Background:   Problem:   Purpose:   Method:   Conclusion: Based on our findings we do not advocate short sale regulations tobe introduced on the Swedish financial market. Neither does our analysis indicate that the market performance is significantly affected by shorting, nor does restrictions work as intended which we have seen in other countries during the fall of 2008. The analysis have been drawn from four cornerstones; previousresearch, actions of other countries’, a statistical analysis and interview findings. We have examined and compiled different strategies for restricting short sales around the world as well as conducted a cross-correlation analysis to investigate if share price is related to stock loan. Furthermore we have interviewed a professional investor and a middle manager at the Swedish Financial Supervisory Board to obtain experts’ views on the subject. With background of other countries’ actions, the purpose of thisreport is to investigate why, if at all, short sale regulations should be introduced on the Swedish financial market. Is there a correlation between the number of shorted shares and thechange in overall and individual stock price? What actions have been taken by countries in Europe, Asia and the United States regarding short selling during the fall of 2008 and what is SFSB’s attitude towards the subject? Are there any benefits for the Swedish financial market from shorting regulations? In times of financial crisis short selling is often quickly blamed for price volatility and media broadcasts pleads for prohibitions and restrictions. Extensive research, however, cannot find any empirical evidence that shorting is affecting markets negatively; often it is the other way around. Sweden has been relatively liberal when it comes to shorting restrictions and even though share lending has increased since the start of the year, no actions have been taken by the Swedish Financial Supervisory Board.

The recent SEC ban on short selling has presented an unrivaled opportunity to explore the effects of short selling constraints on crashes, market efficiency, and volatility. In this paper I carry out two groups of empirical tests on the individual banned stocks and a series of portfolios created from them: the first tests the hypothesis that short sale constraints increase the frequency and magnitude of crashes, by testing Hong & Stein’s (2003) model of market crashes. The second tests the hypothesis that short sale constraints reduce market efficiency, by testing Miller’s (1977) model in which stocks that are hard (or impossible) to short tend to exhibit overpricing. In regards to the first group of tests, the results are ambiguous: the frequency and magnitude of crashes increased during the ban period, while the skewness of the returns distribution of the portfolios became more negative, as expected, but these changes hold for the market as a whole, as well. On the other hand, the skewness of the returns distribution of the individual banned stocks became more positive. The second group of tests provides ample support for Miller’s model, as the results coincide with the models predictions: banning short selling leads to positive abnormal returns (overpricing) in the affected stocks. The ban is also related with a decrease in volatility relative to the market, an important result from a policy perspective.

Despite potentially increased sales and operational efficiencies, a surprising number of firms have not adopted e-business. Annual surveys of e-business use in Canada and other Organization for Economic Co-operation and Development (OECD) countries reveal significant differences in adoption rates between sectors. The surveys identify product characteristics as a key rationale for not adopting online selling. There are examples, however, of firms in all sectors that have discovered how to use online selling (i.e., through direct retailing, portals, online auctions - or other models). This research identifies the key internal capabilities that let firms implement online selling tools and reconfigure their way of doing business, by innovating their business model, to take advantage of e-business. Wheeler’s (2002) Net-Enabled Business Innovation Cycle (NEBIC) model is a theoretical framework for studying the process of implementing e-business tools as technology innovations for business growth where “net-enablement” refers to a firm’s innovative use of networks connected via information technologies. The NEBIC model suggests four sets of capabilities a firm needs to create value for its customers by utilizing technology: choosing enabling technologies, matching technology benefits with economic opportunities, executing business innovation for growth, and assessing customer value. The model is grounded in dynamic capability and absorptive capacity theories, offering an integrated way to adopt an e-business application, such as online selling, using internal capabilities that management can develop through planning, knowledge acquisition, training, and recruitment. This research is the first to operationalize the constructs in the NEBIC model and increase the understanding of the firm capabilities required to implement online selling as a technology innovation for business growth. The study also extends the NEBIC model by developing a construct to measure the innovation in business models firms need as they implement online selling tools. Data gathered from a national sample of Canadian firms are analyzed to test four hypotheses. These concern net-enablement capabilities, and the selection and implementation of online selling, together with the associated outcome of such innovation in terms of business model innovation. The overarching hypothesis is that firms that successfully select and implement online selling have better developed net-enablement capabilities. Further, those firms will innovate their business model. The research to test these hypotheses proceeded in two stages. First, exploratory research accessed both current literature and feedback from academic and professional experts to identify and develop scales and measurements for the net-enablement constructs of the research model. In the second empirical stage, these scales were used to measure capability development and business model innovation in a cross-section sample of Canadian firms. Responses to an online survey were analyzed to test the statistical properties of the scales, and structural equation modeling (SEM) assessed the hypothesized relationships between net-enablement capability for online selling and actual business model innovation. The research contributes to the literature on e-business adoption, and the application of dynamic capability and absorptive capability theories for technology adoption. In particular, it provides empirical support for Wheeler’s NEBIC model for e-business tools selection and implementation. The data confirm that firms with better-developed net-enablement capabilities are more likely to select and implement online selling tools successfully. The data also substantiate the view that online sellers have indeed innovated their business models to incorporate the practical tools of online selling. Practitioners considering extending their market through online sales are advised to assess their net-enablement capability first. The scales developed through this research provide a tool for identifying these important capabilities and routines within organizations. It is particularly important that firms looking to incorporate online selling should evaluate (and develop as necessary) their ability to access new technology; evaluate their strategic options and match them with the benefits of the proposed technology; handle, manage, and implement the project; and reconfigure elements of their business model, i.e., make changes to their product or service and its payment methods. Successful online sellers do not depend on a single factor; rather they develop “net-enablement” capability, a continuous and multi-faceted process of related capability sets that involve all parts of the organization.

