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Dissertations / Theses on the topic 'Market performance'
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1
Elshahat, Islam M. "Market Valuation of Environmental Performance." FIU Digital Commons, 2010. http://digitalcommons.fiu.edu/etd/309.
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This research investigated the general association between corporate environmental performance and the firms’ annual returns independent of any particular environmental event. The association analysis was based on the most recent environmental data for the years 2006, 2007, and 2008. The results indicated that while some environmental variables were significantly associated with firms’ returns, the majority were not. The results also indicated that environmental concerns were more likely to be associated with increase in the firm value than were environmental strengths; however, there were no mean differences between firms whose environmental performance increased as compared with those whose performance deteriorated. Overall, the results provided support for the perspective that environmental strengths require firm expenditures that place additional financial burdens on firms, resulting in lower stock returns.
2
Taghian, Mehdi, and mikewood@deakin edu au. "Market fit, market orientation, and business performance: An empirical investigation." Deakin University. Deakin Business School, 2004. http://tux.lib.deakin.edu.au./adt-VDU/public/adt-VDU20050915.135152.
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This thesis investigated the congruence of an organisation to its intended target markets. It was hypothesised that the internal activities of an organisation are, potentially, structured in response to its market dynamics with the ultimate aim of achieving the organisational objective(s). Market fit has been conceptualised to represent the fit of an organisation to its operating market environment. The information for this study was collected from senior marketing decision makers, using a self-administered questionnaire. The sample comprised 216 companies from a mix of industries and organisational sizes in Australia.
There is evidence to suggest that the association of market orientation and business performance is inconsistent under different business operating circumstances, due to the exclusion of the influence of key environmental moderators. The model of market fit attempts to overcome this condition. The results suggest that market fit is associated with measures of business performance, and the levels of association are different from those related to the market orientation measures, reflecting the influence of moderators. The categories of environmental moderators contributing at different levels to the market fit measure include: (1) marketing planning, (2) implementation of marketing decisions, (3) market orientation, (4) market strength, (5) generic strategies, (6) organisational culture, (7) familiarity with the marketing audit, and (8) the external environment. The marketing audit procedure has been recommended as a tool to assist with the establishment and maintenance of market fit. The results of this study indicate that organisational familiarity with, and the conduct of, the marketing audit periodically are low, and that market fit may be a better predictor of business performance, than is market orientation.
3
Taghian, Mehdi. "Market fit, market orientation, and business performance an empirical investigation /." [victoria, Australia] : Deakin University, 2004. http://tux.lib.deakin.edu.au/adt-VDU/public/adt-VDU20050915.135152/.
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4
Schmidt-Ehmcke, Jens. "Technology, firm performance and market structure." kostenfrei, 2009. http://nbn-resolving.de/urn/resolver.pl?urn=urn:nbn:de:kobv:521-opus-313.
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5
Chung, WoongTae. "Outsourcing, firm performance and market exit." Connect to online resource, 2007. 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:3273724.
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6
Gurrib, Muhammad Ikhlaas. "Behaviour and performance of key market players in the US futures markets." Curtin University of Technology, School of Economics and Finance, 2008. http://espace.library.curtin.edu.au:80/R/?func=dbin-jump-full&object_id=117995.
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This study gives an insight into the behaviour and performance of large speculators and large hedgers in 29 US futures markets. Using a trading determinant model and priced risk factors such as net positions and sentiment index, results suggest hedgers (speculators) exhibit significant positive feedback trading in 15 (7) markets. Information variables like the S&P500 index dividend yield, corporate yield spread and the three months treasury bill rate were mostly unimportant in large players’ trading decisions. Hedgers had better market timing abilities than speculators in judging the direction of the market in one month. The poor market timing abilities and poor significance of positive feedback results suggest higher trading frequency intervals for speculators. Hedging pressures, which measure the presence of risk premium in futures markets, were insignificant mostly in agricultural markets. As a robust test of hedging pressures, price pressure tests found risk premium to be still significant for silver, crude oil and live cattle. The positive feedback behaviour and negative market timing abilities suggest hedgers in heating oil and Japanese yen destabilize futures prices, and points to a need to check CFTC’s (Commodity Futures Trading Commission) position limits regulation in these markets. In fact, large hedgers in these two markets are more likely to be leading behaviour, in that they have more absolute net positions than speculators. Alternatively stated, positive feedback hedgers in these two markets are more likely to lead institutions and investors to buy (sell) overpriced (underpriced) contracts, eventually leading to divergence of prices away from fundamentals.Atlhought hedgers in crude oil had significant positive feedback behaviour and negative market timing skills, they would not have much of a destabilizing effect over remaining players because the mean net positions of hedgers and speculators were not far apart. While the results are statistically significant, it is suggested these could be economically significant, in that there have been no regulation on position limits at all for hedgers compared to speculators who are imposed with strict limits from the CFTC. Further, mean equations were regressed against decomposed variables, to see how much of the futures returns are attributed to expected components of variables such as net positions, sentiment and information variables. While the expected components of variables are derived by ensuring there are enough ARMA (autoregressive and moving average) terms to make them statistically and economically reliable, the unexpected components of variables measure the residual on differences of the series from its mean. When decomposing net positions against returns, it was found expected net positions to be negatively related to hedgers’ returns in mostly agricultural markets. Speculators’ expected (unexpected) positions were less (more) significant in explaining actual returns, suggesting hedgers are more prone in setting an expected net position at the start of the trading month to determine actual returns rather than readjusting their net positions frequently all throughout the remaining days of the month. While it important to see how futures returns are determined by expected and unexpected values, it is also essential to see how volatility is affected as well.
In an attempt to cover three broad types of volatility measures, idiosyncratic volatility, GARCH based volatility (variance based), and PARCH based volatility (standard deviation) are used. Net positions of hedgers (expected and unexpected) tend to have less effect on idiosyncratic volatility than speculators that tended to add to volatility, reinforcing that hedgers trading activity hardly affect the volatility in their returns. This suggest they are better informed by having a better control over their risk (volatility) measures. The GARCH model showed more reliance of news of volatility from previous month in speculators’ volatility. Hedgers’ and speculators’ volatility had a tendency to decay over time except for hedgers’ volatility in Treasury bonds and coffee, and gold and S&P500 for speculators’ volatility. The PARCH model exhibited more negative components in explaining current volatility. Only in crude oil, heating oil and wheat (Chicago) were idiosyncratic volatility positively related to return, reinforcing the suggestion for stringent regulation in the heating oil market. Expected idiosyncratic volatility was lower (higher) for hedgers (speculators) as expected under portfolio theory. Markets where variance or standard deviation are smaller than those of speculators support the price insurance theory where hedging enables traders to insure against the risk of price fluctuations. Where variance or standard deviation of hedgers is greater than speculators, this suggest the motivation to use futures contracts not primarily to reduce risk, but by institutional characteristics of the futures exchanges like regulation ensuring liquidity.
Results were also supportive that there was higher fluctuations in currency and financial markets due to the higher number of contracts traded and players present. Further, the four models (GARCH normal, GARCH t, PARCH normal and PARCH t) showed returns were leptokurtic. The PARCH model, under normal distribution, produced the best forecast of one-month return in ten markets. Standard deviation and variance for both hedgers’ and speculators’ results were mixed, explained by a desire to reduce risk or other institutional characteristics like regulation ensuring liquidity. Moreover, idiosyncratic volatility failed to accurately forecast the risk (standard deviation or variance based) that provided a good forecast of one-month return. This supports not only the superiority of ARCH based models over models that assume equally weighted average of past squared residuals, but also the presence of time varying volatility in futures prices time series. The last section of the study involved a stability and events analysis, using recursive estimation methods. The trading determinant model, mean equation model , return and risk model, trading activity model and volatility models were all found to be stable following the effect of major global economic events of the 1990s. Models with risk being proxied as standard deviation showed more structural breaks than where variance was used. Overall, major macroeconomic events didn’t have any significant effect upon the large hedgers’ and speculators’ behaviour and performance over the last decade.
7
Khan, Aamir. "Market Orientation, Customer Selectivity and Firm Performance." Thesis, Cranfield University, 2008. http://hdl.handle.net/1826/4084.
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Market orientation is a well-known construct in the marketing literature. One reason for the
extensive research on market orientation is that it is seen as the operationalization of the
marketing concept itself.
Extant literature provides evidence supporting the link between market orientation and firm
performance. However, most of the evidence which links market orientation with firm
performance comes from studies carried out in the goods context. The few studies that have
been done in the services context show either a weak link with firm performance or no link
at all. Further, the studies that have been carried out in the services context have generally
been limited to a single industry.
