Abstract: The paper outlines the drivers behind the movement
from products to solutions in the Hi-Tech Business-to-Business
markets. The paper lists out the challenges in enabling the
transformation from products to solutions and also attempts to explore
strategic and operational recommendations based on the authors-
factual experiences with Japanese Hi-tech manufacturing
organizations. Organizations in the Hi-Tech Business-to-Business
markets are increasingly being compelled to move to a solutions model
from the conventional products model. Despite the added complexity
of solutions, successful technology commercialization can be achieved
by making prudent choices in defining a relevant solutions model, by
backing the solution model through appropriate organizational design,
and by overhauling the new product development process and
supporting infrastructure.
Abstract: This paper tests the level of market integration between Malaysia and Singapore stock markets with the world market. Kalman Filter (KF) methodology is used on the International Capital Asset Pricing Model (ICAPM) and the pricing errors estimated within the framework of ICAPM are used as a measure of market integration or segmentation. The advantage of the KF technique is that it allows for time-varying coefficients in estimating ICAPM and hence able to capture the varying degree of market integration. Empirical results show clear evidence of varying degree of market integration for both case of Malaysia and Singapore. Furthermore, the results show that the changes in the level of market integration are found to coincide with certain economic events that have taken placed. The findings certainly provide evidence on the practicability of the KF technique to estimate stock markets integration. In the comparison between Malaysia and Singapore stock market, the result shows that the trends of the market integration indices for Malaysia and Singapore look similar through time but the magnitude is notably different with the Malaysia stock market showing greater degree of market integration. Finally, significant evidence of varying degree of market integration shows the inappropriate use of OLS in estimating the level of market integration.
Abstract: The article deals with dividends and their distribution from investors from a theoretical point of view. Some studies try to analyzed the reaction of the market on the dividend announcement and found out the change of dividend policy is associated with abnormal returns around the dividend announcement date. Another researches directly questioned the investors about their dividend preference and beliefs. Investors want the dividend from many reasons (e.g. some of them explain the dividend preference by the existence of transaction cost; investors prefer the dividend today, because there is less risky; the managers have private information about the firm). The most controversial theory of dividend policy was developed by Modigliani and Miller (1961) who demonstrated that in the perfect and complete capital markets the dividend policy is irrelevant and the value of the company is independent of its payout policy. Nevertheless, in the real world the capital markets are imperfect, because of asymmetric information, transaction costs, incomplete contracting possibilities and taxes.
Abstract: Sweet potato products are necessary for the provision
of essential nutrients in every household, regardless of their poverty
status. Their consumption appears to be highly influenced by socioeconomic
factors, such as malnutrition, food insecurity and
unemployment. Therefore, market availability is crucial for these
cultivars to resolve some of the socio-economic factors. The aim of
the study was to investigate market availability of sweet potato
cultivars in the North West Province. In this study, both qualitative
and quantitative research methodologies were used. Qualitative
methodology was used to explain the quantitative outcomes of the
variables. On the other hand, quantitative results were used to test the
hypothesis. The study used SPSS software to analyse the data. Crosstabulation
and Chi-square statistics were used to obtain the
descriptive and inferential analyses, respectively. The study found
that the Blesbok cultivar is dominating the markets of the North West
Province, with the Monate cultivar dominating in the Bojanala
Platinum (75%) and Dr Ruth Segomotsi Mompati (25%) districts. It
is also found that a unit increase in the supply of sweet potato
cultivars in both local and district municipal markets is accompanied
by a reduced demand of 28% and 33% at district and local markets,
respectively. All these results were found to be significant at p
Abstract: During the last few decades in the academic field, the
debate has increased on the effects of social geography on the
opportunities of socioeconomic integration. On one hand, it has been
discussed how the contents of the urban structure and social
geography affect not only the way people interact, but also their
chances of social and economic integration. On the other hand, it has
also been discussed how the urban structure is also constrained and
transformed by the action of social actors. Without questioning the
powerful influence of structural factors, related to the logic of the
production system, labor markets, education and training, the
research has shown the role played by place of residence in shaping
individual outcomes such as unemployment. In the context of this
debate the importance of territory of residence with respect to the
problem of unemployment has been highlighted.
