Academic literature on the topic 'Decisional models, international markets, theory'
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Journal articles on the topic "Decisional models, international markets, theory"
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Muñoz, Oscar González, and Milagros Cano Flores. "Basic principles of economic policy and public decision in the 21st century." Journal of Social Sciences (COES&RJ-JSS) 9, no. 1 (January 1, 2020): 21. http://dx.doi.org/10.25255/jss.2020.9.1.21.31.
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In the midst of the new contributions to economic theory and the new challenges that represent globality as a means of integrating markets through the economic policy of the neoliberal order, versus the consolidation of a neo-institutional system through the defense of the Sovereignty as a nationalism of attention to the conditions of political life, it is necessary to conduct a respectful analysis of the new scenario of international life through current economic theory. The objective of this paper is to carry out an analysis of the known economic policy models through the theoretical contribution of classical economists. It is a theoretical exercise and bases its result on the concretion of the complexity of the economic model currently known.
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Betz, Frederick. "Models of Financial Markets." Asian Business Research 1, no. 2 (October 28, 2016): 30. http://dx.doi.org/10.20849/abr.v1i2.88.
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Computer-based algorithms & models have become important in trading in financial markets. We illustrate the significance of model analysis of financial systems by a case study of BlackRock’s analytical platform called ‘Aladdin’. The nature of the model used in a computer algorithm is central to its real performance. Unreal models in financial algorithms will yield inaccurate performances. We review five fundamental models of economic dynamics: (1) traditional price-equilibrium of a commodity market, (2) Keynes-Minsky financial transactions over time, (3) price-disequilibrium of a financial market, (4) investment bank market disequilibrium process, and (5) disequilibrium financial grid of international capital flows. Empirically-valid graphic models are necessary – in order to methodologically develop societal-useful normative economic theory -- based upon the real natural-experiments of societies in economic history.
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Sosa, Miriam, and Edgar Ortiz. "International Financial US Linkages: Networks Theory and MS-VAR Analyses." Revista Mexicana de Economía y Finanzas 14, PNEA (August 1, 2019): 459–84. http://dx.doi.org/10.21919/remef.v14i0.418.
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This paper aims to examine the impact of the Global Financial Crisis on portfolio investment flows, as well as on stock market activity. Network Theory is used to analyze structural changes of foreign portfolio investment flows (FPI) to a sample of 13 developed countries and 6 emerging Latin American countries. Additionally, using daily data from 2003 to 2015, the dynamics of returns are analyzed to test whether the US market influenced these markets or vice versa; univariate (MS-AR) and multivariate (MS-VAR) regime-switching models are used. The evidence confirms the presence of two different regimes, low volatility and a high volatility for all markets. Findings suggest strengthening local productive and financial institutions in order to anchor FPI. The MS-(V)AR study is limited to stock markets from the Americas and Europe. Previous literature has not applied the innovative and complementary methodologies employed here to analyze financial crisis impacts on FPI flows. We conclude that US financial markets keep a close financial relationship with the most important European and American countries’ stock markets, both by receiving and delivering FPI, and in addition influencing the behavior of stock indexes.
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FORNARI, FABIO, and ANTONIO MELE. "SIGN- AND VOLATILITY-SWITCHING ARCH MODELS: THEORY AND APPLICATIONS TO INTERNATIONAL STOCK MARKETS." Journal of Applied Econometrics 12, no. 1 (January 1997): 49–65. http://dx.doi.org/10.1002/(sici)1099-1255(199701)12:1<49::aid-jae422>3.0.co;2-6.
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Piras, Luca. "How psychology affects decisions in corporate finance: Traditional vs. behavioural approach." Journal of Governance and Regulation 1, no. 4 (2012): 76–87. http://dx.doi.org/10.22495/jgr_v1_i4_p6.
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The aim of this research is to draw a theoretical line to connect on a common conceptual base, behavioural fi-nance with what is internationally known as Modern Finance. The debate often involves discussions about the prevalence of rationality over irrationality. This paper will address mainly two questions: as an economist, should I propend for traditional or for behavioural finance? And, perhaps more important, are they in opposition to each other? Linking the principles upon which the traditional theory of finance is based to behavioural finance appears also to be useful to better understand recent global turmoil in the world financial system. In finding such links, behavioural finance studies will help on driving research to define market models much closer to reality than they are today. Thus literature recognition will be carried out, starting from the most important contribution to fundamental analysis, value theory, going through modern portfolio theory and efficient market hypothesis to seminal contributions on behavioural finance, reaching recent findings of Neuronomics, in order to establish some common theoretical base in corporate finance studies.
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Boutabba, Islem Ahmed. "Herd behaviour in stock markets: an international perspective." JOURNAL OF SOCIAL SCIENCE RESEARCH 3, no. 3 (April 30, 2014): 331–43. http://dx.doi.org/10.24297/jssr.v3i3.3261.
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In this paper, we study the behavioral finance as a theory that seeks to combine cognitive and psychological components with economic and financial aspects to explain irrationality of financial decisions. It is a paradigm where financial markets are studied using models that are less tight than those based on expected utility theory of Neumann Morgenstern and on arbitrage assumptions. Behavioral finance has two main parts: cognitive psychology and the limits to arbitrage.Cognitive refers to how people think. There is a large literature in psychology that claims people make asymmetric errors in thinking. Limits to arbitration refer to prediction data where forces of arbitrage circumstances will be effective or not. Our empirical validation focused on one of the cognitive components: herding. Indeed, we examined herd behaviour in an international context (the United States (DJU), Argentina (MERV), and France (CAC20)) using the model of Chang et al (2000). Our results led us to conclude that there is no herd behaviour.