In this thesis, I explore the reasons as to why market orientation might be more strongly
associated with firm performance in the goods context than in the services context. I
suggest that one reason could be that services are by their very nature non-standardized,
and that market orientation is aimed at satisfying all the customers. Therefore, market
orientation may not be the dominant driver of firm performance in the services context,
where it becomes very difficult to satisfy every single customer. In the goods context,
however, market orientation will be a dominant driver of firm performance.
I also suggest another construct, namely customer selectivity, as a driver of firm
performance in the services context. Customer selectivity, it is argued, is anchored in the
customer relationship management (CRM) literature. Since services are by their nature
heterogeneous, i.e. non-standardized, firms which are customer selective will do well in the
services context.
However, one cannot exclude the possibility that, while market orientation might not be a
good driver of firm performance in the services context, it might be an antecedent of customer selectivity. Therefore I develop an alternative model in which market orientation
is conceptualized as a cultural orientation, and thus acts as antecedent to customer
selectivity, which then leads to firm performance.
To test the hypotheses which are developed in the study, I use a pre-existing scale for
market orientation, and operationalize customer selectivity using existing items. All the
hypotheses are tested on a multi-industry dataset. The first set of hypotheses, relating to the
first model, is tested using regression analysis. The second set, relating to the alternative
model, is tested using structural equation modelling.
The results are, broadly speaking, consistent with the hypotheses. It is seen that market
orientation is a direct driver of firm performance in the goods context, while customer
selectivity is a direct driver of firm performance in the services context. Similarly, it is also
seen that market orientation is an antecedent to customer selectivity. This is consistent with
the results obtained in the first model. However, it is also seen that in both models, while
the first dimension of market orientation (customer orientation) is associated with firm
performance according to the hypotheses derived in the thesis, the second dimension of
market orientation (interfunctional coordination) is not associated with firm performance.
The study clarifies and delimits the role of market orientation as a direct driver of firm
performance in all contexts, and suggests it leads to firm performance primarily in the
goods context. Similarly, customer selectivity leads to firm performance primarily in the
services context. However, the study also suggests that market orientation is an antecedent
to customer selectivity in both contexts. In other worlds, market orientation plays a role in
both the goods and services context, but differentially. Managerially, market orientation
and customer selectivity are proposed as a pair of strategies that marketers can help their
CEOs choose between or possibly combine depending on the goods-service mix that the
firm offers.
8
Persson, Fredrik, and Jonas Lindgren. "Diversification and Performance : The Nordic Media Market." Thesis, Jönköping University, JIBS, Business Administration, 2005. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-239.
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The Nordic media market has since the end of the 1990’s experienced a number of consolidations and the market has become increasingly integrated. Some companies within the market are diversified, meaning they are involved in many different kinds of businesses, while other are focused, which implies that they are focused on one business segment.
Different research views explain different motives for diversification. The resource view explain diversification by claiming that a company having underused resources needs to profitably employ them elsewhere in order to expand. The agency view explains diversification with the agent’s different incentives compared to the principal. The market power view implies that by having more resources a company can strengthen its competitiveness. Furthermore, there may be financial and synergetic motives behind diversification.
This thesis investigates the relation diversification has with size, sales growth, financial efficiency ratios, and stability. By doing this we can explain the motives behind diversification in the Nordic media market through using existing theories and hence applying a deductive research approach. The thirty largest media companies in the Nordic media market were analyzed.
The degree of diversification had a positive relationship with the total revenue of the investigated firms. Furthermore, diversified firms on average had higher revenues than its focused counterparts. The more diversified the firms are the higher sales growth they have and diversified companies had a higher average sales growth than the focused firms. A higher degree of diversification did not increase the firms’ financial efficiency and diversified firms did not have a higher average efficiency. However, one of the measured ratios, ROA, was higher for focused firms. Based on knowledge gained from portfolio theory we believed, before conducting the statistical analyses, that a higher degree of diversification would stabilize the cash flows for the investigated companies. However, no statistical evidence was found supporting that a higher degree of diversification would improve cash flow stability.
9
Liang, Jia-Wen. "Relative performance evaluation and product market competition /." view abstract or download file of text, 2002. http://wwwlib.umi.com/cr/uoregon/fullcit?p3061955.
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Thesis (Ph. D.)--University of Oregon, 2002.Typescript. Includes vita and abstract. Includes bibliographical references (leaves 75-77). Also available for download via the World Wide Web; free to University of Oregon users.
10
Mikhalchenko, Valentina. "Macroeconomic volatility effect on labour market performance." Thesis, University of Bath, 2015. https://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.687336.
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Macroeconomic volatility effect on labour market performance has been detected for OECD countries during the years of 1985-2011. Current research adds a number of improvements to the subject field. Labour market performance incorporates a large number of associative indicators rather than simple unemployment rate. Variety of performance indicators has been used in attempt to underpin the system mechanism. Advanced techniques are used for volatility estimation. Distinct volatility measures are used for exchange rate, inflation and interest rate series according to their stochastic properties. For long memory inflation series ARFIMA-GARCH models have been used, for interest rates that bare asymmetry due to Central Bank and market interventions QARCH, GJR-GARCH and PARCH models have been fitted. Exchange rate series have been modelled using ARIMA-GARCH and EGARCH. In estimation of volatility effect on labour market performance either random or fixed effects models have been used. Standard errors of the models have been tested and corrected for serial correlation, heteroskedasticity and cross-sectional dependence. For the robustness of the results panel time series methods have been used where possible due to its advantages for macroeconomics models (Eberhardt (2012)). Where use of these methods has been restricted by the nature of the models, Arellano-Bond (1991) and Bruno (2005) models have been fit. Hybrid (Allison (2009)) and Correlated Random effects models (Mundalak (1978)) have been used where categorical variables have been included in the regression.
11
Zhao, Xinlei. "CFO CHARACTERISTICS, MARKET REACTION, AND SUBSEQUENT PERFORMANCE." UKnowledge, 2018. https://uknowledge.uky.edu/accountancy_etds/10.
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In this study, I examine whether firms hire new CFOs with improved qualifications following a financial reporting failure and subsequently experiencing CFO turnover. Prior literature provides evidence that restating firms attempt to take remedial actions to restore their credibility and reputation. This study extends prior literature by testing whether the decision to hire a new CFO is a valued remedial action for restating firms.
The empirical results show that restating firms are more likely to hire new CFOs with more accounting expertise and from external sources than non-restating firms are. The market reacts more favorably when restating firms hire a CFO with more relevant accounting expertise than the incumbent CFO. I also find that the improved qualifications of the new CFO mitigate the information risk generated by the restatement.
This study contributes to the literature with the assertion that accounting expertise is a valuable attribute that firms consider when making hiring decisions for CFOs, especially those firms that issued a restatement. The results imply that replacing CFOs is a valued remedial action for restating firms. The improved qualifications of the new CFOs improve the information environment for restating firms and reduce perceived risk from investors.
12
Pacelli, Lia. "Institutions and labour market performance in Italy." Thesis, University College London (University of London), 2007. http://discovery.ucl.ac.uk/1446323/.
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My research focuses on the interactions between institutions and the functioning of the labour market. In this respect Italy represents an interesting "case study". It is commonly considered a highly regulated market however, there is evidence of flexibility higher than expected. Hence it must be investigated whether this postulated rigidity is real at the firm level and whether existing institutions and regulations are actually binding on human resource management at the firm level. My contribution relies on the attempt to measure the effect of a selected set of regulations on the behaviour of the firms. I focus on different pieces of legislation, all of them recently under scrutiny to be reformed, all of them relevant to shape the functioning of the Italian labour market. Employment Protection Legislation is made of several provisions: restrictions on firings, severance payments, notice periods are the most common. I focus on the first two: a provision akin to a severance payment and the regulation of individual layoffs. Temporary contracts are a way to avoid firing costs altogether, and are analysed next. Preliminary to all this is the analysis of the wage setting process, as the effects of EPL depend on how much wages are flexible. My approach is mainly empirical, and relies on the use of a very rich data archive. After assessing that Italian wages are quite rigid, and that only about 10% of the wage is not set outside the employer-individual employee relationship, I draw two general con clusions, (i) The estimated effect of the norms I analyse is always statistically significant, but it is always small (ii) the effect is increasing with firm size. This is coherent with a flexibility higher than expected in a deeply regulated market. Some hints pointing to a segmented market and to a non universal enforcement of the norms emerge as well.
