To see the other types of publications on this topic, follow the link: Emerging Market.
Dissertations / Theses on the topic 'Emerging Market'
Create a spot-on reference in APA, MLA, Chicago, Harvard, and other styles
Consult the top 50 dissertations / theses for your research on the topic 'Emerging Market.'
Next to every source in the list of references, there is an 'Add to bibliography' button. Press on it, and we will generate automatically the bibliographic reference to the chosen work in the citation style you need: APA, MLA, Harvard, Chicago, Vancouver, etc.
You can also download the full text of the academic publication as pdf and read online its abstract whenever available in the metadata.
Browse dissertations / theses on a wide variety of disciplines and organise your bibliography correctly.
1
Lehner, Maria. "Emerging Market Finance." Diss., lmu, 2009. http://nbn-resolving.de/urn:nbn:de:bvb:19-96075.
Full text
2
Kabaca, Serdar. "Essays on labour market fluctuations in emerging markets." Thesis, University of British Columbia, 2013. http://hdl.handle.net/2429/45251.
Full textAbstract:
The goal of this dissertation is to compare and contrast labour market fluctuations in emerging and developed markets, and to explore the sources of differences in these fluctuations across country groups. Chapter 2 documents cyclical properties of labour share over the cycle for various countries and show that there is a close relationship between labour share and the cost of borrowing. Labour share tends to be more volatile and procyclical with output especially in countries with highly volatile and countercyclical interest rates. The results are driven neither by sectoral shifts over the cycle nor by the measurement errors in the labour compensation data. In Chapter 3, working capital requirements can predict the right sign of the labour share comovement with output and can partly account for the volatility of the labour share. It is also shown that imperfect financial markets in the form of credit restrictions not only amplify the results for the variability of labour share but also helps better explain some of the striking business cycle regularities in emerging markets, such as highly volatile consumption, strongly procyclical investment and consumption, and countercyclical net exports. Fluctuations in real wages are mostly responsible for the highly volatile labour share in emerging markets. Previous literature showed that search frictions with countercyclical interest rates can explain movements in wages in these economies. Chapter 4 shows that when agents are allowed to choose the amount of hours worked (intensive margin of the labour input), the effects of search frictions on wages are mitigated. Our motivation of introducing intensive margin comes from the fact that variations in hours per worker are at least as significant as those in the employment in emerging markets. They are also more cyclical with output in these economies than in developed ones. Search frictions fail to explain these cyclical properties of the intensive margin. On the other hand, by introducing financial frictions, the model can predict them together with movements in real wages. This suggests that frictions in both labour and financial markets go further in explaining emerging market business cycles.
3
Aanitra, Mohammed. "Morocco : an emerging market /." Thesis, Monterey, Calif. : Springfield, Va. : Naval Postgraduate School ; Available from National Technical Information Service, 1996. http://handle.dtic.mil/100.2/ADA313472.
Full textAbstract:
Thesis (M.S. in International Resource Planning and Management) Naval Postgraduate School, June 1996.Thesis advisor(s): Robert Looney. "June 1996." Includes bibliographical reference (p. 95-97). Also available online.
4
Heinemann, Tim Nicolas. "Constructing Turkey : emergent economic geographies of an emerging market." Thesis, Queen Mary, University of London, 2012. http://qmro.qmul.ac.uk/xmlui/handle/123456789/3116.
Full textAbstract:
This thesis examines the social and material construction of Turkey as an emerging market. It does so through the lens of discourses, knowledge and practices within the emerging markets industry. Furthermore this study also examines the power geometries between different actors and centres of evaluation to understand how these circumstances influence the production of knowledge about Turkey. Set within debates on emerging markets and geographies of finance, the thesis focuses on Turkey’s bond and equity markets. It makes use of a variety of methodologies including semistructured interviews, textual analysis and the analysis of published data from various sources. The underlying argument of the thesis rests on the mutually formative nature of the territorialities and relationalities of discourses, knowledge and practices. Discourses shape what is regarded as knowledge. Knowledge of Turkey informs the discourses around the Turkish economy and so shape the nature of, and the ways in which, economic practices are put to work. Economic practices produce new knowledge, which in turn informs the production of new discourses. These discourses, knowledge and practices are, in turn, shaped by their own territorial and relational geographies (e.g. the power geometries of the Turkish emerging market industry). Thus, the thesis explores not only the social, political and economic dynamics taking place within Turkey and its emerging links with Europe, the Middle East and the wider geo-political economy, but explores how discourses and knowledge about these developments are also the product of the socio-spatial relations of the emerging market industry. The thesis sets out to show how all of these influences both respond to and shape developments on the ground, and so actively contribute to the emergent economic geographies of Turkey as an emerging market
5
Rachello, Valentina <1994>. "THE GREEN BOND MARKET IN EMERGING MARKET ECONOMIES Green Bond Market Development and Green Premium analysis in Emerging Market Economies." Master's Degree Thesis, Università Ca' Foscari Venezia, 2019. http://hdl.handle.net/10579/15699.
Full textAbstract:
Climate change represents one of the most discussed topics of the last decade, as well as one of the major cause for concern. In fact, related risks are not only limited to the environment itself, but they also jeopardize the society and the economy at both national and global levels. For this reason, between the variety of tools designed to deal with climate change effects, also finance made available new instruments whose aim is the enhancement of the transition to a low-carbon, climate-resilient economy. Among them, green bonds became the main fixed-income asset to finance sustainable projects in fields such as renewable energy, transport, carbon emission, waste management and pollution. This paper explores characteristics, role and scope of green bonds and provides an analysis of the green bond market, considering in particular its stage of development in selected emerging market economies. Finally, a technical analysis considering the presence of a green bond premium in the emerging markets concludes the last section.
6
Xu, Kenneth Cheng. "The emerging Chinese stock market." access full-text online access from Digital Dissertation Consortium, 1996. http://libweb.cityu.edu.hk/cgi-bin/er/db/ddcdiss.pl?9720769.
Full text
7
Zhang, Jianhua. "Essays on emerging market finance /." Göteborg, Sweden : Nationalekonomiska institutionen, Göteborgs universitet, 1999. http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&doc_number=008790109&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA.
Full text
8
Magnusson, Sebastian, Jimmy Källgren, and Tom Viberg. "Emerging Market Selection for Offshore Production : A case study on the international market selection into an emerging market." Thesis, Linnéuniversitetet, Institutionen för organisation och entreprenörskap (OE), 2015. http://urn.kb.se/resolve?urn=urn:nbn:se:lnu:diva-45011.
Full textAbstract:
The purpose of this thesis is to conduct an international market selection which will result in a suitable choice of market for an SME that is about to place offshore production in an emerging market. A focus during the thesis is directed towards potential risks that may occur and how SMEs can manage these. In order to fulfill this purpose the authors have developed two main research questions:How can an SME use the IMS-framework to select an emerging market for offshore production?How can an SME manage potential risks when placing offshore production in an emerging market?The theoretical framework consists of the description of the international market selection process that is relevant as it is the framework from which the selection of a target market originates. Further, a description of theories on entry modes and risk management is presented in order to provide insight on how SMEs can manage risks when placing production in an emerging market. The empirical chapter consists of interviews from a case company as well as Business Sweden and is structured in accordance to the theoretical chapter.In the analysis the theoretical frameworks are discussed and connected to the empirical findings. In the initial part of the analysis the international market selection is presented and discussed before it culminates in the authors chosen target market. The latter part of the analysis addresses the risk management SMEs is faced with when placing offshore production in an emerging market.The conclusion provides the reader with the chosen target market for the case company. It also shows that SMEs ought to apply a risk averse mindset when placing their production in an emerging market. The authors finally present suggestions for further research regarding SMEs ventures to place production in emerging markets.
9
Peredriy, Sergiy Black Stanley W. "Endogenous credit market incompleteness RBC approach to emerging markets crises /." Chapel Hill, N.C. : University of North Carolina at Chapel Hill, 2008. http://dc.lib.unc.edu/u?/etd,1921.