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Boutabba, Islem. "Herd behaviour in stock markets: an international perspective." JOURNAL OF SOCIAL SCIENCE RESEARCH 4, no. 2 (June 4, 2014): 564–72. http://dx.doi.org/10.24297/jssr.v4i2.3150.
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In this paper, we study the behavioral finance as a theory that seeks to combine cognitive and psychological components with economic and financial aspects to explain irrationality of financial decisions. It is a paradigm where financial markets are studied using models that are less tight than those based on expected utility theory of Neumann Morgenstern and on arbitrage assumptions. Behavioral finance has two main parts: cognitive psychology and the limits to arbitrage.Cognitive refers to how people think. There is a large literature in psychology that claims people make asymmetric errors in thinking. Limits to arbitration refer to prediction data where forces of arbitrage circumstances will be effective or not Our empirical validation focused on one of the cognitive components: herding. Indeed, we examined herd behaviour in an international context (the United States (DJU), Argentina (MERV), and France (CAC20)) using the model of Chang et al (2000). Our results led us to conclude that there is no herd behaviour.
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Brem, Alexander, Daniel A. Gerhard, and Kai-Ingo Voigt. "Strategic Technological Sourcing Decisions in the Context of Timing and Market Strategies: An Empirical Analysis." International Journal of Innovation and Technology Management 11, no. 03 (May 29, 2014): 1450016. http://dx.doi.org/10.1142/s0219877014500163.
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In times of changing business models and international competition, there is an inherent need for companies to foster and develop mechanisms to absorb new technologies for innovative products and processes effectively. Such considerations lead to the strategic make-or-buy decision which was the subject of our research. This quantitative explanatory study in the German industry shows in particular that companies base their decision for internal or external sourcing on multiple weighted criteria with scoring models and, even more common, with portfolio matrices. These results are in common with recent research, however, other results are surprising, e.g. just a small minority of companies involve people from controlling and legal departments in these decision processes. The paper also reveals differences between companies with different timing and competitive strategies, which are in line with the proposed characteristics of these strategic focuses in literature. Implications for theory and practice are given to foster future research in this area.
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Nogueira, Nasaré Vieira, and Luiz Ricardo Kabbach de Castro. "Effects of ownership structure on the mergers and acquisitions decisions in Brazilian firms." RAUSP Management Journal 55, no. 2 (December 6, 2019): 227–45. http://dx.doi.org/10.1108/rausp-11-2018-0124.
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Purpose The purpose of this study is to examine the effects of ownership structure on merger and acquisition (M&A) decisions of Brazilian listed companies. Design/methodology/approach This paper is an applied and explanatory research based on secondary data. The sample is comprises non-financial companies listed on the BM&FBovespa between 1998 and 2007. Considering that the dependent variable is binary, the authors estimate panel data logistic regression models. Considering the existence of conflicts of interest among those who have the decision-making power and the supplier of capital for M&A transactions, they draw upon the Agency Theory to develop the theoretical hypotheses. Findings The results show that, for a sample of Brazilian non-financial companies listed on the BM&FBovespa (B3), from 1998 to 2007, Brazilian firms present, on average, a highly concentrated ownership structure and the major controlling shareholders are families or the State. These characteristics are negatively related to the likelihood of M&A transactions, as most of these controlling shareholders are reluctant to adopt mechanisms that reduce their control. Research limitations/implications With regard to the limitations, this study considered only the M&A definitions as stated by the Bureau van Dijk database. In this sense, future studies may analyze the effects of ownership structure based on other M&A definitions and typologies. In addition, the study is limited to the period from 1998 to 2007, which is prior to the international financial crisis. Future studies may extend the analysis period to include the post-crisis period (2008) to check if there are differences in M&A strategies before and after the crisis. Practical implications From a managerial perspective, the results show that minority shareholders have little or no influence over an M&A decision, so they cannot decide on the use of resources for fast growth and access to new markets through M&A. Thus, the investment decision must take into account the nature and the quality of the controlling shareholder. Social implications This study shows a significant and negative effect of ownership concentration on the likelihood of M&A transactions. In part, this result demonstrates the importance of understanding the behavior of controlling shareholders before inferring on other key aspects that the M&A literature tends to make fundamental in explaining M&A decisions in publicly traded companies, particularly, in an environment of low minority shareholder protection. Originality/value Previous studies have partly found that the M&A decision is motivated by individual advantages obtained from increasing the size of the firm, or from managerial hubris. The results show that these hypotheses do not hold in the Brazilian context. Moreover, the results indicate that M&A decisions are associated with the characteristics of the controlling shareholder, their level of ownership concentration and their typology, contributing to the agency debate on whether the incentive or the entrenchment effect prevails in the context of the agency problem between controlling and minority shareholders, particularly, in an institutional environment of low shareholder protection.
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HE, BAOGANG. "The Theory and Practice of Chinese Grassroots Governance: Five Models." Japanese Journal of Political Science 4, no. 2 (November 2003): 293–314. http://dx.doi.org/10.1017/s1468109903001105.
