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published_or_final_version / Business Administration / Master / Master of Business Administration

published_or_final_version / Business Administration / Master / Master of Business Administration

Forward pricing is a marketing tool available to Pacific Northwest white wheat growers for reducing price risk. The cash forward contract is the traditional pricing mechanism used for this purpose. In September 1984, another option for forward pricing was made available through the introduction of a new futures market for white wheat traded at the Minneapolis Grain Exchange. This research analyzes price behavior in these two forward pricing markets in 1985 from two perspectives. Using the efficient market hypothesis, this study first evaluates the temporal price relationships in each market. Second, the research measures the relationships between the two markets in light of the concept of causality. Prices in an efficient market should reflect all available information. In this research, the weak form test for the efficient market hypothesis, known as the random walk model, assessed pricing efficiency in both markets. The random walk hypothesis holds when successive price changes are independent. Based on the evidence of statistically insignificant autocorrelation coefficients, the futures market was efficient under the random walk hypothesis. There were no systematic patterns in the price movements. In contrast, in all delivery time periods except December, the cash forward market exhibited nonrandomness in price changes. The analysis on the relationship between the two markets was made using Granger's definition of causality. Using ordinary least squares regression, this research evaluated the causal link between the two price series with two parallel tests, the direct Granger's and the Sims'. Strong causality ran from futures prices (FT) to cash forward prices (CF) in the September harvest time delivery period. Some causality from FT to CF lingered into the December and March storage month delivery periods. There were no causal relationships in other delivery periods except a feedback from CF to FT in the March period. Despite low trading activity, futures prices were found to represent an efficient market. Thus, they accurately reflected market signals concerning the supply of, and demand for, white wheat. On the contrary, nonrandomness found in cash forward prices suggests inefficiency in this market. The causality found from FT to CF is consistent with the expectation. Farm level forward pricing activity is greatest for harvest (August/September) and immediate post-harvest delivery months. This causes buyers of cash forward contracts to pursue price risk management. Thus, futures prices were used as references, or hedges, in setting cash forward prices in these delivery time periods. The irregular causality pattern between the two markets implies a changing market environment, possibly caused by differing price determination processes over time. Serial dependence in cash forward prices may be providing misleading signals about the white wheat market. However, the weak form test used here could not estimate the magnitude of the inefficiency. / Graduation date: 1987

Wheat is a major agricultural product in the Pacific Northwest (PNW). The market class primarily grown in the region is Western White (WW) wheat. An important export market for PNW wheat producers is the Asian Pacific Rim (APR), due to its proximity and economic growth. Agronomic research has been conducted in recent years on developing a higher protein wheat in the PNW, known as Hard Red Winter (HRW). The justification of this research is that PNW wheat producers could perhaps become more competitive by diversifying toward HRW wheat. The higher protein levels of HRW allow it to be used as a meat complement, producing sandwich breads and hamburger buns. The lower protein levels of WW limit its final products to be cereal-based, such as noodles and crackers. Cross-sectional studies have indicated a change in dietary composition as economic development occurs. Countries seek improved and varied diets. They move away from cereal products such as noodles and rice, and consume more livestock products, especially meats. The objective of this research is to ascertain whether or not a higher protein wheat (HRW), which can be used as a meat complement, becomes more income sensitive than wheat with cereal-based end uses (WW) when economic development transpires. Import demand equations were estimated for a selected group of APR countries for the two wheat classes. The estimation was conducted using Ordinary Least Squares and Seemingly Unrelated Regression. The data period was from 1970-1971 to 1985-1986. Only one country, South Korea, produced significant results to permit comparison of the income sensitivities for the two wheats. Both HRW and WW possessed negative income coefficients, this would suggest that South Korean consumers perceived the final products from which the demand for the two wheats are derived as inferior goods. This means that HRW and WW wheat imports would fall as income rose for South Korea. However, the food self-sufficiency policy of the South Korean government was advanced as a probable reason for the negative coefficients rather than a diminishing marginal propensity to consume food items caused by income growth. / Graduation date: 1989

Competition policy prescriptions have historically been based on beliefs about the most effective and socially acceptable forms of economic organisation. Despite many theoretical developments, there is little agreement between economists over which theoy ensures effective competition in the public interest. This thesis presents a new perspective for analysing competitive markets by making the consumers' interests the prime focus for policy decisions rather than the firms' behaviour. In this approach, consumers determine the level of 'acceptable' competition and identify areas in which competition could be improved, as opposed to policy makers who theoretically determin how to promote 'effective' competition within markets. This view is developed into a new model for Competitive Market Environment Analysis, the validity of which is verified by a quantitative study of the UK Academic and Professional book market. An innovative and quantitative approach to the 'Public Interest Criterion' of competition policy is developed through a statistical gap analysis technique which measures the extent to which consumers' desires/needs are met by their competitive market environment. Within the model, the gap analysis technique uses a 'degree of congruence' as the unifying factor between supply and demand, for which a quantitative measure of zero indicates perfect market equilibrium. Both the model and gap analysis measurement technique are tested on the UK Academic and Professional book market and a particular type of market conduct namely, the Net Book agreement. The analysis shows that consumers of Academic and Professional books have experienced little benefit or detriment from the abrogation of the agreement. Areas for improvement of Academic and Professional book supply are identified and further extensions of this research are proposed. In summary, the thesis offers a new perspective on competition, a new approach to market analysis a new model and methodology for conducting market analysis and a new quantitative measurement technique. The research has significant implications for policy decision, because the focus on consumer welfare within markets, combined with the gap analysis measurement technique, can be used to measure whether forms of market conduct should be viewed as anti-competitive.

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The marketing discipline is evolving and so is its agenda with the advent of relationship marketing and other related sub-fields. Till recently, business literature focused largely on competition, and cooperation, its counter part, has received insufficient attention. With a view to redress the situation, this thesis investigates the phenomenon of customer supplier alliances and partnerships and aims to make fundamental theoretical contributions in the sub-field of business-to-business relations and cooperation. The eclectic and wide-ranging enquiry is a main research tool employed and hence the character of this dissertation is interdisciplinary. An extensive literature review of a number of related disciplines is undertaken in order to understand and capture the essence of relationship strategies and their implications. These ideas and alternative research processes were exposed to critical comment by submitting papers to major conferences to increase feedback and validity of ideas. In addition, a qualitative exploratory survey was carried out in order to understand the strategic issues concerning alliances and partnerships. The research findings were combined with theoretical ideas to derive a Routines-Relationships-Resources (3Rs) model. This 3Rs model is made up of three cores that underlie all business strategies including those designed to generate competitive advantage through the route of cooperative alliances and partnerships. The 3Rs model is elaborated, and a set of interrelated propositions and directions for future research are outlined. These are offered to fuel large scale investigations for (dis)confirmation of the model.

M.B.A. / The holding of the first fully democratic elections in South Africa and the subsequent inauguration of President Nelson Mandela on 10 May 1994 brought great changes to this country, not the least of which was South Africa's exposure to the "Global Market". President Mandela extended an open invitation to international companies to invest in a country which he believed would provide an economic and social climate which would create opportunities to generate wealth. This exposure resulted in the development of an open economy, forcing South Africa to compete against all the economies of the world and resulting in a huge increase in both imports and the number of suppliers active in all sectors of industry, not the least of which is the kitchen industry...