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Jankowitsch, Rainer, Amrut Nashikkar e Marti G. Subrahmanyam. "Price Dispersion in OTC Markets: A New Measure of Liquidity". Elsevier, 2010. http://dx.doi.org/10.1016/j.jbankfin.2010.08.016.
Testo completoAbstract (sommario):
In this paper, we model price dispersion effects in over-the-counter (OTC) markets to
show that, in the presence of inventory risk for dealers and search costs for investors, traded
prices may deviate from the expected market valuation of an asset. We interpret this devia-
tion as a liquidity effect and develop a new liquidity measure quantifying the price dispersion
in the context of the US corporate bond market. This market offers a unique opportunity tofstudy liquidity effects since, from October 2004 onwards, all OTC transactions in this marketfhave to be reported to a common database known as the Trade Reporting and CompliancefEngine (TRACE). Furthermore, market-wide average price quotes are available from MarkitGroup Limited, a financial information provider. Thus, it is possible, for the first time, to directly observe deviations between transaction prices and the expected market valuation of securities. We quantify and analyze our new liquidity measure for this market and find
significant price dispersion effects that cannot be simply captured by bid-ask spreads. Wefshow that our new measure is indeed related to liquidity by regressing it on commonly-usedfliquidity proxies and find a strong relation between our proposed liquidity measure and bond
characteristics, as well as trading activity variables. Furthermore, we evaluate the reliability
of end-of-day marks that traders use to value their positions. Our evidence suggests that the
price deviations from expected market valuations are significantly larger and more volatile
than previously assumed. Overall, the results presented here improve our understanding of
the drivers of liquidity and are important for many applications in OTC markets, in general. (authors' abstract)
2
Mendoza, Noriega Maria Teresa. "Alternatives to protect the OTC market againist counterparty risk". Thesis, Universidad de las Américas Puebla, 2012. http://catarina.udlap.mx/u_dl_a/tales/documentos/lni/mendoza_n_mt/.
Testo completoAbstract (sommario):
This thesis assesses the implications that netting practices, collateralization and centralization of the risk in Central Counterparties (CCPs) have on the structure of Over-the-Counter (OTC) derivative market and determine when those practices are plausible alternatives to protect OTC market against counterparty risk.
Benefits and disadvantages are addressed from a general and a specific perspective. The general scope discusses the positive and negative implications that affect the structure of OTC derivative market as a whole, while the specific scope include the direct implications for market participants from a narrower point of view.
The theoretical framework is based mainly on literature from books, journal papers, regulative approaches from financial authorities and statistical data from the BIS and ISDA. The outcomes from the three assessments are:
(i) Bilateral and multilateral netting is justified when the reduction of counterparty credit risk and cost advantages obtained from closing-out positions are greater than the legal risk and operational risk;
(ii) The risks and costs derived from collateral are justified when there is a clear reduction of counterparty credit risk and capital requirements; when collateral is well segregated from other companies´ assets and is liquid enough to cover exposure; and when there are already risk management practices in place that control the increase of other risks;
(iii) Centralizing risk in CCPs is justified if the reduction of counterparty risk by mutualising losses of counterparties is greater than the potential systemic risk from the centralization of trading and if the reduction of operational risk, market risk, legal risk, capital requirements, costs and time invested in management practices are greater than the potential benefits obtained in bilateral agreements outside of a CCP.
3
Kinnear, Valerie Ann. "Stock market reaction to auditor changes by OTC firms". Thesis, University of British Columbia, 1986. http://hdl.handle.net/2429/25716.
Testo completoAbstract (sommario):
This thesis examines the stock market reaction to auditor change announcement by OTC firms. The general motivation stemmed from previous research on this topic that 1) failed to adequately motivate the empirical investigation and 2) found insignificant results. The theoretical justification for expecting a market reaction is based on the existence of product differentiation in the market for audit services in terms of the level of credibility an auditor can offer. It is conjectured that client firms will demand more credibility as the proportion of external ownership in the firm increases. Management's re-evaluation of their optimal residual firm value and perquisite consumption combination after a change in the ownership structure is suggested as a possible reason for an auditor change. The auditor change signals information about the manager and causes a market reaction.
A sample of 44 non-Big Eight to Big Eight and 15 Big Eight to non-Big Eight auditor changes are examined. The standard event study method of abnormal residual analysis is replaced with a new method in which cross-sectional market model regressions in the announcement and a control period on the same firms are compared.
Results provide strong evidence that the increase in firm value from an auditor change announcement is greater for non-Big Eight to Big Eight changes than Big Eight to non-Big Eight changes. Evidence is also found that firms changing auditors experience greater variability in returns during an announcment period than during a control period prior to the change.Business, Sauder School of
Graduate
4
Leal, Fabiana, Jacob Lindh e Olivia Paciorek. "Buyer purchase behavior in the reregulated market for OTC drugs in Sweden". Thesis, Högskolan i Jönköping, Internationella Handelshögskolan, 2011. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-15737.
Testo completoAbstract (sommario):
Purpose The objective of this study is to investigate how the reregulation affected the decision making process of buyers of OTC drugs, and to identify determinants for how a buyer chooses to obtain OTC drugs in the reregulated Swedish pharmacy market. Furthermore this study aims to map out buyers’ purchases of OTC drugs as well as their impressions about the reregulation of the Swedish pharmacy market Background The Swedish pharmacy market was opened up for competition the 1 July 2009. On 1 November 2009, private pharmacies are allowed in the market, as well non-pharmacy retailers can commercialize OTC drugs. Thus due to the reregulation of the pharmacy market, consumers and retailers face a different market situation, since the amount of retailer selling OTC drugs has increased. This study investigates how buyers’ purchase behavior of OTC was affected by the end of the pharmacy monopoly. Method The purpose of this thesis was achieved by using a mixed-method approach. The qualitative method in the form of interviews and the quantitative method by conducting a survey. The mixed-method was used in order to obtain a deeper understanding of the phenomenon of consumer decision-making process as well as attitude and impression about the reregulation of the Swedish pharmacy market. Conclusion Buyers are in general satisfied with the reregulation of the Swedish pharmacy market. However, the positive attitude towards the reregulation does not necessarily mean a change in purchase behavior for OTC drugs. The decision making process is found to be dependent on the level of experience the buyer possesses with the needed OTC drug, as well as the type of need the buyer experiences, thus three determinants for the decision making process of OTC drugs were found. The frequency of purchase is connected to the gender and age group of the buyer. Also the majority of the researched buyers already had experienced the purchase of OTC drugs in store other than pharmacies. The buyers that never purchase OTC drugs in other retailers are in general open to the possibility of taking advantage of those stores.
5
Nilsson, Lave. "Clearing & settlement of financial derivatives : a comparison between formal exchange & OTC from a Swedish perspective". Thesis, Stockholms universitet, Juridiska institutionen, 2016. http://urn.kb.se/resolve?urn=urn:nbn:se:su:diva-135841.
Testo completo
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Kang, Li. "Marketing strategy of establishing a brand of cold & flu medicine in China OTC market". Thesis, University of Macau, 2001. http://umaclib3.umac.mo/record=b1636651.
Testo completo
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Arias, Barrera Ligia Catherine. "Fractures of the UK regulation and supervision of central counterparties in the OTC derivatives market". Thesis, University of Warwick, 2016. http://wrap.warwick.ac.uk/80602/.
Testo completoAbstract (sommario):
The OTC derivatives market has captured the attention of regulators after the Global Financial Crisis due to the risk it poses to financial stability. Under the post-crisis regulatory reform the concentration of business, and risks, among a few major players is changed by the concentration of a large portion of transactions in the new market infrastructures, the Central Counterparties (CCPs). This work, for the first time, analyses the regulatory response of the United Kingdom, the largest centre of OTC derivatives transactions, and highlights its shortcomings or 'fractures'. The work uses a normative risk-based approach to regulation as a methodological lens to analyse the UK regime of CCPs in the OTC derivatives market (OTCDM). It is specifically focused on prudential supervision and conduct of business rules governing OTC derivatives transactions and the move towards enhancing the use of central clearing. The resulting analysis, from a normative risk based approach, suggests that the UK regime for CCPs does not fulfil what would be expected if a coherent risk based approach were taken. The main contribution of this work is to highlight the risk based 'fractures' affecting the regulation and supervision of CCPs in the OTCDM. The absence of a coherent conduct of business regime of CCPs, the insufficient legal framework underpinning CCPs' operations, the lack of a Special Resolution Regime for CCPs are some notable absences. However the failure to rule 'Innovation Risk' from a risk based approach raises material concerns. It is therefore argued that these fractures hinder the achievement of the regulatory objectives. The regulator's objective is to enhance the stability of the OTCDM by ensuring the safety and soundness of Central Counterparties CCPs.
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Vránová, Jana. "FINANČNÍ DERIVÁTY JAKO PROSTŘEDEK ŘÍZENÍ RIZIK V MEZINÁRODNÍM OBCHODĚ". Master's thesis, Vysoká škola ekonomická v Praze, 2011. http://www.nusl.cz/ntk/nusl-162283.
Testo completoAbstract (sommario):
The field of financial derivatives is rather complicated and usually not familiar to general public. Financial derivatives are used for three different reasons: arbitrage, speculation and hedging. This paper focuses mainly on the last one - hedging. The goal of the thesis is to clarify the heart of the matter, to explain the reasons why derivatives exist and to systemize their individual types and classification. It compares basic types of derivatives and summarizes their advantages and disadvantages and possible practical usage of them. Apart from companies as final users, the paper remembers also external subjects, such as clearing. It explains the terms of risk and uncertainty and goes into their identification, the risk management and its hedging. It also analyzes the current situation on OTC (over the counter) market and brings output from interviews with experts and consultants about their experience from working with their clients dealing with derivatives. The thesis also covers information about recently passed law called European Market Infrastructure Regulation, which is closely connected with working with financial derivatives. Furthermore, it includes a case study of L'Oréal Company, describing procedures and principles, based on which the Company deals with derivatives, and analyzing problems which L'Oréal has to face.
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Lema, Salome Marie Alice. "Restrictive measures on capital inflow in Brazil in the OTC derivative market: impact on non-financial firms". reponame:Repositório Institucional do FGV, 2016. http://hdl.handle.net/10438/17524.
Testo completoAbstract (sommario):
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In August 2011, the Brazilian government taxed short positions in the foreign exchange (FX) derivative market in order to weaken the surge of post-crisis capital inflow, discourage carry trade strategies on the Real and avoid further local currency appreciation. Nevertheless, nonfinancial firms are also end-users of derivatives and might have suffered in case financial institutions transfer the regulatory cost to their clients in the real economy. To the extent that this tax increases the cost of hedging, firms may decide to hedge less, causing an increase in their exposure to currency risk. This paper aims at analysing if this regulatory change had an impact on Brazilian non-financial firms FX exposure, measured by the sensitivity of stock prices to currency fluctuation (FX-Beta). Therefore, it seeks to compare the FX beta of Brazilian non-financial listed firms before and after the implementation of the measure, to assess their degree of exposure to currency risk. In accordance with an increasing cost of hedging for those companies, results show that the beta difference also reached a riskier level.
