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Gizatulina, Alia, and Ziv Hellman. "No trade and yes trade theorems for heterogeneous priors." Journal of Economic Theory 182 (July 2019): 161–84. http://dx.doi.org/10.1016/j.jet.2019.04.006.
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Giglio, Ferdinando. "The Capital Structure through the Modigliani and Miller Model." International Business Research 15, no. 11 (October 11, 2022): 11. http://dx.doi.org/10.5539/ibr.v15n11p11.
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The Modigliani-Miller theorem is not only his most important contribution to the theory of finance, but it is one of the most important results in the last half century of evolution of the financial economy, which among other things has certainly not been poor in contributions. important.
The Modigliani-Miller theorem concerns the financing choices of firms, and in particular the choice between debt and shares. It identifies the conditions under which the choice of issuing debt or shares to finance a given level of investments does not affect the value of companies, and therefore in which there is no optimal level of debt compared to the companies' own means. Therefore, it belongs to a class of surprising theorems of "neutrality" or "indifference" that exist in economics: these are theorems that show the irrelevance of a choice that at first sight would seem very important, such as that on the degree of debt of firms. Other theorems were developed after this: Trade-off, Pricing order and Market Timing.
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FRAHM, GABRIEL, ALEXANDER JONEN, and RAINER SCHÜSSLER. "THE FUNDAMENTAL THEOREMS OF ASSET PRICING AND THE CLOSED-END FUND PUZZLE." International Journal of Theoretical and Applied Finance 22, no. 05 (August 2019): 1950025. http://dx.doi.org/10.1142/s0219024919500250.
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We propose a solution to the closed-end fund puzzle in financial markets without a free lunch with vanishing risk. Our results are consistent with both the time-series and the cross-sectional aspect of the closed-end fund puzzle. It turns out that a closed-end fund cannot exist if the fund manager is supposed to receive a fee although he is not able to find mispriced assets in the market. By contrast, a premium can typically be observed at the initial public offering because the fund manager has access to information that enables him to create a dominant strategy. As soon as this weak arbitrage opportunity evaporates, a premium can no longer occur. The reason why a premium quickly turns into a discount might be that the fund manager stops applying a superior trading strategy at some point in time. Another possibility is that abnormal profits are transient in a competitive financial market. In any case, when the fund manager is no longer willing or able to maintain a superior strategy, the fund must trade at a discount in order to compensate for his management fee.
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Sent, E. M. "The Tricks of the (No-)Trade (Theorem)." History of Political Economy 38, Suppl 1 (January 1, 2006): 305–21. http://dx.doi.org/10.1215/00182702-2005-027.
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Ferrante, Vittorioemanuele. "DOXASTIC INFORMATION PARTITIONS, AND AN ANTI-NO-TRADE THEOREM (*)." Metroeconomica 42, no. 1 (February 1991): 47–61. http://dx.doi.org/10.1111/j.1467-999x.1991.tb00358.x.
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Bokati, Laxman, and Vladik Kreinovich. "Is "no trade theorem" really a paradox: analysis based on decision theory." Applied Mathematical Sciences 13, no. 8 (2019): 397–404. http://dx.doi.org/10.12988/ams.2019.9345.
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Lima, João Vicente Ribeiro Barbosa da Costa, and Antonio Daniel Alves Carvalho. "A Construção Social do Mercado Fair Trade no Brasil e no Mundo." Latitude 14, no. 1 (October 22, 2020): 136–61. http://dx.doi.org/10.28998/lte.2020.n.1.10667.
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O artigo analisa a construção do mercado justo no Brasil e no mundo, suas dinâmicas e os mecanismos institucionais desenvolvidos. O artigo se beneficia dos resultados de pesquisa exploratória e descritiva dos conteúdos de documentos dos principais agentes pesquisados e representativos do modelo nacional e internacional. A análise se serve das ideias fundamentais da Nova Sociologia Econômica, de Granovetter, para demonstrar as ilações culturais e políticas que engendram o fenômeno do comércio justo como crítica radical às teorias neoclássicas sobre a autonomia da esfera econômica e da racionalidade individualista e utilitária dos atores interessados.AbstractThe article analyzes the construction of the fair market in Brazil and in the world, its dynamics, and the institutional mechanisms developed. The article benefits from the results of exploratory and descriptive research on the content of documents of the main agents surveyed and representative of the national and international model. The analysis uses the fundamental ideas of Granovetter's New Economic Sociology, to demonstrate the cultural and political lessons that engender the phenomenon of fair trade as a radical criticism of neoclassical theories about the economic sphere’s autonomy and of the individualistic and utilitarian rationality of the interested actors.
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Kone, Salif. "USA–China Trade War in Light of the Limits of the Comparative Advantage Principle." Management and Economics Research Journal 5 (2019): 1. http://dx.doi.org/10.18639/merj.2019.961704.
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The trade war, which antagonizes today the United States and China, questions the free trade principle in international trade. To show the dangerousness of this trade war for the world economy, this paper explores the theoretical limits of the comparative advantage principle by analyzing the limitations of the applicability of the comparative costs and endowments criteria. We conclude that the international trade theories not based on the comparative advantage principle are the exception to the rule and therefore, cannot be used to justify the American positions, except to introduce a certain degree of political considerations. Specifically, we show that the international trade theories, other than the Ricardian theory and the HOS factorial theory, are exceptions to the applicability of the comparative costs and endowments criteria. In light of this argument, one should seek explanations of the war-like trade logic of the Trump Administration in the international political economy. In this perspective, international trade is no longer necessarily a positive-sum game.
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Akter, Mansura, Mahfuzur Rahman, and Dragana Radicic. "Women Entrepreneurship in International Trade: Bridging the Gap by Bringing Feminist Theories into Entrepreneurship and Internationalization Theories." Sustainability 11, no. 22 (November 7, 2019): 6230. http://dx.doi.org/10.3390/su11226230.
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Participation of women-owned small and medium-sized enterprises (SMEs) in international trade is gaining more importance in the transformation of institutional changes. Although women entrepreneurs contribute to the social and economic development, the role of social, cultural, and legal institutions in fostering women entrepreneurship is still debatable. This argument remains controversial as there is no single theory that has explained the phenomenon of women-owned firms in international trade. Because of the missing link between gender sensitivity and the existing theories of entrepreneurship and internationalization, there is a significant research gap. To fill up this research gap, this study revisited existing theories from three research domains: feminism, entrepreneurship, and internationalization. Factors derived from revisiting theories of entrepreneurship and internationalization were evaluated based on findings from the review of the feminist theories. Finally, key parameters were selected to assess the internationalization of women-owned SMEs, which require future empirical investigation.
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KAMGAING, Serge, Jean Claude SAHA, and Yves André ABESSOLO. "Road infrastructure and intra-community trade in the Central African Economic and Monetary Community." International Journal of Scientific Research and Management 10, no. 01 (January 12, 2022): 2905–13. http://dx.doi.org/10.18535/ijsrm/v10i1.em8.
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We examine the contribution of domestic and interstates road infrastructures to trade flow between member countries of the Central African Economic and Monetary Community (CEMAC). Theories of international economics as well as those of the new economic geography suggest a positive contribution of both road infrastructures to intraregional trade. A gravity model of international trade is estimated to evaluate this theoretical prediction in the CEMAC zone. Results confirm a positive contribution of interstate road infrastructure to intra-Community trade, but show no evidence of a positive contribution of domestic road infrastructure to intra- CEMAC trade.
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Guo, Chun, Wunhong Su, and Xiaobao Song. "THE SUBSTITUTION FINANCING EFFECT OF SUPPLIERS’ TRADE CREDIT ON CUSTOMERS’ TRADE CREDIT IN CHINA." Journal of Business Economics and Management 22, no. 6 (October 19, 2021): 1456–75. http://dx.doi.org/10.3846/jbem.2021.15608.
