Dissertations / Theses: 'Market'

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Löbler, Helge, Hans Kjellberg, Kaj Storbacka, Melissa Akaka, Jennifer Chandler, John Finch, Sara Lindeman, Katy Mason, Janet McColl-Kennedy, and Suvi Nenonen. "Market futures, future markets." Universitätsbibliothek Leipzig, 2017. http://nbn-resolving.de/urn:nbn:de:bsz:15-qucosa-218378.

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What do marketing scholars need to know about markets? The quote above places markets at the heart of marketing theory. Yet many commentators have lamented the scant attention paid to markets in marketing and argued for the need to better understand this central facet of the subject (Araujo et al., 2008; Vargo, 2007; Venkatesh et al., 2006). We share this view and outline issues and research opportunities against the backdrop of recent contributions proposing a practice approach to markets (Araujo et al., 2010; Kjellberg and Helgesson, 2007; Storbacka and Nenonen, 2011; Vargo and Lusch, 2011). A central tenet in this tradition is the idea that working markets are always in the making; that they are the continuous results of market practices. Paraphrasing Vargo and Lusch (2004): markets are not, they become. In this process of becoming, markets take on multiple forms as a result of practical efforts by many different actors to shape economic exchanges, establish rules for their performance, and represent such exchanges as markets. The observation that economic theories (including marketing) contribute to shape markets by influencing these practical efforts (Callon, 1998) introduces a complication in our study of markets and presents a reflexive challenge for marketers studying the shaping of markets.

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Børter, Martin. "Market Risk in Turbulent Markets." Thesis, Norwegian University of Science and Technology, Department of Mathematical Sciences, 2009. http://urn.kb.se/resolve?urn=urn:nbn:no:ntnu:diva-9871.

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In this thesis we study market risk in turbulent markets over different risk horizons. We construct portfolios which represent possible investments for a life assurance fund. The portfolios consist of equities, fixed income instruments, cash positions and interest rate derivatives. Today, the most commonly used metrics for market risk are Value-at-Risk (VaR) and Expected Shortfall (ES), and they will be central. We introduce necessary theory from quantitative finance related to asset price dynamics and security pricing. Further, interest rate related instruments are handled by the LIBOR Market Model (LMM), while equity prices are modeled as geometric Brownian motions. We use implied volatilities for instruments where they are available, and historical for the rest. We implement a risk model and make daily and quarterly market risk estimates between 2000-2008 for the portfolios. We choose some central events from the last quarter of 2008, a critical phase of the ongoing financial crisis, and analyze how the portfolios and the corresponding risk estimates are affected. Comparison of the portfolio losses against risk estimates allows us to evaluate the reliability of the broadly adopted model.

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Lorusso, Valentina. "Market making and dealer markets." Thesis, Imperial College London, 2016. http://hdl.handle.net/10044/1/49240.

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The thesis investigates information and liquidity provision in financial markets. I explore the implications of the strategic behaviour of market makers competing with high frequency traders and of dealers involved in long term relationships with clients in the foreign exchange markets. Additionally, I analyse the value of information from the liquidity order flow to market makers and dealers. Further, I reflect on regulatory implications of my findings. The first chapter presents a literature review to motivate the following chapters. First, I survey the main findings of the papers on market making most relevant to this thesis. Second, I discuss the regulatory and academic debate on high frequency traders, which are widely viewed as a new type of liquidity providers. Third, I discuss important differences between market makers and FX dealers, including specific features of foreign exchange markets and their informational structure. Lastly, I provide a brief overview of the recent regulatory debate on OTC markets. The second chapter analyses the effect of competition between a designated, traditional market maker and a High Frequency Trader providing liquidity. The market maker is risk neutral and the high frequency trader is risk averse, which creates differences in their inventory exposures. The market power of these two participants creates a bid ask spread, but the high frequency trader narrows the spread and improves liquidity. The chapter further investigates the liquidity provision by a monopolistic high frequency trader. I show that having agents with strong inventory concerns as market makers could hamper liquidity provision. I explain how ceteris paribus small changes in the reservation value of liquidity traders can trigger shifts in the equilibrium spread. The third chapter endogenizes the existence of intermediation in a two-tier market. Specifically, trading takes place sequentially in a client-dealer OTC market and in an interdealer market organised as a limit order book. A privately-informed client chooses between trading through dealers or paying an entry cost to join the interdealer market directly. Dealer rents from intermediation increase in the entry cost. I show that competitive dealers use the bid ask spread strategically to reward the client for the information conveyed by his order flow. Furthermore, I show that the client dealer relationship is affected by a commitment problem: clients who trade una tantum execute trades with multiple dealers. Ongoing client dealer relationships viewed as an infinitely repeated game can overcome this problem and the client may benefit from trading exclusively with one dealer. The fourth chapter analyses information sharing and collusion incentives of strategic liquidity providers and the impact of their cooperation on asset prices. Risk neutral liquidity providers operate in a market with risk-averse informed traders (fundamentalists) and noise traders. I consider four regimes: 1) pure market making; 2) dealership without information sharing; 3) dealership with information sharing but without collusion in trading; and 4) dealership with information sharing and collusion in trading. I show that information sharing substantially increases agents' profits, while colluding in trading has a relatively low additional impact on profits. This suggests that if there are penalties for collusion, dealers may choose to only share information, but not to collude. Furthermore, I investigate the effect of the four regimes on market depth, volatility of prices and information content of prices. I find that dealers sharing information and colluding increase market depth compared to dealership without information sharing. However, the market depth is lower compared to pure market making. Both volatility of prices and the information content of prices increase when liquidity providers act as dealers. The magnitude of these differences depends on the parameters of the model.

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Ball, Catherine. "Local Markets : Competition and Market Structure." Thesis, University of East Anglia, 2010. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.527635.

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This thesis examines competition in three local markets: homebuilding, estate agency and groceries. It uses and extends the methodology developed by Bresnahan and Reiss in their seminal work in the 1990s, whereby the relationship between market structure and market size is used to evaluate how competition varies with finn numbers. U sing data from the homebuilding market, the rationale for using the Ordered Probit rather than count data alternatives to estimate these models is explored. Contrary to the existing literature, it is shown that the choice of estimator can significantly affect the results. In addition, several extensions to the Bresnahan and Reiss methodology are proposed. Firstly, the model is generalised to allow analysis of the persistence of certain effects as the number of finns in the market increases. It is shown that estate agents are able to profit from price discrimination and market segmentation, even in relatively unconcentrated markets. Secondly, a methodology is proposed to analyse the effects of competition on market expansion by augmenting the model with sales data. It is shown that increased competition between estate agents leads to a transfer of surplus but no increase in the size of the market. Thirdly, the model is extended in two ways to allow for competition between differentiated finns. When finn level data on differentiation is not available, the effect of the scope for differentiation is analysed. It is shown that markets with greater scope for differentiation are more profitable for estate agents. However, as finns can be identified by type, a more strategic approach is used to analyse the competition between different grocery formats. It is shown that small supermarkets, when located near at least one specialist store (e.g. a butcher or baker), negatively affect the profits of large supermarkets; a result that differs from previous studies by competition authorities.