13
Morah, Ejindu Iwelu MacDonald. "Market orientation and organizational performance in Nigeria." Thesis, Anglia Ruskin University, 2015. http://arro.anglia.ac.uk/700987/.
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The received wisdom and dominant view hold that market orientation (MO) leads to higher organizational performance. Although widely researched and the literature is replete with studies on the subject, conflicting, contradictory, inconsistent and inconclusive findings beset the marketing domain on the efficacy of MO on organizational performance. These lingering obfuscations and the need to develop a method of implementing the construct underpin the present study. Therefore, this study examines the extent of MO, its effect on objective and subjective performance measures, the roles of mediating and moderating variables in the hypothesised relations and how to implement the construct in organizations within Nigeria. The convergent parallel mixed methods research design is employed to allow for the fusion of breadth and depth in the study. In the quantitative strand, using a random sampling technique, data were collected from a sample of 258 managers in diverse functions in 180 organizations across industries through intensive questionnaire survey in Nigeria. While in the qualitative study, in-depth interview approach was used to interview a sample of 10 managers purposively drawn from micro, small, medium and large organisations representing diverse sectors. Scales well established in the literature and re-validated for the Nigerian context were employed. Confirmatory factor analysis was used for scale validation, structural equation modelling- bootstrapping method in AMOS 21 and hierarchical regression analysis in SPSS 20 for a test of hypotheses. The study finds that (a) inter-functional coordination predicts market share- an objective measure of performance, while no empirical support was found for the effects of composite MO, customer orientation and competitor orientation (b) technological turbulence moderates the inter-functional-coordination-subjective performance links (c) MO and its sub-dimensions have direct and significant effects on subjective performance (d) these relationships are mediated by innovation, learning orientation and total quality management (e) No empirical evidence was found for the moderating roles of market turbulence, competitive intensity and market growth (f) but the moderating variables IV moderate the mediated effects and mediators mediate the moderated effects (g) technology emerged as an antecedent of MO and (h) MO implementation was prescribed drawing on Lewin's model of change. Integrating mediators and moderators in a single model strengthens the MO-performance relations and enhances our understanding of the hypothesised links. Thus, moderated-mediation and mediated-moderation models offer support for the efficacy of MO in varying market conditions. These findings positively and significantly refine the body of extant knowledge regarding the effect of MO on performance and offer an enhanced conceptual framework for academics and practising managers. The study recommends the implementation of MO in conjunction with other strategic orientations for the full benefit to accrue to managers and organizations as higher levels of performance outcomes.
14
Francescucci, Anthony. "Understanding the role of inter-firm market orientation in the market orientation-performance relationship." Thesis, University of Manchester, 2014. https://www.research.manchester.ac.uk/portal/en/theses/understanding-the-role-of-interfirm-market-orientation-in-the-market-orientationperformance-relationship(c35db6af-bd56-45ba-94b0-6a3076b3ebcb).html.
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The Market orientation (MO) phenomena have been meticulously studied in the marketing literature for more than three decades. While in the beginning MO had been investigated from a focal form perspective, it has evolved to account for the role it plays in distribution channels or supply chains. However, the perspective taken has consistently been from a focal firm perspective, either about its own or its partners market orientation. This study seeks to extend the theory on market orientation to account for the role that it plays within business relationships (i.e. inter-firm market orientation). IMO was initially conceptualized as the joint activities between the focal firm and its channel partner in joint intelligence generation, joint intelligence dissemination and joint customer responsiveness. This study develops the theory that a business relationship can be either market oriented or not and attempts to explain the effect of this inter-firm market orientation on relationship performance as well as focal firm performance. Specifically, this study asks the question, does inter-firm market orientation mediate the focal firm market orientation – performance relationship?This study was investigated using a two-stage approach. In the first stage, a measurement scale was developed and empirically tested to measure inter-firm market orientation. It was from the scale development efforts that the conceptualization of IMO was refined to include the joint intelligence cooperation and joint customer responsiveness efforts between the focal firm and its channel partners. It appears that the focal firm and their channel partner do not differentiate or separate the activities of intelligence generation and intelligence dissemination. They view it more as a cooperative effort. Additionally, the focus of the intelligence cooperation efforts appears to be more about intelligence collected through market research about end-user customers rather than by speaking with customers directly. Finally, the customer responsiveness efforts appear to be reactively focused rather than both reactively and proactively. The scale development was followed by the second stage where the revised IMO construct was included in a model in which it mediated the often-studied market orientation – performance relationship. A number of hypotheses were developed using various relationship theories such as transaction cost economics, resource-based view, and interaction approach. The model was tested with a sample of 130 informants using a variance-based structural equation modeling technique called partial least squares. The final analysis indicated that all paths were significant and that the IMO and relationship performance constructs partially mediated the MO – performance relationship. These findings suggest that it is important to understand both intra and inter-firm market orientation activities to truly understand their impact on business performance.
15
Giray, Aynur. "Information In The Financial News: Effect Of Market Commentary On Stock Market Performance." Thesis, METU, 2012. http://etd.lib.metu.edu.tr/upload/12615155/index.pdf.
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INFORMATION IN THE FINANCIAL NEWS:
EFFECT OF MARKET COMMENTARY ON STOCK MARKET PERFORMANCE
GIRAY, Aynur
MBA, Department of Business Administration
Supervisor: Dr. Seza Danisoglu
September 2012, 73 pages
This paper studies the effect of investment sentiment on asset prices. A sentiment proxy is calculated by performing content analysis on the Wall Street Journal&lsquos
16
Giray, Aynur. "Information In The Financial News:effects Of Market Commentary On The Stock Market Performance." Thesis, METU, 2012. http://etd.lib.metu.edu.tr/upload/12615152/index.pdf.
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INFORMATION IN THE FINANCIAL NEWS:
EFFECT OF MARKET COMMENTARY ON STOCK MARKET PERFORMANCE
GIRAY, Aynur
MBA, Department of Business Administration
Supervisor: Dr. Seza Danisoglu
September 2012, 72 pages
This paper studies the effect of investment sentiment on asset prices. A sentiment proxy is calculated by performing content analysis on the Wall Street Journal&lsquos
17
Mustapha, Nazar S. "Banking and Microfinance Performance: Market Power, Efficiency, Performance, Outreach and Sustainability Perspectives." ScholarWorks@UNO, 2017. http://scholarworks.uno.edu/td/2347.
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This dissertation consists of two empirical papers that explore recent phenomena in Banking and Microfinance Performance. Chapter 1, “Market Power and Bank Performance in MENA Countries,” examines the determinants of market power in 12 Middle Eastern and North African (MENA) countries in the aftermath of the Global Financial Crisis (GFC), specifically within six Gulf Cooperation Countries and six non-Gulf countries. We examine the dynamics of bank competition in MENA countries, provide an up-to-date assessment of market power, investigate the factors impacting bank competition, and explore the evolution of market power during the financial crisis. Our results show an overall increase in market power following the GFC for both regions. We find that bank size, capitalization, and diversification affect market power differently in the pre-crisis and post-crisis years. Larger banks enjoy cost advantages and the diversification impact on market power has decreased in the post-crisis years and the impact of capitalization on market power increased during the GFC. Overall, banks with higher capitalization can better weather the crisis. Chapter 2, “The impact of firm-level characteristic and county-specific attributes on the performance and efficiency of the Microfinance institutions,” estimates the impact of country-specific macro-variables and firm-specific attributes on the financial performance and the efficiency of microfinance institutions (MFIs). We use a large international up-to-date database consisting of over 10,000 firm-years for MFIs over 89 countries during the period 2008-2015. Several interesting findings emerge: a) regulation and outreach are negatively correlated. b) There is a negative and highly statistically significant correlation between the percentage of female borrowers and loan size, which is evidence of “mission drift”. c) An increase in the percentage of female board member has positive and statistically significant effect on MFIs profitability and ROA; which emphasizes the importance of female participation in leading position in MFIs.
18
Aâkouk, Mostafa. "Market-based capabilities, perceived quality and firm performance." [S.l. : [Groningen : s.n.] ; University Library Groningen] [Host], 2006. http://irs.ub.rug.nl/ppn/298189763.
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Glitz, Albrecht. "The labour market impact and performance of immigrants." Thesis, University College London (University of London), 2008. http://discovery.ucl.ac.uk/1444182/.
