Submitted by Odilio Hilario Moreira Júnior (odilio@espm.br) on 2016-11-29T13:13:28Z No. of bitstreams: 1 Debora Atala Mendes Pires.pdf: 2097569 bytes, checksum: 4967cf78e4eb671223d70b08179964b5 (MD5) / Approved for entry into archive by Odilio Hilario Moreira Júnior (odilio@espm.br) on 2016-11-29T13:13:46Z (GMT) No. of bitstreams: 1 Debora Atala Mendes Pires.pdf: 2097569 bytes, checksum: 4967cf78e4eb671223d70b08179964b5 (MD5) / Approved for entry into archive by Odilio Hilario Moreira Júnior (odilio@espm.br) on 2016-11-29T13:38:36Z (GMT) No. of bitstreams: 1 Debora Atala Mendes Pires.pdf: 2097569 bytes, checksum: 4967cf78e4eb671223d70b08179964b5 (MD5) / Made available in DSpace on 2016-11-29T13:51:14Z (GMT). No. of bitstreams: 1 Debora Atala Mendes Pires.pdf: 2097569 bytes, checksum: 4967cf78e4eb671223d70b08179964b5 (MD5) Previous issue date: 2014-05-06 / This research proposes an analysis of international marketing strategies and its influence on the performance of Brazilian subsidiaries of foreign multinationals. On the grounds of three dimensions - strategy, structure and marketing processes, this study sought to assess its influence on the strategic performance of the subsidiary. The literature review encompasses concepts of resource-based view (RBV), multinational companies, the role of subsidiaries and international marketing. To verify the hypotheses of the study, a survey was conducted from a base of 611 foreign subsidiaries in Brazil, from September to November of 2013, the total respondents considered valid was a sample of 109 subsidiaries. Through multivariate analysis as a technique for data analysis, hypotheses were verified. As a result, it is understood that the subsidiaries are adopting a standardized brand strategy, while the other components of the marketing mix are adapted to the local market. The same occurs with the dimensions of structure and marketing processes. Only the variables of brand, advertising and the process of exchange information between leadership showed moderate association with strategic performance. This work brings up as theoretical contributions, new developments about the dimensions of strategy, structure and processes and how decisions are made in emerging markets regarding these dimensions. From the managerial point of view, this research provides inputs to operationalize marketing strategies in emerging markets, understanding that former strategic patterns must be adapted. Therefore, the search for competitive advantage in emerging markets comes from the ability to seamlessly configure dimensions - strategy, structure and marketing processes. When skillfully harnessed, these dimensions provide bases for sustainable competitive advantage, which cannot be easily copied or substituted, and increase efficiency and effectiveness in the implementation of a chosen strategy thus influencing the strategic performance. / Este estudo propõe uma análise sobre a estratégia de marketing internacional e a influência no desempenho estratégico das subsidiárias de multinacionais estrangeiras no Brasil. Pautando-se em três dimensões – estratégia, estrutura e processo de marketing, busca-se avaliar a influência no desempenho estratégico da subsidiária. A revisão teórica engloba conceitos da visão baseada em recursos (RBV), empresas multinacionais, o papel das subsidiárias e o marketing internacional. Para verificar as hipóteses do estudo, foi realizado um survey a partir de uma base de 611 subsidiárias estrangeiras no Brasil, nos meses de setembro a novembro de 2013, sendo que o total de respondentes considerados válidos foi uma amostra de 109 subsidiárias. Por meio de análises multivariadas, como técnica de análise de dados, foram verificadas as hipóteses. A partir dos resultados, compreende-se que as subsidiárias optam por uma estratégia de marca padronizada, enquanto os demais componentes do marketing mix são adaptados ao mercado local. O mesmo ocorre com as dimensões estrutura e processos de marketing. Apenas as variáveis: estratégia de marca, propaganda e processos de troca de informação da liderança apresentam associação moderada sobre o desempenho estratégico da empresa. Como contribuições teóricas, este trabalho traz à tona novas questões sobre as dimensões estratégia, estrutura e processos e como tais decisões são feitas em mercados emergentes. Gerencialmente, este trabalho oferece insumos para operacionalizar estratégias de marketing em mercados emergentes, entendendo que antigos padrões estratégicos devem ser adaptados. Ou seja, busca pela vantagem competitiva em mercados emergentes advém da capacidade em configurar harmoniosamente as dimensões - estratégia, estrutura e processo de marketing. Quando habilmente aproveitadas, essas dimensões oferecem bases de vantagem competitiva sustentável, que não podem ser facilmente copiados ou substituídos e, aumentam a eficácia e a eficiência na implantação de uma estratégia escolhida influenciando assim, no desempenho estratégico.

