Search results for "Return"
showing 10 items of 354 documents
Learning and the Price Dynamics of a Double-Auction Financial Market with Portfolio Traders
2006
In this paper we study the dynamics of price adjustments in an artificial market where portfolio traders with bounded rationality and limited resources interact through a continuous, electronic open book. The present work extends the model developed in [? ] introducing endogenous target individual portfolio holdings. We model the agents’ order-flow investment decision as an optimal choice given individual characteristics and the available information. We depart from the standard asset pricing framework in two ways. First, we assume that investors have imperfect information about the returns distribution. In particular, we assume that agents hold arbitrary priors about securities’ returns, w…
Labor Market Integration and Migration: Impacts on Skill Formation and the Wage Structure
2006
We analyze the impacts of labor market integration and migration on skill formation, wage structures, and per capita GDP of host and source countries. To do so, we propose a model in which heterogeneous agents invest in the acquisition of skills, and in which final good production exhibits increasing returns to scale in the range of available skills. Labor market integration, by allowing for migration in response to wage differentials, changes the wage structures and, therefore, the incentives to become skilled in both host and source countries. We show that our model can largely replicate the empirical evidence concerning international migration, the widening international income dispersio…
The role of digital channels in industrial marketing communications
2015
Purpose – The purpose of this research is to investigate industrial marketing communications tools and the role of digital channels. The research draws from the literature on industrial marketing communications to examine its goals and intended utilization in industrial firms. Design/methodology/approach – An empirical multiple case study conducted among six industrial firms examines the current state of digital marketing communications (DMC). Findings – The study gleans three research insights. First, although DMC is one of the most important industrial marketing communication tools, firms have not yet used it to its full potential. Second, firms use DMC to enhance customer relationship c…
Factores determinantes y consecuencias de la adopción del comercio electrónico B2C:una comparativa internacional
2012
ResumenNumerosas empresas minoristas han decidido crear tiendas virtuales como alternativa a la tienda física. El presente trabajo pretende analizar los factores que influyen en esta decisión estratégica y su impacto sobre los resultados del negocio entre los principales minoristas del Reino Unido, Francia y España. A partir de una regresión binaria y del análisis de la varianza, los resultados muestran que la adopción del comercio electrónico por el minorista es afectada por el tamaño de la empresa, el tipo de bien comercializado y el país donde se ubica el establecimiento. Asimismo, se observan diferencias significativas en términos de beneficio y rentabilidad entre los minoristas que han…
Sensitivity of external resources to cash flow under financial constraints
2014
Abstract This paper explores the external financing–cash flow relationship in capital structure theory by comparing unlisted (financially constrained) and listed (financially unconstrained) companies. We postulate that investment is determined endogenously in the case of unlisted firms, as they are strongly dependent on internally generated funds (cash flow). Consequently, unlisted firms invest their cash flow in profitable projects, using any residual cash flow to increase their holdings of safe assets. In turn, listed companies determine their investment exogenously and may reduce leverage if they raise an excess of cash flow. As a result, listed companies would react more negatively to s…
A comparison of marketing teaching methods in North American and European universities
2006
PurposeTo compare marketing education methods in Europe and North America, and analyse the opinions about effectiveness underpinning educators' choices among available options.Design/methodology/approachE‐mail questionnaires distributed to a sampling frame extracted from the worldwide directory of the Academy of Marketing Science were completed by 93 marketing academics in North America and 42 in Europe: a 26 per cent overall return rate. Data were analysed by χ2, ANOVA and correspondence analysis.FindingsThree teaching‐and‐learning methods are most common in both environments: practical exercises, case studies and lectures. Europeans tend to rely on lectures and other traditional methods, …
Assessing the impact of operating lease capitalization with dynamic Monte Carlo simulation
2019
Abstract The European Commission has recently adopted a new accounting standard for leases that will be implemented in 2019, which requires operating lease contracts to be included in the balance sheet, affecting key ratios, leverage and profitability. We simulate the impact of IFRS 16 using Monte Carlo method, which incorporates the uncertainty of the future value of variables when making predictions. Unlike prior studies based on historical data, our study considers a five-year forecast horizon and, more importantly, contemplates several probable scenarios. Based on the STOXX All Europe 100, our results confirm that, in 2019, liability maturity, liquidity and return on assets will decreas…
An alternative view of relationship marketing: a framework for ethical analysis
1996
At present, a continuing widespread debate on the moral nature of business is widely recognized. However, it seems that the ethical evaluation of business practices is not very common in the area of relationship marketing. Analyses relationship marketing from the viewpoint of ethical theories. The theories applied are deontology, utilitarianism, virtue ethics, and emotivism. Reviews and analyses studies on relationship marketing issues in order to construct a framework for the ethical analysis of relationship marketing principles. Finally presents a framework for ethical analysis in the form of a constructive solution. Includes a model or code of business ethics for relationship marketers. …
Advertisers' perceptions of search engine marketing
2009
The objective of this study is to examine advertisers' perceptions of search engine marketing. The theoretical part of the study investigates the two aspects of search engine marketing, namely advertising and optimisation. With the use of a qualitative case study conducted with leading search engine marketers and experts in Finland, the paper suggests that search engine marketing is still in its infancy among Finnish companies. Whereas small-sized dot-com companies operating in the Business-to-Business (B2B) sector have been most active in search engine marketing, traditional brick-and-mortars are just starting to set plans for search engine marketing. Finally, the study discusses the impli…
Strategic network marketing in tehncology SMEs
2013
Abstract This study seeks to explore strategic networks from an entrepreneurial marketing and value creation perspective in the business-to-business (B2B) context to ascertain the value generated by strategic groups of network actors. This area has received little research investigation, despite the importance of network marketing in small-to-medium-sized enterprises (SMEs). The Strategic Network Marketing Model (SNMM) is generated from the study which presents a typology of six network types, together with their associated value creation opportunities. Both the typology and the focus on opportunities generated by the network types are novel. Qualitative interviews were conducted in 12 soft…