22 July 2008
The most people in the study tradition economic theory often thought the market competition degree is intense promotes the essential condition which the social welfare increases, but recent researchers have already discussed the implications of entry on social welfare to a large extent and found that entry does not increase welfare always. Previous works are useful the input suppliers and final good producers are vertically integrated; those analyses may not be suitable in vertically separated industries. Let us consider an economy with upstream and downstream markets, there are upstream firms producing a homogenous input and downstream firms producing homogenous goods to final consumers. We discuss the upstream and downstream department manufacturers the market turnover condition how to affect manufacturer of competition behavior this vertical correlation industry, the number of firms, industrial profit and the social welfare. This model analysis under free entry in the upstream market supposition or not, we find that entry in the downstream market always increases social welfare. But we discussed the downstream market when does not permit the firm free entry under the supposition, after upstream firms free entry social welfare respectively will receive the downstream firm¡¦s entry cost, the number of downstream firms or the number of upstream firms three influences.
14 February 2012
Since continuously the companies in developed country always acquire the companies in emerging country in order to cost down or diversification. Under global competition, the emerging country becomes better and better. According to KPMG¡¦s data, the companies in emerging country acquire the developed country accelerated, especially product and natural resource are the largest goal; in the other hands, the multinational acquisitions are going down for two years. The amount of the company in emerging market acquires the company in developed country is 47 percentage of the amount the company in developed market acquires the company in emerging country. It¡¦s the highest statistic in KPMG since 2003. The study try to understand the strategy which the company in emerging market acquires the company in developed country as follows, what drove the decision to ¡§ go global¡¨, how did the company strike the balance between using foreign country management teams, and what is the challenge? How did the company accomplish integration and leverage synergies with overseas business? What advice would you give other emerging market companies on how to be successful in developed markets? The result show: the emerging market is seek to develop brand to international brand, avoid trade tax and get the core skill from oversea enterprise. Non-traditional buyer should accept the acquired company totally. In the beginning, the leader of oversea management team should be the executive officer from the acquired company to keep the loyal customers and reduce the rate of key men. To use the double brand strategy, the loyal customer could feel the innovation of R&D and set up the headquarter in oversea to let the customer feel the brand is new
Pal, Satyajit, Banking & Finance, Australian School of Business, UNSW
The Efficient Market Hypothesis (EMH) has had significant impact on the theory and practice of investments. However technical trading rules have continued to be used by practioners and have been the focus of many academic studies which have focused on equity, foreign exchange and futures markets. The scarcity of research into technical trading models for fixed income markets is astonishing considering the significant size and consequent investor importance of fixed income markets relative to other financial markets and the extensive application of technical trading models by market participants. This is one of the few studies that develops a technical trading model applicable to fixed income markets. Black (1986) defined Efficient Markets as a market where deviations from fundamental values were short lived and small in magnitude. Fundamental asset values are hard to calculate, but we are able to identify fundamental values for a set of Government Bonds on the principle that yield relativities between such bonds are quite stable except for 'deliberate' changes in trading behaviour. We find that the deviations from fundamental value are short lived and small in magnitude. We exploit deviations from fundamental value by Butterfly Trading strategies; Normal Butterfly trades earning returns from movements in yield curve slope and curvature and Arbitrage Butterfly trades earning returns from yield curve curvature only. After considering transaction costs, we achieve annualised returns of 120bps from our Normal Butterfly trades and 72 bps from our Arbitrage Butterfly trades. Consistent with the risk-return relationship for financial instruments, we find that the returns and the volatility of returns for Normal Butterfly trades are higher than the returns and volatility of returns for Arbitrage Butterfly trades. Normal Butterfly trades are exposed to yield curve slope changes whereas Arbitrage Butterfly trades are not, resulting in higher risk and higher returns for Normal Butterfly trades. This finding is consistent with the results obtained by Fabozzi, Martellini and Priaulet (2005).
Murray, John Angus Catullus.
Thesis (Ph. D.)--University of Sydney, 2009. / Title from title screen (viewed 7 October 2009). Submitted in partial fulfilment of the requirements for the degree of Doctor of Philosophy to the Discipline of Work and Organisational Studies, Faculty of Economics and Business, University of Sydney. Degree awarded 2009. Includes bibliographical references. Also available in print form.