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Theories of governance and Chinese understandingsThere is a vast and eclectic literature about many forms of governance, including markets, bureaucratic hierarchies, associations and different types of networks. The Commission on Global Governance, for example, defines governance as ‘the sum of the many ways individuals and institutions, public and private, manage their common affairs. It is a continuing process through which conflicting or diverse interests may be accommodated and cooperative action may be taken. It includes formal institutions and regimes empowered to enforce compliance, as well as informal arrangements that people and institutions either have agreed to or perceive to be in their interest’. Thus, ‘at the global level, governance has been viewed primarily as intergovernmental relationships, but it must now be understood as also involving non-governmental organizations (NGOs), citizens' movements, multinational corporations and the global mass of dramatically enlarged influence’.
Dissertations / Theses on the topic "Decisional models, international markets, theory"
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CORTI, RAMONA. "Modelli decisionali per l'ingresso sui mercati internazionali." Doctoral thesis, Università degli Studi di Milano-Bicocca, 2016. http://hdl.handle.net/10281/137534.
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The paper analyzes the enterprises decision-making models to approach International markets with special attention to operational practices developed by companies in the Milan hinterland territory.
The analysis is preceded by a brief historical overview designed to outline the stages of the passage from the first decision-making models, which derived the expansion choices in international markets from the economic theory of organization, through decision-making related to the doctrine concerning the allocation of resources Hecksher and Ohlin, until the realization of the fact that these "traditional strategies limits" led to the emerging new "theory of monopolistic advantages and market imperfections", later superseded by the "theory of the product life cycle."
It continues with the examination of the so-called Born Global and its success factors by focusing on innovative strategy to internationalize without following a predetermined path and outlined sequence, but with the networking created with other competitors, which allows the implementation of a shared control strategies with its network partners.
The second part of the paper illustrates the results of the research performed in the territory and referred to the analysis of how the theories described in the previous chapters have been operationally deployed in the Italian reality.
In particular the research focuses the attention on the analysis of internationalization models adopted by some companies in northern Italy.
The paper shows the results of interviews conducted with representatives of Italian companies related to the way they defined the entry strategies, the selection of foreign markets and general management of the internationalization process
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Bernat, Liana Oliveira. "Arbitrage pricing theory in international markets." Universidade de São Paulo, 2011. http://www.teses.usp.br/teses/disponiveis/12/12138/tde-01122011-203538/.
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This dissertation studies the impact of multiple pre-specified sources of risk in the return of three non-overlapping groups of countries, through an Arbitrage Pricing Theory (APT) model. The groups are composed of emerging and developed markets. Emerging markets have become important players in the world economy, especially as capital receptors, but they were not included in the majority of previous related works. Two strategies are used to choose two set of risk factors. The first one is to use macroeconomic variables, as prescribed by most of the literature, such as world excess return, exchange rates, variation in the spread between Eurodollar deposit tax and U.S. Treasury bill (TED spread) and change in the oil price. The second strategy is to extract factors by using a principal component analysis, designated as statistical factors. The first important result is a great resemblance between the first statistical factor and the world excess return. We estimate the APT model using two statistical methodologies: Iterated Nonlinear Seemingly Unrelated Regression (ITNLSUR) by McElroy and Burmeister (1988) and the Generalized Method Moments (GMM) by Hansen (1982). The results from both methods are very similar. With macroeconomic variables, only the world excess of return is priced in the three groups with a premium varying from 4.4% to 6.3% per year and, in the model with statistical variables, only the first statistical factor is priced in all groups with a premium varying from 6.2% to 8.5% per year.Essa dissertação estuda o impacto de múltiplas fontes de riscos pré-especificados nos retornos de três grupos de países não sobrepostos, através de um modelo de Teoria de Precificação por Arbitragem (APT). Os grupos são compostos por mercados emergentes e desenvolvidos. Mercados emergentes tornaram-se importantes na economia mundial, especialmente como receptores de capital, mas não foram inclusos na maioria dos trabalhos correlatos anteriores. Duas estratégias foram adotadas para a escolha de dois conjuntos de fatores de risco. A primeira foi utilizar variáveis macroeconômicas, descritas na maior parte da literatura, como e excesso de retorno da carteira mundial, taxas de câmbio, variação da diferença entre a taxa de depósito em Eurodólar e a U.S. Treasury Bill (TED Spread) e mudanças no preço do petróleo. A segunda estratégia foi extrair fatores de risco através de uma análise de componentes principais, denominados fatores estatísticos. O primeiro resultado importante é a grande semelhança entre o primeiro fator estatístico e o retorno da carteira mundial. Nós estimamos o modelo APT usando duas metodologias estatísticas: Regressões Aparentemente não Correlacionadas Iteradas (ITNLSUR) de McElroy e Burmeister (1988) e o Método dos Momentos Generalizados (GMM) de Hansen (1982). Os resultados de ambas as metodologias são muito similares. Utilizando variáveis macroeconômicas, apenas o excesso de retorno da carteira mundial é precificado nos três grupos com prêmios variando de 4,4% a 6.3% ao ano e, no modelo com variáveis estatísticas, apenas o primeiro fator estatístico é precificado em todos os grupos com prêmios que variam entre 6,2% a 8,5% ao ano.