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In many countries, the extent to which immigration affects the labour market of the host economy is one of the key concerns in the public debate on immigration policies. Chapter 2 of this thesis provides a thorough review of the economic literature on the labour market impact of immigration and summarises the current empirical evidence. Chapter 3 investigates the impact of immigrants on the German labour market during the 1990s. This analysis takes advantage of a natural experiment in which a particular group of immigrants was exogenously allocated to specific regions across the country by the government. The empirical analysis focuses on the effect of these exogenous inflows on relative skill-specific employment and wage rates of the resident population. Chapter 4 of the thesis investigates how industries and firms respond to a change in the skill mix of local labour supply induced by an inflow of immigrants. One way to absorb these changes is an expansion in size of those industries and firms that use the corresponding skill group most intensively. Alternatively, in dustries and firms can adjust their production process and switch to a technology that uses the corresponding skill group more intensively. Based on German micro data, the analysis assesses which of these channels is dominant and quantifies their relative contributions. One of the key assumptions in many impact analyses is that natives and immigrants of the same observable skill level are perfect substitutes in the labour market and are thus equally affected by aggregate economic shocks. Chapter 5 of the thesis tests this assumption by analysing the way different immigrant groups in Germany and the UK respond to the economic cycle relative to comparable native workers.
20
Orleans-Lindsay, Kofi L. "Market structure, competitive strategy and performance in banking." Thesis, Cranfield University, 1995. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.282408.
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Lean-Suan, Khor Amy. "Performance measures for the Singapore office space market." Thesis, University of Reading, 1997. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.266617.
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Zhou, Han. "Three essays on mainland china's stock market performance." Thesis, Lyon, 2018. http://www.theses.fr/2018LYSE2038.
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La thèse est composée de trois grandes parties qui présentent et examinent des facteurs empiriques importants qui expliquent la performance du marché boursier de la Chine continentale. Le premier chapitre s’intéresse aux performances des marchés boursiers dans le cadre de la Grande Chine comme éléments explicatifs de la performance du marché boursier de la Chine continentale. Ce chapitre fournit des preuves empiriques de l'absence de relation de cointégration stable entre les marchés boursiers de la Chine continentale et ceux de Hong Kong et de Taïwan. Les résultats empiriques des retombées à court terme sur les premier et deuxième moment montrent que les marchés boursiers de la Chine continentale servent de générateur d'informations, le marché boursier de Taiwan est, lui, récepteur d'informations et le marché boursier de Hong Kong, joue un double rôle, à la fois générateur et récepteur d’informations. Le deuxième chapitre étudie empiriquement les liens entre les politiques monétaires de la Chine continentale et la performance du marché boursier en utilisant la méthode d’étude de l’événement et la méthode SVAR (Vecteur Autorégressif Structurel). Les résultats empiriques montrent que, premièrement, les annonces de politique monétaire concernant les ajustements des taux d'intérêt de référence et des taux de réserves obligatoires ont des effets sur la volatilité des marchés boursiers; deuxièmement, un choc positif (une augmentation du taux interbancaire) de la politique monétaire en Chine continentale pourrait faire baisser le cours des actions à court terme, mais sur un plus long terme, cet effet s’estompe; un choc positif des cours des actions (une augmentation des cours) pourrait avoir un effet positif sur les taux interbancaires et cet effet qui augmenteront dans un premier temps pour diminuer ensuite. Le troisième chapitre fournit des preuves empiriques sur la question de savoir si une augmentation de la part des investisseurs institutionnels pourrait augmenter la volatilité des rendements boursiers. Le chapitre montre d'abord qu'une augmentation de la part des investisseurs institutionnels d'une entreprise cotée accroît la volatilité de son rendement boursier; deuxièmement, l'effet marginal de cette part des investisseurs institutionnels sur la volatilité du rendement des actions de l'entreprise diminue avec son augmentation, l’effet marginal devient négatif lorsque la part des investisseurs institutionnels dépasse un certain seuil d’environ 28%. De plus, nous constatons qu'une augmentation de celle-ci pourrait réduire la synchronicité des rendements boursiersThe thesis consists of three essays that examine empirical factors important for explaining the performance of the mainland China stock market. The first chapter discusses whether other stock market performances could explain the mainland China stock market performance within the framework of greater China. This chapter provides empirical evidence of the non-existence of stable cointegrating relationships among the mainland China, Hong Kong and Taiwan stock markets. The empirical results of short-run spillover effects on both first and second moments indicate that mainland China stock markets serve as an information generator, the Taiwan stock market serves as an information receptor and the Hong Kong stock market functions as both an information generator and receptor. The second chapter empirically studies the linkages between mainland China monetary policies and stock market performance by employing event study and SVAR methods. The empirical results indicate that first, monetary policy announcements concerning benchmark interest rates and required reserve ratio adjustments have effects on stock market volatility; second, a positive monetary policy shock in mainland China could decrease stock prices in the short run, and the effect of the policy trends slightly towards 0; third, a positive stock price shock could have a positive effect on interbank rates; and fourth, this effect has an increasing trend followed by a decreasing trend. The third chapter provides empirical evidence that an increase in institutional ownership can increase stock return volatility. The chapter first confirms that an increase in institutional ownership of one listed firm increases that firm’s stock return volatility. Second, the chapter provides evidence that the marginal effect of institutional ownership on the volatility of one firm-level stock return decreases with an increase in institutional ownership and that this effect becomes negative when institutional ownership exceeds a certain threshold of approximately 28%. Additionally, we observe that an increase in institutional ownership can decrease stock return synchronicity
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Azhar, Sarwar Mehmood. "Strategies, market orientation and capabilities : business performance perspectives from Pakistan, a developing market economy." Thesis, University of Nottingham, 2007. http://eprints.nottingham.ac.uk/13271/.
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The aim of this thesis is to study, in the context of a developing market economy, the relationship of Marketing Orientation, Strategic Orientation as well as marketing capabilities with business performance, individually as well as simultaneously and compare these with the proposed relationships suggested in the developed markets of the western world. The findings suggest that there is a strong relationship between these independent variables with performance but these are not always positive and in some cases not even significant. This in many areas contradicts the proposed positive influence of the above mentioned variables on business performance that is normally taken for granted in developed markets. This result is, however, in line with the results of a few studies carried out in the developing market context. For example a study by Usha and Haley (2006), notify that successful managers in their study argue that best practices developed for information-rich Western markets were not effective in information-void emerging markets. Further, the thesis in response to developing better understanding of the role of Market Orientation in the affairs of the firm especially in a developing market economy, sought to test its influence on strategic orientation and marketing capabilities. The study found a strong relationship in the hypothesised direction though there is also evidence of reciprocal causality. The strong influence of Market Orientation on strategic orientation that a firm adopts is in line with the results of a few studies noticeably studies by Morgan and Strong (1997) as well as by Hoon and Lee (2005). The thesis has in a small way tried to broaden the knowledge base in the areas of strategy and marketing by bringing insights from a developing country perspective, which is currently lacking in the literature. It is hoped that the implications of the research will have significant value for both academics and practitioners in the field of marketing and strategy especially in these developing countries. The thesis, finally proposes that this study is one step in many, needed to develop a mid range theory, and it is hoped that this will become a building block in the overall framework, which would make such studies more rigorous, both theoretically and methodologically in the future.
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Fialor, Simon C. "The maize market in Ghana : an alternative approach to the analysis of market performance." Thesis, University of Newcastle Upon Tyne, 1994. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.384815.
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Halpern, Nigel. "Market orientation and the performance of airports in Europe’s peripheral areas." Thesis, Cranfield University, 2006. http://hdl.handle.net/1826/1842.
Full textAbstract:
As a consequence of deregulation in the airline industry, market forces rather than public
service considerations increasingly dictate services to and from airports in Europe’s
peripheral areas. The new market advocates market-driven management practices as a
means of satisfying airline customers and implies that airports that adopt a more marketorientated
approach than their rivals will perform better. This study investigates the
theoretical foundations of a market orientation, which can be defined as the organisationwide
generation, dissemination and response to market intelligence. The main aim of this
study is to examine the relationship between market orientation and the performance of
airports in Europe’s peripheral areas.
The research methodology was implemented using a questionnaire-based survey that was
administered to the managers of 217 airports in 17 different countries. Usable responses
from 86 airports were received and analysed.