Submitted by Adriana Alves Rodrigues (aalves@espm.br) on 2018-10-04T15:46:29Z No. of bitstreams: 1 PMDGI - MARIA LUCIA RIGHETTI.pdf: 3456056 bytes, checksum: 1998d0b7c2f9d73fa0d98f5f187f72bd (MD5) / Approved for entry into archive by Adriana Alves Rodrigues (aalves@espm.br) on 2018-10-04T15:47:11Z (GMT) No. of bitstreams: 1 PMDGI - MARIA LUCIA RIGHETTI.pdf: 3456056 bytes, checksum: 1998d0b7c2f9d73fa0d98f5f187f72bd (MD5) / Approved for entry into archive by Debora Cristina Bonfim Aquarone (deborabonfim@espm.br) on 2018-10-04T18:49:30Z (GMT) No. of bitstreams: 1 PMDGI - MARIA LUCIA RIGHETTI.pdf: 3456056 bytes, checksum: 1998d0b7c2f9d73fa0d98f5f187f72bd (MD5) / Made available in DSpace on 2018-10-04T18:49:59Z (GMT). No. of bitstreams: 1 PMDGI - MARIA LUCIA RIGHETTI.pdf: 3456056 bytes, checksum: 1998d0b7c2f9d73fa0d98f5f187f72bd (MD5) Previous issue date: 2018-02-20 / This work investigates the phenomenon of the reverse transfer of knowledge in subsidiaries with a multidimensional approach. The main objective is to verify in an empirical way if the strategies and actions of marketing, autonomy and integration of marketing has influence in the reverse knowledge transfer in the foreign multinationals enterprises located in Brazil. As control it was verify the time of international experience and the type of industry can be influence the reverse knowledge transfer. To test the hypotheses, a survey was conducted with managers of 104 subsidiaries of foreign multinationals located in Brazil. The data were analyzed by multiple linear regression and cluster analysis. To deepen the analysis, the empirical part also includes qualitative exploratory research through of the multiple case study with three subsidiaries of foreign multinationals. The results in both empirical researches show that product innovation and the integration between subsidiary and headquarter have a positive effect on the reverse knowledge transfer. This study contributes for academic paradox showing elements to the view of authors and refutes other theoretical perspectives, such as Rugman (2009), Narula (2006), Dunning (1988) and Dunning and Narula (1996) and Ghauri et al (2016) and Yip (1995). Managerially, this work deepens the factors that determine the reverse knowledge transfer like the development of innovations and the high integration between subsidiary and headquarter. Exposing to managers the importance of managing communication with the headquarter and to invest in human resources with creativity and innovation capacity. Also, it became evident that the marketing operations of foreign multinationals in Brazil are developed in the same time between subsidiary and headquarter. The results are expected to contribute to the extension of international marketing literature and provides a better understanding of the phenomenon of reverse knowledge transfer in the brazilian context. / Este trabalho investiga o fenômeno da transferência reversa de conhecimento em subsidiárias com uma abordagem multidimensional. O objetivo principal é verificar de modo empírico se as estratégias e ações de marketing, a autonomia e a integração de marketing influenciam na transferência reversa de conhecimento em multinacionais estrangerias no Brasil. Como controle verifica-se se o tempo de experiência internacional e o tipo de indústria influenciam na transferência reversa de conhecimento. Para testar as hipóteses apresenta-se uma survey com gestores de 104 subsidiárias de multinacionais estrangeiras localizadas no Brasil. Os dados foram analisados por meio de regressão linear múltipla e análise de conglomerados. Para aprofundar as análises, a parte empírica inclui também pesquisa qualitativa exploratória realizada por meio de estudo de caso múltiplo realizada com três subsidiárias de multinacionais estrangeiras. Os resultados em ambas pesquisas empíricas demostram que inovação de produto e a integração entre subsidiária e matriz possuem efeito positivo