Search results for: Market Segmentation

Authors: Daurenbek Kuleimenov, Elmira Otar

Abstract:

Market institutions extension within transit societies  contributes to constituting the new type of middle class and  households livelihood strategies. The middle class households as an  example of prosperity in many cases encourage the ordinary ones to  do the same economic actions. Therefore, practices of using market  institutions by middle class households in transit societies, which are  mostly characterized by huge influence of traditional attitudes, can  carry habitual features for the whole society. Market institutions  consumption habit of the middle class households makes them  trendsetters of economic habits of other households while adapting to  the market economy. Moreover different social-economic positions  of households lead them to different consuming results such as  worsening or improving household economy due to indebtedness.

 

Keywords: Middle class, Households, Market institutions, Transition.

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Authors: Siddhartha Bhattacharyya, Paramartha Dutta, Ujjwal Maulik, Prashanta Kumar Nandi

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The paper describes a self supervised parallel self organizing neural network (PSONN) architecture for true color image segmentation. The proposed architecture is a parallel extension of the standard single self organizing neural network architecture (SONN) and comprises an input (source) layer of image information, three single self organizing neural network architectures for segmentation of the different primary color components in a color image scene and one final output (sink) layer for fusion of the segmented color component images. Responses to the different shades of color components are induced in each of the three single network architectures (meant for component level processing) by applying a multilevel version of the characteristic activation function, which maps the input color information into different shades of color components, thereby yielding a processed component color image segmented on the basis of the different shades of component colors. The number of target classes in the segmented image corresponds to the number of levels in the multilevel activation function. Since the multilevel version of the activation function exhibits several subnormal responses to the input color image scene information, the system errors of the three component network architectures are computed from some subnormal linear index of fuzziness of the component color image scenes at the individual level. Several multilevel activation functions are employed for segmentation of the input color image scene using the proposed network architecture. Results of the application of the multilevel activation functions to the PSONN architecture are reported on three real life true color images. The results are substantiated empirically with the correlation coefficients between the segmented images and the original images.

Keywords: Colour image segmentation, fuzzy set theory, multi-level activation functions, parallel self-organizing neural network.

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Authors: Noor A. Auzairy, Rubi Ahmad, Catherine S.F. Ho, Ros Z. Z. Sapian

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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.

Keywords: Asia, integration, relationship, stock market.

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Authors: G. Murugeswari, A. Suruliandi

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This paper proposes a rotational invariant texture feature based on the roughness property of the image for psoriasis image analysis. In this work, we have applied this feature for image classification and segmentation. The fuzzy concept is employed to overcome the imprecision of roughness. Since the psoriasis lesion is modeled by a rough surface, the feature is extended for calculating the Psoriasis Area Severity Index value. For classification and segmentation, the Nearest Neighbor algorithm is applied. We have obtained promising results for identifying affected lesions by using the roughness index and severity level estimation.

Keywords: Fuzzy texture feature, psoriasis, roughness feature, skin disease.

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Authors: Andreea Maier, Diana Nicoară, Dorin Maier, Maria-Mihaela Suărăsan, Alexandra Anastasiu

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Innovation is becoming more and more important in modern society. There are a lot of researches on different kinds of innovation but marketing innovation is one kind of innovation that has not been studied frequently before. Marketing innovation is defined as a new way in which companies can market themselves to potential or existing customers. The study shows some key elements for marketing innovation that are worth paying attention to when implementing marketing innovation projects. Examples of such key elements are: paying attention to the neglected market, suitable market segmentatio reliable market information, public relationship, increased customer value, combination of market factors, explore different marketing channels and the use of technology in combination with what? Beside the key elements for marketing innovation, we also present some risks that may occur, such as cost, market uncertainty, information leakage, imitation and overdependence on experience. By proposing a set of indicators to measure marketing innovation, the article offers solutions for marketing innovation implementation so that any organization can achieve optimal results.

Keywords: Innovation, marketing innovation, performance in an organization.

