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Höök, Matilda. "Timber volume element prefabrication : production and market aspects /." Luleå : Luleå tekniska universitet, 2005. http://epubl.ltu.se/1402-1757/2005/65/.
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Zou, Pan. "The forestry system and the timber market in China." Thesis, University of Ottawa (Canada), 2004. http://hdl.handle.net/10393/26827.
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In the past two decades, China has achieved a spectacular success in its economic growth. As a basic input for the production process, the forest resource has been one of the fundamental factors propping up the expansion of China's economy. When China is absorbing imports of timber products in the global market, studies of China's forestry system and its timber market incite greater interest. This paper represents a systematic approach to probe into the comprehensive realities of China's forestry system and its timber market. Econometric methods are applied in analyzing the demand and supply patterns. The empirical analysis is used to forecast the quantity demanded for timber products in China.
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Conway, M. Christine. "Targeting Nonindustrial Private Forest Landowner Groups for Timber Market Entry." Diss., Virginia Tech, 2002. http://hdl.handle.net/10919/28991.
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This study models the timber market entry decisions of nonindustrial private landowners. It involves examining reservation prices both for harvesting timber from existing forest land and for afforestation of marginal agricultural and abandoned land. An important conclusion drawn from these models is that financial returns are not the only drivers of these decisions. Preferences for amenities derived from forests and farmland are also important. An empirical model follows which characterizes willingness to accept for various landowner groups in Virginia and Mississippi. We identify preferences and characteristics of landowners and features of forest sites that are important to the unobserved price specific to each landowner. Estimation results are also used to assess the size of payments needed to encourage harvesting or conversion from agricultural to forest uses with 50% probability. The determination of reservation prices for landowners in different regions aids in forecasting potential timber supplies from NIPF lands that are either actively managed for timber production or are not, as well as from marginal land not yet in forests, under different policy and pricing scenarios. Furthermore, it gives insight into evolving land use patterns.Ph. D.
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Yeung, Wai-man Violet, and 楊慧敏. "The popularity of FSC timber products in the consumer market in Hong Kong." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 2014. http://hdl.handle.net/10722/207622.
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This study was conducted to examine the availability of certified timber products in the consumer market in Hong Kong and the popularity of FSC timber products in the Hong Kong consumer market. Consumers’ level of environmental friendliness; their view of the use of timber to the environment; the factors affecting their choice of timber for household renovation; their awareness on the term “FSC” and the kind of FSC products they are aware of; consumers’ willingness-to-pay (WTP) and WTP premium level for FSC products in Hong Kong, are studied. Moreover, the effectiveness of various kinds of marketing and promotion techniques FSC could adopt in Hong Kong, are reviewed.
Site investigations to the “renovation streets” in Wanchai and Mongkok were carried out and it is found that a high percentage of wooden floorings shops (79% in Wanchai and 77% in Mongkok) carry products with the timber certification logos (FSC and/or PEFC). Despite this significant percentage of shops carrying products with the timber certification logos, it is also found that there is generally a lack of awareness amongst the shopkeepers on the FSC labels/logos that are shown on their products.
For the online questionnaire survey, a total of 146 questionnaires werecollected and the study revealed that 25% of the respondents areaware of the term “FSC”. While 80% of the participants thought that the use of timber products for flooring and furniture for household renovation have an adverse impact to the natural environment, the impact to the environment is not the main factor that will affect people's purchase decision. The majority of respondents (68%) indicated that they “Only generally aware of the term ‘FSC timber products’ or equivalent terms” and FSC paper is the major kind of FSC products they have heard of.
For the WTP for a premium for FSC timber products, 47% of the respondents agree with a premium; the majority of respondents (72%) opted for a 0-10% WTP premium with a mean premium WTP level of 9.06%.
Based on the literature review and study, it could be concluded that the awareness of the FSC certifications, together with the availability of FSC certified timber products in the consumer market, are the keys to create market demand for FSC products. And it could be done via efforts from environmental NGOs by persuading businesses to choose certified timber products and educating consumers to raise their awareness of FSC products. Together with efforts from FSC to be more proactive via online media as well as creating new labels for retailers, it is hoped that the popularity of FSC products in Hong Kong could be enhanced.published_or_final_version
Environmental Management
Master
Master of Science in Environmental Management
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Zaccaro, Vito Lorenzo. "Timber-concrete hybrid innovations : A framework to evaluate economical and technical factors for the construction market." Thesis, KTH, Byggnadsmaterial, 2017. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-210045.
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Nowadays, the focus of the construction market is on sustainability aspects, for which purpose, the employment of wood seems promising. Nevertheless, in countries having high potentiality like Sweden, the timber construction market finds difficulties in growing. The reason lies in the lack of standards for design and industrialization and on the strong competition of the concrete industry. The timber-concrete hybrid solution is presented in this study as a solution beneficial for both the timber and the concrete markets: the former would benefit of a pulling action towards standardization and larger market, while the latter would fulfil the environment-friendly requirements and better differentiate in the competitive landscape. Therefore, the objective of this thesis is to provide a framework to evaluate innovations in construction market, highlighting the characteristic issues related to the matching of timber and concrete constructions, and detecting the main economic and technical factors to help in the decision-making process. This framework will help to organize and evaluate all the information and the boundary conditions about the introduction of a concrete-timber hybrid construction solution, which eventually would enhance the timber construction market itself through a preliminary association with concrete market. Firstly, some consideration on the market areas and on the general perceptions towards the timber construction are presented; then, the focus is moved onto the dynamics of concrete and timber supply chains, highlighting similarities, diversities, and possible reciprocal benefits, to finally detect the market indicators to be considered for a decision-making path related to the timber-concrete hybrid construction. From the technical side, a conceptual design is proposed, considering the industrialization of such hybrid solution. Annex A shows how standardization and modularity of the products would enable compatibility and interchangeability between timber and concrete, on account of the open system within the construction market. Annex B displays a schematic picture of how the exploitation of timber and concrete’ properties, with the industrialization of these two materials, can be best employed for a hybrid building. A preliminary technical evaluation of the timber-concrete hybrid is carried out by dividing the building into modular units and focusing on the main systems (horizontal loadbearing system, vertical loadbearing system, external envelope, inner partitions), while making consideration on structural design, fire protection, building technology details, building service systems integration, construction plan, and costs. The innovations within the construction market are often hindered by the fear to undertake a high-risk project. The proposed framework allows to increase the awareness on the general factors to be evaluated, and to undertake a gradual adoption of the “new” timber construction solution. The key points underlying the whole timber-concrete hybrid problem are standardization and modularity, necessary for a quality-oriented production. Further studies need to be carried out with an applicative intent: application of the general framework to real cases and pilot projects; automatic tools for the design and construction optimization including economic and technical factors; innovative and original hybrid solutions, which better exploit the timber-concrete synergy.
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Bahadur, Rawal Rana [Verfasser]. "Sustainable Management of Non-Timber Forest Products. The Role of a Market Price Information System / Rana Bahadur Rawal." München : GRIN Verlag, 2020. http://d-nb.info/1219732427/34.
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Lee, Dug Man. "A Dynamic Analysis of the Global Timber Market and Carbon Flux of Forest under Global Warming: An Integrated Modeling Approach." DigitalCommons@USU, 2000. https://digitalcommons.usu.edu/etd/3909.
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As global warming migrates ecosystems toward the poles, the result has been a change in the distribution of ecosystem types and the productivity of ecosystem as well. Similar to other natural resources, forests are also potentially affected as ecosystems move toward the poles. Consequently, human beings are forced to adapt, and global warming will generate an impact on the global timber market through changes in timber harvests, regeneration inputs, stumpage prices, etc. In addition, the dynamic process of forest change in response to economic activities of human beings will accelerate or dampen the amount of carbon in the atmosphere. In this context, we propose an integrated modeling approach to identify the effect of global warming on the global timber market, and examine the feedback effect of the global timber market on global warming.
To perform the primary research objective, we estimated dynamic ecological change based on (1) the simulation results of BIOME 3 using hamburg and (2) the linearity assumptions about change in climate and ecosystem. With the estimates of dynamic ecological change, we modified the Timber Supply Model 2000 (TSM 2000) to reflect the dynamic ecological change caused by climate change. After simulating the base scenario and the climate change scenario of TSM 2000, we identified that global warming has a positive effect on the global timber market.
For the secondary research objective, we extend the modeling framework by incorporating the Terrestrial Carbon Model (TCM) designed to investigate net carbon release into the atmosphere. Simulating both the base TCM and the modified TCM which reflects climate change, we identified that the global timber market has a dampening (negative feedback) effect on global warming through net carbon sequestering. Fore sensitivity analyses, we performed these simulation procedures under three different timber demand growth scenarios
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Hughes, Annabelle F. "The evolution and ownership of timber-framed houses within the old parish and market catchment area of Horsham, circa 1300-1650." Thesis, University of Sussex, 1988. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.258723.
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Sierra-Maldonado, Rodrigo. "Land use strategies of household based enterprises, the timber industry, and deforestation in northwest Ecuador: the articulation of market forces, national policies, and local conditions /." The Ohio State University, 1994. http://rave.ohiolink.edu/etdc/view?acc_num=osu1487858106116904.
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Greene, Sarah Marsden. "Non-Timber Forest Products Marketing Systems and Market Players in Southwest Virginia: A Case Study of Craft, Medicinal and Herbal, Specialty Wood, and Edible Forest Products." Thesis, Virginia Tech, 1998. http://hdl.handle.net/10919/36523.