Full textAbstract:
Thesis (Ph. D.)--University of North Carolina at Chapel Hill, 2008.Title from electronic title page (viewed Dec. 11, 2008). "... in partial fulfillment of the requirements for the degree of Doctor of Philosophy in the Department of Economics." Discipline: Economics; Department/School: Economics.
10
Coskun, Sevgi. "Essays on labour market fluctuations in emerging market economies." Thesis, University of Kent, 2018. https://kar.kent.ac.uk/70107/.
Full textAbstract:
The goal of this dissertation is to contribute to the literature on labour market properties of business cycle fluctuations for emerging market economies (EMEs) by using DSGE modelling and time series analysis. It consists of three essays and the following related topics are analysed. In the first paper, entitled "Labour Market Fluctuations: An RBC Model for Emerging Market Economies", we examine the labour market properties of business cycle fluctuations for a group of 15 EMEs and the US using annual data from 1970 to 2013. We find that on average, hours worked and employment volatility (relative to output volatility) are lower, while the volatility of productivity and wages are 2-3 times higher in EMEs than in the US. We then assess the performance of a standard RBC model with temporary and permanent productivity shocks to explain those facts observed in the data. We find that this model can account reasonably well for the relative volatility of hours to output; however, it fails to capture for the rest of the relevant moments for EMEs. In order to further improve the fit, we augment this model with capacity utilization, investment adjustment cost and indivisible labour. We find that each of these extensions improves the capability of the RBC model. Especially the model with investment adjustment cost improves its performance regarding the relative volatility of wages and hours, as well as the cyclicality of hours, compared to the standard RBC model. Lastly, we investigate the cyclical properties of the labour wedge (the wedge between the marginal product of labour and the marginal rate of substitution of consumption for leisure) and find that the total labour wedge (relative to output volatility) is more volatile over the business cycle in emerging economies (1.72) compared to the US (0.95). Further, fluctuations in the total labour wedge reflect the ones in the household component rather than the firm component of the wedge in EMEs and the US. In the second paper, entitled "Technology Shocks, Non-stationary Hours in Emerging Countries and DSVAR", we test a standard DSGE model on impulse responses of hours worked and real GDP after technology and non-technology shocks in EMEs. Most dynamic macroeconomic models assume that hours worked are stationary. However, in the data, we observe apparent changes in hours worked from 1970 to 2013 in these economies. Motivated by this fact, we first estimate a SVAR model with a specification of hours in difference (DSVAR) and then set up a DSGE model by incorporating permanent labour supply (LS) shocks that can generate a unit root in hours worked, while preserving the property of a balanced growth path. These LS shocks could be associated with very dramatic changes in labour supply that look permanent in these economies. Hence, the identification restriction in our models comes from the fact that both technology and LS shocks have a permanent effect on GDP yet only the latter shocks have a long-run impact on hours worked. For inference purposes, we compare empirical impulse responses based on the EMEs data to impulse responses from DSVARs run on the simulated data from the model. The results show that a DSGE model with permanent LS shocks that can generate a unit root in hours worked is required to properly evaluate the DSVAR in EMEs as this model is able to replicate indirectly impulse responses obtained from a DSVAR on the actual data. In the last paper, entitled "Informal Employment and Business Cycles in Emerging Market Economies", we examine the relationship between informal employment and business cycles in EMEs and investigate how informal employment is relevant in shaping the aggregate dynamics in these economies. The key features of stylized facts from our data is that it is countercyclical in Mexico, Colombia and Turkey but pro-cyclical in South Africa. In addition, informal employment is negatively correlated with formal employment in Mexico but positively correlated in Colombia, South Africa, and Turkey. To account for these empirical findings, we build a small open economy model with both formal and informal labour markets, and it subjects to stationary and trend shocks to total factor productivity. We also allow labour adjustment costs in the model as strict employment protection which differ among these economies. We then examine the effect of changes in the degree of employment protection on the informal employment and the business cycles in EMEs and the extent to which the informal sector acts as a buffer in the face of adverse shocks to the labour market. The results show that this model can capture some key stylized facts of the labour market in these economies and that the informal sector acts as a propagation mechanism for these shocks. Moreover, informal employment acts as a buffer as it is countercyclical while formal employment is pro-cyclical in the model which supports the results from the data except for South Africa. Regarding volatilities, informal employment does not act as a buffer since formal employment is more volatile than informal employment in the model which contrasts with the evidence in the data for these economies except Colombia.
11
Hinnen, Gieri. "South Africa as an emerging market." St. Gallen, 2007. http://www.biblio.unisg.ch/org/biblio/edoc.nsf/wwwDisplayIdentifier/02713121002/$FILE/02713121002.pdf.
Full text
12
Neuenburg, Jesko-Philipp. "Market-driving behavior in emerging firms /." Wiesbaden : Gabler, 2010. http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&doc_number=018694613&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA.
Full text
13
Strasky, Jan. "Monetary policy in emerging market economies." Thesis, University of Oxford, 2011. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.547993.
Full text
14
Tiryaki, Suleyman Tolga. "Business cycles in emerging market economies." Thesis, University of York, 2009. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.533502.
Full text
15
Robert, Marc. "Economic fluctuations in emerging market economies." Toulouse 1, 2003. http://www.theses.fr/2003TOU10043.
Full textAbstract:
Cette thèse étudie les fluctuations économiques, et plus particulièrement les crises récentes, dans les pays émergents. Nous utilisons des modèles d'équilibre général de petite économie ouverte afin d'analyser le déclenchement et la propagation des crises dans les économies émergentes. Nous étudions, dans un premier temps, les causes de la crise coréenne de 1997-1998. Nous nous consacrons ensuite à l'étude du rôle de la contrainte de crédit dans la propagation des crises récentes. Nous montrons que des chocs très différents peuvent induire un sudden stop si l'accès aux marchés des capitaux est contraint. La dernière partie de la thèse est une étude empirique du lien entre le cycle économique et les flux de capitaux dans les pays émergents. Nous montrons, grâce à un test de Granger, que les variations des flux de capitaux ne causent pas les variations du produit intérieur brut, même pendant les épisodes de sudden stops, alors que l'inverse se révèle vraiThis thesis focuses on economic fluctuations in emerging economies, with a particular emphasis put on the recent sudden stop crises. In a first step, we study the triggering of the crisis and focus on the 1997-1998 Korean crisis. We use a calibrated general equilibrium model to discriminate between the domestic and external causes of the crisis. Then, we analyze the role played by credit rationning in explaining the amplification of sudden stops in emerging economies. Using a general equilibrium model of a small open economy, we show that including a credit constraint into the model is a crucial assumption in order to be able the reproduce the sudden stops main characteristics. The last step is an empirical study of the link between capital flows and emerging economies business cycles. We prove that movements in capital flows do not Granger cause changes in emerging countries GDP growth rates even during sudden stop episodes, whereas the reverse causal relationship turns out to be true
16
Kretzberg, Alena. "Market entry strategies for emerging economies /." Frankfurt am Main : Peter Lang, 2008. http://www.loc.gov/catdir/toc/fy0805/2008386959.html.
Full text
17
Robert, Marc Yvon. "Economic fluctuations in emerging market economies /." For electronic version search Digital dissertations database. Restricted to UC campuses. Access is free to UC campus dissertations, 2003. http://uclibs.org/PID/11984.
Full text
18
Chen, Yu. "Seasonality in Emerging Markets." St. Gallen, 2008. http://www.biblio.unisg.ch/org/biblio/edoc.nsf/wwwDisplayIdentifier/06600456001/$FILE/06600456001.pdf.
Full text
19
Tantu, Feleke, and Md Ashiqur Rahman. "Emerging markets: A case study on foreign market entry in Bangladesh." Thesis, Linnéuniversitetet, Ekonomihögskolan, ELNU, 2011. http://urn.kb.se/resolve?urn=urn:nbn:se:lnu:diva-12087.