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Huang, Yao. "Market Sentiments and the Housing Markets." Diss., Virginia Tech, 2020. http://hdl.handle.net/10919/97518.

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This paper has three chapters. In the first chapter, we develop a measure of housing sentiment for 24 cities in China by parsing through newspaper articles from 2006 to 2017.We find that the sentiment index has strong predictive power for future house prices even after controlling for past price changes and macroeconomic fundamentals. The index leads price movements by nearly 9 months, and it is highly correlated with other survey expectations measures that come with a significant time lag. In the second chapter, we show that short term house price movement is predictable by solely using newspaper and historical price change. In the last chapter, using the sentiment index constructed from newspaper, we got empirical results to show that some people are forward-looking when deciding default and a positive sentiment (anticipated house price appreciation) will lower the Z score of probability of default by 0.028.
Doctor of Philosophy
This paper has three chapters. In the first chapter, we develop a measure of housing sentiment for 24 cities in China by parsing through newspaper articles from 2006 to 2017. Two sentiment index were created using text mining method based on keywords matching and machine learning respectively.We find that the sentiment index has strong predictive power for future house prices even after controlling for past price changes and macroeconomic fundamentals. The index leads price movements by nearly 9 months, and it is highly correlated with other survey expectations measures that come with a significant time lag. In contrast, we find much weaker feedback coming from past prices to current sentiment. In the second chapter, we show that short term house price movement is predictable by solely using newspaper and historical price change. The accuracy of the prediction could be up to 0.96 for out of sample prediction. We first use a text mining method to transfer all the text information into numerical vector space, which is able to represent the extracted full information contained in a text. Then by adopting machine learning models of Neural networks, SVM, and random forest, we classified the newspaper into 1 (up) and 0 (down) group and constructed an index as the mean label accordingly. In the last chapter, by merging the Fannie Mae loan performance data with the sentiment index constructed from newspaper as well as the macro variables about local market, we got empirical results to show that some people are forward-looking when deciding default and a positive sentiment ( anticipated house price appreciation) will lower the Z score of probability of default by 0.028. We found that during the recession period, people access more information when they try to default, on top of the traditional econ conditions and historical house price, they also consider the future house price change. Moreover, borrowers with high income, high home value, and high FICO scores tend to pay more attention to future price change. However, for those who are less experienced in this game (first time home buyer), they only pay attention to the historical price change during the recession period.

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6

Liu, Dongqing. "Market-making behavior in futures markets /." For electronic version search Digital dissertations database. Restricted to UC campuses. Access is free to UC campus dissertations, 2002. http://uclibs.org/PID/11984.

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7

Rahman, Rizwan Tanvir. "Market integrity issues in financial markets." Thesis, The University of Sydney, 2013. http://hdl.handle.net/2123/12552.

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This dissertation investigates market integrity issues across a range of financial markets. The essays investigate the leakage of information, information asymmetry, market manipulation, and off-market trading across the carbon, equity, and option markets. The study spans across the European Union Emissions Allowances (EUA) futures market, the Australian Securities Exchange (ASX) equity market, and the Australian Securities Exchange (ASX) option market (AOM). The first essay examines the impact of European Union emissions trading scheme (EU ETS) national allocation plan (NAP) announcements on carbon markets. The findings show that Phase II announcements have an influence on both Phase I & II front futures and sole Phase II futures carbon returns. In addition, the results indicate that the announcements have no significant impact on volatility. Together, the findings suggest a systematic leakage of information across all types of announcements. The second essay examines trade cancellations on the Australian Securities Exchange (ASX). Trade cancellations are trades that are determined to have been made in error by both parties, and are subsequently cancelled. Results indicate return reversal patterns consistent with manipulative activity following the initial trades. Findings on volume, return, and volatility around the trades are also consistent with the empirical findings on market manipulation in the literature. The final essay examines the impact of large off-market option trades on the Australian Options Market (AOM). The results reveal that large off-market option trades receive price improvement when compared to the quoted prices at the time of the trade. Further, although large off-market trades experience some temporary price effects there is no evidence of significant leakage or permanent price effects. Finally, cumulative abnormal returns in the days surrounding the trades reveal no significant price patterns.

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8

Baumann, Dominique Cristian. "Market coupling in the power markets." reponame:Repositório Institucional do FGV, 2014. http://hdl.handle.net/10438/12174.

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The thesis analyses the European Unions’ effort to create an integrated pan-European electricity market based on “market coupling” as the proposed allocation mechanism for interconnector transfer capacity. Thus, the thesis’ main focus is if market coupling leads to a price convergence in interlinked markets and how it affects the behavior of electricity price data. The applied research methods are a qualitative, structured literature review and a quantitative analysis of electricity price data. The quantitative analysis relies on descriptive statistics of absolute price differentials and on a Cointegration analysis according to Engle & Granger (1987)’s two step approach. Main findings are that implicit auction mechanisms such as market coupling are more efficient than explicit auctions. Especially the method of price coupling leads to a price convergence in involved markets, to social welfare gains and reduces market power of producers, as shown on the example of the TLC market coupling. The market coupling initiative between Germany and Denmark, on the other hand, is evaluated as less successful and illustrates the complexity and difficulties of implementing market coupling initiatives. The cointegration analysis shows that the time series were already before the coupling date cointegrated, but the statistical significance increased. The thesis suggests that market coupling leads to a price convergence of involved markets and thus functions as method to create a single, integrated European electricity market.
A dissertação analisa o esforço dos sindicatos europeus para criar um mercado pan- europeu de electricidade integrada baseada em 'mercados combinados', como o mecanismo de alocação de capacidade de transferência de energia entre diferentes sistemas. Assim, o foco principal do estudo é se a integração do mercado leva a uma convergência de preços nos mercados interligados, e como isso afeta o comportamento dos preços de energia elétrica. Os métodos de investigação são uma revisão bibliográfica estruturada qualitativa e uma análise quantitativa de dados de preços de energia elétrica. A análise quantitativa se baseia em estatísticas descritivas das diferenças de preços absolutos e em uma análise de cointegração de acordo com a abordagem de Engle e Granger (1987). As principais conclusões são que os mecanismos de leilões implícitos, tais como a integração de mercado são mais eficientes que os leilões explícitos. Especialmente, o método de acoplamento de preços leva a uma convergência de preços nos mercados envolvidos, a ganhos de bem-estar social e reduz a o poder dos produtores no mercado, como mostra o exemplo da integração mercado TLC. A iniciativa mercados combinados entre a Alemanha ea Dinamarca, por outro lado, é avaliada como de menor sucesso e ilustra a complexidade e as dificuldades de implementação de iniciativas de integração de mercado. A análise de cointegração mostra que as séries temporais já estavam cointegradas antes da data de integração, mas a significância estatística aumentou. A tese sugere que a integração do mercado leva a uma convergência dos preços dos mercados envolvidos e, portanto, funciona como método para criar um mercado de eletricidade único e integrado na Europa.