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Non-timber forest products (NTFPs) are important in rural southwest Virginia as a source of household sustenance and supplemental income. The trade in NTFPs from this region is centuries old and now helps supply growing worldwide demands. Although marketing is a vital part of optimizing the value of these products, it has been ignored in rural natural resource development. This research analyzes marketing systems for selected NTFPs in southwest Virginia by describing marketing chains, interpreting data on important marketing elements, and comparing results within and between different groups of NTFPs. Product categories selected for emphasis are crafts (grapevine wreaths, baskets, furniture, and birdhouses), medicinal and herbal products, specialty wood products (musical instruments), and edible forest products. This qualitative, exploratory study utilizes direct interviews with fifty market players at various levels in marketing chains.
Results provide information on NTFP products, value addition, market outlets, pricing, promotion, distribution, and marketing chains. Hundreds of people are involved with the NTFP trade in southwest Virginia and marketing can help ameliorate negative effects of job scarcity. The greatest opportunity for local level marketing exists for market players of crafts and specialty wood products. Medicinal and herbal products are the only category which very little local value addition takes place within the region and as a result, market players have minimal control over marketing. Edible forest products are not marketed but are collected only for consumption in the household. Several opportunities for marketing include improving market access for crafts and specialty wood products, increasing production through cultivation for medicinal and herbal products, and developing capacity for edible product cultivation.Master of Science
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Frödå, Charlotte. "Skogsägarnas intresse för att sälja virke genom en digital virkesmarknad." Thesis, Linnéuniversitetet, Institutionen för skog och träteknik (SOT), 2019. http://urn.kb.se/resolve?urn=urn:nbn:se:lnu:diva-89896.
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A digital timbermarket helps forest owners reach out to severaltimber purchasers and be able to compare the forest companies’ price lists. The purpose of this study was to examine how the forest owners would respond to a digital timbermarket.The study analyzes if Swedish forest owners are interested in the use of a digital timbermarket. By using a web survey, the forest owner’s responses about a digital timbermarket have been collected and analyzed. The results of the study showed that most of the forest owners were positiveabout using a digital timbermarket. The forest owners who were positive usually had smaller properties, no education or work experience in forestry.Those who were most unwillingto use a digital timbermarket were mostly over 70 years old, had made more than 30timber sales and own forest properties over 300 hectares.En digital virkesmarknad är en webbplats där skogsägaren kan nå ut till flera olika virkesköpare vid försäljning av virke, köpare somskogsägarna i vanliga fall inte nått ut till. Här finns även offentliga prislistor från flera köpare samlade och detta kan på så sätt leda till en trasparantare virkesmarknad. Frågan är om skogsägare i Sverige är intresserade av att sälja virke genom en digital virkesmarknad, där olika bud kan jämföras. Om skogsägarna är det, vilka skogsägare är i så fall öppna för en digitaliserad marknad och vilka vill fortsätta sälja på traditionellt sätt. För att ta reda på hur intresset ser ut, har en webbenkät publicerats på Internet där skogsägare från hela Sverige kunnat fylla i enkäten. Totalt svarade 173 skogsägare. Deras svar har sedan sammanställts och analyserats för att se vad som skiljer skogsägare som är intresserade av att sälja virke genom en digital virkesmarknad från de som hellre säljer virke på traditionellt sätt. Studien visade att majoriteten (72 %) av skogsägarna var intresserade av att sälja virke genom en digital virkesmarknad. De skogsägare som skulle kunna tänka sig använda en digital virkesmarknad vid försäljning av sitt virke har oftast mindre fastigheter, ingen skoglig utbildning, använder Internet dagligen, ägt skogsfastigheten mindre än 10år och därmed gjort färre virkesaffärer. De som inte skulle kunna tänka sig använda en digital virkesmarknad vid försäljning av sitt virke är oftast över 70år, fastigheten är på över 300ha och gjort fler än 30 virkesaffärer.
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Adhikari, Sailesh. "Assessment of Cross Laminated Timber Markets for Hardware Lumber." Diss., Virginia Tech, 2020. http://hdl.handle.net/10919/103013.
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The goal of this study was to assess the potential of using hardwood lumber in CLT manufacturing. The goal was achieved by addressing four specific objectives. The first objective was to collect CLT manufacturers' perspectives for using hardwood lumber in the current manufacturing setup. The second objective was to determine hardwood sawmills' current ability to produce structural grade lumber (SGHL) from low value logs as a product mix through a survey of hardwood lumber producers in the US. The third objective was to conduct a log yield study of SGHL production from yellow poplar (YP) logs to produce 6'' and 8'' width SGHL to match the PRG 320 requirements. The fourth objective was to determine CLTs' production cost using SGHL and compared it with the CLTs manufactured from southern yellow pine (SYP).
The results suggest that all three CLT industries visited and interviewed had sufficient technology to produce hardwood CLTs. The production of hardwood CLTs was mainly limited by the quality and quantity of lumber available. The hardwood sawmill survey results indicated that, currently, less than 10% of the sawmills had all the resources required to produce SGHL. The current ability of the sawmills was measured based on the resources necessary to begin SGHL production. Forty percent of the sawmills would require an investment in sawing technology to saw SGHL, 70% would require employing a certified lumber grader, and 80% would require a planer to surface lumber. Another significant finding was the sawmills' willingness to collaborate with other sawmills and lumber manufacturers. More than 50% of sawmills were open to potential collaboration with other stakeholders if necessary, which is crucial to commercializing SGHL for a new market.
The log yield study of yellow poplar helped demonstrate that the mixed grade lumber production method to convert lumber from lower quality zones as SGHL yields higher lumber volume for sawmills and at the same time reduces lower-grade lumber volume. On average, SGHL production increased lumber volume by more than 6% compared to only NHLA grade lumber production when 65% of the lumber was converted to SGHL. The volume of lower lumber grades from 2 common and below decreased from an average of 85% to less than 30% when producing SGHL as a product mix with NHLA grade lumber. This study observed more than 95% of SGHL as Number 3 and better lumber grades. At estimated lumber value, 2x6 and 2x8 SGHL and NHLA grade lumber production as product mix from a log generate higher revenue for all log groups except for the diameter 13" logs. A lower percentage of higher-grade lumber was observed for diameter 13’’ logs than other log groups from this experiment, which resulted in lower revenue.
Production cost of CLTs was determined based on the lumber value to manufacture 40' x 10' plain panels with different combinations by lumber grade of yellow poplar and southern yellow pine lumber alone. Production cost was determined by assuming that lumber value contributes 40% of CLTs' total production cost. The 3- ply CLT panels were manufactured using S. Selects lumber in a major direction, and No 1-grade lumber in the minor direction from YP had a production cost of $662.56 per cubic meter, which cost only $643.10 when SYP lumber was used at referenced lumber value. This study concludes that CLT panels from YP cost 3-7 % more than SYP-CLTs at the referenced lumber values.Ph.D.
This research aims to expand the hardwood lumber consumption in the US by evaluating the opportunity to manufacture cross-laminated timber (CLTs). First, CLT manufacturing industries were visited to know their current capacity to process hardwood lumber. The results suggest that all three CLT industries had sufficient technology to produce hardwood CLTs, and the production was mainly limited by the quality and quantity of lumber available. Commercially hardwood can be used in CLT manufacturing if it can be used for structural application. Hardwood lumber must meet the structural application's minimum requirements to manufacture the structural grade CLTs, so we surveyed the hardwood sawmills to know if they have the required resources to manufacture the structural grade hardwood lumber (SGHL). Only ten percent of the sawmills had required technology to produce SGHL without additional investments. Production of the SGHL also required to generate more revenue for the hardwood sawmills, so we conducted the log yield study to know how the revenue structure of sawmill operation will change from the mixed grade lumber production. At estimated lumber value, 2x6 and 2x8 SGHL and 1-inch National Hardwood Lumber Association (NHLA) grade lumber production as product mix from logs generate higher revenue for all log groups except for the diameter 13" logs. Finally, the production cost of SGHL from the log yield study was evaluated and used to produce CLTs at 40% production cost from lumber at 15% profit margins for sawmills and compare with southern yellow pines CLTs. The results indicate that yellow poplar CLTs cost 3-7 % more than southern yellow pines CLTs at the referenced lumber values. This study concludes that hardwood lumber can be used in CLT manufacturing, so there is an opportunity for hardwood sawmills to expand the market. The first step for commercial production of hardwood CLTs is to produce SGHL on a commercial scale, given that sawmills can benefit from these new products in the current lumber market and meet the minimum requirements of the CLT raw materials.
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Steele, Melita Zoë. "Natural resource harvesting and disturbance in communal lands: assessing the roles of local ecological knowledge, dependency and market access." Thesis, Rhodes University, 2008. http://hdl.handle.net/10962/d1004604.
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A great deal of research has demonstrated that Non-Timber Forest Products (NTFPs) play a crucial role in the livelihoods of the rural poor, and are particularly important to the most marginalised people throughout the developing world. However, these livelihood benefits are not without cost to the natural resource base that rural communities depend so heavily upon. The continued dependence on NTFPs as a major livelihood source must be contingent upon the minimisation of the level of disturbance created through this dependency. This study assesses the level of disturbance created through natural resource harvesting in eight study sites around South Africa, and applies a predictive conceptual model created by Shankaar et al. (2004b) to try and ascertain under what conditions the level of disturbance created through natural resource harvesting will be high. It assesses the three key factors that Shankaar et al. (2004b) identified (level of Local Ecological Knowledge (LEK), level of dependency and access to markets) in relation to the level of disturbance found at each of the study sites. It was found that there was a statistically significant relationship between the level of dependency and the level of disturbance, but there was no statistically significant relationship between either access to markets or the level of LEK and disturbance. Regulation of land use is a key issue, with weak local institutions in communal areas making effective resource management difficult. The significance of these findings is discussed, and priorities for future research are identified. This study adds to the body of knowledge related to NTFP harvesting and critically analyses the conflicts between the livelihood gains and the level of disturbance created through NTFP harvesting in an attempt to ascertain how livelihoods can be safeguarded. And in the longer-term, so that management strategies can be identified where resource extraction is not at the cost of undermining the very livelihoods that depend upon the natural resource base.
