Search results for: labor market

Authors: P. Jangl, M. 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.

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Authors: Hiroki Yoshikai, Shin’ichi Arakawa, Tetsuya Takine, Masayuki Murata

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API (Application Programming Interface) economy is expected to create new value by converting corporate services such as information processing and data provision into APIs and using these APIs to connect services. Understanding dynamics of a market of API economy under strategies of participants is crucial to fully maximize the values of API economy. To capture the behavior of a market in which the number of participants changes over time, we present a time-evolving market model for a platform in which API providers who provide APIs to service providers participate in addition to service providers and consumers. Then, we use the market model to clarify the role API providers play in expanding market participants and forming ecosystems. The results show that the platform with API providers increased the number of market participants by 67% and decreased the cost to develop services by 25% compared to the platform without API providers. Furthermore, during the expansion phase of the market, it is found that the profits of participants are mostly the same when 70% of the revenue from consumers is distributed to service providers and API providers. It is also found that, when the market is mature, the profits of the service provider and API provider will decrease significantly due to their competitions and the profit of the platform increases.

Keywords: API Economy, ecosystem, platform, API providers.

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Authors: Anwar Hassen Tsega

Abstract:

International labor migration is an integral part of the modern globalized world. However, the phenomenon has its roots in some earlier periods in human history. This paper discusses the relatively new phenomenon of female migration in Africa. In the past, African women migrants were only spouses or dependent family members. But as modernity swept most African societies, with rising unemployment rates, there is evidence everywhere in Africa that women labor migration is a growing phenomenon that deserves to be understood in the context of human security research. This work explores these issues further, focusing on the experience of Ethiopian women labor migrants to Sudan. The migration of Ethiopian people to Sudan is historical; nevertheless, labor migration mainly started since the discovery and subsequent exploration of oil in the Sudan. While the paper is concerned with the human security aspect of the migrant workers, we need to be certain that the migration process will provide with a decent wage, good working conditions, the necessary social security coverage, and labor protection as a whole. However, migration to Sudan is not always safe and female migrants become subject to violence at the hands of brokers, employers and migration officials. For this matter, the paper argued that identifying the vulnerable stages and major problem facing female migrant workers at various stages of migration is a prerequisite to combat the problem and secure the lives of the migrant workers. The major problems female migrants face include extra degrees of gender-based violence, underpayment, various forms of abuse like verbal, physical and sexual and other forms of torture which include beating and slaps. This peculiar situation could be attributed to the fact that most of these women are irregular migrants and fall under the category of unskilled and/or illiterate migrants.

Keywords: Labor migration, human security, trafficking, smuggling, Ethiopia, Sudan.

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Authors: M. Khoshab, M. J. Sedigh

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Dynamic systems, which in mathematical point of view are those governed by differential equations, are much more difficult to study and to predict their behavior in comparison with static systems which are governed by algebraic equations. Economical systems such as market are among complicated dynamic systems. This paper tries to adopt a very simple mathematical model for market and to study effect of supply and demand function on behavior of the market while the supply side experiences a lag due to production restrictions.

Keywords: Dynamic System, Lag on Supply Demand, Market Stability, Supply Demand Model.

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Authors: M. Pervan, T. Pavic Kramaric

Abstract:

The aim of this paper is to investigate the influence of market share and diversification on the nonlife insurers- performance. The underlying relationships have been investigated in different industries and different disciplines (economics, management...), still, no consistency exists either in the magnitude or statistical significance of the relationship between market share (and diversification as well) on one side and companies- performance on the other side. Moreover, the direction of the relationship is also somewhat questionable. While some authors find this relationship to be positive, the others reveal its negative association. In order to test the influence of market share and diversification on companies- performance in Croatian nonlife insurance industry for the period from 1999 to 2009, we designed an empirical model in which we included the following independent variables: firms- profitability from previous years, market share, diversification and control variables (i.e. ownership, industrial concentration, GDP per capita, inflation). Using the two-step generalized method of moments (GMM) estimator we found evidence of a positive and statistically significant influence of both, market share and diversification, on insurers- profitability.

