analyses found that age, primary education, being married, being separated/divorced, being Muslim, and being a traditionalist were statistically significantly associated with knowledge, attitude, and practices of solid waste disposal among market traders. Solid waste disposal practices were poor. Market sensitizations on environmental sanitation need to be carried out. There is also a need to enforce laws stating disciplinary measures for offenders who dump wastes indiscriminately.
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Hofer, Katharina Maria. "International brand promotion standardization and performance." Management Research Review 38, no. 7 (July 20, 2015): 685–702. http://dx.doi.org/10.1108/mrr-06-2013-0136.
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Purpose – This study aims to examine the impact of branding aspects on firm performance in several markets of Central and Eastern Europe (CEE). Specifically, the question of brand promotion standardization is the focus of attention. Design/methodology/approach – After literature review, a conceptual model suggests that the standardization of brand promotion, as well as a long-term brand vision provided by management, positively influences firm performance in the target market. Furthermore, the model considers the external environmental factors of media infrastructure and customer homogeneity. Data gathered from a survey with managers allow testing the hypotheses through structural equation modeling. Findings – The results of the quantitative study largely support the hypotheses. A positive relationship between media infrastructure and promotion standardization was found. Promotion standardization and brand vision both have a significant impact on firm performance in the target market. The relationship between customer homogeneity and promotion standardization could not be supported. Research limitations/implications – The conceptual model depicts a highly specific area of investigation. Future research may include other variables and/or focus on different markets or regions to further add to the generalizability of the results. Practical implications – The existing media infrastructure in the foreign target markets of Central and Eastern Europe should be thoroughly considered. A standardized approach toward brand promotion is recommended for Central and Eastern European markets to enhance firm performance. Originality/value – This study contributes to the literature by considering branding in an international context which is still underrepresented in international management and marketing research.
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Escobar, Sebastián, Margareth Santander, Pilar Useche, Carlos Contreras, and Jader Rodríguez. "Aligning Strategic Objectives with Research and Development Activities in a Soft Commodity Sector: A Technological Plan for Colombian Cocoa Producers." Agriculture 10, no. 5 (April 30, 2020): 141. http://dx.doi.org/10.3390/agriculture10050141.
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Although Colombia has the potential to be a cocoa producer for fine flavor and high value markets, it is not greatly recognized as such. In spite of the government’s interest to position the country as a major specialty cocoa producer, no strategic actions have been taken to develop and strengthen this aspect of the value chain. This study structured a technology roadmap for the sector that identifies major research and development investment opportunities by examining the current challenges and weaknesses in key dimensions of the sector (e.g., postharvest technology, quality, capacity, and markets) that impinge on quality and add value to the product. These challenges are identified through a multidimensional and region-specific gap analysis that integrates the advances and technological trends developed worldwide as ideal practice scenarios. The findings of this study should help in prioritizing the investment of public and private resources in the sector in order to better position Colombia in the global specialty cocoa market.
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Kang, Hyoung-Goo. "Dynamic Asset Allocation under Mispricing, Predictability and Portable Alpha." International Studies Review 11, no. 1 (October 19, 2010): 73–101. http://dx.doi.org/10.1163/2667078x-01101005.
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The existing literature about portfolio management has investigated how to update a portfolio allocation, conditional on the information that possibly predicts asset returns and volatilities. We add several innovations to fill the lacuna of prior research in the contexts of global asset allocation. First, we suggest a simple method of how to rebalance portfolios automatically and dynamically in order to exploit potential market inefficiencies. The existing literature has not developed such a strategy. Out-of-sample tests demonstrate that our strategy dominates both static allocation and dynamic strategies that do not account for possible mispricing. Thus, our strategy can contribute not only to academia, but also to practical portfolio managers who endeavour to beat markets. Second, we elaborate portable alpha strategies using the new dynamic strategy. Once we add an alpha strategies using the new dynamic strategy. Once we add an alpha portfolio to existing portfolios, then they perform better in terms of mean and risk. Thus, it makes our alpha portfolio portable, i.e., we can apply the alpha portfolio to any fund and can enhance its performance. Third, our dynamic strategy implies a convenient method to estimate a conditional mean and covariance matrix as functions of predictive information matrix without consuming much computational risk managers and traders who need to control the risks of large target portfolios on a real time basis.