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Cho, Young-Hye. "Time-varying betas and market microstructures in option markets /." Diss., Connect to a 24 p. preview or request complete full text in PDF format. Access restricted to UC campuses, 2000. http://wwwlib.umi.com/cr/ucsd/fullcit?p9981964.
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Müller, Josephine. "Formholzprofile als Ausgangsmaterialien für Design-Prozesse: Auswertung von Marktstudien und Durchführung von Experteninterviews." Saechsische Landesbibliothek- Staats- und Universitaetsbibliothek Dresden, 2013. http://nbn-resolving.de/urn:nbn:de:bsz:14-qucosa-85583.
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Innovationen führen zu volkswirtschaftlichem Wachstum. In dieser Diplomarbeit geht es um einen neuen, innovativen Holzwerkstoff: Faserverstärkte Holzrohrprofile. Diese wurden von Professor Peer Haller an der technischen Universität entwickelt. Die Arbeit untersucht das Marktpotential des neuen Baustoffes in 5 Branchen: Bauingenieurwesen und Architektur, Leichtbau, Windkraft, Masten und Rohrleitungen. Die Forschung findet anhand einer Literatursynthese und Experteninterviews statt. Die Marktanalyse wird mit dem 5 Kräfte Modell von Porter und den 5 Rahmenbedingungen von Baum, Coenenberg und Günther durchgeführt. Dabei handelt es sich bei den 5 Kräften um Lieferanten, Abnehmer, Substitute, Konkurrenz und Wettbewerber. Die untersuchten Rahmenbedingungen sind ökonomische, ökologische, gesellschaftliche, technologische und rechtliche. Sie ermitteln die Chancen und Risiken des neuen Produktes auf den verschiedenen Märkten. Zudem werden die aktuellen Marktsituationen dargestellt. Durch die Hinweise der Experten und die Ergebnisse der Literatur werden Vorschläge für die weitere Forschung in ökonomischer und technologischer Richtung abgeleitet. Empfehlungen für das weitere Vorgehen bei der Markteinführung in die 5 Brachen sind die Ergebnisse der ArbeitInnovations lead to economic growth. This diploma thesis deals with a new, innovative wood product: Fibre-reinforced Tiber Profiles. These where invented by Professor Peer Haller at the Technical University Dresden. The paper investigates the market potential of this new product in 5 industries: building and architecture, lightweight construction, wind power, towers and pipes. This is achieved trough literature synthesis and expert interviews. The market analysis is determined with the 5 Forces Model of Porter and the 5 framework conditions by Baum, Coenenberg and Günther. Thereby the forces suppliers, buyers, substitutes, new entrants and competition the markets with influence on the product are identified. As well as the economic, ecological, social, technological and legal frameworks which make out the opportunities and threats for the product on the different markets. Additionally the current situations of the different markets are presented. Further economic and technical research needs appear through the suggestions of the experts and the findings in the literature. Recommendations for further approach and handling of the product in the markets are the outcomes of this writing
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Ekdal, Emil. "Markägares val av skogspartner :." Thesis, Linnéuniversitetet, Institutionen för skog och träteknik (SOT), 2013. http://urn.kb.se/resolve?urn=urn:nbn:se:lnu:diva-26542.
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Derome Skog AB is a purchase company whose main task is to provide Derome Timber's sawmills in Halland with timber raw material. Because of the very hard competition in the roundwood market it is important to know what kind of purchase offers are required in order to buy a valuable product from forest owners. This study aims to elucidate the crucial factors when private forest owners choose to harvest and sell their forest. As base for this study, a questionnaire has been performed with private forest owners. The result of the study shows that it is not particularly often that the timber price is the crucial factor why the forest owners choose to harvest and sell the forest products; i.e. timber, pulpwood as well as energy assortments. Most often, it is entirely other reasons which drive the forest owner to harvest. The price of timber is however very important and can very well be the factor that determine to whom the forest owner chooses to sell his timber.
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Rizek, Maytê Benicio. "Efeitos da exposição ao mercado de produtos florestais não madeireiros sobre o capital social de comunidades extrativistas da Amazônia brasileira." Universidade de São Paulo, 2010. http://www.teses.usp.br/teses/disponiveis/90/90131/tde-03112010-015234/.
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A crença na capacidade do mercado de Produtos Florestais Não Madeireiros (PFNMs) em conciliar a conservação de florestas tropicais e o desenvolvimento de populações extrativistas resultou na implementação de diversos programas com esta finalidade na Amazônia brasileira. Dentre esses programas é cada vez mais comum o estabelecimento de parcerias entre comunidades extrativistas que comercializam PFNMs com empresas. No entanto, estudos têm evidenciado que o mercado de PFNMs apresenta impactos tanto na esfera ambiental como no âmbito socioeconômico das comunidades envolvidas. Sobre os efeitos socioeconômicos, não estão claros quais os efeitos deste mercado nas estratégias de compartilhamento de recursos e cooperação produtiva entre unidades domésticas, as quais têm funções econômicas e sociais para a subsistência, em especial no caso das unidades mais vulneráveis. Partindo dessa questão central foi testada a hipótese de que a exposição ao mercado de PFNMs afeta essas instituições cooperativas, trazendo consequências negativas para a segurança de subgrupos mais vulneráveis economicamente. Para isso foi feito um estudo comparativo entre duas comunidades que compartilham o mesmo histórico e estão localizadas em condições ambientais e geográficas semelhantes na Reserva Extrativista do Médio Juruá no Estado do Amazonas Brasil, mas que diferem com relação à exposição ao mercado de PFNMs. Enquanto a comunidade do Roque comercializa óleos vegetais com empresas de cosméticos, Pupuaí mantém práticas econômicas locais. As técnicas para coleta de dados incluíram painel de observações sistemáticas, surveys, diagnóstico rural participativo e entrevistas estruturadas e semi-estruturadas. Os resultados indicam que o compartilhamento de recursos é menos frequente na comunidade inserida no mercado de PFNMs, porém este efeito não é perceptível na avaliação transversal entre unidades domésticas com diferentes graus da inserção ao mercado. Portanto, as mudanças no compartilhamento de recursos foram observadas somente no nível entre comunidades e a hipótese foi apenas parcialmente aceita. Com relação aos efeitos sobre unidades domésticas mais vulneráveis este estudo apresentou dois resultados principais. Em primeiro lugar há um padrão distinto de compartilhamento de recursos entre as comunidades. Isto é, na comunidade com mercado de PFNMs as unidades vulneráveis receberam mais recursos, enquanto na comunidade menos exposta ao mercado foi observado o oposto. Mas, devido à menor frequência de eventos cooperativos observados na comunidade inserida no mercado, ainda assim suas unidades vulneráveis receberam menos recursos quando comparadas com as unidades vulneráveis da comunidade menos exposta ao mercado. O segundo resultado é que as unidades mais vulneráveis da comunidade com mercado de PFNMs participaram de interações cooperativas com menos unidades distintas quando comparadas com aquelas da comunidade sem mercado e, portanto, têm menor capital social para recorrer em situações de risco ou escassez de recursos. No entanto, para avaliar se a redução no comportamento cooperativo afeta o bem-estar das unidades mais vulneráveis seria necessário avaliar se a demanda de consumo das unidades vulneráveis são melhor atendidas na comunidade inserida no mercado de PFNMs ou naquela menos exposta ao mercado.The belief in the capacity of Non Timber Forest Products (NTFPs) to reconcile the double aim of providing for the well-being of extractive communities and conserving tropical forests resulted in the implementation of various programs with this purpose in the Brazilian Amazon. Among these programs it is increasingly common the adoption of partnerships between extractive communities and companies to trade NTFPs. Recently, however, several studies have highlighted the shortcomings of trading NTFP, regarding both biological conservation and the well-being of communities. Within the context of well-being impacts, there is a fear the increased integration of largely autarkic communities into NTFP markets can disrupt cooperation strategies and sharing practices, which have economic and social functions to peasant economies, particularly for more vulnerable households. In this study, we focus on this issue and advance the hypothesis that increased trade in NTFP may disrupt those cooperative institutions, bringing negative consequences to the security of the most economically vulnerable subgroups. To test this hypothesis, we compare two communities of the Médio Juruá Extractive Reserve, Brazilian Amazonia, which share the same historical background and similar environmental and geographic conditions, but differ in relation to NTFP trade. While Roque community trades vegetable oils with cosmetics companies, Pupuaí carries on with previous economic practices. Data gathering techniques included random systematic observations, household surveys, participatory rural appraisal and structured and semi-structured interviews. The results indicate that the community integrated into NTFP markets has fewer cooperative events than the community less market integrated. Despite that, no pattern is observed when we compare the association between levels of market participation among households. Therefore, we concluded the hypothesis was only partially accepted, because the changes in sharing practices are observable only at the community level. When we evaluate the effects of cooperation networks on more vulnerable households, we find two main results. First, we find a different pattern between the two communities as regards vulnerable households. While more vulnerable households benefit more from cooperative events in the community integrated into NTFPs, the opposite is observed in the community less exposed to markets. Even so, because the frequency of cooperation is much lower in the community trading NTFPs, these differences mean more vulnerable households still get fewer payoffs from cooperation than in the community less market integrated. Secondly, households from the community trading NTFPs, besides cooperating less frequently, also do so with a smaller number of different households when compared with the community less integrated to markets, which means their networks of social capital are weaker. It is therefore not yet clear in which community the human needs of vulnerable households are better fulfilled in order to ascertain whether the reduction on cooperative behavior diminishes their well-being.