Keywords: Diversification, market share, nonlife insurance

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Authors: Daurenbek Kuleimenov, Elmira Otar

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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: 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: 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: Rudainah Alkhazam, Özlem Yaşar Uğurlu

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Immigrant entrepreneurship arises from the start of entrepreneurial activity by immigrants in the country they relocate to. The future prosperity and stability of the refugee-hosting countries depends on the mutual social and economic benefits between the residents and the refugees. Syrian refugees and workers in host countries necessitate efforts to assist their residents and refugees in meeting their daily needs, contributing lawfully to local and possibly regional economies through trade, and instilling hope in their future. This study investigates the effects of Syrian refugee entrepreneurs on host communities' business sectors, focusing on Turkey. Specifically, we examine entrepreneurship in general and its role in the country's economy. Because Turkey is the most popular resettlement destination for Syrian refugees, this study will shed light on the challenges of successful migrant entrepreneurship in Turkey and their role in the business sector. The research relies on a mixed-method approach which helps identify recurring themes, favorable results, and conflicting results across methods, allowing us to draw accurate conclusions. The study will adopt a quantitative method in collecting numerical data from Syrian refugees in Turkey. The self-administered survey would be translated into Arabic to ensure that the respondents understood the questions and possible replies. The research will use survey questionnaires to gather the majority of the data. These surveys would have closed-ended questions with nominal ratio and Likert scales. The data will be analyzed using linear regression and the Statistical Package for Social Sciences (SPSS) to ascertain the role of Syrian entrepreneurs in the business sectors of Turkey. The research will use the findings to make future recommendations. Syrian entrepreneurs, among the migrant entrepreneurs, contribute to the labor market, the majority of whom are young people. This research noted the significant participation of Syrian immigrant women in the entrepreneurship sector. The previous experience of Syrians in the field of trade and running their own business plays a vital role in the success of their business in the host countries. The study shows that Syrian entrepreneurs could integrate effectively into the various Turkish business sectors and could rely on themselves, open and manage their projects, and market them in the Turkish market. Syrian entrepreneurs consider that the investment and labor laws, commercial arrangements, and facilities for obtaining financial resources in Turkey need to be more flexible and available to immigrant entrepreneurs.

Keywords: Entrepreneurship, immigration, Syrian, Turkey, refugees, investors, socio-economic benefits, unemployment.

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Authors: Ming-Hsiung Wu, Yu-Hsi Yuan

Abstract:

The aim of the research is to understand whether the accuracy of customer detection of employee emotional labor strategy would influence the overall service satisfaction. From path analysis, it was found that employee-s positive emotions positively influenced service quality. Service quality in turn influenced Customer detection of employee emotional deep action strategy and Customer detection of employee emotional surface action strategy. Lastly, Customer detection of employee emotional deep action strategy and Customer detection of employee emotional surface action strategy positively influenced service satisfaction. Based on the analysis results, suggestions are proposed to provide reference for human resource management and use in relative fields.

Keywords: Emotional labor, Emotional deep action strategy, Emotional surface action strategy, Service satisfaction

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Authors: Michael Torggler

Abstract:

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

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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, prediction, stock market, time series.

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Authors: Haiyan Wang

Abstract:

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: Lucky Farha, Martha L. Hall

Abstract:

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: 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: 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: J. Hardeberg, J. Hernandez-Andrès, J. L. Nieves, M. Hauta-Kasari, J. Parkkinen, A. Trémeau

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The main objective of this paper is to identify and disseminate good practice in quality assurance and enhancement as well as in teaching and learning at master level. This paper focuses on the experience of the Erasmus Mundus Master program CIMET (Color in Informatics and Media Technology). Amongst topics covered, we discuss the adjustments necessary to a curriculum designed for excellent international students and their preparation for a global labor market.

Keywords: Good practice, internal quality systems, innovationsin curriculum design, challenges of internationalization

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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: 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: Reinaldo Biscaro, Luciano R. Ferreira, Leonardo C. Biscaro, Raphael C. Biscaro, Isabela S. Vasconcelos, Laura C. R. Ferreira, Cristiano M. Galhardi, Erica P. Baciuk

Abstract:

