Search results for: stock market decisions

Authors: Arwa Khannoussi, Alexandru-Liviu Olteanu, Pritesh Narayan, Catherine Dezan, Jean-Philippe Diguet, Patrick Meyer, Jacques Petit-Frere

Abstract:

Due to the nature of autonomous Unmanned Aerial Vehicles (UAV) missions, it is important that the decisions of a UAV stay consistent with the priorities of an operator, while at the same time allowing them to be easily audited and explained. We propose a multi-layer decision engine that integrates the operator (human) preferences by using the Multi-Criteria Decision Aiding (MCDA) methods. A software implementation of a UAV simulator and of the decision engine is presented to highlight the advantage of using such techniques on high-level decisions. We demonstrate that, with such a preference-based decision engine, the decisions of the UAV are compatible with the priorities of the operator, which in turn increases her/his confidence in its autonomous behavior.

Keywords: autonomous UAV, multi-criteria decision aiding, multi-layers decision engine, operator's preferences, traceable decisions, UAV simulation

Procedia PDF Downloads 222

Authors: Chih-Hsiang Chang, I-Fan Ho

Abstract:

This study examines the credibility of the signaling as explanation for IPO initial underpricing. Findings reveal the initial underpricing and the long-term underperformance of IPOs in Taiwan. However, we only find weak support for signaling as explanation of IPO underpricing.

Keywords: signaling, IPO initial underpricing, IPO long-term underperformance, Taiwan’s stock market

Procedia PDF Downloads 434

Authors: Marcin Adamczak

Abstract:

The growth of Chinese film market and its dynamic incomparable to any other historical phenomenon has already made China the second world market and potential future leader in 2-3 years period. The growing power of Chines box-office and its future prospects is then the crucial and potentially disturbing factor for persistence of global Hollywood reality. The paper is based on market statistical data. The main findings of the analysis are defining of essential obstacles for the development of Chinese market and its foreign expansion. However, the new strategies employed by the industry (acquisitions of cinema chains abroad, blockbuster made with the involvement of figures from Hollywood star system, coproduction ties within Pacific basin) could be a successful remedy for current shortcomings. The main factor for development will be wider economical framework and maintenance of growth pace. The future state of Chinese film market will be one of the main factors shaping global film culture and film market in following decades of XXI century.

Keywords: production studies, film market, Chinese film market, distribution

Procedia PDF Downloads 171

Authors: Edson Vengesai

Abstract:

Derivative products have become essential instruments in portfolio diversification, price discovery, and, most importantly, risk hedging. Derivatives are complex instruments; their valuation, volatility implications, and real impact on the underlying assets' behaviour are not well understood. Little is documented empirically, with conflicting conclusions on how these instruments affect firm risk exposures. Given the growing interest in using derivatives in risk management and portfolio engineering, this study examines the practical impact of derivative usage on the underlying stock price exposure and systematic risk. The paper uses data from South African listed firms. The study employs GARCH models to understand the effect of derivative uses on conditional stock volatility. The GMM models are used to estimate the effect of derivatives use on stocks' systematic risk as measured by Beta and on the total risk of stocks as measured by the standard deviation of returns. The results provide evidence on whether derivatives use is instrumental in reducing stock returns' systematic and total risk. The results are subjected to numerous controls for robustness, including financial leverage, firm size, growth opportunities, and macroeconomic effects.

Keywords: derivatives use, hedging, volatility, stock price exposure

Procedia PDF Downloads 69

Authors: V. Benedico, C. Anacleto, A. Bearzi, L. Brice, V. Delahaye

Abstract:

The aim in present paper is to construct an affordable and reliable commodity prices based on a recalculation of its cost through time which allows visualize the potential risks and thus, take more appropriate decisions regarding forecasts. Here attention has been focused on Levy model, more reliable and realistic than classical random Gaussian one as it takes into consideration observed abrupt jumps in case of sudden price variation. In application to Energy Trading sector where it has never been used before, equations corresponding to Levy model have been written for electricity pricing in European market. Parameters have been set in order to predict and simulate the price and its evolution through time to remarkable accuracy. As predicted by Levy model, the results show significant spikes which reach unconventional levels contrary to currently used Brownian model.

