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Under the UK Consumer Act 1974, obligors of Hire Purchase and Conditional
Sale contracts are allowed to perform a Voluntary Termination (VT)
once certain conditions are met. Upon such an event, lenders recover the underlying
assets but are potentially liable to losses upon liquidation of the assets.
This poses a challenge from a risk modelling perspective, as these financial
products exhibit Credit (default) risk as well as VT risk, and these two
events are mutually exclusive. In this paper, we propose a modelling framework
to account for Credit/Default and VT risk for Retail portfolios, designed
as a 2-factor Monte Carlo simulation of loan-level termination events. The
paper concludes with numerical and backtesting results from a real-life implementation
of such framework in the context of an automotive loan portfolio....
The purpose of this study is to look at the important aspects that influence
the execution of a company’s production management optimization. The most
important aspects found are: Effective Human Resource Management System
(EHRMS), Integrative Planning and Scheduling (IPS), Internal Operations
Synchronization and Effective Management Role (IOSMR), and Quality Governance
and Strategic Process Control (QGSPC). All of these variables were
considered independent variables in this study, whereas the Implementation
of a Company Production Management Optimization (ICPMO) was considered
a dependent variable. The study used a quantitative technique, and the
participants were chosen at random. The primary data was then gathered
using a survey method that contained all of the questions from the defined
measurement constructs. All of the submitted hypotheses were found to be
significant based on the outcomes of this investigation. The optimization of a
production management system is strongly advised for all organizations
looking to optimize earnings, achieve maximum productivity, grow sales, and
gain market share....
This paper, taking the directors of listed companies as point of penetration, studies the effects of\ninterlocking directorates on the companyÃ¢â?¬â?¢s merger decisions. With a focus on interlocking directoratesÃ¢â?¬â?¢\ninfluence on the selection of M & A targets, a Probit regression test was conducted by\npairing potential M & A targets to real acquisition sample according to the industry of the real\nsample. The innovation of this paper lies in the study of whether there is a significant difference in\nthe effect of interlocking directorates through differentiating various M & A modes, including horizontal\nmergers, vertical mergers and mixed mergers. The empirical analysis concludes that when\nthere are interlocking directorates in merger company and potential target company, it is more\nlikely for the potential target to be the object company. WhatÃ¢â?¬â?¢s more, by comparison, when the\nacquiring company and the target company are from different industries, there is greater impact\nof interlocking directorates, and the effects are stronger in vertical mergers than in mixed mergers\nand horizontal mergers....
The paper chooses the listing Corporations which refinanced from June 1,\n2006 to December 31, 2014 as samples to test and compare the announcement\neffect of five refinance modes, which are public issuance, non-public\nissuance, allotment and issuance of corporate bonds, and convertible bonds.\nStudy has showed that the announcement effect of non-public issuance is\npositive and allotment is negative in large confidence degree, while public issuance\nand convertible bonds issuance show negative in a lower confidence\ndegree, and issuance of corporate bonds isnâ??t significant. Therefore, Chinaâ??s\ncapital market favors non-public issuance most and regard convertible bonds\nas substitute, think allotment bearish widely, while see light issuance of corporate\nbonds. So, we must develop incentive effect of convertible bonds,\nStrengthen corporate debtâ??s constraint mechanism, regulate the behavior of\nthe big shareholders in allotment. It is found refinancing information leakage\nphenomenon in empirical research which should cause the attention of regulators....
Mergers and Acquisitions (M&As;) are a frequent, alternative strategic growth option to organic growth for organisations. The failure rate of mergers and acquisitions is alarmingly high (70% plus failures). The people factor is seen as one of the main contributors to this failure.\nTo develop and validate a comprehensive, holistic model for the people integration process during mergers and acquisitions.\nThe literature on a comprehensive, holistic people integration process for mergers and acquisitions is sparse and fragmented.\nA qualitative approach was adopted consisting of a three step process which solicited the views of seasoned M&A Practioners; these views were compared against the available literature. Finally, practioners were asked to critique the final model from a practice perspective. The utility of the final model was assessed against two mergers and acquisitions case studies.\nA comprehensive, holistic people integration process model for mergers and acquisitions was developed and validated. However, this model will only significantly enhance mergers and acquisitions value realisation if it is applied from the appropriate vantage point.\nThe proposed approach will increase the probability of a successful M&A people-wise and M&A value realisation.\nTheoretically, the development and validation of a M&A people process integration model; practically, guidelines for successful people integration; organisationally, significantly enhancing the chances of M&A success; and community wise, the reduction of the negative effects of M&A failure on communities....