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Faria, Renata Barros Marcondes de. "Povos indígenas na Amazônia e o mercado de produtos florestais não-madeireiros: efeitos no uso de recursos naturais pelos Araweté." Universidade de São Paulo, 2007. http://www.teses.usp.br/teses/disponiveis/90/90131/tde-25082007-180740/.
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Este estudo tem como objetivo verificar quais são os efeitos indiretos que a participação de povos indígenas no mercado de produtos florestais não madeireiros (PFNMs) produz no uso de recursos naturais. As Terras Indígenas são estratégicas para a conservação das florestas tropicais, embora este papel possa ser alterado pelo crescente envolvimento dos povos indígenas com o mercado. Estimulado como forma de promover o desenvolvimento econômico dessas sociedades aliado à conservação ambiental, o mercado de PFNMs pode também produzir efeitos negativos no meio ambiente, tanto diretos - nos recursos explorados - como indiretos - por meio de transformações nas atividades de subsistência dos povos indígenas. O estudo dos efeitos indiretos é ainda negligenciado, restando dúvidas se a adoção dessa estratégia de mercado atinge os objetivos a que se propõe. O presente estudo pretende auxiliar a preencher essa lacuna, verificando de que forma a participação dos Araweté no mercado de PFNMs afeta suas atividades de subsistência. Por meio de técnicas qualitativas (entrevistas semi-estruturadas e informais) e quantitativas (survey e observações sistemáticas de alocação de tempo), foram levantados dados sobre o grau de envolvimento no mercado de PFNMs (renda obtida) e o padrão de utilização dos recursos naturais (tempo alocado nas diferentes atividades de subsistência e tamanho da área cultivada) de uma amostra de 24 unidades domésticas por um período de sete meses, durante um ano. Os resultados mostram que ocorreram transformações históricas nas atividades de subsistência dos Araweté e em sua participação na economia de mercado. Na subsistência, observou-se: o maior consumo da mandioca e do milho; o cultivo de dois roçados (milho e mandioca) por várias famílias; a incorporação de novas tecnologias na pesca e agricultura; a redução da coleta de alguns itens e a introdução do cultivo de arroz. Os Araweté participam da economia de mercado principalmente por meio da comercialização de PFNMs, bem como por aposentadorias e salários do governo. O maior envolvimento no mercado de PFNMs está associado com maior dedicação às atividades de subsistência (de forma geral) e, em particular, à agricultura e à coleta, embora não explique variações na caça e pesca.The aim of this study is to analyse the indirect effects produced to the use of natural resources which arise from the participation of indigenous peoples in markets for non-timber forest products (NTFP). Indigenous territories play a strategic role in the conservation of tropical rainforests, though their character might change with the growing involvement of indigenous societies in the market economy. If NTFP markets are stimulated in order to promote economic development of such societies, alongside with forest conservation, they may as well produce negative effects both directly to the resource extracted, or indirectly through changes in the patterns of subsistence activities. The study of the latter has been neglected, raising doubts whether this win-win strategy accomplishes its own purposes. This study focuses on this gap, by investigating how the participation of the Araweté in the NTFP trade affects their pattern of subsistence activities. Qualitative (semi-structured and unstructured interviews) and quantitative (survey and spot observations) techniques were adopted to gather data about Arawetes level of participation in the market economy (i.e. incomes) and the patterns of natural resource use (i.e. time allocated to subsistence activities and size of the agricultural plots). 24 households were sampled during seven months within a years period. The results show the patterns of Arawetés subsistence and their involvement into the market economy were transformed. As regards subsistence patterns, we observed: a greater consumption of manioc and corn; the cultivation of two plots (corn and manioc) by several families; the incorporation of new fishing and hunting technologies; a decrease in gathering of some products and the introduction of rice. The Araweté participate in the market economy mainly through the commercialisation of NTFPs, as well as pensions and government salaries. Their greater involvement in the market economy is associated with greater dedication to subsistence (in general) and, in particular, to agriculture, while it does not explain changes in hunting and fishing patterns.
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Müller, Josephine. "Formholzprofile als Ausgangsmaterialien für Design-Prozesse: Auswertung von Marktstudien und Durchführung von Experteninterviews." Technische Universität Dresden, 2011. https://tud.qucosa.de/id/qucosa%3A25953.
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Innovationen führen zu volkswirtschaftlichem Wachstum. In dieser Diplomarbeit geht es um einen neuen, innovativen Holzwerkstoff: Faserverstärkte Holzrohrprofile. Diese wurden von Professor Peer Haller an der technischen Universität entwickelt. Die Arbeit untersucht das Marktpotential des neuen Baustoffes in 5 Branchen: Bauingenieurwesen und Architektur, Leichtbau, Windkraft, Masten und Rohrleitungen. Die Forschung findet anhand einer Literatursynthese und Experteninterviews statt.
Die Marktanalyse wird mit dem 5 Kräfte Modell von Porter und den 5 Rahmenbedingungen von Baum, Coenenberg und Günther durchgeführt. Dabei handelt es sich bei den 5 Kräften um Lieferanten, Abnehmer, Substitute, Konkurrenz und Wettbewerber. Die untersuchten Rahmenbedingungen sind ökonomische, ökologische, gesellschaftliche, technologische und rechtliche. Sie ermitteln die Chancen und Risiken des neuen Produktes auf den verschiedenen Märkten. Zudem werden die aktuellen Marktsituationen dargestellt.
Durch die Hinweise der Experten und die Ergebnisse der Literatur werden Vorschläge für die weitere Forschung in ökonomischer und technologischer Richtung abgeleitet. Empfehlungen für das weitere Vorgehen bei der Markteinführung in die 5 Brachen sind die Ergebnisse der Arbeit.Innovations lead to economic growth. This diploma thesis deals with a new, innovative wood product: Fibre-reinforced Tiber Profiles. These where invented by Professor Peer Haller at the Technical University Dresden. The paper investigates the market potential of this new product in 5 industries: building and architecture, lightweight construction, wind power, towers and pipes. This is achieved trough literature synthesis and expert interviews. The market analysis is determined with the 5 Forces Model of Porter and the 5 framework conditions by Baum, Coenenberg and Günther. Thereby the forces suppliers, buyers, substitutes, new entrants and competition the markets with influence on the product are identified. As well as the economic, ecological, social, technological and legal frameworks which make out the opportunities and threats for the product on the different markets. Additionally the current situations of the different markets are presented. Further economic and technical research needs appear through the suggestions of the experts and the findings in the literature. Recommendations for further approach and handling of the product in the markets are the outcomes of this writing.
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Nord, Tomas. "Prefabrication strategies in the timber housing industry : a comparison of Swedish and Austrian markets." Doctoral thesis, Luleå, 2008. http://urn.kb.se/resolve?urn=urn:nbn:se:ltu:diva-16890.
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The functional-based building regulations issued in 1994/95, made it possible to once again build higher buildings with timber structures in Sweden. At the same time there was a need to make the traditional project- oriented construction process more efficient, with prefabricated building systems and products as one possible solution. Since then, a number of timber housing companies have established product strategies and developed system solutions to meet the demands from different markets. In other European countries, changes in rules and regulations have positively facilitated the development of timber building products and systems and established new companies and strategies. Austria is one example, where architecture and technology are in focus, developing different product strategies in the timber housing industry. External factors and their changing, affect the formulation of viable business strategies in the timber housing industry. This dissertation aims to describe and analyse the strategic development of timber housing companies in Sweden and Austria. Strategy theories on the alignment of internal elements and external factors to create competitive advantage are applied in this dissertation. The results are based on empirical data gathered in a multiple case-study with two cases from Sweden and Austria, respectively. Result show that the strategic development of the Austrian timber housing companies was determined by the established conditions in the construction process. Timber structures already had strong positions in specific market segments; hence, the strategic behaviour of timber housing companies progressed with an inside-out approach. The strategic focus was to develop efficient internal processes that focus on design skills, flexible production facilities and on-site assembly resources to improve competitive advantage. The strategic development of the Swedish timber housing companies was based on what was possible from the changes in basic conditions, which partly diverted from the common and shared understanding in the construction process; hence the strategic behaviour of timber housing companies have had an outside-in approach to create competitive advantage. They have developed product platforms of standardised modules or elements and where cooperation with technical and system design complementors have been important to offer competitive timber building system solutions. The results indicate a strong correlation between basic conditions - construction process - firm conduct. Changes in basic conditions will give raise to firm conduct, different from the normative behaviour in the construction process, by firms with resources and capabilities by the changing basic conditions.Möjligheten att bygga höga byggnader med trästomme i Sverige kom som en följd av införandet av funktionsbaserade byggregler i mitten av 1990-talet. Samtidigt fanns ett behov av att effektivisera den traditionellt projektorienterade byggprocessen där industriellt förtillverkade systemprodukter sågs som en möjlig lösning. Detta utgjorde drivkraften till att ett antal träbyggnadsföretag har skapats och utvecklat produktstrategier och systemlösningar för högre hus i trä. Även i ett europeiskt perspektiv har det skapats ökade möjligheter för träbyggprodukter inom husbyggandet via regeländringar, vilket påverkat företagens strategier. Ett exempel är Österrike där arkitektur och teknik varit förtecken i utvecklandet av olika produktstrategier inom träbyggnadsindustrin. Omvärldsfaktorer och dessas förändring påverkar hur träbyggföretag skapar och utvecklar sina företagsstrategier. Denna avhandling syftar till att beskriva och analysera den strategiska utvecklingen av träbyggföretag i Sverige och Österrike. Avhandlingen har sin teoretiska bas i strategiteorier, där passningen mellan interna och externa förutsättningar ligger till grund för hur företag utvecklar konkurrensfördelar. Resultaten är baserade på data insamlade via en multipel fallstudie där två fall från Sverige respektive Österrike ingick.Resultaten visar att de österrikiska träbyggföretagens strategiska utveckling har skett inom ramen för vad som är givet av den etablerade byggprocessen. Träbyggnader har haft sina givna marknader och företagens strategiska agerande har varit med ett inifrån-ut-perspektiv. Det strategiska agerande har präglats av att utveckla effektiva interna processer med fokus på konstruktionskunnande, flexibla produktionsmetoder och byggplatsåtaganden för att öka konkurrensförmågan. De svenska träbyggföretagens strategiska utveckling har skett inom ramen för vad som är möjligt utifrån de förändrade grundförutsättningarna, och delvis avvikande från normen i byggprocessen. Träbyggföretagen har haft ett utifrån-in perspektiv och utvecklat träbyggsystem baserade på standardiserade modul- eller planelement. Samarbeten med olika projekteringsresurser har varit viktiga för erbjudanden med hetsåtagande.Resultaten visar att det finns ett starkt samband i kopplingen mellan grundförutsättningar - byggprocess - företagsagerande. När förändringar i grundförutsättningar sker som avviker från byggprocessens etablerade norm skapas möjligheter för företag med passande resurser och erbjudanden.