Keywords: commodity pricing, Lévy Model, price spikes, electricity market

Procedia PDF Downloads 397

Authors: Peter Oyelere, Fernando Zanella

Abstract:

Corporate governance is one of the most discussed and researched issues in recent times in countries around the world, with different countries developing and adopting different governance structures, models and mechanisms. While the Codes of corporate governance have been weaved into the regulatory fabrics of most countries, it is equally critically important that their mechanisms, procedures and practices be transparent, and be transparently communicated to all stakeholders. The Internet can be a very useful and cost-effective tool for the timely and voluntary communication of corporate governance matters to stakeholders. The current paper details the results of an investigation on the extent of which companies listed in the UAE are using the Internet for communicating corporate governance issues, matters and procedures. We surveyed the websites of companies listed on the two UAE Stock Exchanges – the Abu Dhabi Stock Exchange (ADX) and the Dubai Financial Market (DFM) – to find out their level and nature of usage of the Internet for corporate governance disclosures. Regulatory and policy implications of the results of our investigation, as well as other areas for further studies, are also presented in the paper.

Keywords: corporate governance, internet financial reporting, regulation, transparency, United Arab Emirates

Procedia PDF Downloads 328

Authors: Nesrine Bouzaher, Okba Necira

Abstract:

The financial aspect of the Algerian economy is part of all sectors that have undergone great changes these two last decades; the goal is to enable economic mechanisms for real growth. Insurance is an indispensable tool for stabilizing these mechanisms. Therefore the national economy needs to develop the insurance market in order to support the investments, externally and internally; it turns out that reinsurance is one of the area which could prove their performance in several markets mainly emerging ones. The expansion of reinsurance in the domestic market is the preoccupation of this work, focusing on factors that could enhance the demand of reinsurance in the Algerian market. This work will be based on an analytical research of the economic contribution of the reinsurance and it’s collusion with insurance; market, then it will be necessary to provide an overview of the product in the national emerging market, finally we will try to investigate on the factors that could enhance the demand in the national reinsurance market so as to determine the potential of Algeria in this area.

Keywords: Algerian reinsurance data, demand trend of Algerian reinsurance, reinsurance, reinsurance market

Procedia PDF Downloads 342

Authors: Ha Phuong Tran, Feng Wang, Jo Dewulf, Hai Trung Huynh, Thomas Schaubroeck

Abstract:

The fast increase and complex components have made waste of electrical and electronic equipment (or e-waste) one of the most problematic waste streams worldwide. Precise information on its size on national, regional and global level has therefore been highlighted as prerequisite to obtain a proper management system. However, this is a very challenging task, especially in developing countries where both formal e-waste management system and necessary statistical data for e-waste estimation, i.e. data on the production, sale and trade of electrical and electronic equipment (EEE), are often lacking. Moreover, there is an inflow of non-registered electronic and electric equipment, which ‘invisibly’ enters the EEE domestic market and then is used for domestic consumption. The non-registration/invisibility and (in most of the case) illicit nature of this flow make it difficult or even impossible to be captured in any statistical system. The e-waste generated from it is thus often uncounted in current e-waste estimation based on statistical market data. Therefore, this study focuses on enhancing e-waste estimation in developing countries and proposing a calculation pathway to quantify the magnitude of the non-registered EEE inflow. An advanced Input-Out Analysis model (i.e. the Sale–Stock–Lifespan model) has been integrated in the calculation procedure. In general, Sale-Stock-Lifespan model assists to improve the quality of input data for modeling (i.e. perform data consolidation to create more accurate lifespan profile, model dynamic lifespan to take into account its changes over time), via which the quality of e-waste estimation can be improved. To demonstrate the above objectives, a case study on televisions (TVs) in Vietnam has been employed. The results show that the amount of waste TVs in Vietnam has increased four times since 2000 till now. This upward trend is expected to continue in the future. In 2035, a total of 9.51 million TVs are predicted to be discarded. Moreover, estimation of non-registered TV inflow shows that it might on average contribute about 15% to the total TVs sold on the Vietnamese market during the whole period of 2002 to 2013. To tackle potential uncertainties associated with estimation models and input data, sensitivity analysis has been applied. The results show that both estimations of waste and non-registered inflow depend on two parameters i.e. number of TVs used in household and the lifespan. Particularly, with a 1% increase in the TV in-use rate, the average market share of non-register inflow in the period 2002-2013 increases 0.95%. However, it decreases from 27% to 15% when the constant unadjusted lifespan is replaced by the dynamic adjusted lifespan. The effect of these two parameters on the amount of waste TV generation for each year is more complex and non-linear over time. To conclude, despite of remaining uncertainty, this study is the first attempt to apply the Sale-Stock-Lifespan model to improve the e-waste estimation in developing countries and to quantify the non-registered EEE inflow to domestic consumption. It therefore can be further improved in future with more knowledge and data.

