The field of strategic marketing has long been identified as fruitful ground for gaining competitive advantage. Ever since the market segmentation concept was introduced in the late sixties, research interest steadily increased, covering issues as e.g. which fundamental segmentation strategy is most appropriate, in which ways can segments be identified or constructed, which algorithm provides optimal data-driven segmentation solutions, which number of segments should be constructed etc.. Interestingly, the issue of segment evaluation and choice has not been emphasised very strongly in the past, although this is of primary interest as soon as it comes to practical implementation. This article tries to fill this gap in an experimental manner: the consequences of different corporate segment choice strategies based on different segment evaluation criteria are investigated under different environmental conditions formalised in a complex artificial consumer market. The results indicate that complex decision models for segment choice do not turn out to be superior in general. Both mass marketers and firms concentrating on particular segments based on an a priori logic can be just as successful under "favourable" market conditions, the most influential condition being the available advertising budget. (author's abstract) / Series: Working Papers SFB "Adaptive Information Systems and Modelling in Economics and Management Science"

Abstract Keywords Market entry timing, associating factors Background Market entry timing is an important concept that influences the success of firms in international business. Companies earn big profits due to their perfect market entry timing. In contrast, McKinsey 2005 report showed that for every successful entry, there are four failures. On the other hand, the academic world also pays attention to entry timing by investigating its associating factors. Since there are gaps in academic research together with the need for deeper understanding, this thesis is dedicated to market entry timing. Purpose The purpose is to understand associating factors and their relation to foreign market entry timing. Method This study is a multiple case study exploratory research analysed through pattern finding for qualitative research. Semi-structured in-depth interviews were conducted with four companies. Conclusion There are nine factors associating with entry timing decisions: home and host country characteristics, firm capabilities and characteristics, competition, cultural distance, economic factors, Window of Opportunity, Word-of-Mouth, Stepwise internationalization, near-market knowledge. The research focuses on the last four factors and their influence in entry timing were discovered. Window of Opportunity can be perceived as “right business connections” and companies tend to enter foreign markets once they find the right business connection. Word of Mouth has an impact on entry timing in the situation that firms can be prompted to enter foreign market when positive Word of Mouth effect existed. Stepwise internationalization is the choice of firms, whose entry timing would be slower than other options. Near-market knowledge of the economic system can be transferred between countries that firms operate in and firms will be likely to enter market when they gain necessary knowledge of a similar economic system.

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This work aims to assess the development of competition in the electricity industry of England and Wales, emphasising one of the key elements of the restructured industry, the pool - a centralised day ahead electricity spot market. The pool's structure is examined, along with the relationship that the pool has with the market for electricity forward contracts. However, the key to this work is the relationship between the major electricity generators and the industry's regulator. This is introduced through two theoretical models, and undertaken through a series of econometric models using pool prices, forward prices, electricity demand, and the sharep rices of the major generators: National Power and Powergen. The work tests the hypotheses put forward by Green( 1992) and Helm & Powell (1992) of an inverse relationship between the volume of output that a generator sells forward through contracts and the general level of pool prices. The break-up of the first and second sets of forward contracts - which expired in 1991 and 1993 - and their impact on pool prices are assessed By using the market model, this work examines the impact of a series of both regulatory and nonregulatory events on the share returns of National Power and Powergen. Given the existence of spot and forward markets for electricity, one would expect a relationship between the prices in these markets The relationship is examined for England and Wales by a synthetic data set that approximates the prices at which the contracts were sold. The relationship is then examined using actual and forecast electricity prices for California, this latter analysis forming part of an overview of electricity deregulation in America. Ultimately, this research hopes to add to the growing amount of material on energy privatisation - a topic that continues to promote interest and controversy in academic and industrial circles.

This thesis presents five empirical papers investigating the issue of arbitrage trading of the FTSE 100 stock index futures. The first paper explores the effects of nonsynchronous trading on the spot index and develops a new technique as well as improving current methodologies for removing them. Studies in U. S. have shown that if the problem of non-synchronous trading is severe, the reported spot index is not reliable affecting the correct pricing of futures contracts. The second paper investigates the elasticity of supply of arbitrage in the futures market and the ability of the spot and the futures markets to respond to new information. It shows that arbitrage trading is initiated when spot prices largely drift apart from the futures prices. In addition, the futures prices tend to uncover new information before the spot prices, although this relationship is not stable over time. The analysis incorporates all possible channels of information to the -markets, which previous research fails to consider. The third paper analyses the behaviour of the deviation of the actual futures price from its theoretical value. Although this deviation is seen to have decreased its size over the years, it is still significant and persistent. Furthermore, it cannot be explained by the tax-timing option on pricing the futures or the effects of nonsynchronous trading. The fourth paper examines the presence, size and frequency of the profitability of the observed arbitrage opportunities by applying different transactions costs bounds to account for different classes of traders. After applying trading simulations arbitrage profitability is found to be frequent and significant, despite the fact that its size has decreased over the years. Finally, the thesis concludes with the fifth empirical paper which investigates the impact of futures trading on the spot and futures market volatility. It finds that arbitrage increases spot and futures price volatility but a volatile market brings the two markets closer on the whole, the thesis shows that although profitable arbitrage opportunities are not present in the long-run, they are not quickly removed in the short-run, allowing the spot and futures prices to drift apart.