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9

Swift, Jonathan Stuart. "The relationship between market culture and market language : British executives in overseas markets." Thesis, University of Liverpool, 1997. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.266310.

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10

Nieuwland, Frederik Gertruda Maria Carolus. "Speculative markets dynamics an econometric analysis of stock market and foreign exchange market dynamics /." Proefschrift, Maastricht : Maastricht : Universitaire Pers Maastricht ; University Library, Maastricht University [Host], 1993. http://arno.unimaas.nl/show.cgi?fid=6219.

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11

Coronado, Saleh Francisco Javier. "Market structure and regulation in pharmaceutical markets." Doctoral thesis, Universitat Pompeu Fabra, 2010. http://hdl.handle.net/10803/7414.

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Esta tesis trata sobre la competencia y regulación en mercados farmacéuticos.El primer capítulo presenta un modelo de oligopolio donde se demuestra que la regulación de precios sólo aumenta los beneficios esperados de la entrada de un competidor genérico cuando el tamaño del mercado es pequeño en relación a la eficiencia de un productor incumbente. En el segundo capítulo se estudia empíricamente la interacción entre el efecto de redistribución del poder de mercado debido a los contactos multimercado y la regulación de precios. A bajos niveles de regulación el efecto se incrementa mientras que cuando la regulación es más estricta el efecto desaparece. En el tercer capítulo se estima un modelo estructural de oligopolio en el que se identifican los márgenes de precios de los productores. Se concluye que los márgenes simulados son consistentes con un escenario en el que los productores maximizan beneficios considerando a rivales con los que tienen contacto en otros mercados.

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Kang, Kyeong-Hoon. "Market structures and competition in system markets." College Park, Md. : University of Maryland, 2004. http://hdl.handle.net/1903/1698.

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Thesis (Ph. D.) -- University of Maryland, College Park, 2004.
Thesis research directed by: Economics. Title from t.p. of PDF. Includes bibliographical references. Published by UMI Dissertation Services, Ann Arbor, Mich. Also available in paper.

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Das, Sanmay. "Intelligent Market-Making in Artificial Financial Markets." Thesis, Massachusetts Institute of Technology, 2003. http://hdl.handle.net/1721.1/5570.

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This thesis describes and evaluates a market-making algorithm for setting prices in financial markets with asymmetric information, and analyzes the properties of artificial markets in which the algorithm is used. The core of our algorithm is a technique for maintaining an online probability density estimate of the underlying value of a stock. Previous theoretical work on market-making has led to price-setting equations for which solutions cannot be achieved in practice, whereas empirical work on algorithms for market-making has focused on sets of heuristics and rules that lack theoretical justification. The algorithm presented in this thesis is theoretically justified by results in finance, and at the same time flexible enough to be easily extended by incorporating modules for dealing with considerations like portfolio risk and competition from other market-makers. We analyze the performance of our algorithm experimentally in artificial markets with different parameter settings and find that many reasonable real-world properties emerge. For example, the spread increases in response to uncertainty about the true value of a stock, average spreads tend to be higher in more volatile markets, and market-makers with lower average spreads perform better in environments with multiple competitive market-makers. In addition, the time series data generated by simple markets populated with market-makers using our algorithm replicate properties of real-world financial time series, such as volatility clustering and the fat-tailed nature of return distributions, without the need to specify explicit models for opinion propagation and herd behavior in the trading crowd.

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Stork, Christopher Oliver. "Microstructure of option markets without market makers." Thesis, London Metropolitan University, 2000. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.343195.

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Ishii, Ryosuke. "Optimal Trading in Markets with Market Impact." Kyoto University, 2010. http://hdl.handle.net/2433/120724.

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Le, Coq Chloé. "Quantity choices and market power in electricity markets." Doctoral thesis, Handelshögskolan i Stockholm, Samhällsekonomi (S), 2003. http://urn.kb.se/resolve?urn=urn:nbn:se:hhs:diva-566.

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Competitive power markets from different countries exhibit a common market design, especially because of the nature of electricity (lack of storage, inelastic load, and strong seasonal effects on multiple time scales). For example, a majority of countries have created a spot market where electricity is traded hourly. The design of the spot markets reflected an ambition of providing strong incentives for efficient and least-cost production. Subsequently, the spot market price has been considered as a reference price for other existing electricity markets such as the contract market or the real-time market. However, empirical studies on electricity markets find some evidence of abnormally high markups. The literature on the electricity spot market mainly focuses on the producers' pricing decisions. The present thesis argues that quantity choices, both in terms of available as well as contracted quantities, are crucial for understanding market power in electricity markets.
Diss. Stockholm : Handelshögskolan, 2003 [4], iii, [1] s., s. 1-6: sammanfattning, s. 7-119, [5] s.: 4 uppsatser

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Hildebrandt, Kurtis. "Market dominance and innovation in computer software markets." Thesis, National Library of Canada = Bibliothèque nationale du Canada, 1999. http://www.collectionscanada.ca/obj/s4/f2/dsk1/tape7/PQDD_0018/MQ47948.pdf.

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Le, Coq Chloé. "Quantity choices and market power in electricity markets /." Stockholm : Economic Research Institute, Stockholm School of Economics (EFI), 2003. http://www.hhs.se/efi/summary/615.htm.

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Kabaca, Serdar. "Essays on labour market fluctuations in emerging markets." Thesis, University of British Columbia, 2013. http://hdl.handle.net/2429/45251.

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The goal of this dissertation is to compare and contrast labour market fluctuations in emerging and developed markets, and to explore the sources of differences in these fluctuations across country groups. Chapter 2 documents cyclical properties of labour share over the cycle for various countries and show that there is a close relationship between labour share and the cost of borrowing. Labour share tends to be more volatile and procyclical with output especially in countries with highly volatile and countercyclical interest rates. The results are driven neither by sectoral shifts over the cycle nor by the measurement errors in the labour compensation data. In Chapter 3, working capital requirements can predict the right sign of the labour share comovement with output and can partly account for the volatility of the labour share. It is also shown that imperfect financial markets in the form of credit restrictions not only amplify the results for the variability of labour share but also helps better explain some of the striking business cycle regularities in emerging markets, such as highly volatile consumption, strongly procyclical investment and consumption, and countercyclical net exports. Fluctuations in real wages are mostly responsible for the highly volatile labour share in emerging markets. Previous literature showed that search frictions with countercyclical interest rates can explain movements in wages in these economies. Chapter 4 shows that when agents are allowed to choose the amount of hours worked (intensive margin of the labour input), the effects of search frictions on wages are mitigated. Our motivation of introducing intensive margin comes from the fact that variations in hours per worker are at least as significant as those in the employment in emerging markets. They are also more cyclical with output in these economies than in developed ones. Search frictions fail to explain these cyclical properties of the intensive margin. On the other hand, by introducing financial frictions, the model can predict them together with movements in real wages. This suggests that frictions in both labour and financial markets go further in explaining emerging market business cycles.