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This study investigates the substitution financing effect of suppliers’ trade credit on customers’ trade-credit using Chinese listed firms from 2009 to 2018. Results verify the substitution financing effect of suppliers’ trade credit on customers’ trade credit, indicating that firms with higher suppliers’ trade credit have lower customers’ trade credit. Moreover, suppliers’ trade-credit substitutes customers’ trade credit by alleviating financing constraints. Customer concentration weakens the substitution financing relation. Finally, the substitution financing effect of customers’ trade credit on bank credit is more pronounced than that of suppliers’ trade credit. As exogenous policy shock, the capital market liberalization has no significant impact on the substitution financing relation between heterogeneous trade credits. This study reveals that trade credit is heterogeneous rather than homogeneous. The substitution financing effect also exists in trade credit inside, which expands the existing literature’s understanding of trade credit and the substitution financing theory’s connotation.
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Kuper, Andrew. "Facts, Theories, and Hard Choices." Ethics & International Affairs 16, no. 1 (March 2002): 125–26. http://dx.doi.org/10.1111/j.1747-7093.2002.tb00380.x.
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The main thrust of my argument was that ad hoc suggestions of charity cannot replace a systematic and theoretically informed approach to poverty relief. Charitable donation sometimes helps—and sometimes harms—but is no general solution to global poverty, and can be positively dangerous when presented as such. We need to consider, and often choose, other routes to helping the poor—including ethical tourism and fair trade in luxury goods. We will not be able to invest in such feasible routes if we give away all our extra income, as Singer recommends. Sticking to donation above all, when a combination of other strategies is necessary, is highly likely to harm the poor.
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Razak Abdul Hadi, Abdul, Nur Farah Nadiah Md Lazim, and Tahir Iqbal. "Capital Structure Theories and Firm’s Value-Evidence from Bursa Malaysia Construction Sector." International Journal of Business and Management 12, no. 9 (August 15, 2017): 163. http://dx.doi.org/10.5539/ijbm.v12n9p163.
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This paper examines the relevance of Capital Structure theories to the performance of construction firms listed at Bursa Malaysia. Within the framework of Modigliani-Miller and Trade-Off theories, this paper uses Generalized Method of Moments as an estimation model employing yearly panel data over the observed period from 2010 through 2015. The test results from GMM indicate that earnings per share (EPS), dividend per share (DPS) and debt-equity ratio (D/E) have no significant relationship with firm’s value as represented by market price per share (MPPS). Even though the findings are rather shocking, one must admit there is an absence of Modigliani-Miller and Trade-Off theories in those construction firms at Bursa Malaysia. Obviously, this is an indication that the efficient market hypothesis prevails to a certain level at Bursa Malaysia.
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Bhala, Raj, and Eric Witmer. "Pragmatic Literary Theories and WTO Treaty Interpretation." Journal of World Trade 55, Issue 3 (June 1, 2021): 409–32. http://dx.doi.org/10.54648/trad2021017.
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‘No connection!’ That may be the thought of conventional, old-fashioned thinking as to ‘literary theory’, on the one hand, and ‘WTO treaty interpretation’, on the other hand. In fact, the conventional wisdom as to how the World Trade Organization (WTO) Appellate Body must interpret disputed terms in a treaty is incomplete. That orthodoxy says the Appellate Body is restricted to the tools provided by Articles 31– 32 of the 1969 Vienna Convention on the Law of Treaties. The key such tool is a lexicographic hammer, namely, finding the plain meaning of a word or phrase at issue in a case between two WTO Members, with occasional recourse to surrounding passages or to the purpose of the treaty in which the disputed term is located. But Articles 31–32 comprise a larger tool kit than obsessive focus on the definition of a disputed word or phrase. In truth, those Articles allow not only for Textualist and Contextualist techniques, but also Pragmatic ones. All such techniques are rich, nuanced tools familiar in English Literary Theory. An honest, open-minded account of the tools the Appellate Body has at its disposal to make decisions should acknowledge the possibilities this tripartite taxonomy affords, rather than castigate the Appellate Body for judicial activism if it allegedly strays from strict constructionism. interpretation, treaty, WTO Appellate Body, pragmatic, literary, Vienna Convention, trade
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Gonen, Rica, and Erel Segal-Halevi. "Strongly Budget Balanced Auctions for Multi-Sided Markets." Proceedings of the AAAI Conference on Artificial Intelligence 34, no. 02 (April 3, 2020): 1998–2005. http://dx.doi.org/10.1609/aaai.v34i02.5571.
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In two-sided markets, Myerson and Satterthwaite's impossibility theorem states that one can not maximize the gain-from-trade while also satisfying truthfulness, individual-rationality and no deficit. Attempts have been made to circumvent Myerson and Satterthwaite's result by attaining approximately-maximum gain-from-trade: the double-sided auctions of McAfee (1992) is truthful and has no deficit, and the one by Segal-Halevi et al. (2016) additionally has no surplus — it is strongly-budget-balanced. They consider two categories of agents — buyers and sellers, where each trade set is composed of a single buyer and a single seller.The practical complexity of applications such as supply chain require one to look beyond two-sided markets. Common requirements are for: buyers trading with multiple sellers of different or identical items, buyers trading with sellers through transporters and mediators, and sellers trading with multiple buyers. We attempt to address these settings.We generalize Segal-Halevi et al. (2016)'s strongly-budget-balanced double-sided auction setting to a multilateral market where each trade set is composed of any number of agent categories. Our generalization refines the notion of competition in multi-sided auctions by introducing the concepts of external competition and trade reduction. We also show an obviously-truthful implementation of our auction using multiple ascending prices.Full version, including omitted proofs and simulation experiments, is available at https://arxiv.org/abs/1911.08094.
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Chaudoin, Stephen. "Promises or Policies? An Experimental Analysis of International Agreements and Audience Reactions." International Organization 68, no. 1 (January 2014): 235–56. http://dx.doi.org/10.1017/s0020818313000386.
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AbstractA key assumption of audience costs theories of crisis bargaining and international cooperation is that audience members have strong preferences for consistency between their leader's commitments and actual policy choices. However, audiences also have strong preferences over the policy choices themselves, regardless of their consistency with past commitments. I conducted a randomized survey experiment to evaluate the magnitude of consistency and policy effects in the context of international agreements over trade policy. Respondents with expressed policy preferences, whether supporting or opposing free trade, have muted reactions to learning that their leader has broken an agreement. Only respondents with no opinion on trade policy are affected by learning that their leader's policy is inconsistent with prior commitments. This suggests that constituents' underlying preferences limit the degree to which audience costs influence policymakers' calculations.
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Ali, Gulzar, and Zhaohua Li. "An Empirical Investigation on the Role of exports, imports and its Determinants in Foreign Trade of Pakistan." Information Management and Business Review 8, no. 6(I) (January 28, 2017): 39–58. http://dx.doi.org/10.22610/imbr.v8i6(i).1517.
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Abstract: Foreign trade was restrained by fluctuations and depreciations in currencies, nations were under financial pressure to implement protection measures in form of custom duties tariffs. These theories and thoughts have enormous impact on rules and policies of global trade throughout the world. To adopt economic liberalization and free trade zones nations all over the world are connected through number of agreements since last few centuries. In this revolutionized economic system, nations allow free trading of merchandise and services and at the same time don't have to impose tariff in form of import and exports duties. This study attempted to empirically evaluate the role of imports, exports and its determinants in foreign trade of Pakistan applied ARDL Approach for the period of 1972-2015. The study recommends that economies with significant competitiveness and comparative advantage will be greatly benefited from export promoting policies. As far as trade partners are concerned, no considerable efforts have been done to explore new markets in direction of Pakistan's foreign trade since its independence. The key trading partners of Pakistan in the beginning were the developed countries of West and still they are main trading partners of Pakistan.