na transferência reversa de conhecimento. No que se refere a paradoxo acadêmico, este estudo contribui sustentando a visão de autores e refutando outras óticas teóricas, como Rugman (2009), Narula (2006), Dunning (1988) e Dunning e Narula (1996) e Ghauri et al (2016) e Yip (1995). Gerencialmente, este trabalho aprofunda os fatores que determinam a transferência reversa de conhecimentos, o desenvolvimento de inovações e a alta integração com a matriz. Expondo aos gestores a importância de gerir a comunicação com a matriz e investir em recursos humanos com criatividade e capacidade de inovação. Ainda, ficou evidente que as operações de marketing de multinacionais estrangeiras no país são desenvolvidas de forma dividida entre matriz e subsidiária. Espera- se com os resultados contribuir para a extensão da literatura de marketing internacional e para uma melhor compreensão acerca do fenômeno transferência reversa de conhecimento no contexto brasileiro.

Submitted by JOSIANE SANTOS DE OLIVEIRA (josianeso) on 2017-06-28T12:14:54Z No. of bitstreams: 1 Fernanda Cristina de Souza Giusti_.pdf: 1641716 bytes, checksum: 6ba4180184a656e5ba60f0433de5fa69 (MD5) / Made available in DSpace on 2017-06-28T12:14:54Z (GMT). No. of bitstreams: 1 Fernanda Cristina de Souza Giusti_.pdf: 1641716 bytes, checksum: 6ba4180184a656e5ba60f0433de5fa69 (MD5) Previous issue date: 2017-04-27 / Nenhuma / O conhecimento é uma importante fonte de vantagem competitiva e a principal razão para a internacionalização de empresas. Com a intensificação do interesse das empresas multinacionais (EMNs) pelos países em desenvolvimento, evidenciado pelo aumento do Investimento Direto Estrangeiro (IDE) em nações emergentes, as subsidiárias adquiridas aumentam sua importância estratégica na rede da multinacional, pois detém conhecimentos que oportunizam a criação de vantagens competitivas. (ANDERSSON; DELLESTRAND; PEDERSEN, 2014). Contudo, a transferência reversa de conhecimento, cujo fluxo ocorre no sentido da subsidiária para a matriz, ainda apresenta desafios singulares na gestão das EMNs. (FOSS; HUSTED; MICHAILOVA, 2010). No presente estudo buscou-se analisar o processo de transferência reversa de um conhecimento gerado em uma subsidiária brasileira e transferido para a matriz de uma corporação norte americana. Por meio de um estudo de caso único, os dados foram coletados em análise documental, observação in loco e entrevistas com diversos gestores nos Estados Unidos e nas subsidiárias do Brasil e do México. Após, os dados foram triangulados com a técnica de análise de conteúdo. Os resultados indicam a existência de transferência reversa de conhecimento de forma não explícita, corroborando os estudos nesta área. Entretanto, durante o mapeamento dos processos, perceberam-se singularidades no caso estudado, como a motivação e o esforço da subsidiária para ser reconhecida pelo conhecimento gerado e a caracterização de atores envolvidos no processo que não são abordados na literatura. / Knowledge is an important source of competitive advantage and the main reason for the internationalization of companies. With the increasing interest of multinational companies (MNEs) in developing countries, evidenced by the increase in Foreign Direct Investment (FDI) in emerging nations, the acquired subsidiaries increase their strategic importance in the network of the multinational, since it has knowledge that allows the creation of competitive advantages. (ANDERSSON; DELLESTRAND; PEDERSEN, 2014). However, the reverse knowledge transfer, which flows from the subsidiary to the parent company, still presents unique challenges in the management of MNCs. (FOSS; HUSTED; MICHAILOVA, 2010). The present study aimed to analyze the process of reverse transfer of a knowledge generated in a Brazilian subsidiary and transferred to headquarter of a North American corporation. Through a single case study, the data were collected in documentary analysis, in situ observation and