This paper presents a study of 1,338 green advertisements from the leading Chinese\nnewspapers and magazines. The aim of the study is to examine the green adsÃ¢â?¬â?¢ distribution\nand greenwashing characteristics and practices in order to provide an overview for policy\nregulators and marketers. The analysis framework adopted the Carlson et al. (1993) matrix\napproach and the six sins of greenwashing from Terra Choice Environmental Marketing\n(2007). The findings revealed that green advertisements have increased by more than 50%\nsince 2004 and Chinese enterprises engaged in green advertising mainly to promote product\nbenefits while foreign enterprises placed strong emphasis on products and green corporate\nimage. From a consumer perspective, the study revealed that almost a third of the green ads\ncontained an element of greenwashing with Ã¢â?¬Å?sin of no proofÃ¢â?¬Â being the most prominent.\nAnalysis of variance reveals that Chinese enterprises had committed more greenwashing\nthan foreign-owned enterprises in green advertising....
The existence of several different degrees of restructuring, uneven dynamics, the transition
from a natural monopoly to a competitive market with new strategic and economic
opportunities are among the defining features of the natural gas market that transform it into
an important pillar of the economy. Since in such an oligopolistic market, the actors must
define a strategic and competitive advantage with positive effects on the competitive
environment. In this context, game theory can be an essential tool for the decision-making
process depending on the dynamics of asymmetric information. The main purposes of the
paper are to analyze the degree of European gas market concentration and to determine,
using a game theory model, the production, the price and the profits equilibrium levels for
the main producers. The variables used in the analysis are natural gas countries’ productions
and exports, price and market shares for 1992-2019 period for the main European producers.
In order to determine the European gas market concentration, we use the Hirschman-
Herfindahl concentration index. This index indicates the existence of an oligopolistic market
with Russia, the United Kingdom and Norway in dominant positions. Using a quantityoriented
Cournot model, we determine the equilibrium gas price and quantities and we show
the fact that these are significantly different from the average values of the reference period
only for Russia due to its dominant position on this market. Our analysis highlights Russian’s
dominant position in the European gas market and suggests its replacement by other
The objective of Cudillero Rural Living Lab is to support the fishing industry through jointly developing innovative services and applications and offering technical support, in particular related to small vessels devoted to traditional ways of fishing. The Cudillero rural innovation environment is presented in order to contextualize the living lab activities. It is illustrated how open innovation methodologies improve the quality of life of inhabitants in this rural and coastal area. This paper presents the results from the living lab methodology application in the Cudillero fishing sector including a series of experiments targeting different scenarios, and we discuss the process of software development and applications validation resulting in collaborative environments supported by the platform proposed in C@R....
This paper integrates information on research studies carried out, in Stevia
rebaudiana Bertoni, by the Southeast Regional Research Center (CIRSE) of
the National Institute of Forestry, Agricultural and Livestock Research (INIFAP)
in Mexico. Stevia is an ancient plant of Paraguayan origin with great potential
to produce natural sweeteners. There is a constant demand at the national
and international levels for this crop so new varieties adapted to different environments
are required in order to reduce production costs, avoid dependence
from abroad, improve yields and increase the acreage. The Mexican
CIRSE has documented a series of innovations since 2010 in stevia such as: 1)
studies of the productive potential, 2) production of seedlings with biological
rooters, 3) population densities, 4) pre-emergence control of weeds, 5) fertilization
doses, 6) materials better adapted to Mexican environment conditions
and 7) evaluation of main stevia glycosides such as Stevioside and Rebaudioside-
A among the most important. The main scientific findings are reported
in this paper with the hope that stevia producers use it as a guide to improving
their stevia production crop....
Reliability function, R(t), is defined as the probability that the system will not fail during the stated\r\nperiod of time under a given operating conditions. In production process, attaining reliability as a\r\nfunction of time is a common task but in multi-stage services, it is not straightforward due to intricacy\r\nof gathering data. Through the present work, we have addressed a systematic method for measuring\r\nmulti-stage service reliability function using failure rate analysis beside a systematic six sigma\r\napproach to improve total system reliability. The proposed methodology furthermore could help\r\npractitioners to integrate six sigma metrics with the reliability function and the way to measure existing\r\nreliability situation based on sigma level. The proposed method is applied in a given multi-stage central\r\nrepairing shop for an automobile producer which promotes 86% in total system reliability beside 58%\r\nimprovement in the sigma level....
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