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Reed, Sada, and Guy Harrison. "“Insider Dope” and NBA Trade Coverage: A Case Study on Unnamed Sourcing in Sport Journalism." International Journal of Sport Communication 12, no. 3 (September 1, 2019): 419–30. http://dx.doi.org/10.1123/ijsc.2019-0012.
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Past research has examined the use of anonymous sources in news content and its impact on perceived credibility. Studies applying these theories in the context of sport media consumption, however, are scant and outdated. This matters because sport media is consumed for different reasons from news and has a historically symbiotic relationship with the people and events it covers. The current case study explores sources in National Basketball Association (NBA) trade stories in both national news and sport-specific publications. The study found that about 82% of trade speculation was not credited to a source. Unnamed and named sources’ trade predictions were cross-referenced with the NBA transaction log to determine if the trades actually manifested before the trade deadline. Neither sources predicted trades well: Of the 95 unsourced, speculated trades, 14 actually took place. Of the 20 sourced speculations, four took place. There was no statistically significant difference between how well named and unnamed sources predicted trades.
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Zhang, Weiwei, and Steven J. Luck. "The Number and Quality of Representations in Working Memory." Psychological Science 22, no. 11 (October 10, 2011): 1434–41. http://dx.doi.org/10.1177/0956797611417006.
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Flexible-resource theories characterize working memory as a flexible resource that can store either a large number of low-quality representations or a small number of high-quality representations. In contrast, limited-item theories propose that the number of items that can be stored in working memory is strictly limited and cannot be increased by decreasing the quality of the representations. We tested these fundamentally different conceptualizations of working memory capacity by determining whether observers could trade quality for quantity in working memory when given incentives to do so. We found no evidence that observers could increase the number of representations by decreasing their quality in working memory, but observers could make such a trade-off at earlier processing stages. Our results show that the capacity limit of working memory is best characterized as a limit on the number of items that can be stored and not as a limit on a finely divisible resource that simultaneously determines the number and quality of the representations.
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Jenkins, Porter, Ahmad Farag, J. Stockton Jenkins, Huaxiu Yao, Suhang Wang, and Zhenhui Li. "Neural Utility Functions." Proceedings of the AAAI Conference on Artificial Intelligence 35, no. 9 (May 18, 2021): 7917–25. http://dx.doi.org/10.1609/aaai.v35i9.16966.
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Current neural network architectures have no mechanism for explicitly reasoning about item trade-offs. Such trade-offs are important for popular tasks such as recommendation. The main idea of this work is to give neural networks inductive biases that are inspired by economic theories. To this end, we propose Neural Utility Functions, which directly optimize the gradients of a neural network so that they are more consistent with utility theory, a mathematical framework for modeling choice among items. We demonstrate that Neural Utility Functions can recover theoretical item relationships better than vanilla neural networks, analytically show existing neural networks are not quasi-concave and do not inherently reason about trade-offs, and that augmenting existing models with a utility loss function improves recommendation results. The Neural Utility Functions we propose are theoretically motivated, and yield strong empirical results.
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Meikle, Scott. "Aristotle on Business." Classical Quarterly 46, no. 1 (May 1996): 138–51. http://dx.doi.org/10.1093/cq/46.1.138.
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Aristotle's treatment of trade in the Politics book one is usually regarded as especially hostile, and this is put down to snobbery and political prejudice on his part. The Greeks often regarded trade as a degrading thing for a free man to engage in, and it would be surprising if Aristotle's view of trade were entirely unconnected with this Greek sensibility. But there should be something more definite than a loose general affinity if a charge of prejudice is to be taken seriously. A balance of hostile judgements over argued cases to back them up would be some sort of evidence for prejudice, and prima facie evidence against would be anything like a theory from which the hostile judgements followed as conclusions. Theories can be concocted to give the required conclusions, of course, and then we must try to decide how serious the theory is. It comes to this: is there so little in the reasons Aristotle gives for his condemnation of trade that they may be convincingly explained away and belittled as no more than expressions of attitudes?
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Dillingham, Alan E., Marianne A. Ferber, and Daniel S. Hamermesh. "Gender Discrimination by Gender: Voting in a Professional Society." ILR Review 47, no. 4 (July 1994): 622–33. http://dx.doi.org/10.1177/001979399404700407.
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Although most economic theories of discrimination hypothesize that discrimination stems from people's discriminatory tastes, no empirical study of the labor market has examined tastes for discrimination directly or considered people's willingness to trade off other preferences to indulge their tastes for discrimination. The authors study this trade-off using a set of data on votes for officers in a professional association in 1989 and 1990. They find that female voters were much more likely to vote for female than for male candidates, and that other affinities between them and a candidate had little effect on their choices. Male voters, in contrast, were indifferent to the candidates' gender, and their choices were easily altered by other affinities to a candidate.
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Denić, Milica, Shane Steinert-Threlkeld, and Jakub Szymanik. "Complexity/informativeness trade-off in the domain of indefinite pronouns." Semantics and Linguistic Theory 30 (March 2, 2021): 166. http://dx.doi.org/10.3765/salt.v30i0.4811.
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The vocabulary of human languages has been argued to support efficient communication by optimizing the trade-off between complexity and informativeness (Kemp & Regier 2012). The argument has been based on cross-linguistic analyses of vocabulary in semantic domains of content words such as kinship, color, and number terms. The present work extends this analysis to a category of function words: indefinite pronouns (e.g. someone, anyone, no-one, cf. Haspelmath 2001). We build on previous work to establish the meaning space and featural make-up for indefinite pronouns, and show that indefinite pronoun systems across languages optimize the complexity/informativeness trade-off. This demonstrates that pressures for efficient communication shape both content and function word categories, thus tying in with the conclusions of recent work on quantifiers by Steinert-Threlkeld (2019). Furthermore, we argue that the trade-off may explain some of the universal properties of indefinite pronouns, thus reducing the explanatory load for linguistic theories.
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Park, Do-Joon, and Shuzhi Liu. "Impact of COVID-19 on Korea-China Import and Export Trade and Countermeasures." International Academy of Global Business and Trade 18, no. 6 (December 31, 2022): 19–31. http://dx.doi.org/10.20294/jgbt.2022.18.6.19.
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Purpose - This paper empirically investigates the changes and trends in export and import trade between Korea and China since 2000, especially after the establishment of Korea-China FTA and since the outbreak of COVID-19. This paper uses empirical analysis to determine the f uture t rade t ypes and t rends of import/ export trade between Korea and China and estimates the impact on import/export trade between Korea and China in the post-epidemic era.
Design/Methodology/Approach - This paper first reviews the theories related to regional economic integration, sorts out the process of Korea-China FTA, and summarizes the changes and trends in import and export trade since COVID-19; second, it analyzes the current situation of bilateral trade between Korea and China using quantitative analysis, and investigates the specific impact of COVID-19 on Korea-China import and export trade using empirical analysis; finally, it summarizes the above studies, a conclusion is drawn, and policy recommendations are made to better utilize the challenges brought by COVID-19 to effectively address the problems that may be encountered in Korea-China trade and to promote the development of bilateral trade between the two countries.
Findings - The global spread of the epidemic in Korea and China has led to the shutdown of both domestic and foreign operations, resulting in a foreign trade cliff effect in the short to medium term; the trade creation effect inspired by the international system dividend is no longer available in China in 2020, and the trade in goods is diminishing at the margin; the trade suppression effect is generated by the rise of international trade protectionism. The epidemic has led to a large upstream supply shortage pressure on the electronic information industry and the automobile manufacturing industry, and a large downstream demand shortage pressure on the energy industry and the electronic information industry.
Research Implications - The establishment of Korea-China FTA will significantly promote bilateral trade between the two countries, change the trade and industrial structure of the two countries, and help to promote the development of the FTA strategy of the two countries; the outbreak of COVID-19 has changed the trade pattern and type, and the import and export of related epidemic prevention products as a new trade growth point and strengthened the trade market relationship between Korea and China.