Full textAbstract:
Abstract Title: Emerging Markets – A Case Study in Foreign Market Entry toBangladesh Keywords: emerging market, entry strategy, market entry, factors behind entry choice, entry mode, entry node, entry timing Background: Internationalism and international marketing are hot topics among the strategy discussions of the companies and as a result companies continuously look for new, unreached sales potential to their products and services as well as better use of their resources. Purpose: To find the most efficient international market entry strategy for companies moving from developed/transition economy to an emerging market. Theoretical framework: The base for the start of internationalisation process is company’s inner motives and resources. Motives and resources combined with the cultural distance, competition and general external environment of host country form potential company-specific risks for the entry to foreign market. Potential customers in combination with company resources shows how big is the match between market demand and what company can offer and therefore determines the potential reward. Risks and reward are both input to the decision making process where the potential benefits and drawbacks are analysed against each other. The output of this decision making is the entry strategy. Methodology: Internet was mainly used to collect secondary data about company resources, cultural distance and external environment. Interviews with 150 retailers inBangladesh were conducted to collect primary data about the competition and consumer behaviours in the hosiery market ofBangladesh. Then comparative analysis was made based on the model developed by the authors to reach to the decision. Conclusion: The most effective entry strategy for the entry to emerging markets is indirect exporting through an agent in case there is high location risk, moderately high competition risk, medium country risk and moderately low demand risk, the company has no surplus finances for big investments and no prior experience in doing business in an emerging market.
20
Alagidede, Paul. "Market efficiency and stock return behaviour in Africa's emerging equity markets." Thesis, Loughborough University, 2008. https://dspace.lboro.ac.uk/2134/8093.
Full textAbstract:
The widespread creation of stock markets in developing countries is one of the most conspicuous features of international financial development in the past three decades. The number of stock markets in Africa increased from only six before 1989 to 21 by 2004. The quest for long-term capital for development and the increasing role played by stock markets in the efficient allocation of resources made the stock market culture inevitable in most cases. 'Africa's emerging markets represent a fast growing part of the world economy, and empirical evidence suggests that they have low, even negative, correlations with the more developed financial markets. Thus inclusion of African assets in a mean-variance efficient portfolio could significantly reduce portfolio volatility and increase expected returns. In spite of these facts, little is known about Africa's markets. Although the Efficient Markets Hypothesis (EMH) has been with us for nearly five decades, and knowledge of stock return behaviour has been accumulating in emerging market economies of Asia and Latin America, Africa's markets continue to escape the attention of the research community. This thesis contributes to our knowledge of the dynamic behaviour of stock returns in Africa's biggest markets (South Africa, Egypt, Nigeria, Kenya, Tunisia and Morocco). The novelty of this study rests on applying a variety of econometric techniques and which leads to the following conclusions: Weak form efficiency is rejected for all the markets; however, this is discussed with reference to the institutional characteristics of the markets studied (i. e., capitalisation, turn over, liquidity and information and legal architecture). Seasonal patterns exist in African stock returns: however, with appropriate specification, they tend to disappear, and where they are significant, they tend to be unexploitable. We also show that Africa's markets are not well integrated, regionally, and globally. While this evidence calls for more openness to trade and policy coordination, it also implies that Africa's markets can play a role in diversifying investment risk. Finally, stock prices tend to provide a hedge to investors against rising consumer prices over a relatively long period of time.
21
Serra, Ana Paula de Sousa Freitas Madureira. "Tests of international capital market integration : evidence from emerging stock markets." Thesis, London Business School (University of London), 1999. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.312308.
Full text
22
Demko, I. "Stock market trading at emerging markets: the equality estimation and improvement." Thesis, Ukrainian Academy of Banking of the National Bank of Ukraine, 2009. http://essuir.sumdu.edu.ua/handle/123456789/61280.
Full text
23
Ahmad, Zamri. "Overreaction, size effects and seasonality in Malaysian and Far-Eastern markets." Thesis, University of Newcastle Upon Tyne, 1998. http://hdl.handle.net/10443/139.
Full textAbstract:
This study investigates stock market anomalies in the Kuala Lumpur Stock Exchange (KLSE), Malaysia, with some comparisons with three other Far-Eastern markets, namely the Stock Exchange of Singapore (SES), the Stock Exchange of Thailand (SET) and the Stock Exchange of Hong Kong (SEHK). The main anomaly investigated is overreaction in the KLSE. Seasonality and firm size effects, which are usually associated with the overreaction effect, are also examined individually, and in the context of the overreaction effect. The impact of time-varying risk on overreaction is also investigated. First, stock market seasonality across four markets - KLSE, SES, SET and SEHK- is examined. The evidence suggests the existence of December and January effects in Singapore and Hong Kong respectively. A Chinese New Year effect is observed in all countries except Thailand. Next, stock market overreaction in the KLSE is investigated. Two portfolios of extreme stocks (based on their past 3-year excess returns) are formed, and their performance is measured in the next three years for evidence of overreaction. The initial results are consistent with overreaction; winner (loser) portfolios, which outperform (underperform) the market in the prior period, underperform (outperform) the market in the next period. The reversal in performance is more dramatic for losers. Further analyses show that risk and size factors cannot explain fully the observed phenomenon. A seasonal pattern is revealed in the excess returns of winners and losers; there is a pronounced February effect in both. Moreover, the February effect is observed to be greater for smaller firms. Lastly, a post-script chapter is included whereby the effect of the recent Asian economic turmoil on the markets, and on KLSE overreaction, is looked at. It is found that several months into the crisis, both winners and losers underperform the market.
24
Atmeh, Muhannad. "Financial market efficiency : a study of the time series properties of the Jordanian stock market." Thesis, University of Newcastle Upon Tyne, 2003. http://hdl.handle.net/10443/348.
Full textAbstract:
The ASE has developed greatly since its establishment and has succeeded in accomplishing several of its goals by mobilising capital into the productive sectors of the economy. ASE appears to be well organised, attractive, and aims to attract international investments in order to increase the depth of the market. The aim of the study is to explore the efficiency of this emerging market and investigate the integration with other capital markets in the region. Conventional tests beside recent econometric techniques are implemented. The thesis starts with a review of the development of the efficient market hypothesis, followed by an overview of the development of the Jordanian Financial Market. The autocorrelation and runs test - runs up and down, distributions of runs by length, and runs above and below -are applied to the daily price indices of ASE to examine whether ASE is weak form efficient. The empirical results reflect significant positive dependency patterns in stock prices and suggest that the price behaviour in ASE does not follow the random walk model over time. However, further investigation is applied to find whether these results could be exploited, through technical analysis, to outperform the simple buy and hold policy. Filter rules and moving average techniques are used. Furthermore, and for the results of moving average techniques, standard statistical testing is extended through the use of bootstrap techniques. According to the moving average rule, buy and sell signals are generated by two moving averages of the level of the index (long and short period averages). The conditional returns on buy or sell signals from actual data are compared to the conditional returns from simulated series generated by a range of models (random walk with a drift, AR (1), and GARCH-(M)). The results of this part of the study generally suggest that technical analysis helps predict stock price changes in the Jordanian stock market. In the next part of the thesis, recent econometric Procedures are employed to investigate the behavioural properties of ASE indices. The Box-Jenkins estimation, irrespective of the index examined produced different models with a high prediction performance, violating the EM: H conditions. The unit-root test also confirmed these results as the return series for all indices did not exhibit unit root, and all processes were stationary. The GARCH-M(l, l) model is estimated and present mix results cross the indices. To a certain limit, the results support the existence of a significant link between conditional volatility and stock returns, and the conditional variance is found to change over time as a result of volatility clustering effects. The last part of the thesis applies the cointegration and Granger causality tests to investigate the concept of market integration and comovements. These techniques are applied using, firstly, the five Jordanian daily indices, and secondly, the weekly price indices for ten MENA (Middle East and North Africa) markets. The cointegration test between the Jordan index and every other market index is applied. Moreover, different groups of markets (GCC, Africa, and Europe) are composed and the cointegration test is applied for each group. Results suggest that the Jordanian stock market does not exhibit a long run relationship with most other markets, and there is an advantage for investors looking for diversification in the Middle East markets.