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Schrom, Yadira. "The Quechua Hybrid Economy: Dual Market Access as Indigenous Resistance and Alternative Economic Development in Peru." Scholarship @ Claremont, 2019. https://scholarship.claremont.edu/scripps_theses/1254.
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Indigenous people in the global periphery are positioned in the crosshairs of neoliberal globalism that not only conspires to liberalize their national markets but also coerce their full integration into the global capitalist economy. This was the case in the Calca Province of Peru, where 1960s Green Revolution reform sought to integrate Quechua agrarian communities into the global economy. Neoliberal reform impoverished Quechua communities through increasing production costs and decreasing the retail prices of produce. As a protectionist reaction, Quechua women cultivated a network of barter markets to combat food insecurity. Using anthropologist Jon Altman’s (2011) theory of Hybrid Economy as a framework of analysis, this thesis evaluates economic activity in the Calca Province with qualitative, quantitative, and ethnographic evidence from two recently published case studies. This thesis argues that the hybrid economy in the Calca Province is one of dual market access, as Quechua people navigate through a non-monetized customary economy and a monetized economy. The hybrid economy expands market access and promotes the continuance of customary exchange. These findings contribute to our understanding of alternative economic development and valorize the customary economy as an autonomous institution that absorbs the blows of the global market and is not to be confused as transitional to capitalism.
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Lee, Ruey-Lin, and 李瑞琳. "An Empirical Study on International Portfolio Theory Models with Asian Emerging Stock Markets." Thesis, 1997. http://ndltd.ncl.edu.tw/handle/37366604299620869310.
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碩士淡江大學
國際貿易學系
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One of the characteristics of Asian Emerging Stock Markets has ahigher rate of return. Investors using different international mean-variance models and risk attitude considerations may be resulted in the home asset bias. In this paper we show how different empirical models contribute to this home asset bias. We also show how differentlevels of risk avesion contribute to this home asset bias. The samplecontains five countries-the U.S., Taiwan, Hong Kong, Korea, and Singapore. The observation sample period is from 1990/1 to 1996/6. In this paperwe use graphical comparisons and statistical comparisons to test our proposition by comparing the portfolio weights produced by Glassman andRiddick(1996) general and simplified international mean-variance models.Our main findings can be summarized as follows: Under the same level of risk aversion, all three models produce port-folio weights that differ from general model weights in a statistically significant way and in a graphical comparison way. The assumption that PPP holds consistently exaggerates the degree of the home asset bias, andin some cases the no second order terms assumption does as well. Under different levels of risk aversion, the conclusions regarding theeffects of the simplifying assumptions are robust to different levels of risk aversion. At the same time, we find that there is a fund removing among thesecountries. So different levels of risk aversion had significantly impacton portfolio weights.
Books on the topic "Decisional models, international markets, theory"
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Chang, Roberto. Liquidity crises in emerging markets: Theory and policy. Cambridge, MA: National Bureau of Economic Research, 1999.
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Davidson, Carl. International trade and labor markets: Theory, evidence, and policy implications. Kalamazoo, Mich: W.E. Upjohn Institute for Employment Research, 2004.
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Fornari, Fabio. Sign- and volatility-switching ARCH models: Theory and applications to international stock markets. [Roma]: Banca d'Italia, 1995.
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Fornari, Fabio. Sign- and volatility-switching ARCH models: Theory and applications to international stock markets. Rome: Banca d'Italia, 1995.
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King, Mervyn A. Transmission of volatility between stock markets. Cambridge, MA: National Bureau of Economic Research, 1989.
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van Kooten, G. Cornelis, and Linda Voss, eds. International trade in forest products: lumber trade disputes, models and examples. Wallingford: CABI, 2021. http://dx.doi.org/10.1079/9781789248234.0000.
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Abstract Because of the long-standing Canada-United States lumber trade dispute and the current pressure on the world's forests as a renewable energy source, much attention has been directed toward the modelling of international trade in wood products. Two types of trade models are described in this book: one is rooted in economic theory and mathematical programming, and the other consists of two econometric/statistical models--a gravity model rooted in theory and an approach known as GVAR that relies on time series analyses. The purpose of the book is to provide the background theory behind models and enable readers to easily construct their own models to analyze policy questions, whether in forestry or another sector. Examples in the book illustrate how models can be used to say something about a variety of issues, including identification of the gains and losses to various players in the North American softwood lumber business, and the potential for redirecting sales of lumber to countries outside the United States. The discussion is expanded to include other products besides lumber, and used to examine, for example, the effects of log export restrictions by one naton on all other forestry jurisdictions, the impacts of climate policies as they relate to the global forest sector, and the impact of oil prices on forest product markets throughout the world.
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Effects of EU enlargement to the Central European countries on agricultural markets. Frankfurt am Main: Peter Lang, 2003.
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1945-, Gilbert Richard J., and Jacquemin Alexis, eds. Barriers to entry and strategic competition. London: Routledge, 2001.
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Matusz, Steven J., and Carl Davidson. International Trade and Labor Markets: Theory, Evidence, and Policy Implications. W. E. Upjohn Institute, 2004.
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Colaresi, Michael, and Jude C. Hays. Spatial and Temporal Interdependence. Oxford University Press, 2017. http://dx.doi.org/10.1093/acrefore/9780190846626.013.301.