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Authors: Mohamed Gouskir, Belaid Bouikhalene, Hicham Aissaoui, Benachir Elhadadi

Abstract:

In this paper, we present an application of Riemannian geometry for processing non-Euclidean image data. We consider the image as residing in a Riemannian manifold, for developing a new method to brain edge detection and brain extraction. Automating this process is a challenge due to the high diversity in appearance brain tissue, among different patients and sequences. The main contribution, in this paper, is the use of an edge-based anisotropic diffusion tensor for the segmentation task by integrating both image edge geometry and Riemannian manifold (geodesic, metric tensor) to regularize the convergence contour and extract complex anatomical structures. We check the accuracy of the segmentation results on simulated brain MRI scans of single T1-weighted, T2-weighted and Proton Density sequences. We validate our approach using two different databases: BrainWeb database, and MRI Multiple sclerosis Database (MRI MS DB). We have compared, qualitatively and quantitatively, our approach with the well-known brain extraction algorithms. We show that using a Riemannian manifolds to medical image analysis improves the efficient results to brain extraction, in real time, outperforming the results of the standard techniques.

Keywords: Riemannian manifolds, Riemannian Tensor, Brain Segmentation, Non-Euclidean data, Brain Extraction.

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Authors: J. Prakash, K. Rajesh

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In this paper we propose a novel method for human face segmentation using the elliptical structure of the human head. It makes use of the information present in the edge map of the image. In this approach we use the fact that the eigenvalues of covariance matrix represent the elliptical structure. The large and small eigenvalues of covariance matrix are associated with major and minor axial lengths of an ellipse. The other elliptical parameters are used to identify the centre and orientation of the face. Since an Elliptical Hough Transform requires 5D Hough Space, the Circular Hough Transform (CHT) is used to evaluate the elliptical parameters. Sparse matrix technique is used to perform CHT, as it squeeze zero elements, and have only a small number of non-zero elements, thereby having an advantage of less storage space and computational time. Neighborhood suppression scheme is used to identify the valid Hough peaks. The accurate position of the circumference pixels for occluded and distorted ellipses is identified using Bresenham-s Raster Scan Algorithm which uses the geometrical symmetry properties. This method does not require the evaluation of tangents for curvature contours, which are very sensitive to noise. The method has been evaluated on several images with different face orientations.

Keywords: Circular Hough Transform, Covariance matrix, Eigenvalues, Elliptical Hough Transform, Face segmentation, Raster Scan Algorithm.

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Authors: FH. Sarieddeen, R. El Berbari, S. Imad, J. Abdel Baki, M. Hamad, R. Blanc, A. Nakib, Y.Chenoune

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Brain ArterioVenous Malformation (BAVM) is an abnormal tangle of brain blood vessels where arteries shunt directly into veins with no intervening capillary bed which causes high pressure and hemorrhage risk. The success of treatment by embolization in interventional neuroradiology is highly dependent on the accuracy of the vessels visualization. In this paper the performance of clustering techniques on vessel segmentation from 3- D rotational angiography (3DRA) images is investigated and a new technique of segmentation is proposed. This method consists in: preprocessing step of image enhancement, then K-Means (KM), Fuzzy C-Means (FCM) and Expectation Maximization (EM) clustering are used to separate vessel pixels from background and artery pixels from vein pixels when possible. A post processing step of removing false-alarm components is applied before constructing a three-dimensional volume of the vessels. The proposed method was tested on six datasets along with a medical assessment of an expert. Obtained results showed encouraging segmentations.

Keywords: Brain arteriovenous malformation (BAVM), 3-D rotational angiography (3DRA), K-Means (KM) clustering, Fuzzy CMeans (FCM) clustering, Expectation Maximization (EM) clustering, volume rendering.

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Authors: Michael Torggler

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IT consultants often take over an important role as an interface between technological, organizational and managerial structures. As a result, the services offered are in many cases assigned to different disciplines which can cause a lack of transparency on the market for consulting services. However, not all consulting products are suitable for every company because of different frameworks and business processes. In this context the questions arises as to what consulting products are currently offered and how they can be compared as well as how the market for IT consulting services is structured on the supply side. The presented study aims to shed light on the IT consulting market by giving an overview of the current structure of the supply-side for IT consulting services as well as proposing a categorization of the currently available consulting services (consulting fields) in order to provide a theoretical background for the empirical study. Apart from these theoretical considerations, the empirical results of field surveys on the Austrian IT consulting market are presented and analyzed.