Em agosto de 2011, o governo brasileiro passou a tributar posições vendidas no mercado de derivativos cambiais para diminuir o influxo de capital estrangeiro no pós-crise, desencorajar operações de carry trade e evitar que o real continuasse a se valorizar frente ao dólar. No entanto, empresas não financeiras também são usuárias de derivativos, e podem ter tido seus custos de proteção cambial aumentados, caso as instituições financeiras tenham transferido esse custo adicional para seus clientes na economia real. Na medida em que o tributo aumenta o custo de fazer proteção cambial com derivativos, as empresas podem ter decidido proteger uma parcela menor de sua exposição, causando um aumento em sua exposição cambial. Essa dissertação analisa se essa mudança regulatória teve um impacto na exposição cambial das empresas não financeiras, medida pela sensibilidade do preço das ações às variações cambiais (FX-Beta). Assim, o estudo compara os FX-Betas das empresas brasileiras antes e depois da implementação do tributo, para medir o grau de mudança em suas exposições cambiais. Em linha com o aumento no custo do hedge para essas empresas, os resultados mostram alguma evidência de que algumas empresas se tornaram mais expostas ao câmbio.
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Friewald, Nils, Rainer Jankowitsch e Marti G. Subrahmanyam. "Illiquidity or credit deterioration: A study of liquidity in the US corporate bond market during financial crises". Elsevier, 2012. http://epub.wu.ac.at/3483/1/Liquidity.pdf.
Testo completoAbstract (sommario):
We analyze whether liquidity is an important price factor in the US corporate bond market.
In particular, we focus on whether liquidity effects are more pronounced in periods of financial crises, and especially, for bonds with high credit risk. We use a unique data set covering more than 20,000 bonds, between October 2004 and December 2008. We employ a wide range of liquidity measures and and that liquidity effects account for approximately 14% of the explained market-wide corporate yield spread changes. Moreover, we find that the economic impact of the liquidity measures is significantly larger in periods of crisis and for speculative grade bonds. (authors' abstract)
11
Nystedt, Jens. "Competition, regulation and integration in international financial markets". Doctoral thesis, Handelshögskolan i Stockholm, Finansiell Ekonomi (FI), 2004. http://urn.kb.se/resolve?urn=urn:nbn:se:hhs:diva-539.
Testo completoAbstract (sommario):
Chapter I - Derivative Market Competition: OTC Markets Versus Organized Derivative Exchanges Recent regulatory initiatives in the United States have again raised the issue of a ''level regulatory and supervisory playing field'' and the degree of competition globally between over-the-counter (OTC) derivatives and organized derivative exchange (ODE) markets. This chapter models some important aspects of how an ODE market interrelates with the OTC markets. It analyzes various ways in which an ODE market can respond to competition from the OTC markets and considers whether ODE markets would actually benefit from a more level playing field. Among other factors, such as different transaction costs, different abilities to mitigate credit risk play a significant role in determining the degree of competition between the two types of markets. This implies that a potentially important service ODE markets can provide OTC market participants is to extend clearing services to them. Such services would allow the OTC markets to focus more on providing less competitive contracts/innovations and instead customize their contracts to specific investors’ risk preferences and needs. Chapter II – Crisis Resolution and Private Sector Adaptation Efforts at crisis resolution that succeed in reducing potential inefficiencies and instability in the international financial system are in the interest of both the private and the public sector. Unlike in the domestic context, in the international context, in the absence of clearly established rules of the game, the approaches adopted toward crisis resolution, and the extent to which they are interpreted by market participants as setting a precedent, can have profound implications for the nature and structure of international capital flows. The key conclusion of this chapter is that recent experiences with payment suspensions and bond restructurings are limited as guides to determining the future success or failures of these initiatives, as the private sector most likely has adapted in order to minimize any unwanted public sector involvement. Chapter III - European Equity Market Integration: Cyclical or Structural? Reviewing the empirical evidence of equity market integration in the European Union, the chapter finds a significant increase in the importance of global sector factors for a number of industries. Unlike most past studies, which only covered developments during the bull market of the late nineties, the results presented in this chapter suggest that the degree of Euroland equity market integration has declined gradually following the bursting of the TMT bubble. This seems to suggest that the findings of previous studies that Euroland equity markets were nearly fully financially integrated is worth revisiting. There are, however, several good reasons to believe that the structural factors driving European equity market integration have yet to play themselves out fully. Institutional investors both outside the Euroland area and within have substantial untapped capacity to take on Euroland exposures and invest additionally in Euroland equities.Diss. Stockholm : Handelshögskolan, 2004
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Hellander, Martin. "Credit Value Adjustment: The Aspects of Pricing Counterparty Credit Risk on Interest Rate Swaps". Thesis, KTH, Matematisk statistik, 2015. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-173225.
Testo completoAbstract (sommario):
In this thesis, the pricing of counterparty credit risk on an OTC plain vanilla interest rate swap is investigated. Counterparty credit risk can be defined as the risk that a counterparty in a financial contract might not be able or willing to fulfil their obligations. This risk has to be taken into account in the valuation of an OTC derivative. The market price of the counterparty credit risk is known as the Credit Value Adjustment (CVA). In a bilateral contract, such as a swap, the party’s own creditworthiness also has to be taken into account, leading to another adjustment known as the Debit Value Adjustment (DVA). Since 2013, the international accounting standards (IFRS) states that these adjustments have to be done in order to reflect the fair value of an OTC derivative. A short background and the derivation of CVA and DVA is presented, including related topics like various risk mitigation techniques, hedging of CVA, regulations etc.. Four different pricing frameworks are compared, two more sophisticated frameworks and two approximative approaches. The most complex framework includes an interest rate model in form of the LIBOR Market Model and a credit model in form of the Cox-Ingersoll- Ross model. In this framework, the impact of dependencies between credit and market risk factors (leading to wrong-way/right-way risk) and the dependence between the default time of different parties are investigated.I den här uppsatsen har prissättning av motpartsrisk för en OTC ränteswap undersökts. Motpartsrisk kan definieras som risken att en motpart i ett finansiellt kontrakt inte har möjlighet eller viljan att fullfölja sin del av kontraktet. Motpartsrisken måste tas med I värderingen av ett OTC-derivat. Marknadspriset på motpartrisken är känt som Credit Value Adjustment (CVA). I ett bilateralt kontrakt, t.ex. som en swap, måste även den egna kreditvärdighet tas med i värderingen, vilket leder till en justering som är känd som Debit Value Adjustment (DVA). Sedan 2013 skall, enligt den internationella redovisningsstandarden (IFRS), dessa prisjusteringar göras vid redovisningen av värdet för ett OTC derivat. En kort bakgrund samt härledningen av CVA och DVA ar presenterade tillsammans med relaterade ämnen. Fyra olika metoder för att beräkna CVA har jämförts, två mer sofistikerade metoder och två approximativa metoder. I den mest avancerade metoden används en räntemodell i form av LIBOR Market Model samt en kreditmodell i form av en Cox-Ingersoll-Ross modell. I den här metoden undersöks även påverkan av CVA då det existerar beroenden mellan marknads
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Jedlička, Václav. "Dopady legislativy na změnu informačního systému banky". Master's thesis, Vysoká škola ekonomická v Praze, 2012. http://www.nusl.cz/ntk/nusl-165119.
Testo completoAbstract (sommario):
This diploma thesis deals with the impact of legislation on information system in a particular bank institution. Based on the proposal of European Market Infrastructure Regulation it identifies areas where the bank institution does not fulfill the regulation requirements. The thesis also tries to suggest existing processes adjustment and guarantee for them the support of information systems. During the existing processes investigation it discovers other weaknesses and suggests solutions leading to their elimination. These solutions would also lead to acceleration and increase in efficiency within the Straightthrough Processing model. The thesis devotes to all points of European regulation which should be fulfilled in the bank institution's point of view. First the current situation and then the solution of the particular point are mentioned. The thesis looks more detailed into central clearing. There are analyzed possible options in the process point of view. The impacts on the information system are specified for the chosen and most appropriate option. In order to secure the compact understanding of investigated issues, the thesis includes relations of European Market Infrastructure Regulation to the BASEL III concept, regulation supervision authorities in the European Union or introduction to functioning and core of financial derivatives.
14
WANG, Yanchen. "Essays on market competition and law enforcement". Digital Commons @ Lingnan University, 2018. https://commons.ln.edu.hk/otd/37.
Testo completoAbstract (sommario):
My Ph.D. dissertation contains both theoretical and empirical studies on market competition and law enforcement. The first study, entitled “Piracy, Counterfeiting, and Market Competition”, is a theoretical study and investigates the economic consequences of intellectual property law enforcement by looking at two types of intellectual property infringement, piracy and counterfeiting. To investigate how the market power changes in the presence of piracy, we start with a static model made up of two horizontally and vertically differentiated goods, genuine product and pirated product. The representative consumer's utility is a function of the consumption of the two goods. The consumer can choose to buy one out of the two differentiated goods but faces a potential legal cost if he purchases the pirated product. The legal cost is exogenous and decided by the policy maker. We show that, as the level of law enforcement enhances, the substitutability between genuine product and pirated product decreases, and the market power of the genuine product producer increases. This makes the two products less likely to belong to the same antitrust relevant market, confirming the conjecture raised by Lin (2018). Next, we explore how anti-counterfeiting efforts under the intellectual property law affect market competition, by setting up a two-stage game made up of four firms: two branded firms and two counterfeiters. In the first stage, each branded firm can take anti-counterfeiting effort independently and simultaneously, which only affects its corresponding counterfeiter. In the second stage, four firms compete in the Cournot’s framework. We show that two branded firms’ decision variables are strategic substitutes, and the negative externality exists for branded firm to take anti¬-counterfeiting efforts. Due to the negative externalities, we confirm that the private anti-counterfeiting efforts chosen by branded-good producers are higher than the industrial optimum. The second study, entitled ^The Volcker Rule, Bank Stability and Bank Liquidity^, is an empirical study and focuses on the latest bank regulation, the Dodd-Frank Wall Street Reform and Consumer Protection Act. Specifically, we focus on section 619of Dodd-Frank Act, which is commonly known as “Volcker Rule” and imposes restrictions on banks’ ability to engage in proprietary trading activities. Using the passage of the Volcker Rule as an exogenous shock, we employ the difference-in¬differences analysis to investigate the effect of Volcker Rule on bank risk and liquidity creation. We find a significant reduction on proprietary trading among regulated bank holding companies (BHCs). In the meantime, we find that the enforcement of Volcker Rule induces a significant increase in liability-side liquidity creation and a decrease in the off-balance sheet liquidity creation. Our findings shed light on the trade-off of Volker Rule implementation in the United States.
15
LI, Xuan. "The political cycle in China's primary land market". Digital Commons @ Lingnan University, 2018. https://commons.ln.edu.hk/otd/36.
Testo completoAbstract (sommario):
Using an exhaustive monthly panel data set of 331 cities between 2004 and 2015, we empirically study the political cycle in primary land markets in Chinese cities, where the local government is the sole supplier and seller of the land and holds stress-free elections. We find that the land supply pattern is far from smooth: A city party secretary who is the leading official figure in that city would supply less land during the latter period of his/her office, especially after the first five-year term. Land supply, measured by the number of plots, land area and land revenue, refers to all land transacted by local government during a certain period, mainly through allocation or granting. The main finding is robust to a wide battery of robustness checks. After considering several potential mechanisms driving this political cycle, we conclude that it can be explained by lower incentives for city party secretaries to supply. In particular, this decreasing supply pattern cannot be explained by the tighter constraint on land supply or the decrease from demand side given higher political uncertainty. Moreover, the evidence has been strongly supportive of this view: The lower incentives in the latter years might be caused by the pressure and need for city party secretaries who were promoted from that city to channel some favors back to local interest groups after they come to power, which challenges the stereotype that an official only needs to please superiors in the absence of competitive elections. We further find that there exists a cost for city party secretaries to supply land. For land that can be supplied with low cost, city party secretaries will not decrease the supply owing to positive net benefit. Using proof by contradiction, we assess the efficiency and reject the information channel through which the favoritism in land supply will increase social welfare, because city party secretaries possess better information. Surprisingly, our data shows that mayors do not play a significant role in land supply decisions, which is opposite to the conventional wisdom given their administrative roles.