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Wan, Hakman Alberick. "On the agent market model of stock markets." Thesis, University of Sunderland, 1999. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.288016.

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Davis, James E. (James Edward) 1962. "Airline market share modeling in originating city markets." Thesis, Massachusetts Institute of Technology, 1989. http://hdl.handle.net/1721.1/14176.

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Thesis (M.S.)--Massachusetts Institute of Technology, Dept. of Aeronautics and Astronautics, 1989 and Thesis (M.S.)--Massachusetts Institute of Technology, Sloan School of Management, 1993.
Includes bibliographical references (leaves 129-130).
by James Edward Davis.
M.S.

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Aidov, Alexandre. "Three Essays on Market Depth in Futures Markets." FIU Digital Commons, 2013. http://digitalcommons.fiu.edu/etd/974.

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Liquidity is an important market characteristic for participants in every financial market. One of the three components of liquidity is market depth. Prior literature lacks a comprehensive analysis of depth in U.S. futures markets due to past limitations on the availability of data. However, recent innovations in data collection and dissemination provide new opportunities to investigate the depth dimension of liquidity. In this dissertation, the Chicago Mercantile Exchange (CME) Group proprietary database on depth is employed to study the dynamics of depth in the U.S. futures markets. This database allows for the analysis of depth along the entire limit order book rather than just at the first level. The first essay examines the characteristics of depth within the context of the five-deep limit order book. Results show that a large amount of depth is present in the book beyond the best level. Furthermore, the findings show that the characteristics of five-deep depth between day and night trading vary and that depth is unequal across levels within the limit order book. The second essay examines the link between the five-deep market depth and the bid-ask spread. The results suggest an inverse relation between the spread and the depth after adjusting for control factors. The third essay explores transitory volatility in relation to depth in the limit order book. Evidence supports the relation between an increase in volatility and a subsequent decrease in market depth. Overall, the results of this dissertation are consistent with limit order traders actively managing depth along the limit order book in electronic U.S. futures markets.

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Nee, Matteo. "Suture-Type Fiducial Marker Oncology Market Entry Strategy." Case Western Reserve University School of Graduate Studies / OhioLINK, 2019. http://rave.ohiolink.edu/etdc/view?acc_num=case1535378317004445.

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24

McLean, Victoria. "Analysing competitive markets through consumer choice : a model for competitive market analysis and related market study." Thesis, Southampton Solent University, 1998. http://ssudl.solent.ac.uk/2448/.

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Competition policy prescriptions have historically been based on beliefs about the most effective and socially acceptable forms of economic organisation. Despite many theoretical developments, there is little agreement between economists over which theoy ensures effective competition in the public interest. This thesis presents a new perspective for analysing competitive markets by making the consumers' interests the prime focus for policy decisions rather than the firms' behaviour. In this approach, consumers determine the level of 'acceptable' competition and identify areas in which competition could be improved, as opposed to policy makers who theoretically determin how to promote 'effective' competition within markets. This view is developed into a new model for Competitive Market Environment Analysis, the validity of which is verified by a quantitative study of the UK Academic and Professional book market. An innovative and quantitative approach to the 'Public Interest Criterion' of competition policy is developed through a statistical gap analysis technique which measures the extent to which consumers' desires/needs are met by their competitive market environment. Within the model, the gap analysis technique uses a 'degree of congruence' as the unifying factor between supply and demand, for which a quantitative measure of zero indicates perfect market equilibrium. Both the model and gap analysis measurement technique are tested on the UK Academic and Professional book market and a particular type of market conduct namely, the Net Book agreement. The analysis shows that consumers of Academic and Professional books have experienced little benefit or detriment from the abrogation of the agreement. Areas for improvement of Academic and Professional book supply are identified and further extensions of this research are proposed. In summary, the thesis offers a new perspective on competition, a new approach to market analysis a new model and methodology for conducting market analysis and a new quantitative measurement technique. The research has significant implications for policy decision, because the focus on consumer welfare within markets, combined with the gap analysis measurement technique, can be used to measure whether forms of market conduct should be viewed as anti-competitive.

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Löbler, Helge, Hans Kjellberg, Kaj Storbacka, Melissa Akaka, Jennifer Chandler, John Finch, Sara Lindeman, Katy Mason, Janet McColl-Kennedy, and Suvi Nenonen. "Market futures, future markets: research directions in the study of markets." Sage, 2012. https://ul.qucosa.de/id/qucosa%3A15286.

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What do marketing scholars need to know about markets? The quote above places markets at the heart of marketing theory. Yet many commentators have lamented the scant attention paid to markets in marketing and argued for the need to better understand this central facet of the subject (Araujo et al., 2008; Vargo, 2007; Venkatesh et al., 2006). We share this view and outline issues and research opportunities against the backdrop of recent contributions proposing a practice approach to markets (Araujo et al., 2010; Kjellberg and Helgesson, 2007; Storbacka and Nenonen, 2011; Vargo and Lusch, 2011). A central tenet in this tradition is the idea that working markets are always in the making; that they are the continuous results of market practices. Paraphrasing Vargo and Lusch (2004): markets are not, they become. In this process of becoming, markets take on multiple forms as a result of practical efforts by many different actors to shape economic exchanges, establish rules for their performance, and represent such exchanges as markets. The observation that economic theories (including marketing) contribute to shape markets by influencing these practical efforts (Callon, 1998) introduces a complication in our study of markets and presents a reflexive challenge for marketers studying the shaping of markets.

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Roberts, John Spencer. "High Frequency Market Dynamics an Analysis of Market Depth and Quoting Behaviors in Crude Oil Futures Markets." Thesis, University of Maryland, College Park, 2018. http://pqdtopen.proquest.com/#viewpdf?dispub=10743410.

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Most derivative and equity transactions occur in electronic order driven markets and depend on a limit order book. Yet many questions remain regarding the way traders interact with the limit order book, especially the role of algorithmic and high frequency trading. This dissertation investigates how the limit order book evolves over time. We study the nature of fleeting liquidity and flash quotes to deepen our understanding of the way modern markets operate.

This research is based on raw message data sold by the exchange and contains every update to the limit order book linked to the top ten levels. We rebuild the limit order book and define quote segments to divide the day into non-overlapping intervals based on observed changes in the best quotes and the bid-ask spread. We propose a novel way to visualize dynamics of the limit order book by combining changes in best quotes and visible depth. Using the limit order book and quote segments, we define a measure for offered liquidity and then a measure to capture the responsiveness on both sides of the market during sub-second intervals. Flash quotes are identified and are combined with measures of offered liquidity to study why such behavior is observed in the market.