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Sundstrom, William A. "The Color Line: Racial Norms and Discrimination in Urban Labor Markets, 1910–1950." Journal of Economic History 54, no. 2 (June 1994): 382–96. http://dx.doi.org/10.1017/s0022050700014534.
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In both northern and southern cities of the United States, African-Americans faced a web of social constraints on such activities as housing, shopping, and everyday interpersonal interactions. These constraints had implications for the labor market as well. In particular, norms against white subservience to blacks played an important role in determining the racial composition of occupations. Close attention to the operation of such social norms can add much explanatory power to conventional economic analyses of discrimination based on human capital and taste for discrimination.
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Nurdin, Muhammad, Adam Adam, and Budi Hartono. "Peran Camat dalam Penertiban Pasar Liar di Desa Lalang Kecamatan Sunggal Kabupaten Deli Serdang." PERSPEKTIF 11, no. 1 (December 22, 2021): 187–94. http://dx.doi.org/10.31289/perspektif.v11i1.5373.
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The responsibility for controlling the weeds is in the hands of the Sunggal sub-district, where the sub-district also collects retribution from the traders in accordance with the sub-district regulations. However, with the emergence of various problems from the existence of the illegal market, it becomes an illustration that the sub-district head is still not playing a role in managing the illegal market in his area, thus becoming a source of disturbance for other road users. The purpose of the study was to determine the role of the Camat in controlling the illegal market in Lalang Village, Sunggal District, Deli Serdang Regency. The benefits of research to add insight and knowledge in the field of controlling illegal markets. This research is a qualitative research in which researchers go directly to the field to examine the object of study and conduct direct interaction with the community. The discussion on the role of the sub-district head in controlling illegal markets in this study is based on the role theory proposed by Biddle and Thomas, which consists of expectations, norms, forms of behavior, as well as assessments and sanctions. The Camat has an important role in regulating various activities carried out by the community, including regulating the market so that the existence of the market does not cause problems for other community groups.
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Mustafi, Mohitul Ameen Ahmed, and Md Sajjad Hosain. "The role of online advertising on purchase intention of smartphones: mediating effects of flow experience and advertising value." Journal of Contemporary Marketing Science 3, no. 3 (October 12, 2020): 385–410. http://dx.doi.org/10.1108/jcmars-05-2020-0024.
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PurposeThe paper aims at identifying the role of online advertising on the purchase intention (PI) of smartphones of Bangladeshi customers. The independent variable (online advertising) has been divided into five dimensional segregations: informativeness (INFO), irritation (IRR), entertainment (ENT), incentives (INC) and credibility (CRD). For increasing the value of investigation to further extent, the authors included two mediators termed as flow experience (FE) and advertising value (ADD).Design/methodology/approachThe study has been conducted on primary data collected through a structured questionnaire received from a valid sample of 281 smartphone users selected on a random basis. SPSS (Version 24) has been used for descriptive statistical analysis, while structural equation modeling technique (utilizing AMOS 24) has been used to test the hypothetical relationships among the variables.FindingsAfter a careful and bias-free statistical analysis, the results indicate that purchase intention is positively and significantly affected by all the independent components INFO, IRR, ENT, INC and CRD. Regarding the mediating effect, FE can partially mediate the relationships between IRR and PI and ENT and PI as both the direct and indirect effects are significant. On the other hand, ADD can partially mediate the relationships between IRR and PI and INC and PI, respectively, since both the direct and indirect effects are significant.Research limitations/implicationsThis empirical study is expected to be beneficial for the academicians in finding some unique dimensional aspects regarding online advertising and purchase intentions.Practical implicationsThe policymakers can formulate some unique online advertising policies with a view to identifying customer psychology and increase sales volume based on the findings.Originality/valueSmartphone market in Bangladesh is growing steadily. This empirical paper has shed some lights on the unique role of online advertising on PI of smartphones of Bangladeshi customer base. Since the market scenario in Bangladesh is somewhat unique than those of Western and Eastern countries, the authors hope that the findings will add numerical theoretical and practical values for further investigation in South Asian markets.
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Cesarone, Francesco, Manuel Luis Martino, and Alessandra Carleo. "Does ESG Impact Really Enhance Portfolio Profitability?" Sustainability 14, no. 4 (February 11, 2022): 2050. http://dx.doi.org/10.3390/su14042050.