Keywords: e-waste, non-registered electrical and electronic equipment, TVs, Vietnam

Procedia PDF Downloads 213

Authors: M. Chavleishvili

Abstract:

The paper presents the trends of Georgian hazelnut market development and analyses the competitive advantages which will help Georgia to enter international hazelnut market using modern technologies. The history of hazelnut crop development and hazelnut species in Georgia are discussed. For hazelnut supply analysis trends in hazelnut production are considered, trends in export and import development is evaluated, domestic hazelnut market is studied and analysed based on expert interviews and initial accounting materials. In order to achieve and strengthen its position in international market, potential advantages and disadvantages of Georgian hazelnut are revealed, analysis of export and import possibilities of hazelnut is presented. Recommendations are developed based on the conclusions, which are made through identifying the key factors that hinder development of Georgian hazelnut market.

Keywords: hazelnut market, hazelnut export and import, competitiveness of hazelnut

Procedia PDF Downloads 403

Authors: Gregory D. Saxton

Abstract:

Networks are everywhere: lunch ties among co-workers, golfing partnerships among employees, interlocking board-of-director connections, Facebook friendship ties, etc. Each network varies in terms of its structure -its size, how inter-connected network members are, and the prevalence of sub-groups and cliques. At the same time, within any given network, some network members will have a more important, more central position on account of their greater number of connections or their capacity as “bridges” connecting members of different network cliques. The logic of network structure and position is at the heart of what is known as social network analysis, and this paper applies this logic to the study of the stock market. Using an array of data analytics and machine learning tools, this study will examine 17 million Twitter messages discussing the stocks of the firms in the S&P 1,500 index in 2018. Each of these 1,500 stocks has a distinct Twitter discussion network that varies in terms of core network characteristics such as size, density, influence, norms and values, level of activity, and embedded resources. The study’s core proposition is that the ultimate effect of any market-relevant information is contingent on the characteristics of the network through which it flows. To test this proposition, this study operationalizes each of the core network characteristics and examines their influence on market reactions to 2018 quarterly earnings announcement events.

Keywords: data analytics, investor-to-investor communication, social network analysis, Twitter

Procedia PDF Downloads 82

Authors: Necira Okba, Nesrine Bouzaher

Abstract:

The financial aspect of the Algerian economy is part of all sectors that have undergone great changes these two last decades; the goal is to enable economic mechanisms for real growth. Insurance is an indispensable tool for stabilizing these mechanisms. Therefore, the national economy needs to develop the insurance market in order to support the investments, externally and intern ally; it turns out that reinsurance is one of the area which could prove their performance in several markets mainly emerging ones. The expansion of reinsurance in the domestic market is the preoccupation of this work, focusing on factors that could enhance the demand of reinsurance in the Algerian market. This work will be based on an analytical research of the economic contribution of the reinsurance and it’s collusion with insurance market, then it will be necessary to provide an overview of the product in the national emerging market, finally we will try to investigate on the factors that could enhance the demand in the national reinsurance market so as to determine the potential of Algeria in this area.

Keywords: Algerian reinsurance data, demand trend of Algerian reinsurance, reinsurance, reinsurance market

Procedia PDF Downloads 312

Authors: Hana Janáčková

Abstract:

Housing can be sorted as basic needs of households. Purchase of acceptable ownership housing is important investments for most them. For rental housing households must consider the part of rent expenditure paid in the total household income. For this reason, financial considerations of households in this area depend on the government innervations (public administration) in housing - on housing policy. Market system of housing allocation, whether ownership or tenancy, is based on the fact that housing is a scarce good. The allocation of housing is based on demand and supply. The market system of housing can sometimes have a negative impact on some households, the market is unable to satisfy certain groups of the population that are not able or willing to accept market price. For these reasons, there is a more or less regulation of the market. Regulation is both on the demand and supply side, and the state determines the rules of behaviour for all economic entities of the housing market. This article submits results of analysis of selected regulatory interference of the state in the housing market and assesses their implications deforming the market in the selected region of the Czech Republic. The first part describes tools of supports and the second part discusses deformations and analyses their consequences on the demand side of housing market and on supply side.