Although statistics of unemployment have already demonstrated
the unequal incidence of the phenomenon in social groups, the issue
of uneven territorial impact on the phenomenon at intra-urban level
remains relatively unknown.
The purpose of this article is to show and to interpret the spatial
patterns of unemployment in the city of Porto using GIS (Geographic
Information System - GIS) technology. Under this analysis the
overlap of the spatial patterns of unemployment with the spatial
distribution of social housing, allows the discussion of the
relationship that occurs between these patterns and the reasons that
might explain the relative immutability of socioeconomic problems in
some neighborhoods.
Abstract: This research examines possible effects of climatic
change focusing on global warming and its impacts on world
agricultural product markets, by using a world food model developed
to consider climate changes. GDP and population for each scenario
were constructed by IPCC and climate data for each scenario was
reported by the Hadley Center and are used in this research to consider
results in different contexts. Production and consumption of primary
agriculture crops of the world for each socio-economic scenario are
obtained and investigated by using the modified world food model.
Simulation results show that crop production in some countries or
regions will have different trends depending on the context. These
alternative contexts depend on the rate of GDP growth, population,
temperature, and rainfall. Results suggest that the development of
environment friendly technologies lead to more consumption of food
in many developing countries. Relationships among environmental
policy, clean energy development, and poverty elimination warrant
further investigation.
Abstract: Underpricing is one anomaly in initial public offerings
(IPO) literature that has been widely observed across different stock
markets with different trends emerging over different time periods.
This study seeks to determine how IPOs on the JSE performed on the
first day, first week and first month over the period of 1996-2011.
Underpricing trends are documented for both hot and cold market
periods in terms of four main sectors (cyclical, defensive, growth
stock and interest rate sensitive stocks). Using a sample of 360 listed
companies on the JSE, the empirical findings established that IPOs
on the JSE are significantly underpriced with an average market
adjusted first day return of 62.9%. It is also established that hot
market IPOs on the JSE are more underpriced than the cold market
IPOs. Also observed is the fact that as the offer price per share
increases above the median price for any given period, the level of
underpricing decreases substantially. While significant differences
exist in the level of underpricing of IPOs in the four different sectors
in the hot and cold market periods, interest rates sensitive stocks
showed a different trend from the other sectors and thus require
further investigation to uncover this pattern.
Abstract: If price and quantity are the fundamental building
blocks of any theory of market interactions, the importance of trading
volume in understanding the behavior of financial markets is clear.
However, while many economic models of financial markets have
been developed to explain the behavior of prices -predictability,
variability, and information content- far less attention has been
devoted to explaining the behavior of trading volume. In this article,
we hope to expand our understanding of trading volume by
developing a new measure of herding behavior based on a cross
sectional dispersion of volumes betas. We apply our measure to the
Toronto stock exchange using monthly data from January 2000 to
December 2002. Our findings show that the herd phenomenon
consists of three essential components: stationary herding, intentional
herding and the feedback herding.
Abstract: This paper aims to present the main instruments used
in the economic literature for measuring the price risk, pointing out
on the advantages brought by the conditional variance in this respect.
The theoretical approach will be exemplified by elaborating an
EGARCH model for the price returns of wheat, both on Romanian
and on international market. To our knowledge, no previous
empirical research, either on price risk measurement for the
Romanian markets or studies that use the ARIMA-EGARCH
methodology, have been conducted. After estimating the
corresponding models, the paper will compare the estimated
conditional variance on the two markets.
Abstract: This paper is to explore the relationship and the level
of stock market integration of the Asian countries, primarily
concentrating on Malaysia, Thailand, Indonesia, and South Korea,
with the world from January 1997 to December 2009. The degree of
short-run and long-run stock market integration of those Asian
countries are analyzed in order to determine the significance of series
of regional and world financial crises, liberalization policies and
other financial reforms in influencing the level of stock market
integration. To test for cointegration, this paper applies coefficient
correlation, univariate regression analyses, cointegration tests, and
vector autoregressive models (VAR) by using the four Asian stock
markets main indices and the MSCI World index. The empirical
findings from this work reveal that there is no long-run stock market
integration for the four countries and the world market. However,
there is short run integration.