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Guermazi, Imene. "The determinants of Sukūk issuance in GCC countries." Islamic Economic Studies 28, no. 1 (August 14, 2020): 25–45. http://dx.doi.org/10.1108/ies-08-2019-0026.
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PurposeThis paper focuses on Ṣukūk issuance determinants in Gulf Cooperation Council (GCC) countries. Given the dual characteristic of debt and equity of Ṣukūk as well as their unique benefits of social responsibility, the author questions whether the theories of capital structure, the trade-off and the pecking order are able to well explain the Ṣukūk issuance.Design/methodology/approachFirst, the author verifies these theories using capital structure determinants and regresses the Ṣukūk change on these determinants. Second, the author tests the trade-off theory with the target debt model and third, verifies the pecking order theory using the fund flow deficit model.FindingsThe empirical results show that capital structure determinants fail to explain both theories. The author confirms that the Ṣukūk change is significatively linked to the deviation from a Ṣukūk target. So, issuing firms balance the marginal costs of Ṣukūk and their benefits of religiosity and social responsibility toward a target debt. The author finds no evidence of the pecking order theory.Research limitations/implicationsThis study contributes to corporate finance theory and corporate social responsibility. It verifies if capital structure theories proved in conventional financing can well explain Islamic bonds issuance given their social responsibility benefits.Practical implicationsManagers and investors would pay attention to the social factors explaining Ṣukūk issuance in their finance and investment decisions. They would be enhanced to use this financing tool knowing its social unique benefits. This also should encourage governments to enhance this socially responsible financing. Rating agencies would be motivated to evaluate Ṣukūk and firms would improve the quality and relevance of disclosure to get the best rating.Social implicationsThe author highlights the social factors explaining Ṣukūk issuance and enhances corporate social responsibility (CSR).Originality/valueThe author extends the few literature testing capital structure theories for Islamic bonds and highlights the specific social responsible features of Ṣukūk that would bridge their issuance to capital structure theories. So the author enhances the concept of Islamic CSR. Tying capital structure theories to CSR would also help developing Islamic finance theory as a unique social responsible framework.
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WANG, SUN-CHONG, JIE-JUN TSENG, SAI-PING LI, and SHU-HENG CHEN. "PREDICTION OF BIRD FLU A(H5N1) OUTBREAKS IN TAIWAN BY ONLINE AUCTION: EXPERIMENTAL RESULTS." New Mathematics and Natural Computation 02, no. 03 (November 2006): 271–79. http://dx.doi.org/10.1142/s1793005706000567.
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The ability of accurate epidemic prediction facilitates early preparation for the disease and minimizes losses due to any strikes. We devised a platform on the Web for users to exchange their information/opinions on the possible avian flu outbreaks in Taiwan. The likelihood of the first human infection from bird flu in Taiwan in, say, December 2005 is securitized in the form of a futures contract. Incentives are introduced via a tournament: users trade the futures in the market on our Web server in order to win the awards at the end of the tournament. We ran such a tournament during the period between December 2005 and February 2006. The results of the futures' prices correctly predicted no outbreaks of bird flu among the residents in Taiwan during the 3-month period, suggesting that the design of the futures exchange on the Web be a potentially useful tool for event forecasting. Another crucial aspect of the experiment is that, associated with the price convergence, the transaction volume also quickly converges to zero, which is closely related to the famous no-trade theorem in theoretical economics.
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TSYNALIEVSKA, I. A. "CONCEPTUAL FOUNDATIONS OF REGIONAL DEVELOPMENT IN THE CONTEXT OF REGIONAL FOREIGN ECONOMIC RELATIONS AMPLIFICATION." Economic innovations 24, no. 2(83) (June 20, 2022): 205–19. http://dx.doi.org/10.31520/ei.2022.24.2(83).205-219.
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Topicality. The article explores the issue of determining the direction in which the region should develop its foreign economic relations, how to rebuild a regional economic system in order to realize their resources and opportunities for growth in the globalized international economy in the most effective way. Theoretical and conceptual foundations of the regional foreign economic relations development, analysed in this article, determine a role of commodity exports, imports of modern technologies, investment (including foreign capital), innovation, institutional environment and entrepreneurship for regional development. Among other issues addressed in this article, special attention was paid to analysis of changes in regional development paradigms.Aim and tasks. The aim of the article is to study theoretical and conceptual foundations of regional development through by means of regional foreign economic relations amplification. In addition, the objectives of the current study include: highlighting changes of scientific views on paradigms of regional development in terms of areas of amplification of regional foreign economic relations, identification of the main contradictions and temporal context of the proposed theories and concepts of regional development, addition to the main trends in the theoretical and conceptual basis of regional development in recent years.Research results. The article considers a formation of theories and concepts of regional development, which provide for the intensification of regional foreign economic relations. The analysis of theoretical and conceptual bases of regional foreign economic relations amplification testifies the transformation of paradigms of regional development according to a context of times in which there were changes of scientific views on the reasons and consequences of regional growth. The article examines the evolutionary transformation of regional economic development paradigms through the following theories: spatial location theory, theory of international (interregional) trade, Keynesian theories (export base theory and input-output model), neoclassical theories of regional economic development, concepts of economic rationalism, comparative, competitive and common advantages, theories of globalization, sustainable development, regional self-help and endogenous development, a new growth theory. Based on the analysis of the regional development theoretical foundations, the article establishes that the main theories and concepts of regional foreign economic relations mostly focused on consideration of such incentives as: capital investment, technological innovation, foreign trade, agglomeration effect (economies of scale), as well as a level of institution development.Conclusion. The article states that there is no single generally accepted theory for providing scientific approaches to a complementary amplification of regional foreign economic relations. Certain theories and concepts, which form theoretical foundations for the regional foreign economic relations amplification, have relatively practical application only in specific cases. Thus, by means of an application of the postulates of the theory of international and interregional trade, the optimal structure of the external trade turnover of the region and the parameters of determining the commodity positions for import substitution are determined; neoclassical theory of spatial equilibrium serves as a theoretical basis for choosing investment attraction’ direction in prioritized regional production and infrastructure facilities; new regional growth theories (including, of endogenous regional development concept) serve as a theoretical background for choosing tools for foreign economic activity intensification in order to ensure regional development. At the same time, achieving regional growth, in the modern sense, is not possible without considering principles of sustainable development and self-sufficiency of a territory, therefore, an amplification of foreign economic relations in the region, even in a globalized world, should be based mainly on endogenous factors, while strengthening its development with an innovation and investment components from the external environment.
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Mintarja, Kathleen, Priscilia Christian Kadim, and Stella Claresta Alexander. "Implementasi Prinsip Fair Trade oleh The Body Shop sebagai Upaya Peningkatan Kesejahteraan Masyarakat Rwanda." Jurnal Sentris 2, no. 2 (August 19, 2020): 32–46. http://dx.doi.org/10.26593/sentris.v2i2.4179.32-46.
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The second half of the twentieth century witnessed unprecedented growth in the number of international actors. There has been a dramatic increase in the number of non-state actors that, on many occasions, helped solve problems and improve lives. This makes the responsibility of people’s welfare no longer only held by the government. One of the most prominent examples is the role of Body Shop on improving the living standard of Rwandan. Twenty four years after the genocide that killed almost 800,000 people, the country of Rwanda is rebuilding with the support of international communities, including multinational corporations. The Body Shop’s Community Trade commitment has been a key part of bringing local producers into international supply chains and empowering them. Therefore, the research question in this paper is “How is the role of The Body Shop on implementing fair trade principles towards the Rwandan society?” To answer the research question, the authors use several theories and concepts; such as pluralism, multinational companies, and fair trade theory. In addition, the research method to be used by the authors is a qualitative study method. This research found that The Body Shop has launched a Moringa Community Trade program as an embodiment of efforts to improve the welfare of Rwandan people after the genocide occurred. This community trade initiative aims to be one small step forward to achieve financial stability for the people currently living and working in Rwanda.