Godkänd; 2008; 20081105 (ysko)
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Todorov, Galin Kostadinov. "A Study of Stock Market Linkages between the US and Frontier Markets." FIU Digital Commons, 2012. http://digitalcommons.fiu.edu/etd/658.
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My dissertation investigates the financial linkages and transmission of economic shocks between the US and the smallest emerging markets (frontier markets).
The first chapter sets up an empirical model that examines the impact of US market returns and conditional volatility on the returns and conditional volatilities of twenty-one frontier markets. The model is estimated via maximum likelihood; utilizes the GARCH model of errors, and is applied to daily country data from the MSCI Barra. We find limited, but statistically significant exposure of Frontier markets to shocks from the US. Our results suggest that it is not the lagged US market returns that have impact; rather it is the expected US market returns that influence frontier market returns
The second chapter sets up an empirical time-varying parameter (TVP) model to explore the time-variation in the impact of mean US returns on mean Frontier market returns. The model utilizes the Kalman filter algorithm as well as the GARCH model of errors and is applied to daily country data from the MSCI Barra. The TVP model detects
statistically significant time-variation in the impact of US returns and low, but statistically and quantitatively important impact of US market conditional volatility.
The third chapter studies the risk-return relationship in twenty Frontier country stock markets by setting up an international version of the intertemporal capital asset pricing model. The systematic risk in this model comes from covariance of Frontier market stock index returns with world returns. Both the systematic risk and risk premium are time-varying in our model. We also incorporate own country variances as additional determinants of Frontier country returns. Our results suggest statistically significant impact of both world and own country risk in explaining Frontier country returns. Time-variation in the world risk premium is also found to be statistically significant for most Frontier market returns. However, own country risk is found to be quantitatively more important.
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Violaris, Antonis M. "Tests of capital market integration/segmentation : the case of the European equity markets." Thesis, Durham University, 1999. http://etheses.dur.ac.uk/1439/.
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Venancio, Bárbara Rocha [UNESP]. "Chain of custody control of ipe timber (Handroanthus sp.) from the Amazon rainforest, using DNA fingerprinting." Universidade Estadual Paulista (UNESP), 2017. http://hdl.handle.net/11449/150808.
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Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)
A presente dissertação de mestrado é composta por uma seção introdutória, seguida de uma revisão da literatura a qual antecede os três capítulos subsequentes. O primeiro capítulo aborda um conjunto de revisões de conhecimentos científicos contemporâneos sobre os efeitos da exploração madeireira em florestas tropicais e as práticas madeireiras utilizadas no Brasil, quais têm se demonstrado insuficientes para garantir a sustentabilidade tanto na produção genética quanto na produção madeireira. O segundo capítulo é um “primer note” descrevendo a identificação de 402 loci putativos (polimorfismos de nucleotídeo único – SNPs, inserções / deleções - INDELs) para Ipe (Handroanthus sp.), destinado à estudos de genética de populações, filogeografia e DNA fingerprinting. O último capítulo discute a viabilidade de DNA fingerprinting para espécies do gênero Handroanthus. Esse traz a análise da diversidade genética, diferenciação genética de populações de Handroanthus sp., bem como entre os países de origem das amostras, análises de auto atribuição de genótipos e testes de atribuição de madeira ao local de origem.
The present master dissertation is composed by an introductory section, followed by a review of literature, which prefaces the three subsequent chapters. The first chapter of this dissertation is a review assembly contemporary scientific knowledge about the effects of the forest logging in tropical rainforests and the actual logging practices used in Brazil, which seems insufficient to ensure sustainability in both genetic and timber production aspects. The second chapter is a primer note describing the identification of 402 putative loci (single nucleotide polymorphisms –SNPs; and insertion/deletions- INDELs) for Ipe (Handroanthus sp.), intended to help population genetics, phylogeography and DNA fingerprinting studies. The last chapter discuss the feasibility of DNA fingerprinting for Handroanthus species. It brings genetic diversity analysis, genetic differentiation of Handroanthus sp. sample-populations, as well as among countries, self-assignment and timber assignment tests analysis.
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Venancio, Bárbara Rocha. "Chain of custody control of ipe timber (Handroanthus sp.) from the Amazon rainforest, using DNA fingerprinting /." Ilha Solteira, 2017. http://hdl.handle.net/11449/150808.
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Orientador: Alexandre Magno SebbennResumo: A presente dissertação de mestrado é composta por uma seção introdutória, seguida de uma revisão da literatura a qual antecede os três capítulos subsequentes. O primeiro capítulo aborda um conjunto de revisões de conhecimentos científicos contemporâneos sobre os efeitos da exploração madeireira em florestas tropicais e as práticas madeireiras utilizadas no Brasil, quais têm se demonstrado insuficientes para garantir a sustentabilidade tanto na produção genética quanto na produção madeireira. O segundo capítulo é um “primer note” descrevendo a identificação de 402 loci putativos (polimorfismos de nucleotídeo único – SNPs, inserções / deleções - INDELs) para Ipe (Handroanthus sp.), destinado à estudos de genética de populações, filogeografia e DNA fingerprinting. O último capítulo discute a viabilidade de DNA fingerprinting para espécies do gênero Handroanthus. Esse traz a análise da diversidade genética, diferenciação genética de populações de Handroanthus sp., bem como entre os países de origem das amostras, análises de auto atribuição de genótipos e testes de atribuição de madeira ao local de origem.
Mestre
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Alt, Rainer, and Hans-Dieter Zimmermann. "Status of business model and electronic market research: An interview with Paul Timmers." Universität Leipzig, 2014. https://ul.qucosa.de/id/qucosa%3A35785.
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This interview with Paul Timmers reflects on how the domain of business models has emerged since the publication of the first business model article in Electronic Markets in 1998. The interview provides insights in how his seminal article on business models for electronic markets originated and on the role of government bodies, in particular the European Commission. Among the opinions shared are that electronic markets should be conceived as a broad concept and that interdisciplinary views are key for shaping future developments, especially in the area of ubiquitous data in many industries.
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Hensyl, Curtis Hamilton. "Impacts of Land and Ownership Characteristics on the Stumpage Prices for Virginia's Nonindustrial Forests." Thesis, Virginia Tech, 2005. http://hdl.handle.net/10919/31706.
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The character of Virginia's nonindustrial private forests is changing primarily for two reasons. First, many large, continuous forested tracts are being sub-divided, into with the resulting smaller tracts purchased for amenity values and recreation instead of as a timber investment (Hodge 1993). Second, the demographics of non-industrial private forest (NIPF) landowners are shifting away from an agricultural, rural focus to an urban oriented lifestyle and absentee ownership. These changes may mean less timber available for purchase by the forest industry. Timber that is sold will be on smaller parcels that is bound to have an impact on the procurement activities of forest industries. However, little research has been performed on the impacts of site and landowner characteristic on stumpage prices.
The objective of this research project is to identify how the stumpage price of timber is altered by the characteristics associated with the changing forest: decreasing tract size, decreasing harvested volumes, landowner residence, and landowner harvesting preferences. In addition to the price of timber, the competitiveness of timber sales is analyzed to determine what impact the fragmented forest could have on the competitiveness of timber markets.
To perform the study, site and landowner information was collected for 138 recent NIPF timber sales that occurred within central Virginia. This region is identified as a critical area for the study of forestry activities because of the growing urban and suburban residential populations and the large amount of forest industry activities taking place there.
Results show that access to the site is the most important characteristic determining the selling price of timber. Sites that are easy for logging crews and vehicles to approach dramatically increase the price paid per ton. Tract size is less important in determining bid prices for timber either once the total volume harvested passes a minimum of 500 tons, or there is mature hardwood sawtimber on the site and the acreage is greater than 50 acres. Landowners preference for select cut harvests results in a lower price per ton being paid by the purchaser due to the increased logging costs associated with this type of harvesting.Master of Science
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Liu, Yuna. "Essays on Stock Market Integration - On Stock Market Efficiency, Price Jumps and Stock Market Correlations." Doctoral thesis, Umeå universitet, Nationalekonomi, 2016. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-119873.