25
Behring, Stefan. "Obligationsmarknadseffektivitet : ett test av Emerging Market Bonds." Thesis, Linköping University, Department of Management and Economics, 2002. http://urn.kb.se/resolve?urn=urn:nbn:se:liu:diva-1262.
Full textAbstract:
Bakgrund: Utvecklingsländernas obligationsmarknad har under de senaste fem åren genererat en avkastning i nivå med aktier. Detta faktum kombinerat bristen på tidigare forskning inom detta område har gjort det intressant att undersöka utvecklingsländernas obligationsmarknad närmare.
Syfte: Syftet är att analysera effektiviteten på utvecklingsländernas obligationsmarknad.
Genomförande: Med hjälp av informationskvoten och Treynorkvoten undersöks om någon av de tre fonderna i urvalet genererat systematisk överavkastning jämfört med marknadsindexet JP Morgan Emerging Market Constrained Index. Ett signifikanstest på 5 % görs för att utreda om avkastningen är skild från 0.
Resultat: Ingen av de undersökta fonderna har givit någon avkastning signifikant skild från noll enligt informationskvoten. Dock har INVESCOs fond genererat signifikant underavkastning enligt Treynorkvoten.
26
Vanciu, Gabriela Alina, and Nino Miresashvili. "Biogas cars in Sweden : An emerging market." Thesis, Internationella Handelshögskolan, Högskolan i Jönköping, IHH, Nationalekonomi, 2012. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-19614.
Full textAbstract:
The energy sector is a vital part of country´s economy. Continuous increase in energy consumption, the limited resources in the sector, price volatility and the necessity of environment protection determined people to look for alternative sources of energy. An important fraction of the energy is consumed in the transport sector, thus it is not surprising that important investments and researches have been focused on finding substitute fuels in order to diminish the dependency of fossil fuels and reduce the quantity of CO 2. The aim of this thesis is to analyze how the consumer behavior regarding the biogas cars per capita, being determined by income per capita, the share of educated population, the existence of plant production at local level, the density of gas stations and the population, differs across Sweden’s municipalities.
27
Zainuddin, Anizah. "Retail brands in the emerging Malaysian market." Thesis, University of Stirling, 2005. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.720357.
Full text
28
Bilenko, V., and D. M. Duong. "Emerging countries as a future market leader." Thesis, Sumy State University, 2016. http://essuir.sumdu.edu.ua/handle/123456789/45984.
Full textAbstract:
A modern world is changing very fast and the leadership of United States of America and Europe is becoming weaker than a few years ago. Nowadays some emerging countries are now trying to become the future economics‘ leaders. Such countries as Brazil, China and India have fast growing economies which will soon be even more effective than the western economies. They are taking more space in the international trade. This new dimension of the economy opens a lot of new opportunities to companies and organizations which are not afraid of investing abroad.
29
Nairac, Jean-Michel. "Stock price fragility in an emerging market." Master's thesis, University of Cape Town, 2013. http://hdl.handle.net/11427/10728.
Full textAbstract:
Includes bibliographical references.This research project examines stock price fragility, a measure developed by Greenwood and Thesmar (2011), which serves as a proxy for non-fundamental risk i.e. it aims to isolate the drivers of stock price volatility beyond traditional fundamental drivers, in particular examining the impact of concentrated stock ownership and correlated liquidity shocks on price volatility. Here, the measure is applied to the South African financial market. Subject to data complications, it is nevertheless shown that stock price fragility is a significant predictor of total return volatility owing to the ownership structure of South African funds, even when controlling for endogeneity, autocorrelation and heteroskedasticity in the model.
30
FLORO, DANIELA. "Emerging issues in the european electricity market." Doctoral thesis, Università degli Studi di Milano-Bicocca, 2010. http://hdl.handle.net/10281/14123.
Full textAbstract:
We assess the impact of the European reform in the electricity market focusing on the effects of the First (96/92/EC) and the Second Directive (2003/54/EC). The contribution of the thesis is threefold. Firstly, we study the progress towards a single integrated EU market examining wholesale electricity price convergence in the main EU power exchanges. The key idea is if the underlying national markets are integrated, then there is evidence of a real integrated market. Thus, over the long run wholesale electricity prices should follow the same pattern. To establish wholesale price convergence we apply a fractional cointegration analysis developed by Granger. We find evidence of perfect cointegration between the German and the Austrian wholesale electricity markets.
Secondly, we analyse the impact of the reform at retail level focusing on the effect on industrial consumer welfare. Specifically, we study the price-cost margins in the EU15 countries over the period 1980-2006. Our analysis examines the long-run equilibrium of achieving a single internal electricity market allowing Member States to converge freely to the steady state as established by the harmonization principle of the EU reform. Differently from previous studies, we apply the pooled mean group estimator developed by Pesaran et al. (1999), which constraints the long run parameters to be same, representing therefore the EU mandated goal of market integration, and allows different rates of adjustment to the equilibrium, representing harmonization.
Empirical evidence shows that wholesale market opening, privatization and regulation result in an increase of industrial consumer welfare. However, as the degree of vertical integration decreases, price-cost margins increase shrinking industrial-consumer welfare. In addition, the analysis of national rates of adjustment to long-run equilibrium shows that Italy and Germany are the countries with the highest and lowest profit persistence respectively.
Finally, we focus on the Italian wholesale market, specifically the Italian day-ahead market, to establish the progress towards competition after wholesale market opening, linking theoretical predictions and empirical findings to identify its underlying oligopolistic structure and to examine potential improvements in consumer welfare after market liberalization. Accounting for the zone organization of the Italian wholesale market, we study the two main macrozones North and South in the summer and winter months of 2005 and 2006. In each market, we define the set of the strategic players and price-taker firms according to both generation capacity and production. We then define two oligopolistic models to describe the underlying oligopolistic structure. In particular, in the North market, we compare the Stackelberg and the Cournot model, whereas, in the South, the Stackelberg and the Dominant firm model. To determine the coefficients of the strategic player’s residual demand, we first estimate the competitive fringe supply. We evaluate the oligopolistic market outcome according to optimization techniques. Applying a variation of the traditional coefficient of determination we find that the North market has recorded a change in the oligopolistic structure from the Stackelberg model (2005) to the Cournot model (2006). However, as stated by microeconomic theory this change implies a loss of efficiency. Concerning the South market results show that during weekdays, in both years, the market follows a Stackelberg model. Instead, during weekends the market has recorded a change from the Dominant firm model to the Stackelberg model.
31
Wu, Yuliang. "Market discipline in emerging financial markets : evidence from the chinese banking system." Thesis, University of Manchester, 2007. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.622089.
