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1
Forkmann, Sebastian. "Challenges of change in business-to-business markets." Thesis, University of Manchester, 2013. https://www.research.manchester.ac.uk/portal/en/theses/challenges-of-change-in-businesstobusiness-markets(ef771ed7-8d31-45c8-b8f3-4e17b54dc159).html.
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This dissertation is structured around three original studies that offer unique insights into the challenges of change in business-to-business markets. All three studies share as an important starting point that firms rely on other firms to achieve strategic flexibility in volatile business environments. This means that firms source critical resources from business relationships in order to reduce long-term investments in times of change. From this perspective, firms' competitive advantages cross the boundaries of the firm and are embedded in their business partner networks. Thus, firms' business relationships and networks have become an important locus of organizational change in order to respond to turbulence in firms' business environments. Study one of this dissertation recognizes the importance of supplier relationships as a mechanism to react to changing business environments. The article focuses on the dynamic capabilities that enable firms to structurally reconfigure their supplier portfolios or supply networks in order to access necessary resources. The framework of relationship management capabilities introduced, is structured around three important sub-dimensions: relationship initiation, development, and ending capabilities, which collectively enable a firm to manage the reconfiguration of resource portfolios accessed via supplier relationships. The key implication for management relates to thinking beyond firms' established supply chains in times of change. While to a certain degree change can be absorbed within firms' existing supply chains, there might be a need to be 'agile', i.e. search for other suppliers who are better suited to more efficiently and effectively address such changes affecting firm competitiveness in the long run. While study one highlights the importance of firms' agility in adapting their supply chains in response to changes in their business environment, study two of this dissertation, although with a focus on the demand side of the business model, addresses the managerial challenges associated with such an agile adaptation process. Study two conceptualizes a framework for business model change and provides managers guidance to approach business model redesign. In particular, study two focuses on service business models and introduces the concepts of service infusion and defusion as important processes of business model redesign. The service infusion and defusion framework provides a pragmatic and systematic approach to understanding the nature of the business model change that companies have to manage, as well as linking these changes with knowledge creation and transfer processes. These are shown to be key for successfully managing such a business model redesign. While studies one and two assume strategy and its implementation to be key to a successful response to changes in firms' business environment, study three draws attention to the difficulties of arriving at such an appropriate or fitting response strategy in the first place, given the available information. In particular, this study examines the link between sensing changes in firms' business environments and managerial decision making in the form of strategy choice. Thereby, the study shows that strategy change causes disruptions, which eventually affect firm performance. This effect is compounded with increasing sensitivity to change as well as increasing number of factors that trigger change, and thus impairs the long term benefits of such strategy change. Thus, the effectiveness of strategy or business model changes and their implementation is inevitably contingent on distinguishing key signals from noise that disturb or misguide firms' strategic decisions.
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Herzog, Jeffrey Owen. "Business groups in emerging markets." Thesis, University of Cambridge, 2008. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.612380.
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Velu, Chander K. "Business model innovations in network markets." Thesis, University of Cambridge, 2005. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.439063.
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Cheong, Chit Sun. "Contractors business development for overseas markets." Thesis, Loughborough University, 2010. https://dspace.lboro.ac.uk/2134/7142.
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The survival and sustainable development of construction contractors depends on their own capacity as well as their ability to cope with the ever changing environment. Hong Kong was once a large construction market by the world standards; but in the period 1998 to 2007 has suffered from long term market shrinkage. This shrinkage in the work load available in the market has demanded that Hong Kong contractors change their business strategy and consider expanding their construction business to the international marketplace. From surveys and studies of Hong Kong contractors, it is noted that traditionally the majority of contractors organizations were not active in participating in the international construction markets. The prime reasons were that the Hong Kong domestic market was large enough to sustain the contractors and that Hong Kong construction professionals are reluctant to work overseas. However due to the continuous shrinkage of the market, Hong Kong contractors were being forced to consider expanding their construction business to the overseas markets in order to survive. This thesis reviews existing theories and previous studies in overseas con-struction business development. It analyzes surveys of Hong Kong con-struction contractors and conducts a scientific study of a Hong Kong based contractor organization which expanded its construction business to overseas markets. This study was conducted through an integrated action research methodology. Based on the problems, impacts, difficulties and success this organization faced during its practical experience in the overseas business expansion, this thesis explores and recommends a structured approach for Hong Kong contractors to re-define and develop their business overseas. The focus of study is the pre-contract award stage of business development. It focuses on the entry modes, strategic planning, risk management and tender management of the organization. The author also presents various models for use in attaining width and depth of understanding of overseas knowledge. These include preliminary entry selection model, dynamic management, and a spiral model (a learning & knowledge based business development model), for use in the management of international construction business development at the pre-contract stage. The groundwork laid down in this thesis will form the basis for further studies and the development of theories / models. It is the expectation of the author that other contractors in Hong Kong and other nation s contractors may make use of this research as assistance to their overseas business development. The ultimate aim of the author has been to change the goal of contractors from being companies able to compete with international contractors in their domestic market to contractors that are able to compete in the international market place.
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Chernaya, Ekaterina. "Buyer-seller partnerships in business markets." Thesis, University of Birmingham, 2013. http://etheses.bham.ac.uk//id/eprint/4291/.
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This thesis reports on an empirical investigation of buyer-seller partnership initiations and functioning in business markets evidenced in the Chinese shipping industry. This study aims to contribute to understanding of buyer-seller partnerships by providing a holistic description of the phenomenon. While academics and practitioners have demonstrated interest in partnerships, extant studies lack consistency and are often based on a single underlying theory, which results in competing explanations of partnerships and which leaves the understanding of the phenomenon rather fragmented. Moreover, there are only a few dyadic studies that look at both actors’ perspectives on the same partnership simultaneously. Drawing on previous research and the gaps identified, this study addresses the key aspects of buyer-seller partnerships through a dyadic approach. Most partnership studies have been carried out in European and American manufacturing industries. There have been very few studies conducted in industrial services and Asian countries. Thus, the Chinese shipping industry has been chosen for this investigation. A case study research strategy has been carried out using qualitative interviews with the focal supplier company and its customers, along with direct observation and secondary data sources. Based on the conclusions drawn from the findings on partnership initiations and functioning, advancements in understanding partnerships have been made, an integrative model of a partnership has been proposed and a series of guidelines for practitioners have been developed.
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Constantatos, Christos. "Barriers to entry and market coverage in vertically-differentiated markets." Thesis, University of Ottawa (Canada), 1991. http://hdl.handle.net/10393/7803.
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We first derive the optimal price-quality choice of a protected multi-product monopolist operating in a market that could otherwise sustain two or more firms. The main results of this analysis is that in many instances the monopolist will choose not to serve the entire market even when the fixed entry cost is very low and the corresponding number of qualities marketed by the monopolist is very large. Next, we turn our attention to natural duopolies with single-product firms and we examine the implications of entry threats when entry is sequential. Neither is maximal differentiation a general outcome of such competition in the absence of entry threats, nor is minimal differentiation the necessary outcome when entry is contested. When the incumbent firms are facing entry threats, we show that the nature of the fixed cost can confer first mover advantages to the incumbent firms. Next we combine our previous results to examine whether an entry threat will induce a multiproduct monopolist to cover any parts of the market he/she would choose to leave unserved in the absence of such threat. We find that there are many cases where the uncovered market result is robust to the threat of entry. Our next concern is whether a strategic quality choice can protect the monopolist from entry without an increase in the number of qualities as well as whether such a choice can be superior, in terms of profits, to product proliferation. The answer to both questions is positive and the last issue of this thesis is how market coverage is affected by such a strategy. (Abstract shortened by UMI.)
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Roper, Stuart. "Corporate branding: a reputational perspective in business-to-business markets." Thesis, University of Manchester, 2004. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.488279.
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Moye, Ashley. "Market Orientation in Government Markets and Veteran-Owned Small Businesses." Thesis, Walden University, 2016. http://pqdtopen.proquest.com/#viewpdf?dispub=10125164.
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Inadequate resources, poor market strategy, competition, contract regulation, and disparate performance outcomes are issues small business owners face while competing for government contracts. The purpose of this correlational study was to examine the market orientation-business performance relationship and the influence of market factors among veteran-owned small businesses competing for government contracts in the United States. A survey with adapted MARKOR and Government Regulation Lassez-Faire scales was administered to 203 veteran-owned small business owners. Resource-advantage theory served as the theoretical foundation for this study. The results of the multiple linear regression were significant, suggesting that market orientation relates to firm performance and total contract revenue. However, the regression models had a poor fit, with R2 values ranging from .019 to .094, suggesting that significant results of this study lacked the power to conclude predictive accuracy. Market orientation did not significantly relate to contract bid to win rate and number of years in the government market. The PROCESS moderation analysis provided mixed results for market factors’ influence on the market orientation relationship with business performance outcomes. Study participants were market-oriented, with few seeing corresponding success. The introduction of new variables is necessary to make future models useful. Implications for positive social change include guidance for better-fitting models, ones that will inform the efforts to improve the survivability of small businesses in the B2G market. Veteran-owned small business owners should not waste resources on market orientation as a sole strategic focus for capturing and winning government contracts.