We find empirical evidence that movement in market depth explains movement in the bid-ask spread. We show how combining movements in best quotes and visible depth provides a clearer picture of the direction of the market. Evidence is presented that breaks down the dynamics of offered liquidity into both trade response and prior movement of depth. We find standard measures of market liquidity, such as the bid-ask spread, can appear normal while responsiveness can remain elevated following a major market movement.

Depth data assists with best execution, but this research highlights alternative uses that are important to consider when participating in modern markets. The observed dynamics of the limit order book contain relevant information that need to be captured in a full discussion of market liquidity.

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Ahmadi, Zahra. "Market orientation and public housing companies in the Swedish declining market." Licentiate thesis, KTH, Bygg- och fastighetsekonomi, 2016. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-182043.

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The licentiate thesis consists of three papers with the particular topic in public housing. They discuss how the public housing companies manage the transition to higher economic demands meeting increased customer and market requirements. These studies focus specifically on how the public housing company deal with market challenges associated with the decision to demolish, maintain and/or new construction. Market-oriented perspective can be a tool for the public housing companies to achieve better customer value and enhance economic development. Although the market orientation concept has contributed to valuable improvements in research, the thesis assumes that it is necessary to distinguish between that the public housing companies operate market-oriented to meet customer requirements and their focus on innovation. Paper I develops market/innovation types and then investigates how public housing companies adapt to these types. It was found that economic conditions in the municipality have a major impact on the housing companies, causing them to act innovatively and create superior customer value by innovations. The study confirms that the implementation of market and innovation orientation contributes to competitive advantages in growing markets, while weak economic conditions impair implementation in declining markets. Paper II addresses how public housing companies in declining markets act based on the concept of market intelligence. This study suggested and tested whether there is a positive link between collecting customer information, disseminating it in the organization, and responding to customer needs, and whether this link has an impact on strategic performance. The result shows that weak links exist in the process; the efficiency of intelligence distribution in public housing companies is affected mainly by their responsiveness to customer needs. Paper III also addresses the public housing companies’ market strategies in declining markets. This study, based on a market-strategic perspective, compares how public housing companies act in relation to customer wants compared to the private housing market. The result shows that public housing companies are more engaged in carrying out new construction, renovation, and reconstruction, as well as taking more social responsibility compared to the private sector. In particular, their concern for the customers’ social needs is evident.

QC 20160215

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Godby, Robert William. "The effect of market power in emission permit markets." Thesis, National Library of Canada = Bibliothèque nationale du Canada, 1997. http://www.collectionscanada.ca/obj/s4/f2/dsk2/tape16/PQDD_0011/NQ30139.pdf.

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Neumann, Dirk Georg. "Market engineering a structured design process for electronic markets." Karlsruhe Univ.-Verl. Karlsruhe, 2004. http://d-nb.info/985794046/04.

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Jia, Haiying. "Market conditions and the functioning of metal futures markets." Thesis, City University London, 2006. http://openaccess.city.ac.uk/8467/.

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With the growth of alternative investment vehicles such as hedge funds and the resulting search for "new" asset classes, the interest in the commodity market has been growing within the financial sector. The commodity futures markets have been successfully providing a platform for investors and industrial participants as an alternative investment vehicle and a tool for risk management. The storable commodity futures markets are characterised by two distinct market conditions: backwardation and contango, which are directly linked to market fundamentals such as inventory levels and thus influence the price dynamics and functioning of the commodity futures market. While there exists a large body of research in the area of commodity derivatives, research on the linkage between market dynamics and the market conditions as determined by fundamentals is very limited. Accordingly, this thesis aims to investigate the different market dynamics of metal futures markets under these two conditions. The issues under examination include the futures price discovery function, the forecasting performance of the futures price, the long-run cost-of-carry equilibrium and short-run time-varying adjustment, and the price volatility and its relationship with inventory levels and trading volume. The empirical findings suggest, for the first time, that the price discovery function depends on the state of the storable commodity markets: futures prices are found to be upward biased predictors of the future spot prices when the market is in contango and are downward biased when the market is in backwardation. Nonparametric bootstrap simulations confirm that the forecast errors are negative in a backwardation market and are positive in a contango market, and moreover the forecast errors are larger under the former market condition than the latter. The empirical results also show that the price volatility is higher in a backwardation market than in a contango market as indicated by the negative relationship between price volatility and inventory levels. We also show that the spot volatility is generally higher than the futures price volatility and the difference is greater when the inventory level is low. Moreover, the impact of trading volume on the futures price volatility is found to be stronger when the market is in backwardation in some of the markets. In short, the empirical findings in this thesis suggest that the functioning of the metal spot and futures market is dependent on market conditions of which the inventory level is an important indictor as implied by the theory of storage. The empirical findings have strong implications for practitioners (particularly, trading houses, funds and banks) who could potentially form different trading strategies based on the distinct market behaviour under the two market conditions.

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Bastos, Paulo R. "Unionised labour markets, product market competition and economic integration." Thesis, University of Nottingham, 2007. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.444659.

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Carmo, João Pedro Rodrigues do. "Modeling stock markets through the reconstruction of market processes." Master's thesis, Instituto Superior de Economia e Gestão, 2017. http://hdl.handle.net/10400.5/15048.

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Mestrado em Economia
Existem duas maneira possíveis de interpretar a aparente natureza estocástica dos mercados financeiros: a Hipótese do mercado eficiente (HME) e um conjunto de factos estilizados que conduzem o comportamento dos mercados. Apresentamos evidência para alguns dos factos estilizados como a existência de um fenómeno de memória na volatilidade dos preços a curto prazo, um comportamento em lei de potência e dependências não lineares nos retornos. Considerando isto, construímos um modelo do mercado através de cadeias de Markov. Em seguida, desenvolvemos um algoritmo que pode ser generalizado para qualquer alfabeto de N símbolos e cadeia de Markov de comprimento K. Com esta ferramenta, somos capazes de mostrar que é, pelo menos, sempre melhor que um modelo completamente aleatório como o Passeio Aleatório. O código está escrito em MATLAB e é mantido no GitHub.
There are two possible ways of interpreting the seemingly stochastic nature of financial markets: the Efficient Market Hypothesis (EMH) and a set of stylized facts that drive the behavior of the markets. We show evidence for some of the stylized facts such as memory-like phenomena in price volatility in the short term, a power-law behavior and non-linear dependencies on the returns. Given this, we construct a model of the market using Markov chains. Then, we develop an algorithm that can be generalized for any N-symbol alphabet and K-length Markov chain. Using this tool, we are able to show that it's, at least, always better than a completely random model such as a Random Walk. The code is written in MATLAB and maintained in GitHub.
info:eu-repo/semantics/publishedVersion

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Pavelson, Brit. "Market values : Lessons in decoration from post-Soviet markets." Thesis, Konstfack, Institutionen för design, inredningsarkitektur och visuell kommunikation (DIV), 2020. http://urn.kb.se/resolve?urn=urn:nbn:se:konstfack:diva-7711.

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Schmidt, David E. "Capital markets and the market structure of foreign investments." Thesis, Aston University, 2010. http://publications.aston.ac.uk/15787/.