interviews with several managers in the United States headquarter and in the Brazilian and Mexican subsidiaries. Afterwards, the data were triangulated with the technique of content analysis. The results indicate the existence of a reverse transfer of knowledge in a non-explicit way, corroborating the studies in this area. However, during the process mapping, singularities were perceived in the case studied, such as the motivation and effort of the subsidiary to be recognized by the knowledge generated and the characterization of actors involved in the process that are not addressed in the literature.

Submitted by JOSIANE SANTOS DE OLIVEIRA (josianeso) on 2018-10-11T13:57:23Z No. of bitstreams: 1 Alexandre Rodrigues Ferreira_.pdf: 1244909 bytes, checksum: 7aa7eb6173c9f14ace810ac80e211b26 (MD5) / Made available in DSpace on 2018-10-11T13:57:23Z (GMT). No. of bitstreams: 1 Alexandre Rodrigues Ferreira_.pdf: 1244909 bytes, checksum: 7aa7eb6173c9f14ace810ac80e211b26 (MD5) Previous issue date: 2018-07-23 / Nenhuma / A maioria dos estudos em inovação, no que tange ao desenvolvimento de produtos para os consumidores da Base da Pirâmide sócio-econômica (BOP), tem focado em empresas de grande porte ou multinacionais. Entretanto, as Micro e Pequenas Empresas (MPEs) também são importantes protagonistas para o desenvolvimento econômico e social de uma região, destacando-se aquelas que assumem o desafio de produzir e fornecer para a BOP. Essas MPEs enfrentam escassez de recursos para inovação e competição de multinacionais ou grandes corporações, assim, necessitam manterem-se competitivas. Ante essa perspectiva, o objetivo desta tese consistiu em definir um conjunto de ações em inovação, para as MPEs, à luz dos consumidores da BOP. Para tal, foi elaborado um modelo multicritério para tomada de decisão com o auxílio de uma ferramenta matemática hibrida não probabilística denominada Fuzzy Analytic Hierarchy Process (FAHP). Como método de pesquisa, empregou-se o estudo de casos múltiplos incorporado. A pesquisa caracteriza-se como exploratória e descritiva e com abordagem quali-quantitativa. O trabalho de campo foi conduzido em 25 MPEs de segmentos distintos do setor alimentício, localizadas no Estado do Rio Grande do Sul. Como resultados, além do levantamento do conjunto de ações, os dados apontam que existe potencialidade de mercado diante dos consumidores da BOP, no entanto, aufere pontos de divergência acerca da literatura envolta ao tema. Os principais resultados sinalizam que a fragilidade e a dificuldade no desenvolvimento de produtos e a proposta de ações em inovações aumentam conforme níveis de vulnerabilidade financeira dentro do contexto BOP. Entretanto, torna-se evidente que os pequenos negócios, dentro deste contexto, podem colaborar com o desenvolvimento econômico e social por meio do fornecimento de produtos que atendam as suas necessidades e na geração de emprego e renda. / Most of the studies on innovation in product development for consumers at the Base of the Socio-Economic Pyramid (BOP) have focused on large or multinational companies. However, Micro and Small Enterprises (MSEs) are also important protagonists for the economic and social development of a region, especially those that take on the challenge of producing and supplying BOP. These MSEs face scarcer sources for innovation and competition from multinationals or large corporations but they still need to remain competitive. Given this perspective, the objective of this thesis was to define a set of actions in innovation, for MSEs, in the light of the consumers of BOP. To do so, a multicriteria model for decision making was elaborated with the aid of a non-probabilistic hybrid mathematical tool called Fuzzy Analytic Hierarchy Process (FAHP). As a research method, the built-in multiple case study was used. The research is characterized as exploratory and descriptive and with a qualitative approach. The field work was conducted in 25 MPEs