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Over the last few decades, growing attention to the topic of social responsibility has affected financial markets and institutional authorities. Indeed, recent environmental, social, and financial crises have inevitably led regulators and investors to take into account the sustainable investing issue; however, the question of how Environmental, Social, and Governance (ESG) criteria impact financial portfolio performances is still open. In this work, we examine a multi-objective optimization model for portfolio selection, where we add to the classical Mean-Variance analysis a third non-financial goal represented by the ESG scores. The resulting optimization problem, formulated as a convex quadratic programming, consists of minimizing the portfolio variance with parametric lower bounds on the levels of the portfolio expected return and ESG. We provide here an extensive empirical analysis on five datasets involving real-world capital market indexes from major stock markets. Our empirical findings typically reveal the presence of two behavioral patterns for the 16 Mean-Variance-ESG portfolios analyzed. Indeed, over the last fifteen years we can distinguish two non-overlapping time windows on which the inclusion of portfolio ESG targets leads to different regimes in terms of portfolio profitability. Furthermore, on the most recent time window, we observe that, for the US markets, imposing a high ESG target tends to select portfolios that show better financial performances than other strategies, whereas for the European markets the ESG constraint does not seem to improve the portfolio profitability.
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Abildgren, Kim. "Tail events in the FX markets since 1740." Journal of Risk Finance 15, no. 3 (May 19, 2014): 294–311. http://dx.doi.org/10.1108/jrf-04-2014-0041.
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Purpose – The purpose of this paper is to explore the extent of the so-called “small-sample problem” within quantitative exchange-rate risk management. Design/methodology/approach – The authors take a closer look at the frequency distribution of nominal price changes in the European foreign exchange markets. Findings – The analysis clearly illustrates the risk of seriously underestimating the probability and magnitude of tail events when frequency distributions are derived from fairly short data samples. Practical implications – The authors suggest that financial institutions and regulators should have an eye for the long-term historical perspective when designing sensitivity tests or “worst case” scenarios in relation to risk assessments and stress tests. Originality/value – The authors add to the literature by analysing the distribution of nominal exchange-rate fluctuations on the basis of a unique quarterly data set for ten European exchange-rate pairs covering a time span of 273 years constructed by the authors. To the best of the authors' knowledge this is the first study on nominal exchange-rate changes for a large number of exchange-rate pairs based on quarterly data spanning almost three centuries.
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Deng, Ping, Andrew Delios, and Mike W. Peng. "A geographic relational perspective on the internationalization of emerging market firms." Journal of International Business Studies 51, no. 1 (October 24, 2019): 50–71. http://dx.doi.org/10.1057/s41267-019-00276-y.
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Abstract The growth of outward foreign direct investment from emerging markets has led to increased scholarly attention on the internationalization of emerging market firms (EMFs). We break from the recent strategic approach on internationalizing EMFs to develop a problematization approach, which permits us to introduce a geographic relational perspective. We use this perspective to highlight process thinking, complex social realities, and relational practice as means by which to better develop theory on the internationalization of EMFs. Our emergent approach emphasizes the need to view EMF internationalization as deeply situated in multifaceted contextual influences, as influenced by path dependence and as manifested in practice. These three relational tenets (contextuality, path dependence, and practice) are central to our geographic relational approach’s ability to generate new challenging research questions for understanding EMF internationalization. Consequently, we add novelty to the international business domain by bringing space and process to the forefront of the EMF research agenda.
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Ovakimyan, E. K. "Opportunities for improving the insider laws: A comparative analysis of the practice in the USA and Russia." Finance and Credit 26, no. 4 (April 28, 2020): 796–814. http://dx.doi.org/10.24891/fc.26.4.796.
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Subject. The article examines the laws regulating insider trading. Objectives. The study outlines recommendations for refining Law On Countering the Illegal Use of Insider Information and Market Manipulation and Amendments to Some Legislative Acts of the Russian Federation, № 224-ФЗ of July 27, 2010. Methods. The methodological framework includes a general dialectical method, analysis and synthesis, induction and deductions, and some specific methods, such as comparative and formal logic analysis to specify the definition of insider information, structural logic and functional analysis to improve the mechanism for countering insider trading and market manipulation. Results. We discovered key drawbacks to be addressed so as to improve the business environment in Russia. Although the Russia laws mainly mirror the U.S. laws, they present a more extended list of terms concerning the insider information. I believe the legislative perfection should be continued. Conclusions and Relevance. The study helps apply the findings to outline a new legislative regulation or amend the existing ones, add a new mention on the course of financial markets to students’ books, develop new methods for detecting and countering and improving the existing ones. If all parties to insider relationships use the findings, they will prevent insider trading crimes in financial markets and (or) reduce the negative impact of such crimes on the parties.