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Time and space are two dimensions that are likely to provide the paths—either singly or in tandem—by which international policy decisions are interdependent. There are several reasons to expect international relations processes to be interdependent across space, time, or both dimensions. Theoretical approaches such as rational expectations models, bureaucratic models of decision-making, and psychological explanations of international phenomena at least implicitly assume—and in many cases explicitly predict—dependence structures within data. One approach that researchers can use to test whether their international processes of interest are marked by dependence across time, space, or both time and space, is to explicitly model and interpret the hypothesized underlying dependence structures. There are two areas of spatial modeling at the research frontier: spatial models with qualitative and limited dependent variables, an co-evolution models of structure and behavior. These models have theoretical implications that are likely to be useful for international relations research. However, a gap remains between the kinds of empirical models demanded by international relations data and theory and the supply of time series and spatial econometric models that are available to those doing applied research. There is a need to develop appropriate models of temporal and spatial interdependence for qualitative and limited dependent variables, and for better models in which outcomes and structures of interdependence are jointly endogenous.
Book chapters on the topic "Decisional models, international markets, theory"
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Birtwistle, Tim, and Robert Wagenaar. "Re-Thinking an Educational Model Suitable for 21st Century Needs." In European Higher Education Area: Challenges for a New Decade, 465–82. Cham: Springer International Publishing, 2020. http://dx.doi.org/10.1007/978-3-030-56316-5_29.
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Abstract How should learning in higher education best meet the challenges posed by the many changes in society and employment? If graduates are knowledgeable in a particular field of studies and are trained in key generic competences/transferable skills to allow for autonomy and responsibility, is that enough? Is it being achieved? Or are new and diverse sets of learning models (Lifelong Learning or the 60 Year Curriculum) needed? Learners must be empowered to operate as responsible and active citizens in their society and be successful participants in a dynamic labour market. Society will require continuous (re-)training to handle rapid technological and societal changes. To stay relevant as autonomous educational providers, higher education institutions will have to change their formats of learning and teaching. A revised higher education model demands a highly flexible format to cater for individualised learning pathways, based on three key components: (1) a particular field of studies (thematic or disciplinary)—the core—(2) a fully integrated set of transferable skills and (3) a large set of learning units of various sizes covering a flexible curriculum. Can it respond to five societal challenges in each component: interculturalism; processes of information and communication; processes of governance and decision making; ethics, norms, values and professional standards and the impact of climate change? Measuring and Comparing Achievements of Learning Outcomes in Higher Education in Europe (CALOHEE), an EU funded project envisages a new model. The paper will partly be based on the (initial) findings of this project. International cooperation in the context of the EHEA is essential to engage all, and make a change.
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Operto, Fiorella. "Elements of Roboethics." In Makers at School, Educational Robotics and Innovative Learning Environments, 73–79. Cham: Springer International Publishing, 2021. http://dx.doi.org/10.1007/978-3-030-77040-2_10.
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AbstractRoboethics analyzes the ethical, legal and social aspects of robotics, especially with regard to advanced robotics applications. These issues are related to liability, the protection of privacy, the defense of human dignity, distributive justice and the dignity of work. Today, roboethics is becoming an important component in international standards for advanced robotics, and in various aspects of artificial intelligence. An autonomous robot endowed with deep learning capabilities shows specificities in terms of its growing autonomy and decision-making functions and, thus, gives rise to new ethical and legal issues. The learning models for a care robot assisting an elderly person or a child must be free of bias related to the selected attributes and should not be subject to any stereotypes unintentionally included in their design. As roboethics goes hand in hand with developments in robotics applications, it should be the concern of all actors in the field, from designers and manufacturers to users. There is one very important element in this—albeit one that is related indirectly—that should not be overlooked: namely, how robotics and robotic applications are represented to the general public. Of the many representations, the legacy of mythology, science fiction and the legend still play an important role. The world of robotics is often marked by icons and images from literature. Exaggerated expectations of their functions, magical descriptions of their behavior, over-anthropomorphization, insistence on their perfection and their rationality compared to that of humans are only some of the false qualities attributed to robotics.
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Windsor, Duane. "Business Ethics in Emerging Economies." In Economic Behavior, Game Theory, and Technology in Emerging Markets, 30–45. IGI Global, 2014. http://dx.doi.org/10.4018/978-1-4666-4745-9.ch003.
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This chapter seeks to identify useful game-theoretic insights concerning key issues of business ethics in emerging economies. The study considers four elements in this sequence: game theory, emerging economies, business ethics, and key issues. The chapter does not undertake formal modeling but rather emphasizes useful insights. Game theory provides assistance in reasoning about strategic scenarios for businesses in emerging economies. A multinational entity operates within layers of institutions and norms from international to national and sub-national levels. The approach taken here is to inquire into certain specific decision scenarios available in the extant literature as instances of important classes of decision problems. These scenarios involve long-term sustainable business models, corporate values, and corporate reputation.
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Škrinjarić, Tihana. "Effects of Implied Volatility Indices on CESEE Stock Markets." In Handbook of Research on Stock Market Investment Practices and Portfolio Management, 138–68. IGI Global, 2022. http://dx.doi.org/10.4018/978-1-6684-5528-9.ch008.