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Nóbrega, João Pedro Machado. "OTC markets – clearing, settlement & custody analysis : a cost function estimation of central securities depositories (CSDs)". Master's thesis, Instituto Superior de Economia e Gestão, 2017. http://hdl.handle.net/10400.5/15148.
Testo completoAbstract (sommario):
Mestrado em FinançasEste trabalho analisa a eficiência dos Sistemas Centralizados de Valores Mobiliários (Central Securities Depositories (CSDs)) em relação aos custos, na Europa. As CSDs são organizações financeiras especializadas na guarda de títulos até à sua data de liquidação. A abordagem adotada assenta na estimação de custos que permita comparar a eficiência das instituições em análise. Também é analisado o impacto do programa Target2 - Securities (estabelecido pelo BCE) e do regulamento CSDR concebido para estas instituições. O primeiro tem como objetivo contribuir para remoção de barreiras à eficiência de custos na liquidação entre mercados financeiros, e o último a promoção da segurança, eficácia e competitividade dos mercados financeiros da UE. Por último, procura-se saber se existem economias de escala para cada CSD, dependendo do seu tamanho e país.
This work is based on the analysis of cost efficiency on European Central Securities Depositories (CSD's). These financial institutions are experts on holding securities and clearing them until its settlement date. Our approach is focused on cost estimation, in order to compare the efficiency of each institutions analyzed. In addition, we examine the impact of ongoing Target2 - Securities program (by the ECB) as well as the impact of the CSDR regulation made for these institutions. The first is a new European securities settlement engine that aims to contribute for removing the barriers for poor cost efficiency on cross-border settlement between financial markets, and the latter aims to promote the safety, effectiveness and competitiveness of the EU financial markets. Furthermore, the main objective is to find out if economies of scale exists for each CSD, depending on its size and country.
info:eu-repo/semantics/publishedVersion
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Li, Yuxi [Verfasser], e Roland [Akademischer Betreuer] Broemel. "The implementation of central clearing counterparty (CCP) in the OTC derivative markets / Yuxi Li ; Betreuer: Roland Broemel". Hamburg : Staats- und Universitätsbibliothek Hamburg, 2019. http://d-nb.info/1187444901/34.
Testo completo
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CEDERCRANTZ, JAKOB. "Försäljning av flygbiljetter över internet : En studie om hur Scandinavian Airlines skulle kunna öka försäljningen av flygbiljetter via internet". Thesis, KTH, Industriell marknadsföring, 2012. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-149248.
Testo completoAbstract (sommario):
Under de senare åren har försäljningen av flygbiljetter och hotell på internet ökat. Det har tillkommit många nya företag som etablerats som internetresebyråer. Företagen har tagit marknadsandelar från flygbolagens egna försäljningskanaler vilket har gjort att flygbolagen tappat kontakten med kunderna. Detta medför att flygbolagen får svårare att veta hur deras kunder reser och de kan heller inte få kontakt med dem om det händer något oförutsett. Syftet med denna rapport är att identifiera vilka parametrar som styr kunden att välja var flygbiljetten ska bokas och på det viset kunna ta fram förslag på konkreta förbättringsåtgärder som skulle kunna göra SAS hemsida till en mer konkurrenskraftig försäljningskanal. För att uppfylla målet med denna studie har en marknadsundersökning gjorts bland passagerare på Arlanda flygplats. Undersökningen var i form av en muntligt framförd enkät där samma frågor ställdes till flera utrikesresande under olika dagar och tider i veckan. Resultatet av undersökningen visar att många kunder har låg lojalitet på internet. Valet av vilken aktör som kunderna väljer att boka sin flygbiljett beror oftast på priset. Av de respondenter som bokade sin flygbiljett hos en internetresebyrå gjorde 44 % det på en sida de aldrig bokat på förut. Respondenterna upplever dessutom ofta att det är billigare att boka sin flygbiljett på internetresebyråer och känner inget extra värde i att boka på SAS hemsida. Detta utgör ett visst hot mot SAS men samtidigt skapas möjligheter att utveckla och anpassa sidan efter kundens behov. En sambandsanalys visar att säkerheten att betala, snabbheten och enkelheten att boka en flygbiljett är de parametrar som ökar helhetsintrycket på sidan. SAS har ett lojalitetsprogram som kallas för EuroBonus där resenärer får poäng varje gång de reser med flygbolaget. Det senaste året har den Amerikanska internetresebyrån Expedia lanserat ett lojalitetsprogram. Kunderna som bokar sin SAS‐biljett på Expedia får både SAS Eurobonuspoäng och lojalitetspoäng som de kan utnyttja på Expedias hemsida. Dessa tjänster utgör ett hot mot SAS hemsida och försäljningen där kan minska om inte SAS utvecklar sitt Eurobonusprogram så att de kunder som handlar där får extra Eurobonuspoäng. SAS vill att de resenärer som åker med dem bokar sin flygbiljett på deras hemsida. De vill även att deras hemsida ska ge kunderna ett bra helhetsintryck av att vara en enkel plats att boka flygresor på. För att uppnå detta behöver de få mer information om kundernas bokningsbeteende. Slutsatserna av denna rapport är att SAS bör öka värdet för kunden i att boka sin flygbiljett på deras hemsida. De skulle till exempel kunna utveckla sitt lojalitetsprogram EuroBonus så att de kunder som bokar på hemsidan får extra bonuspoäng. De kan också satsa på att ha korta kampanjer med få destinationer under en begränsad tid. På grund utav tidsbegränsningen skulle det vara svårt för de personer som letar efter de billigaste biljetterna på en internetresebyrå att hitta dessa kampanjer. Det i sin tur skulle innebära att kunderna då måste besöka SAS hemsida. Är priserna tillräckligt attraktiva så kan SAS hemsida uppfattas som den billigaste kanalen i framtiden.During the last few years, the airplane ticket sales have increased substantially. A lot of new companies have joined the market and established themselves as online travel agencies. The agencies have taken a significant market share from the airline company which has resulted in the airline companies loosing a lot of the consumer contact they used to have. The purpose of this report is to identify what parameters it is that lead the customers to choose where to buy airline tickets and by doing so be able to find ways to make SAS website more competitive. To fulfill the purpose of the report a face‐to‐face market survey has been done among passengers at Arlanda Airport. The survey has been performed all days of the week at several different times of the day. The result of the survey shows that many Internet customers are very disloyal and that the choice of channel mainly depends on the price. Out of the respondents who booked their ticket at an online travel agency 44% did it on a page they never booked at before. The respondents often feel that it is cheaper to book a flight on an online travel agency and do not feel any extra value in booking on the SAS website. This information can be seen as a threat to SAS but also as an opportunity to develop and customize the website to suit customer needs. A correlation analysis shows that the payment security, speed and simplicity of booking an airline ticket are the top parameters that increase the overall impression of the page. SAS has a loyalty program called EuroBonus where travelers get points every time they travel with the airline. This last year the American Internet travel agency Expedia has launched a loyalty program. Customers who book their SAS ticket at Expedia receive both SAS EuroBonus points and loyalty points to use at the Expedia website. These kinds of services can be seen as a threat and might lead to SAS falling behind in sales and even lose customers unless they join the trend and develop their loyalty programs on their own website. SAS would like the travelers flying with them to book the flight at their website. They also want the website to make a good impression being satisfying and easy to use when buying airplane tickets. To make this happen they need more information about the booking habits of their customers. The findings of this report is that SAS should add value for the customer who book their ticket on the SAS website. They could for example develop the Eurobonus loyalty program so that customers who book tickets on the website get extra bonus points. SAS can also try having short campaigns with only a few destinations during a limited period. Because of the time limitation it would be difficult for those who are searching for the cheapest tickets at an online travel agency to find these campaigns. This would mean that costumers will have to visit the SAS website. If the prices are attractive enough the SAS website might be perceived as the least expensive channel in the future.
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Maštalíř, Jakub. "Konstrukce rizikových prémií při obchodování v odchylce na OTE". Master's thesis, Vysoká škola ekonomická v Praze, 2011. http://www.nusl.cz/ntk/nusl-198847.
Testo completoAbstract (sommario):
This master thesis approaches the energy markets from the point of view of an electricity trader acting on the retail markets, in particular an electricity supplier to the end customers. The first part introduces the reader into the basic practices applied in the management process of the portfolio of end customers, which includes metering and evaluation of the real take-off, planning and prediction and, of course, final evaluation of the imbalances. Second part explains the principles of balance management in case of the entire ČEPS electrical grid, mechanics of the imbalances settlement and describes its actual setting with focus on the way it motivates the market participants for minimization of their own imbalances and therefore improvement of the overall electrical grid balance. The final part describes the basic construction of the risk surcharges, which the supplier adds to the commodity price to cover the costs caused by the existence of his end customers' imbalances. Furthermore, it is shown how the dependence on the system imbalance influences the size of the risk surcharge and the basic model is extended to include even this factor. Because the supplier does not set the surcharge at the level of individual end customer but for the entire portfolio, the functioning and power of the portfolio effect, which brings an extra savings in the imbalances settlement costs, is also explored in the final part. The possibility of dependence presence in the imbalances of individual end customers is also accounted for. For the first time in the Czech academic literature the economic problems that are faced by the electricity supplier to the end customers are examined and the analysis and solution of one important problem is provided in the full picture. However, the most important contribution of this master thesis lays in the opening of this topic to further examination on the academic ground.
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Wessels, P. G. W. "Commercialisation of a strategic government-owned military institute : a market orientated approach to the development of a marketing strategy for OTB test range". Thesis, Stellenbosch : Stellenbosch University, 2005. http://hdl.handle.net/10019.1/50297.
Testo completoAbstract (sommario):
Thesis (MBA)--Stellenbosch University, 2005.ENGLISH ABSTRACT: OTB, a Division of Denel, is a multi purpose test range specialising in the in-flight testing of guided missile systems and aircraft. Originally established as a launch facility for an ambitious low earth orbit satellite programme, and with a secondary function to support the South African military industry, its raison d'etre stemmed from strategic military considerations. Changes in the political and economical scene, which started in the early nineties, led to the cancellation of the satellite programme and a dramatic downswing in the production of arms in South Africa. This rendered much of the capability of OTB redundant. Although the government signalled its desire to maintain access to the services of a test range in order to support an indigenous arms industry, OTB was structured as a division of Denel at its formation as a company operated for profit. This left OTB faced with the challenge to replace government grant funding with revenues earned in the market place. Furthermore, the drastically lower domestic military spending provided insufficient business to support a test range at the technological level required to serve the demands of modern weapons testing. In order to survive, OTB had to be successful in broadening its client base in a highly competitive commercial environment, a feat only possible with the implementation of an effective marketing strategy. The objective of this study is to formulate a marketing strategy for OTB based on a market orientated approach, bearing in mind that the task at hand is the marketing of a service. The study covers the relevant marketing theory in some depth and employs it as a basis to conduct a situational review followed by the development of an appropriate marketing mix and implementation plan. Even though the development of a marketing strategy for the test range produces some unique issues to address, the applicability and extent of coverage afforded by existing marketing theory suggest that OTB's circumstances show significant commonality with those encountered in other situations and therefore may find broader application. Some of the notable findings are: (1) the integrated marketing effort demanded by the market orientated approach; (2) the distinctive elements contained in the marketing mix of a service organisation; and (3) the possibility and need to retain a strategically founded market while developing a commercially driven market requiring particularly sharp market segmentation and distinctive strategies respectively.
