Abstract: When consistently innovative business-models can
give companies a competitive advantage, longitudinal empirical
research, which can reflect dynamic business-model changes, has yet
to prove a definitive connection. This study consequently employs a
dynamic perspective in conjunction with innovation theory to examine
the relationship between the types of business-model innovation and
firm value. This study tries to examine various types of
business-model innovation in high-end and low-end technology
industries such as HTC and the 7-Eleven chain stores with research
periods of 14 years and 32 years, respectively. The empirical results
suggest that adopting radical business-model innovation in addition to
expanding new target markets can successfully lead to a competitive
advantage. Sustained advanced technological competences and
service/product innovation are the key successful factors in high-end
and low-end technology industry business-models respectively. In
sum up, the business-model innovation can yield a higher market value
and financial value in high-end technology industries than low-end
ones.
Abstract: Mobile banking services present a unique growth
opportunity for mobile operators in emerging markets, and have
already made good progress in bringing financial services to the
previously unbanked populations of many developing countries. The
potential is amazing, but what about the risks? In the complex
process of establishing a mobile banking business model, many kinds
of risks and factors need to be monitored and well-managed. Risk
identification is the first stage of risk management. Correct risk
identification ensures risk management effectiveness. Keeping the
risks low makes it possible to use the full potential of mobile banking
and carry out the planned business strategy. The focus should be on
adoption of consumers which is the main risk factor of mobile
banking services.
Abstract: Solar water heating (SWH) systems are gaining popularity in ASEAN in the midst of increasing number of affluent population in society and environmental concerns from seemingly unchanged reliance on fossil-based fuels. The penetration of these systems and technologies into ASEAN markets is a welcome development; however there is a need for the method of assessment of their thermal performances. This paper discusses the reasons for this need and a suitable method for thermal performance evaluation of SWH systems in ASEAN. The paper also calls on research to be focused on the establishment of reliable data to be entered into the performance rating software. The establishment of accredited solar systems testing facilities can help boost the competitiveness of ASEAN solar industry.
Abstract: When choosing marketing strategies for international markets, one of the factors that should be considered is the cultural differences that exist among consumers in different countries. If the branding strategy has to be contextual and in tune with the culture, then the brand positioning variables has to interact, adapt and respond to the cultural variables in which the brand is operating. This study provides an overview of the relevance of culture in the development of an effective branding strategy in the international business environment. Hence, the main objective of this study is to provide a managerial framework for developing strategies for cross cultural brand management. The framework is useful because it incorporates the variables that are important in the competitiveness of fast food enterprises irrespective of their size. It provides practical, proactive and result oriented analysis that will help fast food firms augment their strategies in the international fast food markets. The proposed framework will enable managers understand the intricacies involved in branding in the global fast food industry and decrease the use of 'trial and error' when entering into unfamiliar markets.
Abstract: This article stands in the context of rural communities
in Brazil, where, like many others emerging countries, the
overwhelming increasing markets and the overcrowded cities are
leaving behind informal settlements based on obsolete agricultural
economies and techniques. The pilot project for the community of
Goiabeira reflects the attempt to imagine a development model that
privileges the actual improvement of living conditions, the education
and training, the social inclusion and participation of the dwellers of
rural communities. Through the inclusion of operative public space,
the aim is for them to become self-sustaining, encouraging the use of
local resources for appropriate architectural, ecological and energy
technologies and devices, that are efficient, affordable and foster
community participation, in the respect of the surrounding
environment.
Abstract: Literature reveals that many investors rely on technical trading rules when making investment decisions. If stock markets are efficient, one cannot achieve superior results by using these trading rules. However, if market inefficiencies are present, profitable opportunities may arise. The aim of this study is to investigate the effectiveness of technical trading rules in 34 emerging stock markets. The performance of the rules is evaluated by utilizing White-s Reality Check and the Superior Predictive Ability test of Hansen, along with an adjustment for transaction costs. These tests are able to evaluate whether the best model performs better than a buy-and-hold benchmark. Further, they provide an answer to data snooping problems, which is essential to obtain unbiased outcomes. Based on our results we conclude that technical trading rules are not able to outperform a naïve buy-and-hold benchmark on a consistent basis. However, we do find significant trading rule profits in 4 of the 34 investigated markets. We also present evidence that technical analysis is more profitable in crisis situations. Nevertheless, this result is relatively weak.