The findings of this study suggest that airports wishing to outperform competitors can do so
by adopting a market orientation and should seek to continually monitor and improve the
way in which they gather, disseminate and respond to market intelligence. This will be
particularly effective when market turbulence is high and/or when the focus of the airport is
on developing leisure services. In addition, market orientation was found to have a positive
effect on performance because it means that airports are more likely to be innovative in
their approach to marketing. This means that airport managers should try to develop a
market-orientated culture with innovative marketing practices in mind, and visa versa. The
fact that independently-owned airports have significantly higher levels of market
orientation than regionally-owned or nationally-owned airports suggests that independent
ownership is more conducive to the development of a market orientation.
The findings of this study do have a number of limitations, the most notable being that they
are restricted to airports in Europe’s peripheral areas. It is recommended that future research should be conducted on airports worldwide in order to investigate differences
between a wider range of airport types and geographical regions. In addition, the findings
of this study suggest that a stakeholder orientation is important for airports seeking to
improve their performance, especially smaller airports that are publicly-owned. It is
recommended that future studies should investigate antecedents to and consequences of a
stakeholder orientation. Future studies should also investigate whether a stakeholder
orientation has a greater effect on performance than a market orientation does, and whether
the two types of orientation complement each other.
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Halpern, Nigel. "Market orientation and the performance of airports in Europe's peripheral areas." Thesis, Cranfield University, 2006. http://dspace.lib.cranfield.ac.uk/handle/1826/1842.
Full textAbstract:
As a consequence of deregulation in the airline industry, market forces rather than public service considerations increasingly dictate services to and from airports in Europe’s peripheral areas. The new market advocates market-driven management practices as a means of satisfying airline customers and implies that airports that adopt a more marketorientated approach than their rivals will perform better. This study investigates the theoretical foundations of a market orientation, which can be defined as the organisationwide generation, dissemination and response to market intelligence. The main aim of this study is to examine the relationship between market orientation and the performance of airports in Europe’s peripheral areas. The research methodology was implemented using a questionnaire-based survey that was administered to the managers of 217 airports in 17 different countries. Usable responses from 86 airports were received and analysed. The findings of this study suggest that airports wishing to outperform competitors can do so by adopting a market orientation and should seek to continually monitor and improve the way in which they gather, disseminate and respond to market intelligence. This will be particularly effective when market turbulence is high and/or when the focus of the airport is on developing leisure services. In addition, market orientation was found to have a positive effect on performance because it means that airports are more likely to be innovative in their approach to marketing. This means that airport managers should try to develop a market-orientated culture with innovative marketing practices in mind, and visa versa. The fact that independently-owned airports have significantly higher levels of market orientation than regionally-owned or nationally-owned airports suggests that independent ownership is more conducive to the development of a market orientation. The findings of this study do have a number of limitations, the most notable being that they are restricted to airports in Europe’s peripheral areas. It is recommended that future research should be conducted on airports worldwide in order to investigate differences between a wider range of airport types and geographical regions. In addition, the findings of this study suggest that a stakeholder orientation is important for airports seeking to improve their performance, especially smaller airports that are publicly-owned. It is recommended that future studies should investigate antecedents to and consequences of a stakeholder orientation. Future studies should also investigate whether a stakeholder orientation has a greater effect on performance than a market orientation does, and whether the two types of orientation complement each other.
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Rong, Baiding Marketing Australian School of Business UNSW. "Reinterpreting the market orientation-performance relationship: a psychological perspective." Awarded by:University of New South Wales. Marketing, 2007. http://handle.unsw.edu.au/1959.4/40629.
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Major problems are identified with the use of survey methodology to examine the relationship between market orientation (MO) and firm performance. The research, as it is argued, tells us more about managers' sense-making processes and causal attributions than whether and under what conditions MO drives performance, yet one way causal interpretations are still prevalent in the literature. The psychological mechanisms underlying managers' perceptions are identified and alternative causal paths specified for interpreting prior research results are proposed that also account for otherwise troublesome results. An exploratory experiment is designed to calibrate the extent of managers' attribution biases which is the most important part of the sensemaking framework. Different levels of performance, MO and environmental turbulence are manipulated in case scenarios. The results confirm a culture-centered view of MO and a strong psychological impact of performance on perceived environment turbulence. A multi-method view of studying the MO-performance link is proposed in the final part of the paper.
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Anyongodi, Yvette Manda. "The use of market intelligence to improve market performance of retail SMMEs in Ccape Town." Thesis, Cape Peninsula University of Technology, 2019. http://hdl.handle.net/20.500.11838/2995.
Full textAbstract:
Thesis (MTech (Business Administration))--Cape Peninsula University of Technology, 2019The understanding of consumer’s needs and competitor’s activities, strategies and techniques is useful for the identification of marketing opportunities – aspects of market performance determination. But with growing consumer demand for improved product quality and increased competition, the use of market intelligence to understand needs, activities and strategies of consumers and competitors is needful for SMMEs. Objective: This study presents argument for the use of market intelligence to determine market performance through the understanding of needs, activities and strategies of consumers and competitors. Prior Work: Previous studies provided evidence that the marketing environment is both complex and dynamic with challenges and opportunities – supports the use of market intelligence and its positive impact on business performance. Methodology: This study adopted a positivist paradigm and utilised survey method to collect quantitative data from 30 purposive randomly selected respondents from retail SMMEs in Cape Town central district. Data analysis was done using descriptive and inferential statistics. Results: The study found lack of understanding of market intelligence benefits amongst respondents with limited use to improve performance. Implications: The market performance and the understanding of market dynamics and complexities would be improved with training and development of retail SMME owners and managers in the use of market intelligence. Value: The understanding of SMMEs ability to use market intelligence is important for policy and strategic intervention to support and promote SMMEs development initiative and programme for success, economic growth and job creation.
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Fairburn, James Anthony. "Promotions, incentives and the market for corporate control." Thesis, University of Southampton, 1994. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.241164.
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Cheng, Chien-Chung, and 鄭建忠. "Market Power, Industrial Concentrations, and Market Performance." Thesis, 2014. http://ndltd.ncl.edu.tw/handle/91657055571880230877.
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碩士國立臺北大學
經濟學系
102
This study aims to emphasis on the role of product market power and industrial concentration of high-tech companies in stock market performance. Peress (Journal of Finance, 2010) initially establishes a theory and suggests that firms with more market power have less volatile and lower returns. Kale and Loon (Journal of Financial Markets, 2011) following their theory and empirically find that firms with more market power have greater stock liquidity. In contract, this thesis examines high-tech firms in the Taiwanese markets to test how market power and industrial concentration as well may affect stock returns and return volatility. Several preliminary results are observed as follows. Controlling firm sizes, financial leverage, market-to-book ratio and beta, the variable of market power measured by the Lerner index is negatively associated with abnormal returns. However, market concentrations are not related to abnormal returns. Additionally, this study finds that both market power and market concentration are negatively associated with return volatility. Our results suggest that market power and industrial concentration may have different impacts on stock market performance.
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Tsai, JenYi, and 蔡真禕. "The impact of market-based assets on market performance and financial performance." Thesis, 2001. http://ndltd.ncl.edu.tw/handle/58267816819532584618.
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碩士東海大學
企業管理學系碩士班
89
Relationship capital and intellectual capital are intangible assets that marketing creates. Both are useful to sell product and service in company. Srivastava, Shervani, & Fahey（1998）called these assets whose primary goal is to create organizational customer value as “ market-based assets”. But because the definition of market-based assets differs from the definition of assets of financial accounting, and the effect of market-based assets to company is not on time and tangible, the contribution of marketing is usually ignored by financial numbers. To measure the marketing performance, the past marketing papers always used the variable, organizational market performance, but the variable had few chances to connect with financial performance. We don’t know the relationship between the market performance and financial performance. In this study, we used Uni-President Enterprises Group and Wei-Chuan Corporation as case to understand the related issue. In the study, the variables are segmented three categories: market-based assets, market performance, and financial performance. According to these variables, we examined the propositions: the impact of market-based assets to market performance and the impact market performance to financial performance. Because the market-based assets are intangible, we use indirect measurements in this study, and according to the data of each measurement to make the multivariable analysis. As the result, we find that: 1. The market-based assets do affect the market performance of organization, and market performance also affects its financial performance. Then, if organization wants to get different goals of market, it must take different strategies. 2. The models that organization takes to accumulate the assets will affect the impact of market-based assets on market performance. 3. The features of market and market strategies organization takes will affect the impact of market performance on financial performance. 4. When we assess the impact of market-based assets on market performance, the variable, net income, is better than cash flow from operating activities and gross margin. It’s because that market-based assets primarily contributes to sustain the relationship with customers, and this market performance will present on net income, not cash flow from operating activities and gross margin. Because most of the relative research in past paper builds the structure of theory, we suffered some trouble that we need to do more in variables measurement and data gathering.