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Toth, Zsofia. "Attractiveness in business-to-business markets : conceptual development and empirical investigation." Thesis, University of Manchester, 2015. https://www.research.manchester.ac.uk/portal/en/theses/attractiveness-in-businesstobusiness-marketsconceptual-development-and-empirical-investigation(856a6f4a-1dfa-4256-8668-24dfc3b6bbd7).html.
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Attractiveness matters in business markets, because firms do not dedicate resources equally to all partners. Instead they invest more resources in partners with higher relational attractiveness. Firms need to become attractive in order to gain access to more resources or to be able to work with more skilled or reputable partners. This dissertation studies the construct of relational attractiveness of the customer (RAC), defined as the attractiveness of a business relationship with a particular customer in the eyes of the supplier. The research also investigates corporate online references (COR), because gaining powerful referrals is one of the driving forces behind creating attractiveness in business markets. The study is a three-stage research project drawing on an empirical investigation comprising two focus groups, 79 interviews, a survey of 107 suppliers and online referral data from 1002 companies. These studies investigate the conditions and configurations leading to high or low relational attractiveness, and the motivational conditions and structure of a specific corporate online referral network. Bearing in mind that attractiveness exists in the eyes of the beholder, Study I resolves the previously unclarified problem of how attractiveness can be achieved in different ways. Social Exchange Theory helps to identify conditions of RAC: Trust, Dependency, Financial, Non-Financial Rewards and Costs. In Study II conditions of Trust and Dependency are further developed into Relational Fit and the Comparison Level of Alternatives that address the mutuality and network perspectives of relationship development. The time perspective is introduced to the configurational analysis of RAC through the Maturity condition. As it is revealed in Study I and II, Nonfinancial Rewards are important in creating attractiveness and one of their essential forms is referrals that are addressed in more detail in Study III. This PhD research takes a configurational approach to attractiveness and explores different causal recipes in order to reach the same outcome. In order to investigate the relational complexity of attractiveness, fuzzy set Qualitative Comparative Analysis (fsQCA) is applied throughout the three studies combined with some other methods, such as content analysis and Social Network Analysis (SNA). QCA is a data analytic strategy that combines within-case analysis and formalised cross-case studies in order to identify multiple configurations leading to the same outcome. Hence, QCA deals more efficiently with the equifinality of complex business problems compared with traditional data analysis methods. Equifinality means that there are various ways in the causal system of achieving the desired outcome. QCA is sufficient in handling methodological challenges such as multi-causality (an outcome of interest rarely has a single cause), interrelatedness (causes are usually not independent of one another) and asymmetry (a specific cause may have different effects on the outcome depending on the context). By challenging existing knowledge, the results show that there is no one best way to achieve relational attractiveness. It is achievable even if Trust and Financial Rewards are not present. Very high RAC was typically achieved in less mature relationships. During the initiation of referral relationships in the case of COR, the expected increase in the initiators` attractiveness in the eyes of potential future partners also plays a vital role. The generalizability of the findings has some limitations, especially regarding the qualitative study where the results are appropriate to falsify some theories (for example, the primary importance of Financial Rewards) but their impact is more related to theoretical development than to statistical generalizability.
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Akalin, Kazim. "Business-to-business e-markets in textile industry: An empirical perspective." CSUSB ScholarWorks, 2005. https://scholarworks.lib.csusb.edu/etd-project/2619.
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Wu, Wei-Wen. "Business-to-business E-markets in textile industry: An empirical perspective." CSUSB ScholarWorks, 2004. https://scholarworks.lib.csusb.edu/etd-project/2765.
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This research investigates the attitudes and perceptions of the E-Markets as members of their value chain in the textile industry. The study began by formulating a basic understanding of the nature of buyer-to-buyer (B2B)s well as electronic marketplaces. Fundamentally, E-markets change the relationship dynamics between buyers and sellers from "one-to-one" to "many-to-many."
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Schrieber, Jared M. (Jared Martin) 1976. "The application of prediction markets to business." Thesis, Massachusetts Institute of Technology, 2004. http://hdl.handle.net/1721.1/28514.
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Thesis (M. Eng. in Logistics)--Massachusetts Institute of Technology, Engineering Systems Division, 2004.Includes bibliographical references (p. 47-48).
According to financial theory, open markets efficiently and effectively aggregate all available information about future events into their prices. Recent empirical evidence has shown that speculative markets, from gambling to web-games, are better at predicting the future than more commonly used statistical or survey-based forecasting methods. As a result, a number of companies have conducted experiments to evaluate the use of prediction markets as an alternative forecasting methodology. This paper offers a comprehensive framework for determining when and how prediction markets should be employed in a business context.
by Jared M. Schrieber.
M.Eng.in Logistics
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Rubio, Margarita. "Housing markets, business cycles and monetary policy." Thesis, Boston College, 2008. http://hdl.handle.net/2345/354.
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Thesis advisor: Fabio GhironiThesis advisor: Matteo Iacoviello
This dissertation studies the implications of housing market heterogeneity for the trans- mission of shocks, welfare and the conduct of monetary policy. In the first chapter I focus on mortgage contract heterogeneity (fixed vs. variable-rate mortgages). I develop and solve a New Keynesian dynamic stochastic general equilibrium model that features a housing market and a group of constrained individuals who need housing collateral to obtain loans. A given proportion of constrained households borrows at a variable rate, while the rest borrows at a fixed rate. The model predicts that in an economy with mostly variable-rate mortgages, an exogenous interest rate shock has larger effects on borrowers than in a fixed-rate economy. For plausible parametrizations, aggregate differences are muted by wealth effects on labor supply and by the presence of savers. More persistent shocks cause larger aggregate differences. From a normative perspective I find that, in the presence of collateral constraints, the optimal Taylor rule is less aggressive against inflation than in the standard sticky-price model. Furthermore, for given monetary policy, a high proportion of fixed-rate mortgages is welfare enhancing. Then, I develop a two-country version of the model to study the implications of housing market heterogeneity for a monetary union as well as costs and benefits of being in a monetary union when there are asymmetric shocks. Results show that consumption reacts more strongly to common shocks in countries with high loan-to-value ratios (LTVs), a high proportion of borrowers or variable-rate mortgages. I also find that country-specific housing price shocks increase consumption not only in the country where the shock takes place. Welfare analysis shows that housing-market homogeneization is not beneficial per se, only when it is towards low LTVs or predominantly fixed-rate mortgages. As for costs and benefits of monetary unions, when there is a technology shock in one of the countries and they are symmetric, the monetary union regime is welfare worsening. However, results are dependent on whether or not countries are symmetric and on the source of the asymmetry
Thesis (PhD) — Boston College, 2008
Submitted to: Boston College. Graduate School of Arts and Sciences
Discipline: Economics
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Soave, Gian Paulo. "Essays on business cycles in emerging markets." Universidade de São Paulo, 2017. http://www.teses.usp.br/teses/disponiveis/12/12138/tde-06072017-155012/.
