Search results for: market management

Authors: Algia Hammami, Abdelfatteh Bouri

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In this work, our objective is to study the transmission of volatility between oil and stock markets in developed (USA, Germany, Italy, France and Japan) and emerging countries (Tunisia, Thailand, Brazil, Argentina, and Jordan) for the period 1998-2015. Our methodology consists of analyzing the monthly data by the GARCH-BEKK model to capture the effect in terms of volatility in the variation of the oil price on the different stock market. The empirical results in the emerging countries indicate that the relationships are unidirectional from the stock market to the oil market. For the developed countries, we find that the transmission of volatility is unidirectional from the oil market to stock market. For the USA and Italy, we find no transmission between the two markets. The transmission is bi-directional only in Thailand. Following our estimates, we also noticed that the emerging countries influence almost the same extent as the developed countries, while at the transmission of volatility there a bid difference. The GARCH-BEKK model is more effective than the others versions to minimize the risk of an oil-stock portfolio.

Keywords: GARCH, oil prices, stock market, volatility transmission

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Authors: Shobhit Mittal

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Headcount budgeting stands as a pivotal element in organizational financial management, extending beyond traditional budgeting to encompass strategic resource allocation for workforce-related expenses. This process is integral to maintaining financial stability and fostering a productive workforce, requiring a comprehensive analysis of factors such as market trends, business growth projections, and evolving workforce skill requirements. It demands a collaborative approach, primarily involving Human Resources (HR) and finance departments, to align workforce planning with an organization's financial capabilities and strategic objectives. The dynamic nature of headcount budgeting necessitates continuous monitoring and adjustment in response to economic fluctuations, business strategy shifts, technological advancements, and market dynamics. Its significance in talent management is also highlighted, aligning financial planning with talent acquisition and retention strategies to ensure a competitive edge in the market. The consequences of incorrect headcount budgeting are explored, showing how it can lead to financial strain, operational inefficiencies, and hindered strategic objectives. Examining case studies like IBM's strategic workforce rebalancing and Microsoft's shift for long-term success, the importance of aligning headcount budgeting with organizational goals is underscored. These examples illustrate that effective headcount budgeting transcends its role as a financial tool, emerging as a strategic element crucial for an organization's success. This necessitates continuous refinement and adaptation to align with evolving business goals and market conditions, highlighting its role as a key driver in organizational success and sustainability.

Keywords: strategic planning, fiscal budget, headcount planning, resource allocation, financial management, decision-making, operational efficiency, risk management, headcount budget

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Authors: Fahad Ahmed Qureshi

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There were abundant renowned financial markets in Pre-Islamic Arabs. Most of those were patterned and settled during pre-particularized sunshine. Those markets were classified either as vernacular markets helping the neighboring clans, or habitual markets that people sojourned to from all articulations of the Arabian Peninsula, such as Okaz near Mecca. Some of those markets had leading significance due to their geographical positions, such as Prime market of Eden, because of their entanglement in international trade i.e. with the markets of Sub-Continent, Abyssinia, Persia and China. Other markets such as Market of Yamamah annex its gist from being situated on the caravan crossroads. Islamic worldview and Islamic epistemology base of Financial Market’s realistic theory, pragmatic model and operative approach is moderately constrained in terms of its growth. The existent situation only parasol the form of accommodative-modification and splendid-methodologies, which due to depleted and decorous endeavor in explaining Islamic financial market theoretically. This is the demand of time that particular studies should be conduct to magnify the devours in developing theoretical framework for Islamic Financial Market.

Keywords: Islam, financial market, history, research, product development

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Authors: Jagoda Przybysz

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The main objective of this paper is to provide a comprehensive description of the immigrants in Poland, especially situation at the labour market. The paper will provide descriptive information on the composition of immigrants in Poland, and how this has changed over time, their socio-economic characteristics, their industry allocation and their labour market outcomes. Then we will investigate various labour market performance indicators (labour force participation, employment, wages and self-employment) for immigrants of different origins based on reached statistics. Individual interviews with immigrants will indicate areas of problems of living in Poland, mostly on labour market. The article shows that immigrants from some ethnic minority groups are more active in selected sectors of labour market. The empirical basis for the work related to the situation on the labor market of foreigners who came to the Poland and live in Lodz. The studies assumed that foreigners work in Poland and operate in different ways being integrated / excluded in varying degrees. Theoretical framework for analysis are: concepts of inclusion and exclusion, the concept of a dual labour market and the concept of social anchors. Completed in the 2014-2016, a pilot study (The forms of individual interviews) with 32 foreigners arrived in the last decade to Lodz. Preliminary studies have enabled the formulation of research issues and have set the future direction of research revealing to the personal experiences of respondents, a group of factors hindering integration and exclusion areas.