Thesis (M.S.)--University of Wyoming, 2008. / Title from PDF title page (viewed on Apr. 1, 2010). Includes bibliographical references (p. 40-41).
Thesis (Ph. D.)--University of Pittsburgh, 1989. / Includes bibliographical references (leaves -387).
An empirical investigation of the impact of capital market liberalization on the Philippine equity marketUnite, Angelo Africa. January 1997 (has links)
Thesis (Ph. D.)--University of Alberta, 1997. / Includes abstract. Includes bibliographical references (p. 161).
04 July 2003
Hollander, Martin B. L., University of Western Sydney, Nepean, Faculty of Business
The purpose of this thesis is to investigate the relationship between the annualised volatility and correlation of G7 ten-year bond returns for the period July 1992 to June 1998 and the effects that such a relationship has on portfolio diversification. The stock market crash of 1987 and the growing importance of global equity markets has encouraged a plethora of research into the volatility and correlations between international equity markets. Despite this, very little attention has been paid to the transmission of currency-based bond returns across national boundaries. The findings in this thesis are important because evidence is provided that suggests the benefits of international bond diversification are limited. The evidence provided clearly indicates that because correlations amongst G7 currency-hedged bond returns are high, the relationship between bond volatility and correlation of returns has limited benefits for portfolio managers and traders. As a result, diversification may not significantly reduce portfolio risk. Even during periods of ongoing annualised volatility decreases, the correlation between most markets remains high. Unlike the volatility trends presented in this thesis, there appears to be no trend or consistency amongst the correlation of returns between G7 markets. / Master of Commerce (Hons)
The reasear of influence factors on the futher intentions and determinations of Kaohsiung Junior High School studentsChen, Tsong-Jyi 29 July 2002 (has links)
Abstract The origin of Human Resource is education. In terms of marketing, the purpose of this study is to understand the main sources of information and influence as well as the priority of factors on the future intentions and determinations of junior high school students in the target market. Besides, Discussed and understood by way of Market Segmentation Analysis Technology, various sorts of students¡¦ characteristics affect on the recruitment on senior high and vocational high school students. Followed by the above analyses, there are some suggestions are concluded to the options of goals, the main focus of strategies and the plan of related activities on student recruitment, ought to think how to develop their own characteristics. Through the analyses of Market Segmentation, the priority of school types, the sources of information and influence, the outcomes are concluded to suggest the goals to recruit senior high school students will be focused on students which are Cluster 3 (ideal-approached), Cluster 1 (career-approached), living in the neighborhood of business areas, and whose the educational levels of parents are ranged above college; moreover, the grades of students are ranged within top 10 will have the priorities. As to the deliveries of information, family or relatives will be the first and best choice. Then, by way of the DM of senior high and vocational high schools, teachers and classmates will be in junior high school. Except for students themselves, those who are influential will be mother, and then father will comes after mother. Meanwhile, it is important to emphasize consultancy on future career, the distance from school, the peer quality, the ranges of Joint Entrance Exams for years and the faculty. The goals to recruit vocational high school students will be as follows: students who belong to Cluster 1, Cluster 3, who live in industrial or port areas, whose parents only received education below junior high school with mid-low payment and the students will be ranged after 21 in their class. As to the deliveries of information, family or relatives will be the first and best choice. Then, by way of the DM of senior high/vocational high schools, teachers and classmates in junior high school. Except for students themselves, those who are influential will be mother, father and then classmates. Meanwhile, it is important to emphasize consultancy on future career (consultancy on further study), the distance from school, the convenience of living, the ranges of Joint Entrance Exams for years and the percentages of further study to gradated students. The goals to recruit complex type of senior high school students will be as follows: students who live in industrial or port areas, whose parents finished senior/vocational high school education with mid-low payment and the students will be ranged within 11 to 20 in their class. As to the deliveries of information, family or relatives will be the first and best choice. Then, by way of the DM of senior high/vocational high schools, teachers from senior/vocational high schools, their own junior high school teachers. Except for students themselves, those who are influential will be mother, and then father will comes after mother. Meanwhile, it is important to emphasize consultancy on future career, the distance from school, the peer quality, the ranges of Joint Entrance Exams for years.
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