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Chepkutwo, Lawrence Kipchumba, and Nasieku Tabitha Nasieku. "Impact of Electronic Banking Transactions on the Volume of Trade of Commercial Banks in Kenya." International Journal of Finance 7, no. 5 (October 20, 2022): 41–52. http://dx.doi.org/10.47941/ijf.1074.
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Purpose: Electronic banking is a mechanism that enables a financial institution's clients to conduct a number of financial transactions via an electronic device such as a cell phone or a personal digital assistant. Electronic banking refers to the provision of banking and financial services through electronic devices over a network. Commercial banks have been at the forefront of embracing and assimilating electronic fund transfer technology into their core tasks in order to achieve competitive advantages and manage their overhead operating costs. The purpose of this study was to determine the impact of electronic banking transactions on the volume of trade of commercial banks in Kenya. The research was guided by the following specific objectives: To determine the impact of mobile banking transactions on the volume of trade of commercial banks in Kenya; To determine the impact of Automated teller Machines transactions on the volume of trade of commercial banks in Kenya; To ascertain the impact of electronic fund transfers on the volume of trade of commercial banks in Kenya; To ascertain the impact of online/internet banking activities on the volume of trade of commercial banks in Kenya. Theories are reviewed in this section which will direct the study. It comprises of the theories leading the performance of commercial banks in their operations and precisely in the field of Electronic banking. The section evaluates the financial intermediation theory in particular which deals with the main function of financial institutions which is intermediating between the surplus and the deficit units for sustained economic development. It also reviews the classical economics theory which holds that for a business to make returns, it has to obey the modern economics.
Methodology: Simple random sampling method was used in this research. 10 representative banks were obtained from a population of 42 banks listed by the central bank of Kenya. In essence the method of statistical enumeration allows all members of the population to be studied. A population refers to the set of all observations under concern.
A descriptive research design was used. The design allows us, according to Best et al (2003), to capture all relevant aspects of a situation when hiring a research and investigation team. Similarly, Namusonge (2010) states that this approach is best suited to gather detailed information where, by direct request, the researcher will reach all the population. Data for this case was majorly quantitative since it is readily available from the bank records for example the financial statements, publications, transactions. Secondary data is easy model of extracting data especially for quantitative research and this prompted the researcher to utilize it as the immediate tool for data collection. Panel data analysis was applied. This was done using the E-views panel data software.
Findings: The results showed that there was a partial positive and statistically significant correlation between volume of banks trade and Mobile banking transactions (r= 2.854, p=0.000), Automatic Teller Machines (r=2.314, p=0.000) and usage of internet banking transactions (r=2.442, p=0.000). However, findings also revealed that electronic funds transfer (r=-0.5075, p= 0.000) has no significant influence on banks volume of trade. The null hypothesis Ho1: Mobile banking transactions has no significant influence banks volume of trade was rejected. The null hypothesis HO2: Automatic Teller Machines transactions have no significant influence on the banks volume of trade was rejected. The null hypothesis HO3: electronic funds transfer has no significant influence on banks volume of trade was true and thus was not rejected. Similarly, Null hypothesis HO4: internet banking transactions do not have a significant influence on project performance was not true and thus rejected.
Unique Contribution to Theory and Practice: The findings of this study will be absolutely relevant to the stakeholders in the banking industry, government regulatory authorities and monetary policy frameworks implementation and monitoring. Banking institutions as well can be able to make decisions on the key areas they will need to improve transactions by customers in order to boost the volume of trade.
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Camfield, Claudio Eduardo Ramos, Guilhermina Maria da Silva Freitas, Marco Rafael Fernandes Correia, and Zélia Serrasqueiro. "A estrutura de capital de empresas de pequena dimensão em Portugal: uma abordagem segundo as teorias do Trade-off e da Pecking-order." RACE - Revista de Administração, Contabilidade e Economia 17, no. 1 (April 23, 2018): 365–88. http://dx.doi.org/10.18593/race.v17i1.15434.
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Resumo: No corrente estudo analisaram-se os fatores explicativos das decisões de estrutura de capital das Pequenas Empresas (PEs) portuguesas, dado a estrutura de capital destas ter um interesse relevante ao nível econômico-social geral. Neste trabalho centrou-se na teoria Pecking-order (POT) e na teoria do Trade-off, considerando-as mutuamente explicativas e complementares, para avaliar o papel de um conjunto de fatores divididos em três níveis: os internos à empresa, os ligados ao mercado e os ligados ao sistema fiscal. Com base em uma amostra de 2.329 PEs portuguesas, os dados foram sujeitos a uma regressão multivariada. Os resultados obtidos mostram que a rentabilidade, a liquidez e a idade têm um impacto negativo e significativo no endividamento, evidenciando a importância dos princípios da teoria Pecking-order para as decisões de estrutura de capital das empresas portuguesas de menor dimensão. O relacionamento positivo entre a variável dimensão da empresa e o endividamento dá algum suporte à importância da teoria do Trade-off em contexto das decisões de estrutura de capital das pequenas empresas.Palavras-chave: Teoria Pecking-order. Teoria do Trade-off. Endividamento. Portugal. The small firms’ capital structure in Portugal: an approach to the Trade-off and Pecking-order theories Abstract: The present study analyzes the explanatory factors of the capital structure decisions of the Portuguese Small Companies (PEs), given that the capital structure of these companies has a relevant interest in the general economic-social level. This paper focuses on the Pecking-order (POT) theory and the Trade-off theory, considering them mutually explanatory and complementary, to evaluate the role of a set of factors divided into three levels: the internal to the company, market and the tax system. Based on a sample of 2.329 portuguese PEs, data were submitted to a multivariate regression. The results obtained show that profitability, liquidity and age have a significant impact on indebtedness, evidencing the importance of the principles of the pecking-order theory for the capital structure decisions of smaller portuguese firms. The positive relationship between the firm's variable size and indebtedness supports the importance of Trade-off theory in the context of the capital structure decisions of the companies analyzed.Keywords: Pecking-order theory. Trade-off theory. Debt. Portugal.
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Chang, Luke Peh Lu, Shamas ur Rehman Toor, and Leong Y. Jonathan. "The Role of Scientific Terminology and Metaphors in Management Education." European Journal of Social Science Education and Research 6, no. 1 (April 30, 2019): 33. http://dx.doi.org/10.26417/ejser.v6i1.p33-43.
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Interdisciplinary studies can create synergy across various fields, allowing for knowledge in a previously specialized area to support other disciplines. A number of scientific theories and laws have been applied in other domains to explain the latter’s phenomenon; the adaptation of Newton’s Gravitational Law for studies of bilateral trade, diplomatic ties, migration and interaction, or the extension of Chaos Theory to biological evolution, engineering, and organizational management. Recent literature in management studies have also used scientific theories as metaphors to describe management functions and managerial behaviours. Similarly, one can apply Moore’s Law to understand the exponential world. Changes are no longer linear and predictable, and the past is no longer a proxy for the future. This paper suggests that the renowed and established theories of General Relativity, Quantum Physics, the Newtonian Paradigm, Theory of Chaos, and the Standard Model have the potential to operate as extensions or metaphors to explain some aspects of strategic management. These scientific theories, and the implications of their respective terminologies, can therefore help firms better appreciate strategies and organizational designs that combat complexities of business environments, especially those in international markets. Their use will also help managers with a background in science understand various phenomena with augmented interest and clarity, thereby improving the learning experience and depth of understanding for both professionals and management students alike.
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Djohanputro, Bramantyo. "The Dominance of the Agency Model on Financing Decisions." Gadjah Mada International Journal of Business 17, no. 2 (August 20, 2015): 157. http://dx.doi.org/10.22146/gamaijb.6908.