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This chapter analyzes several model specifications of the asymmetric relationship between the implied volatility index (VIX) and return series for the CESEE (Central-Eastern and South-Eastern European) stock markets. Several different country-origin VIX indices are examined (US, emerging markets, Russian, and EU) to analyze which one has the best forecasting ability of the return series. Based on daily data analysis and six different model specifications, resulting in 240 models in total, asymmetric and non-linear relationships were found between the selected VIX and return series. As the results differ over all stock market return series, international investors are advised to consider such results when making decisions about their portfolio selection.
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Fang, Yong. "Nonlinear Noise Estimation in International Stock Markets." In Models and Applications of Chaos Theory in Modern Sciences, 304–13. Science Publishers, 2011. http://dx.doi.org/10.1201/b11408-25.
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Sauka, Arnis, and Laima Auza. "Internationalisation Strategies of Latvia Entrepreneurs." In Advances in Business Strategy and Competitive Advantage, 439–53. IGI Global, 2015. http://dx.doi.org/10.4018/978-1-4666-8348-8.ch025.
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By exploring the entrepreneurial patterns of ‘born globals', this chapter aims to explore the international market entry modes as well as develop recommendations for an international expansion strategy for companies attempting to enter global markets. Empirically chapter draws on the four case studies of born globals that originates from Latvia. The companies are: Stenders- manufacturer of natural bath and cosmetics; Munio Candela- handcrafted candle manufacturer; Primekss - industrial flooring manufacturer; and manufacturer of premium jeans wear Trousers London. We explore the international pathways of these companies focusing on general characteristics of these firms, target market and foreign entry modes selection. Finding of this study might be relevant both to companies that are on their way to develop strategy for international expansion as well as policy makers in order to make informed decision on investments to support international orientation of local SMEs.
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Smithers, Andrew. "Surprising Features of the Model." In The Economics of the Stock Market, 7–13. Oxford University Press, 2022. http://dx.doi.org/10.1093/oso/9780192847096.003.0002.
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The model differs from the neoclassical synthesis by emphasizing the need to divide the private sector between the household and corporate sectors, as business managers do not act as if they were at the direct behest of shareholders. Companies do not ‘profit maximize’. Bond yields and equity returns are derived independently. Contrary to the Miller-Modigliani Theorem the cost of capital, and thus the value of the produced capital stock, varies with leverage. The risk aversion of investors results in the mean reversion of real equity returns at around 6.7 per cent and applies internationally. Corporate decisions are made by managers whose behaviour is determined by a utility function which is different from that which determines the portfolio preferences of the owners of capital.
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Cally, Jordan. "Part II The Transatlantic Dialogue, 7 The New European Capital Markets." In International Capital Markets, edited by Golden Jeffrey. Oxford University Press, 2021. http://dx.doi.org/10.1093/law/9780198849001.003.0007.
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This chapter looks at the new European capital markets. The creation of the European Securities and Markets Authority (ESMA) was ‘an epochal date for EU financial market regulation’. Whereas ESMA's role is primarily one of overall supervision and promotion of supervisory convergence, the 2007–09 financial crisis, which led to its birth, continues incrementally to push the European legislator toward reinforcing ESMA's powers and capturing increasingly more activities under the ‘Single Rulebook’. With the proposal of a Capital Markets Union and Brexit, this trend is likely to continue. Potentially, the European Union is now well placed to forge a new paradigm for the regulation of capital markets, given the increased focus and the technical expertise which ESMA brings to bear. At least in theory, the EU should no longer be beholden to US or international models for its regulatory models.
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Anthopoulos, Leonidas, Panos Fitsilis, and Christos Ziozias. "What Is the Source of Smart City Value?" In Smart Cities and Smart Spaces, 56–77. IGI Global, 2019. http://dx.doi.org/10.4018/978-1-5225-7030-1.ch003.
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Smart cities have attracted an increasing international scientific and business attention and an enormous niche market is being evolved, which engages almost all the business sectors. Being engaged in the smart city market is not free-of-charge and corresponding investments are extensive, while they usually concern innovation development and always demand careful planning. However, until today it is not clear how the smart city creates value to its stakeholders or simply how profit is being created. To this end, this paper performs an investigation on the smart city business models and utilizes decision making process with the contribution of smart city experts in order to conclude on the most appropriate one. This paper's findings demonstrate that business models that are followed in practice by smart cities are different to the ones suggested in literature. Moreover, the decision making processes that were followed showed that the optimal choice is the ownership business model group and from its contents preferred the Open Business Model (OBM), with the Municipal-Owned-Development (MOD) as an alternative option.
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Beck, Colin J., Mlada Bukovansky, Erica Chenoweth, George Lawson, Sharon Erickson Nepstad, and Daniel P. Ritter. "The Domestic-International Dichotomy." In On Revolutions, 106–28. Oxford University Press, 2022. http://dx.doi.org/10.1093/oso/9780197638354.003.0006.
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This chapter challenges the domestic-international dichotomy. Many established theories of revolutionary emergence focus on domestic factors such as economic downturns, elite conflict and defection from the state, and the mobilizing capacity of opposition forces. This dichotomy makes the international influence on all of these domestic factors opaque. Domestic economic conditions are heavily shaped by international markets. Elite decisions about whether to support or oppose the state are linked to alliances with other nations and international organizations. And oppositional organizing capacity is enhanced by support from transnational movements (such as the influx of resources from diaspora supporters) and the transmission of tactics and strategies from revolutionaries in one region of the world to another. In short, there are no fully domestic revolutions; revolutions are always influenced by international factors. Yet all too often, revolutionary scholarship has seen international factors as a backdrop to domestic factors, which are perceived as having the real explanatory power. Researchers have grafted international factors onto existing models in an “add and stir” approach, rather than examining how international dynamics permeate and shape domestic dynamics “all the way down.” The chapter proposes an alternative “inter-social” approach. It highlights how international dynamics help to constitute revolutionary situations, trajectories, and outcomes through an analysis of the 1977–79 Iranian revolution.