AFRIKAANSE OPSOMMING: OTB, In Divisie van Denel, is 'n multi-aanwendbare toetsbaan wat spesialiseer in die in-vlug toetsing van geleide missiele en vliegtuie. Die toetsbaan is oorspronklik ontwikkel as 'n fasiliteit vir die lansering van lae aardbaan satelliete met, as sekondere funksie, die ondersteuning van die Suid-Afrikaanse militere industrie. Die aanvanklike bestaansreg van die fasiliteit was dus gesetel in militer-strategiese oorwegings. In die vroee neentigs het politieke en ekonomiese veranderinge wat aan die ontwikkel was gelei tot die kansellering van die satellietprogram en 'n drastiese afname in die produksie van krygstuig in Suid-Afrika. Die gevolg was 'n onaanvaarbare onderbenutting van die toetsbaanvermoens en -kapasiteit. Alhoewel die regering aangedui het dat dit van voornemens was om toegang tot 'n funksionerende toetsbaan te verseker ten einde die plaaslike militere industrie te ondersteun, is OTB met die stigting van Denel as 'n divisie daarvan gestruktureer met die doel om winsgewend te opereer. Dit het OTB gelaat met die uitdaging om 'n staatsbefondste begroting met 'n inkomste uit die kommersiele markte te vervang. Voorts het die dramatiese afname in die plaaslike militere spandering tot sodanige verlaging van inkomste uit hierdie bron gelei dat dit nie meer voldoende was om die toetsbaan op die verlangde tegnologiese vlak te onderhou nie. Ten einde te oorleef moes OTB sy klientebasis verbreed in 'n hoogs kompeterende kommersiele omgewing, 'n doelwit wat slegs haalbaar is met die implementering van 'n effektiewe bemarkingstrategie. Die doel van hierdie studie is die formulering van 'n bemarkingstrategie vir OTB gebaseer op 'n markgeorienteerde benadering met inagneming dat die taak voor hande die bemarking van 'n diens is. Die studie dek die relevante bemarkingsteorie tot 'n redelike mate en steun voorts daarop om 'n situasie analise, gevolg deur die ontwikkeling van 'n gepaste bemarkingsamesteliing (marketing mix) en implementeringsplan te ontwikkel. Selfs al lewer die ontwikkeling van 'n bemarkingsplan vir die toetsbaan sommige unieke aspekte op, dui die toepaslikheid van, en die mate waartoe die bestaande teorie die probleme aanspreek daarop dat OTB se omstandighede duidelike ooreenkomste toon met die wat reeds in ander situasies ondervind is. Die bevindinge hier mag dus wyer toepassing hê. Sommige van die noemenswaardige waarnemings is: (1) die geintegreerde bemarkingpoging wat deur die markgeorienteerde benadering vereis word; (2) die onderskeidende elemente wat in die bemarkingsamestelling (marketing mix) vir dienste voorkom; en (3) die moontlikheid en belangrikheid om 'n strategies gefundeerde mark te behou terwyl 'n kommersiele mark ontwikkel word met die skerp marksegmentering en spesifiek gerigte strategie wat per marksegment onderskeidelik nodig is.
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Rolo, Ana Rita Veiga Freire dos Santos. "A competitividade da China na União Europeia a 15: o desempenho após a adesão à OMC". Master's thesis, Instituto Superior de Economia e Gestão, 2007. http://hdl.handle.net/10400.5/790.
Testo completoAbstract (sommario):
Mestrado em Economia e Estudos EuropeusNo decurso dos últimos 20 anos do século passado, a China foi alcançando, gradualmente, uma posição proeminente nas trocas comerciais internacionais e, actualmente, essa trajectória em direcção a uma maior proeminência parece acentuar-se. As históricas relações económicas entre a China e a União Europeia deparam-se hoje com o início de uma nova era. Um dos eventos que esteve no centro desta mudança foi o acesso da China à Organização Mundial do Comércio, em Dezembro de 2001. Como consequência, numerosas barreiras ao comércio e ao investimento encontram-se em processo de supressão e, como resultado, assiste-se à criação de novas oportunidades comerciais e de investimento. No presente trabalho, é efectuada uma análise quantitativa da competitividade da China na UE15 entre 1999 e 2004, pelo estudo de fluxos de comércio e pela interpretação de indicadores de competitividade. É ainda analisado, nas exportações da China para a UE15, o "efeito competitividade" determinado pela metodologia das Quotas de Mercado Constantes (Constant Market Shares Analysis). São também identificados riscos e oportunidades para alguns sectores de actividade considerados relevantes na indústria europeia face ao crescente peso da economia chinesa na economia mundial, relativamente aos quais é, também, efectuada uma análise das tendências e dos desenvolvimentos da indústria chinesa. Adicionalmente, sugerem-se orientações a adoptar por parte da indústria europeia, a fim desta manter ou, mesmo, ganhar vantagens nos sectores abordados.
In the past 20 years, China has, gradually, achieved an outstanding part in international trade and, today, that position is being emphasized. The economic relations between China and the European Union are now on the edge of a new era. One of the events at the core of this change was China's accession to the World Trade Organization, in December, 2001. As a result, barriers to commerce and investment are been suppressed and, consequently, new opportunities in those two areas are emerging. This dissertation analyses the competitiveness of the Chinese economy in EU15 between 1999 and 2004, based on trade patterns and on competitiveness indexes. The exports of China to EU15 are also analysed using the Constant Market Shares Analysis, with special interest on the "competitiveness effect". Opportunities and threats are identified for some European industries; as well as the impact the Chinese economy might have in them, considering trends and developments concerning to those industries. Additionally, some guidelines are suggested for those European industries to maintain or, even, to obtain advantages.
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Sun, Yueming (Roy), e University of Lethbridge Faculty of Management. "Financial integration of NAFTA : measurement and analysis of the North American financial markets convergence / Yueming (Roy) Sun". Thesis, Lethbridge, Alta. : University of Lethbridge, Faculty of Management, 2010, 2010. http://hdl.handle.net/10133/2605.
Testo completoAbstract (sommario):
Applying market arbitrage theory on daily data, we measure the empirical financial market convergence of NAFTA’s financial markets since 1994. Radar diagram and wavelet multi-resolution analysis (MRA) scalogram movies of the statistical moments of the term interest rate differentials visualize the multidimensional convergence. From the radar movies, we find: 1) a uniform disappearance of the average forward premia; 2) a non-uniform decline of bilateral financial market risk; 3) variation of bilateral financial market pressure measured by skewness; and 4) emergence of uniform market microstructures as measured by vanishing excess-kurtosis. From the MRA movies, we find that the national term structures of interest rates converge, since the stochastic resonance coefficients of the interest rate differentials lose significance: market energy at all frequencies dissipates into “white noise.” Testing Obrimah, Prakash and Rangan’s (2009) Lemma, we find that, after 2002, higher financial flow pressure is a necessary condition for lower financial market risk.vii, 67 leaves ; 29 cm
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Junior, Antonio Celso de Abreu. "A integração da indústria de energia elétrica na América do Sul: análise dos modelos técnicos e de regulamentação". Universidade de São Paulo, 2015. http://www.teses.usp.br/teses/disponiveis/3/3143/tde-15062016-153831/.
Testo completoAbstract (sommario):
Os recursos energéticos naturais não estão distribuídos uniformemente pelo globo terrestre, e são raros os países que os têm na quantidade e na qualidade que necessitam para atender as suas necessidades. Ante a essa realidade, o comércio de energéticos tem sido a forma principal de acesso dos países que não os dispõem em relação as suas necessidades. Esse comércio, que muitas vezes é regido por tratados ou acordos firmados entre países ou blocos econômicos regionais, diversificou-se, traspassou fronteiras e, atualmente, tornou-se um item significativo nas pautas de exportações de vários países. A evolução desse comércio tem a favor a alternativa de integração por meio de interconexões estratégicas de redes e da constituição de mercados comuns, que viabilizam a exploração do potencial de complementariedade energética de forma mais racional. Diante desse contexto, esta dissertação apresenta um estudo exploratório que avalia o estado da arte da integração energética sul-americana e faz análises dos modelos técnicos, das regulamentações, das regulações regionais e multilaterais estabelecidas pelos blocos econômicos sul-americanos e pela Organização Mundial do Comércio. De forma complementar, o estudo verifica e apresenta os fatores que podem comprometer o avanço e a instituição de um futuro mercado comum de energia no continente, conclui pela viabilidade do prosseguimento de ações em prol da ampliação da integração da indústria de energia elétrica na América do Sul e tece recomendações. Os resultados e as recomendações deste trabalho oferecem um embasamento procedimental para a gestão e a atuação institucional dos envolvidos no processo de integração energética da indústria de energia elétrica da região sul americana.Natural energy resources are not evenly distributed across the globe and few countries have them in quantity and quality they require to meet their needs. According to this reality, countries that do not have those resources use the energy trade as the main way to have access them in order to fulfill their needs. This trade, which is often governed by treaties or agreements between countries or regional economic blocs, has diversified, surpassed borders and today has become a significant item on the agendas of exports from several countries. This trade evolution is in favor of the alternative of integration through strategic interconnection of networks and the creation of common markets, which enables the exploitation of the energy potential complementarity in a more rational way. In this context, this paper presents an exploratory study that assesses the state of the art of the South American energy integration and analyzes technical models, regulations, regional and multilateral regulations established by the South American economic blocs and the World Trade Organization. In addition, the study verifies and displays the factors that can undermine the progress and the establishment of a future common energy market in the continent and completes the feasibility of further actions towards the expansion of the power industry integration in South America and gives recommendations. The results and recommendations of this study offer a procedural basis for management and institutional performance of the energy involved entities in the integration process of the power industry of the South American region.
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Kilje, Bim. "Quests for knowledge and social mobility : Vocational and on-the-job-training as navigational tactics in the urban labour market of Sierra Leone". Thesis, Uppsala universitet, Institutionen för kulturantropologi och etnologi, 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-433784.
Testo completoAbstract (sommario):
This ethnographic study investigates the experiences of those learning tailoring and trading in Freetown, Sierra Leone via apprenticeships, other on-the-job training or Technical and Vocational Education and Training programs (TVET). I examine these forms of occupational training by investigating the practices underway, how knowledge transmission occurs, as well as why learners engage with and what they get out of these activities. I consider how the job learners utilise occupational training as a manner of increasing social, cultural and economic capital in Bourdieu's sense of those terms to navigate the urban labour market. I find that the learners aspire fundamentally to social mobility and a sense of self-worth. To achieve this, they use four main tactics: flexibility, reframing, co-operation and diligence. However, I find all tactics are developed in response to greatly circumscribed opportunities to obtain a good and stable income, and increased social status, due to structural inequality. Local political neoliberal discourse on youth unemployment emphasising diligence, belies these inequities and the limited ways in which social mobility is within the individual’s control. Hence, I argue, a focus on training without addressing structural inequality is inadequate. As the training usually does not lead to paid and reliable employment, I argue it serves more fundamentally as a form of moral education and a vehicle for personal and social development. I argue it helps develop certain personal moral traits and alleviate society's concern about immoral "idle youth". Further, that it helps develop what I term resilience capital; that is, the hard-working and stubborn disposition developed by reframing previous experiences of adversity, which may later assist the individual in acquiring other forms of capital. Although not its main focus, this study also seeks to contribute to academic scholarship through developing our understanding of knowledge transmission. I find that the process of knowledge transmission is fundamentally social and shaped by hierarchy, subjective positions of power, the inculcation of moral and ethical values, and more dependent for success on various forms of capital than it might at first appear.