Keywords: foreigners, immigrants, labour market, migration, Poland

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Authors: Cheng Fang Hsu

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Call center is the core of building customer relationship management system. Under the strong competitive stress, it becomes a new profiting challenge for a successful enterprise. Call center is a department not only to provide customer service but also to bring business profit. This is the qualitative case study in Taiwan bank service industry which goes on deeper exploration, and analysis by business interviews and industrial analysis. This study starts from the establishment, development, and management after the reforming of the case call center. Through SWOT analysis, and industrial analysis, this study adopted 7S model to explain how the call center reforms from service oriented to profit oriented and from cost management to profit management. The results indicated how service innovation management promotes call center to be operated as a market profit competition center. The recommendations are indicated to support the call center on marketing profit by service innovation management.

Keywords: call center, 7S model, service innovation management, bioinformatics

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Authors: Muhammad Ilham Agus Salim, Muhammad Ikbal

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The ASEAN Economic Community (AEC) was set up in 2003 with the objectives of creating a single market and production base, enhancing equitable economic development as well as facilitating the integration into the global economy. The AEC involves liberalization and facilitation of trade in goods, skilled labour, services, and investment, as well as protection and promotion of investment. The thesis outlines the AEC Blueprint actions in scope of globalization of investment and capital market. Free flows of investment and freer flows of capital market urge countries in South East Asia to coordinate and to collaborate in securing the interest of public, and this leads to the importance of financial services authorities in ASEAN to prepare the mechanism of guarding the flows of investment. There is no exception, especially for Indonesian Financial Services Authority (OJK) as one of the authorized body in capital market supervision, to enforce its authorities as supervisory body.

Keywords: AEC blueprint, OJK, capital market, integration

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Authors: Tomasz L. Nawrocki, Danuta Szwajca

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The growing importance of reputation in building enterprise value and achieving long-term competitive advantage creates the need for its measurement and evaluation for the management purposes (effective reputation and its risk management). The paper presents practical application of self-developed corporate reputation assessment model from the viewpoint of stock market investors. The model has a pioneer character and example analysis performed for selected industry is a form of specific test for this tool. In the proposed solution, three aspects - informational, financial and development, as well as social ones - were considered. It was also assumed that the individual sub-criteria will be based on public sources of information, and as the calculation apparatus, capable of obtaining synthetic final assessment, fuzzy logic will be used. The main reason for developing this model was to fulfill the gap in the scope of synthetic measure of corporate reputation that would provide higher degree of objectivity by relying on "hard" (not from surveys) and publicly available data. It should be also noted that results obtained on the basis of proposed corporate reputation assessment method give possibilities of various internal as well as inter-branch comparisons and analysis of corporate reputation impact.

Keywords: corporate reputation, fuzzy logic, fuzzy model, stock market investors

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Authors: Damien Kunjal, Faeezah Peerbhai