Abstract: The study will search the level of existence of the
sweethearting in Saudi Arabia's Supermarkets in Riyadh.
Sweethearting occurs when frontline workers give unauthorized free
or uncounted goods and services to customer-s conspirators. The
store managers and /or security managers were asked about the
sweethearting that occurs in the supermarkets. The characteristics of
sweethearting in Riyadh stores were investigated. Two independent
variables were related to the report of sweethearting. These
independent variables are: The effect of store environment on
sweethearting and the security techniques and loss prevention
electronics techniques used. This study expected to shed the light
about the level of sweethearting in Saudi Arabia and the factors
behind it. This study will serve as an exploratory study for such
phenomenon in Saudi Arabia as well as both descriptive for the
characteristics of sweethearting and explanatory study to link
between the environmental and security systems factors to
sweethearting.
Abstract: In this paper a new approach for transmission pricing
is presented. The main idea is voltage angle allocation, i.e.
determining the contribution of each contract on the voltage angle of
each bus. DC power flow is used to compute a primary solution for
angle decomposition. To consider the impacts of system non-linearity
on angle decomposition, the primary solution is corrected in different
iterations of decoupled Newton-Raphson power flow. Then, the
contribution of each contract on power flow of each transmission line
is computed based on angle decomposition. Contract-related flows
are used as a measure for “extent of use" of transmission network
capacity and consequently transmission pricing. The presented
approach is applied to a 4-bus test system and IEEE 30-bus test
system.
Abstract: After the accounting scandals and the financial crisis, regulators have stressed the need for more financial experts on boards. Several studies conducted in countries with developed capital markets report positive effects of board financial competencies. As each country offers a different context and specific institutional factors this paper addresses the subject in the context of Romania. The Romanian capital market offers an interesting research field because of the heterogeneity of listed firms. After analyzing board members education based on public information posted on listed companies websites and their annual reports we found a positive association between the proportion of board members holding a postgraduate degree in financial fields and market based performance measured by Tobin q. We found also that the proportion of Board members holding degrees in financial fields is higher in bigger firms and firms with more concentrated ownership.
Abstract: This paper tries to shed light on the existence of a bank lending channel (BLC) in South Eastern European countries (SEE). Based on a VAR framework we test the responsiveness of credit supply to monetary policy shocks. By compiling a new data set and using the reserve requirement ratio, among others, as the policy instrument we measure the effectiveness of the BLC and the buffering effect of the banks in the SEE countries. The results indicate that loan supply is significantly affected by shifts in monetary policy, when demand factors are controlled. Furthermore, by analyzing the effect of the Greek banks in the region we conclude that Greek banks do buffer the negative effects of monetary policy transmission. By having a significant market share of the SEE-s banking markets we argue that Greek banks influence positively the economic growth of SEE countries.
Abstract: The interrelationship between international stock
markets has been a key study area among the financial market
researchers for international portfolio management and risk
measurement. The characteristics of security returns and their
dynamics play a vital role in the financial market theory. This study
is an attempt to find out the dynamic linkages among the equity
market of USA and emerging markets of Pakistan and India using
daily data covering the period of January 2003–December 2009. The
study utilizes Johansen (Journal of Economic Dynamics and Control,
12, 1988) and Johansen and Juselius (Oxford Bulletin of Economics
and Statistics, 52, 1990) cointegration procedure for long run
relationship and Granger-causality tests based on Toda and
Yamamoto (Journal of Econometrics, 66, 1995) methodology.