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There are some issues about how companies consider their financing. These issues are related to the amount, source, type, and the structure of such financing. So far, there is no uniform model that is able to explain how companies deal with these issues. There are three competing, dominant theories of financing decision making, i.e. the Pecking Order Theory, the Static Trade-off Theory, and the Agency Model Theory. This study attempts to explore which theory explains the best way for companies in the consumer industry to decide their financing method. There are five hypotheses to be tested in this study. Using data from public listed companies on the Indonesian Stock Exchange from 2008 to 2011, it seems that the Agency Model Theory is more dominant than the other two theories in explaining the way companies fulfill their financing needs.
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Agyei, James, Shaorong Sun, and Eugene Abrokwah. "Trade-Off Theory Versus Pecking Order Theory: Ghanaian Evidence." SAGE Open 10, no. 3 (July 2020): 215824402094098. http://dx.doi.org/10.1177/2158244020940987.
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The objective of this study was to examine the theoretical predictions of the pecking order theory and the trade-off theory to establish which of the two competing theories better explains the financing decisions of small and medium enterprises (SMEs). The study examined 187 SMEs in Ghana using the panel data methodology. The results reveal that the explanatory power of both theories apply and are pertinent to Ghanaian SMEs. The results also show that profitability, age, liquidity, growth, size, and tangibility of assets all have a significant impact on SMEs’ capital structure. In addition, the findings show that risk plays no vital role in how SMEs choose their capital structure. Broadly, the results provide evidence to back the pecking order theory, indicating that Ghanaian SMEs’ funding decisions exhibit the theoretical predictions of the pecking order theory.
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KIM, YOUCHEER. "Is China Spoiling the Rules-Based Liberal International Order? Examining China’s Rising Institutional Power in a Multiplex World Through Competing Theories." Issues & Studies 56, no. 01 (March 2020): 2050001. http://dx.doi.org/10.1142/s1013251120500010.
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Driven by structural theories of international relations, some scholars have described China as either spoiling or shirking the rules-based liberal international order (RBLIO). The convergence of the relative US decline since the Global Financial Crisis of 2008 and China’s assertive diplomacy has aggravated this anxiety. This paper examines the theoretical and empirical validity of this argument by utilizing competing theories of social constructivism and issue–path dependence. Specifically, this paper conducts a brief empirical analysis of China’s stances on four core issues of global governance, including (1) voting patterns in the United Nations General Assembly, (2) trade and the World Trade Organization (WTO), (3) South China Sea disputes and the Permanent Court of Arbitration (PCA), and (4) the Asian Infrastructure Investment Bank (AIIB). The results indicate that China has been passive toward the restructuring of legal norms, merely invoking them when a specific dispute arises. Concurrently, China occasionally pursues an alternative institutional platform if the functional concentration of a target institution is diffused and fragmented. In short, the empirical analysis demonstrates the salience of claims for China’s issue–path dependence. The paper concludes with theoretical and policy implications, concluding that as China holds no predetermined, concrete stance on all components of the rules-based liberal international order, disintegrating the country from it could be a fatal mistake.
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Dapice, David. "Vietnam’s currency management: theory, practice and reality." Fulbright Review of Economics and Policy 1, no. 1 (July 22, 2021): 32–42. http://dx.doi.org/10.1108/frep-02-2021-0018.
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PurposeThe purpose of this paper is to explain why Vietnam has been charged as a currency manipulator by the USA, and why those charges are less than conclusive, as of May 2021, no immediate tariffs were imposed.Design/methodology/approachA comparative approach is applied using economic data on trade balances, inflation, exchange rates, and foreign exchange reserves from Vietnam, other Asian nations, and the USA. Currency regime theories are briefly reviewed, and USA. Treasury statements about Vietnam’s currency are referred to, which then are analyzed. Further explanations are based on the context of the economic situation and bilateral relations.FindingsSince 2010, Vietnam’s currency has appreciated, and since 2015, the government has kept the Vietnamese dong (VND) stable in real terms against the dollar. The sharp improvement in Vietnam’s bilateral and overall trade balance is due largely to rising labor costs in China and trade frictions between the USA and China. The resulting US tariffs on China’s exports redirected Foreign Direct Investment (FDI) exports to Vietnam. Even with these recent trade surpluses, Vietnam’s ratio of foreign exchange reserves to imports is lower than that of many other Asian nations. The USA’s recent decision not to impose punitive tariffs on Vietnam’s exports but continue to monitor and hold discussions reflects the reduced priority the new US administration puts on bilateral trade balances and the recognition that Vietnam is negotiating seriously and has significant value in a regional context.Originality/valueThe paper provides a comprehensive understanding from both theoretical and practical perspectives of the recent event. The implications are meaningful for the adjustment of national monetary strategy to avoid a similar situation in the future.
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Rana, Arslan Tariq. "Trade and Conflicts: Do Preferential Trade Agreements Matter?" Peace Economics, Peace Science and Public Policy 21, no. 4 (December 1, 2015): 561–74. http://dx.doi.org/10.1515/peps-2015-0029.
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AbstractA long debate continues whether international trade institutions (specifically preferential trade agreements [PTAs]) affect security relations between states. Contradicting theories and empirical claims are put forward by realists and liberals. The former posit that the institutions are epiphenomenal and possess no power to constrain state behavior whereas the latter claim that the institutions are likely to promote cooperation by supplying forums for consultation, arbitration and adjudication, thus reducing the risk of war between states. This study identifies an important channel through which the legal dimension of trade agreements (hence dispute settlement mechanisms [DSMs] in PTAs) may have pacifying effects on the outbreaks of war. DSMs of PTAs do have strong implications for militarized interstate disputes (MIDs), although not directly, but through low-level of foreign policy disputes, such as economic sanctions. If economic sanctions are believed to escalate to violent conflict, PTA DSMs may reduce the probability of war by mitigating the escalation of economic sanctions. However, the level of legalism differs among DSMs in PTAs. The present study first confirms empirically that sanction disputes escalate to militarized disputes and further, addresses the selection issue by using bivariate probit model. I find a sizeable impact of medium level of legalism reducing the sanctions escalation into war whereas high level of legalism, in which the state sovereignty is limited, do reduce the probability of sanctions but have no impact on war probability. Further, the interstate political cooperation proves to be a strong determinant for highly legalistic PTAs but not in the case of medium level of legalism.
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Bearce, David H., and V. Ximena Velasco-Guachalla. "How Can We Explain Regime Type Differences If Citizens Don't Vote Based on Foreign Economic Policy?" Foreign Policy Analysis 16, no. 3 (August 14, 2019): 492–503. http://dx.doi.org/10.1093/fpa/orz017.
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Abstract Political economy research shows that more democratic governments generally have more open trade policies with more flexible exchange rate regimes, yet political behavior theory argues that citizens do not think of foreign economic policy as salient and do not cast their votes considering such issues. This note investigates the puzzle about how democracies could have different foreign economic policies than autocracies if citizens do not vote based on these international issues. Using a political model with two possible ways for societal actors to influence state policy (electoral and/or special interest pressure), it first considers how voting based on salient domestic outcomes like inflation and unemployment may lead democratic governments towards more open trade and flexible exchange rates. Second, if more societal groups are able to lobby as special interests in more democratic regimes, then governments may also be pushed toward these same foreign economic policies. Thus, there is no fundamental contradiction between the political economy empirical results and the political behavior theory, although scholars need to adjust their theories to explain foreign economic policy differences across political regime type.
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Bannister, Allison E., and Douglas W. Morris. "Habitat selection reveals state-dependent foraging trade-offs in a temporally autocorrelated environment." Israel Journal of Ecology and Evolution 62, no. 3-4 (May 18, 2016): 162–70. http://dx.doi.org/10.1080/15659801.2015.1065680.