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Despite the increasing popularity of exchange-traded funds (ETFs), ETF investment choices may not always be rational. Excess trading volume, misevaluations of securities, and excess return volatility present in financial markets can be attributed to the influence of the overconfidence bias. Whilst previous research has explored the overconfidence bias in stock markets; this study focuses on trading in ETF markets. Therefore, the objective of this study is to investigate the presence of investor overconfidence in the South African ETF market. Using vector autoregressive models, the lead-lag relationship between market turnover and the market return is examined for the market of South African ETFs tracking domestic benchmarks and for the market of South African ETFs tracking international benchmarks over the period November 2000 till August 2019. Consistent with the overconfidence hypothesis, a positive relationship between current market turnover and lagged market return is found for both markets, even after controlling for market volatility and cross-sectional dispersion. This relationship holds for both market and individual ETF turnover suggesting that investors are overconfident when trading in South African ETFs tracking domestic benchmarks and South African ETFs tracking international benchmarks since trading activity depends on past market returns. Additionally, using the global recession as a structural break, this study finds that investor overconfidence is more pronounced after the global recession suggesting that investors perceive ETFs as risk-reducing assets due to their diversification benefits. Overall, the results of this study indicate that the overconfidence bias has a significant influence on ETF investment choices, therefore, suggesting that the South African ETF market is inefficient since investors’ decisions are based on their biases. As a result, the effect of investor overconfidence can account for the difference between the fair value of ETFs and its current market price. This finding has implications for policymakers whose responsibility is to promote the efficiency of the South African ETF market as well as ETF investors and traders who trade in the South African ETF market.

Keywords: exchange-traded fund, market return, market turnover, overconfidence, trading activity

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Authors: Adela Mariana Vadastreanu, Adrian Bot, Andreea Maier, Dorin Maier

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This paper approaches the need for innovation management in the context of an existing integrated management system implemented in an organization. The road to success for companies in today’s economic environment is more demanding than ever and the capacity of adapting to the rapid changes is compensatory in order to resist on the market. The managers struggle, daily, with increasingly complex problems, caused by fierce competition in the market but also from the rising demands of customers. Innovation seems to be the solution for these problems. During the last decade almost all companies have been certificated according to various management systems, like quality management system, environmental management system, health and safety management system and others; furthermore many companies have implemented an integrated management system, by integrating two or more management systems. The problem rising today is how to integrate innovation in this integrated management systems. The challenge of the problem is that the development of an innovation management system is in the early phase. In this paper we have studied the possibility of integrating some of the innovation request in an existing management system, we have identify the innovation performance request and we proposed some recommendations regarding innovation management and its implementation as a part of an integrated management system. This paper lies down the bases for developing an model of integration management systems that include innovation as a main part of it. Organizations are becoming more aware of the importance of Integrated Management Systems (IMS). Integrating two or more management systems into an integrated management system can have much advantages.This paper examines various models of management systems integration in accordance with professional references ISO 9001, ISO 18001 and OHSAS 18001, highlighting strengths and weaknesses, creating a basis for future development of integrated management systems, and their involvement in various other processes within the organization, such as innovation management. The more and more demanding economic context emphasizes the awareness of the importance of innovation for organizations. This paper highlights the importance of the innovation for an organization and also gives some practical solution in order to improve the overall success of the business through a better approach of innovation. Various standards have been developed in order to certificate organizations that they respect the requirements. Applying an integrated standards model is shown to be a more effective way then applying the standards independently. The problem that arises is that in order to adopt the integrated version of standards there have to be made some changes at the organizational level. Every change that needs to be done has an effect on its activity, and in this sense the paper tries to deal with the changes needed for adopting an integrated management system and if those changes have an influence over the performance. After the analysis of the results, we can conclude that in order to improve the performance a necessary step is the implementation of innovation in the existing integrated management system.

Keywords: innovation, integrated management systems, innovation management, quality

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Authors: Edwin Njoroge Kimani, Alan M. Munyao

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Despite Kenya’s status as a regional economic powerhouse, it struggles with economic shocks that expose the consumers. This, however, seems not to affect major cooperates such as those in the telecommunication and energy sectors. Through their operations, they have not only been able to fluctuate prices at will but also they have been accused of curtailing their rivals from penetrating the market. This study, through literature review of the legal and institutional framework, reports and publications interrogates the law and uncovers the following; i) failings of the legal framework to define market dominance and abuse of such positions, ii) the participation of the state, iii) the inertia of the government to prosecute corporations that abuse their market dominance, iv) the role of the state as a market player and as a regulator through the Competition Authority of Kenya. This study concludes that the market distortion is as a result of weak legal and institutional framework as well as conflict of interest by the government. Not much has been researched in the field of competition law the greater East Africa. This research is intended to form part of the growing research in the field and inform legal reform.