of distinct segments of the food sector, located in the state of Rio Grande do Sul. As a result, besides the survey of the set of actions, the data point out that there is market potential in front of BOP consumers. Although, there are points of divergence about the involved literature. In addition, the main results indicate that the fragility and the difficulty in the development of products and the proposal of actions in innovations increase according to the levels of financial vulnerability within the BOP context. However, it is clear that small businesses, in this context, can collaborate with economic and social development by providing products that meet their needs and generate jobs and income.

The thesis deals with the growing importance of sovereign wealth funds in the international investment activities. It includes the definition of a sovereign fund, the history of the creation, the largest funds as well as the origin of their capital. While sovereign wealth funds have existed for decades, their profile has risen considerably since the credit crisis. Analyzing the potential benefits and risks related with their investments, the thesis further discusses the changing profile of sovereign wealth funds in the world economy. Despite the significant benefits to global capital markets, some governments expressed concerns regarding the political motivation of their investment activity in strategic sectors of other countries. It is obvious that the measures concerning limited transparency of sovereign wealth funds should be adopted at the multilateral level to avoid protectionism.

No description available.

[pt] A dissertação apresenta três ensaios econômicos onde a abordagem de opções reais faz-se mister seja na definição de políticas regulatórias, estratégias de investimentos ou apreçamento de risco soberano. O primeiro ensaio, toma como premissa a nova regulação orientada a custos da interconexão de redes de telecomunicações e propõe ajustes no cálculo da remuneração de capital da telefonia fixa local. O modelo proposto estabelece o mark-up sobre o custo médio ponderado do capital (WACC) a ser aplicado nos novos contratos de concessão, levando-se em conta a opção de acesso disponibilizada pela operadora de STFC aos entrantes. O ensaio inova ao incorporar ao modelo de opções o impacto de mudanças de paradigmas tecnológicos que ocasionam saltos negativos na demanda da concessionária. Os resultados apontam para robustez do mark-up em relação a alterações nos parâmetros básicos do modelo (tráfego fixo- fixo, fixo-móvel e choques negativos de demanda), e apontam para um mark-up inferior a 1%. O segundo ensaio analisa estratégias de investimentos em incorporação imobiliária, setor que envolve baixa liquidez, lento payback, e apresenta diversas incertezas econômicas relacionadas à demanda de mercado, preço por metro quadrado e custo do terreno. O ensaio analisa estratégias de lançamentos simultâneos e seqüenciais de empreendimentos imobiliários; o primeiro envolvendo um menor custo de construção, associado, porém, a uma maior incerteza nos resultados. O lançamento seqüencial apresenta características semelhantes a opções reais por embutir uma série de oportunidades quanto à aquisição de informações, adiamento e abandono do projeto. Apresenta-se o estudo de caso de uma incorporação na cidade do Rio de Janeiro, identificando-se a estratégia ótima bem como o preço máximo a ser pago pelo terreno. O lançamento seqüencial agrega valor adicional de 10% ao projeto além de diminuir a exposição ao risco do incorporador em mais de metade se comparado à metodologia tradicional de fluxo de caixa descontado. Finalmente, o terceiro ensaio recai sobre risco soberano e propõe um modelo estrutural a partir da teoria de opções e ativos contingentes para analisar a estrutura a termo de quatro países emergentes (Brasil, México, Rússia e Turquia) que representaram, em média, 54 % do índice EMBIG do JPMorgan no período