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The purpose of this thesis is to investigate the dynamics pertaining to emerging market business cycles, with special attention to the linkage between financial conditions and the behavior of the macroeconomic variables in such economies. Business cycles in emerging economies differ in many dimensions when compared with advanced economies: the former are characterized by much larger swings in real activity, financial markets, and policy driven variables. For example, when it comes to important macroeconomic variables, output tends to be twice as volatile in emerging economies compared to their developed counterparts. Another interesting discrepancy is related to the fiscal variables: while government consumption spending tends to be countercyclical in advanced economies, in many emerging economies, government spending is procyclical, which tends to reinforce the volatilities of the macro aggregates. The present work tries to shed some light on the role of financial instability in the emerging market business cycles and how the procyclicality of the fiscal policy can be attenuated by the introduction of fiscal debt-targeting rules. Chapter 1 starts by accessing the empirical implications of financial frictions for the business cycles and dynamics in emerging economies. Using a two-step procedure, the chapter first estimates unobservable financial stress indexes for 25 emerging markets to measure the evolution of the conditions of the financial markets in these countries over the period 1994Q1 to 2015Q4. With the financial indexes at hand, the chapter introduces a novel Hierarchical Bayesian Threshold VAR Model that uses Bayesian pooling to efficiently estimate the posteriors of the VAR parameters for each economy. The findings are summarized as follows: (a) stressful times occur with considerable frequency in the data (~ 30 % of the time); (b) second moments of the main macroeconomic variables are regime dependent, with consumption and investment being more correlated with GDP and with larger volatility for all variables considered under financial distress conditions; (c) consumption is more volatile that the GDP both in a regular financial condition and under a financial distress period; (d) the duration of the financial instability period is about 5.4 quarters; (e) nonlinear impulse responses show strong amplification effects related to the tightening of the credit conditions. In Chapter 2, a model in which financial instability emerges endogenously as an outcome of the presence of occasionally binding constraints is used to show that many of the nonlinearities documented in Chapter 1 can be understood as consequences of financial frictions. The chapter builds on a simplified version of the model introduced by Mendoza (2010) and features a Fisherian Debt-Deflation mechanism coupled with the presence of pecuniary externalities associated with the price of capital stock and wages. By using simulation techniques over fully nonlinear global solution methods, the channels through which financial friction affect the business cycles are disentangled. The Fisherian Debt-Deflation mechanism and the two pecuniary externalities magnify the volatility of the macro-variables whenever a crisis is expected in the future. In such a situation, uncertainty goes up and rational expectation agents increase precautionary savings to insure against the crisis. As extensions, two sources of financial frictions are added to the model: (i) a stochastic volatility in the process for the real interest rate - motivated by the results of the estimation of the time-varying parameters VAR (TVP-VAR) for 9 emerging economies; (ii) a financial shock affecting the collateral constraint. The results, conditioned on a specific regime, are consistent with those observed in Chapter 1. However, the additional sources of exogenous uncertainty pose a reduction in the likelihood of crises occurring because of the precautionary savings. This suggest that matching the observed frequency of regime switching is challenging for models with endogenous crises. Chapter 3 studies the implications of simple debt-dependent rules in emerging countries subject to endogenous financial crises with pecuniary externality. The analysis suggests that debt rules that account for the effects of debt accumulation on asset prices can be relatively more efficient in reducing the likelihood of financial crises, but can have substantial impacts on welfare whenever a crisis is likely to happen. Fiscal consolidations based on ad-hoc debt growth may be counterproductive during good times while having significant negative effects on welfare during crisis episodes. Simulated exercises suggest that, when carefully designed, fiscal rules based on debt target can result in welfare gains. Finally, it is worthwhile mentioning that, while solving the nonlinear models in Chapters 2 and 3, the thesis extends the algorithms developed in Maliar and Maliar (2013) and in Arellano et. al. (2016) of the so-called Envelop Condition Method to deal with occasionally binding constraints. This method, coupled with piece-wise linear interpolation/extrapolation techniques, is robust to the presence of the kinks in the policy function and capable of accounting for the distorted equilibrium and expectation effects.O propósito desta tese é investigar a dinâmica dos ciclos reais em economias emergentes, com atenção especial à relação entre as condições financeiras e o comportamento das variáveis macroeconômicas em tais economias. Os ciclos de negócios nos mercados emergentes diferem-se sobremaneira relativamente aos das economias avançadas: nos primeiros, as oscilações são bastante mais pronunciadas em termos de variáveis reais, de mercados financeiros e de variáveis associadas às políticas macroeconômicas. Por exemplo, em se tratando de variáveis macroeconômicas, o produto tende a ser duas vezes mais volátil em países emergentes comparativamente aos países desenvolvidos. Outra diferença interessante relaciona-se às variáveis fiscais: enquanto o gasto do governo tende a ser anticíclico em economias avançadas, em muitos países emergentes tal variável é comumente pró-cíclica, o que tende a reforçar a volatilidade dos agregados macroeconômicos. O presente trabalho visa esclarecer o papel das instabilidades financeiras nos ciclos econômicos em países emergentes e como a pró-ciclicidade de variáveis fiscais pode ser atenuada pela introdução de regras fiscais dependentes de dívida. O Capítulo 1 busca acessar empiricamente as implicações de fricções financeiras para os ciclos e para a dinâmica dos países emergentes. Usando um procedimento de dois estágios, o capítulo inicialmente estima índices de estresse financeiro para uma amostra de 25 economias emergentes visando construir medidas de como as condições financeiras em tais países se comportaram no período de 1994T1 até 2015T4. Em um segundo estágio, o capítulo introduz um modelo vetorial auto-regressivo (VAR) hierárquico bayesiano com efeitos limiares que usa técnicas de pooling bayesiano para estimar eficientemente os parâmetros dos VARs em cada um dos países. Os resultados são resumidos da seguinte maneira: (a) períodos de estresse financeiro ocorrem com frequência considerável nos dados (aproximadamente 30% do tempo); (b) segundos momentos de importantes variáveis macroeconômicas são regime-dependentes, com consumo e investimento sendo mais correlacionado com o produto e com maior volatilidade sob condições financeiras mais restritas; (c) o consumo é mais volátil do que o produto tanto em regimes de liquidez normais quanto em regimes de estresse financeiro; (d) a duração de um período de estresse financeiro é, em média, de 5.4 trimestres; (e) funções de resposta impulso não lineares denotam grandes efeitos de amplificação associados ao aperto nas condições de crédito. No Capítulo 2, um modelo em que instabilidade financeira emerge endogenamente como resultado da presença de restrições ocasionalmente ativas é utilizado para mostrar que muitas das não linearidades documentadas no Capítulo 1 podem ser entendidas como consequências de fricções financeiras. O capítulo baseia-se numa versão simplificada do modelo introduzido por Mendoza (2010), que se caracteriza pela presença de um mecanismo de deflação de dívida à lá Fisher e pela presença de duas externalidades pecuniárias que amplificam a volatilidade macroeconômica caso os agentes formulem expectativas de crise no futuro. Em tal situação, a incerteza se eleva e agentes racionais elevam a poupança precaucionaria como um seguro contra crises. Como extensões, duas fontes adicionais de fricções financeiras são adicionadas ao modelo: (i) volatilidade estocástica no processo da taxa real de juros - motivada por resultados de estimações de VARs com parâmetros variantes no tempo para 9 países emergentes; (ii) um choque financeiro que afeta a restrição de colateral da economia. Os resultados, condicionando-se num regime específico, são consistentes com aqueles do Capítulo 1. Entretanto, fontes adicionais de incerteza induzem uma queda na probabilidade de crise devido ao aumento na poupança precaucionaria. Tal resultado sugere que replicar a frequência de mudança de regime observada nos dados é uma tarefa não trivial para modelos com crises financeiras endógenas. O Capítulo 3 estuda implicações de regras fiscais simples dependentes de dívida em pequenas economias abertas sujeitas a crises financeiras endógenas com externalidade pecuniária. A análise sugere que regras ficais que acomodam os efeitos da acumulação de dívida sobre os preços dos ativos tendem a ser relativamente eficientes em reduzir as consequências das crises, mas podem ter impactos substanciais sobre o bem-estar caso uma crise possa ocorrer. Consolidações fiscais baseadas em regras ad-hoc desenhadas sobre o crescimento da dívida podem ser contraprodutivas nos momentos normais dos ciclos, e podem ter efeitos negativos significantes nos momentos de crise. Exercícios de simulação sugerem que, caso desenhadas com certo cuidado, regras fiscais baseadas em metas para o montante de dívida podem resultar em ganhos de bem-estar. Ressalta-se que, ao resolver os modelos não lineares nos capítulos 2 e 3, a tese estende os algoritmos desenvolvidos em Maliar e Maliar (2013) e Arellano et. al. (2016) do chamado Método Das Condições de Envelope para lidar com restrições ocasionalmente ativas. Tal método, combinado a técnicas de interpolação lineares, é robusto à presença de kinks nas policy functions e capaz de acomodar equilíbrios com distorção e efeitos expectacionais.
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Winkler, Fabian. "Essays on financial markets and business cycles." Thesis, London School of Economics and Political Science (University of London), 2015. http://etheses.lse.ac.uk/3136/.
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This thesis contains three essays on the linkages between financial markets and business cycles. The first chapter introduces a method to embed learning about asset prices (relying on past observation to predict future prices) into business cycle models in a way that retains a maximum of rationality and parsimony. This method is applied to a real business cycle model and a search model of unemployment. In the RBC model, learning about stock prices leads to counterfactual correlations between consumption, employment and investment. By contrast, the search model augmented by learning can generate realistic business cycle fluctuations. The volatility of unemployment in the data can be replicated without the need to rely on a high degree of wage rigidity. The second chapter examines the implications of a learning-based asset pricing theory for a model of firm financial frictions. Learning greatly improves asset price properties such as return volatility and predictability. In combination with financial frictions, a powerful feedback loop emerges between beliefs, stock prices and real activity, leading to substantial amplification of shocks. The model-implied subjective expectations are found to be consistent with patterns of forecast error predictability in survey data. A reaction of monetary policy to asset prices stabilises expectations and substantially improves welfare, which is not the case under rational expectations. The third chapter is concerned with the inefficiencies caused by incomplete national and international financial markets. Specifically, it examines the optimal design of an unemployment insurance scheme that operates across multiple countries in the presence of such inefficiencies. Using a two-country business cycle model with labour market search frictions, it is found that a supranational unemployment insurance scheme can be used to achieve transfers across countries without changing unemployment levels; and that the optimal unemployment insurance policy prescribes a countercyclical replacement rate due in the presence of cross-country transfers.
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Zivanovic, Jelena. "Essays on Credit Markets and Business Cycles." Doctoral thesis, Humboldt-Universität zu Berlin, 2018. http://dx.doi.org/10.18452/19356.