Full textAbstract:
Since the Basel Committee on Banking Supervision (200lc) includes market discipline as the third "pillar" of the New Basel Accord, the topic of market discipline acting as a market mechanism to control bank risk management has been the centre of academic and policy debate. Although research in developed financial markets finds empirical evidence supporting the existence of market discipline (Park and Peristiani, 1998; Sironi, 2003; Maechler and McDill, 2006), to date there exists little research undertaken in the context of emerging markets. This thesis takes the Chinese banking sector as an institutional setting for empirical analysis. We use the BankScope Database to acquire accounting information from a comprehensive sample of 7S Chinese financial institutions over the period from 1994-2003. This data set makes it possible to systemically examine depositor behaviour associated to bank risk-taking activities and the effectiveness of market discipline across banks with different ownership structures. First, we investigate whether required returns on deposits are sensitive to bank risk profiles (the price approach). We find that (i) depositor required returns from stateowned banks are less influenced by their risk profiles; (ii) depositors exert a significant disciplining effect on non state-owned banks; and (iii) the disciplining effect is relatively weak in the whole banking sector, evidenced by the fact that only the Equity variable among three risk variables exhibits a negative and significant sign with respect to the interest rate. Second, we incorporate the quantity approach by which depositors withdraw their deposits from risky banks. We find that (i) banks with a higher level of capital can attract more time deposits; (ii) the time deposit growth rate in state-owned banks appears to be neither driven by bank fundamentals nor the risk variables, implying that market discipline is fairly weak for this particular bank group; and (iii) the three risk variables and bank fundamentals exert a significant impact on time deposit growth in non state-owned banks, suggesting that they are subject to market discipline to more extent. Third, we employ the generalized-method-of-moments (GMM) estimators developed by Arellano and Bond (1991) to examine the dynamic relationship between the price and quantity effect in the context of market discipline. We find that Chinese banks cannot simply increase their deposit base by raising their interest rates. This result is generally consistent with the market discipline hypothesis. Finally, we address the issue of the effectiveness of market discipline in the Chinese banking sector. We find that (i) a higher share of interbank deposits (uninsured funding) in a bank's portfolio leads the bank to operate with a larger capital buffer; (ii) banks disclosing more information also choose to limit their probability of default by holding a larger capital buffer; and (iii) a higher degree of government support may engender moral hazard, reducing the sensitivity of changes in the bank capital buffer to levels of risk, ceteris paribus. These results support the proposition that enhancing market discipline through improved information disclosure, and by exposing banks to more uninsured liabilities appears to be beneficial for risk management, in that both mechanisms seem to generate incentives for banks to augment their capital.
32
Amidu, Mohammed. "Banking market structure and bank intermediation strategies in emerging markets : three essays." Thesis, University of Southampton, 2011. https://eprints.soton.ac.uk/188777/.
Full textAbstract:
This thesis focuses on bank market structure and the effect of changes to this structure on intermediation strategies using a dataset that covers many regions of the world. Employing different estimation techniques and methodologies, and using a novel approach to each line of research, this thesis provides the following robust results: first, increase banking competition weakens the effectiveness of monetary policy. This is because an increase in the degree of market power increases the response of bank lending to the monetary policy stance. Second, competition increases stability as banks diversify across and within their business activities. Third, the high net-interest margin and relatively low insolvency risk among banks in developing countries could be attributed to a high degree of market power and the use of internal capital financing. The thesis makes the following contributions to the literature: first, in order to gain new insights and provide new dimensions to the existing literature, each of the three core chapters employs an estimation strategy that is new in the literature and which offers more scope for investigation. For instance, the positive influence of revenue diversification on the competition-stability nexus is new in the literature. Second, this thesis is first in considering how various measures of market power and a variety of bank funding strategies impact on banks performance. Furthermore, considering the banking structure-risk-lending channel hypothesis in assessing banks’ response to monetary shocks is also new in the monetary policy transmission literature. In conclusion, this thesis gives rise to important public policy recommendations. First, the strong link between market imperfections and the effectiveness of monetary policy indicators requires regulation that can resolve and offset the adverse effects of further increases in the degree of bank market power on the effectiveness of monetary transmission. Second, given the results of the role of diversification on the competition-stability relationship, there is no evidence to support regulatory initiative that restricts banks diversification activities. The third and final recommendation is on the concept of market power: bank market power in itself is not detrimental to banking activities, but the level and the application of it could negatively affect bankinsolvency risk. Therefore, supervisory, regulatory and competition authorities should coordinate to put in place a comprehensive framework that allows banks to have a considerable amount of market power that is robust and consistent with any competition policy
33
Abuzayed, Bana. "Market discipline, large bank dominance and bank valuation in an emerging market." Thesis, Bangor University, 2007. https://research.bangor.ac.uk/portal/en/theses/market-discipline-large-bank-dominance-and-bank-valuation-in-an-emerging-market(aead50cc-c0f4-4289-89a1-c354d6fd5e51).html.
Full text
34
Rost, Christian, and Erik Ydrén. "Profit for the poor : Sustainable Market Development in BOP Markets." Thesis, Jönköping University, JIBS, Business Administration, 2006. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-361.
Full textAbstract:
There are 4 billion poor living on 2 dollars or less per day that make up the bottom of the economic pyramid (BOP). If a company calculates their aggregated purchasing power they could be a huge and profitable market.
By studying the roles of the different actors and their preconditions in BOP markets the purpose with this thesis is to find out how the private sector can pursue a sustainable market development strategy at the bottom of the economic pyramid and if it really will help to reduce poverty.
By using a qualitative study, this thesis interviews each actor in the Mexican market except the government. Also a resume from a case study presents Unilever’s operations in Indonesia.
The theory suggests that the actors in the markets should create partnerships that lead to a social transformation and improvement in the lives of the poor. Therefore this thesis concentrates on sustainable development the entrepreneurs, government, customers and the private enterprises role in a BOP-strategy.
From the field study it is clear that it exists a huge informal system in Mexico which makes it hard for an efficient market to work. Our interviews with the NGOs shows that they have access to huge networks, work with marketbased solutions but are dependant on financial contributions from government and private sector. Both private enterprises show that they are working with both process and product innovations for the BOP-market. For example they both sell small sachets of shampoo that are affordable for the poor and they are also cooperating with local distributors to access all the small supermarkets across the country they are present in.
Essential for pursuing a BOP-strategy is that a company innovates for satisfying a need at a lower cost. They should also work with partners to get the local knowledge that they do not have themselves. The study can not come to a conclusion if the strategy under study will reduce poverty although there is a clear link between sustainability and poverty reduction. The point with sustainability in the consumer markets is that the products and services offered increases the disposable income, the choices, and the self identity of the per-son living in poverty. Only then can a BOP-strategy develop together with its market, resulting in a sustainable market development strategy, which, when pursued responsibly can lead to a triple-win situation for the poor, private enterprises and the environment.
35
Fourati, Khaled. "Emerging Market Multinationals’ Home Non-Market Advantages and their Subsidiaries’ Strategic Responses to Institutions in a Host Emerging Country Environment." Thesis, University of Pretoria, 2018. http://hdl.handle.net/2263/67294.
Full textAbstract:
This study examines the link between emerging market multinationals’ home non-market advantages and their affiliates’ strategic responses to institutions in a host emerging country. Drawing on the agency perspective in organisational institutionalism, strategic management and theories on emerging market multinationals in international business, my analysis sought to capture the actions of the studied firms in relation to institutions rather than assess the pressuring effects of structures. Based on a comparative case study of infant emerging market multinational enterprises (EMNEs), I expose the types of institutional constraints the subsidiaries faced as they sought to access resources in the product and service, labour, and capital markets, highlight the strategic responses deployed, the organisational factors explaining their actions, the mechanisms used as well as outcomes.
The findings indicate that EMNEs’ subsidiaries differ in their capacity to deal with weak institutional arrangements in a host emerging market context. Their response will vary from reactive, seeking adaptation and institutional fit, to proactive, seeking influence and institutional change. I argue that this variation can be explained by the nature of their parent companies’ non-market advantages rooted in proactive or reactive institutional capabilities developed as result of their experience in dealing with the institutional arrangements of their home market industry. The nature of these non-market advantages will influence the capabilities endowment of the affiliates. Building on a multidimensional view of embeddedness, I suggest that proactive strategies leverage deeper and wider social embeddedness mechanisms, while reactive strategies rely much more on corporate embeddedness mechanisms. I also propose that proactive responses secure an advantage in the host emerging market context while reactive responses enable the survival of the affiliate.
This study provides insights into the scholarly debate on EMNEs’ advantages by explaining the interplay between the institutional capabilities developed at home and the strategic responses to host emerging market institutions. The findings refine earlier arguments suggesting that EMNEs have an advantage in other emerging markets. In addition, this research contributes to the agency perspective in the study of the multinational enterprise by linking the enabling resources and capabilities, the types of embeddedness mechanisms and the nature of responses to institutions.Thesis (PhD)--University of Pretoria, 2018.