Keywords: IT Consulting, Management Consulting, ISConsulting, Consulting Fields, Market study.

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

Abstract:

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, prediction, stock market, time series.

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Authors: Haiyan Wang

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Business interpreting talents are in badly need for local economic development, but currently there are problems of traditional business interpreting training mode in China. In view of the good opportunity for college business interpreters provided by international trading center development in Qingdao China and with the aim of being in line with market demand and enhancing business interpreters' employment competitive advantage, this paper aims to explore how to cultivate interdisciplinary business interpreting talents based on market demand.

Keywords: Interdisciplinary talents, business interpreting, market demand.

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Authors: K.Somasundaram, I.Kaspar Raj

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In this paper we have proposed three and two stage still gray scale image compressor based on BTC. In our schemes, we have employed a combination of four techniques to reduce the bit rate. They are quad tree segmentation, bit plane omission, bit plane coding using 32 visual patterns and interpolative bit plane coding. The experimental results show that the proposed schemes achieve an average bit rate of 0.46 bits per pixel (bpp) for standard gray scale images with an average PSNR value of 30.25, which is better than the results from the exiting similar methods based on BTC.

Keywords: Bit plane, Block Truncation Coding, Image compression, lossy compression, quad tree segmentation

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Authors: Lucky Farha, Martha L. Hall

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The current adaptive clothing brands are limited in numbers and specific categories. This study explores clothing challenges for children with Down syndrome and factors that influence their perception of adaptive clothing brands. Another aim of this study was to explore brands' challenges in the adaptive business and factors that influence their perceptions towards the adaptive market. In order to determine the market barriers affecting adaptive target market needs, we applied Technology Acceptance Model. After interviewing and surveying parents/caregivers having children with Down syndrome and current adaptive brands, the results found education as the significant gap in the adaptive clothing market yet to be overcome. Based on the finding, several recommendations were suggested to improve the current barriers in the adaptive clothing market.

Keywords: Adaptive fashion, disability, functional clothing, clothing needs assessment, Down syndrome, clothing challenge.

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Authors: Chih-Hao Chen, Hsing-Chung Lee, Qingdong Ling, Hsiao-Jung Chen, Sun-Chong Wang, Li-Ching Wu, H.C. Lee

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Segmentation, filtering out of measurement errors and identification of breakpoints are integral parts of any analysis of microarray data for the detection of copy number variation (CNV). Existing algorithms designed for these tasks have had some successes in the past, but they tend to be O(N2) in either computation time or memory requirement, or both, and the rapid advance of microarray resolution has practically rendered such algorithms useless. Here we propose an algorithm, SAD, that is much faster and much less thirsty for memory – O(N) in both computation time and memory requirement -- and offers higher accuracy. The two key ingredients of SAD are the fundamental assumption in statistics that measurement errors are normally distributed and the mathematical relation that the product of two Gaussians is another Gaussian (function). We have produced a computer program for analyzing CNV based on SAD. In addition to being fast and small it offers two important features: quantitative statistics for predictions and, with only two user-decided parameters, ease of use. Its speed shows little dependence on genomic profile. Running on an average modern computer, it completes CNV analyses for a 262 thousand-probe array in ~1 second and a 1.8 million-probe array in 9 seconds

Keywords: Cancer, pathogenesis, chromosomal aberration, copy number variation, segmentation analysis.