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Diese Arbeit befasst sich mit der Rolle der Unternehmenskreditfinanzierung für die Realwirtschaft. Im ersten Teil untersuche ich die Entwicklung der externen Finanzierungsprämien in den USA in Folge von ökonomischen Schocks und finde, dass die Prämie antizyklisch auf Angebots- und monetäre Schocks reagiert. Im zweiten Teil analysiere ich mit Hilfe eines DSGE-Modells, wie die Zusammenfassung aus Bankkreditfinanzierung und Anleihefinanzierung die Transmission von ökonomischen Schocks beeinflusst. Angenommen, dass große Unternehmen größtenteils Anleihenmärkte verwenden und kleine Unternehmen auf Bankkredite angewiesen sind, zeigt das Modell, dass die Zusammensetzung des Unternehmenskreditfinanzierung relevant für die Verbreitung von Schocks ist. Negative monetäre Schocks und Finanzschocks beeinträchtigen die Kreditvergabe von fragilen Banken, die in Folge die Bankkredite an kleine Unternehmen kürzen. Unternehmen, die auf Anleihenfinanzierung zurückgreifen können, können sich in Zeiten steigender Prämien über Unternehmensanleihen refinanzieren. Daher reduzieren diese Unternehmen nicht in so starken Ausmaß ihre Investitionen wie kleine Firmen. Als Folge davon, ist eine Volkswirtschaft, die nur auf Bankkredite angewiesen ist, stärker von Schocks betroffen als eine Volkswirtschaft mit sowohl Bank- als auch Anleihenfinanzierung. Abschließend wird das Modell verwendet, um eine Kombination konventioneller und unkoventioneller Geldpolitik sowie makroprudentieller Politik in einer Ökonomie mit segmentierten Kreditmärkten zu evaluieren. Es wird gezeigt, dass der optimale Politikmix die höchsten Wohlfahrtsgewinne in Folge von Finanzschocks erreicht.This thesis examines the role of corporate debt financing for the real economy. First, I study the conditional dynamics of the external finance premium using US data and find that the premium is countercyclical following supply and monetary policy shocks. Second, I analyze to which extent bank and bond financing affect the transmission of economic shocks in the context of a DSGE model. To the extent that large firms predominantly use capital market finance, whereas small firms rely on bank loans, the model predicts that the composition of corporate debt is relevant for the propagation of shocks. Contractionary monetary policy and financial shocks impair the ability of leveraged banks to provide loans, which adversely affects small firms. Bond financing dependent firms can nevertheless issue bonds in times of rising bond finance premia. These firms do not reduce their investments as strongly as bank financing dependent firms. As a consequence, the economy that relies only on bank credit is affected more by shocks than the economy with bank and bond finance. Finally, the model is used to evaluate the optimal mix of conventional, unconventional and macroprudential policies for segmented credit markets. I find that the optimal policy mix attains the highest welfare gains following financial shocks.
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Swift, Jonathan Stuart. "The relationship between market culture and market language : British executives in overseas markets." Thesis, University of Liverpool, 1997. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.266310.
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Thornton, Sabrina. "Organizational networking in business-to-business markets : construct conceptualization, operationalization and application." Thesis, University of Manchester, 2014. https://www.research.manchester.ac.uk/portal/en/theses/organizational-networking-in-businesstobusiness-marketsconstruct-conceptualization-operationalization-and-application(295c804a-0962-4fd2-bd45-51ad2adcb82e).html.
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This thesis focuses on one key theme, which is to understand the construct of organizational networking behaviors in business-to-business markets. It is concerned with two main issues, which are built into the research program of three empirical studies. The first issue is concerned with a systematic understanding of organizational behaviors in response to the embeddedness and interconnectedness of the network of business relationships that every organization has to deal with. Study 1 of the research program explores the concept termed ‘organizational networking behaviors’. This study adopts an industrial network approach, the central tenet of which is that firms undertake a continuous process of interaction with their important partners in the embedding context of the business network. A multi-informant approach, using semi-structured interviews, was used to collect qualitative data from thirty-one executive managers (in fifteen manufacturing firms in the UK). This study identified information acquisition, opportunity enabling, strong-tie resource mobilization and weak-tie resource mobilization as four types of organizational networking behaviors, which are reflected by their respective sub-types. The resulting conceptualization of organizational networking forms the basis for the operationalization of the construct in Study 2. While Study 1 takes an exploratory qualitative approach, Study 2 deploys a confirmatory quantitative approach since it is necessary to confirm/refute the resulting conceptualization and its types from Study 1. A rigorous scale construction and validation process was followed in this study. The conceptualization of the measurement model was carefully considered based on its theoretical underpinning. A second-order formative measurement structure was conceptualized, which required the employment of a multiple indicators and multiple causes (MIMIC) model for the validation of such a measurement model. A dataset of 603 responses was collected and analyzed to confirm the structure of the four types of organizational networking behaviors, which is in line with the results of Study 1.The second issue that the thesis is concerned with is the influences of such organizational networking efforts, which are examined from a firm’s behavioral perspective. Study 3 examines how organizational networking behaviors serve as the driver of a firm’s customer-oriented, competitor-oriented and relationship-oriented behaviors due to the sensing and seizing aspects of networking. It was also hypothesized that a firm’s customer-oriented, competitor-oriented and relationship-oriented behaviors positively affect firm performance. The test of these hypotheses required survey data collection, which was done through an on-line questionnaire. A dataset of 354 responses was collected from UK managers, whose organizations operate in business-to-business markets in either the manufacturing or services sectors. The use of statistical modeling techniques is similar to that of Study 2. The research results indicate that a firm’s network-oriented behaviors positively impact on the development of customer-oriented and competitor-oriented behaviors. They also foster relationship coordination with its important business partners within the network. In addition, the effective management of the firm’s portfolio of relationships is found to mediate the positive impact of network-oriented behaviors on firm profitability.
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Håkansson, Modin Martin, and Gustaf Olofsson. "The International Market Selection Process of Multinational Enterprises Expanding to Transition Economy Markets." Thesis, Linköpings universitet, Industriell ekonomi, 2017. http://urn.kb.se/resolve?urn=urn:nbn:se:liu:diva-138043.
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The International Market Selection (IMS)process, where firms choose which new market(s) to expand to, is highly important as choosing the right market is paramount to the internationalizing firm’s success. There are benefits in understanding how firms evaluate and select new markets, both for firms with less international experience looking for guidance in their IMS process, as well as for external stakeholders with an interest in attracting companies to a certain market. Despite its importance, there is a lack of empirical research within the field of IMS research, in particular which selection criteria firms take into account in their decisions, thus becoming the focus of this paper –delimited to multinational enterprises in transition economies. The IMS process has been suggested to either follow a systematic approach, where the process is formalized and objective, or an unsystematic approach which allows for subjectivity to influence the decision. However, it is argued that elements from both approaches will be included in the IMS process for any given firm. As such, this study aims to explore how elements of respectively the systematic and unsystematic approach to IMS act as selection criteria in multinational enterprises’ choice of transition economy market. In order to circumvent the IMS research gap, literature on Foreign Direct Investment location theory, where the market itself is the unit of analysis rather than the firm, was instead studied in order to hypothesize which formal criteria impact the market decision. This was complemented with articles on the topic of psychic distance and firm network to cover the unsystematic approach to IMS. To test these hypotheses, multinational enterprises active in the region of focus were interviewed to collect primary data. The findings of this study provide strong support that firms move toward an increasingly formalized, systematic approach to IMS as their international experience increases. However, even larger firms with more formal processes do at times diverge from the sein order to make use of opportunities stemming from their network. In regards to the formal process, it is found that firms mostly focus on the pure economic aspects of the transition economy markets, rather than evaluating institutional factors closely. These institutional aspects instead appear to act as hygiene factors, required to reach some minimum level for international firms to consider the market in the first place. However, the institutional and economic aspects are believed to be interrelated. As such, when considering one, the other is also implicitly evaluated. Which specific elements that are evaluated in the IMS process is found to depend on several variables. First, the motive of the firm is one of the main determinants, with market-seeking firms looking at the market potential and competitive situation on the market, whereas resource-seeking firms instead are interested in the best trade-off between availability and cost of the resource in question. Secondly, whether or not the firm has a strong focus on import and/or export for its business, relevant for firms of both motives, also impact which criteria are evaluated more closely in the process. Lastly, additional, industry-specific elements may be added to the evaluation process to account for the specific circumstances of said industry. Mapping out these industry-specific factors is a suggested topic for further research, as is exploring what constitutes the minimum levels required by the firms with regards to institutional factors.
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Abioye, Olukorede Eliza. "Towards a sustainable business model for financial markets." Thesis, University of Manchester, 2016. https://www.research.manchester.ac.uk/portal/en/theses/towards-a-sustainable-business-model-for-financial-markets(c253ab2e-0c13-4eea-b0ac-4ef4d4319b7d).html.
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The implementation of different business models has enabled financial markets to not only create value for their benefits, but it has also helped them contribute to economic growth, as well as fulfil their roles in the society. However, the impacts of technological advancements, cross-border flows and regulations continually introduce new dynamics into the business environments of financial markets and as a result, financial markets are faced with future uncertainties. These have increased the dire need for markets to continue to devise methods that can be adapted to survive and thrive in the economy. Hence, financial markets are focusing on profitability than growth, or ideally profitable growth. As a means to achieve this, financial markets need to continually innovate and re-examine their business models to sustain growth. However financial markets still have to adapt general business model frameworks to design new business models because of the lack of a business model framework that has been designed specifically to meet the needs of financial markets. In the midst of these uncertainties, “business as usual” is not an option for a sustainable future; financial markets need sustainable business models that can be used to future proof their business strategies and create long-term value. This research identifies the need for sustainable business models in financial markets and identifies the lack of a framework for sustainable business models. Hence it aims at developing a business model framework that can be used to develop sustainable business models; with an objective of achieving long-term profitability while only having a minimal long lasting impact on the physical and social environments and to be sufficient enough to compare the business models of financial markets. This research contributes to the knowledge of business models, sustainability, and competition in financial markets.