Gordon Institute of Business Science (GIBS)
PhD
Unrestricted
36
Bandick, Sako, and Fabakary Sanneh. "Foreign market entry strategies : Evidence from a developed and an emerging market." Thesis, Södertörns högskola, Företagsekonomi, 2018. http://urn.kb.se/resolve?urn=urn:nbn:se:sh:diva-35437.
Full textAbstract:
Background - The positive impacts of globalization have been widely discussed, whereas many researchers argue that national borders are of less importance. However, as national borders are argued to be of less importance, some researchers miss to point out that the institutional differences remain and they are challenging to change. Purpose - The purpose of this study is to examine and compare the entry strategies of three Swedish firms entering both a developed and an emerging market with a focus on the different institutional contexts. Method - This study has applied a qualitative method with an abductive approach and an instrumental case study strategy, whereas 3 semistructured interviews with 3 different firms having experience from both a developed and an emerging country were conducted. Conclusion - When firms enter a developed country with few institutional differences, they commit more resources and do not feel the urge to use a local partner. Entering an emerging country, the firms choose a more cost-efficient entry with less resource commitment and prefer to use a local partner with local knowledge.Bakgrund - Globaliseringen och dess effekter har diskuterats flitigt under de senaste decennierna och en centralpunkt i debatten är att nationella gränser minskat i betydelse. Trots att många hävdar att vi rör oss mot en alltmer gränslös värld förbises institutionella skillnader som generar stora utmaningar. Syfte - Syftet med denna studie är att undersöka och jämföra tre svenska företags etableringsstrategier i både ett utvecklat och ett utvecklingsland med fokus på de olika institutionella förhållandena. Metod - Denna studie har använt sig av en kvalitativ metod med en abduktiv ansats och en instrumental case studiestrategi. Studien har använt sig av 3 semi-strukturerade intervjuer med 3 olika bolag, där bolagen haft erfarenhet av etablering i ett utvecklat och ett utvecklingsland. Slutsatser - I ett utvecklat land där de institutionella skillnaderna är små, väljer bolagen att lägga ner mer resurser på sin etablering och känner ett mindre behov av att ha en lokal partner. I ett utvecklingsland med större institutionella skillnader väljer bolag en mindre resurskrävande och mer kostnadseffektiv etablering, där behovet av att ha en lokal partner med lokal kännedom är stort.
37
Neuenburg, Jesko-Philipp. "Market-driving behavior in emerging firms a study on market-driving behavior, its moderators and performance implications in German emerging technology ventures." Wiesbaden Gabler, 2009. http://d-nb.info/996954945/04.
Full text
38
Oller, Westerberg Amelia. "Revising installed photovoltaic capacities on emerging markets by analysing customs data." Thesis, Uppsala universitet, Byggteknik och byggd miljö, 2020. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-438780.
Full textAbstract:
The global solar PV market is growing fast, and so is the production and trade with photovoltaic products and peripherals. Until now, the largest development has taken place in highly developed and electrified countries with good administrative control over their electricity system. Recently, however, new markets in developing countries have become increasingly relevant in terms of market share, system sizes and installed capacities. Statistics from these types of countries are often weak or non-existent, leading to problems for global organizations such as the International Energy Agency (IEA) or the International Renewable Energy Agency (IRENA), whose task is to follow, analyze and document named development. In this report, a method is presented in which customs data monitored by the ‘Market Analysis and Research’ section of the International Trade Centre, an agency of UN’s World Trade Organization, is analyzed and converted into annual installed PV capacity volumes. By complementing the basic data from the customs database with price statistics from IEA PVPS task 1 along with national module production data from IEA PVPS task 1 and the RTS cooperation a data conversion is executed. The method has been improved incrementally, where different assumptions have been modified or added, so that the data conversion of exported and imported PV products, expressed in dollar per yearly quarter, match the official statistics of annual installed capacity for a number of reference countries with comprehensive PV capacity statistics. The sensitivity analysis shows that the method is sensitive to the accuracy of the annual domestic national PV module production data and to price changes of Chinese PV modules. For countries with accurate PV module production data, or countries with no module production, the method seems to be able to estimate the annual installed capacity in 2018 with an average difference of 21% and a maximum difference of ±38% and a total average difference of 12%, 17% and 11% for 2016, 2017 and 2018 respectively. By implementing this method, an estimate on yearly installed capacities can be generated in all countries connected to the UN customs database and where the domestic module production is known. This gives the opportunity to at least get an assessment of how much PV that has been installed in developing countries that lack official statistics about their domestic PV market. The regions with the lowest existing data coverage in the world have been determined to be Africa and the Middle East. When applying the method on countries in Africa and the Middle East, larger capacities than the reference data were obtained.
39
Schneider, Malte. "Corporate responses to the emerging global carbon market /." [S.l.] : [s.n.], 2009. http://opac.nebis.ch/cgi-bin/showAbstract.pl?sys=000300890.
Full text
40
Bokil, Madhavi S. "Understanding fear of floating in emerging market countries /." Diss., Digital Dissertations Database. Restricted to UC campuses, 2005. http://uclibs.org/PID/11984.
Full text
41
Cominetta, Matteo. "Essays on financial contagion in emerging market economies." Thesis, University of Sussex, 2011. http://sro.sussex.ac.uk/id/eprint/6971/.
Full textAbstract:
Since the collapse of the Bretton Woods system the integration of national financial markets grew steadily, to reach unprecedented levels. At the same time, episodes of extreme financial instability became more frequent. The latter were often extremely contagious, in the sense that country-specific episodes had hugely disruptive effects on financial markets across the globe. The literature on Financial Contagion investigates the channels through which that instability is propagated. This thesis deals with the two most recurring questions in the literature: 1) What are the channels of macroeconomic instability propagation? A theoretical model of instability propagation in presence of currency mismatches is presented. The model shows that when domestic agents' liabilities are denominated in foreign currency, exchange rate volatility raises credit costs, with negative real effects. Currency mismatches therefore create a channel through which external disturbances causing exchange rate volatility affect negatively the domestic supply. Several reasons why currency mismatches might magnify the effect of foreign disturbances have been identified by the theoretical literature on the issue. The empirical relevance of the magnification hypothesis is tested by investigating whether the degree of domestic output's sensitivity to foreign output fluctuations is higher in countries where currency mismatches are widespread than in countries able to borrow abroad in domestic currency. The analysis gives strong support to the hypothesis: currency mismatches magnify the real effects of foreign disturbances. The analysis also highlights the presence of asymmetry of propagation: negative shocks have proportionally stronger real effects than positive ones in currency-mismatches-prone countries. 2) Is the financial shocks propagation mechanism altered by major events such as banking or currency crises? The intensity of propagation of the crises in the ‘90s led researchers to ask whether the linkages between countries grew stronger during these turbulent times or were instead as strong before. Various tests of the instability of the propagation mechanism have been proposed since. These can be divided in two families: correlation-based and extreme-event-based tests. I propose a new approach, based on the Quantile Regression technique. It is argued that this approach retains the appealing features of the two families of test while avoiding some of their limitations. The new approach is then applied to stock market returns, finding strong evidence of instability of the propagation mechanism.
42
Gautam, Sanjay Kumar S. M. Massachusetts Institute of Technology. "Healthcare market outlook and emerging technologies in India." Thesis, Massachusetts Institute of Technology, 2014. http://hdl.handle.net/1721.1/100375.
Full textAbstract:
Thesis: S.M. in Engineering and Management, Massachusetts Institute of Technology, Engineering Systems Division, System Design and Management Program, February 2015.Cataloged from PDF version of thesis.
Includes bibliographical references (page 77).