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Tsehay, Fitsum. "Untersuchung zur Gestaltung von Zuchtprogrammen in der Legehennenzucht". Doctoral thesis, [S.l.] : [s.n.], 2005. http://webdoc.sub.gwdg.de/diss/2005/tsehay.
Testo completo
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Hafez, Khadiga. "L'accord général sur le commerce des services et les pays en developpement. Dimension juridique, enjeux de developpement". Thesis, Lyon 3, 2015. http://www.theses.fr/2015LYO30041/document.
Testo completoAbstract (sommario):
La finalité du droit international économique contemporain est en principe de réaliser une meilleure harmonisation entre l’expansion du commerce d’une part et la croissance des pays en développement (PED) d’autre part. Cette harmonisation n’est pas toujours évidente dans certains domaines du droit international économique notamment les services. Les rapports juridiques entre un accord multilatéral comme l’AGCS (Accord général sur le commerce des services) et les PED représentent en effet, une dialectique tant au niveau du statut des PED dans le cadre de cet Accord que de ses conséquences juridiques à leur égard. L’étude s’inscrit dans le cadre de cette dialectique et tente de cerner la dimension juridique et les enjeux de développement de ces rapports. Elle se place dans ce contexte à montrer la flexibilité formelle de l’AGCS à l’égard des PED dans un premier lieu et la relativité de ses effets dans un second lieuThe aim of the contemporary international economic law is in principle to achieve a better harmonization between the expansion of trade and the growth of the developing countries. This harmonization is not always evident or clear in some areas of the international economic law particularly in the services sector. The legal aspects of the relationship between a multilateral Agreement such as the GATS (General Agreement on Trade in Services) and developing countries are indeed dialectic especially in the context of their status in the framework of this Agreement on the one hand and its legal consequences on the other hand. The study takes its place in this dialectic and attempts to identify the legal dimension and the development challenges of this relationship. It is within this context that the research will present the formal flexibility of the GATS against the developing countries in the first place and the relativity of its effects in a second
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Amann, Méderic. "Evolution du magmatisme et du métasomatisme dans une marge passive pauvre en magma durant l'initiation de l'accrétion océanique : exemple de la marge fossile de la Platta (Alpes suisses) et comparaison avec le système actuel Ibérie-Terre Neuve". Thesis, Strasbourg, 2017. http://www.theses.fr/2017STRAH014/document.
Testo completoAbstract (sommario):
Les parties distales des marges passives pauvres en magma représentent la transition complexe entre les domaines continentaux et océaniques. Ces zones encore peu étudiées sont pourtant des endroits clefs pour comprendre les processus impliqués durant les premiers stades de l’accrétion océanique, et plus particulièrement ceux du magmatisme et du métasomatisme. Durant ces premiers stades, ces deux processus sont gouvernés par l’exhumation mantellique. L’interaction entre les liquides magmatiques, les roches du manteau et les fluides marins vont affecter le régime thermique de la marge. De par le monde, seulement deux Transitions Océan-Continent (TOC) ont pu bénéficier d’investigations scientifiques poussées et constituent naturellement les deux sites d’études de cette thèse, à savoir, les marges actuelles conjuguées d’Ibérie-Terre Neuve du sud de l’Atlantique Nord ainsi que les marges fossiles de la Platta et de Tasna, fragments de TOCs de la Téthys Alpine Jurassique. En combinant les études de terrain ainsi que les investigations minéralogiques, pétrologiques et géochimiques, nous avons pu contraindre trois processus clefs se déroulant dans les TOCs. (i) La percolation de liquide magmatique imprégnant le manteau sous-continental hérité dans les marges Ibérie-Terre Neuve permet une refertilisation de ces marges distales. (ii) La transition géochimique visible entre les basaltes des TOCs et les basaltes de dorsales océaniques peut s’appréhender par la fusion partielle du manteau sous-continental refertilisé. (iii) Le rôle des fluides hydrothermaux, ayant des températures comprises entre 60°C et 190°C, joue un rôle sur le métasomatisme de la lithosphère en produisant une intense serpentinisation et rodingitisation, respectivement du manteau sous-continental en exhumation et des dykes basaltiques. Ces températures étant cohérentes avec une exhumation mantellique au niveau du plancher océaniqueDistal parts of magma-poor rifted margins represent a complex transition between continental and oceanic domains. These areas remain poorly understood while being a key-place to unravel magmatic and metasomatic processes involved during the first stages of oceanization. At this time, these processes are enhanced by mantle exhumation, and the interaction between melts, mantle rocks and fluids affect the thermal regime of the margin. So far, only two Ocean-Continent Transitions (OCT) have been particularly investigated, namely the present-day Iberia Newfoundland conjugate margins and the fossil analog Platta-Tasna nappes, remnants of the Jurassic Alpine-Tethys OCTs. Studies presented in this Ph.D. thesis have been focused on these two margins. Here, by combining field-works, petrological, mineralogical and geochemical investigations, we have unraveled in OCTs three key-points: (i) The deep porous-flow melt percolation impregnating the long-lived inherited subcontinental mantle in Iberia-Newfoundland margins allow the refertilization of these distal domains; (ii) The geochemical transition depicted from OCT-basalts towards MOR-basalts can be explained by the partial melting of the refertilized subcontinental mantle; (iii) The role of active hydrothermal fluids, on both the exhumed mantle and basalt dikes, lead to the serpentinisation and the rodingitization respectively, at temperature ranging between 60°C and 190°C. These temperatures being consistent with the ongoing mantle exhumation towards near-seafloor conditions
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Ngom, Abdoulaye. "L'OMC et l'accès des pays en développement au marché agricole de l'Union Européenne : entre traitement spécial et différencié et statut particulier de l'agriculture". Thesis, Rennes 1, 2017. http://www.theses.fr/2017REN1G003.
Testo completoAbstract (sommario):
L’adoption par l’OMC de mesures de TSD utiles pour promouvoir l’agriculture des PED par le commerce agricole a favorisé l’accès des PED au marché rémunérateur de l’UE par des schémas multiples qui ne sont pas encore répartis équitablement entre les PED. Les préférences tarifaires de l’UE accordées aux PED figurent parmi les plus importants instruments de développement commercial utilisés par les pays développés. Cependant, l’effectivité des mesures de TSD reste relative à cause des limites inhérentes à leur contenu influencé par le statut particulier de l’agriculture à l’OMC. L’UE continue de bénéficier d’arrangements spéciaux et pratique un protectionnisme agricole très complexe et très décrié sur le plan externe. Les politiques commerciales, agricoles, sociales, environnementales et sécuritaires en vigueur dans le marché agricole européen neutralisent les efforts consentis par les PED, plus particulièrement les PMA et les pays ACP, pour exploiter les préférences. L’avenir de l’accès des PED au marché agricole de l’UE est actuellement lié à l’aboutissement incertain des négociations du Cycle Doha sur le TSD et l’agriculture. Les Conférences ministérielles de Bali (décembre 2013) et de Nairobi (décembre 2015) ont permis de mettre sur pied des accords partiels et a minima qui semblent maintenir le déséquilibre subtil entre un TSD peu contraignant et un statut particulier de l’agriculture toujours résistant à l’OMC, sans apporter une solution définitive au statu quo de l’accès des PED aux marchés agricoles des pays développés. Les enjeux et les perspectives de l’accès des PED au marché agricole de l’UE dépendent de la direction que prendront les travaux en cours pour répondre aux questions de développement et de libéralisation agricole dans le cadre d’un vrai cycle de développementThe adoption by the WTO of special and differential treatment (SDT) measures that are useful for promoting the agriculture of developing countries through agricultural trade has favored the access of developing countries to the remunerative market of the EU through multiple schemes that are not yet evenly distributed between developing countries. EU tariff preferences for developing countries (DCs) are among the most important trade development instruments used by developed countries. However, the effectiveness of SDT measures remains relative because of the limitations inherent in their content influenced by the special status of agriculture in the WTO. The EU continues to benefit from special arrangements and practices agricultural protectionism that is very complex and highly criticized externally. The commercial, agricultural, social, environmental and security policies in force in the European agricultural market neutralize the efforts made by developing countries, in particular least developed countries (LDCs) and ACP countries, to exploit preferences.The future access of developing countries to the agricultural market of the EU is currently linked to the uncertain outcome of the Doha Round negotiations on SDT and agriculture. The Ministerial Conferences in Bali (December 2013) and Nairobi (December 2015) have led to the establishment of partial and minimum agreements that seem to maintain the subtle imbalance between a non-constraining SDT and a particular status of agriculture that is still resistant to The WTO without providing a definitive solution to the status quo of DCs access to agricultural markets in developed countries. The challenges and prospects of developing countries' access to the EU agricultural market depend on the direction of work in progress to address agricultural development and liberalization issues within a real development cycle
29
LIDEREAU, WEINSTEIN ROSETTE. "La variabilite genetique des proto-oncogenes ras, myc et mos comme marqueur de predisposition et d'evolution dans le cancer du sein". Paris 7, 1987. http://www.theses.fr/1987PA077129.
Testo completo
30
Cai, Qianyi. "Contribution à la construction du droit fiscal chinois continental". Thesis, Sorbonne Paris Cité, 2018. http://www.theses.fr/2018USPCB153.
Testo completoAbstract (sommario):
Le droit fiscal chinois continental résulte d'un processus complexe. D'une part, il est relatif à son histoire et sa géographie, d'autre part, il est fortement rattaché à son régime économique. Dans le contexte mondial, le développement de la mondialisation influe aussi sur des décisions en matière fiscales de l'autorité législative de l'État. Cette thèse tente d'analyser le droit fiscal de la Chine continentale depuis la fondation du pays le 1er octobre 1949, à travers sa construction, ses lois et réglementations et ses pratiques. L'enjeu principal de cette démarche est de mettre en œuvre une étude entre le droit fiscal chinois continental et les effets de l'économie de l'État et de l'économie mondialisée, en vue de saisir la particularité du droit fiscal de la Chine continentale. Ainsi, cette recherche se base sur deux dimensions : la dimension sur le plan national et la dimension sur le plan internationalContinental Chinese tax law is the result of a complex process. On the one hand, it is relative to its history and geography, on the other hand, it is strongly related to its economic regime. In the global context, the development of globalization also influences fiscal decisions of the state's legislative authority. This thesis attempts to analyze the tax law of mainland China since the founding of the country on October 1st, 1949, through its construction, laws and regulations and practices. The main challenge of this approach is to implement a study between the continental Chinese tax law and the effects of the state economy and the global economy, in order to grasp the peculiarity of mainland China's tax law. Thus, this research is based on two dimensions: the dimension at the national level and the dimension at the international level
31
Chen, Hui-Chun, e 陳惠純. "Testings for OTC Market Efficiency". Thesis, 1998. http://ndltd.ncl.edu.tw/handle/33591273909382752148.
Testo completo
32
Pedro, Sónia Alexandra Baptista. "An assessment of the portuguese OTC market network structure under EMIR - Bringing light to the portuguese OTC CDS Market". Master's thesis, 2020. http://hdl.handle.net/10362/94982.