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Broderick, John Foreman. "Business as usual? : instituting markets for carbon credits." Thesis, University of Manchester, 2011. https://www.research.manchester.ac.uk/portal/en/theses/business-as-usual-instituting-markets-for-carbon-credits(fbf35455-6dc6-4ad9-a0e9-1757dff6cfac).html.
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Climate change mitigation necessitates substantial alterations to patterns of worldwide economic activity, be that reduction in demand, switches to new technology or 'end-of-pipe' abatement of greenhouse gases. There are profound political, economic and ethical questions surrounding the governance of the means, rate and location of change. Within advanced capitalist economies and internationally through the auspices of the United Nations Framework Convention on Climate Change emissions trading systems have been introduced as part of the broader neoliberal attempts to 'correct market failure' through the definition of new property rights.This thesis investigates the development, constitution and consequences of institutions for the production, exchange and consumption of credits for emissions reductions. Such credits are financial instruments awarded to organisations for putative reductions in emissions from 'business as usual'. In consumption, credits are equated with a quantity of emissions released elsewhere. The 'Instituted Economic Process' framework (Randles and Harvey, 2002) is used to distinguish the various classes of agent involved in these exchanges and identify the economic and non-economic relationships that constitute these institutions. Inspired by the economic anthropology of Karl Polanyi, this approach asks how economic activity is organised and stabilised within society without presuming that there are universal economic laws of 'the market', that there are essential properties of commodities and agents, or that all economic transfers are conducted within markets.I argue that crediting is a socially contingent process of commodification of atmospheric pollution which is both ontologically and normatively problematic. Extant institutions are shown to be precarious by appealing to neutral techno-scientific justifications but remaining reliant on subjective judgement. However, they are sufficiently consistent and credible that they persist and expand. These findings are of interest to the academic communities of political economy and environmental and economic geography, climate change policy makers and the environmental movement more broadly.
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Doherty, Clay Lee. "Business diplomacy: the compass rose of foreign markets." reponame:Repositório Institucional do FGV, 2014. http://hdl.handle.net/10438/13326.
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With transnational corporations (TNCs) around the world today numbering over 60,000 and more than 800,000 affiliates working abroad, it is easy to understand how modern day international business could have transformed into a major global player serving at the axis of politics, social and environmental responsibility. Additionally, with accountability to a large variety of both public and private stakeholders, all exerting significant power and influence, today’s global corporate structure is reinventing modern international relations, and in some cases, dominating it. (Muldoon 2005) This transformative nature of globalization today can also serve as a source of friction among this growing chorus of players and is bringing irreversible change to these relationships and how they impact and influence business around the world. (Muldoon 2005) From the largest to the smallest international corporation seeking to expand into new international markets, the challenges that come with corporate ambition can mean the difference between success and failure and they find a home at the intersection of international relations, diplomacy and economics. To successfully navigate these challenges, especially in emerging economies, a company must now factor in more than just the 'bottom line' and address complex issues that include human rights differences, environmental regulations, labor rights and values of each country. (Henisz, 2014) Combined with modern-day mobility achieved through technology and the Internet, corporations today have a great capacity to reach targeted audiences and establish a presence, but it is this same technology that also allows for immediate response to any corporate action. This constant, 24-hour news cycle, where everyone is made to be a real-time reporter through social media, has created a situation that demonstrably necessitates the ability to not only 3 respond immediately, but also to have real-time understanding of the challenges faced by a corporation as it looks toward global expansion. International Business Diplomacy, or simply Business Diplomacy as it will be referred to in this paper, combines all of these nuanced factors into a relatively new discipline that offers companies looking to expand into new markets, guidelines and directives so that they can more strategically map corporate direction, limit risk and achieve their objectives. This paper will examine the history of diplomacy and how the concept of statecraft became intertwined with the increasing globalization of business. Following a scholarly examination of how modern Business Diplomacy came into being, and the unique challenges that come with its application, particularly the liabilities needed to be overcome, this paper will apply the concept to the Brazilian aerospace manufacturer Embraer, tracking its strategic emergence from a small, regionally focused aircraft producer to global leader in the regional and executive jet market platforms. It will then examine Embraer’s entrance into the Chinese market, where the company suffered from several missteps and eventually had to refocus its business model from commercial to executive jets. Finally, as globalization continues to 'emancipate international business from its institutional and social constraints,' (Muldoon 2005) this paper will address how the relatively new and emerging discipline of Business Diplomacy is continuing to mature and grow in stature and influence through the proposition of a new challenge or 'liability' that corporations must also overcome as they expand into new markets. Through the analysis of Embraer in China, this paper will introduce the Liability of Governance to the lexicon of Business Diplomacy and propose specific steps that a company can undertake to avoid it.
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Bieger, Jasper, and Keegan Floquet. "The fundamental drivers of stock market liquidity : international, emerging markets and African evidence." Thesis, Stellenbosch : Stellenbosch University, 2003. http://hdl.handle.net/10019.1/53638.
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Thesis (MBA)--Stellenbosch University, 2003ENGLISH ABSTRACT: According to the World Bank's leading economists Beck and Demlrquc-Kunt one of the major competitive advantages of countries competing for long-term economic growth is the existence of an efficient and liquid domestic stock market. A number of studies have already been performed to examine solitary aspects of stock liquidity, however, rather little work has been done to comprehensively investigate its fundamental set of determinants. Furthermore, none of these studies has ever attempted to specifically focus on African stock markets. Consequently, this study aims to determine the fundamental set of drivers of stock market liquidity in general terms and to investigate the specific conditions of African equity exchanges as part of the group of emerging stock markets. Data for three different samples is collected - comprising a maximum of 46 countries and 17 annual data points - and regression analysis is employed to analyse the relationship between stock market turnover as a proxy for liquidity and a set a potential predictors. Several pure cross-sectional as well as dynamic panel regression models are designed and the results reveal that the four predictors, comprising: number of listed companies, country credit rating, severe restrictions on foreign investors and geographical location on the African continent constitute the fundamental set of drivers of stock market liquidity. In the specific case of African stock markets, domestic banking sector development tends to be the strongest determinant of stock liquidity. This study provides a great deal of value to governments and exchange managers alike; however, it should be regarded as a starting point for subsequent papers analysing the fundamental determinants of stock liquidity. For future research efforts it is recommended to expand the set of potential predictors and specifically focus on the contemporaneous component of the relation between stock market liquidity and its determinants.
AFRIKAANSE OPSOMMING: Volgens die Wêreldbank se voorste ekonome, Beck en Dernirquc-Kunt, is een van die grootste mededingende voordele van lande wat meeding om langtermyn ekonomiese groei, die bestaan van 'n doeltreffende en likiede binnelandse aandelebeurs. 'n Aantal studies is reeds gedoen om die afsonderlike aspekte van effekte-likiditeit te ondersoek, maar redelik min werk is egter gedoen om die fundamentele bepalende faktore omvattend na te vors. Verder het geeneen van hierdie studies ooit probeer om spesifiek op Afrika-aandelebeurse te fokus nie. Gevolglik poog hierdie studie om die fundamentele stel drywers van aandelebeurslikiditeit in die algemeen te bepaal en om die spesifieke omstandighede van Afrika-aandelebeurse as deel van die groep ontwikkelende aandelebeurse te ondersoek. Data is versamel vir drie verskillende steekgroepe - bestaande uit 'n maksimum van 46 lande en 17 jaarlikse datapunte - en 'n regressie-analise is gebruik om die verhouding tussen aandelebeurs-omset as 'n aanduiding van likiditeit en 'n stel potensiële aanwysers te bepaal. Verskeie gewone kruisgewyse sowel as dinamiese paneelregressiemodelle is ontwerp en die resultate toon dat vier aanwysers, naamlik die aantal genoteerde maatskappye, die land se kredietgradering, ernstige beperkings op buitelandse beleggers en geografiese ligging op die Afrika-vasteland, die fundamentele stel drywers van aandelebeurs-likiditeit is. In die spesifieke geval van Afrika-aandelebeurse wil dit voorkom asof die ontwikkeling van 'n binnelandse banksektor die sterkste bepaler van effekte-likiditeit is. Hierdie studie is van waarde vir beide regerings en valutabestuurders. Dit moet egter as 'n beginpunt beskou word vir verdere studies wat die fundamentele bepalers van effekte-likiditeit analiseer. Vir verdere navorsingspogings word voorgestel dat die versameling moontlike aanwysers uitgebrei word en dat daar spesifiek gefokus word op die gelyktydige komponent van die verhouding tussen aandelebeurs-likiditeit en en sy bepalers.
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Rost, Christian, and Erik Ydrén. "Profit for the poor : Sustainable Market Development in BOP Markets." Thesis, Jönköping University, JIBS, Business Administration, 2006. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-361.
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There are 4 billion poor living on 2 dollars or less per day that make up the bottom of the economic pyramid (BOP). If a company calculates their aggregated purchasing power they could be a huge and profitable market.