Usage in information technology (IT) have improved efficiency and quality in many industries. Healthcare has not been one of them. Although some administrative IT systems, such as those for billing, scheduling, and inventory management, are already in place in the healthcare industry, little adoption of clinical IT, such as Electronic Medical Record Systems (EMR-S) and Clinical Decision Support tools, has occurred. India's healthcare information technology market is slow with technology adoption but there is little traction shown in last couple of years. This growth is expected to hit US $1.45 billion in 2018, more than three times the US $381.3 million reached in 2012. The increase in adoption of electronic health records, mHealth, telemedicine, and Web-based services has made electronic patient data expand, necessitating the implementation of robust IT systems in Indian healthcare institutions. Information technology (IT) has the potential to improve the quality, safety, and efficiency of health care. Diffusion of IT in health care is generally low (varying, however, with the application and setting) but surveys indicate that providers plan to increase their investments. Drivers of investment in IT include the promise of quality and efficiency gains. Barriers include the cost and complexity of IT implementation, which often necessitates significant work process and cultural changes. Given IT's potential, both the private and public sectors have engaged in numerous efforts to promote its use within and across health care settings. Delivering quality health care requires providers and patients to integrate complex information from many different sources. Thus, increasing the ability of physicians, nurses, clinical technicians, and others to readily access and use the right information about their patients should improve care. The purpose of this thesis is to assess the current state of healthcare in India and specifically look into the emerging technology trends in healthcare IT. During analysis secondary data has been used. Various articles and research papers published in national and international journals are used. India is hub of IT and its use is increasing in health sector.
by Sanjay Kumar Gautam.
S.M. in Engineering and Management
43
Cowan, Kevin. "Inquiries into the behavior of emerging market firms." Thesis, Massachusetts Institute of Technology, 2002. http://hdl.handle.net/1721.1/17552.
Full textAbstract:
Thesis (Ph. D.)--Massachusetts Institute of Technology, Dept. of Economics, 2002.Includes bibliographical references.
This dissertation addresses two aspects of firm behavior in emerging markets. Chapters 1 and 3 consider the decision of firms to borrow in domestic or foreign currency and the implications of this decision on fixed capital and inventory investment. Chapter 2 explores the effects of institutions, via transaction costs, on the variety of intermediate goods used by firms in different economies, and the effects of this choice on productivity levels. Much has been written recently about the problems for emerging markets that might result from a mismatch between foreign currency denominated liabilities and assets (or income flows) denominated in local currency. In particular, several models, developed in the aftermath of financial crises of the late 1990's, suggest that the expansion in the "peso" value of "dollar" liabilities resulting from a devaluation either aggravated or triggered many of the recent financial crises. However, little evidence has been presented either on the effects of foreign currency debt on investment or the variables that affect firm level debt choice in the first place. Two of the papers in this dissertation (Chapters 1 and 3) attempt to fill this gap using a new database with accounting information (including the currency composition of liabilities) for close to 400 non-financial firms in five Latin American countries. In Chapter 1 (coauthored with Hoyt Bleakley) we estimate, at the firm level, the reduced-form effect on investment of holding foreign currency denominated debt during an exchange rate realignment. We consistently find that this effect is positive, contrary to the predicted sign of the net-worth effect.
(cont.) Additionally, we show that the estimated coefficient can be decomposed into competitiveness and net-worth effects, and provide direct evidence that the competitiveness effect dominates the net-worth effect. We argue that the positive response of investment is the result of firms debt choice decisions. If those firms holding dollar debt are also those firms whose current and future incomes benefit most from a devaluation then it is not surprising that the contractionary balance sheet effects of devaluations are more than offset by expansionary competitiveness effects. In Chapter 3 I explore the issue of debt choice in more detail with the help of a simple model of debt composition. In the model, firms hedge against exchange rate shocks by altering the currency mix of their liabilities. Within a sample of non-financial Latin American firms I find that firms holding dollar debt are those whose income we expect a priori to be more highly correlated with the exchange rate. I also find evidence that firms holding dollar debt are less credit constrained. Finally, I explore variations across countries and over time in the determinants and levels of dollarization. Within the sample of Latin American corporations I find that exchange rate stability has a significant positive effect on the level of dollarization. All three empirical findings are consistent with a model of debt composition in which credit constraints lead to risk averse behavior by firms Although there is growing evidence of the role of institutions in explaining cross country differences in income per capita, there is still little evidence as to the precise mechanisms by which institutions affect economic outcomes ...
by Kevin Cowan.
Ph.D.
44
Göldi, Andreas (Andreas Jakob). "The emerging market for Web-based enterprise software." Thesis, Massachusetts Institute of Technology, 2007. http://hdl.handle.net/1721.1/39506.
Full textAbstract:
Thesis (S.M.M.O.T.)--Massachusetts Institute of Technology, Sloan School of Management, Management of Technology Program, 2007.Includes bibliographical references (leaves 99-105).
Web-based enterprise software - sometimes referred to as "Software as a Service" (SaaS) or "on demand software" - is a major wave of innovation that introduces a new technical and economic model to enterprise software. The defining characteristics of web-based enterprise software are: a fully web-based user interface, hosted application deployment, a SaaS-based business model, and the use of a service-oriented architecture for integration. This study analyzes a sample of 108 companies currently offering SaaS-based products. In total, 35 different application types and 20 different combinations of revenue models were counted. Apparently, the market is still in an experimental phase, and truly dominant designs haven't emerged yet. Gross margins for SaaS-oriented companies are lower than for traditional software product companies, but still attractive at around 85%. The entrepreneurial activity in the sector is significant. More than 50% of the companies in the sample were founded in or after 2002, and almost 30% in the last two years. Venture capital continues to be an important source of capital with 36% of the companies having received VC investment, but an equally large percentage of companies are boot-strapped, i.e. have no formal source of outside capital.
(cont.) The data about customer adoption of web-based enterprise software is not very clear. Most studies suggest that SaaS accounted for about 5% of the CRM market in 2006, with other application types below that level. In total, SaaS probably doesn't even account for 1% of the global software market. However, customer willingness to adopt SaaS is apparently rising very quickly, and specialized SaaS companies are experiencing rapid growth. From the data available, it can't be decided unambiguously if web-based enterprise software is a truly disruptive model or merely an incremental innovation. Most characteristics point to a new-market disruption, i.e. an innovation that will bring new functionality to current non-users of advanced enterprise software.
by Andreas Göldi.
S.M.M.O.T.
45
Fisch, Gene (Gene Joseph), and Tien Song Paul Neo. "Green automotive supply chain for an emerging market." Thesis, Massachusetts Institute of Technology, 2008. http://hdl.handle.net/1721.1/45226.
Full textAbstract:
Thesis (M. Eng. in Logistics)--Massachusetts Institute of Technology, Engineering Systems Division, 2008.Includes bibliographical references (leaves 94-97).
Green Supply Chain Management (GSCM) within the automotive industry is largely based on combining lean manufacturing with mandated supplier adoption of ISO 14001-compliant Environmental Management Systems (EMS). This approach evolved from automotive manufacturers seeking to expediently expand green practices within existing lean supply chains. However, a new automotive enterprise, without the legacy issues of an existing supply chain, has the opportunity to customize its supply chain from scratch, to comprehensively achieve both financial and green objectives. This thesis investigated a more holistic approach to creating a financially-viable green automotive supply chain for the MIT Vehicle Design Summit (VDS) - a start-up enterprise planning to enter the Indian emerging market with a new type of eco-friendly automobile. First, a hypothetical VDS supply chain was postulated by analyzing the contextual challenges of the Indian emerging economy, so as to optimize the location, supplier selection and manufacturing models within its business context. To ensure that the capital investments needed to fulfill the supply chain's green objectives do not compromise its primary purpose of value creation, a Triple Bottom Line technique called Environmental Cost Accounting was used as a managerial decision tool, which demonstrated the financial viability of GSCM for VDS. Next, green solutions for each supply chain function were identified for integration into the hypothetical supply chain. It was found that many important green solutions for an automotive supply chain like supplier selection, concurrent engineering, cascading of lean production best practices to the extended supply chain, fuel-efficient transport practices and green infrastructure design, have already been developed by various governmental and non-governmental agencies.