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Contrary to the long-received theory of FDI, interest rates or rates of return can motivate foreign direct investment (FDI) in concert with the benefits of direct ownership. Thus, access to investor capital and capital markets is a vital component of the multinational’s competitive market structure. Moreover, multinationals can use their superior financial capacity as a competitive advantage in exploiting FDI opportunities in dynamic markets. They can also mitigate higher levels of foreign business risks under dynamic conditions by shifting more financial risk to creditors in the host economy. Furthermore, the investor’s expectation of foreign business risk necessarily commands a risk premium for exposing their equity to foreign market risk. Multinationals can modify the profit maximization strategy of their foreign subsidiaries to maximize growth or profits to generate this risk premium. In this context, we investigate how foreign subsidiaries manage their capital funding, business risk, and profit strategies with a diverse sample of 8,000 matched parents and foreign subsidiary accounts from multiple industries in 38 countries.We find that interest rates, asset prices, and expectations in capital markets have a significant effect on the capital movements of foreign subsidiaries. We also find that foreign subsidiaries mitigate their exposure to foreign business risk by modifying their capital structure and debt maturity. Further, we show how the operating strategy of foreign subsidiaries affects their preference for growth or profit maximization. We further show that superior shareholder value, which is a vital link for access to capital for funding foreign expansion in open market economies, is achieved through maintaining stability in the rate of growth and good asset utilization.

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Neumann, Dirk Georg. "Market engineering a structured design process for electronic markets /." Karlsruhe : Universitätsverlag, 2007. http://www.uvka.de/univerlag/volltexte/2007/265/.

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Cho, Young-Hye. "Time-varying betas and market microstructures in option markets /." Diss., Connect to a 24 p. preview or request complete full text in PDF format. Access restricted to UC campuses, 2000. http://wwwlib.umi.com/cr/ucsd/fullcit?p9981964.

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Mahoney, Daniel. "Demand, Market Structure, Entry, and Exit in Airline Markets." Thesis, University of Oregon, 2014. http://hdl.handle.net/1794/18338.

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The airline industry is a major driver of economic activity in the United States, accounting for over $1 trillion annually. In this work, I study the airline industry and analyze several key economic issues facing the industry. I examine the industry from several different angles, looking at consumer behavior, firm behavior, and market performance. The body of the dissertation comprises three essays, with each essay focusing on one of the aforementioned facets of the industry. The first essay is a study of consumer demand, using aggregate data to estimate consumer utility functions and identify preferences for airports in large, multi-airport markets. Using these utility functions, I produce tables of cross-airline and cross-airport elasticities, measuring how consumers would be expected to substitute between airports in response to airline price increases and substitute between airlines in response to airport price increases. The second essay is a study of market structure and pricing. I look at changes in market structure over a 20 year time period, focusing on the price effects of entry, exit, and mergers. By looking at both the direct effects as well as the subsequent effects on market concentration, I find that there is tremendous heterogeneity in the effects of these events across markets. The final essay is a model of firm entry and exit decisions in a network environment. I use this model to analyze firm decisions in the airline industry. I find that the size and geographic distribution of firms' networks plays an important role in their decision to further expand or contract, as firms with larger networks are more likely to expand, while firms with smaller networks are more likely to contract. Together, this body of work presents an in-depth analysis of the economic issues surrounding the airline industry. This dissertation includes both previously published and co-authored material.

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Lundgren, Jens. "Market liberalization and market integration : Essays on the Nordic electricity market." Doctoral thesis, Umeå universitet, Nationalekonomi, 2012. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-61605.

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This thesis consists of four self-contained papers related to the Nordic electricity market. Paper [I] examine how the reform of the Nordic electricity markets has affected competition in the electric power supply market, Nord Pool. The question is if the common power market has been competitive or if electric power generators have had market power during the period 1996 -2004. Moreover, since there was a stepwise evolution from national markets to a multinational power market, we also ask how the degree of market power has evolved during this integration process. The results show that electric power generators have had a small, but statistically significant, degree of market power during the whole period. However, studying the integration effect, i.e. how the market power has been affected by additional countries joining Nord Pool, it show that the degree of market power has been reduced and finally vanished as the market has expanded and more countries joined the collaboration. Paper [II] analyse how the deregulation of the Swedish electricity market has affected the price of electric power and how the change in electric power price, in turn, has affected consumers’ welfare. The result shows that the change in pricing principle of electric power following the deregulation has increased consumer welfare over the period studied (1996-2006), with welfare gains about 100 SEK per customer per year, indicating a three per cent welfare gain for the average customer. Paper [III] study whether (and to what extent) the multinational electricity market integration has affected the price dynamics at the Nordic power exchange. The results shows that a larger electricity market seems to reduce the probability of sudden price jumps, but also that the effect on volatility seem to depend on the characteristics, i.e. production structure, of the integrated markets. In Paper [IV] a two-stage study is conducted to investigate the extent to which shocks in the demand and supply for electricity translate into price jumps, and the extent to which this process is affected by the prevailing market structure. The main findings from the study is that whether demand and supply shocks translate into price jumps largely depends on the prevailing market structure, i.e. on how far the market works from capacity constraints. A notable feature of the empirical analysis is also that the marginal effects from positive demand and negative supply shocks on the jump probabilities are mostly insignificant and of small magnitude.

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Nishi, Hirofumi. "Market Efficiency, Arbitrage and the NYMEX Crude Oil Futures Market." Thesis, University of North Texas, 2016. https://digital.library.unt.edu/ark:/67531/metadc862846/.

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Since Engle and Granger formulated the concept of cointegration in 1987, the literature has extensively examined the unbiasedness of the commodity futures prices using the cointegration-based technique. Despite intense attention, many of the previous studies suffer from the contradicting empirical results. That is, the cointegration test and the stationarity test on the differential contradict each other. In marked contrast, my dissertation develops the no-arbitrage cost-of-carry model in the NYMEX light sweet crude oil futures market and tests stationarity of the spot-futures differential. It is demonstrated that the primary cause of the "cointegration paradox" is the model misspecifications resulting in omitted variable bias.

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40

Cheung, Ming-yan William. "Market microstructure of an order driven market." Click to view the E-thesis via HKUTO, 2005. http://sunzi.lib.hku.hk/hkuto/record/B3203782X.

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Cheung, Ming-yan William, and 張明恩. "Market microstructure of an order driven market." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 2005. http://hub.hku.hk/bib/B3203782X.

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42

Jackson, Andrew Rhys. "Market participant behaviour and equity market dynamics." Thesis, London Business School (University of London), 2003. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.408644.

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43

Eun, Dong Jae. "Market imperfections and market-based policy instruments." Thesis, Massachusetts Institute of Technology, 2017. http://hdl.handle.net/1721.1/109014.