By studying the roles of the different actors and their preconditions in BOP markets the purpose with this thesis is to find out how the private sector can pursue a sustainable market development strategy at the bottom of the economic pyramid and if it really will help to reduce poverty.
By using a qualitative study, this thesis interviews each actor in the Mexican market except the government. Also a resume from a case study presents Unilever’s operations in Indonesia.
The theory suggests that the actors in the markets should create partnerships that lead to a social transformation and improvement in the lives of the poor. Therefore this thesis concentrates on sustainable development the entrepreneurs, government, customers and the private enterprises role in a BOP-strategy.
From the field study it is clear that it exists a huge informal system in Mexico which makes it hard for an efficient market to work. Our interviews with the NGOs shows that they have access to huge networks, work with marketbased solutions but are dependant on financial contributions from government and private sector. Both private enterprises show that they are working with both process and product innovations for the BOP-market. For example they both sell small sachets of shampoo that are affordable for the poor and they are also cooperating with local distributors to access all the small supermarkets across the country they are present in.
Essential for pursuing a BOP-strategy is that a company innovates for satisfying a need at a lower cost. They should also work with partners to get the local knowledge that they do not have themselves. The study can not come to a conclusion if the strategy under study will reduce poverty although there is a clear link between sustainability and poverty reduction. The point with sustainability in the consumer markets is that the products and services offered increases the disposable income, the choices, and the self identity of the per-son living in poverty. Only then can a BOP-strategy develop together with its market, resulting in a sustainable market development strategy, which, when pursued responsibly can lead to a triple-win situation for the poor, private enterprises and the environment.
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Ali, Shaher Yar. "Strategies For Pakistan Textiles Industry To Sustain The Business." Thesis, Högskolan i Gävle, Avdelningen för ekonomi, 2012. http://urn.kb.se/resolve?urn=urn:nbn:se:hig:diva-11914.
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Aim: The aim of this study is to investigate the challenges faced by Pakistan Textiles industry as an emerging market from MNCs of Bangladesh, China and India and to find out the appropriate strategies which should adopted by the managers of this industry to counter these challenges. Method: In this research qualitative data is used that is gathered through unstructured interview and questioners have been used to have desirable results. Results & Conclusion: It is reflected from results that internal problems of Pakistan textiles industry such as energy crisis, high input cost, political instability, low return on investment are the main problems of this industry. To counter these challenges, their strategic approach should be Collaboration in product development and strategic alliance with attacking firms. Suggestion for Future Research: This research is focused on the Problems and challenges faced by Pakistan Textiles Industry. For the future studies research could be done to find out the strategies for the firms from Pakistan Textiles industry to do the business in international market and how these companies can compete in International Market with presence of other MNCs of the world. Contribution of the Thesis: This study provides action plans for the managers of Pakistan textiles industry to design and implement the strategies that build core competencies such as high quality products for their firms. It can also be helpful for researchers and students those are interested to develop the strategies for the firms from emerging markets.
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Mehler, Anja. "Business model innovation in emerging markets : identifying common principles." Thesis, Stellenbosch : Stellenbosch University, 2014. http://hdl.handle.net/10019.1/96220.
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Thesis (MBA)--Stellenbosch University, 2014.ENGLISH ABSTRACT: With developed economies experiencing slow growth, multinational corporations (MNCs) in various industries are looking to tap into the enormous potential of emerging economies. By identifying emerging markets as future markets, MNCs can increase their market share and profits, and grow through a diversified strategy that focuses on unconventional markets and customers with unserved needs. However, MNCs entering these markets cannot succeed by simply transferring business models, products, and services developed for mature economies as the needs of the new consumers in emerging markets require innovative and non-traditional business models and approaches. The research question for this study is to investigate if and to what level MNCs have to adapt their business model when entering or expanding their operations to emerging markets. Therefore, research has been done on four MNCs across a diverse range of industries. For collecting data, the research made use of a qualitative case-study research approach and is based primarily on findings from four in-depth interviews with strategy or marketing experts from MNCs across industries. Further information was obtained through deep research on publicly available information about the company. The research aimed to identify similarities in the business model of successful pioneers and to analyse common principles that could be of use for other MNCs when planning to enter unknown emerging markets. The interviews were conducted personally, telephonically, and via email. In a next step, the interviews were transcribed and common themes were extracted and combined with findings from further research. For collecting and ordering the information, Osterwalder & Pigneur’s (2010) business model canvas was applied. Finally, the findings were grouped, formulated and compared to existing literature in order to identify similarities, common principles or differences for new output propositions. The primary finding of the research was that specific factors, such as the difference in market conditions and environments, as well as in consumer preferences and needs, strongly influence the design of business models. A key differentiating factor was the choice between keeping traditional business models with a focus on global and centralized systems, processes, brands and products or designing business models that are adjusted or innovated to meet local market conditions and consumer trends. Another key finding was that a balanced portfolio of brands is a critical factor of success in emerging markets. To reach different market segments in emerging markets, MNCs need to offer mainstream as well as premium brands, all based on a strong brand identity and brand values. The partnership with local business partners and key stakeholders was identified as fundamental to be able to react to local business environments. Furthermore, the integration of local suppliers and communities, as well as the adjustment of the value chain to the local environment, has been seen as a key factor to reduce costs while gaining acceptance and building close relationships with the local community. In order to overcome local challenges of institutional voids and lacking knowledge in emerging markets, the research has shown that a collaborative strategy with local partners is of high importance. The research showed that MNCs with global brands follow both approaches. While some MNCs maintain a traditional business model for all its markets, other MNCs design their business model based on standardized systems and processes to the local environment. In terms of the level of innovation, it can be said that none of the researched MNCs showed an extremely high level of innovation. Common principles and activities that could be identified in the business model design for emerging markets between all researched MNCs, are as follows: (1) balanced portfolio of strong brands, (2) strong partnerships with local key stakeholders, (3) loyal relationships with consumers, (4) an efficient and cost-effective value chain, and (5) collaborative partnerships or acquisitions as a critical market entry strategy.
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Wengler, Stefan. "Key ccount anagement in business-to-business markets : an assessment of its economic value /." Wiesbaden : Deutscher Universitäts-Verlag, 2006. http://dx.doi.org/10.1007/978-3-8350-9355-3.
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Wengler, Stefan. "Key account management in business-to-business markets an assessment of its economic value /." Wiesbaden : Deutscher Universitats-Verlag, 2006. http://www.springerlink.com/content/u0132h/.
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PATEL, TANVI, and TAYLOR HANSSON. "Potential Business Markets for the Digital Circuit Breaker : an investigation of the Swedish electricity market." Thesis, KTH, Energiteknik, 2017. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-217799.
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Harness, Tina. "From markets to manpower : an investigation into market characteristics, business strategies and human resource strategies." Thesis, University of Huddersfield, 1998. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.285620.
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Vragov, Roumen Dimitrov. "Agent designs for electronic markets." Diss., The University of Arizona, 2001. http://hdl.handle.net/10150/289707.
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The purpose of this dissertation is the discovery of basic principles that govern the design of electronic markets. The advances in communication technology have given us the ability to create fully automated markets that can function twenty-four hours a day and that can accommodate the participation of software agents as proxies to decrease transactions costs and increase efficiency. While computers cannot fully replace humans, it is already the case that humans face competition from software agents in their daily market activities on the Internet. This dissertation examines an experimentally created, real-time electronic market for multiple units of a homogenous good that (1) accommodates the participation of software agents as both buyers and sellers, (2) offers its users a variety of institutions (rules) of exchange, and (3) is specifically designed to analyze the way different institutions, time costs, and software agent participation affects human behavior. The experiments show that it is possible to construct software agents using common patterns of human behavior in previously investigated similar market situations. These agents can then successfully become an integral part of a new electronic market environment. We notice that human market participants initially underestimate the software agents' ability to compete--a phenomenon that can lead to lower efficiency levels. Two factors are important in the choice of institution: the level of market information that the institution provides and its relative success in the initial phase of the trading period.
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Song, Duan Duan. "Price discovery, market efficiency and temporal dynamic price relationship : an empirical analysis of worldwide precious metals markets." Thesis, University of Hull, 2012. http://hydra.hull.ac.uk/resources/hull:7073.
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The aim of this research is to investigate the price discovery, market efficiency and the temporal dynamic price relationships between financial prices (futures and index) and spot price, for three of the most important precious metals, namely gold, silver and platinum. When people are concerned about the economy, prudent investors switch their investment into precious metals rather than other asset classes. Precious metals futures, thus, are used by commercial producers and users and investors of precious metals to hedge risk or to make profit on the price fluctuations. Understanding the relationship between markets should foster sensible investment decisions and improve the statistical hedging properties of precious metals. Inspired by consideration of the unique status of precious metals in the economy and limited existing empirical evidence of price relationship regarding these metals, this research attempts to contribute to the space literature on market efficiency and causality cross three categories of markets—index, futures and spot. Further it will extend the research on price relationships and interactional impacts of precious metals markets based on non-synchronous trading that connects all the major markets around the world. The findings confirm long-term equilibrium relationships between US futures/index markets and special spot markets of all three precious metals by Cointegration tests. Via VECMs, the findings also revealed that futures prices and indexes of all the tested precious metals played a dominant role in the long run, but not all of them could be the unbiased estimators of the future spot price. On the other hand, mixed results of short-term causality suggested that US futures and indices led spot prices in the majority of cases. The results from this research supported the hypothesis that futures/indices functioned in the price discovery role in both the long- and short-term, and more importantly, the findings had value implications for market users in decision-making and improving their portfolio performance on precious metal markets.