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HUANG, CHIEN-MEI, and 黃健眉. "Firm Performance and focus:Stock Market Performance Following Spinoffs." Thesis, 2005. http://ndltd.ncl.edu.tw/handle/13335699513992954729.
Full textAbstract:
碩士長庚大學
企業管理研究所
94
This paper studies all the public traded companies which spins off subsidiaries during the 2000-2005 period using matching firm methodology. Some of these companies spin off a subsidiary to focus on core business while others do so for another reason. Thus, we divide the sample into two groups, focus- increasing spinoffs and non-focus- increasing spinoffs. We test for abnormal returns during the announcement period of spin-off. We also test if the stock market performance and operating performance of spinoffs are significantly different between the two groups. The result shows that there are negative returns for both groups during the announcement period. The magnitude of the negative returns is significantly larger for the non-focus- increasing spin-off group during the announcement period, pre and post spin-off. The results for the change in operating performance are consistent with those for the stock market performance.
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Wu, Cheng-Hsun, and 吳政勳. "Stock Market Performance and Consumption." Thesis, 2002. http://ndltd.ncl.edu.tw/handle/04260639985683087169.
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Hsu, Jen-Hua, and 許仁華. "Bank performance and market structures." Thesis, 2009. http://ndltd.ncl.edu.tw/handle/40238964846128190407.
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碩士國立高雄第一科技大學
風險管理與保險所
97
The purpose of this study is to investigates the relationship between market structure and operating performance in the Taiwan banking industry. Using unbalance panel data estimation techniques, both the market-power and efficient-structure theories are tested. We estimate translog cost function to compute X-inefficiency and scale inefficiency to analyze the effect of efficiency for banks. Our study uses the data of 48 domestic banks and 27 foreign banks from 2000 to 2008 to analyze the market concentration, market share, cost inefficiency, scale inefficiency and impact of the other variables on the bank performance. And the empirical results are as follows: First, the coefficient on HERF is positive and significantly when either ROA or ROE is used as the dependent variable. Thus, the structure-conduct-performance(SCP) hypothesis appears to hold: banks with a higher market concentration were more profitable, independent of market share. Second, we finds support the quiet-life hypothesis in the Taiwan banking industry.
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Ye, Mingxiao. "Essays in Industrial Organization: Market Performance." Thesis, 2011. http://hdl.handle.net/1807/31985.
Full textAbstract:
This thesis consists of three papers. Industries that motivated this analysis range are exclusive clubs (Chapter 1) and pharmaceuticals (Chapters 2 and 3). A common thread is the study of the strategic behavior of monopoly or monopoly-like firms and the implications of such behavior.
Chapter 1 studies an “invitation only” strategy for a durable goods monopolist. “Invitation only” functions as a commitment device, enabling the extraction of more profit than the conventional durable goods setting. In addition, the effectiveness of commitment devices in profit-extraction can be compared: each commitment device is modeled as an extra condition in the profit maximization of the general durable goods monopolist, enabling straightforward comparisons across commitment devices.
Chapters 2 and 3 discuss the effect of patent protection on innovation in the pharmaceutical industry, in particular competition to produce drugs that follow-on from pioneer drug discovery, and any feedback effects on pioneer innovation. Despite the conventional notion, I show that longer patent protection may reduce or distort the incentives of innovation: with longer patents, the increased need of pioneer inventors in deterring the production of follow-on drugs may translate to less profitability for the pioneer inventor.
Chapter 2 serves as a background and a literature review for Chapter 3. It explains the multi-stage drug discovery process and the phenomenon of follow-on drugs; it reviews strategic entry deterrence theories and summarizes the behavior of brand-name drug firms in deterring generic entry studied in the literature; it also reviews the optimal patent length and breadth literature.
Chapter 3 presents several observed puzzles in the pharmaceutical industry and provides a unified explanation for these puzzles within a strategic entry deterrence model. The central conclusion is that under some general conditions, longer patent life distorts incentives for innovation and lowers research productivity: pioneer research is discouraged relative to follow-on research; inexpensive R&D projects are discouraged, and ceteris paribus expensive projects are favored instead, especially those with large clinical trial costs. Other predictions from the model accord with industry observations, including mid-development cancellations of potential drugs for non-medical reasons and early development of follow-on drugs in large markets.
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"Performance, market anomalies, trading volume & stock index relationships in neglected markets." 1998. http://library.cuhk.edu.hk/record=b5896254.
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by Ip Ka Tsun Anthony and Tang Ying Wa.Thesis (M.B.A.)--Chinese University of Hong Kong, 1998.
Includes bibliographical references (leaves 42-46).
ABSTRACT --- p.i
TABLE OF CONTENTS --- p.iii
LIST OF TABLES --- p.iv
ACKNOWLEDGMENTS --- p.v
Chapter
Chapter I. --- INTRODUCTION --- p.1
Chapter II . --- LITERATURE REVIEW --- p.4
Selection Criteria of the Neglected Markets --- p.4
Market Review --- p.4
Day-of-the-Week Effect --- p.9
Month- of - the - Year Effect --- p.11
Spill´ؤOver Effect Across National Stock Markets --- p.11
Granger Causality Between Aggregate Stock Price and Trading Volume --- p.13
Chapter III. --- DATA and METHODOLOGY --- p.16
Day-of-the-Week Effect and Month-of-the-Year Effect --- p.16
Spill-Over Effect Across National Stock Markets and Granger Causality Between Aggregate Stock Price and Trading Volume --- p.18
Chapter IV. --- EMPIRICAL RESULTS --- p.24
Day-of-the-Week Effect --- p.24
Month-of-the-Year Effect --- p.26
Spill-Over Effect Across National Stock Markets --- p.28
Granger Causality Between Aggregate Stock Price and Trading Volume --- p.31
Chapter V. --- CONCLUSION --- p.36
Direction of Further Studies --- p.38
APPENDIX --- p.40
BIBLIOGRAPHY --- p.42
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Zhang, ZhenXiang, and 張振翔. "Investment Performance and Adaptive Market Hypothesis:An Empirical Study of Taiwan Stock Market." Thesis, 2013. http://ndltd.ncl.edu.tw/handle/08786079893198187332.
Full textAbstract:
碩士國立中山大學
財務管理學系研究所
101
Since 1980s, there are more abnormal phenomena appears in financial markets. The debate between behavioral finance, which based on the hypothesis of bounded rationality and prospect theory, and modern financial theory, which based on the hypothesis of rational man and efficient market theory has never stopped. Adaptive Markets Hypothesis draw on the idea of evolution, efficient market theory, behavioral finance theory, and psychological economics together, coordinating the contradiction between efficient market hypothesis and behavioral finance theory. According to Adaptive Markets Hypothesis, efficiency is only a perfect equilibrium, the market is not on the fully effective state in most of the time, but in the effective dynamic trends from ineffective alternate process. However, the current literature about AMH is mainly theoretical analysis and market efficiency of the periodic inspection, but did not quantify the behavior of investors. In this paper, individual investors indeed proved adaptable from disposition effect and herding perspective, their behavior will change with increase investment experience, but there will be different for different behavior adaptability. When the risk is at a lower level (approximately less than 40%), the disposal behavior of investor increases as investors experience more serious; when the level of risk at a relatively high level (above 40%), the disposal of investor behavior as investors experience increases. On the basis of mean-reverting theory, we considers the behavior of investors in the disposition of this adaptation is a rational adaptation. Meanwhile, we used the S-statistic created by Bernhard, Campello and Kutsoati (2006) to test investors'' herding behavior and divide the herding behavior into rational herding behavior and irrational herding behavior and found that regardless of whether during the financial tsunami investors rational herding behavior increases with the decrease of investment experience, rather than irrational herding behavior with the increase of investment experience. This paper argues that investors'' herd behavior adaptation is an irrational adaptation, it may be because the increase of investment experience with blind confidence caused.
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Chou, Hsiu-Jung, and 周秀蓉. "The Impact of Market Orientation Intention and Market Orientation Capability on Performance." Thesis, 2008. http://ndltd.ncl.edu.tw/handle/95532884394938092954.