Keywords: housing, housing market, microeconomic consequences, deformation

Procedia PDF Downloads 362

Authors: Erfan Memarian, Seyyed Fazayel Alizadeh

Abstract:

This study aims to evaluate the impacts of the oil and financial markets of the United States on Iran stock exchange and to develop an ARDL model to predict the short and long-term relationship between these markets. In this regard, all 713 weekly data between 28 July 1999 and 20 March 2013 were analyzed by using Microfit4.0 and Eviews7 econometric softwares. The independent variable of the study is the “Price and Yield Index (TEDPIX)” of Tehran Stock Exchange and the independent variables include S & P 500 Index, the US three-month treasury bill rate and West Texas Intermediate oil spot price index. The results show that the West Texas Intermediate oil spot price and the S&P 500 indices have significant positive relationships with Iran's TEDPIX. Also, there exists a significant negative relationship between Iran's TEDPIX and the US three-month Treasury bill rate.

Keywords: TEDPIX; Tehran Stock Exchange; S&P 500 index; USA three-month Treasury bill rate; West Texas Intermediate oil

Procedia PDF Downloads 299

Authors: Roxan Venter

Abstract:

Ombudsmen often face the challenge of a lack of authority to have their decisions and recommendations enforced. This lack of authority may be seen as one of the major obstacles in the way of the effectiveness of the institutions of Ombudsman and also the South African Public Protector. The paper will address the current legal position in South Africa with regard to the status of the decisions and recommendations of the South African Public Protector and the enforcement thereof. In addition, the paper will compare the South African position with the experiences of other jurisdictions, including Scandinavian countries like Sweden, Denmark and Norway, but also New Zealand and Northern Ireland, with regard to the enforcement of the decisions of Ombudsmen. Finally, the paper will make recommendations with regard to the enhancement of the power and authority of Ombudsmen in order to effectively enforce their decisions. It is submitted that the creation of the office of Ombudsman, and the Public Protector in the South African system, is an essential tool to ensure the protection of society against governmental abuse of power and it is therefore imperative to ensure that these watchdogs of democracy are not muzzled by a lack of powers of enforcement.

Keywords: enforcement of decisions of ombudsmen, governmental control, ombudsman, South African public protector

Procedia PDF Downloads 360

Authors: Ali Akber Jaffri, Asad Naseem, Javeria Khan, Zubair Hamza, Ishtiaq

Abstract:

The purpose of this study is to determine safety stock, maximum inventory level, reordering point, and reordering quantity by rearranging lot sizes for supplier and customer in MRO (maintenance repair operations) warehouse of Engro Polymers & Chemicals. To achieve the aim, physical analysis method and excel commands were carried out to elicit the customer and supplier data provided by the company. Initially, we rearranged the current lot sizes and MOUs (measure of units) in SAP software. Due to change in lot sizes, we have to determine the new quantities for safety stock, maximum inventory, reordering point and reordering quantity as per company's demand. By proposed system, we saved extra cost in terms of reducing time of receiving from vendor and in issuance to customer, ease of material handling in MRO warehouse and also reduce human efforts.

Keywords: maintenance repair operation, maximum inventory, reorder quantity, safety stock

Procedia PDF Downloads 246

Authors: Bernhard Bauer, Thomas Meixner, Amir Dini, Detlef Heck

Abstract:

The inner city building stock is characterized by different types of buildings of different decades and centuries and different types of historical constructions. Depending on the natural growth of a city, those types are often located in downtown areas and the surrounding suburbs. Since the population is becoming older and the variation of the different social requirements spread with the so-called 'Silver Society', city quarters have to be seen alternatively. If an area is very attractive for young students to live there because of the busy nightlife, it might not be suitable for the older society. To identify 'Location Types A, B, C' for different user groups, qualitative interviews with 24 citizens of the city of Graz (Austria) have been carried out, in order to identify the most important values for making a location or city quarter 'A', 'B', or 'C'. Furthermore these acknowledgements have been put into a softwaretool for predicting locations that are the most suitable for certain user groups. On the other hands side, investors or owners of buildings can use the tool for determining the most suitable user group for the location of their building or construction project in order to adapt the project or building stock to the requirements of the users.

Keywords: building stock, location parameters, inner city population, built environment

Procedia PDF Downloads 287

Authors: Miang Hong Ngerng, Noor Diyana Jasme, May Jin Theong

Abstract:

Volatile market environment is inevitable. Fund managers are struggling to choose the right strategy to survive and overcome uncertainties and adverse market movement. Therefore, finding certainty in the mist of uncertainty future is one of the key performance objectives for fund managers. Current available theoretical results are not practical due to strong reliance on the investment assumption made. This paper is to identify the component that can be forecasted in Ex-ante setting which is the realistic situation facing a fund manager in the actual execution of asset allocation in portfolio management. Partial lease square method was used to generate an index with 10 years accounting data from 191 companies listed in KLSE. The result shows that the index reflects the inner nature of the business and up to 30% of the stock return can be explained by the index.