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Thesis: Ph. D., Massachusetts Institute of Technology, Department of Economics, 2017.
Cataloged from PDF version of thesis.
Includes bibliographical references (pages 149-152).
The first chapter discusses procurement auction mechanisms under the political constraint that the contractor is in effect protected from ex-post loss. Many construction procurers who use first price auctions eliminate abnormally low bids in order to reduce the probability of ex-post bid adjustment. The Korean government systematizes such a bid screening process by setting a stochastic cutoff under which bids are disregarded. This chapter builds an auction model with ex-post bid adjustment and establishes that introducing a stochastic cutoff indeed decreases the probability of ex-post bid adjustment when the contractor is protected from ex-post loss. Data on Korean public procurement auctions for paving work is used to structurally estimate model parameters and assess welfare implications. Counterfactual analyses indicate that, if the Korean government were to switch to the usual first price auction, (1) the probability of bid adjustments triggered by cost overruns would significantly increase, from 14 percent to 88 percent; (2) the resulting social cost increase due to bid adjustment processes would amount to at least 360 percent of cost savings from the first price auction's ability to find an efficient firm; and therefore (3) the total social cost increase would be 7 percent. Finally, a mechanism design approach is employed to characterize an optimal mechanism under a no loss constraint and to provide a measure of efficiency loss associated with the two forms of auctions. The second chapter quantifies consumers' cognitive costs in the context of fast-food purchases. Most fast-food burger chains set different effective add-on (fries and a soda) prices in "meals" across burger items. This means that sophisticated consumers, who buy, for example, a sandwich-only and a meal, may try rearranging the add-ons across burgers in hopes of lowering their payment. This feature provides a unique opportunity to study consumers' behavior, when a firm engages in price obfuscation-charging multiple prices for an identical product and requiring consumers to incur cognitive costs before finding lowest price quotes. Using sales data of a Korean local fast-food chain, this chapter first presents descriptive evidence that consumers do respond to an opportunity to lower expenses by rearranging add-on items. Then it develops and estimates an optimal model of calculation and rearrangement where a consumer incurs a unit of cognitive cost for every effective add-on price of a burger she calculates. The third chapter documents how a persistent adverse selection problem can be eventually mitigated by market force. In 2010, a prominent conglomerate entered as a market-maker in the Korean online used car market, which had long been considered a "market for lemons". In order to alleviate the asymmetric information problem, the firm introduced a costly quality signaling mechanism: in its online platform, the company certifies at a fee the car's inspection report mandated to be provided to consumers but deemed often unreliable. This chapter examines the effect of certification on the sale price and the days on the market. It also investigates which vehicles' inspection reports are more likely to be certified.
by Dong Jae Eun.
Ph. D.

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Bonleu, Antoine. "Housing market regulation and labor market regulation." Thesis, Aix-Marseille, 2016. http://www.theses.fr/2016AIXM2009/document.

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Le premier chapitre montre l'interdépendance sur le marché locatif entre le formalisme procédural (FP) et les réseaux sociaux locaux. Tandis que le FP augmente le coût de résolution des conflits juridiques entre propriétaires et locataires, les réseaux sociaux présentent l'avantage de pouvoir régler un conflit sans la justice. Le FP permet de rendre plus intéressant aux yeux du propriétaire les individus appartenant à un réseau social. Le deuxième chapitre explique l'importance du soleil sur la demande de régulation du marché locatif. Les pays d'Europe du sud très ensoleillés sont attractifs de par leur douceur de vie. Cette immigration potentielle augmente la tension sur le marché locatif. Pour la réduire, les individus d'Europe du sud développent une complémentarité entre capital social local et régulation. Cette stratégie explique un équilibre méditerranéen où le capital social local et le FP sont élevés. A contrario, l'absence d'attractivité des pays faiblement ensoleillés explique un équilibre anglo-saxon et scandinave aux caractéristiques opposées. Le troisième chapitre explique le soutien pour la régulation du marché du travail par la présence de régulations sur le marché locatif. Lorsque ce dernier est très régulé, les propriétaires sélectionnent les locataires selon leur capacité à payer le loyer. Protéger les contrats à durée indéterminée oblige les entreprises à sélectionner les travailleurs et permet alors aux propriétaires de mieux estimer le risque individuel de licenciement. Nous construisons un modèle où les individus sans emploi demandent plus de régulations et de protections en dépit de l’augmentation du chômage et de la part des contrats temporaires
The first contribution studies the complementarities between the strength of social networks and the stringency of procedural formalism. While procedural formalism increases the cost of legal dispute resolution between landlords and tenants, social networks allow conflicts to be solved without recourse to justice. Procedural formalism is thus a way to provide a market advantage to local individuals embedded in dense local social networks at the expense of nonlocal agents without access to such networks.The second contribution deals with the importance of the sun on the demand for regulation in the rental market. Southern European countries with good climate amenities are attractive by their mildness of life. This potential immigration increases the pressure on the rental market. To reduce it, individuals in Southern Europe develop complementarities between social capital and local regulations. This strategy explains a Mediterranean equilibrium characterized by high levels of local social capital and procedural formalism. Conversely, the lack of attractiveness of countries with low climate amenities leads to an Anglo-Saxon and Scandinavian equilibrium with opposite features.The third contribution explains the support for labor market regulation by the presence of regulations on the rental market. When the rental market is very regulated, landlords screen applicants with regard to their ability to pay the rent. Protecting regular jobs offers a second-best technology to sort workers, thereby increasing the rental market size. We provide a model where non-employed workers demand protected jobs despite unemployment and the share of short-term jobs increase

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Subramaniam, Thiagarajah Natchie. "Essays in Market Power Mitigation and Supply Function Equilibrium." Diss., The University of Arizona, 2014. http://hdl.handle.net/10150/321578.

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Market power mitigation has been an integral part of wholesale electricity markets since deregulation. In wholesale electricity markets, different regions in the US take different approaches to regulating market power. While the exercise of market power has received considerable attention in the literature, the issue of market power mitigation has attracted scant attention. In the first chapter, I examine the market power mitigation rules used in New York ISO (Independent System Operator) and California ISO (CAISO) with respect to day-ahead and real-time energy markets. I test whether markups associated with New York in-city generators would be lower with an alternative approach to mitigation, the CAISO approach. Results indicate the difference in markups between these two mitigation rules is driven by the shape of residual demand curves for suppliers. Analysis of residual demand curves faced by New York in-city suppliers show similar markups under both mitigation rules when no one supplier is necessary to meet the demand (i.e., when no supplier is pivotal). However, when some supplier is crucial for the market to clear, the mitigation rule adopted by the NYISO consistently leads to higher markups than would the CAISO rule. This result suggest that market power episodes in New York is confined to periods where some supplier is pivotal. As a result, I find that applying the CAISOs' mitigation rules to the New York market could lower wholesale electricity prices by 18%. The second chapter of my dissertation focuses on supply function equilibrium. In power markets, suppliers submit offer curves in auctions, indicating their willingness to supply at different price levels. Although firms are allowed to submit different offer curves for different time periods, surprisingly many firms stick to a single offer curve for the entire day. This essentially means that firms are submitting a single offer curve for multiple demand realizations. A suitable framework to analyze such oligopolistic competition between power market suppliers is supply function equilibrium models. Using detailed bidding data, I develop equilibrium in supply functions by restricting supplier offers to a class of supply functions. By collating equilibrium supply functions corresponding to different realizations of demand, I obtain a single optimal supply function for the entire day. Then I compare the resulting supply function with actual day-ahead offers in New York. In addition to supply function equilibrium, I also develop a conservative bidding approach in which each firm assumes that rivals bid at marginal costs. Results show that the supply functions derived from equilibrium bidding model in this paper is not consistent with actual bidding in New York. This result is mainly driven by the class of supply functions used in this study to generate the equilibrium. Further, actual offers do not resemble offers generated by the conservative bidding algorithm.