Abstract: In this paper, we apply the FM methodology to the
cross-section of Romanian-listed common stocks and investigate the
explanatory power of market beta on the cross-section of commons
stock returns from Bucharest Stock Exchange. Various assumptions
are empirically tested, such us linearity, market efficiency, the “no
systematic effect of non-beta risk" hypothesis or the positive
expected risk-return trade-off hypothesis. We find that the Romanian
stock market shows the same properties as the other emerging
markets in terms of efficiency and significance of the linear riskreturn
models. Our analysis included weekly returns from January
2002 until May 2010 and the portfolio formation, estimation and
testing was performed in a rolling manner using 51 observations (one
year) for each stage of the analysis.
Abstract: The higher compounded growth rates coupled with
favourable demographics in emerging markets portend abundant
opportunities for multinational organizations. With many
organizations competing for talent in these growing markets, their
ability to succeed will depend on their understanding of local
workforce needs and aspirations. Using data from the Towers Watson
2010 Global Workforce Study, this paper highlights differences in
employee engagement, turnover risks, and attraction and retention
drivers between the two markets. Apart from looking at the
traditional drivers of employee engagement, the study also explores
the value placed by employees on elements like a strong senior
leadership, managerial capabilities and career advancement
opportunities. Results reveal that emerging markets employees seem
to be more engaged and value the non-traditional elements more
highly than the developed markets employees.
Abstract: In the supply chain management customer is the most
significant component and mass customization is mostly related to
customers because it is the capability of any industry or organization
to deliver highly customized products and its services to the
respective customers with flexibility and integration, providing such
a variety of products that nearly everyone can find what they want.
Today all over the world many companies and markets are facing
varied situations that at one side customers are demanding that their
orders should be completed as quickly as possible while on other
hand it requires highly customized products and services. By
applying mass customization some companies face unwanted cost
and complexity. Now they are realizing that they should completely
examine what kind of customization would be best suited for their
companies. In this paper authors review some approaches and
principles which show effect in supply chain management that can be
adopted and used by companies for quickly meeting the customer
orders at reduced cost, with minimum amount of inventory and
maximum efficiency.
Abstract: The role of knowledge is a determinative factor in the
life of economy and society. To determine knowledge is not an easy
task yet the real task is to determine the right knowledge. From this
view knowledge is a sum of experience, ideas and cognitions which
can help companies to remain in markets and to realize a maximum
profit. At the same time changes of circumstances project in advance
that contents and demands of the right knowledge are changing. In
this paper we will analyse a special segment on the basis of an
empirical survey. We investigated the behaviour and strategies of
small and medium sized enterprises (SMEs) in the area of
knowledge-handling. This survey was realized by questionnaires and
wide range statistical methods were used during processing. As a
result we will show how these companies are prepared to operate in a
knowledge-based economy and in which areas they have prominent
deficiencies.
Abstract: Model Predictive Control (MPC) is an established control
technique in a wide range of process industries. The reason for
this success is its ability to handle multivariable systems and systems
having input, output or state constraints. Neverthless comparing to
PID controller, the implementation of the MPC in miniaturized
devices like Field Programmable Gate Arrays (FPGA) and microcontrollers
has historically been very small scale due to its complexity in
implementation and its computation time requirement. At the same
time, such embedded technologies have become an enabler for future
manufacturing enterprisers as well as a transformer of organizations
and markets. In this work, we take advantage of these recent advances
in this area in the deployment of one of the most studied and applied
control technique in the industrial engineering. In this paper, we
propose an efficient firmware for the implementation of constrained
MPC in the performed STM32 microcontroller using interior point
method. Indeed, performances study shows good execution speed
and low computational burden. These results encourage to develop
predictive control algorithms to be programmed in industrial standard
processes. The PID anti windup controller was also implemented in
the STM32 in order to make a performance comparison with the
MPC. The main features of the proposed constrained MPC framework
are illustrated through two examples.
Abstract: Semantic Web Technologies enable machines to
interpret data published in a machine-interpretable form on the web.