This thesis was carried out during Spring semester 2012 at Södertörn University in collaboration with the Swedish distance selling company Halens. Halens is one of Sweden’s leading e-commerce companies with a significant history in distance selling. The company started as a mail-order company but their current and future goals are directed towards full e-commercialization. Halens has expanded to several international markets and their assortment consists mainly of women’s apparel, but also includes men’s wear, children’s wear and electronics. The purpose of this thesis is to find ways to improve the image of traditional mail-order companies that are going through a transition towards e-commerce. It has a specific look on branding and brand repositioning and the aim is to give suggestions on how to improve the image and attracting new customers while maintaining the loyal customer base that companies have gained. This includes identifying the pros and cons of the companies’ current position as well as viewing the modern possibilities that e-commercialization brings. Four interviews were conducted in order to obtain up-to-date information. Two of the people who were interviewed are employees at Halens whose work is closely related to the subject of this thesis. The data that was obtained from them deals with the company’s current activities and goals in terms of repositioning their brand. Another viewpoint is met with two consumer interviews, where information is received from different attitudes towards Halens. One of the interviewed is a long-time Halens customer, while the second one has never purchased from Halens. In addition, our own observations have been conducted for deeper analysis of the study. As one of us is a Halens employee it has given us direct access to collect data about the company image and compare our perceptions with one another. A clear view of the brand repositioning requirements that have appeared with the transition towards e-commerce has been established during this essay. Results have shown an apparent need for modernizing and investing in renewal of brand image as a mail-order company moving in to online marketing.