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Homburg, Christian, Sabine Kuester, Nikolas Beutin, and Ajay Menon. "Determinants of Customer Benefits in Business-to-Business Markets: A Cross-Cultural Comparison." Journal of International Marketing 13, no. 3 (September 2005): 1–31. http://dx.doi.org/10.1509/jimk.13.3.1.
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The authors examine the concept of customer benefits in business-to-business markets in an international context. They distinguish between core and add-on benefits, and they discuss product quality, service quality, flexibility, trust, joint action, and commitment of the supplier as determinants of these customer benefits. They base their analysis on 981 respondents in two countries. The results suggest the importance of understanding the determinants in providing customer benefits. Furthermore, the authors observe significant cultural differences with respect to the impact of different determinants on perceived customer benefits. Following a discussion of the results, the authors present managerial implications, research limitations, and directions for further research.
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Ozretic-Dosen, Durdana, Marta Brlic, and Tanja Komarac. "Strategic Brand Management in Emerging Markets: Consumer Perceptions of Brand Extensions." Organizations and Markets in Emerging Economies 9, no. 1 (May 31, 2018): 135–53. http://dx.doi.org/10.15388/omee.2018.10.00008.
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The purpose of this paper is to examine consumers’ perceptions of the parent brand and their attitudes towards the brand extensions by exploratory researching the topic in the new context of one emerging European market. Theoretical part gives a comprehensive description and analysis of the main features of the brand extension strategy. The purpose of the primary research is to explore and understand Croatian consumers’ perceptions about the global parent brand (Coca-Cola) and their attitudes towards its extensions on the Croatian market. Research results support the assumption that managers should introduce brand extension when they are sure of the position of the parent brand and its former extensions in the consumers’ mind. As such, results corroborate previous findings, showing how it is necessary to know the existing level of brand affect, brand loyalty, and brand trust since they have different impacts on consumers’ perceptions of the brand extension. The main contribution of the paper stems from the replication and extension of the previous research in the new context (in terms of the level of the market development and consumer culture). Research findings add to the existing knowledge with insights and results from the new market (Croatia), and as such might help in increasing understanding of the brand extension phenomena in the field of the strategic brand management in emerging markets.
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Baars, Grietje. "'Reform or revolution'? Polanyian versus Marxian perspectives on the regulation of the economic." Northern Ireland Legal Quarterly 62, no. 4 (March 10, 2020): 415–31. http://dx.doi.org/10.53386/nilq.v62i4.428.
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Rosa Luxembourg’s 1900 pamphlet 'Reform or revolution', which critiqued reformist political strategy, has relevance to, and finds echoes in today’s debates on the possibility and desirability of using law to protect society from the market’s negative effects. It also summed up the nineteenth-century 'Polanyian' reformist and Marxist 'revolutionary' perspectives. Polanyi argued that 'the economic' must be 'embedded' in the social by means of legal regulation, an argument he illustrates with the help of the 'Speenhamland' example. Marx, while acknowledging the role of the legal struggle as part of class struggle, concludes that ultimately 'right can never be higher than the economic structure of society'. Marxist legal theorist Pashukanis developed this position in his 'commodity form theory of law' which points to the structural impossibility of law’s regulation of capitalism. While contemporary 'Polanyist' Ruggie again asserts that legal and soft law 'global governance' regimes can control capitalism’s main instrument, the corporation, Shamir contra Ruggie argues that the 'moralisation of markets' through corporate social responsibility (CSR) leads to the 'marketisation of morality' or a change in what we perceive law to be (and who has legitimate authority to regulate) rather than a 'taming' of markets. Following Shamir, I add that this corporate-led global governance hastens the collapse of capitalism, and confirms the inevitability of revolution and the subsequent creation of a law-free society.
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Penca, Jerneja, Alicia Said, Marta Cavallé, Cristina Pita, and Simone Libralato. "Sustainable small-scale fisheries markets in the Mediterranean: weaknesses and opportunities." Maritime Studies 20, no. 2 (April 29, 2021): 141–55. http://dx.doi.org/10.1007/s40152-021-00222-5.