Keywords: competition law, economic power, dominance, Kenya

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Authors: Marianna Russo

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Ageing population and youth unemployment are the major challenges that Western Countries – and Italy in particular – are facing in recent years. These phenomena have a significant impact not only on the labour market and the welfare system, but also on the organisational models of work. Therefore, in Italy, in the past few years, there have been some attempts to regulate the management of generational turn-over: intergenerational pacts, early retirement incentives, solidarity contracts, etc. In particular, this paper aims to focus on the expansive solidarity contracts, that were introduced in the Italian legal system for the first time in 1984. Indeed, they have been little used during the thirty years of their lives, so the Legislative Decree no. 148/2015, implementing the so-called Jobs Act, has given them another opportunity. The paper tries to analyse the rules and the empirical data, looking for a sustainable model of generational turn-over management.

Keywords: ageing population, generational turn-over, Italian jobs' act, solidarity contracts

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Authors: C. Asarkaya, S. Z. Siretioglu Girgin

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Turkish migrants constitute the largest group among people with migration background living in Germany. Turkish women’s labor market participation is of significant importance for their social and economic integration to the German society. This paper thus aims to investigate their labor market positions. Turkish migrant women participate less in the labor market compared to men, and are responsible for most of the housework, child care, and elderly care. This is due to their traditional roles in the family, educational level, insufficient knowledge of German language, and insufficient professional experience. We strongly recommend that wide-reaching integration policies for women are formulated, so as to encourage participation of not only migrant women but also their husbands, fathers and/or brothers, and natives.

Keywords: empowerment, Germany, labor market, migration, Turkish, women

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Authors: Peng Lu, Liu Ting

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Because of the difficulty of financing from the external capital market, the reorganization and merger of private enterprises have formed a family group, seeking the help of the internal capital market to alleviate the capital demand. However, the inefficiency of the internal capital market can damage the effect it should have played, and even hinder the development of enterprises. This paper takes the "Tomorrow Group" as the research object to carry on the case analysis. After using the improved cash flow sensitivity coefficient to measure the efficiency of the internal capital market of Tomorrow Group, the inefficiency phenomenon is found. Then the analysis reveals that the reasons for its inefficiency include that the pyramidal equity structure is conducive to control, the separation of cash flow rights and control rights, the concentration of equity leads to poor balance, the abandonment of real industries and information asymmetry.

Keywords: tomorrow group, internal capital market, related-party transactions, Baotou tomorrow technology Co., LTD

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Authors: Gultekin Gurcay

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In this paper, effects and responses of stock were analyzed. This analysis was done periodically. The dimensions of the financial crisis impact on the stock market were investigated by GARCH model. In this context, S&P 500 stock market is modeled with DAX, NIKKEI and BIST100. In this way, The effects of the changing in S&P 500 stock market were examined on European and Asian stock markets. Conditional variance coefficient will be calculated through garch model. The scope of the crisis period, the conditional covariance coefficient will be analyzed comparatively.

Keywords: conditional variance coefficient, financial crisis, garch model, stock market

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Authors: Tarik Bazgour, Cedric Heuchenne, Danielle Sougne

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We examine time variation in the market beta of portfolios sorted on quality, liquidity level and liquidity beta characteristics across stock market phases. Using US stock market data for the period 1970-2010, we find, first, the US stock market was driven by four regimes. Second, during the crisis regime, low (high) quality, high (low) liquidity beta and illiquid (liquid) stocks exhibit an increase (a decrease) in their market betas. This finding is consistent with the flight-to-quality and liquidity phenomena. Third, we document the same pattern across stocks when the market volatility is low. We argue that, during low volatility times, investors shift their portfolios towards low quality and illiquid stocks to seek portfolio gains. The pattern observed in the tranquil regime can be, therefore, explained by a flight-to-low-quality and to illiquidity. Finally, our results reveal that liquidity level is more important than liquidity beta during the crisis regime.

Keywords: financial crises, quality, liquidity, liquidity risk, regime-switching models

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Authors: Deeksha Arora

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The study aims to explore the applicability of the widely used asset pricing models, namely, Capital Asset Pricing Model (CAPM) and the Fama-French Four Factor Model in the Indian equity market. The study will be based on the companies that form part of the Nifty Fifty Index for a period of five years: 2011 to 2016. The asset pricing model is examined by forming portfolios on the basis of three variables – market capitalization (size effect), book-to-market equity ratio (value effect) and profitability. The study provides a basis to test the presence of the Fama-French Four factor model in Indian stock market. This study may provide a basis for future research in the generalized asset pricing model comprising of multiple risk factors.