Conference papers on the topic "Decisional models, international markets, theory"
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Gercekovich, D. A., O. Yu Basharina, I. S. Shilnikova, E. Yu Gorbachevskaya, and S. A. Gorsky. "Information and algorithmic support of a multi-level integrated system for the investment strategies formation." In 3rd International Workshop on Information, Computation, and Control Systems for Distributed Environments 2021. Crossref, 2021. http://dx.doi.org/10.47350/iccs-de.2021.06.
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The article summarizes the accumulated practical experience of the authors in the development of algorithms for the formation of investment strategies. For this purpose, the optimization of the studied parameters, information support of investment activities, verification, monitoring and adjustment in the testing mode and the subsequent practical application of the described tools are considered. The system is based on the main provisions of the Markowitz portfolio theory. The analytical block of the Information System Portfolio Investor includes Profitability-Risk model; empirical models of optimal complexity; hybrid predictive model systems; the principle of combining (integrating) both models and forecasts, as well as decision rules; optimization of the training sample length (modified Markowitz model); optimization of the frequency of monitoring and adjusting the composition of the investment portfolio. The principles of design and development of the information block of the system, its replenishment and functioning are described in detail. All the above listed components of the algorithmic content of the investment decision making system are described sequentially. The system modules have been successfully tested on a wide class of financial instruments: ordinary shares, preferred shares, government and corporate bonds, exchange commodities, stock, commodity, industry and bond indices, exchange-traded investment funds and real estate funds. The implemented Markowitz model with a dynamic database of historical data can significantly increase the efficiency of investment decisions, which is facilitated by taking into account the characteristics of both the markets under study and the corresponding financial instruments.
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Maknickienė, Nijolė, Raimonda Martinkutė-Kaulienė, and Lina Rapkevičiūtė. "FAMILIARITY BIAS INVESTIGATIO IN PORTFOLIO CREATION." In 12th International Scientific Conference „Business and Management 2022“. Vilnius Gediminas Technical University, 2022. http://dx.doi.org/10.3846/bm.2022.775.
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The prevailing opinion exists that investors include to their portfolio what they know or what is located around them. Investment decision, which is impacted by familiarity bias, avoid including international companies to portfolio which might lead to lower performance compared to portfolio which has both, local and international, stocks in a portfolio. The aim of this study is to analyse the impact of familiarity bias on investment decision, to form port-folios from the stocks listed on the Nasdaq Baltic stock exchange and compare their performance to global portfolios, which are formed from the stocks listed on the New York Stock Exchange. Investment portfolios were built using mean variance (MV) and Black–Litterman (BL) models. The analysis revealed that the returns of the portfolios built on the Nasdaq Baltic exchange are higher than the returns of the global portfolios. Additionally, the volatility of returns is lower for Nasdaq Baltic portfolios. When selected markets have different growth rates, investment decisions based on familiarity bias can achieve better results.
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Hoffenson, Steven, and Marcin Wisniowski. "An Electricity Grid As an Agent-Based Market System: Exploring the Effects of Policy on Sustainability." In ASME 2018 International Design Engineering Technical Conferences and Computers and Information in Engineering Conference. American Society of Mechanical Engineers, 2018. http://dx.doi.org/10.1115/detc2018-86031.
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Electricity generation is a major source of air pollution, contributing to nearly one-third of the total greenhouse gas emissions in the United States. As with most goods, production must keep up with the projected consumer demand, and the industry is subject to government regulations at the federal, state, and local levels. This study models the New Jersey electric grid as a market system, using agent-based modeling to represent individual consumers and power companies making utility-maximizing decisions. Each consumer agent is prescribed a unique value function that includes factors such as income, energy intensity, and environmental sensitivity, and they are able to make decisions about how much energy they use and whether they opt into a renewable energy program. Power producers are modeled to keep up with demand and minimize their cost per unit of electricity produced, and they include options to prefer either on-demand or renewable energy sources. Using this model, different scenarios are examined with respect to producer strategy and government policy. The results provide a proof-of-concept for the modeling approach, and they reveal interesting trends about how the markets are expected to react under different scenarios.
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Wang, Zhu-fang, and Jiu-feng Xiong. "A Decision Making Model of Chinese Coal-Electricity Market Based on Game Theory." In 2009 International Joint Conference on Artificial Intelligence (JCAI). IEEE, 2009. http://dx.doi.org/10.1109/jcai.2009.103.
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Tören, Evrim, and Mehmet Balcılar. "Fiscal Policy Shocks and the Dynamics of Asset Prices in Turkey." In International Conference on Eurasian Economies. Eurasian Economists Association, 2015. http://dx.doi.org/10.36880/c06.01285.