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We use theories of risk allocation to inform trade-offs between foraging in a rich and risky habitat versus using a poor but safe alternative. Recent advances in the theory predict that the length of exposure to good or bad conditions governs risk allocation, and thus habitat choice, when patterns of environmental risk are autocorrelated in time. We investigate the effects of these factors with controlled experiments on a small soil arthropod (Folsomia candida). We subjected animals to nine temporally autocorrelated 16-day feeding treatments varying in both the proportion (0.25, 0.50, and 0.75) and duration (short, medium and long intervals) of time when food was present and absent. We assessed foraging trade-offs by the animals' choice of occupying a risky dry habitat with food (rich) versus a safe moist habitat with no food (poor). Irrespective of autocorrelation in conditions, the proportion of time spent with no food primarily determined habitat selection by these collembolans. Our results imply an energetic threshold below which F. candida are forced to forage in rich and risky habitat despite the possibility of mortality through desiccation. The link to energetic thresholds suggests the possibility of employing state-dependent habitat selection as a leading indicator of habitat change.
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Hadi, Abdul Razak Abdul, Shadi Hamad, and Eddy Yap Tat Hiung. "Integration of Financial Markets: A Study of Egypt and Palestine Stock Markets." Applied Finance and Accounting 3, no. 1 (August 16, 2016): 1. http://dx.doi.org/10.11114/afa.v3i1.1817.
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The objective of this study is to determine the existence of equilibrium and dynamic relations between Egyptian Stock Exchange (EGX) and Palestine Stock Exchange (PEX). Utilising the framework of international trade theories, this paper employs the Engle-Granger Co-integration (1987) procedure as an estimation model on monthly time series data from February 1998 to April 2012. Results indicate that there is a significant equilibrium nexus between EGX and PEX but no empirical evidence was found on the existence of dynamic relations between them via Granger Causality tests. However, analysis of dynamic interactions of the post-sample period by means of Impulse-Response Functions and Variance Decomposition indicate sensitivity in EGX towards changes in PEX.
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Smith, Ronald B., Justin R. Minder, Alison D. Nugent, Trude Storelvmo, Daniel J. Kirshbaum, Robert Warren, Neil Lareau, Philippe Palany, Arlington James, and Jeffrey French. "Orographic Precipitation in the Tropics: The Dominica Experiment." Bulletin of the American Meteorological Society 93, no. 10 (October 1, 2012): 1567–79. http://dx.doi.org/10.1175/bams-d-11-00194.1.
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The Dominica Experiment (DOMEX) took place in the eastern Caribbean from 4 April to 10 May 2011 with 21 research flights of the Wyoming King Air and several other observing systems. The goal was an improved understanding of the physics of convective orographic precipitation in the tropics. Two types of convection were found. During a period of weak trade winds, diurnal thermal convection was seen over Dominica. This convection caused little precipitation but carried aloft air with island-derived aerosol and depleted CO2. During periods of strong trades, mechanically forced convection over the windward slopes brought heavy rain to the high terrain. This convection was “seeded” by trade-wind cumuli or neutrally buoyant cool wet patches of air. In this mechanically forced convection, air parcels did not touch the island surface to gain buoyancy so no island-derived tracers were lofted. With fewer aerosols, the mean cloud droplet diameter increased from 15 to 25 μm. Plunging airflow and a wake were found in the lee of Dominica. The DOMEX dataset will advance our understanding and test our theories of cumulus triggering and aerosol influence on precipitation.
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Morgan, Frances, and James Mooney. "‘The Same Trade as Mozart’: Convincing the sceptics of electronic music’s value." Journal of Popular Television 9, no. 1 (March 1, 2021): 55–77. http://dx.doi.org/10.1386/jptv_00041_1.
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In August 1969, the music documentary series Workshop (1964–78) focused on electronic music in a 55-minute-long film titled ‘The Same Trade as Mozart’. Produced and directed by David Buckton, the film included interviews with composers Karlheinz Stockhausen, Tristram Cary and Justin Connolly; BBC Radiophonic Workshop staff Desmond Briscoe, David Cain and John Baker, and the Workshop’s founder, Daphne Oram; and Peter Zinovieff, director of EMS (Electronic Music Studios). It presented electronic music in a number of contexts, such as education, pop production and live performance. Technological change in music has often provoked hostility among the public and critics, and the rapid advancement of electronic music post-Second World War was no exception. Adopting a mode of analysis more commonly encountered in studies of the public communication of science, this article considers ‘The Same Trade as Mozart’ as an attempt by electronic music’s advocates, such as those listed above, to convince sceptics of its value. While sceptical responses to the presence of new technologies in music have been widely noted and theorized by scholars in science and technology studies, we call attention to the strategies employed by the advocates of such technologies to defend themselves against such criticisms, including humour, heuristic explanations and a focus on electronic music’s educational and thus social value. The use of computers in electronic music was a new and contentious development in the field, requiring a greater degree of advocacy from its proponents. We examine how the computer’s role in composition is presented in ‘The Same Trade as Mozart’, compared with other media portrayals of computing in the 1960s. Drawing on theories of filmed musical performance, we discuss how visual tropes of ‘classical’ music are used in ‘The Same Trade as Mozart’ to challenge preconceptions about the relationships between composers, musicians and new technologies.
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Nguyen, Ho, and Vo. "An Empirical Test of Capital Structure Theories for the Vietnamese Listed Firms." Journal of Risk and Financial Management 12, no. 3 (September 10, 2019): 148. http://dx.doi.org/10.3390/jrfm12030148.
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Raising capital efficiently for the operations is considered a fundamental decision for any firms. Since the 1960s, various theories on capital structure have been developed. Various empirical studies had also been conducted to examine the appropriateness of these theories in different markets. Unfortunately, evidence is mixed. In the context of Vietnam, a rising powerful economy in the Asia Pacific region, this important issue has been largely ignored. This paper is conducted to provide additional evidence on this important issue. In addition, different factors affecting the capital structure decisions from the Vietnamese listed firms are examined. The Generalized Method of Moment approach is employed on the sample of 227 listed firms in Ho Chi Minh City stock exchange over the period from 2008 to 2017. Findings from this study suggest that the Vietnamese listed firms follow the trade-off theory to determine their capital structure (i.e., to determine the optimal debt level). In contrast, no evidence has been found to confirm that the pecking order theory can explain the financing decisions of the Vietnamese listed firms, as previously expected. In addition, findings from this study also indicate that ‘Fund flow deficit’ and ‘Change in sales’ are the most two important factors that affect the amount of debt issued for the Vietnamese listed firms. Implications for academics, practitioners, and the Vietnamese government have also been emerged from the findings of this paper.
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Ahmad, Mohammad Saif. "Contemporary issues in management." Journal of Management and Science 1, no. 4 (December 30, 2013): 481–84. http://dx.doi.org/10.26524/jms.2013.62.
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Millions of men and women spend their time as managers in diverse organizations and are confronted by complex challenges as they perform their routine functions. Removal of trade restrictions, privatization and integration of national economies with the world economy have made jobs of managers and employees more challenging as well as rewarding. As a growing social discipline, management theories and practices have also undergone a sea-change. As obvious, a large number of management gurus have been contributing towards the development of management theories but unfortunately many contributors were over shadowed by others in their life time. The world recognized their contributions only decades after their death. The scientific theory of managementdeveloped by Taylor and, of course, by others dominated for most of the twentieth century. But by the late 1980s, most of the assumptions held by experts as valid, became obsolete. According to P.F. Drucker, father of 20th century modern management, neither individuals nor organizations can be successful if they stick with the old assumptions just as the horse and carriage can no longer compete with the automobile.
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Kelly, Clint D., Melissa S. C. Telemeco, and Lyric C. Bartholomay. "Are attractive male crickets better able to pay the costs of an immune challenge?" PeerJ 3 (December 17, 2015): e1501. http://dx.doi.org/10.7717/peerj.1501.