Full textAbstract:
博士雲林科技大學
管理研究所博士班
96
With the intension of competition in the business world, market orientation as a management philosophy, advocated and practiced throughout the organization, is seen increasingly as significant to the success of business performance. Many previous researches have suggested that market orientation has significant effects on enterprise performance. However, there are many researches examined that the interaction effect of customer and competitor orientation based on the previous researches of Narver and Slater (1990) or Jaworski and Kohli (1993). However, none of these studies provides business’s intention and capability of market orientation, and their combination effects on new production development performance and market performance. Based on these research gap, the relationship of market orientation intention and capability and performance was deeply studied and the comparing effect of related variables were also tested, in which the degree of innovation and technology turbulence as moderators in this research. The empirical study was conducted among manufacturing and service firms as samples, and the sampling frame of this research was based on the data in the CommonWealth Magazine''s 2007 Survey of “Top 1,000 Enterprises” and “Top 500 Service Enterprises” in Taiwan. 1500 questionnaires were sent to related firms and 254 questionnaires are returned. There are 211 questionnaires are available, and other 43 is incomplete or repetitive questionnaires. The response rate is 16.93%. Based on these data, the confirmatory factor analysis, ANOVA analysis, regression analysis, and structure equation model were processed to test the eight hypotheses. There are some main conclusions listed as follows: (1) The competitor MOI has strong effect on both NPD and market performance of firms, but the customer MOI has not strong effect on both NPD and market performance of firms. (2) The customer MOC has strong effect on both NPD and Market performance, but the competitor MOC just has strong effect on NPD. (3) The MOC has strong and positive effect on both NPD and market performance of firms, moreover, compared to the market orientation intention, market orientation capability plays a more important role to business’s performance. (4) The degree of innovation of firms can moderate the relationship between MOI and performance (NPD and MP), but can not moderate the relationship between MOC and performance. (5) The technological turbulence just can moderate the relationship between MOI and market performance, but can not moderate the other relationships. Accordingly, there are some suggestions for firms were offered in this paper and these suggestions could be provided as the most important messages for administrators of firms to promote the NPD and market performance through the applying market orientation intention and market orientation capability. At last, research limitations and future works were pointed out.
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"Executive Labor Market Segmentation: How Local Market Density Affects Incentives and Performance." Doctoral diss., 2017. http://hdl.handle.net/2286/R.I.44175.
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abstract: I study how the density of executive labor markets affects managerial incentives and thereby firm performance. I find that U.S. executive markets are locally segmented rather than nationally integrated, and that the density of a local market provides executives with non-compensation incentives. Empirical results show that in denser labor markets, executives face stronger performance-based dismissal threats as well as better outside opportunities. These incentives result in higher firm performance in denser markets, especially when executives have longer career horizons. Using state-level variation in the enforceability of covenants not to compete, I find that the positive effects of market density on incentive alignment and firm performance are stronger in markets where executives are freer to move. This evidence further supports the argument that local labor market density works as an external incentive alignment mechanism.Dissertation/Thesis
Doctoral Dissertation Business Administration 2017
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Lin, Bo-Yu, and 林柏宇. "The interaction between transactions information and market performance in Taiwan stock market." Thesis, 2009. http://ndltd.ncl.edu.tw/handle/c43cye.
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碩士國立臺灣大學
經濟學研究所
97
Comparing to Euro and American stock market, Taiwan stock market is vulnerable to political and economy situation. In the past years, Taiwan stock index had obviously rising or declining trend rather than random walk. Some research indicates that transactions information correlates with stock return rate. This research concerned the performance of Taiwan stock market from 2006 to 2008, and conducted VAR analysis with the return rate of stock index, the number of buying and selling orders, the volume buying and selling volume, the number of trading orders, the volume of trading orders, as well as the volume of margin purchase and short sales orders. The empirical results could be concluded into two categories. In correction market, investors were tend to "buying low and selling high." When return rate of index had significant variation, corresponding responses of transactions variables were relatively late. In addition, averaged volume of buying and selling orders and averaged volume of trading orders, as estimating variables, could significantly influenced following index return rate. On the other hand, investors were tend to "buying high and selling low" in volatile market. When index return rate had significant variation, corresponding responses of transactions variables were relatively fast. In addition, the volume of margin purchase orders had feedback relationship with index return rate. Being different from technical index often used in stock trading, the study provides another perspective for technical analysis by employing econometrics.
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Higgins, David M. "The determinants of commercial property market performance." 2000. http://hdl.handle.net/2100/1024.
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University of Technology, Sydney. Faculty of Business.The purpose of this thesis is to critically evaluate the determinants for modelling and forecasting long-term performance in office, industrial and retail property markets and to suggest ways to improve commercial property forecasting. The research examined the three-year forecast accuracy of the most prominent property forecast model and associated determinants, and investigated the factors influencing current commercial property decisions in the rapidly changing economic environment with the major advances in globalisation, technological innovation and financial deregulation. Forecasts are essential when making major commercial property decisions and have led to considerable emphasis being placed on formal property forecast models to determine future long-term property performance. Both the literature review and a survey of Australian property forecast organisations showed that explicit property forecasting is a relatively new predictive tool within the property industry. In addition, there appear to be insufficient theoretical considerations to present econometric theory and long-term forecast accuracy. The information search revealed the preference in published studies for the single equation property forecast model. Accordingly, a single equation model was constructed for rents and yields in three prominent Australian property markets: Sydney CBD prime office, Sydney metropolitan prime industrial and New South Wales regional shopping centres. The property model forecasts started at December 1994,1995 and 1996 and the forecast input determinants were an average of leading published macroeconomic forecasts from those periods. The accuracy of the property forecast model was measured by how close the three-year semi-annual forecast values were to the actual values Mean Absolute Percentage Error test (MAPE) and to the forecast values of a simple forecast model (Theil U value test). The results showed that half the property forecast values were inaccurate when related to actual values and there was no consistency in the underlying relationship. The majority of property forecast values were also less accurate than the forecast values from the naive forecast model. Significantly, the overall random pattern of error showed no evidence that historical time-series length and key statistical tests determined the predictive capacity of the property forecast model. The accuracy of the property forecast model process should be established on the out-of-sample analysis. The success of the property forecast model thus appeared to depend on the forecasts of the selected macroeconomic determinants. These were then tested for forecast accuracy and revealed a consistently large forecast error over the three-year forecast periods used in this study, illustrating their limited capacity to foresee structural economic change. Such economic changes, connected to advances in the modern economy, are reshaping business organisations, the fundamentals of space demand and, significantly, commercial property market performance. A survey of the same three markets - Sydney CBO prime office, Sydney metropolitan prime industrial and New South Wales regional shopping centres, showed that demand for space is more than a function of the macro economy, with each market involving distinct organisational, space and decision-making considerations. Market determinants such as the dominance of multi nationals, the impact of mergers and acquisitions in the office market and the relatively short time (generally less than six months) organisations spend searching for new space are absent in current property forecast research. One procedure to determine an organisation's approach and requirement for space is to measure and benchmark the range and importance of property decision influences. The space selection process indicates the significance of diverse microeconomic characteristics, and the distinct impact of new technology on office space demand. Elsewhere the macroeconomic factors displayed some similarities across the office, industrial and retail markets. This thesis demonstrates that structural economic change, and the influences on space demand, are important determinants when forecasting long-term commercial property market performance. It recommends that these should be included in future long-term property forecast systems, ensuring that property forecast models and selected determinants are based on post-evaluation analysis. Furthermore, and in a different medium, it suggests that structured market research must be used to identify contemporary factors and circumstances influencing the commercial property landscape. The patterns that emerge in this process are central to the property decision process and far more comprehensive than those identified in previous property forecast literature.
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TSAI, CHI-YING, and 蔡其穎. "CEO Forced Turnover and Relative Market Performance." Thesis, 2007. http://ndltd.ncl.edu.tw/handle/46936766385969078916.
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碩士中國文化大學
國際貿易學系碩士班
95
The decision whether to retain or fire an incumbent CEO after bad accounting performance is one of the most important decisions made by corporate boards. Whether the reference group is booming or in a recession contains no information about CEO quality and has no predictive power for the likelihood of forced CEO turnovers? This paper estimates the sensitivity of CEO turnover to common performance factors using a two-stage regression approach: The first stage regression decomposes firm performance into a systematic component caused by peer group performance and a firm-specific component that should, in part, reflect CEO ability. In the second stage, we predict the probability of a forced CEO turnover using the peer group component and the residual component of firm performance estimated in the first stage. Using a new hand-collected data set of CEO dismissals from 2000 to 2006, we find to the contrary that CEOs are significantly more likely to be fired after negative performance shocks to their peer group. There is some evidence that boards partially filter industry performance from their assessment of CEO quality, but the extent of this filtering is too limited to remove most of the peer performance effect. We conclude that boards fail to fully filter exogenous shocks to firm performance from their CEO retention decisions. We discuss several extensions and modifications to the basic CEO turnover model which might explain our empirical results. Our findings suggest that the standard CEO turnover model is too simple to capture the empirical relation between performance and forced CEO turnovers.