Testo completoAbstract (sommario):
Project Work proposal presented as partial requirement for obtaining the Master’s degree in Information Management, with a specialisation in Knowledge Management and Business IntelligenceHere we provide a data-driven network analysis of the Over-the-Counter (OTC) Portuguese Market under the European Market Infrastructure Regulation (EMIR). We do it so from the point of view of the Regulator, thus focusing in how different regulation instruments can be improved through a network abstraction and analysis of the OTC market. Such approach, we argue, can allow regulators to answer complex questions: Who are the players in the Portuguese OTC Credit Default Swps (CDS) Market, and how is it structured? In this paper we provide, as a starting point, the study and characterisation of the OTC CDS Derivatives Market. By using a multi-segment approach, we were able to build three networks that represent the Portuguese OTC CDS Market: (1) PT Products + PT Participants segment; (2) PT Products segment; and (3) PT Participants segment. The analysis of the first two networks showed that activity, at its scale, is very similar to the European landscape, highly clustered in a small number of counterparties, with the Central Counterparties (CCPs) and the entities of the Group of 16 (G16) assuming the leading positions while the counterparties of the United Kingdom have the lion share in the OTC CDS Derivatives Market. However, when we place the focus only on the PT Participants segment, e.g., Portuguese players active in the OTC CDS the CCPs are replaced by Banks and there is a clear preference for the non-domestic Market and non-cleared transactions.
A nossa análise de rede baseada em dados do Mercado de Balcão (OTC) português ao abrigo do Regulamento Europeu de Infraestrutura de Mercado (EMIR) do ponto de vista do regulador, com enfoque em como diferentes instrumentos de regulamentação podem ser aprimorados por meio de uma abstração de rede e análise do Mercado OTC. Argumentamos que essa abordagem pode permitir que os reguladores respondam a perguntas complexas: quem são os participantes no Mercado OTC Credit Default Swaps (CDS) português e como está estruturado? Neste documento, fornecemos, como ponto de partida, o estudo e a caracterização do Mercado OTC CDS português. Recorrendo a uma abordagem multissegmento, permitiu-nos construir três redes que representam o Mercado OTC CDS português: (1) PT Products + PT Participants segment; (2) PT Products segment; e (3) PT Participants segment. A análise das primeiras duas redes mostrou que a atividade, à sua escala, é muito semelhante ao panorama europeu, altamente concentrada num pequeno número de contrapartes, em que as Contrapartes Centrais (CCPs) e as entidades do Grupo dos 16 (G16) assumem as posições de liderança, enquanto que as contrapartes do Reino Unido ocupam um lugar primordial no Mercado de Derivados OTC CDS. No entanto, quando o foco são as transações de contrapartes portuguesas em Mercados de Derivados OTC CDS (PT Participants), as CCPs são substituídas pelos Bancos e a preferência recai sobre os mercados não domésticos e transações sem compensação.
33
Isoux, Alice. "Introduction of OTC drugs in mass market the case of OTC drugs marketing in France". Master's thesis, 2015. http://hdl.handle.net/10071/11227.
Testo completoAbstract (sommario):
JEL Classification: M31, D70A presente dissertação aborda o assunto do marketing na indústria farmacêutica. Em Franca, os medicamentos OTC (Over-the-counter, medicamentos de venda livre, não sujeitos a prescrição médica) são apenas vendidos em farmácias, de acordo com a lei, mas o governo está a considerar abrir o monopólio das farmácias através da autorização da sua venda no mercado de grande consumo. Este é já o caso nos países anglo-saxónicos e noutros países europeus. Os franceses continuam dependentes do seu farmacêutico: como reagirão então e em que basearão a sua decisão de compra dos medicamentos OTC? Uma revisão de literatura será desenvolvida nesta dissertação para que se compreenda os 4P da industria farmacêutica e será dada especial atenção ao processo de tomada de decisão por parte dos consumidores. Parece, no entanto, que o branding e alguns aspectos visuais têm um papel importante, bem como confiança, experiências passadas e preço. A pesquisa primária desta dissertação tem como objectivo aprofundar o tema especificamente em Franca, que é um país conhecido por ser adverso ao risco (Hofstede). Os resultados mostram que muitos consumidores franceses estão dispostos a comprar os seus medicamentos OTC em supermercados, uma vez que deste modo pouparão tempo. Por outro lado, e como não poderão pedir aconselhamento ao farmacêutico, acabarão por comprar produtos que conhecem e nos quais confiam. Os resultados demonstram também o papel fundamental da experiência com o produto, que está ligada à confiança: os consumidores irão comprar os medicamentos OTC que já experimentaram e com os quais tiveram uma boa experiência. Foi criado um modelo de tomada de decisão, de modo a compreender-se melhor o seu funcionamento, e com base nisso, foram dadas recomendações aos laboratórios
This essay deals with marketing in the pharmaceutical industry. In France, OTC drugs (drugs which do not need a mandatory prescription) are only allowed in pharmacies, but the government is considering opening this pharmacy monopoly by authorizing their sales in mass market. It is already the case in Anglo-Saxon countries and in other European countries. The French are quite attached to their pharmacist: how will they react, on what will they base their decision to purchase an OTC drug? A literature review will be developed in this essay to understand the 4P’s in the pharmaceutical industry and particular attention will be given to consumers’ decision-making. It seems that branding and some visual cues play an important role, as well as trust, past experience and price. The primary research of this essay is aimed at going deeper into the topic and specifically in France, which is known to be a risk adverse country (Hofstede). The results show that most French consumers are ready to buy their OTC drugs in supermarkets, given that it will make them save time. As they will not be able to ask advice to a pharmacist, they will buy products they know and in which they trust. Results also show the crucial role of experience, which is linked to trust: consumers will buy the OTC drugs they already tried and with which they had a good experience. A decision-making model was realized in order to understand better their functioning and recommendations to laboratories were given based on that.
34
Yu-ying, Hou, e 侯玉盈. "The Comparison of OTC and TSE Stock Market in Taiwan". Thesis, 1998. http://ndltd.ncl.edu.tw/handle/42039645614890534599.
Testo completoAbstract (sommario):
碩士東吳大學
會計學系
86
AbstractKey words: OTC(Over the Counter Market)、TSE(Taiwan Securities Exchange)、Performance、Return、Risk、Liquidity、Efficiency、Accounting RatioThe main purpose of this research is to examine the performance of Taiwan OTC stock market. This market grows fast in recent years, but relevant studies are rare. Since past studies apply single-factor to emphasize the performance of this market, we then emphasize the multi-factor performance; besides, the performance of Taiwan Stock Market Exchange is taken as a benchmark .We distinguish two categories of performance index - market performance index and accounting performance index: market performance index include scale, return, risk, liquidity, efficiency; accounting performance index include growth-stock(accounting return) and under-value(accounting yield), and capital structure. Variables based on above performance index are compared and statistically tested. In addition, we discuss the systematic association among return and other performance variables.The major finding of our study shows that while growth fast in a period, OTC market still can not compare with the TSE market in their size of the market. The rate of return between these two markets does not have significant difference, while OTC market is more risky then TSE market, and SEC market is more efficient than OTC market as well. In addition that different measure for liquidity index shows various preferences on these two markets, performances on accounting variables for these two markets are also compete. However, OTC market shows inferior quality of accounting information while the systematic association among accounting information and rate of return are considered. Therefore, in a whole our results indicate that the performance of OTC market can not catch up with TSE market.
35
Hsin-MeiChu e 朱欣梅. "Investigation on The Monitoring Stocks-Evidence from Taiwan OTC Market". Thesis, 2013. http://ndltd.ncl.edu.tw/handle/69615212123421201153.
Testo completoAbstract (sommario):
碩士國立成功大學
高階管理碩士在職專班(EMBA)
101
This study investigates the “fad effect” of stocks with warning trading information announced by Gre Tai Securities Markets (GTSM) through the measures of abnormal trading volumes and abnormal returns by using the sample from 2010 to 2012 in Taiwan. The empirical findings show that abnormal trading volumes do exist except for the sample firms which stock prices are in the falling trend. Moreover, abnormal returns are found in the sample firms (1) which are with abnormal transactions through dealers, and (2) which have been announced as warning trading stocks for more than ten times. These results support that the fad effect proposed by former studies only exists in some specific GTSM warning trading stocks.
36
Chang, Chun-Chan, e 張俊湛. "Repurchase Announcement Effect On Stock Returns in Taiwanese OTC Market". Thesis, 2014. http://ndltd.ncl.edu.tw/handle/98784732195642277805.
Testo completoAbstract (sommario):
碩士國立雲林科技大學
財務金融系
102
This study examines the treasury stock announcement effects on short-term stock returns in Taiwanese OTC Market. The sampling period is from January 1st 2011 to December 31th 2013 with a total of one hundred and seventy six companies involved. Using the market model of event study method, we find some positive/negative abnormal returns existing among different P/B ratios, market value, board of directors’ holdings, and foreigners’ holdings. In addition, abnormal returns are also related to overall business conditions, repurchasing purposes, bull/bear market and some industry categories. It appears stock repurchase announcement effects are purely revelations of firm characteristics, which might be beneficial to potential investors.
37
Chen, Hung-Te, e 陳洪德. "Political Cycle Effects in Taiwan OTC Market and Industry Returns". Thesis, 2011. http://ndltd.ncl.edu.tw/handle/64693580090160298915.
Testo completoAbstract (sommario):
碩士國立高雄第一科技大學
金融理財研究所
99
Since political business cycle had been documented in the literature, so far financial theory fails to explain this well-known market phenomenon effectively. If stock market follows the efficient market hypothesis, political cycle effects should not exist in the market. We investigate the political cycle effects by observing Taiwan OTC stock market. Through the empirical data, we find relative outperformance for the stock market of the first year of an administration under Chinese Nationalist Party than Democratic Progressive Party. However, after correcting industry returns for the CAPM or the Fama-French three factor models, we find no evidence of the well known political effects documented for industry returns in Taiwan. Therefore, we suggest political cycle effects are only market wide phenomena and can not be explain by the impact from industry returns.
38
Lee, Meng-Chun, e 李孟寯. "Effects of Short Selling: Evidence from the Taiwan OTC Market". Thesis, 2008. http://ndltd.ncl.edu.tw/handle/p78p7a.
Testo completoAbstract (sommario):
碩士銘傳大學
財務金融學系碩士班
96
This study focuses on the event in 1999 that the authorization approved a list of stocks which met some certain conditions can be short sold. According that, the empirical results show that short-sale constraints tend to cause stock overvaluation. Furthermore, the wider the dispersion of investors’ opinions is, the more severe the overvaluation effect exists. Secondly, whether the stocks allowed for short selling or not, the returns distribution of individual stock is more skewed to the right than regulated before 1999. On average, the magnitude of skewness change is larger for securities eligible for short sale transaction which finding is consistent with Hong and Stein’s (2003) prediction.
39
Chen, Yi-Ju, e 陳怡如. "The Improvement of Taiwan''s OTC Market — The Establishment of Taiwan''s Unlisted Stock Market". Thesis, 2001. http://ndltd.ncl.edu.tw/handle/85898710244607717833.