Keywords: active portfolio management, asset allocation ex-ante investment, asset class, partial lease square

Procedia PDF Downloads 242

Authors: Mohammad Abu Nassar, Mahmoud Al Khalilah, Hussein Abu Nassar

Abstract:

The purpose of this study is to examine whether corporate tax avoidance practices can impact firm value in the Jordanian context. The study employs a quantitative approach using s sample of (124) industrial and services companies listed on the Amman Stock Exchange for the period from 2010 to 2019. Multiple linear regression analysis has been applied to test the study's hypothesis. The study employs effective tax rate and book-tax difference to measure tax avoidance and Tobin's Q factor to measure firm value. The results of the study revealed that tax avoidance practices, when measured using effective tax rates, do not significantly impact firm value. When the book-tax difference is used to measure tax avoidance, the study results showed a negative impact on firm value. The result of the study has not supported the traditional view of tax avoidance as a transfer of wealth from the government to shareholders for industrial and services companies listed on the Amman Stock Exchange, indicating that Jordanian firms should not use tax avoidance strategies to enhance their value.

Keywords: tax avoidance, effective tax rate, book-tax difference, firm value, Amman stock exchange

Procedia PDF Downloads 118

Authors: Andhika Danesjvara

Abstract:

Governance of the Republic of Indonesia should be based on the principle of sovereignty and the rule of law. Based on these principles, all forms of decisions and/or actions of government administration should be based on the sovereignty of the people and the law. Decisions and/or actions for citizens should be based on the provisions of the legislation and the general principles of good governance. Control of the decisions and/or actions is a part of administrative review and also judicial control. The control is part of the administrative justice system, which is intended for people affected by the decisions or administrative actions. This control is the duty and authority of the government or independent administrative court. Therefore, systems and procedures for the implementation of the task of governance and development must be regulated by law. Systems and procedures of governance is a subject studied in administrative law, therefore, the research also includes a review of the principles of law in administrative law. The administrative law procedure is important for the government to make decisions, the question is whether the procedures are part of the justice system itself.

Keywords: administrative court, administrative justice, administrative law, administrative procedures

Procedia PDF Downloads 249

Authors: Ashneel Ajay Singh, Kazumi Sakuramoto, Naoki Suzuki, Kalla Alok, Nath Paras

Abstract:

Bluefin (Thunnus orientalis) tuna is one of the most economically valuable tuna species in the world. In recent years the stock has been observed to decline. It is suspected that the stock-recruitment relationship and population structure is influenced by environmental and climatic variables. This study was aimed at investigating the influence of environmental and climatic conditions on the trajectory of the different life stages of the North Pacific bluefin tuna. Exploratory analysis was performed for the North Pacific sea surface temperature (SST) and Pacific Decadal Oscillation (PDO) on the time series of the bluefin tuna cohorts (age-0, 1, 2,…,9, 10+). General Additive Modeling (GAM) was used to reconstruct the recruitment (R) trajectory. The spatial movement of the SST was also monitored from 1953 to 2012 in the distribution area of the bluefin tuna. Exploratory analysis showed significance influence of the North Pacific Sea Surface temperature (SST) and Pacific Decadal Oscillation (PDO) on the time series of the age-0 group. Other age group (1, 2,…,9, 10+) time series did not exhibit any significant correlations. PDO showed most significant relationship in the months of October to December. Although the stock-recruitment relationship is of biological significance, the recruits (age-0) showed poor correlation with the Spawning Stock Biomass (SSB). Indeed the most significant model incorporated the SSB, SST and PDO. The results show that the stock-recruitment relationship of the North Pacific bluefin tuna is multi-dimensional and cannot be adequately explained by the SSB alone. SST and PDO forcing of the population structure is of significant importance and needs to be accounted for when making harvesting plans for bluefin tuna in the North Pacific.