Keywords: book to market equity, Fama French four factor model, market capitalization, profitability, size effect, value effect

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Authors: Mohammad A. R. S. Almutairi

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This study will provide the introduction that constitutes the problem cornerstone of legal disputes of disclosure and transparency under Kuwaiti Capital market authority Law No. 7 of 2010. It also will discuss the reasons for the emergence of corporate governance and its purposes in the Capital Market Authority Law in Kuwait. In addition, it will show the legal disputes resulting from the unclear concept of disclosure and interest and will discuss the main reasons in support of the possible solution. In addition, this study will argue why the Capital Market Authority Law in Kuwait needs a clear concept and a straight structure of disclosure under section 100. This study will demonstrate why a clear disclosure is led to a better application of the law. This study will demonstrate the fairness in applying the law regarding the punishment against individual, companies and securities market. Furthermore, it will discuss added confidence between investors and the stock market with a clear concept under section 100. Finally, it will summarize arises problem and possible solution.

Keywords: corporate governors, disclosure, transparency, fairness

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Authors: Oliver Takawira, Thembi Hope

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This study will analyse the relationship between Bitcoin price movements and the Johannesburg stock exchange (JSE). The aim is to determine whether Bitcoin price movements affect the stock market performance. As crypto currencies continue to gain prominence as a safe asset during periods of economic distress, this raises the question of whether Bitcoin’s prosperity could affect investment in the stock market. To identify the existence of a short run and long run linear relationship, the study will apply the Autoregressive Distributed Lag Model (ARDL) bounds test and a Vector Error Correction Model (VECM) after testing the data for unit roots and cointegration using the Augmented Dicker Fuller (ADF) and Phillips-Perron (PP). The Non-Linear Auto Regressive Distributed Lag (NARDL) will then be used to check if there is a non-linear relationship between bitcoin prices and stock market prices.

Keywords: bitcoin, stock market, interest rates, ARDL

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Authors: Antoni Wibowo, Harry Pujianto, Dewi Retno Sari Saputro

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The stock market can provide huge profits in a relatively short time in financial sector; however, it also has a high risk for investors and traders if they are not careful to look the factors that affect the stock market. Therefore, they should give attention to the dynamic fluctuations and movements of the stock market to optimize profits from their investment. In this paper, we present a nonlinear autoregressive exogenous model (NARX) to predict the movements of stock market; especially, the movements of the closing price index. As case study, we consider to predict the movement of the closing price in Indonesia composite index (IHSG) and choose the best structures of NARX for IHSG’s prediction.

Keywords: NARX (Nonlinear Autoregressive Exogenous Model), prediction, stock market, time series

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Authors: Surendar Vaddepalli

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Management education plays a crucial role to enable industry to cope with emerging challenges. It has spread in the last fifteen-twenty years in India and gained popularity as it was aimed at imbibing versatility and multi-tasking abilities in student community. Several management institutions started looking at upgrading their competencies in terms of faculty, research and industry interaction. The competitive business environment has been one of the drivers that paved the way for growing demand for management graduates in the employment market. Industry expects their executives to be engaged in a constant learning process. The ever-increasing demand for managers has led to establish more management institutions; however, the growth was not in line with the expectations from the industry. While top Business Schools are continuously changing the contents and delivery methodologies, academic standards of most of the other Business Schools are not up to the mark and quality of service provided by these institutes has opened various issues for discussion. On this back ground it is important to address the concerns of Indian management education experiencing with time and we have to rethink about the management education and efforts should be made to create a dynamic environment. This paper ties to study the current trends and tries to find out need for value based management education in India to rejuvenate it.