At the present time, only human beings are able to understand the
product information published online. The emerging semantic Web
technologies have the potential to deeply influence the further
development of the Internet Economy. In this paper we propose a
scenario based research approach to predict the effects of these new
technologies on electronic markets and business models of traders
and intermediaries and customers. Over 300 million searches are
conducted everyday on the Internet by people trying to find what
they need. A majority of these searches are in the domain of
consumer ecommerce, where a web user is looking for something to
buy. This represents a huge cost in terms of people hours and an
enormous drain of resources. Agent enabled semantic search will
have a dramatic impact on the precision of these searches. It will
reduce and possibly eliminate information asymmetry where a better
informed buyer gets the best value. By impacting this key
determinant of market prices semantic web will foster the evolution
of different business and economic models. We submit that there is a
need for developing these futuristic models based on our current
understanding of e-commerce models and nascent semantic web
technologies. We believe these business models will encourage
mainstream web developers and businesses to join the “semantic web
revolution."
Abstract: Bicycle configuration is not as large as those of motorcycles or automobiles, while it indeed composes a complicated dynamic system. People-s requirements on comfortability, controllability and safety grow higher as the research and development technologies improve. The shock absorber affects the vehicle suspension performances enormously. The absorber takes the vibration energy and releases it at a suitable time, keeping the wheel under a proper contact condition with road surface, maintaining the vehicle chassis stability. Suspension design for mountain bicycles is more difficult than that of city bikes since it encounters dynamic variations on road and loading conditions. Riders need a stiff damper as they exert to tread on the pedals when climbing, while a soft damper when they descend downhill. Various switchable shock absorbers are proposed in markets, however riders have to manually switch them among soft, hard and lock positions. This study proposes a novel design of the bicycle shock absorber, which provides automatic smooth tuning of the damping coefficient, from a predetermined lower bound to theoretically unlimited. An automatic quick releasing valve is involved in this design so that it can release the peak pressure when the suspension fork runs into a square-wave type obstacle and prevent the chassis from damage, avoiding the rider skeleton from injury. This design achieves the automatic tuning process by innovative plunger valve and fluidic passage arrangements without any electronic devices. Theoretical modelling of the damper and spring are established in this study. Design parameters of the valves and fluidic passages are determined. Relations between design parameters and shock absorber performances are discussed in this paper. The analytical results give directions to the shock absorber manufacture.
Abstract: A research effort to find the reality of the business of Japan-s software globalization of enterprise-level business software systems has found that while the number of Japan-made enterpriselevel software systems is comparable with those of the other G7 countries, the business is limited to the East and Southeast Asian markets. This indicates that this business has a problem in the European and USA markets. Based on the knowledge that the research has established, the research concludes that the communication problems arise from the lack of individualists' communication styles and foreign language skills in Japan's software globalization is compensated by similarities in certain Japanese cultural factors and Japan's cultural power in the East and Southeast Asian markets and that this business does not have this compensation factor in the European and American markets due to dissimilarities and no cultural power.
Abstract: To strengthen the capital market, there is a need to
integrate the capital markets within the region by removing legal or informal restriction, specifically, stock market liberalization. Thus the paper is to investigate the effects of the subsequent stock market liberalization on stock market integration in 4 ASEAN countries (Malaysia, Indonesia, Thailand, Singapore) and Korea from 1997 to 2007. The correlation between stock market liberalization and stock
market integration are to be examined by analyzing the stock prices
and returns within the region and in comparison with the world
MSCI index. Event study method is to be used with windows of ±12
months and T-7 + T. The results show that the subsequent stock
market liberalization generally, gives minor positive effects to stock
returns, except for one or two countries. The subsequent
liberalization also integrates the markets short-run and long-run.
Abstract: Fermented cassava flours (lafun) sold in Ogun and Oyo
States of Nigeria were collected from 10 markets for a period of two
months and analysed to determine their safety status. The presence of
trace metals was due to high vehicular movement around the drying
sites and markets. Cyanide and moisture contents of samples were
also determined to assess the adequacy of fermentation and drying.
The result showed that sample OWO was found to have the highest
amount of 16.02±0.12mg/kg cyanide while the lowest was found in
sample OJO with 10.51±0.10mg/kg. The results also indicated that
sample TVE had the highest moisture content of 18.50±0.20% while
sample OWO had the lowest amount of 12.46±0.47%. Copper and
lead levels were found to be highest in TVE with values 28.10mg/kg
and 1.1mg/kg respectively, while sample BTS had the lowest values
of 20.6mg/kg and 0.05mg/kg respectively. High value of cyanide
indicated inadequate fermentation.