No cointegration was found among stock markets of USA, Pakistan
and India, while Granger-causality test showed the evidence of
unidirectional causality running from New York stock exchange to
Bombay and Karachi stock exchanges.
Abstract: The paper presents an applied study of a multivariate AR(p) process fitted to daily data from U.S. commodity futures markets with the use of Bayesian statistics. In the first part a detailed description of the methods used is given. In the second part two BVAR models are chosen one with assumption of lognormal, the second with normal distribution of prices conditioned on the parameters. For a comparison two simple benchmark models are chosen that are commonly used in todays Financial Mathematics. The article compares the quality of predictions of all the models, tries to find an adequate rate of forgetting of information and questions the validity of Efficient Market Hypothesis in the semi-strong form.
Abstract: In this paper, we propose a multiple objective optimization model with respect to portfolio selection problem for investors looking forward to diversify their equity investments in a number of equity markets. Based on Markowitz-s M-V model we developed a Fuzzy Mixed Integer Multi-Objective Nonlinear Programming Problem (FMIMONLP) to maximize the investors- future gains on equity markets, reach the optimal proportion of the budget to be invested in different equities. A numerical example with a comprehensive analysis on artificial data from several equity markets is presented in order to illustrate the proposed model and its solution method. The model performed well compared with the deterministic version of the model.
Abstract: The interdependences among stock market indices
were studied for a long while by academics in the entire world. The
current financial crisis opened the door to a wide range of opinions
concerning the understanding and measurement of the connections
considered to provide the controversial phenomenon of market
integration. Using data on the log-returns of 17 stock market indices
that include most of the CEE markets, from 2005 until 2009, our
paper studies the problem of these dependences using a new
methodological tool that takes into account both the volatility
clustering effect and the stochastic properties of these linkages
through a Dynamic Conditional System of Simultaneous Equations.
We find that the crisis is well captured by our model as it provides
evidence for the high volatility – high dependence effect.
Abstract: Many organisations are nowadays interested to adopt
lean manufacturing strategy that would enable them to compete in
this competitive globalisation market. In this respect, it is necessary
to assess the implementation of lean manufacturing in different
organisations so that the important best practices can be identified.
This paper describes the development of key areas which will be
used to assess the adoption and implementation of lean
manufacturing practices. There are some key areas developed to
evaluate and reduce the most optimal projects so as to enhance their
production efficiency and increase the purpose of the economic
benefits of the manufacturing unit.
Lean manufacturing is becoming lean enterprise by treating its
customers and suppliers as partners. This gives the extra edge in
today-s cost and time competitive markets. The organisation is
becoming strong in all the conventional competition points. They are
Price, Quality and Delivery. Lean enterprise owners can deliver high
quality products quickly, with low price.
Abstract: The Japanese integrative approach to social systems
can be observed in supply chain management as well as in the
relationship between public and private sectors. Both the Lean
Production System and the Developmental State Model are
characterized by efforts towards the achievement of mutual goals,
resulting in initiatives for capacity building which emphasize the
system level. In Brazil, although organizations undertake efforts to
build capabilities at the individual and organizational levels, the
system level is being neglected. Fieldwork data confirmed the findings
of other studies in terms of the lack of integration in supply chain
management in the Brazilian automobile industry. Moreover, due to
the absence of an active role of the Brazilian state in its relationship
with the private sector, automakers are not fully exploiting the
opportunities in the domestic and regional markets. For promoting a
higher level of economic growth as well as to increase the degree of
spill-over of technologies and techniques, a more integrative approach
is needed.