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Asset markets and the asset prices affect financial institutions, consumers, producers and policy makers while they are making decisions. There is an important relationship not only between the financial market and banking system but also between the housing market and the credit market. Therefore, the study analyzes the impact of fiscal policy on asset prices by using beyasian vector autoregressive models. The sample data has been gathered from the Central Bank of the Republic of Turkey. The aim is to demonstrate the effects of fiscal policy shocks on stock prices and housing prices. The data covers the period between 1988:Q1 and 2014:Q2. Overall, the results confirm that the spending shocks coming from fiscal policy have a greater influence on the stock prices. In addition, the government revenue shocks are more influential on the house prices compared to the stock prices in Turkey.
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Meng-meng, Kang, and Zhao Jia-zhang. "The application Copula-GARCH-EVT models in analyzing financial markets tail dependence of China." In 2010 International Conference on Financial Theory and Engineering (ICFTE). IEEE, 2010. http://dx.doi.org/10.1109/icfte.2010.5499426.
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Long, Minhua, and W. Ross Morrow. "Should Optimal Designers Worry About Consideration?" In ASME 2014 International Design Engineering Technical Conferences and Computers and Information in Engineering Conference. American Society of Mechanical Engineers, 2014. http://dx.doi.org/10.1115/detc2014-34493.
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Consideration set formation using non-compensatory screening rules is a vital component of real purchasing decisions with decades of experimental validation. Marketers have recently developed statistical methods that can estimate quantitative choice models that include consideration set formation via non-compensatory screening rules. But is capturing consideration within models of choice important for design? This paper reports on a simulation study of a vehicle portfolio design when households screen over vehicle body style built to explore the importance of capturing consideration rules for optimal designers. We generate synthetic market share data, fit a variety of discrete choice models to this data, and then optimize design decisions using the estimated models. Model predictive power, design “error”, and profitability relative to ideal profits are compared as the amount of market data available increases. We find that even when estimated compensatory models provide relatively good predictive accuracy, they can lead to sub-optimal design decisions when the population uses consideration behavior; convergence of compensatory models to non-compensatory behavior is likely to require unrealistic amounts of data; and modeling heterogeneity in non-compensatory screening is more valuable than heterogeneity in compensatory trade-offs. This supports the claim that designers should carefully identify consideration behaviors before optimizing product portfolios. We also find that higher model predictive power does not necessarily imply better design decisions; that is, different model forms can provide “descriptive” rather than “predictive” information that is useful for design.
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Li, Xiao, and Bin Zhang. "Research on Pricing Models of DM Service: Theory and Application of Two-Sided Markets." In 2008 4th International Conference on Wireless Communications, Networking and Mobile Computing (WiCOM). IEEE, 2008. http://dx.doi.org/10.1109/wicom.2008.2074.
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Hoffenson, Steven, and Rikard Söderberg. "Policy and Demand as Drivers for Product Quality and Sustainability: A Market Systems Approach." In ASME 2014 International Design Engineering Technical Conferences and Computers and Information in Engineering Conference. American Society of Mechanical Engineers, 2014. http://dx.doi.org/10.1115/detc2014-34368.
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The market is a complex system with many different stakeholders and interactions. A number of decisions within this system affect the design of new products, not only from design teams but also from consumers, producers, and policy-makers. Market systems studies have shown how profit-optimal producer decisions regarding product design and pricing can influence a number of different factors including the quality, environmental impact, production costs, and ultimately consumer demand for the product. This study models the ways that policies and consumer demand combine in a market systems framework to influence optimal product design and, in particular, product quality and environmental sustainability. Implementing this model for the design of a mobile phone case shows how different environmental impact assessment methods, levels of taxation, and factors introduced to the consumer decision-making process will influence producer profits and overall environmental impacts. This demonstrates how different types of policies might be evaluated for their effectiveness in achieving economic success for the producer and reduced environmental impacts for society, and a “win-win” scenario was uncovered in the case of the mobile phone.
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Milijić, Ana. "TREATMENT OF INTANGIBLE ASSET ACCORDING TO INTERNATIONAL ACCOUNTING REGULATION." In 4th International Scientific Conference – EMAN 2020 – Economics and Management: How to Cope With Disrupted Times. Association of Economists and Managers of the Balkans, Belgrade, Serbia, 2020. http://dx.doi.org/10.31410/eman.2020.33.
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Rigidity of the financial reporting model in contemporary business conditions the era of the „knowledge economy” influenced the creation of significant differences between the market and book values of companies. Characteristic of enterprises in the „new” economy is the high share of knowledge and other intellectual resources in the structure of total assets, which are at the same time the basic source of competitiveness of enterprises. Given the changing habits of consumers who are inclined to buy products on the market that identify a high degree of „embedded” knowledge, companies base their business on investing in R&D and investing in various types of intellectual property and protecting them. Due to certain limitations of financial reporting when identifying and measuring intellectual resources in an enterprise, users of financial statements are unable to get a realistic picture of the value of assets and the corresponding investments when it comes to certain types of intangible assets. Blurred financial reality can lead to irrational decisions, stagnation in business and major financial crashes, which is often the practice of large companies listed on the world stock market due to the overestimation / undervaluation of their book value. The aim of this paper is to explain the treatment of intangible assets through international accounting standards concerning the identification, recognition and measurement of intellectual resources and intangible assets, to analyze their limitations and to point out possible directions for their further development in order to provide reliable and credible reporting on assets and capital of economic entities.