Testo completoAbstract (sommario):
碩士淡江大學
國際貿易學系
89
Currently there is no legal channel for investors to trade the unlisted stock in Taiwan; therefore, such stocks can be only trade through illegal security dealers. However, there were several problematic unlisted stock transactions caused by illegal security dealers and many investors suffered a great deal of loss. Hence, the Taiwan government intends to build an unlisted stock market in addition to the existing listed stock and OTC markets in order to maintain the safety and soundness of Taiwan security market. Nevertheless, to build an unlisted stock market would face several challenges, such as the problems of the illegal security deals, investor protection, transaction monitors….etc. Therefore, the purpose of this thesis intends to explore the potential challenges of establishing an unlisted stock market in Taiwan. To achieve this goal, chapter II of this thesis will discuss the current practice of Taiwan OTC market. Chapter III will explore the supervision system of OTC and its investor protection mechanism. The long existing problems of illegal unlisted stock market in Taiwan will be analyzed in Chapter IV. The practices and investor protection measures in the U.S. unlisted stock market - OTCBB will also explore in Chapter V and VI. Then the current draft of Taiwan unlisted stock exchange system will be discussed in Chapter VII. Finally this thesis concludes that the Taiwan OTC should replicate the experience and practices of the U.S. OTCBB unlisted stock exchange system, such as eliminate the extensive qualifications for market makers, allow mutual fund to invest such stock market, strengthening the disclosure of risk exposure in prospectus, and enhance the supervision of transaction in order to reinforce the investor protection. With regard to illegal security dealers, this thesis recommends the Taiwan government shall fasten its pace to channel them to legitimate system in order to maintain a safe and sound security market in Taiwan.
40
Hung, Yu-Chun, e 洪有駿. "An Analysis of Stock Repurchase Announcement Effects on Taiwan’s OTC Market". Thesis, 2012. http://ndltd.ncl.edu.tw/handle/62497908001386305996.
Testo completoAbstract (sommario):
碩士國立雲林科技大學
財務金融系碩士班
100
This study examines the treasury stock announcement effects on short-term stock returns in Taiwan Over-the-Counter (OTC) companies. The sampling period is from January 1st 2006 to October 31st 2011 with a total of two hundred forty eight companies involved. Using the market model of event study method, we find some positive/negative relationships existing among abnormal returns, price to book worthy, profitability, market value, dividend yield and board of directors’holdings. In addition, abnormal returns are also related to repurchasing purposes/implementation degrees, frequencies and overall business conditions. It appears stock repurchase announcement effects are purely revelations of firm characteristics, which is beneficial to potential investors.
41
Chang, Mien-Kuei, e 張綿瑰. "A Research on Taiwan OTC Stock Market─Modeling and Weekend Effect". Thesis, 2000. http://ndltd.ncl.edu.tw/handle/82869488351433313293.
Testo completoAbstract (sommario):
碩士淡江大學
國際貿易學系
88
Abstract﹕ This paper examines the weekend effect on the returns and volatility of Taiwan’s OTC stock market. Comparing to the previous work on this topic paid less attention to the model specification, this paper focuses on accommodating more data characteristics and better methodology. Indeed, unless the model specifications and statistical approach have been critically considered, the empirical result might be misleading and erroneous. Wang etc (2000) proposed a general and flexible GARCH-EGB2 model which can accommodate either mesokurtic or leptokurtosis data and can accommodate volatility clustering, skewness and high peakedness. In this paper, Wang etc’s research is extended to a more general GJR GARCH-in —mean model based on a flexible EGB2 distribution, which can furthermore account for the known asymmetry on the conditional variance and risk premium on the conditional mean equation. This paper attempt to compare the model performance and weekend effect under various model specification, including tradition Gaussian GARCH model, Gaussian GJR GARCH model, Gaussian GJR —in-mean model, GJR —in-mean based on a leptokurtic student t distribution, and GJR —in-mean based on a flexible EGB2 distribution. Our findings are summarized as follows: 1.The weekend effect is significantly negative, existing on the Tuesday returns of the Taiwan OTC stock market; however, the effect is significant higher on the volatility of Monday. 2.The risk premium is found on Taiwan OTC stock market. 3.There exhibits significantly negative impact during the Asian crisis period, but this period shows insignificant effect on the volatility. 4.Based on the Schwartz Bayesian criterion and likelihood ratio test, we find that the specification of GJR—in-mean based on EGB2 distribution outperform other models on Taiwan’s OTC series.
42
Wu, Tzu-Jung, e 吳梓榕. "Re-examination of Stock Repurchase Announcement Effects in Taiwan’s OTC Market". Thesis, 2016. http://ndltd.ncl.edu.tw/handle/73692674968090957667.
Testo completoAbstract (sommario):
碩士國立雲林科技大學
財務金融系
104
Abstract The study period is from January 1, 2011to December 31, 2015. This study examines the treasury stock announcement effects on short-term stock returns in Taiwan Over-the-Counter (OTC) companies. In the study period, whether there is abnormal stock returns by event study. The following are empirical results： 1. Stock returns are rising, after declaring. 2. Stock returns are falling, before declaring. 3. The sample period of consolidation and the bear market. Implementation of treasury shares not to fell and rose. And it has continuity.
43
Ζυγογιάννη, Γεωργία. "Direct marketing σε μη συνταγογραφούμενα φάρμακα, OTC". Thesis, 2010. http://nemertes.lis.upatras.gr/jspui/handle/10889/4106.
Testo completoAbstract (sommario):
Το direct marketing αποτελεί μια ιδιαίτερη μορφή marketing, όπου κάθε ενέργεια που περιλαμβάνει δημιουργεί ένα είδος διαπροσωπικής σχέσης μεταξύ επιχείρησης και πελάτη. Αποτελεί αναπόσπαστο κομμάτι της Ολοκληρωμένης Επικοινωνίας Marketing. Είναι ένας προσωπικός τρόπος προσέγγισης δυνητικών πελατών. Σύμφωνα με τον ορισμό της Direct Marketing Association , direct marketing είναι ένα αμφίδρομο σύστημα marketing (interactive system marketing) που χρησιμοποιεί ένα ή περισσότερα διαφημιστικά μέσα, προκειμένου να πραγματοποιήσει μια μετρούμενη ανταπόκριση (response) ή συναλλαγή (transaction) σε οποιοδήποτε σημείο. Γίνεται αντιληπτό, λοιπό, ότι περιγράφεται ένα αμφίδρομο σύστημα μεταξύ marketer και καταναλωτή.
Τα βασικά εργαλεία του direct marketing αφενός δίνουν την ευκαιρία στους καταναλωτές να αποκριθούν θετικά ή μη στα μηνύματα που φέρουν προς αυτούς και αφετέρου δίνουν τη δυνατότητα στους marketers καταγράφοντας και μετρώντας τις αντιδράσεις των καταναλωτών να οδηγηθούν σε σημαντικά συμπεράσματα που θα τους βοηθήσουν σε μελλοντικό σχεδιασμό marketing. Τα βασικά χαρακτηριστικά του direct marketing συνοψίζονται στο ότι βρίσκεται δίπλα στον καταναλωτή, κατανοεί τις ανάγκες του, ανταποκρίνεται σε προσωπικό επίπεδο με τον καταναλωτή και διατηρεί σχέση μαζί του και μετά την συναλλαγή. Η φιλοσοφία του direct marketing είναι ότι κάθε πελάτης είναι μοναδικός.
Βασικός σκοπός της έρευνας είναι πως επηρεάζει την καταναλωτική συμπεριφορά η εφαρμογή του direct marketing στο χώρο του φαρμακείου και συγκεκριμένα η εφαρμογή βασικών εργαλείων του direct marketing εντός του φαρμακείου όπως αυτή αποφασίζεται και σχεδιάζεται τόσο από τις εταιρίες όσο και από τον φαρμακοποιό. Η ερευνητική βάση της παρούσας εργασίας ήταν πως το direct marketing σε μη συνταγογραφούμενα φάρμακα- OTC δύναται να επηρεάσει την αγοραστική απόφαση του ασθενή ή δυνητικού πελάτη στο χώρο του φαρμακείου.
Αποδεικνύεται, λοιπόν, ότι τo direct marketing εφαρμόζεται επιτυχώς στο σύγχρονο ελληνικό φαρμακείο. Σκοπός μιας θεματικής προβολής ενός φαρμάκου ή άλλου φαρμακευτικού ενδιαφέροντος προϊόντος είναι να λειτουργήσει σαν έναυσμα για τη συμβουλευτική προσέγγιση και πώληση. Η οργάνωση της θεματικής προβολής ξεκινά με στόχο να δοθεί ένα ξεκάθαρο μήνυμα στον επισκέπτη. Όπως προκύπτει από την ανάλυση των δεδομένων, ιδανικό είναι να γίνεται παρουσίαση σε τουλάχιστον 3 βασικά σημεία όπως είναι η βιτρίνα του φαρμακείου (την πρώτη εικόνα που έχει ο πελάτης που έρχεται στο φαρμακείο), γόνδολες ή σταντ στο χώρο προς το σημείο εξυπηρέτησης και ο πάγκο εξυπηρέτησης.
Η έρευνα έγινε σε φαρμακεία δυο πόλεων της Ελλάδας( Πάτρα και Αθήνα) και απευθυνόταν σε ασθενείς και πελάτες των φαρμακείων, η επιλογή των οποίων ήταν τυχαία. Δημιουργήσαμε ένα ερωτηματολόγιο με 9 ερωτήματα και αντίστοιχα υπο-ερωτήματα. Αρχικά μοιράστηκαν 150 ερωτηματολόγια από τα οποία απαντημένα επεστράφησαν 102. Η συλλογή των απαντήσεων έγινε με την μέθοδο των προσωπικών συνεντεύξεων. Μετά τη συλλογή των ερωτηματολογίων και την καταγραφή των δεδομένων, έγινε η επεξεργασία τους με το στατιστικό πρόγραμμα spss.17 για τη εξαγωγή συμπερασμάτων. Το 44,1% των συμμετεχόντων στην έρευνα ήταν άνδρες και το 55,9 % γυναίκες. Η κατηγορία φαρμάκων που κερδίζει την προτίμηση των καταναλωτών και την οποία αγοράζουν σε τακτική βάση είναι τα αναλγητικά- αντιπυρετικά σε ποσοστό 39,2% και ακολουθούν τα αντιφλεγμονώδη –αναλγητικά σε ποσοστό 14,7%. Από την πρώτη σε προτίμηση κατηγορία φαρμάκων, το depon είναι εκείνο που αγοράζουν τακτικά οι καταναλωτές, ενώ από τα αντιφλεγμονώδη- αναλγητικά προτιμούν το ponstan. Οι συμμετέχοντες στην έρευνα συνηθίζουν να αγοράζουν τα φάρμακα βασιζόμενοι στην εμπειρία τους, στην διαφήμιση αυτών και στην ελκυστική συσκευασία τους, φροντίζουν να ενημερώνονται για τα κυκλοφορούντα OTC φάρμακα στην αγορά, η αγοραστική τους απόφαση επηρεάζεται από τις προωθητικές δραστηριότητες και ενδιαφέρονται για την ανάπτυξη ουσιαστικής επικοινωνίας με τον φαρμακοποιό.Direct marketing is a special form of marketing, where every action creates a unique relationship between the venture and the customer. It is considered as an integral piece of Integrated Communication Marketing. Rather it can be characterized as a personal way to approach potential customers. According to the definition of the Direct Marketing Association, Direct Marketing is an interactive marketing system that uses one or more advertising means, so that it realises a measuring response or transaction at any point. As it is obvious, we have described an interactive system between the marketer and the consumer. The main philosophy of the direct marketing lies in the fact that every consumer is unique. We can summarize the basic characteristics of direct marketing in the following: • it tries to be near the customer, • understand his needs, • respond to them in a personal level • and to maintain a good relationship with him, even after the transaction. The basic tools of direct marketing enable on the one hand the consumers to respond directly in their own way (positively or negatively) to the messages of the marketers, and on the other hand enable the marketers to record and measure the counteractions of the consumers, so that they can actually conclude in significant results for their future marketing plans. The purpose of this study is to examine how the patient/consumer behavior is affected by the implementation of direct marketing in the actual area of a pharmacy, as this is applied either by companies or by the pharmacist himself. We restricted our research concern only to OTC medicines; therefore we could have a sample, where the final decision about drug consuming would be on the patient alone. We have seen that the direct marketing is successfully applied in today’s Greek pharmacy. The research took place in the pharmacies of two major cities of Greece, Athens and Patras, and was addressed to patients, who were randomly chosen. We handed out 150 questionnaires but finally gathered 102. We used SPSS 17 to process the data. 44,1% of the respondents were men and 55,9 % women. The first category of medicine that the patients buy is analgetics-antipyretics followed by anti-inflamatory drugs. As we have seen the major reasons that make patients decide what medicine to consume are experience, advertisements, and package.