de 2000-2005. A taxa de câmbio real, modelada como um processo de difusão simples, é considerada como indicativa de default. O modelo calibrado indica que no período, o mercado sistematicamente sub-apreçou os títulos do Brasil em 100 pontos base na média, enquanto para México, Rússia e Turquia apreçou corretamente os spreads soberanos. O ensaio fornece ainda a probabilidade implícita de default do emissor, variável fundamental para o apreçamento dos derivativos de crédito, mercado que cresceu vertiginosamente após a crise da Ásia e Rússia, passando de US$ 180 bilhões de dólares em 1996 para um valor esperado de US$ 20 trilhões ao final de 2006. Este mercado é reconhecido como responsável por conter os efeitos contágios e manter a estabilidade no mercado financeiro em crises recentes como a da WorldCom, Parmalat, Enron entre outros. / [en] The dissertation presents three economic essays examining situations where the real options approach can be useful in the definition of regulatory policies, investment strategies and pricing of sovereign risk. The first essay considers the new regulation oriented to interconnection costs of telecommunications networks and proposes adjustments in calculating the return on capital invested in local fixed telephone service. The proposed model establishes the mark- up on the weighted average cost of capital (WACC) to be applied to new concession contracts, taking into account the access option provided by the fixed operator to entrants. The essay innovates by incorporating to the options model the impact of changes in technological paradigms that cause the concessionaire´s demand to fall. The results indicate the robustness of the mark-up in relation to alterations in the model´s basic parameters (fixed-fixed and fixed-mobile traffic and negative demand shocks), and mark-up was estimated to be under 1%. The second essay analyzes investment strategies in real estate development, a sector that involves low liquidity, slow payback and various economic uncertainties related to market demand, price per square meter and land cost. The essay analyzes strategies for simultaneous and sequential launch of real estate projects. The first involves lower construction cost, but comes associated with more uncertain results. Sequential launch presents characteristics similar to real options because it has a series of built-in opportunities regarding the acquisition of information and delay or abandonment of the project. We present a case study of a development in the city of Rio de Janeiro, identifying the optimal strategy and the maximum land cost. Sequential launch aggregates 10% extra value to the undertaking, besides reducing the developer´s risk exposure by over half in comparison with the traditional discounted cash flow method. Finally, the third essay examines sovereign risk and proposes a model from the theory of options and contingent assets to analyze the term structure of four emerging countries (Brazil, Mexico, Russia and Turkey) that together represented on average 54% of JPMorgan´s EMBIG index in the 2000-2005 period. The real exchange rate, modeled as a simple diffusion process, is considered as indicative of default. The calibrated model indicates that in the period studied, the market systematically underpriced Brazilian bonds by an average of 100 basis points, while for Mexico, Russia and Turkey it fairly priced the sovereign debt. The essay also provides the implicit probability of the issuer´s default, a fundamental variable for pricing credit derivatives, a market that has grown at a dizzying pace since the Asian and Russian crises, rising from US$ 180 billion in 1996 to an expected value of US$ 20 trillion at the end of 2006. This market is recognized as being responsible for containing the contagious effects and maintaining the stability of the financial market in recent crises, such as the corporate meltdowns of WorldCom, Parmalat and Enron, among others.