Keywords: pacific bluefin tuna, Thunnus orientalis, cohorts, recruitment, spawning stock biomass, sea surface temperature, pacific decadal oscillation, general additive model

Procedia PDF Downloads 211

Authors: Arunas Burinskas, Manuela Tvaronavičienė

Abstract:

Although the new trade theories, unlike the theories of an industrial organisation, see the structure of the market and competition between enterprises through their heterogeneity according to various parameters, they do not pay any particular attention to the analysis of the market structure and its development. In this article, although we relied mainly on models developed by the scholars of new trade theory, we proposed a different approach. In our simulation model, we model market demand according to normal distribution function, while on the supply side (as it is in the new trade theory models), productivity is modeled with the Pareto distribution function. The results of the simulation show that companies with higher productivity (lower marginal costs) do not pass on all the benefits of such economies to buyers. However, even with higher marginal costs, firms can choose to offer higher value-added goods to stay in the market. In general, the structure of the market is formed quickly enough and depends on the skills available to firms.

Keywords: market, structure, simulation, heterogenous firms

Procedia PDF Downloads 108

Authors: Tamara Slišković, Tomislav Sekur

Abstract:

This manuscript examines factors that affect demand and supply of the housing market in Croatia. The period from the beginning of this century, until 2008, was characterized by a strong expansion of construction, housing and real estate market in general. Demand for residential units was expanding, and this was supported by favorable lending conditions of banks. Indicators on the supply side, such as the number of newly built houses and the construction volume index were also increasing. Rapid growth of demand, along with the somewhat slower supply growth, led to the situation in which new apartments were sold before the completion of residential buildings. This resulted in a rise of housing price which was indication of a clear link between the housing prices with the supply and demand in the housing market. However, after 2008 general economic conditions in Croatia worsened and demand for housing has fallen dramatically, while supply descended at much slower pace. Given that there is a gap between supply and demand, it can be concluded that the housing market in Croatia is in imbalance. Such trend is accompanied by a relatively small decrease in housing price. The final result of such movements is the large number of unsold housing units at relatively high price levels. For this reason, it can be argued that housing prices are sticky and that, consequently, the price level in the aftermath of a crisis does not correspond to the discrepancy between supply and demand on the Croatian housing market. The degree of rigidity of the housing price can be determined by inclusion of the housing price as the explanatory variable in the housing demand function. Other independent variables are demographic variable (e.g. the number of households), the interest rate on housing loans, households' disposable income and rent. The equilibrium price is reached when the demand for housing equals its supply, and the speed of adjustment of actual prices to equilibrium prices reveals the extent to which the prices are rigid. The latter requires inclusion of the housing prices with time lag as an independent variable in estimating demand function. We also observe the supply side of the housing market, in order to explain to what extent housing prices explain the movement of new construction activity, and other variables that describe the supply. In this context, we test whether new construction on the Croatian market is dependent on current prices or prices with a time lag. Number of dwellings is used to approximate new construction (flow variable), while the housing prices (current or lagged), quantity of dwellings in the previous period (stock variable) and a series of costs related to new construction are independent variables. We conclude that the key reason for the imbalance in the Croatian housing market should be sought in the relative relationship of price elasticities of supply and demand.

Keywords: Croatian housing market, economic crisis, housing prices, supply imbalance, demand imbalance

Procedia PDF Downloads 239

Authors: Teresa Shuk-Ching Poon

Abstract:

This paper sets out to examine the changing employment relations practices in Hong Kong’s retail banking sector over a period of more than 10 years. The major objective of the research is to examine whether and to what extent local institutional influences have overshadowed global market forces in shaping strategic management decisions and employment relations practices in Hong Kong, with a view to drawing implications to comparative employment relations studies. Examining the changing pattern of employment relations, this paper finds the industrial relations strategic choice model (Kochan, McKersie and Cappelli, 1984) appropriate to use as a framework for the study. Four broad aspects of employment relations are examined, including work organisation and job design; staffing and labour adjustment; performance appraisal, compensation and employee development; and labour unions and employment relations. Changes in the employment relations practices in two multinational retail banks operated in Hong Kong are examined in detail. The retail banking sector in Hong Kong is chosen as a case to examine as it is a highly competitive segment in the financial service industry very much susceptible to global market influences. This is well illustrated by the fact that Hong Kong was hit hard by both the Asian and the Global Financial Crises. This sector is also subject to increasing institutional influences, especially after the return of Hong Kong’s sovereignty to the People’s Republic of China (PRC) since 1997. The case study method is used as it is a suitable research design able to capture the complex institutional and environmental context which is the subject-matter to be examined in the paper. The paper concludes that operation of the retail banks in Hong Kong has been subject to both institutional and global market changes at different points in time. Information obtained from the two cases examined tends to support the conclusion that the relative significance of institutional as against global market factors in influencing retail banks’ operation and their employment relations practices is depended very much on the time in which these influences emerged and the scale and intensity of these influences. This case study highlights the importance of placing comparative employment relations studies within a context where employment relations practices in different countries or different regions/cities within the same country could be examined and compared over a longer period of time to make the comparison more meaningful.