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Authors: E. Kharaishvili, M. Chavleishvili, M. Natsvaladze

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The article presents the trends in Georgian wine market development and evaluates the competitive advantages of Georgia to enter the wine market based on its customs, traditions and historical practices combined with modern technologies. In order to analyze the supply of wine, dynamics of vineyard land area and grape varieties are discussed, trends in wine production are presented, trends in export and import are evaluated, local wine market, its micro and macro environments are studied and analyzed based on the interviews with experts and analysis of initial recording materials. For strengthening its position on the international market, the level of competitiveness of Georgian wine is defined, which is evaluated by “ex-ante” and “ex-post” methods, as well as by four basic and two additional factors of the Porter’s diamond method; potential advantages and disadvantages of Georgian wine are revealed. Conclusions are made by identifying the factors that hinder the development of Georgian wine market. Based on the conclusions, relevant recommendations are developed.

Keywords: Georgian wine market, competitive advantage, bio wine, export-import, Porter's diamond model.

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Authors: H. Dujmic, V. Papic, H. Turic

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The article presents a new method for detection of artificial objects and materials from images of the environmental (non-urban) terrain. Our approach uses the hue and saturation (or Cb and Cr) components of the image as the input to the segmentation module that uses the mean shift method. The clusters obtained as the output of this stage have been processed by the decision-making module in order to find the regions of the image with the significant possibility of representing human. Although this method will detect various non-natural objects, it is primarily intended and optimized for detection of humans; i.e. for search and rescue purposes in non-urban terrain where, in normal circumstances, non-natural objects shouldn-t be present. Real world images are used for the evaluation of the method.

Keywords: Landscape surveillance, mean shift algorithm, image segmentation, target detection.

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Authors: M. K. Jindal, G. S. Lehal, R. K. Sharma

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Character segmentation is an important preprocessing step for text recognition. In degraded documents, existence of touching characters decreases recognition rate drastically, for any optical character recognition (OCR) system. In this paper a study of touching Gurmukhi characters is carried out and these characters have been divided into various categories after a careful analysis.Structural properties of the Gurmukhi characters are used for defining the categories. New algorithms have been proposed to segment the touching characters in middle zone. These algorithms have shown a reasonable improvement in segmenting the touching characters in degraded Gurmukhi script. The algorithms proposed in this paper are applicable only to machine printed text.

Keywords: Character Segmentation, Middle Zone, Touching Characters.

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Authors: S. Masteika, A.V. Rutkauskas, A. Tamosaitis

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The paper investigates downtrend algorithm and trading strategy based on chart pattern recognition and technical analysis in futures market. The proposed chart formation is a pattern with the lowest low in the middle and one higher low on each side. The contribution of this paper lies in the reinforcement of statements about the profitability of momentum trend trading strategies. Practical benefit of the research is a trading algorithm in falling markets and back-test analysis in futures markets. When based on daily data, the algorithm has generated positive results, especially when the market had downtrend period. Downtrend algorithm can be applied as a hedge strategy against possible sudden market crashes. The proposed strategy can be interesting for futures traders, hedge funds or scientific researchers performing technical or algorithmic market analysis based on momentum trend trading.

Keywords: trading algorithm, chart pattern, downtrend trading, futures market, hedging

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Authors: I. Laurence Aroquiaraj, K. Thangavel

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Breast region segmentation is an essential prerequisite in computerized analysis of mammograms. It aims at separating the breast tissue from the background of the mammogram and it includes two independent segmentations. The first segments the background region which usually contains annotations, labels and frames from the whole breast region, while the second removes the pectoral muscle portion (present in Medio Lateral Oblique (MLO) views) from the rest of the breast tissue. In this paper we propose hybridization of Connected Component Labeling (CCL), Fuzzy, and Straight line methods. Our proposed methods worked good for separating pectoral region. After removal pectoral muscle from the mammogram, further processing is confined to the breast region alone. To demonstrate the validity of our segmentation algorithm, it is extensively tested using over 322 mammographic images from the Mammographic Image Analysis Society (MIAS) database. The segmentation results were evaluated using a Mean Absolute Error (MAE), Hausdroff Distance (HD), Probabilistic Rand Index (PRI), Local Consistency Error (LCE) and Tanimoto Coefficient (TC). The hybridization of fuzzy with straight line method is given more than 96% of the curve segmentations to be adequate or better. In addition a comparison with similar approaches from the state of the art has been given, obtaining slightly improved results. Experimental results demonstrate the effectiveness of the proposed approach.