The Stock Exchange of Thailand (SET) is an important source of funds for firms and provides opportunities for investors. However, the economic boom of 1990-1996, the Asian Economic Crisis and the recession of 1997-2002 have affected the performance of firms listed at SET. The dividend policies of listed firms have also been influenced by these fluctuations in the business cycle.This study investigates the phenomenon of disappearing dividends in the developing capital market of Thailand. It adopts a similar methodology to Fama and French (2001) by classifying listed firms in line with changes in their dividend polices over the period 1990 to 2002. More specifically, the study explores the characteristics of firms which pay dividends, non-payers, former payers and firms which have never paid dividends. These characteristics include profitability, investment opportunities and firm size. The analysis uses firm characteristics for predicting the dividend policies of listed firms. Changes in firm characteristics and the propensity to pay dividends are identified in this process.The analysis suggests that firms which pay dividends tend to be large and highly profitable, although they possess low investment opportunities. The study also suggests that the characteristics of firms which paid dividends changed slightly before the crisis of 1997 and changed markedly during the crisis. However, after the crisis (1998-2002) the characteristics of firms are similar to those observed before the crisis. This result is attributed to the fact that some firms have resumed paying dividends after briefly ceasing this payment during the crisis. More importantly, when firm characteristics are held constant, the propensity to pay dividends of listed firms declined slightly before the crisis and declined strongly after the crisis. Consequently, the majority of new firms and many mature firms do not pay dividends.The findings of this study are consistent with the results of Fama and French (2001), particularly with regard to the characteristics of firms and changes in the propensity to pay dividends. However, this study extends the knowledge on the phenomenon of disappearing dividends by focussing on a developing economy, Thailand. Finally, this study suggests that investors should consider the characteristics of firms, changes in these characteristics and the propensity to pay dividends when identifying opportunities for investment.

As a resource based economy international engagement plays a critical role for the growth and development of New Zealand. One of the most notable trends over the past 15 years has been the rise of some of the largest markets around the world, that have led to a rapid and substantial increase in international trade and investment flows. The liberalisation and consequently the rise of emerging markets has today changed the economic geography for the business world, with companies entering these markets with the hope of getting superior returns arising from rapid economic growth and related market opportunities. Amongst other emerging markets, the economic resurgence of the Indian market in the recent years has been widely noticed and in many senses has influenced and changed the structure and operations of businesses around the world. The prospects offered by India have allowed firms to substantially expand their activities beyond their domestic borders and access new growth opportunities generating significant productive growth. The benefits that markets like India today generate are likely to be particularly significance for New Zealand, given the small size of the domestic market. Indeed, increasing New Zealand’s exporting and international investing activity is vital to raising New Zealand’s growth rate. The rapid rise and deregulation of the Indian market has seen a rise in the number of New Zealand businesses keen to tap into the vast prospects across different sectors over the recent years. Nevertheless, New Zealand businesses have not been participating to nearly the same extent as most businesses from other small developed countries currently operating in the Indian market. Reasons for this limited interaction are unclear and not well documented in the current literature that examines the economic activities amongst the two markets. Given the importance of international engagement New Zealand businesses cannot afford to isolate themselves from the opportunities provided by the Indian market. Considering this, the main aim of this research is to focus on the opportunities that India provides and the benefits that New Zealand businesses stand to gain from those. On identifying, this may help devise actions that might lead to substantially increased levels of international investments by New Zealand firms, given the challenges of entering the Indian base from a small remote country. Drawing on insights gained from existing literature and case studies of companies operating in India, the research will identify appropriate strategies and policies that might help New Zealand businesses to succeed and better direct operations in India.

This thesis further investigates the effectiveness of 15 variable moving average strategies that mimic the trading rules used in the study by Brock, Lakonishok, and LeBaron (1992). Instead of applying these strategies to developed markets, unique characteristics of emerging markets offer opportunity to investors that warrant further research. Before transaction costs, all 15 variable moving average strategies outperform the naïve benchmark strategy of buying and holding different emerging market ETF's over the volatile period of 858 trading days. However, the variable moving averages perform poorly in the "bubble" market cycle. In fact, sell signals become more unprofitable than buy signals are profitable. Furthermore, variations of 4 of 5 variable moving average strategies demonstrate significant prospects of returning consistent abnormal returns after adjusting for transaction costs and risk.