Producer Choice was the title given to the trading system, designed around an internal market, which was introduced at the BBC in the years between 1991 and 1994. The initiative represented the biggest organisational change in the BBC's history. The political background to Producer Choice was conditioned by the perceived need of the BBC to ensure renewal of its ten-year Charter in 1996. Producer Choice helped to secure Charter Renewal because it provided the means whereby new accountability and cost measurements were set in place. The 'command economy' of the old BBC was to be replaced with an internal market, and the organisation given an enhanced managerial focus. Using a combination of participant observation, semi-structured interviews, an analysis of all relevant documentation, and the application of theory concerning processual models of change, the nature of bureaucracy, changes in public sector management and the shift from hierarchy to marketisation, the thesis answers three questions: What is Producer Choice? How has it been implemented? What have been its outcomes? The thesis concludes by drawing out some analytical generalisations about the management of change regarding the 'process of sanctification', the effects of divisionalisation on organisational cohesion, and the characteristics of internal markets.

What is the relationship between a country specific image and the image of products made in that country? What is the role of country image in consumers' product valuations? While many of previous studies have examined the COO effects on consumers' overall quality perceptions of products, little work has been done on investigating the relationship between a country specific image, its product image, and consumers' purchase willingness. A prototype car product, with fictitious country of origin from Germany, Italy, Korea and Malaysia, was developed for investigating consumers' perceptions, and for defining the role of country image in consumers product evaluations. In order to generalise research findings to the global context, tests with the questionnaires are conducted from 320 undergraduate students in four countries (United Kingdom, United States, Hong Kong, and Australia). A review of the prior literature on country of origin effects, product-country images, and models of belief-attitude provided two constructs of country of origin (COO) and country of target (COT) as direction of this study. Finally, the literature review enabled the development of three main questions as basis of five hypotheses as follows; (a) Are there significant differences between consumer groups' attitudes toward a specific country and its prototype car products? (b) Are there significant differences between consumer groups' purchase willingness toward products from a specific country? (c) What is the role of country image in consumers' product evaluations? Three sets of hypotheses were tested in this study which were concerned with country image, product image, and purchase willingness as sub-constructs of COO and COT. Two statistical techniques were used to analyse the data - multivariate analysis of variance (MANOVA) and one-way analysis of variance (ANOVA). This study contributes to the body of knowledge on country of origin in a number of specific ways: first, prototypes, rather than existing product are employed as stimuli; second, the construct of country of target (COT) was introduced and was conceptualised as a complement to that of country of origin (COO); and third, the interaction between these three elements is explored. Eventually, the finding of this research confirmed that the COT construct and its effects are potentially very important to the study of the role of country image and to business people exporting products from a particular COO.

Recent work in macroeconomics argues that imperfections in capital markets may magnify business cycle fluctuations by propagating relatively modest shocks. This thesis investigates evidence for such a mechanism (also known as the "financial accelerator") by analysing two empirical models of investment in physical capital that test for the importance of capital market imperfections on firms' investment decisions. These models are, respectively, an error correction specification augmented with an additional cash flow term, and an Euler equation model explicitly derived from dynamic optimisation in the presence of symmetric, quadratic costs of adjustment. Chapters 4 and 5 use a large panel of individual Italian manufacturing firms to investigate the impact of capital market imperfections on investment expenditures. Regression results from a system Generalised Method of Moments (GMM) estimator appear to be consistent with the hypothesis that firms that are in a strong informational or liquidity position (large firms, group members, RandD performers) are less likely to face binding financing constraints than firms in a weak informational or liquidity position (small firms, independent firms, non-RandD performers). Investment regressions in Chapter 6, based on consolidated accounting data for three samples of UK, US and Italian companies, show that the sensitivity of investment spending to financial variables is greater in the UK and the US than in Italy. This finding is consistent with the suggestion that outsider control financial systems perform less well in channelling investment funds to firms with profitable investment opportunities than do insider control financial systems. Finally, the empirical analysis in Chapter 7, based on two samples of UK and US firms, provides some preliminary evidence that a less concentrated ownership structure and a high level of institutional ownership may increase the sensitivity of investment to the availability of low-cost internal funds.