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This thesis consists of four self-contained papers related to the change of market structure and the quality of equity market. In Paper [I] we found, by using of a Flexible Dynamic Component Correlations (FDCC) model, that the creation of a common cross-border stock trading platform has increased the long-run trends in conditional correlations between foreign and domestic stock market returns. In Paper [II] we study whether the creation of a uniform Nordic and Baltic stock trading platform has affected weak-form information efficiency. The results indicate that the stock market consolidations have had a positive effect on the information efficiency and turnover for an average firm. The merger effects are, however, asymmetrically distributed in the sense that relatively large (small) firms located on relatively large (small) markets experience an improved (reduced) information efficiency and turnover. Although the results indicate that changes in the level of investor attention (measured by turnover) may explain part of the changes in information efficiency, they also lend support to the hypothesis that merger effects may partially be driven by changes in the composition of informed versus uninformed investors following a stock. Paper [III] analyzes whether the measured level of trust in different countries can explain bilateral stock market correlations. One finding is that generalized trust among nations is a robust predictor for stock market correlations. Another is that the trust effect is larger for countries which are close to each other. This indicates that distance mitigates the trust effect. Finally, we confirm the effect of trust upon stock market correlations, by using particular trust data (bilateral trust between country A and country B) as an alternative measurement of trust. In Paper [IV] we present the impact of the stock market mergers that took place in the Nordic countries during 2000 – 2007 on the probabilities for stock price jumps, i.e. for relatively extreme price movements. The main finding is that stock market mergers, on average, reduce the likelihood of observing stock price jumps. The effects are asymmetric in the sense that the probability of sudden price jumps is reduced for large and medium size firms whereas the effect is ambiguous for small size firms. The results also indicate that the market risk has been reduced after the stock market consolidations took place.
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Suwardi, Eko. "Exploring the relationship between market values and accounting numbers of firms listed in an emerging market." Thesis, Queensland University of Technology, 2004. https://eprints.qut.edu.au/15986/1/Eko_Suwardi_Thesis.pdf.
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Studies of the relationship between market values and accounting numbers have long been a part of an established theme in capital markets research (CMR). These studies have taken various forms, most being conducted on a cross sectional basis, tied closely with the assumptions of equilibrium behaviour and efficient markets.
Explanatory variables for market value have been dominated by firm-specific variables without incorporating macroeconomic variables. Recently, however, some studies have employed macroeconomic variables and dynamic specification in assessing the relationship between market values and accounting numbers (e.g. Bilson et al. 2001, Nissim and Penman, 2003, and Willett, 2003).
The objective of this thesis is to investigate the nature of the relationship between share prices and accounting numbers on the Jakarta Stock Exchange for the period 1992-2002, using dynamic modelling principles in addition to the more usual cross sectional analysis. The approach to regression modelling (general-to-specific strategy)incorporated in this thesis relies less heavily than most CMR on prior economic theories of equilibrium behaviour. Apart from these novel aspects of approach and
method, the study also provides valuable information about the emerging financial
markets of Indonesia.
The results of this thesis show that cointegration and the accompanying equilibrium
correction relationship between market and book values for firms listed on the Jakarta Stock Exchange (JSX) can often be identified using accounting and macroeconomic regressors. The models are typically more informative, plausible and consistent than cross sectional models and are useful in interpreting the context in which the market to book relationship exists in Indonesia. A possibly surprising result is that in Indonesia, compared to similar models estimated using US data, the book value of net assets seems to have a stronger relationship with market value. This may be a function of the
relative importance of financial statements as a source of information on the JSX.
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Suwardi, Eko. "Exploring the relationship between market values and accounting numbers of firms listed in an emerging market." Queensland University of Technology, 2004. http://eprints.qut.edu.au/15986/.
Full textAbstract:
Studies of the relationship between market values and accounting numbers have long been a part of an established theme in capital markets research (CMR). These studies have taken various forms, most being conducted on a cross sectional basis, tied closely with the assumptions of equilibrium behaviour and efficient markets. Explanatory variables for market value have been dominated by firm-specific variables without incorporating macroeconomic variables. Recently, however, some studies have employed macroeconomic variables and dynamic specification in assessing the relationship between market values and accounting numbers (e.g. Bilson et al. 2001, Nissim and Penman, 2003, and Willett, 2003). The objective of this thesis is to investigate the nature of the relationship between share prices and accounting numbers on the Jakarta Stock Exchange for the period 1992-2002, using dynamic modelling principles in addition to the more usual cross sectional analysis. The approach to regression modelling (general-to-specific strategy)incorporated in this thesis relies less heavily than most CMR on prior economic theories of equilibrium behaviour. Apart from these novel aspects of approach and method, the study also provides valuable information about the emerging financial markets of Indonesia. The results of this thesis show that cointegration and the accompanying equilibrium correction relationship between market and book values for firms listed on the Jakarta Stock Exchange (JSX) can often be identified using accounting and macroeconomic regressors. The models are typically more informative, plausible and consistent than cross sectional models and are useful in interpreting the context in which the market to book relationship exists in Indonesia. A possibly surprising result is that in Indonesia, compared to similar models estimated using US data, the book value of net assets seems to have a stronger relationship with market value. This may be a function of the relative importance of financial statements as a source of information on the JSX.
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Nekarda, Christopher J. "Measuring U.S. labor market dynamics." Diss., Connect to a 24 p. preview or request complete full text in PDF format. Access restricted to UC campuses, 2008. http://wwwlib.umi.com/cr/ucsd/fullcit?p3336553.
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Thesis (Ph. D.)--University of California, San Diego, 2008.Title from first page of PDF file (viewed December 16, 2008). Available via ProQuest Digital Dissertations. Vita. Includes bibliographical references (p. 158-165).
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Rumetshofer, Anna. "Playing the European Postal Code Lottery? : Analysis of Time to Market of new Drugs on the European Market." Thesis, Uppsala universitet, Nationalekonomiska institutionen, 2019. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-391498.
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This thesis seeks to investigate the vastly varying time to market of newly approved drugs across Europe. Firtsly, I use a country fixed effects model on data of newly approved drugs from 2014 to 2017 from 18 European countries. I investigate the correlations between medication specific characteristics and the launch time and find that drugs intended to treat HIV, rheumatism or hepatitis are correlated with a faster launch time. Orphan drugs, though they represent a third of the dataset are found to be insignificantly correlated with time to market. Using a drug fixed effects model, I research important country characteristics in relation to the launch time and find that countries with higher imports of medications are correlated with a quicker time to market. Countries with larger medication export sectors experience a longer waiting time, which could be linked to companies trying to hinder the parallel export of new drugs.
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Liao, Xianchun. "Essays of forestry investments in the US and stumpage markets in the US South." Auburn, Ala., 2007. http://repo.lib.auburn.edu/2007%20Spring%20Dissertations/LIAO_XIANCHUN_33.pdf.
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MacDonald, Garry A. "Applied analysis of labour and financial markets using time series methods." Thesis, Curtin University, 1997. http://hdl.handle.net/20.500.11937/557.
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The development of time series techniques associated with non stationary data, such as the testing for unit roots and cointegration has presented the applied worker with new challenges in the applied analysis of economic problems.This thesis uses some of these methods to consider a number of questions in the area of labour and financial markets.In particular the thesis considers the application of these methods to two general questions, the specification of the aggregate wage equation in Australia and the efficiency of the Australian stock market. More specifically the thesis focuses on the time series properties of variables commonly used in specifications of the wage equation and then tests them for cointegration. In the financial economics area the thesis tests for the gains to portfolio diversification from the perspective of an Australian investor and the applicability of the present value model of stock prices to the Australian stock market.
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Lee, Yeolan. "ESSAYS ON INNOVATION STRATEGY: RECONCILIATION OF FACTOR MARKET AND PRODUCT MARKET STRATEGIES." The Ohio State University, 2013. http://rave.ohiolink.edu/etdc/view?acc_num=osu1373885061.
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Wall, Tobias, and Jacob Titus. "Imputation and Generation of Multidimensional Market Data." Thesis, Umeå universitet, Institutionen för matematik och matematisk statistik, 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-184162.
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Market risk is one of the most prevailing risks to which financial institutions are exposed. The most popular approach in quantifying market risk is through Value at Risk. Organisations and regulators often require a long historical horizon of the affecting financial variables to estimate the risk exposures. A long horizon stresses the completeness of the available data; something risk applications need to handle. The goal of this thesis is to evaluate and propose methods to impute financial time series. The performance of the methods will be measured with respect to both price-, and risk metric replication. Two different use cases are evaluated; missing values randomly place in the time series and consecutively missing values at the end-point of a time series. In total, there are five models applied to each use case, respectively. For the first use case, the results show that all models perform better than the naive approach. The Lasso model lowered the price replication error by 35% compared to the naive model. The result from use case two is ambiguous. Still, we can conclude that all models performed better than the naive model concerning risk metric replication. In general, all models systemically underestimated the downstream risk metrics, implying that they failed to replicate the fat-tailed property of the price movement.
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MacDonald, Garry A. "Applied analysis of labour and financial markets using time series methods." Curtin University of Technology, School of Economics and Finance, 1997. http://espace.library.curtin.edu.au:80/R/?func=dbin-jump-full&object_id=10866.
Full textAbstract:
The development of time series techniques associated with non stationary data, such as the testing for unit roots and cointegration has presented the applied worker with new challenges in the applied analysis of economic problems.This thesis uses some of these methods to consider a number of questions in the area of labour and financial markets.In particular the thesis considers the application of these methods to two general questions, the specification of the aggregate wage equation in Australia and the efficiency of the Australian stock market. More specifically the thesis focuses on the time series properties of variables commonly used in specifications of the wage equation and then tests them for cointegration. In the financial economics area the thesis tests for the gains to portfolio diversification from the perspective of an Australian investor and the applicability of the present value model of stock prices to the Australian stock market.