With the technology evolves over time, science and production process has been updated continuously. Manufacturers not only provide higher efficiency, but also offers products with better cost effective to customers. However, accompanied by the global economy and development of information technology, competitions among enterprises are stronger. It also challenges the relationship between suppliers and their customers. As the result, this situation can not fulfilled customer¡¦s demand. The increased of productivity and smooth market information exchange are the common scenario to price competition. Therefore, increase competitive advantages and relationship building have become two major topics to both suppliers and manufacturers. With progress of times, technology and produce, make constant renewal science and technology, producer not only offer good products of efficiency but also the intersection of cost and product of advantage to the customer even more in the past. The economic environment that but it is globalized to follow, and the development of information technology, let the competition between enterprises be fierce day by day. Also let the supplier challenged with the customer's cooperation relation more extremely too. The traditional business model of making the trade of the price with quantity in the past, it has been already unable to satisfy the customer. The improvement of productivity, the market information on the network is smooth, the price competition that causes is the normality, no matter to supplier or manufacturer, how improve competitiveness and strong compound, it makes relations to be important subject. The research via observe ¡Binterview ¡Band relevant literature, sort out and propose coordination with academy and trend of development of collaborative marketing. With the vertical cooperation relation between supplier and customer in the industry, and expand while organizing the functionality is combined, sell the products to the market of goal in cooperation so that together. The meaning supplier in coordination with marketing is not merely to sell products and service to the customer, another respect is sold with customer's common cooperative planning on the market too, and it is essential to offer and assist, sell to terminal consumer smoothly products, only the intersection of products and smooth the intersection of sale and customer in customer. Through analyze, sum up, offer supplier and famous the intersection of computer and co-operation that manufacturer succeed in on sale throughout the factor, the conclusion studied can be offered in the future of industrial circle to strengthening the relation with the customer's partner, and the reference of enterprise's competitive strategy. This research is based on observation, interview and worldwide studies, integrated with development of collaborative marketing. From the vertical cooperation of supplier and customers and extended to functionality integration within organization; thus to market product to the target segment. Collaborative marketing is not only selling products to, but also services as well as product planning and market positioning with customers. It also provides assistance to successfully sell to end users. Through analysis, this research has concluded the factors of successful marketing of suppliers and well known computer manufacturers and strengthens future relationship with customers and competition strategies in the industry. As the result of this research, the more effective the collaborative marketing is, the better the product positioned perceived by the end users. However, the researches done previously focused more on supply chain and value chain analysis. In the past, enterprises prioritized collaborative manufacture and design and invested heavily on ERP rather than focusing on collaborative marketing which is the most valuable stage in the process. To market product collaboratively is actually to increase value and differentiate itself from others. Collaborative marketing indeed increase company¡¦s performance and stronger relationship with customer. This research highlighted the meaning of collaborative marketing and looking forward to active participation and discussion from academy.

Abstract In Taiwan¡¦s production structure, after joining the WTO in 2002, it has to face the global competition. Both the government and the professionals realized the urgency in facing the change of the financial structure. Deployments were made to enhance the competitiveness of banks such as passing a law of amalgamation of banks (2000), six regulations were launched out related to financial matter¡]2001¡^, permission is given to establish financial holding companies and so on. Whether the establishment of financial holding mechanism can respond efficiently to the overall challenges? Can it exercise the effect of synergy and achieve the so called 3 C effects e.g. Cross selling¡B Cost saving and Capital deployment ? It is a question worth our wide to investigate. In the 3 C effects, crossing selling relates to the short term, middle- term and long term business of financial holding. It directly affects the customers¡¦ willingness of saving and contribution. This is a key factor for financial holding to consider. This thesis mainly aims to investigate the cross selling strategy, it policy making process and effectiveness. In analyzing companies Cathay Holdings¡B Taishin Holdings and Mega Holdings have been chosen as our case studies. It is because they have good records in profit making. Also they represent 3 different types of financial holdings when the main companies and their subsidiaries have their own characteristics. Based on three selected companies,we selected the senior managers which are in charge of the decision making for cross selling,to have the broad interview.By collected the primary data,then go to do the comparison & analysis with the second data. In our studies we try to employ ¡§customers which financial holding can be mobilize¡¨ and ¡§human resource in the service¡¦ as the two variables to analyze the phenomena of the cross selling in the model of ¡§Cross Selling Cross Section analysis¡¨. Also in the context of ¡§distant customers¡¨ and ¡§distant products¡¨ , we find out six crossing selling patterns. By doing this we further investigate the cross selling and offer our suggestions. In our analysis we discover the targeted companies has differences and similarities in cross selling strategies. Their senior managements all agree that cross selling is an important strategy in financial holding, and they actively involve into that enterprise. In term of policy making in cross selling, there is lack of long term policy but emphasize on individual cases. There is absence of structural mechanism and cultural in cross selling, and the customers have not established their confidence in financial holdings. The review in risk management is lacking. The consumers¡¦ habits on cross selling haven¡¦t established yet. The financial holding companies haven¡¦t developed a strategy to integrate the know-how which subsidiary companies execute cross selling. In this research findings there are some suggestions in seven areas offered to the concerned parties for their considerations. Key words: Cross Selling, Financial holding company, FHC Marketing Strategy.