Keywords: management education, management, value based management education, business school, India

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Authors: Fayiz Saifurahman, Noori Fida Mohammad

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Afghanistan produces the highest rate of wheat, it is the first source of food, and food security in Afghanistan is dependent on the availability of wheat. Although Afghanistan is the main producer of wheat, on the other hand, Afghanistan is the largest importers of flour. The objective of this study is to assess the structure and dynamics of the wheat market in Afghanistan, can compute with foreign markets, and increase the level of production. To complete this, a broad series of secondary data was complied with, group discussions and interviews with farmers, agricultural and market experts. The research findings propose that; the government should adopt different policies to support the local market. The government should distribute the seed, support financially and technically to increase wheat production.

Keywords: Afghanistan, wheat, production , import

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Authors: Serpil Türkyılmaz, Mesut Balıbey

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In this study, long memory properties in volatility of Turkey Stock Market are being examined through the FIGARCH, FIEGARCH and FIAPARCH models under different distribution assumptions as normal and skewed student-t distributions. Furthermore, structural changes in volatility of Turkey Stock Market are investigated. The results display long memory property and the presence of asymmetric effects of shocks in volatility of Turkey Stock Market.

Keywords: FIAPARCH model, FIEGARCH model, FIGARCH model, structural break

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Authors: Kamel Malik Bensafta, Gervasio Semedo

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The purpose of this paper is to investigate the relationship between oil prices and socks markets. The empirical analysis in this paper is conducted within the context of Multivariate GARCH models, using a transform version of the so-called BEKK parameterization. We show that mean and uncertainty of US market are transmitted to oil market and European market. We also identify an important transmission from WTI prices to Brent Prices.

Keywords: oil volatility, stock markets, MGARCH, transmission, structural break

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Authors: Emanuele Peggi

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The regulation of competitive takeover bids is one of the most problematic issues of any legislation on takeovers since it concerns a particular type of market, that of corporate control, whose peculiar characteristic is that companies represent "assets" unique of their kind, for each of which there will be a relevant market characterized by the presence of different subjects interested in acquiring control. Firstly, this work aims to analyze, from a comparative point of view, the regulation of takeover bids in competitive scenarios, characterized by the presence of multiple takeover bids for the same target company, and contribute to the debate on the impact that various solutions adopted in some legal systems examined (Italy, UK, and USA) have had on the efficiency of the market for corporate control. Secondly, the different auction models identified by the economic literature and their possible applications to corporate acquisitions in competitive scenarios will be examined, as well as the consequences that the application of each of them causes on the efficiency of the market for corporate control and the interests of the target shareholders. The scope is to study the possibility of attributing to the management of the target company the power to design the auction in order to better protect the interests of shareholders through the adoption of ad hoc models according to the specific context. and in particular on the ground of their assessment of the buyer's risk profile.

Keywords: takeovers, auction theory, shareholders, target company

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Authors: L. Maiza, A. Cantagrel, M. Forestier, G. Laucoin, T. Regali

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Evaluation of High Frequency Trading (HFT) impact on financial markets is very important for traders who use market analysis to detect winning transaction opportunity. Analysis of HFT data on tobacco commodity market is discussed here and interesting linear relationship has been shown between trading frequency and difference between averaged trading prices above and below considered trading frequency. This may open new perspectives on markets data understanding and could provide possible interpretation of Adam Smith invisible hand.

Keywords: financial market, high frequency trading, analysis, impacts, Adam Smith invisible hand

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Authors: Mario Zgela

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Application of Benford’s Law is very rarely covered in the field of stock market analysis, especially in percentage change of stock market indices. Deutscher Aktien IndeX (DAX) is very important stock market index of Frankfurt Deutsche Börse which serves as underlying basis for large number of financial instruments. It is calculated for selected 30 German blue chips stocks. In this paper, Benford's Law first digit test is applied on 10 year DAX daily percentage changes in order to check compliance. Deviations of 10 year DAX percentage changes set as well as distortions of certain subsets from Benford's Law distribution are detected. It is possible that deviations are the outcome of speculations; and psychological influence should not be eliminated.