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Seerattan, Dave Arnold. "The effectiveness of central bank interventions in the foreign exchange market." Thesis, Brunel University, 2012. http://bura.brunel.ac.uk/handle/2438/7361.
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The global foreign exchange market is the largest financial market with turnover in this market often outstripping the GDP of countries in which they are located. The dynamics in the foreign exchange market, especially price dynamics, have huge implications for financial asset values, financial returns and volatility in the international financial system. It is therefore an important area of study. Exchange rates have often departed significantly from the level implied by fundamentals and exhibit excessive volatility. This reality creates a role for central bank intervention in this market to keep the rate in line with economic fundamentals and the overall policy mix, to stabilize market expectations and to calm disorderly markets. Studies that attempt to measure the effectiveness of intervention in the foreign exchange market in terms of exchange rate trends and volatility have had mixed results. This, in many cases, reflects the unavailability of data and the weaknesses in the empirical frameworks used to measure effectiveness. This thesis utilises the most recent data available and some of the latest methodological advances to measure the effectiveness of central bank intervention in the foreign exchange markets of a variety of countries. It therefore makes a contribution in the area of applied empirical methodologies for the measurement of the dynamics of intervention in the foreign exchange market. It demonstrates that by using high frequency data and more robust and appropriate empirical methodologies central bank intervention in the foreign exchange market can be effective. Moreover, a framework that takes account of the interactions between different central bank policy instruments and price dynamics, the reaction function of the central bank, different states of the market, liquidity in the market and the profitability of the central bank can improve the effectiveness of measuring the impact of central bank policy in the foreign exchange market and provide useful information to policy makers.
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Kuusela, Olli-Pekka. "Three Essays in Natural Resource and Environmental Economics." Diss., Virginia Tech, 2013. http://hdl.handle.net/10919/50508.
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This dissertation analyses the impact of political and macroeconomic uncertainties on environmental outcomes and design of policy instruments. The first essay examines how the rate of agricultural land expansion in tropical countries depends on the nature and persistence of new political regimes. We use a novel panel data method that extends previous studies. We find that both new autocratic and democratic regimes have accelerated the expansion of agricultural land, thus yielding support to some of the findings in the earlier literature. Interesting differences emerge between regions, with the impact being most pronounced in Latin America. The analysis is developed more formally using a simple competitive land use model with political regime dependent confiscation risk and agricultural subsidy policy. The second essay evaluates the effectiveness of performance bonding for tropical forest concession management in achieving first and second best outcomes concerning reduced impact logging (RIL) standards. As a novel contribution, this essay introduces a simple model of two-stage concession design, and focus on the impact of three complications: harvester participation constraints, government repayment risk, and imperfect enforcement. We find several new and interesting results, in particular, imperfect enforcement and bond risk may deter implementation of bonding schemes as either the bond payment has to be set higher or the penalty mapping has to become more punitive. Policy implications, including potential for mechanisms such as REDD+ in improving the bonding outcomes, and the degree of financial support required to guarantee full implementation of RIL, are also examined. The third essay focuses on the relative performance of fixed versus intensity allowances in the presence of both productivity and energy price uncertainties. Both allowance instruments achieve the same steady-state emissions reduction target of 20%, which is similar to the current policy proposals, and the regulator then chooses the allowance policy that has the lowest expected abatement cost. We use a standard real business cycle (RBC) model to solve for the expected abatement cost under both policies. Unlike previous studies, our results show that under a reasonable model calibration, fixed allowances outperform intensity allowances with as much as 30% cost difference.Ph. D.
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Anne, Zooyob. "Part-time work and the structure of youth labor market entry." The Ohio State University, 1997. http://rave.ohiolink.edu/etdc/view?acc_num=osu1277402945.
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Mabrouk, Nizar, and Lukian Soumi. "Time on market : En studie om en ny indikator påbostadsmarknaden." Thesis, KTH, Fastigheter och byggande, 2019. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-254724.
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Bostadsmarknaden i Stockholm har sedan finanskrisen 2008 befunnit sig i en skönhetshistoria medstigande priser och korta försäljningstider. Idag befinner sig bostadsmarknaden i allt annat än enskönhetshistoria, prisutvecklingen har stannat av, rekordmånga objekt finns ute till försäljning ochbostadsutvecklare väljer att avvakta med nya bostadsprojekt. Med anledning av utvecklingen påbostadsmarknaden syftar studien till att konstruera ett nytt index som baseras på time on market,försäljningstid. Vidare syftar studien till att utreda vilka effekter de utvalda makroekonomiskafaktorer har på time on market och om time-on-market-index kan användas för att förklarahusprisutvecklingen. Metoden i denna studie utgår från såväl ekonomiska teorier somekonometriska analyser. Genom tillämpningen av regressionsanalyser, utifrån tvärsnittsdata ochtidsseriedata, kan ett index konstrueras. Resultat visar att time on market för både småhus- ochbostadsrättsmarknaden har ett cykliskt mönster. Vidare visar resultatet att bostadsmarknadentidigare har befunnit sig i en dal, tid med låg time-on-market-värde, för att sedan stiga och slutligenvända nedåt. Time on market korrelerar med de utvalda faktorerna, arbetslöshet, omx30,bolåneränta för tre månader samt prisutveckling för bostäder. Studiens resultat indikerar att demakroekonomiska faktorerna har en viss eftersläpning i förhållande till index. Vidare visarresultatet att time-on-market-index endast kan användas som indikator för bostadsrättsmarknaden,då indexet visar utslag sex månader innan husprisutvecklingen.The housing market in Stockholm has since the financial crisis in 2008 been remarkable with risingprices and short sales periods. Today the housing market is everything but remarkable. The pricetrend has stopped, record numbers of objects are out for sales and housing developers choose towait with new housing projects. Due to the changes in the housing market, the study aims toconstruct a new index based on time on market. The aim also includes investigating what effectsmacroeconomic factors have on time on market and if the time on market index can be used as anindicator to show the price development on the housing market.The method used in this study is based on both economic theories and econometric analysis.Through the application of regression analyzes, based on cross-sectional data and time series data,an index can be constructed. Results shows that time on market for both the house- and tenantownedmarket has a cyclical pattern. Furthermore, the results show that the housing market haspreviously been in a valley, with low time on market value, to then rise and finally turn downwards.Time on market correlates with the chosen macroeconomic factors being unemployment, omx30,mortgage rate and price development for housing. The results indicate that the macroeconomicfactors have a certain lag in relation to the time on market index. Moreover, the result shows thatthe time on market index can only be used as an indicator for the tenant-owned market, as itchanges six months before the price development on the housing market.
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Canti, Michael. "Misurazione e gestione del Time To Market. Il caso La Perla." Master's thesis, Alma Mater Studiorum - Università di Bologna, 2019.
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Il progetto nasce dall’esigenza di individuare, comprendere, prevenire e gestire le principali criticità che possono manifestarsi nel processo di sviluppo e commercializzazione delle collezioni nel settore della moda. Queste infatti impattano significativamente sul Time to Market del prodotto in un settore dove reattività e velocità, affiancate a design ed estetica, sono due delle principali fonti di vantaggio competitivo. Il mercato della moda, infatti, è caratterizzato da un ciclo di vita del prodotto sempre più breve, dovuto al cambiamento dei comportamenti e delle esigenze dei consumatori, e comporta quindi tempistiche di sviluppo e vendita sempre più ridotte. Il rischio in cui si può incombere è quindi quello di non riuscire a coprire i costi sostenuti per lo sviluppo a seguito di un’entrata tardiva sul mercato. Nel caso specifico l’analisi si è svolta presso l’azienda “La Perla” produttrice di lingerie di alta moda. Il focus del progetto si è basato principalmente sulla componente temporale, scomponendola in lead time di approvvigionamento e di produzione. Sono state selezionate, quindi, due serie della collezione “Fall Winter 2017”: Azalea e Wisteria. In primo luogo è stato presentato il processo di sviluppo della collezione con la relativa calendarizzazione interna per determinare, come pianificato, la situazione ideale.
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Fatah, Kiar, and Taariq Nazar. "Stock Market Prediction With Deep Learning." Thesis, KTH, Skolan för elektroteknik och datavetenskap (EECS), 2020. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-293853.
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Due to the unpredictability of the stock market,forecasting stock prices is a challenging task. In this project,we will investigate the performance of the machine learningalgorithm LSTM for stock market prediction. The algorithmwill be based only on historical numerical data and technicalindicators for IBM and FORD. Furthermore, the denoising anddimension reduction algorithm, PCA, is applied to the stockdata, to examine if the performance of forecasting the stockprice is greater than the initial model. A second method, transferlearning, is applied by training the model on the IBM datasetand then applying it on the FORD dataset, and vice versa, toevaluate if the results will improve. The results show that whenthe PCA algorithm is applied to the dataset separately, and incombination with transfer learning, the performance is greater incomparison to the initial model. Moreover, the transfer learningmodel is inconsistent as the performance is worse for FORD inrespect to the initial model, but better for IBM. Thus, concerningthe results when forecasting stock prices using related tools, it issuggested to use trial and error to identify which of the modelsthat performs the optimally.Att förutse aktiekurser är en utmanande uppgift. Detta beror på aktiemarknadens oförutsägbarhet. Därför kommer vi i detta projekt att undersöka prestandan för maskininlärnings algoritmen LSTMs prognosförmåga för aktie priser. Algoritmen baseras endast på historisk numerisk data och tekniska indikatorer for företagen IBM och FORD. Vidare tillämpas brus minskande och dimension reducerande algorithmen, PCA, på aktiedata för att undersöka om prestandan för att förutse aktie priser är bättre än den ursprungliga modellen. En andra metod, transfer learning, tillämpas genom att träna modellen på IBM data och sedan använda den på FORD data, och vice versa, för att utvärdera om resultaten kommer att förbättras. Resultaten visar, när PCA-algoritmen tillämpas på aktiedata separat, och i kombination med transfer learning är prestandan bättre jämfört med bas modellen. Vidare kan vi inte dra slutsatser om transfer learning då prestandan är sämre för FORD med avseende på bas modellen, men bättre för IBM. I hänsyn till resultaten så föreslås det att man tillämpar modellerna för att identifiera vilken som är mest optimal när man arbetar i ett relaterat ämnesområde.
