published_or_final_version / Business Administration / Master / Master of Business Administration

published_or_final_version / Business Administration / Master / Master of Business Administration

The Best PhD Thesis in the Faculties of Architecture, Arts, Business & Economics, Education, Law and Social Sciences (University of Hong Kong), Li Ka Shing Prize, 2005-2006. / published_or_final_version / abstract / Business / Doctoral / Doctor of Philosophy

<p><p>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.</p></p>

Every day, salespeople span boundaries, coordinate internal and external expertise, leverage social capital, mobilize the tangible and intangible resources of their firm, and try to create value for all stakeholders. Recognizing the important roles of salespeople, Evans et al. (2012) and Lassk et al. (2012) call for more research on the usage of skills, knowledge, people, strategies, expertise, and other resources of salespeople to produce the desired outcomes. Responding to their calls, this study specifically focuses on how salespeople utilize their available and finite resources across four types of customers (new customers, short term customers, long term customers, and win-back customers) to identify and qualify new sales opportunities during the prospecting stage. The dissertation focuses on seven types of resources (capturing both internal and firm related resources) available for salespeople: (1) firm tangible, (2) firm intangible, (3) firm market based, (4) present resources, (5) skills, (6) knowledge, and (7) accumulated successes. The study further explores the moderating roles of organizational identification, competitive intensity, and customer dependence on the relationship between resources utilized and performance during the prospecting stage. The resource utilization scale is developed and tested for robustness. Next, using a final dataset of 346 responses from salespeople, the results reveal that salespeople adaptively utilized various resources across new customers, short-term customers, long-term customers, and win-back (lost) customers. Overall, performance during prospecting stage are more strongly influenced by utilization of internal resources (presence, knowledge, skills and success) than firm related factors. Further, successful prospecting performance requires the usage of skills and knowledge resources with new customers, only skills resources with short-term and long-term customers, but present resources, knowledge, and firm tangible resources with win-back customers. In addition, organizational identification and competitive intensity moderate the relationship between resource utilization and prospecting performance for all customer types, whereas customer dependence is an important moderator for long-term customers. The paper makes several contributions to key areas such as resource allocations in the context of personal selling, and how firms can strategically enhance the performance of their salespeople. Theoretically, the study develops resource utilization scale, and empirically tests its effects on prospecting performance. From a managerial stand point, this dissertation offers additional insights into the effectiveness of each type of resources to plan for selective development of resources, as well as focused sales training.

Title: Analysis of the use of telephone selling VIP hospitality for hockey teams Objectives: The main objective of this work is to determine the current status of the use of telesales VIP for hockey teams and on the basis of the general assembly retail concept VIP hospitality over the phone. Methods: The paper used methods of analysis, inquiry and observation. The analysis method was used for the analysis of segmentation current partners of clubs, a method of questioning to determine the use of telephone sales in the sales of individual clubs and finally observation method was used to evaluate the implementation of telephone sales at the club, which it uses to sell VIP hospitality. Results: There was a finding that telesales is not widely used sales technique VIP hospitality. Clubs do not use it at all or incorrectly consequently, the inefficiently. Those who use telephone sales violate the basic principles of this type of sale and does not put enough emphasis staffing these positions. Keywords: telemarketing, VIP hospitality, sponsorship

M.Comm. / There are many different opinions among economists around the validity and existence of the business cycle. It varies from the total nullification of the existence of a business cycle to the founding of a working definition in this regard. One of the characteristics of the South African economy and similar capitalist systems is an unstable business environment. Periods of economic growth are followed by periods of economic recession when employment, production, prices, profits and general economic welfare are in decline. These phases are known as the business cycle. Economists differ from the early days with relation to the factors that led to changes in total economic activity. Classical economists focussed on the supply side factors as the main cause of the business cycle. John Keynes criticized the early models and presented a model in which change in output is largely dependent on changes in aggregate demand. The latest theory is known as the Real Business Cycle and includes both the supply and demand side factors. The emphasis is, however, on the supply side and argues that changes in the aggregate supply are the main determining factor in economic contraction or expansion. Between 1946 and 1996, 14 complete cycles occurred in the South African economy. The total cycle comprises of the first upward phase, the second upward phase, the first downward phase and the second downward phase. Specific indicators are present during each phase. Car sales are determined by demand. The demand include consumer preference, income, the price of competing or similar goods, expectations of the consumer, availability of credit, consumer confidence as well as the price of the product. The single most important influence on car sales is political stability, economic growth and interest rates. These factors determine the extent of consumer confidence. The occurrence of business cycles in the South African economy and the cyclical tendency of car sales are largely in tandem. Of the 14 upward and onward phases since 1960, 12 phases show positive correlations. This means that car sales represent an adequate barometer with regard to the state of economic activity as a whole in the country. It is also an effective barometer regarding expected future developments on the economic front. The state of the business cycle can be of tremendous value regarding planning in the motor manufacturing industry. The specific phase in which the business cycle is, will provide a sound indication of what kind of success might be anticipated with regard to future sales.

It is widely accepted in the literature that high lending fees predict negative returns because high fees capture the negative information from short sellers, on the demand side. Traditionally, the supply side is seen as passive, in which stock lenders act as price takers. Recent studies, however, have shown that this passivity of lenders no longer perpetuates. Faced with this discussion, the present study analyze the Brazilian stock loan market and disentangles the shorting demand and shorting supply curve shifts in order to understand the driving mechanism linking the supply side and stock returns. We also link the shorting supply curve with new announcements and verify how lenders react to a new information in the market. Our results indicate that lenders decrease the loan supply when they predict negative future returns and that they use new information to change supply conditions, indicating that lenders are not price takers / É amplamente aceito na literatura que altas taxas de empréstimo de ações preveem retornos negativos, uma vez que altas taxas capturam as informações negativas de vendedores a descoberto, do lado da demanda. Tradicionalmente, o lado da oferta é visto como passivo, no qual os credores das ações agem como tomadores de preços. Estudos recentes, entretanto, mostram que essa passividade dos emprestadores não mais se perpetua. Diante dessa discussão, o presente estudo analisa o mercado de crédito acionário brasileiro e separa a curva de demanda da curva de oferta por short para entender o mecanismo de condução que liga o lado da oferta aos retornos acionários. Analisa-se, também, a relação da curva de oferta de short com novas informações e verifica-se como os credores reagem a uma nova informação no mercado. Nossos resultados indicam que os credores restringem a oferta de empréstimo de ações quando preveem retornos futuros negativos e que usam novas informações para alterar as condições de empréstimo, indicando que os credores não são tomadores de preço

by Lee Hak-lai. / Bibliography: leaf 61 / Thesis (M.B.A.)--Chinese University of Hong Kong, 1985

by Chu Yu Lun, Stanley [and] Kwong Kin Hing, Edmund. / Includes bibliographies / Thesis (M.B.A.)--Chinese University of Hong Kong, 1984