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Denton, Michael John 1955. "Market power in electric power markets: Indications of competitiveness in spatial prices for wholesale electricity." Diss., The University of Arizona, 1997. http://hdl.handle.net/10150/282522.
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The issue of market delineation and power in the wholesale electric energy market is explored using three separate approaches: two of these are analyses of spatial pricing data to explore the functional size of the markets, and the third is a series of experimental tests of the effects of different cost structures and market mechanisms on oligopoly strength in those markets. An equilibrium model of spatial network competition is shown to yield linear relationships between spatial prices. A data set comprising two years of spatial weekly peak and off-peak prices and weather for 6 locations in the Western States Coordinating Council and the Southwest Power Pool is subjected to a pairwise cointegration analysis. The use of dummy variables to account the the flow directions is found to significantly improve model performance. The second analytical technique utilizes the extraction of principal components from a spatial price correlation matrix to identify the extent of natural markets. One year of daily price observations for eleven locations within the WSCC is compiled and eigenvectors are extracted and subjected to oblique rotation, each of which is then interpreted as representing a separate geographic market. The results show that two distinct natural markets, correlated at 84%, account for over 96% of the variation in the spatial prices in the WSSC. Together, the findings support the assertion that the wholesale electricity market in the Western U.S. is large and highly competitive. The experimental analysis utilizes a radial three node network in which suppliers located at the outer nodes sell to buyers located at the central node. The parameterization captures the salient characteristics of the existing bulk power markets, and includes cyclical demand, transmission losses, as well as fixed and avoidable fixed costs for all agents. Treatments varied the number of sellers, the avoidable fixed cost structures, and the trading mechanism. Results indicated that sealed bid markets greatly reduced the ability of sellers to exert market power. Overall the existence of higher avoidable fixed costs tended to ameliorate market power effects.
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Mäki-Uuro, Hannes. "Nordic Capital Markets' Response to Terrorism : Focus on the Swedish Stock Market." Thesis, Uppsala University, Department of Business Studies, 2007. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-7983.
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This study examines the economic impacts of three large-scale terrorist attacks on the Nordic capital markets. Past research has shown evidence of the increasing resilience of the US capital markets towards terrorist attacks. Hereby the Nordic regions capital markets were studied and compared with the US's capital markets, in an intention to find evidence whether or not the same development can be observed in the Nordic countries. The results implied that the Nordic markets did not absorb the shocks as well as the US markets. The analysis was taken into an industry level on the Swedish stock market to get a deeper insight of the impacts of such events. The results indicated the Energy sectors good ability to absorb terrorist attacks in terms of negative abnormal returns and time of recovery. The Financing sector seemed to be the most sensitive sector, since its performance was the weakest in terms of market recovery.
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Akhsassi, Rania. "Foreign Market Entry Strategy & International Franchising : Doing Business in Morocco." Thesis, Linnéuniversitetet, Institutionen för marknadsföring (MF), 2014. http://urn.kb.se/resolve?urn=urn:nbn:se:lnu:diva-35548.
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Today’s market environment is increasingly growing due to the economical globalization; with international trade, financial transfers and foreign direct investments the economy is becoming highly interconnected. The advances in communication and transportation technology combined with free-market ideology, have given products and services remarkable mobility. Nowadays, international companies are focusing on opening the world markets to their goods especially in emerging markets in order to take advantage of these markets opportunities and be part of its developing and growing infrastructure. In order for international companies to enter foreign markets, there are a variety of factors to consider while planning a strategic approach to reach new customers and differentiate their products and services from national and international competitors within the chosen market. This thesis will focus on featuring the significant factors that could affect companies entering new markets; the study is a qualitative single case study of IKEA, it will specifically investigate IKEA’s franchising in the Moroccan market and forms of internal and external factors that could affect IKEA’s entry into the market as well as it will highlight the main concepts that managers should consider when planning to enter the Moroccan market. The study was based on theoretical framework combined with empirical findings that were collected from secondary data such as annually reports and trade documents as well as through conducting in-depth interviews with IKEA’s managers to increase the study reliability and validity. According to the study findings and analytical results, the conclusion is that IKEA will not face major internal and external obstacles that would affect their operations significantly. There are few factors that could arise while entering the Moroccan market but from a holistic view this minor interferences can be overcame through IKEA’s full awareness of the market and their application of a vigorous, flexible and convenient strategic approach.
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Cao, Wen. "Essays on pricing strategies in markets with heterogeneous consumers." [Bloomington, Ind.] : Indiana University, 2006. http://gateway.proquest.com/openurl?url_ver=Z39.88-2004&rft_val_fmt=info:ofi/fmt:kev:mtx:dissertation&res_dat=xri:pqdiss&rft_dat=xri:pqdiss:3223055.
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Thesis (Ph.D.)--Indiana University, Kelley School of Business, 2006."Title from dissertation home page (viewed June 27, 2007)." Source: Dissertation Abstracts International, Volume: 67-06, Section: A, page: 2259. Adviser: Michael R. Baye.
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Rost, Christian, and Erik Ydrén. "Profir for the poor : Sustainable market development in BOP-markets." Thesis, Jönköping University, JIBS, EMM (Entrepreneurship, Marketing, Management), 2006. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-549.
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There are 4 billion poor living on 2 dollars or less per day that make up the bottom of the economic pyramid (BOP). If a company calculates their aggregated purchasing power they could be a huge and profitable market.
By studying the roles of the different actors and their pre-conditions in BOP-markets the purpose with this thesis is to find out how the private sector can pursue a sustainable market development strategy at the bottom of the economic pyramid and if it really will help to reduce poverty.
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Dall'Olmo, Riley Francesca. "Changing consumer attitudes in steady markets." Thesis, London Business School (University of London), 1995. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.336390.
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Dziomkina, Nina, and Jimmy Jipp. "Strategic leadership in turbulent markets." Thesis, Blekinge Tekniska Högskola, Sektionen för management, 2013. http://urn.kb.se/resolve?urn=urn:nbn:se:bth-5009.
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High-tech gadgets is a technology-intensive market that is highly profitable and very dynamic. Competition in this market is very intense and the market winner is unpredictable. In order to remain a market leader or to become one, a company should build a competitive advantage over his market rivals. In this study the authors would like to understand what market strategy make companies successful and what are the constituents of this strategy. To answer these questions a literature study was conducted with the goal to find market strategies that are representative for the dynamic market conditions. As a result several hypotheses for the market strategy and market leadership were derived. The multiple-case study method was used in order to ensure that by comparing single cases the optimal strategy is chosen. Three companies were chosen from the mobile phone market as representative examples due to recent changes in market leading position that involved them all: Apple succeeded mobile phone market leader Nokia in the smart-phone design, and Samsung succeeded Apple in the smart-phone design and Nokia in total mobile-phone market. Data collection was gained from the corporate sources of investigated companies, known financial institutions, and open source and published scientific journals. Subsequently, the hypotheses were verified by verification of internal and external validities, and the final market strategies with their constituents were derived. A major finding of the study is in showing empirically that both strategies [market-driven and driving-markets] can be successful, but they are company profile dependent [in this study: design-based and manufacturing-based]. Market leadership is independent of the market strategy and is highly dependent on the core competencies that are nourished by top-management. Therefore, as core competences are not specifically defined in this study, the managers should seek a way on how to induce the organization change for stimulating the creativity and innovativeness in the company - building an innovative culture. Market strategies proposed in this study can then be used as guidelines, but not as the prescription.
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Kireyev, Pavel. "Essays on the Design and Industrial Organization of Online Markets." Thesis, Harvard University, 2016. http://nrs.harvard.edu/urn-3:HUL.InstRepos:32744398.
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The internet has revolutionized marketing. Firms use the internet to procure advertising content, reach consumers, and offer a convenient channel of purchase. Given the growing importance of the internet, marketers must learn to take advantage of new marketplaces and channels. This research examines how the economic design of electronic marketplaces and online channels affects consumer and firm behavior. The first chapter examines the effects of prize structure and entry limits on participant behavior and idea quality in a freelance marketplace where popular advertisers such as P&G and Unilever organize contests to procure ideas for advertising content. It presents a structural model and uses counterfactual simulations to show that although the number of prizes does not appear to affect contest outcomes, prize amount and submission limits may have a significant impact that depends on participant heterogeneity and information. The second chapter uses a structural model and counterfactual simulations to explore how different expiration and pricing policies in a marketplace that offers deeply discounted but expiring deals for products affects the purchase and redemption behavior of consumers and the pricing decisions of merchants. This chapter sheds light on recent marketing regulation that befell the daily deals industry. The third and final chapter studies the decisions of retailers who operate both an online and a store channel to match their own prices across channels in a variety of competitive settings. It uses an analytical game theory model to show that different self-matching configurations may emerge in equilibrium, and that self-matching pricing policies may increase retailer profits.
