Current Issue : July - September Volume : 2016 Issue Number : 3 Articles : 6 Articles
Globalization, despite all of its advantages, poses serious threats to the world economies. One of\nthe vital issues is global crisis arising from various sources. Firms develop strategies for crisis\nmanagement in order to be least affected from the global crisis. The main purpose of this study is\nto put forward behavioral trends of the firms in crisis period. A questionnaire study is conducted\nto 167 agri-products export firms. Factor analysis is used to identify behavioral dimensions of the\nfirms during global crisis. These dimensions are used as input to cluster analysis in order to cluster\nthe firms on the basis of their decision trends (expansion, contraction or maintain the current\nposition) in risky environment. The results show that 21% of the firms make expansion decisions\nand 34.7% of them decide to go for contraction. These behavioral trends of the market participants\nin the face of crisis might be important for policy makers to take necessary measures in order\nto create a rational environment for firms to continue their operations....
Due to the accelerated economic liberalization, the environment has been damaged by the high\nand constant emission of CO2, phenomenon that produces global warming as well as greenhouse\neffect. These processes have a direct influence in land, water and air; the influence on seas is detected\non the natural resource of fish and seafood, which tends to change their geographic status,\nmutation and extinction of the specie. This article has the purpose to reflect on the importance\nabout the marine natural resources conservation since they are food products with high protein\nand worldwide consumption rates. Because of this, the present investigation aims to elaborate a\ndescriptive analysis based on the Complex Interdependence Theory in the fishing industry during\nthe period 2006-2013. This analysis has showed that the productivity of the resource presents\nunbalances in characteristics, regulation, production and trade, for what it is necessary the restructuring\nof the fisheries sector with reinforced and strict regulation of the activity to face this\nitem delay....
Geographical imbalance of China�s processing trade industries has become increasingly prominent\nin recent years. Chinese industrial gradient situations can be estimated by industrial gradient\ncoefficient. The transferred industries between high-gradient region and low-gradient\nregion are decided by industrial concentration index. Based on the analysis, this article proposes\nthe countermeasures for promoting the transferring of China�s processing trade industries....
The existences of size premium and value premium in stock markets have been well studied.\nHowever, these studies mostly focus on U.S. market and have been limited in countries such as\nThailand. In the Stock Exchange of Thailand, we examined the performance of small stocks portfolios\nversus large stocks portfolios and value stocks portfolios versus growth stocks portfolios for\nthe period of 1999 through 2013. Returns on portfolios are calculated on a monthly basis. Our\nfindings are: first, there is a size premium in the Stock Exchange of Thailand and the difference\nbetween the average monthly returns is 2.02 percent; second, value stocks do not generate higher\naverage monthly returns than growth stocks and it is true for both small size stocks and large size\nstocks....
Born Global firms are becoming increasingly more important in terms of internationalization, innovation,\nability to grow and providing employment. Most of the previous research about Born\nGlobals is done in North America, Europe or Australia, all these being developed industrialized\ncountries but not developing countries or emerging markets. However, the emerging markets in\ngeneral, and the Chinese in particular, have become very important for the world economy. Our\naim is to investigate the differences between Western literature and literature from emerging\nmarkets, regarding internationalization process of Born Global firms. We also aim to discuss the\nvarious success factors, which underlie Born Globalsââ?¬â?¢ internationalization process, particularly\nfocusing on Born Globals firms in the China. Our methodology in this research has been literature\nreview and interviews with Chinese CEOs of Born Global firms. However, this paper is only based\non the litterateur part of our research. Our analysis shows that most of the Chinese Born Globals\npublications about the internationalization success factors are based on the Western literature\nand use them as the theoretical platform in the design of their own research strategy and research\nquestions design. The consequence of this observation is important as it indicates that Chinese\nresearchers are reproducing research under different contextual and situational conditions that\nmight lead to unclear conclusions or maybe even wrong conclusions. Furthermore, compared to\nmost Western Born Global companies, which treat innovation as core competence, the innovation\nculture becomes one of the biggest weaknesses of Chinese manufacturing Born Globalsââ?¬â?¢ internationalization.\nChina has special economic environment. Chinese manufacturing Born Globals not\nonly need to follow the market but also the government policies, since the government greatly influences\nthe industries and the whole economy. To foreign investors who want to exploit Chinese\nmarket, they also should take Chinese economic background and government policies into consideration.\nOne important aspect of Chinese born Globals, neglected in previous research on Born\nGlobals, that has been identified in our research, is the critical success factor of Chinese manufa-cturing Born Globalsââ?¬â?the political and economic background and the role of the Chinese Government\nin the transformation process of Chinese business life, and the Guanxi network....
This paper examines the information content of trading volume in terms of forecasting the conditional\nvolatility and market risk of international stock markets. The performance of parametric\nValue at Risk (VaR) models including the traditional RiskMetrics model and a heavy-tailed\nEGARCH model with and without trading volume is investigated during crisis and post-crisis periods.\nOur empirical results provide compelling evidence that volatility forecasts based on volume-\naugmented models cannot be outperformed by their competitors. Furthermore, our findings\nindicate that including trading volume into the volatility specification greatly enhances the performance\nof the proposed VaR models, especially during the crisis period. However, the volume effect\nis fairly overshadowed by the sufficient accuracy of the heavy-tailed EGARCH model, during the\npost-crisis period....
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