Kandidatexjobb i elektroteknik 2020, KTH, Stockholm
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TRABUCCHI, Marta. "European electricity day ahead market : a multiple time series approach." Doctoral thesis, Università degli studi di Bergamo, 2015. http://hdl.handle.net/10446/31961.
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The energy market reform is a complex restructuring process that first has liberalized Member State electricity markets and gradually fosters them toward integration into the Single European Market. Even if national markets are still characterized by several differences in the production structures, regulation shapes a common market design at European level and voluntary measures have been adopted to promote market integration. In this framework, Power Exchanges have taken a key role as shown by the growing volumes traded on their different segments and electricity price forecasting has become an interesting research field. Up to now, most of the contributions on short-term forecasting of day-ahead electricity prices do not include the possibility of dynamic interactions between several interconnected markets, despite the recent empirical literature highlights cointegration in the CWE area. After a primer on the economics of electricity markets and the analysis of the regulatory and market framework, the present work proposes a multiple time series approach for electricity price forecasting, joining the two strands of empirical literature on market integration and day-ahead price forecasting. Accounting for the presence of market integration enlarges the model information set, so it may potentially improve the forecasting performance.
This thesis considers hourly day-ahead electricity prices for eight European countries (Austria, Belgium, France, Germany, Italy, Netherlands, Slovenia and Switzerland) for the period May 2010–July 2013. At present, an in-depth comparison between multiple and simple time series forecasting accuracy does not allow stating that estimating multiple time series models, and especially including potential cointegration relationships between day-ahead electricity markets, greatly improve their forecasting performances compared to simple time series models. The adoption of multiple time series may lead to better results only in some hours and in other hours simple time series models outperform multiple time series ones (especially ramp- up hours in the morning).
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Dharmasena, Kalu Arachchillage Senarath Dhananjaya Bandara. "International black tea market integration and price discovery." Texas A&M University, 2003. http://hdl.handle.net/1969.1/273.
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In this thesis we study three basic issues related to international black tea markets: Are black tea markets integrated? Where is the price of black tea discovered? Are there leaders and followers in black tea markets? We use two statistical techniques as engines of analysis. First, we use time series methods to capture regularities in time lags among price series. Second, we use directed acyclic graphs to discover how surprises (innovations) in prices from each market are communicated to other markets in contemporaneous time.
Weekly time series data on black tea prices from seven markets around the world are studied using time series methods. The study follows two paths. We study these prices in a common currency, the US dollar. We also study prices in each country's local currency. Results from unit root tests suggest that prices from three Indian markets are not generated through random walk-like behavior. We conclude that the Indian markets are not weak form efficient. However, prices from all non-Indian markets cannot be distinguished from random walk-like behavior. These latter markets are weak form efficient. Further analysis on these latter markets is conducted to determine whether information among the markets is shared. Vector Autoregressions (VARs) on the non-Indian markets are studied using directed acyclic graphs, impulse response functions and forecast error decomposition analyses. In both local currencies and dollar-converted series, the Sri Lankan and Indonesian markets are price leaders in contemporaneous time. Kenya is an information sink. It is endogenous in current time. Malawi is an exogenous price leader in dollar terms, but it is endogenous in local currency in contemporaneous time.
In the long run, Sri Lanka, Indonesia and Malawi are price leaders in US dollar terms. In local currency series, Indonesia, Kenya and Malawi are price leaders in the long run. We use Theil's U-statistic to test the forecasting ability of the VAR models. We find for most markets in either dollars or on local currencies that a random walk forecast outperforms the VAR generated forecasts. This last result suggests the non-Indian markets are both weak form and semi-strong form efficient.
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Schreckenberg, Kathrin. "Forests, fields and markets a study of indigenous tree products in the woody savannas of the Bassila region, Benin /." Thesis, Boston Spa, U.K. : British Library Document Supply Centre, 1996. http://ethos.bl.uk/OrderDetails.do?did=1&uin=uk.bl.ethos.336468.
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Olsson, Magnus. "Optimal regulating power market bidding strategies in hydropower systems." Licentiate thesis, Stockholm :, 2005. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-596.
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Andersson, Magnus, and Johan Palm. "Forecasting the Stock Market : A Neural Network Approch." Thesis, Mälardalen University, School of Education, Culture and Communication, 2009. http://urn.kb.se/resolve?urn=urn:nbn:se:mdh:diva-5564.
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Forecasting the stock market is a complex task, partly because of the random walk behavior of the stock price series. The task is further complicated by the noise, outliers and missing values that are common in financial time series. Despite of this, the subject receives a fair amount of attention, which probably can be attributed to the potential rewards that follows from being able to forecast the stock market.
Since artificial neural networks are capable of exploiting non-linear relations in the data, they are suitable to use when forecasting the stock market. In addition to this, they are able to outperform the classic autoregressive linear models.
The objective of this thesis is to investigate if the stock market can be forecasted, using the so called error correction neural network. This is accomplished through the development of a method aimed at finding the optimum forecast model.
The results of this thesis indicates that the developed method can be applied successfully when forecasting the stock market. Of the five stocks that were forecasted in this thesis using forecast models based on the developed method, all generated positive returns. This suggests that the stock market can be forecasted using neural networks.
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Wille, Marie-Luise. "Ultrasound transit time spectral analysis of complex porous media." Thesis, Queensland University of Technology, 2015. https://eprints.qut.edu.au/82290/1/Marie%20Luise_Wille_Thesis.pdf.
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This thesis describes a new concept to explain ultrasound wave propagation through complex porous media with the aim of accurately estimating bone volume fraction. Excellent agreement is reported between computer-simulated predictions and experimental measurements in bone replica models and natural tissue samples.
Bone volume fraction is the primary indicator of osteoporosis. Transit Time Spectroscopy has the potential to offer for the first time using ultrasound, a diagnostic and monitoring tool for osteoporosis that is cost-effective, non-ionising, portable, and implementable into an integrated healthcare service.
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Khaled, Fawaz. "Credit default and the real estate market." Thesis, Brunel University, 2016. http://bura.brunel.ac.uk/handle/2438/14478.
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Evidence from various countries over the past two decades proves that swings in house prices have been concomitant with financial instability. The history of financial crises shows that the six biggest banking crises in advanced economies were accompanied by housing busts. Despite the abundance of literature on the forces behind the financial crisis, and in particular studies investigating the connections between financial stability and disturbances in the real estate market, fundamental questions still wait for convincing answers, such as: (i) To what extent is regional heterogeneity in property price increases reflected in dissimilarity in the evolution of credit default? (ii) What role do borrower-related factors such as housing affordability and household indebtedness, and financial market-related factors such as financial developments, play on the growth of bad loans as a main concern for banking sector? (iii) To which extent do banks’ lending behaviour and property prices undermine the stability of the banking sector, and what are the directions of causality between credit defaults, property prices and banks’ lending behaviour? The goal of this thesis is to investigate these issues and explain the practical implications of the findings. This thesis contains three empirical essays. The first essay explores the nexus between house prices and non-performing loans (NPLs), concentrating on the extent to which geographical variations in house prices are translated into regional variations in credit defaults. The stochastic dominance approach has been used for this purpose, with 372 individual US banks. The stochastic dominance analyses disclose symmetric behaviour between NPLs and the scale of house price increments. The essay is further extended by employing Arellano and Bond’s (1991) GMM model to explore the effect of GDP, unemployment rates, lending interest rates and house prices on the growth of NPLs. The outcomes of the GMM estimations reveal a high explanatory power of economic growth, unemployment and lending interest rates on NPLs. In an additional analysis, a generalised panel threshold model is estimated to check for the presence of a threshold point, above which different impacts of house prices might be found. The threshold model specifications provide a threshold point, in relation to which two different impacts of house prices on the evolution of NPLs are estimated. A general consensus in the literature attributes credit defaults to a wide-ranging spectrum of drivers that take into consideration borrower-related factor, lender-related factors and factors related to financial and real estate markets. The second essay attempts to answer the second question mentioned above, by investigating the impact of borrower-related factors, lender-related factors and financial market-related factors in driving NPLs. The impact of these factors on the evolution of impaired loans is explored by estimating fixed effect models then the analysis is extended to dynamic models using the GMM procedure on an annual balanced panel dataset. Household vulnerability, financial developments and housing affordability are found to be significant contributors to the growth of NPLs. The interaction mechanism between the real estate market and the financial system has often been blamed for being the root of financial crises, through the accumulation of housing market bubbles that leads to the ultimate collapse of the financial markets. The third essay, using the Autoregressive Distributed Lag technique, looks for the presence of cointegrating relationships between mortgage defaults, property prices and bank lending in Hong Kong. Our findings reveal evidence of cointegrating relationships between bank lending, property prices and mortgage defaults in the long term, which governs the correction mechanism between these variables. These outcomes call for more effort to be devoted to maintaining a balanced relationship between these factors. The essay also finds evidence of short-term dynamics between these variables. Importantly, loan-to-value is found to play the most effective role in curbing mortgage default risk in the portfolios of the Hong Kong banking sector.
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Andrade, Rogerio Pereira de. "Dynamics of conventions : a post-classical analysis." Thesis, University College London (University of London), 1998. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.287879.
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