Abstract: The past decade has witnessed a good opportunities
for city development schemes in UK. The government encouraged
restoration of city centers to comprise mixed use developments with
high density residential apartments. Investments in regeneration areas
were doing well according to the analyses of Property Databank
(IPD). However, more recent analysis by IPD has shown that since
2007, property in regeneration areas has been more vulnerable to the
market downturn than other types of investment property. The early
stages of a property market downturn may be felt most in
regeneration where funding, investor confidence and occupier
demand would dissipate because the sector was considered more
marginal or risky when development costs rise. Moreover, the Bank
of England survey shows that lenders have sequentially tightened the
availability of credit for commercial real estate since mid-2007. A
sharp reduction in the willingness of banks to lend on commercial
property was recorded. The credit crunch has already affected
commercial property but its impact has been particularly severe in
certain kinds of properties where residential developments are
extremely difficult, in particular city centre apartments and buy-to-let
markets. Commercial property – retail, industrial leisure and mixed
use were also pressed, in Birmingham; tens of mixed use plots were
built to replace old factories in the heart of the city. The purpose of
these developments was to enable young professionals to work and
live in same place. Thousands of people lost their jobs during the
recession, moreover lending was more difficult and the future of
many developments is unknown. The recession casts its shadow upon
the society due to cuts in public spending by government, Inflation,
rising tuition fees and high rise in unemployment generated anger and
hatred was spreading among youth causing vandalism and riots in
many cities. Recent riots targeted many mixed used development in
the UK where banks, shops, restaurants and big stores were robbed
and set into fire leaving residents with horror and shock. This paper
examines the impact of the recession and riots on mixed use
development in UK.
Abstract: The purpose of this article is to analyze the market structure as well as the degree of concentration in insurance markets in new EU member states. The analysis was conducted using several most commonly used concentration indicators such as concentration ratio, Herfindahl-Hirschman index and entropy index. These indicators were calculated for the 2000-2010 period on the basis of total gross written premium as the most relevant indicator of market power in insurance markets. The results of the analysis showed that in all observed countries the level of concentration decreased, though with significantly different intensity. Yet, in some countries, the level of concentration remains very high.
Abstract: This research sought to discover the forms of
promotion and dissemination of traditional local wisdom that are
used to create occupations among the elderly at Noanmueng
Community, Muang Sub-District, Baan Doong District, Udornthani
Province. The criteria used to select the research sample group were:
having a role involved in the promotion and dissemination of
traditional local wisdom to create occupations among the elderly;
being an experienced person who the residents of Noanmueng
Community find trustworthy; and having lived in Noanmueng
Community for a long time so as to be able to see the development
and change that occurs. A total of 16 persons were thus selected. Data
was gathered through a qualitative study, using semi-structured indepth
interviews. The collected data was then summarized and
discussed according to the research objectives. Finally, the data was
presented in narrative format. Results found that the identifying
traditional local wisdom of the community (which grew from the
residents’ experience and beneficial usage in daily life, passed down
from generation to generation) was the weaving of cloth and
basketry. As for the manner of promotion and dissemination of
traditional local wisdom, these skills were passed down through
teaching by example to family members, relatives and others in the
community. This was largely the initiative of the elders or elderly
members of the community. In order for the promotion and
dissemination of traditional local wisdom to create occupations
among the elderly, the traditional local wisdom should be supported
in every way through participation of the community members. For
example, establish a museum of traditional local wisdom for the
collection of traditional local wisdom in various fields, both from the
past and present innovations. This would be a source of pride for the
community, simultaneously helping traditional local wisdom to
become widely known and to create income for the community’s
elderly. Additional ways include organizing exhibitions of products
made by traditional local wisdom, finding both domestic and
international markets, as well as building both domestic and
international networks aiming to find opportunities to market
products made by traditional local wisdom.
Abstract: The daily growing use of agents in software environments, because of many reasons such as independence and intelligence is not a secret anymore. One of such environments in which there is a prominent job for the agents would be emarketplaces in which a user is able to give those agents the responsibility of buying and selling, instead of searching the emarketplace himself. Making up a framework which has sufficient attention to the required roles and their relations, is the first step of achieving such e-markets. In this paper, we suggest a framework in order to establish such e-markets and we will continue investigating the roles such as seller or buyer and the relations in JADE environment in details.