Keywords: X-ray Mammography, CCL, Fuzzy, Straight line.

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Authors: Sunday. E. Ogundipe, Abiola Idowu, Lawrencia. O. Ogundipe

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This study examines the impact of working capital management on firms- performance and market value of the firms in Nigeria. A sample of fifty four non-financial quoted firms in Nigeria listed on the Nigeria Stock Exchange was used for this study. Data were collected from annual reports of the sampled firms for the period 1995-2009. This result shows there is a significant negative relationship between cash conversion cycle and market valuation and firm-s performance. It also shows that debt ratio is positively related to market valuation and negatively related firm-s performance. The findings confirm that there is a significant relationship between Market valuation, profitability and working capital component in line with previous studies. This mean that Nigeria firms should ensure adequate management of working capital especially cash conversion cycle components of account receivables, account payables and inventories, as efficiency working capital management is expected to contribute positively to the firms- market value.

Keywords: Cash Conversion Cycle, Firms' Performance, Market Valuation, Working Capital Management

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Authors: F. Gökgöz, M. E. Atmaca

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Electricity plays an indispensable role in human life and the economy. It is a unique product or service that must be balanced instantaneously, as electricity is not stored, generation and consumption should be proportional. Effective and efficient use of electricity is very important not only for society, but also for the environment. A competitive electricity market is one of the best ways to provide a suitable platform for effective and efficient use of electricity. On the other hand, it carries some risks that should be carefully managed by the market players. Risk management is an essential part in market players’ decision making. In this paper, risk management through diversification is applied with the help of Markowitz’s Mean-variance, Down-side and Semi-variance methods for a case study. Performance of optimal electricity sale solutions are measured and evaluated via Sharpe-Ratio, and the optimal portfolio solutions are improved. Two years of historical weekdays’ price data of the Turkish Day Ahead Market are used to demonstrate the approach.

Keywords: Electricity market, portfolio optimization, risk management in electricity market, Sharpe ratio.

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Authors: D. A. Binas, M. Konidari, C. Bourgioti, L. Angela Moulopoulou, T. L. Economopoulos, G. K. Matsopoulos

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High grade ovarian epithelial cancer (OEC) is the most fatal gynecological cancer and poor prognosis of this entity is closely related to considerable intratumoral genetic heterogeneity. By examining imaging data, it is possible to assess the heterogeneity of tumorous tissue. This study presents a methodology for aligning, segmenting and finally visualizing information from various magnetic resonance imaging series, in order to construct 3D models of heterogeneity maps from the same tumor in OEC patients. The proposed system may be used as an adjunct digital tool by health professionals for personalized medicine, as it allows for an easy visual assessment of the heterogeneity of the examined tumor.

Keywords: K-means segmentation, ovarian epithelial cancer, quantitative characteristics, registration, tumor visualization.

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Authors: Ioan Popa, Cristiana Tudor, Radu Lupu

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The interdependences among stock market indices were studied for a long while by academics in the entire world. The current financial crisis opened the door to a wide range of opinions concerning the understanding and measurement of the connections considered to provide the controversial phenomenon of market integration. Using data on the log-returns of 17 stock market indices that include most of the CEE markets, from 2005 until 2009, our paper studies the problem of these dependences using a new methodological tool that takes into account both the volatility clustering effect and the stochastic properties of these linkages through a Dynamic Conditional System of Simultaneous Equations. We find that the crisis is well captured by our model as it provides evidence for the high volatility – high dependence effect.