Direct Selling in Taiwan, due to it¡¦s changing from focusing on distributor¡¦s face-to-face connecting with customers to emphasizing on real channel and electronic commerce; it has been a part of service Industry. Therefore, a good quality of service is become a key which could turnover people¡¦s negative impression on direct selling. We can see that within these years, for gaining positive reputations, most of direct selling companies have given lots of their efforts and money on external marketing activities, such as image commercial, sports sponsor, charity activities, and etc. But, who could win the competition at the end? The way to success is the way that internal employees having satisfied service to external customers. There are many ways of encouraging employees doing excellent service. Some scholars¡¦ studies found out an effective communication which could lead employees to a customer service oriented attitude is internal marketing. This is a case study of a direct selling company that operates its business with real channel. The major purpose is to find out whether internal marketing influence the attitude of customer orientation, and if supervisor trust and job satisfaction could be improved by internal marketing. We discuss four variables (internal marketing, supervisor trust, job satisfaction, customer orientation) to search out the relation among them. This research pointed out that 1. The higher satisfaction level employees practice to internal marketing, the more satisfaction they got in supervisor trust. 2. The higher satisfaction level employees practice to internal marketing, the better performance on customer orientation. 3. Close linkage between supervisor trust and employee¡¦s job satisfaction. 4. There is a positive relation between employees¡¦ job satisfaction and customer orientation.

The market scale of Taiwan department store expands unceasingly these years, and the competition is more intense than before. As a result, the research and discussion in the department store are more and more. The management style of department store in Taiwan becomes large scale, chain operation system, and internationalization. In addition to, might be joint venture or technological cooperation with overseas company. The major objective of this study is to examine the relationship among selling skill, service attitude, and job performance, moreover, using the psychology contract to an intermediate variable. To discuss, the intermediate effect to the selling skill, service attitude, and job performance. From this research, according to the analysis from six department stores with 349 sales staffs in Kaohisung. Analysis of the results will be present in below: First, the relationship between selling skill and job performance has positive correlation and effect significantly, then the satisfy level between selling skill and psychology contract has noticeable positive correlation and effect. The relationship between service attitude and job performance has positive correlation and effect obvious. Besides that, the satisfy level between service attitude and psychology contract also has positive correlation. In addition to, the satisfy level among psychology contract to the selling skill and job performance has intermediate effect partially, and the satisfy level among psychology contract to the service attitude and job performance also has a part of intermediate effect. Finally, the advice has been offered to the department stores, suppliers, sale staffs, and others researchers.

The main purpose of the integrated marketing communication is to consolidate various marketing modes, to provide customers and prospects with clear and consistent information, and to bring the most benefits of communications. In these years, the direct-selling businesses have stepped on the right track, and have expelled the illegal or weak brands from this market. The existing companies and products are with competition-advantageous brands in the MLM market. The integrated marketing communications are becoming more important as it makes the customers focus on the uniqueness of the products and buy the products. This study discovers that the Bionatural (¦Ê¤ºº¸) Co. has achieved the merits of delivering clear and consistent image and information in using integrated marketing communication. It is in an advantageous position in the niche market that the Bionatural (¦Ê¤ºº¸) Co. held the rights of selling high-tech products in the 21st century. The purpose of multi-level marketing is the personnel marketing. It is using the principle of multiple markets and through the sharing power of customers¡¦ public praise in nice response, to set up a large selling system, and to let these customers obtain rational rewards. So it is not like any traditional companies using stores to sell their products. With fully utilizing communication tools, besides the traditional communication model of one-to-one, every direct selling co. in this study has used TV, newspapers, broadcast, magazines, and network to shape a clear image. This study provides 6 items of suggestion for the direct selling co. in the planning of integrated marketing communications: 1. Attach importance to the integrated marketing communications for companies and sellers synchronously. 2. Grasp the market¡¦s changes and trends. 3. Operate with the emphasis on major customers. 4. Focus on every opportunity where the brand comes to interface. 5. Utilize the various tools of communications to result in a better reword plan. 6. Incorporate network marketing resources to enhance the image of direct selling co.

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