Keywords: employment relations, institutional influences, global market forces, strategic management decisions, retail banks, Hong Kong

Procedia PDF Downloads 368

Authors: Rik van Leeuwen, Ger Koole

Abstract:

Within hospitality, marketing departments use segmentation to create tailored strategies to ensure personalized marketing. This study provides a data-driven approach by segmenting guest profiles via hierarchical clustering based on an extensive set of features. The industry requires understandable outcomes that contribute to adaptability for marketing departments to make data-driven decisions and ultimately driving profit. A marketing department specified a business question that guides the unsupervised machine learning algorithm. Features of guests change over time; therefore, there is a probability that guests transition from one segment to another. The purpose of the study is to provide steps in the process from raw data to actionable insights, which serve as a guideline for how hospitality companies can adopt an algorithmic approach.

Keywords: hierarchical cluster analysis, hospitality, market segmentation

Procedia PDF Downloads 71

Authors: Petra Palic, Maruska Vizek

Abstract:

We provide an in-depth analysis of interdependence of asset returns and volatilities in developed and developing countries. The analysis is split into three parts. In the first part, we use multivariate GARCH model in order to provide stylized facts on cross-market volatility spillovers. In the second part, we use a generalized vector autoregressive methodology developed by Diebold and Yilmaz (2009) in order to estimate separate measures of return spillovers and volatility spillovers among sovereign bond, equity, foreign exchange and commodity markets. In particular, our analysis is focused on cross-market return, and volatility spillovers in 19 developed and developing countries. In order to estimate named spillovers, we use daily data from 2008 to 2017. In the third part of the analysis, we use a generalized vector autoregressive framework in order to estimate total and directional volatility spillovers. We use the same daily data span for one developed and one developing country in order to characterize daily volatility spillovers across stock, bond, foreign exchange and commodities markets.

Keywords: cross-market spillovers, sovereign bond markets, equity markets, value at risk (VAR)

Procedia PDF Downloads 225

Authors: Cem Ozatalay, Senem Ornek

Abstract:

The Artprice Contemporary Art Market Annual Report 2014 notices that Istanbul, with its art market volume of $3.6 million has become the first city of the Middle East and North Africa region and the 14th city of the World. Indeed, the period 2004–2014 has been significant in terms of the growth of the art market, during which the majority of contemporary art galleries and museums in Istanbul was inaugurated. This boom means that with the joining of new agents, the structure of the art market has dramatically changed. To use Nathalie Heinich’s terminology, in the current art field, three art genres – namely classical art, modern art and contemporary art – coexist, but in the case of Istanbul, such as many art cities in the world, the latter genre has become increasingly dominant. This presentation aims to show how the power shifts away from the classical art agents to contemporary art agents, and the effects produced by the conflicts between the old and new agents of current art field. Based on the data obtained from an ongoing field research in Istanbul among the art market agents such as art dealers, curators, art critics and artists, it will be shown that even if the agents of different art genres are in conflict with each other, there is, at the same time, a continuum between the three art worlds.

Keywords: contemporary art market, economic sociology of art, Istanbul art market, structure of the art field in Istanbul

Procedia PDF Downloads 219

Authors: Raúl Bajo-Buenestado

Abstract:

This paper studies the impact of the intensity of market competition on firms' willingness to adopt green technologies —which has become particularly relevant in the light of the debate on whether competition policies should be relaxed to achieve certain environmental targets. We exploit the staggered rollout of different rail-hailing platforms (most notably, Uber) across different metropolitan areas in Spain as a natural experiment that provides time and city-specific exogenous variation in the intensity of competition to study the impact on taxi drivers' decisions to purchase “green” or “dirty” vehicles. It was shown that the entry of these platforms significantly increased the takeout of green vehicles among professional drivers in incumbent (dominant) conventional taxi companies and decreased that of dirty vehicles. The exact opposite effect is observed in the cities where these platforms were extremely unlikely to enter. Back of the envelope calculations suggest that the entry of Uber is associated with an extra green vehicle purchase in every four among taxi drivers, resulting in a substantial drop in the level of emissions from the taxi fleet —still mostly dominated diesel vehicles.