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Wei, Ya-Ying, and 魏雅瑩. "Portfolio Performance in the Taiwan Stock Market." Thesis, 2012. http://ndltd.ncl.edu.tw/handle/98109315869901302003.
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碩士國立高雄第一科技大學
金融研究所
100
In this study, the shareholding ratio of institutional investors as the stock-picking strategy, combined with fundamental analysis, technical analysis to construct a portfolio, and simulate the real market to consider the transaction costs for investment, to explore whether the excess return obtained by this investment decisions and use TAIEX and "F_SCORE" (Piotroski, 2000) as the evaluation standard. During the study period is divided into two stages, the first phase of the test period from February 2005 to February 2009, the second phase for the test period from March 2009 to February 2012, making it increase the usefulness, investment decisions and effectiveness of the research in order to enhance the reference value. The empirical results show that in ever period, the cumulative rate of return and the annualized rate of return are superior to F_SCORE and whole market performance, for longer periods of time really can get excess returns through the investment decision-making.
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唐恕. "Differentially Informed Insider's Trading Strategies Market Performance." Thesis, 1997. http://ndltd.ncl.edu.tw/handle/13496582317887516302.
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碩士輔仁大學
金融研究所
85
This article builds up a dynamic multi-period trading model to investigate the insiders' trading strategies and market performance under differential information. Depending on the coefficients of correlation between insiders' initial information and the true value of asset. one can distinguish the better and the less informed traders. During the trading periods, the informed traders will infer the value of the asset from not only private information, but also using any information revealed by other traders through trading. On the objective of maximizing insiders' profits and efficient pricing of the market maker, we find a linear Nash equilibrium for sequential trading. Our simulation indicates that the structure of endowment information has a significant effect on the insiders' trading strategies and market performance. As the difference of qualities between the two insiders' initial information increases, the better informed trader's profit will increase and the less informed will decrease. At the same time, trading competition between two informed traders becomes less drastic and the disclosure of information turns to be less and slowly. For keeping the monopoly dominance on their private information. two insiders will trade slowly in the early periods of trading, then much more intensely in the later periods. This implies that the defense of monopoly power is the key factor for traders to maximize their profits. For this reason, it will be difficult for the less intormed trader to learn about the better informed trader's information. We also found that when the coefficient of correlation between informed traders' tesidual information turns to be negative during the trading periods, the less informed trader begins to play "waiting game" where the better informed trader doesn't This suggests that the reason for playing "waiting game" may not be due to the incentive of waiting market price moving to what they perceived wrong directions, but due to the uncertainly of their own information. This point of view was never mentioned about in those former papers.
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李怡芸. "Market Timing Performance of Taiwan Balanced Funds." Thesis, 2010. http://ndltd.ncl.edu.tw/handle/02645019165093672368.
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TSAI, MENG-PIN, and 蔡孟頻. "Market Conditions, Order Submission, and Investment Performance." Thesis, 2016. http://ndltd.ncl.edu.tw/handle/92707361737193038193.
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碩士國立暨南國際大學
財務金融學系
104
This study examines whether market conditions have impacts on the order submissions of market traders. We use intraday trading data from Taiwan Stock Exchange to investigate the following research topics. First, we examine whether market conditions affect investors’ order submission behavior, including the order aggressiveness and order size. Second, we analyze the relationship between market conditions and order submissions across investor types. Third and lastly, we explore the relationship among market conditions, order submissions of investors, and investment performances in the short- and long-term periods. Our results are as follows. First, we find that market conditions have influence on the order submissions of investors. Individuals account for about 60% of TWSE’s trading volume. This is why the market is dominated by individuals. Second, professional investors (including mutual funds and foreign investors) may make same decisions by their professional knowledge when they face market conditions change. Finally, there exist asymmetric effects between buy and sell orders in investment performance results. The asymmetric effects will influence the investment strategies of market participants.
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Lin, Yu-chen, and 林豫晨. "Self-Control and Performance of Futures Market." Thesis, 2011. http://ndltd.ncl.edu.tw/handle/10601946630939037104.
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碩士國立高雄第一科技大學
財務管理研究所
99
In this paper, our sample is from individual investors who trade Taiwan Weighted Stock Index (TAIEX) futures in the Taiwan Futures Exchange (TAIFEX). We use two self-control measures quantify the individual’s self-control ability, examine the correction of individual self-control and performance. And the sample is divided into two periods to test whether the early traders study of self-control is able to continue to post. Empirical results show that the higher the self-control of individual traders, the better the quality of its profits, and more continue to make a profit, showing traders the ability for self-control effect of profitability.
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Chen, Li-chiung, and 陳立烱. "Intangible Capital, Information Disclosure and Market Performance." Thesis, 2007. http://ndltd.ncl.edu.tw/handle/01653206357669747229.
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碩士元智大學
財務金融學系
95
This study investigates the relation between intangible capital, disclosure level and market performance. The intangible capital measured in this research including balance sheet intangibles, R&D, marketing expense, advertising expense and human resources. We measure the informative disclosure level of a firm by the number of appearing times of intangibles assets on 10K report, in addition, we add pro forma EPS as an indicator for informative disclosure level. We predict that the firms with more intangible capital have better market performance. Similarly, the richer of the disclosure level, the better the market performance is. Our evidence suggests that the intangible capital do not always increase the market performance. Specifically, goodwill generally has negative effects on market performance, even if some coefficients of goodwill are not statistically significant. Both R&D and patent are regarded as degree of a firm’s technology innovation. R&D has slightly positive effects on performance. Moreover, patent are positively correlated with market performance as well, though it is not statistically significant. Marketing expense and advertising expense shows that they do not have significant relations with market performance. But we must explain with caution, the market performance we measure is within one year. We still regard that the intangible capital could improve value of firms in the future. Our findings are generally consistent with the prediction that higher disclosure level improves market performance. It is important to note by managers that they should disclose the information of the firm as complete as possible.
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Lin, Cheng-Wen, and 林正文. "Evaluation of Performance on BRICs Stock Market." Thesis, 2006. http://ndltd.ncl.edu.tw/handle/34279164721143082890.
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碩士淡江大學
國際商學碩士在職專班
94
According to a study by two senior business bankers in Goldman Sachs, Dominic Wilson and Roopa Purushothaman, entitled < Dreaming with BRICs: The path to 2050>, these nations will make a major contribution to global economic growth in coming decades. The results are startling. If things go right, the BRICs economies together could be large than the G7 and become a member of the world biggest ten economies. Undoubtedly, they will play an important role in the energy, nature resources and capital market. That is a massive shift in the balance of world economic power. Because of the reasons I mentioned before, I have a strong desire to analyze these four emerging market. Further more, to find the invested opportunities and niche in these four markets and Taiwan. We collect the stock price data in five stock markets of these our countries from January, 2000 to June, 2005 in order to analyze the stock market and the further investment opportunities. The approaches of this analysis are followings: Return rate, Investment and Spec risk, Jumped and Plummet of the stock price, and the Traditional average: Analysis of Variance, Average after amendment and --------------------- We apprize the stock performance of these four countries and overlook the invested environment compares with Taiwan. Base on the relative data and the analysis we acquire the following conclusion: Firs, by the dimension of the characteristic of stock market: The stock performance of Brazil, Russia, Indian and China are all excelled the stock performance of Taiwan. Apropos of the investment risk, only Indian is less than Taiwan. China and India are the least two countries which have the spec risk and opportunities. To sum up, the five sock markets in BRICs compared with Taiwan stock market are easier to jump but harder to slump. Second, by the dimension of the traditional average: Analysis of Variance: To take the Taiwan stock market as a basis, we find a results that the conclusion will be the same whatever we use the monthly return rate average or the term return rate average as our measurement basis. It all indicates that the investment environment in Indian is better than that in Taiwan. Third, by the Dimension of the Avarage after amended: We find that the stock performance of Brazil, Russia, Indian and China are all better than that of Taiwan. It also denotes that the value of investment is also superior to that in Taiwan.
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Li, Zhong-Xian, and 李忠憲. "EX-right Performance in Taiwan Stock Market." Thesis, 1997. http://ndltd.ncl.edu.tw/handle/40543204088303431832.
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