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Rost, Christian, and Erik Ydrén. "Profit for the poor : Sustainable Market Development in BOP Markets." Thesis, Jönköping University, JIBS, Business Administration, 2006. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-361.

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There are 4 billion poor living on 2 dollars or less per day that make up the bottom of the economic pyramid (BOP). If a company calculates their aggregated purchasing power they could be a huge and profitable market.

By studying the roles of the different actors and their preconditions in BOP markets the purpose with this thesis is to find out how the private sector can pursue a sustainable market development strategy at the bottom of the economic pyramid and if it really will help to reduce poverty.

By using a qualitative study, this thesis interviews each actor in the Mexican market except the government. Also a resume from a case study presents Unilever’s operations in Indonesia.

The theory suggests that the actors in the markets should create partnerships that lead to a social transformation and improvement in the lives of the poor. Therefore this thesis concentrates on sustainable development the entrepreneurs, government, customers and the private enterprises role in a BOP-strategy.

From the field study it is clear that it exists a huge informal system in Mexico which makes it hard for an efficient market to work. Our interviews with the NGOs shows that they have access to huge networks, work with marketbased solutions but are dependant on financial contributions from government and private sector. Both private enterprises show that they are working with both process and product innovations for the BOP-market. For example they both sell small sachets of shampoo that are affordable for the poor and they are also cooperating with local distributors to access all the small supermarkets across the country they are present in.

Essential for pursuing a BOP-strategy is that a company innovates for satisfying a need at a lower cost. They should also work with partners to get the local knowledge that they do not have themselves. The study can not come to a conclusion if the strategy under study will reduce poverty although there is a clear link between sustainability and poverty reduction. The point with sustainability in the consumer markets is that the products and services offered increases the disposable income, the choices, and the self identity of the per-son living in poverty. Only then can a BOP-strategy develop together with its market, resulting in a sustainable market development strategy, which, when pursued responsibly can lead to a triple-win situation for the poor, private enterprises and the environment.

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Rost, Christian, and Erik Ydrén. "Profir for the poor : Sustainable market development in BOP-markets." Thesis, Jönköping University, JIBS, EMM (Entrepreneurship, Marketing, Management), 2006. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-549.

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There are 4 billion poor living on 2 dollars or less per day that make up the bottom of the economic pyramid (BOP). If a company calculates their aggregated purchasing power they could be a huge and profitable market.

By studying the roles of the different actors and their pre-conditions in BOP-markets the purpose with this thesis is to find out how the private sector can pursue a sustainable market development strategy at the bottom of the economic pyramid and if it really will help to reduce poverty.

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48

Constantatos, Christos. "Barriers to entry and market coverage in vertically-differentiated markets." Thesis, University of Ottawa (Canada), 1991. http://hdl.handle.net/10393/7803.

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We first derive the optimal price-quality choice of a protected multi-product monopolist operating in a market that could otherwise sustain two or more firms. The main results of this analysis is that in many instances the monopolist will choose not to serve the entire market even when the fixed entry cost is very low and the corresponding number of qualities marketed by the monopolist is very large. Next, we turn our attention to natural duopolies with single-product firms and we examine the implications of entry threats when entry is sequential. Neither is maximal differentiation a general outcome of such competition in the absence of entry threats, nor is minimal differentiation the necessary outcome when entry is contested. When the incumbent firms are facing entry threats, we show that the nature of the fixed cost can confer first mover advantages to the incumbent firms. Next we combine our previous results to examine whether an entry threat will induce a multiproduct monopolist to cover any parts of the market he/she would choose to leave unserved in the absence of such threat. We find that there are many cases where the uncovered market result is robust to the threat of entry. Our next concern is whether a strategic quality choice can protect the monopolist from entry without an increase in the number of qualities as well as whether such a choice can be superior, in terms of profits, to product proliferation. The answer to both questions is positive and the last issue of this thesis is how market coverage is affected by such a strategy. (Abstract shortened by UMI.)

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Karam, Philippe Doumit. "Dynamic asset pricing models with incomplete markets and market frictions." Thesis, National Library of Canada = Bibliothèque nationale du Canada, 1998. http://www.collectionscanada.ca/obj/s4/f2/dsk3/ftp04/nq22471.pdf.

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Ortez, Amador Mario Amado. "Forecasting volatility in agricultural commodities markets considering market structural breaks." Thesis, Kansas State University, 2015. http://hdl.handle.net/2097/18995.

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Master of Science
Department of Agricultural Economics
Glynn Tonsor
This decade has seen movements in commodity futures markets never seen before. There are many factors that have intensified price movements and volatility behavior. Those factors likely altering supply and demand include governmental policy within and outside of the U.S, weather shocks, geopolitical conflicts, food safety concerns etc. Whatever the reasons are for price movements it is clear that the volatility behavior in commodity markets constantly change, and risk managers need to use current and efficient tools to mitigate price risk. This study identified market structural breaks of realized volatility in corn, wheat, soybeans, live cattle, feeder cattle and lean hogs futures markets. Furthermore, this study analyzes the forecasting performance of implied volatility, historical volatility, a composite approach and a naïve approach as forecasters of realized volatility. The forecasting performance of these methods was analyzed in the full period of time of our weekly data from January 1995 to April 2014 and in each identified market regime for each commodity. Previous research has analyzed forecasting performance of implied volatility, a time series alternative and a composite method. However, to the best of my knowledge, they have not worried about market structural breaks in the data that might influence the performance of the mentioned forecasting methods in different periods of time. Overall, results indicate that indeed there are multiple market structural breaks present in the volatility datasets across all six commodities. We found differences in the forecasting performance of the analyzed methods when individual market regimes were analyzed. There seems to be evidence that corroborates the idea in the literature about the superiority of implied volatility over a historical volatility, a composite approach and a naïve approach. Additionally, implied volatility encompassed all the information contained in the historical volatility and the naïve measure across each identified market regime in all six commodities. Our results show that when both implied volatility and historical volatility are available, the benefit of combining those measures into a composite forecasting approach is very limited. Our results hold true for a short term 1 week ahead realized volatility forecast. It would be of interest to see how results vary for longer forecasting time horizons.

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