Keywords: Stock market interdependences, Dynamic System ofSimultaneous Equations, financial crisis

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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: F. Gökgöz, M. E. Atmaca

Abstract:

Electricity has an indispensable role in human daily life, technological development and economy. It is a special product or service that should be instantaneously generated and consumed. Sources of the world are limited so that effective and efficient use of them is very important not only for human life and environment but also for technological and economic development. Competitive electricity market is one of the important way that provides suitable platform for effective and efficient use of electricity. Besides benefits, it brings along some risks that should be carefully managed by a market player like Electricity Generation Company. Risk management is an essential part in market players’ decision making. In this paper, risk management through diversification is applied with the help of Value at Risk methods for case studies. Performance of optimal electricity sale solutions are measured and the portfolio performance has been evaluated via Sharpe-Ratio, and compared with conventional approach. Biennial historical electricity price data of Turkish Day Ahead Market are used to demonstrate the approach.

Keywords: Electricity market, portfolio optimization, risk management, Sharpe ratio, value at risk.

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Authors: C. Lodato, S. Lopes

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The image segmentation method described in this paper has been developed as a pre-processing stage to be used in methodologies and tools for video/image indexing and retrieval by content. This method solves the problem of whole objects extraction from background and it produces images of single complete objects from videos or photos. The extracted images are used for calculating the object visual features necessary for both indexing and retrieval processes. The segmentation algorithm is based on the cooperation among an optical flow evaluation method, edge detection and region growing procedures. The optical flow estimator belongs to the class of differential methods. It permits to detect motions ranging from a fraction of a pixel to a few pixels per frame, achieving good results in presence of noise without the need of a filtering pre-processing stage and includes a specialised model for moving object detection. The first task of the presented method exploits the cues from motion analysis for moving areas detection. Objects and background are then refined using respectively edge detection and seeded region growing procedures. All the tasks are iteratively performed until objects and background are completely resolved. The method has been applied to a variety of indoor and outdoor scenes where objects of different type and shape are represented on variously textured background.

Keywords: Image Segmentation, Motion Detection, Object Extraction, Optical Flow

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Authors: Chanin Yoopetch, Natcha Toemtemsab

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The purpose of this study was to explore the demographic differences of international tourists according to three main factors, including the value of time, shopping behavior and shopping motivation. The Chatuchak Weekend Market is known as one of the biggest weekend markets in the world. Too little academic studies had been conducted in this area of weekend market, despite its growth and continuous development. In general, both domestic visitors and international tourists are attracted to the perception of cheap and bargaining prices the weekend market. However, systematic research study can provide reliable understanding of the perception of the visitors. This study focused on the group of international tourists who visited the market and aimed to provide better insights based on the differences in their demographic factors. Findings indicated that several differences in value of time, shopping behavior, and shopping motivation were identified by gender, income and age. Research implications and directions for further studies were discussed.

Keywords: Value of Time, Shopping Behavior, Shopping Motivation, Chatuchak Weekend Market.

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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: M. Kargar, A. Isazadeh, F. Fartash, T. Saderi

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In this paper we suggest a method for setting electronic credits for the customers. In this method banks and market-sites help each other to make doing large shopping through internet so easy. By developing this system, the people who have less money to buy most of the things they want, become able to buy all of them just through a credit. This credit is given by market-sites through a banking control on it. The method suggested can stop being imprisoned because of banking debts.

Keywords: E-Business, E-Credit, Market-site, Buy-site, Bank, E-Commerce.

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Authors: Sang Hoon Kang, Seong-Min Yoon

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Little attention has been paid to information transmission between the portfolios of large stocks and small stocks in the Korean stock market. This study investigates the return and volatility transmission mechanisms between large and small stocks in the Korea Exchange (KRX). This study also explores whether bad news in the large stock market leads to a volatility of the small stock market that is larger than the good news volatility of the large stock market. By employing the Granger causality test, we found unidirectional return transmissions from the large stocks to medium and small stocks. This evidence indicates that pat information about the large stocks has a better ability to predict the returns of the medium and small stocks in the Korean stock market. Moreover, by using the asymmetric GARCH-BEKK model, we observed the unidirectional relationship of asymmetric volatility transmission from large stocks to the medium and small stocks. This finding suggests that volatility in the medium and small stocks following a negative shock in the large stocks is larger than that following a positive shock in the large stocks.

Keywords: Asymmetric GARCH-BEKK model, Asymmetric volatility transmission, Causality, Korean stock market, Spillover effect

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