Keywords: technological change, green technology adoption, market competition, diffusion of technology, environmental externalities

Procedia PDF Downloads 111

Authors: Dongqi Sun, Juan Tao, Yingying Wu

Abstract:

This paper reexamines the appropriateness of contrarian trades as a proxy of informed trades, using high frequency Chinese stock data. Employing this measure for 5 minute intervals, a U-shaped intraday pattern of probability of informed trades (PIN) is found for the CSI300 stocks, which is consistent with previous findings for other markets. However, while dividing the trades into different sizes, a reversed U-shaped PIN from large-sized trades, opposed to the U-shaped pattern for small- and medium-sized trades, is observed. Drawing from the mixed evidence with different trade sizes, the price impact of trades is further investigated. By examining the relationship between trade imbalances and unexpected returns, larges-sized trades are found to have significant price impact. This implies that in those intervals with large trades, it is non-contrarian trades that are more likely to be informed trades. Taking account of the price impact of large-sized trades, non-contrarian trades are used to proxy for informed trading in those intervals with large trades, and contrarian trades are still used to measure informed trading in other intervals. A stronger U-shaped PIN is demonstrated from this modification. Auto-correlation and information advantage tests for robustness also support the modified informed trading measure.

Keywords: contrarian trades, informed trading, price impact, trade imbalance

Procedia PDF Downloads 133

Authors: Patrik Jangl, Milan Mikuláštík

Abstract:

The objective of the paper is to measure and compare market orientation of Swiss and Czech banks, as well as examine statistically the degree of influence it has on competitiveness of the institutions. The analysis of market orientation is based on the collecting, analysis and correct interpretation of the data. Descriptive analysis of market orientation describe current situation. Research of relation of competitiveness and market orientation in the sector of big international banks is suggested with the expectation of existence of a strong relationship. Partially, the work served as reconfirmation of suitability of classic methodologies to measurement of banks’ market orientation. Two types of data were gathered. Firstly, by measuring subjectively perceived market orientation of a company and secondly, by quantifying its competitiveness. All data were collected from a sample of small, mid-sized and large banks. We used numerical secondary character data from the international statistical financial Bureau Van Dijk’s BANKSCOPE database. Statistical analysis led to the following results. Assuming classical market orientation measures to be scientifically justified, Czech banks are statistically less market-oriented than Swiss banks. Secondly, among small Swiss banks, which are not broadly internationally active, small relationship exist between market orientation measures and market share based competitiveness measures. Thirdly, among all Swiss banks, a strong relationship exists between market orientation measures and market share based competitiveness measures. Above results imply existence of a strong relation of this measure in sector of big international banks. A strong statistical relationship has been proven to exist between market orientation measures and equity/total assets ratio in Switzerland.

Keywords: market orientation, competitiveness, marketing strategy, measurement of market orientation, relation between market orientation and competitiveness, banking sector

Procedia PDF Downloads 437

Authors: Fahsai Pawapootanont, Sasithon Yuwakosol

Abstract:

The objectives of this research study are as follows: 1) Study the information-seeking behavior of followers of influencers on Facebook in making hotel booking decisions and 2) Study the characteristics of travel influencers that affect their followers' hotel booking decisions. The Data was collected by interviewing 35 key informants, consisting of 25 Thai tourists who were followers of travel influencers and 10 travel influencers, as well as collecting data using online questionnaires from a sample of 400 Thai tourists and using statistical data analysis: percentage, standard deviation, mean, T-Test and One-Way Analysis of Variance: ANOVA. The results of the influence of travel influencers on Facebook on hotel booking decisions in Thailand revealed the following: People in different age groups have different information-seeking behaviours. Depends on experience and aptitude in using technology. The sample group did not seek information from only one source. There is also a search for information from various places in order to get comparative information and the most truthful information to make decisions. In addition, travel influencers should be those who present honest, clear, and complete content. And present services honestly. In addition to the characteristics of travel influencers affecting hotel booking decisions, Presentation formats and platforms also affect hotel booking decisions. But it must be designed and presented to suit the behavior of the group of people we want. As for the influence of travel influencers, it can be concluded that The influence of travel influencers can influence their followers' interests and hotel booking decisions. However, it was found that there are other factors that followers of travel influencers on Facebook will factor into their decision to book a hotel, such as Whether the hotel's comfort meets your needs or not; location, price, and promotions also play an important role in deciding to book a hotel.

Keywords: influencer, travel, facebook, hotel booking decisions, Thailand

Procedia PDF Downloads 12