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Fredholm, Johan, and Benjamin Taghavi-Awal. "Capital markets in developing countries : A model for capital market diagnostics, with a field study implementation in Georgia." Thesis, Stockholm University, School of Business, 2006. http://urn.kb.se/resolve?urn=urn:nbn:se:su:diva-6430.
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This thesis starts with a research overview of the relationship between financial system development, capital markets and economic growth. The general consensus among economists is that financial system development contributes to economic growth and that both banks and capital markets are important in that development. These findings justify the interest that aid agencies and international organisations show for assisting financial development in developing countries. The authors go on to create a model for Capital Market Diagnostics (CMD) that could be used by such organisations to evaluate the level of development of the capital market in a developing country. The model consists of three steps. Step one determines whether necessary conditions, such as security and rule of law, exist in the country. Step two lists factors that can improve or impede the development of the capital market, focusing on the availability of capital, the availability of investment opportunities and macro environment factors that affect these two. The third step consists of an evaluation of the financial institutions in the country, providing checklists for interviews and site visits. To test the model it was implemented during a field study in Georgia. The conclusions from the test were that the final model, having been improved during the field study, meets the requirements for accuracy and usability and can be utilised as intended. The evaluation also resulted in conclusions on the development of the Georgian capital market. The level of development is low, mainly due to a lack of investment opportunities. There are few companies using the capital market in Georgia, and the ongoing privatisation process is not changing this but instead creates privately held companies with few owners. Another cause for the low level of development is a lack of capital, due to low interest and level of knowledge from domestic investors and a pension system that does not channel investments to the capital market. However, the institutions of the capital market are sufficiently developed for the current level of market activity and do not limit capital market development at this stage.
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Thurow, John. "The maverick firm in duopoly markets." Laramie, Wyo. : University of Wyoming, 2008. http://proquest.umi.com/pqdweb?did=1801280821&sid=1&Fmt=2&clientId=18949&RQT=309&VName=PQD.
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Arni, Andreas P. "Internationalization and performance in network markets the case of electronic business-to-business marketplaces in Europe /." [S.l.] : [s.n.], 2003. http://www.unisg.ch/www/edis.nsf/wwwDisplayIdentifier/2774.
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Ozberki, Izzet Mehmet. "Is The Turkish Equity Market Integrated With European North American And Emerging Markets." Master's thesis, METU, 2010. http://etd.lib.metu.edu.tr/upload/12611962/index.pdf.
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Modern portfolio theory stipulates that an investor can reduce systemic risk simply by diversifying its assets across national boundaries. Therefore, the issue of whether stock markets are cointegrated carries important implications for portfolio
diversification. This study aims to identify and model a relationship between four equity markets namely, Turkish, European, North American and emerging markets using cointegration technique. We investigated the existence of cointegrating equation between four stock market indices and also the existence of a structural break. During our investigation, we constructed a vector error correction model (VECM) to observe short and long run relationships between the four markets. We used daily data from the October 23, 1995 until November 20, 2009 and relevant Morgan Stanley Capital International (MSCI) indices, namely MSCI Turkey, MSCI North America, MSCI Europe and MSCI Emerging Markets. Our first finding was that the Turkish equity markets are cointegrated with European, North American and emerging markets indicates that investing in the Turkish equity market does not provide an opportunity for risk diversification for international investors in the long run. It is only possible to
benefit from the discrepancies which may occur in the short run. Furthermore, we identified a structural break contemporaneous with crisis of November 2000.
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Fisher, John Barton. "An empirical analysis of \The Southwest Effect\": Market structure conduct and response in airport pairs served by Southwest Airlines and in adjacent markets."." The Ohio State University, 1996. http://rave.ohiolink.edu/etdc/view?acc_num=osu1272376050.
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Mike-Hana, Fongang Mundi, and Nusaiba Ahmadi. "The Impact of a Pandemic (COVID-19) on the Stock Markets : A Study on the Stock Markets of China, US and UK." Thesis, Umeå universitet, Företagsekonomi, 2020. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-173026.
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The main aim of this research is to observe the impact of the current pandemic (COVID-19) on the stock markets and the focus has been on three countries: China, United Kingdom (UK) and United States (US). These three countries have been chosen to show the difference between the degrees of impact based on the different timings in which the respective countries contracted the virus. China is the country where the outbreak started; and so with no prior knowledge, the country’s stock markets experienced a sudden decline. Whereas, countries like the UK and the US could use the situation in China as a warning.The four months timeline (January, February, March, and April) helped in knowing the pattern of the impact on the stock markets which further guided us to find out that in this case the lack of economic activity (due to lockdown) had more negative impact on the stock markets than the rise in the number of new infected cases or the spread of the infectious virus.The graphs that we derived from the number of new infected cases and the stock market price indexes facilitated us to see the pattern of the trend lines for the stock markets and the new infected cases, it helped us to see the similarities and dissimilarities in the pattern of the trend lines and also to notice any parallel movements in the lines more easily.The forty days time frame is used to calculate the correlations between the changes in the stock markets price indexes and the changes in the new infected cases. For each country, the time varies as it is done by taking the day from which the number of new infected cases kept increasing consistently on average as the first day and then the 39 days that followed. Two correlations are calculated: the first one is for the first twenty days and the second one is for the last twenty days, to show the initial impact and thelater impact. And, through the correlation it is evident that in the beginning the relationship between the number of new infected cases and the stock markets is inversely linear and then it levels out. Moreover, it is clear to see that, due to globalization, stock markets are interconnected and the shock on one is being passed on to the others (spill-out effect). That is why we see the stock exchanges of all three countries having a similar pattern in their correlations. Theories like the Efficient Market Hypothesis, Behavioural Finance, and Rational Expectations served as a guide and channel for the flow of discussions and conclusions.
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Drobetz, Wolfgang. "Expected returns, consumption, and the business cycle on global stock markets /." Wiesbaden : Dt. Univ.-Verl, 2000. http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&doc_number=009160185&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA.
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Letendre, Marc-André. "Essays on numerical solution methods, incomplete markets and international business cycles." Thesis, National Library of Canada = Bibliothèque nationale du Canada, 1999. http://www.collectionscanada.ca/obj/s4/f2/dsk1/tape7/PQDD_0006/NQ42954.pdf.
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Kar, Malobi. "A classification of relationship marketing strategies in business to consumer markets." Thesis, University of Manchester, 2006. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.487936.
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Relationship marketing is a process which adopts information enabled marketing strategy and involves acquiring, retaining and partnering with selective customers to create superior value for the company and the customers. The literature suggests that distinctive types of relationship marketing strategies are successful in different contexts. Review of literature on categories or typologies of relationship marketing suggested an inadequate conceptualisation of relationship marketing, with primary emphasis on the value creation aspects of relationship marketing. The role of customer data utilisation is discussed rather superficially. Moreover, there is a lack of empirical research in identifying the contextual aspect of these relationship marketing categories. A combination of qualitative and quantitative research was used in this research. Thirty key respondent interviews were carried with senior marketing executives across ten industry sectors to gain an insight into their relationship marketing strategies. The qualitative data was analysed using constant comparison method advocated by the proponents of grounded theory and this resulted in the identification of five distinctive relationship marketing strategies appropriate under different market conditions. The model of strategic relationship marketing was developed from the qualitative findings and the relationship between strategic relationship marketing and its proposed dimensions was tested using stepwise regression. This research contributes to the academic literature by identifying a typology of relationship marketing strategies in consumer markets, where expanded and integrated use of customer information across the organisation, resulting in focused customer acquisition capabilities and improved proposition customisation for customers, enables companies to gain competitive advantage from their relationship building endeavours. The findings also highlight how data utilisation capabilities are determined by the synergies between frequency of purchase of the product, market heterogeneity and proposition customisability. The synergy between consumer involvement in the product or service category, government regulations and overall industry lifecycle are identified as key factors influencing the mutual value creation capabilities of companies.
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Bakhru, Anjali. "Competitive advantage in new markets : the case of on-line business." Thesis, City University London, 2003. http://openaccess.city.ac.uk/7660/.
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Understanding how firms gain competitive advantage is perhaps the central question faced by strategy researchers (Rouse and Daellenbach, 1999; Powell, 2001). An examination of competitive advantage within the context of new markets presents an important and interesting dimension of this problem. It offers the opportunity to examine the potential for different types of entrant to establish competitive advantage. While competitive advantage in new markets has been addressed from a number of different theoretical perspectives, the suggestion here is that a resource-based conceptual lens can better explain the nature of the competitive challenge facing firms. A theoretical model of competitive advantage in new markets is developed, which highlights the importance of a firm's resource and capability endowments at the time of market entry, although it is argued that the main challenge faced by firms is the ability to adapt, where this refers to a firm's ability to develop the capabilities that are critical for success in new markets. Empirical research is carried out in respect of two UK-based on-line sectors, the Internet Service Provider sector and the online broking sector. The results of the survey research provide further evidence and support for the role of initial endowments of resources and capabilities at the time of new market entry, while the main findings of the case study research develop theory in respect of capability development in both new and established firms, suggesting that the process of capability development is itself an evolutionary one.