Keywords: Benford's Law, DAX, index percentage changes, stock market

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Authors: Weera Weerasophon

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The purpose of this research was to study Tourists’s satisfaction strategies case of Tourists who attended and shopped in Chatuchak weekend market (Bangkok) in order to improve service operation of Chatuchak weekend market to serve tourists’ need to impress them. The researcher used the marketing mix as a main factor that affect to tourist satisfaction. This research was emphasized as quantitative research as 400 of questionnaires were used for collecting the data from international tourists around Chatuchak weekend market that questionnaires divided in to 3 parts as a personal information part, satisfaction of marketing/services and facilities and suggestion part. After collecting all the data that would be processed in statistic program of SPSS to use for analyze the data later on. The result is described that most of international tourists satisfied Chatuchak weekend market in the level of 4 as more satisfaction for example friendly staff, Chatuchak information, price of product, facilities and service by the way, the environment of Chatuchak weekend market is the most satisfaction level.

Keywords: Chatuchak, satisfaction, Thailand tourism, marketing mix, tourists

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Authors: A. Novikova, L. Rocchi, G. Startiene

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Market and non-market outputs are produced jointly in agriculture. Their supply depends on the intensity and type of production. The role of agriculture as an economic activity and its effects are important for the Lithuanian case study, as agricultural land covers more than a half of country. Positive and negative externalities, created in agriculture are not considered in the market. Therefore, specific techniques such as stated preferences methods, in particular choice experiments (CE) are used for evaluation of non-market outputs in agriculture. The main aim of this paper is to present construction of the research path for evaluation of non-market farming system outputs in Lithuania. The conventional and organic farming, covering crops (including both cereal and industrial crops) and livestock (including dairy and cattle) production has been selected. The CE method and nested logit (NL) model were selected as appropriate for evaluation of non-market outputs of different farming systems in Lithuania. A pilot survey was implemented between October–November 2018, in order to test and improve the CE questionnaire. The results of the survey showed that the questionnaire is accepted and well understood by the respondents. The econometric modelling showed that the selected NL model could be used for the main survey. The understanding of the differences between organic and conventional farming by residents was identified. It was revealed that they are more willing to choose organic farming in comparison to conventional farming.

Keywords: choice experiments, farming system, Lithuania market outputs, non-market outputs

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Authors: Nguyen Ngoc Que Tran

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Purpose: The purpose of this paper is to investigate the relationship between internal market orientation, external market orientation, employee commitment and job satisfaction. Design/methodology/approach: This study collected data through a survey and utilized simple linear regression and multiple regression analysis to determine if there was any support for the research hypotheses as presented in the previous chapter. Findings: Using data from 256 employees of four leading joint stock banks in Vietnam, the empirical results indicates that employee commitment is positively related with external market orientation, job satisfaction is positively related to employee commitment, and employee commitment and job satisfaction are positively related to external market orientation. However, job satisfaction has no significant positive effect on external market orientation. Theoretical contribution: The primary contribution to marketing theory arising from this study is the integration of job satisfaction, employee commitment, and external market orientation in a single research model. Practical implications: The major contribution to practice is an external market oriented bank has to respond rapidly to the future needs and preferences of its customers. This could result in high levels of commitment to the service process and in doing so provide Vietnamese joint-stock commercial banks with a competitive advantage. The finding is important for the banking service sector in general and the Vietnamese banking industry in particular.

Keywords: employee commitment, job satisfaction and external market orientation, vietnam, bank

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Authors: Yosra Mefteh Rekik, Younes Boujelbene

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We introduce in this paper a new conceptual model representing the stock market dynamics. This model is essentially based on cognitive behavior of the intelligence investors. In order to validate our model, we build an artificial stock market simulation based on agent-oriented methodologies. The proposed simulator is composed of market supervisor agent essentially responsible for executing transactions via an order book and various kinds of investor agents depending to their profile. The purpose of this simulation is to understand the influence of psychological character of an investor and its neighborhood on its decision-making and their impact on the market in terms of price fluctuations. Therefore, the difficulty of the prediction is due to several features: the complexity, the non-linearity and the dynamism of the financial market system, as well as the investor psychology. The Artificial Neural Networks learning mechanism take on the role of traders, who from their futures return expectations and place orders based on their expectations. The results of intensive analysis indicate that the existence of agents having heterogeneous beliefs and preferences has provided a better understanding of price dynamics in the financial market.

Keywords: artificial intelligence methods, artificial stock market, behavioral modeling, multi-agent based simulation

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