Introduction: The present study had the objective to present the profile of workers with shoulder disorders related to labor lawsuits in Brazil. The study analyzed the association between the worker’s health and the actions performed by the companies related to injured professional. The research method performed a retrospective, cross-sectional and quantitative database analysis. The documents of labor lawsuits with shoulder injury registered at the Regional Labor Court in the 15^th region (Campinas - São Paulo) were submitted to the medical examination and evaluated during the period from 2012 until 2015. The data collected were age, gender, onset of symptoms, length of service, current occupation, type of shoulder injury, referred complaints, type of acromion, associated or related diseases, company actions as CAT (workplace accident communication), compliance of NR7 by the organization (Environmental Risk Prevention Program - PPRA and Medical Coordination Program in Occupational Health - PCMSO). Results: From the 93 workers evaluated, there was a prevalence of men (58.1%), with a mean age of 42.6 y-o, and 54.8% were included in the age group 35-49 years. Regarding the length of work time in the company, 66.7% have worked for more than 5 years. There was an association between gender and current occupational status (p < 0.005), with predominance of women in household occupation (13 vs. 2) and predominance of unemployed men in job search situation (24 vs. 10) and reintegrated to work by judicial decision (8 vs. 2). There was also a correlation between pain and functional limitation (p < 0.01). There was a positive association of PPRA with the complaint of functional limitation and negative association with pain (p < 0.04). There was also a correlation between the sedentary lifestyle and the presence of PCMSO and PPRA (p < 0.04), and the absence of CAT in the companies (p < 0.001). It was concluded that the appearance or aggravation of osseous and articular shoulder pathologies in workers who have undertaken labor law suits seem to be associated with individual habits or inadequate labor practices. These data can help preventing the occurrence of these lesions by implementing local health promotion policies at work.

Keywords: Work-related accidents, cross-sectional study, shoulder lesions, labor lawsuits.

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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: 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. Pancharya

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The globalization of the Indian economy has thrown a great challenge to the Indian industries in respect of productivity, quality, cost, delivery etc. Achieving success• the global market has required fundamental shift in the way business is conducted and has dramatically affected virtually every aspect of process industry. The internal manufacturing process and supporting infrastructure should be such that it can compete successfully in global markets with better flexibility and delivery. The paper deals with a case study of a reputed process industry, some changes in the process has been suggested, which leads to reduction in labor cost and production cost.

Keywords: Indian cement industry, material handling, plant layout.

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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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Authors: Ling Shi Cai, Leau Yu Beng, Charlie Albert Lasuin, Tan Soo Fun, Chin Pei Yee

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This paper explains the development of Multifunctional Barcode Inventory Management System (MBIMS) to manage inventory and stock ordering. Today, most of the retailing market is still manually record their stocks and its effectiveness is quite low. By providing MBIMS, it will bring effectiveness to retailing market in inventory management. MBIMS will not only save time in recording input, output and refilling the inventory stock, but also in calculating remaining stock and provide auto-ordering function. This system is developed through System Development Life Cycle (SDLC) and the flow and structure of the system is fully built based on requirements of a retailing market. Furthermore, this system has been developed from methodical research and study where each part of the system is vigilantly designed. Thus, MBIMS will offer a good solution to the retailing market in achieving effectiveness and efficiency in inventory management.

Keywords: Inventory, Retailing Market, Barcode, Automated Alerting and Ordering

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Authors: Reinhold Decker, Christian Holsing, Sascha Lerke

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This paper presents a new growing neural network for cluster analysis and market segmentation, which optimizes the size and structure of clusters by iteratively checking them for multivariate normality. We combine the recently published SGNN approach [8] with the basic principle underlying the Gaussian-means algorithm [13] and the Mardia test for multivariate normality [18, 19]. The new approach distinguishes from existing ones by its holistic design and its great autonomy regarding the clustering process as a whole. Its performance is demonstrated by means of synthetic 2D data and by real lifestyle survey data usable for market segmentation.

Keywords: Artificial neural network, clustering, multivariatenormality, market segmentation, self-organization

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Authors: Brownhilder N. Neneh, A. Van Aardt Smit

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Underpricing is one anomaly in initial public offerings (IPO) literature that has been widely observed across different stock markets with different trends emerging over different time periods. This study seeks to determine how IPOs on the JSE performed on the first day, first week and first month over the period of 1996-2011. Underpricing trends are documented for both hot and cold market periods in terms of four main sectors (cyclical, defensive, growth stock and interest rate sensitive stocks). Using a sample of 360 listed companies on the JSE, the empirical findings established that IPOs on the JSE are significantly underpriced with an average market adjusted first day return of 62.9%. It is also established that hot market IPOs on the JSE are more underpriced than the cold market IPOs. Also observed is the fact that as the offer price per share increases above the median price for any given period, the level of underpricing decreases substantially. While significant differences exist in the level of underpricing of IPOs in the four different sectors in the hot and cold market periods, interest rates sensitive stocks showed a different trend from the other sectors and thus require further investigation to uncover this pattern.

Keywords: Underpricing, hot and cold markets, South Africa, JSE.

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