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Cheng, Hsiao-Feng, e 鄭曉峰. "Are the Stocks for Changing List between Exchange Market and OTC Market Systematic Risk: Evidence from the Taiwan Stock Market". Thesis, 2005. http://ndltd.ncl.edu.tw/handle/44286383808212851003.
Testo completoAbstract (sommario):
碩士國立成功大學
企業管理學系碩博士班
93
This study is conducted for two main purposes. The first purpose is to construct predictive models that can be used in predicting changes in the listings exclusively for Taiwanese stock listings. The second purpose is to serve as a follow-up study for Dichev (1998) in clarifying whether a change in the listings is a systematic risk. The study uses Taiwanese samples to present a different but supplementary view from the previous studies conducted with U.S. samples. The research methods used for constructing predictive models are Logit model and Discriminant model. The accuracies of the prediction models constructed are very effective, reaching 75% or above. Companies upgraded in their listings share the same characteristic of pursuing after growth as the downgraded. The result shows that it is the ability to meet short-term debt, and to maintain long-term profitability that differentiates upgraded companies from the downgraded. Concerning the risk of change in the listings, for downgrading changes the risk is unsystematic, consistent with Dichev (1998). For upgrading changes the risk appears to be systematic, however a closer look at the attributes of the returns for the upgrading changes is needed. The study suggests that only those investors making the correct choice be rewarded with a higher return. In another word, a higher return may not be due to taking more risk for changes, but a reward for a right choice.
45
Chang, Chang Ling, e 張長令. "A Research on Attention Securities and Disposition Securities from Taiwan OTC Market". Thesis, 2015. http://ndltd.ncl.edu.tw/handle/05875920685994370547.
Testo completoAbstract (sommario):
碩士長庚大學
工商管理學系
103
This study collected, January 1 2009 to December 31 2013, attention securities from Taiwan OTC market stocks and calculated abnormal returns by event study method. This study classified the attention event to the number of categories,and the number of times to examine whether there is effective monitoring.The next step is figure out the reasons of the disposition securities. The results show that no matter the number of the alert times. There are significant abnormal returns before the event 1 to 5;Although there are still positive abnormal returns 1 to 5 days after the declaration, with the increase in the number and a positive abnormal returns will reverse in the future.This results show that the warning system is useful.This study also found PE ratio, turnover ratio, price to book ratio are positively correlated with abnormal returns, the proportion of the market value was negative and the smaller proportions of the market value of the company and the larger of the price to book ratio are easily change into the disposition securities.
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Ορθοδόξου, Σκεύη. "Στρατηγικές προβολής των μη-συνταγογραφούμενων (OTC) φαρμάκων". Thesis, 2010. http://nemertes.lis.upatras.gr/jspui/handle/10889/4031.
Testo completoAbstract (sommario):
Η εργασία που ακολουθεί εκπονήθηκε στα πλαίσια του μεταπτυχιακού προγράμματος σπουδών “Φαρμακευτικό Μάρκετινγκ”, του τμήματος Φαρμακευτικής του Πανεπιστημίου Πατρών, κατά την ακαδημαϊκή περίοδο σπουδών 2008-2010.
Σκοπός της έρευνας ήταν να γίνει μια εκτίμηση της κατάστασης στο χώρο της αγοράς των μη συνταγογραφούμενων (over-the-counter/OTC) φαρμάκων, όπως οι φαρμακοποιοί το αντιλαμβάνονται, έχοντας υπόψη τις στρατηγικές που εφαρμόζονται στο χώρο τους από τις φαρμακευτικές εταιρίες. Τα μη συνταγογραφούμενα φάρμακα ή αλλιώς ΜΗ.ΣΥ.ΦΑ είναι φαρμακευτικά προϊόντα τα οποία ο ασθενής μπορεί να προμηθευτεί από τον χώρο του φαρμακείου χωρίς να κρίνεται απαραίτητη η προσκόμιση ιατρικής συνταγής. Επιπλέον, τα φαρμακευτικά αυτά προϊόντα δεν αποζημιώνονται από τα ασφαλιστικά ταμεία, ενώ επιτρέπεται ή διαφήμιση τους στο καταναλωτικό κοινό, τηρουμένων ορισμένων προϋποθέσεων. Οι διάφορες παράμετροι που περικλείονται σε αυτές τις ιδιαιτερότητες της αγοράς των ΜΗ.ΣΥ.ΦΑ μελετούνται και αξιολογούνται από τις φαρμακευτικές επιχειρήσεις, ώστε με βάση αυτές να καταστρωθούν οι κατάλληλες στρατηγικές που θα έχουν ως αποτέλεσμα μια επιτυχημένη πορεία του προϊόντος στην αγορά των OTC φαρμάκων.
Για την πραγματοποίηση της παρούσας μελέτης συντάχθηκε ένα ερωτηματολόγιο αποτελούμενο από 8 ερωτήσεις κλειστού τύπου και αντίστοιχα υπο-ερωτήματα, το οποίο στη συνέχεια συμπληρώθηκε από φαρμακοποιούς οι οποίοι λειτουργούν φαρμακείο στην πόλη της Πάτρας και Ρόδου, υπό τη μορφή προσωπικής συνέντευξης. Τα δεδομένα που συλλέχθηκαν από τα ερωτηματολόγια αναλύθηκαν με τη βοήθεια του στατιστικού προγράμματος SPSS .This work is the result of my thesis project carried out during the academic period 2008-2010 within the frames of ‘Pharmaceutical Marketing’, a postgraduate programme offered by Patras’s Pharmacy department. Primary objective of the study was to extract the beliefs of pharmacists concerning the (OTC) drug market, while having in mind familiar promotional strategies performed by pharmaceutical companies. The term ‘over the counter drugs’, specifies a category of drugs able to be purchased by the patient without doctor’s prescription necessary. Furthermore, OTC drugs are excluded from the government’s insurance cover drug list and their public advertisement (under certain conditions) is permitted. Numerous factors encircled in these specificities of OTC drug market are studied and evaluated by the pharmaceutical companies in order to develop the appropriate strategies that will ensure the success for an OTC product within this market. For the attainment of the study was conducted a questionnaire composed of 8 ‘closed type’ questions and correlative sub-questions. Afterwards, this questionnaire was filled in by pharmacists, through personal interview, operating a pharmacy in the city of Patras and Rhodes. Data collected, were analyzed using the statistical programme SPSS.
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Lin, Pei-Chi, e 林佩琦. "The empirical evidence of OTC alarm price and trade volume in security market". Thesis, 2010. http://ndltd.ncl.edu.tw/handle/88822122366942710057.
Testo completoAbstract (sommario):
碩士銘傳大學
財務金融學系碩士班
98
The efficiency of market mechanism, market price responses to information fairly and quickly, is the most important thing for the capital market successes. That is, Taiwan authority establishes a surveillance system to make public announcement of the irregular trading which will seriously affected market trading. Using the sample during 2002 to 2009, which satisfies the conditions the surveillance system defined and Taiwan’s OTC markets make warning to investors by the regulation, we find the liquidity will decrease after warning made, but price volatility increase. Furthermore, the abnormal returns exist around the warning event, and the more volatile the stock price, the higher the abnormal returns.
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HUANG, SHIH-HAN, e 黃詩涵. "The Impact of Share Pledge on Operating Performance in Taiwan’s OTC Stock Market". Thesis, 2019. http://ndltd.ncl.edu.tw/handle/xpu2qn.
Testo completoAbstract (sommario):
碩士逢甲大學
財務金融學系
107
The purpose of this study is to examine the impact of share pledge on operating performance in Taiwan’s OTC stock market. Different from previous literature, this study focuses on the investigation of Taiwan’s OTC stock market. The sample period in this study is from the first quarter of 2014 to the fourth quarter of 2018. The empirical results indicate that, in Taiwan’s OTC stock market, the impact of share pledge ratio on operating performance is significantly negative. Moreover, adding the quadratic term of share pledge ratio into consideration, this study finds that the negative impact of share pledge ratio on operating performance exists in the firms with relative high share pledge ratio. Finally, even considering the corporate governance evaluation issued by Securities and Futures Institute, the share pledge ratio still has significantly negative influence on operating performance for Taiwanese OTC listed companies.
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Chen, En-Tsung, e 陳恩宗. "A Return Performance Study of Technical Analysis for Stocks in Taiwan OTC Market". Thesis, 2013. http://ndltd.ncl.edu.tw/handle/37693095864946553187.
Testo completoAbstract (sommario):
碩士國立雲林科技大學
財務金融系碩士班
102
This study investigates the investment performance of four technical indicators, including SMA, KD, RSI, and BIAS. The empirical sample contains daily stock prices of 221 companies in the OTC market of Taiwan from January 1, 2003 to December 31, 2012. Comparing the average stocks return in the sample period, the results show the KD indicator performs the best of the cases for the average return of all stocks (24.3%), the average return of sample period of individual stocks (Code: 4801 with average return 99.06%), and the number of positive return stocks (208 companies). For each industrial index, the KD indicator performs better than other indicators. Additionally, the Financial sector performs the best (34.04% without transaction costs and 21.76% with transaction costs). Besides, the transaction costs affect the results of using technical indicators. The empirical results illustrate that the stock of code 4908 performs the highest return of individual stocks without transaction costs but the stock of code 4801 with transaction costs.
50
Tsai, Tsung-Yuan, e 蔡宗遠. "The Visibility Effects of the Transfer from OTC to Taiwan Stock Market Listing". Thesis, 2006. http://ndltd.ncl.edu.tw/handle/41803864852697185591.
Testo completoAbstract (sommario):
碩士國立中興大學
會計學研究所
94
The past studies of OTC switching to stock market listing in Taiwan are mainly focused on its relationship with firms’ performance, or the relationship with the stock prices behavior. Rarely has been found on the relationship between OTC transferring to stock market listing and stock returns. This paper investigates the visibility effects of stock returns on the transfer of OTC to stock market listing in Taiwan. It further investigates the relation between changes in visibility, batch-listing, firms’ performance and firm size. The methodology adopted in the paper is based on event study, and employs multi-regression to do the empirical analysis. The proxies used for ‘visibility’ are numbers of analysts forecasts, percentage of institutional investors shareholding, numbers of institutional investors, and times of media reporting. The empirical results indicate that the changes in the times of media reporting are significantly and positively related to abnormal returns. The change in the percentage of institutional investors, the change in the numbers of the institutional investors and the change in the numbers of analysts forecasts are significantly and positively related to firms’ market values. The change in the numbers of analysts forecasts and the change in the media reporting times are also significantly and positively related to the stock turnover. The above empirical results confirm the extant relevant studies. This paper, however, found that the percentage of institutional investors’ shareholding, the numbers of institutional investors and the changes in visibility due to OTC switching to listing are not significant. On the other hand, we found that non-batch listing is significantly and positively related to the changes in the numbers of analysts forecasts, whereas the changes in the times of media reporting of batch-listing is more obvious than that of the non-batch listing.