(cont.) Also, product recovery through End-of-Life Vehicle (ELV) processing was identified as a vital green supply chain function required for closing the loop between sales and sourcing. The key issue was integrating these disparate solutions into a holistic environmental management framework for VDS to implement and sustain. This was accomplished using an IS014001-based EMS as the master plan. The developed EMS Manual is a pioneering document that leverages chain-wide participation in existing green initiatives like the Green Suppliers Network, SmartWay Transport Partnership and LEED Green Building Rating, to realize a green supply chain by ensuring continuous monitoring and improvement of the implemented initiatives.
by Gene Fisch, Jr. [and] Tien Song Paul Neo.
M.Eng.in Logistics
46
Chen, Chun-Ling Jocelyn 1972. "Placement of engineering centers in emerging market countries." Thesis, Massachusetts Institute of Technology, 2002. http://hdl.handle.net/1721.1/17542.
Full textAbstract:
Thesis (S.M.)--Massachusetts Institute of Technology, Dept. of Mechanical Engineering; and, (S.M.)--Massachusetts Institute of Technology, Sloan School of Management, 2002.Includes bibliographical references (leaves 163-165).
GM sponsored this research to assist in its decision to establish an engineering center in India. The objective of this research is to understand the benefits and challenges faced by global companies in China and India. The study focused on a few global companies (Delphi, General Electric, and Motorola) that had engineering centers in both China and India. Two sets of data, direct data and indirect data, were collected. Direct data include responses to surveys sent to managers of these companies as well as personal interviews with executives of these companies. Indirect data include economic data and company profiles from the Internet, journals, company reports, and news releases. The data collected indicate that establishing engineering center in emerging market is beneficial to a global company. Companies that establish engineering centers in China usually benefit from their capabilities in manufacturing and customer service. Companies that establish engineering centers in India usually benefit from their knowledge-based services and the availability of English speaking engineers. Major challenges in these countries include cultural differences between the local employees and the headquarters, lack of technical management resources, and government regulations. Overall, the benefits outweigh the challenges. This research concludes that GM should establish a carefully focused technical center in India that focuses on research relevant to emerging markets or on software development that would have potential benefits to GM.
by Chun-Ling Jocelyn Chen.
S.M.
47
Moser, Christoph. "Issues in international trade and emerging market risk." Berlin Logos-Verl, 2008. http://d-nb.info/99215541X/04.
Full text
48
Silva, Marcelo Eduardo Alves da Salemi Michael K. "Accounting for business cycles in emerging market Economies." Chapel Hill, N.C. : University of North Carolina at Chapel Hill, 2009. http://dc.lib.unc.edu/u?/etd,2807.
Full textAbstract:
Thesis (Ph. D.)--University of North Carolina at Chapel Hill, 2009.Title from electronic title page (viewed Mar. 10, 2010). "... in partial fulfillment of the requirements for the degree of Doctor of Philosophy in the Department of Economics." Discipline: Economics; Department/School: Economics.
49
Magni, Jacopo. "Structuring a startup's operations in an emerging market." reponame:Repositório Institucional do FGV, 2016. http://hdl.handle.net/10438/16308.
Full textAbstract:
Submitted by Jacopo Magni (jacopo.magni@gmail.com) on 2016-04-08T14:18:02Z
No. of bitstreams: 1
ICP_JacopoMagni_FGV.pdf: 907614 bytes, checksum: 89fcac71eb9c48aceb2785484382cf70 (MD5)Approved for entry into archive by Ana Luiza Holme (ana.holme@fgv.br) on 2016-04-08T14:19:53Z (GMT) No. of bitstreams: 1 ICP_JacopoMagni_FGV.pdf: 907614 bytes, checksum: 89fcac71eb9c48aceb2785484382cf70 (MD5)
Made available in DSpace on 2016-04-08T14:24:01Z (GMT). No. of bitstreams: 1 ICP_JacopoMagni_FGV.pdf: 907614 bytes, checksum: 89fcac71eb9c48aceb2785484382cf70 (MD5) Previous issue date: 2016-02-08
The present work analyzes the establishment of a startup’s operations and the structuring all of the processes required to start up the business, launch the platform and keep it working. The thesis’ main focus can therefore be described as designing and structuring a startup’s operations in an emerging market before and during its global launch. Such business project aims to provide a successful case regarding the creation of a business and its launch into an emerging market, by illustrating a practical example on how to structure the business’ operations within a limited time frame. Moreover, this work will also perform a complete economic analysis of Brazil, thorough analyses of the industries the company is related to, as well as a competitive analysis of the market the venture operates in. Furthermore, an assessment of the venture’s business model and of its first six-month performance will also be included. The thesis’ ultimate goal lies in evaluating the company’s potential of success in the next few years, by highlighting its strengths and criticalities. On top of providing the company’s management with brilliant findings and forecasts about its own business, the present work will represent a reference and a practical roadmap for any entrepreneur willing to establish his operations in Brazil.
Este trabalho analisa o estabelecimento da operação de uma startup e a estruturação de todos os processos necessários para o início do negócio, seu lançamento e manutenção do trabalho e atividades. O foco principal da tese pode, portanto, ser descrito como o design e estruturação da operação de uma startup em um mercado emergente antes e durante seu lançamento global. Um projeto de negócio como este tem por objetivo prover um caso de sucesso de criação de uma empresa e seu consequente lançamento em um mercado emergente, através da descrição de um exemplo prático de como estruturar as operações dentro de um período de tempo limitado. Ademais, este trabalho também apresentará uma análise econômica completa do Brasil, por meio da análise das indústrias em que a companhia em questão está inserida assim como também por meio de um análise competitiva do mercado em que opera. Uma avaliação do modelo de negócio e de sua performance financeira para os primeiros seis meses de operações serão também conduzidos e apresentados. O objetivo principal é verificar o potencial que a empresa possui de alcançar o sucesso nos próximos anos, pontuando seus pontos fortes e fracos. Além de poder com este trabalho fornecer aos gestores da empresa descobertas fantásticas e previsões de crescimento, esta tese representa uma referência e um mapa prático para qualquer empreendedor que deseja estabelecer operações no Brasil
50
Palmer, Jiibril. "A critical assessment of brazil’s emerging pharmaceutical market." reponame:Repositório Institucional do FGV, 2016. http://hdl.handle.net/10438/17977.
Full textAbstract:
Submitted by Daniele Santos (danielesantos.htl@gmail.com) on 2017-02-21T20:46:04Z
No. of bitstreams: 1
Jiibril Palmer.pdf: 1704984 bytes, checksum: 3495124f033dc3e9447167d29d6a2759 (MD5)Approved for entry into archive by Janete de Oliveira Feitosa (janete.feitosa@fgv.br) on 2017-02-23T17:03:13Z (GMT) No. of bitstreams: 1 Jiibril Palmer.pdf: 1704984 bytes, checksum: 3495124f033dc3e9447167d29d6a2759 (MD5)
Made available in DSpace on 2017-02-24T18:37:55Z (GMT). No. of bitstreams: 1 Jiibril Palmer.pdf: 1704984 bytes, checksum: 3495124f033dc3e9447167d29d6a2759 (MD5) Previous issue date: 2016-11-08
Brazil has emerged as a leader in new sites selected for clinical trials, by offering a multitude of benefits to sponsors. Even though there are significant delays with regulatory timelines, it provides highly qualified investigators, low costs, a strong infrastructure, well-established ethical support, and high patient recruitment and adherence rates. However, in order to become a primary location for clinical trials, Brazil will have to streamline and improve regulatory processes and the current political and financial conditions. The study was conducted with consensus judgement and analysis of 15 experienced industry reviewers have provided informative descriptive data. The findings suggest areas in new clinical trial in which strategies for workflow and process development could improve efficiency of clinical development.