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Reproduction and immunity are fitness-related traits that trade-off with each other. Parasite-mediated theories of sexual selection suggest, however, that higher-quality males should suffer smaller costs to reproduction-related traits and behaviours (e.g., sexual display) from an immune challenge because these males possess more resources with which to deal with the challenge. We usedGryllus texensisfield crickets to test the prediction that attractive males should better maintain the performance of fitness-related traits (e.g., calling effort) in the face of an immune challenge compared with unattractive males. We found no support for our original predictions. However, that immune activation causes attractive males to significantly increase their calling effort compared with unattractive males suggests that these males might terminally invest in order to compensate for decreased future reproduction.
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Heyrman, Peter. "Belgian Government Policy and the Petite Bourgeoisie (1918–40)." Contemporary European History 5, no. 3 (November 1996): 319–56. http://dx.doi.org/10.1017/s0960777300003908.
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Historical research into the petite bourgeoisie in Belgium did not begin until quite a bit later than it did abroad. On closer inspection, that was no bad thing. Because of the late start by Belgian historians, they were more open-minded and less inclined towards the research into the roots of Fascism which was largely based on pre-war sociological theories. Beginning in 1980, pioneering research was carried out at the Université Libre de Bruxelles – for the most part on the period before the First World War. The research group under the direction of Ginette Kurgan-van Hentenryk systematically analysed several important series of sources and produced interesting detailed studies. In 1993 Serge Jaumain published a comprehensive study on Belgian retail trade in the period from 1880 to 1914.
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Danna Solihin, Faizal Reza, Adisthy Shabrina Nurqamarani,. "IS ARBITRAGE PRICING THEORY IS A FAIRY TALE ?: THE EVIDENCE FROM INDONESIA WITH ORDINARY LEAST SQUARE ESTIMATION." Research Journal of Accounting and Business Management 2, no. 1 (June 26, 2018): 18. http://dx.doi.org/10.31293/rjabm.v2i1.3475.
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Time series analysis in financial sector has grown in popularity since the last few decades, theories about capital markets are increasingly studied since Capital Asset Pricing Model (CAPM) and Arbitrage Pricing Theory (APT) are often compared and paired with one another. The development of APT is widespread by involving many macroeconomic variables. Unfortunately there is no consensus until now. This paper aims to examine the relevance of APT in the case of Indonesia during the period 2009-2017 with standard multiple regression equations. From three independent variables, only exchange rates have a significant influence on the composite stock price (IHSG) in Indonesia, while inflation and GDP have no significant effect on stock prices. 99.8% variation in stock price formation can be explained by independent variables where there is a positive relationship between exchange rate and stock price indicates a mechanism of stock price formation through strong domestic demand before fourth quarter 2016 and trade effect (export-import) after fourth quarter 2016 .
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Paul, Justin, and Rahul Dhiman. "Three decades of export competitiveness literature: systematic review, synthesis and future research agenda." International Marketing Review 38, no. 5 (March 9, 2021): 1082–111. http://dx.doi.org/10.1108/imr-12-2020-0295.
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PurposeThis review has two purposes: (1) to systematically analyse the literature on export competitiveness (EC) and (2) to provide an overview of various determinants and the methodological trends in the subject field, making it possible to develop a roadmap for future researchers.Design/methodology/approachThe systematic literature review (SLR) method was employed in this paper. The authors have covered three decades of research articles published in Scopus listed journals between 1991 and 2020. The determinants of EC are synthesized and widely used theories, and methodologies are identified and classified. The authors have also provided directions for future research.FindingsThe key determinants identified are labour and capital productivity, labour costs, exchange and real effective exchange rate (REER), domestic gross domestic product (GDP), trade liberalization and barriers. The findings reveal that EC is now a scientific measure, since the studies in this subject field have moved towards measuring EC and its determinants.Originality/valueThere has been no comprehensive review in this area exploring the theories, context, constructs and methodologies until now. Therefore, this review provides deep insights into the topic and also offers a unified picture of the subject field.
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Kay, Alastair, Ravishankar Ramanathan, and Dagomir Kaszlikowski. "Optimal asymmetric quantum cloning for quantum information and computation." Quantum Information and Computation 13, no. 9&10 (September 2013): 880–900. http://dx.doi.org/10.26421/qic13.9-10-9.
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While the no-cloning theorem, which forbids the perfect copying of quantum states, is well-known as one of the defining features of quantum mechanics, the question of how well the theory allows a state to be cloned is yet to be completely solved. In this paper, rigorous solutions to the problem of $M\rightarrow N$ asymmetric cloning of qudits are obtained in a number of interesting cases. The central result is the solution to the $1 \rightarrow N$ universal asymmetric qudit cloning problem for which the exact trade-off in the fidelities of the clones for every $N$ and $d$ is derived. Analogous results are proven for qubits when $M=N-1$. We also consider state-dependent $1 \rightarrow N$ qubit cloning, providing a general parametrization in terms of a Heisenberg star Hamiltonian. In all instances, we determine the feasibility of implementing the cloning economically, i.e., without an ancilla, and determine the dimension of the ancilla when an economic implementation is not possible.
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Makhaiel, Nargis Kaisar Boles. "The influence of Egyptian context on the trade-off between earnings management approaches." Journal of Financial Reporting and Accounting 17, no. 1 (March 11, 2019): 133–68. http://dx.doi.org/10.1108/jfra-09-2017-0076.
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PurposeThis paper aims at studying earnings management phenomenon in its wider social and economic context to get better understanding for the following points: whether there is “one-size-fits-all” earning management approach which can be widespread applied among nations and whether the Egyptian context affects managers’ trade-off between three different earnings management approaches: accounting, operational and investment.Design/methodology/approachThe paper adopts interpretive approach and analyses data from official documents and 34 interviews with company executives; financial analysts; external auditors; and Stock Exchange regulators to inform our understanding of the influence of the Egyptian context on the trade-off between earnings management approaches.FindingsThe results show that there is no application for “one-size-fits-all” earning management approach; unlike the developed cultures, where R&D expenses and overproduction are extensively used for boosting profits, in Egyptian context they are not valid tools. The findings indicate that the Egyptian political and economic context remarkably affect managers trade-off earnings management approaches, leading executives to prefer operational manipulation compared with others.Originality/valueThis paper extends but adds to the literature by shedding light on the different implications of earning management theories based on the variation in the political, economic and operational contexts of firms; identifying that operational cash flows matter more to managers than accounting profits; focusing on the fact that managers differentiate and compare between three various earning management approaches: accounting techniques, investment activities and operational activities; and showing that changes in political and economic Egyptian context makes operational manipulation favorable to be adopted compared with others. It also overcomes the criticism of New Institutional Sociology Theory.
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Elgharbawy, Adel, and Magdy Abdel-Kader. "Does compliance with corporate governance code hinder corporate entrepreneurship? Evidence from the UK." Corporate Governance 16, no. 4 (August 1, 2016): 765–84. http://dx.doi.org/10.1108/cg-12-2015-0169.
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Purpose This paper aims to investigate the possible trade-off between accountability and enterprise in the context of comply or explain governance. The issue was addressed through examining the effect of compliance with the corporate governance code (CGC) on corporate entrepreneurship (CE) and organisational performance. Design/methodology/approach Based on cross-sectional survey and content analysis of annual reports, the level of CE and compliance with the CGC were measured in the large and medium-listed companies in the UK during 2010. Partial least squares structural equation modelling (PLS-SEM) was used for data analysis. Findings The results suggest no conflict between compliance with the CGC and CE in the UK, which can be attributed to the flexibility of the “comply or explain” approach. This implies that no trade-off between accountability and enterprise in the context of comply or explain governance. Practical implications The study provides evidence in support of the regulatory governance framework in the UK and the comply or explain approach at large. This evidence contributes to the debate on the rules-based or principles-based governance, which may affect future CG regulations. It can also guide the directors to achieve the balance between their conformance and performance roles. Originality/value The study bridges the gap between CG and CE disciplines through developing a theoretical model that integrate contingency and agency theories lenses. Adopting a holistic approach provides insights into the relationships between CG and CE, rather than investigating the effect of each of these practices separately on organisational performance.