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AbstractImproved access to markets by small-scale fisheries (SSF), as called by Sustainable Development Goal 14b and other global and Mediterranean policy documents, is impeded by the existing organisation of value chains and market structures, which are typically antagonistic to the nature of SSF. This article analyses the markets in the Mediterranean to map the drivers and feedback loops that keep fisheries in an unsustainable trajectory and reviews the key innovations in support of a socially, economically and environmentally sustainable small-scale fishing sector. We show how the current market is dominated by lack of product traceability and underappreciation of the inherent value of SSF products (e.g. local production, freshness, season dependence, quantitatively and culinary varied nature). In addition, due to a lack of organisation and the capacity to act, small-scale fishers are poised to have little to no influence over the price. In what we conceptualise as a response to the negative effects of existing market structures, we identify and classify initiatives that add value to SSF products, but not exclusively. These are the shortening of the value chain, innovation in the distribution channel, diversification in the type of product offered, promotion and education regarding SSF products, label and brand development and the empowerment of SSF communities through improved leadership, ownership, cooperation and coordination. We provide examples of these activities and propose the key types of intervention at various levels of governance to accelerate and capitalise on them in order to accomplish policy goals and achieve a better status of both the oceans and the fishers.
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Sharif, Saqib. "Market reaction to the Karachi stock exchange floor imposition." South Asian Journal of Global Business Research 4, no. 2 (August 3, 2015): 275–91. http://dx.doi.org/10.1108/sajgbr-06-2014-0039.
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Purpose – The purpose of this paper is to investigate the market reaction to the decision made by the management of the Karachi Stock Exchange (KSE) to impose a price floor that resulted in trading curbs in 2008. The paper analyzes if regulatory intervention helped in restoring investor confidence. Design/methodology/approach – The paper examines the effect of enforcement of a price floor and trading curbs by splitting the time period studied into two periods: pre-floor and post-floor period. The parametric t-statistics and non-parametric Mann-Whitney test are used to compare the abnormal returns (ARs), abnormal trading volume, bid-ask spread, Amihud illiquidity ratio, and price volatility between the two periods. Event study was conducted to observe the behavior of market returns surrounding market-wide price floor. Finally, multivariate regression analysis was also applied by controlling for factors that might influence valuation, liquidity, and volatility. The standard errors have been corrected for cross-sectional clustering due to market-wide restrictions. Findings – The study found an adverse impact of price freeze and trading curb in the KSE, following the relaxation of floor (resumption of active trading). First, the price of securities (or ARs) significantly declined following the relaxation of the price freeze. Second, the market liquidity deteriorated following the relaxation of the price floor. Third, the price volatility increased in the post-floor period. It seems that the decision made by the KSE’s board to implement lower cap on prices for an extended period was ineffective. Practical implications – Market intervention by regulators to bring calm in the financial markets have negative consequences across the globe. The results presented in this paper suggest that implementing price floor brought inefficiency in the market and prevented firms from raising capital to finance their future investments. The author believe this study will add to the knowledge base of regulatory intervention and its impact on the performance of financial markets. Originality/value – There is no empirical evidence on the impact of price limits on volatility in emerging markets. The author selected Pakistan as a case study, where we particularly focus upon impact of the enforcement of a price floor around the peak of Global Financial Crisis (or market intervention) in Pakistan. This study also documents the effect of trading curb on liquidity and volatility in an emerging market, given that a majority of research on trading halt/price limits is based on developed markets.
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Celi, Giuseppe. "The Labour Market Effects of International Trade in the Presence of Vertical Product Differentiation: Some Methodological Remarks in Retrospect." Journal of Risk and Financial Management 14, no. 3 (March 6, 2021): 109. http://dx.doi.org/10.3390/jrfm14030109.
Full textAbstract:
The paper retrospectively analyses the issue of the impact of international trade on developed countries’ labour markets in the 1990s, when the majority of academic opinion denied the role of trade in the misfortunes of unskilled workers. An analytical framework is proposed in which intra-industry trade is explained in terms of countries’ factor endowments and factor intensities of goods. Unlike the traditional Heckscher–Ohlin model of inter-industry trade, the model suggested here is more consistent with stylised facts about North–South trade. The paper also proposes a method for empirically assessing factor substitution effects at the product level. Inferring the factor content of intra-industry trade from the inter-sectoral relationship between factor intensity and average unit values of exports, the paper found that the labour market effects of intra-industry trade add significantly to the estimated factor market impact of trade.